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How we assessed the opportunities Global Footprint Network researchers teamed up with engineers from Schneider Electric to assess what levers are currently available to #MoveTheDate – to push the Earth Overshoot Day back — and by how many days. We focused on options for reducing demand as well as decarbonizing energy generation. How much carbon reduction these options can achieve depends on both technology and on how people use the technology. We asked ourselves: Assuming no shift in human habits, by how many days could Earth Overshoot Day be moved using current off-the-shelf, commercial technologies for buildings, industrial processes, and electricity production? We focused the assessment on retrofitting existing buildings and industrial processes rather than speculating on future developments. On the energy side, we estimated current decarbonization opportunities of the electricity systems, taking current grid limitations into account. We found that the energy retrofit and the decarbonization of electricity generation combined would move the date by 21 days — 15 days for the retrofit opportunities alone. This is a conservative estimate as it is strictly based on Schneider Electric’s tested offerings. Other technologies may well exist that could make those sectors even more efficient, thus moving the date even further. In addition, shifting people’s resource-use behaviors also holds a large potential. Retrofit identified as a high-leverage opportunity Since much infrastructure is already built, and a large portion of it will last for decades to come, decarbonization goals will only be reached if we find more and better ways to retrofit the existing built environment. To be sure, each new structure built from now on must be designed to be one-planet compatible (aligned with the constraints of living well within the ecological budget of our one planet) as design largely determines the asset’s energy use over its entire lifespan. At the same time, since overhauling the whole existing infrastructure is not feasible nor desirable, retrofitting is a burning opportunity that we cannot afford to miss. What retrofits look like In Europe, buildings account for about 40% of total energy consumption and are responsible for just under 40% of total greenhouse gas (GHG) emissions. Technology designed to improve energy efficiency can move the date of Earth Overshoot Day considerably, without any loss in comfort. The figure at right shows some of the principles Schneider Electric uses when improving the performance of existing building stocks. Installing active energy efficiency systems in five different building types, for example, resulted in energy savings ranging from 22% in an apartment building built in 2010 in Vaux-sur-Seine near Paris, to 37% at a three-star hotel in Nice built in 1896, to 56% at a one-story primary school in Grenoble. The improvements included addressing intermittent occupancy levels (such as putting controls on idle mode when hotel rooms are unoccupied); using CO2 sensors to better control temperature and air quality; optimizing heating by occupancy level; controlling ventilation with CO2 sensors; opening and closing blinds to leverage the sun for free natural light and heat, or to keep heat out. Schneider Electric concluded that applying such active energy efficiency results to buildings across Europe would allow for a 40% reduction of the building sector’s total final energy consumption, amounting to a staggering 16% reduction of Europe’s overall energy bill. In the U.S., Schneider Electric started working with the Dallas County government to retrofit 54 buildings with such improvements as mechanical system upgrades, water conservation controls and fixtures, and lighting with motion sensors. The ambitious $600,000 project is expected to reduce utility bills by 31%, ultimately saving taxpayers $73 million over 10 years. The county also expects to reduce carbon emissions by more than 500,000 tons, which equates to removing nearly 85,000 cars from the road or planting 125,000 trees. Why Global Footprint Network has partnered with Schneider Electric Schneider Electric is among the few existing companies whose business model is aligned with moving humanity out of ecological overshoot. These companies have a inherent economic advantage since they address the increasingly urgent imperative to live within the means of our one planet. Because of their forward-looking strategic focus, they’re advantageously positioned on a necessarily growing market. By contrast, companies whose success is incompatible with one-planet prosperity will inevitably face a shrinking demand. Schneider Electric is driving its business strategy based on this insight. As such, the company embraces the sustainability challenge not just as a nice CSR (“corporate social responsibility”) activity, but as a vital guiding post for building a business that can thrive now and in the future. Global Footprint Network is proud to promote such companies because they are critical engines for the transformation that is required to bring humanity in balance with the means of our one planet. Existing off-the-shelf, commercial technologies for buildings, industrial processes, and electricity production could move Overshoot Day at least 21 days, without any loss in productivity or comfort, according to an analysis by researchers from Global Footprint Network and Schneider Electric. For more details, visit the infographics.

When investors are evaluating an investment, they typically analyze its return during a specific time period, like one year or five years. In order to gain a true understanding of the risk involved, a calculation can be done that results in a risk adjusted return, allowing an investor to evaluate both the return and risk when comparing investments. What Is Risk Adjusted Return? A risk adjusted return applies a measure of risk to an investment's return, resulting in a rating or number that expresses how much an investment returned relative to its risk over a period of time. Many types of investment vehicles can have a risk adjusted return, including securities, funds and portfolios. When two investments with similar returns are compared, the one with the least risk will have the better risk adjusted return, making it a better investment. Types of Risk Adjusted Returns There are several common risk adjusted measures used to calculate a risk adjusted return, including standard deviation, alpha, beta and the Sharpe ratio. When calculating risk adjusted returns for comparison of different investments, it's important to use the same risk measurement and the same period of time. Otherwise, it's like comparing apples and oranges. Sharpe Ratio and Standard Deviation The Sharpe ratio is a popular risk-adjusted measure developed by William Sharpe, a Stanford professor of finance and Nobel Laureate. The ratio is also referred to as the Sharpe measure or Sharpe index. It measures the excess return per unit of deviation in an investment to determine the reward per unit of risk. A higher Sharpe ratio indicates better risk-adjusted performance during the designated period of time. The Sharpe ratio uses standard deviation, which is a mathematical measure of the dispersion of values within a range. To calculate standard deviation, first find the mean by adding all values and dividing by the number of values in the dataset. Then calculate the variance for each value by subtracting it from the mean and squaring the result. Add all the variances and then divide by the number of values minus 1. The square root of this result is the standard deviation. A higher standard deviation indicates more variation among values in the dataset. Sharpe Ratio Calculation Example The Sharpe ratio for an investment is calculated by taking the average return for the time period and subtracting the risk-free rate, then dividing by the standard deviation for the period. The number that results is the Sharpe ratio. It can be used for comparison with the ratio for another investment to determine relative risk. If Fund A has a return of 10 percent and a standard deviation of 8 percent, and the risk-free rate is 4 percent, then the Sharpe ratio is (10 – 4) / 8 or 0.75. If Fund B's return is 20 percent and its standard deviation is 16 percent, its Sharpe ratio is (20 – 4) / 16 or 1.0. Fund B has a higher Sharpe ratio and was the better investment for the time period. Using Risk Adjusted Returns Investors can measure the performance of their portfolio by comparing their risk adjusted return to the return for the benchmark for their fund or investment. Having investments with lower risk in a strong market can limit returns. On the other hand, having higher risk investments when the market is volatile can result in higher losses. Risk Adjusted Return on Capital Risk adjusted return on capital (RAROC) is another type of economic measure that's used to evaluate the risk level in projects and investments that are being considered for acquisition. It's based on an assumption the projects and investments with the greatest risk offer higher levels of return. RAROC is calculated by subtracting expenses and expected losses from revenue, then adding income from capital. The result is divided by total capital.

The Big Problem of Small Change — January 7, 2002 By Thomas Sargent, the William R. Berkley Professor of Economics and Business, and François Velde One big problem had long plagued commodity money (that is, money literally worth its weight in gold): governments were hard-pressed to provide a steady supply of small change because of its high costs of production. The ensuing shortages hampered trade and, paradoxically, resulted in inflation and depreciation of small change. After centuries of technological progress that limited counterfeiting, in the nineteenth century governments replaced the small change in use until then with fiat money (money not literally equal to the value claimed for it) – ensuring a secure flow of small change. But this was not all. According to Professor Sargent and Velde, by solving this problem, modern European states laid the intellectual and practical basis for the diverse forms of money that make the world go round today.

Understanding the nuances of a manufacturing capacity curve can be helpful in assessing company performance and in making capital asset purchase decisions. Manufacturing capacity can be defined as the number of items that can be produced at a specific point in the production process. A maximum manufacturing capacity curve commonly is used to help a manufacturing business achieve growth objectives. Capacity Curve Elements Basic elements in a maximum manufacturing capacity curve include time and output. Both elements work together to identify the point at which any further increase in manufacturing volumes becomes impossible. This point is called the process bottleneck and in a manufacturing environment it can be a physical object, a process or an employee. For example, if a piece of equipment is identified as the process bottleneck, production volumes will be limited to the equipment’s maximum hourly output regardless of how long, efficiently or quickly production employees work. Creating a Capacity Curve A full analysis and comparison of the entire manufacturing process, including each piece of equipment, every process involved and each employee, is necessary to identify the process bottleneck. For example, assume standard operating procedures for the order-entry process show it should take a maximum of 10 minutes to process each item on a customer order and the slowest employee in the customer service department can process an order within this timeframe. The order output for a customer service department consisting of three full-time people will be 144 items per hour, or 720 items per week. If the slowest piece of equipment on the production line can produce 800 items per week, the process bottleneck is in the customer service department and the maximum capacity output will be 720 items per week. Displaying the Curve Results Results most often are depicted using x-and-y-axis coordinates in a graphical format. The time variable is located on the horizontal x-axis while output runs on the vertical y-axis. Time can be represented in hourly, daily or weekly increments. Output most often is represented as a percentage starting with zero and progressing in increments ranging from 10 to 50 percent. Regardless of how the graph is formatted, maximum manufacturing capacity is set at 100 percent and displayed as a straight line running from left-to-right along the horizontal x-axis. Usage and Benefits The usefulness of a maximum manufacturing capacity curve lies in comparisons that show how positive or negative changes such as machine downtime, poor quality raw materials, purchasing a new piece of equipment or consolidating a business process to make it more efficient will affect maximum manufacturing capacity. This information often becomes the basis for making purchasing, hiring and employee training and development decisions. It also can be used in conjunction with consumer demand information to determine whether production is aligned with demand and set production schedules - Spike Mafford/Photodisc/Getty Images

by Frank Stover, CPA/CFF/CGMA, CFE Audit Manager at Atchley & Associates, LLP noun: audit; plural noun: audits Audit: an official inspection of an individual’s or organization’s accounts, typically by an independent body. Verb: conduct an official financial examination of (an individual’s or organization’s accounts). “companies must have their accounts audited” Origin: late Middle English: from Latin auditus ‘hearing,’ from audire ‘hear,’ in medieval Latin auditus (compoti ) ‘audit (of an account),’ an audit originally being presented orally. There are different types of audits: external, single-audit, governmental, compliance, internal, and regulatory to name a few. Description of more common audits: 1. Third Party Verification – An independent or external audit is carried out by a neutral third party, such as a professional accounting firm which is licensed to perform audits. The financial records of an entity including ledgers, bank statements, payroll, tax information, internal financial reports, official published reports, accounts payable, and accounts receivable, will be examined, among other documents. Further, minutes of meetings of directors, committees, and commissioners’ court, inquiry of attorneys, public databases and internet searches are some of the other techniques used to gather entity information. Standards under which audits are conducted are established by various professional bodies and governmental agencies, such as: the AICPA, SEC, GASB, FASB, OMB, and State Public Accountancy Boards. 2. A Single Audit is an engagement to perform simultaneously three (3) examinations. They are (1) an examination of the financial statements, (2) an examination of internal controls over financial reporting and compliance, and (3) an examination of an entity’s compliance with requirements that could have a direct and material effect on each major program (in accordance with OMB Circular A-133). The Single Audit is conducted under standards and guidelines issued by the Office of Management and Budget (OMB) generally using Circular A-133, the Governmental Accounting Standards Board, the Financial Accounting Standards Board, and depending on the source of funds perhaps the State of Texas Single Audit Circular. A Federal or State Single Audit is required if you expended (not received) $750,000 of grant funds. A distinction should be made that not all Federal or State funds may be grants, should you have a contract for service these monies are not subject to the Single Audit requirement. If you are unsure, contact your designated grant(s) administrator(s). The threshold of expenditures requirement is $750,000 for fiscal years beginning on or after January 1, 2015, for fiscal years beginning before that date the threshold requirement for expenditures is $500,000. 3. A compliance audit is a comprehensive review of an organization’s adherence to regulatory guidelines. Independent accounting, security or IT consultants evaluate the strength and thoroughness of compliance preparations. Auditors review security polices, user access controls and risk management procedures over the course of a compliance audit. What, precisely, is examined in a compliance audit will vary depending upon whether an organization is a governmental, public or private entity, what kind of data it handles and if it transmits or stores sensitive financial data. For instance, SOX requirements mean that any electronic communication must be backed up and secured with reasonable disaster recovery infrastructure. Entities, such as healthcare providers that store or transmit e-health records, like personal health information, are subject to HIPAA requirements. Financial services companies that transmit credit card data are subject to PCI DSS requirements. In each case, the organization must be able to demonstrate compliance by producing an audit trail, often generated by data from event log management software. 4. Internal Audit as defined by the Institute of Internal Auditors (IIA), “Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Internal Auditors’ roles include monitoring, assessing, and analyzing organizational risk and controls; and reviewing and confirming information and compliance with policies, procedures, and laws. Working in partnership with management, internal auditors provide the board, the audit committee, and executive management assurance that risks are mitigated and that the organization’s corporate governance is strong and effective. And, when there is room for improvement, internal auditors make recommendations for enhancing processes, policies, and procedures.” Part II. All the Do’s and Don’ts for Auditors [coming soon]

General principle for transfers (6) Rapid technological developments and globalisation have brought new challenges for the protection of personal data. The scale of the collection and sharing of personal data has increased significantly. Technology allows both private companies and public authorities to make use of personal data on an unprecedented scale in order to pursue their activities. Natural persons increasingly make personal information available publicly and globally. Technology has transformed both the economy and social life, and should further facilitate the free flow of personal data within the Union and the transfer to third countries and international organisations, while ensuring a high level of the protection of personal data. Article 44 is intended to state the general principle governing data transfers to non-EU third countries or international organizations. These transfers can only be effected if the controllers and the processors falling under the scope of the Regulation comply with the rules provided in Chapter V. The provision gives however a new extension to the rule: transfers of personal data to a third country or to an international organization operated as part of planned or ongoing processing are covered, but also the future processing by the recipient third country to another country or another organization. They must also comply with Chapter V of the Regulation. In other words, by this provision, the Regulation sets up a sort of data protection-specific “right to pursue”: the data transferred outside the Union remain subject to the law of the Union not only for their transfer, but also for any processing and subsequent transfer. The concept of international organization, defined in article 4, 26) of the Regulation is an organization and its subordinate bodies governed by public international law, or any other body which is set up by, or on the basis of, an agreement between two or more countries. This provision has been reintroduced by the final version of the Regulation, after having been removed from the second proposed version. The goal, as referred to in the provision is that the level of protection of individuals guaranteed by the Regulations is not lowered. The Directive included no similar provision. The extension of the territorial scope to processing carried out outside the territory of the Union, by recipient controllers and processors established outside the EU has both political and legal implications. Politically, the provision allows the European authorities to intervene and detect violations of the Regulation outside the EU on the grounds of a new legitimacy included in the Regulation. It can more easily use the argument of the data protection in different files or negotiations in order to obtain an advantage. Legally, it goes without saying that the provision may be felt by third countries as an attack on their sovereignty because it imposes a new rule on their territory and a limitation of the freedom of processing. The powers of control and enforcement of the EU authorities and the Member States, of course, cannot be exercised outside the territory of the EU. The measure must be taken of the difference with other rules allowing the application of the Regulation to controllers established outside the territory of the EU (see Article 3). It is an indirect submission since only the controllers and the processors who are subject to the other provisions of the Regulation pursuant to Article 3, must comply with Article 44 and accordingly, Chapter V. There is no recipient of the transferred data. Or any person concerned by the data which would be at the origin of the transfer either. Any transfer of personal data which are undergoing processing or are intended for processing after transfer to a third country or to an international organisation shall take place only if, subject to the other provisions of this Regulation, the conditions laid down in this Chapter are complied with by the controller and processor, including for onward transfers of personal data from the third country or an international organisation to another third country or to another international organisation. All provisions in this Chapter shall be applied in order to ensure that the level of protection of natural persons guaranteed by this Regulation is not undermined. 1st proposal close Any transfer of personal data which are undergoing processing or are intended for processing after transfer to a third country or to an international organisation may only take place if, subject to the other provisions of this Regulation, the conditions laid down in this Chapter are complied with by the controller and processor, including for onward transfers of personal data from the third country or an international organisation to another third country or to another international organisation. 2nd proposal close No specific provision No specific provision (1) The transfer of personal data to bodies 1. in other Member States of the European Union, 2. in other states parties to the Agreement on the European Economic Area or 3. institutions and bodies of the European Communities shall be subject to Section 15 (1), Section 16 (1) and Sections 28 to 30a in accordance with the laws and agreements applicable to such transfer, in so far as transfer is effected in connection with activities which fall in part or in their entirety within the scope of the law of the European Communities. (2) Sub-Section 1 shall apply mutatis mutandis to the transfer of personal data to bodies in accordance with sub-Section 1 when effected outside of activities which fall in part or in their entirety within the scope of the law of the European Communities and to the transfer of such data to other foreign, supranational or international bodies. Transfer shall not be effected in so far as the data subject has a legitimate interest in excluding transfer, in particular if an adequate level of data protection is not guaranteed at the bodies stated in the first sentence of this sub-section. The second sentence shall not apply if transfer is necessary in order to enable a public body of the Federation to perform its duties for compelling reasons of defence or to discharge supranational or international duties in the field of crisis management or conflict prevention or for humanitarian measures. (3) The adequacy of the afforded level of protection shall be assessed in the light of all circumstances surrounding a data transfer operation or a category of data transfer operations; particular consideration shall be given to the nature of the data, the purpose, the duration of the proposed processing operation, the country of origin, the recipient country and the legal norms, professional rules and securities measures which apply to the recipient. (4) In the cases referred to in Section 16 (1) No. 2 above, the body transferring the data shall inform the data subject of the transfer of his/her data. This shall not apply if it can be assumed that the data subject will acquire knowledge of such transfer in another manner or if such information would jeopardize public safety or otherwise be detrimental to the Federation or a Land. (5) Responsibility for the admissibility of the transfer shall rest with the body transferring the data. (6) The body to which the data are transferred shall be informed of the purpose for which the data are transferred.

Wages are up. That’s been a common refrain over the last several years. Anecdotal evidence is all around us, and the data from the Bureau of Labor Statistics (BLS) and USDA allows us to see the magnitude of these changes. The map below shows the change in dairy farm workers’ weekly wages between the first quarter of 2018 and that of 2019 for key states. It ranges from 2.74 percent in Wisconsin, to 4 percent in California, and 5.5 percent in Pennsylvania. The BLS data reflects only changes in paid labor, excluding the value of unpaid labor that is predominant on smaller operations. The USDA data on labor cost of production, including both paid and unpaid labor, indicate that labor cost have garnered more of the farm budget in recent years. In 2011 to 2012, labor represented about 13 percent of total expenses on average U.S. dairy farms. That number is closing on 18 percent for 2018 as can be seen on the graph below. That climbing cost seems to have affected farms across the country and across farm sizes. The figure below shows that between 2017 and 2018, labor expenses per hundredweight have gone up for most states, no matter their average farm size. Of course, tightening labor markets due to the immigration situation, historically low unemployment rates, and the expanding U.S. economy can explain much of the wage increases. But the specific economic context of the dairy sector is also at play. Usually, higher wages combined with low interest rates will favor capitalization of production . . . buying more machinery and equipment to enhance labor efficiency and prevent large increases in labor cost per unit of production. However, the low profit margins of the last few years have limited those possibilities. That investment response might be overdue, and with higher milk prices on the horizon, we could well see an acceleration of automation and capitalization among dairy operations.

If you are about to venture into the world of investments, you should know that the vast majority of stock transactions are carried out in places known as stock exchanges, but... What are they? Is there more than one stock exchange in the world? In this article we will explain everything you need to know to make your future investments safely and successfully. What Is a Stock Exchange? First things first, let's define the term. It refers to an institution, association or organization that enables trading shares, bonds, or any other security. In stock exchanges, buyers and sellers perform their operations during specific hours and on business days. These trades are governed by certain regulations, where the safety of users is monitored through a control in the firms and brokers involved in the transactions. Companies that are traded within these financial markets are referred to as listed. Securities or shares that are not listed within a respective market or stock exchange are sold Over-The-Counter (OTC) generally through smaller companies and that represent a greater risk, since they do not comply with all the requirements required to trade within the stock market. In the beginning, the largest and first class shares were traded in the over-the-counter market. Then, they migrated to the Big Board, better known as the New York Stock Exchange. What Is the Function of a Stock Exchange? When a business or company begins to show its fruits through the purchase and sale of shares, the main owners of these, most likely, will want to sell them in the future in exchange for an even greater reward. Maybe they do it in order to pay for the universities of their children or to buy a new house, the options are endless. What really matters is that the owners of these shares get a buyer belonging to the secondary market without major inconveniences... and that is where the stock market comes into play. If the stock exchanges do not exist, the owners should search among their family, friends, acquaintances, partners or any member of the community, hoping to find the person designated for the sale of their shares. Certainly, this is still very common nowadays, since not everyone dares to venture into this of stock exchanges, but, on the contrary, they feel more secure doing it through certificates endorsed and signed through a lawyer or another designated body. This is the secondary market that we mentioned a little above, the one that emerged after the stock market closed during the First World War as an alternative to maintain commercial activities. However, the secondary markets present a great disadvantage: there are no previously established prices. This means that while you are selling your shares for $50, another person may be receiving $70. In addition, another important difference is that, when operating within the stock exchange, it will not be necessary for you to know the other person involved in the operation, this could be in the middle of nowhere or, it could be a multibillion-dollar insurance company and you would never know, undoubtedly guaranteeing the identity of its users. Stock exchanges allow you to find a buyer and seller for everything you need. In the same way, so that more and more people had the opportunity to trade within a stock exchange, the New York Stock Exchange Board was created, which was led by a group of stock brokers who decided to meet outside of the stock market at 68 Wall Street and sign the Buttonwood Agreement. Then, after about 75 years (around 1863) it was officially called the New York Stock Exchange, better known by its acronym, NYSE. What are the main stock exchanges of the world? Previously, the United States had regional stock exchanges that were in charge of the transactions of a particular part of the country. For example, in San Francisco there was the Pacific Stock Exchange, which was run by brokers to help local investors who wanted to liquidate or buy their share of an asset. However, today most of these regional stock exchanges were closed and supplanted due to the great boom that micro-chip and electronic networks achieved. Those that today allow us to trade with people at any part of the globe. The fifteen best stock exchanges positioned by market capitalization of listed securities are: - The New York Stock Exchange located in NYC - NASDAQ (National Association of Securities Dealers Automated Quotations): It is an electronic stock exchange also located in New York City. - London Stock Exchange located in London, UK. - Tokyo Stock Exchange, better known worldwide as Japan Exchange Group, located in Tokyo, Japan. - Shanghai Stock Exchange, located in Shanghai, China. - Hong Kong Stock Exchange, located in Hong Kong. - Euronext, located throughout Europe (France, Portugal, the Netherlands, Belgium). - Shenzhen Stock Exchange: located in Shenzhen, China. - TMX Group: Canadian stock exchange located in Toronto, Canada. - Deutsche Börse: German based stock exchange, located in Frankfurt, Germany. - Bombay Stock Exchange: located in Mumbai, India. - National Stock Exchange of India, also located in Mumbai, India. - SIX Swiss Exchange: Zurich exchange located in Zurich, Switzerland. - Australian Securities Exchange, located in Sydney, Australia. - Korea Stock Exchange: The stock exchange of South Korea located in Seoul, South Korea. What is the difference between a traditional stock exchange and a Commodity exchange? When speaking of a traditional stock exchange, it refers to the market where property titles are bought and sold for various assets or stocks. For its part, the term "Commodity Exchange" refers to those exchanges where agricultural commodities and metals are traded, such as soybeans, cattle, oils, silver, coffee, gold, corn. These are purchased between various parties in order to convert it into a commercial investment or, to trade with them in different markets. With this article, our main objective was to explain in a simple way what the stock exchanges represent today. So if you're one of those people, you could start investing with Libertex at no additional cost, only creating a free demo account. Libertex, in turn, offers you an opportunity to trade CFD's (contract for difference) not only on securities, but also on cryptocurrencies and even commodities. If you still do not feel safe, we invite you to take our free lessons, with them you will learn the best techniques to start trading as soon as possible with real money. Start today!

A future interest is the right to possess a piece of property in the future. - with a condition precedent before the remainder-holder can take possession or - one that is given to an unascertained person. It's like being subject to a condition subsequent, but backwards. Something has to happen before the natural termination of the preceding estate. e.g. O to A for life, then to B if B has reached 25 years old. Contingent interests occur naturally at the end of the previous interest as long as the condition is met. If a remainder first just says to someone (to B, but if B does not survive A...), it is a vested interest subject to divestment. If a remainder put the condition in the same clause (to B if B survives A), it is a contingent interest. - If anything has to be done first, such as kids being born or people surviving, it is contingent, not vested.

The Coupon Bond Valuation formula determines the present value (or par value) of a coupon paying bond. Interest is paid to the investor in increments over the bond’s life as it matures in the form of coupons. If a bond’s coupon rate is higher than its yield to maturity rate (YTM), the bond is considered to be selling at premium. Should the coupon rate be lower than the yield to maturity, the bond is considered to be selling at a discount. Bonds that have an equal coupon and YTM rate are considered to trade at par. As a bond’s par value and interest rates are considered set, bond valuation helps investors determine whether a bond should be purchased by allowing them to compare their calculated return value of a bond with the actual selling price of a bond. Bonds are debt instruments that provide a steady income stream in the form of coupon payments to investors over the course of the life of a bond. At the date of maturity of a bond, the bond’s face value is paid to the investor. The variables for calculating the par value of a coupon bond are as follows: The amount a bond pays in coupon instalments annually, often considered a form of interest. This value can be worked out by multiplying the coupon rate by the face value of a bond. For instance, a coupon payment on a bond with a face value of $1000 and a coupon rate of 7% would equate to a $70 annual coupon payment. Should a bond pay coupons on a more regular basis than annually, this payment should be divided by the number of payments expected to be paid per annum. The Yield to Maturity is the discount rate of return on a bond that is purchased by an investor. If a bond is expected to make payments more regularly than annually, this rate should be divided by the number of payments expected per annum when applying to a coupon bond formula. Time to maturity is the number of periods the coupon bond will make payments before it matures. For an annual coupon bond of 5 years, the time to maturity would be 5, however should the bond make semi-annual payments (2 p/a) over 5 years, the time to maturity would be 10 for a semi-annual coupon bond. The face value, or par value, of a bond is the value investors expect to receive back from the bond issuer for the bond at the time of maturity. The Value of a Coupon Bond is the value of a bond to investors after considering yield to maturity, face value, time to maturity, and coupon payments. It is the present value of a bond after compensating for coupon “interest” payments. The calculation of the value of a coupon bond factors in the annual, semi-annual, etc. nature of coupon payments and the yield to maturity. Let’s consider an annual coupon bond with a face value of $1000, a coupon rate of 7%, a yield to maturity of 8%, and a time to maturity of 5 years. Already it can be seen that this bond is being sold at a discount as the coupon rate is lower than the yield to maturity. In this example, the value of the coupon bond is calculated as follows: V = C * ((1-1/(1+r)t) / r) + (F/(1+r)t) V = 70 * (1-1/1.085)/0.08 + (1000/1.085) V = $960.07 The bond value is $960.07, which is lower than the face value of the bond and expected as it is sold at discount. This is the value an investor would expect to pay for a bond with the denoted variable values. The concept of coupon bond valuation is very important as bonds form an indispensable part of the capital markets, and as such investors and analysts are required to understand how the different factors of a bond behave in order to determine its intrinsic value. Similar to share valuation, the value of a bond is helpful in understanding whether it is a suitable investment for a portfolio and consequently forms an integral part of bond investment. Coupon bond valuation is integral for determining the value of a bond for the purpose of portfolio investment by investors. Coupon bond valuation requires values for face value, yield to maturity, time to maturity, and coupon rate. A bond with a coupon rate higher than its yield to maturity is selling at premium, a coupon rate lower than its yield to maturity is selling at discount, and a coupon rate equal to its yield to maturity is selling at par value. Coupon Bond Valuation is one of many formulas available on the On Equation Finance Calculator. Check out Coupon Bond Valuation and many more finance formulas by clicking the download button and get On Equation Finance Calculator on your mobile device! On Equation Finance Calculator is available on both iOS and Android platforms. Take some of the stress out of your finance equations today!

Earthquakes Remain a Constant Threat On December 28, 2019 Puerto Rico began to experience a series of earthquakes. These quakes have persisted since, with the largest two occurring on January 6, 2020 (5.9 magnitude) and on January 7th (6.4 magnitude). These quakes are the most damaging to strike the island since 1918, killing one and causing an island-wide blackout. Since December 2019, Puerto Rico - particularly the southern portion of the island, has been experiencing daily earthquakes and aftershocks. For example, 487 earthquakes were recorded between January 10th and January 16th, 2020 - including many which were over a magnitude of 3.5. However, many of these quakes are not felt in the northern portion of the island. 487 earthquakes recorded from January 10 - January 16, 2020 Puerto Rico has remained in a State of Emergency since January 6th, 2020. Aftershocks occur daily, some being magnitudes of 4 and greater. On January 16th, 2020, President Trump approved a major Disaster Declaration for the southern regions of Puerto Rico, including the municipalities of Guánica, Guayanilla, Penuelas, Ponce, Utuado, and Yauco. The President has since amended the major Disaster Declaration to include the municipalities of Adjuntas, Cabo Rojo, Corozal, Jayuya, Lajas, Lares, Maricao, San Germán, San Sebastián, and Villalba. The approval of the disaster declaration will allow additional federal resources to support the ongoing response and eventual recovery efforts. Why Should Organizations Care about Earthquake Risk? The Federal Emergency Management Agency (FEMA) illuminates the importance of caring about earthquake risks by denoting impacts on organizations within communities. By taking action to protect employees, customers, and the business community as a whole, the economy of affected areas can remain stable, thus promoting a faster recovery and easier mitigation. Following a natural disaster, approximately 40 percent of small businesses will not reopen; one year later, 25 percent of small businesses will close; and three years later, 75 percent of businesses without a continuity plan will completely fail. Natural disaster effects can have lasting impacts without intervention, highlighting the importance of preparedness and mitigation plans. Furthermore, small businesses account for 99 percent of all companies and employ 50 percent of all private-sector employees. These statistics are important, as many child care programs are small businesses. Further, many early childhood programs - whether they be private centers, Early Head Start or Head Start programs operate in leased spaces. As we have seen throughout the United States, landlords (who usually are small businesses) determine when buildings get fixed and early childhood programs can reopen. Ensuring that both your program and your landlord are disaster-ready is very important. In order to instill resilience in the community following an earthquake, FEMA developed the Quakesmart Community Resilience Program for organizational leaders to complete a step-by-step process so that they may protect assets, sustain the ability to provide goods and services, preserve competitive advantage, and provide the ability to fulfill standing obligations to the community. The program focuses on STAFF, SPACE, SYSTEMS, STRUCTURE, AND SERVICE. STAFF includes planning and preparedness activities for staff members. SPACE includes the contents of a workspace. SYSTEMS includes utility systems and nonstructural architectural elements. STRUCTURE includes architectural and structural elements of buildings. SERVICE includes opportunities for an organization to engage and serve the community following an event. The program outlines four steps to ensure the five tiers above can be achieved. The steps are as follows: identify your risk, develop a plan, take action, and be recognized and inspire others. These simple steps, along with FEMA’s Business Continuity Plan and the Disaster Resistant Business (DRB) Toolkit, can provide a successful start to recovery. Afraid to Go Home, Send Children to School As earthquakes remain a daily threat, it is impossible to begin recovery efforts. School and government officials, as well as citizens and private business owners, have had a difficult time determining which buildings are potentially safe to resume activities. With each new earthquake/aftershock, buildings need to be reassessed, thereby delaying a return to normalcy. Further, the ongoing threat has impacted families across the southern region. At least 10,000 displaced individuals are living outside, many in tents. They fear the next earthquake or aftershock may cause the collapse of their home - so sleeping outside is viewed as a safer alternative. These ‘tent cities’ as they are being called - come in a wide variety of shapes, sizes and support. Some are organized by local governments, others are staffed by members of the National Guard/military and others are community or neighborhood-based efforts. Assets of the U.S. Army reserve from Fort Buchanan, Puerto Rico have been activated to support relief and recovery efforts on the island. Around 150 soldiers have been deployed to provide laundry and shower services for civilians at five locations along the southern coast, where earthquakes have been clustered. The locations include Ponce, Peñuelas, Yauco, Guanica, and Guayanilla, which are each capable of holding 1,000 to 1,500 people. Each facility has laundry systems capable of washing 400 pounds of laundry per cycle, as well as two shower systems capable of accommodating 500 people per day to ensure proper hygiene and prevent disease-spread. Impact on Early Childhood We have met with many of the early childhood serving institutions in Puerto Rico since the quakes began. The majority in the southern region remain closed. Some have set target dates for when they hope to be reopened, but these dates are largely dependent on whether or not the quakes continue - and, of course, dependent on approval from a structural engineer. These approvals will be extremely important as communities are especially concerned about giving the ‘all clear’ until these quakes have subsided. These fears have been substantiated - as a middle school in Guanica did suffer extensive damage and partial collapse after one of the earthquakes. Luckily, the earthquake occurred in the early morning hours, when the school was vacant. One can only imagine the horror if the quake would have hit during school hours. This particular school was located adjacent to a Head Start program. Parents are understandably hesitant to put their children in harm's way - and are seeking assurances that buildings are inspected by professionals before any reopening. Click through slideshow to view photos Mental Health Concerns Many Head Start teachers conveyed their worries about mental health status for adults, but more so for the children. Since the earthquakes, Puerto Rico has experienced an uptick in suicides, including the recent suicide of a prominent cardiovascular surgeon in Ponce, Puerto Rico. This past week we witnessed these impacts. We saw individuals rushing from buildings during tremors, their hands shaking - and even individuals openly weeping out of despair. Mental health remains a primary concern; Christine Nieves, the co-founder of Proyecto de Apoyo Mutuo Mariana, an open-air kitchen and neighborhood resource center, states that “asking people to remain calm is not easy when they have PTSD. We really need to work on our collective psychology, our collective mental health.” The series of earthquakes and aftershocks occur only two years after Hurricanes Irma and Maria, which killed 2,975 people. These earthquakes reopen memories of the widespread hurricane tragedy and continue the struggle against an entirely “different reality,” says San Juan Mayor Carmen Yulín Cruz. Henceforth, Governor Wanda Vázquez has declared a state of emergency due to the quakes causing $110 million in damage and destruction of over 559 structures. While assessing the earthquake damage and mental health toll, we harkened back to our regional meetings across Puerto Rico, which occurred April 5-8, 2019. During those meetings, we learned that childcare providers in Puerto Rico are still experiencing the negative mental health impacts of Hurricane Maria. Providers stated that children are currently experiencing an increase in mental health issues, such as fear and anxiety. Providers also noted a decrease in academic performance and an increase in conduct and behavioral issues. Most notably, providers said that children fear another hurricane when they hear loud rain, strong wind, and when the electricity goes out. The fragility of the children in Puerto Rico post-Maria has been exacerbated by the series of earthquakes present every day. You can read the White Paper: Preliminary Findings: Meetings with Early Childhood Professionals in Puerto Rico Regarding Disaster Recovery from Hurricane Maria here. To combat the fear of collapsing structures, many are sleeping in tents outside of homes or schools. The Ponce municipality is even putting up tents in open areas and parks for people looking for refuge. Similarly, it is estimated that over 200 children will have to relocate schools due to damage. Additionally, we heard from some Head Start programs that some families have chosen to relocate to the mainland. The series of earthquakes come two years after Hurricane Maria hit in September 2017, the worst natural disaster in the island's modern history. Puerto Rico has endured so much over the past two years, the ongoing earthquakes and the uncertainty surrounding them is only exacerbating the many mental and emotional wounds previously caused by Hurricane Maria. The effects of these earthquakes extend way beyond demolished buildings. The effects from Hurricane Maria extend into the current damage, therefore, the conglomeration of disasters holds longevity in the lives of those impacted: children lose parents, houses, and schools; parents lose employment and finances; children are taken out of the education system; families and neighbors relocate to the mainland or different parts of the island; and families are impacted mentally and physically. It is impossible to underscore the mental health impacts that these earthquakes are having. It is impossible to predict when this threat will end. Individuals will continue to live in a state of flux until the danger passes and life can return to normalcy. In the interim, the physical and psychological damage will continue - with each passing day, each passing quake. We will continue to work in concert with our partners to better understand the situation, along with any need for support or resources. In the interim, we ask that you please keep the families and children of Puerto Rico in your thoughts. The Institute for Childhood Preparedness is proud to serve as the primary contractor to the Region II Head Start Association. We provide capacity building assistance to the U.S. Virgin Islands and Puerto Rico Health Departments, and help to support the recovery and rebuilding of early childhood programs and facilities. This work was conducted in support of the Puerto Rico Department of Health through disaster recovery funding provided by the Agency for Toxic Substances and Disease Registry (ATSDR), through a partnership with the National Environmental Health Association (NEHA) and the Region II Head Start Association. Follow our journey through Puerto Rico on Facebook.

Global consumption of natural gas will drop this year by the most in history, according to the International Energy Agency, as measures to contain the spread of coronavirus lead to an unprecedented shock to demand. The Paris-based IEA said on Wednesday that the effects of the pandemic, combined with a mild winter in the northern hemisphere, will cause global natural gas consumption to drop 4 per cent in 2020, or 150bn cubic metres, with the impact spanning every region in the world. Such a fall would be twice as severe as that registered after the global financial crisis in 2009, when demand fell 2 per cent. Although the natural gas sector has experienced a smaller hit from government-imposed lockdowns than oil and coal, which are used more widely in transport and for commercial power generation, the dip shows the market “is far from immune” from the pandemic, said Fatih Birol, head of the IEA. The natural gas sector has benefited in recent years from a switch from coal to gas across lots of industries, as low prices and clean air policies drive fuel conversion, particularly in China. In 2019 demand grew 1.8 per cent year-over-year or 70 bcm. “The record decline this year represents a dramatic change of circumstances for an industry that had become used to strong increases in demand,” said Mr Birol. While gas is a cleaner alternative to coal, it too is coming under growing scrutiny from environmental activists and some investors who want to divert funds away from all fossil fuels. Still, many of the biggest players in the energy sector and major governments see gas as necessary for meeting global energy demand. Several years of strong gains in consumption have prompted huge levels of investment in liquefied natural gas. A record $65bn of capital spending was committed to LNG liquefaction facilities in 2019, according to the IEA. This year, however, gas used for power generation will take the biggest consumption hit, making up half of the total decline in demand. Gas-fired generation will see a particular heavy fall in Europe, according to the IEA, as lower electricity demand coincides with growing use of renewables for power. After power generation the next largest drop in demand is expected to come from the residential and commercial sectors. The milder winter reduced heating needs at the start of the year while government lockdowns cut consumption by businesses. Industrial gas demand also fell as virus-hit economies stalled and manufacturing slowed, while the energy industry itself saw a dramatic slide in fuel consumption. The gas industry is expected to recover gradually over the next two years. But the coronavirus crisis will have a “lasting impact”, Mr Birol said, as surplus supply and investment in new capacity continues to overwhelm demand.

The 12 months that ended this past summer, suggests the just-released annual Global Wealth Report from the Swiss bank Credit Suisse, ought to be cause for celebration. The world has never been richer. Credit Suisse’s researchers have discerned “a significant increase in wealth across the globe.” Net worth worldwide has increased by a remarkable $16.7 trillion over just the past year. So why aren’t people worldwide cheering? That “significant increase in wealth,” the new Credit Suisse numbers make clear, has benefited only a precious few. The top 1 percent globally now hold 50.1 percent of the world’s household wealth, up from 45.5 percent at the start of the century. Within that top 1 percent, the really rich – deep pockets with at least $50 million in net worth – are clearly leading the way. Since 2000, Credit Suisse calculates, the wealth of this “ultra high net worth” cohort has multiplied “five-fold.” About half of these ultras, 49 percent, reside today in the United States. Credit Suisse counts 72,000 of these ultra-rich Americans. Some context: China, the host to the world’s second-highest collection of $50 million-and-up personal fortunes, has only 18,100 ultras. Some additional context: The United States hosts over 25,000 more ultra-rich individual fortunes than the nations with next nine highest ultra-rich totals combined. How much of this enormous wealth at America’s economic summit trickles down to average Americans? Not much. At first glance, that doesn’t appear to be the case. The average American adult, the Credit Suisse data show, boasts $388,585 in net worth. Only two other nations in the world – Switzerland and Australia – have higher net worth averages. But wealth averages can be deceiving. They represent a nation’s total household net worth divided by the nation’s total number of adults. The more wealth a nation’s rich hold, the higher the average will be. A nation of one millionaire and nine other adults with no wealth at all would have an average individual net worth of $100,000. So net worth averages can tell us next to nothing about the actual life experience of the typical person. To see how a nation’s most typical adults are doing, we need instead to calculate each nation’s median adult net worth. That means finding the net-worth level that represents the point at which half a nation’s adults have more wealth and half have less. The new 2017 Credit Suisse Global Wealth Report helpfully calculates these medians. Switzerland and Australia again top the global list. The typical Swiss adult has a net worth of $229,000. The typical Australian, $195,400. And the typical American? A mere $55,876. Twenty nations in all have higher median adult net worths than the United States. The true cost of inequality Just how much is inequality costing ordinary Americans? Comparing the United States to other more egalitarian-minded developed nations can give us a vivid sense of the high toll that inequality exacts. Take, for instance, the example of Japan, one of the world’s most equal nations. In their new Global Wealth Report, Credit Suisse’s researchers describe the 2017 Japanese economy as “still in the doldrums.” But ordinary Japanese households would almost certainly take their “doldrums” over the economic status quo in the United States any day of the week. The numbers explain why. The United States has over 50 times more ultra-rich than Japan, and that enormous wealth at the top has the U.S. average net worth towering over the average Japanese net worth, by a $388,586 to $225,057 margin. But Japan shares its household wealth far more equally than the United States. The typical Japanese adult holds $123,724 in net worth, much more than double the $55,876 U.S. median adult net-worth figure. Ordinary Americans, in effect, are each paying what amounts to an “inequality tax.” If we distributed our wealth as equally as the Japanese distribute theirs, the typical American would likely be somewhere around $100,000 richer. Or take Australia, a nation that now sports almost the exact same average adult wealth as the United States. The average Aussie has a $402,603 net worth, just a bit above the average American’s $388,586. The net worth of the median – most typical – Australian? A stunning $195,417, four times the median adult net worth in the United States. Australians used to see their nation as a relatively equal society. They don’t anymore. Rising inequality has become a major Australian political issue. But Australia remains far more equal a society than the United States. The top 1 percent in Australia only holds an estimated 15 percent of the nation’s wealth. America’s top 1 percent, Federal Reserve researchers reported earlier this fall, now holds 38.6 percent.

According to ASCE (American Society of Civil Engineers), “The U.S. has 614,387 bridges, almost four in 10 of which are 50 years or older. 56,007, or 9.1% of the nation’s bridges were structurally deficient in 2016, and on average there were 188 million trips across a structurally deficient bridge each day. While the number of bridges that are in such poor condition as to be considered structurally deficient is decreasing, the average age of America’s bridges keeps going up and many of the nation’s bridges are approaching the end of their design life. The most recent estimate puts the nation’s backlog of bridge rehabilitation needs at $123 billion.” Determining the condition of bridges and making decisions regarding rehabilitation or replacement is referred to as Asset Management. DOTs across the U.S. dedicate significant resources to managing their bridge assets through a variety of preventative and preservation methods. DOTs typically classify the condition of bridges using a common rating system of 0 to 9 (9 being excellent and 0 being failure) referred to as the General Condition Rating (GCR). Based on that condition rating, bridges then fall into four major asset categories: Inspection of the bridge yields a rating of each of the components and the development of the overall bridge rating, the condition rating scale includes “the materials used in the bridge, as well as the physical condition of the deck, superstructure, and substructure components.” The GCR system was developed by the Federal Highway Administration and is described in the FHWA Coding Guide. As of January 2018, 54,000 U.S. bridges were deemed to be in poor condition or worse and in serious need of rehabilitation. Though this number has decreased in the last two years the cost for rehabilitation has increased. DOT Engineers are keenly aware of the need for bridge rehabilitation and estimate the total cost of highway bridges needing rehabilitation in the U.S. at 17 Billion dollars. Many of today’s highway bridges were built in the 1950’s and 1960’s. These structures are now reaching or exceeding their proposed life span. State DOTs are facing a significant problem balancing the costs of operations and maintenance, new construction and the ever-growing needs for rehabilitation and repair of their aging infrastructure. Innovative approaches are needed to provide cost effective repair methods with a focus on the longevity of those repair solutions. In order for the United States to once again be the leader in bridge infrastructure and innovation, past techniques that worked (or didn’t work) and the current methods being used must be reevaluated. New techniques and recent advancements in concrete materials hold great promise for establishing the right path. Traditional Materials Used for Concrete Bridges: Modern bridges make use of concrete, steel or a combination of both. “Incorporation of fibers which comes in the category of high strength gaining materials is now incorporated for the construction of bridges. These materials are also used in order to strengthen the existing bridges.” According to the American Society of Civil Engineers, new “materials such as Ultra-High Performance Concrete” are adding longer life to bridges as the need for bridge innovation in the US is pressing. Shortcomings of Traditional Concrete for Bridges: “Most of the modern bridge construction makes use of concrete as the primary material. The concrete is good in compression and weak in tensile strength. The reinforced concrete structures are the remedy put forward for this problem. The concrete tends to have a constant value of modulus of elasticity at lower stress levels. But this value decreases at a higher stress condition. This will welcome the formation of cracks and later their propagation.” “Other factors to which concrete is susceptible are the thermal expansion and shrinkage effects. Creep is formed in concrete due to longtime stress on it.” When looking at steel used to strengthen concrete, it can only work for concrete for a certain amount of time as “steel fatigue is a problem in the older bridges... Compare steel bridges to a paper clip that's opened and bent back and forth until it breaks.” Traditional concrete lacks longevity and strength, along with the factors listed above. Those factors are why fibers are being used to strengthen concrete for new bridges as well as maintain and rehabilitate existing bridges made with less-than-standard concrete. In the US, the mindset up until recently can be summed up in one phrase – “Worst First.” Find the bridge that needs the most repair and start there. This method acts as a Band-Aid, solving an immediate problem - one bridge close to falling down - but doesn’t present a long-lasting solution. After a bridge is constructed, it should be consistently monitored and placed in one of three broad categories (along with being assigned a number in the numbered actions scale above): This image from the Federal Highway Act (FHWA) explains which category falls into a good rating or poor rating: The rehabilitation phase is when a bridge is structurally deficient “because at least one major component of the span has advanced deterioration or other problems that lead inspectors to deem its condition poor or worse.” The US infrastructure is currently overloaded with bridges in the rehabilitation category. With our ever-growing population and more commuters, it’s imperative for the States to adopt a proactive mindset to keep bridges from entering this category. This means prioritizing a bridge that only needs minimal maintenance and is considered in good or fair condition. The US is on the right track thanks to the forward thought and action of Bridge Rehabilitation Engineers. The Preservation Guide announced, "The HBP (Highway Bridge Program) afforded State DOTs discretion to use funds not only for bridge rehabilitation and replacement but also for a broad array of preventive maintenance activities.” This is a huge step that will be noticed in the US infrastructure world in years to come. The FHWA has seen the concerning infrastructure grade connect with the ‘worst first’ mentality and is currently striving to be more strategic and future-minded by implementing a bridge program seeking a balanced approach in preservation and rehabilitation. In the 2017 budget overview from the FHWA, they stated, "The need to invest in our transportation infrastructure becomes even more apparent when one considers not just the state of our infrastructure today, but where we are heading in the future." This change will ultimately slow and, with innovative options, potentially nullify the need for rehabilitation or rebuilding altogether. When a bridge is in the phase of rehabilitation, as opposed to maintenance or repair, the cost is far greater because of the complexity of work, resources, and time needed. In a press release from USA Today, "Cities and states would like to replace the aging and vulnerable bridges, but few have the money; nationally, it is a multibillion-dollar problem.” “Selected states reported little change in the way they fund and manage highway bridges” to the Government Accountability Office (GOA) in a survey in 2016. They acknowledged it's not that states are unaware; some have made proposals to pass a plan for funding infrastructure needs, but they oftentimes stall due to fights over details which ultimately prolongs the national infrastructure problem regarding bridges. Bridge Rehabilitation Engineers are restricted by state and federal budgets, leaving them using temporary repairs and patch fix jobs to stay ahead of deterioration. For example, the highest priority bridge in Seattle, Washington would cost about $350 million to replace. According to the United States Government Accountability Office, “The state DOT distributes a total of about $35 million per year in federal funds to local agencies, which compete for a part of those funds. Given the gap in funding for large projects, officials said they will be forced to close large bridges that are deemed unsafe.” Those who are hands-on in bringing up the infrastructure grade (DOT and Design Engineers) are greatly affected by the extremely tight budget they’re working with. Pressing needs of rehabilitation without the funds to fix the problems, and the responsibility resting on their shoulders prolongs the problem. There are two phases that take time for bridge rehabilitation. The first phase is completing a National Bridge Inspection Standards (NBIS) inspection and updating/inputting SI&A data into the state or federal agency inventory. This takes place within a 90/180 day period. The second phase – the construction - is when the public is affected by and experiencing the daily grind of a bridge going through rehabilitation. The construction phase generally takes 24 months, assuming no greater repairs are needed outside of rehabilitation. Extra repairs needed would also warrant more inspection phases to be executed and documented, extending the construction period. Though on paper all phases and procedures a laid out nice and neat, “there is considerable lag time between when state transportation officials report data to the federal government and when updates are made to the National Bridge Inventory.” Starting in the 1950’s, bridges were built with an expected lifespan of 50 years. The Report to Congressional Committees from the US Government Accountability Office of federal bridge data shows “amount of structurally deficient deck area is greatest for bridges built from 1960 through 1974.” If you’re doing the math right, this means that those bridges are currently at their expected lifespan or have exceeded it already. Practically, that comes out to 54,000 bridges deemed structurally deficient today. Here’s a visual created by the American Road and Transportation Builders Association of the areas in the US that are dealing with the majority of bridge rehabilitation efforts to increase the overall infrastructure grade: SOURCE: ARTBA 2018 Deficient Bridge Report Most of us are too busy or trusting to think about a lack of safety when it comes to what we’re driving over. Thankfully, DOT’s and Design Engineers have safety as their first priority when it comes to bridge rehabilitation. As those inspecting bridges, they’re aware that “all that is required to cause a fracture critical bridge to collapse is a single unanticipated event that damages a critical portion of the structure.” Though safety is of the utmost concern, surprising collapses still happen. This is another area compelling DOT Engineers to look for better solutions; solutions that are innovative, safe, fast and ultimately, solve the current problems we’re all facing within transportation in America. The US infrastructure grade is on the rise due to methods being adopted like in the FHWA Preservation Guide of 2018. Even with new methods, the materials that have been used for the last 70 years keep the US in the game of Band-Aids, slings, and temporary fixes when it comes to our bridges. We need to be in a game of permanent solutions that check a bridge off the list because there’s no need for maintenance. This will happen through: Being proactive to prevent major problems Using innovative materials that bring long-lasting solutions Bridge Rehabilitation Engineers are looking into the new option of advanced concrete, Ultra-High Performance Concrete to be specific, because they see how it solves the current, pressing problems and brings solutions to their job in enabling America’s Transportation. “Ultra-High Performance Concrete, or UHPC, is a ground-breaking (no pun intended) metallic reinforced cementitious-based material with extraordinary properties. UHPC can be used in a variety of bridge solutions to include joint fills, overlays, pier jacketing and a variety of other innovative applications.” UHPC Solutions® is eager to develop and expand the use and adaptation of ultra-high performing concrete technology in the infrastructure rehabilitation market in North America. The materials of UHPC not only strengthen current structures but also extend their lifespan. DOT’s and civil engineers are hopeful as they see “New materials such as Ultra-High Performance Concrete… being used to add durability, higher strengths, resilience, and longer life to bridges.” UHPC was developed in the 1980’s for structures that demanded super strength and corrosion resistance in Europe. Twenty years later, it became available in the states. “In a general sense, UHPC has proven to be particularly relevant in the applications where conventional solutions are lacking.” Created for bridge rehabilitation and deck-overlays, UHPC Solutions® unique combination of materials “provides compressive strengths up to 29,000 pounds per square inch (psi) and flexural strengths up to 7,000 psi." The high performance and strength of this concrete are created by a carefully selected combination of ingredients, including: The chemical reactivity and extremely fine grain size, measuring at a maximum of 600 micrometers, are what provide the enhanced durability. “Originally designed to sustain an estimated volume of 10,000 vehicles per day, the Chillion Viaducts in Switzerland currently hold 50,000 vehicles daily.” These bridges were built in the 1960’s and after 50 years, were in need of rehabilitation. However, through inspections, the bridges were found to be structurally deficient along with having Alkali-Aggregate Reactions (AAR). This meant the mechanical properties were compromised requiring ... “China has become the largest consumer of concrete products in the world.” As China watched their infrastructure they saw a need for a solution that met problems in energy saving, air pollution, and CO2 reduction. "[They] became more and more conscious of the need for a widespread adoption of … Ultra-High Performance Concrete.” It has been applied in civil engineering, specifically in bridge engineering. The first application of UHPC in civil ... In the early nineties, UHPC was used as a “replacement of the existing wooden deck of a movable bridge, in the Dutch motorway 44, a solution with prefab panels made of heavy reinforced Ultra-High Performance Concrete. A cover of only ten millimeters was enough to ensure a durable solution.” Early introduction and testing of UHPC began in 1994, over 20 years ago. The first use of UHPC for a North American bridge was in 1997, for construction of the Sherbrooke Pedestrian Bridge in Quebec, Canada. Although not a highway bridge, it has been exposed to light vehicle loadings for winter snow removal and severe freeze/thaw conditions as well as deicing salts for almost 20 years proving UHPC’s durability in an climate. By providing strength, durability, ductility, and workability, UHPC accelerates, improves and advances the current infrastructure grade. Bridge Engineers are equipped to be problem solvers through UHPC, not problem prolongers. Bridge Engineers are currently constrained by the list above: Cost, Time, Surplus of bridges needing Rehabilitation, not to mention the great concern for safety when considering the repairs they’re deciding to implement. UHPC has proven to bring solutions in each of these pain points of the US Infrastructure through these benefits: “simplified construction techniques, the speed of construction, improved durability, reduced maintenance, reduced out of service duration, reduced element size and complexity, extended serviceability life and improved resiliency.” UHPC Solutions® is eager to help solve the deteriorating infrastructure problem in the US. By combining forces with their partners, who have brought over a century of infrastructure rehabilitation expertise, “UHPC Solutions® is meeting the demands of today’s need for accelerated bridge rehabilitation (ABC) with lasting results.” UHPC Solutions® can be utilized through their trusted and proven partnership with WALO and Posillico. Both companies have led the way in implementing UHPC as a solution. WALO has been serving the construction world for over 170 years and has executed their values every moment. Posillico, one of the top engineering contracting firms in New York, strives for excellence, and UHPC Solutions® allows them to continue doing that for the East coast.

We’ve Done It Before! – The U.S. Postal Savings System Picture this: a large number of bank failures causing a loss of public confidence in banks, banks located in inconvenient places and with limited hours of operation, and banks failing to serve the needs of working people. This might sound like the aftermath of the 2008 financial crisis, but it was also the state of affairs in the early 1900s. In 1910, Congress responded by creating the Postal Savings System. The System operated from 1911 through 1966, accepting savings deposits guaranteed through the full faith and credit of the United States. The savings accounts earned interest at 2 percent. Opponents argued that a Postal Savings System would threaten private banks, that banking should be a private, not public, function, and that depositing the savings in the U.S. Treasury would centralize power in Washington. Concessions to the banking industry included limiting the amount that could be invested federally and a cap on interest rates and deposit amounts. By 1934, postal banks had $1.2 billion in assets or about 10 percent of the entire commercial banking system. During World War II, the postal banks sold $8 billion worth of Defense Savings Stamps to fund the war. After the war, commercial banks began offering higher interest rates and, of course, bank deposits were by this time insured by the Federal Deposit Insurance Corporation (FDIC). Congress abolished the system in 1966. But the country finds itself once again in need of affordable financial services. “Postal banking was America’s most successful experiment in financial inclusion – a problem we face again today,” writes professor Mehrsa Baradaran. For sources and more information, see the following: “A Short History of Postal Banking,” Slate, 8/18/14, Mehrsa Baradan. “Postal Savings Banks: Allowing Immigrants and Workers to Invest Savings,” The Ultimate History Project, Raymond Natter. “Postal Savings System,” Historian, United States Postal Service, July 2008.

Back to: BUSINESS & PERSONAL FINANCE Corporate Finance Definition In a firm or organization, corporate finance is that part of the business which focuses solely on financial and investment decisions. This department is primarily concerned with the maximization of shareholder value via short and long term financial strategies and through the application of various plans and methods. Corporate finance is quite like personal finance, except that it is tailored specifically to businesses and takes on activities related to decisions on investment of capitals and investment banking. A Little More on What is Corporate Finance These divisions are usually giving the tasks and power to control and supervise a company’s financial activities and exercises, as well as its capital investment plans. These plans can consist of whether the company in question should embark on a project or indulge themselves with an investment, and whether to pay for such investment using securities or debt instruments, as well as mixing both payment systems to create something more like a hybrid payment. This department also decides if shareholders should receive dividends for the fiscal year. Also, corporate finance departments have total control over the assets, liabilities and inventory of a firm, as far as maintenance is concerned. Capital Investment Decisions The corporate finance department is required to make capable and favorable capital investment decisions as well as deploy capital for long-term sustainability. The division is mostly concerned with capital budgeting, but this doesn’t mean that it completely ignores other activities related to this task. Capital budgeting is very helpful to a business as it allows the firm to know their expenditures, provide cash flow estimates for future capital projects, compare investments, and provide insights on what should go into its capital budget. Capital investment decisions are not child’s play as it is the core foundation of any successful establishment. The ability to make great budgets will increase performance, and if done wrongly, a poor budget might cause stagnancy for a firm. The corporate finance division is also expected to look for sources of finance or funds in forms of debts and/or equity. Here, a company can choose to collect loans from banks and other financial creditors, or they may choose to issue debt instruments in forms of corporate bonds to interest buyers. In some cases, corporate firms can choose to sell stocks to equity investors, and this is predominant when they’re trying to source out funds for expansions. For a company to better evaluate its performance, it needs to have property information about how its debts matches its equities and assets. If a firm has too much debt, it increases the risk of breaching the loan contract or raises the chance of inability to fulfill the loan at the deadline. Also, if the firm depends heavily on securities and assets, there’s a chance that new investors won’t be attracted to such firms as returns will be very low. Either way, corporate financing is a means of sponsoring capital investments, and knowing how to get these funds is a job expected of the corporate finance division. Liquidation in Short-Term Corporate finance is also expected to handle short term liquidity so that the firm can continue its operations without hindrance. In short term financial management, emphasis is placed on the current assets of a firm, its working capital and operating cash flow. It is also expected of a firm to be capable of shouldering all their liability obligations as at when due. This obligation consists of possessing enough current properties that can be easily liquidated to prevent pauses in the continued operation of the firm. Also, issuing commercial papers as liquidity backings or getting additional credit lines are activities involved in short-term financial managements.

Modern economists and theorists agree the euro is in serious, if not terminal, trouble. Experts are keeping close watch on its every movement, and monitoring the uncertainty each creates in global monetary markets. We are continuously reminded that we live in an interdependent, volatile world: If the euro fails, so does our global financial system. European leaders are at a stalemate, and appear to be unable to get their financial act together. This observation occurs as Europe drops deeper into a recession, the US fights hard to get out of one, and the economies of China and India grow more slowly than projected. There is strong consensus on the main problem that undermines the euro’s efficacy: it has a design flaw. When the European Union created the European Monetary Union (EMU) and launched the euro, it unified monetary policy across politically and economically diverse countries. But it omitted a unified fiscal policy that would ensure responsible borrowing by member nations. The solutions posed to cure this oversight and address the current crisis include disbanding the eurozone. The alternative solutions proposed for the current crisis include having the European Central Bank indefinitely pump money into the system (which most agree is unreasonable and unsustainable, and which in any event is subject to further legal challenges), as well as having Germany rescue the crisis-stricken countries in the EMU by guaranteeing their debt. However, all these ideas side-step the question that keeps economists awake at night: How are we going to rebalance the European economy when the disequilibrium is caused by the member countries’ vastly different productivity levels? How do we craft a policy that addresses the causes of the eurozone members’ fiscal crises, which range from high productivity (Germany) to negative productivity (Greece) to poor investment decisions that lead to reduced productivity (Spain)? At this juncture in the euro’s history, it is impractical, and possibly deadly, to European and global economies to tear up the euro’s foundation and rebuild it from scratch. Instead, the EMU has wisely put the euro in a box and shut the lid, attempting to shield it, while piecing together a solution that will not rock the existing boat and will be applicable to widely divergent country-specific economic conditions. There is another such protective box that is a well-known component of the mythological history of one of the main players in the European economic crisis. In the Greek myth of Pandora’s Box, Pandora, the first female human, is handed a box from the gods and told not to open it – ever. She attempts to follow that mandate, but eventually her curiosity overrides her obedience. She opens the lid, unleashing into the world all things evil. The euro currently lives in such a box. Most people of knowledge and vision, including the Academy, agree that lifting the lid, exposing the inherent flaws in the euro and letting it tear itself apart is not worth the potential financial chaos this would unleash. It is just too destructive. But rather than sitting beside a closed lid, hoping that the situation will somehow right itself, we are proposing another approach – one that could actually begin to encourage prudent fiscal management in the EMU states while preserving a unified currency. Once again, we can turn to a time in Europe’s historical past for a potential solution. Enter any great European cathedral built during the Middle Ages, and you will be awed at the majesty and expanse of its entranceway and main chamber, known as the nave. Perhaps as you gaze around, a question will intrigue you: How does this immense, open structure stay up with just the support of a few columns? The answer is: it doesn’t. Support structures outside of the nave give it stability. These support structures, built around the main structure, are called flying buttresses. Every European builder knew that without the support of these buttresses, the entire cathedral would collapse. These craftsmen did not scrap the entire idea of the cathedral. They found ways to structurally shore it up without compromising its use, purpose and integrity. The euro in and of itself is a very useful institution. So, rather than scrap the entire concept, we believe that we should free the euro to do what it was initially meant to do – provide a unified European currency that can compete in a global economic environment – by shoring it up from the outside. What would a flying buttress look like for the euro? By encouraging individual countries to create their own independent, country-specific, complementary “neo-currency,” we would rebalance incentives for member nations and take some of the pressure off the euro – the single pillar currently holding up the EMU and with it the entire European economy. By leaving the euro intact as the umbrella inter-sovereign currency and by creating complementary currencies at the sovereign national level (neo-currencies), each country will be able to let its neo-currency devalue within its borders without threatening the value of the euro across borders. In this way, all existing debts in euros, bank accounts in euros, and all contracts in euros can be sorted out over time while each country’s neo-currency will be left to float up and down against the euro. 1 The logistics and interface of the euro and complementary neo-currencies would work as follows: - The euro will continue to be used as a common currency for trans-border and international commerce with EMU nations. Its value will continue to be determined by the global financial market. - Each neo-currency’s value will be established and managed by its country of origin and used in commercial transactions within that country, thus isolating each neo-currency within that country’s borders. - When a parallel neo-currency floats freely on domestic exchange rates that are allowed to accurately reflect the true state of economic activity within that country, citizens of each country can quickly determine what their country’s currency is worth. This will allow them to pay each other for goods and services according to the market-determined value of their country’s neo-currency. - Only banks and other licensed entities within a neo-currency’s country of origin will be allowed to redeem that neo-currency or exchange it for euros. - The isolation provided by neo-currencies will allow for the daily inflation or deflation of each neo-currency according to what the individual market will bear. - Citizens of each country will be allowed to pay their taxes in their respective neo-currency, thus giving the neo-currency inherent value within the country of origin. Neo-currencies will be a flying buttress of support for the continued vitality of the euro because they will let eurozone countries rebuild their economies without leaving the euro. The people of Greece and other challenged countries will have a semblance of power over their fortunes and their own destinies by being able to let their domestic currency undergo devaluation without affecting the euro. When countries with much higher borrowing costs than Germany’s – such as Greece, Spain, and Italy – adopt a neo-currency, their small companies’ borrowing costs will drop, allowing them to grow again and contribute to the growth of the domestic economy. As such domestic companies become financially stronger over time, they will be able to purchase euros to transact commerce outside their own country; sovereign domestic neo-currencies will be banned from international commerce. Countries with deflating economies will automatically see their neo-currencies deflate as they float daily against the euro. This will provide an exit from the downward spiral of austerity as these countries start to operate in their respective neo-currencies. Once a country has its own neo-currency for domestic transactions, the domestic economy will find a new base level from which individual businesses can rebuild and become “players” in the larger European economy where euros are used. Over time, each struggling country will get stronger internally by engaging in transactions they can afford. The euro PLUS neo-currencies scenario described above creates a two-tiered system that takes the pressure off the euro by letting individual countries allow the devaluation of their neo-currencies to each country’s specific appropriate level, while preserving the integrity of the euro itself for all EMU members’ transactions with other sovereign nations.2 euros will continue to build up in all EMU members’ various sovereign bank accounts as the stronger economies continue to grow. The euro will be protected from a collapse brought on by the fiscal failures of any individual EMU member (or several of them for that matter), and it will be appropriately harder for weaker countries to build up euro-denominated wealth while their respective economies are still devaluing. Products and services will be more competitive within countries as well as across borders because in intra-country commerce, travelers and merchants will have the choice to spend neo-currencies or euros. The European Union has a history of great institutional success. We are confident that the EU is capable of creating complementary neo-currencies that will relieve the political and economic pressure on the euro and resolve this political stalemate. The fate of Europe, and conceivably the near-term global financial system, depends on it. In May of 2012, the EU Chapter of the Club of Rome published a sophisticated discussion of complementary currencies in the report Money and Sustainability: The Missing Link, researched and written by primary author and long-time Academy Fellow Bernard Lietaer. The report includes nine examples of workable neo-currencies. The Club of Rome-EU Chapter formally presented the report to Finance Watch and the World Business Academy. Download the report’s Executive Summary. Harvard’s economic historian, Niall Ferguson, on a recent CNN program posited that the only real problem with allowing Greece or some other nation to pull out of the euro would be the chaos which would follow since, in his scenario, all the euros in the banks of that country would be rendered useless, all contracts in euros would become unenforceable, etc. By allowing a neo-currency to exist in parallel with the euro, there would be no need for a country to pull out because a natural devaluation would occur within the country; the taxes would be paid in that devalued currency thus creating value for it, and it would be used for local transactions. Hence, all euros could remain in their respective bank accounts and all contracts could remain in effect. There would be no automatic default across all contracts. The Academy is sensitive to and fully believes that any fiat currency may not be the best solution for countries or society. There are very good arguments that can be made that a big part of our collective problem in the global monetary system beyond the euro is the total reliance on fiat currencies. The Academy believes there is great merit to investigating this train of thought and analyzing those types of currencies that could replace fiat currencies. However, that conversation is beyond the scope of this article.

The public discussion of 5th generation (5G) mobile telephone service has been seen by many – perhaps most – in the United States as just another step in the evolution of mobile communications, a remarkable scientific and commercial development that has wrought a wide range of benefits world-wide over the preceding quarter-century. More recently, the focus has shifted to 5G as a proxy for the U.S.-China trade and technology rivalry. The Trump administration’s effort to change the terms-of-trade with China has brought the subject of commercial and international trade consequences of the proliferation of advanced technologies into sharp relief. The U.S. efforts to extradite the chief financial officer of the Chinese telecommunication equipment developer and producer, Huawei from her detention in Canada for export control violations have added a geopolitical spin to what has become an increasingly tangled issue. These aspects of the story, while true, do not begin to describe why 5G is such a big deal. The technologies of 5G communication will create a backbone technology for high speed low latency telecommunication. It will serve as the basis for the global internet-based “Internet of Things” (IoT) with fundamental changes in how goods and services of every imaginable types (and many, perhaps most not yet imagined) can be developed, employed, supported, and replaced. The importance of new technologies is not their ability to do what existing technology can do now, only faster, better, and cheaper even though that is a likely consequence. In the case of 5G, its ultra-low latency (potentially hundreds of times faster than current 4G LTE) produced by its vast bandwidth that allows users to do things that previously could not be done by any practical application of existing technologies. The enormous scale of capital expenditure involved in rapidly bringing 5G technology to market – $325 billion by 2025 – to develop and produce the hardware and software needed to deliver early 5G capabilities is unlike any other infrastructure project. Reflecting its national commitment to 5G, nearly half of the world-wide investment in 5G development and employment will be made by China. The extraordinarily low latency of 5G will allow services such as augmented and virtual reality and an immersive and tactile internet that cannot be delivered by 4G or earlier technology. 5G technology also inverts the classic paradigm of computational scarcity at the network’s edge (e.g. the mobile device) and computational abundance at the center. With computational abundance now at the network edge, the employment of computationally intense emerging technologies (e.g. AI, quantum computing and cryptography, facial recognition) can be performed by mobile devices throughout the network. 5G as part of China’s belt-and-road initiative While Western governments have tended to see 5G as an important but incremental extension of existing telecommunications services, China has recognized the value of 5G technology with its belt-and-road initiative (BRI). That effort is China’s $1 trillion global infrastructure project to expand its economic presence and support for its interests on a global scale. China sees it as a key step in becoming the world’s leading economic power by 2049, the 100th anniversary of the founding of the Communist state. The project has several components, one of which has become known as the “digital road.” It anticipates projecting the deployment of China’s 5G telecommunication infrastructure over the dozens of countries now affiliated with the initiative. The 5G telecommunications network would be integrated with another Chinese project, its Beidou (“Big Dipper”) precision navigation and timing system (now in the latter stage of fielding) to displace the U.S. Global Positioning System enabling China’s telecommunications and PNT system to dominate the future IoT and other in areas affected by China’s belt-and-road project. 5G as an instrument of China’s international security policy China’s global security ambitions overlap its economic aspirations. The 19th Congress of the Communist Party of China, the belt-and-road initiative and its associated activities were incorporated in the Chinese Constitution at the 19th CPC. In that context belt and road is a project of the Party, and not the State which significantly elevates its security role and importance to its national leadership. The BRI creates a global economic presence that has become a combination of commercial enablers for its “Maritime Silk Road” and forward air and naval installations for China’s armed forces. These include air and naval facilities in Djibouti in the Horn of Africa, Jiwani, Pakistan (~80-km west of its large commercial port at Gwadar, and a naval base in Sri Lanka (Hambantota, which China acquired in a debt-for-sovereignty swap when Sri Lanka could not service its BRI debt to China). China’s switch from a regional to an aspiring global power reflect its aspirations that have shaped the CPC’s rule since Mao: the deconstruction the old-world order in favor of one which gives China its rightful place at the zenith of a new international order. The incorporation of the technology 5G telecommunication and Chinese controlled PNT parallels a trend in US military practice. DoD military communications, like China’s is moving to a wireless, mobile, and cloud-based IT systems built around 5G technology. China’s convergence of its 5G, BRI presence (military and civil), PNT and dominant role in the BRI member states are aimed at becoming the world’s leading economic and military power by the 100th anniversary of the founding of the Communist State in 2049. 5G is both an enabler and product of China’s remarkable economic growth since 1979 and is likely to become a central element of China’s economic and military power for the 1st half of the 21st century. William Schneider, Jr. is a senior fellow at the Hudson Institute and former under secretary of State and chairman of the Defense Science Board.

Adapted from Women in Mining Education Foundation Activities The purpose of this activity is to give the player an introduction to the economics of mining. Each player buys "property," purchases the "mining equipment," pays for the "mining operation," and finally pays for the "reclamation." In return, the player receives money for the "ore mined." The object of the game is to develop the mine, safeguard the environment, and make as much money as possible. - play money ($19 for each student) - grid paper (1 sheet for each student) - chocolate chip cookie (1 for each student) - toothpicks (flat and round) - paper clips - paper towels (for clean-up) - Each player starts with $19 of play money. - Each player receives a Cookie Mining sheet and a sheet of grid paper. - Each player must buy his/her own "mining property" which is a chocolate chip cookie. Only one "mining property" per player. Two to three types of cookies should be "for sale"; one cheaper one with fewer chocolate chips than the other and another more pricey cookie with more chocolate chips. For example, sell "Chips Ahoy" cookies for $5.00 and "Chips Deluxe" for $7.00. Players choose their "properties" knowing that the more chips they harvest, the more profit they make. - After buying the cookie, the player places it on the grid paper and, using a pencil, traces the outline of the cookie. The player must then count each square that falls inside the circle, recording this number on the Cookie Mining Spreadsheet along with the properties of the cookie. Note: Count partial squares as a full square. - Each player must buy his or her own "mining equipment." More than one piece of equipment may be purchased. Equipment may not be shared between players. Mining equipment for sale is Flat toothpick — $2.00 each Round toothpick — $4.00 each Paper clips — $6.00 each - Mining costs are $1.00 per minute. - Sale of a chocolate chip mined from a cookie brings $2.00 (broken chocolate chips can be combined to make one whole chip). - After the cookie has been "mined," the cookie fragments and crumbs should be placed back into the circled area on the grid paper. This can only be accomplished using the mining tools — No fingers or hands allowed. - Reclamation costs are $1.00 per square over original count. (Any piece of cookie outside of original circle counts as reclamation.) Cookie Mining Rules - Players cannot use their fingers to hold the cookie. The only things that can touch the cookie are the mining tools and the paper on which the cookie is sitting. - Players should be allowed a maximum of five minutes to mine their chocolate chip cookie. Players who finish mining before the five minutes are used up should only credit the time spent mining. - A player can purchase as many mining tools desired; the tools can be of different types. - If the mining tools break, they are no longer usable and a new tool must be purchased. - The players that make money by the end of the game win. All players win at the end of the game because they get to eat the remains of their cookie! The game provided each player an opportunity to make the most money possible with the resources provided. Decisions were made by each player to determine which properties to buy and which piece or pieces of mining equipment should be purchased. Each player should have learned a simplified flow of an operating mine. Also, each player should have learned something about the difficulty of reclamation, especially in returning the cookie to the exact size that it was before "mining" started.

Bitcoin was released in 2009 by Satoshi Nakamoto, making it the oldest cryptocurrency. Through the year following its release, Bitcoins were only mined and never traded. Mining Bitcoin requires the use of a powerful computer processor, which are costly and can be expensive to operate due to energy costs. Without the option to trade these coins, they were not only worthless, but costing people money. That is, until the first reported transaction made using this Bitcoin was made in 2010: an exchange of 10,000 BTC for two pizzas. Although Bitcoin did manage to reach a value of $1,000 by 2013, in the same year, it also experienced a major crash that brought its value plummeting down to approximately $300. Yet within two years, Bitcoin had resurged back to the $1,000 mark and is continuing to grow consistently. Currently, the value of a Bitcoin fluctuates between $10,000 and $20,000. This makes them inherently valuable and they are now accepted forms of currency for a variety of merchants around the world. Vitalik Buterin proposed Ethereum in 2013, but it went live in 2015. Ethereum can be used to process transactions just like Bitcoin, but unlike Bitcoin, it can also be used to process smart-contracts and complex programs.This young cryptocurrency receives high praise from industry thought leaders due to the higher level of functionality it offers compared to Bitcoin. The Ethereum network allows users to build their own blockchain applications using the Ethereum platform. The transaction fees and computational services that occur during this process are paid for by using ETH. This means companies must mine or purchase ETH in order to leverage the Ethereum platform. With this system of supply and demand in place, as more organizations move to host their own blockchain applications on the Ethereum platform, the value of ETH should see steady growth. Charlie Lie developed Litecoin and released it in 2011. Soon after, Litecoin had been dubbed as the digital silver of the digital gold (Bitcoin). Litecoin mining does not require the same high-end computer processor equipment that Bitcoin mining does. Instead, the Litecoin mining algorithm is solved using the memory of a computer. Because memory is far less costly and more accessible component, this means that nearly anyone with a computer can mine Litecoin. It also means that LTC transactions can be confirmed in far less time than transactions made using Bitcoin. Monero is a privacy-oriented cryptocurrency that was launched in April 2014. Bitcoin attempts to keep user identities entirely private by providing them with user addresses that are randomly generated strings of letters and numbers. This is only partly effective though, because each user address and transaction is permanently recorded within the blockchain. Although the user address doesn’t contain any personal data, it may be possible to identify someone based on the purchasing habits associated with an individual user address. In fact, law enforcement agencies have been reported to use blockchain analytics to track Bitcoin transactions. Monero was designed to provide a greater sense of anonymity to its user base using ring signatures and stealth addresses. A ring signature takes the account keys of several users from within the Monero blockchain and marks them as possible signers for a transaction, preventing anyone from determining which specific user was actually responsible for the transaction. Stealth addresses are one-time addresses that are created for each transaction. Users also have a published address, but the transactions they receive will always go to unique addresses. Monero is an underdog in the cryptocurrency ecosystem, but the niche benefits of enhanced privacy features have allowed it to stay relevant. Verge is a crypto coin that began trading in October 2014 and is designed to prioritize privacy for its users, much like Monero. Verge is built quite similarly to Bitcoin, but Verge has additional i2p and Tor based privacy features that users can opt-into. These features are designed to protect users against traffic analysis, which is a form of network surveillance that could compromise confidential transaction data. Verge coin routes user transaction data through several servers located across the globe, with each new server wiping the information of the previous server. This process ensures that after the transaction is sent through the exit node server, the currency trail will be virtually untraceable. Each cryptocurrency has its own unique properties: Litecoin was built to expedite the transaction confirmation process and make mining more accessible to everybody; Ethereum was structured to facilitate the production of blockchain applications; Monero and Verge offer stand out privacy features. With this in mind, you should recognize that monetary value is not the only thing to consider when entering into the cryptocurrency market. To make the most informed cryptocurrency investment decisions, you must take into account the specific consumer needs that each cryptocurrency was designed to fulfill. Visit our contact page to ask us any questions regarding cryptocurrencies. Be sure to tweet us your thoughts @Nexrage 👋 Check out our blog on Cryptocurrency Guide.

By Meghna Tare Human capital is a collection of resources — knowledge, talents, skills, abilities, experience, intelligence, training and judgment -- possessed individually and collectively by a community. These resources are the total capacity of the people, which represents a form of wealth that can be directed to accomplish the goals of the nation or state. Human capital is just as important in the nonprofit sector as it is to businesses and nations, which is why human capital investments such as education and training are a driving force and area of interest for individuals, firms and governments as it is a major factor in generating future growth and prosperity. Colleges and universities are increasingly viewed as engines of local economic development. Conventional approaches to valuing the economic activity generated by colleges and universities often focused on direct employment or expenditure effects, along with a multiplier effect to capture indirect and induced outcomes. However, the potential influence of colleges and universities goes beyond these standard effects for an important reason. These institutions can help build the knowledge and skills — or human capital — of a region’s people, a critical component of an area’s economic success. A region with higher levels of human capital tends to have greater amounts of economic activity and more rapid economic growth. In addition, its workers tend to be more productive and earn higher wages. The total effect of higher levels of human capital on economic activity is larger than the sum of its parts. The geographic concentration of human capital facilitates what economists refer to as “knowledge spillovers”—the transfer of knowledge and skills from one individual to another. One such example of a university creating human capital impact is University of Texas at Arlington (UTA) with a campus that spans 420 acres and 110 buildings with more than 180 degree programs, and record spending of $77.7 million on R&D in 2013. UTA improves higher education delivery throughout the state and helps students increase their employability and potential. By facilitating new research and drawing students and visitors to Texas, the university also generates new dollars and opportunities for the state. In the fiscal year 2013, $493.3 million in payroll and operations spending of UTA, together with the spending of its students, visitors, and former students, created $3.4 billion in added state income. This is equal to approximately 0.30 percent of the total gross state product (GSP) of Texas, and is equivalent to creating 52,341 new jobs. The accumulated contribution of former students of UTA currently employed in the state workforce amounted to $2.9 billion in added state income for the Texas economy, which is equivalent to creating 44,460 new jobs. For every dollar that society spent on educations at UTA, Texas communities will receive a cumulative value of $5.80 in benefits. Texas as a whole spent an estimated $1.3 billion on education at UTA in FY 13. This includes $493.3 million in expenses by UTA, $35 million in student expenses, and $778.6 million in student opportunity costs. In return, the state of Texas will receive an estimate present value of $6.8 million in added state income over the course of the student’s working lives. Texas will also benefit from an estimated $791.7 million in present value social externalities related to reduced crime, lower welfare and reduced unemployment, and increased health and well-being across the state. Health savings include avoided medical costs, lost productivity, and other effects associated with smoking, alcoholism, obesity, mental illness, and drug abuse. Crime savings consists of avoided costs to the justice system. Welfare and unemployment benefits consists of avoided costs due to the reduce reliance on social assistance and unemployment insurance claims. The amount of human capital in a region is a key determinant of its economic vitality and long-run economic success. As the U.S. economy continues to shift away from manufacturing and the distribution of goods toward the production of knowledge and ideas, the importance of human capital to a region will only grow. Note: The Economic Modeling for UTA was conducted by EMSI. Image credit: University of Texas at Arlington Meghna is the Executive Director, Institute for Sustainability and Global Impact at the University of Texas at Arlington where she has spearheaded many successful projects related to policy implementation, buildings and development, green procurement, transportation, employee engagement, waste management, and GRI reporting. She is a TEDx UTA speaker, was featured as Women in CSR by TriplePundit, has done various radio shows on sustainability, and is an active blogger. She has a sunny and positive attitude about life and all of its adventures. You can connect with her on LinkedIn or follow her on Twitter @meghnatare

A balanced asset allocation strategy is one in which an individual invests roughly equal amounts of money in both growth and income generating securities. Some investment professionals use the term moderate rather than balanced to refer to this investment strategy. Many investors prefer to use a balanced investment strategy rather than investing primarily in growth instruments such as stocks, or income generating securities such as bonds. Stocks and other growth securities are often marketed as the best protection against inflation since historic charts show that growth securities typically outpace inflation over long periods of time. In contrast, bonds and income securities tend to roughly keep pace with inflation which means that people who invest in income securities often do not gain any spending power over the course of time. Despite the benefits of growth vehicles, stocks only remain valuable while a firm stays solvent. Additionally, stocks can drop in value if a firm experiences a drop in revenue. Therefore, growth instruments do not usually provide investors with principal protection. Income securities such as bonds can lose value if the bond issuer becomes insolvent. Nevertheless, laws in many countries are designed to protect bondholders ahead of stockholders. If a publicly traded firm goes bankrupt, the administrators must sell the firm's assets and attempt to honor the firm's obligations to the bondholders. Stockholders claims are only addressed after the bondholders have been paid in full. Therefore, bonds and other debt securities are safer investments than bonds and this safety is the reason that bond prices are less volatile over long periods of time. Typically, a balanced asset allocation model contains at least 50% stocks. This means that half of the investor's money is exposed to a high level of principal risk but also that the investor has a good opportunity to make a return that outpaces inflation. The other 50% of the money is invested in bonds or debt securities which are less likely to lose value but unlikely to appreciate. In a down market, an investor's losses will be less severe with a balanced asset allocation model than with a growth asset allocation model. On the down side, an investor with a balanced portfolio will only enjoy half of the gains that someone with a growth portfolio will enjoy. Investment firms sell many different balanced asset allocation mutual funds but some of these funds are better balanced than others. A truly balanced fund contains not just stocks and bonds but also contains securities issued by both big and small companies. Additionally, many balanced funds include both stocks and bonds that were issued domestically and securities that were issued by overseas entities. Investors with global balanced funds are less likely to suffer the adverse affects of an economic downturn that only impacts their home nation.

November 29th, 2017‑ Saying that the present lack of rainfall in the Iberian Peninsula will bring us the worst drought in decades is no longer an exaggeration. Recent news go even further, pointing that this could become the worst drought in the History. The dramatic decrease of the rainfall has an unquestionable effect on the price of the wholesale electricity market that directly impacts on the final price for the consumer. In the wholesale market, the hydroelectric energy, mainly from large reservoirs, displaces more expensive technologies, like coal- and gas-fired plants, and keeps the electricity price low. Comparing the hydroelectric production during the present drought with the production during dry spells in the recent past, we can see that in the last hydrological year (October 2016─September 2017: 22,655 GWh), not even the minimum levels of production of the last drought in 2012 were reached (October 2011─September 2012: 23,199 GWh). Comparing the average price of the electricity market in these two hydrological years, the price during the last hydrological year (51.84 €/MWh) was higher than the price during the last drought in 2012 (49.46 €/MWh). Comparison of the hydroelectric production and the average electricity market price for every hydrological year (October─September). Sources: REE and OMIE. Although it is clear that there are many more factors that impact the electricity market price, the hydroelectric energy, due to its large inertia, is one key factor in the determination of the price at the mid term range. Probabilistic electricity market price forecasts at the mid term aim at evaluating all the possible scenarios of the evolution of the rainfall, also taking into account the likelihood of occurrence of each of these possible scenarios.

Twenty-seven years ago this March, the New York Times declared the Alaska Delta barley project, the dream of the late and revered Gov. Jay Hammond and policy sidekick Bob Palmer, a giant bust. Increasingly now, however it is looking more and more like Hammond and Palmer might simply have been ahead of their time. Fears of a global barley shortage have been all over the news since the late summer of last year. “Your Craft Beer Is About to Get More Expensive,” Bloomberg warned in November above a story saying that lower-than-expected barley harvests in Canada “emerged just as global stockpiles are poised to tumble to a 35-year low after dry conditions cut production from Europe to Australia, boosting costs for brewers and distillers who use the malted grain to make whiskey and other beverages.” The story followed on an August study suggesting a warming planet could radically reduce barley harvests in traditional production areas. That story and others spun off a study published in Nature Plants wherein scientists from China, the United Kingdom and California used five earth-system models to estimate future climate and then assess how climate change would affect barley production. “Beer production might seem like a trivial consideration when it comes to climate change” Nature subsequently reported. “But (scientist Dabo) Guan hopes that highlighting a single luxury product will get people thinking about the broad implications of global warming.” The story contained a graphic predicting beer prices in some countries could jump by almost $1 per 500 millilitres to almost $5 per 500 millilitres, depending on the how much the climate warms. Sales to China The rising cost of barley was forecast to drive down consumption. “As the world’s largest overall consumer of beer, China would show the biggest national drop in beer consumption, drinking 4.34 billion fewer litres of beer each year,” Nature’s Matthew Warren wrote. “Even the United States — a rare case of a country actually producing more barley after climate change — would also see a decrease in national beer consumption, as it would be exporting more barley than it ever has before.” The export potential helped fuel Alaska’s barley dream in the 1970s and ’80s. “Alaska is tapping its oil wells for a second product — bountiful cropland — to ensure a continuing harvest long after the oil runs out,” the Christian Science Monitor’s Jonathan Harsch reported in 1980. “Over the past 18 months, forests have been stripped and converted into rich fields of grain. The transformation, at a cost so far of $15 million for the first 50,000-acre, state-run demonstration project at Delta Junction, southeast of Fairbanks, has been made possible by oil revenues. It comes at a time when agricultural experts are increasingly concerned by the steady loss of U.S. farmland to urban sprawl and industrialization. “The payoff, said bearded Alaska Gov. Jay Hammond on a visit to Chicago, is that with this fall’s harvest his state has joined the grain export business. The first harvest from 14,000 acres is out doing all predictions, and Governor Hammond expects that more than 10,000 tons of barley will be shipped to customers in Asia this year.” Hammond’s proclamation would prove to be almost as premature as later Gov. Sarah Palin’s Republican National Convention claim that Alaska had begun “a nearly $40 billion natural gas pipeline to help lead America to energy independence.” Not a single shovel of dirt was turned on the gasline project, but the state did purchase the makings of a grain terminal for the port of Seward on Resurrection Bay, and the Alaska Railroad bought grain cars to move barley from Central Alaska to the coast. Unfortunately, the export market never materialized. “After spending more than $120 million to create farms where none existed before, the state has given up on a dream born when oil money grew faster than anything planted in the ground,” the NYT reported in March 1992. Delta barley was long viewed as one of the little-populated state’s biggest boondoggles, though there have been some challenges to that conclusion in recent years. “It is true…that the Delta project flopped as it was originally planned….The state paid for the clearing of land, held a lottery to attract farmers and helped provide financing,” reporter Tim Bradner wrote in the Alaska Journal of Commerce in 2016. “Bad luck played into the plan, however. Once lands were cleared and farmers were established, several years of unusually bad weather hit just as people were learning the ropes. Most important, world grain prices collapsed, which undermined the whole scheme.” Global warming bonanza? Since then, Alaska has steadily warmed. Four of the state’s 10 warmest years have come in this decade, according to Alaska Climate Research Center data. And the warming is predicted to continue. At this time, there are don’t appear to be any brewers making beer with Alaska barley malt, but a 1991 analysis conducted by the University of Alaska Fairbanks concluded that growing conditions in “Interior Alaska are not ideal for cereal grain production, this preliminary study indicates that, under proper management, it should be possible to produce a malting barley of acceptable quality in Alaska.” Since 1991, the climate for growing barley in Alaska has only improved and the made-in-Alaska beer industry has exploded. “The number of Alaska breweries and brewpubs mushroomed by over 150 percent from 2007 to 2017, and there’s no sign the state recession has hit Alaska’s brewers,” state economist Neal Fried reported in November 2017. “Between 2007 and 2017, the amount of locally produced craft beer sold more than doubled from 454,000 gallons to 919,000 gallons,” he observed. “The percentage of Alaska produced beer sold in the state also more than doubled, from 3 percent to 7 percent.” “During that same period, the amount of craft beer consumed in the state grew from 2.3 million gallons to 4.2 million gallons per year. At the same time, consumption of big beer fell from 11.9 million gallons to 9.6 million gallons, a 25 percent drop.” Here, as elsewhere, big beer still dominates the market, but the trend lines show steady and continuing movement toward locally produced beer. Alaska beer and Alaska barley malt seem a match destined to happen sooner rather than later. The Grace Ridge Brewing Company in Homer is already brewing a beer flavored with locally grown hops, the Kenai Peninsula Clarion reported. Beer appears on its way to become to Alaska what wine is to France. With Alaska barley, Alaska hops, Alaska water all linked to that scenically overwhelming Alaska terroir, there’s no telling how far the 49th state’s tastiest manufactured product might go globally in a barley-short world. And with climate change hotting up the rest of the planet, who wouldn’t want to pop a cold one from the far north?

What is Nifty Everybody must have been puzzled by the word ‘NIFTY’ at some point of time in their life. So, what is Nifty? To put it simply, Nifty is the equity benchmark index of one of the biggest stock exchange of India. Nifty is the index of NSE (National Stock Exchange) which was started to end the monopoly of BSE (Bombay Stock Exchange) in the Indian Market. The term Nifty is derived from the word National and Fifty, which means that Nifty only consists of top 50 companies from 12 different sectors. Another word also used for Nifty is ‘NIFTY 50’ as described earlier that it contains only top 50 companies across various dimensions. Why it is helpful? The major part of the economy of the country is dependent on the stock exchange and the indexes of the major stock exchanges give exposure to the investor of how good the economy of the country is and how beneficial it is to invest in share market in the prevailing market conditions. As we have understood now that Nifty is computed from the performance of the top stocks of the masters of the industry so it gives us the average value of the top industries. Some other money instruments like mutual funds, uses Nifty as benchmark and the performance of the mutual funds is assessed against the performance of the Nifty. NSE is famous for futures, options and intra-day trading and all of them trades with Nifty as an underlying index. When Nifty shows great progress that indirectly means that our domestic market is doing good and our economy is growing well. How is nifty calculated? Well now this looks tricky! This must be your expression but it isn’t that tricky. Nifty is calculated by using the market capitalization weighted method as per which weights are assigned as per the size of the company, larger the size, larger the weightage. This is why the larger stocks would make more difference than the smaller ones in the market. Two universal points while calculating Nifty is: The base year is taken as 1995 and the base value is set to 1000. Mathematical formulas for calculation are: Market Capitalization = Shares outstanding * Market Price per Share Free Float Market Capitalization = Shares outstanding * Price * IWF (Investible Weight Factor) Index Value = Current Market Value / Base Market Capital * Base Index Value (1000) - Sectoral Indices means a shared platform to differentiate between shares. This is a good technique of distinguishing of different types of stocks among various sectors. As we have learnt that we have as many as 12 sectors and 50 companies, so in order to differentiate among the shares we use Sectoral indices to make wise and informed choices about which company we are looking to invest in. - NIFTY Auto Index - NIFTY Bank Index - NIFTY Financial Services Index - NIFTY FMCG Index - NIFTY Media Index - NIFTY Metal Index - NIFTY Pharma Index - NIFTY Private Bank Index - NIFTY PSU Bank Index - NIFTY Realty Index

The U.S. government did not issue paper money until 1861. Until then, private banks printed their own currency under charters to the states. As a result, this $5 bill featuring Santa Claus was legal tender in the 1850s. It was issued by the Howard Banking Company of Boston. A number of banks issued Santa-themed money in the same period — the most natural being the St. Nicholas Bank of New York City.

The ImpactAr tool comprises a methodology presented in a technical note and a valuation model to assess the impacts on health and financial and economic costs related to changes in air pollution levels due to modifications in the urban bus fleets in Brazil. The evidence on the science of pollution sources and the political economy of air quality action points to three steps that can help make a clean-air future a reality. As factories and transport networks have shut down in response to COVID-19, air pollution has dropped around the world. But this crisis has also shown the long tail of air pollution-related health risks, as respiratory illnesses have made thousands more vulnerable to complications from the disease. Without setting ourselves on a new trajectory, we risk coming back to a world of even dirtier air and populations even more vulnerable to the impacts of air pollution. WRI Ross Center brings together a panel of experts to lay the way forward. This webinar will focus on options for countries to incorporate targets, policies, and actions on SLCPs into their updated NDCs. It also highlights the many climate, health and development gains that can be achieved by focusing on these highly potent but short-lived gases which include methane, tropospheric ozone, black carbon and HFCs. International consensus on cross-border environmental issues has been hard to come by, but a 40-year-old air pollution treaty has enjoyed great if largely unsung success, leading to cleaner air, healthier forests and the prevention of hundreds of thousands of premature deaths. This is one of a series of Greening Governance seminars exploring air pollution challenges and strategies for creating a multipollutant approach to airshed governance. New Delhi's growing industry and transport sectors contribute to year-round air pollution, but the city's air quality reaches crisis levels during the crop-burning season in October and November. As Diwali ends and winter sets in, fireworks and crop burning push New Delhi's poor air quality to dangerous extremes. But to fix underlying, year-round air pollution, Delhi should look to cleaner transport. Ground-level ozone pollution, which can cause deadly respiratory problems and contributes to global temperature rise, is a complicated problem that poses complex governance challenges. These three strategies can help. Join leading air pollution experts for a conversation on the challenges of reducing ozone pollution. This paper examines how policies and technologies will impact China’s non-CO2 GHG emissions under various scenarios. The analysis shows that China’s policy development since 2015 has led to a significantly lower non-CO2 GHG emissions trajectory than expected under policies as of 2015 and there is significant potential to further reduce non-CO2 GHG emissions. Air pollution is bad for your health—most people know that. But did you know it's also responsible for lower crop yields, reduced solar energy generation and changes in rainfall? The history of efforts to create global agreements and governance mechanisms on the environment has been uneven. More than 7 million people die prematurely every year due to air pollution. Curbing short-lived climate pollutants like methane and black carbon can help while also reining in global warming. This document synthesizes key insights and entry points to address air pollution and its range of environmental, public health, and socioeconomic impacts from a multi-stakeholder workshop hosted by WRI and partners. Short-lived climate pollutants like hydrofluorocarbons, black carbon and methane aren't as well-known as carbon dioxide. But they have a powerful impact on the climate and on human health, and more countries need to develop plans to cut their emissions. The Global Power Plant Database is a comprehensive, open source database of power plants around the world. It centralizes power plant data to make it easier to navigate, compare and draw insights for one’s own analysis. Every day, billions of people breathe dirty air. Join activists on the frontlines of the fight against pollution around the world as they share insights from their local clean-up efforts, innovative solutions to improving air quality and more. Toxic air pollution. Plastic-filled oceans. Sucking carbon from the skies. These are just a few of the stories that will shape 2018's legacy. Join expert speakers from UNEP Regional Office for North America, The Lancet Commission on Pollution and Health and WRI for a conversation on how transparent, accountable governance can accelerate cleanup efforts around the world.

Ready to start your own business? If so, you're not alone. Approximately 550,000 people in the U.S. become entrepreneurs every month. However, only a few succeed. In fact, more than half of small businesses fail during the first five years. About 30 percent survive for only two years, and 66 percent close their doors within 10 years. While it's true that starting a business venture can be exciting, make sure you know the risks involved. Set realistic goals, come up with a plan and familiarize yourself with the legal aspects. TL;DR (Too Long; Didn't Read) A business venture aims to fill a gap in the market and has a goal of generating profit. Business Ventures at a Glance Entrepreneurship is one of the most challenging yet rewarding career paths. No matter what your skills are, you can use them to supplement your income and build new streams of revenue. Depending on your niche, you may not even need an office. A staggering 69 percent of entrepreneurs start their business at home. From launching a creative agency to opening a medical practice, business venture ideas abound. Unfortunately, having a brilliant idea is not enough to succeed. You also need to plan every step of the process and comply with the law. First, make sure you understand what a business venture is. This type of entity aims to fill a gap in the market. Its goal is to generate profit. The expectation of financial gain is accompanied by the risk of failure. In general, one or more people invest in this kind of business, hoping to generate revenue as the company grows. The profit will be shared by all investors. If the business fails, they will lose money. Traditional business ventures are not the same thing as a startup. Even though both terms refer to a new company, startups are expected to grow at a faster pace. Some experts say that this kind of entity should grow by 5 percent to 7 percent per week in its initial stages. Think of it as a growth-based project. A traditional business venture, by comparison, tends to experience slow, gradual growth. Its goal is to provide a steady income for the founders. This type of company may take months or years to become profitable. Just like a startup, it may choose to remain private or go public after a certain period of growth. This type of entity is often referred to as a small business. Its founders are typically considered entrepreneurs. But what is the difference between entrepreneurship and business? An entrepreneur will follow his own path and focus on innovation. He or she will be highly adaptable and flexible, have a growth mindset and take risks. Passion and motivation are paramount in order to succeed. Think of famous entrepreneurs like Walt Disney, Steve Jobs, Bill Gates and Andrew Carnegie. Businessmen, on the other hand, often walk on a defined path. They undertake an existing business idea and try to improve it rather than coming up with something new. They focus less on innovation and more on generating profit and growing the company. A businessman will try to mitigate risks and use growth strategies that have stood the test of time. An entrepreneur may become a businessman in the long run. The difference between the two lies in their mindset. A businessman is a market player, while entrepreneurs are market leaders. The latter also have a higher risk tolerance and tend to use unconventional methods to ignite business growth. Types of Business Ventures One of the most important aspects of starting a business is to make sure you comply with the law. Whether you're planning to launch an online store, a marketing agency or a legal practice, it's necessary to choose the right business structure. This will determine your legal rights as well as the amount of tax to be paid. The most common business types include: - Sole proprietorship - Limited liability company (LLC) - General partnership - Limited liability partnership (LLP) - Limited partnership A sole proprietorship, for instance, is the easiest to form and operate. Many entrepreneurs start with this option and register an LLC or another type of business later on. The downside is that there's no legal or financial distinction between the business owner and the business itself. This means that you're personally liable for all losses and debts. Limited Liability Companies are a blend of corporations and sole proprietorships. They involve one or more entities or individuals who sign a business venture agreement or another written agreement, depending on the type of business. This document typically includes management-related provisions, economic rights and distributions, classes of LLC interests, rules on meetings and decision making, fiduciary duties and more. In case you're wondering, "What is your title if you own an LLC?" you should know that LLC founders are referred to as “members.” The maximum amount of money they can lose from a business venture that fails is the amount they invested. This business structure allows you to limit your personal liability in case something goes wrong. Another popular option for business ventures is a partnership. In this case, two or more people join forces to build and grow a company. Legal and financial responsibilities fall upon each business owner. Basically, founders share in the profits and losses and are legally responsible for the company's actions. Starting a Business Venture In 2016, there were more than 28 million small businesses in the U.S. Forming a company is easier than ever before. All you need to do is follow a few steps to ensure you're compliant with the law. Growing your business is the hardest part. First, come up with business venture ideas that match your skills and goals. Assess your budget and decide how much you're willing to invest. Create a business venture plan and analyze your financing options. Next, register your business name, get a tax ID from the IRS and apply for any licenses and permits that may be required. Let's say you're planning to start a web design agency. Are you going to work from home or rent an office? Do you want to hire a team or handle everything on your own? What types of software and computer equipment are necessary? Are you planning to hire an accountant or do your own taxes? Answer these questions and then try to determine the costs involved. Working remotely, for example, is less expensive than renting an office. If you do your own taxes, you could end up saving hundreds of dollars a year. However, unless you know the law and the tax system, you could make costly mistakes. In this case, it's worth hiring an accountant. Most accountants offer a free initial consultation, so you should consider meeting up with a few and getting several quotes. Business venture ideas that require a large investment may benefit from additional funding. Connect with angel investors, apply for small business grants, take a small business loan or start a crowdfunding campaign. Figure out whether you need all the money now or just smaller amounts over several months. Also, consider the cost of marketing materials. Once your web design business is up and running, it's important to promote it. This may involve pay-per-click marketing, search engine optimization, banner ads and offline advertising, including business cards and flyers. Take these things into account when you write a business plan. This will give you clarity on what you can expect in terms of revenue, expenses and overall performance. Next, choose your business location, decide on a company structure and register a legal entity name. Since you'll be working online as a web designer, you need to register a domain name as well. The next step is to obtain an employer identification number. This unique identifier is necessary for opening a bank account, hiring employees, paying taxes and applying for business licenses. Head over to the IRS website and complete the application process. This can be found in the EIN Assistant section. Another option is to download and fill out Form SS-4. Apply for an EIN as soon as you register your business with the state government. Be aware that you must replace or change your EIN if you ever change your business name, address, tax status or management. Depending on where you live, you may need to obtain a license to start your web design business. Each state has its own rules. Visit your state's website to find out what licenses and permits are needed. You must also get business insurance and open a bank account. Grow Your Business Venture Once the above steps are completed, you can start growing your new business venture. How you'll do it depends on several factors, including your budget, industry, short- and long-term goals, legal requirements and more. For example, if you're selling dietary supplements, you may not claim that your products treat or cure diseases. The label can say that a product supports cardiovascular health but not that it prevents heart disease. In some states, you may need special permits to display advertising signs along street roads and other places. Make sure you understand the risks and rewards associated with your new business. About 20 percent of new companies fail during the year. Common mistakes, such as not researching the market and setting unrealistic goals, can hold you back. Statistics show that 23 percent of small businesses fail because they don't have the right team. Another 42 percent are unable to generate revenue because their products and services are not in demand. Approximately 82 percent experience cash flow problems and eventually close their doors. Set realistic goals for your business venture. No matter how great your idea is, it's unlikely that you'll have success overnight. Trust yourself, but take calculated risks. If necessary, continue your education to expand your skills and deliver better services. Take the time to analyze the market. The more you know your customers, the better. Check your competitors and see who they are targeting. Also, study their marketing campaigns and product offerings. To be successful, you must stand out from the crowd and do things better or come up with something different. Consider purchasing a product from your competitors and then try to figure out how you could improve it. Focus on building your brand and reputation. Promote your business venture locally and online. Attend networking events in your city and connect with other entrepreneurs. Team up with industry professionals and find a way to help each other succeed. For example, if you have a small fitness center, join forces with nutritionists, wellness centers or local stores that specialize in gym clothing. Engage with potential clients on social networks, forums and other online platforms. An HR agency, for instance, has more chances of finding customers on LinkedIn than on Facebook or Instagram. No matter your niche, work on building your online presence. Encourage customers to leave feedback and rate your products on social media. Set up a website, start a blog and share your knowledge. If you're short on time, outsource these tasks to freelancers or marketing agencies. As your business grows, consider hiring an in-house marketing team to identify prospects and grow your brand. - Forbes: Around 550,000 People Become Entrepreneurs Every Month - Small Business Trends: Startup Statistics – The Numbers You Need to Know - BusinessDictionary: Business Venture - Fintech: Startups: A Simple Guideline - Business Insider: Here's Why Small Businesses Fail - State of Washington Business Licensing Service: Types of Business Structures - The Small Business Advocate: 2016 State Small Business Profiles Released with Fresh Design - DelawareInc.com: 7 Key Items to Include in Your LLC Operating Agreement

factors affecting milk production kenya Kenyan watchdog raises red flag over "poisonous" milk 20171110-10 (Xinhua) -- Kenya's milk regulator has raised concerns over ".factor for liver cancer and other health-related issues," said Mwashi. Factors influencing Camel milk production in Central Division. Factors influencing Camel milk production in Central Division of Isiolo . of three Camel milk women self help groups in Isiolo County, Kenya. Kenya Dairy Production Shoots Up - The Cattle Site KENYA - Stabilised milk market prices and use of modern dairy techniques by dairy farmers have seen milk production in Kenya shoot to 3.7 billion litre. Milk plant established to boost dairy production in Western . Small-scale dairy farmers in Kakamega, Bungoma and Siaya counties are anticipating a larger market with the installation of a new milk processing plant. Milk production Kenya, 2013 Statistic This statistic shows the milk production in Kenya from 2001 to 2013. In 2010, approximately 3.64 million metric tons of milk were produced in the. afrol News - Kenya to increase milk production AFRICAN NEWS AGENCY. The only independent news agency dedicated exclusively to Africa. Kenya to increase milk production. Kenya to increase milk production . Estimation of milk production efficiency of dairy cow farms . Estimation of milk production efficiency of dairy. cow farms in Embu and Meru counties of Kenya.factors influencing milk output, while the prices . Kenya aids dairy farmers with coolers to up milk production -. KENYA: The Government plans to put up milk cooling plants in several counties across the country. This is aimed at reducing poverty. The State has. Kenya to use embryo transfer technology to improve dairy . 2017420- He noted that Kenya's milk production is unable to meet growing demand. "The majority of the milk produced is from small scale farmers and. 2016 Kenya Yoghurt and Sour Milk Products Market strategy, . 2017220-2016 Kenya Yoghurt and Sour Milk Products Market strategy, Share, Analysis . · Pinpoint growth sectors and identify factors driving chang. Factors Affecting Kenya Alpine Dairy Goat Milk Production in . Factors Affecting Kenya Alpine Dairy Goat Milk Production in Nyeri RegionMburu Monica, Mugendi Beatrice, Makhoka Anselimo, Muhoho Simon. Increasing milk production for dairy farmers in Kenya - YouTube 200871-Increasing milk production for dairy farmers in Kenya National Farmers Union Loading. Unsubscribe from National Farmers Union? Cancel . .factors influencing willingness to pay for camel milk in . pay for camel milk in Nakuru district, Kenya. the economic significance of camel production is .factors that influence the willingness to pay for. Economics of Land Degradation and Improvement in Kenya of Land Degradation and Improvement in Kenya.factors to soil degradation and to making water . costs due to loss of milk production, costs . 76% of the total milk produced in the country..Climate is the most important factor influenceing .production systems in Kenya as shown in the . .systems in Kenya and their implications for milk production A comparison of two traditional camel calf management systems in Kenya and .During a study of factors affecting camel milk production an experiment was . .study on exclusive breast-feeding in Kwale, Kenya BMC . milk production and a lack of proper knowledge . and ranking as important factors associating with. children under 6 months old in Kwale, Kenya. Profit efficiency among Kenyan smallholders milk producers: A. 2010820-2010. Profit efficiency among Kenyan smallholders milk producers: a case . four conventional inputs and socio-economic factors affecting p. Increasing Low Milk Supply KellyMom Scheduled feedings interfere with the supply & demand cycle of milk production and can lead to a reduced supply, sometimes several months later rather . Kenya, Meru Central Dairy 'producing 300000 Liters Milk A Day' Kenya, Meru Central Dairy: 'Producing 300.000 liters milk a day', Meru milk processor increases its capacity, Milk farmers to benefit from a new. Kenya's Milk Production on the Rise - The Dairy Site KENYA - President Mwai Kibaki has commended dairy farmers in the country for increased milk production rising from two billion litres in 2002 to about. .TO PAY FOR DAIRY GOAT MILK IN SIAYA COUNTY, KENYA REBECCA . CONSUMER WILLINGNESS TO PAY FOR DAIRY GOAT MILK IN SIAYA COUNTY, KENYA REBECCA JEROP A Thesis submitted to the Graduate School in partial fulfillment of. Analysis of factors affecting dairy goat farming in Keiyo . insecurity in semi arid Kenya, using the dairy goat should target these .factorsDairy goat milk production is undertaken in traditional extensive . ripraps quarry in tanzania copper ore pulverizer kenya quality of factors of production the factors affecting the efficiency of ball mill grinding marble factories in indiamarble factories in islamabad factors affecting ball mil efficiency factors affecting the efficiency of ball mill flowchart of production of crushed sand crushing plant in calcium carbonate production used eps production line second hand crushing strength of basalt rock topic ultra grind slimline price packaging machines to put sand into polypropelene bags gold ore recovery process pe ball mill iron capacity tph high incline conveyor con hammer mill konsentrat at a sand and gravel plant sand is falling off Copyright © 2020.GME All rights GME mining companies

savings and loan n. a banking and lending institution, chartered either by a state or the federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. In the early 1980s savings and loans were "de-regulated," allowing them to make loans for speculative land development, removing high reserve funds requirements, and allowing their funds to participate in competition with banks. The result was use of many savings and loans for speculative and dishonest investments, lack of controls and tremendous losses to thousands of depositors. However, a properly managed, conservative savings and loan which concentrates on real estate loans guaranteed by the FHA (Federal Housing Administration) and/or sold in the secondary mortgage market can be safe, profitable and provide a valuable channel for savings into the home finance market.

The Proof Of Capacity (PoC) has been in circulation since 2014, after being introduced as a basic protocol of the Burst cryptocurrency. It is a consensus algorithm that makes use of the hard disk drive (HDD) of network participants, presenting itself as an eco-friendly alternative to Proof-of-Work (PoW) mining. Proof of Capacity: how it works Proof of Work requires expensive, dedicated hardware that is often extremely noisy and energy-intensive, and requires regular repairs or replacements in order to remain competitive. PoC, on the other hand, uses a very slow hash function known as Shabal. Since Shabal hashes are difficult and slow to calculate, they are pre-composed and stored on the hard disk drive. This process is known as hard disk plotting. The more solutions are found in the memory, the greater the chances of getting the reward for confirming the block. Essentially, the proof of work is done in advance in the plotting process and the results of this process are used later to verify each block. In addition, the confirmation times for a block in Burst are relatively short, with an average of 1 block every 4 minutes. This mechanism allows PoC to achieve enormous savings in efficiency compared to PoW systems. It is possible to use any normal hard disk drive on the market thus preventing an unfair advantage caused by the purchase of dedicated equipment, as is the case with Bitcoin ASICs. HDD usage is several orders of magnitude more energy-efficient than ASIC- and GPU-based mining. Proof of Capacity is more decentralised because almost everyone has a hard disk drive on their computer or smartphone. Finally, network participants will not be forced to continually update their equipment. Proof of Capacity (PoC) could lead to another arms race. Today, people have hard drives that are in the order of gigabytes or a few terabytes, but in case PoC becomes popular, petabyte discs could appear. Moreover, it’s a relatively new technology and not rigorously tested in the real world for a long time. The only cryptocurrency with modest volumes to use it is Burst.

Digital – the buzzword used or over-used for quite some time now, brings in a huge impact on the financial & banking industry. Digitalization or Digital transformation is nothing but the restyling of financial services. Right from customer services to machine learning, from Artificial Intelligence to mobility; the finance industry is modified from complex, time-consuming operations to a more simplified structure and right at the helm, leading this transformation lies Revolutionary Financial Technology (or FinTech) Companies. Digital transformation is utilizing technology such that it re-creates into efficient operations & processes. Digitalization is not a replacement to the traditional systems but utilization of technology to make the existing system or services significantly better. So, what exactly is the difference between digitization and digitalization? Many find them similar but Digitization is the process of storing, converting, processing or transferring information in a format recognized by computers. Whereas, Digitalization is the change in social, business and economic behavior on the adoption of new technology. The essence of digitalization is the way consumers, businesses and the government adopt & incorporate technology to collaborate with systems, processes, people and the entire business community. One of the best examples of digitalization is the Apple watch. The Apple Watch is a perfect specimen to understand digitalization, it shows how a normal watch can be transformed into a watch with a phone, messaging and internet capabilities. Another good example is the mobile numbers linked with Aadhar Card (Unique Identification Number for residents of India) which in turn is coupled with the financial account of consumers. However, it is not only technology but the changing corporate scenario, business processes, and operating culture, that drives digital transformation to success. The financial projects eyeing digital transformation are long-term, massive in scope and comes with risks too. Though many consider digital transformation a hype or the confusion, it does involve a sincere & serious change in business spectrum. Since the time digital transformation entered the finance domain, there have been many surveys and research to understand the importance or impact of the same. Digital transformation technology calls for an investment in hardware, software and sometimes even in products or services. Gartner survey with financial executives from huge corporate establishments revealed that 62% feel digital transformation is a management initiative while remaining consider it as a part of optimization. Also, many companies are keen on investing in technology that can speed-up their businesses. In fact, companies opt for investing in digital transformation to differentiate from their competitors. Impact of Digital Transformation on Finance Digital disruption has heavily impacted a variety of habits and behaviors of the professional world. Technology combined with smartphones and the internet provides numerous benefits to the customers as well as to financial establishments. Previously the implications of digital transformation were unknown as people were concerned about the transition from manual to the digital world. However, the scenario has changed now. With tighter regulations and changing customer demands, the financial applications and systems have become nimbler and progressive. For financial establishments, digitalization is more than just adopting technologies such as cloud, big data, social media or mobile. It is aimed more towards creating new business models to develop an eco-system where all markets & consumers could participate. Thus, organizations focus more on capitalizing with new and emerging technologies that help them in positioning and transforming the teams into high performers. Digital transformation enables digital tools to enhance productivity & efficiency and change of hard paper documents to secured PDF or HTML formats. The days with an application form and product sheets are gone. The sales team & field officers are now empowered with smartphones and other portable devices where information can easily be displayed. Many financial services providers have embraced digital transformation. However, many companies have taken hold up approach of observing the developments and then decide on investing in digitization. Digital transformation comes with its share of risks, and hence a setback approach is a safer route. Digitalization has positively impacted the economic growth and has accelerated the growth of innovations. Many are on for a debate that there is no economic growth, but the signs of potential positive impact are quite visible; the best examples are the mobile banking apps, mobile money, and e-wallets. Enlisted here is the importance of digital transformation on financial sector: 1. High Standardization: Finance functions are always considered as high performing. When these are integrated with technology systems with standardized processes and data; leads to a high standardization. 2. Highly Automated functions: Adoption of new technology tools lead to higher process automation for services such as money remittance, procurement orders, invoice generation, and KYC verification. 3. Faster Performance: With the adoption of big-data and other machine learning tools in finance, it is easier to predict and forecast budget allowing teams to finish month-end cycles before time. 4. Insight-driven functions: Digitalization has modified financial models in such a way that the resources concentrate more on deriving insights rather than focusing only on transactions. 5. Improved customer and employee experience: The same level of information is available with customers and employees and thus less chaos in transactions.6. Better Service Delivery: The legacy systems integrated with new technologies have changed the finance’s operating model. The structured processes have improved service delivery. Along with the high importance, the major priorities & challenges for financial services and banking establishments over the world that would impact their business includes strategies listed below: - Acting in line with the regulatory requirements - Reduced costs or improved margins for retail business operations - Improved customer segmentation - Enhancements in services, product designs, and promotional channels - Migration from physical or legacy channels to a digital platform - Integrating the legacy systems with new technology following all compliance and guidelines Financial organizations now implement these strategies and they can digitally transform and automate their processes. The impact is such that there has been a drastic improvement in performing customer operations in a lesser time-frame. The automation has lead financial companies to meet regulatory deadlines, achieve operational and transactional risks and still stay competitive by investing in technology. Digital transformation has assisted in automating monotonous tasks, management of compliance and accounting & operations functions which include accounts, reports & analysis. Digitalization also reduces the possibility of cyber risks and minimize errors that occur due to the execution of robust strategies. Critics response to Digital Transformation Despite the positive impact of digital transformation, critics believe this is a wonderful opportunity for tech vendors to restyle their services & products and sell them in the name of digital transformation. Well, another critical point to note here is that none of the tech guys spend their working hours digitally transforming or innovating, but instead spend time in programming, coding, and development. However, critics do not realize that this coding, programming, and development is what makes a system perform in a particular manner. The technology drives these systems and hence the transformation. Why digital transformation matters in finance? Digital transformation may only seem to be a buzzword, but as they say, there is more to an iceberg than appears on the surface, there is definitely more to our story of digital transformation as well. The concept of digitalization assists financial service executives in altering the already set rules, and the economic growth is quite visible. The customer-facing mobile apps are the best examples. The increasing number of people relying on the mobile and online banking applications, the financial and banking services are on a race towards digital transformation. The more convenient an application is for customers, the more is the digital transaction and financial growth. For banks and credit card companies, providing a mobile customer experience with no downtime and faster transaction process is of higher importance. The other financial establishments such as capital markets, funds, and equity market utilize big data and automation tools for data analysis and high-performance computing to track milliseconds of transaction data. A closer look at both the examples reveals that the business is capitalizing on technology to improve customer experience. The primary aim of digital transformation in the financial sector is to be more customer-centric. In financial services, competition is not just with other financial services providers but with anyone offering a real technology and consumer experience. The focus while digitizing financial services or while developing financial mobile applications should be to make the customer’s lives easier. Here, it is essential to make a point that digital transformation is not a technology strategy but a business strategy that makes business swift and quick to respond to the market. Digitalization has unlocked newer opportunities in the banking, credit and capital market functions of the financial domain. There are multiple branch locations, and it is hard to keep a branch right next to the consumer; hence mobile apps that keep your office straight in your hands. Having said this, many financial institutions still rely on their legacy systems that run on IBM frames and are built on COBOL. These systems, however, cannot be upgraded or updated as the developers too have moved to the newer technologies. It is a considerable challenge for some financial services companies to pull out the data and get on to the modern technology-based system. Other than the integration of the legacy system with advanced technology, the keenness to embrace digitalization by company workforce was also a challenge. But with the disruption in existing services and products, it is essential for companies to focus on acquiring new skills and technology. The key to surviving in a digital environment is to adapt and adjust to the changes. CIOs take this responsibility to adopt the changes and lead the transformation. Though the right technology will outgrowth the efficiency, it is the workforce that ensures successful implementation. Digital tools meant to support financial functions The digital tools meant for financial services industry focus more on improving and updating the existing competencies and core systems. There are other exponential tools too that are intended to deliver new capabilities. The growing technologies disrupting the financial system includes: The benefit of adopting cloud in finance is unquestionable. Cloud brings further acceleration and swiftness. Cloud technology in financial services expedites new digital workflows enabling effective interdepartmental collaboration or collaboration between business and third parties. The financial institutions use SaaS-Based cloud applications for business processes such as HR and accounting. As the workforce and the team heads get comfortable with the application, it gets integrated with the core systems.Financial services/solutions find security & compliance as crucial problems. However, with cloud-enabled applications, it is easy to scale data for critical functions such as credit scoring, consumer payments, statements and billings for essential account functions. Also, data speed is vital for financial firms to stay competitive and in effect. Financial services industry is the primary target for cyber criminals, owing to sensitive personal information. The quickness of cloud safeguards the critical data, digital financial assets, and user information while protecting the employee performance. Robotic Process Automation One of the hottest entry in the financial services vertical is the robotic process automation. Financial establishments work on multiple technology systems and process robotics assist in automating transaction processing and communication across various systems. Process robotics address the key challenges of the financial sector and can be effectively utilized for: - Billing and collections operations & accounts receivable functions - Journal entry, allocations & adjustments, inter-company transactions - Reporting-financial as well as external - Budgeting, Planning & Forecasting - Treasury processes Process robotics will enhance the functionalities of legacy systems by lessening inefficiency and addressing the manual intensive activities. Although Process Robotics is at a testing state at a few organizations but is working exceptionally well to support legacy systems. When it comes to communicating across multiple departments within the financial organization, data visualization is the key to attain insight. Business executives have an enormous amount of data but communicating in regards to same was an issue. However, with data visualization, one can easily track and predict organizational performance. The financial sector is considered as the data hub. With data visualization, the analysts can explain complex data, trace intersections of information and present details based on this analysis that helps in forecasting organizational performance. It is estimated that more than 65% of people are visual learners. Data visualization technique provides decision makers with detailed visual data illustrations so that they can understand the analytics through visuals and make informed decisions. Data visualization can also help the financial sector in identifying new and additional trends for interactive features and more profound insights. In fact, data visualization is used by the financial leaders to track KPIs- financial and non-financial both. Also, these financial leaders improve team performance by correlating the KPI metrics and data analysis. Today, there are several different channels through which the customers interact with their financial services provider. Because of the multiple channels, there is a load of customer data being collected by financial organizations. This data can be effectively leveraged using Artificial Intelligence or advanced or predictive analytics to gain insight into consumer behavior. Advance/predictive analytics can assist financial establishments to optimize their processes thereby reducing costs. Predictive Analysis is best used in applications such as Fraud Detection. The dashboard of predictive analytics reports prompts and provides notification on anomalies in transaction data. Other than detecting the anomalies, the advanced analytics software can assist in collecting, cleaning and analyzing raw data. The analytics also assist in identifying customer trends by predicting marketing efforts and analyzing customer past and present online behavior using machine learning algorithms. Advanced Analytics improves a variety of finance functions and assists financial leaders in achieving insights such as: - Improving supply chains - Revenue Forecasting - Identifying the trouble spots - Fraud detection The combination of human judgment with automation and advanced analytics provides an ethical oversight to the business. Cognitive computing is yet another constant disruption in finance. It is the technology that makes use of natural language processing, machine learning, speech recognition, and computer vision to stimulate human thinking. For financial organizations, it is essential to collect, analyze and use data to improve decision making. Some of the basic elements of cognitive computing are: - It enables financial organizations to obtain personalized information about the customers and use the same to notify about payments, bills, and other reminders. Cognitive computing also offers suggestions regarding exceeding customer payments and other intelligent automation services. - The cognitive computing also ensures the creation of conversation interfaces for placing customer queries and responding to them. Chat-bots are the best example of AI-powered digital assistants, developed to respond to customer queries thereby improving consumer services and CRM. - Robo-advisors too are a part of cognitive computing but are not AI-powered. The Robo-advisors use algorithms to read through data and come up with a suitable suggestion. - Cognitive technology works similar to human thinking but is considered as key to security. Protection of financial data is vital; hence cognitive computing is the solution. - With complex laws and regulations within the financial sector, poor knowledge of data policies can make finances a challenge for customers. With cognitive computing, real-time updates on rules and real-time implementation of the policies help in keeping policy documents updated and encourage good compliance. - Cognitive computing has enabled real-time trading analysis and improved trading systems so that customers can be served faster and better. Cognitive computing has been beneficial for both the company and customers. Apps enabled with algorithms, machine learning, digital advisors and improvement in cyber security have positively impacted customers to manage their finances. With financial companies dealing an enormous amount of data, higher transaction volumes and increasing compliance; there arises a need to address real-time data analysis challenge. If it is finance, it has to be high performing, but with enormous data load, the efficiency can be at stake. The massive amount of trading and accounting data calls for a robust infrastructure, with high speed of transactions and in real-time. In-memory computing platform addresses these challenges. The information is stored in the main random access memory of specialized servers. This means that it eliminates the delay while retrieving data from servers. The 24-hour mobile banking pile up huge data and at the same time the regulations, exchange rates, interest rates, share prices, etc. are also required to be updated. The in-memory computing platform offer users with real-time information and calculation. It also provides information around commodity trading in real-time at an excellent speed for the users to experience a never before financial experience. BlockchainOne of the most trending digital tool these days is Blockchain. With the advent of Blockchain technology, the financial services industry is considered to have entered into a new digital era. This new technology has changed the way we think about transactions and has revolutionized the economy. Blockchain technology stands out of all the technologies that have disrupted the finance vertical. Blockchain powers decentralized digital currency also called as cryptocurrency. Recommended Read: How is BlockChain Revolutionizing Finance In Blockchain technology, encrypted blocks of data are considered as currency and are shared during transactions. Blockchain technology makes use of advanced encryption techniques to verify currency and transaction. Blockchain technology ensures that only the authorized users who own the part of Blockchain can edit the data using the private key. Smart Contract is one of the most attractive applications of Blockchain technology. It automates the execution of commercial agreements and transactions. As Blockchain technology entertain no middlemen, smart contracts are considered more secure than the traditional agreements that adds up cost for the middlemen. It is also believed that the Blockchain technology will assist in fraud reduction, enable one time KYC process, efficient & cost effective trading, and many more. The technology may sound a promising one, but still many challenges need to be addressed to transform the finance and banking sector with Blockchain technology completely. It is just a matter of time before we see the described technologies disrupting the financial sector. With consumers becoming smarter and more demanding, It is essential for commercial establishments to undergo digital transformation to appeal, capture and maintain the attention of consumers.

Low-income and racial minority students access college at lower rates than their more-advantaged peers, caused in part by lesser social capital. Low socio-economic status (SES) students’ networks of rarely provide help navigating the application and enrollment process, preventing even academically-capable students from competing in the near-Darwinian process of college admission because of their low social capital. Research indicates that counselors can mediate SES-based disparities in college readiness but provides little guidance on how counselors should help students. I conduct multi-level logistic regression analyses of nationally representative longitudinal data to investigate (a) which specific advising activities impact college knowledge, eligibility, and enrollment, and (b) how impacts differ for underserved students. I find that the outcomes respond to different treatments. Creating an education plan in 9th grade increases students’ likelihood of reaching college eligibility in math and annual review of plans increases the odds of planed Free Application for Federal Student Aid submission, with larger effects for underserved students. However, most marginal benefits are small and do not persist to become differences in college enrollment. This is a preview of subscription content, log in to check access. Buy single article Instant access to the full article PDF. Price includes VAT for USA Subscribe to journal Immediate online access to all issues from 2019. Subscription will auto renew annually. This is the net price. Taxes to be calculated in checkout. The main determination is based on credits earned in each, which is then supplemented by other variables including the highest math class completed and the current math course 12th-graders said they were taking. Students not enrolled in any math class have an approximately normal distribution with a mean near that of students enrolled in math classes that do not demonstrate college eligibility, so unenrolled students are treated as not eligible. In FAFSA analyses, I exclude students who said no because they are ineligible or because they can afford college without the FAFSA. Descriptive statistics show that these students’ characteristics align much more with the FAFSA ‘yes’ group. For these students, intent to submit the FAFSA is probably not a valid measure of college knowledge. In all cases where data were missing from the 2009 wave of data, missing values (for race, gender, parent education, and school-level characteristics) were replaced by values from the 2012 wave. For the few variables still missing data on covariates, I make use of flags for cases with missing values in order to retain those cases in my sample, after testing whether the variables are missing at random (MAR) with respect to treatment variables. Table A1 (in the appendix) shows the correlation matrix for all covariates. The only covariates that are highly correlated are expected to be so, e.g. a student’s family income and their school’s percent eligible for free lunch. If interaction terms were used, in order to estimate a coefficient for plan submission on one outcome (even setting aside the presence of multiple levels of treatment and multiple outcomes of interest) for low-income racial minorities, the reader would need to sum the coefficients of Submitted, MinorityXSubmitted, Low-IncomeXSubmitted, and Low-IncomeXMinorityXSubmitted; interaction terms would also preclude separately considering low-income and poverty. 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Defining the intensity of high school mathematics: Distinguishing the difference between college-ready and college-eligible students. American Secondary Education,39(2), 27–54. Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Electronic supplementary material Below is the link to the electronic supplementary material. About this article Cite this article Fitzpatrick, D. Challenges Mitigating a Darwinian Application of Social Capital: How Specific Advising Activities by High School Counselors Shift Measures of College Readiness But Not College-Going. Res High Educ 61, 652–678 (2020). https://doi.org/10.1007/s11162-019-09575-7 - College readiness - College access - College knowledge - Social capital

What is the LVL (Latvian Lat) LVL is the currency abbreviation for the Latvian lat (LVL), which was the currency for Latvia from 1993 to 2014. Before it went out of circulation in 2013 and was replaced by the euro as Latvia’s official currency, the Latvian lat was the fourth-highest valued currency in Breaking Down LVL (Latvian Lat) The Latvian lat was made up of 100 santïms and was often presented with the symbol Ls before the numerals, or s after them, for example 100 Latvian lats would be referred to as Ls100 or 100s. In 1922, the LVL replaced the Latvian ruble. But in 1940, when Latvia became part of the Soviet Union, the lat was replaced by the USSR ruble. In 1993, when Latvia gained its independence from the Soviet Union, the lat was restored as the country's official currency, replacing the ruble at a rate Latvia is sometimes referred to with the nickname ‘Baltic tiger,’ which refers to its double-digit economic growth rates from 2000 to 2007. The country’s economy grew at a rate of 11.9 percent during this period, but was hit hard by the financial crisis in the years that followed. As of 2017, the country has an inflation rate of 3 percent and a GDP growth rate of 3.8 percent. More than half of Latvia’s GDP comes fro The Transition from the LVL to the Euro Latvia officially joined the European Union in May 2004. The country also joined the World Trade Organization in 1999 and the OECD in 2016. Latvia planned to adopt the euro in 2008, but because of the global financial crisis, it was unable to reduce its inflation rate to the required level in time to do so. To adopt the euro as its official currency, the convergence criteria include a requirement that countries must have an inflation rate that is within 1.5 percent of three EU countries with the lo However, in January 2014, Latvia joined the Eurozone, officially adopting the euro as its currency and becoming the 18th member of the Eurozone. When it made the switch in currency, the average inflation rate in the country for the previous 12 months had been 1.3 percent, which was below the requirement of 2. At the time of the move to the euro, the fixed exchange rate was 0.702 Latvian lats to 1 euro. In order to help with the transition to the euro and avoid price increases, prices on consumer goods have been displayed in both Latvian lats and euros since Oct

The Housing Bubble Broke the Middle Class (April 27, 2011) The bursting of the housing bubble wiped out half of the net worth of the Mortgaged Middle Class. On the face of it, American households were not that affected by the bursting of the housing bubble. If we look at the Fed Flow of Funds report, the Balance Sheet of Households and Nonprofit Organizations, we find that net worth only declined by about 11% ($7.3 trillion) from 2007 to 2010: a $2.9 trillion decline in financial assets and a $4.9 trillion decline in tangible assets, i.e. real estate and consumer durable goods. Here are the basic numbers, rounded, in trillions: Owners equity as percentage of real estate: Corporate equities and mutual fund shares: Cash clicked up a bit: Savings and money market funds: On the surface, this rise in income looks good, too bad the increase is mostly Federal transfers of borrowed money: Disposable personal income (SAAR): If we look beneath the surface at the distribution of wealth, the picture isn't so benign. Over the years I have often posted the basic facts of wealth distribution and housing in the U.S., for example Will Delinquencies Trigger a New American Revolution? (April 7, 2008). The numbers have changed from 2008, of course, but the basic outlines and percentages have not. Beneath the surface, most of the income and wealth is held by the top 10% of households. Over a quarter of households are at or below the poverty line; they have no appreciable assets and depend heavily on government transfers. Almost half of the total income (47%) goes to the top 10%, and 21% flows to the top 1%. Over 18% of personal income is transfers from the Federal government, most of which is borrowed, of course: Reliance on Uncle Sam hits a record : A record 18.3% of the nation's total personal income was a payment from the government for Social Security, Medicare, food stamps, unemployment benefits and other programs in 2010. Wages accounted for the lowest share of income — 51.0% — since the government began keeping track in 1929. If we extrapolate the additional 6% increase in transfers, that comes to $700 billion. So roughly 70% of the increase in personal income was simply money borrowed by the Federal government (recall the $1.6 trillion annual Federal deficit) and distributed to the citizenry. In other words, people aren't making more money--the Central State is simply borrowing more and it's being counted as "income" when it's distributed. There are about 105 million households in the U.S. and about 72 million owner-occupied dwellings. Roughly 25 million are owned free and clear, and 48 million have a mortgage. Let's look at homeowner's equity, which stands at 38.5%. Equity is what's left if you sell your house and pay off the mortgage. About 27% of all homeowners (13 million) are underwater, i.e. their house is worth less than their mortgage. This is called negative equity, but in practicality it means zero equity. Since a third of all homes are owned free and clear, then their equity is 100%. Assuming a broadly even distribution of these homes owned without mortgages (most likely, the majority are owned by elderly people who paid off their mortgages), then we can conclude that 33% of total owner's equity resides in these homes owned free and clear. That leaves 5.5% of total equity spread among the 35 million mortgaged homes which are not underwater. Calculated another way: household real estate is worth $16.4 trillion, and there is $10 trillion in outstanding mortgage debt, so total equity is $6.4 trillion. One-third of homes are owned free and clear, so one-third of $16.4 trillion is $5.4 trillion. $6.4 trillion - $5.4 trillion = $1 trillion in equity spread over 35 million homes. That's not much--roughly 1.8% of all household net worth. The family house was the traditional foundation of household wealth. As for all those trillions in financial wealth--as we all know, 83% is owned by the top 10%. So here's the reality: over one-fourth of all households are at or below the poverty line: 28 million. The top 10%--10.5 million households--own the vast majority of the financial assets ($45 trillion)(the total owned by non-profits is not broken out). The next 10% own 10% of this wealth, or about $4 trillion. So the top 21 million households own 93% of all financial wealth. The Great Middle Class between those in poverty and the top 20%--56 million households-- owns about $2.7 trillion in financial wealth, and the millions with mortgages own an additional $1 trillion in home equity. That comes to $3.7 trillion, or about 6.5% of the total household net worth. Consumer durables--all the autos, washing machines, jet-skis, etc.--are worth about $2.2 trillion ($4.6 T = $2.4 T in consumer debt). Add the durables and the other wealth, and the Great Mortgaged Middle Class holds about 10% of the total household wealth ($5.9 trillion). Before the housing bubble, households owed about $5 trillion in mortgages. The housing bubble came along, introducing the fantasy of home-as-ATM-cash-withdrawal-machine, and mortgages ballooned to over $10 trillion. Back at the top of the bubble, the middle class had $6 trillion more assets on the books. Considering the Mortgaged Middle Class now owns about $6 trillion in net assets, then the bursting of the housing bubble caused their net worth to drop by 50%. I'm not making any political statement here--these are the numbers. Of Two Minds Kindle edition: Of Two Minds blog-Kindle "This guy is THE leading visionary on reality. He routinely discusses things which no one else has talked about, yet, turn out to be quite relevant months later." NOTE: contributions are acknowledged in the order received. Your name and email remain confidential and will not be given to any other individual, company or agency. Or send him coins, stamps or quatloos via mail--please request P.O. Box address. Subscribers ($5/mo) and contributors of $50 or more this year will receive a weekly email of exclusive (though not necessarily coherent) musings and amusings, and an offer of a small token of my appreciation: a signed copy of a novel or Survival+ (either work admirably as doorstops). 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Fintech covers a range of financial fields such as retail banking, investments, and lending and thanks to the mobile and internet innovations of late is a thriving sector. Offering improvements which drive customer satisfaction and education in an area previously inscrutable and dictated by gigantic inflexible corporations, fintech is helping put the power back in the hands of the individual. A significant component of this technology, Big Data plays a major role in the breakthrough revolutions coming out of the fintech sector, and as data scientists and analysts hone their skills and receive ever-improving quality data, so the consumer profits. Big Data Uses in Fintech Included in the revolutions that fintech and Big Data provide are better means of assessing credit scoring. Considering the majority of the world’s population is not scored in credit bureaus, and even when credit bureaus are the primary method of scoring the systems often rely on irrelevant information, it’s a relief to know that newer lenders are focusing on Big Data from sources such as social media to assess credit worthiness. In fact, some institutions believe they can determine an individual’s personality through social media data analysis for higher loan acceptance rates and reduced default rates. Another noteworthy use of Big Data in fintech is in banking APIs, providing online communication with banking institutions that provide third parties with information about customers. This data sharing is an essential part of many of today’s business processes and offers both businesses and consumers the advantage of necessary information sharing without tiresome form-filling and fact checking that would otherwise be required. And of course, fintech tools are also incredibly useful in financial trading, not only because Big Data aggregation promises a better market understanding, but they’ve made the markets accessible to the layman and provide financial education and advice for a much reduced, if any, cost. Not All Big Data is Equal It is necessary, however, to understand that not all Big Data is equal. Today’s data scientists and analysts are looking for smart data that cuts through the mess and white noise and offers real insights and value. Plenty of time and resources could be wasted on the myriad pieces of extraneous data that are continually extracted from social media, wearable tech, IoT applications, and the likes, but employing a quality over quantity data extraction and analysis process drives better fintech innovations that are more reliable and productive. Though we’re still in the early years of smart data, many organizations are responding to the need for quality data and employing new methods for advanced collection. The Big Risks of Big Data & Regulating Fintech With the developments in data collection and analysis, we’re also seeing steady improvements around data privacy and security. Considering the vast amounts of sensitive data available it’s no wonder consumers and businesses alike fear data theft, privacy infringements, and information fraud, but top fintech innovators are building protections into their applications which better guard both personal and professional data and its accessibility. Moreover, governance programs are being developed to help organizations properly manage the data they collect, while governments are beginning to put regulations in place to ensure necessary compliance and security. Fintech regulation, however, is a work in progress as independent territories struggle with the challenges faced by a financial arena which extends across borders. Entire Countries may enact specific regulations to be adhered to by fintech organizations, but this doesn’t necessarily safeguard citizens as fintech evolves into a global industry. Some jurisdictions such as Australia, Singapore, and the U.K. have implemented strategies such as a “regulatory sandbox” framework which allows for limited testing over a restricted time after which existing regulations must be followed, while others are creating fintech councils which help address necessary legislation and compliance. Today, data is a high-value commodity, and though we’re flooded with it, it isn’t always put to use in the most appropriate and valuable ways. Thanks to shrewd data scientists, quality filtering tools, as well as supple regulatory bodies, Big Data holds much promise and is consistently driving fintech’s worth. By Jennifer Klostermann Jennifer Klostermann is an experienced writer with a Bachelor of Arts degree majoring in writing and performance arts. She has studied further in both the design and mechanical engineering fields, and worked in a variety of areas including market research, business and IT management, and engineering. An avid technophile, Jen is intrigued by all the latest innovations and trending advances, and is happiest immersed in technology.

Franco Modigliani, an Italian-American economist, received the Nobel Prize in Economics for his studies on microeconomics, especially for his life-cycle hypothesis—which originated in Keynes’s work—and for his analysis of how financial markets operate. More specifically, the life-cycle hypothesis suggests that individuals plan their consumption and savings behavior over the course of their lives and, for that reason, MAPFRE Economics uses it as a catchy way to explain its relationship with Life insurance. In its report entitled “Elements for the development of Life insurance,” MAPFRE Economics explains that, from an economic perspective, and taking into consideration its dimension as a means of channeling medium- and long-term savings, the development of Life insurance is linked to the ability of individuals to generate savings. “In this sense, the life-cycle hypothesis put forward by (…) Franco Modigliani provides a good perspective on how Life insurance can be coupled with this ability to generate savings over a lifetime,” explain the MAPFRE Economics economists. Modigliani’s study concludes that, during their economically active period, individuals save and accumulate capital that they use during their retirement. As included in the MAPFRE Economics report, life can be divided into three stages. The first stage is the pre-work life stage; the second is the working life stage itself; and the third is the retirement stage once the cycle of productive activity has come to an end. In the first of these stages (the initial stage of life), the individual’s level of income is lower than consumption needs, which are financed through loans or transfers from family, generating a phase of dis-saving. In the second stage, that of working life, the individual’s income allows them not only to meet their consumption needs, but also to generate a surplus in the form of savings. Finally, in the third stage, the retirement stage, there is again a process of dis-saving, in which the individual uses the savings that were generated throughout their working life (once the compensation for the initial stage of dis-saving has been discounted) to meet their consumption needs. In conclusion, Modigliani’s diagram is useful for rationalizing the way in which Life insurance, as means of channeling medium- and long-term savings, can be incorporated into the individual’s life cycle (and prove to be very useful), especially in the stages of savings generation and dis-savings in the retirement stage. “Furthermore, this microeconomic vision supports the analysis of the impact that Life insurance has on the process of saving and investing in the economy, insofar as it generates a stable and long-term supply of resources in financial markets, thereby supporting the process of generating capital,” they conclude at MAPFRE Economics.

Amara’s Law states we overestimate a technology’s effect in the short-run and underestimate it in the long run. This is happening with the proliferation of “big data” announcements in the capital markets space. Big Data’s quasi-definition currently relates to identifying patterns in unstructured data. The best example is that of Sentiment Analysis (twitter feeds, social media, etc..) being cited as a price movement indicator. This model of ‘big data’ is only a short-term arbitrage opportunity. Sentiment Analysis is a small step in the right direction, but the big money to be made will come with the monitoring of embedded devices. This concept is called the “Internet of Things” (or IoT). Although I find it optimistic, some groups have predicted 30 billion devices will be monitored via the Internet in the next 7 years. As the number of inter-connected devices continues to skyrocket, the winners will be those that can quickly interpret the terabytes of unstructed data. Why will this have a dramatic effect on capital markets? Take the Sentiment Analysis example and apply this to a world of connected devices. Let’s apply this to a market like gasoline futures. Instead of waiting for the US Energy Department to release the weekly inventory report, unstructured pump-level data is now sent across the internet from 10,000 gas stations and 50 refineries. The data is constantly collected and analyzed using deep visualization techniques. A data analyst and modeler look at real-time consumption trends for arbitrage opportunities and create a algorithm to predict future-state consumption patterns. This algorithm is now used utilized to trade futures and equities (oil refiners, agricultural producers, etc..) and fed into a larger algorithm for retail consumption. Trading and investment now becomes a command and control activity of monitoring activity and adjusting algorithms for non-quantitative factors. Unstructured data is a key predictor of future economic activity. No longer will analysts need to rely on qualitative sentiment indicators like Manufacturing Purchasing Index and Consumer Confidence that claim to be forward indicator (but are really emotional glances at the rear-view mirror.) In an IoT world, analysts use aggregated data to identify real-world trends. ( Note: Like discussions with with my local Costco manager who noted that in late 2007 consumers had moved heavily into buying basis foodstuffs [eggs, fruit] and away from higher-end items such as furniture and electronics). Big Data may also create mini-futures and micro-exchanges via commoditization of goods and services. If you have the infrastructure to reliable monitor and predict supply and demand of goods and services, then providing a mini-contract helps eliminate risk. Providing a method for hedge funds and/or traders to serve as risk brokers via buyers and sellers of a good or services helps overcome asymetric information. Previously, only inside buyers and sellers in a market had this information. Unstructured data would allow other risk takers to enter a market and help in price discovery and long term market stability. Like the title mentions, we have seen very little of the potential of Big Data analysis in the capital markets….but it is coming and sooner than you think. Why Change? Why Now? There are many reasons to lean into the Kinetic Investment Environment but the most compelling reason is differentiation. This environment complements your most important resource, People, and challenges them to build a creative investment environment. The Kinetic Environment also fits with more stringent operational and risk protocols via templates and heatmaps. The Path To A Kinetic Environment – Leveraging Existing Infrastructure While the quickest path to a Kinetic Environment is the replacement of existing tools and technologies, most firms are not in a position to decommission large swaths of investment technology. The good news is that existing investments can be leveraged with modest outlays. Most firms have a solid foundation in database and data warehouse technologies. These can easily be integrated with advanced analytics and dashboard technology. From 2013 onwards In the age of information arbitrage, simplification is power. This simplification is achieved visually. The investment team evolves to include financial modeling, data, and content skills. The end product is a cohesive rule-based investment architecture that is theme-dependent and managed by a highly motivated, interactive team. It’s not the 1980’s anymore. It’s time to align the investment environment with the needs of modern information arbitrage. What is the Kinetic Investment Environment? To understand the Kinetic Investment Environment, you have to view an investment environment in terms of the 4P’s. Let’s start out with the first P, Performance. Performance in a kinetic environment is all about creating the biggest brain possible. A multi-sensory interactive Trade Room serves as the eyes and executive center of an investment environment. The room is one big tactile, visual display. Wave your hand, point to a ticker, and point to the wall. The latest economic news and tick data is posted to the trade wall. The more brains the better as the Trade Room is designed to leverage a team’s collective brain power. The second P, Process, is all about the visual engineering of a repeatable and rigorous process. Visual engineering uses advancements in data warehouses, analytic engines, and visual dashboards. Need to understand risk in a portfolio….pull up a color-coded heatmap showing Component VaR. Want to understand how a change in interest rates affects dollar duration? Pull up a 3-D visual model of simulated yield curve. If a portfolio position starts to blink red, drill-down into details about correlation. Changes are not just about the power of visual dashboards. It’s about using tools in a consistent manner. Templates are mandatory during the evaluation of a new investment and serve as the basis for ongoing portfolio management. Because the templates are objects, underlying data, algorithm code, and analytics are stored together in a trade data warehouse. Meta-data is also maintained and searchable so that trade objects can be referenced, duplicated, and stress-tested. The third and most important P is for People. People generate, evaluate, synthesize, and curate investment ideas. The old school need for only PMs and Investment Analysts on a team is dead. In a kinetic environment, financial analysis is complemented by pattern analysis across massive data streams and combined into visual analytics. This new investment team includes skills in data analysis, modeling, simulation, and content presentation. Risk and compliance are incorporated as front-end activity via visual dashboards. The last P of the Kinetic Environment is Philosophy. Although complex technologies are used, the philosophy is simple. It’s about telling a good story. The people and technology translate collective data points into a cohesive visual story. The story can be recited from analyst to CIO and from investment committee to investor. From 1980 To Today 1980 was a year of momentous changes for Wall Street investment firms and trading desks. A spreadsheet app named Visicalc was creating “Screen Envy” across firms as early adopters created a buzz with the analytical prowess of personal computing. The U.S. federal deficit was $900B. Dallas was the top-rated television show. The Star Wars sequel, The Empire Strikes Back, captured the minds and wallets of audiences worldwide. Fast forward thirty-three years. The U.S. federal deficit is $17T. Dallas’s next generation is back on TV and five additional Star Wars movies have been released. So much has changed. However, the basic look and feel of an investment environment remains as it did in the early 1980’s…..until today. We are now at flex point that can shape the 4P’s (performance, process, people, and philosophy) for the next generation of trading environments. This intersection accounts for the evolution of computer technology, big data, the human-computing interface, and algorithmic trading. I call this vision the Kinetic Investment Environment. In addition to a Pitch Book, every Private Fund should have these documents always updated and ready to go out in a Fedex and/or zip file: 1. Due Diligence Q&A Template 2. Attribution Analysis 3. Business Continuity Plan 4. Tearsheet (including drawdown/drawup analysis) 5. Private Placement Memorandum 6. Subscription Document Optional: Monthly/Quarterly market commentary and/or investor letters If you have the net after-tax returns, any after-tax analysis is also extremely helpful.

The UAE has one of the highest sun exposures in the world with 10 hours of sunlight per day and approximately 350 days of sun per year giving it a high potential for developing solar technologies by leveraging the latest developments in the alternative energy sector. With an aggressive climate change policy, United Arab Emirates is keen on reducing carbon emissions by 70 percent, while augmenting the renewable energy production by 44 percent by 2050. Paradigm Shift from Hydrocarbons The GCC region, known predominantly as a hydrocarbon-based economy, however with the UAE government’s strategy strongly-focused on the diversification from an oil-based economy to rapid industrialisation, along with the increasing population and growing need for energy it has become essential for the government to devise strategies to ensure a secure future. Furthermore, the dropping costs have made the exceptional business case for renewable energy business operations in UAE. UAE’s Clean Energy Plan 2050 As of January 2017, the UAE government has designed an energy plan for 2050 to balance between the production and consumption of energy. This strategy intends to diversify energy production by starting various forms of production such as clean coal, natural gas, nuclear, solar & wind power and biofuels. Zayed Solar Academy The establishment of Zayed Solar Academy in Malawi shows that the country's commitment to climate change, beyond financing and implementing projects. The UAE's leads the contribution to the creation of scientific and technical infrastructure for research & development in solar energy. The Zayed Future Energy Prize with awards worth $4 million was also launched for attracting innovators and technologists from all around the world. Cutting-edge Energy Projects in UAE - Masdar City, Abu Dhabi (World’s first carbon neutral city) - Abu Dhabi Future Energy Company - Shams 1 World’s largest concentrated Solar Park - Gulf Geo-Thermal Energy Facility - Hydrogen Power Abu Dhabi (HPAD) - Dubai’s Mohammed Bin Rashid Al Maktoum Solar Complex - Solar Park Research and Innovation Center, Dubai - Center of Waste Management, Tadar (World’s most significant waste-to-energy facilities) Clean Energy Opportunities for Entrepreneurs in UAE UAE is a promising market for renewables. Several factors have congregated making the renewable energy an attractive option to invest and the best way to meet the UAE's energy demands through the upcoming years. There is strong support from the government for the industry's pressing demands while conserving oil & natural gas reserves and enhance the development of cost-competitive clean energy. Why Set Up Renewable Energy Business in UAE? - Strong governmental support - Excellent Infrastructure & facilities - Fewer economic barriers - Favourable policies & lower prices - Generous grants and investments - Unprecedented growth in research & development - High industrial and commercial energy needs - Broad market reach in UAE and the Middle East region - Growing demand for services supporting the energy production Setting up a Business in the UAE’s Clean Energy Sector The UAE has geared its economy by constructing purpose-built, specialised economic free trade zones with streamlined processes for encouraging the entrepreneurs, businesses and companies to set up their business in UAE. While promoting the research & innovation, UAE has always lent its hand to the support of technologist and innovators Process for Setting up a Company in UAE - Determine the legal form of the new business - Register your trading name - Select your specialised free zone - Apply for a trade license and approvals from the regulatory bodies - Apply for the office space lease or industrial land-use - Acquire the relevant trade license from the Department of Economic Development (DED) - Register your company with the free zone authorities - Open a business bank account - Apply for investor/entrepreneur visas and employee visas - Companies & individuals interested in operating in the renewable sector must register with Dubai Electric and Water Authority (DEWA) These comprehensive efforts by the government of UAE with its forward-looking vision, advanced infrastructure, visionary leadership and noteworthy policies. We can be definite that the long-term strategy of the government will undeniably serve the goal of offering cheap and permanent energy resources to the consumers. Starting business activities in UAE is favourable as government envisions the nation's growth by supporting businesses and actively encourages entrepreneurs & businesspeople to launch their ventures in the country by implementing business-friendly policies, lowering taxes and offering world-class infrastructure. If you're interested in starting your new business or expand your existing business to UAE feel free to contact us for any further information.

Question: What Is the Difference Between Finance and Accounting? Answer: Accounting and finance are distinct but related business specializations that align with different functional aspects of an organization. Accounting involves tracking and reporting financial transactions according to clearly defined rules and procedures. Finance relies on the information provided by accountants and other sources to manage assets, coordinate investments, and formulate plans for the future allocation of financial resources. While there is overlap in the skills and training required in accountancy and finance, the responsibilities and priorities in accounting differ from those in finance. Defining Accounting and Finance Accounting refers to the formal processes by which the financial activities of a business entity or an individual are documented and reported. Effective asset management requires a clear understanding of past transactions and current financial status in order to plan strategically for future investments and expenditures. Accounting procedures are designed to provide businesses and individuals with a clear record of past gains and losses and maintain an ongoing assessment of an entity’s current financial status. Finance encompasses a range of activities related to the allocation of assets, the coordination of investments, and the management of money, all of which rely on information provided by accountancy. Financial analysts, advisors, brokers, and investors look to the future and attempt to manage risk and maximize returns based on their knowledge of various financial products, their understanding of how markets function, and the current valuation of a financial portfolio. Before financial assets can be efficiently allocated they must be accurately calculated. Once investments are made, the return on those investments must be tracked and tabulated. Thus, accounting and finance are functionally interrelated, and they rely of many of the same tools, theories, and principles. However, accounting and finance have different objectives, different purposes, and distinct yet complimentary roles in the management of money and other assets. Training in Accounting vs. Finance Accounting and finance are areas of specialization within the larger realm of business and management. They are subjects that may be studied at the bachelor’s degree level, often as concentrations within a larger business or economics major. They are areas of focus in MBA programs and in specialized master’s and doctoral degree programs. These advanced degree programs are designed to prepare students for professional careers in accounting and finance, as well as for research and academic positions. While there is some overlap between an accounting curriculum and a finance curriculum, there are many areas where the curricula diverge. Accounting and finance are grounded in a basic understanding of businesses principles and economic theories; mathematical and statistical analysis; and business law and ethics. Students in accounting and finance programs learn how businesses are structured, how markets function, and how to read and prepare financial reports. However, accounting and finance use this core knowledge as a foundation for different purposes. In an accounting program, students learn about the auditing process, the intricacies of the tax system, and the software systems used to track and report financial information. In contrast, students in a finance program study investment strategies, financial products, econometrics, and strategies for forecasting market dynamics and managing financial risk. The table below illustrations the similarities and differences between a typical master’s in finance program curriculum and a typical master’s in accounting program curriculum. |Master’s in Accounting Curriculum||Master’s in Finance Curriculum| |Accounting and Financial Reporting||Accounting and Financial Reporting| |Business Law||Business Law| |Auditing Theory and Practice||Financial Markets| |Accounting Information Systems and Technologies||Financial Econometrics| |Tax Entities||Investment Strategies| |Commercial Transactions and the Uniform Commercial Code (UCC)||Financial Risk Management| |Corporate Financial Research and Reporting||Quantitative Analysis and Financial Modeling| |Professional Responsibilities and Ethics in Accounting||Business Leadership and Ethics| Licensure and Certifications in Accounting vs. Finance Accounting and finance are similar to the extent that an undergraduate degree in business, economics, finance, accounting, or a related field that includes coursework in upper-level mathematics and statistics is typically sufficient for most entry-level positions. However, advancement in both fields generally requires some combination of additional academic coursework, professional training, and formal certification and/or licensure. Entry-level positions in accounting include tax preparer, accounts payable clerk, inventory analyst, and bookkeeper. Entry-level positions in finance include financial analyst, loan officer, and investment analyst. Accounting has a more formal system for career advancement than is typical in finance. While there are many jobs in accounting that can be done without professional certification and/or licensure, all 50 states have provisions for licensure in accountancy that are tied to passing the Uniform Certified Public Accountant (CPA) exam. The CPA credential serves as a benchmark in the field of accounting. Employers may prefer or require CPAs for certain mid- and upper-level positions, including controller and chief financial officer. Similarly, businesses and consumers who rely on the expertise of accountants often view the CPA credential as a necessity. In addition, there are some restrictions placed on unlicensed accountants. For example, filing financial reports with the Securities and Exchange Commission (SEC) and representing clients before the Internal Revenue Service (IRS) requires CPA licensure. There are other certifications that address accounting specializations, including Certified Internal Auditor (CIA) and Certified Fraud Examiner (CFE), but the CPA certification is the current standard for licensure. The field of finance has a more complex system for licensing and certification, which reflects the broad range of activities covered by financial specialists. Investment and securities licensing falls under the purview of the Financial Industry Regulatory Authority (FINRA), a private self-regulatory agency, and the North American Securities Administrators Association (NASAA). FINRA and NASAA provide licenses to brokers and dealers based on the financial products they handle and the scope of their business practice. While these licenses may be necessary in order to sell and trade stocks, bonds, commodities, mutual funds, insurance, and other financial products, they are typically not required by individual states or federal agencies. For example, FINRA’s General Securities Representative Exam (GSRE) confers the Series 7 license, which enables stockbrokers to apply for a license to trade. While it serves as a prerequisite for many of FINRA’s other specialized licenses, it is not required for state licensure. The exception is NASAA’s Uniform Securities Agent license (also know as the Series 63 license), which under the Uniform Securities Act is required by each state for the securities transactions within that state. In addition, individuals and firms doing business in areas overseen by the SEC must comply with the SEC’s provisions for Registered Investment Advisors (RIAs), which require an individual or a representative of the firm to have passed the Investment Advisor’s Law Examination (or Series 65 exam) administered by FINRA. In accountancy, CPA licensure indicates a level of professional achievement and mastery of the practices of accounting as outlined in the Financial Accounting Standards Board’s general accepted accounting principles (GAAP). There is no equivalent in finance. The Chartered Financial Analyst (CFA) credential offered by the CFA Institute is one of the more widely recognized of many credentials in the field of finance, but it is not formally recognized by states for licensure purposes. Accounting vs. Finance: Qualitative Differences Accounting is often characterized as a formal set of procedures and processes that can be mastered through the application of established principles of financial reporting. In contrast, finance is an inexact science that attempts to quantify risk and maximize opportunity by studying markets, modeling outcomes, and making informed decisions about what may or may not happen. Accounting is grounded in the certainties of hard numbers and calculations; finance in the uncertainties of market stability and growth, supply and demand, and other economic factors that can be forecasted but not foreseen. While accounting and finance are closely related fields, they are practiced in different environments, engender different challenges, and attract different personality types. These qualitative features may be an important consideration for those exploring the differences between a career or degree in accounting and a career or degree in finance. Business FAQ Pages: FAQ: Are There Master’s in Finance Programs That Have 100% Online Instruction? FAQ: Are There Online Master’s in Taxation Programs That Do Not Require the GMAT or That Offer GMAT Waivers? FAQ: Are There Online Master’s in Accounting Programs That Do Not Require Applicants to Submit GMAT Scores or That Will Waive the GMAT Requirement? FAQ: Are There Online Master’s in Finance Programs That Do Not Require GMAT Scores or That Offer a GMAT Waiver? FAQ: Are There Online MBA Programs that Do Not Require GMAT Test Scores? FAQ: Are There Part-Time Online Master’s in Accounting Degree Programs? FAQ: Are There Part-Time Online Master’s in Finance Degree Programs? FAQ: Does the SHRM Accredit Master’s in HRM Degree Programs? FAQ: How Long Does it Take To Complete an MBA Program? FAQ: How to Become a Certified Forensic Accountant FAQ: How to Become a Certified Fraud Examiner FAQ: What Are the Differences Between an MBA and an MSOL Degree Program? FAQ: What Are the Differences Between Professional MBA Programs and Executive MBA Programs? FAQ: What Are the Different Types of MBA Degree Programs? FAQ: What Can You Do with a Sports Management Degree? FAQ: What Is a Dual Degree MBA Program? FAQ: What is a Dual Specialization MBA Program? FAQ: What is a Flexible MBA Program? FAQ: What Is a Human Resource Management Degree? FAQ: What Is a One-Year MBA Program? FAQ: What Is an MBA Degree? FAQ: What Is an MSOL Degree Program? FAQ: What Is the Difference Between a Dual Specialization and a Dual Degree MBA Program? FAQ: What Is the Difference Between an MBA in Finance and a Master’s in Finance? FAQ: What Is the Difference Between an MBA in Human Resource Management and a Master’s in Human Resource Management? FAQ: What MBA Concentrations and Specializations Are Offered Online? FAQ: Who Accredits MBA Programs? FAQ: Who Accredits non-MBA Business Programs? FAQ: Who Accredits Online Master’s in Accounting Degree Programs?

Comparing State GDPs to Entire Countries (American Enterprise Institute). The U.S. produced nearly 25 percent ($21.5 trillion) of world GDP ($87.2 trillion) in 2019, with only about 4.3 percent of the world’s population. Four of America’s states (California, Texas, New York and Florida) produced more than $1 trillion in output and as separate countries each would have ranked in the world’s top 17 largest economies. Adjusted for the size of the workforce, there might not be any country in the world that produces as much output per worker as the U.S., thanks to the world-class productivity of the American workforce. The map matches the economic output (Gross Domestic Product) for each U.S. state and DC to a foreign country with a comparable nominal GDP last year, using data from the BEA for GDP by state and data for GDP by country from the International Monetary Fund. State Economic Performance State Tax Revenues Trend Higher (Urban Institute). Recent data from 46 states show continued growth in overall state tax collections, including reported growth in all three major sources of taxes: personal income tax, corporate income tax, and sales tax. State tax revenues totaled $429.7 billion from July 2019 through December 2019 (which corresponds to the first six months of fiscal year 2020 for 46 states). This was $25.1 billion or 6.2 percent higher than the previous year. From July–December 2019, 43 states reported growth while 3 states reported declines in total tax revenue collections compared with the same period a year earlier. Four states did not yet report data. The State and Local Finance Initiative at the Urban Institute reports Monthly State Revenue Highlights on tax revenue trends for major sources of taxes and trends across the states. Topics and Trends The Future of Natural Gas in North America (McKinsey & Company). Industry discussions about the future of gas in North America are polarizing. On one hand, the shale revolution keeps delivering, displacing liquefied natural gas (LNG) imports since the late 2000s, as abundant gas resources and technological innovation drive costs down. In the past few years, shale has entered a new phase with the rise of LNG exports from North America. By 2023, North America is expected to head the list of the world’s top LNG exporting regions. On the other hand, as state-level decarbonization policies ramp up, the demand for natural gas in key segments such as power generation and local distribution companies is expected to decline. These contrasting outlooks reflect different perspectives and interests of stakeholders, regions, and segments. However, gas will continue to play a role in North America, even in areas with nearly full decarbonization policies. Expect to see gas turbines using “clean”—that is, zero-carbon—gas such as biogas, hydrogen (co-firing), gas plus carbon capture and storage (CCS), or nature-based solutions. However, scaling these gas sources will take some time. Coronavirus Will Impact the U.S. Economy (The Conversation). As coronavirus spreads around the world, and confirmed cases and deaths mount, economists are increasingly concerned about the impact on the U.S. economy. In a recent report to Congress, the Federal Reserve warned that disruptions from the coronavirus could spill over into the global economy, creating new risks here as well. Goldman Sachs estimates the virus will cut a half point off U.S. economic output in the first quarter of 2020. Specific disruptions to monitor include sales to China, as one of the largest markets for U.S. products, especially for electronics and fashion. Second, manufacturers that use components in their products mostly sourced from infected areas in China such as Wuhan, where more than 500 car parts manufacturers operate, are coping with constrained and disrupted supply chains. Many U.S. companies have or are looking to move all or most of their manufacturing facilities out of China to other countries in the region, such as Vietnam, Taiwan, Bangladesh and South Korea. Third, US tourism will take a hit. The number of visitors coming to the United States from China could drop by as much as 28% in 2020, translating to $5.8 billion in less spending this year. Final Regulations Offer More Certainty to OZ Investors (Orrick, Herrington & Sutcliffe LLP). OZ investment stalled in 2018 and 2019 due to significant uncertainty over how the tax incentives enacted by Congress in 2017 would be implemented by the Internal Revenue Service. The Final Regulations issued by the IRS in December 2019 have addressed many areas of major concern for managers of a qualified opportunity fund (QOF) and investors in those QOFs, opening the door for many more opportunities for these tax-advantaged investments. The Final Regulations are effective for tax years beginning after March 13, 2020 but an election may be made to apply the regulations retroactively, which likely will be applied in most cases. The Final Regulations are divided into six parts, corresponding with operative sections of the Internal Revenue Code: (1) Procedure for deferring gains and operative definitions; (2) Inclusion of gains that have been deferred; (3) Issues associated with QOF investments that have been held for at least 10 years; (4) Requirements for QOZP; (5) QOZB property requirements; and (6) Reinvestment of proceeds and anti-abuse rules. To view the Final Regulations on Opportunity Zones issued by the U.S. Treasury Department and IRS, click here. Opportunity Zones Bring New Life to Small Town Indiana (Opportunity Investment Consortium Indiana). Brookville, Indiana, a town of about 3,000 people, had seen no new development in more than 20 years. Town leaders sought to transform their community and began by organizing a redevelopment plan for the historic downtown. Leadership then approached a local developer with a strong track record in redeveloping similar projects near and around Brookville. The project proposed to provide mixed-income apartments with an assisted living component for seniors and retail on the first floor, including a pharmacy, restaurant, primary care facility, and other community-servicing amenities. The project also entailed rehabilitation of the historic buildings along the corridor as well as new construction of apartments to meet workforce needs in the area. When an area family sold their business – Sur-Seal – in June 2018 and incurred significant capital gains, they saw Opportunity Zones as a chance to further invest in their community and specifically this project. The designation of the Opportunity Zone allowed the family to form a partnership with the developer where they committed to financing the remaining components of the deal – allowing the developer to move forward with the full concept as initially planned. For more information on Opportunity Zones, CDFA has extensive resources available, click here. Why Cannabis and Opportunity Zones Could be a Budding Industry (Bisnow Los Angeles). Downtown Los Angeles could soon see one of the first mixed-use cannabis projects in a designated opportunity zone in the nation. Oakland-based Oak Investment Fund is planning to develop the estimated $75M to $100M project on the former 50K SF Honda dealership across the street from the Los Angeles Convention Center. The proposed mixed-use development will feature a boutique hotel that could rise as high as 50 stories, with a music recording studio, a film screening room, an event space, retail, and a cannabis dispensary and lounge on the ground floor. This could be the start of a bigger nationwide trend of cannabis investors and operators setting up cannabis operations in opportunity zones, despite the federal government classifying the drug in its most restrictive category. Why? The OZ program published a list of prohibited investments or “sin businesses” that includes setting up country clubs, massage parlors, strip clubs, racetracks, liquor stores and casinos in opportunity zone areas. Cannabis businesses were not included on the list. While the IRS might classify cannabis businesses in the program’s liquor store sin category, or in its own separate category in the future, the developer feels confident they can include a cannabis operation as part of this mixed-use project. The Opportunity Zones program provides a tax incentive for investors to re-invest their unrealized capital gains into Opportunity Funds that are dedicated to investing into Opportunity Zones designated by the chief executives of every U.S. state and territory. Treasury has certified more than 8,700 census tracts as Qualified Opportunity Zones (QOZs) across all states, territories, and the District of Columbia. For a map of all designated QOZs, click here. Rural Community Action Guide (Office of National Drug Control Policy). Rural communities face many hurdles in addressing opioid and other drug addiction. Research shows that people living in rural America who need help are falling through the cracks, often losing their lives. Treatment services are insufficient to meet rural demand. Access to quality medical care, resources, and training is limited in rural communities, particularly for specialized populations, such as pregnant women, parents, and seniors. Further, drug courts, which are known to be significantly more effective than incarceration for non-violent offenders, are not available in many rural areas. In recent years, drug overdose deaths in rural counties jumped by 325 percent as compared to 198 percent in metropolitan areas. The Rural Community Action Guide is a compilation of data collected from numerous community organizations. The guide aims to provide an overview of the key challenges rural communities face when addressing the consequences of prescription opioid misuse and the use of other illicit substances. It also showcases localized efforts implemented to help mitigate the impact of substance use disorder. Preparing for a New Decade of U.S. Manufacturing (NIST MEP). U.S. manufacturing is entering this new decade in a much different state than when it entered the last. The industry is no longer shaking off the aftereffects of the Great Recession, but it is still grappling with the economic uncertainty that comes with new trade deals and tariffs. There is also the need to keep pace with the ever-increasing speed of technological change. Industry 4.0 and its adoption by U.S. manufacturers has begun to pick up steam, and manufacturing’s digitization is only going to increase. Things like 3D printing, advanced robotics, artificial intelligence, and smart factories are becoming more commonplace, emphasizing a deepening need for stronger cybersecurity. The prioritization of challenges among the Manufacturing Extension Partnership (MEP) National Network of clients is shown below. Some of the challenges have been consistent such as continuous improvement, while others have become increasingly important over time. For instance, the share of MEP Center clients reporting employee recruitment and retention as a challenge has more than doubled and is now the second most frequently reported challenge companies are facing. FCC Approves $20 Billion Rural Broadband Funding Plan (Route Fifty). The Federal Communications Commission (FCC) voted to approve a $20.4 billion plan to subsidize the construction of high-speed broadband networks in rural America. FCC Chairman Pai called the vote the “biggest step the FCC has ever taken to close the rural digital divide.” The Rural Digital Opportunity Fund will help internet service providers deploy broadband over 10 years to areas currently lacking service of at least 25 megabits per second download and 3 Mbps upload speeds. The federal agency estimates about six million rural homes and businesses are located in areas that could benefit from the initiative. Internet service providers, including telecoms and government utilities, would bid to provide broadband and voice services to the locations. The FCC released an analysis in January indicating which states had the most locations eligible for funding. California, Texas, Michigan and Wisconsin topped the list. For the number of locations eligible for bidding in each state for high-speed broadband, click here. Incentives in Action States Use Annual Caps to Control Tax Incentive Costs (Pew Charitable Trusts). Research by The Pew Charitable Trusts shows that caps are among the most effective tools for governments to guarantee that business incentives do not cost more than expected or intended. A cap is an annual limit on a state’s costs or commitments from an incentive program. Some jurisdictions place limits on the amount of incentives that individual companies can receive, but to offer the greatest protection, these caps generally must apply to entire programs—a film tax credit cap, for instance, would limit the credits that all film productions could receive, not just any single production. Most states cap at least some of their programs, but few use this protection consistently. By applying caps systematically, policymakers can ensure incentives do not cause unexpected strains on state budgets, while still achieving their economic development goals. New Mexico Releases Economic Development Innovation Recommendations (New Mexico Economic Development Department). House Memorial 16 passed in 2019 directed the New Mexico Economic Development Department (NMEDD) to bring together stakeholders and convene an Economic Development Innovation Task Force to spur collaboration and develop concepts and ideas to enhance the state’s economy. A major recommendation from this effort was the proposed creation of a $100 million New Mexico Infrastructure Innovation Fund to identify and prepare sites to garner the attention of site selection firms and meet the economic development needs of communities. The fund would help establish a Certified Sites designation that identifies properties that are shovel ready for capital investment. Broadband and projects supporting targeted industries would also be priorities. Task Force recommendations also included increased funding for the New Mexico Partnership to $3 million annually, $2 million each year for an Economic Development Cooperative Advertising/Marketing Fund to support community level business attraction efforts, and $1 million annually for an Economic Development Grant Program requiring a 1:1 match from regional and local economic development organizations, among others. Behind Amazon’s HQ2 Fiasco: Jeff Bezos Was Jealous of Elon Musk (Bloomberg). When Elon Musk secured $1.3 billion from Nevada in 2014 to open a gigantic battery plant, Jeff Bezos noticed. In meetings, the Amazon.com Inc. chief expressed envy for how Musk had pitted five Western states against one another in a bidding war for thousands of manufacturing jobs; he wondered why Amazon was okay with accepting comparatively trifling incentives. It was a theme Bezos returned to often, according to four people privy to his thinking. Then in 2017, an Amazon executive sent around a congratulatory email lauding his team for landing $40 million in government incentives to build a $1.5 billion air hub near Cincinnati. The paltry sum irked Bezos, the people say, and made him even more determined to try something new. And so, when Amazon launched a bakeoff for a second headquarters in September 2017, the company made plain that it was looking for government handouts in exchange for a pledge to invest $5 billion and hire 50,000 people. The contest for HQ2 attracted bids from 238 cities across North America and ended with Amazon deciding on New York and Virginia. The State Business Incentives Database is a national database maintained by the Council for Community and Economic Research (C2ER) with almost 2,000 programs listed and described from all U.S. states and territories. The Database gives economic developers, business development finance professionals, and economic researchers a one-stop resource for searching and comparing state incentive programs. To view the information available in the database, click here. New Growth Opportunities Digital Infrastructure Opportunities Expected to Stay on Growth Track (Pensions & Investments). Infrastructure for the growing digital economy, which are in both real estate and infrastructure portfolios, will continue to grow in 2020. In its annual global outlook report, LaSalle Investment Management notes that emerging real estate sectors including data centers and cybersecurity have the potential to earn higher returns, even in a slow-growth economy. The roll out of 5G and 5G-enabled handsets will be ushering in another up cycle of growth in the digital infrastructure sector. While there is uncertainty around the T-Mobile and Sprint merger, which together represent one-third of the market, the merger was recently found by the court to be lawful. Attorneys general for 14 states had sued to stop the merger, claiming that it would harm competition and raise prices. However, one way or another, there will have to be significant investment in networks as 5G requires a significantly denser network design. There will be new macro towers and many small cell antennas, primarily in urban areas. Each existing cell tower will also have to be modified so it can handle 5G. Preparing for the Future of Work (American Association of Community Colleges). The nature of work is changing right before our eyes. Technology advancements are transforming existing industries and creating new ones at an unprecedented pace. The World Economic Forum predicts significant disruption in the jobs landscape over the next three years, with as many as 75 million current job roles being displaced. The upside is that more than 130 million new roles could emerge. Many of those roles will be those enhanced by technology, or what the National Science Foundation describes as the “future of work at the human-technology frontier.” These are technologies that can collaborate with humans to enrich lives and workplaces. The challenge is ensuring the future workforce can acquire the expanding skill sets necessary for success in a rapidly changing employment environment. Therefore, helpful advice includes don’t ignore the future, strengthen your employer partnerships, leverage stackable credentials, and focus on outcomes. Hiring in the Modern Talent Marketplace (U.S. Chamber of Commerce Foundation). As the U.S. labor market becomes one of the most competitive talent markets in recent history, employers of all sizes across multiple industries are struggling to hire qualified candidates. More than half of U.S. states (28) have more open jobs than available workers to fill them. This means that even if every single individual in that state who wants a job – and is available to work – could find a job, there would still be positions left unfilled. As competition for job candidates increases, hiring mangers face pressure to get innovative and deliver qualified candidates who are the ‘right fit’ for their organizations. To better understand the modern talent marketplace, the U.S. Chamber of Commerce Foundation commissioned a survey of HR professionals. Among the findings, nearly three-quarters of respondents (74%) agree that a ‘skills gap’ persists in the current U.S. labor and hiring economy. Employers and hiring managers are preparing for a world where competencies – not degrees – are the most important factors when filling a job. According to the survey, respondents (78%) acknowledged the need to overhaul their hiring practices to make this shift to focus on competencies. Employers are also working with higher education to align what is taught in the classroom with the needs of the economy. The SEDE Network Steering Committee includes: Stefan Pryor (RI), Chair; Val Hale (UT), Vice Chair; Julie Anderson (AK); Dennis Davin (PA); Jennifer Fletcher (SC); Kurt Foreman (DE); Joan Goldstein (VT); Manuel Laboy Rivera (PR); Jeff Mason (MI); Kevin McKinnon (MN); Don Pierson (LA); Mike Preston (AR); Sandra Watson (AZ). For further questions on the content in this Bulletin or for information on the SEDE Network contact Marty Romitti, CREC Senior Vice President, at firstname.lastname@example.org

Today's business environment is full of change. New technologies, increasing globalization and greater access to information might seem to make generally accepted accounting principles, some of which have been around for decades, obsolete. However, generally accepted accounting principles adapt to changes in the business environment and, therefore, are continually relevant to operating a business. Understanding how accounting principles are relevant to today's business environment can help you communicate the importance of accounting work to your employees. Generally accepted accounting principles provide a consistent basis to measure business activity. As business becomes more global and technologically advanced, GAAP provides a framework to analyze new types of transactions. The Emerging Issues Task Force, a subcommittee of the Financial Accounting Standards Board, is charged with determining the accounting treatment for new issues that arise. Without a systematic method of determining how to account for new transactions, business owners would be forced to make a best guess at how to account for new types of transactions. Differences in these approaches could cause the same economic transaction at two different businesses to be recorded in different manners. In addition, small-business owners without accounting expertise may not have a sufficient accounting background to make these decisions; generally accepted accounting principles help these owners make consistent accounting choices when no guidance would otherwise exist. The proliferation of the Internet makes obtaining financial information about companies easier than ever before. However, without generally accepted accounting principles, this information would not all that useful. By standardizing accounting techniques and treatments, generally accepted accounting principles allow small-business owners to compare companies. Owners, provided the financial statements are properly stated, can rely on the fact that the basis of accounting is the same and significant accounting policies are disclosed in the footnotes to the financial statements. This comparability is essential for small-business owners who are making investment decisions and evaluating the purchase of companies as they expand. Companies use generally accepted accounting principles to compare their performance with that of other companies and industry averages. This process, called benchmarking, can be used to compare the smallest businesses with large multinationals. While small-business owners should exercise caution before acting on these comparisons, it can be useful to know how some of your business metrics stack up against your larger competitors. Further, during times of economic recession, benchmarking can help you determine where your company's declines in sales or other metrics fall in relation to other companies. While no business owner welcomes economic decline, knowing that your company's decline is less than your peers can tell you that you may not need to make substantial changes to your business processes. These inferences would not be possible without the consistent revenue recognition guidance required by generally accepted accounting principles. Whether it is a loan officer, a tax collector or a potential investor, external parties need to be able to assess the financial health and performance of your company. Generally accepted accounting principles allow these parties to use standardized procedures to come to these conclusions. For example, a creditor or investor may be worried that your company may not be able to make current financial obligations if the credit market tightens up. To assess this concern, the analyst would gather information from your company's financial statements, produced using generally accepted accounting principles, and use this information to compute ratios of financial information. This technique, called ratio analysis, can provide information on your company's solvency, liquidity, speed of collection and debt obligations relative to your financial performance. - Principles of Financial Accounting: John J. Wild, et al. - Financial Accounting Standards Board Emerging Issues Task Force

Friday, February 1, 2008 Read this IHT article on the bird flu in Indonesia. Then think of the 'factors affecting demand' section of our course earlier this year. We've learned that if the price of a substitute of good X decreases then demand for X will decrease. It makes perfect sense. Now, think of these two questions: 1. Draw a diagram to show the effect on the demand for Pepsi of a decision by the marketing directors of Coca Cola to decrease the price of Coke. 2. Draw a diagram to show the effect on the demand for fish of a decrease in the price of chicken as a result of an outbreak of the bird flu. Iτ should be clear that it is very important to THINK why the price of the substitute good decreased. Later on in the course we'll check out a past data question that can be very confusing! BTW, καλό μήνα παιδιά μου γλυκά!

It's the holy grail of renewable-energy research: a liquid fuel that can be harvested sustainably, burned cleanly, and doesn't come from an unstable part of the world. And maybe, just maybe, it will be manufactured at a plant near you. The fuel in question is ethanol. Specifically, cellulosic ethanol. Ethanol is an alcohol made from fermenting sugar that can be burned as a fuel in internal combustion engines. To make traditional ethanol, from corn, requires a lot of fossil fuel. Enough that the energy output from the resulting ethanol isn't a lot more than the energy needed to make it. According to some scientists, traditional ethanol may actually produce less energy than it takes to make it. Cellulosic ethanol is different. Instead of using the sugars that naturally occur in corn, makers of cellulosic ethanol create those sugars. They do that by using enzymes to convert cellulose --- tough fibers that make up a large portion of organic matter --- into the sugars. Once it's broken down, the sugar made from cellulose can be fermented in much the same way corn starch is. This means that cellulosic ethanol is actually a bit more complicated to make than traditional ethanol. But that's offset by the fact that cellulose is much more widely available than corn starch. Just about any plant is made of the stuff. Corn has to be planted, cultivated, fertilized, and harvested. It takes up a lot of land, causes erosion, and requires plenty of fossil energy to be burned as fuel or used as fertilizer at each step. On the other hand, switchgrass, for example, only has to be harvested. Wood chips, a byproduct of the forest industry, might be even easier to come by, depending on where you're located. In December, in one of his last acts as governor, George Pataki announced state funding for an ethanol demonstration plant to be built in Greece. New YorkState is kicking in $14.8 million for the plant, which will produce half a million gallons of cellulosic ethanol a year. The partners involved in the plant are matching that money. Mascoma, the lead company, is contributing most of it. Other partners include Genencor, a biotech company with a presence in Rochester; CornellUniversity; ClarksonUniversity, and Khosla Ventures, a venture-capital company founded by Sun Microsystems co-founder Vinod Khosla (an ardent proponent of ethanol and frequent backer of ethanol-related companies). "What we hope the demonstration leads to is a commercial facility, says Larry Bouchie, a spokesperson for Mascoma. While this pilot plant might produce up to 500,000 gallons a year, the goal is a plant that produces millions. This plant is simply a halfway point between the lab and that goal. "Mascoma is trying to move very quickly from an R and D company" to a production company, Bouchie says. "We're trying to fast-track this out of academia." Right now, Mascoma is working on turning its research into processes that can reproduce what happens in a lab on an industrial scale. If that can't be done efficiently, the technology won't be worth much in the long run. One of the ways of accomplishing that is by streamlining things. "We're trying to reduce the number of steps involved," says Bouchie. "We're hoping to use one or two enzymes to keep it at one or two steps." Whittling down the number of enzymes needed to complete the ethanol-making process will ultimately (if it succeeds) make it cheap and efficient enough to commercialize. David Wu believes a one or two-enzyme "cocktail" to process ethanol is possible. Wu, a professor of biochemical engineering at the University of Rochester, has no connection with any of the players in the proposed Greece plant, but he's devoted his career to researching the same technology. When the name Mascoma comes up, he beams in recognition. He's aware of their research, as they surely are of his. It's because of research like his that the Greece plant is a possibility. Wu, among others, helped map the genome of a bacteria species called Clostridium thermocellum. It's an anaerobic bacterium you might find growing in a compost pile. Its function in nature is decomposing organic matter --- exactly what ethanol makers need to do. And it's from this species that many of the most promising enzymes for cellulosic ethanol come. Now Wu is working to pair different enzymes with the genes that trigger their production in the first place. If all goes according to plan, researchers should be able to genetically engineer a microorganism perfectly suited to the twin tasks of breaking down cellulose, then fermenting the resulting starches and sugars. Multiple microorganisms, actually. Isolating the genes "would allow us to custom design a particular microorganism for a particular substrate," says Wu. (By substrate he means the substance being converted to ethanol.) In other words, you could engineer one strain of bacteria for switchgrass, another for wood chips, and still another for municipal waste. But that's easier said than done. Wu estimates that in nature, one dead tree could be decomposed by tens of thousands of different enzymes. Even in a controlled lab, and focusing only on his one species of Clostridium, at least a hundred different genes and about as many enzymes are related to the process of breaking down cellulose. He and other researchers are closing in on the right enzyme cocktails or "super enzymes," but "there's room for improvement," he says. "In the next three to five years, people are going to see better enzymes." Wu's interest in the field that would eventually become his life's work began in the 1970's, during the first energy crisis. But by the time he was finishing up his PhD at MIT in the mid 80's, oil prices had plummeted. The issue was off the public's radar and no longer in the forefront of the minds of many who funded research grants. Still, ever since the early 90's, Wu's Rochester lab has had a steady stream of funding from places like the Department of Energy, the US Department of Agriculture, and the National Renewable Energy Laboratory. Now, it seems to him the situation has reached something of a full circle. "We're facing a similar problem to what we faced in the 70's," he says, in terms of ever-growing demands on the world's energy supply. There are some differences this time around, though. There's more competition, he points out, especially from China's booming economy. And there's also a different ecological climate --- literally. "In the 70's, we were not so aware of the greenhouse effect," he says. "Now we're going through it, in my opinion." But according to Wu, not all the change since the first energy crisis has been bad. "We now have the recombinant DNA technology we didn't have in the 70's," he says. Without that technology, his work isolating the genes that produce the best enzymes wouldn't have been possible. "So the problems have become more severe, but our capability to tackle them has expanded," he says. "There's both challenge and promise." Wu is clearly enthusiastic about the possibility of ethanol, particularly cellulosic ethanol, to play a key role in the energy supply of the future. In addition to his research, he's on the editorial board of Industrial Biology, for example, a journal that has put glowing stories about the fuel on several of its recent covers. But not everyone is as bullish about the alcohol's potential. Robert Bryce is the managing editor of Energy Tribune, an industry newsletter. He criticized a Pataki subsidy for a traditional ethanol plant in a City Newspaper article last spring, and his views aren't much different about the cellulosic variety. "My opinion on cellulosic ethanol's pretty simple: Where's the beef?" he writes in an e-mail. "Everybody talks about cellulosic ethanol and how it will be wonderful, but the energy input numbers just don't work. They're talking about turning what is essentially hay into motor fuel. Sure. I'll believe it when I see it." And by "see it," Bryce clarifies in a subsequent conversation, he means on a commercial scale, and without government subsidies. "No matter how much ethanol we produce," he says, "we're still going to be part of the global oil market. We cannot divorce ourselves from it." Cornell Professor David Pimentel drew national attention in 2005 when he and a colleague published a study claiming that ethanol took more energy to produce than it contained. He shares Bryce's skepticism, if not his blunt approach. "I must admit that I wish that it were true," says Pimentel, referring to the promises of ethanol's potential. "I still support all the research going on." And while he seems to be interested in the kind of research Wu is doing, Pimentel is skeptical of ethanol, no matter how it's produced, as a way out of our energy crunch. "I'm for the use of biomass in a reasonable way," he says. But then, to put that in perspective, he adds: "We already get 3 percent of energy from woody biomass." That's in the form of woodstoves, boilers that burn wood, and even a wood-fired electricity plant. At 3 percent, he says, woody biomass is already contributing the same percentage of energy as hydro power. The problem, then, isn't one of supply, but of demand run amok. Even if this nation made a seismic shift toward using biomass, like ethanol, as a primary energy source, that wouldn't slake our thirst for energy. "We are burning twice as much fossil energy as all the plants in the US collect," he says. "We should be focusing on conservation."

If smallholder farmers dedicated to producing valuable crops like coffee or cocoa cannot afford a decent standard of living from their earnings, global food supply chains will never be sustainable, rural communities won’t prosper and the natural environment will suffer the consequences. A family farm is a small business. Farmers live off the profit they make from their farm, following the seasonal patterns of their crops. A living income is defined as sufficient income to afford a decent standard of living for all household members – including a nutritious diet, clean water, decent housing, education, health care and other essential needs, plus a little extra for emergencies and savings – once farm costs are covered. Smallholder farmers have virtually no control over global market prices and weak to non-existent negotiating power, at the mercy of price volatility and the goodwill of their market partners. In times of oversupply and market speculation, commodity prices can fall below the cost of production so that farmers can’t even break even. Prolonged periods of low prices, as seen lately for cocoa and coffee, have disastrous effects on farmers’ livelihoods and on the long-term sustainability of supply. When farmers are trapped in poverty, they can’t afford to invest in more efficient or productive farming methods to improve their income. They can’t pay their workers a decent wage, or worse, they may resort to using children for cheap labour. Some may turn to illegally clearing forests or growing illicit crops in an attempt to earn more. Others abandon their land altogether in search of alternative livelihood opportunities in cities or abroad. In addition, farmers bear most of the risks of losses caused by extreme weather patterns, pests and crop diseases, making their businesses even more vulnerable. How Fairtrade works towards living income Everyone involved in the global value chain has a role to play to make living incomes for farmers a reality. This includes support to farmers and their organizations to achieve sustainable yields and improve farm efficiency, as well as paying farmers a sustainable price for their crop. In addition to the benefits of the Fairtrade Minimum Price and Premium, we have developed a holistic Fairtrade Living Income Strategy to close the income gap. Our strategy focuses on seven areas: Sustainable pricing: We developed the concept of a Living Income Reference Price, which indicates the price needed for full-time farmers with adequate, sustainable productivity levels to earn a living income. We have calculated Living Income Reference Prices for West African cocoa (see explanatory document) and are working on coffee and vanilla. Fairtrade sales: The more farmers sell on Fairtrade terms, the larger the impact of sustainable pricing. National Fairtrade organizations in more than 20 countries raise consumer awareness and promote demand for Fairtrade products. Companies can now also source one or more ingredients as Fairtrade within a final packaged product, which means more demand for Fairtrade certified crops, and more sales for producers. Sustainable farm yields: There is still a lot of room for improving productivity and resilience on most smallholder farms. When farmers can grow the same amount on less land, they free up space for other crops to supplement their income and reduce their dependency on a single product. Boosting productivity requires investment, which the Fairtrade Premium can provide (see below). Farm cost efficiency: We are developing tools to help farmers track their actual production costs and revenues, equipping them to make informed business decisions and become more efficient farmers. Producer organization efficiency: Fairtrade producer networks support cooperatives to improve their governance and management capacity, so they are strong and reliable business partners, create value for their members and gain access to important additional services such as loans. Strategic Fairtrade Premium use: Small-scale producer organizations often invest their Premium funds into productivity and quality improvement, supporting their members to achieve sustainable yields. They can also choose to invest in things like business development, better service delivery or processing facilities that expand farmers’ share of the value chain. An enabling environment: We are raising awareness and advocating alongside like-minded companies, governments and civil society to make living incomes for farmers the norm. Contact us for more information on the shared path towards living incomes for farmers. It’s the right thing to do – for farmers, for rural communities, and for a more sustainable world. How do we calculate a living income reference price? Fairtrade Living Income Reference Prices are calculated based on three key parameters: Costs to support a decent living (as established by independent experts) Costs of sustainable production The costs of decent living (or ‘living income benchmark’) are established for an average household in a specific country or region, and include: food expenditures (other than food that is produced on the farm for home consumption), decent housing, education, healthcare, clothing and other essentials, as well as a small provision for unexpected events. The production costs are based on the adoption of sustainable agricultural practices required to reach the target productivity level, such as replacing old trees on a regular schedule and using adequate inputs. If hiring extra workers is needed, the costs to pay those workers a living wage are also included. Productivity parameters are based on agreed assumptions for attainable yields, and a farm size on which the adult household labour can be fully employed. With these variables, we calculate Living Income Reference Prices to indicate the price that a full-time farmer meeting the target yield would need to earn to have a living income.

kr100 in 1988 kr515.39 in 2020 The inflation rate in Iceland between 1988 and today has been 415.39%, which translates into a total increase of kr415.39. This means that 100 kronur in 1988 are equivalent to 515.39 kronur in 2020. In other words, the purchasing power of kr100 in 1988 equals kr515.39 today. The average annual inflation rate has been 5.09%. The following chart depicts the equivalence of kr100 throughout the years due to inflation and CPI changes. All values are equivalent in terms of purchasing power, which means that for each year the same goods or services could be bought with the indicated amount of money. All calculations are performed in the local currency (ISK) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were obtained by estimating figures from recent trends. The following table contains relevant indicators: |Total Inflation (1988-2020)||415.33%| |Annual inflation avg. (1988-2020)||5.26%| |Annual inflation avg.*||5.09%| |kr1 in 1988||kr5.15 in 2020| * Values extrapolated from the last official data to obtain today's values. There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the compound interest formula or the Consumer Price Index (CPI) formula. Given that money changes with time as a result of an inflation rate that acts as a compound interest, the following formula can be used: FV = PV (1 + i)n, where: In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are kr100 worth today. There are 32 years between 1988 and 2020 and the average inflation rate has been 5.0945%. Therefore, we can resolve the formula like this: FV = PV (1 + i)n = kr100 * (1 + 0.05)32 = kr515.33 When the CPI for both start and end years is known, the following formula can be used: In this case, the CPI in 1988 was 21.46 and the CPI today is 110.6. Therefore, |Initial Value||Equivalent value| |kr1 krona in 1988||kr5.15 kronur today| |kr5 kronur in 1988||kr25.77 kronur today| |kr10 kronur in 1988||kr51.54 kronur today| |kr50 kronur in 1988||kr257.7 kronur today| |kr100 kronur in 1988||kr515.39 kronur today| |kr500 kronur in 1988||kr2,576.95 kronur today| |kr1,000 kronur in 1988||kr5,153.91 kronur today| |kr5,000 kronur in 1988||kr25,769.53 kronur today| |kr10,000 kronur in 1988||kr51,539.06 kronur today| |kr50,000 kronur in 1988||kr257,695.32 kronur today| |kr100,000 kronur in 1988||kr515,390.65 kronur today| |kr500,000 kronur in 1988||kr2,576,953.25 kronur today| |kr1,000,000 kronur in 1988||kr5,153,906.5 kronur today| 1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019

NCERT Solutions Class 12 Economics Demand. NCERT book for Economics in class 12 is strongly recommened by teachers and the CBSE and NCERT boards. Please download the NCERT solutions for class 12 Economics free in PDF made by teachers of the best schools in India. These solutions are carefully compiled to give detailed understanding of the concepts and also steps of solutions. The NCERT solutions are free to download in pdf format. Please refer to the download link below to download the pdf file and also refer to other chapters and subjects to get the solutions to Economics NCERT book questions and exercises. Chapter - Demand Question 1. Suppose there are two consumers in the market for a good and their demand functions are as follows:D1 (P)=20-p for any price than less 20, and D1 (P)=0 at any price greater than or equal to 20. D2 (P)=30-2p for any price less than 15 and at any price greater than or equal to 15. D1 (P)=0 Find out the market demand function. [3-4 Marks] Answer: It can be seen from the given demand functions that Consumer 1 do not want to demand the goods for any price greater than or equal Rs.20 and consumer 2 do not want to demand the goods for any price greater than Rs 15. Hence, the market demand function will be, Question 2. Suppose there are 20 consumers for a good and they have identical demand function? Please click on link below to download NCERT Solutions Class 12 Economics Demand. Click for more Economics Study Material ›

October 02, 2016 October 02, 2016 Teaching your children about money is an important, yet often overlooked area of education. Most kids will not want to sit through a lecture about credit card usage and budgeting practices, but they might be more willing to listen to interactive videos and games. These sites make learning about money and money management fun and enjoyable. 1. Biz Kids Biz Kids offers short and interesting videos aimed toward middle schoolers. These videos cover a wide range of topics from young entrepreneurs to starting a business to different money personalities. For teachers and home-schoolers, there are coordinating lessons that go with the videos. The site also has three different games -- Break the Bank, Bring Home the Bacon, and Dollar a Glass -- which allow kids to try their hands at running a virtual lemonade stand. 2. Rich Kid, Smart Kid The Rich Kid, Smart Kid site was created by The Rich Dad Company, the brand behind the popular book, Rich Dad, Poor Dad. The site comes with four interactive games: Jesse's Ice Cream Stand, Reno's Debt Dilemma, Ima's Pay Yourself 1st, and Jesse's Big Change. The site has fun graphics and is kid-friendly to use. For parents and teachers, there are teaching resources for every age level. 3. Lemonade Tycoon While not technically a site, Lemonade Tycoon is an addicting game that shows kids the way to build a business from the bare minimum to franchise status. This game can help show children that in order to grow a business, you need to strike a balance between profits and investments. Kids will also learn that there is a fine balance between product cost, product quality, and product success. For example, adding more water to the lemonade will bring down costs, but it can also drive away customers. On the other hand, using a lot of sugar in the lemonade will cost more and gain more sales, but the profit margin is smaller. 4. H.I.P. Pocket Change H.I.P. Pocket Change focuses less on money management and more on the history of coins worldwide. The site has several games and cartoons that teach how a coin is made and other important dates in coin history. There are also a lot of great resources for kids interested in coin collecting. 5. Sense & Dollars The Sense & Dollars site has several interactive calculators. The site calls them games, but they are simply calculators that require little input. The Saving Money section of the site is most helpful, especially the Show Me the Money calculator, which shows how much an investment will grow in different saving accounts. The Charge game is also useful since it can show your child how much something costs when you charge it and then make minimum payments. On the other hand, The Makin' the Bacon calculator is extremely outdated and does not factor in taxes or SSI taken out of each paycheck. 6. It's My Life It's My Life from PBS Kids offers advice, shows, and games for all areas of life. The money section is small, but there is a game called Mad Money. There is also a lot of helpful advice for older kids that want to get started in babysitting. 7. Credit Card Simulator Game This Credit Card Simulator game from Channel One allows kids to get a virtual platform card and virtually shop in the game's mall. The game will then teach about the downside of interest and debt. 8. Three Jars Three Jars is a great site for kids and parents alike, since it can help streamline allowance time. With this site, kids keep track of how much money is owed to them through either chores, odd jobs, or both. The money then gets split into three jars entitled Spend, Save, and Share. The goal of the site is to make managing allowances easier, while minimizing nagging and entitlement in your home. For example, when a child asks for something at the store, you can buy it for them if the money is in their spend jar. If the item costs $20, and they only have $5 in their spend jar, then the responsibility is on them. They either need to do more chores or spend less money. While your kids might not want to trade in their video games for these interactive money games and websites, they are a great starting point to talk about money in your home. Copyright 2016 The Kiplinger Washington Editors This article was written by Wisebread.com and Ashley Eneriz from Kiplinger and was legally licensed through the NewsCred publisher network.

It is widely believed that the European Union and the Euro have brought prosperity and economic growth to Europe, but I am here to contend that there is nothing further from the truth, and that the mainstream definitions of recession and depression are inadequate at best and deceptive at worst. Mainstream economists define a recession as “a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters”, and a depression as “a severe and prolonged downturn in economic activity, that lasts three or more years or leads to a decline in GDP of at least 10 percent.” And these definitions would be valid in a strict monetary environment or under a gold standard. But we don’t live in any of those monetary realities, but quite the opposite. Honest definitions of recession and depression should adjust the nominal GDP value to the increasing currency supply, or in other words, to classic inflation. First let’s take a look at the rate at which the European Central Bank prints Euros. The following chart plots the M1 Money Supply, which is total value of all the paper currency in circulation and call bank deposits in the Euro Zone. I am sure you’ll agree with me that 100€ in the year 2000 are not worth the same as 100€ today, and why any statistical data set expressed in Euros must be weigthed against the money supply in existence. Now let’s find out how different European countries are actually doing should we use an honest, inflation adjusted, definition of inflation, recession and depression. Let’s start with Germany, one of the most powerful economies of the Eurozone. The following chart plots the Nominal GDP of Germany. Wonderful, isn’t it? Europe is marvelous! Not so fast, this GDP chart is measured in Euros, not adjusted for classic inflation. When we adjust the German GDP by the inflation rate in the Eurozone, it looks like this instead. What word would you use to describe the above real GDP trend? Prosperity, recession or depression? A temporary decline? Believers might argue that productivity increases make up the difference, but I beg to differ. The following chart plots the Total Production of German Industries adjusted for inflation during the same period. The trend is very similar if we measure GDP in Ounzes of Gold, which is a valid proxy for the cost of living. Again, what would you use to describe the following trend? Prosperity, recession or depression? The reality is that the real GDP of Germany has collapsed 80% since 1990, with no end in sight. But wait, some other countries should be doing fine, right? Let’s find out aggregating the GDP of all the 19 European Member states. 19 Euro Member States The following chart plots the aggregated nominal GDP of the 19 Europe Member Economies, including Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Greece, Slovenia, Cyprus, Malta, Slovakia, Estonia, Latvia, and Lithuania. This chart causes mainstream economists to roll over, wet themselves and sing the praises of the European Union, the Euro and its policies. However, adjusted for inflation, the story it tells is different. Actually, the real aggregated GDP of the 19 member states has collapsed 65% since 1995. Would you label the above chart as prosperity, recession or depression? Data for individual countries - Austria has lost -70% of real GDP since 1995 - Belgium has lost -77% of real GDP since 1995 - Cyprus has lost -62% of real GDP since 1995 - Finland has lost -82% of real GDP since 1990 - France has lost -90% of real GDP since 1990 - Germany has lost -80% of real GDP since 1990 - Greece has lost -83% of real GDP since 1995 - Ireland has lost -47% of real GDP since 1995 - Italy has lost -80% of real GDP since 1995 - Luxembourg has lost -66% of real GDP since 1995 - Malta has lost -38% of real GDP since 1995 - Netherlands has lost -75% of real GDP since 1995 - Portugal has lost -80% of real GDP since 1995 - Spain has lost has -71% of real GDP since 1995 This is why I cringe every time Alan Greenspan appears on CNBC or Bloomberg talking about the risks of stagflation. I contend that the great stagflation is already here, unfolding right before our eyes. The European Union member States seem to be in freefall stagflationary collapse with no end in sight. And it’s no wonder why: all the European member economies have to support the weight of not one, but two oversized government bureacracies combined with runaway inflation. The only reason why the quality of life of Europeans has not yet collapsed, is because the European Governments keep getting into debt to pay for bloated public services and welfare programs. What could possibly go wrong? 939 total views, 2 views today We are sorry that this post was not useful for you! Let us improve this post! Tell us how we can improve this post?

By J.D. Alt Money causes labor to do useful things, and goods and services to be exchanged between people, thereby enabling people in general—both individually and collectively—to obtain what they need. In order for this process to occur in an optimal way—that is, in order for the maximum number of people to obtain what they need, individually and collectively, it seems clear that two basic conditions must be met: (1) there needs to be enough money to pay people to create all the goods and services they need, and (2) this adequate supply of money needs to be in the hands of people who are actually able and motivated to spend it for that purpose. By “enough money” I mean this: Is there enough money to pay people to build all the things and provide all the services they need both individually and collectively—without there being too MUCH money (which could cause prices to escalate)? If there isn’t enough money, it is likely there will be things we need but which we cannot have—not for the lack of available and willing labor to provide those things, but for lack of money with which to pay that labor. In this case that labor not only remains wastefully unemployed, but we, collectively and individually, go without something which we otherwise could have, and might possibly—even desperately—need. (It is also possible, of course, that we cannot have the things we need because the required natural resources—energy, materials, chemicals and minerals etc.—are not available. This, however, is not a “money problem” but a resource problem.) Assuming there is enough money to employ people to create all the goods and services they need, the second question is whether or not that adequate money supply is in the hands of people who are in a position and motivated to actually spend it to achieve that purpose? It could well be, instead, that the money is held by people who cannot imagine something useful to do with it—in which case it sits idle while people who are willing to work for it remain unemployed, and the things we need, individually and collectively, remain un-provided. Or it could be that some portion of what is otherwise an adequate supply of money is held by people with no interest in spending it to cause useful things to be done, but instead are interested in making bets with the goal of acquiring more money with which to make even bigger bets. Where this is the case, much of the money that appears to be available to pay people to do useful things is actually not available at all, and the people who would be willing to work for that money must remain unemployed, and the useful things we need un-provided. Assuming our over-arching goal as a society is to employ every person who is willing to do something useful and, by doing so, also provide ourselves individually and collectively with the goods and services we need, what prevents us from doing so? If there is, indeed, enough money, and this adequate money is in the hands of people actually motivated to spend it to employ people to do the useful things we need, then nothing prevents us from achieving our goals (except where required natural resources are unavailable.) It must be, then, that our economic “problems” arise when (a) there isn’t enough money, and/or (b) the money that exists is in the hands of people who either cannot imagine how to usefully spend it, or who wish to spend it for the purpose of making bets rather than employing people to do useful things. The issues we must confront, then, are (1) how do we make sure there is enough money, and (2) how do we make sure this adequate money supply is in the hands of people who are able and motivated to actually spend it to create the goods and services we need? Taking up the first issue, it’s important to note at the outset that to “create more money”—assuming we’ve determined there isn’t enough of it—it is not necessary to “take” money from those who already have it. This is the crucial understanding upon which everything else depends. A nation’s money supply is different from a family’s money supply—or the money supply of a business, or even of a local government within that nation. A family, business or local government’s money supply can only be increased at the expense of someone else—the family earns wages which are an expense for the family employer, the business earns profits which are an expense for the customers who buy its goods, the local government collects taxes which are an expense for local citizens and businesses who pay them. National—or sovereign—governments, however, are uniquely different because they (and only they) can legally create the national currency (or “money”) that everyone else—the families, the businesses, the local governments—must use. There is no other place the money could possibly come from. It does not grow on trees, as we famously know. Nor is it found in the ground; though many things found in the ground can be exchanged for great sums of money, those things found in the ground are not the same as money itself: Money can only be created by a sovereign—or legally enforceable—declaration that “money” has been brought, by the sovereign power, into existence (“issued”.) Now it is possible that a national government could issue new money and its citizens would refuse to provide goods and services in exchange for that money. In this case, the government’s money would have no value as “money”, and even though the government thought it had issued “money,” it will have issued something else that is essentially useless. For a sovereign government to actually issue “money” it must ensure that its citizens will, in fact, be willing to provide goods and services in exchange for it. How can this certainty be created? There are, basically, only three ways: First, the government could promise to convert the new money it issues, on demand, into a certain amount of something that has a known tangible value. For example, it could promise to convert a unit of its issued money into a certain quantity of beefsteak, or a certain weight of gold. This method of creating money—that is, of creating the certainty that citizens will accept it in exchange for their labor and goods—has the problem that the sovereign government needs access to a good supply of whatever it has promised to convert its money into: As soon as it runs out, and is unable to make the promised conversion, the citizens will stop being willing to provide their labor in exchange for it—i.e. it will no longer be functional “money”. A second method of creating the necessary certainty would be for the government to promise to convert its newly created money, on demand, into another kind of money which is already widely accepted as “money” by the citizens of another nation. This is especially effective if that other nation produces a lot of useful goods and services which can be purchased with its particular kind of money. This promise to convert newly created money “A” into existing (and widely accepted) money “B” means citizens can provide their labor in exchange for money “A” and then buy many of the goods and services they need with money “B”. This method, however, has a similar problem to the first: to make it work, the national government needs to have access to a large quantity of the other nation’s money in order to fulfill its promise to make the conversion. As soon as it runs short of that other money, its citizens will stop being willing to exchange their labor for the new money the government creates, and that new money will rapidly become worthless. The third (and, by far, most effective) method of creating the certainty that a national government’s newly issued money will be accepted by its citizens in exchange for their labor and goods, are national taxes—payable ONLY with the new money—levied and enforced by the money-issuing government. This arrangement means the citizens will be willing to work for the new money because they need it, at a minimum, to pay their tax obligations to the sovereign state. What is crucially important to see and understand about this third method is what the national tax collections are actually used for: They are NOT imposed for the purpose of collecting funds which the national government can then spend—they are, instead, instituted to create a demand, on the part of the citizens, for the money the national government has already created: Now it wants to spend that new money, and it wants to make sure that its citizens will be willing to accept it in exchange for providing their labor and goods. Having created this certainty, the national government can then spend its new money to pay its citizens to create all kinds of useful goods and services— making up for the vast quantity of “old” money that has been sidelined by the hoarding of the unimaginative idlers and gamblers—or which has been “drained” out of the hands of active spenders by the collection of the national taxes. This last method (which the modern world is just now beginning to fully understand) has the virtue of NOT requiring the national government to have access to a large stash of something else to convert its new money into—a “something” which it might otherwise run out of. Indeed, the method provides it with an endless supply of its new money, so long as it is able to successfully impose and enforce its national tax on its citizens. Where a national society is able to successfully impose and enforce this condition upon itself, it establishes the ability to create enough money, as necessary, to enable every citizen who is willing to be employed in the doing of something useful. Having established the ability to create enough money, however, it is also necessary for the national government to ensure that the adequate money supply is in the hands of people who are actually able and motivated to spend it to pay other people to provide useful goods and services. This issue, in fact, is the real conundrum every national society faces and must struggle, politically, to achieve as best it can. What is crucial to see, however, is that this political struggle cannot be rationally carried out until it is openly acknowledged and understood that the national society can, in fact, (and without undue effort) create ENOUGH money for its purposes—whatever they may be agreed upon to be.

Economics is a broad and devious term. Students easily say they study Economics. But few are aware of the primary meaning of the term. To understand the subject most students avail online Economics homework help. What is Economics? - It is the scientific study of the relation of human choices and utilisation of the resources. - It comprises of a wide range of other subjects; mathematics, statistics, finance, etc. - The subject Economics are based on the theories and principles. - Deals with the market processes and way health are created and utilised. How the range of Economics varies? It ranges from tiny to enormous. It depends on the choice of the study performed by the individual. - It is concerned with decision-making of a single unit of an economic system. - It is defined as the study of economic decision-making by micro-units. - Determination of demand pattern: The pattern of demand in the economy is determined. The small calculations of an individual or each family determine pattern of the economy of the whole country. - Determination of the pattern of supply: Determining the pattern of each firm in the economy can ascertain the pattern of economy of the entire country. The determinations of the price of the products are necessary for the economic process. If the demand and supply of the products are determined, it helps in determination of allocation of resources. - Policies for improvement of resource allocation: Depending on allocation of resources and price determination, it should be known how choices and judgment are affecting market and products. The prices are to be improved or re-evaluated according to impacts. - Solution to the problems of micro-units: As the study of microeconomics starts with the individual, correction is also facilitated by microeconomics. - Monetary and fiscal policies. - Determination of incomes. - Business cycles. - It is concerned with economic magnitudes relating to economic system as a whole. - It considers national income, price level, national output, etc. - Further details are explained by services which provide students with online Economics homework help. Why students find assignments difficult? - The concept of relevant economic topic and a particular area of this topic to focus on. - To research and gather suitable economic data/information required for assignments. - Applying knowledge and understanding of economic concepts, which are weak or unclear. - To produce an economic report this clearly communicates using economics terminologies. Why do students need to avail online Economics homework help? - Class teachings are helpful for many students, but most students remain unattended by professors. - All the queries of the students are not answered. - Revisions are a must, but students fail for regular revisions due to lack of time. - The chief cause is a clouded concept which steals the interest of students. How is online Economics homework help efficiently? - The tutors, who assist tutees, are Master Degree holders of respective subjects. - Years of experience mitigates problems which are faced by students. - Round the clock services. So, students can employ the experts when they find scope. - Recognised by many schools and colleges. - Nought percent plagiarism. Good grades come with smart effort. Availing online Economics homework help will be your first step of an intelligent approach.

Standard & Poor’s role in the 2008 financial crisis In 2008, the financial markets in New York came to a halt. After almost seven years of a low- interest rate introduced in 2001, ‘cheap money’ had taken over financial markets in America, resulting in a boom of investments and loans. The apparent dream of a working-class citizen being able to afford a new house rapidly engulfed the country and resulted in mortgages being distributed to anyone wanting. However, few realised the implications of a lack of due diligence and ensuring citizens had the means to repay them. The result, as stated by the U.S. treasury, was a loss of 8.8 million jobs and over 19 trillion dollars in the households of American citizens (The Department of the Treasury, 2012). The subsequent decline in GDP of 5 per cent, underlines the severity in the failure of institutions. S&P’s role in the crisis One such institution is Standard & Poor’s, or more accurately, Standard & Poor’s Global Ratings division. Although the official inquiry report into the financial crisis states that multiple institutions played their part in the crisis and could have avoided the collapse, one might argue that not all institutions had the ability to prevent the crisis (The Financial Crisis Inquiry Commission, 2011). Mortgage companies such as Fannie Mae or Freddie Mac may easily be held responsible for their greed. However, another argument may be put forth for the liability of rating agencies such as S&P. Investors, as well as institutions, mostly rely on rating agencies to provide accurate, thorough assessments of financial investment products. In the 2008 financial crisis however, rating agencies seemed to do the opposite of what they were expected to do. The reason for incorrectly rating financial products, although highly debated, can be split into three central causes. Firstly, the incentive of high fees paid to S&P as compensation for their ratings which one may argue to impact their neutrality, secondly, the reliance on mathematical models and thirdly, the lack of cooperate governance or oversight. Particularly the last point facilitated a lack of due diligence by replacing it with an urge to maximize ‘ratings per day’ of large financial products such as CDO’s. Even though the weight of each cause may not be apparent, one could come to the conclusion that all factors, at least contributed. The answer to the question of whether S&P was adequately legally ‘disciplined’ is a rather disheartening one. In 2015, the U.S. government had managed to close a deal with McGraw Hill Financial Inc (S&P’s parent company now S&P Global) for a payment of 1.5 billion U.S. dollars (Viswanatha and Freifeild, 2015). Although a rather large settlement, 1.5 billion would roughly amount to the yearly earnings of the company, one might examine that such a settlement although of high short-term effectiveness, does not generally change a company’s culture in the long run. Therefore, other forms of legal punishment should be considered, such as enhancing compliance, third party overwatch and organisational reform, which can all individually or together, contribute to deterrence. The Department of the Treasury (2012). The Financial Crisis Response in Charts. Washington: United States Government, p.2. The Financial Crisis Inquiry Commission (2011), The Financial Inquiry Report, Washington: U.S. Government Publishing Office, pp.xxv,68,71,119,121,131. Viswanatha, A. and Freifeild, K. (2015), S&P reaches $1.5 billion deal with U.S., states over crisis-era ratings, Reuters, Available at: www.reuters.com/article/us-s-p-settlement-idUSKBN0L71C120150203 [Accessed 3 Nov. 2019].

By Olivia Oldham As the world grinds to a halt due to the COVID-19 pandemic, it's easy to think that this has to be a good thing for the climate. And certainly, there are plenty of positive consequences of the virus for the environment. There's the dramatic impact that this is having on the air-travel industry (a 4.3% decline in global air travel in February), and travel more generally as people around the world are encouraged (or required by law) to stay home. Plus, the strong coupling of economic growth and greenhouse gas emissions means that a global slow-down of the economy could lead to a fall in emissions. In China, the lockdown over recent weeks has led to a 25% reduction in energy use and emissions over two weeks compared to previous years. But unfortunately the news isn't all positive. The disruptions caused by the virus aren't discriminating based on the climate. So while the tumbling price of oil (which has fallen by about 25% this month, the largest drop in nearly 30 years!) might mean the end for a number of smaller oil companies, even this might have negative environmental consequences, if the bankrupted companies walk away from their oil wells, leaving them unplugged and leaking methane, all while relying on the state to pay for clean-up. And while short-term declines in emissions are positive, they won't mean much for the climate unless they lead to broader, long-term changes to the way society operates. Could remote working, teleconferences and avoiding air travel become the new normal? A number of negative climate-related impacts are or may come about as a result of coronavirus and it’s widespread, long-lasting impacts on global society. The market for renewables The falling share-market and crashing global economy are not only affecting GHG-intensive industries, they are also impacting the market for renewables. Factories in China which produce critical components of wind turbines and solar panels have shut down production due to the virus. A new report issued Friday 13 March dialled back its prediction for the growth of global solar energy capacity this year from 121-152 gigawatts to only 108-143 gigawatts, which (if it plays out) will be the first dip in solar capacity additions globally since the 1980s. Interfering with research Coronavirus is interfering with critical climate research. To give just one example, three NASA science campaigns which were meant to take place in the United States this spring have had to reschedule their data collection flights until later in the year, or in one case possibly for several years. These missions were meant to have collected data related to climate, and the dynamics and impacts of climate change. Delaying legislation and regulation In the United States, a climate action framework, which a bipartisan group in the House of Representatives had been working on for a year, was due to be released at the end of March. Instead, the release will be pushed back due to COVID-19. Meanwhile, the German government used a meeting which had been intended to deal with issues around renewable energy in the country to discuss the COVID-19 outbreak instead. There is also growing concern that COP26 in Glasgow will be derailed by the outbreak. Before we start rejoicing at the fall in emissions due to the COVID-related economic slow-down, and the shut-down of high-emitting industries, we should remember that these processes have a huge impact on peoples' lives. As Gernot Wagner, a clinical associate professor at the Department of Environmental Studies at New York University points out, the drop in emissions in China are coming about because of a situation in which people are dying. And while the end of fossil fuel extraction is our goal, do we really want that to happen in a way that means hundreds of thousands of workers in the fossil fuel industry (and industries totally reliant upon fossil fuels, such as the airline industry) are left unemployed, with no social or economic support, and no alternative employment? Should we be celebrating and encouraging an image of a net-zero carbon world that more or less requires the widespread disruption of society through lock-downs, death, loss of livelihoods, exacerbation of food insecurity and inequality, and protracted separations from loved ones? Should we promote a path to net-zero which comes at the expense of all those who are most vulnerable in our societies—the elderly, those with pre-existing health conditions, those in economically precarious situations, the homeless? It seems counterproductive to give those individuals and institutions who are already unwilling to make large-scale social and economic changes to address climate change yet another reason to drag their feet. While there might be some lessons learned from the COVID-19 pandemic about how quickly governments really can respond to a crisis when they recognise it as one, what this situation really demonstrates is the importance of dealing with climate change in a way which fundamentally promotes social justice and the protection of vulnerable members of society. OCS Media Team The latest in climate science and policy from the OCS team.

General Data Protection Regulation: Tech mistake |As the most substantial innovation regarding data secrecy, General Data Protection Regulation (GDPR), serves as the inclusive regulation on privacy and data protection for the European Union (EU). The GDPR aims primarily to mandate supremacy to the individuals over their discrete data processing. It protects and restricts any information relating to any discernible natural person, thereby, limiting the individual’s profiling in the future. Tasks Performed by Controller and Processor: It is necessary to understand the obligations performed by the controller and the processor. - Considering the purpose and the scope of data processing along with the risks of jeopardisesregarding human rights and liberation of individuals, the controller must facilitate the exercise of data subject rights along with the implementation of appropriate organisational and technical measures to ensure the data processing within the limitations of regulation. - The processor assists the controller to ensure compliance with the ordinance. The processor cannot engage any other processor without the written authorisation of the controller. GDPR gives the right of compensation to the person, whoever suffers from the transgression and controller will be liable for restitution. Furthermore, GDPR imposes fine exclusively for data protection, which must be eloquent, proportionate and impeccable. But fine imposed for each case are distinct, owing to diverse circumstances of the case. The authorities have a statutory tabulate of criteria for deciding the level of penalty. Nonconformities like dereliction to fulfil regulations to commute the damage, deliberate infringement, and disregard for compliance with the authorities may lead to an intensification of sanction. For stern defilements, as cited in the Article 83 (5) of GDPR, authoritiesmay inflictchargesof up to €20 million or 4 % of the global gross revenue of the firm for the previous tax year in case of an undertaking. Moreover, even somewhat lesser stern defilements may lead to fines of up to € 10 million or 2% of the global gross revenue of the firm for the previous tax year in case of an undertaking. As per the EU Court of Justice, “the concept of an undertaking encompasses every entity engaged in economic activity, regardless of the legal status of the entity or how it is financed”. Therefore, concerning a legal person, an agreement shall also consist of a corporate entity and natural persons along with one individual company. Thus, in one covenant, a group is treated as one entity, and their accumulative turnover would be employed to gauge the fine concerning GDPR infringement by any one of its member companies. Comprehensive research of EU’s data protection framework, GDPR, on adtech industry insinuates that directive has efficaciously decreased the number of ad trackers utilised by websites. The analysis based on a studyencompassed the monitoring of 2,000 most visited domains by US or EU residents. They compared the results with the assessment of IP addresses before the enactment of the rule with those of one month after the endorsement. While comparing July (post-GDPR) and April (pre-GDPR), the conclusion came out that smaller tracker players lost 18-30 per cent of market share. Therefore, to avoid retribution by GDPR, its necessary to educate and document the clients and attendees, about practising and appraisal of confidential data, to obtain their consent. It is feasibleby making certain disclosures to data subjects before collecting their information.

According to a report by Bain & Company and Google, the labour force participation rate (LFPR) of women in India, already amongst the lowest in the world, is taking a further hit as women bear the brunt of the country's unemployment crisis the most. India’s LFPR, which is the share of people in the 16-64 age group who are employed or seeking employment, has seen the sharpest decline in the 15-24 age group. Despite having half of its population in the working-age group, India is the only country which has seen women’s workforce participation fall so drastically. As per the World Economic Forum's Global Gender Gap Report, India ranks a dismal 149th position out of 153 countries on Economic Participation and Opportunity for women. India is way behind sub-Saharan Africa which has four of the top 10 best performers. Gender gap in India is amongst the widest worldwide in the category - India has just closed 35.4 per cent of the gender gap and is just slightly better than Pakistan (32.7 per cent), Yemen 27.3 per cent), Syria (24.9 per cent) and Iraq (22.7 per cent). As per an SDG India-Index Report, 2019-20, the gender wage gap between sectors is also high – as much as 50-75 per cent. A large percentage of those in the workforce is in the informal sector with little or no social protection, while agriculture still has the highest share of women. White-collared jobs are out of reach for a majority of women, and more women are employed in labour-intensive or low-paying jobs such as domestic work, agricultural labour and as salespeople. According to the International Labour Organisation (ILO), there is also a huge disparity between men and women’s care responsibilities. While globally, women perform three times as much work as men, in India, women do as much as 10 times more unpaid work than men. The burden of unpaid work falls on women, and as per a report by the Organisation for Economic Co-operation and Development (OECD), women spend as much as 352 minutes per day on unpaid work – as opposed to men who spend only 52 minutes – amongst the least. There are a number of reasons for the low and declining LFPR – among the positive ones are higher education and increase in rural income, however, societal constraints, the burden of family and childcare falling primarily on women, the absence of job opportunities, quality support and assistance and gender wage gaps, have also contributed to this reduced rate. Further, as routine jobs get automated, women are expected to be hit the most. Of around 432 million working-age women in the country, approximately 343 million are not in paid work. This will prove to be a major impediment in the way of India fulfilling its sustainable development goal (SDG) of eliminating gender inequalities by 2030. This also has huge economic implications. With India’s working-age population breaching the 1 billion mark by 2030, the economic potential of around 400 million women will remain untapped. As per a United Nations Global Compact (UNGC) India study, by raising India’s women participation numbers to the same level as men, the country’s GDP could rise by 27 per cent. Despite the rather dismal picture, the sheer number of women who are employable shows potential. As per the report by Bain & Co in collaboration with Google, titled ‘Women Entrepreneurship in India—Powering The Economy With Her’, a heightened focus on fostering entrepreneurship among women will help generate employment for around 17 crore people in the next decade. An estimated 13.5 million to 15.7 million women-owned and controlled enterprises are creating direct employment for 22 million to 27 million people in India. Enterprises created and run by women will have strong outcomes as women entrepreneurs are more likely to hire other women and be less influenced by gender stereotypes. By increasing women’s participation and enabling female entrepreneurship, women can help make a gradual shift from “high fertility, low education and poor health to making more conscious reproductive choices, higher education and better health for self and family,” states the report. Further, women entrepreneurs can also foster innovation - as more women set up businesses, they can focus on and cater to areas and needs which may otherwise be overlooked. Currently, most of the ventures are single person owned businesses which have low returns and employment. As per the report, only 17 per cent of women-owned enterprises employ hired workers. This needs to change in order to bring more women into the workforce. The report states that by establishing high growth entrepreneurs with annual revenue or employment growth of more than 20 per cent, enabling willing and ambitious solo and small business owners to scale by providing access to structures knowledge, bringing in more women who are currently not in the workforce, and providing a more financially viable, attractive and aspirational agri-business model, the country can unlock the immense potential that women in the labour force present. For this, the Government should work towards formulating policies that encourage organisations to recruit more women, and which encourage women to set up more business, facing fewer hurdles. In its India@75 road map, the NITI Aayog had suggested that the government should work towards enhancing the female labour force participation to 30 per cent. A concerted, joint effort is needed between the Government and the private sector to ensure that this immense potential is tapped.

Imagine that you’re given a choice right now. You can get either $3 million in cash immediately, or a penny that doubles in value every day for the next 30 days. Which option would you choose? Most people would take the $3 million. So, let’s say you do that, and I get the penny. $3 Million vs. 1 Penny At the outset, you’ll have every reason to be happy with your choice. After one week of compounding, my penny is worth a meager 64 cents. After two weeks, it’s at a modest $81.92. And after three weeks, I’m still way behind you. Sure, the penny has transformed into a respectable $10,485.76, but that’s still not much compared to your $3 million. But then, a few days into the third week, something starts to happen. The Magic of Compounding On day 28, the penny has grown into a remarkable $1,342,177.28. On day 29, I’m right behind you with $2,684,354.56. And on day 30, I finally pull ahead as my stack of cash compounds into an astonishing $5,368,709.12. The compounding penny illustrates something that our brains have a hard time to grasp intuitively: Small Improvements Accumulate Into Massive Changes And this is just as true in life as in finance. In his book, Atomic Habits, James Clear explains: Here’s how the math works out: if you can get 1 percent better each day for one year, you’ll end up thirty-seven times better by the time you’re done. Conversely, if you get 1 percent worse each day for one year, you’ll decline nearly down to zero. What starts as a small win or a minor setback accumulates into something much more. Habits are the compound interest of self-improvement. Whenever you make a choice, like ordering a salad instead of a hamburger, that single occasion won’t make much of a difference. But as you keep repeating the same decisions and actions over weeks, months, and years, they will compound into huge results. - If you hit the gym three times for a week, you won’t get any noticeable results (except maybe some soreness). But if you keep showing up just as often for a year, you’ll accumulate 150+ hours of exercise. That’s more than enough to have a significant effect on your health and fitness. - If you read one good book, that won’t make much of an impact on your thinking. But if you read one every month for a year, you’ll finish 12 titles. That will give equip your mind with plenty of new mental models to improve your thinking. - If you meditate a couple of times, it probably won’t create any lasting changes. But if you do it for 10 minutes each day for a year, you’ll have 60+ hours of meditation practice. And that will most likely have considerable positive effects on your health, well-being, and performance. Tiny Improvements Are Immensely Powerful So, instead of looking for big wins, start small. Allow compounding to work its magic and, over time, it will create remarkable outcomes. This article is an excerpt from my book The Decision-Making Blueprint.

Turning the circular economy into reality The Europe-wide INCOVER project, which was among the winners at the Water Industry Awards 2018, shows how technology and collaboration can point the way to the circular economy It’s a commonly held belief that the way to bring about a more innovative water sector is to foster a spirit of collaboration between companies at different points in the value chain and in different geographies. In the field of sludge and resource recovery, there are few better examples of this in action than the European INCOVER (Innovative Eco-Technologies for Resource Recovery from Wastewater) project, which has brought on board an impressive array of SMEs, academics and researchers to develop technologies for the circular economy – and to demonstrate how these various technologies fit together into a workable ecosystem. The three-year collaborative project, which started in June 2016 and will come to an end in May 2019, has been funded by a €7.2 million (£6.4 million) grant from the EU’s Horizon 2020 Research and Innovation Programme. Its stated aim is ambitious: “To move wastewater treatment from being primarily a sanitation technology, towards a bio-product recovery industry and a recycled water supplier.” It is doing this through three demonstration-scale plants, which are detailed below, that show how valuable resources can be extracted from municipal, agricultural and industrial wastewater: not only energy, and nutrients such as phosphorus and nitrogen, but added-value products such as PHA (bio-plastics), citric acid, biomethane, biofertilizer, biochar and activated carbon. The project consortium is made up of 18 partner organisations from seven countries, including technology and innovation consultancy Isle Utilities from the UK. Within that membership, there are eight SME companies that between them have developed an array of technologies, each a valuable piece of the circular economy puzzle – everything from solar-powered water treatment to nutrient recycling, microbiological solutions and applied biotechnology. The members of the consortium have already tested the INCOVER technologies individually at lab/pilot scale (or to use the correct terminology, Technology Readiness Level 4-6). However, the innovation inherent in the project comes from the combination of all these separate technologies being applied to three real-world, large scale plants: enough to move the technologies up to a Technology Readiness Level of 7-8, where they can start being used in wastewater treatment plants of up to 100,000 population equivalent. What’s more, the project also involves the development of a Decision Support System (DSS) for water utilities to select the best combination of technology for their technical and environmental requirements. And optical sensing, smart soft sensors and online operation systems are being used at all three demonstration sites to improve the efficiency of the processes still further. The Spanish water utility FCC Aqualia is acting as the main utility partner for the project, which is fostering links with end users Europe-wide. CASE STUDY 1: Horizontal PBRs The plant for case study 1 is installed in the UPC Agrópolis campus, located at the municipality of Viladecans (Barcelona). The plant is composed of three horizontal photobioreactors (PBRs) of 11m3, each operating in parallel. For nearly one year, PBRs were fed daily with 6.9m3 of urban wastewater and agricultural runoff, and the plant produced around 2kg per day of microalgae biomass dominated by cyanobacteria. The three PBRs are operated in series and fed with 2.3m3 of agricultural runoff in order to select and increase the concentration of cyanobacteria (in the first PBR) and to force them to accumulate polyhydroxybutyrate (in the second and third PBRs). The biomass harvested from the third PBR is treated together with secondary sewage sludge in an anaerobic digester of 0,8m3 that currently produces around 150L of biogas per day. The sludge from the anaerobic digester (25 L/d) is subsequently treated in a sludge treatment wetland, while the water coming from the settler (2m3/d) is treated in nutrients recovery columns based in sol-gel coating and then disinfected by a solar-driven system based on ultrafiltration. The resulting effluent is applied for irrigation in a 125m2 field planted with sunflowers. CASE STUDY 2: High Rate Algal Ponds Case study 2 has been implemented in two locations: El Torno WwTP, Chiclana de la Frontera, and El Toyo WwTP, Almería, both in the south of Spain. At El Torno, PHA production is made through a two-stage anaerobic-photosynthetic HRAP system. Two HRAP (High Rate Algae Pond) systems (32 m2) are operated with an innovative strategy developed at lab scale (5 litres), consisting of pulse feeding of municipal wastewater pretreated in an UASB reactor with molasses as COD source. After several weeks of operation, purple bacteria have been selected that are able to accumulate PHA. Then, biomass separation is done by two clarifiers. After PHA production, the remaining biomass is transformed into biogas using thermal pre-treatment and an anaerobic co-digestion process. Agro wastes and sewage sludge are used as co-substrates. Biomethane is produced by an innovative biogas upgrading system, through photosynthetic fixation of CO2 as algal biomass using digestates as a source of nutrients. At El Toyo, a demo full-scale 3,000m2 HRAP has been installed to obtain irrigation quality water. This HRAP system is treating pre-treated wastewater. This is the first full-scale HRAP of this size in the world that treats wastewater directly without any anaerobic or primary clarifiers. Waste water is simply pretreated by a grit and grease removal, while a symbiotic culture of algae-bacteria is responsible for high removal of the organic matter (>95% as BOD5), N (>70%) and P (>85%). The HRAP is mixed by a paddle wheel or alternatively by a submersible mixer system patented by Aqualia, the LEAR, Low Energy Algae Reactor, which is able to reduce mixing energy by 80%. After harvesting by flotation, the effluent is treated using planted filters with natural material for enhancing P and N recovery. Irrigation water is be obtained and reused with solar anodic oxidation disinfection and a smart irrigation system. CASE STUDY 3: Biomass treatment In case study 3, biomass waste is treated in a three-step process. First, a mixture of C-rich industrial wastes and grey wastewater are used to produce organic acid, e.g. citric acid and itaconic acid, via a yeast-based biotechnological process. In the second step, after extracting citric acid from the mixture, residues are used for biogas production through co-digestion with industrial C-rich substrate. As an output of this process, biogas is produced for power generation or heating. In the final step, the anaerobic sludge is being treated in a hydrothermal carbonization (HTC) process transforming waste biomass to valuable ready-to-use soil fertilizers. The combination of these processes enables material and energetic waste recycling, thus contributing to closing life cycles in the bio-economy. Process results are excellent and indicate that the INCOVER yeast-based process is a very suitable option for organic acid and biogas production. Current activities are devoted to optimising the yeast bioprocess. This case study is being implemented in Germany. INCOVER, and its UK partner Isle Utilities, won Sludge & Resource Recovery Initiative of the Year at the Water Industry Awards 2018 This article originally appeared in the October issue of WET News - Nurturing supply chain innovation With Ofwat keen to encourage innovation from the water companies, this is best done by finding and nurturing fresh... Read More > - Interview: Ofwat director Trevor Bishop Ofwat director Trevor Bishop explains why the regulator wants to ensure wastewater resilience becomes just as central to... Read More > - Comment: New tech and partnerships will up the ante on leakage Closer partnerships, technology and connectivity will be the key to tackling leakage, with collaborative delivery... Read More > - Where there's muck, there’s brass Tim Broadhurst, CCO of CooperOstlund, on utilising sewage and sludge as a renewable energy feedstock and how to maximise... Read More > - Going green at Severn Trent's Minworth STW With a £60 million investment aimed at producing 30 per cent more green energy from its largest sewage treatment works,... Read More > - Veolia putting efficiency into effect As part of Anglian Water's Energy Efficiency and Optimisation framework, Veolia is using its global experience to assist... Read More > - Finding value in liquid waste streams Matt Hale, international sales and marketing director at HRS Heat Exchangers, looks at how value can be extracted from... Read More > - Innovation Zone: Boosting biogas production Regulatory changes mean that now is a good time for technologies that can help boost biogas production from sludge. Here... Read More >

Davao City, the Crown Jewel of Mindanao, is home to nearly 2 million people and that population is rapidly increasing just as its urban development becomes more emphatic. As economic progress spreads across the city, there is bound to be greater demand for its basic resources, particularly for clean, safe, and continuous supply of potable water. For over 40 years, Davao City has been heavily reliant on groundwater, which is found in the cracks and spaces of soil, sand, and rock underground, and can be pumped to the surface after drilling a deep well. But when groundwater is being extracted at a faster pace than the replenishment of aquifers (huge storehouses of water), wells can dry up and cause land to sink. If groundwater decreases relative to sea level, saltwater can seep through the deep well and contaminate the water supply. Let’s not wait till the water runs dry To avert the scenario of drying out its primary source of drinking water, the Davao City Bulk Water Supply Project (DCBWSP) was created through a partnership signed in 2015 between the Davao City Water District (DCWD) and Apo Agua. The project aims to limit the extraction of groundwater to preserve the city’s water table and save it from irreversible environmental degradation such as land subsidence and saltwater intrusion – ensuring the sustainability of Davao’s water supply. Apo Agua, a subsidiary of Aboitiz InfraCapital (AIC), is a joint venture company between Aboitiz Equity Ventures (AEV) and J.V. Angeles Construction Corporation (JVACC). Once operational, DCBWSP will provide 300 million liters of water per day over the next 30 years while shifting dependence (for the city’s main water supply) from groundwater wells to more sustainably-sourced surface water from the Tamugan River in Davao’s Baguio District. By tapping the Tamugan, the project will access both the right quality and ample quantity of water to allow DCWD to temporarily shut down many of its groundwater sources and allow them sufficient time to replenish. How it is advancing business and communities To help drive economic progress that uplifts lives of Filipinos through infrastructure, Apo Agua has opened job opportunities for over 400 residents from host communities and impact barangays. This number is expected to increase to almost a thousand as the 60-km treated water pipeline is installed by 2021. Hiring and placement are closely coordinated with the barangay councils, which has led to talks toward conducting job fairs at the different localities. There are also regular medical and dental outreach activities and the creation of high school and college scholarships as well as materials donations to public schools located close to the project. Majority, if not the entirety, of Apo Agua’s raison d’etre revolves around the need to take good care of the environment to ensure the sustainability of our water supply. As the company supports ecosystem preservation efforts for the Panigan-Tamugan watershed, it is planting over 3,000 seedlings in the area through DCWD’s Adopt-A-Site Program. It has recorded a remarkable seedling survival rate of 100% owing in part to those who work to protect and preserve of the watershed: over 200 Bantay Bukid volunteers who will soon receive insurance coverage through Apo Agua. Relative to this, Apo Agua is also working on the Panigan-Tamugan Integrated Watershed Development and Management Plan. The study is a response to the emerging challenges and prevailing issues in the watershed area where the surface water source for the DCBWSP is located. When nature drives the technology Another source of pride for Apo Agua is the DCBWSP’s Water-Energy Nexus, a unique component of the project and a first in Southeast Asia. The way it works is the water treatment facility will be able to generate its own energy by harnessing water pressure passing through its 2.4MW run-of-river hydroelectric power plant. The energy generated will, in turn, power the water treatment plant to clean the raw water. But that’s not the only wonder of natural science for the project. The DCBWSP facility will harness gravity in delivering raw water to the water treatment plant and on to the eight DCWD reservoir locations, in essence, creating an uninterrupted power supply. For DCWD, shifting to sustainably-sourced surface water would mean a reduction in operational costs, e.g. lower energy costs. These savings can then be reallocated to initiatives such as further expansion of service coverage, improvement of distribution pipeline networks, and enhanced infrastructure and equipment. With construction works for the penstock, 10-km raw water pipelines, and water treatment plant well underway, overall construction is on track to be completed by the first half of 2021. Once the DCBWSP operates in the first half of 2021, the water availability in all service connections that will be served by the project will improve with 24/7 water supply availability and adequate pressure

You probably see a lot of documents, articles, or websites talking about “financial need,” especially when it comes to FAFSA, student loans, and scholarships. However, there is a bit more to financial need than you may realize. This is a quick run down dispelling some of the myths and explaining the terms that surround demonstrated financial need and financial aid. What is Cost of Attendance? Before you can even start to think about your financial need, you should be looking at the cost to attend a college or COA. Don’t rule out a school simply because it seems too expensive. This is where financial aid comes to help. The COA takes your tuition, cost of supplies like books, room and board, and other school related expenses into account. This number is needed to determine just how much of a gap is between what your family can contribute and the actual cost of attendance. However, there are some myths that surround “financial need” and what you can qualify for. Not Only Low Income Families Qualify You may have heard the myth that you have to be in a low income family to qualify for financial aid, but this isn’t true. While your family’s income does have a role, it really also depends on what college you’re attending. Financial need is calculated by taking your college’s cost of attendance and subtracting how much your family is expected to contribute (also called Expected Family Contribution or EFC). The number remaining is your demonstrated financial need. An example would be if your family is middle income, but you’re choosing to attend a very expensive private college, your family may not have the means to cover the tuition and other expenses. Therefore, this means you have demonstrated financial need. This affects how much federal aid the Department of Education or your school will offer you. You Aren’t Required To Have $0 EFC Another myth that surrounds financial need has to do with the expected family contribution (EFC). Your EFC is determined by income, benefits, and assets. It also takes into account if you have other family members attending college. It’s extremely similar to the belief that only low income families can qualify for financial aid. Your family can contribute money to your college education, but if it’s not enough to pay for everything, financial assistance can fill in the gap. If your college costs $40,000, but its determined your family can only contribute $10,000, you may qualify for $30,000 in financial aid. No matter what, you should absolutely be filling out the FAFSA or Free Application for Federal Student Aid. You may find that the government is willing to lend you more than you thought. The FAFSA is also used by colleges to help determine financial aid within the school or choose financial need scholarships and grants. Independent scholarships sometimes also request that you have demonstrated financial need to apply. It’s essential to not skip this step, even if you believe you won’t get a dime from the paperwork, as there are plenty of other benefits aside from loans from the Department of Education. And if financial aid isn’t enough to cover everything, you’ll need to find a student loan that fits you. Use College Raptor’s free Student Loan Finder to compare lenders and interest rates side by side!

The European Academies’ Science Advisory Council (EASAC) has said that CO2 removal technology will be vital for reducing global emissions in the atmosphere. The council, which represents the national science academies of the EU Member States, Norway and Switzerland, has endorsed the use of negative emissions technologies (NETs) and carbon dioxide removal (CDR). The Met Office has warned that CO2 levels are predicted to rise by near-record amounts this year, with human activities resulting in what could be the largest increase in 62 years. Although it has emphasised that mitigate CO2 production should still remain the highest priority, current emission trends mean that it is necessary to look to new technologies to meet Paris Agreement targets. They should therefore be included in the EU’s climate strategy. CO2 removal technology requires significant economic investment Professor Michael Norton, Director of Environment at EASAC believes that the scale needed to effectively implement the CO2 removal technology would require huge, but necessary, economic investment: “Applying such technologies at the scale required would require the development of a new industry close to the same size as the current fossil fuel industry – a huge diversion of economic resources within the economy. To avoid dangerous climate change and bolster its economy, therefore, the EU should be examining the most likely technologies to be relevant to Europe’s future industries.” As a single technology has not yet emerged as the best choice, a range of different technologies will likely be necessary to meet climate goals. Although the EASAC has warned that it may be difficult to convince people to invest in unproven technologies, they are necessary to improve the current failure to reverse the growth in global emissions. In terms of how the technology is implemented, reversing deforestation, reforestation, increasing soil carbon levels and enhancing wetlands remain the most cost-effective and viable approaches to CDR, and the council recommends that they should implemented now as low-cost solutions relevant both to developed and to developing countries. Significant progress has also been achieved with direct air capture with carbon storage. Some countries have begun to implement CO2 removal technology, with the UK recently announcing an Action Plan to enable the development of the first carbon capture usage and storage facility in the country, and Norway investing in facilities for storing captured CO2. Although a significant increase in efforts is still needed, The EASAC has said that it welcomes these first steps, saying that “efforts should continue to develop CCS into a relevant and relatively inexpensive mitigation technology”, and that “maximising mitigation with such measures will reduce the future need to remove CO2 from the atmosphere”.

The Expatriate Market is largely determined by the origin of each Expatriate. It is quite normal to have considerable differences between Expatriates doing exactly the same job, in the same country. These differences are largely caused by three factors: - The Cost of Living difference between the Home Country (country of origin) and Host Country (where they work) - The Relative Hardship difference between Home and Host Country. For example, ,moving to a country where more day to day hardship will be experienced, would normally result in more pay to compensate for the hardship. - The Exchange Rate difference between the Home and Host Country On the other hand the Local Market is largely determined by local supply and demand for skills. Depending on a number of factors, such as the availability of skills, rate of economic growth, and the type of economy, the percentage of expatriates versus locally employed people will vary. Expatriate Pay is typically calculated by using the Expatriates salary in their Home Country as the start point and by calculating an appropriate salary in the Host Country using the Cost of Living difference, relative hardship, and exchange rate. This is either done using a company in-house policy or using an international relocation calculator. Local Pay is typically determined by the prevailing market salary levels. These salary levels are typically reported in salary surveys run by independent Remuneration Consultancies.

If you or someone in your family is applying for college, you’ll want to know about all of the financial aid opportunities available to you. However, scholarships and financial aid can vary by your state of residence and the individual school to which you are applying.While some colleges and universities award merit-based aid to applicants, others do not. So, what types of colleges give merit-based aid? How is “merit” calculated when assigning aid to students? Finally, how can you ace your college planning AND find a school that provides financial assistance based on academic credentials? We will answer all of these questions and more, but first, let’s look at the two different kinds of financial aid and how they differ: Need-Based Aid vs. Merit-Based Aid Though there are many ways to get financial help for college, there are two main categories for aid supplied by an academic institution: need-based aid and merit-based aid. The former refers to aid that an individual or family receives based on their financial need, while the latter refers to aid awarded to those who meet certain academic criteria. The vast majority of schools offer some form of need-based aid. That said, not every applicant will qualify. An applicant’s “need” for aid is determined by a complex formula called the Expected Family Contribution, or EFC. This is based upon parent and student income, as well as qualifying parent and student assets. Alternatively, those who do not qualify for need-based aid might qualify for merit-based aid. The criteria for merit-based aid varies by institution. However, most schools will look at SAT scores, ACT scores, high school GPA, entrance exam results, or a combination of all of these academic factors to determine who will receive merit-based aid. Some families we work with can quickly be ruled out for need-based aid due to the EFC (Expected Family Contribution) formula. When that happens, we turn our attention to merit-based aid possibilities. While many of the elite private institutions do not give out merit-based aid (i.e. the Ivy League schools and similarly ranked private institutions) because they simply don’t have to, there are other schools that shouldn’t be overlooked. How to Qualify for Merit-Based Aid First, pay attention to your academic credentials. If a student is compiling a list of schools, the ones most likely to give substantial amounts of aid are those where that student’s GPA and test scores rank in the top 25% of students at that school. Simply put, schools are competing with each other and want to raise their average ACT and GPA numbers. So, many schools are willing to pay students to help them do that! If your child falls in the bottom 25% of students at a particular university, this is a “reach” school by admission standards. While the student might still get in based on other factors, do not expect merit-based aid to follow. After all, schools cannot provide merit-based financial aid to every applicant. Don’t overlook honors colleges and programs at large public institutions! Large public schools typically create honors colleges that have many of the same benefits as an elite private university (special housing, small class sizes, access to advisors, and other special programs). Unlike private universities, honors schools often give substantial merit-based aid to help attract more students with high academic credentials. These honors programs sometimes contain full academic scholarships or a completely free ride to the school. Additionally, the student has the benefit of being in class with highly motivated and driven students, while still being able to enjoy the resources of a larger public institution. Remember: smaller, non-elite, private schools are the ones most likely to give merit-based aid. This is primarily due to the fact that they compete with one another and want to drive their academic numbers up. Applying to several schools that frequently compete with one another ultimately allows you to use offer letters from each school to “appeal” to certain merit-based aid decisions. If a college sees an admissions letter from a neighboring or competing school, it is more likely to revise its offer to a student to help bring the overall cost down. That way, it doesn’t lose out to a competitor. We understand that the college application process can be stressful, so feel free to contact us if you need help developing a comprehensive strategy to apply for and fund your child’s college experience!

The accounting process involves various methods of adjusting financial information so that it reflects your company's activity as realistically as possible. Depreciation, such as 200 DB, is one such method that allows accountants to add a fractional part of a large, expensive asset's cost to their profit and loss statement over a span of years. This serves to spread the expense of the asset over time instead of having a very large expense in one year. How Depreciation Works Instead of a company showing a $120,000 equipment expense all in one year, for example, the expense is shown over the five-year life of the equipment, as determined by the IRS. This helps offset an appropriate amount of the expense against revenue over the equipment's useful life, in keeping with the revenue-and-expense-matching-principle. The matching principle says that revenue earned in a given time period should be offset against the expenses incurred to generate the revenue from that same time period. If the $120,000 equipment has a five-year life, then one-fifth of it gets depreciated each year as an expense that reduces whatever revenue it helped generate in that year. This method of depreciation, where the cost of an asset gets divided and depreciated evenly over its useful life, is known as straight-line depreciation. What is 200 DB? The expression 200 DB stands for 200 percent declining balance, also known as double-declining-balance depreciation (DDB). This type of depreciation differs from the standard, straight-line depreciation in a few ways. Companies have the option to accelerate the depreciation of an equipment expense, which helps lower profits to reduce income taxes. For example, a $120,000 piece of equipment with a five-year life would still be depreciated over five years with DDB depreciation, but the amounts would be significantly larger in the first few years. Even though various assets have a predetermined useful life for depreciation purposes, at times the asset still has some value remaining at the end of its useful life. This value, known as salvage value, is typically the amount the company expects it can sell the asset for at the end of its useful life. When calculating straight-line depreciation, you can only depreciate the amount of the asset's original cost, minus its salvage value. So, for a $120,000 machine with a salvage value of $20,000 after five years, you would use $100,000 for your straight-line depreciation calculation. On the other hand, DDB depreciation works differently: you would start with the asset's full value, $120,000, and apply your annual calculation to depreciate the asset until its remaining book value equals its $20,000 salvage value. How to Calculate The DDB depreciation calculation uses straight-line depreciation as its starting point. For this example, we will assume the asset has zero salvage value at the end of its life. Straight-line depreciation = Initial equipment cost ÷ useful life For example: $120,000 equipment cost ÷ 5 year useful life = $24,000 annual depreciation Since the asset has a useful life of five years, one-fifth or 20 percent of its value gets depreciated each year. For the DDB depreciation calculation, first multiply the straight-line depreciation percentage by two to find the percentage of the asset you can depreciate in each period: Straight-line depreciation percentage x 2 = (1 ÷ 5-year life) x 2 = 40 percent The application of the 40 percent DDB depreciation works differently than straight-line depreciation. In this scenario, you would still depreciate your asset over five years. In the first depreciation year, you would take 40 percent of your asset's value as depreciation. However, the next year you would depreciate 40 percent of the asset's remaining balance, and repeat this process until the remaining value of your asset equals its salvage value or zero if the asset has no salvage value.

Supermarkets could help save endangered species by increasing prices for products that use eco-friendly palm oil, a new study has found. The research also found that consumers would be willing to pay more for palm oil that is sustainably grown. Palm oil is often used in the food industry, as a cheap substitute for butter, and within beauty products. However, many of the areas being used for oil palm plantations have been converted from tropical forests, resulting in local ecosystems being negatively impacted. Endangered species, including tigers, elephants, orangutans and rhinos, are also affected by the palm oil plantations as a result. The University of East Anglia research looked for ways to make conservation profitable as a way to encourage more private companies to become involved. Lead researcher Professor Ian Bateman, from the university’s School of Environmental Sciences, said, “International governments have failed to stem the environmental damage caused by palm plantations. We wanted to find new way of halting biodiversity loss that actually becomes profitable for private companies.” The researchers carried out biodiversity surveys across palm plantations, nurseries, forests and cleared land in Sumatra. They also assessed company financial records to how setting aside land for conservation affects biodiversity and company costs. The findings highlighted that the location of conservation areas had a major effect on both wildlife and company profits. However, the researchers identified areas to provide the best balance between promoting biodiversity and cutting costs. Coupled with the fact consumers are ailing to pay a premium price for conservation palm oil suggests that firms could profit from considering the environment. Bateman added, “Consumers’ willingness to pay for sustainably grown palm oil has the potential to incentivise private producers enough to engage in conservation activities. This would support vulnerable ‘Red List’ species. “Combining all of these findings together allows us to harness the power of the market and identify locations where cost effective and even profitable conservation can take place.” Separate research published earlier this year found that the EU is one of the largest importers of illegal deforestation products, including palm oil. The UK was highlighted as one of the largest consumers of the goods assessed in the study. Photo: oneVillage Initiative via Flickr We’re live on Crowdcube. To own a share in our tomorrow, click here.

Role Of Government In Economic Development Essay Cliff Database Essay Free Note Paper Sociology Term Of in essay economic development government role Economic during extreme regression such as World War II force governments to take part in rehabilitating the economy STABILISATION ROLE: The government intervenes in the market to ensure there is steady growth. In a global economy companies as well as nations compete for foreign investment, for technology and knowledge acquisition, for skills development and for the market shares and distributional channels. Government intervention in the economy is inevitable because there are certain roles and responsibilities that cannot be assumed by the private sector. Apart from that the Government has 4 distinctive roles: REGULATORY ROLE: The rules that are established to make the market system work efficiently Role of Public Administration in Economic Development – Essay (1) It can help to establish and strengthen the minimum legal and public service preconditions to economic development, (2) The bureaucracy can, by fixing on certain general or specific output objectives, play an important, if not a. Governments provide the legal and social framework, maintain the competition, provide public goods and services, national defence, income and social welfare. Example. ABSTRACT. A period of high inflation, high unemployment, and huge government deficits weakened confidence in fiscal policy as a tool for regulating the overall pace of economic activity. Government plays an important role in keeping the economy stable. Whether this meant the institution of greater social programs and economic safety-nets under FDR's "New Deal," or the lessening of. Rutgers university essay prompt 2019 economic development pdf Role of essay in government, essay topics on hamlet essay in hindi taj mahal, format for a comparison and contrast essay sample essay on water quality, essay topics for politicsSwachh bharat mission essay writing essay college library. 2 (Summer 2006) We have provided a reconsideration of the role of the economist in economic development. The …. Jan 20, 2020 · The role of the government for both countries - Top Essay Market The role of the government for both countries Mention any policies, business development and economic improvement between these two countries. Tourism is one of the sectors which plays an important role in development and also generates foreign revenues. For many newly independent developing countries in the 1950s and 1960s, much faith abounded in the role of the state as an agent of economic development as opposed to the role of market forces enshrined in the invisible hand of Adam Smith.. In doing so, we first considered the evolution of development economics to understand how the role of the economist has become what it is today These changing roles of the state have had an impact role of government in economic development essay on developing countries. Possible Essay Topics Beowulf Economy: Direct Services Each level of government provides direct services Democracy is just a way of deciding who makes decisions. The government generally plays a vital role in issuing and enforcing corporate law, but in most cases such laws are barely practiced within the company. Government plays an important role in keeping the economy stable. The role of government spending on economic growth in a developing country. National goal in the global competition is to achieve rapid growth and sustainable development with a …. The aim of the government is equitable distribution of wealth and income. 5. Over the past several decades the role of entrepreneurship in economic development has become an essential factor of employment, and innovations bring enhanced the market competition. contribution on economic development and private . Jul 21, 2019 · In the narrowest sense, the government's involvement in the economy is to help correct market failures or situations in which private markets cannot …. Under such circumstances, what is needed is a wise and efficient allocation of limited resources Using national and internationally examples critically assess the role of government in the management of the economy and the economic development. Government as the leader of the country has a lot of responsibility The critical question confronting research on the role of government. (vii) Economic Planning: The role of government in development is further highlighted by the fact that under-developed countries suffer from a serious deficiency of all types of resources and skills, while the need for them is so great. May 04, 2017 · Across differing regions, medical institutions (often referred to as “anchor institutions”) play a major role in the social and economic vitality of cities. Jun 30, 2020 · Get homework help with Political Science Essay Paper on Role of Government in the Economy. Role Of Government In Economic Development Essay - speech essays smoking - custom mba thesis role of government in economic development essay sample (for general …. Essay Topics My Dreams Government's Role In The Economy While consumers and producers obviously make most decisions that mold the economy, government activities have at least four powerful effects on the U.S. These changing roles of the state have had an impact on developing countries. In the early stages of sustained growth, government has often provided the incentives for entrepreneurship to take hold Sep 17, 2009 · Citizens receive value from the government's role of making and enforcing laws that give the citizens the opportunity to freely pursue opportunities. Oct 26, 2018 · Home — Essay Samples — Economics — Nafta — The Role of NAFTA in the Economic Development of the United States This essay has been submitted by a student. The “first priority goal” for local economic development is “increasing jobs located in the city” (48 percent of city elected officials), increasing the local tax base (18 percent), and diversifying the local economy (10. Jun 30, 2020 · Get homework help with Political Science Essay Paper on Role of Government in the Economy. role of government in economic development essay Looting our clients is not our role of government in economic development essay aim, hence we always try to keep our rates reasonable. Accordingly, Governments are playing a vital role in the development of under-developed economies. Introduction The ultimate goal of a government is to promote human welfare in the country. Make connections of issues from the past and connect them with present issues Role Of Government In Economic Development Essay, tips for a level history essays, essays in education, research paper on a country outline. Click on the order now button to place an order with us This study examines the role of government in China's economic reform and development years. It works as an agent role of government in economic development essay of economic development. The study first provides a literature review about major functions government played in the modern economic system and the importance of government policies to economic development. The role of education in development is crucial as it is not that the research and discoveries are of paramount importance for the development of technology and communication, but education has a significant role in creating awareness, belief in values of modernity, progress and development Jul 04, 2011 · This explains the industrial revolution as a releasing of the constraints on economic growth due to the development of methods of using coal and the discovery of new fossil fuel resources. And rich ones were to offer foreign aid programs The Organisation for Economic Cooperation and Development is an organisation working between governments of 36 countries. Due to this problem the government authorities have put a large emphasis on the roles which local governments play within the development of different communities Economic development is not a spontaneous or automatic affair. The company is however responsible for implementing a sound system of corporate governance within the company Abstract This study investigated the role of local government in local economic development (LED). Government economic policy, measures by which a government attempts to influence the economy. Sep 17, 2009 · Government can provide a stable environment for economic growth when it can be depended upon to maintain the stability of the currency, enforce and …. Click on the order now button to place an order with us The government has many roles in the U.S. For example, the government’s purchase of computers has rendered many clerical jobs obsolete Abstract. Mar 19, 2019 · Explain the role of government in managing the economy and economic development. In total, hospitals provide employment for more than 5.7 million Americans, with tens of thousands of new healthcare jobs added each month economic development, each can act as both enabling and constraining devices in terms of the role of local government in economic development: Growth-focussed framings as an enabling device e.g. The legal framework sets the legal status of business enterprises, ensures the rights of private ownership, and allows the making and enforcement of contracts Thus in order to accelerate the pace of economic development the government must make necessary arrangement for the maintenance of law and order, defence, justice, security in enjoyment in property, testamentary rights, assurance to continue business covenants and contracts, provision for standard weights and measures, currency and formulation of appropriate monetary and fiscal policies of the …. But lack of space may not allow me for detailed discussion an analysis Roles of particular levels and lines of government in local economic development are strongly depending on existing legal framework and regulatory powers. The local government despite these problems struggles to maintain a high standard in socio-economic development. The Size and Role of Government: Economic Issues Congressional Research Service 2 government by the number of employees is imprecise because the government can substitute capital for labor over time to accomplish the same tasks with fewer employees. , persuasive essay topics in the news. During the first century of Americas nationhood, the main concerns of the early administrations were preserving the property of citizens The question of government’s proper role in encouraging growth is one of the oldest in economics. This role covers not only the development of important components of monetary and capital markets but also to assist the process of economic growth and promote the fuller utilization of a country’s resources The government then creates local government to enforce the legislature and provide a nurturing role for role of government in economic development essay the community. Click on the order now button to place an order with us This study examines the role of government in China's economic reform and development years. The Federal Government of Nigeria, through the 1976 Local Government Reforms, explained Local Government as follows: “Local Government is Government at Local level exercised through representative councils established by Law to exercise …. help to prioritise economic and business issues so that activities are …. Different schemes are carried out to ensure the availability of food and housing to the weaker strata of the society..

A budget is an estimate of how much money you have every month and how much money you need to pay for rent, utilities, food, transportation, clothing, etc. It will help you figure out what you can spend without running out of money. Having a budget also makes it easier to save money. Making a budget to save money means taking control of your money. This is especially important if you are living on a limited income. In the USA, many people get into trouble with money because they spend more than they earn. How to make a budget to save money Create your budget around your paycheck. Are you paid weekly, every two weeks, or you monthly? Make your budget around your pay periods. - Write down your monthly or weekly income - Make a list of monthly or weekly expenses: food, utilities, rent, bus fare or car loan for example - Make a list of other expenses you have to pay: insurance, repair bills, school expenses - List how much you need to put aside: for example you will want to save money for emergencies and save up for purchases or for travel - Add an amount for entertainment or other things you want to spend on. Just remember it is wise to buy the things you need before the things you want! If your income does not cover all your costs, your budget is not balanced. If you cannot increase your income, you will need to cut down on expenses where you can. Save money and keep records If you have some money left over after your expenses are covered, start saving! The best way to save money is by putting it into your savings account. You can use your savings if you have an emergency. Experts recommend you create an emergency fund equal to six months’ expenses in the event you lose your job or get injured. After you have built up an emergency fund, then you can save money to do something fun, like go on a vacation with your family or buy something special. Make sure to pay all of your bills on time so that you do not have to pay any late fees. Keep all of your important receipts and records of how you spend your money in one box, drawer or file. Credit means borrowing money from the bank or credit union and paying it back later. When you borrow money using credit, you will have to pay interest, or a fee for borrowing the money. It is important to pay all of your bills on time so that you protect your credit. If you want to buy a house one day, you may need to use credit. You can learn more about credit cards and loans. If you decide to get a credit card, you need to be very careful to pay your bills entirely each month. Credit cards can be helpful but often charge you very high interest if you do not pay them off every month. Do not spend more money than you have! Be careful when you are giving money to people you do not know, especially if you are paying with cash. It is better to get a checking account at a bank or credit union so that you can pay by check and then you have proof of paying your bills. If you have to pay cash, always ask for a receipt so that you have proof of payment. There are some scams (tricks to cheat people) that target people who are new to this country and do not speak English well yet. If you get mail or email that says you need to pay a lot of money or that you won a lot of money, it might be a scam or fake. Check with the post office, your volunteer/mentor, or a trusted friend or neighbor if you are unsure. If you are considering buying or investing in, or paying for something, it is acceptable to ask for agreement in writing, or to say you need to talk to your spouse or think about the offer. Do not feel pressured to pay a large amount of money without documentation or time to ask for advice. In the USA, everyone is required to report by April 15 every year how much income they received in the year before. That report is called a tax return. You may owe taxes on that income. Taxes are money that you pay the government for the public services you receive, like school for your children and roads to drive on. You can learn more about taxes and how to pay taxes. Depending on how much money you make, however, you might receive a refund (money back from the government) on tax you already paid during the year. When you receive a paycheck, some money will be taken out of of it to cover certain taxes. Your employer will keep some money from your paycheck to give to the government on your behalf. This called withholding taxes. This includes state and federal taxes, unemployment insurance and social security, which is savings for retirement or disability.

Responsible investment requires investors to incorporate environmental, social and governance (ESG) factors into their investment decisions. ESG investment is growing rapidly with investors managing more than $70 trillion in assets now identifying as responsible investors through signing the UN-supported Principles for Responsible Investment. Much of the focus in the responsible investment industry is on sectors such as oil & gas, extractives and transport. The food sector has often been overlooked, even though most investors will be exposed to it, often to a large extent. This is despite the significant ESG risks facing the sector. Livestock farming is responsible for 14.5% of GHG emissions and 55% of methane emissions, with regulation of the sector’s climate impact increasingly being discussed by policymakers. Under the Paris climate agreement, the EU and its member states have committed to reduce emissions in the European Union by at least 40% by 2030. The Rise Foundation has said emissions from Europe’s meat and dairy production would need to drop by 74% by 2050 to meet global targets for reducing climate emissions. The overuse of antibiotics in factory farms has been shown to contribute to the rise of antibiotic resistance, and to catalyse outbreaks of animal pandemics such as swine flu and avian flu. Water pollution is also a major risk to the sector, with the cost of cleaning up the soil under US pig and dairy CAFOs is estimated at US$4.1 billion. The US meat company Tyson had to pay at least $14m in fines and settlements for environmental pollution between 2013 -2018. Responsible investment can help drive ESG improvements in the food sector. In just three years, FAIRR has seen 19 out of 20 of the food companies it targeted adopt policies to combat antibiotic resistance, with 12 committed to reduce or prohibit the routine use of medically important antibiotics in line with World Health Organisation (WHO) recommendations. The Coller FAIRR Protein Producer Index can help investors find responsible investment opportunities in the food sector, as it shows which companies are managing sustainability risks the best.

Contrary to common belief, hyperinflation does not arise from too much bank lending. The sole cause of hyperinflation is always too much government spending. The pattern is as follows. The government spends more money than it is receiving in taxes, which forces it to borrow. As these deficits grow, they eventually exceed the market’s capacity or willingness to lend money to the government. Invariably, the central bank steps in and provides the government with the money it needs by creating it – as the saying goes – ‘out of thin air’, or what governments today call “quantitative easing”. The central bank does this in either of two ways. In cash currency economies, where most commerce is completed by making payments with paper-currency, the central bank cranks up the printing press. Examples are the Weimar Germany hyperinflation in the early 1920s, and just recently, Zimbabwe. In deposit-currency economies, where most commerce is conducted by making payments through the banking system with checks, wire transfers, plastic cards, and the like, the central bank uses electronic bookkeeping made possible through computers to put the newly created money directly into the government’s checking account. There are numerous examples of deposit-currency hyperinflation in the monetary history of Latin America, like the one that devastated Argentina in 1991. These two different ways in which hyperinflation manifests itself are made clear in the following quote by Ben Bernanke before he was appointed chairman of the Federal Reserve: “The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at no cost.” There is of course a cost. There may not be one to the US government, but instead, the cost will be borne by everyone who holds dollars and loses purchasing power as a result of Mr. Bernanke creating as many dollars as the government wants to spend. The other word for this cost is inflation. With this background, the US government’s financial position makes clear that it is heading toward an Argentine-style deposit currency hyperinflation. The first two months of the US government’s current fiscal year have resulted in a record $296.7 billion deficit. During this period, the Federal Reserve grew its balance sheet by about $65 billion, in effect purchasing about 22% of the federal government’s new debt. These purchases clearly show the Fed’s policy of “quantitative easing”. The following chart illustrates that the difference between the US government’s monthly receipts and expenditures remains at record highs in November. Unless this gap between receipts and expenditures is closed, there will be hyperinflation. Policymakers seem to believe that they can close this gap by jumpstarting the moribund US economy, so that government receipts can again begin to grow and eventually catch-up to, and perhaps exceed expenditures. But they are pursuing a dangerous path because the rising expenditures by the federal government are increasing its debt, causing more quantitative easing by the Federal Reserve, which in effect is pouring more fuel on the potential hyperinflationary fire. Much has been made of the huge bank excess reserves “sitting idle” at the Fed. It has been said that hyperinflation is not possible when the banks are sitting on such huge reserves, instead of lending them into the economy. This thinking is flawed because it ignores that there are two sides to the Federal Reserve’s balance sheet. Those reserves are not just sitting there, as if they were in a vacuum. These reserves have funded the Fed’s purchase of US government debt, putting it and the US dollar on the road to hyperinflation.

AI (Artificial Intelligence) has been around for more than 60 years, gaining main stream adoption in the last decade, with investment increasing more than 6X since 2000. Most people don’t realise how pervasive AI already is, and this article will walk you through a typical consumer’s shopping journey to highlight it’s use : the AI shopping experience. You are sitting on your couch at home and it occurs to you that you need to buy a pair of hiking shoes for your upcoming camping trip. You pick up your tablet and start doing research to see what is available. Your search most likely starts with Google, which lists all the different vendors where you can find hiking shoes. At this point AI is already in play. Google tracks all your searches, including your interests, age, gender, location and a host of other metrics, then uses AI to list the most suitable retailers for your hiking shoes. You click through to a website that peaks your interest. Every action and click is now recorded and associated with you automatically. It is anonymous, unless you register, but they will remember you, even if you are anonymous, so they keep on adding more behavioural information on every subsequent visit. All this information is then made available to AI algorithms that can learn and predict which hiking shoes you are most likely to purchase. The more you visit a brand, the more relevant the recommendations become. Once you’ve made the decision to buy, the clever AI algorithms would have analysed the buying behaviours of other visitors, using those results to recommend other products that are usually bought together with your shoes, which is all part of the AI shopping experience. Provisioning your goods An order for your hiking shoes has now been created. You’ve paid and there is an expectation that your purchase will be delivered as soon as possible. This means that stock always has to be available to meet the expectation of 1000s of shoppers. This is where the clever AI algorithms come into play again. Historical sales data, seasons, events, weather, fashion trends are all taken into account to work out what the optimal stock levels need to be at any given time. If there is too much stock, then the algorithms can work out the most optimal discount, which will result in increased sales of the items. Your shoes are now sourced and packed in the warehouse, ready to be shipped. It is loaded onto a truck for delivery. Logistics companies invest lots of money to optimise their delivery schedules. It is very difficult for a human being to work out the best routes for any combination of deliveries. Once again, AI can plan the most optimal route based on various data points which includes traffic on the day, weather conditions, accidents, the size of the delivery vehicle and many more. The savings are significant, deliveries are more predictable with the added benefit of reducing the company’s carbon footprint. The truck delivers the order at your home. After sales service The whole process is frictionless, making for a very enjoyable shopping experience. But let’s assume a mistake did creep in and they delivered the wrong size shoes. You dread going through the whole process of calling the call centre because you generally end up waiting in a calling queue. You log on to the website to chat to a service agent. The agent is available immediately and willing to assist, with you explaining what happened, and a new instruction is issued to deliver the correct size shoes. These days you will most likely be communicating with a chatbot, who is an AI based computer program that can simulate conversation with human beings. Sometimes the conversation needs to be handed off to a real human when it can’t answer all the questions, but the bot will learn over time and become more efficient. The process is seamless and your shoes are delivered on the next delivery run. AI is changing the way we live and do business. It is making our lives easier and will become even more prevalent in future. There are many pro’s and con’s to AI, but the positives for the retail consumer has been a frictionless AI shopping experience and reduced prices as a result of it. AI in business is not an option any more, it is a necessity. Businesses won’t be competitive if they don’t embrace it. By Leon Coetzer, Co-Founder getDeveloper Leon has more than 20 years in the software development industry, successfully delivering both enterprise and greenfield software projects. Responsible for strategy and operations, Leon brings a unique blend of technical and business knowledge to getDeveloper.

Finally, the consumption of eggs (which some call “nature’s perfect food”) was vindicated. That was until April 14, 2015, when Bird Flu (HPAI H5) was discovered on the first commercial chicken farm with 200,000 birds in Jefferson County Wisconsin. Originally published in Forbes. On January 28, 2015 egg farmers around the country were overjoyed. In a letter to the U.S. Secretaries of Health and Human Services and Agriculture, the 2015 Dietary Guidelines Advisory Committee submitted their scientific findings and recommendations – which included that cholesterol in the diet “no longer be considered a nutrient of concern” and should no longer be required to be reported on the Nutritional Facts panel on foods. In 1961, the egg warning appeared and egg consumption dropped 30 percent. Finally, the consumption of eggs (which some call “nature’s perfect food”) was vindicated. That was until April 14, 2015, when Bird Flu (HPAI H5) was discovered on the first commercial chicken farm with 200,000 birds in Jefferson County Wisconsin. Prior to this date, the epidemic had been found only in wild and backyard flocks starting December 19, 1014. As of this past Friday, May 21, the USDA’s National Veterinary Services Laboratories reports 179 detections and 40,721,073 birds have been affected. In 2014, according to USDA, there was a total of 358 million laying hens; basically we have lost about 10 percent to date. The fear is that it will continue to spread throughout the Midwest where one-third of laying hens are housed. While BLS reports that the retail price of eggs has increased from $1.82 a dozen in March 2014 to $2.13 in March 2014, the worst is yet to come. If we compare egg production from December 2014 (41,072 million eggs) though April 2015 (41,651 million eggs), production reported by USDA’s National Agricultural Statistics Service (NASS) and Agricultural Statistics Board on May 22, 2015 was actually higher. While egg producers may be increasing retail prices to offset future loses, Goldman Sachs issues a forecast this past week that said consumers will pay about 75 percent more for eggs, which could total up to $8 billion dollars. Based on the time it will take to replace the lost hens, we will no doubt see shortages and higher prices even if no additional outbreaks occur. From the time Bird Flu is discovered thru the approved process for disposal of euthanizing the birds through composting or carbon dioxide poisoning, burying them in a landfill or rendering them to produce pet/livestock feed, biofuel, soap or detergent, to disinfecting the facility it could take up to three months. The birds themselves (both turkeys and laying hens) can take up to four to five months to grow to full size. Breakfast is about to change both at home and in fast food restaurants. One breakfast sector however might see a turnaround as egg prices soar. U.S. retail sales of ready to eat breakfast cereal continued to fall in 2014, with multi-outlet data from Chicago-based market research firm IRI revealing a four percent drop in dollar sales and unit sales in the 52 weeks to December 28, 2014. The four major players all reported unit sales down in the same period: General MillsGIS -0.53% (-2.24%, KelloggK -0.44% (-5.28%), Post (-1.79%) and MOM Brands down 10.16%. According to research firm Technomic, fast food breakfast sales now total $34.5 billion per year. Taco Bell went on the breakfast attack with their new advertising and food offerings to challenge McDonald’s lead (whose breakfast revenue is reported to represent 25 percent of their total volume), so it is unlikely either company will be able to raise prices as they continue their breakfast wars; resulting in further profit declines at the Golden Arches. We may well see some new breakfast offerings that contain less egg and more plentiful and affordable products like bacon being served up. And then there is Thanksgiving. While November may seem a long time away, there has been reports that up to five million turkeys have also been effected in Minnesota (where approximately 20 percent of turkeys are raised in the U.S.) and while that might not seem to have much impact on the 240 million turkeys raised annually in this country; of major concern is the time it takes to replace the birds. From the time Bird Flu is discovered thru the approved process disposal of euthanizing the birds through composting or carbon dioxide poisoning, burying them in a landfill or rendering them to produce pet/livestock feed, biofuel, soap or detergent, to disinfecting the facility it could take up to three months. The birds themselves (both turkeys and laying hens) can take up to 4 to 5 months to grow to full size. Thanksgiving is in seven months. So what’s next? On Friday, three new outbreaks were discovered in Iowa, bringing the state’s total to 26,874,900 birds. No new outbreaks have been discovered in Minnesota since May 15th; offering some relief especially to those turkey farmers. Expect U.S. egg shortages and price increases to continue at least through the end of 2015. Paleo, Atkins and other high protein diets remain among the most popular and as the Bird Flu epidemic continues look for other lower cost more readily available proteins – yogurt, bean, nut, and vegetable to become more mainstream and popular in the short term as we wait for the egg producers to get back their smiles. For more, here’s my interview yesterday on The Willis Report.

People have wondered for years what Santa does and how he does it for free. Researchers have now come up with an answer to these age-old questions. The insurance company insure.com has calculated a hypothetical figure of $139,924 for Santa's efforts this year. This is a 1.5 per cent increase on last year, which is in keeping with austerity measures suffered by most people around the world. The figure is roughly twice the amount that caregivers in the USA would receive. Researchers at insure.com created a list of the various jobs Santa performs throughout the year to create a job description. They then estimated the total time spent on each task to get the final figure for Santa's annual salary. The researchers discovered that Santa is indeed a multi-skilled worker, who pretty much has to be a jack of all trades. Among his skills are reindeer handling, gift wrapping, chimney expert and map reader. The vast majority of his salary, however, comes from managing his toy factory. It is estimated the bearded one spends 2,912 hours a year organizing his elves and making sure toys for the world's children are of the right quality. He gets the standard $40.09 an hour for this. His highest hourly rate is for the ten hours he spends being a sleigh pilot and delivering presents. Comparisons were made with airline pilots and researchers reckoned a sleigh pilot would earn $62.31 an hour. 多年来人们都想知道圣诞老人做什么，是怎样免费做哪些事情的？研究人员现在已经想出一个答案来回答这些古老的问题。保险公司insure.com计算出了一份今年圣诞老人所需花费的假设的数据139,924美元.这比去年增加了1.5%,这符合全世界大多数人所遭遇的财政紧缩 。这一数字大约是在美国的护理人员的两倍 。insure.com的研究人员创建了一个列表，包含了圣诞老人在一年中所做的各种工作，并给出了工作描述 。然后，他们预估出每项任务所需的时间，然后通过总的时间来计算出圣诞老人的年薪 。 研究人员发现,圣诞老人确实是多才多艺的员工,他们几乎是万事通。他的技能包括驾驭驯鹿、礼品包装、烟囱专业知识和阅读地图等 。然而,圣诞老人的大部分薪水来自于玩具工厂的管理 。据估计,长胡子的他每年花费2912个小时组织他的孩子，并确保孩子们所用的玩具质量合格 。他得到了40.09美元每小时的标准报酬 。他最高的时薪是当他乘着雪橇给人们递送礼物的那是十个小时 。通过与航空公司飞行员相比较，研究者认为一个雪橇驾驶员每小时可以赚62.31美元 。 Better to give it to someone who knows and enjoys the genre and is aware of that marketplace, past and present. You’re asking them to work for free, after all. 2.be in keeping with 符合 Although this story would be in keeping with the character of the mad emperor, it is likely untrue. 3.austerity measures[财政] 紧缩措施 There exists no European government; only management of austerity measures and of repression. 4.spend on 在…方面花费 Our reply: So how much time do you typically spend on projects now? 5.jack of all trades杂而不精的人；能做各种事情的人 In reality, the rare Jack of All Trades might not be essential to have, but will feel essential to any team that has one. 1.What have people wondered for years? a) why Santa wears red b) who Santa is c) what Santa does d) whether or not Santa gets a present 2.What kind of company calculated Santa's salary? a) an insurance company b) a gift wrapping company c) a toy company d) a recruitment agency 3.How much higher is Santa's salary for 2014 than it was in 2013? b) three per cent 4.How much more might Santa earn than a caregiver in the USA? a) 5 times b) two times c) three times d) two times 5.What did researchers create a list of? a) countries Santa visits c) Santa's tasks 6.What kind of worker did researchers say Santa was? 7.What task brings Santa the most income? a) starring in movies b) working in shopping malls c) looking after reindeer d) managing the toy factory 8.How many hours a year does he spend organising elves? 9.What does Santa get paid $40.09 an hour for doing? a) managing the toy factory b) giving interviews c) reading letters d) shopping mall appearances 10.Who gets $62.31 an hour besides Santa? a) delivery agents b) toy designers c) Frosty the Snowman d) airline pilots

Published August 9, 2019 This week’s shocking currency move by China brought currencies and their management into the spotlight. The Chinese lowered their currency “peg” to a surprisingly low number as a retaliatory move in the trade skirmish with the Trump Administration. That pushed a panic button for investors sending them into the safety of U.S. Treasury bonds, which in turn sent bond yields hurtling lower (see chart below). As a bit of a primer on currency moves, we reprint below an article from Investopedia written by Brent Radcliffe that includes a couple of example of historical currency crises. We hope you will find it informative. Here is Mr. Radcliffe’s article: “Since the early 1990s, there have been many cases of currency crises precipitated by investors whose outlooks cause wide-scale retreats and loss of capital. In this article, we’ll explore the historical drivers of currency crises and uncover their causes. What Is a Currency Crisis? A currency crisis is brought on by a decline in the value of a country’s currency. This decline in value negatively affects an economy by creating instabilities in exchange rates, meaning that one unit of a certain currency no longer buys as much as it used to in another currency. To simplify the matter, we can say that from a historical perspective, crises have developed when investor expectations cause significant shifts in the value of currencies. The Role of Governments, Central Banks and Investors in a Currency Crisis Central banks in a fixed exchange rate economy can try to maintain the current fixed exchange rate by eating into the country’s foreign reserves, or letting the exchange rate fluctuate when faced with the prospect of a currency crisis. First, let’s explain why tapping into foreign reserves is a potential solution. When the market expects devaluation, downward pressure placed on the currency can really only be offset by an increase in the interest rate. In order to increase the rate, the central bank has to lower the money supply, which in turn increases demand for the currency. The bank can do this by selling off foreign reserves to create a capital outflow. When the bank sells a portion of its foreign reserves, it receives payment in the form of the domestic currency, which it holds out of circulation as an asset. Central banks cannot prop up the exchange rate for long periods due to the resulting decline in foreign reserves as well as political and economic factors, such as rising unemployment. Devaluing the currency by increasing the fixed exchange rate also results in domestic goods being cheaper than foreign goods, which boosts demand for workers and increases output. In the short run, devaluation also increases interest rates, which must be offset by the central bank through an increase in the money supply and an increase in foreign reserves. As mentioned earlier, propping up a fixed exchange rate can eat through a country’s reserves quickly, and devaluing the currency can add back reserves. Investors are well aware that a devaluation strategy can be used and can build this into their expectations, to the chagrin of central banks. If the market expects the central bank to devalue the currency (and thus increase the exchange rate), the possibility of boosting foreign reserves through an increase in aggregate demand is not realized. Instead, the central bank must use its reserves to shrink the money supply, which increases the domestic interest rate. What Causes a Currency Crisis? Anatomy of a Currency Crisis Investors will often attempt to withdraw their money en masse if there is an overall erosion in confidence of an economy’s stability. This is referred to as capital flight. Once investors have sold their domestic-currency denominated investments, they convert those investments into foreign currency. This causes the exchange rate to get even worse, resulting in a run on the currency, which can then make it nearly impossible for the country to finance its capital spending. Currency crisis predictions involve the analysis of a diverse and complex set of variables. There are a couple of common factors linking recent crises: - The countries borrowed heavily (current account deficits) - Currency values increased rapidly - Uncertainty over the government’s actions unsettled investors Let’s take a look at a few crises to see how they played out for investors: Example 1: Latin American Crisis of 1994 On December 20, 1994, the Mexican peso was devalued. The Mexican economy had improved greatly since 1982, when it last experienced upheaval, and interest rates on Mexican securities were at positive levels. Several factors contributed to the subsequent crisis: - Economic reforms from the late 1980s, which were designed to limit the country’s oft-rampant inflation, began to crack as the economy weakened. - The assassination of a Mexican presidential candidate in March of 1994 sparked fears of a currency sell off. - The central bank was sitting on an estimated $28 billion in foreign reserves, which were expected to keep the peso stable. In less than a year, the reserves were gone. - The central bank began converting short-term debt, denominated in pesos, into dollar-denominated bonds. The conversion resulted in a decrease in foreign reserves and an increase in debt. - A self-fulfilling crisis resulted when investors feared a default on debt by the government. When the government finally decided to devalue the currency in December 1994, it made major mistakes. It did not devalue the currency by a large enough amount, which showed that while still following the pegging policy, it was unwilling to take the necessary painful steps. This led foreign investors to push the peso exchange rate drastically lower, which ultimately forced the government to increase domestic interest rates to nearly 80%. This took a major toll on the country’s economic growth which also fell. The crisis was finally alleviated by an emergency loan from the U.S. Example 2: Asian Crisis of 1997 Southeast Asia was home to the “tiger” economies, and the Southeast Asian crisis. Foreign investments had poured in for years. Underdeveloped economies were experiencing rapid rates of growth and high levels of exports. The rapid growth was attributed to capital investment projects, but the overall productivity did not meet expectations. While the exact cause of the crisis is disputed, Thailand was the first to run into trouble. Much like Mexico, Thailand relied heavily on foreign debt, causing it to teeter on the brink of illiquidity. Primarily, real estate dominated investment was inefficiently managed. Huge current account deficits were maintained by the private sector, which increasingly relied on foreign investment to stay afloat. This exposed the country to a significant amount of foreign exchange risk. This risk came to a head when the U.S. increased domestic interest rates, which ultimately lowered the amount of foreign investment going into Southeast Asian economies. Suddenly, the current account deficits became a huge problem, and a financial contagion quickly developed. The Southeast Asian crisis stemmed from several key points: - As fixed exchange rates became exceedingly difficult to maintain, many Southeast Asian currencies dropped in value. - Southeast Asian economies saw a rapid increase in privately-held debt, which was bolstered in several countries by overinflated asset values. Defaults increased as foreign capital inflows dropped off. - Foreign investment may have been at least partially speculative, and investors may not have been paying close enough attention to the risks involved. Lessons Learned from Currency Crises There several key lessons from these crises: - An economy can be initially solvent and still succumb to a crisis. Having a low amount of debt is not enough to keep policies functioning or quell negative investor sentiment. - Trade surpluses and low inflation rates can diminish the extent at which a crisis impacts an economy, but in case of financial contagion, speculation limits options in the short run. - Governments will often be forced to provide liquidity to private banks, which can invest in short-term debt that will require near-term payments. If the government also invests in short-term debt, it can run through foreign reserves very quickly. - Maintaining the fixed exchange rate does not make a central bank’s policy work simply on face value. While announcing intentions to retain the peg can help, investors will ultimately look at the central bank’s ability to maintain the policy. The central bank will have to devalue in a sufficient manner in order to be credible. The Bottom Line Currency crises can come in multiple forms but are largely formed when investor sentiment and expectations do not match the economic outlooks of a country. While growth in developing countries is generally positive for the global economy, history has shown us that growth rates that are too rapid can cause instability and a higher chance of capital flight and runs on the domestic currency. Although efficient central bank management can help, predicting the route an economy will ultimately take is difficult to anticipate, thus contributing to a sustained currency crisis.” Markets endured further volatility this week in the wake of last week’s announcement of additional tariffs imposed on Chinese goods by the U.S. Fears around the worsening of the trade battle sent stocks to their worst day of the year in Monday’s trade. The -3% slide came as China retaliated against the tariffs by lowering their currency target, a move that nominally makes Chinese goods cheaper to import. China also suspended new agricultural purchases from the U.S. The heightened moves fanned investor fears. Those fears drove market futures down another -2% in overnight trading before Tuesday’s market open. However, China responded to allegations of currency manipulation by raising the target for the currency. This move calmed investors allowing stocks to recover once trading began and sending indexes higher by +1.3% on the day. Once again Wednesday morning stocks slid -2% as investors poured into the safety of U.S. Treasury bonds. But as the day wore on the selling abated. Investors bought back into stocks, reversing the early drop to bring stock indexes back to unchanged on the day. U.S. Treasury yields also came back to little change after their initial plunge. A strong report on Chinese exports overnight encouraged investors to take more risk and wade back into stocks Thursday. Markets rose +2% in a broad-based rebound. Friday brought a smaller dose of trade-related angst as President Trump indicated that upcoming trade talks with China might be cancelled. However, the closely-watched U.S. Treasury bond market signaled little new concerns with yields largely holding firm. Stocks slipped -0.7% Friday to cap a turbulent week of trading. Wild swings in markets this week culminated with the S&P 500 down only -0.34% and still above the 2900 level; and more than 3% above its low point earlier in the week. The Nasdaq 100 (QQQ) dipped -0.46%. Small-cap stocks tumbled -1.28% but closed within the tight 6% trading range they’ve been in for over six months now. Warm wishes and until next week.

A “Stock Symbol” is the symbol used by exchanges to identify the shares of one particular company. For example, AAPL is the symbol for Apple, Inc, and F is the symbol for Ford. Stock Symbols are also referred to as “Ticker Symbols” Why Do We Use “Tickers”? Most beginning investors hate tickers; wouldn’t it just be easier if we used the company names? HowTheMarketWorks tries to help this with our Smart Trade Drop-Down, where by typing the company name in the trading window, we will give you tickers that match. Click Here to try! However, lets take a look at where ticker symbols came from, and why we still use them today. Ticker machines first came into use during the 1800’s as a fast way to move news across far distances; they used telegraph lines to transmit messages electronically. However, with a telegraph machine, each letter of the message had to be speed out in Morse Code (a series of dots and dashes), read by the operator on the other end, and then typed out onto a message to be actually read by anyone. This was a time-consuming process; the longer the message, the longer it took to write, translate, and read. To speed things up, short-hand writing (the predecessor of today’s “text speak”) was invented. Famously, an old British admiral was the first person to use “OMG” as shorthand in a message to one of his collegues. For investors looking to get the latest stock prices, this was also a problem. Since there were dozens, then hundreds, of companies being traded and prices being updated every day, the longer it took to communicate a company’s price meant the whole stream of information was held up. Thus, company names were shortend down to 1-5 characters, and the first ticker symbols were born. Rise of Electronic Trading Today, the original reason for tickers is still important; computers still take time to process longer names, so shorter codes can be a lot faster when executing billions of trades per day (if you are making trades as fast as you could, it would take almost 5 times as long to write “The Coca-Cola Company” than it would “KO”). However, there is another reason why we continue to use tickers: sometimes companies have multiple “types” of stock, or multiple companies have very similar names. For example, Google has stock both under the symbol “GOOG” and “GOOGL“. These stocks are very similar, but they were issued at differnet times and have different prices, since each share representes a different “slice” of the company.

Forex trading is said to have a history that goes back to the times when the currencies were of silver and gold. The Greeks and Egyptians traded the goods and coins according to their weights and size. Later during the Roman empire, the currency was centralized under a government-run monopoly, and since then the currency trading has always existed according to the monetary policies of central banks. Forex trading has become one of the biggest, most liquid and accessible trading markets in the world. Let us look at the history of forex to understand the historical events which are responsible for shaping this market. During 6000BC, when the currencies were not introduced, people use to trade goods for other goods. The process is known as the barter system. The system started evolving when one type of goods, such as salt and spices, became a popular medium of exchange. They became the first medium of foreign exchange as the spices were shipped to diffenet regions for trade. Introduction of currency In the 6th century BC, first gold coins were produced as a new medium of exchange. Ships would now sail to trade goods in exchange for a uniformed, portable and durable mode of value. The coins were easily divisible and acceptable for any kind of goods. The only drawback was the weight and limited availability. Later in the 1800s, the gold was made into a standard, and the government would redeem an amount of paper for the value of gold. But it only lasted till World War I when Europen countries had to suspend the gold standard so that they could print more money for the war. This destroyed the gold standard, and many countries faced a recession during the years of war. The Bretton Woods System After the first and second world war ended, the US, Great Britain, and France met at the United Nations Monetary and Financial Conference. The aim of this conference was to design a new global economic order. The Bretton Woods Conference compared the currencies of several countries so that the currencies can be adjusted in accordance with each other for fair trade purpose. The US dollar was in accordance with gold as it has the most gold reserve in the world at that time, and the other countries had to transact in the US Dollar. In the 1990s, the currency markets to another lead with the introduction if the internet. The currency markets started growing much faster as compared to past trading and forex became accessible to people while sitting back at their home. Now trading became much easier and did not require any traders, brokers, or telephones. These advances in communication gave way to capitalism and globalization and individuals today have access to all the electronic communications networks used by banks and professional traders.

Rajasthan farmers can now produce solar power on their non-arable land Farmers of Rajasthan, who own uncultivable land or such land that are not used for farming, shall now be able to use his holding for setting up solar power plants and solar farms without the requirement of land conversion. Such farmers would now be permitted to sub-let his holdings for setting up of solar power projects where the provisions of the state's Tenancy Act and Land Revenue Act will not come as hindrances. Solar power producers shall also be allowed to purchase private land from Khatedar (legal land owner) for setting up of solar power plants in excess of the ceiling limit in accordance with the provisions of Ceiling Act, 1973 with the prior approval of the state government. The state government aims to achieve a target of 30 GW of solar power by 2024-25. This new policy of allowing the development of solar plants in the farm land would help the farmers in earning revenue from their unutilised land. According to the new solar power policy, farmers will be able to set up decentralised solar power plants of .5 to two Megawatt (MW) capacity on unutilised or barren land within five kms of 33/11 KV sub-stations of the state-owned power distribution company DISCOM. Thus, farmers will now be able to produce solar power which they can sell to the DISCOM. It's a landmark decision that would give a boost to solar power production and would pave the way for increased income from non-agricultural activity. "This scheme of encouraging farmers in installing solar plants or leasing out their lands for the same has a magic effect. The state government's agency, Rajasthan Renewable Energy Corporation (RREC), has received a total of 12,863 applications before the state budget. Under this scheme, the state government will assure the producers of purchasing the produced power at the rate of Rs 3.14 per unit for the next 25 years," said B D Kalla, state energy minister. Rajasthan is a leader in the country for utilising solar energy for irrigation purposes and this has resulted in increased agriculture output. Chief Minister Ashok Gehlot has visualised the need for encouraging the use of solar pumps in the villages by the farmers and in the state budget, Gehlot announced a provision of Rs 267 crore for setting up of solar pumps in the rural areas. Under the Kusum Yojana, farmers in the tribal areas are encouraged to use the solar pumps for irrigation and under this scheme, the state government gives a subsidy of 30 per cent. Gehlot announced an increase of this subsidy and the farmers of the tribal sub plan area would get Rs 45,000 as grant from the government. This would be offered initially to 5,000 farmers and the government has provided a budget of Rs 22.60 crore for it. Energy minister Kalla said that the state aims to achieve a target of 30 GW of solar power by financial year (FY) 2024-25. Of this, utility or grid-scale solar parks will account for 24 GW, distributed generation is expected to account for 4 GW, the solar rooftop will total 1 GW, and solar pumps will make up the remaining 1 GW. The state government is planning to develop 33 district headquarters as 'Green Energy Cities' in the next five years by installing 300 MW of solar rooftop systems. Net metering will be allowed for rooftop solar systems of up to 50 per cent of the capacity of the distribution transformer of the area. According to the new policy, solar rooftop systems can also be set up under the gross metering regulations as per the guidelines prescribed by the state or central government. Solar rooftop systems up to one MW capacity will be allowed under this. The state will also promote stand-alone solar systems to provide electricity to households in remote villages and solar PV pumps for pressure irrigation systems. Thus, in near future, solar power generation would become a cottage industry in the state. The policy also talks about encouraging solar projects for captive use under various scenarios and the exemption of transmission and wheeling charges and electricity duty. "The state government has floated a company -Rajasthan Solar Park development Company Ltd, a special purpose vehicle of the RERC, for the development of infrastructure and management of solar parks. RERC will develop solar parks in Rajasthan on its own or through any other SPV, which may be created as required. The state is also keen to support solar projects with storage systems like battery storage, pumped hydro storage or any other grid-interactive storage system. The DISCOMs plans to procure up to 5 per cent of their RPO target from renewable energy projects with storage systems at a tariff discovered through competitive bidding in addition to the RPO target. The state will give extra attention to the development of solar parks by the private sector. The solar power park developer will be allowed to acquire agricultural land from the titleholder for developing solar parks above the ceiling limit per the provisions of Rajasthan imposition of ceiling on Agriculture Holding Act, 1973, informed Kalla. The state is also planning to support electric vehicle charging in the state. The charging infrastructure will be developed as per the guidelines and standards issued by the Ministry of Power (MoP) and the Central Electricity Authority. The EV charging stations may be established by the state or central public sector undertakings, private operators or under the public-private partnership (PPP) models. The government aims to encourage manufacturing facilities for solar equipment in Rajasthan, leading to the development of the solar energy ecosystem and employment generation.

Factors That Influence Exchange Rates Apart from things like inflation and interest rates, the currency exchange fee is among the most crucial determinants of a country’s distant relative amount of financial health. Exchange rates play a crucial role inside a country’s amount of trade, that is crucial to most every totally free market economic system in the planet. Because of this, exchange fees are among the most watched, examined and governmentally manipulated financial measures. But exchange rates issue on a smaller scope as well: they affect the real substitution of an investor’s profile. Below, we look at several of the main forces behind exchange fee moves. Primary Factors which Influence Exchange Rates Key element TAKEAWAYS Apart from things like inflation and interest rates, the currency exchange fee is among the most crucial determinants of a country’s distant relative amount of financial health. A higher valued currency constitutes a country’s imports cheaper and the exports of its costlier in international markets. Exchange rates are family member and are conveyed as a comparability of the currencies of 2 nations. Determinants of Exchange Rates Numerous variables determine exchange rates. A number of these elements are associated with the trading connection between the 2 nations. Remember, exchange fees are family member, and are conveyed as a comparability of the currencies of 2 nations. The following are several of the primary determinants of the exchange price between 2 nations. Be aware that these elements are in no specific order; like several areas of economics, the distant relative significance of these elements is subject to debate that is much. 1. Differentials in Inflation Usually, a nation with a regularly lower inflation rate exhibits a growing currency value, as its buying power improves distant relative to other currencies. This’s additionally typically accompanied by increased interest rates. Interest fees, inflation, and exchange rates are highly correlated. By adjusting interest rates, main banks exert effect over both exchange and inflation rates, and changing interest rates influence inflation as well as currency values. Increased interest rates provide lenders in an economy a greater return distant relative to various other nations. Thus, increased interest rates attract international capital and result in the exchange rate to increase. The effect of higher interest fees is mitigated, nonetheless, in case inflation in the nation is substantially above in others, or even in case further variables work to get the currency down. The complete opposite relationship is present for reducing interest rates – that’s, lower interest rates are likely to reduce exchange rates. A debt within the present account shows the nation is spending much more on international trade than it’s making, and also it’s borrowing capital from international resources to recover the debt. Put simply, the nation demands much more international currency than it gets through product sales of exports, and also it supplies much more of its unique currency than foreigners need for its products and services. The surplus need for international currency decreases the country’s exchange speed up until household services and goods are inexpensive enough for foreigners, and overseas assets are too costly to produce sales for domestic interests. Countries are going to engage in large scale deficit funding to cover public sector tasks as well as governmental funding. While that activity induces the domestic economic climate, nations with big public debts and deficits are much less appealing to overseas investors. The explanation? A big debt encourages inflation, and also in case inflation is rather high, the debt is maintained and eventually paid off with cheaper actual dollars in the long term. In probably the worst case scenario, a federal government could print cash paying a part of a big debt, but raising the money supply predictably causes inflation. Lastly, a big debt could prove worrisome to foreigners in case they feel the nation risks defaulting on its responsibilities. Because of this, the country’s debt score (as driven by Moody’s and Standard & Poor’s, for example) is an important determinant of its exchange fee. 5. Terms of Trade Increasing terminology of industry shows’ higher need for the country’s exports. This, for turn, outcomes in growing revenues from exports, that offers increased need for the country’s currency (and a rise inside the currency’s value). In case the cost of exports goes up by a smaller price than that of the imports of its, the currency’s worth will reduce in relation to its trading associates. 6. Strong Economic Performance A land with such positive qualities will get investment money separate from various other places seen to have much more political and financial risk. Political turmoil, for instance, can easily trigger a loss in confidence in a movement and a currency of capital on the currencies of much more sound countries. The Bottom Line While exchange fees are driven by many complicated elements which usually go out of even the most seasoned economists flummoxed, investors must nonetheless have a little knowledge of just how currency values as well as exchange rates have a crucial role in the speed of go back on the investments of theirs.

A gift for math may be leading you to look into a career as a certified public accountant (CPA). A CPA is a professional accountant who has passed the CPA exam and has experience in auditing and financial management. They help companies, non-profits, or governmental departments to maintain accurate financial accounting records. Depending on what kind of organization a CPA works for, the daily routine may vary, but CPAs all need strong skills in bookkeeping. Becoming a CPA These days, accounting work is always done on computers via a variety of accounting software programs, so computer skills are another essential component of the job. If you are strong in math and computer skills and have an interest in helping businesses keep accurate records, then accounting work may be a good fit. The American Institute of CPAS (AICPA) recommends a minimum of 150 hours of college coursework in accounting before you sit for the Uniform CPA exam that you need to pass in order to get your certification. The 150 hours might be a combination of undergraduate and graduate courses. Once you’ve passed the exam, you also need to meet other work requirements prior to being licensed. Some Typical Tasks for a CPA The process to become a certified public accountant is rigorous, but it’s important that you are well-trained in accounting skills to be able to provide businesses, non-profits or other organizations with the help they need. Good accounting is essential to almost every kind of business endeavor. CPAs need to be able to track various kinds of business and financial transactions and keep books that accurately reflect an organization’s financial dealings from month to month. These sorts of disciplines help organizations maintain honesty but also help them to be more efficient and to make good financial decisions based on the information the CPA tracks and provides. A CPA’s work may be an important part of a company’s budget planning and processes. CPAs also need to be familiar with tax law and auditing so that they can help businesses to comply with the law. If you decide to work as a CPA for the government, auditing skills may be especially essential. Governmental organizations often need to conduct compliance or investigative audits. Other businesses may also need to conduct internal audits to show their investors or donors their accuracy and integrity. Some CPAs are regular employees of a company while others are self-employed and may be called in to consult, review annual reports or handle special audits. Although the detailed accounting skills of all kinds of CPAs are similar, what you do each day may well depend on who you work for. Just a few of the jobs you might work as a CPA include assurance services, forensic accounting, tax and financial planning advice, environmental or international accounting. Each of these will have different emphases. CPAs with a strong background in technology might also be called upon to work in information technology, designing and testing financial accounting and management systems for companies. Whatever type of certified public accountant you become, you can be sure of detailed and important work.

Application programming interface, popularly known as API is basically a computer-based interface that is specific for an operating system or an application. And API simplifies open programming application by hiding the instruction and implementation that runs behind and keeping the objects of the action that are important as per the developer. Applications are created with many programming languages, one of which is Java. Java is object-oriented, class-based, and just designed for having implementation that is possible. An application programming interface is used for making a number of application platforms with the help of programming language Java. A Java stock market API is used to create an application platform for stock markets. The stock market is popularly known as a share market where a number of people gathered around for the main purpose of buying and selling shares of a particular organization, whether private or public. Buying and selling of these shares of an organization represent the ownership of the buyer in the company. The stocks can include either the securities of the organization or the shares that are to be traded privately in the stock exchange market. The stocks can be traded either through the stock markets can be traded online through the Java stock market API. One can also have a look at the fluctuations occurring in the share market, just with the help of an application programming interface. Does the stock market application show every fluctuation in the market just as a live stream? Steps of a stock market API: - For the benefits of a stock market application programming interface, one has just tohave to create an identification ID and fill the asked information and can enjoy all the features provided by the application. - One can have a look at all the features of a Java stock market API by just creating an identification ID. A user can have a look at the market fluctuations of shares in the share market of any company. One can also, i.e.,buying and selling of shares of the company e provided one has to pay the brokerage amount to the online broker. Benefits of using stock market API: - Stock market apps are easy to use- stock market application makes it easy for a person to let one understand the fluctuation graph, the rise, and loss off the market even for an average person. In addition, these applications also have tutorials of their own in their application. - Makes convenient to trade- these applications help persons to use and trade the shares conveniently because these are safe and secure in terms related to payment. - Shows good investment company- these applications help the users to invest or trade shares of the company where the user wants to invest. In addition to this, they show a number of good companies at the top of the list in which one can invest in a trade share. This is a single shop for any user where they can find the complete details of the company to let the user decide where to invest and where not to.

Estimated Reading Time: 2 min 20 sec With the GDPR in effect from 25th May, all organizations operating within the EU will have to comply with it, including those who use blockchain to store personal data. But, it’s easier said than done. For all of its potentials, Blockchain brings up some crucial challenges under the new legislation. Although consensus seems to be that blockchain is deep down incompatible with the GDPR compliance, experts believe that it depends on how you use (define) ‘blockchain.’ If you are using blockchain to store personal data, the GDPR compliance will rely upon how you process it, as well as the sort of blockchain you have set up. Additionally, the system must address the two main principles of the GDPR: data protection rights (people should be able to ask for their data removal) and accountability (there has to be data processors and controllers). A startup is thinking to launch a bike rental scheme through an ICO (Initial Coin Offering) campaign. So, when a person wants to rent a bike sets up an account, receives a private key, uses an exchange platform and purchases some coins. Further, he takes the coins (tokens) to a bike, checks in with his private key and enjoys his ride. When returning the bike, the implemented smart contract will process the payment. All of these transactions will get executed on a blockchain ledger. There could be two different ways to records this transaction information, which comprises personal data. The first option is an open, public blockchain, such as Bitcoin’s. In this case, anyone can download the software, as well as run it on their device(s); they may get paid for doing so. In this scenario, who should be held accountable? Although the bike rental company wrote the software, it refrains itself from touching any personal data- it means, neither it’s a processor or a controller, as per the law. The individuals managing nodes don’t have any control over the system and thus, not falling into either condition. The customer can ask for their data removal, but doing so is quite cumbersome on a public blockchain – which is probably stored in a ledger over thousands of machines. A private blockchain is the other viable option and also, the most suitable one. Instead of thousands of uncontrolled nodes, a private blockchain can be limited to a particular, controlled quantity of nodes. For instance, one in your house, one in the cloud and one stored with a third-party auditor that guarantees the solidity of the system in case of any clashes. In the sense of the accountability, the individual who ran the blockchain, and has a stored in his home, is “perhaps” the controller, while the third-party auditor and the cloud service provider can be called the processors. In addition to this, due to a controlled quantity of nodes data subject lawfulness can be made more comprehensible. However, to remove personal data, a new format of the chain (a fork) will be required. If blockchain experts and enthusiasts’ these suggestions, taken seriously, most probably, we can expect a move away from public blockchains use for business. We might expect more of a development driven towards closed, controlled, private blockchains in the coming days. ‘Crypto-anarchy’ might also see a move away. Eventually, using private blockchains, companies can go about ensuring that they adhere to the GDPR compliance. So they can benefit from such disruptive technological inventions.

In recent decades, sustainability issues have achieved space, something unknown until then in society. Environmental impact concern has grown and the problems to be taken into consideration towards a genuinely sustainable development have increased: we cannot focus on complying with an industrial unit’s emission limits for pollution anymore. It’s also necessary to manage the effects that spread from the product throughout its life cycle, as well as understand and mitigate the social risks involved. The Life Cycle Assessment (LCA) has been developed to handle the high complexity to estimate all the environmental effects in each stage of production, consumption and discarding of a product, whether it is a consumer good or service. Gil Anderi da Silva is one of the pioneers in the use of the tool in Brazil. He is an Associate Professor of the Department of Chemical Engineering (USP), with a post-doctorate degree by the Georgia Institute of Technology (EUA), and also one the founders and current president of the Brazilian Life Cycle Association (ABCV). In an exclusive interview with bluevision, Gil Anderi explained the life cycle thinking and the basics, methods and applications of LCA. Read below: Please explain the concept of the life cycle of a product or a service. When I started dealing with LCA, back in the last century, a company raised these issues, as an environmental concern, only within the walls of the factory. Its focus was the process, without minding what came before or after it. Through the evolution of the concept, it was perceived that the product should be assessed until reaching the final customer. For example, an intermediate product of the petrochemical industry is processed in another industry afterward. In other words, there is a whole course to become a finished product; we also need to think on the raw material and where it comes from. Then, the focus was on the product; however, it wasn’t enough to know the environmental impacts associated to it. Packaging beyong lifespan: post consumption solutions How does circular economy change the way we consume? Davi Bomtempo: “circular economy will affect business worldwide” To assess the related impacts, it’s been assumed that it should be noted a long production chain, from the time when the natural resource is taken, passing through a number of stages of an industrial chain until manufacturing, and that its effects continue to occur in the retailing and consumer sectors and in the final disposal. Therefore, the product’s life cycle is a set of actions since the removal of the set of elements from nature, passing through the production chain links until retailing, consumption and final destination. And there’s always the question the “boring student” asks you: why call it cycle? Because the concept originated from the idea that the start and end of the product have the same place, which is the environment. Thus, in any case, a cycle occurs. What is the application of this life cycle assessment? What kind of information and/or conclusions are possible can be drawn from this method? The approach builds the life cycle in the environment and the concern in knowing how much a product impacts the environment. The assessment has this connotation. I am among those who assert that all environmental impact on the planet is related to products. Each action through the product’s life cycle potentially causes an impact. When the first drop of oil is removed from nature, such drop will someday be a plastic part of a water bottle, which starts to be responsible for any impact in the environment. A complete LCA handles all these actions and measures how much the product is responsible for it. This is the concept; it also must be formed to become viable later. In short, this is the result: it assesses and measures environmental impacts associated to products which mostly reach the end consumer. What is the general basis of the method and the main goal when applying the LCA in a product? It’s essentially comparative. It compares the impact of two products. Years back, a manager at Braskem asked me to compare two products of the company, the PVC and the polyethylene. I told him it could not be done, since they are two intermediate products and I cannot compare the performance of both, because from the industry until the return to nature a lot will happen. I suggested to him that we could compare one meter of a PVC tube and one meter of a polyethylene tube. A study must be conducted about a product that reaches its final use. However, that comparative feature needs special care. I have seen a piece on TV saying that barbecue has more environmental impacts than using a car. It mixes data that cannot be compared. We can only compare environmental impact in products with the same function; and the purpose of the product is to meet a need or a wish of the human being. You don´t eat the car or transport yourself with a piece of meat. You must compare the need of product A and product B, as, for example, ethanol and gasoline. And it’s necessary to be clear that the comparison should not deal with comparing the energy-generating capacity of each product, but the capacity to carry a person for, I don´t know, 1,000 kilometers. In addition to proposing the comparison between two products, the LCA has other goals: environmental labeling and development of opportunities to improve the environmental performance of products. On labeling, the LCA study aims at the production of the environmental label type 3, as defined in the ISO standard, whose requirement has been increasing, mainly in the international market. I’ll give you an example of identifying opportunities. We did a study here at the time of the small plastic shopping bags, comparing them with bags of six different materials. We were scared: the green polyethylene bag provided a very different result. We looked for the data and realized that information was lagged, as they have identified the use of a type of agrotoxic already discarded and even banned from the country – and that, on the study, has greatly increased the toxicity of the soil. In this case, if the data were correct, it would be an opportunity to identify at which point there is a great impact and to change the highly impacting agrotoxic by another. How is it possible to compare different environmental questions, as the use of the soil, waste of water resources and greenhouse gas emissions, for example, for defining whether a productive format is more or less efficient than another? The result of a LCA study is usually a simple table with two columns. On the first, there is a list of environmental impact categories, such as climate changes, the ozone layer, toxicity, consumption of natural resources, acidification etc. On the second column, its rates. The first step to perform the study is to identify environmental matters. In other words, all interaction between man and nature which causes impact. I see step by step, and how much man interacts with the environment. There are three forms: removing resources from nature; throwing craps on nature; transforming the physical environment – in this case, to transform the physical environment means soil contamination in agriculture, for example. Each interaction is measured in the flow of material or energy, and there are hundreds, even thousands of environmental aspects. The method gathers everything to generate a rate. For example, all the emissions of all types of gases that cause the destruction of the ozone layer are grouped and generate an impact indicator from then on. The clean and scientific result considers 10 to 15 indicators of two products and defines the comparison using the same method for each product category. For example, if we assess dust bags in large volume, we will apply the same method to assess the plastic and paper ones. In the case of ethanol and gasoline, you compare and see that in the 15 categories, the number vary. You present what the numbers show, but it’s difficult to draw a conclusion there. Thus, the ISO norm stablishes standardization of the indicator’s table as an additional operation: it measures and weights considering global rates as reference to reach a single indicator. The problem is it has no scientific or technical basis. The relative importance that these factors enforce on categories as a whole is totally subjective. You think the most important factor is climate change, I think it is toxicity. And we both are correct. In other words, you have to be rather careful, have the study done with the same methodological bases, with assumptions clearly stated in the report and the standardization must have the same method. Thus, it’s necessary to disclose the survey results properly and not to sugarcoat it towards one side or the other. How can the LCA guide the formatting of efficient public policies, besides its utility for the production industry? In public policies, particularly in the sector of public procurements, purchases with the sustainable bias, the green, this is a much-debated topic. Cetesb, in the state of São Paulo, works a lot on this. However, it’s complicated to analyze because it follows governance rules based on other requirements besides the LCA. Thus, there’s some difficulty when setting a standard. And particularly, the LCA has its difficulties with data interpretation, which makes it difficult to implement it as a public policy in Brazil. However, it works well as a guide. Worldwide, the WTO accepts the compliance with the international technical standards and this has changed all the international market. In Brazil, the ISO standard is not mandatory, but Inmetro and Fundação Vanzolini already have programs that produce labelling analysis of type 3. Abroad, more advances have been made already. France and Germany have done a lot of thing. The US has an interesting program that sends information for an app in which consumers can choose, based on the LCA, what interests them most on the market shelf. Can the LCA methodology be used along with the cradle-to-cradle method being additional to one another or are they opposite formats? How do they contribute to promote circular economy? I was in a congress once and asked two specialists in circular economy about the difference between it, the cradle-to-cradle and the industrial ecology. And they couldn’t point out. Listen, I agree with everything that involves the decrease of environmental impact. However, I believe that, although the economic factor is important, it should not be treated as a priority. In my view, the sustainability tripod should have only two bases: environmental and social. The way I see it, cradle-to-cradle reuses residues which some step of the chain will dispose and use them in another step. There’s no such thing as zero pollution, but the more crap we can avoid in the environment, the more nature will be thankful. It seems that techniques such as the circular economy do this. However, I can’t see innovation. When we talk about life cycle, we think the cradle and the grave are the same environment. In other words, nature. Thus, cradle-to-cradle means the same. The idea is to take advantage and transform residues in supplies from the same production chain, or from another. The LCA is the technique which better provides information: it handles all the system, has specific cutouts and indicates the routes to problem-solving. However, it has nothing to say. Content published in May 8, 2019

The passage of the Federal Accountability Act (FAA) is the federal government’s most recent effort to create a more accountable system of government in Ottawa. While there is still some debate about the effectiveness of the legislation, the FAA reflects a growing interest on the part of lawmakers to bring government more closely under the scrutiny of parliamentarians. While campaigning for more accountability is good politics, it remains to be seen whether the creation of eight new parliamentary agencies (with their own separate budgets and reporting mechanisms) will result in more accountability. In fact, there is already some evidence that the weight of the new reporting requirements may swamp already overloaded members of parliament with more reports than they are capable of reading. Regardless of the FAA’s particular features, experience demonstrates that the most effective accountability regime revolves around the way in which the legislatures scrutinize government expenditures. At the heart of the process is the need for the government to produce comprehensive information about spending intentions that can be examined, evaluated and approved by the legislature. High quality and detailed information are the key elements for any reliable reporting system, but given the scale and complexity of the federal government, disaggregated data is crucial in holding ministers to account. The budget of $222 billion is spent in more than 200 departments and agencies, by 250,000 fulltime employees administering 400 programs through 1,600 points of service. Over the past five years, Treasury Board Secretariat has been assembling the elements of a comprehensive expenditure management system. In essence, the expenditure cycle begins each year with a budget that is usually tabled about six weeks before the beginning of the April 1st fiscal year. The budget has two main functions. First, it identifies the broad spending priorities of the government and, second, it indicates how the government intends to collect and raise taxpayers’ money to finance these priorities. The Estimates provide more detail, describing the total voted and statutory expenditures of the government as well as those of individual departments and agencies. The Reports on Plans and Priorities (RPPs) describe the individual expenditure plans for each department and agency and the Departmental Performance Reports (DPRs) report on the achieved results against the planned performance expectations for the previous fiscal year. Each of the three levels adds more detail. The final element in the expenditure management system is an annual report, now in its seventh year, that provides parliamentarians with an accounting of how well the country is performing in 13 crucial areas, and what the government’s contribution is to these results. This year the report was released in December without any fanfare or advance notice. This is unfortunate for two reasons. First, accountability regimes depend on developing a public consensus on the effectiveness of government spending. Second, Canada’s performance in 2006 is worth bragging about. Of the 30 indicators used by the Treasury Board 16 show a marked improvement (e.g., employment, GDP), ten of the indicators show no change and four of the indicators suggest that Canada is doing less well than previously (innovation, air quality, greenhouse gas emissions, and biodiversity). TBS has done a good job getting parliamentarians better informed. They have made many new improvements that allow parliamentarians and interested citizens to drill deep into the data to learn more about program spending and its effectiveness. At this point, TBS has developed a very workable framework that needs to be field tested by parliamentarians. At the same time, there are a number of things that could be done to improve the likelihood that this elaborate reporting system will be used for its intended purposes. First, the government should follow up on the observation by the current president of the Treasury Board, Vic Toews, that “the present culture of over-control does nothing to strengthen accountability.” Indeed, the “current web of rules serves only to confuse accountability and frustrate managers and recipients alike” and needs to be scaled back. Second, extend the current paper burden exercise to parliament by looking at the volume of material and information and, more important, the way in which its data are packaged for parliamentarians. Third, educate MPs on how to use the information that is provided to their offices and the role that members can play in holding the government to account that goes beyond the usual partisan attacks on the integrity of members. Fourth, encourage parliamentary committees to schedule more time for the tabling of government estimates and the departmental reports. Finally, provide MPs with more qualified staff who might become experts in government expenditures. David Zussman holds the Jarislowsky Chair in Public Sector Management in the Graduate School of Public and International Affairs and the Telfer School of Management at the University of Ottawa (email@example.com).

This November, global trade took a leap into the 21st century. Cargill just teamed with HSBC bank and R3, the blockchain company, in the world’s first all-blockchain trade-finance transaction. The shipment was a load of soybeans traveling from Argentina to Malaysia. And the paperwork took only 24 hours to process. That may seem slow to consumers used to PayPal and Amazon transactions. But the documents that travel with an international cargo like that normally take three to five days. Maps of world trade routes make it look simple. Iron ore goes by ship from Brazil to China… bananas meet the boat in Ecuador and head to Italy… diamonds take the plane from Africa to India. But the documentation that controls those supply chains is a hot mess. For instance, if the bill of lading says the shipment is soybeans but the cargo is actually soybean meal, everything stops until the records are straightened out. That may involve translating documents into several languages and tracking them through multiple countries. Every shipment requires export and import licenses, bills of lading, permissions, stamps, certificates of origin, inspection documents, packing lists, proof of insurance, bills of sale, tax stamps, letters of credit and invoices that vary from country to country and cargo to cargo. Cargill, the food giant that would rank #15 in the Fortune 500 if it were a public company has big hopes that blockchain technology can tame its supply chain management. Faster, Safer, Cleaner Blockchain is a data management system that came to public notice alongside cryptocurrencies. For a long time, anyone who wanted to invest in it had little choice but to buy Bitcoin or some other crypto. But blockchain is to cryptocurrencies like electricity was to the first light bulb. Originally people installed electricity to get lights, but it was always capable of much more. Blockchain began as a way to handle transactions for Bitcoin, but that is turning out to be one of its least important uses. Anything that requires a permanent record or data handling is a potential candidate. Blockchain is particularly strong where trust is important and the parties are not on a handshake basis. It seems to have been invented for the food industry in particular. That’s why Walmart was one of the first major companies to pioneer in testing blockchain data systems. Walmart is now one of the world’s largest grocers. When a food-borne illness breaks out, the company wants to be able to find every affected unit, where it came from, which factory processed it, which distributor carried it, where it was sold, and what’s left on the shelf. Immediately. This year, Walmart instituted a new system that will require every supplier of lettuce or spinach to enter data into the company’s blockchain system. That way if an outbreak of e. coli or other problem develops, lettuce can be traced to its source within minutes. Conscience Follows Data Like Walmart, the organic and sustainable food movements have a lot to gain from using blockchain programming for their records. As the Financial Times recently observed, blockchain can assure consumers that “the free-range egg they had for breakfast did not originate from a factory farm and that palm oil in their biscuits is not produced by child labour [sic].” Wyoming ranchers are now registering calves via blockchain so they can prove their beef comes from open-range cattle. Organic foods may be a health concern, but many consumers also do not want to buy products that relied on slave or child labor, organic or not. That’s an issue for the electric car industry because of the batteries that contain cobalt. The Democratic Republic of Congo is the world’s largest source of cobalt. And it is notorious for using child labor under horrific conditions. The diamond industry has a lot to live down as well. But DeBeers is testing digital blockchain tracking to ensure the diamonds it sells are ethically sourced from small miners in Sierra Leone. Investing in Blockchain Is Still Hard There is probably no technology that has a bigger blue sky potential than blockchain. R3 would be the obvious choice for investors as it serves big-name financial companies. But it was never public and now there are rumors the startup is running out of money. Among consulting companies handling large blockchain installations and advice, DeLoitte is the leader. It, too, is not a public company. That leaves dozens of cryptocurrency firms. But investments in them are actually speculations on their alternative moneys, not truly an investment in blockchain. Several public companies, however, are very much involved in this new technology, starting with IBM. And perhaps, for now, ending with IBM. Several startups have promised to bring blockchain to the stock market where we can all profit. Long Blockchain (Formerly Long Island Ice Tea) went from $4 to 16 cents. BTC from $14 to $1.44. Riot, aptly named, was indeed calamitous as it nosedived from $32 to $1.84. There’s a lesson in that. Sooner or later there will be a great blockchain investment. But it probably won’t be a penny stock or out-of-nowhere startup. It will be an IT business or even IBM, a company that’s already expertly run with a longtime geek pedigree.

Texas has gone through quite a transformation in the past 10 years. Its population grew 15 percent to just under 30 million people. During the same time frame, the total gross domestic product grew 46 percent — with 2019’s total yet to be fully calculated. Each of these metrics reflects the growth and prosperity the Lone Star State has experienced and sustained over the last decade and beyond. But the most reflective measure of Texas’ success may very well be through the scope of its energy industry. From 2010 to 2018, Texas increased its power generation by nearly 16 percent — a numerical increase of over 65 million Gigawatts. In comparison, the rest of the United States saw a decrease during the same timeframe of 15 million Gigawatts. During that same time frame, the average price dropped .86 cents per kilowatt-hour as the number of customers in Texas increased by 1.7 million. For comparison, the average price in the United States increased by .70 cents per kilowatt-hour as the number of customers increased by 9.2 million. The increased affordability of electricity in Texas was driven in part by the increase in fuel extraction efficiency. For natural gas, from 2010 to 2018 the number of producing wells decreased by a few thousand while production increased 1.25 trillion mcf (thousands of cubic feet). Gas production from January to September of this year is already 32 percent higher than the same time frame from last year. Wind energy has also experienced its own boom. A 188 percent increase from wind energy over the past 10 years has it providing 20 percent of our electricity (this does not include the other, not electrical ways energy powers our lives) in Texas. This year, from January to October, electricity generated from wind is 11 percent higher than that same period in 2018. Texas does have a “Renewable Generation Requirement” — a minimum amount of renewable energy production — but the current production has far surpassed the threshold. All the while production has increased drastically this decade in Texas, emissions from the energy sector have decreased. From 2010 to 2018, carbon dioxide emissions decreased 8 percent, nitrogen oxide gas emissions dropped 16 percent, and sulfur dioxide emissions decreased a whopping 53 percent. Meanwhile, Texas’ energy sector employment grew 32 percent and today, Texas accounts for over one-third of American energy jobs. Based on the best approximation available from the Texas Comptroller’s Office, Texas’ energy industry amounts to 15 percent of the state’s real GDP (inflation-adjusted). That’s about a 77 percent increase in energy sector real GDP from 2010 to 2018. In the same time, Texas’ overall GDP grew by 31 percent. The story behind this prosperous decade is not solely organic. A few notable things happened to buttress the trend. Don Hooper, president of Soar Energy in Houston, told The Texan, “The most significant contributor is the lifting of the crude oil export ban.” Since 1975, America had barred exporting oil abroad. It was established in response to an OPEC embargo on exports to the U.S., which caused the oil crisis of 1973 — most notably causing automobile gasoline prices to spike. Back when the U.S. was not the staunch energy producer it is today, it chose to appease the powerful OPEC and end the crisis. The United States’ ban lasted until 2015 when President Obama and former House Speaker Paul Ryan (R-WI) added the ban’s repeal as a rider into the spending bill. Since then, it’s been full speed ahead exporting our black gold to the rest of the globe. Hooper recalled this monumental moment for the industry and described how then-Speaker Ryan called his colleague while they were at dinner together, asking what should be added to the continuing resolution. The lifting of the export ban was (somewhat jokingly) proposed, and much to the surprise of Hooper, the request was granted. Ed Longanecker, president of Texas Independent Producers & Royalty Owners Association (TIPRO), echoed Hooper, saying, “This bi-partisan policy accomplishment enabled many significant milestones to come to fruition in recent years, including the U.S. officially becoming the world’s largest producer of oil and natural gas, with Texas accounting for 40 percent and 25 percent, respectively.” Without the repeal, Longanecker emphasized, Texas and U.S. production would be “half of current oil production rates, greatly diminishing the industry’s economic impact and achievements made with regard to national security.” Another aspect Longanecker pointed to is Texas’ steady liquefied-natural gas (LNG) business. He marked the first LNG shipment from Cheniere Energy’s Corpus Christi facility in 2018 as a major milestone. Since then, Germany has opened up its energy market to American gas companies and former U.S. Energy Secretary Rick Perry secured a 24-year partnership with Poland to ween them off Russia’s gas supply. Increasing usage of LNG, Longanecker notes, has resulted in a drastic decrease in emissions. This comes from choosing lower-emission LNG over high-emission sources such as coal. Spearheading both the oil and gas production booms are stark technological drilling improvements. The main improvement has been through efficiency. And extracting higher quality oil is made possible by improved techniques. Through the latter half of the decade, Texas is producing 97 percent more 40.1 to 50.0 degrees API gravity crude as opposed to 67 percent more 30.1 to 40.0 degrees. API gravity indicates the proportion of light hydrocarbons as opposed to heavy in the oil extracted. Hooper pointed to this as another measure for the improving oil industry. Additionally, from the beginning of the decade to the end higher quantities have been able to be extracted both from improved mapping and drilling techniques. Hooper stated, “In 2009 and 2010 we were producing on average about 800 to 900 barrels per day. This year, the same type of well produces around 2900 barrels per day.” That’s a 241 percent increase from the beginning to the end of the decade. One such innovation was the realization that while fracking, if the well was “porpoised” (moving the drill and piping up and down in a horizontal well), production would decrease 50 percent. According to Hooper, avoiding porpoised wells has led to significantly improved production. As for wind energy, Jeff Clark, president of the Advanced Power Alliance, stated, “The last decade has been one of rapid expansion.” He credited former Governor George Bush for providing the wind power vision which has since been carried out. “Communities that were previously unfamiliar with wind energy are now looking to it as an economic development opportunity — something that was not there even a decade ago,” Clark continued. Clark also mentioned the partnership between the renewable industry and oil and gas’ has greatly improved — allowing the two to complement one another. Oil and gas companies are more and more using wind energy to power large parts of their operations such as drilling. He also cited the federal renewable tax credit, a subsidy that has long been the backbone of the industry. The Renewable Electricity Production Tax Credit (PTC) provides an incentive to companies expanding their wind power capacity. But Clark sees rapid technological advancement phasing out the need for incentives. Specifically, he pointed to “taller towers, more advanced blade technology, and larger generators inside the turbines” as drivers of this trend for wind. “Wind and solar are becoming increasingly competitive without incentives, but we live in a world where every form of energy has some sort of incentive or subsidy,” Clark added. Not all rainbows and sunshine, Texas’ energy sector has ended the decade with a slight regression in employment. Going into the next decade, Brent Bennett — a policy analyst at the Texas Public Policy Foundation’s Life:Powered project — is looking at the significant growth from this past decade and analyzing whether the forecasts derived from the growth will come true. Currently, oil and gas industry forecasts project even more growth and expansion — specifically stemming from trade. For example, Texas has six new LNG export facilities planned for construction, increasing the export capacity to 10 billion cubic feet per day. Bennett posited, “How much of that is going to get built and how quickly?” “That and global demand are really going to determine what our production is [next decade],” he added. On the wind energy side, pointing to the power emergencies this past summer attributed to reliability issues, Bennett asked, “When are things going to break?” “Our electricity demand is rising two percent per year, but we’re still not planning on increasing our fossil fuel capacity in the foreseeable future,” he added. “ERCOT (Electric Reliability Council of Texas) believes enough wind power will be generated to cover the increase, but history has not been kind to those predictions.” Longanecker also pointed to the outcome of the trade war with China as something that will have a potentially profound effect on the American and Texas energy industry. From an energy perspective, Texas is emerging from the greatest decade in its history. Continued growth looks to be the trajectory going forward. But, as the old saying goes, “Nothing in life is guaranteed except death and taxes.” Disclosure: Unlike almost every other media outlet, The Texan is not beholden to any special interests, does not apply for any type of state or federal funding, and relies exclusively on its readers for financial support. If you’d like to become one of the people we’re financially accountable to, click here to subscribe. Brad Johnson is an Ohio native who graduated from the University of Cincinnati in 2017. He is an avid sports fan who most enjoys watching his favorite teams continue their title drought throughout his cognizant lifetime. In his free time, you may find Brad watching and quoting Monty Python productions.

What is an Advisory Board? In the most practical terms, an Advisory Board is a… What’s the difference between an Advisory Board and a Board of Directors? You would be forgiven for thinking an Advisory Board and a board of directors were one and the same. However, while each type of board provides valuable strategic business insights, the two structures perform different functions. Let’s explore the key differences between a board of directors and an Advisory Board. The Role of a Board of Directors A board of directors (or Governance Board) is a group of individuals who are legally responsible for the governance, control, direction and management of an organisation. Legislations and regulations are in place to set out the responsibilities and liabilities of a board of directors and these rules can vary from state to state or country to country. Members of a board of directors are elected by business shareholders to make decisions on their behalf. They are accountable for the performance of the organisation in line with its goals and objectives and will meet at regular intervals to provide general business oversight and to set corporate policies. Directors have a fiduciary duty to govern the organisation on behalf of the shareholders or members of the company, and their decisions are binding both personally and on behalf of the business. While the number and composition of members on a board of directors can vary, a board of directors will typically comprise a combination of executive managers from within the business, along with external, independent directors who can provide an objective and impartial perspective. A board of directors typically meets on a monthly basis with interim activities and discussions between meetings. The Role of an Advisory Board An Advisory Board is a group of individuals who are appointed by an organisation to provide specialist or strategic advice to help solve a range of difficult or complex business problems. An Advisory Board will typically comprise of key business representatives, an independent Chair and carefully selected external professionals (Advisors) who are appointed based on the specialist knowledge or technical expertise they can provide to help solve a range of challenges the business may be facing. Unlike a board of directors, the members of an Advisory Board are not authorised to act or make binding decisions on behalf of the organisation and they do not have any fiduciary responsibility. Advisory Boards are not legislated or regulated by the Corporations Act or any corporate governance codes within Australia. Advisory Boards generally meet on a semi-regular basis several times per year to support or compliment the businesses existing corporate structure. A well-structured Advisory Board built on a best practice foundation includes a Charter to set out the terms of reference for the Advisory Board structure, participation and operations. The reasons a business utilises an Advisory Board can vary significantly—it could be to provide advice on how to grow the business, manage a significant transition, help the business handle a major crisis, expand into new markets or tackle a specific business problem. By providing access to specialist expertise a business wouldn’t normally have access to, an Advisory Board utilises a combination of critical thinking, robust analysis and strategic insights to ensure the business owner, executives or directors are adequately informed when making key business and strategic decisions. How is an Advisory Board appointed? Advisory Board members are usually appointed by: - directly contacting members of the business community to request their assistance, or - reaching out to a professional body such as the Advisory Board Centre. In contrast to the often rigidly defined terms for board of directors, Advisory Board appointments are typically flexible to allow for the make-up of the Advisory Board members to shift and change over time to meet the needs of the organisation. How can the Advisory Board Centre help? The Advisory Board Centre is an independent professional body for the Advisory sector. The Centre was founded to support and improve the effectiveness of the global Advisory Board sector, including the professionals who fulfill an Advisory function and organisations for whom they serve. We provide education programs for organisations, certification for Advisors and the complimentary Advisor Concierge service. If you are exploring an Advisory Board for your organisation or considering joining an Advisory Board as a member, the ABF101 Advisory Board Best Practice Framework™ is a helpful resource.

How Blockchain Works Infographic. This post gives you the basic son how the blockchain works. The blockchain is a technology that allows people who don’t know each other to trust a shared record of events. Bank of England How Blockchain Works. Contracts, transactions, and their associated records are engrained in our economic, legal, and political systems. They protect assets and set boundaries for both organisations and people. These records are at the heart of our individual identity and establish trust between agents. These critical tools that up to now have been centralised and restricted to the boundaries of individual organisations are now about to be transformed. In a digital world, the way we regulate and maintain administrative control has to change. Assets are increasingly dispersed and networked. Speed is also needed as traditional methods are longer in tune with the pace of digital transactions. Blockchain technology promises to solve this problem. The blockchain technology was originally conceived with the creation of the bitcoin. Even though other virtual currencies have been developed it is the underlying technology, the blockchain that has ignited the imagination of entrepreneurs and investors. The blockchain is a distributed ledger that can record transactions between two parties efficiently and verify them. The ledger itself can also be programmed to trigger transactions automatically, which if you notice is a key aspect of the Internet of Things. But more on that in another article. How blockchain works infographic describes the basic processes. Many blockchain primers and infographics dive into the cryptography, trying to explain to lay people how “consensus algorithms”, “hash functions” and digital signatures all work. WHAT IS BLOCKCHAIN? Blockchain is an algorithm that sits on a distributed data structure for managing electronic cash without any central administration. In other words people do not know nothing about one another. As with all transactions therefore trust is critical. Originally designed for the crypto-currency Bitcoin, the blockchain architecture was spawned by the desire to avoid (government-guaranteed) money and bank-controlled payments, and their associated charges. The main problem with any e-cash system is the threat of Double Spend. Electronic money is just data. Potentially person could spend it twice. Blockchain solves the Double Spend problem without a digital reserve fund or similar form of central control. Blockchain monitors and verifies transactions by calling upon a de-centralised network of nodes which vote on the order in which transactions occur. As a result the network’s algorithm verifies that each transaction is unique. Once a majority of nodes reaches consensus that all transactions in the recent past are unique (that is, not double spent), they are cryptographically sealed into a block. Each new block is linked to previously sealed blocks to create a chain of accepted history, thereby preserving a verified record of every spend. For a great way to understand the disruptive potential of the blockchain watch this Ted Talk.

What Is a Japanese Government Bonds (JGB)? Japanese Government Bond (JGB) is a bond issued by the government of Japan. The government pays interest on the bond until the maturity date. At the maturity date, the full price of the bond is returned to the bondholder. Japanese government bonds play a key role in the financial securities market in Japan. - Japanese government bonds (JGBs) are bonds issued by the Japanese government and has become a key part of the country's central bank efforts to boost inflation. - There are three key types of JGBs—general bonds, Fiscal Investment and Loan Program bonds, and subsidy bonds. - JGBs are similar to U.S. Treasuries in that they are backed by the federal government and low-risk. Understanding Japanese Government Bonds (JGBs) Japanese government bonds (JGBs) have various maturities ranging from 6 months to 40 years. Its short-term bonds with maturity dates of one year or less are issued at a discount to par and are structured as zero-coupon bonds. However, at maturity, the value of the bond can be redeemed at its full face value. Its medium- to long-term bonds have fixed coupon payments, which are determined at the time of issuance and are paid on a semi-annual basis until the security matures. There are three kinds of Japanese government bonds (JGBs): - General bonds, such as construction bonds and debt financing bonds. - Fiscal Investment and Loan Program (FILP) bonds, which can be used to raise funds for the investment of the Fiscal Loan Fund. - Subsidy bonds. A decline in liquidity in the JGB market has been observed in recent years due to the aggressive monetary actions of the central bank—The Bank of Japan (BoJ). Since 2013, the Bank of Japan has been buying up billions of dollars of Japanese government bonds, flooding the economy with cash in an effort to propel the country’s low annual inflation rate toward its 2% target by keeping long-term interest rates at around 0%. To maintain the yield on 10-year JGBs at zero, a rise in the yield of these bonds triggers a buy action from the BoJ. As of 2019, the central bank owns over 40% of Japanese government bonds. There is an inverse relationship between interest rates and bond prices, which are dictated by supply and demand in the markets. Heavy buying of JGBs increases demand for the bonds, which leads to an increase in the price of the bonds. The price increase forces down the bond yield, an essential element of the central bank’s ultra-loose yield curve control (YCC) policy, which was designed to help increase the profits that Japanese banks could earn from lending money. The Bank of Japan implemented the yield curve control in 2016 in an effort to keep the yield on its 10-year JGB at zero and to steepen the yield curve. The yield curve steepens when the spread between short-term interest rates, which are negative in Japan, and long term rates increase. The wider spread in interest rates creates opportunities to arbitrage profits, which is advantageous for banks in Japan. Japanese Government Bonds (JGBs) vs. U.S. Treasuries Japanese government bonds (JGBs) are very much like U.S. Treasury securities. They are fully backed by the Japanese government, making them a very popular investment among low-risk investors and a useful investment among high-risk investors as a way to balance the risk factor of their portfolios. Like U.S. savings bonds, they have high levels of credit and liquidity, which further adds to their popularity. Furthermore, the price and yield at which JGBs trade is used as a benchmark against which other riskier debt in the country is valued.

We don’t hear much about the benefits of solar power as a water saver, but solar and other renewables will be critical in providing a steady flow of energy as major droughts become common. “The future of energy production in the US for the next decades is being decided today,” notes Jigar Shah, founder and former CEO of Sun Edison and a partner at investment fund Inerjys. “Over 70,000 MWs of coal being retired by 2020, and it will be replaced by natural gas, renewables and energy efficiency. Climate change and droughts are forcing public service commissions to take water use into account when planning that future. Given the water scarcity we will be facing, renewables and energy efficiency are leading the way.” While power plants consume only 4% of our freshwater supplies, they use more than 40% of US freshwater resources for cooling and send it back into lakes and rivers . Each day, big centralized coal-fired, natural gas and nuclear plants use more than 60 billion to 170 billion gallons of freshwater from lakes, rivers and aquifers for cooling. Coal-fired energy plants are responsible for 67 percent of those withdrawals. It requires more water, on average, to generate the electricity that lights our rooms, powers our computers and TVs, and runs our household appliances, than the total amount of water we use insides our homes everyday. These “water hogs” power plants have not been built to adapt to water scarcity. The heat waves and drought that hit the US in 2011 and 2012 shined a harsh light on the vulnerability of its fossil fuel-powered electricity infrastructure. In 2011, Texas power plant operators trucked in water from remote sites to keep their plants running. During the summer of 2012, power plants through the US, including the Midwest and Northeast, were forced to reduce operations or shut down. Seven Midwest nuclear and coal plants received permission to put aside environmental regulations and discharge warmer cooling waters that damage water ecosystems. The US Energy Information Administration (EIA) projects that the US will continue to rely on massive supplies of freshwater for energy as natural gas replace coal-fired energy plants. EIA projections chart limited growth in renewable energy and marginal energy efficiency (see the chart below). However, the National Renewable Energy Laboratory’s Regional Energy Deployment System (ReEDS) has developed a model that considers a bigger role for low-carbon electricity sources and charts their impact for freshwater requirements through 2050. The 2012 report, “The Water Implications of Generating Electricity,” evaluates different water sources and the water requirements of current portfolio of electricity generating plants technologies in the US. The report contrasts the EIA scenario with others, including one scenario (below), the report assumes aggressive deployment of energy efficient technologies and buildings. In that scenario, US electricity demand would drop 20% by 2035 and 35% by 2050 versus the reference case, while generation from renewable energy technologies (wind, solar, geothermal, biomass and hydropower) would increase from 10% in 2010 to 50% in 2035 and 80% by 2050. The report estimates that aggressive implementation of renewable energy and energy efficiency would save 1.1 trillion gallons of water per year. More importantly, however, this wide base of decentralized energy that would be independent of water supply would ensure energy resilience during the droughts and water scarcity shocks that we expect in the future. The short-term future of water will include scarcity shocks. We don’t know where they will hit, but it only takes another dry summer to bring on a more brutal season of plant shut downs and energy brown outs. In the aftermath, the cost of water-intensive fossil fuel energy will be much clearer.

Cities in NEW ZEALAND More than half of New Zealand's total land area is used as an agricultural or pasture land. The economy of a modern country like New Zealand is therefore highly dependent on a small number of agricultural products, in particular wool, meat and butter. Yet just under 7% of the workforce works in this agricultural sector, which accounts for more than 50% of export earnings (2017). The transition to a more industrial society is almost impossible due to the relatively small domestic market and the great distance from overseas markets. However, since 1984, the government has been trying to turn the agricultural economy, which is largely dependent on the British market, into a more industrialized, free market economy that can compete globally. In any case, this approach has resulted in an increase in per capita income and an improvement in the technological capacities of the industrial sector. The inflation rate was also contained and among the lowest in the industrialized world (2013: 1.9%). However, the economic future remains uncertain due to the high dependence on the economic situation in Asia, Europe and the United States. In 2017, the Gross National Product was $ 189 billion, that is, $ 39,000 per capita. Economic growth was 3% in 2017. Although access to the European Community has become more difficult, New Zealand has managed to increase exports to Asian countries, the Middle East and the United States, leaving a trade surplus. In 2017, 4.7% of the labor force were unemployed. The share among the Maori population is three times as large. Agriculture, livestock farming, fishing and forestry Livestock farming is the most important sector in agriculture, with approximately 9 million cattle. The dairy farms and the companies with intensive sheep and beef cattle farming are mainly located on the North Island. New Zealand is one of the world's largest exporters of lamb and mutton. Extensive sheep farming in the highlands of the South Island mainly serves for wool production. New Zealand is the third wool producing and second wool exporting country in the world. There are about 50 million sheep and there are companies that have more than 12,000 sheep. The crop yield, which mainly focuses on the cultivation of grain, oats, barley, potatoes, vegetables, fruit and tobacco, fully covers domestic demand. Special products include the "kumara", a sweet potato that only grows on the North Island and "tamarillos", a type of fleshy tomatoes. Nashis is a cross between an apple and a pear. Important export products are kiwis, which were once imported themselves, passion fruit, apples and pears. For the domestic market, oranges, limes, cherries, plums and apricots are grown. The rich fishing grounds around New Zealand, which also include oysters, lobster and mussels, have been exploited considerably more professionally since the 200-mile zone was established. An annual quota system ensures that the different fish species are managed responsibly. Fish farms are also on the rise. A quarter of New Zealand's surface is covered with forests (which used to be 80%), which increasingly supply raw materials for the timber industry. The wood industry exports, among other things, wood, wood pulp, paper and veneer. Mining, industry and energy New Zealand's major resources are coal, natural gas, gold, silver and limestone. The six natural gas fields cover a large part of the energy demand, but these fields are expected to produce less in the future. A number of oil fields have also been put into production in the Tasman Sea. Industry employs 20% of the workforce and this sector contributes 21.5% to GNP (2017). People mainly work in small and medium-sized companies and heavy industry is rare. Industry accounts for approximately 25% of total exports. Important branches of industry are: metal and machine industry, the wood, cellulose, furniture and paper industry, the leather and upholstery industry and the food industry. Bluff on the South Island is home to the largest aluminum smelter in the Southern Hemisphere. Power generation and supply are government-owned and provided by hydropower and geothermal power plants. The country has great hydropower potential due to the numerous rivers and lakes. Three quarters of the electricity is generated by hydropower. Solar and wind energy are also becoming increasingly important. Agricultural exports are still the main source of income. Main export products are therefore livestock, meat and meat products, wool, butter, pulp, paper, cheese, skins and skins. In 2017, exports amounted to $ 37.4 billion and the main customers are: Japan, Australia, China and the United States. Imports are mainly machines and transport equipment, fuels and chemicals. In 2017, $ 39.7 billion was imported. Main suppliers are: China, Australia, Japan, the United States and Germany. New Zealand has an extensive road network (in total 100,000 km) in both North and South Island. It is noteworthy that New Zealand has 15,800 bridges. The rail network (4,273 km) connects the main population centers and is privatized in 1990 by New Zealand Rail Ltd. operated, which also maintains an extensive bus network. Maritime shipping is very important to the economy of New Zealand. The main ports are: Whangarei, Wellington, Auckland, Picton, Lyttelton and Taurange. Aviation is indispensable for domestic traffic due to the large distances that sometimes have to be covered. Many small private airlines, Air New Zealand and air taxi services maintain the connections. International air traffic is maintained by Air New Zealand and numerous foreign airlines. International airports exist in Auckland, Christchurch and Wellington. Driessen, J. / Reishandboek Nieuw-Zeeland Gebauer, B. / Nieuw-Zeeland Gebauer, B. / Nieuw-Zeeland Hanna, N. / Nieuw-Zeeland Harper, L. / New Zealand Te gast in Nieuw-Zeeland Williams, J. / New Zealand CIA - World Factbook Copyright: Team Landenweb

There has been a lot of talk (here, here, here, here, here, and here) about the a potential National government taking on debt for infrastructural investment. Now I’ve got no problem with this, and Roger J Kerr says here we could view it as an intergenerational issue – borrowing allows us the stagger the cost of the capital over time in the same way that the benefits from the capital investment occur over time. Furthermore, borrowing allows us to fund expenditure that provides economic growth, without having to introduce taxes that limit this growth (although note that future taxes would have to be higher to pay for the borrowing – so we only have a net benefit if growth stemming from the capital investment exceeds the cost of the eventual tax increase!). However, there are a couple of issue that I hope any government will remember before going into debt to build up infrastructure. - Only the “right sort” of investment will be beneficial. Fundamentally, the rate of return must be high enough to justify the debt AND the government must be aware of how their investment activity will crowd out private investment. - Ultimately the tax system still has to be balanced over the economic cycle. Right sort of investment? One of the difficulties with government investment is that they don’t see the price signals associated with the optimal level of investment, in the same way that private firms do. As a result, government’s have the propensity to over or under invest, depending on the often fluffy goals that they lay down. However, the advantage of government investment stems from their ability to improve outcomes when we have a “public good“. As private firms will underinvest in the case of public goods, then the degree of “crowding out” associated with government action is lower (it solely relies on the impact that government involvement has on the price of building inputs). So as long as the rate of return on this investment is high enough to pay for the debt, this is fine. Balanced tax system? A balanced tax system is a set of taxes where the government runs a balanced budget over each individual “economic cycle”. This does not mean that the government will always run a balanced budget – in fact, when output is above trend the government should run a surplus, and when it is below trend it should run a deficit. In this (demand driven) view of the economic cycle a surplus or deficit are not an issue – as long as it all balances in the end. This implies that the government in power needs to realise that there is no free lunch – the debt will need to be paid off in the future. If we are truly borrowing for infrastructure that is fine (given that our first requirement holds), however if we will have to, on average, borrow because spending exceeds taxes, then something has to give! Another way of viewing a balanced budget is through the lens of supply side shocks. In this case there is no real economic cycle, just a random assortment of supply shocks that give the appearance of a cycle. Here, the positive supply side shocks cause surpluses while the negative ones cause deficits and the tax system does need to adjust to put things back in order. However, from the current standpoint, we do not know whether there will be positive or negative supply shocks in the future, so the best thing to have is a balanced budget. In truth it is a mix of the demand and supply stories that describes reality – implying that the tax system should remain stable over time, until a sufficiently number of supply shocks force us to move. In a sense this is what Dr Cullen did (although he was effectively increasing taxes by not indexing the them to inflation – thereby breaking this rule!), given the level of expenditure that he wanted to put into place. As long as National takes this lesson to heart as well then I am sure that no matter which party wins the election, the government finances will remain in good order.

The accruals ratio is used by analysts to analyze the persistence and sustainability of a firm’s earnings. The closer the earnings are to operating cash flows, the higher the quality of the earnings. The main reason why earnings can be more easily manipulated than cash flows, is the fact that earnings are subject to accruals accounting. To remove this bias, analysts will disaggregate earnings into cash flows and accruals. There are two methods we can use. The first is the balance sheet approach. This allows us to calculate the balance sheet accrual ratio. The second approach is the cash flow statement approach and this approach yields the cash flow based accruals ratio. The lower either ratio, the higher the earnings quality On this page, we discuss both the balance sheet accrual formula and the cash flow based accrual ratio formula. We also implement an Excel example which can be downloaded at the bottom of this page. Balance sheet accrual ratio Let’s start with the balance sheet approach. In this case, we can measure accruals as the change in net operating assets over a certain period. - Net operating assets (NOA) is the difference between operating assets and operating liabilities - Operating assets are total assets minus cash and marketable securities - Operating liabilities are total liabilities minus total debt Using a formula Often, accruals are scaled such that they can can be compared across companies and over time. In that case, accruals are divided by the average NOA over the period. The resulting ratio is the balance sheet accrual ratio Cash flow based accruals ratio The second way we can calculate accruals is using the cash flow approach. Under this approach, we take reported earnings and subtract cash flow from operating activities (CFO) and cash flow from investing (CFI) activities Accruals ratio example Let’s finish with an example. The following table implements the approach using a numerical example. The following table implements both the balance sheet approach and the cash flow approach. The spreadsheet is available at the end of the page. We discussed the two main methods to calculate the accrual ratio. This method is very popular when analyzing earnings quality. Another measure that can be calculate from the accruals calculated above is the accrued expenses turnover ratio. Want to have an implementation in Excel? Download the Excel file: Accruals Ratio Calculator

Interest rate compounding Interest rate compounding is probably the most important topic any depositor or investor should master. A lack of knowledge in this area will definitely lead to mistakes that cause you to make financial mistakes or that make you choose less profitable investment opportunities. These are mistakes that can easily be avoided. Important aspects to which you should always devote a sufficient amount of attention are the time horizon over which interest is received and the particular compounding frequency. Basics on interest Using the following formula we can easily demonstrate interest rate calculation for a 1 year period. B represents the starting capital, r refers to the annual interest rate, and E equals the ending value of the capital invested. Let’s consider a simple example. Let B be equal to 1000 and r to 10%. Given our formula, the value of capital in 1 year will be equal to 1100. Now suppose you receive an interest of 10% annually but you keep your money at the bank for 2 years. In this case the previous formula should be adjusted slightly. In particular, we add a power t which specifies the amount of time a certain amount is invested. Of course, at the end of the first year the result will the the same as in the previous example: E=1100. The ending value at the end of year 2 equals 1210, which exceeds 1200. This is because you earn interest on the interest received at the end of the first year: 10% on the initial 1000 and 10% on the additional 100 earned during the first year. The second important aspect of interest rates is the frequency with which the interest is compounded. Let’s denote this compounding frequency with the variable m. The following equation includes this variable, which represents the number of times a year interest is compouned. Building further on our previous example, suppose the interest rate is compounded every 6 months. In that case m equals 2. For the first year, E will be equal to 1102.50. This is higher than 1100 in the case of annual compounding. Again, this is the result of compounding, which is now performed twice a year (‘biannual’) at a rate of 10% a year instead of only once at the end of the year (‘annual’). At the end of the second year, E equals 1215.51 instead of just 1210. The following table further illustrates the importance of time and impact of periodically compounding. The longer the investment horizon and the more frequent interest is compounded, the higher the capital will be at the end of the investment horizon. |t / m||1||2||3||4||6||12| If we further increase m, meaning that we increase the number of compounding periods, ending capital will increase even more. Theoretically, m can be decreased to arbitrarily short intervals close to zero. In that case, interest is compounded ‘continuously’. In mathematical terms, this result means that we can represent the previous formula as the number e taken to the power of t multiplied by the interest rate r. Applying the above formula with B equal to 1000 and an r equal to 10% we find a terminal value of 1105.17. Interest rate calculations should be part of the toolbox of every investor. Investment horizons and the periodacy of compounding affect the final realised wealth more than one would expect at first sight. Need to have more insights? Download our free excel file: interest compounding

If you want to manage your money better, one of the first things that you’re going to have to learn is how to create a budget. It is easy to go through life spending money without a budget. It makes you feel rich and carefree. Unfortunately, the reality sets in when you do not have enough money to pay important bills. Some people begin budgeting when they are very young while others will not start until they are far into adulthood. It doesn’t matter when you begin budgeting as long as you do it as soon as possible. You are never too old to learn how to budget. What is a Budget? - 1 What is a Budget? - 2 Budgeting Apps - 3 The Components of a Budget - 4 Income - 5 Fixed Expenses - 6 Variable Expenses - 7 Specific Savings - 8 Emergency Savings - 9 Prioritizing Your Budget - 10 Absolute Expenses - 11 Flexible Expenses - 12 Unnecessary Expenses - 13 Spending Trends - 14 Projecting Your Budget for the Future - 15 Increased Expenses - 16 Major Purchase Savings - 17 Conclusion A budget is basically a comparison of your expenses and your income and a description of how much money from the income goes into each expense. A very simple budget might be an income of $1000 per month in a budget of $500 for rent, $200 for food, $100 for clothing, $100 for entertainment and $100 in emergency savings. Of course, budgets are much more complex than that, but for someone living in home and receiving $1000 per month that might be a realistic budget. We are going to take a look at much more complex budgets that factor in both variable and fixed expenses as well as spending priorities. There are a number of apps and online services you can use to help you create a budget. One we have covered is called Personal Capital. It’s a free app with a lot of features such as wealth tracking, budgeting, net worth calculator and so on. It will help you get a clearer picture of your finances. Read our full review here. The Components of a Budget There are several different components of a budget you should be aware of. We are going to look at a few of them below. Understanding the parts of the budget will allow you to understand how to use a budget better and become more effective in managing your money. The first part of your budget will be your income. Income is different for everyone. Not only do people get paid on different days in different frequencies, but everyone makes a different amount of money. Some people get paid every week, some people get paid twice per month and others have jobs where they get paid when they finish a project which could be every couple of days or so. Some companies pay monthly, but there rare because most people prefer to have a paycheck coming more often than once per month. In the first part of your budget, you will list how much you have coming in from your job or other income and when you will be receiving it. Ideally, you could use the previous month’s paychecks to pay next month’s bills so that you have exact figures when it comes to how much you will make. But this is not always possible Your fixed expenses are expenses that are the same amount each time. Your cell phone bill might be an example. It is also likely that you pay the same amount of rent each and every month. These are your fixed expenses. Fixed expenses are nice because you always know what you are expected to pay. This makes it very easy for you to budget for them. In fact, you can predict down the road how much you might be able to save or something or whether you can buy something you have been wanting because you know those fixed expenses are going to be consistent no matter what. Variable expenses, on the other hand, are expenses that change each month. They might change because they are based upon usage such as your electric bill or they might change because they are based upon some kind of payment plan that doesn’t have consistent payments. Variable expenses also include expenses that are not necessarily bills but things that you need to buy such as groceries, clothing, gasoline or bus fare and various other expenses. These are more difficult to predict, but one of the benefits of having a budget and tracking your expenses over a few months is the you have an average amount that these expenses usually come to. When you are saving for something specific, it can be helpful to put it into your budget. For example, if you need repair work done on your vehicle soon, then setting aside a certain amount that you need to save in order to get the repair done before your car breaks down can be extremely helpful. Generally, what you should do is determine what larger expenses you have coming up and then prioritizing them. Then you can make a plan for how much you can set aside. You can do one expense at a time or save for multiple things at once. Whatever is left over should go toward your emergency savings. Emergency savings is money that is in your bank account specifically for emergencies. They’re going to be times in your life when your income no longer exceeds your expenses for whatever reason. You might’ve gotten sick and had some unpaid leave from work, you might’ve gotten laid off for a period of time or you might have had to take care of a major medical bill that left you with very little money to pay your bills with. Whatever the reason, emergency savings is there as a cushion in case of something going wrong. Setting aside whatever is left after you pay your bills is a great system. Prioritizing Your Budget You also need to prioritize your budget. There are several things to keep in mind when it comes to prioritizing your budget, but if you do not take this step, then you are going to be paying bills in a random order that may cause you problems down the road. Let’s take a look at what you need to know to prioritize. Absolute expenses are expenses that have to be paid right away and that will have consequences if they are not. For example, if your rent is due on the first of the month and you have to pay a late fee of $25 per day that you are late, then your rent is probably at the top of your absolute expenses. Not only does your budget start on the first of the month, but your rent is due that day is well. That means it should be the first thing that you take care of. Look at all of your various expenses and categorize the ones that are due right away or will have consequences for paying late as absolute expenses. If your bills are due later on in the month or you can pay them at any time during the month, then they are what are called flexible expenses. Flexible expenses do not have to be paid right away. If you get paid every two weeks, and use your second paycheck to cover some of your budget, then you might wait to pay these flexible expenses until your second paycheck of the month arrives. Flexible expenses might be your credit card bill arriving on the first but not being due until the 25th. Flexible expenses might also be grocery expenses because you know that you have enough food in the cupboard to last at least a couple of weeks. You also want to categorize unnecessary expenses. Unnecessary expenses are expenses that you don’t have to pay it all. For example, if you have $200 a month budgeted for entertainment costs, it is not going to be the end of the world if you have to reduce that down to $100 per month. Some expenses you may be able to get rid of altogether in the case of an emergency. This might include the money the you have been putting towards a new computer. While you don’t want to skip these savings payments if you can help it, when a bona fide emergency comes along these expenses may have to go. You might also notice certain spending trends that you can use for the future. For example, if you track your budget over a period of months or a year or even, you might notice that you buy clothing more during certain times of the year. You may be doing this because that is when the big sales happen. If that’s the case, you can budget less money during other times of the year and budget more for when clothing goes on sale. Charts and graphs can give you a lot more information about your spending habits. Projecting Your Budget for the Future You can also use a budget to project and predict the future. You may be wondering what will happen financially in the future, in a budget can help you determine. In the future, it is likely that your expenses are going to increase. For example, you may move from an apartment into a house and have a mortgage instead of a rent payment as well as the responsibility of bills like water and sewer that may have been included in your rent before. Your grocery, clothing in many other categories in your budget may go up if you decide to have a child. If that’s the case, your entertainment budget will also likely go down. There will be many changes to your expenses, and having a budget can help you deal with them when they come. Major Purchase Savings You should also use your budget to look at major purchase savings. For example, you may be able to look at the next couple of years if you have enough past data in order to determine how long it will take you to save up for a down payment on a house. Saving up for major purchases can be unpredictable, but having a budget, and having kept track of your budget for the past few years, can give you some vital information that will help you plan for the future and meet your financial goals. Whether you are buying a new car, saving up to put a down payment on a house or planning some other major financial purchase, there is no doubt that a budget can help you look at the future with clearer vision. The bottom line is that your budget is one of the best tools you have to manage your money better. However, if you’ve never used a budget before, it can be pretty intimidating. But now the you know what fixed expenses are, what variable expenses are and how to arrange your budget, you have a much better understanding of how to work with one successfully. As for the medium that you use, there are a lot of options out there. Many people prefer to use a simple spreadsheet. You can put formulas in, color-code everything and customize exactly the way you want. There are also templates out there that will give you a basis with which to start. There are also budgeting apps for your smart phone or mobile device the range from free to fairly expensive and from really great too horrible. You want to decide which technology you want to implement to do your budget. It may take some research and some trial and error to figure out which method works best for you.

Written by Manav Kohli ’16 On August 6, 2015, the City of Ontario and the City of Los Angeles announced that Los Angeles had agreed to relinquish ownership of Ontario International Airport (ONT) and transfer it to local control. This agreement comes after nearly five years of effort by local officials — and several law suits — to wrest control of ONT from Los Angeles. ONT is owned and operated by the Los Angeles World Airports (LAWA), a department of the City of Los Angeles, which also manages LAX and Van Nuys Airport. Ontario Airport began its life as Latimer Field in 1923. In 1929 the City of Ontario made the first of several land purchases for the airport and Latimer Field became known as Ontario Municipal Airport, renamed in 1946 to Ontario International Airport. The City of Ontario owned and managed the airport until 1967. At that time, the City of Ontario signed a joint powers agreement with Los Angeles for the management and development of ONT. The city transferred ONT ownership to LAWA in 1985, with the broad goal of increasing airport regionalization. The regionalism theory held that ONT, LAX, and Van Nuys Airport would all be more successful if the three airports were managed together and operated as an integrated entity. In fact, ONT thrived from the early 1980s through the mid-2000s, increasing annual traffic from approximately two million to 7.2 million passengers in 2007. During this period the airport enjoyed increased business from airlines and investments by LAWA, including the completion of two new terminals in 1998. Growth at ONT did not continue after the peak years of 2005 and 2007. As the economy soured during the Great Recession, passenger traffic dropped nationwide. At ONT the decline was severe. Starting in 2007, passenger volume dropped every year from 7,207,150 to 3,971,136 in 2013. While traffic for 2014 is up slightly to 4,127,280, that number is still lower than when ONT was transferred to LAWA in 1985. What accounts for this dramatic drop in passenger traffic? In addition to losses flowing from a bad economy (and suffered by all airports), the main reason that airlines steadily cut back on flights at ONT is that it is one of the most expensive medium-size airports in the nation for the airlines to use. Cost Per Enplanement (CPE) is an industry-standard measure of the cost for using an airport. ONT has one of the highest CPEs in the country at $13.50. In comparison, LAX’s CPE is $11.23, John Wayne Airport’s $9.24, Long Beach’s $6.64, and Burbank’s $2.09. It is noteworthy that ONT’s CPE is even higher than LAX’s and much higher than the mid-size airports with which it is competing. This high CPE puts ONT at a competitive disadvantage and significantly impacts the airport’s ability to attract airlines to increase traffic. As shown in Figure 1 the Ontario International Airport suffered losses in traffic across all services between 2005 and 2014, including a 42.8% drop in total passenger traffic, 17.7% decrease in freight, and a 42% drop in annual operations (including all commercial aircraft, air taxi, alternates, military, and general aviation.) This steep decline spurred the City of Ontario to form the Ontario International Airport Authority (OIAA) in 2012 by executing a Joint Powers Agreement between the City of Ontario and San Bernardino County. The OIAA sought to “provide overall direction for the management, operations, development and marketing of ONT for the benefit of the Southern California economy and the residents of the airport’s four-county catchment area.” The OIAA has five members: President Alan D. Wapner, Vice President Gary Ovitt, Secretary Ronald O. Loveridge, and Commissioners Jim W. Bowman and Lucy Dunn. In 2013, OIAA released its strategic business plan to outline its goals. At the highest level, it proposed to treat the airport as a private sector entity to improve its efficiency, marketability, and ability to create strategic partnerships. As noted above, compared to other medium hub airports, ONT suffers exceedingly high operating costs, and thus one of its most important goals was to reign in these costs. The committee proposed to reduce its current employees and generally begin contracting out services that were non-aviation-related. In addition, it hopes to work alongside the City of Ontario and San Bernardino County, as well as local agencies, to make sure all are implementing their services in the most efficient matter. It also suggests developing airport business by making use of its geographical competitive advantage to access and to distribute large volumes of cargo, freight, and express mail. Like any other airport, it also strives to make private sector contracts more accessible and optimize revenue from food and beverage and rental car services, among others. With respect to its airline partners, the OIAA proposes to increase demand for flights by working with local agencies to develop incentive programs to drive tourism. Finally, it aims to improve the airport experience by reassessing the revenue/collection program and conducting surveys to target customer pain points. With these clear economic objectives and a well-defined charter, the OIAA was able to demonstrate its commitment to developing the airport as a strong economic driver and move discussion forward with the City of Los Angeles and LAWA. The OIAA played a critical role in reaching the settlement terms. Although the basic terms of the ONT transfer have been agreed upon, there are many steps that must be taken before the process is complete. The key figures in negotiating the deal have been the Los Angeles Board of Airport Commissioners, Los Angeles City Council, Ontario City Council, the Los Angeles City Council Trade, Commerce and Tourism (TCT) committee and the OIAA. The Federal Aviation Administration (FAA) is still responsible for reviewing and approving the proposal. Los Angeles Mayor Eric Garcetti and OIAA President Alan Wapner confirmed the details of the deal in the Settlement Letter of Intent signed on July 30, 2015. The formal transfer and approval process will begin in October 2015 with the execution of a Settlement Agreement. FAA approval may take up to another year. During the negotiations, LA city officials sought compensation for building two new passenger terminals and various property acquisitions through the years. Their initial price was $400-$475 million, based on a valuation commissioned by LAWA. The total price outlined in the Settlement Term Sheet is $190 million, about half of what LAWA initially sought and less than the $250 million the City of Ontario had offered back in 2012. See Figure 3 for an outline of the financial terms of the deal. Ontario and Los Angeles signed the Settlement Agreement Letter on July 30, 2015. The parties are to execute a long form Settlement Agreement within 60 days of that date. Within 30 days of the Settlement Agreement, the City of Ontario must transfer $15 million into an escrow account for the benefit of LAWA. Ontario is then obliged to deposit an additional $15 million no less than 30 days before the scheduled transfer. LAWA will also transfer $40 million from the Ontario unrestricted cash account to a non-Ontario account, leaving Ontario with jurisdiction over any remaining funds in the ONT account. Within five years of the airport transfer, Ontario is to pay the Los Angeles $50 million and an additional $70 within 10 years. This adds up to $190 million in total compensation. There are a number of other provisions of the Settlement Term Sheet worth noting. The City of Ontario will decide whether ownership of ONT will transfer to the City of Ontario or to the Ontario International Airport Authority. Ontario and OIAA will have to negotiate with LA city labor groups regarding staffing at ONT. Any reductions in staffing at ONT that require employees to be redeployed to Los Angeles or LAWA, may require Ontario/OIAA to reimburse no more than six month’s salary. Upon execution of the Settlement Agreement, the City of Ontario and the County of San Bernardino will dismiss lawsuits filed against Los Angeles in Los Angeles Superior Court and in Ventura Superior Court. Finally, upon transfer of ONT, the City of Ontario will dismiss the lawsuit filed against Los Angeles in Riverside Superior Court. Alan Wapner, president of the OIAA, said “The negotiations are progressing well and are on schedule.” He noted that there are a number of milestones along the way to final transfer. The long form Settlement Agreement must be approved by the Los Angeles Board of Airport Commissioners and the city councils of Los Angeles and Ontario. OIAA has to hire a CEO for the airport; the search process is underway. The Federal Aviation Administration must issue an FAA Part 139 Airport Certification to the OIAA. Finally, the OIAA will assume sponsorship of the airport. Despite growing for the greater part of LAWA’s tenure as owner, ONT saw a continual decline in business following the Great Recession. Alongside increasing competition among regional airports, a falling demand for flights, and non-competitive operating costs, the airport could not remain on its flight path. The agreement to transfer of ownership back to the City of Ontario and San Bernardino County marks a return to the airport management’s initial charter to help the Southern California economy thrive, and offers new opportunities for all involved parties. The newly acquired land and airport offer a tremendous promise of economic growth. As the FAA reviews the proposal, Inland Empire communities can look forward to a better tomorrow. Note: The text of an earlier version of this article misstated 2013 and 2014 passenger traffic on paragraph 3 and the amount of the fund transfer on paragraph 9.

What Is a Profit and Loss Statement (P&L)? The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period, usually a fiscal quarter or year. The P&L statement is synonymous with the income statement. These records provide information about a company’s ability or inability to generate profit by increasing revenue, reducing costs, or both. Some refer to the P&L statement as a statement of profit and loss, income statement, statement of operations, statement of financial results or income, earnings statement or expense statement. P&L management refers to how a company handles its P&L statement through revenue and cost management. • The P&L statement is a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period. • The P&L statement is one of three financial statements every public company issues quarterly and annually, along with the balance sheet and the cash flow statement. • It is important to compare P&L statements from different accounting periods, as the changes in revenues, operating costs, R&D spending, and net earnings over time are more meaningful than the numbers themselves. • Together with the balance sheet and cash flow statement, the P&L statement provides an in-depth look at a company’s financial performance. There is a very important, but highly technical, concept called revenue recognition. Revenue recognition determines how much revenue you will put on your Bookkeeping statements in a specific time period. For a startup company, revenue recognition is not normally difficult. If you sell something, your revenue is the price at which you sold the item and it is recognized in the period in which the item was sold. If you sell advertising, revenue is the price at which you sold the advertising and it is recognized in the period in which the advertising actually ran on your media property. If you provide a subscription service, your revenue in any period will be the amount of the subscription that was provided in that period. This leads to another important concept called “accrual Bookkeeping.” When many people start keeping books, they simply record cash received for services rendered as revenue. And they record the bills they pay as expenses. This is called “cash Bookkeeping” and is the way most of us keep our personal books and records. But a business is not supposed to keep books this way. It is supposed to use the concept of accrual Bookkeeping. Let’s say you hire a contract developer to build your iPhone app. And your deal with him is you’ll pay him $30,000 to deliver it to you. And let’s say it takes him three months to build it. At the end of the three months you pay him the $30,000. In cash Bookkeeping, in month three you would record an expense of $30,000. But in accrual Bookkeeping, each month you’d record an expense of $10,000 and because you aren’t actually paying the developer the cash yet, you charge the $10,000 each month to a balance sheet account called Accrued Expenses. Then when you pay the bill, you don’t touch the P&L, it’s simply a balance sheet entry that reduces Cash and reduces Accrued Expenses by $30,000. The point of accrual Bookkeeping is to perfectly match the revenues and expenses to the time period in which they actually happen, not when the payments are made or received. The line items after “Income from Operations” are the additional expenses that aren’t directly related to your core business. They include interest income (from your cash balances), interest expense (from any debt the business has), and taxes owed (federal, state, local, and possibly international). These expenses are important because they are real costs of the business. But I don’t pay as much attention to them because interest income and expense can be changed by making changes to the balance sheet and taxes are generally only paid when a business is profitable. When you deduct the interest and taxes from Income from Operations, you get to the final number on the P&L, called Net Income. I started this post off by saying that the P&L is “one of the most important things in business.” I am serious about that. Every business needs to look at its P&L regularly and I am a big fan of sharing the P&L with the entire company. It is a simple snapshot of the health of a business.

Western Australia is set to join the World Bank initiative and increase regulation as it commits to reducing greenhouse gas emissions. The state is the first Australian jurisdiction to join the World Bank’s Zero Routine Flaring by 2030 initiative to more efficiently manage natural gas resources and reduce greenhouse gas emissions. The initiative claims flaring by petroleum companies across the globe annually burns about 140 billion cubic metres of natural gas and emits more than 300 million tons of carbon dioxide into the atmosphere. The WA Government says the initiative is focused on routine wellhead flaring during production, not exploration testing and emergency situations, or at oil refineries such as Kwinana. “This commitment will be reinforced by strengthening regulation as part of the implementation of the recommendations from the independent scientific inquiry into hydraulic fracture stimulation, which includes amendments to regulations under the Petroleum and Geothermal Energy Resources Act and the Petroleum (Submerged Lands) Act,” a WA government statement read. “The Department of Mines, Industry Regulation and Safety consulted industry, the Australian Petroleum Production and Exploration Association, and government agencies before recommending that Western Australia should support the initiative.” Mines and Petroleum Minister Bill Johnston claimed the move as another first for Western Australia as a world-leading mining jurisdiction. “At the heart of all the research and consultation that led to this recommendation is a simple premise: if you’ve got gas, either sell it or inject it back into the ground, but don’t burn it,” he said. “Regulation of petroleum activities in Western Australia will be further strengthened when the McGowan Government implements recommendations of the scientific inquiry into fracking. WA government’s minerals research investment pays dividends A report into the Minerals Research Institute of Western Australia (MRIWA) has revealed the positive impact of investment in minerals research, according to the State Government. MRIWA is a statutory body established by the WA Government to stimulate minerals research to support investment in, and operation of, a globally competitive minerals industry in Western Australia. The report shows for every $1 million invested by government there are $3.12 million in direct benefits to WA. It also forecast MRIWA to deliver 91 jobs a year in the next 10 years. ACIL Allen’s economic impact assessment found that funding for MRIWA, and its corresponding impact on the mining industry, provides a significant boost to the WA economy and enhances our reputation globally in the technology and innovation value chain. MRIWA’s research program is forecast to deliver $121.5 million in real income benefits to Western Australian businesses, people and government agencies in the next 10 years. The State Government-funded initiative had a portfolio of research projects valued at $37.3 million, in 2017 18, with $22 million co-invested by other parties. For more information on MRIWA, click here.

Pertaining to the title of this article, we’re talking about the capital markets and the way they work. Before going any further, a clear understanding of the capital markets is essential. Capital markets are financial markets where investments and other financial assets are bought and sold. These include long-term debt instruments and equity-backed securities. Capital markets include primary markets and secondary markets. An Overview of Primary and Secondary Capital Markets New stocks and bonds sold by a company for the first time always happen in the primary markets. The new issues are initial public offerings and, potential investors purchase these securities subject to review by an underwriting firm. The IPOs issued in primary markets are priced low and are highly volatile in nature since demand cannot be predicted. A primary market is a place where companies go all out to sell all the securities in a short period to meet their targets. A company that wishes to raise equity in the primary market should first enter the secondary market. They can achieve this through a rights issue or rights offering. Companies can sell directly through a hedge fund and, shares are not available for public offering. Secondary markets are where company securities are traded after selling the initial offering on the primary markets. The most common secondary markets are the Stock Markets. Small investors and almost anyone can purchase securities on the secondary market. Prices of securities on the secondary markets fluctuate depending on supply and demand. It’s different from the primary markets where IPOs are set beforehand. Post the initial offering the issuing company is not involved in any way for trading between investors. Secondary Market Categories The secondary market comprises of: The Auction Market includes competitive bids by the buyers and competitive offers by the sellers. In other words, it’s a place of trade where buyers and sellers negotiate between the highest price willing to pay and the lowest price willing to accept, respectively. The Dealer Market is a financial market where several dealers trade electronically through dealers called market makers. Dealers trade on their own behalf and provide transparency of prices they are willing to accept to buy or sell securities. The auction market is different from the deal market in the sense that there is a single and centralized point of contact facilitating trading by tying up buyers and sellers. This is yet another category of financial markets that calls for a specific level of expertise to facilitate a transaction. A defined buyer and seller are the prerequisite for a trade to happen in a dealer market. The primary differences between dealer markets and broker markets are: - Brokers trade on behalf of others and, dealers trade for themselves - Brokers are the intermediaries between two parties and, dealers are the primary buyers and sellers - Brokers cannot buy or sell securities but, dealers have the right to do so - Since brokers are the intermediaries between buyers and sellers, they earn a commission. Dealers are the primary traders and hence, receive no commission Capital Markets and Stock Markets We often use the terms capital market and stock market interchangeably. However, there is a principal difference between the two commonly misunderstood terms. Capital market is a comprehensive spectrum comprising of tradable assets and financial securities like bonds, contracts, derivatives, futures and other debt instruments. Coming to stock markets, they are the specific category of capital markets that trade only in shares of corporations. More than a difference, the stock market is a major division of the capital markets. Stocks and their Significance Stocks are a type of financial security signifying proportionate ownership in the issuing company. Companies primarily issue stocks to the public to raise capital for day-to-day business operations. The buyer of the stock is the shareholder and, he/she is entitled to claim the company’s earnings in proportion to the number of stocks owned. Stockholders have ownership in the issuing company. However, they own only the shares issued by the company and, not the company itself. Corporations are considered to be legal persons that own their own assets. This stresses on the fact that corporate property is distinct from shareholders property. This significantly reduces the liability of the shareholders and the corporations. Even if the company goes bankrupt, your personal assets and your shares are not affected. Of course, the value of shares does reduce drastically. In case a shareholder goes bankrupt, he/she cannot sell company assets to compensate for the same. How do Stock Markets Work? Stock markets operate similarly to an auction house and, through a network of stock exchanges. Several corporations list their shares and stocks on a stock exchange platform to raise funds for their operations and expansion. The most popular stock exchanges in the world are the New York Stock Exchange and Nasdaq. Buyers and sellers come together to trade in shares and, the stock exchange keeps track of supply and demand for all the listed stocks. The supply and demand are the driving force behind the price for securities. It also helps determine the level of market participation by the buyers and sellers. The bid-ask spread takes place comprising of the amount buyers are willing to pay and, sellers are willing to accept. Remember, stock exchanges are secondary markets and, companies do not trade their own stocks regularly except in case of buybacks. So, the moment you buy stocks through the stock exchange, you are actually buying it from an existing shareholder and not directly from the company. The selling also happens to another investor and not to the company. All about Share Prices and Supply and Demand There are multiple factors affecting the prices of shares listed on a stock exchange. The most common is through the process of auction where buyers and sellers quote their bids and offers. Millions of investors with different mindsets influence the value of a stock. The stock exchange records the information through computer-generated algorithms. The law of supply and demand work perfectly in real-time in a stock exchange. If a certain stock has more buyers than sellers, the price of the stock will increase. On the contrary, if the stock has more sellers than buyers, the price will decrease. Matching Buyers and Sellers Most stock markets have professional traders called market makers to keep the bids going. Matching buyers with sellers started off manually called open outcry. Verbal communication and hand signals were used to trade in stocks. However, now the electronic trading system has taken over to do the job. It is far more efficient and much quicker than the manual process enabling lower trading costs. Trade execution is also much faster. Let us chalk out the advantages and disadvantages of stock exchange listings. Advantages of Stock Exchange Listings - Liquidity of shares are readily available for shareholders - Companies can raise funds by increasing the issue of shares - Publicly traded shares attract more talent and diligent employees - Companies listed on the stock exchange enjoy more visibility in the marketplace - Companies can use their listed shares as currency to make purchases Disadvantages of Stock Exchange Listings - Significant costs are involved, including listing fees, compliance fees and other reporting costs - Stringent rules and regulations stifle a company’s ability to perform as expected - Short-term goals of investors force companies to take a hurried approach rather than concentrate on long-term goals However, investing in stocks over longer periods generate higher returns compared to other asset classes. Shareholders enjoy capital gains and dividends from shares traded professionally over a period of time. Stock Market and the Economy The condition of the economy does influence the stock market scenario. If the economy is expanding, people will be willing to invest in stocks. That’s because companies can enhance their earnings while the economy is strong. This makes for what is called a bull market. Investing in bonds is a safer option when the economy is dipping. Bonds give a fixed rate of income up to the maturity period. During this phase, stocks lose their value and, the phase is called the bear market. Stock Market Correction This happens when share prices drop by 10% or more. The pullback helps consolidate the market and encourages it to go much higher. It’s a part and parcel of every market cycle. In extreme cases, a stock market crash can occur where prices drop drastically in a single day. It can also lead to a recession since corporations raise funds by issuing stocks. Hence, a fall in stocks has a direct effect on the companies’ ability to grow. This, in turn, leads to lay off and unemployment sets in. However, even during a crash, you should not sell your shares. This is because the stock markets will make up for the losses in a couple of months. By selling your shares during a crash, you miss out on time required to make up for the losses.

Don’t call it “The B-Word”, mama! Building a budget has huge benefits, for women in particular. Here’s some help if you find it a little bit scary. The “B” word. How many of us cringe when we hear it? The word “budget” elicits different reactions: fear, anxiety, or indifference. Rarely, though, does the word make us jump with joy. As women, we hear many myths relating to our ability or inability to manage money. One of these myths is that women don’t know how to handle money, or anything related to finance. Global trends, however, indicate otherwise: in the Asia-Pacific region, the vast majority of entrants into the accountancy profession are now very much tipped in favour of females. In Canada, the Canadian Institute of Chartered Accountants reports that over a quarter of its current membership is female and that number is growing – while the gender breakdown is 50/50 among its accounting students. The Department of Labor’s Women’s Bureau in the U.S. cites “accountants and auditors as 61.8% female, tax preparers as 65.9% female and tax examiners and collectors as 73.8% female.” Why then does the myth persist? Because women also believe it. As a result, it becomes a self-fulfilling prophecy when women get into debt because they claim they don’t have enough money. In reality, one reason why women don’t have enough money is the inequity of salary between women and men. Men, especially in Singapore are still paid more than their female counterparts. According to a wage analysis done by ValuePenguin from data taken from the Ministry of Manpower, the median gross monthly income of men was S$3,991, 18% higher than the median for females at S$3,382. In some industries, the pay gap reached 40%! Another factor is that women are usually the default money handlers in the home. Often, they are the ones who see the bills and pay them, all while allocating and juggling their monetary resources. As a result, women are the ones who experience the anxiety and stress of managing the household finance and debt. The latest Singapore statistics show that personal loans account for 25% of total household liabilities. That’s $80.9B of personal loans, excluding mortgage loans. So, mamas, no need to beat yourself up when you feel overwhelmed by all the bills you have to pay or when you feel that there’s not a lot of money to spare. What matters is what you can do to lessen the stress of managing your money. Creating a budget can bring you great benefits. Some of the benefits are: 1) a budget helps you organise your spending and savings, and 2) keeps you focused on your money goals. To make it easier for women to handle their personal finance and remove the stress from budgeting, the Finance group of the PrimeTime Business and Professional Women’s Association is conducting an interactive workshop for women on Budgeting. Entitled BYOB (a play on bring your own bottle of wine), the workshop aims to assist women to build their own budget in 6 easy steps. The organisers want to show women that budgeting can be fun, regardless of the size of the income. All the Details! What: BYOB: Build your Own Budget in 6 Easy Steps When: 3 May 2018, 6:30pm to 8:30pm Where: The Boardroom, Workcentral, 190 Clemenceau Avenue, #06-01, Singapore Shopping Centre, 239924 (behind Dhoby Ghaut MRT) How Much: PrimeTime members: $25; Guests and Walk-ins: $30 RSVP: Click here to RSVP! By Sheila Berman, Deputy Marketing Director, PrimeTime Business and Professional Women’s Association Wallet image sourced via Wedding Dresses

Automation and its effects on the labour market Technology and the world of work has always had an interesting relationship. On the one hand it can be exciting as it brings change, but on the other there is the fear that technology will replace our jobs. We have all heard stories in the media stating that automation could replace millions of jobs in the future, but is this true? The Office for National Statistics (ONS) conducted some research in March 2019 looking at the probability of automation in England. It focused its research by looking at data on the labour market from 2011 and 2017. Its aim was to link labour market data to occupation codes to determine the occupations at high, medium and low risk of automation. The research found the following “In 2017, out of the 19.9 million jobs analysed in England, 7.4% (1.5 million) people were employed in jobs at high risk of automation; a fall in absolute terms of 46,000 employees, 0.7% fewer when compared with 2011” (Ons.gov.uk, 2019). The findings from the ONS research went on to look at job growth and decline with those occupations at high risk of automation. The research found that in some occupations where you may expect to see job decline, there was actually growth. EMSI produced a report on Automation using labour market information to determine what effect it could have. As part of that research, they found that since 2010 there has been a growth in both technology and employment, suggesting that automation may not always have an adverse effect. They also found that technological innovation can be highly unpredictable, and just because something is possible, does not mean it is a certainty. Technology and advancement take time and money to implement, so for some businesses the benefits of labour may outweigh the benefits of automation. Occupation v’s Task Both sets of research discussed above found that automation is more likely to transform an occupation, rather than replace it entirely. Automation refers to technology and harnessing new and more efficient ways of doing things, in order to improve productivity. People often think of robots when they hear automation, but robots only account for a small percentage. In fact, in manufacturing, the UK is below the international economics average for the number of robots to employees (Consultancy.uk, 2018). The research suggests that automation will replace the more physical tasks in an occupation, for example admin activities, controlling machines, processing information. This in theory would ease the worker’s job, allowing them to do more and create new work, which may use skills at a lower risk of automation, such as assisting and caring for others, thinking creatively, teaching and guiding others (Economicmodelling.co.uk, 2019). The idea is that the tasks within an occupation will be able to evolve, allowing for more productivity. It also means that occupations are more reliant on a workforce that is able to be multi-tasked with well-developed transferable skills. What is The Manchester College doing? We are working with employers to future proof the skills gap of the future. Employers are actively involved in helping us to identify the skills gaps in the local labour market to ensure our courses meet those needs and our students leave us with the relevant skills needed to be successful. This includes teaching our learners how to use some of this new technology in the workplace. We are also working with employers to build on our industry placement opportunities to help students gain real life work experience. This work is helping us to plan for T Levels, which we will start to deliver in September 2021.

In the financial world, Eurocurrency is money that is deposited in foreign banks outside of a country. When these foreign deposits are called eurocurrency, they are primarily related to European countries, but over time, eurocurrency has become a term for any funds deposited in a foreign bank. The term should not be confused with the monetary unit know as the Euro. From the standpoint of the domestic bank, eurocurrency refers to funds that are deposited in a currency different from that country's own currency. Some speculate that the term eurocurrency earned its kind of colloquial global use because of the unique diversity of the European continent. Many small countries are packed into a very small space on the land mass, with various laws and cultures meshing and colliding with each other. In modern times, the diversity of Europe has led to the European Union, and the subsequent Euro, a European unit of money that serves the entire EU community. In recent years, the national currencies of most European Union member countries were phased out to make way for the common Euro. The extension of the word eurocurrency, which has nothing to do with the Euro, means that a deposit from an Asian country to an African country would also qualify as eurocurrency. The financial community has also coined terms for specific foreign currency deposits, such as the Eurodollar, which also does not refer to the European currency. A Eurodollar is a deposit of American money still denominated in dollars that is in a bank outside of the U.S. Similar terms like Euroyen have the same meaning relative to the home country of the currency suffix. It's important for those dealing with these kinds of financial terms to understand that the term eurocurrency is something that emerged from informal use. Thinking that this term has to do with the currency of the European Union will result in misunderstandings about foreign deposits in domestic banks. It's also important to think about the way that some countries protect their national economies by limiting foreign deposits or foreign holdings. In some countries, foreign currency has historically been an illegal asset for citizens. Though globalism has largely changed the way most of the world's nations view financial freedoms, some countries still have restrictions in place about changing denominations of funds, or moving them from one nation to another. Looking at how eurocurrency is used can give one insight into the kinds of rules and regulations that affect international money transfers.

The sun always rises and so do the cost of items. In fact, the buying power of a dollar 50 years ago is now equivalent to $7.65. Take a walk down memory lane with these interesting facts about what things cost in the 1960s versus today. Gas: In 1964, a gallon of gas was around $.25, while today it hovers at an upwards of $3.50. Cars: In 1960, the average cost of a new car was approximately $2,600, while today it’s above $30,000. Groceries: The price of chicken was around $.29 per pound in the 1960s and costs approximately $1.54 per pound today. Ground beef went from an average of $.45 per pound to $4.13. Peanut butter used to cost approximately $.80 per jar, now it’s at $2.71. College: Once you adjust for inflation, the price of tuition has more than tripled from 1973 to 2013. For example, the tuition at the University of Pennsylvania was $1,200 in 1960, today it is $42,176. Income: In 1960, the median annual family income was $5,620 versus $51,371 in 2012. Minimum wage went from $1.15 in 1964 to $7.25 (federal) beginning in 2009. Homes: In 1963, the median price of a home was $18,000. Today, the median home price is around $215,000. During the past 50 years, a number of things have also become nearly obsolete. For example: payphones. While they’re still seen in some places, in 2014, 90 percent of American adults now have a cell phone. Similarly, while typewriters are still around here and there, 2013 data says 64 percent of Americans own a laptop computer and 57 percent a desktop computer. One thing that didn’t go away is the vinyl record, which cost less than a dollar for a single in the 1960s. In recent years, vinyl records have been making a comeback due to what many consider a superior sound. The hit TV show “Mad Men” has helped other 1960s’ trends make a comeback, including fashion and cocktails – which now come with a heftier price tag, of course.