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A Basic Guide to Investments: Investing for Your Children’s Future
Growing children have many immediate needs. For many parents, it can be a scramble to pay for all the home, food, medical, and educational expenses that a child needs. This doesn’t factor in future needs, such as college tuition, room and board, and beyond.
Parents need to look for ways to invest in children’s savings to prepare for the future. After all, any parent would want as little financial stress as possible for their kids! By planning for the future, you can create a plan that will secure their finances as they age.
Another benefit of investing early in a child’s life is that you can start teaching them money management strategies as they grow up. Having that kind of mindset as they go through life will instill a sense of responsibility and sends them on the right path to financial success.
For parents who want to invest in their children’s financial future, here’s how you can start:
Take Care of Yourself and Your Current Needs
Before even thinking about tuition plans and future investments, you need to secure all of your current financial needs. Make sure you have a well-planned emergency fund, you’ve paid off all debts, and you’ve invested in your retirement. These are all immediate needs that you need to address before you can look further into the future.
You need to secure yourself financially so your children won’t have to worry about you after your retirement. Only then can you start making room in your budget for your child’s future!
Open A Savings Account For Your Child As Early As Possible
You can establish a custodial savings account for your child. You will control the account until your beneficiary reaches a certain age—which is 18, in most states. In a custodial account, the child is the legal holder of all assets.
All money you want to set aside for your child’s future can be saved in this account. Any monetary gifts he or she may receive on early birthdays can be set aside in this account so it will all be in one place for them once they’re of age.
This savings account can be a vehicle you can use in teaching your child about stocks, money market funds, and other investment securities. Include them in making investment decisions and give them lessons that they will take with them as they grow up. By the time they take ownership of their account, they will have all the knowledge they need to have a bright financial future.
Invest in Your Child’s College Education
As many as 84% of millennials are saddled with student loan debt that they’re still paying after nearly a decade in the workforce. You can help your child avoid this by investing in a 529 plan.
A 529 plan is a tax-advantaged savings plan that covers K-12 and college tuition. Savings are non-taxable, and withdrawals used for education costs are tax-free as well. The account holder contributes money to the plan, and they can choose the funds they want to invest in to make it grow.
Minimum contribution requirements and tax advantages vary per state, so make sure to do some reading before opening an account. The earlier you invest in a 529 plan, the more time your money will have to grow.
Invest in Your Child’s Retirement
It’s never too early to start saving for retirement! You and your child don’t have to wait until they’re out of college to get started. A Roth IRA (Individual Retirement Account) is similar to a 529 plan. All growth is tax-free, and all withdrawals made in retirement are tax-free, too.
Setting aside $50-$100 a month will help your child get a head start on their retirement savings. Compound interest will keep their money safe and growing until it’s time to retire. It’s a great safety net for them as they enter the workforce in the future.
There are many ways you can invest in your child’s future. The most important thing is to settle all your current financial needs and start as early as possible. As your child grows up, you can teach them all about these investments to give them a useful framework for handling all future earnings.
Are you looking for the best personal finance blog so that you and your child can reach your full financial potential? At urbanwallet, we have empowering, up-to-date resources and content to help you become an expert in saving and investing. Check us out today!
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Schools often don’t have the time or resources to cover personal finance, but any adult knows that it’s a big part of life. If you’re playing the role of teacher, and you want to work personal finance into your curriculum, WECU’s got your back!
Make a pile of coins on your table. Explain to your child what each coin is and how much it’s worth. Ask them what they notice about each coin. How can they tell which one is which? Help them sort the coins by color and then by size, noticing which coins end up where. Once they seem fairly confident, you can play pattern games. List a series of coins (i.e. penny, penny, dime, quarter) and see if they can create the pattern with the coins on the table.
If your child has coin values down, have them work on their addition and subtraction skills using money. You can start with easier questions, such as “How many nickels would you need to make a quarter,” and then build up to more complex questions like “I have four coins that together are worth $0.40. What coins do I have?”
Make Save/Spend/Share Piggybanks
Work with your child make three piggybanks: one for saving, one for spending, and one for sharing. This can help them put money towards different purposes and learn the very basics of saving and budgeting.
Create Family Money and Use it for Chores/Rewards
Have your child design and create “family money.” Show them whatever bills you have in your wallet. Explain that just like a dollar every Mommy or Daddy Buck has to look the same. If they want to make money for more than one person in the family, that money also has to be uniform but look different than the first.
You can then use this money as a form of allowance. Maybe your child earns a Mommy Buck every time they help with the dishes. Once they earn five, they could trade them in for an extra half an hour of screen time.
For more fun financial education content, check out EVERFI’s free Digital Lessons!
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Modeling & Meta-Analyses (MMA) are powerful tools for making comprehensive assessments of the costs and as well as benefits of healthcare interventions. Health economic models provide vital information to inform allocation of availale resources for maximizing health benefits.
Why do we need modeling?
When payers make decisions about which technologies and/or services to fund, they must assess the clinical and economic value of feasible alternatives through consideration of costs and appropriate outcomes over an appropriate time horizon for a range of patient subgroups. Clinical trials are designed for measurement and hypothesis testing, so they often fail to meet the requirements for decision-making.
What is a meta-analysis used for?
A meta-analysis is a type of evidence synthesis tool used for multiple studies to improve the precision and relevance of clinical and health outcomes data. A meta-analysis evaluation will help to organize, explain, and generate a single overall answer by using all available (and appropriate) information and also identifying any important trends or patterns for future research. The synthesized evidence can then be used to show the multiple components of a product’s value. These value components span across all of our Center of Excellence and can help inform nearly all of them.
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22.4 As discussed in Chapter 5, the grant of a patent confers upon a patent holder the exclusive right to exploit an invention, or to authorise another person to exploit an invention, during the patent term. A patent holder may license any or all of its patent rights to a third party. A licence of a patent does not transfer ownership of the patent rights, as is the case if a patent is assigned; rather it establishes terms upon which a third party (the licensee) may exercise specified patent rights without such use constituting infringement.
22.5 A licence to exploit one or more gene patents may be a stand-alone transaction or part of a larger commercial arrangement. Patent licences are frequently involved when establishing a spin-off company, a joint venture or a strategic alliance. Patent licences are also typical in collaboration and consortium arrangements, sponsored research agreements, and manufacture and supply agreements.
22.6 Patent licence agreements may be divided into two categories: ‘in-licences’ and ‘out-licences’. An in-licence is an agreement by which a party acquires the rights to use a patent. An out-licence is an agreement by which a patent holder grants the right to use a patent to a third party.
22.7 The decision to license gene patents may be based on a number of factors. Licensing arrangements allow companies to exchange resources and information, thereby reducing research and development expenditure and time delays in bringing a product to market. Licensing of patent rights may also be necessary to gain access to domestic or foreign markets, by providing access to manufacturing facilities or distribution networks without additional expense, or lowering the cost and risk associated with entry into a market through partnership with a more experienced entity. A company’s strategic patent licensing may also result in the establishment of profitable, long-term alliances leading to future research collaborations. A patent licence may provide a company with access to significant third party intellectual property, or provide a means of avoiding or settling patent litigation—particularly where an agreement involves cross-licences of patent rights among competitors.
Types of patent licences
22.8 A licensee may be granted exclusive, sole or non-exclusive rights to a gene patent. An exclusive licence provides that only the licensee (and, where permitted, persons authorised by the licensee) may exploit the rights licensed under the agreement—even the patent holder is prevented from exploiting such rights. Exclusive licences may be limited to a territory (for example, a particular country or group of countries), to a particular field of use, or to a specified period of time. A patent holder may, therefore, retain the right to exploit the invention in other territories or fields of use, or to license patent rights to a different entity, perhaps also on an exclusive basis.
22.9 A sole licence permits both the patent holder and a licensee to exploit a patented invention, but prevents the patent holder from licensing the rights to any other entity. A non-exclusive licence allows the patent holder to license some or all of the rights under a patent to an unlimited number of third parties, and also to retain the right to exploit a patented invention itself. Like exclusive licences, licences that authorise the use of gene patent rights on a sole or non-exclusive basis may be restricted to a particular territory, field of use, or period of time.
Common terms in patent licences
22.10 The Patents Act 1990 (Cth) (Patents Act) does not specify any formalities that must be satisfied for a patent licence to be valid and enforceable. However, as a matter of commercial practice, the terms of a patent licence are typically set out in a written document executed by the parties to the agreement.
22.11 Patent licences usually address the following matters:
licensed property—identifying the particular patents and patent applications subject to the licence;
territory within which the licensee may exercise its rights;
scope of rights granted—whether exclusive, sole, or non-exclusive, and any restrictions on the use of the licensed patent rights (for example, restrictions on the right to sub-license, or rights retained by the licensor);
duration of the licence;
financial terms—such as licence fees, payment terms and liability for taxes;
termination of the licence;
obligations of the licensor—for example, maintenance and enforcement of the licensed patent rights, continued prosecution of relevant patent applications, and provision of technical assistance and know-how related to the inventions covered by the licence;
obligations of the licensee—such as performance obligations to exercise best efforts to develop and exploit the technology covered by the licence;
ownership of (and the right to use) any intellectual property that may arise from activities conducted under the licence—for example, improvements on, or new applications for, inventions covered by the licence, and new inventions that may be developed;
reversion of rights in the licensed patents—for example, upon termination of the licence, or upon failure of the licensee to satisfy performance obligations stipulated in the agreement;
reporting and record keeping requirements—including the ability of the licensor to conduct periodic audits of the licensee’s records;
confidentiality obligations; and
responsibility for liability claims—typically addressed in the form of indemnification provisions covering issues such as patent infringement and product liability claims.
22.12 While most patent licences address the issues identified in the preceding paragraph, parties to a licence typically negotiate the precise terms of the arrangement, including the scope of the licence granted, the obligations and liabilities of each of the parties, and the quantum and terms of payment. These negotiations will be influenced by a number of factors, including: the nature of the technology being licensed, the identity and business of the patent holder and potential licensee, the proposed use of the patented technology, and revenue considerations. The way in which these factors affect licences of Australian gene patents is considered in the following section.
Patents Act 1990 (Cth) s 13(1). A patent holder’s right to exploit its invention is not absolute; it may be subject to other legal requirements, as well as earlier patents not owned by the patent holder.
Any licence of a co-owned patent requires the consent of all patent holders: Ibid s 16(1)(c).
However, the grant of an exclusive licence may carry with it some of the indicia of ownership: see Ibid ss 103, 120(1), 187.
For a general discussion of the relevant factors, see Biotechnology Australia, Biotechnology Intellectual Property Manual (2001), Ch 8; Department of Foreign Affairs and Trade and AusAID, Intellectual Property and Biotechnology: A Training Handbook (2001), Module 9; D Nicol and J Nielsen, Patents and Medical Biotechnology: An Empirical Analysis of Issues Facing the Australian Industry (2003) Centre for Law and Genetics Occasional Paper No 6, 97–99.
Patents Act 1990 (Cth) sch 1.
This list is not comprehensive and is intended only as a guide to issues that a patent holder may wish to regulate by licence.
Licence fees may be structured in a number of ways and may include payments in one or more of the following forms: royalty payments, fixed fees, minimum guaranteed payments, and milestone payments.
An agreement may also provide that a licensee is responsible for matters that are typically the obligation of the licensor—such as maintenance and enforcement of the licensed patent rights—particularly if patent rights are licensed on an exclusive basis.
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-16 Mar, 2020
Innovation is a key factor for society to advance. In the same way that it is very important to innovate, it is also important to protect those who made the intellectual and economic effort to innovate. Industrial and intellectual development are protected through the mechanisms provided by industrial property: patents, trademarks, and industrial designs.
There are three agencies that are responsible for this:
- At the Spanish level there is the Spanish Patent and Trademark Office (OEPM), adhere to the Ministry of Industry, Energy and Tourism. Patents and function models protect inventions or innovations of technical nature that are new, provide solutions, and that serve the industry.
- At the European level, the responsibility rests with the Office for Harmonisation in the Internal Market (OHIM). Its objective is the protection and registration of Community trademarks, designs, and conferring on its holder a unitary right, with full validity in all member states of the European Union.
- At the international level, the World intellectual Property Organisation (WIPO) is responsible for promoting and managing international treaties on intellectual and industrial property.
¿What is Industrial Property?
There are the rights that a natural or legal person can have over an invention, an industrial design, a brand, etc.
Companies must work on the value of their industrial property and get the most out of it when using it in their commercial strategy. Therefore, these companies that dedicate resources and time to protect their products will increase their competitiveness for the reason that:
- They will prevent their competitors from copying or imitating them.
- They will be able to give a more adequate approach to their economic investments in R&D and commercialisation activities.
- They will create a company identity in which their registered trademarks will be recognised.
- They will negotiate licenses, franchises or other agreements taking into account intellectual property.
- They will increase the commercial value of the company.
- They can acquire venture capital and at the same time improve access to founding sources.
- They may be introduced in new markets.
What can be protected?
Rights of inventions resulting from technological innovation and investments in R&D:
- Patents: the state grants the title of industrial property to the creator of the invention so that it can exploit said invention, exclusively during the following 20 years. The inventor in return, must put his creation within reach of the public in order to favour technological progress. The patent refers to a new product, knowledge, device, etc. and also to the improvement of any of these.
- Utility models: also known as “minor inventions” protect inventions with a lower innovative range that those that protect patents. That’s why the protection lasts half (10 years since the request) and it is easier to obtain it.
Creations that will be a novelty in the external form of the products:
- Industrial models: it is the model for the manufacturing of a product, it is defended by its structure, configuration, ornamentation or representation. Through this, the new from adopted by a product or three-dimensional article is protected.
- Drawings: it is the industrial model for two-dimensional objects.
Thus, industrial property rights are very important, because an efficient use of them can facilitate innovation success. This innovation is more likely to be successful if intellectual property is used in a strategic way.
Industrial property is a very solid tool when it comes to forging and preserving commercial alliances.
ZICLA and the protection of innovation.
In ZICLA we develop and manufacture competitive, quality solutions for cities; all of them include recycled, recyclable, reusable and competitive products elaborated with post-consumption and post-industrial waste. These products have been patented in the UE and in different countries all over the world.
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business economics syllabus
Category : Uncategorized
There are two concentrations of B.A. Please complete the steps to help our experts guide you get right career. Business economics is concerned with economic issues and problems related to business organization, management, and strategy. Pay your college fees in 6 easy installments at 0% interest economics. Introduction and Overview; Elementary Probability Theory; Random Variables and Probability Distributions; Random Sampling and Jointly Distributed Random Variables. Students can also take help of other important resources provided by Jagran Josh for the preparation of upcoming CBSE 12th Economics board exam 2020-21. 106 COMPUTER APPLICATIONS IN MANAGEMENT UNIT-1 Introduction: Computer system, Components and functions of each unit. endobj These are the topics which have been deleted from the CBSE 12th Economics Syllabus (applicable for academic session 2020-21). endobj Nature and Scope of Economics Introduction; Theories of International Trade; Trade Policy; International Macroeconomic Policy. Know all about Master of Business Economics (MBE) course details, admission and eligibility criteria, syllabus, colleges, career options and salary scope at CollegeDekho. Economic Theory and Econometrics: provides a foundation of advanced economic theory and strong preparation for graduate studies in economics. endobj '�lNP�N81�b�s%s��u������������;'J"�G�)Tk}�������:a�AY���U �/�k�/�;Q`n��ۀ�y z��B|_�f���q=�lܓ�6�X:ad�Z� Statistics for business analysis. The BA Economics Subjects especially cover topic such as Matter of economics, supply and demand , interval estimation,Introduction to Macroeconomics and national income etc. Differential Equations; Linear Algebra; Functions of Several Real Variables; Multi-variable Optimisation. Conceptions of Development; Growth Models and Empirics; Poverty and Inequality: Definitions, Measures, and Mechanisms; Political Institutions and the Functioning of the State. I/O devices and storage devices. Balance of payments deficit-meaning. CBSE has reduced 12th Economics Syllabus 2020-21 by 30%. The syllabus for BA Business Economics is as follows: Economics of firm strategy. This course is designed for students interested in the economics and operationsof housing markets. CBSE Syllabus 2020-21 (Reduced By 30%) PDF: 9th, 10th, 11th, 12th. Course Duration: Bachelor of Arts [BA] (Economics) is 3 Years. It is primarily a U.S. focused course, but does include a limited amount of international material for comparative purposes. CBSE: Check deleted portion of CBSE 12th Economics Syllabus 2020-21. Money; Financial Institutions, Markets, Instruments and Financial Innovations; Interest Rates; Banking System; Central Banking and Monetary Policy. Stages in Empirical Econometric Research; Regression Diagnostics and Specification; Advanced Topics in Regression Analysis; Panel Data Models; Introduction to Econometric Software Package. x��\mo�F� �a� b��\��qu��\��K��>�-�,�*E�I~���rI.�%5�-����˳����?�W�^�}���̽�a�_�f��? Review of Aggregate Supply-Aggregate Demand Model; Rational Expectations and Implications for Economic Policy; Introduction to Dynamic Models; Economic Growth; Overlapping Generations Model. Fiscal economics. Introduction to Macroeconomics and National Income Accounting; Money; Inflation; The closed economy in the Short Run. To prepare well for CBSE 12th Economics board exam, students are advised to check previous years' papers and latest sample papers. <> In this article, we have provided the details of the topics which have been deleted by the Central Board of Secondary Education. BEPP708 - HOUSING MARKETS (Course Syllabus). CBSE: Check deleted portion of CBSE 12th Economics Syllabus 2020-21. All Rights Reserved Copyrights @2020 GetMyUni.com, I allow GetMyUni to contact me via Whatsapp and other channels with suitable college options, Bachelor of Arts [BA] (Political Science). Bachelor of Arts in Economics Major Concentrations: There are two concentrations of B.A. <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 9 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 2 0 obj Students preparing for CBSE Class 12th Economics board exam 2020-21 are advised to track all the changes in the syllabus and plan their studies accordingly. Students of Class 12 should learn the latest CBSE Class 12 Economics Syllabus 2020-21 and modification done by CBSE.
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With the rise of the coronavirus pandemic, the cashless economy is getting stronger by day. Even though cashless transactions were there before the pandemic, the situation is now different.
The US and the UK have the highest number of cashless transactions. This is because of the convenience that comes with it. With cashless transactions, it is easier to schedule and manage transactions, while at the same time authenticate any transactions. Cashless transactions will help the economy to grow in a way as it will limit the flow of black money.
Coronavirus and its contribution to a cashless economy
Covid-19 has affected many sectors of the economy, one of the hard-hit areas being the finance sector. It has influenced how transactions are done.
One of the ways the virus spreads is when it sticks to a surface. On most surfaces, the virus can survive for up to 48 hours. When it comes to paper notes, however, the virus can survive for up to 17 days. To contain the virus, WHO and public health experts have warned the public against using paper notes. Polymer notes are a bit better as they can contain the virus for up to 24 hours. This has led to the rise of cashless transactions. The public is advised to sanitize their hands after any cash transactions. There are many countries such as China, that are taking the measures to quarantine all banknotes in the market for up to 14 days to clean it from the virus.
There are several options when it comes to doing cashless transactions. One of the options is the use of cards. The problem with that is that the card surface is still at risk to contract the virus. That means that other digital options such as mobile devices are the better options, as they are completely cashless, and there is less contact. Apps such as Venmo and Zelle may grow in popularity in the days to come.
Even after the pandemic, people will be more cautious about the hygiene of paper money, which will promote the growth of the cashless economy.
Is a cashless economy about the money?
Even though a cashless economy may come across to be more about the money, it is not really about the money. Yes, a cashless economy will mean less handling of cash which is also hygienic, but it has many other positive effects. Some of the benefits of a cashless economy include:
Less money laundering
Money governments have put up measures to deal with money laundering. By going cashless, it will be easier to curb the issue. That will lead to less cash related crimes, and thus growth of the economy.
Going cashless is more efficient. It can help to save you money and time. You can easily shop from wherever you are with convenience. It will be easier to do accounting, as it does not have to be done manually. Companies will save the costs it incurs in handling cash.
Easy access to data
It will be easier for companies and governments to access data, which will help them in planning, especially when it comes to policies.
More spending powers
By going cashless, people are more likely to spend more than they would do with cash. More spending has an impact on economic growth.
Truth is more people are now concerned about their privacy than a few years ago. With a cashless economy, there is more privacy of the consumer. That can help prevent problems such as price discrimination.
The relation between the cashless economy and crypto industry
With the rise in the number of cashless transactions, the crypto industry will also be affected. The truth is in the current generation, people are looking for efficiency, cheaper transactions, privacy, and transparency. That bridges the gap between a cashless economy and the crypto industry.
With the pandemic, many are concerned about a burst of the bubble for the crypto world. It is, however, important to note that the crypto industry is not about the value of the cryptocurrencies. It is about disrupting the current system through decentralization. That means that the blockchain technology is more important.
Even with the current recession that has led to the drop of cryptocurrencies, blockchain remains intact. Blockchain is here to stay and has been used by many industries as a solution to the problems they face especially in regards to privacy. China has the highest number of blockchain applications and has even been used in managing COVID-19.
Some economists still believe that cryptocurrencies are inflation-free. It is only that they have to go through the phase they are going through to achieve that resilience. According to history, even the safest haven assets had to go through that same phase.
There is, therefore, a high likelihood that the growth in cashless transactions will have a positive impact on the crypto industry. Apart from the application of the blockchain, more people will be willing to explore cryptocurrencies. Once people switch to a digital economy, there will be more interest in the crypto industry because people are always on the lookout for better options.
Many stores accept cryptocurrencies. With the growth of a cashless economy, more and more stores will accept them.
The current payment systems such as Venmo have a high chance of embracing blockchain technology for more efficiency. Truth is, there will be increased competition, and to beat competition one will be obliged to ensure efficient systems, and that can be achieved through blockchain.
COVID-19 is likely to set a trend that will linger for some time. Once even those who have not tried cashless transactions try it, they are likely to get hooked. Most people prefer what they are familiar with, and this is the best time to grow familiarity. A cashless economy is for the good of the economy Afterall.
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Tuesday, April 21, 2020
For farmers and ranchers (and other rural landowners) owning agricultural land adjacent to railroads, the abandonment of an active rail line presents a number of real property issues. What is the legal effect of the abandonment? Does state or federal law apply? What about fencing? These (and others) are all important questions when a railroad abandons a line.
Abandoned rail lines and legal issues – that’s the topic of today’s post.
Legal Effect of Abandonment
During the nineteenth century, many railroad companies acquired easements from adjoining landowners to operate rail lines. In some instances, railroads acquired a fee simple interest in rights-of-way and in those situations, can sell or otherwise dispose of the property. In most situations, however, a railroad was granted an easement for railroad purposes, usually acquired from adjacent property owners. The general rule is that a right-of-way for a railroad is classified as a limited fee with a right of reverter if received from Congress on or before 1871, but is classified as an exclusive use easement if the right of way is received after 1871.
If the railroad held an easement, the abandonment of the line automatically terminates the railroad's easement interest, and the interest generally reverts to the owners of the adjacent land owning the fee simple interest from which the easement was granted. See, e.g., Penn. Central Corp. v. United States Railroad Vest Corp., 955 F.2d 1158 (7th Cir. 1992).
After abandonment, state law controls the property interests involved. Once abandonment occurs, federal law does not control the property law questions involved. The only exception is if the United States retained a right of reverter in the abandoned railway. Under the Abandoned Railroad Right of Way Act (43 U.S.C. § 912), land given by the United States for use as a railroad right-of-way in which the United States retained a right of reverter had to be turned into a public highway within one year of the railroad company’s abandonment or be given to adjacent landowners. Later, the Congress enacted the National Trails System Improvement Act of 1988 under which those lands not converted to public highways within one year of abandonment would revert back to the United States, not adjacent private landowners.
What About Recreational Trails?
In 1976, the Congress passed the Railroad Revitalization and Regulatory Reform Act (Act) in an effort to promote the conversion of abandoned lines to trails. Under the Act, the Secretary of Transportation is authorized to prepare a report on alternate uses for abandoned right-of-ways. The Secretary of the Interior can offer financial, educational and technical assistance to local, state and federal agencies. In addition, the Interstate Commerce Commission (ICC) was authorized to delay disposition of railroad property for up to 180 days after an order of abandonment, unless the property was first offered for sale on reasonable terms for public purposes including recreational use. The National Trails System Act amendments of 1983 authorized the ICC to preserve for possible future railroad use, rights-of-way not currently in service and to allow interim use of land by a qualified organization as recreational trails. Effective January 1, 1996, the Congress replaced the ICC with the Surface Transportation Board (STB) and gave the STB authority to address rail abandonment and trail conversion issues. The organizations operating the corridors as trails assume all legal and financial responsibility for the corridors. This is known as railbanking.
Under the 1983 amendments, a railroad must follow a certain procedure if it desires to abandon a line. A potential trail operator must agree to manage the trail, take legal responsibility for the trail and pay any taxes on the trail. The STB engages in a three-stage process for railroad abandonment. First, a railroad must file an application with the STB and notify certain persons of its planned abandonment. The application must state whether the right-of-way is suitable for recreational use. In addition, the application must notify government agencies and must be posted in train stations and newspapers giving the public a right to comment. Second, the STB then determines whether “present or future public convenience and necessity” permit the railroad to abandon. A trail organization then must submit a map and agreement to assume financial responsibility and the STB will then determine whether the railroad intends to negotiate a trail agreement. Third, if such a determination is made, the STB will issue a “certificate of interim trail use” or a certificate of abandonment. The parties have 180 days to reach this agreement. If no agreement is reached, the line is abandoned. Abandonment of a railroad right-of-way cannot occur without the prior authorization of the STB. See, e.g., Phillips Company v. Southern Pacific Rail Corp., 902 F. Supp. 1310 (D. Colo. 1995). But, once abandonment occurs, the STB no longer has any jurisdiction over the issue. See, e.g., Preseault v. Interstate Commerce Commission, 494 U.S. 1 (1990).
Before passage of the 1983 amendments, it was clear that when a railroad ceased line operation and abandoned the railway, the easement interest of the railroad in the line reverted to the adjacent landowners of the fee simple. See, e.g., Consolidated Rail Corp. Inc. v. Lewellen, 682 N.E.2d 779 (Ind. 1997). However, as noted, the 1983 amendments established a more detailed process for railroad abandonment and gave trail organizations the ability to operate an abandoned line. While most railroads hold a right-of-way to operate their lines by easement specifying that the easement reverts to the landowner upon abandonment, after passage of the 1983 amendments, a significant question is when, if ever, abandonment occurs. One court has held that the public use condition on abandonment does not prevent the abandonment from being consummated, at which time STB jurisdiction ends, federal law no longer pre-empts state law, and state property law may cause the extinguishment of the railroad's rights and interests. See, e.g., Fritsch v. Interstate Commerce Commission, 59 F.3d 248 (D.C. Cir. 1995), cert. denied sub. nom. CSX Transportation v. Fritsch, 516 U.S. 1171 (1996).
A more fundamental issue is whether a preclusion of reversion to the owner of the adjacent fee simple is an unconstitutional taking of private property. I will analyze the constitutional takings issue is a subsequent post. Suffice it to say, however, in 1990 the U.S. Supreme Court upheld the 1983 amendments as constitutional. Preseault v. Interstate Commerce Commission, 494 U.S. 1 (1990). But see Swisher v. United States, 176 F. Supp.2d 1100 (D. Kan. 2001).
A recent federal case involved adjacent landowners’ taking claim when a railroad abandoned its line and sought to transfer the abandoned line to a city for the use as a recreational trail. The landowners claimed that full ownership of the line should have been in their hands but the city disagreed, and the court was left to sort it out.
In Anderson v. United States, Court of Federal Claims, No. 17-668L, 2020 U.S. Claims LEXIS 526 (Fed. Claims Apr. 10, 2020), the plaintiffs were a group of 24 landowners who own real property adjacent to a rail line near Waco, Texas. The line was acquired in 1902 by Texas Central Railroad Company, the predecessor to the current owner Union Pacific Railroad Co. Texas Central acquired its right-of-way through various methods, including a declaration of trust, court-ordered condemnation, and four deeds. In 2015, Union Pacific indicated its intention to abandon the 2.45-mile line, and stated their intention to salvage the limited amount of track material and transfer the right-of-way to the City of Waco as a utility corridor and for possible trail use. In 2017, the plaintiffs filed a complaint alleging a Fifth Amendment taking on the basis that the railroad only had an easement in the rail line and that the abandonment of the line and reverted to them upon abandonment. The plaintiffs requested just compensation for their property in the form of fair market value of the taken property.
The Court examined the underlying deeds granting the line to Texas Central and noted that they didn’t contain any right-of-way language but rather conveyed a fee simple subject to a condition subsequent that benefited the original grantors solely. As a conveyance of a fee simple, there was no property right that reverted to the adjacent owners, and their taking claim failed. State property law determined the outcome.
Abandoned rail lines create numerous legal issues for adjacent landowners, including a mix of federal and state law. In addition, fencing issues get involved and those may be handled not under the general fence laws of the particular state, but in accordance with fencing provisions specific to the conversion of abandoned rail lines to trails. In any event, for those that believe they have been negatively impacted by a rail line abandonment, seeking good legal counsel is a must to protect whatever landowner rights remain.
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Biggest Weather Disasters Cost Around USD 150 Billion in 2020World | December 28, 2020, Monday // 10:55| views
The world’s 10 costliest weather disasters of 2020 reached insured damages worth 0bn, claimed at least 3,500 lives and displaced more than 13.5 million people. This is more than 2019 and reflects a long-term impact of global warming, according to a new report.
From Australia’s out-of-control wildfires to a record number of Atlantic hurricanes through November, the true cost of the year’s climate-enhanced calamities was in fact far higher because most losses were uninsured.
According to the annual tally from the charity Christian Aid, entitled Count the cost of 2020: a year of climate breakdown, the burden fell disproportionately on poorer nations.
Only 4% of economic losses from climate-impacted extreme events in low-income countries were insured, compared with 60% in high-income economies, the report said, citing a study last month in The Lancet.
“Whether floods in Asia, locusts in Africa, or storms in Europe and the Americas, climate change has continued to rage in 2020,” said Christian Aid’s climate policy lead, Kat Kramer.
Extreme weather disasters, of course, have plagued humanity long before man-made global warming began to mess with the planet’s climate system.
But more than a century of temperature and precipitation data, along with decades of satellite data on hurricanes and sea level rise, have left no doubt that Earth’s warming surface temperature is amplifying their impact.
Massive tropical storms – variously known as hurricanes, typhoons and cyclones – are now more likely, for example, to be stronger, last longer, carry more water and wander beyond their historical range.
2020’s record-breaking number of named Atlantic hurricanes – with at least 400 fatalities and bn in damages – suggest the world could see more such storms as well.
The World Meteorological Organization (WMO) had to use Greek symbols after running out of letters in the Latin alphabet.
Intense summer flooding in China and India, where the monsoon season brought abnormal amounts of rainfall for the second year running, are also consistent with projections on how climate will impact precipitation.
Five of the most costly extreme weather events in 2020 were related to Asia’s unusually rainy monsoon.
The 2020 flood was one of the worst in the history of Bangladesh, more than a quarter of the country was under water.
Wildfires that scorched record areas in California, Australia and even Russia’s Siberian hinterland, much of it within the Arctic circle, are also consistent with a warmer world, and a predicted to get worse as temperatures climb.
The planet’s average surface temperature has gone up at least 1.1 degrees Celsius on average compared to the late 19th-century, with much of that warming occurring in the last half-century.
The 2015 Paris agreement enjoins the world’s nations to collectively cap global warming at “well below” 2C, and even 1.5C if feasible.
A landmark report in 2018 from the UN’s IPCC climate science advisory panel showed that 1.5C is a safer threshold, but the likelihood of staying below it have grown vanishingly small, according to many experts.
Ultimately, the impacts of climate change will be felt via the extremes, and not average changes.
If the growing frequency and intensity of natural weather disasters is consistent with the modeling projections, the new field of attribution science is now able to put a number on how much more likely such an event is due to global warming.
The unprecedented wildfires that destroyed 20% of Australia’s forests and killed tens of millions of wild animals in late 2019 and early 2020, for example, were made at least 30% more likely, according to research by the University of Oxford’s environmental change institute.
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Money demand is a crucial macro topic because it forms the link between the monetary aggregates and some important macro variables. Money demand in many countries has been extensively studied. Following other countries, money demand in China also attracts a lot of attention, especially after 1980’s. This is because China has undergone dramatic economic reforms since 1978, resulting in rapid growth of the economy. Currently, China has become the world’s second largest economy in terms of nominal gross domestic product (GDP).
The literature on money demand in China includes but is not limited to . In general, the previous literature has employed standard estimation technique or cointegration techniques to estimate money demand in China from different aspects such as the definition of monetary aggregate, the variables that should be included in the money demand function, the effects of economic reform on money demand, and the causal relationship between monetary aggregate and some other macroeconomic variables. In the study , they use quarterly data over the period of 1983Q1-2002Q4 and employ CUSUM and CUSUMSQ stability tests in bounds testing approach for cointegration to analyze money demand in China. In addition to income and domestic interest rate, foreign interest rate and exchange rate are incorporated into the model. The coefficients for both foreign interest rate and exchange rate are not significant, indicating the foreign sector does not play a significant role in money demand in China during the period of 1983 to 2002. They find that M1 monetary aggregate in China is stable, while the stability of M2 monetary aggregate is somewhat questionable. Interestingly, in , annual data from 1997 to 2006 were used and they find both M1 and M2 are stable.
These studies have helped us understand money demand in China. However, there are several limitations. First, there is almost no paper reporting effects of possible currency substitution on money demand in China. Currency substitution occurs if the domestic people hold foreign currencies in place of the domestic currency. Typically, when a currency either depreciates or appreciates, domestic people will try to protect their wealth by currency substitution. The depreciation of domestic currency may increase demand for money if the depreciation increases the wealth since the value of foreign assets measured in domestic currency will be higher. But depreciation may lower the demand for money if the public try to increase the value of assets by increasing the holdings of foreign currencies to avoid further domestic currency depreciation. China has gradually opened up to the world since 1978 and currency substitution may have important effects on money demand in China, which has been ignored in most previous studies. This is probably because China was under fixed exchange rate before 2005. Second, the stability of money demand is vital for effective monetary policies and for the economy. As demonstrated by , cointegration does not imply stability. The CUSUM and CUSUMQ stability test can be used to test the stability of demand for money. Moreover, it has been suggested that money demand would be less stable if currency substitution exists since domestic monetary policy will be affected by foreign economic variables. This argument makes it even more important to test the long-run stability of money demand, especially when the exchange rate is included into the model. Third, the data used in most of the previous studies cover from 1980 and up to 2000s. However, Chinese reform has been undertaken for more than 40 years now and major changes have continued to take place in Chinese economy after 2000. The properties of money demand in China based on the most recent data might be different.
Thus, the purpose of the present study is to examine the possible effects of currency substitution on demand for money in China based on the most recent data and to test its stability. To this end, Section 2 provides a brief overview of the recent banking system reform and exchange rate reform. Section 3 formulates the model of demand for money and introduces the bound testing approach to cointegration technique. Section 4 presents the empirical results and Section 5 concludes.
2. The Reform of Banking System and Exchange Rate
Since 1978, China has gradually undergone a transition from regulation over financial instruments to liberalization of its financial markets. According to , the reform of banking system in China has gone through 3 stages so far. During the first stage (1978 to 1992), China abolished mono-banking system, while established new banks and securities markets. In the second stage (1993 to 1997), the concept of the “socialist market economy” was introduced. Laws and regulations are enforced while the financial markets are developed. In the third stage (after 2002), the further reform and opening are promoted. The third stage reform focuses on the capital and assets structure of commercial banks as well as the rural financial system.
China was under strict capital control before 1998. Prior to 1998, Chinese financial and banking sector lacked market-oriented policies because banks in China were tightly controlled by the government. Meanwhile, the banks in China did not have enough capital. Moreover, the amount of nonperforming loans was enormous because banks in China had to finance state-owned enterprises to fulfill the government policy goals without much consideration of its own profitability or risk. To solve the first problem, in 1998, bank’s credit plan was abolished and more market-oriented policies, such as liberalization of interest rate, were introduced. To solve the other two problems, the government has recapitalized banks and taken part of nonperforming loans off their books. In 1998, 270 billion Yuan of special-purpose bonds were issued by Chinese Ministry of Finance (MOF) to inject fresh capital to the four major banks (People’s Bank of China, Bank of China, Agricultural Bank, and China Construction Bank). In 1999, 4 state-owned Asset Management Companies were set up. Between 1999 and 2000, 1394 billion of Yuan nonperforming loans from the four major banks were transferred to the Asset Management Companies. At the end of 2003, 45 billion US$ were injected to the Bank of China and the China Construction Bank. The four major banks started their restructuring in 2004 and the financial service industry in China was fully opened to foreign sectors in 2006.
The changes described above suggest that Chinese banking sector has changed significantly. Through these reforms, China has gradually formed a diversified system including banking and non-banking, domestic and foreign institutions, and the policies are more market-oriented. As a result, the variables that should be included in the demand for money in China and the appropriate definition of monetary aggregate may be more in line with the traditional demand for money function.
Further, China adopted the fixed exchange rate before 2005. When the exchange rate is fixed, the effect of exchange rate on the demand for money is trivial since it is hard for the domestic people to increase nominal value of wealth by increasing the holding of foreign currencies. However, China moved to a “managed floating exchange rate regime” in July 2005, which allowed Chinese exchange rate to float within certain percentage based on market supply and demand with reference to a basket of currencies. The exchange rate was 8.19 Yuan/$ in 2005, 7.97 Yuan/$ in 2006, and 7.61 Yuan/$ in 2007. Currently, it is about 6.77 Yuan/$. The more market-oriented exchange rate may have some effects on money demand in China. We are able to take this into consideration if more recent data are used.
On one hand, given the substantial reform in the banking system, it is possible that demand for money in China have different characteristics if more recent data are used. On the other hand, currency substitution may occur because of the more market-oriented exchange rate system. Considering this important possibility, we analyze demand for money in China by the quarterly data after China adopted the new exchange rate regime, from 2006Q1 to 2016Q1.
3. Model Specification and the Bound Testing Approach
Following the previous literatures, money demand of a country depends on transaction demand for money, which is usually measured by the domestic income. Despite the reforms, Chinese interest rate is still not completely market- oriented and it is not a good measurement of opportunity costs of holding money. Previous studies such as argue that inflation rate is a better measurement of opportunity costs of holding money in China. Hence, inflation rate is chosen to measure the opportunity costs of holding money in present study. In order to consider the possible currency substitution, exchange rate is included into the model. The modified money demand model is outlined by Equation (1):
where M is the Chinese monetary aggregate; Y is the real income in China; π is the domestic inflation rate, and EX is the nominal exchange rate. Two definitions of monetary aggregate are used: M1 is the narrow money in nominal term, while M2 is the broad money in nominal term. Y is measured by the quarterly Real GDP index. The domestic inflation rate is defined as percentage change corresponding period previous year (%) and the nominal exchange rate is defined as number of Chinese currency Yuan per US dollar. All data are from International Financial Statistics Database by International Monetary Fund (IMF).
Regarding the sign of the coefficients, we expect b to be positive, c to be negative, while d could be either positive or negative. The reasons are as following. As real income increases, the transaction demand for money usually rises. Thus, demand for money will increase as real income increases. Hence, an estimate of the coefficient of real income Y (b) is expected to be positive. As domestic inflation rate increases, the demand for money will decrease since the opportunity costs of holding money is higher. So, an estimate of coefficient of domestic inflation rate π(c) is expected to be negative. A change in exchange rate (EX) usually has two effects. Note that in this paper, exchange rate is defined as number of Chinese currency Yuan per US$. Under this definition, an increase in EX implies a depreciation of domestic (Chinese) currency or an appreciation of foreign country currency. On one hand, depreciation of domestic currency increases the value of foreign assets held by domestic people measured in domestic currency. Thus, it increases the wealth and the demand for domestic currency. If this wealth effect dominates, d should be positive. On the other hand, when a currency depreciates, the public tend to increase holdings of foreign currency and decrease holdings of domestic money. By doing so, the domestic residents try to increase the asset by avoiding further domestic currency depreciation. If this substitute effect dominates, d should be negative.
Equation (1) states the long-run relationship among the variables. Although this study focuses on money demand in China in the long-run, we should also incorporate the short-run dynamic of Equation (1) in order to carry out the testing procedure. Following , it takes following form:
The null hypothesis of no cointegration ( ) is tested against the alternative hypothesis ( ). Unlike the Error Correction Model by Engle-Granger , introduces a technique that does not require pre-unit root testing. In order to justify cointegration among variables in (2), applies the F-test with new critical values that they calculate. Upper bound of critical values is calculated assuming that all variables are integrated of order one, while lower bound of critical values is calculated assuming that all variables are integrated of order zero. If F-test statistic is below the lower bound, the null hypothesis of no level effect can’t be rejected. If the F-test statistic lies between the bounds, the test is inconclusive. Only when it is above the upper bound, the null hypothesis of no level effect is rejected, suggesting cointegration among the variables in the equation. Moreover, the negative and significant error-correc- tion term is also an efficient indicator of cointegration. If there is cointegration, the CUSUM and CUSUMSQ tests will be applied to the residuals of Equation (2) in order to test the stability. The CUSUM test is based on the cumulative sum of recursive residuals while CUSUMSQ test is based on the squared recursive residuals. If and only if the plot of the CUSUM and CUSUMSQ statistics stays within 5% significant level, then the long-run and short-run coefficient estimates are stable.
4. Empirical Results and Stability Tests
Quarterly data from 2006Q1 to 2016Q1 were employed to carry out the empirical analysis. Nominal M1 and M2 are used as monetary aggregate. Two steps are involved in the empirical tests. First, we impose different lags on each first differenced variable in (2) and carry out the F-test. Table 1 reports the results of the F-tests for M1 and Table 2 reports the results of the F-tests for M2 when 2, 4 and 6 lags are imposed on each first differenced variable in (2).
Table 1. The Result of F-test and Ecm (−1) for M1.
Note: *indicates 5% significance. **indicates 1% significance. Ecm (−1) is the error-correction term.
Table 2. The Result of F-test and Ecm(−1) for M2.
Note: *indicates 5% significance. **indicates 1% significance. Ecm (−1) is the error-correction term.
From Table 1 and Table 2, it is clear that only when 2 lags are imposed on each first differenced variables in (2), the calculated F test for monetary aggregate (M1 or M2) is significant. In the remaining cases, cointegration among the variables of M1 and M2 money demand function is rejected. However, as pointed out by , the above results may be considered preliminary since lags are selected arbitrarily. We decide to overcome the arbitrary nature of lag selection and employ a selection procedure to select the appropriate number of lags on each variable. The selection procedure employed in this study is Akaike Information Criterion (AIC). That means we employ AIC to select the optimum number of lags for each variable in Equation (2) after imposing maximum of 2, 4, and 6 lags on each first differenced variable in (2).
The optimal lags, F-test with optimal lags, and the values of error correction terms for M1 are reported in Table 1. The optimal lags, F-test with optimal lags, and the values of error correction terms for M2 are reported in Table 2. From the results of F-test with optimal lags in Table 1, the values of F-test with optimal lags are greater than 95% upper bound value for M1 with 2 lags and with 4 lags, while the error correction term is only negative and significant for M1 with 2 lags. From the Table 2, the F-test with optimal lags for M2 are all greater than the 95% upper bound, and the error correction terms are all negative and significant, supporting cointegration. It seems that there is stronger evidence of cointegration when M2 money aggregate is used.
Since one of the main objectives of this paper is to test the long-run stability, we only report the long-run estimation here. Table 3 reports the long-run coefficient estimates for M1 aggregate, while Table 4 reports the long-run estimates for M2 aggregate.
From Table 3, it is clear the estimations of the equation for M1 money aggregate are quite different when different lags are imposed on each first differenced
Table 3. Long-run coefficient estimates for M1.
Note: *indicates 5% significance. **indicates 1% significance.
Table 4. Long-run coefficient estimates for M2.
Note: *indicates 5% significance. **indicates 1% significance.
variable in (2). When 2 lags are imposed, the coefficient of Y carries expected positive sign and significant and the coefficient of exchange is negative and significant. When 4 lags are imposed, the coefficients for Y, π and Ex are all insignificant. However, when 6 lags are imposed, only the coefficient of exchange rate is negative and significant.
From Table 4, in contract to the results of M1, the estimation of the equation for M2 monetary aggregate is quite consistent. The coefficient of Y all carries expected positive sign and significant. The coefficients of exchange rate are all negative and significant, suggesting strong currency substitution. Further, the effect of currency substitution is in favor of foreign currency rather than wealth effect when Chinese Yuan depreciates. The coefficient of inflation carries expected negative sign and significant for only one case (with 2 lags). It seems both the real income and exchange rate play an important role in the demand for M2 monetary aggregate in China.
After the long run estimates, we examine the stability by applying CUSUM and CUSUMSQ tests for both M1 and M2. The stability results are reported in Figure 1 and Figure 2. It seems it is stable for all cases we tested.
These results are quite interesting since they are different from the results in . First, M2 is cointergated with its determinants in all cases and M1 is only cointegrated in some cases in present study, while both M1 and M2 are cointegrated in . Second, M2 is stable in the current study, while the stability of M2 is questionable in . Third, we detect strong currency substitution for M2 money aggregate in present study, while the coefficient for exchange rate is insignificant in . The main reason for the different results is: more recent data are chosen to analyze demand for money in China in current study and the characteristics of money demand in China may be different now given the ongoing banking system reform and the exchange reform in 2005.
Figure 1. Stability Test Results for M1.
Figure 2. Stability test results for M2.
In the present study, we employ the quarterly data after China’s exchange rate reform in 2005 to study demand for money in China. We include the exchange rate into the equation in order to examine possible currency substitution given the ongoing financial reform and the exchange rate reform in 2005.
We show that the cointegration of M1 monetary aggregate with domestic income, inflation rate as well as exchange rate is doubtful, while M2 money aggregate is cointegrated with these determinants. Moreover, for M2 monetary aggregate, the coefficients of domestic income are positive and significant in all cases while the coefficients of exchange rate are all negative and significant, suggesting strong currency substitution. The CUSUM and CUSUMQ test with cointegration analysis revealed that M2 aggregate is stable in all cases. Based on the cointegration results, M2 serves as better money aggregate for China. This result is different from the finding in . One Policy implication is: the monetary authority should target M2 rather than M1 now and should also pay attention to the currency substitution in order to carry out an effective monetary policy in China.
We use inflation rate, rather than interest rate to measure the opportunity costs of holding money in China in current study. Further research may investigate if interest rate is appropriate measurement using recent data. However, one may have to wait a little longer to study it for two reasons. 1) The interest rate is not completely market-oriented yet. 2) Compared to the interest rate, the inflation rate is still quite high in China, which makes inflation rate a better measurement of opportunity costs of holding money in China. It may take some time for the Chinese government to control the inflation rate. Further research could use different cointegration method to estimate the model in order to see if the findings are robust. Further research could also test the effect of exchange rate on other macro variable using the data after China adopted the managed floating exchange rate regime and discuss if China should move to completely floating exchange rate regime.
Huang, C. (2000) Economic Reform and the Stability of Long-Run Demand for Money in China: Some Results from Co-Integration Tests. In: Cook, S., Yao, S. and Zhuang, J., Eds., The Chinese Economy under Transition, Palgrave Macmillan, UK, 276-296.
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On July 5, the New York Times Op Ed Page had a very well written piece by Yoram Bauman and Shi-Ling Hsu in which they outlined the benefits of the new British Columbia Carbon Tax (BCCT). A carbon tax is just that. A tax on the carbon contained in fossil fuels.
As they noted, the BCCT tax increased from $25-$30 per metric ton. They further noted that due to this tax increase, the corporate income tax rate was decreased from 12% to 10%.
I am not going to discuss the value of reducing CO2 emissions; that is almost secondary to my mind in some ways. I view this tax method as a means of encouraging conservation. Thus, it encourages users to find better and more efficient means of using the energy that they need.
Since the carbon tax is a tax on the use of energy, and you control your energy consumption, you control your energy bill, thus you control your carbon tax paid (if you live in British Columbia). It is similar in some ways to those who advocate volume based garbage rates, or other forms of user fees.
I agree with the authors concept that a well constructed carbon tax should be constructed with means to help low – income people obtain energy conservation improvements. I would go further and say that some of this money should be used to offer tax credits to businesses, especially small business for the same purpose.
As the authors noted, a $30 carbon tax in the U.S. would generate about $145 billion per year. Even if individual and corporate taxes were reduced by 10%, there would be $35 billion left over to initiate new programs. If the authors are correct, this is a truly revenue neutral concept worthy of further discussion.
It is certainly more intelligently thought out than the Drill baby drill ideas that we hear today.
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Agriculture has remained as a centrepiece of Indian economy. Though it is a main source of livelihood for a majority of Indian population, it still stands as a technologically backward sector. Despite its importance to the economy, little has been done to revive the sector. From production challenges to financing inefficiencies, Indian agriculture is plagued by several issues. Inadequate farm equipments, lack of access to fairly priced credit, distribution challenges due to intermediaries between farm to fork are some of the challenges facing the Indian farmer. Farmers are the sole risk bearers of all these challenges that arise in the farming cycle. Be it lack of quality tools, erratic monsoons or pest outbreaks, farmers have to face it all without any risk mitigation among other stakeholders.
We live in a world where technology is at the heart of our everyday lives. Similar to the transformations in other sectors, technology is sure to shape farming practices. Technology can transform Indian agriculture by addressing challenges related to quality, quantity, distribution and storage. Here’s how:
Production: Currently farmers choose crops on the basis of the trends of the last season. Technology can assist them in making right growing choices by carefully analysing demand, pricing and fluctuations in weather conditions. This will create a better balance between supply and demand. Technology enabled farming tools can be a boon for small farms. Large machinery used in developed countries have very little applicability in most of our small farms. The key is to build mechanised processes suitable for small farms, that reduces dependency on manual effort and results in better productivity.
Technology based crop advisory around crop planning, pest control, disease mitigation can be very useful. Online marketplaces offering wide variety of authentic agri inputs that are backed by scientific agri-advisory can also help.
Financing: Technologies that enable contract farming arrangements can help solve financing inefficiencies in the system. This reduces the farmer’s risk with guaranteed off-take arrangements and agri-inputs supplied by the contracting company. Apart from with this, technology can also help farmers avail crop insurance and credit that are rightly priced. This can be possible by analysing data from various sources including land records, weather analysis, historical and current satellite imagery and remote monitoring using drones
Distribution: In the traditional model, middlemen walk away with a large chunk of a farmer’s income. E-marketplaces that can connect buyers and farmers directly can dis-intermediate the chain and offer better incomes to farmers. An effective cold chain system is the need of the hour for Indian agriculture. Most of the existing cold storage units are outdated. Technology enabled cold storage chains that are controlled using smart devices can prevent post harvest losses. Automated grading and sorting of crops using robotics and machine vision, can also reduce efforts and wastage in the supply chain.
Sharing economy models that allow shared usage of high cost equipment like tractors can decrease financial burden on the farmers. This model can help farmers use tools and machines on a per usage basis instead of investing a high cost on outright purchase. With growing usage of smartphones, farmers can tap into the wisdom of the crowds, other knowledgeable farmers and agronomists to take inputs during the growing period.
Unlike the olden day farmers, the new age Indian farmer is not the stereotypical ‘kisan’. They are tech savvy and are open to adopting new technologies that can help them improve their income. For instance, a Facebook group for organic farmers in India with a member strength of 22,000 has become an engaging platform for farmers to seek help or advice from other farmers. Whatsapp groups are now used extensively by farmers to exchange knowledge and collaborate with peers. From ordering seeds online to seeking inputs on social media, there is rapid adoption of information technology by Indian farmers.
In spite of new technologies making their way into agriculture, some factors still hold back their adoption. Quite often, farmers can be hesitant to try out and invest in new technologies due to lack of clarity on ROI or lack of successful case studies of other farmers. Infrastructural issues like power supply and internet connectivity in remotely located farms can be a challenge while building connected farms or deploying IoT solutions. Last mile logistics, to get agri products, into the hands of farmers, is still a big challenge, and very often needs to rely on cash-based traditional distribution channels, which are not nimble enough.
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In a commitment agreement, the product that Vendeee actually wants to buy is referred to as a “binding product,” while the additional product that the Vendee must purchase to complete the sale is referred to as a “linked product”. Typically, the binding product is a desirable commodity, which is in high demand by Vendees in a particular market. The bound product is generally less desirable, of lower quality or otherwise difficult to sell. For example, film distributors often link the sale of popular video cassettes to the purchase of second films that, due to lack of demand, pile up in their warehouses. Refers to situations where the sale of a property is conditional on the purchase of another property. A variant is the complete assortment in which a seller presses (or force) a full range of products on a buyer who is primarily interested only in a particular product. Tied selling is sometimes a way to discriminate pricing. Competition concerns were raised that the commitment could prevent other companies from selling related products or increase barriers to entry for those who do not offer a full range of products. The contrary view is that these practices are efficiency-oriented, i.e. they are used to reduce the costs of producing and distributing the product line and to ensure that similar quality products are used to supplement the product sold. For example, a computer manufacturer may request the purchase of data media to avoid damage or loss of performance of its devices by using lower quality replacement data media. There is a growing recognition that related sales agreements may have a valid business rationale depending on market situation.
In the management of competition policy, more and more economists are proposing to adopt a regulatory approach to tied sales. © OECD business practices to condition the sale of a product for the purchase of another product. If the link is not objectively justified by the nature of the products or their commercial use, this practice may restrict competition. Economic theory suggests that a company with market power in a market (a constraining market) may, under certain conditions, be able to take advantage of that position or dominant position in another market (linked market), push its competitors out of that second market and then raise prices above the level of competition.
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Reduce groundwater extraction
- 1 Reduce groundwater extraction
- 1.1 General description
- 1.2 Applicability
- 1.3 Expected effect of measure on (including literature citations):
- 1.4 Temporal and spatial response
- 1.5 Pressures that can be addressed by this measure
- 1.6 Cost-efficiency
- 1.7 Case studies where this measure has been applied
- 1.8 Useful references
- 1.9 Other relevant information
Reduce groundwater extraction
Category 01. Water flow quantity improvement
Implementing groundwater management and protection measures needs quantitative appraisal of aquifer evolution and effects based on detailed multidisciplinary studies, which have to be supported by reliable data (Custodio, 2002). Social and environmental constraints and the implication of skateholders should be taken into account to choose the restoration or mitigation measures. Some management options that could be studied as alternatives are the following:
- Water rights should be properly defined and distributed so they are managed more efficiently and extractions decrease.
- The quantity of water that can be extracted from each sector of the aquifer has to be defined according to the rate of recharge and discharge, the available stock, and water demand. But negative effects doesn´t necessary occur only when discharge is greater than recharge. They may be simply due to well interferences and the long transient period that follow changes in the aquifer water balance. Groundwater storage is depleted to some extent during the transient period after abstraction is increased (Custodio et al., 2001).
- Water pricing is an appropriate tool to stimulate efficient water use: groundwater price understimates water value, and the environmental costs of its depletion. The internalisation of the negative as well as positive externalities on stock quality and quantity in the price of groundwater is particularly significant if the recharge of groundwater is large compared to stock size (Hellegers et al., 2001).
- Improve water use efficiency (modernization of distribution infrastructures to reduce water losses, better irrigation practices, close-cycle systems and water recycling, etc).
- Limit the expansion of irrigation surface and the construction of new wells.
- Transformation of irrigated land into rain-fed crops or natural land, land acquisition.
- Payment for Environmental Services and encouraging Best Management Practices to improve natural recharge and storage of water (terracing, creek management, reduction in planting phreatophyte forest areas).
In areas highly dependent on groundwater resources, where environmental uses compete with agricultural, urban or industrial uses of water, it may be difficult to come to an agreement among skateholders. Public participation is essential in the selection of the measure´scope, so it has social acceptance.
Expected effect of measure on (including literature citations):
- HYMO (general and specified per HYMO element)
Rivers supplied primarily by underground water would seen increased their average flow. The groundwater level would rise and so the discharge into water courses would be increased partially restoring their natural flow regime. Temporal and permanent wetlands would recover their natural hydroperiod (Custodio et al. 2006,Manzano et al.,2001)
- physico � chemical parameters
Maintenance or improvement of groundwater levels in aquifers near the coast helps to keep the regulatory effect and prevent seawater intrusion maintaining physical and chemical parameters of water quality. In marshes and wetlands the level of salinity and nutrients depends on freshwater input and therefore the rising of the water table would contribute to restore their natural balance.
- Biota (general and specified per Biological quality elements)
The effect would be especially positive for those ecosystems dependent on the proximity of the water table (wetlands, riparian forests). The resilience and regeneration of the vegetation would be improved. Fish communities would be benefited by the maintenance of water quality and the base flow on dry periods.
Temporal and spatial response
Immediately after a modification in recharge, or abstraction, the aquifer-system discharge does not change. For large, low-diffusivity aquifers the response is so slow that storage depletion and water-quality changes will continue well beyond any reasonable planning horizon (Custodio, 2002)
Pressures that can be addressed by this measure
Case studies where this measure has been applied
Custodio, E. 2002. Aquifer overexploitation: what does it mean? Hydrogeology Journal 10:254–277
Custodio, E., M. Manzano y J. Dolz (2006). El agua en Doñana: una perspectiva general. Informe Técnico
Hellegers P., D. Zilberman and E. van Ierland. 2001. Dynamics of agricultural groundwater extraction. Selected for presentation at the annual meeting of the American Agricultural Economics Association in Chicago, August 5-8, 2001
Manzano, M. (2001). Los humedales de Doñana y su relación con el agua subterránea. I Reunión Internacional de Expertos sobre la Regeneración Hídrica de Doñana-Proyecto Doñana 2005. 161–167.
Manzano, M. y Custodio, E. 2005. El acuífero de Doñana y su relación con el medio natural. Doñana: Agua y Biosfera (Eds. R. García Novo y C. Marín Cabrera). Doñana 2005 Confederación Hidrográfica del Guadalquivir. Ministerio de Medio Ambiente. Madrid. 133–142; 163–164.
Manzano, M., Custodio, E. y Colomines, M. (2005). El fondo hidroquímico natural del acuífero de Doñana (SO España). V Congreso Ibérico de Geoquímica. IX Congreso de Geoquímica de España. Soria. 1–13.
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South Korea Table of Contents
In 1989 South Korea was a major producer of electronics, producing color televisions, videocassette recorders, microwave ovens, radios, watches, personal computers, and videotapes. In 1988 the electronics industry produced US$23 billion worth of goods (up 35 percent from 1987), to become the world's sixth largest manufacturer. The total value of parts and components (including semiconductors) produced in 1988 totaled US$9.7 billion, overtaking consumer electronics production (US$9.2 billion) for the first time. Manufacture of industrial electronics also grew significantly in 1988 and totaled US$4.6 billion (20 percent of total production). Electronics exports grew rapidly in the late 1980s to more than US$15 billion in 1988, up 40 percent from 1987--to become Seoul's leading export industry. Although South Korean electronic goods enjoyed substantial price competitiveness over Japanese products, the electronics industry continued to be heavily dependent on Japanese components, an important factor in South Korea's chronic trade deficit with Japan. Some South Korean firms formed joint ventures with foreign concerns to acquire advanced technology. In the late 1980s, South Korea's leading electronics firms (Samsung, Lucky-Goldstar, and Hyundai) began establishing overseas plants in such markets as the Federal Republic of Germany (West Germany), Britain, Turkey, and Ireland.
By 1990 significant shifts were occurring within the electronics industry. In 1989 South Korea had lost some of its cost advantage to newer consumer electronics producers in Southeast Asia. At the same time, production of electronic components and of industrial electronics, particularly computers and telecommunications equipment, continued to expand to such an extent that overall demand for South Korean electronics products was expected to increase modestly in the early 1990s. In 1990 Seoul projected that the microelectronics industry would grow at an annual rate of 17.2 percent in the early 1990s.
Data as of June 1990
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Case study on Social Bond
A social Impact bond Is a way to provide high-quality social services while saving the government money by monitoring the financial gains of Improved social outcomes (Cole et al, 2013). Non-profits organizations receive money that Is funded by private Investor, foundations or even some profit-oriented financial Institutions to carry out their programs. At the same time, the monitoring and evaluation of these programs Is performing to judge if the perspectives target has been satisfied.
The performance of SIBS depend strictly on the determined social impact, which means if the project ailed to meet the goal, investor would lose not only interest part of their money, but also the principal they invest initially. SIBS can deal with social problems by permitting government to shift the financial risk associated with those programs away, and transfer it to other sorts of investors, who are more capable to price and bear the risk, based on the expectation of future savings.
They also provide the incentive for multiple government agencies to corporate, capturing savings across agencies to fund Investor repayment (Social Finance, 2012).
Moreover, SIBS can reward those high efficient organizations with stable and predictable revenues and long-term growth capital for operation. The mechanism of SIBS: 1 . Intermediary, such as: Social Finance, issues SIBS and raise fund from all types of investors. 2. Intermediary fund the less costly prevention projects that are operated by non-profits service providers.
Through out the life span of SIBS, intermediary are responsible for coordinating all the involved parties. 3. By providing effective social prevention service, non-profits deduce the need of costly downstream remediation, hush create the “social profit”. 4. An independent third party step in and evaluate If the specified targets have been achieved.
If they have, government pay a percentage of Its savings to Investors, returns depend on the performance of the project. If they have not, Investors get nothing. 2.
How snouts Social Hence structure ten Atlanta Instrument: as a Dona? As Equity? As some hybrid? During the issuing process, the contracts of SIBS promise the return of the bond explicitly (according to the social benefits of relevant projects) and arrange a specified time horizon of the financial instrument. So, it seems to more like a bond.
However, as I mentioned above, there is a tremendous risk embed in SIBS. Investor can only collect the interest and principal if the pre-determined social impact or cost saving is achieved.
Compared with government issued bond, SIBS will not provide a fixed rate of interest and even cannot repay the face value of the bond when the project failed to complete the targets. By thinking in terms of bonds, the issuers and intermediaries who are structuring these financial instruments naturally begin to discuss how to ensure that investors are repaid (Newly, 2013). However, in our case of Social Finance, financial returns are generated only when the government budget invested in this area can be cut off and transferred into initial investors.
So, investing in this kind of bond more like investing in equity, which does not provide a stable return unless the targets are attained and the so called “social profits” is created.
By using the terminology “bond”, this kind of investment become more attractive under a volatile economic circumstance, especially during the global financial crisis, most investors were worried about losing money in the market and preferred to hose investment instrument which is safer. Even the most conservative and prudential investors can misunderstand the meaning of Social Impact Bond.
The implications of a bond suggest security, fixed return and almost zero risk while an equity investment implies uncertain risk, unsure return and unidentified time horizon. It is possible for an investor to lose 100% of principal when he/she engaged in equity investment; the similar situation takes place in SIB investment. For equity investment, the rate of return depends on the performance of the issuer; this is also true of SIBS. Overall, It is too difficult to define Social Impact Bond as bond-like or equity-like.
I think it is most suitable to say it is a kind of hybrid investment instrument. 3. Consider Social Finance’s proposed structure from the standpoint of the government, the social sector, and private capital. What are the strengths? What are ten weaknesses? In the past, it is the obligation of the government to tackle with most of social problems; they had to spend billions of taxpayer dollars. However, compared with well-developed organizations, government has been proved to be inefficient due to he lack of experience and bureaucracy.
It is not the best entity to deal with some special problems.
They cannot provide better outcomes than those non-profits can, even fail to address the root problems of some social issues. However, SIBS have provided an alternative way for government to address these troubles. In this sense, authority holds the accountability for taxpayer money, reduces the need for further investment in remediation, increases supply of effective social service (Social Finance, 2012) and transfers the relevant financial risk to those investors who have better understanding about it. In this sense, government only needs to pay for the real value creation.
SIBS can generate large number of stable and predictable funds for social sectors without costly fundraising procedure and give them access to greater source of capital, so that they can provide community with uninterrupted social service at scale.
But, there are certain problems that non-profits have to face. Firstly, using SIB as funding resources generates plenty of expense on supervision and evaluation of the project outcomes. That is a significant burden for non-profits. Secondly, the arterial that are utilized to measure the outcome of the project is not always explicit and may lead to moral hazard issues.
Last but not least, it is hard to balance the interest of a variety of investor types, which means, in order to generate sufficient financial returns, some projects may be too risky for one certain kind of investors.
Private capital achieves both positive social impact and financial return if the project successfully attains pre-determined targets. At the same time, investing in a new asset class that diversifies away unsystematic risk can be regarded as a significant advantage of SIBS. Nevertheless, a huge financial risk has been transferred to private investors.
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New Jersey Personal Income Tax Laws
Personal income taxes help states pay for important infrastructure projects, such as highways and bridges, as well as public education, police, and other state necessities. Some states don't have an income tax and make up for the revenue elsewhere. New Jersey personal income tax is progressive in the sense that rates are higher for high earners. The state's lowest rate is 1.4 percent, while those earning more than $500,000 pay 8.97 percent.
The details of New Jersey's personal income tax laws are listed below, and in-depth coverage follows.
|Code Section||54A:1, et seq.|
|Who is Required to File||Individuals, estates and trusts, residents and nonresident taxed on gross income; Nonresidents are only taxed on income derived from New Jersey sources; Partnerships and associations are not taxable; Local taxes may be required|
|Rate||First $20,000, 1.4%; Next $30,000, 1.75%; Next $20,000, 2.45%; Next $10,000, 3.5%; Next $70,000, 5.525%; Next $150,000, 6.37%; Over $500,000, 8.97%|
|Federal Income Tax Deductible||No|
|Federal Income Used as Basis||No|
How Progressive Income Tax Works
The percent of federal income tax you pay is calculated based on how much money you earn. The same goes for many states as well, including New Jersey. However, there are some common misconceptions about how progressive personal income tax works. Although a person making $50,000 a year will pay at a lower tax rate than a person who makes $100,000 a year, the person who makes $100,000 a year does not pay the higher interest rate on their entire income. If this was the case, some people would have a strong incentive to make less money. For example, let's say that two taxpayers in the same state make roughly the same income per year. One makes $49,000 a year, and the other makes $51,000 a year. In that state, the tax rate is 10% for people making less than $50,000 per year, and 20% for people making over $50,000 per year. If that was the case, the person making $49,000 per year before taxes would make more money after taxes than the person who makes $51,000 per year.
Instead, in a progressive tax scheme, the increased tax rate only applies to income beyond a certain level. In the previous example, the person making $51,000 per year would pay a 10% tax rate on the first $50,000 of their income, and pay a 20% tax rate on the $1,000 over the first tax bracket.
New Jersey Progressive Income Tax Rates
New Jersey has a progressive tax rate according to the following list, although it may change yearly:
First $20,000: 1.4% tax rate
Next $30,000: 1.75%
Next $20,000: 2.45%
Next $10,000: 3.5%
Next $70,000: 5.525%
Next $150,000: 6.37%
Income beyond $500,000: 8.97%
If you would like to know more about how New Jersey's tax laws apply to your annual income, you may wish to speak with a tax attorney in New Jersey. In addition to helping you navigate New Jersey's tax laws, the attorneys may be able to help you design a financial scheme that helps you avoid paying unnecessary taxes while still staying within the law.
Next Steps: Search for a Local Attorney
Contact a qualified attorney.
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Write an essay on the following topic; The grade of your essay is based on thoughtfullness and clarity of logics in your explanation. •
Topic: The Big Mac Index Write an essay in 1000 words, excluding reference, explaining the Big Mac Index and its advantages and limitations in measuring PPP. Describe the possible cause(s) of the failure of PPP that you learned in the lecture. Also, examine the conclusion from The Economist (article link below) that “[t]he Chinese yuan, for example, is 44% undervalued against the dollar”. The following articles can help you with the essay: – http://www.economist.com/news/finance-and-economics/21714392-emerging-market-currenciesand-euro-look-undervalued-against-dollar-our-big – Ong, L.L., 1997. Burgernomics: the economics of the Big Mac standard. Journal of International Money and Finance, 16(6), pp.865-878. You are encouraged to search for more references or materials. The reference should be in Harvard style and follow Sections 5.3 and 5.5 of the Guideline: • http://www.uq.edu.au/economics/documents/studentguides/guidforassignpres.pdf Finally, please put a word count of your essay, excluding reference.
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The 1994 Hocken Annual Lecture, University of Otago, 6 October, 1994, published by the Hocken Library, 1996.
Keywords: Political Economy & History;
As the first economist to be invited to present a Hocken lecture, I take it my task is to argue that the economy is integral to understanding history. It is a challenge I accept willingly, for in recent years the study of New Zealand history has usually ignored economic forces.
I could elaborate this argument by a careful analysis of some standard historical works, illustrating where they are deficient in their economic analysis, and how that has limited their explanation. Instead I propose to use this occasion to pursue the even more challenging task of offering an economic account of the history of New Zealand.
The approach I shall take is that of political economy which characterizes a society by the way in which the means of production are organized. Time limits detailing the underlying methodology. The task is to illustrate the approach by using it.
I shall use the metaphor of tectonic plates to do this. The geologists’ tectonic – structural – plates are great slabs of geographical mass which shift about – pushing, crushing, and overriding one another. In a similar manner the political economist’s tectonic plates are groupings of means of economic organization, which are in conflict and over time appear and disappear. Just as in geology the clash of the plates generates earth movements which modify the land on which we live, the conflict between the political economy plates also leads to political and social change. The earthquakes we record, in geology – or in politics and sociology – are the visible outcomes of the long term movements of the plates.
Thus the political economic explanation seeks not only an account of the long term shifts of our economic, political, and social life, but also of the revolutionary changes, as in the 1890s, the 1930s, and the 1980s.
My presentation is schematic, setting down a research program, rather than offering the details. But the outcome will be – I hope – a compelling case that New Zealanders, and New Zealand historians, ignore the political economy at the peril of misunderstanding.
The Palaeolithic Economy
The New Zealand economy began about a thousand years ago. Before then there was only ecology. The first arrivals from the Pacific Islands found it to be abundant, with bird life including moa, and sea life including seals. Theirs was a hunting and gathering economy. The palaeolithic political economy had arrived.
The first settlers were few, living near the sea, so we have little record of their activities. It is a reasonable assumption they were unfamiliar with the new ecology, so different from that of the tropical islands from whence they came. They would have been overwhelmed by its plenty, and they probably did not manage their new environment in a sustainable way. But they learned, for their survival depended on it. Thus the palaeolithic economy evolved from a colonizing mode into an indigenous one. Those early settlers developed into the Maori.
The Longest Political Economy: The Neolithic Economy
At some stage, but perhaps 700 years ago as the natural abundance became depleted, the growing of kumera spread throughout much of the land, especially as the technique of its storage became developed. For many Maori their life style was extended from hunting and gathering to include horticulture – from a palaeolithic political economy to a neolithic one.
That does not mean the new tectonic plate completely overrode the old one. Especially in the southern part of the South Island, societies dominated by hunting and gathering continued until after the arrival of the European. But it was the neolithic tectonic plate which greeted the European, and dominated the country. Indeed the classical Maori political economy dominated New Zealand for the longest period – perhaps half of our economic history.
While there is more archaeological evidence for this new political economy, puzzles remain. The quantitative economic historian finds them especially frustrating. However Maori longevity appears to have been about the same as that of Western Europeans in the seventeenth-century, suggests that per capita GDP was similar to that of Europe then.
The shift to cultivate gardens would have changed the social and political structure of those involved. Probably the change was slow, revolutionary in terms of generations rather than years. That does not mean it was imperceptible or unrecorded. When scholars look to the myths and whakapapa they will find memories of the slow upheaval the Maori experienced, as they evolved into classical Maori society.
Fortunately both early European observers and nineteenth-century Maori elders described sufficient of their neolithic political economy for us to have a reasonable qualitative knowledge of how it functioned in its prime. Raymond Firth’s classic Economics of the New Zealand Maori describes a series of independent production agencies based on the hapu or extended family, between which occurred regular (and inter-regional) trade.
The accounts of Firth, and of his predecessors, show that Maori society was holistic and integrated. They did not have a word for “economy” nor for “ecology”, for that involves distinctions almost peculiar to Western thought. Traditional Maori society was not a market economy. There was no money, no prices. Economic exchange and production were regulated by a complex system based on utu, koha, and rahui, which also protected the environment. The classic Maori economy seems to have been largely sustainable.
Post-classical Maori: Responding to the International Market
The arrival of the European introduced trade with an external world, with new products and technologies. International exchange involves using the market, prices, and money. The ease with which the Maori was able to enter into trade with the European appears to be extraordinary. In a short time the Maori became effective international traders providing products: grain, potatoes, timber, flax, fish, meat and skins, and the provisioning of ships.
The external transformation of a society, which had been in a reasonably stable equilibrium for two centuries, must have impacted on the internal functioning of hapu and iwi. As we consider such issues, we might ponder whether post-classical Maori society could have been sustainable, and if so how it might have evolved. Alas it did not. Disease, war, land alienation, and the loss of rangatiratanga meant that by the second half of the nineteenth century the Maori tectonic plate was being pushed aside by – subducted below – the arriving European one.
The most evident retreat was into the King Country, where trade was all but broken off from the European, perhaps limiting the Maori ability to modernize. But elsewhere the Maori also moved to the margins of New Zealand society as the tectonic plates of the European political economies shifted in. On those geographical and economic margins most Maori just survived, until in the second half of the twentieth century, when they began their migration into the cities. The second Maori renaissance commenced soon after in the 1970s. It is an important story, not pursued here for it deserves great space of its own. The distinctive Maori political economy, which had dominated for nine tenths of New Zealand’s human history, was marginalized and almost extinct by the late nineteenth century.
The European Arrival: The Quarry
Today it is conventional to see the nineteenth century as a story of the European settlement of New Zealand involving the subjugation of the Maori. Certainly the settlement occurred. But it was not that simple and it was probably a close run thing, not so much in terms of defeat by the Maori, but in terms of the possibility of sustainable settlement at all.
Indeed the first European political economy was not a settlement one, but that of the quarry. Rather than what the French described as a “colony of permanence”, initially we were a “colony of exploitation”. For the early economic viability depended upon the depletion of natural resources: whales, seals, native timber, kauri gum, and gold and other minerals. It is a world in which the trader comes, exploits, and goes, leaving behind debris and ruin.
We have forgotten how quarrying rather than the sustainable harvesting of resources dominated our political economy for much of the nineteenth century. South Islanders less so -for the traditions of gold mining are strongest there. But as Russell Stone tells us in Makers of Fortune, Auckland business prosperity in the 1870s and 1880s was based on kauri timber and gum, and gold. Brad Patterson suggests the successful merchants of the Wellington settlement were by those who controlled the whaling, using the profits as the springboard for their grip on local commerce.
Why is there so little reference to the political economy of the quarry in modern economic history? Partly because the quarry tectonic plate was later overridden by the settlement plate, except for odd places. The most notable was the West Coast at least until recently, while there was unsustainable regulation of our natural fisheries through to the 1980s. Occasionally the quarry plate breaks through settlement country. Today, the prosperity of Taranaki is based on hydrocarbon reserves which are but finite. In addition, like other rich nations, New Zealand has depended on quarries elsewhere: the phosphate of Nauru and the oil of the Middle East. The instinct to quarry has never quite gone away. Sustainable economic production – as sustainable as elsewhere on Earth – remains an issue.
There are two further reasons for forgetting the first European political economy. One is that there is not a lot to be proud of an unsustainable economic base. But also there was conflict between the quarry and the settlement political economies.
For whatever the settlers’ intentions, they had to solve a critical problem, no less significant today. If a settlement is to be economically sustainable, how are the imports the settlers want and need to be paid for? Ultimately the answer involves providing products and services which can be exchanged overseas for the imports, a veil of money obscuring the underlying transaction. International trade introduces a new sustainability issue: the means of ensuring an adequate flow of foreign exchange.
The initial answer for the settlers was to rely on the quarry, either directly as producers themselves of the depletable, or indirectly by provisioning the quarriers.
There are other unsustainable strategies. Outsiders can lend funds, as they did for Julius Vogel’s “think big” of the 1870s, sustaining the economy as the gold ran out. But overseas debt requires interest payments, ultimately to be paid from exports, for no banker can continually roll over past debt unless there is an ability to service it. Speculation – especially on land as a security – is another temporary device for acquiring overseas funds, but that debt must be eventually serviced. War also creates temporary prosperity, especially when funded by the imperium.
Quarrying itself, provisioning the quarries, borrowing overseas, land speculation, and foreign financed war were all means of supporting the early settlers. But none were sustainable, and neither were the settlements that depended on them.
Because of the settlements, we forget how at first they were in thrall to physical and financial quarriers. Brad Patterson’s account of the first few years of the Wellington Settlement beautifully captures the process. Very quickly the leadership of the struggling colony passed from the prominent citizens who came with the New Zealand Company, to Australian adventurers moving on from their last quarry. Tony Simpson says the critical distinction “is between those people who regard New Zealand as primarily a place to live and those who regard it primarily as a place in which to conduct commercial activities”. Although perhaps not quite what he had in mind, Simpson captures the tensions between settlement and quarry.
For much of the nineteenth century it was the quarriers who dominated. The pretence was a settled society, but politics and society were dominated by loose coalitions whose members made their fortunes and returned to England if they could. At the bottom was the isolated worker portray in Miles Fairburn’s The Ideal Society and Its Enemies and John Martin’s The Forgotten Worker.
The Settlement Political Economy
Even when the quarry dominated there was the possibility of a sustainable European settlement but at a much smaller scale. Its economy would have been based on exports of wool, canned meat, grain, and perhaps supplying fresh food to Australia. To succeed the settlement would have to wrest the land from the Maori, as it did with the support of land speculators. Dependence on imports could be reduced by local industry, but competition from overseas kept wages depressed – recall the Sweating Commission of 1890. Indeed in the 1880s emigration exceeded immigration, a signal that the population was larger than the economy could sustain.
With hindsight we know that the saviour from permanent depression was refrigeration. But suppose such a technology had not been created. Today’s New Zealand would have had a much smaller population, perhaps reminiscent of a slightly larger and slightly more prosperous Falkland Islands. That is what I meant earlier when I said that the success of sustainable settlement in New Zealand was a damned close thing.
Selling meat and dairy products in Britain transformed the political economy into the possibility of a closer settlement based on the independent – if mortgage bound – family farm. It was a political economy which was to dominate New Zealand until the 1960s. Like the Maori tectonic plate, the quarry was almost completely overridden.
The shifting of the plates created a revolution of earthquake proportions. A new dominant political economy means a new political and social structure. The loose political coalitions of the quarry – the old oligarchy of the continuous ministry – were replaced in the 1890s with at first the Liberal Party, and later the Reform Party as its competitor.
The conventional wisdom sees the Liberals as a reaction to the Long Depression, itself a consequence of the ending of the gold boom and the land wars, interrupted only by a bit of speculation. But how come the prosperity? It arose from the expanding pastoral political economy reinforced by rising export prices.
The prosperity enabled the funding, and hence the introducing, of the primal welfare state. When that boom had run its course by about 1905, so had the luck of the Liberals. But while in power they introduced the new institutions which bedded in, and met the needs of, the increasingly dominant pastoral political economy.
There was dramatic social change too. The quarry had been a frontier society, turbulent and barbarous, subject to hard living and hard drinking, however much polite society of the towns tried to disguise it. Drinking became the public symbol of the old social relations, and temperance movement the new one, for there was only a restricted role for liquor in the socially cohesive domesticated family. More recently we celebrated the shift to civilized society by recalling the beginning of women’s electoral franchise, itself related to the temperance campaign.
The quarry does not need to reproduce itself, so the family and children are not integral to its success. Sustainable society requires children, and the role of women gets shifted from what Australian Ann Summers called “damned whores” to “god’s police”, the keepers of civilized society. The cult of domesticity aimed to replace a boisterous society by a more civilized one. As Erik Olssen and Andree Levesque report “the Liberal Government accepted the cult of domesticity and the new moral order. Seddon and other prominent Liberals … stressed the importance of home life, … and debated at length the problems of larrikinism.”
While in many ways this new life was superior to the old, it was also socially repressive. Given a choice between, say, Charles Thatcher the goldfields balladeer, and the “Old Identity” who ruled the towns, we do not always favour the keepers of so-called “civilization”. Yet the puritanism of the transformation from the frontier society of the quarry to the sustainable society of the settlement ruled New Zealand until recently.
The new political economy was based on intensive pastoral farming. Favourable climate, soils of moderate suitability, advances in technology, the commercial efficiency of the family farm, allied to supportive government intervention, resulted in the most efficient pastoral farming in the world, while the British market willingly accepted the produce at fair prices. Around the farming clustered industries which supplied the farm, processed and transported the produce, and provided the consumables of the society.
Industrialization in the Pastoral Political Economy
Conventional historiography may not have the story of the associated industrialization quite right. A preoccupation with Sweating Commission of the 1890, the great Maritime Strike of 1890, and the temporary blossoming of a political labour movement within the Liberals of the early 1890s led to the placing of the development too early. Yes, there was a labour movement then. But two of the three great industrial disputes involved quarries – a coal mine at Blackball, a gold mine at Wahi – while the 1890 strike involved shearers, watersiders, and coal miners.
That is not surprising according to data prepared by Gary Hawke, who divided the secondary sector into those who were in “industry” and those who were in “handicrafts”. The former appeared in the factory statistics, while the latter were those manufacturing workers in the population census who did not work in factories. There are more handicraft than factory workers until the beginning of the twentieth century. It seems likely that the industrial worker evolved in early and middle part of the twentieth century, rather than the nineteenth. The soon to be published studies on the Caversham workshops will be especially helpful in tracing this change. The labour movement observed in the 1880s and 1890s is either a false dawn, or one not based on the industrial worker.
By the middle of the twentieth century there is a significant manufacturing sector, which became politically influential in the 1930s. Thus the second major earthquake of the pastoral settlement tectonic plate followed the election of the first Labour Government.
Again we associate the earthquake with a preceding depression. The economy seems to have been subdued throughout most of the period following the First World War, so much so that Bill Sutch calls it “the interwar depression”. But the early 1930s, when export prices fell sharply was a period of special hardship and social turmoil.
The First Labour Government addressed these pressures, and again rising prosperity enabled them to fund their program – volume GDP was increasing about 6 percent each year from 1933 to 1946. But their reforms while not inimical to the interests of the pastoral sector – that would have damaged economic growth – incorporated the evolving political economy of urban centres and a rising industrial and sophisticated service labour force.
By the early 1940s, as Bob Chapman has shown, there were two distinct political parties – almost equal in size – with very different social bases reflecting the two main components of the pastoral settlement political economy, modified a little by income levels. National is the party of the countryside and the farmer with support from urban commerce: Labour is the party of the city and the industrial worker, with a component of the poor rural worker. But they did not differ greatly on the general direction the economy should follow.
Economists have described this economic structure as “two-legged”. The rural pastoral farm leg earned foreign exchange for importing and debt servicing, while the urban industrial leg used imports to produce goods and services for the domestic economy, creating jobs for those whom the pastoral sector and its satellites could not directly employ.
But how was the naked self interest implicit in the two-legged economy to cloth itself in high economic theory? Those in the rural sector argued for low – preferably zero – protection because, they said, it reduced economic efficiency. The urban sector argued for protection to generate jobs, pointing out that economic efficiency applied only to the employed, and free trade had no means of dealing with the inefficiency of unemployment. This is not the place to evaluate the efficacy of the two prescriptions. Here we note that it seems likely that the special circumstances of the pastoral sector probably meant that any efficiency losses from protection – assuming there was full employment – were small. Probably the main effect was to transfer the high land rents from pastoral farming to the nation as a whole, and the landless in particular, through higher wages and broader government services.
A second debate – at cross-purposes to the first – is best exemplified by Bill Sutch’s concerns. There were three threads. The first was that the New Zealand export sector was a few commodities sold to a few markets. Sutch described the economy as a “monoculture”, saying that all the exports were processed grass mainly to the single market of Britain. As late as 1965 some 92 percent of all exports were pastoral products, and 45 percent of all exports went to Britain. Excessive concentration on so small a group of products and markets had its risks. It is well to remember that the most draconian piece of legislation still on the books is that dealing with the outbreak of foot and mouth disease.
Sutch’s second concern was the resulting quality of life that the monoculture engendered. Culturally, using the term in its sense of intellectual development, New Zealand was a backwater, with few exciting developments in the arts, literature, science, or intellectual life generally. That did not mean Sutch regretted the robust physical life New Zealanders led but he thought it was imbalanced.
His third concern was that inevitably there would be a downward trend in the price we received for our commodity exports, relative to import prices – a decline in the pastoral terms of trade. At the time Sutch wrote there was a widespread belief that the prices for commodities relative to manufactures were in a long run decline. We now know that the general belief was not comprehensive, for different commodities are likely to have different experiences. But it was broadly true for New Zealand’s exports in the post-war era.
Wool was being challenged by synthetic materials, red meats by white meats, and butter by margarine. For no product was the total market expanding rapidly. Meanwhile pastoral commodities were relatively easy to produce in temperate climates, with any inefficiency in production compensated by generous support from the treasuries of the rich industrial countries. Experiencing slowly expanding markets, and rapidly expanding (subsidized) production, the pastoral terms of trade were in decline, in the post second world war era. The plates of the political economy were shifting once more.
The Diversification of the External Sector
The great earthquake hit New Zealand on the 14 of December 1966, in the Wool Exchange in Auckland. Bidding for wool was weak, prices collapsed, and the Wool Commission found itself buying in much of the clip – over a third by the end of the season. Except for the brief period of the international commodity price boom in 1972 and 1973, relative wool prices have never returned to their level of the 1960s – let alone the boom levels of the early 1950s. The story for meat and dairy products is less spectacular, but their relative prices declined too.
Faced by declining relative prices in a key export sector – the only export sector – the New Zealand economy behaved in an orthodox way. It began to grow more slowly, and it began to diversify.
It is hard from the perspective of the early 1990s to appreciate the extraordinary achievement of export products and markets. Once was wool, supported by meat and dairy products. Today meat and dairy products remain second and third, but a much smaller share of exports. The chief foreign exchange earner is tourism, while horticulture, fish, wood products, and general manufactures all earn more than the wool clip. Once was British markets, with the US as a minor adjunct. Today Australia and Japan are up with the US, while Greater China and South Korea also surpass Britain. According to John Gould, New Zealand was among the three most concentrated exporters by product and destination in 1965, but was near average in 1980. No other OECD country diversified as greatly.
The transformation was necessary because in the two legged economy the land rents from pastoral farming were transferred to the domestic industry. The falling relative export prices squeezed out the land rents. They could no longer be transferred to the domestic sector. Now it had to share the burden of earning foreign exchange, while the protected sector could not be as easily subsidized.
Thus the diversification of the external sector began to pressure the domestic economy. Foreign exchange (FX) dealing had been the domain of a cartel of four banks. But in 1982 the growing coalition of exporters in need of increasingly sophisticated FX transactions successfully lobbied the government for open entry by dealers. Threatened by imports under CER domestic manufacturers successfully lobbied in 1983 for the ending of restrictions on inland transport which favoured rail.
CER, Closer Economic Relations with Australia, illustrates the change. The external diversification meant that many manufacturers became exporters. The manufacturing sector, for long the bastion of protection, became divided as export manufacturing expanded while the domestically oriented sector stagnated. CER was a conscious mechanism to reduce that protection by extending the trading relationship with Australia into a common unified market. Thus New Zealand manufacturers would learn to live in an economy where exporting was necessary and competition from overseas suppliers inevitable.
I deliberately chose the examples of FX dealing, internal transport liberalization, and CER because they all occurred before 1984, during Robert Muldoon’s premiership. In it the tectonic plates were crashing together, with that of the new diversified economy remorselessly overriding chunks of the long standing pastoral one. Muldoon desperately attempted to slow down the political and social consequences of the transformation. The almost civil riots of the 1981 Springbok tour were in one sense the social and political reflection of the old and new ways clashing. Ultimately there would be an earthquake.
The New Political Economy
Thus the economic reforms of the last ten years are to be seen as a response to the new diversified political economy overriding the declining pastoral one. Not all of the reforms were necessary or effective. Indeed the crucial macro-economic reform was technically maladroit and economically disastrous. But the basic direction of the opening up of the New Zealand economy to external markets, and the consequential internal liberalization, was a response to political economic forces outside the control of those who made the changes.
Inevitably they had – and are still having – an impact on our political and social life. Socially we seem to have thrown off the subconscious fear of the barbarian frontier built into the pastoral political economy. Symbolically, after almost a century of legislative deadlock and confusion on liquor reform, the 1989 Sale of Liquor Act was passed almost without commotion. While there is still considerable tension between the social conservatives and the social liberals in New Zealand, no longer are the repressives unchallenged.
Yet in one area we have hardly moved. New Zealand is still a society intolerant of intellectual dissent, and one, moreover, which fails to celebrate intellectual achievement. In some ways the ideology of the new business regime is more antagonistic to the intellectual community than was the old rural one.
Politically, the system is still working its way through, most evidently in the introduction of Mixed Member Proportional (MMP) form of parliamentary representation, and in the efforts of the traditional parties of Labour and National to reposition themselves. The conventional interpretation of MMP is the public wanted to punish the parties who had run policies inconsistent with their election platforms and their traditions. In this version MMP is seen as a way by which the public will discipline parties in future. While there is a truth in this account, the changing political economy suggests that MMP is fundamentally a response to a new situation in which no two parties can fully encompass the politics of a much more diverse society and economy.
This is getting a little ahead of my story, but it reminds us that the new tectonic plate is still shifting. Aftershocks continue to assail us. Stability has not yet been reached.
This time the earthquake was not preceded by an economic depression. The late 1970s and early 1980s were periods of slightly faster economic growth relative to the rest of the world, although the economy was growing more slowly than it had been in the 1950s and 1960s. Unemployment, which had risen in the late 1970s, was even beginning to decline in 1983 and 1984. Admittedly there was a lift coming through from the construction phase of the energy based “think big” projects. And the Muldoon government’s interventions were often onerous and wrongly directed, against the flow of the political economy pressure for market liberalization. But even at the time it seemed that the New Zealand economy had worked its way through the adjustment to the fall in the terms of trade, and was now on an expansionary course.
The outcome of an earthquake is not predetermined. A geologist may be able to tell you about the direction that the earth will open up, but not the exact time nor place, nor what land will shift, or on whom the destruction will be wrought.
So some market liberalization of the economy was a political economic necessity, waiting to happen at the end of the 1970s when the diversification was well under way. That is when Ian McLean introduced the term “more market”. The process was held back by the fragile majority of the 1981 election which meant that the forces were pent up in 1984. Yet in one crucial respect the economic reforms failed, and failed miserably.
The visible earthquake may have been the July 1984 election. But the one which shook the foundations of the economy occurred seven and a half months later, when the currency was floated in March 1985.
Floating a currency is not necessarily damaging. What matters is how the float is managed. In the New Zealand case the bald summary is “badly”. The government simply ignored the fact that its own actions affected the level of the exchange rate. Predictably (and as predicted at the time) the real exchange rate appreciated, the export effort faltered, and imports flooded in.
So the economy stagnated for the seven years from 1985 to 1992, while the world economy boomed. The benefits that were to come from the microeconomic reform were destroyed by the macroeconomic incompetence. Rather than amend their macroeconomic mismanagement, the reformers intensified the market liberalization to an extreme degree. There was unnecessary privatization of public assets and social policy, without major macroeconomic success, for the management of the exchange rate was not addressed.
By 1992 the economy had been squeezed to the point where the tradeable sector which was left was able to survive at the current exchange rate. From this much lower level it was able to support a smaller economy which began to expand. The best estimate I have is that the downsizing effect from the mismanagement amounts to about 20 percent of GDP. If a more sophisticated exchange rate policy – only as good as the OECD average – had been pursued, the economy we would be about a fifth richer, unemployment would be markedly lower, as would tax rates. Even so, the public sector and social welfare would be larger.
Why such a crude management of the exchange rate occurred is one of the great mysteries of recent years. The consequences are not. Our economic history teaches us that with one exception – the neolithic Maori – all our political economies were about the interaction between New Zealand and the outside world. The quality of that relationship was central to the success of each. That does not mean we are able to isolate ourselves from the world economy. The Long Depression of the late nineteenth-century, the stagnation of the 1920s, the Great Depression of the early 1930s, and the diversification of the 1970s surely taught us that. Especially from the 1970s’ diversification experience we know that New Zealanders are resourceful enough to accept the challenge of the external world, and succeed, even where economic policy was not entirely sympathetic.
But as the 1980s showed, when economic policy is antagonistic to good interactions between New Zealand and the rest of the world, the tradeable sector comes under enormous pressure, and the economy stagnates. It was almost as if the government had thought that by floating the economy New Zealand could be run like the neolithic economy, insulated from the rest of the world. It was as if the economy had been built across the fault line between the old and new political economies, just as the earth moved. It fell into the abyss below.
Prospective Political Economies
Political economy does not predict the future, but it helps us to think more systematically about it. In particular it asks what sort of tectonic plate will dominate. I confess I am unsure, although some features of the post-1966 political economy are obvious enough. Its external sector is diversified in product and destination, while the domestic sector is dependent on the market mechanism, and more open to the world.
But just what will be the features of the export sector? Were he alive today Bill Sutch would certainly point out that while the economy is no longer a monoculture, most exports are still commodities or simply transformed commodities. This is a stage to full diversification. The next should have been the exporting of products based on applying expertise to the commodities we are exporting today, transforming them into sophisticated products, typically in niche markets.
The beginnings of such a development were evident in the early 1980s, and there are still some residual examples of such exports: complex chemicals from dairy products, wool scours, saw blades, electric fencing, farm advisory services. But they have all been around now for some time. I dont see a multitude of new products and services coming on. My guess is that the over-valued exchange rate of the second half of the 1980s choked off these developments. Hopefully the opportunities are still there. Yet we must be haunted by the sad story of Alflex eartags. A world beating technology was crushed between an overvalued exchange rate and greed driven speculation, to the point that its research laboratory was moved offshore.
On the other hand, it is possible that the tectonic plate based on export diversification is already being pressured by a new one – perhaps found at the bottom of the abyss. To see it we look overseas.
A characteristic of the world economy is the increasing integration of the world’s financial markets, and a degree of globalization of production. The ability to isolate New Zealand from either trend is limited. The new political economy is almost certainly more open to world trade and production: New Zealanders with their gargantuan appetite for the world’s goods and services would not want it any other way. Unfortunately in the 1980s New Zealand went on a borrowing binge – partly to pay for consumption in an economy stagnating from an overvalued exchange rate. That debt overhangs our economic performance. Reducing it by selling assets to foreigners does not resolve the problem. It merely turns fixed interest foreign liabilities into variable return equities. They are still foreign liabilities.
There is also in our export sector a growing component of mainly general manufacturing, dependent upon costs being low relative to productivity. This has been facilitated by the Employment Contracts Act plus the inflation targeting which keeps wages low, especially among the unskilled. When New Zealand manufacturing sells to Australia it is probably no more problematic than a Dunedin firm selling in Auckland, for both countries are high wage nations. But what happens when the Australian market becomes saturated? What are the prospects of New Zealand manufacturers being able to sell these relatively simple goods in South East Asia, say? Wont there be downward pressure on workers’ wages?
This is a bit speculative, but what I cannot rule out is a new political economy which is based on financial domination over an export sector of simply transformed commodities and low wage, moderate productivity, unsophisticated technology, manufactures. That is the rhetoric of our financial and political leaders. Socially New Zealand would be a bifurcated society. We could not afford a comprehensive welfare state, while wages for many workers would be low, and their unemployment rate high. That is the scenario in the Treasury forecasts in their 1993 Post-election Briefing.
Has the last decade ruined the prospect of the high income, high productivity, technologically and intellectually advancing political economy and society we seemed to be promised in the early 1980s, despite the maverick actions of the then prime minister?
I cannot tell you. I do know that if you had asked economists about future prospects in 1934, as the recovery from the Great Depression began, they would have almost certainly got it wrong. Political economy teaches there is both chance and choice in the fate of the nation. Where one is at the time of the earthquake, and what measures are taken in response are what really matter.
But in any case my task tonight was not to tell you about your future, but to review our past. In doing so, I hope I have established the case that the economy has played a vital and central part in the evolution of New Zealand: that the economy matters. If by doing this the lecture has contributed to a broader historiography, one in which the economy is more integral, then the first Hocken lecture by an economist will have accomplished its goal.
1. I should like to acknowledge the contributions to my thinking of my first two economic history teachers Graham Miller and Bill Sutch, to the pioneering work of Jack Condliffe, John Gould, and Colin Simkin, as well as to the contemporary economic (and other) historians whose work I cite in the course of the paper. Their meticulous work makes possible the broad generalization this paper attempts. Those who gave valued contributions to earlier drafts of the paper were Tom Brooking, Elizabeth Caffin, Elsie Locke, Malcolm McLean, Erik Olssen, Brad Patterson, Keith Rankin, Wolf Rosenberg, Kathryn Rountree, Tony Simpson, Russell Stone, and Brendan Thompson. It is a much better paper as a result.
2. My commentary on the pre-European Maori is informed by – among others – Firth (1973), Houghton (1980), Simmons (1982), Watson & Patterson (1985), Walker (1989), Pool (1991), and Sutton (1994).
3. I am grateful to Russell Stone for this point.
4. There is even a sense that the soil was at first quarried, its natural fertility extracted with the bonanza harvests which lasted only a few years, and with much of the topsoil lost to erosion.
5. In some cases it is the outsider who loses the capital rather than the local. But that is still unsustainable.
6. There is a parallel here with the way kumera storage transformed Maori society.
7. The terminology is a little misleading, since the handicraft category includes self employed workers not employing labour (e.g. a tailor).
8. I have elaborated this argument in “Prescription or Poison: `New Zealand can be Different and Better’ by Wolfgang Rosenberg”, New Zealand Books, December 1993, p.5-6.
The following is a list of references used, not all of which are directly cited in the text. Of course my own work cited here is based on many more works.
Chapman, R.M., W.K. Jackson, & A.V. Mitchell (1963) New Zealand Politics in Action: The 1960 General Election, Oxford University Press, London.
Condliffe, J.B. (1915) “The External Trade of New Zealand”, New Zealand Official Year Book, Government Printer, Wellington, p.858-962.
Dalziel, P. (1991) `Economists’ Analysis of Maori Economic Experience: 1959-1989′, Society and Culture: Economic Perspectives, Proceedings of the Sesquicentennial Conference of the New Zealand Association of Economists, Vol I, June 1991, New Zealand Association of Economists, Wellington, p.193-217.
Easton, B.H. (1980) “Three New Zealand Depressions”, in W.E.Wilmott (ed) New Zealand and the World Essays in Honour of Wolfgang Rosenberg, W.E.Wilmott, Christchurch.
Easton, B.H. (1981) Pragmatism and Progress: Social Security in the Seventies, University of Canterbury Press, Christchurch.
Easton B.H. & N.J.Wilson (1984) An Investigation of the Data Base of New Zealand’s Terms of Trade, NZIER Working Paper 84/10.
Easton, B.H. (1990) A GDP Deflator Series for New Zealand: 1913/4-1976/7, Massey Economic Papers B9004, December 1990, pp.83-102.
Easton B.H. (1991) Structural Change and Economic Growth in Postwar New Zealand, Massey Economic Papers B9103, March 1991, pp.54-103.
Easton, B.H. (1997) In Stormy Seas: The Post-War New Zealand Economy, UOP, Dunedin
Fairburn, M. (1989) The Ideal Society and its Enemies, Auckland University Press.
Firth, R. (1973) Economics of the New Zealand Maori, Government Printer, Wellington. (Reprint of Second Edition)
Fougere, G. (1981) The Last Fifty Years: Paradoxes of Import Substituting Industrialisation and the Remaking of the New Zealand State, mimeo: Sociology Department, University of Canterbury, Christchurch.
Gould, J. (1985) The Muldoon Years, An Essay on New Zealand’s Recent Economic Growth Record, Hodder & Stoughton, Auckland.
Hawke, G.R. (1979) Disaggregation of the New Zealand Labour Force, 1871-1936, Victoria University of Wellington Working Papers in Economic History, vol 79, No 1.
Houghton, P. (1980) The First New Zealanders, Hodder & Stoughton.
Martin, J.E. (1990) The Forgotten Worker: The Rural Wage Earner in Nineteenth-Century New Zealand, Allen & Unwin/Trade Union Project.
McLean, I. (1979) The Future of New Zealand Agriculture, NZPC & Fourth Estate Books, Wellington.
Oliver, W.H. with B.R. Williams (ed) (1981) The Oxford History of New Zealand, OUP, Wellington. (Editor, 2nd, G.W. Rice (1993)).
Olssen, E. & A. Levesque (1978) “The History of the European Family in New Zealand”, in P.G.Koopman (ed) Families in New Zealand Society, Methuen.
Patterson, B.R. (1994) Early Colonial Society Through a Prism: Reflections on Wellington’s First Anniversary Day, First annual invitation lecture of the Wellington Historical & Early Settlers’ Association, April 1994.
Pool, I. (1991) Te Iwi Maori: A New Zealand Population Past Present and Projected, Auckland University Press.
Rankin, K. (1992) “New Zealand’s Gross National Product: 1959-1939” Review of Income and Wealth, Series 38, Number 1, March 1992, p.49-69.
Simkin, C.G.F (1951) The Instability of a Dependent Economy, OUP, Oxford.
Simmons, D.R. (1969) “Economic Change in New Zealand Prehistory”, Journal of Polynesian Society, no 78, p.3-34.
Simpson, T. (1992) Contesting the Middle Ground: Liberal to Labour 1919-1935. Paper to the Stout Centre annual conference, 1992.
Stone, R.C.J. (1973) Makers of Fortune: A Colonial Business Community and Its Fall, Auckland University Press/Oxford University Press, Auckland.
Summers, A. (1975) Damned Whores and God’s Police: The Colonization of Women in Australia, Penguin, Ringwood, Vic.
Sutch, W.B. (1966) Colony or Nation, Sydney University Press, Sydney.
Sutton, D.G. (ed) (1994) The Origins of the First New Zealanders, Auckland University Press.
Thompson, B. (1985) “Industrial Structure of the Workforce”, The Population of New Zealand, Country Monograph Series, United Nations Economic and Social Commission for Asia and the Pacific, United Nations.
Walker, R. (1990) Ka Whawhai Tonu Matou: Struggle Without End, Penguin, Auckland.
Watson, M.K. & B.R. Patterson (1985) “The Growth and Subordination of the Maori Economy in the Wellington Region of New Zealand, 1840-52”, Pacific Viewpoint, 26(3), p.521-45.
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Low income housing refers to residences for individuals or families with low annual household income. There are many such housing programs that are privately, state, or federally operated and funded. The purpose of is to provide places for people to live at a reasonable cost for them to afford.
The first housing crisis in America began in earnest during the Great Depression. Many people were unable to find work and therefore unable to pay for a place to live. The federal government began to develop programs to provide low income housing to individuals and families on a subsidized basis. Though many changes and modifications have been made in the policies that govern these programs, the general idea has remained intact.
Through subsidized low income housing, people in the US are provided with a place to live and charged 30% of their monthly income as rent. The federal government determines in advance what the fair market rent for the property is, and then pays the difference after the tenant’s contribution. The federally subsidized housing program is most often referred to as Section 8.
Further actions by the federal government to address the need for low income housing have taken the form of tax credits and breaks. Incentives are given to developers who seek to create housing units and rental properties for the purpose of leasing to low income families through tax credits and tax breaks. Private landlords can then work with the federal government to develop a tenant base through different programs. There are also non-profit organizations that help provide housing to those with the most need.
Most low income housing programs have guidelines that participants must meet. Typically called obligations, these guidelines include verifying annual income and reporting changes in income and dependent numbers. There is currently no time limit to participation in these programs as long as the tenants continually meet the qualifying guidelines.
The majority of programs meet the basic needs for individuals and families that might not otherwise be able to meet them, but sadly, the federal government must also spend a great deal of money and time investigating fraudulent participation in these programs. The best place to find more information about government subsidized housing and privately developed low income housing is by contacting the Department of Housing and Urban Development (HUD).
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At the moment, there are thousands of cryptocurrencies being traded among people, businesses, crypto investing enthusiasts and many more. Bitcoin is the most popular and arguably the most traded out of them all, but just like a kingdom has a King and a Queen, the crypto world has a queen — Ethereum.
You most likely have heard or stumbled upon the word Ethereum…or not. That’s because it is the 2nd most valuable cryptocurrency in the world right after Bitcoin. In this article, we would be breaking down Ethereum into bits for the sake of beginners and the curious cats that get intrigued at the call of the name Ethereum.
If you wish to know what Ethereum is, how it works, how to trade it, and where to get it without getting entangled in the obscure technical aspect, then you should read on.
History of Ethereum
Ethereum was founded not too long after Bitcoin began to pique the interest of so many people across the globe. But unlike Bitcoin whose founder and history have no face and the story behind it seem sort of a mystery, Ethereum has a founder whose “true name” and history is known.
Ethereum was invented by a Vitalik Buterin, a Russian programmer in 2013 but was formally announced and launched in 2014. Vitalik was believed to have dropped out of college to invent Ethereum to fill in some Blockchain void and purposes left out by Bitcoin.
What is Ethereum?
Ethereum is a distributed public network that runs on Blockchain network technology similar to that of Bitcoin.
However, unlike Bitcoin which is the currency itself, Ethereum isn’t a currency. It is only a network on which the original currency called “Ether” runs on. ETH is shortened form of “Ether” used on many trading platforms.
Unlike Bitcoin which is solely a tradeable cryptocurrency, Ethereum has its own purposes. Aside trading Ether[eum], it is used majorly by application developers to pay for transaction fees and services on the Ethereum network. In fact, the use of Ethereum is, at the moment, limited to paying for stuff on the Ethereum network.
Ethereum blockchain has its focus on running the programming code of any decentralized application. And for any developer to use this platform, he/she has to pay using the only currency recognized in the Ethereum network — Ether.
So it is safe to say that if you aren’t a developer on the Ethereum network, you are only interested in the business and trade aspect of the cryptocurrency. Which leads us to listing ways through which Ethereum can be gotten, stored, and traded.
How do I get Ethereum?
Like most cryptocurrencies, you can own Ethereum either by creating it (mining) or buying it. The former is a far more complex, time and energy consuming process than the latter.
Also, you’ve got to have some technical know-how of the process before you can deliver into mining. Cryptocompare has a detailed and comprehensive guide on how to mine Ethereum the DIY style on your Windows PC.
If you do not have the time, energy and technical knowledge of the mining process, but you have the cash, you can resort to buying it from platforms that sell. As at the time of writing this article, the value of Ethereum is pegged at 1 Ethereum to USD 688.17.
If you chose to go down the mining road, you get a reward of 5 Ether every 12 – 15 seconds; the time it takes to mine an Ethereum block.
How to Buy and Sell Ethereum
You can buy ans sell Ethereum on exchange platforms that deal with cryptocurrencies…and there are many of them. The processes are quite similar and easy and can be carried out on the same exchange platform.
So..did you just mine Ethereum and you want to sell them? Or just recently bought some and wish to sell them? Or you need to buy some Ethereum? The platforms below are trusted crypto-exchange site to get that done.
All that is mostly required is to register, during which some information like country, date of birth, email address, and bank information are requested.
Majority of exchange platform also offer Ethereum wallet services ( so that you keep your crypto with them) but this is advised against as the probability of losing your Ethereum in the case of a hack is almost 100%.
Ethereum Wallet for Securing your Coin
As listed here, there are different type of wallets that you can securely keep your Ethereum with minimal fear of losing them. Here are some of the most popular wallets to keep the Ethereum you mined or bought:
Ledger Nano S
The Ledger Nano S is a hardware wallet, one of the most secured Ethereum wallet. It keeps your cryptocurrency offline and only you know your private key. Ledger Nano S is relatively affordable (cost about $60 to $80) and there are useful tutorials on how to use it — there’s one embedded below
Trezor is another hardware wallet you can trust with your Ethereum. Formerly used to store only Bitcoin, it now supports the Ethereum.
Mist is an online and official wallet for Ethereum. Setting up and accessing Mist is quite easy and straightforward as you only require to set up a password to access your Ethereum.
But be careful though, you do not want to forget this password as there is no “guaranteed” way to recover your password when you lose it. There are a couple of (Python) programming tricks and code that could help but may not work.
Hopefully, we have been able to summarize some a couple of things you should know about Ethereum: its history, uses, how to buy and sell it, how to store it in a wallet, etc. in the simplest way possible. Should you have a question, please drop it in the comments box and it will be answered.
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Money Management for a Single Parent
As a single parent, you're probably familiar with the dual challenges of managing a household and planning for the future on your own. But are you as familiar with the financial strategies that can stretch your income and help you get ahead? Consider the following lessons to help improve your family's bottom line.
Lesson #1: Identify Your Goals You can't have a financial plan without first defining your financial goals. Start by recording all of your short-, medium-, and long-term goals.
For example, paying for a child's education could be one of the biggest expenses in your future. During the 2014/2015 school year, the average total cost of one year in a private college was $42,419. At the average public college, it was $18,943. If expenses continue to rise at their current rate, a college education could exceed $300,000 (private) or $140,000 (public) by the year 2030.1
Retirement is another important goal. Most financial planners suggest accumulating enough of a nest egg so that -- when combined with Social Security and pension payments -- it will provide at least 80% of your final working year's salary during each year of retirement. To determine how much you may need for retirement, consider using one of the many free, online retirement planning calculators.
Lesson #2: Be a Better Budgeter To pursue your family's goals, it's necessary to manage your household's cash flow. That involves tracking income and spending, eliminating unnecessary costs, and living within the confines of a realistic budget.
For example, if you spend $1.50 each day on a take-out coffee, that amounts to about $45 each month. By eliminating that minor expense from your budget, you could easily save an additional $500 per year.
Lesson #3: Say No to Debt High-interest credit card debt can make it extremely difficult to get your budget in order. If you have an outstanding balance, consider paying it off as aggressively as possible. The savings in interest alone could allow you to address other important financial goals.
Consider this: The average credit card balance of U.S. adults is $5,596; interest rates typically average over 12%. If you made only the minimum monthly payments on such a debt at a 12% annual percentage rate, it would take years to pay it off, and you would spend thousands in interest in the process.2
It's also a good idea to review your credit history -- commonly referred to as your credit report -- to make sure that the information it contains about your past use of credit is accurate.
Lesson #4: Learn About Savings and Investment Opportunities Once you free up some cash, apply it toward your goals. But first, learn about the savings and investment opportunities available to you. Keep in mind that tax-deferred investment accounts may enable you to "grow" the value of your assets more significantly than taxable accounts. That's because investment gains in taxable accounts are taxed every year, while those in tax-deferred accounts remain untaxed until you make withdrawals later in life.
Employer-sponsored plans, such as traditional 401(k) plans, allow workers to set aside a portion of their pretax income in a company-sponsored, tax-deferred retirement account. As an added benefit, some employers make a "matching contribution" to employees' accounts each time employees contribute.3
Traditional individual retirement accounts (IRAs) may allow you to deduct a portion of annual contributions from your taxes (depending on your income) and offer tax-deferred investment growth. Roth IRAs do not offer a tax break for contributions, but investment earnings are untaxed and qualified withdrawals are tax free.3
Coverdell Education Savings Accounts (formerly known as Education IRAs) allow tax-free earnings on nondeductible contributions of up to $2,000 annually. Qualified withdrawals may be used to pay for college, as well as elementary and secondary schooling.3
Section 529 college savings plans are state-sponsored investment programs that allow tax-free withdrawals for college expenses. College savers who contribute to their home state's 529 plan may be eligible for state tax breaks. If your state or your designated beneficiary's state offers a 529 plan, you may want to consider what, if any, potential state income tax or other benefits it offers before investing.3
Once you've selected an appropriate investment account, you'll then need to determine an appropriate investment strategy. In general, stocks have the most short-term risk, but they also have the potential to generate better long-term returns than money market or bond investments. Therefore, the longer your investment time frame, the more you may want to rely on stock investments to pursue your financial objectives.
To obtain and review a copy of your credit report, visit annualcreditreport.com or contact the following companies: • Equifax (1-800-685-1111; www.equifax.com) • TransUnion (1-800-888-4213; www.transunion.com) • Experian (1-888-397-3742; www.experian.com)
Lesson #5: Get Professional Advice A financial professional can suggest specific strategies for you and point out any considerations you may have overlooked, such as insurance, estate planning, or tax planning. Always ask how -- and how much -- a professional charges for his or her services. To locate a financial professional, check your local yellow pages or contact The Financial Planning Association at 1-800-322-4237.
Remember, successfully managing the finances of a one-parent household takes time and dedication. But once you begin to see an improvement in your family's bottom line, you'll know it's worth the effort.
Points to Remember
To begin establishing your entire range of priorities, divide your goals into one of three categories: short term, medium term, or long term.
Don't procrastinate about getting your financial life in order. Cut back on wasteful spending immediately and channel the extra money to your most pressing needs. If big expenses are in your future, start learning what it will take to accomplish them. That could mean signing up to participate in an employer-sponsored retirement plan, or researching financial aid for college.
Consider working with a financial professional at least one time for input into how you may better manage your finances and plan for the future.
Break the credit card habit. Consider transferring balances to lower interest rate accounts, and pay off existing debts aggressively. Check to ensure that the information in your credit history is accurate.
Search for fun, low-cost ways to spend family time together. Ask the children for ideas.
Source/Disclaimer: 1 Sources: The College Board; Wealth Management Systems Inc. Private and public college cost projections assume 4% annual increases, which were the average increases at all private and public colleges for the 2014/2015 year.
2 Source: Creditcards.com, Credit Card Statistics, November 2014. Amount excludes zero balance cards and store cards. 3 Nonqualified withdrawals are subject to income and/or penalty taxes. Restrictions, penalties, and taxes may apply. Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted.
Because of the possibility of human or mechanical error by Wealth Management Systems Inc. or its sources, neither Wealth Management Systems Inc. nor its sources guarantees the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. In no event shall Wealth Management Systems Inc. be liable for any indirect, special or consequential damages in connection with subscriber's or others' use of the content.
© 2015 Wealth Management Systems Inc. All rights reserved.
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An effective optimization process is a key component to remaining competitive as a manufacturer. As turnarounds tighten, product complexity increases, and the skilled labor pool shrinks, achieving more with less—and faster—is a growing necessity. At the same time, the dramatic amplification of the optimization process has emerged as a key, early use case for industry 4.0 technologies.
Broadly, process optimization is minimizing the resources used, and/or maximizing throughput, of a set of parameters, within given constraints. Less technically, it is re-evaluating processes to make them more efficient: producing more with less, without negatively impacting other processes or parts of the business.
The optimization process can be divided into five broad steps.
Identify an area that requires optimization. This could come from simple observation, statistics, or an active process mining exercise. Perhaps output from a particular process is down. Or maybe reducing spend in one area is necessary to meet a wider business objective.
Why is the process less than optimal?
Typically, there are three areas for analysis:
Each of these should be analyzed to understand exactly what is causing increased spending, decreased throughput, or sub-optimal performance.
How can the process be reformulated to solve the problem? Staff may require extra training. The procedure may need re-designing. Machinery may need servicing, upgrading or replacing.
Roll out the solution. Design and deliver the training program. Distribute new work instructions for the updated procedure. Service or replace machinery.
Measure performance before and following the implementation to evaluate success. Be careful to measure other production lines and related areas of the organization to ensure the intervention hasn’t had a negative impact elsewhere.
‘Smart operations’ refers to the amplification of Lean and Six Sigma methods with digital technology: the predominant use of Industry 4.0 technology so far. The two key areas in which smart operations can amplify the optimization process are in the use of connected assets for industrial production, and digital supply chain management.
The combination of real-time industrial internet of things (IIoT) sensors, big data, and machine learning makes vast amounts of data available for analysis. The biggest initial impact is on the connected machines themselves. Aside from a granular understanding of when and how a machine may be operating even slightly out of spec, big data analysis enables predictive maintenance—preventing problems before they even occur.
However, the same data—and analysis techniques—can also be used to evaluate procedural and control parameters in more detail, significantly boosting the identify, analyze, and evaluate steps of the optimization process.
Manufacturers are increasingly using software such as Product Lifecycle Management (PLM) to run a digital thread through their entire supply chain—including partners and suppliers. Gaining such visibility and control principally enables manufacturers to better manage the buy and sell sides in reference to sales and production. Organizations can operate—as close as possible—with only the resources and inventory they need.
Digital supply chains also open the entire organization to holistic optimization, refining every process in the context of its place in the supply chain, rather than merely improving upon procedures towards an absolute efficiency goal.
In keeping with existing Lean and Six Sigma methods, the smart optimization process is continual and iterative. The difference is that smart operations enable much finer improvements at a lower cost—and across the organization, rather than as siloed refinements. Taken across the enterprise, even small advances can add up to a significant impact on the bottom line.
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November, 06, 2020
Technology has been breaking down barriers on an accelerated basis with the COVID-19 driven government lockdowns. Central banks, globally, are now actively discussing the implementation of Central Bank Digital Currencies (CBDC). China is in the process of implementing one, which will operate in parallel with its existing coins and paper currencies. The European Union is reportedly reviewing the implementation of digital currencies as early as 2021. In the US, Congressional Democrats have proposed the adoption of a digital currency.
There are several advantages for governments and central banks including: forcing existing paper money back into the banking system; taxing black market activities; eliminating bank runs; and enforcing negative interest rates. Major technology companies have been actively supporting the adoption of digital currencies, seeing an opportunity to have a small piece of every transaction and the accompanying data, which they can monetize.
Europe needs digital currencies because of the fundamental weaknesses of their banks caused by failures to write off earlier losses, compounded by the increased losses created by the lockdowns. All major developed countries including Europe, Japan, the UK and US have all adopted bail-in provisions, which provide for the use investor and depositor money in the event of bank failures. However, the first bank to use depositors’ funds as part of a bailout is likely to trigger a depositor run on other weak banks. Central bank digital currencies allow authorities to electronically halt the movement of funds to prevent these runs. Loss of sovereignty is the major shortcoming of digital currencies for depositors.
While Europe might be the next to adopt digital currencies, the US is likely to be the last because $1 to $1.5 trillion of US currency is currently held outside the country and is in widespread use. The US is the only major country where all of the coins and currencies issued by the US Government are still legal tender. The EU countries all canceled their currencies after the adoption of the euro in 1999. India eliminated all currencies with a value of more than 1,000 rupees ($15) in 2018.
There are a number of implications for the introduction of digital currencies in Europe including: increased demand for physical US dollars and deposits in US banks; increased demand for physical gold and gold stocks in countries like France, that require the reporting of all gold transactions in excess of 2,000 euros; and the elimination of cryptocurrencies, which compete with central bank digital currencies.
The adoption of digital currencies will continue the transformation of the banking system that has been underway over the past decade. An entirely new financial system is evolving. Digital currencies are simply the next step in that transformation.
As always, we welcome your questions and comments.
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We hope that everyone has continued to try and find their own personal silver linings during these turbulent times. As states begin their re-opening plans and the COVID-19 shutdown…
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- What is the purpose of tax?
- What are the 3 stages of taxation?
- What are the 3 principles of taxation?
- What are the classification of taxation?
- Why do we need to pay tax?
- Why do I have to pay income tax?
- What is an example of taxable income?
- How do I know my taxable income?
- What is income tax and how it is calculated?
- What are the basic principle of taxation?
- What is the characteristics of taxation?
- What are the two main principles of taxation?
- What does taxation mean?
- What is taxation in simple words?
- What is your net income?
What is the purpose of tax?
The main purpose of taxation is to raise revenue for the services and income supports the community needs.
Public revenues should be adequate for that purpose..
What are the 3 stages of taxation?
The three stages or aspects of taxation are: 1. Levy – This refers to the enactment of a law by Congress imposing a tax 2. Assessment and collection – This is the act of administration and implementation of the tax law by the executive department through the administrative agencies 3.
What are the 3 principles of taxation?
These are: (1) the belief that taxes should be based on the individual’s ability to pay, known as the ability-to-pay principle, and (2) the benefit principle, the idea that there should be some equivalence between what the individual pays and the benefits he subsequently receives from governmental activities.
What are the classification of taxation?
The taxes have been variously classified. Taxes can be direct or indirect, they can be progressive, proportional or regressive, and indirect taxes can be specific or ad-valorem.
Why do we need to pay tax?
When you work at a job to make money, you pay income taxes. … Tax money helps to ensure the roads you travel on are safe and well-maintained. Taxes fund public libraries and parks. Taxes are also used to fund many types of government programs that help the poor and less fortunate, as well as many schools!
Why do I have to pay income tax?
This is likely because income taxes are the federal government’s primary source of revenue “Income”, as defined by the IRS, can take on many forms such as salaries, rents, royalties, interest dividends, business earnings, unemployment compensation and even lottery winnings.
What is an example of taxable income?
Taxable Income Meaning Reported in several forms, examples of taxable income include wages, salaries, and any bonuses you receive from your work that are documented on Form W-2. … Realized gains from selling stocks – or unearned income from bank account interest or alimony payments – can also count.
How do I know my taxable income?
Simply stated, it’s three steps. You’ll need to know your filing status, add up all of your sources of income and then subtract any deductions to find your taxable income amount.
What is income tax and how it is calculated?
Income tax is calculated on the basis of tax slab. Your taxable income is worked out after making relevant deductions, other taxes that you may have already paid (Advance Tax) and tax deducted at source (TDS), the resultant taxable income will be taxed at the slab rate that is applicable.
What are the basic principle of taxation?
In The Wealth of Nations (1776), Adam Smith argued that taxation should follow the four principles of fairness, certainty, convenience and efficiency. Fairness, in that taxation should be compatible with taxpayers’ conditions, including their ability to pay in line with personal and family needs.
What is the characteristics of taxation?
A good tax system should meet five basic conditions: fairness, adequacy, simplicity, transparency, and administrative ease. Although opinions about what makes a good tax system will vary, there is general consensus that these five basic conditions should be maximized to the greatest extent possible.
What are the two main principles of taxation?
The two central principles of taxation relate to the impact of tax on efficiency concerned with the allocation of resources) and equity (concerned with the distribution of income). As the major principles of taxation in any system, it is worth taking an in-depth look at “efficiency” and “equity (fairness)”.
What does taxation mean?
Taxation is a term for when a taxing authority, usually a government, levies or imposes a tax. The term “taxation” applies to all types of involuntary levies, from income to capital gains to estate taxes.
What is taxation in simple words?
Taxation refers to the practice of a government collecting money from its citizens to pay for public services. Without taxation, there would be no public libraries or parks. … Taxation is the practice of collecting taxes (money) from citizens based on their earnings and property.
What is your net income?
Gross income is the amount you earn before taxes and other payroll deductions. Net income is your take-home pay after taxes and other payroll deductions. Your net income, the amount on your paycheck, is what’s used to make your budget.
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Business cycle refers to the periodical (cyclical) changes in economic conditions and fluctuation in the regular business of economic growth (boom) to recession (depression). This term refers to the natural economic development fazes. Scientists have singled out that business cycle consists of 3 stages. The first one is “boom” and refers to the continuous growth of the economy after the reduction step until the release of a new high achieved measure would surpass in the previous cycle. The next is recession. Recession is a decline of business activity, and decrease in production, employment and income rates. The last one is recovery and it refers to the rise of economic activity, the growth of the market situation, the increase in production after the fall, which took place during the recession.
During the recession periods economy of the country slow down that prevents to the deficit, business bankruptcy, decrease of employed people, etc. There are two factors that decrease the recession effect on the Davis. The first is that company had different subsidiaries in different countries and when one currency devalued, at the same time subsidiaries in others became more valuable, that made balance for the company and helped to outlive recession period. The second one is about clear finance planning and controlling, it is about loans that can be taken from the bank.
Every company needs to have a plan what to do with the company, when the recession or recovery period will commence. Company need to prepare detailed plan for the strategy of quick reaction for the recovery. This period can bring lots of money for the companies that will ne available. The company and its managers should not be stunned by this information, they should be prepared to win this drive.
In 2007 Chemistry industry had set a list of measures that would help to decrease the business cycle effects. This list contains hedging, long-term contracts assignment, standards development and crafting, increase in production flexibility, new markets entrance, new customers attraction.
From customer #3909 to Writer Thank you very much for the paper, it totally points out the ideas I meant...Read more...
|Economics Cases||Accountant Summary|
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Brazil’s outgoing president made history more than once, realizing the country’s long-dormant potential.
BY JOACHIM BAMRUD
When Luiz Inácio Lula da Silva exits Brazil’s presidency in January, he will leave behind a solid legacy that has transformed Latin America’s largest economy. Especially the last four years of his eight-year administration has seen Brazil go from strength to strength. In doing so, it has also helped lift Latin America’s global stature.
Lula’s legacy has been a positive surprise. Experts and the business community alike were highly nervous about what to expect from Lula, a radical former union leader.
“Lula was elected as the "possible default president", and he left office as the "pragmatic president", a president that for the most part was able to control his strong past ideological biases,” says Alberto Bernal-Leon, Head of Macroeconomic Strategy Research at Bulltick.
Lula garnered early praise by naming Henrique Meirelles, a widely-respected former head of BankBoston, as the president of the central bank and then giving him autonomy during his eight year administration – despite heavy opposition from other members of the government and ruling Workers Party.
Meanwhile, Lula’s first finance minister Antonio Palocci also surprised positively by following relatively market-friendly policies.
The business community – local and foreign – was pleased by the fact that Lula did not implement any radical changes from his popular predecessor, Fernando Henrique Cardoso, who had shifted Brazil towards a more market-oriented economy.
THE CHAVEZ FACTOR
That pragmatic policy, combined with increased focus on social programs, helped Brazil make real progress in reducing poverty and boosting its middle class.
It also marked a clear contrast to its northern neighbor Venezuela, where Hugo Chavez implemented radical policies that scared away foreign investment and made the oil-rich country a basket case in economic terms, with oil rigs rusting, food rotting, bridges falling apart, growing power outages and crime and inflation setting new records.
While Brazil’s economy is expected to grow by 7.7 percent this year (its best result in 25 years), Venezuela’s economy will fall by 1.6 percent (the second-worst performance in Latin America after earthquake and cholera-ravaged Haiti), according to new estimates from the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) and historic data from the International Monetary Fund (IMF).
THE CARDOSO FACTOR
Then there’s the Cardoso factor. There’s no doubt that Lula has been helped by policies implemented by his predecessor – even those he criticized while being an opposition politician.
As finance minister before becoming president in 1995, Cardoso was able to tame Brazil’s notorious hyper-inflation through the Real Plan, which introduced a new currency (the real) while implementing strict fiscal and monetary policies and opening up the economy. Inflation fell from 2,076 percent in 1994 to 66.1 percent in 1995 to 16 percent in 1996. Subsequently it has never been higher than 14.8 percent.
As president, Cardoso ended the monopoly of telecom giant Telebras and opened up for strong competition, resulting in one of the most dynamic wireless markets in Latin America. He also privatized CVRD, the world’s largest iron ore producer, and steel giant Acesita.
When Cardoso handed the presidency to Lula in 2003, Brazil still had its share of major challenges.
They included a cumbersome tax system, a still-large bureaucracy, too much red tape, corruption, a weak education system and inefficient infrastructure.
Lula, however, did not tackle any of these issues, despite having two mandates and strong economic growth.
“He did waste an important opportunity,” Bernal says. “He could have reduced the size of government via closing some superfluous ministries. He also could have streamlined government paperwork, so that Brazil could score higher on the World Bank Doing Business report. Brazil lags most of Latin America in the easiness of doing business.”
Meanwhile, he marred his presidency by a string of corruption scandals and by cozying up to global pariahs like Iran’s President Mahmoud Ahmadinejad (who denies the Holocaust) and keeping friendly connections with Chavez, even after he insulted Brazilian lawmakers as “parrots” of Washington when they opposed Venezuela’s entry into Mercosur. “His controversial stances on the foreign policy front [has been Lula’s biggest negative legacy],” Bernal says. “Specifically, his closeness with Iran and Venezuela. “
Foreign investors have also become increasingly alarmed by the growing state role of the economy, while many Brazilians criticize the political meddling in Petrobras.
Yet, for all his flaws, Lula will go down in history as the president who brought Brazil to new heights.
In September, state oil giant Petrobras sold shares for $70 billion – the biggest share sale in world history. That sale also made the Sao Paulo Stock Exchange the world’s second-largest by market value.
Much of that success is due to another historic milestone – the 2006 discovery of pre-salt oil reserves off the coast of Rio de Janeiro, the largest oil discovery in the Western Hemisphere in 30 years.
In between those two milestones, Brazil was awarded the 2016 Olympic Games – the first ever to be held in South America and only the second to be held in Latin America (after the 1968 Olympics in Mexico City). The games, which were awarded last year, will be held in Rio de Janeiro and have already resulted in an avalanche of investments in everything from hotel construction to manufacturing. As part of its agreement with the International Olympic Committee, Rio had to boost the number of hotel rooms from 19,000 to 40,000.
According to Sérgio Cabral, Rio’s state governor, the state's coffers will increase by $50 billion thanks to various public and private initiatives as a result of hosting the Olympics. Meanwhile, the value of commercial real estate in Rio was expected to grow more than 50 percent from 2009 to 2016, experts say.
However, two years before the Rio Games, Brazil will host the 2014 World Cup in soccer – the first time it has hosted the event in 64 years. Apart from the privilege of hosting such an important event for soccer-crazy Brazil, the cup will also bring in billions of dollars in investments. They include $6.3 billion high-speed train between Sao Paulo and Rio and a $3 billion upgrade of the key airports.
Both these events are likely to attract a record number of tourists to Brazil, benefiting many foreign hotel chains and airlines.
Meanwhile, the social programs put in place by Lula were a key factor behind last year’s cushion against the global crisis. The Brazilian economy only contracted by 0.2 percent versus the Latin American average of a 1.7 percent decline. Many Brazilians continued buying, helping offset the weaker trade and investment climate worldwide.
Brazil is now not only Latin America’s top economy by far (80 percent larger than number two, Mexico), but also is set to replace Italy as the world’s seventh-largest economy in 2011, according to a Latin Business Chronicle analysis of the IMF projections.
Lula once and for all killed the old saying about Brazil being the country of the future – and always would be.
Brazil’s moment is now. And Lula deserves much of the credit for that.
© Copyright Latin Business Chronicle
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Pre-1933 U.S. Gold Coins
Learn More about our U.S. Pre-1933 Gold Coins. We have the largest Selection of Certified Graded Pre-1933 Gold. All of our coins are Certified by PCGS and NGC, the top two most respected coin grading services in the U.S. We have all grades and populations at all price ranges.
Pre-1933 Gold Coins and Why You Should Buy Them
The First United States minted gold coins went into circulation in 1795. The Half Eagle ($5) was the first and the Eagle ($10) was released later that year. The Quarter Eagle ($2.50) followed in 1796. Draped Gold Bust arrived from 1795-1807. The Capped Bust from 1807-1834. Classic Head from 1834-1839. Liberty Heads from 1838-1907. Gold $20 Liberty Head Double Eagle Gold coins made their debut in 1849 and were eventually replaced by the Saint Gaudens Double Eagle. California Gold Rush Coins were minted from 1849-1856. The $1 coins are the smallest coins ever made by the United States only measuring 13mm. These coins were very easy to lose and hold on to. These $1 gold coins were in circulation until about 1889. In 1854 the $3 Gold piece emerged with the same obverse as the Indian Princess Head $1 gold piece that made its debut also in 1854. The $3 gold coin ceased production in 1889 as well. Then there was the Stella ($4) Pattern Gold coin. This coin was produced for to explore the possibility of joining the Latin Monetary Union. These were only minted from 1879 to 1880. These coins are highly valuable in today’s market. Classic Commemorative Coins began to be issued in 1892, but not intended for circulation. The first Commemorative to hit circulation was the 1903 Louisiana Purchase Expo Dollar and was struck in two varieties. We then fast forward to the Saint Gaudens $20 Double Eagle first minted in 1907 followed by the Indian Head ($10), Indian Head Half, ($5) and Quarter ($2.50) Eagles starting in 1908. These coins were minted until 1933.
These historic gold coins served as currency and were used in daily life up until 1933. In the early 1930’s President Roosevelt recalled all gold coins that were in circulation, even asking the public to turn their gold coins in. His plan was to help relieve the burden of The Great Depression. Most of these coins were melted down into gold bars, with a small percentage surviving. That’s what makes these gold coins so rare, valuable and collectible. Buying Pre-1933 Gold Coins is owning and investing in a piece of American History. These coins are very valuable in today’s market and worth many times more than their face value and gold content. As time goes on, these coins will continue to grow in value and rarity.
How Can I buy Pre-1933 Gold Coins?
Here at LCR Coin we believe in Experience, Knowledge, and Integrity. All of our rare coins have links to their NGC or PCGS certification, so that you may view the coins certification of the actual coin you are looking at. You may also view the coins population; how many were graded in a higher grade and the coins mint-mark. The images of rare coins you are viewing on our website are of the actual coin. We have a large magnification tool so that you may view the coin close up in detail. Our coin categories are in numismatic sort for your viewing pleasure. Our online catalog features a Safe Secure Checkout and you will always receive FREE insured shipping with tracking. No minimums. Shop with confidence and enjoy our online catalog. Thank you for shopping with LCR Coin, your Rare Coin leader.
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Python For Finance
For the last few years, the Financial Industry is growing at a tremendous speed, and it is adopting technology at a faster pace. Jobaaj.com, via its EduTech arm Jobaaj Learnings has been working as a consultancy firm for the last several years. While interacting with thousands of students, we realised how the future of finance is going to look like.
There will be an exponential growth in the adoption of technology. Many working finance professionals in a survey told us how technology’s role is growing over the last five years and how their companies prioritise the candidates having technical knowledge. We have created an all-in-one python course with no prerequisites and focusing only on practical-based learning to help our finance professional.
The All in One course will help the students, and working professionals put their first step into the programming world. This course would help the students learn Python. The students will be implementing what they are learning through time. Python is being used in Data Analysis, Data Science, Investment Banking, Machine Learning, Financial Modeling.
In this course, we will be learning basic python to intermediate level, There are various programming languages, but we are using Python as Data Scientists on a large scale are using it. We can use python for financial analysis by using the real-world financial data and analyse it in Jupyter notebooks
Significant Highlights of The Course
- Introduction to Python? And introduction about Colab.
- Most comprehensive Python course with online video lectures
- Video Lectures and Quizzes
- Worksheets at the end of each section
- Taught by qualified Python professional
- Projects at the end of the course
What is this course all about?
Python for Finance course will help the students learning Python from the beginners level. This course doesn’t require any prior knowledge related to programming; anyone who hasn’t written even a single line of Code in life can start this course.
A beginner can start learning Python right from lecture one and create his/her journey into the programming world. It includes worksheets of every topic, Assignments like GitHub Optimisation, LinkedIn Optimisation, and a Capstone project, which will help them uplift their skills.
The course lessons are mostly practical-oriented, and most of the topics are covered in the workspace only by executing the concepts into the existing programs. Each module ends with a Quiz that contains practical questions related to the course, and students are encouraged to answer the questions before moving further.
Quizzes for practice
Apart from module end questions, this course also contains quizzes at the end of every section. Also, we have provided worksheets, assignments, and projects for practice purposes.
Instructor support for questions
Get connected with Instructor over WhatsApp. We at Jobaaj understand that students will have questions related to the course. It is also necessary for a healthy learning process; hence, We encourage students to ask their questions about the videos discussion forum. Our team will answer every question as soon as possible.
Still thinking about whether to enrol or not, we encourage you to watch some of the preview videos and test the waters before you enrol in the course.
There are no prerequisites for this course. We will start the journey from very scratch. Also, the coding part would be done on Google Colab, cloud-based software and will help us execute Code.
Who this course is for:
- If you are a Finance student with no prior knowledge of Python and want a comprehensive approach with lots of practice questions, this course is for you. This course will help you in improving your resume and skills. It will help the candidates to stand out in the competition.
- If you are a working professional looking to upgrade his/her skills and learn new and advanced topics in Python, we would like you to enrol in this course for the same. As the financial industry is adopting Python with pace, it is going to be a significant step towards success
- Lectures 75
- Quizzes 11
- Duration 20 hours
- Skill level Intermediate
- Language English & Hindi
- Students 562
- Certificate Yes
- Assessments Yes
Flow of Control15
Working with Files4
Implementing Python in Finance5
Best course of python for finance
This is a very informative course that helped me to come out of my shell and be more confident while speaking in front of the my friends I feel like I took away a lot of important points from the course and would definitely recommend to them. This course also helps me to build my strength in programming field , and i am very grateful to share that by having knowledge of python succeed me to get a job in finance field. So i am again saying thanks to jobaaj learnings and instructor for such a great course in that reasonable prices , and i am surely recommend it to my friends ...
Best finance course
I truly enjoyed it. It gives you basic to advance knowledge of what it takes to be a good and you can apply this knowledge not only in presentations, but also in your daily life. without a doubt the best online course.
This course is great. You simply learn a lot in an easy way. The teacher is really good and knows how to teach and engage you in the lessons. I am looking forward to next courses ( Data structure in python)
perfect course for me
This course is perfect for me, .teaches proper tone, presentation and speech writing styles. Phenomenal, I've recommended it to my classmate as well as my family friends. .
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Many gases and many measures: Choice of targets and selection of measures in climate policy
MetadataShow full item record
- CICERO Reports
This report discusses the economic impacts of taking a comprehensive approach to climate policy. A comprehensive climate policy implies that all relevant sources, sinks and reservoirs of climate gases are covered. From the outset, this widens the policy options, and leads to a higher degree of flexibility when it comes to the implementation of measures. This study provides a model-based analysis of how the costs of climate policy may be affected. Inclusion of many greenhouse gases requires that one have to pay attention to two problems which need not be considered when analysing emission control of carbon dioxide (CO2) alone. The first is how to include all relevant measures appropriately, and the second is how to aggregate different greenhouse gases. The problem of including relevant measures does not become critical when focusing on CO2-emissions, because nearly all of these emissions are attached the use of fossil fuels. Being a commodity subject to market transactions, the use of fossil fuels, and thereby CO2-emissions, can be regulated by means of charges. For other gases, this is not equally evident. Emission of e.g. methane (CH4) may be subject to ‘non-economic’ factors, and it might therefore be possible to find less costly measures to reduce these emissions than those being implemented as a response to charges. Emissions of three greenhouse gases, CO2, CH4 and N2O (nitrous oxide), are considered. The measures include enhancement of carbon sinks by forest management, reduction of emissions of CH4 from landfills, reduction of N2O-emissions from production of fertilisers and from fertilisation in agriculture, henceforth called direct measures, and charges on fossil fuels. Cost functions for each of these measures are estimated on the basic of other studies, and explicitly included in the model. The problem of aggregation is usually solved by the use of global warming potentials (GWP). By this measure, one attempts to express the change in radiative forcing due to the emission of a unit of a greenhouse gas relative to that of CO2-emissions. That is, the GWPs aim at expressing the emissions in terms of ‘CO2-equivalents’. GWPs are, however, highly inaccurate. This is due to the fact that the life-time of different greenhouse gases in the atmosphere varies considerably. The life-time of methane (CH4) is approximately 12 years, between 100 and 150 years for CO2 and approximately 50 000 years for chlorfluor carbons. Hence, the GWP for a gas is strongly conditioned upon the time-horizon over which the integrals are taken. One way to solve this problem is to calculate radiative forcing directly by means of a dynamic model. Radiative forcing is an expression for the warming effect of a change in atmospheric concentrations. According to the IPCC (1994), a doubling of the atmospheric concentrations of greenhouse gases in the atmosphere results in a radiative forcing of 4. Model studies indicate that the global average surface air temperature thereby increases between 1.5 and 4.5 ° C, with 2.5 ° C as a "best estimate" (IPCC, 1996b). Application of radiative forcing requires that also the economic model is dynamic, and that the target for climate policy sets limits for radiative forcing, or concentrations of greenhouse gases, at a given future point in time rather than emissions. This has large impacts on the choice of optimal policy. This report addresses this issue by comparing the optimal policy under emission control with that of a control of concentrations. Some main results are presented in table 1. The calculations should be considered as illustrations, only. Indications of how e.g. GDP is affected by climate policy should not be taken as a quantitative estimate since, in particular, the long-term properties of the model are not realistic. Due to the properties of the solution, we also had to limit the time horizon to 50 years. However, the results may give indications on the relative importance of gases and measures for a climate policy, and how to change the relative emphasise of different gases over time. The reference case, to which all the alternative runs of the model are compared, assumes that no initiatives to reduce emissions of greenhouse gases are taken. According to the calculations, the cost of a 10 percent target for emission reductions is minimised if CO2 accounts for nearly 85 percent of the total emission reductions. CH4 accounts for 7 percent and N2O for 9 percent. The contribution from other measures than a carbon charge on the use of energy is substantial under emission control. The least costly way to reduce greenhouse gas emissions by 10 percent is to apply approximately equal emphasis on carbon charges and other, direct measures where forest management is of major importance. The level of the charge at this target for emission reductions were approximately 6 percent of the basic energy price. This corresponds to an admissible abatement cost for direct measures at 1 øre/kg CO2. Table 1 Summary of the main numeric results Emission reductions Targets onadiative forcing of 5 10percent 30 percent Static allocation ofinitial abatement Dynamic allocation ofinitial abatement t = 0 Average charge (pct) 6 27 1.9 0.7 Abatement cost CO2(NOK/kg) 0.01 0.04 0.003 0.001 CH4(NOK/kg) 0.17 0.93 0.063 0.091 N2O (NOK/kg) 2.25 13.78 0.939 0.023 T = 50 Average charge (pct) - - 638 768 Abatement cost - - CO2 (NOK/kg) - - 0.05 0.01 CH4 (NOK/kg) - - 110.28 157.05 N2O (NOK/kg) - - 18.24 4.52 for forest management, 17 øre/kg CH4 for reducing methane emissions from landfills, and 225 øre/kg N2O for reducing emissions from production and use of fertilisers. With more ambitious targets, the contribution from charges increases. If the emissions are to be reduced by 30 percent relative to the reference alternative, charges contribute more than 70 percent of the reductions. With this target, the charge amounts to 27 percent of the basic energy price, and the admissible direct abatement costs for CO2, CH4 and N2O measures are 4, 93 and 1378 øre/kg, respectively. According to the calculations, CO2 is becoming slightly more important when the target for reductions in greenhouse gas emissions is increased. In other words, to the extent that these calculations are representative, one is slightly better off in terms of abatement costs by concentrating on CO2-emissions alone. A shift of policy from emission targets towards targets on radiative forcing causes a substantial shift in cost minimising behaviour. Firstly, the general timing of policy becomes crucial. For example, a 50 percent reduction of greenhouse gas emissions relative to the reference path results in a forcing of 8.5 relative to the present forcing over the next 50 years. This requires an emission charge equal to 64 percent of the basic energy price. When timing the policy according to optimality criteria, a forcing of 5 might be achieved in 50 years by starting with a charge at 1.9 percent of the basic energy price ‘today’. A charge rate of 64 percent is not reached before 30 years, but after that, one has to tighten up the policy considerably. After 50 years, the charge is about 640 percent of the basic energy price. Secondly, the relative emphasise of the different gases under a concentration target is changed compared with the optimal composition under emission control. This is due to the different life-times of greenhouse gases. Short-lived gases, such as methane, give a quicker response in the atmosphere than long-lived gases, such as carbon dioxide. Thus, one may reach a target on radiative forcing earlier, or alternatively postpone the efforts to reduce emissions, if putting more weight on the abatement of methane. Compared with a policy which allocates measures according to the marginal cost of emissions in terms of GWP, an optimal long-term allocation of measures would put more weight on reducing the emissions of methane, because there is an economic yield in delaying abatement costs. By following this advice, the initial carbon charge would decrease from 1.9 percent to 0.7 percent of the basic energy price for a target on radiative forcing at 5 in year 50. In the terminal year, the charge has increased to 768 percent. Admissible abatement cost for reducing the emissions of methane from landfills increases initially from 6.3 øre/kg, when measures are allocated according to marginal costs measured in GWP, to 9.1 øre/kg under optimal allocation. At t = 50 they reach 157.05 NOK/kg. Abatement costs related to forest management and emissions of N2O are comparably small when allocating the abatement of different gases optimally. The aim of the discussion in this report is to point out some properties embedded in the comprehensive approach, which may change the conception of optimal climate policy. There is no doubt that CO2-emissions will remain the most important issue in climate policy. Nevertheless, inclusion of other gases may provide an opportunity to expand the options and thereby reduce costs. If the targets are set on concentrations rather than emissions, availability of measures to reduce the emissions of methane may cause a substantial reduction in the abatement costs. Moreover, the calculations indicate quite clearly that it may be worthwhile to search for measures as supplements to CO2-charges in the design of climate policy.
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Mental accounting is a behavioral economics concept introduced in 1999 by Nobel Prize-winning economist Richard Thaler. He pointed out the different values people place on money, based on subjective criteria. Typically, mental accounting leads to irrational behavior and bad outcomes. However, it can be leveraged for powerful framing that can actually help you through the power of Stability PlanningSM.
The Dark Side of Mental Accounting
While I'm not technically a Jedi, I have learned quite a bit from Yoda. He once told me "Attachment leads to jealously. The shadow of greed, that is." I think he was trying to explain the dark side of mental accounting. You see, the mind plays tricks on us. All money is totally fungible. No matter what the purpose money has, it all has equal value.
An example of mental accounting mistake would be your savings plan and credit card debt. Imagine that you have $100 dollars a month to save towards your summer vacation next year. You also have $1000 of high interest credit card debt. Saving your $100 in a jar on the kitchen counter feels good. You dream about sitting on the beach soaking in the warm sun. However, you are going backwards. Those funds would have a better impact on your net worth if applied to paying down your high interest credit card debt.
You can also see this in how people treat "found money." It's never fun to owe the IRS money and pay taxes. Conversely, it's a dopamine boost when you get a tax refund. Too often, people take this $1000 and spend it on something frivolous. They didn't budget the funds, it had no place in their mental accounting so they buy a tech gadget or use it on a frivolous desire. The reality is that money was just as hard earned as all the other money they steward. But faulty mental accounting strikes again.
Use the Force of Mental Accounting
But you can perform a Jedi mind trick on yourself with the power of mental accounting as well. The way you see your fungible money can help you manage it with clarity and purpose. As Master Yoda often said, "Many of the truths that we cling to depend on our point of view."
One of the key tenets of Stability Planning is segmenting your money by purpose. We create three mental pillars:
- A Liquid Pillar: FDIC insured bank deposits.
- An Income Pillar: Funds that will create an income now or very soon.
- A Growth Pillar: Funds that need to grow to create income in five to ten years.
Over the last few years, I've noticed that when clients understand the purpose of their money they understand the performance of their money.
For instance, we know that our FDIC-insured bank deposits are going to get the going bank interest rate. In the current environment, they're nothing to write home about. However, the low interest is the trade off for the liquidity and peace of mind that they provide. We have money in the bank to spend right now and that requires safety, no volatility and complete liquidity.
In the Growth Pillar, we aren't looking for liquidity. We aren't looking for FDIC insurance. Our concern is that in 10 years, the money in the bank will run out and we'll need more to replace it. We are also concerned that our income stream will be eroded by inflation so we'll need to add to the income pillar. So we sacrifice stability, embrace volatility and remind ourselves of our ten year time horizon.
By knowing that the Growth Pillar is for a goal ten years hence, it helps us handle short-term volatility. Speaking with clients this year, I've been pleasantly surprised by the patience and purposefulness they've had towards their longer term goals. Here in September of 2020 it’s easy to forget that in April we didn't know how the market would respond long term to Covid 19. And the thing is, we still don't. The V-shaped recovery may turn out to be a W-shaped roller coaster. But that's okay, as long as you're spending money from your Liquid Pillar and creating income from your Income Pillar you'll be able to cope with the volatility that is part and parcel of the Growth Pillar.
Mental accounting is a force to be reckoned with and may the force be with you. Feel free to contact me if you have any questions.
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That the world’s landscapes and ecosystems are degrading at an unprecedented pace is beyond question. The current economic system has failed, leading to massive extinction of species and creating enormous financial gains at the expense of nature, communities and other public goods and services. Commonland created a practical, science-based 4 Returns framework to bring clarity to the complex world of the revitalisation of large landscapes and ecosystems.
From this experience, Commonland is convinced that a long-term and systemic approach to landscape restoration can generate monetary value for multiple stakeholders at the same time. While the impact organisation believes in an inclusive economic model that is restorative as opposed to exhaustive, they need to build a bridge between the current economic system that has caused the problem and a restorative future. To build this bridge, Commonland worked with KPMG, who speak the language of the current financial and economic system and are thus well placed to translate Commonland’s approach into a method and language that the financial and business world understands.
This publication introduces a comprehensive method developed by Commonland and its partners together with KPMG to calculate the value of financial, natural, social and inspirational returns (4 Returns) of landscape restoration and sustainable landscape management. The preliminary method was developed using seven years of field work experience on one million hectares of degraded steppe called the Altiplano Estepario in Southern Spain.View file
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Oil and gas production entities of LUKOIL Group mainly use water for formation pressure maintenance and in the desalting of produced oil.
Refining, Marketing and Distribution business segment entities (excluding the business sector «Power Generation») totally consume for own needs around 47% of all water usedIn this case, the volume of water consumed for own needs by the Refining, Marketing and Distribution business segment of total consumption for own needs by LUKOIL Group is implied. across LUKOIL Group. The Company implements measures annually to optimize water consumption. In 2019 a new water recycling system was introduced at the Korobkovsky GPP, which resulted in reduced consumption of make-upMake-up water is water that has been chemically and thermally processed and is intended to compensate water losses in heat-consuming facilities and heating networks. water. There are plans to implement investment projects for the construction of a boiler water treatment unit at the Nizhny Novgorod Refinery and the upgrading of the water recycling units at the Volgograd Refinery with the decommissioning of obsolete equipment to boost water use efficiency.
Power generation entities use water to generate steam and cool equipment in thermal power plants. The water consumptionIn this case, the volume of water consumed for own needs of the “Power Generation” sector from the total consumption for own needs of LUKOIL Group and Russian entities is implied. for own needs by the organizations of the business sector Electricity is about 62% of the water consumption structure of Russian organizations and about 36% of the water consumption of LUKOIL Group.
The Group’s oil and gas production, transportation and refining organizations use water withdrawn from the sea. Water from the Caspian Sea is used by LUKOIL-Nizhnevolzhskneft to cool equipment and is returned chilled to almost its natural temperature back to the sea without being used in other production processes and without being contaminated.
The Italian refinery (ISAB) withdraws water for production purposes from the Mediterranean Sea. After desalting, sea water is used to cool oil processing facilities. In order to reduce water consumption at the plant, part of the steam condensate circuit and the recovery system has been optimized, and measures have been taken to reuse sea water after treatment.
Specific water consumption by Russian entities remains relatively stable across all business sectors.
|Oil and gas extraction, cubic meters/tonne of oil equivalent in hydrocarbon resources||1.0||1.0||1.0|
|Oil processing, cubic meters/tonne of processed oil||0.5||0.5||0.5|
|Petrochemicals, cubic meters/tonne of processed raw materials||7.3||6.4||6.9|
|Oil product supply, cubic meters/tonne of oil products sold||0.07||0.10||0.07|
|Transportation, cubic meters/tonne of oil, oil products transported||0.02||0.02||0.01|
|Power generation, cubic meters/tonne of oil equivalent in consumed fuel||34.4||34.0||35.3|
Notes. (1) Specific indicators are calculated based on volumes of water consumed by LUKOIL Group entities for their own needs. (2) Fluctuations in the indicators of petrochemical and oil refining entities are mainly due to a change in the volume of products produced. (3) The performance of the indicator of the Power Generation business sector is explained by the fact that in 2019, along with a decrease in production due to a warm winter, a number of standard technical measures were taken at LLC LUKOIL-Kubanenergo and LLC LUKOIL-Stavropolenergo. (4) The change in the methodology for accounting for water use in 2018 did not affect the value of the indicators for 2017.
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There was a time when the concept of micro-lending was only synonymous with developing economies and their poor borrowing households. Initially conceived in South Asia several decades ago, micro-lending or microfinance was designed to provide financial assistance to poor households. These clients were written off by regular lending channels as non-bankable clients with very high credit risks and very small loan requests (Brau and Woller, 2004). This movement eventually disproved several lending myths to which regular lenders subscribed. For instance, the majority of the microfinance institutions (MFIs) operating worldwide reported successful operations punctuated by, among others, loan repayment rates of over 90% and poverty alleviation(Murdoch, 2000).
Microfinance has been employed in the United States since the 1980s (Kiviat, 2009), but no similar financing scheme has been formally introduced in the farm sector until the establishment of the U.S. Department of Agriculture’s (USDA) microloan program earlier this year (USDA-FSA, 2013). This new USDA microloan program can certainly bring financial resources to small farms in the country. Envisioned to help small and beginning farm operations, the new microloan program provides opportunities for loan requests of up to $35,000 at reasonable loan terms. Loan proceeds may be used to pay for initial business start-up costs and operating expenses. The benefits of such seed money in jumpstarting a business venture or sustaining an existing operation cannot be overstated now that such a funding opportunity is available to small and beginning farms.
Among the intended beneficiaries of this program, the organic farm sector could potentially benefit immensely from microloans. This contention can be attributed to at least three factors: industry start-up and expansion opportunities, slower business size growth trends, and farm operators’ business principles or attitudes.
The organic farming sector has registered remarkable growth in the past two decades as organic food and beverage sales grew from $1 billion in 1990 to $26.7 billion in 2010, with annual average growth rates between 12% and 21% (OTA, 2011). For the first time in 2005, all 50 states officially registered the existence of certified organic farm operations covering a total of over 4 million acres (USDA-ERS, 2008). In recent years, however, when almost 70% of U.S. consumers now purchase organic products (Hartman Group, 2008), organic farmers have been overwhelmed by such rapid growth in their markets and were unable to match the pace of expansion with increases in their farm production (Dimitri and Oberholtzer, 2009). Most organic producers now complain of difficulties in sourcing reliable organic raw material inputs, which to them has become a major impediment to business growth (Oliver, 2006; Wilcox, 2007). Given this backdrop, the organic farm sector then presents a number of business opportunities that include backward integration (organic input supply businesses), business start-ups, or expansion of existing farm operations.
In spite of the significant growth pressure, the majority of organic farms still remain small, especially relative to their conventional farming counterparts. For the 2008 growing season, the average size of organic farms was 285 acres(USDA-ERS, 2010) while the average size for all farms was 418 acres (U.S. Census Bureau, 2012).Survey data also showed the prevalence of family-based organic operations—83% to 87% of organic farms are listed as either sole proprietorships or family partnerships (OFRF, 2003).
Figure 1 shows the growth trends in the number of organic farms and their business sizes. As the plots indicate, the number of organic farms grew at an average rate of 9% from 2000-2008, with the 2008 figure representing a 96% increase over the 2000 level. In terms of farm size, organic farm size has grown at a lower average rate (vis-à-vis farm number growth) of 7% over the same period, and the 2008 average size is only 38% larger than the 2000 level. These comparative growth rates indicate that the organic farm industry’s overall growth tends to be more accounted for by business start-ups rather than the expansion of existing businesses. This tendency can be attributed to some organic farmers’ management styles, philosophy, or attitudes that differentiate them from operators of small, conventional farms.
Figure 2 confirms a skewed size distribution of organic farms where the majority of the farms generate less than $25,000 in sales, but a large proportion of organic farm revenues ($1.593 billion of the total $1.709 billion) is accounted for by those with $25,000 or more in sales.
An ongoing project funded by the Southern Sustainable Agriculture Research and Education (SARE) program investigates farm credit access and risk measurement issues experienced by organic farmers. In two focus group discussions with operators of small organic farms held in early 2012, a recurring theme was the participants’ reluctance to consider regular lending channels as funding sources for their business financing requirements. Most, if not all, of the participating farms have self-financed their operations. Other than self-financing, a study conducted by the C.S. Mott Group for Sustainable Food Systems at Michigan State University found that the majority of organic farms, especially those in the start-up phase, have maximized their credit card debt to finance their business operating needs (Cocciarelli, Suput, and Boshara, 2010).
There are several factors that can explain such organic farms’ financing preferences. A 2004 survey conducted by the nonprofit Center for Community Self-Help revealed that 56% of organic farmer respondents considered debt as not compatible with their sustainability principle while 45% suspected that lenders do not really understand their farms (Curtis, 2004).
Several studies confirm that some organic farmers would be willing to sacrifice profits in exchange for social and environmental goals (Chouinard et al., 2008; Hayes and Lynne, 2004; Mayberry, Crase, and Gullifer, 2005). Sheeder and Lynne (2011) explain that “… the assumption that (profits) play the only role in economic decision (of organic farmers) is highly contentious” (p. 433). As a result, this class of organic farmers does not commonly plan to expand their business. They keep their operations at a manageable size that can be sustained by their personal funding sources and, hence, do not see the need to rely on regular external debts.
On the other hand, organic farms that are more business-oriented could have been motivated by other considerations. The tighter credit conditions and the increased competition among borrowers for bank loans during the recent recessionary times could have pressured them to be prudent in their borrowing decisions. Smaller farm businesses usually have a harder time competing with more established, larger businesses for regular farm credit.
Moreover, in the organic farmers’ focus group discussions held last year, almost all organic farmers agreed that the size of their loan requests has also discouraged them from applying for a loan from a regular farm lender. A farmer explained how her $7,000 working capital loan application was turned down because it was “too small.” As many organic farms operate less than 10 acres (Figure 2), their financing requirements naturally fall significantly below the usual size of loan applications received by regular lenders from their larger business clientele.
To corroborate the organic farmers’ views on organic farms’ credit issues collected from the focus group discussions, a survey was conducted among major farm lenders (commercial banks, farm credit associations, and the Farm Service Agency (FSA)) in several Southeastern states. In terms of general perceptions of organic farm borrowers, the three most popular responses given by lenders were that organic farms had “too small loan requests,” operated by “fussy farmers (who were making) a big deal of trivial stuff,” and had “stagnant operations with very limited expansion plans.” The majority of the lender respondents (84%) also reported no growth in their servicing of organic farming clients during the past two years (Figure 3). Approximately 40% also indicated that their organic farming clients had loan requests of less than $10,000 (Figure 4)—which is, by normal lending standards (outside the microloan program),indeed small and most likely non-optimal when lending transaction costs are factored in.
In order to tap small organic farms as clients under the USDA microloan program, a number of issues need to be reconciled between lenders and their prospective borrowing clients. These issues have become more evident from the results of the 2012 organic farmers focus group discussions and lender survey. For instance, organic farmers are concerned that the highly diversified nature of their production operations is not given due credit by lending officers evaluating their loan applications. As they contend, enterprise diversification has risk mitigation benefits that need to be factored into the lenders’ credit risk assessment models and the loan’s commodity insurance requirements. In the lender survey, however, 48% of the respondents completely disagreed with the risk mitigation argument while 41% indicated that diversification would never affect each loan transaction’s insurance requirement.
Another point of contention revolves around organic farms’ soil enhancement investments that, according to the farmers, should increase the value of their real estate properties vis-à-vis other comparable farmland properties. Results of the same lender survey indicate that 64% of the respondents assert that organic farms’ soil enhancement investments will never affect farm real estate appraisal results while 73% indicate no adjustments in the calculation of (credit scoring models’) financial ratios involving equity and asset measures.
Overall, organic farmers clamor for the lenders’ proper regard and understanding of their farming operations. The focus group participants are concerned that lenders either make rash generalizations, confusing them with conventional farm clients, or insist on ascribing stereotype labels of “hobby or lifestyle farms” to them.
The new microloan program has tremendous potential in stimulating business activity across the entire farm industry. By encouraging the proliferation of small farm businesses, the farm industry can take advantage of a wide range of business opportunities, including specialized and niche market gaps that only small businesses, like organic farm operations, can fill.
The supply gap in an expanding organic industry creates business start-up opportunities in backward integration (organic input supply businesses) and mainstream organic production as well as opportunities for expansion of existing farm operations. In an industry where business size growth can be slowed by certain operators’ tendencies to self-finance and have multiple objectives beyond profitability, microloans can supply the financing needs of existing farms, especially those that persistently maintain small operations, as well as start-up business ventures entering the industry. The new micro-lending program can bring about valuable macroeconomic benefits from a growing organic sector, if lenders and organic farmers can resolve their differences.
Brau, J.C., and Woller, G.M. (2004). Microfinance: a comprehensive review of the existing literature. Journal of Entrepreneurial Finance and Business Ventures, 9(11), 1-26.
Chouinard, H.H., Paterson, T., Wandscheider, P.R. and Ohler, A.M. (2008). Will farmers trade profits for stewardship? Heterogeneous motivations for farm practice selection. Land Economics. 84, 66–82.
Cocciarelli, S., Suput, D., and Boshara, R. (2010). Financing farming in the U.S. W.K. Kellogg Foundation Food and Community Program.
Curtis,J. (2004). Funding the new harvest: Overcoming credit barriers for North Carolina’s sustainable farming enterprises. Self‐Help Credit Union, Durham, N.C.
Dimitri, C, and Oberholtzer, L. (2009). Marketing U.S. organic foods: recent trends from farms to consumers. Economic Information Bulleting No. 58. USDA Economic Research Service.
Escalante, C.L., Ferrer, M.C., and Wang, B. (2012). Southeastern farm lenders survey. Department of Agricultural and Applied Economics, University of Georgia.
Hayes, W.M., and Lynne, G.D. (2004). Towards a centerpiece for ecological economics. Ecological Economics 49, 287–301.
Kiviat, B. (2009). Can microfinance make It In America? Time Magazine. Available online: http://www.time.com/time/magazine/article/0,9171,1950949,00.html.
Maybery, D., Crase, L. and Gullifer, C. (2005). Categorizing farming values as economic, conservation and lifestyle. Journal of Economic Psychology, 26, 59–72.
Murdoch, J. (2000). The microfinance schism. World Development, 28(4), 617-629.
Oliver, H. (2006). Organic dairy demand exceeds supply. Natural Foods Merchandise, 27(8), 1- 14.
Organic Farming Research Foundation. (2003). National organic farmers’ survey results. Organic Farming Research Foundation: Santa Cruz, Calif.
Organic Trade Association. (2011). Industry statistics and projected growth. Available online: http://www.ota.com/organic.mt.business.html?printable=1.
Sheeder, R.J., and Lynne, G.D. (2011). Empathy-conditioned conservation: walking-in-the-shoes-of-others’ as a conservation farmer. Land Economics, 87, 433–52.
U.S. Census Bureau. (2012). Section 17: agriculture. Statistical abstract of the United States. U.S. Census Bureau.
U.S. Department of Agriculture – Economic Research Service. (2008). Organic production. Available online: http://www.ers.usda.gov/Data/Organic.
U.S. Department of Agriculture – Economic Research Service. (2010). 2008 certified organic production survey. Available online: http://www.agcensus.usda.gov/Publications/ 2007/Online_Highlights/Organics/index.php.
U.S. Department of Agriculture – Farm Service Agency. (2013). Farm loan programs. Available online: http://www.fsa.usda.gov/FSA/webapp?area=home&subject=fmlp& topic=dflop.
Wilcox, C. (2007). Review of economic impacts of production, processing, and marketing of organic agricultural products. Statement of the Executive Director & CEO, Organic Trade Association. Subcommittee on Horticulture and Organic Agriculture—Public Hearing. 2007. 110th Congress 2007-2008, Witness Opening Statements, U.S. House Committee on Agriculture. Available online: http://agriculture.house.gov/ hearings/statements.html.
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In the 1930s, before the era of floating exchange rates, countries would try to gain a competitive advantage for their exports by means of ‘competitive devaluation’. This practice refers to the deliberate devaluation of a fixed exchange rate vis a vis trading partners’, in order to make exports cheaper in the foreign currency. If the exports were relatively undifferentiated from competitors’, such as agricultural produce, this would lead to increased sales relative to other countries’ produce. But even if they were differentiated, such as Nikon cameras, making them cheaper would lead to more of them being sold.
Times were tough in the early 1930s, following the great depression, but this practice did not improve a country’s situation for long, because it usually led to retaliatory devaluation. The situation is similar to what we now see taking place in the world with Mr Trump’s trade war. If country A could devalue its currency, so in turn could country B, and this led to a ‘race to the bottom’ where in the end no-one benefited.
In the modern era, exchange rates are no longer fixed but currencies instead ‘float’ against one another like prices in a market. This does not mean that they are completely free to fluctuate; central banks retain some influence over them via monetary policy and they are influenced to some extent by trade policy and exchange control. For this reason, government policy sometimes addresses the need to retain the exchange rate at a competitive level, i.e. to prevent it from appreciating to the extent that export sales are negatively impacted. On the other hand, depreciation could be encouraged or aided through relaxing monetary policy. South Africa’s own Industrial Policy Action Plan (IPAP) has in the past specified that a competitive level for the exchange rate is a key part of industrial policy and one that is necessary in light of limited fiscal space (limited resources with which to directly support industries).
A depreciation in the exchange rate will not help competitiveness unless it is a ‘real’ depreciation – i.e. the currency must lose value at a greater rate than relative prices are rising domestically. This is another way of saying that the depreciation must not be offset by higher inflation in South Africa relative to our trading partners. Provided this condition holds – i.e. the rate of inflation in South Africa relative to that in our trading partners is not greater than the rate of depreciation – our goods will technically become more competitive in the markets of our trading partners.
Will this competitiveness boost actually help exports however? For a long time this was the case for South Africa. For total exports, a depreciation in the real exchange rate would lead to increased sales of our exports, especially our manufactured products. Of course, even a nominal deprecation would increase rand-denominated turnover for South African exporters, which is why nominal depreciation still helps the share prices of commodity and manufacturing exporting companies.
However, things changed after the global financial crisis that started in 2008. After this point there was a ‘disconnect’ in the relationship between the real exchange rate and the volume of exports. This disconnect was not just the fact that exports eventually declined even when the rand depreciated; earlier in the post-2009 period exports actually rose when the rand was appreciating in real terms. So in other words, the relationship between exports and the exchange rate was broken in both directions
After about the end of 2011 there was another disconnect in the response of our exports. One of the other drivers of demand for exports, in fact the most important one, is the economic growth in our trading partners’ economies. Although growth slowed in the economies of the developed West after the financial crisis, our ‘new’ trading partners such as China, South Korea, India and southern Africa continued to grow quite strongly. The growth in these economies was more than enough to offset the slowdown in the developed West and this should have translated into sustained demand for our exports. Yet our exports started to fall after 2000 and as of the end of last year, had not even recovered to their 2007 levels.
The fact that neither rising demand for our exports, nor the competitiveness-boost of depreciation has been able to help our export growth over the past six years is cause for concern. South Africa is a ‘small open economy’ and is dependent for economic growth on the deepening and widening industrial development that trade brings. Continued investment, job creation, technology transfer and industrialisation ‘upgrading’ are all dependent on trade. We cannot afford to have our growth rate stall due to the stagnation of our export industries. Yet this has happened, even when one factors in the general slowdown in global trade that happened after 2012. The percentage drop in South Africa’s trade since 2012 is about double the world average, indicating that there are indeed other important factors besides the exchange rate and foreign demand weighing on our export performance.
Various research projects have recently been undertaken to understand what these other factors are. This article is based on a paper that establishes that on a disaggregated industrial basis, the response of exports to the exchange rate and demand varies considerably by sector. Some industries such as the vehicles & parts sector, fabricated metals products as well as the fruit export sector still respond predictably to the exchange rate and foreign demand, albeit with reduced sensitivity to any magnitude of depreciation. However, most of the rest of our top 15 export industries do not. Aluminium and aluminium products, coal, inorganic and organic chemicals products are examples of export sectors that did not respond at all to exchange rate depreciation after the global crisis. Our largest export sector, the precious minerals sector – including gold, platinum group metals and diamonds – has also failed to respond at all to exchange rate depreciation, or foreign demand for that matter.
In economics, there is a saying: ‘the short side of the market rules’. This is another way of saying that whichever of supply or demand most constrains a market will determine the amount of trade in that market. If demand cannot account for the poor performance of South Africa’s exports, supply must be the culprit. This refers to factors such as the following:
- Labour market rigidity and un-competitiveness
- Electricity supply problems – the inability of Eskom to maintain a stable and cost-effective supply of electricity to South African firms
- Industrial concentration and uncompetitive supply industries
- Shortages of skilled labour
- Policy uncertainty
All of which have been identified in recent research around this issue. What this is saying is that we are facing severe supply-side constraints and our ability to return to a healthy level of economic growth depends on their resolution. This will require a coordinated approach by policy makers and the state. These issues are cross-cutting and involve inter alia the State-Owned Enterprises (SOEs), the department of labour, the department of trade and industry, the competition commission, the education departments, the department of minerals and energy, and the presidency. In fact the presidency is responsible for setting medium-term goals and coordinating policy; something that did not happen at all under the previous president.
The breakdown in the relationship between the exchange rate and our exports is but one indication that South Africa’s economic engine is broken. A concerted effort is now required to fix it, one indication of which will be that at some point in the future our export industries will again become sensitive to the competitiveness boosts of exchange rate depreciation.
This blog is based on a new Trade Law Centre working paper by the author, ‘The Limits of Depreciation as a Driver for Export Growth in South Africa: A Sectoral Analysis’.
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Risk Management and Homeland Security
Read the below discussion and reply. Do you agree or disagree. Why?
1. What is a standard risk assessment formula? Define the variables in the formula. Should each variable in the risk formula be weighed equally or should different variables have different weights? Explain your rationale.
Risk assessment has become a large topic of interest since the attacks of September 11th. Many reports exist on the subject and legislation points to the fact that we should use risk assessments to help keep the government safe. The standard risk assessment formula is R=f(TxVxC). R is the level of risk we are willing to take. F stands for function, which is dependent on T, V, and C. T stands for threat. This function establishes the probability that a target will be attacked or an event will happen. V stands for vulnerability. This looks at how vulnerable a target is or how weak it is. In other words the easier it is to attack the target the higher the vulnerability. The final factor in this equation is C, which stands for consequence. This measures the effects of the attack. For example a nuclear bomb would have greater consequences than a regular mail bomb. As far as weight to each variable go, they should be weighted differently. Every situation is dependent on the circumstances surrounding it. Therefore, not every situation is the same. Take football for example. Two teams playing each other in the regular season, though a potential terrorist target would not be weighted the same as the same two teams playing against each other in the super bowl. The simple circumstances of the event change the way we weight each individual part.
2. How does the perception of risk influence risk management programs, including such aspects of weighting of risk elements and acceptable level so risk?
Terrorism can be a complete mind game. Little attacks can grow into larger issues and can help turn people against each other and the government (Kamien 2012). Perception is everything in today’s society. For this reason, perception plays a huge role in how we handle risk management programs. Because we live in a free society we can’t just lock everyone down for the purpose of safety. The pure fact of freedom forces us to take some risks. Surveillance cameras and profiling are two great examples of this (Kamien 2012). Those these two things keep us safe, there is push back because it infringes on our civil liberties. Therefore, the level of acceptable risk is taken and it’s all due to perception in the community. Finally, there are institutions out there that may or may not improve safety. The TSA has always been a hot topic on this front. Though they appear to keep us safe, there are many reports and instances where the TSA have failed miserably and do not always work the way it should. The perception however is enough to make folks feel like 100% of the baggage is being checked and secu#D74B4B even when it isn’t.
3. Describe the benefit of a risk management program as applied to homeland security operations.
Risk management can do a lot to help homeland security. One of the main ways is that it helps policy makers make better-informed decisions on security (GAO 2008). It can help set organizations up for success. Throughout all of the organizations, risk management helps authorities to prioritize and focus on the important issues of homeland security. By using risk management programs, we can better utilize our limited resources to help increase the overall security of the United States. Finally, they help identify weak areas so we can concentrate on them and fix them to ensure we do not have a major attack happen.
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The Australian Law Reform Commission is conducting an inquiry into copyright law and the digital economy in 2012 and 2013.
The President, Rosalind Croucher, stated:
“While the Copyright Act has been amended on occasion over the past 12 years to account for digital developments, these changes occurred before the digital economy took off. The Australian Law Reform Commission will need to find reforms that are responsive to this new environment, and to future scenarios that are still in the realm of the imagination. It is a complex and important area of law and we are looking forward to some robust debate and discussion during the course of this very important Inquiry.”
In August 2012, the Commission published its issues paper, Copyright and the Digital Economy. The Commission has posed the question: “Should the Copyright Act 1968 (Cth) be amended to include a broad, flexible exception?”
Over the ages, copyright law has been confronted by the emergence of a range of disruptive, new technologies, such as the printing press; the pianola roll; the photocopier; the fax machine; the video cassette recorder; the personal computer; the MP3 player; and the internet. There has often been moral panics about the impact of new inventions, which can facilitate the reproduction and the dissemination of copyright works. The history of copyright law, though, has long involved a process of accommodation of new technologies.
The Australian Law Reform Commission will have to consider the role of copyright law in light of the advent of new information technologies in the digital economy. One of the most notable emerging technologies is 3D printing, which presents both opportunities and challenges for copyright law.
3D printing or additive manufacturing is the process of making three-dimensional physical objects from digital models. The Economist has observed: ‘Tinkerers with machines that turn binary digits into molecules are pioneering a whole new way of making things—one that could well rewrite the rules of manufacturing in much the same way as the PC trashed the traditional world of computing.’
Established in 2009, the Brooklyn company MakerBot ® is a leader in desktop 3D printing with its technology, the MakerBot Replicator TM. The company emphasises: “Personalized manufacturing using a MakerBot Replicator™ opens up a world of innovation, customization and creativity. MakerBot recommends: “Create your own 3D designs or download one of the thousands of models from Thingiverse.com, and turn your ideas into real, physical objects”. The company envisages: “With the MakerBot Replicator™, you can invent the future and also be a hero around the house”. Moreover, the company has established a website called Thingiverse, where MakerBot owners can access and contribute to a “universe of things”.
Technology writer Chris Anderson in Wired Magazine has written an appreciative piece entitled “The New MakerBot Replicator Might Just Change Your World” He writes: “Soon, probably in the next few years, the market will be ready for a mainstream 3D printer sold by the millions at Walmart and Costco” and “a3D printer will cost $99, and everyone will be able to buy one.”
Solidoodle is another leader in 3D printing. The founder of Solidoodle, Sam Cervantes, observed: “From architectural firms creating 3D models to do it yourselfers who want to easily complete projects around their homes, our new printer enables people to create like they never have before.”
There is also RepRap, an open source community initiative designed to develop a 3D printing, which can replicate its own components.
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Above: Makerbot chess set
Copyright owners have been anxious and fearful about 3D printing, because they fear that it will enable the unauthorised reproduction and dissemination of copyright works. There have been already skirmishes over copyright law and the MakerBot. The Games Workshop sent a takedown copyright notice to Thomas Valenty because he used a MakerBot to design figurines – a war mecha and a tank for use in the game Warhammer 40,000.
Story continues on page 2. Please click below.
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When planning for a project, one of the things you need to focus on is the timeframe within which it should be executed and completed. However, very few projects are completed on time. Most of them experience delays, which end up affecting the set timeline. Delays can be frustrating for the people hired to implement the project, as well as for the owner, more so because, they almost always lead to financial losses. Simply put, a project that runs past the proposed timeline will cost more money than was budgeted.
Types of Delays
Different factors cause schedule delays. These factors can be grouped to make them easier to identify and categorize. There are the excusable and non-excusable delays. Excusable delays are those that are unforeseeable and are not caused by any mistake made by the parties involved. Non-excusable delays, on the other hand, are those caused by errors made by the hired contractors. The second grouping is compensable and non-compensable delays. If a delay is compensable, it means that the person who is affected by the delay is owed money. For non-compensable delays, the vice versa applies.
Delay Analysis Methods
Several methods are used to analyze delays, and some will only be relevant to specific fields for example construction. The methods that cut across the board are; as planned VS as built analysis, Time impact analysis, impacted as –planned, as built but for.
As Planned VS as Built Analysis
Here an expert will be called in to compare the plans with what happened. It the most basic method used and is considered a retrospective and observatory analysis. It is straightforward and does not require the assessing of many details. However, this method is not regarded as suitable for studying concurrent delays. Additionally, it does not affect the current state.
As Built but for Analysis
This method is also referred to as the collapse as built analysis and is also a retrospective approach. Here, the expert will focus on the facts and make a reconstruction of the as-built phase. It is considered complex, but it is one of the preferred methods used for conflict resolution between parties. Additionally, it can be applied when dealing with concurrent delays.
Time Impact Analysis
This method is considered prospective but can also be used in retrospect. It focuses on facts and relies heavily on details from the as-built angle of the project. Due to the complexity of this process, it is typically done in stages and only by experts. However, the results show the cause of the delay and its effect, thereby making it another process highly preferred by forensic experts.
Impacted as Planned
This method of analysis is considered simple, prospective, but also highly theoretical. The analyst will take a baseline and then put in the various delays that may occur to show how they affect the set time frame. However, while the scope of work is analyzed this process does not look at the actual progress. This makes it easy to overlook concurrent delays. It is not considered a suitable method if the project in question was complicated, or if the findings are needed for conflict resolution.
Application of Delay Analysis Methods
Delay analysis involves a lot of theoretical studies. However, the processes used and the findings generated can be applied in real life. One of the ways these processes are applied is for dispute resolution. It was earlier stated that delays cause financial losses. In most cases, the party losing money will want some form of compensation. To resolve the arising disputes the analysis methods will need to be used to see which party was at fault and therefore who should receive compensation. Additionally, the results generated by these methods can be used by contractors and project planners to prevent the occurrence of some of these delays in future.
Within a dynamic and complex work environment, some delays are inevitable, but most of them can be avoided. The use of even the simplest of the delay analysis techniques can allow you to plan better, thereby reducing the possibility of your project timeline and being derailed, and your budget subsequently inflated.
We are also conducting a webinar on this topic to know more about this please click here
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Water supply planning
Economic growth and a drying climate are major challenges for water resource management and water supply development.
The Department of Water and Environmental Regulation carries out water supply planning to identify water demand-supply gaps well before they occur and identify future supply options. We also:
- provide technical and policy advice to government
- identify development 'hot spots' and major water supply options to support growth
- work with government and self-managed water supply stakeholders to ensure demand projections are considered and supply options are planned and implemented in due time
- work with water service providers to improve the security of town water supplies.
The department provides public information and advice to government on three levels – state, regional and local.
Our new water demand and supply model improves the accuracy of water demand and supply forecasts across the state. This allows us to highlight emerging issues, taking into account trends in economic growth and predictions of a drying climate.
The Department of Water and Environmental Regulation engages with planning and development agencies to ensure an integrated approach to regional development, land use planning, water planning and infrastructure priorities. We published the Pilbara regional water supply strategy in 2013, the Great Southern regional water supply strategy in 2014 and the Mid West regional water supply strategy in April 2015.
The Department of Water and Environmental Regulation works with government agencies and other organisations to advise on water supply options for developments that are of strategic significance to the state, such as the Ord River irrigation area expansion and heavy industry in Kwinana (Western Trade Coast heavy industry water supply strategy, 2016). Advice may include pre-feasibility and feasibility assessments of water supply options (e.g. Myalup irrigated horticulture managed aquifer recharge prefeasibility study, 2018).
We regulate the sustainable take of water and encourage efficient use of groundwater and surface water resources to meet additional demand. Future water supply options will be identified when this is no longer feasible. New water sources may include those that are not of drinking water quality, but can be utilised in other ways that are ‘fit-for-purpose’, such as using recycled wastewater to irrigate sporting ovals.
Water supply planning can be carried out at different geographic and time scales and at different levels of detail.
The strategic scale covers large geographic areas and looks further into the future, where a wider range of options can be considered. At smaller scales and closer timeframes, fewer options may be available or appropriate, and the costs and benefits can be assessed in greater detail and with more certainty.
Roles and responsibilities
In addition to our legislative functions, the Department of Water and Environmental Regulation coordinates cross-agency advice on future water demand and water supply options, including:
- policy direction and advice on the best use of the state's water resources
- advice on how much water is available and how demand will change in the short, medium and long-term
- advice on water supply options to meet current and future water needs.
Water service providers and self-supplied water users also have roles and responsibilities in water supply planning and development.
Department of Water and Environmental Regulation
Water service providers
Self-supplied water users
Geographic scale of planning
State, regional and local
Regional scheme or development
Site and property
Water uses covered
All water uses
Town scheme water (potable, domestic, commercial, institutional, industrial)
Irrigation scheme water (non-potable, agriculture)
Mining, agriculture, industry, domestic, commercial, parks and gardens
Scale and range of water supply options assessed
All realistic major options meeting legislative requirements and government policy objectives
Range of feasible options leading to a preferred option to meet policy and commercial objectives
Small range or preferred option to meet commercial objectives or private needs
Type of water resource investigations
Water yield, quality and sustainability of water resources
Water yield and quality at a range of locations to meet licensing requirements and scheme needs
Water yield and quality at specific locations to meet licensing requirements and commercial or private needs
Role in supplying water
Setting sustainable limits on water abstraction
Licensing abstraction from water resources
Constructing source and scheme infrastructure and supplying customers
Constructing infrastructure for private use
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Posted on October 2, 2013 by David Laidlaw
Interest rates have gyrated fairly drastically since May of this year when the Federal Reserve first indicated that it would eventually reduce its monthly bond purchases. Yields on 10-year US Treasury Notes have increased from a low of approximately 1.7% earlier in the year to a high of 3.0% in early September. Given these changes, bond prices depreciated sharply during this period; the Barclays Aggregate Bond Index lost about 6% between late April and early September and certain sectors lost considerably more.
Since the Federal Reserve’s recent announcement that it would not taper its bond purchases, bond prices have rallied and rates have fallen back to about 2.6% for the 10-Year US Treasury. Given this volatility, the question arises as to how to best position a bond portfolio in the current environment.
Our core bond portfolio holds high credit-quality fixed-income securities that mature within the fairly near future. We have consistently managed bond portfolios that contain highly rated issues. This philosophy stems from our belief that the primary purpose of bonds is to hold or gain value during times of stress in the stock market. For growth, we take calculated risks investing in stocks. Therefore, we want the bonds to provide downside protection if the market falters. High quality bonds provide a much better hedge against the risks inherent in the stock market than lower-quality bonds that often move in parallel to common stocks.
Our bond portfolios also have shorter durations in aggregate than the bond market as a whole. The average duration of these portfolios is roughly 3.7. Duration is a measurement of a bond’s sensitivity to changes in interest rates. Therefore, the portfolio would be expected to gain 3.7% if interest rates fall by 1%. Conversely, the portfolio would fall by the same 3.7% if interest rates rise by 1%. This portfolio is less sensitive than the Total US Bond Market as a whole which has a duration of about 5.
We still view rising interest rates as the greatest threat to all bond portfolios for a number of reasons. The first reason is that interest rates are historically depressed. Aside from the current period, the yield on the 10-year US Treasury has only been below 3% for the period starting in 1935 until the mid-1950s over the past 140 years. These statistics are from Professor Robert Shiller’s data set available online at Yale University’s Economics Site (http://www.econ.yale.edu/~shiller/data.htm).
The other reason that we believe interest rates will most likely rise in the future is that the Federal Reserve cannot continue to buy bonds indefinitely. By buying $45 billion in Treasury Notes per month, the Federal Reserve is buying a majority of all Treasuries that are issued by the US Government. This process cannot continue indefinitely without triggering a currency war amongst countries or runaway inflation. Therefore, the question is not whether or not the Federal Reserve will slow and/or stop buying Treasuries, but when this change will occur.
Our typical bond portfolio provides a yield-to-maturity of about 1.7% that is slightly greater than the CPI which has increased only 1.5% from August of 2012 to August of 2013. To further protect the portfolio against rising rates, we could reduce the duration further; however, that change would lower the yield to maturity. The yield on the 1-year US Treasury Note is only 0.10%. Therefore, holding a portfolio this short in duration would cause the portfolio to lose about 1.4% per year in terms of real purchasing power. We are not willing to get too conservative regarding reducing the duration of the bonds in accounts, since yields could remain depressed for an extended period.
Many managers and advisors have chosen to allocate their clients’ portfolios to low-quality and longer-dated bonds. The problem with this approach is that these portfolios will experience significant capital losses when interest rates rise. If the increase is disorderly as occurred over the summer, the capital losses could be significant. In contrast, our bond portfolios will have lower yields to maturity, but we believe this course is more prudent given the risk of rising rates.
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Money synonyms! Money has different names. When a husband gives money to his wife what do we call it?
- In church or temple, it’s called offering.
- Donor to charity, it’s donation.
- In marriage it’s called dowry.
- In divorce, it is alimony.
- When you owe someone it’s debt.
- When you pay the government, it’s tax.
- In court, it’s fines.
- Civil servant retirees, it’s pension.
- Employer to employee, it’s salary.
- Master to subordinates, it’s wages.
- When you borrow from bank, it’s loan.
- When you offer after a service, it’s tip.
- To kidnappers, it’s ransom.
- Illegally received in the name of service, it’s bribe.
The question is ”when a Husband gives it to his Wife what do we call it??
MONEY Has Different NAMES
Forms of Money in English | Picture
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What Crypto Exchange Does Kin Trade – What is Cryptocurrency? Simply put, Cryptocurrency is digital money that can be utilized in place of traditional currency. Basically, the word Cryptocurrency originates from the Greek word Crypto which implies coin and Currency. In essence, Cryptocurrency is simply as old as Blockchains. However, the difference in between Cryptocurrency and Blockchains is that there is no centralization or journal system in place. In essence, Cryptocurrency is an open source protocol based on peer-to Peer transaction technologies that can be carried out on a dispersed computer system network.
As an open source procedure, the procedure is highly versatile. This implies that unlike Blockchains, there is an opportunity for the community at big to modify the core of the protocol to fit their needs. A lot of innovation has actually taken place around the world with the intention of offering tools and methods that facilitate clever contracts. However, one particular way in which the Ethereum Project is attempting to solve the issue of wise agreements is through the Foundation. The Ethereum Foundation was established with the objective of developing software application solutions around wise agreement functionality. The Foundation has launched its open source libraries under an open license.
For starters, the significant distinction in between the Bitcoin Project and the Ethereum Project is that the former does not have a governing board and for that reason is open to contributors from all strolls of life. The Ethereum Project enjoys a much more regulated environment.
As for the jobs underlying the Ethereum Platform, they are both making every effort to supply users with a new way to take part in the decentralized exchange. The significant distinctions between the 2 are that the Bitcoin procedure does not utilize the Proof Of Consensus (POC) process that the Ethereum Project makes use of.
On the other hand, the Ethereum Project has actually taken an aggressive technique to scale the network while also taking on scalability concerns. In contrast to the Satoshi Roundtable, which focused on increasing the block size, the Ethereum Project will be able to carry out enhancements to the UTX procedure that increase deal speed and reduction fees.
The decentralized element of the Linux Foundation and the Bitcoin Unlimited Association represent a traditional design of governance that puts a focus on strong neighborhood participation and the promotion of agreement. This design of governance has been embraced by a number of dispersed application teams as a way of handling their projects.
The significant distinction between the two platforms comes from the fact that the Bitcoin community is mostly self-dependent, while the Ethereum Project expects the involvement of miners to support its advancement. By contrast, the Ethereum network is open to factors who will contribute code to the Ethereum software application stack, forming what is known as “code forks “.
Similar to any other open source innovation, much debate surrounds the relationship in between the Linux Foundation and the Ethereum Project. Both have actually adopted various point of views on how to finest utilize the decentralized element of the technology, they have both however worked tough to establish a favorable working relationship. The developers of the Linux and Android mobile platforms have actually freely supported the work of the Ethereum Foundation, contributing code to secure the functionality of its users. Likewise, the Facebook group is supporting the work of the Ethereum Project by supplying their own framework and producing applications that incorporate with it. Both the Linux Foundation and Facebook see the ethereal job as a method to enhance their own interests by offering an expense scalable and efficient platform for users and developers alike.
Just put, Cryptocurrency is digital money that can be used in place of conventional currency. Basically, the word Cryptocurrency comes from the Greek word Crypto which implies coin and Currency. In essence, Cryptocurrency is simply as old as Blockchains. The difference between Cryptocurrency and Blockchains is that there is no centralization or journal system in location. In essence, Cryptocurrency is an open source procedure based on peer-to Peer deal technologies that can be performed on a distributed computer system network. What Crypto Exchange Does Kin Trade
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Dominica’s economy proves diversification is the way forward
Dominica’s economy is more diverse than ever. At a recent speech in Grand Fond, Roselyn Paul, the country’s minister for commerce, enterprise and small business development, sung the praises of the area’s many varied businesses based in the area. She mentioned the tour guide services, the local cuisine, the soft furnishing, and the herbal drying. All of these things are helping diversify Dominica’s economy, moving away from the traditional reliance on agriculture to a more sustainable model based on several industries.
Why is economic diversification important?
Many countries’ economies rely heavily on certain industries for survival. In the UK, it’s the financial services sector that keeps the nation afloat, with 7.2% of the country’s total GVA (gross value added income) coming from the industry. The economies of Saudi Arabia, and other gulf state, are heavily reliant on oil exports.
Larger countries with monolithic economies would have trouble if small changes were to happen to their key industries. In the UK, for example, Brexit is already jeopardising London’s ability to clear euro-based transactions, which brings the country £880m of trade per day. Similarly, a shift towards sustainable energy sources could prove to be detrimental to Middle Eastern economies.
Though it is a small country, Dominica’s success with diversification proves there is a way for these bigger countries to expand on areas outside their traditional domain, and create a more diverse economy.
How Dominica diversified its economy
Before the 1980s, Dominica’s economy was heavily reliant on agriculture, an industry which largely revolved around the banana trade. Bananas enjoyed region-wide popularity in Europe, and Dominica’s rich soil made it fertile planting grounds for the crop. However, three major hurricanes in the 1980s resulted in severe damage to the crops making up the country’s economic base.
Since the hurricane disasters of the 1980s, successive governments have introduced measures to diversify the economy. A shift from bananas and other traditional crops such as sugar and cocoa has been encouraged, with focus instead shifting to new crops such as citrus, melons, pineapples and mangoes.
The ecotourism market has also been targeted, with Dominica successfully marketing itself as the “nature island of the Caribbean.” The island boasts some of the best diving sites in the world, as well as unspoilt landscapes and unrivalled biodiversity. Recognising the difficulty in balancing tourism and ecosystem preservation, the Dominican Government signed an agreement with Green Globe, the environmental division of the World Travel and Tourism Council, to develop the island as a “model ecotourism destination.”
The diversification story continues to this day, as the government moves beyond tourism to encourage growth in other areas of the island’s economy. Businesses are being hugely encouraged by capital from both the government and foreign investors. For instance, the government has developed a citizenship by investment programme, which offers investors the chance to live permanently on
Dominica’s sunny shores in exchange for a contribution to help small businesses or the real estate sector.
What can other countries learn from this?
Not every country has the natural beauty to become a key tourist destination, but it doesn’t hurt to try. For a long time, the UK has taken a slightly different approach by promoting internal tourism. Britons are encouraged to go on holiday within their own country’s borders.
Then, there is the investment side. Not every nation needs to start a citizenship by investment programme, but encouraging foreign investment in niche business areas rather than simply real estate can be a huge help with economic diversification. London, for example, is one of the most popular destinations for international investors to buy property. If they were required to make a contribution to local London businesses in order to acquire these grand houses, the economy would be far more diverse than it is today.
Now a healthy mix of agriculture, tourism, and thriving local businesses, Dominica is the model many much larger countries should take if they want their economies to thrive, no matter what.
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(National Sentinel)Â Taxes: Many have said that if President John F. Kennedy were young and alive and running today, he would be a conservative, not a liberal, at least in the fiscal sense.
When JFK was in office in the early 1960s he argued for lower taxes. Since he served, however, per capital taxes have consistently gone up, in order to support big, fat, bloated, inefficient government.
As reported by CNS News:
In 1961, the fiscal year Kennedy was elected, the federal government collected about $94.388 billion in taxes, according to the Office of Management and Budget. The population that year was about 183,691,481, according to the Census Bureau. That meant federal tax revenues equaled about $514 per capita — or $4,121 in 2016 dollars.
By 1965, the fiscal year Lyndon Johnson beat Barry Goldwater, the federal government collected about $116.817 billion in taxes from a population of about 194,302,963. That year federal taxes equaled about $601 per capita — or $4,578 in 2016 dollars.
In fiscal 2016, according to OMB, the federal government collected about $3.268 trillion in taxes. That equaled about $10,114 for each of the 323,127,513 people in the country.
Per capita federal taxation in fiscal 2016 was 121 percent more than it was in 1965 and 145 percent more than it was in 1961.
When JFK took office in January 1961, the federal government federal taxes ate up 17.2 percent of gross domestic product (GDP); by the end of this year, that will have climbed to 18.1 percent, according to the Office of Management and Budget (OMB).
In 1961 the economy grew at about 2.8 percent, roughly last year’s growth. But Kennedy wanted more, and he believed the way to achieve it was through lower taxes on earners.
“The final and best means of strengthening demand among consumers and business is to reduce the burden on private income and the deterrents to private initiative which are imposed by our present tax system,” Kennedy said in a Dec. 14, 1962 speech to the Economic Club of New York.
“I am not talking about a ‘quickie’ or a temporary tax cut, which would be more appropriate if a recession were imminent,” Kennedy said. “Nor am I talking about giving the economy a mere shot in the arm, to ease some temporary complaint.”
Today, President Donald J. Trump thinks the same way as Kennedy. One of his main first-term goals is dramatically reforming (and lowering) tax burdens – on corporations, small businesses and individuals – for the same reason, to give the people more of their own money to spend.
Too few in Congress want to help him achieve that goal, and many of his opponents on tax reform are the same dirtbags (in both parties) who believe that the federal government, not you and your doctor and insurance company, ought to “manage” your health care, despite the fact that premiums are through the roof and out-of-pocket costs like deductibles give tens of millions of Americans “coverage” in name only.
We’re overtaxed, micro-managed and under-served by the non-statesmen and non-stateswomen in Congress. The country elected Trump – a non-politician – and still the idiot brigades in D.C. don’t get that the masses have had enough.
What will it take?
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A tragedy looms on the horizon, warns Mark Carney, one of the world’s most influential central bankers. “Our societies face a series of profound environmental and social challenges,” he said in a speech to Lloyd’s of London. “The combination of the weight of scientific evidence and the dynamics of the financial system suggest that, in the fullness of time, climate change will threaten financial resilience and longer-term prosperity. While there is still time to act, the window of opportunity is finite and shrinking.” With permission, F&O publishes an excerpt of the speech.
By Mark Carney, Governor of the Bank of England
There is a growing international consensus that climate change is unequivocal.
Many of the changes in our world since the 1950s are without precedent: not merely over decades but over millennia.
Research tells us with a high degree of confidence that:
- In the Northern Hemisphere the last 30 years have been the warmest since Anglo-Saxon times; indeed, eight of the ten warmest years on record in the UK have occurred since 2002;
- Atmospheric concentrations of greenhouse gases are at levels not seen in 800,000 years; and
- The rate of sea level rise is quicker now than at any time over the last 2 millennia.
Evidence is mounting of man’s role in climate change. Human drivers are judged extremely likely to have been the dominant cause of global warming since the mid-20th century. While natural fluctuations may mask it temporarily, the underlying human-induced warming trend of two-tenths of a degree per decade has continued unabated since the 1970s.
While there is always room for scientific disagreement about climate change (as there is with any scientific issue) I have found that insurers are amongst the most determined advocates for tackling it sooner rather than later. And little wonder. While others have been debating the theory, you have been dealing with the reality: Since the 1980s the number of registered weather-related loss events has tripled; and inflation-adjusted insurance losses from these events have increased from an annual average of around $10bn in the 1980s to around $50bn over the past decade.
The challenges currently posed by climate change pale in significance compared with what might come. The far-sighted amongst you are anticipating broader global impacts on property, migration and political stability, as well as food and water security.
So why isn’t more being done to address it?
A classic problem in environmental economics is the tragedy of the commons. The solution to it lies in property rights and supply management.
Climate change is the Tragedy of the Horizon.
We don’t need an army of actuaries to tell us that the catastrophic impacts of climate change will be felt beyond the traditional horizons of most actors – imposing a cost on future generations that the current generation has no direct incentive to fix.
That means beyond:
- the business cycle;
- the political cycle; and
- the horizon of technocratic authorities, like central banks, who are bound by their mandates.
The horizon for monetary policy extends out to 2-3 years. For financial stability it is a bit longer, but typically only to the outer boundaries of the credit cycle – about a decade.
In other words, once climate change becomes a defining issue for financial stability, it may already be too late. This paradox is deeper, as Lord Stern and others have amply demonstrated. As risks are a function of cumulative emissions, earlier action will mean less costly adjustment.
The desirability of restricting climate change to two degrees above pre-industrial levels leads to the notion of a carbon ‘budget’, an assessment of the amount of emissions the world can ‘afford’.
Such a budget – like the one produced by the IPCC – highlights the consequences of inaction today for the scale of reaction required tomorrow.
These actions will be influenced by policy choices that are rightly the responsibility of elected governments, advised by scientific experts. In ten weeks representatives of 196 countries will gather in Paris at the COP21 summit to consider the world’s response to climate change. It is governments who must choose whether, and how, to pursue that two degree world.
And the role of finance? Earlier this year, G20 Finance Ministers asked the Financial Stability Board to consider how the financial sector could take account of the risks climate change poses to our financial system.
As Chair of the FSB I hosted a meeting last week where the private and public sectors discussed the current and prospective financial stability risks from climate change and what might be done to mitigate them.
I want to share some thoughts on the way forward after providing some context beginning with lessons from the insurance sector.
Climate change and financial stability
There are three broad channels through which climate change can affect financial stability:
– First, physical risks: the impacts today on insurance liabilities and the value of financial assets that arise from climate- and weather-related events, such as floods and storms that damage property or disrupt trade;
– Second, liability risks: the impacts that could arise tomorrow if parties who have suffered loss or damage from the effects of climate change seek compensation from those they hold responsible. Such claims could come decades in the future, but have the potential to hit carbon extractors and emitters – and, if they have liability cover, their insurers – the hardest;
– Finally, transition risks: the financial risks which could result from the process of adjustment towards a lower-carbon economy. Changes in policy, technology and physical risks could prompt a reassessment of the value of a large range of assets as costs and opportunities become apparent.
The speed at which such re-pricing occurs is uncertain and could be decisive for financial stability. There have already been a few high profile examples of jump-to-distress pricing because of shifts in environmental policy or performance.
Risks to financial stability will be minimised if the transition begins early and follows a predictable path, thereby helping the market anticipate the transition to a two degree world.
Mark Carney was appointed Governor of the Bank of England in 2013. He was born in Fort Smith, Northwest Territories, Canada, in 1965. His bachelor’s degree in economics is from Harvard University, in 1988. At Oxford University he completed a masters in 1993 and a PhD in 1995, in economics. After a 13-year career with Goldman Saches in London, Tokyo, New York and Toronto, he was appointed deputy governor of the Bank of Canada in 2003. He became Canada’s senior associate deputy minister of finance in 2004, and served as Governor of the Bank of Canada and chair of its board of directors from 2008 until 2013. His bio at the Bank of England is here.
*Facts and Opinions is a boutique journal, of reporting and analysis in words and images, without borders. Independent, non-partisan and employee-owned, F&O is funded by you, our readers. We do not carry advertising or “branded content,” or solicit donations from partisan organizations. If you appreciate our work, help us continue with a contribution, below, of at least .27 per story — or purchase a site pass for at least $1 per day, or $20 per year. Click here for information about subscriptions.
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Renewable energy is beginning to surpass traditional, non-renewable energy in terms of popularity, affordability and more.
Illinois Economic Policy Institute Policy Director Frank Manzo IV discussed what the clean energy industry needs to do to increase their workforce and create family-supporting jobs on America’s Work Force Union Podcast.
Investing in clean energy
Manzo introduced a study conducted that focused on North Dakota, South Dakota and Minnesota, three of the most dominant states in the production of clean energy.
The report found that producing clean energy was actually cheaper than producing non-renewable energy. It also found that jobs such as solar panel installers and wind turbine technicians are among the fastest growing careers in that region.
Manzo said a shift towards cleaner energy sources needs to happen for the sake of our infrastructure. Due to the effects of climate change, power lines are frequently damaged by high winds, prolonged heat damages asphalt and other surfaces and frequent flooding weakens the structural integrity of bridges.
Manzo said that for every $1 billion invested in clean energy, 7,000 jobs are created, bringing $1.3 billion in economic activity. Both of these numbers are more than what happens with $1 billion invested in non-renewable energy.
He said the issue is the wages and benefits that come with clean energy jobs. Many non-renewable energy jobs are union jobs that provide a family-supporting wage and quality benefits.
For now, much of the clean energy labor comes from out of state, meaning that the money leaves the area and the region misses out on valuable tax revenue.
He also said there needs to be a transition path for non-renewable energy workers to work in the clean energy sector. This comes in the form of stronger prevailing wage laws and the increased use of Project Labor Agreements (PLAs).
Giving a boost to prevailing wage laws and use of PLAs will increase the quality of training in the region and drive wages up, making clean energy careers attractive.
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- What is a risk assessment checklist?
- What is a level 2 risk assessment?
- What are the 5 steps of a risk assessment?
- What is a risk category?
- What is an example of a risk?
- What are the 5 types of risk?
- How is a risk assessment carried out?
- Who can write a risk assessment?
- What are the different types of risk assessments?
- What are the 3 types of risk?
- What is a risk assessment example of a risk?
What is a risk assessment checklist?
The risk assessment checklist should only include the items you can reasonably know.
Fortunately, you’re not expected to anticipate risks that are unreasonable.
With risk evaluation, you must examine what you’re doing as well as the risk control measures you have in place..
What is a level 2 risk assessment?
Description: The Principles of Risk Assessment Level II is to enable learners to understand the basic principles of Risk Assessment. This qualification will therefore give all employees the ability to contribute to the process and act always to protect their own Health & Safety and that of others.
What are the 5 steps of a risk assessment?
The Health and Safety Executive’s Five steps to risk assessment.Step 1: Identify the hazards.Step 2: Decide who might be harmed and how.Step 3: Evaluate the risks and decide on precautions.Step 4: Record your findings and implement them.Step 5: Review your risk assessment and update if. necessary.
What is a risk category?
A risk category is a group of potential causes of risk. Categories allow you to group individual project risks for evaluating and responding to risks. Project managers often use a common set of project risk categories such as: Schedule. Cost.
What is an example of a risk?
If the man chooses to move his investments to those in which he could possibly lose his money, he is a taking a risk. A gambler decides to take all of his winnings from the night and attempt a bet of “double or nothing.” The gambler’s choice is a risk in that he could lose all that he won in one bet.
What are the 5 types of risk?
The Main Types of Business RiskStrategic Risk.Compliance Risk.Operational Risk.Financial Risk.Reputational Risk.
How is a risk assessment carried out?
Five steps to risk assessment can be followed to ensure that your risk assessment is carried out correctly, these five steps are: … Evaluate the risks and decide on control measures. Record your findings and implement them. Review your assessment and update if necessary.
Who can write a risk assessment?
The employer is responsible for risk assessments within a workplace, meaning that it is their responsibility to ensure it is carried out. An employer can appoint an appropriate individual to carry out a risk assessment on behalf of the organisation, as long as they are competent to do so.
What are the different types of risk assessments?
They should also be competent in the risk assessment process, to be able to identify high risks and what action might be needed to reduce risk.Qualitative Risk Assessment. … Quantitative Risk Assessment. … Generic Risk Assessment. … Site-Specific Risk Assessment. … Dynamic Risk Assessment.
What are the 3 types of risk?
Risk and Types of Risks: There are different types of risks that a firm might face and needs to overcome. Widely, risks can be classified into three types: Business Risk, Non-Business Risk, and Financial Risk.
What is a risk assessment example of a risk?
Identify hazards and risk factors that have the potential to cause harm (hazard identification). Analyze and evaluate the risk associated with that hazard (risk analysis, and risk evaluation). Determine appropriate ways to eliminate the hazard, or control the risk when the hazard cannot be eliminated (risk control).
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During this session, participants will review the key components of a business plan as well as supporting resources. learn the essential why word essay elements needed to show how to solve math problems plan how to quote a book in a research paper for or to continue a successful business. acquisition effective business plans planning is when the acquirer identifies & builds relationships w/ potential targets. an executive summary, business concept, medical school essay writing service market analysis, business creative writing resources strategy, and implementation plan. they were tedious to read and even harder to refer to. learn the six steps for a effective bcp business effective plan write. instead, they can be just four or five pages long and list the business. 1. the expository essay rubric middle school startup ir peak assignment process often requires much diligence as it sets the tone for the rest effective business plans of the business. effective business planning is more than deciding where you are going and setting a plan to get there. here is how to properly write a short but effective business plan the business plan effective business plans admits the entrepreneur to the investment process. in my estimation we need to blog samples writing look at it holistically, from a 30,000-foot view. your business plan should also cover the app for solving math problems organizational structure of your startup.
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International Energy Agency released World Energy Outlook 2018 in Beijing on 23. The report argues that 20% of the increase in global electricity demand will come from Chinese motor demand. By 2040, all global energy demand growth will come from developing economies, with nearly half the world’s cars being electric vehicles.
“Electricity is increasingly becoming the preferred fuel for economies that are more dependent on light industry, services and digital technology,” said Laura Cozzi, chief energy model officer of the International Energy Agency at a conference that day. By 2040, nearly half of the world’s cars will be electric vehicles, and the share of electricity in final energy consumption will rise to nearly a third.
The report shows that with the increasing competitiveness of solar photovoltaic, its installed capacity will exceed wind power by 2025, it will exceed hydropower around 2030 and coal power by 2040. The share of renewable energy generation will increase from the current 25 per cent to about 40 per cent. China’s nuclear power generation will surpass that of the US and the EU by 2030.
For the first time in 2017, the global population without electricity fell below 1 billion. But the International Energy Agency expects more than 700 million people to remain without electricity by 2040, mainly in rural settlements in sub-Saharan Africa.
On oil and gas, the report says car oil consumption will peak in the next five years or so. However, the petrochemical, truck, aircraft and ship industries will continue to put oil demand on the rise.
By 2025 or so, the US will account for more than half of global oil and gas production growth. Nearly a fifth of the world’s oil and a quarter of its natural gas come from the United States. The shale revolution will put enormous pressure on traditional oil and gas exporters.
Natural gas will surpass coal as the second-largest fuel in the global energy structure. Global gas use will increase by 45 per cent by 2030.
The conference was jointly organized by the International Energy Agency and the General Institute of Power Planning and Design. The China Liaison Office of the International Energy Agency (IEA) has been set up jointly with the International Energy Agency (IEA) to promote the dissemination and application of relevant IEA research results in China and to promote exchanges and cooperation between Chinese energy enterprises, research institutions and IEA.
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This 2009 report found that many low-income students miss out on college because they don't have good information about how significantly financial aid can reduce the cost of tuition, and the process for obtaining aid is not as straightforward and timely as it could be.
Postsecondary education is a critical factor in promoting upward economic mobility, especially for poor and low-income individuals. However, while college enrollment has increased exponentially in the last several decades, the enrollment and graduation rates of poor and low-income students remain significantly behind those of their middle- and upper-income peers. "Promoting Economic Mobility By Increasing Postsecondary Education" outlined the educational attainment gap. The authors offered up several nonpartisan policy recommendations which, if implemented, would enable all students to pursue the American Dream through a college education.
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A balance sheet shows key information about the financial status of a company at a specific point in time. The balance sheet shows a company’s assets, liabilities, and shareholder’s equity. Unlike an income statement or statement of cash flows, the balance sheet does not show a range or period of time but rather the condition of the company at the exact time of writing.
The balance sheet reports the value of all assets the company currently has, the company’s liabilities, and the equity stake of all owners each divided into relevant categories. The balance sheet adheres to a basic formula:
Assets = Liabilities + Owners’ Equity
So the value of all the assets the company owns must equal the Owners’ equity, or stake in the company, with the value of the company’s debts added in.
The SEC requires all corporations to maintain a balance sheet and recommends any business to keep one. The balance sheet is crucial in determining the value of a company and is important to anybody with even the slightest interest in owning the company.
Balance Sheet Essential Knowledge
The balance sheet gets its name from the fact that the two sides of the equation above must balance. If the sides do not balance someone has made a mistake. This fact is intuitive: if a company needs to purchase something (add to the ‘Assets’ side of the balance sheet equation) it must take on debt (add to liabilities), take the money from investors (add to Owners’ equity), or use money from its cash reserve (a deduction from ‘Assets’).
Each component of the balance sheet equation is made up of many smaller accounts. These accounts vary widely across industries and carry different implications depending on the nature of the business. However, in general, the accounts have a few common components.
The ‘Assets’ segment of a balance sheet contains accounts listed from top to bottom in order of their liquidity or how easily they can be converted to cash. Two primary groups of the balance sheet are current assets, or assets that can be converted into cash with in one year or less, and non-current or long-term assets, assets that would take more than one year to be converted into cash.
In general, the following accounts appear on the balance sheet, in order:
- Current Assets
- Cash and cash equivalents: These assets are the most liquid. They include cash, treasury notes, and short-term certificates of deposit.
- Marketable securities: stocks and bonds that can be sold easily.
- Accounts receivable: all of the money currently owed to the company from its customers. Most of the time this account contains provisions for doubtful accounts, i.e. customers who are not likely to pay their bills so the money is lost.
- Inventory: the goods a company currently has for sale. When determining the value of the inventory a company uses the lower of the cost or market value.
- Prepaid expenses: expenses incurred by the company that have been paid in advance. For example, a company might rent many warehouses and pay a full years rent at the beginning of the year.
- Long-term Assets
- Long-term investments: investments that would require more than one year to be converted to cash.
- Fixed Assets: generally this account includes capital-intensive assets such as land, machinery, real estate, etc.
- Intangible assets: non-physical assets that still have value. This account can include things like goodwill or intellectual property.
A liability is money a company owes to outside entities. These accounts include bills owed to supplies, rent owed to landlords, utilities, salaries, etc. Like assets a liability is considered current if it must be paid within one year and long-term if the due date is any time after one year.
Some common accounts include,
- Current Liabilities
- Current portion of long-term debt: long-term debt is paid year after year, the current portion is the amount a company is required this year
- Bank indebtedness: money owed on lines of credits or other such accounts established with various banking entities
- Interest payable: interest paid on different forms of debt
- Rent, tax, utilities: any rent, tax, or utility bills
- Salaries (Wages Payable): wages paid to employees of the company
- Customer prepayments: if a customer pays for goods or services in advance the company will owe that customer until all services are performed or goods are delivered.
- Dividends payable and other: dividends paid to owners and other miscellaneous accounts
- Long-term liabilities:
- Long-term debt: principal and interest owed on issued bonds
- Pension fund liability: money a company pays to employee retirement accounts
- Deferred tax liability: accrued taxes that need not be repaid for another year
Owners’ equity is money attributable to a company’s owners, or shareholders. Because the owners’ equity is determined by a deducting a company’s liabilities from its assets, which can be found by arranging the equation above, it is sometimes referred to as ‘net assets’.
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Bhutanese currency is Ngultrum (Nu) equivalent to Indian Rupee. There are ATMs in Bhutan and MasterCard is accepted, and credit cards are accepted only at selected shops. One can exchange money at Paro International Airport on arrival or any other Govt, also get help from your tour operator.
Though Bhutanese economy is one of the worlds smallest, it has grown rapidly in recent years. This was mainly due to the commissioning of the gigantic Hydroelectricity Project.
Bhutanese economy is based on agriculture, forestry, tourism and the sale of hydroelectric power to India. Agriculture provides the main livelihood for more than 80 percent of the population.
The industrial sector is in a nascent stage, and though most production comes from cottage industry, larger industries are being encouraged and some industries such as cement, steel, and Ferro alloy have been set up. Most development projects, such as road construction, rely on Indian contract labor. Agricultural produce includes rice, chilies, dairy (some yak, mostly cow) products, buckwheat, barley, root crops, apples, and citrus and maize at lower elevations. Industries include cement, wood products, processed fruits, alcoholic beverages and calcium carbide.
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Disability benefits are insurance benefits paid to an insured individual in case of disability. Social Security disability benefits include two separate programs:
Some disabled individuals are able to qualify for both programs while others only receive benefits through one or the other.
SSI is a “need-based” disability benefit paid to any qualified disabled individual. There are no age limits or work history requirements for eligibility, but there are strict income and financial asset limitations. In other words, those that qualify for disability benefits under SSI have limited income and other financial assets available to pay for their everyday needs.
SSDI is a benefit paid to qualified disabled workers and in some cases to their dependents or survivors. For a disabled worker to receive SSDI he or she must have a sufficient work history and have paid into the SSDI fund through Social Security taxes, which are part of self-employment and FICA taxes.
In addition to SSI and SSDI, the Social Security Administration also pays disability benefits to disabled children, disabled adult children, and disabled widows or widowers of insured workers. When individuals qualify under the work history of another person, their benefits may be referred to using different terms, including:
The term “disability benefits” can also sometimes refer to benefits paid to disabled individuals through various other insurance programs, including short or long-term employer sponsored or privately purchased disability plans and state disability coverage for workers, among others.
When some individuals discuss disability benefits, they may also be referring to other forms of benefits for which SSI and/or SSDI recipients may qualify, including Medicaid or Medicare.
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Formula to Calculate Forward Rate
The forward rate formula helps in deciphering the yield curve which is a graphical representation of yields on different bonds having different maturity periods. It can be calculated based on spot rate on the further future date and a closer future date and the number of years until the further future date and closer future date.
where S1 = Spot rate until a further future date,
- S2 = Spot rate until a closer future date, n1 = No. of years until a further future date,
- n2 = No. of years until a closer future date
The notation for the formula is typically represented as F(2,1), which means a one-year rate two years from now.
Forward Rate Calculation (Step by Step)
It can be derived by using the following steps:
- Step 1: Firstly, determine the spot rate until the further future date for buying or selling the security, and it is denoted by S1. Also, compute the no. of the year till the further future date, and it is denoted by n1.
- Step 2: Next, determine the spot rate until the closer future date for selling or buying the same security, and it is denoted by S2. Then, compute the no. of the year till the closer future date, and it is denoted by n2.
- Step 3: Finally, the calculation of forward rate for (n1 – n2) no. of years after n2 no. of years is shown below. Forward rate = [(1 + S1)n1 / (1 + S2)n2]1/(n1-n2) – 1
Let us take the example of a company PQR Ltd, which has issued bonds recently to raise money for its upcoming project to be completed in the next two years. The bonds issued with one-year maturity have offered a 6.5% return on investment, while the bonds with two years maturity have offered a 7.5% return on investment. Based on the given data, calculate the one-year rate one year from now.
- The spot rate for two years, S1 = 7.5%
- The spot rate for one year, S2 = 6.5%
- No. years for 2nd bonds, n1 = 2 years
- No. years for 1st bonds, n2 = 1 year
As per the above-given data, we will calculate a one-year rate from now of company POR ltd.
Therefore, the calculation of the one-year forward rate one year from now will be,
F(1,1) = [(1 + S1)n1 / (1 + S2)n2]1/(n1-n2) – 1
= [(1 + 7.5%)2 / (1 + 6.5%)1]1/(2-1) – 1
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One year FR one year from now= 8.51%
Let us take the example of a brokerage firm that has been in the business for more than a decade. The firm has provided the following information. The table gives a snapshot of the detailed calculation of the forward rate.
- Spot rate for one year, S1 = 5.00%
- F(1,1) = 6.50%
- F(1,2) = 6.00%
Based on the given data, calculate the spot rate for two years and three years. Then calculate the one-year forward rate two years from now.
- Given, S1 = 5.00%
- F(1,1) = 6.50%
- F(1,2) = 6.00%
Therefore, the spot rate for two years can be calculated as,
S2 = [(1 + S1) * (1 + F(1,1))]1/2 – 1
= [(1 + 5.00%) * (1 + 6.50%)]1/2 – 1
Spot Rate for Two Years = 5.75%
Therefore, calculation of spot rate for three years will be,
S3 = [(1 + S1) * (1 + F(1,2))2]1/3 – 1
= [(1 + 5.00%) * (1 + 6.00%)2]1/3 – 1
Spot Rate for Three Years= 5.67%
Therefore, the calculation of one-year forward rate two years from now will be,
F(2,1) = [(1 + S3)3 / (1 + S2)2]1/(3-2) – 1
= [(1 + 5.67%)3 / (1 + 5.75%)2] – 1
Relevance and Uses
The forward rate refers to the rate that is used to discount a payment from a distant future date to a closer future date. It can also be seen as the bridging relationship between two future spot rates, i.e., further spot rate and closer spot rate. It is an assessment of what the market believes will be the interest rates in the future for varying maturities.
For instance, let us assume that Jack has received money today, and he wants to save the money to buy a real estate one year from today. Now, he can invest the money in government securities to keep it safe and liquid for the next year. However, in that case, Jack has two choices: He can either buy a government bond that will mature in one year, or he can opt to buy another government bond that will mature in six months, and then roll over the money for another six-month government bond when the first one matures.
In case both the options generate the same return on investment, then Jack will be indifferent and go with either of the two options. But what if the interest offered is higher for a six-month bond than the one-year bond. In that case, he will make more money by buying the six-month bond now and rolling it over for another six months. Now, It comes into play to calculate the return of the six-month bond six months from now. In this way, it can help Jack to take advantage of such a time-based variation in yield.
This has been a guide to Forward Rate Formula. Here we discuss how to calculate forward rate from spot rate along with the practical examples and downloadable excel sheet. You can learn more about accounting from the following articles –
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Between 1929 and 1932, stock values dropped by 80 percent because of the crash of 1929. Stock market crashes can devastate economies and leave the stock in your portfolio worthless. Even diversifying your stocks may not protect you -- a crash typically drags down all sectors of the stock market, and it affects the rest of the economy. The 1929 crash contributed to the Great Depression, for instance.
If one person gets nervous about the market and sells her stock, someone else with more confidence usually snaps the shares up. When stock markets crash, that doesn't happen: Everyone's nervous, everyone wants to sell and nobody wants to buy. A crash can start with a few investors dumping stocks, then spiral outward: Other investors panic and decide to sell, too, prices plummet faster, and that makes more investors try to sell. By the time the spiral stops, stocks may be worth a fraction of their previous value.
Effects of a Crash
When the stock market crashes, a lot of people feel the pain. Companies can no longer raise as much money selling stock and may have to cut back on growth and expansion. Business leaders become cautious, which slows the economy and increases unemployment. Crashes hit particularly hard on anyone entering or approaching retirement, as the contents of 401(k) and other retirement plans may be worth less than the money the retiree originally put into the plan.
On a personal level, many investors become skittish after a crash. If an investor sees how her portfolio has plummeted in value, she may decide to pull out of stocks and concentrate on safer, lower-risk investments. This lack of confidence doesn't just apply to investors. Overall, consumers can tend to be more skittish when the economy is unstable. They may also see the indirect effects of a crash if their employers decide to make cutbacks due to economic uncertainty.
The Long Term
If you don't have to sell your stocks immediately, a stock market crash doesn't have to become a personal disaster. The market has crashed many times but eventually, investors start buying and stock prices rise again. If you have the stomach to just hang on, sitting out a crash without tinkering with your portfolio may minimize your losses. If you decide to keep investing, make cautious moves: Don't overextend yourself, avoid risk and cut your losses quickly if you make a mistake.
A graduate of Oberlin College, Fraser Sherman began writing in 1981. Since then he's researched and written newspaper and magazine stories on city government, court cases, business, real estate and finance, the uses of new technologies and film history. Sherman has worked for more than a decade as a newspaper reporter, and his magazine articles have been published in "Newsweek," "Air & Space," "Backpacker" and "Boys' Life." Sherman is also the author of three film reference books, with a fourth currently under way.
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Committee examines tidal energy in the UK’s path to net-zero
9 November 2020
In the latest phase of the Technological Innovations and Climate Change inquiry, the Environmental Audit Committee (EAC) will consider the role of tidal energy in the UK’s low-carbon energy mix.
As the country with the largest marine renewable resources in Europe, and the second highest tidal range in the world, there is significant potential for tidal power generation in the UK. Tidal schemes could also offer a predictable and reliable energy source, providing benefits over other sources of renewable generation such as wind or solar.
However, the technology is at the early stages of development so has not been rolled out despite 80% of the UK public supporting tidal and wave deployment. The Government has undertaken numerous reviews into the potential for tidal range. When examining the possibility of a tidal lagoon fleet in 2017, the Government stated the tidal capital cost per unit of annual power output is higher than other energy sources.
The EAC will be examining these issues and more, considering whether tidal power could play a role in the UK’s commitment to be net-zero by 2050.
Terms of reference
The Committee is inviting written submissions to inform its forthcoming session. These should focus on, but not be limited to:
- What contribution can forms of tidal power play towards the UK’s energy mix?
- Why, despite the considerable marine resources available, have relatively few developers established tidal projects?
- Are there certain locations where one type of tidal technology is best suited?
- How could financial support be structured to assist technological and project development in this area?
- How might tidal schemes reduce costs to become commercially competitive with other low carbon or renewable options?
- What are the environmental impacts of tidal schemes and how can these be minimised?
- What are the wider economic benefits and what potential disadvantages could tidal schemes bring to regional areas?
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A magnanimous economic stimulus package, Atmanirbhar Bharat Abhiyan was announced by the government in May 2020. The full-fledged economic stimulus package worth ₹20 lakh crores was announced by the Central Government as a major scheme introduced to rejuvenate the contraction being faced by the economy due to the pandemic and the consequent lockdown. It looks on to cater to the worst-hit laborers, middle-class families, small-scale cottage industries, MSMEs, and other industries severely affected by the pandemic induced lockdown.
The lockdown that lasted for over three months has brought the nation to a standstill, thus affecting almost all the economic and job sectors gravely. Prior to the Atmanirbhar Bharat Abhiyan package, the government had announced the Pradhan Mantri Garib Kalyan Yojana (PMGKY) as interim measures to help the poor, affected by the COVID-19 pandemic.
What is Atmanirbhar Bharat Abhiyan?
The package aims to make the country ‘self-reliant’. The amount put in the scheme by the government focuses on land, labour, liquidity, and laws incorporates ₹70 lakh crore relief packages already announced under the PMGKY along with the other measures from the RBI. According to the Prime Minister, an Atmanirbhar Bharat or a self-reliant India would be built again, which, on its own, stands on the five pillars of infrastructure, economy, the latest technology, vibrant demography, and demand.
The relief package, planned to implement in two phases, is in par with the packages other leading nations like Australia, Sweden, Germany, and even the US have announced for its citizens. The impact of the stimulus package will equally help the primary, secondary, and tertiary sectors although there remain the challenges posed by the lack of demand and burgeoning fiscal deficit.
Atmanirbhar Abhiyan package for solar power
For the economic revival, the country is focusing on self-sufficiency in terms of power resources as well. In the mission to increase the GDP, the Atmanirbhar Abhiyan package will have extended support from the top solar manufacturers in the country.
The solar power system is certainly the future power for a country like India. Having an abundance of its primary resource, India can have up to 60 GW of solar manufacturing capacity by the end of 2024. With the least environmental impact, solar energy, along with other renewable resources like the tidal and wind power, is now widely opted as the alternate power resource. Residential customers convert to solar power, primarily to manage their high grid-electricity bills.
As R K Singh, Minister of Power and Renewable Energy mentioned, the government’s decision to shift its focus to protecting domestic manufacturers to the imposition of customs duties would soon help the industry to widen its long-term investments and commitments. The customs duty on solar power imports starting 20% from August is designed to increase up to 30-35%.
The current policy of MNRE states that in order to avail the Central Financial Assistance for subsidy on Grid Connected Rooftop Solar, it is mandatory to install Domestic Content Requirement (DCR) solar panels. In other words, one can avail subsidy only when indigenously manufactured DCR panels are used in the installation of the rooftop solar panels across commercial, industrial and residential segments. This existing policy coupled with the latest initiative to boost locally manufactured solar modules will help companies in this space to a great extent.
By the end of 2022, India is set to achieve the historic target of 100 GW of solar deployment. In addition to this the statement by our Prime Minister Narendra Modi at the Climate Action Summit at UN Headquarters in 2019 to increase the non-fossil fuel target to 450 GW by 2030 will act as a strong pillar for the local manufacturing of solar modules. Through the establishments of more solar panel manufacturing units in the country, India can create around three lakh jobs in the sector within the next three years.
Solar Energy for Home
From large buildings to every single household in India, solar power has marked its varied remarkable usages. Converting to solar power has in no time turned out to be a trend among Indian households.
Solar power plants can be set anywhere in our households where direct daylight falls. The panels work best during summers and produces energy during other seasons as well. In a non-shadow area of about 80 to 100 sq. ft, a solar panel of 1KW can be installed.
Along with the huge reduction brought in our power bills, the solar power at home also frees us from the woes of frequent power cuts. Being a tropical country that receives high solar radiation for almost 300 days a year, solar power generation, taken along with grand policies like Atmanirbhar Bharat Abhiyan will help create employment as well as rural development. Also, it paves the way for the development of solar power systems within the country.
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Developing an economic vocabulary, which will become second nature to you, is an essential part of being able to communicate with the people you deal with. It doesn't matter if you're a teacher, an accountant, an employer, or a customer. Regardless of who you are dealing with, it's important that you understand what the different terms mean. The problem is, many of the economic terms you come across when you do business don't have a clear sound to them. You can make the effort to learn these words and learn to use them properly, but when you do business, you want to be able to speak and explain these terms naturally.
Learning the right terms to use in any circumstance is an essential part of being able to communicate. There are a number of resources available for you to take advantage of when you want to enhance your ability to understand the economic vocabulary activity of others. Online courses are among the most effective ways of doing this, as they give you the chance to access several words and their definitions in a quick amount of time. If you want to improve the way you understand the lingo used by others, consider taking a course online that works on expanding your vocabulary.
If you need a little help understanding the differences between one term and another, try going to an online dictionary to look up the meaning of the most common terms you're hearing about. A quick search on the web will provide you with plenty of online resources to help expand your knowledge and enhance your understanding of the lingo. Even though it can sometimes be difficult to understand, knowing the difference between one word and another can go a long way towards making your conversations flow smoothly.
There are also textbooks available that are dedicated to economic vocabulary activity. These books give you the opportunity to learn about different terms and the meanings behind them. If you aren't interested in using an online course, consider purchasing a book at your local library. Many libraries have a section devoted to this type of reference. You might also check to see if your local college has an economics department that offers such a class.
Of course, even when you're looking up an economic term, it's important to remember the spelling. For example, the capitalization of the word “profit” is “pinea.” Don't assume that everyone will be able to read the word and understand what the capitalization is meant. Ask a friend or family member to help. Even if you can understand the meaning of the word, asking someone to help you spell it out can be very helpful. Making sure everyone understands what you're trying to say can make all the . . . . . . difference between simple and complicated conversations.
Learning new words and phrases are an easy way to expand your knowledge of economic vocabulary activity. Be careful about using too many of them, though. In order to truly improve your understanding of the economic world, you need to avoid using too many jargon-filled words. If you can spell them out, great – use them!
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Freezing temperatures in both Belgium and Germany have put both countries’ power systems to the test this week, but neither country has experienced electricity blackouts despite the lack of nuclear power.
Two of Belgium’s seven nuclear reactors – Doel 3 and Tihange 2 – were switched off this summer, following the discovery of cracks, cutting 2,000 MW of electricity-generating capacity from Belgium’s electricity network. Even without this nuclear capacity online, the network survived this winter’s peak electricity demand of 13,166 MW on 17 January, L’Echo, a Belgian newspaper, reported.
Belgium’s electricity supply is guaranteed by a small amount of energy imports – including gas from the Netherlands and solar and wind from Germany – and a diverse energy portfolio, one in which renewable energy has a rising share, the paper said.
Belgium’s electricity portfolio is currently: 39% gas, 36% nuclear, 9% hydro, 4% wind, 4.5% coal, 1.5% oil, 6% solar.
Similar news emerged from Germany: Reuters reported that the country’s electricity supply is adequate this winter, despite the nuclear switch off which started in 2011 following the Fukushima nuclear accident.
Meanwhile, Greenpeace Germany has reported that more than half of the coal-power projects planned in 2006 have since been abandoned thanks to Germany’s energy policies which have seen a shift to renewable energy.
An article in French daily Le Monde noted that not only is coal one of the most polluting sources of energy, in particular lignite – of which there is plenty in Germany – but coal is facing economic problems. Coal-fired electricity plants are the oldest in Germany’s electricity portfolio and they cannot provide power on a flexible basis – it takes a long time to put out a coal fire.
Le Monde reported that the rising share of renewables in Germany’s energy mix requires more flexibility – when the sun shines and the wind blows more electricity is produced than needed meaning that renewable electricity is available at prices that threaten the profitability of coal. A lignite coal-powered station coming online in 2015 will make an overall loss over its 40 year lifetime, according to Christian von Hirsch-hausen, Research Director at the German Institute for economic research (DIW). In a system with a rising share of renewables, lignite does not have any economic benefits, he added.
Germany Thrives Without Nuclear originally appeared in Green Chip Stocks. Green Chip Review is a free 2x-per-week newsletter, is the first advisory to focus exclusively on investments in alternative and renewable energies.
The Editorial Team at SolarFeeds is made up of knowledgeable solar industry insiders and experts who have a passion to share valuable, helpful and educational information. Aiming at becoming the best place to learn solar, the publication partners with industry thought leaders, journalists and influencers. If you want to publish your articles on SolarFeeds Magazine, click here.
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Bernard Baruch an American financier and stock investor once said, “Agriculture is the greatest and fundamentally the most important of our industries. The cities are but the branches of the tree of national life, the roots of which go deeply into the land. We all flourish or decline with the farmer.”
The above statement sounds literally true, because the very existence of man depends largely on agriculture. For this reason, the priorities of the agricultural sector are aligned to the 2030 Sustainable Development Goals (SDGs). They particularly respond to Goal 2 which assures to end hunger and ensure access by all people to safe nutritious and sufficient food all year round and Goal 8 which promotes sustained, inclusive and sustainable economic growth through high value added, labour intensive sectors as agriculture.
The priorities are also to respond to the 2014 Maputo Declaration on accelerated Agricultural growth and transformation for shared prosperity with commitments to increase investments in agriculture, reduce postharvest losses and boost intra Africa trade.
The Government assumed office in 2017 with a commitment and agenda to transform agriculture and put it on a sustainable path of accelerated growth and development for larger economic and social benefits to the nation.
Coming from a backdrop of poor performance of the sector with erratic agricultural sector growth rates over nearly a decade averaging 3.4%. This was evident in low farm yields as only 11% of farmers used improved seeds and about 20% used fertilizers, high post-harvest losses, low level of mechanization, ill motivated extension staff, poor agricultural infrastructure, weak linkages with other sectors and a general lack of access to agricultural support services.
Planting for Food and Jobs
The Government set out in 2017 to prosecute its agricultural transformation agenda with several interventions, starting with the Planting for and Jobs (PFJ) Campaign which was launched in April 2017. The PFJ focused on improving the yields of farmers, access to markets, reducing post-harvest losses and enhancing extension services delivery.
After one-year of the implementation of the Planting for Food and Jobs (PFJs) programme, the sector witnessed a growth rate of 8.4 percent in 2017. It is important to mention that significant yield increases were recorded for selected crops; maize yield increased by 67 percent from 1.8mt/ha to 3.0mt/ha; rice yield increased by 48 percent from 2.7mt/ha to 4.0mt/ha and soya yield increased by 150 percent from 1mt/ha to 2.5mt/ha. The success achieved since the introduction of the programme is an indication that government is on the right path towards the transformation and modernization of agriculture.
PFJ Farmer Participation
On account of the success in 2017, government implemented an expanded version of the PFJ in 2018 with more ambitious targets. Compared to 202,000 farmers in 2017, a total of 500,000 farmers were targeted to be supplied with subsidized fertilizers and seeds for the 2018 cropping season. A total of 577,000 farmers have so far had access to the inputs, which is in excess of the planned target for the year.
A total of 278,000 farmers have been captured on the biometric database and the exercise is still on-going. In 2019, the Planting for Food and Jobs programme will continue with a target enrolment of 1 million farmers and registration of additional 500,000 farmers on the biometric farmer database system;
Farm Inputs and Extension Services
In 2018, a total of 183,000mt of fertilizers, 7,600mt of seeds and cassava planting materials have been distributed across the country. In 2019, 13,000mt of subsidized seeds for priority crops (cereals, legumes and vegetables) and 200,000 bundles of cassava planting materials; 438,900mt subsidized inorganic fertilizer and 30,000mt of organic fertilizers will be distributed. It is estimated that the distribution of the subsidized inputs to the farmers will translate into a total of 1.2 million metric tons of additional production of cereals and legumes in 2019.
In 2016, the Extension Agent to Farmer ratio was 1:2,500. This was significantly improved to 1:1,165 with engagement of 3,000 extension agents comprising Youth Employment Agency and National Service Personnel and the recruitment of 2,700 extension agents and other relevant staff in 2018. Government, with the support of the Canadian Government distributed 216 brand new pickups to the Departments of Agriculture of the District Assemblies. Additionally, 3,000 motorbikes were procured for distribution to extension agents.
The Fall Army Worm (FAW) was first detected in Ghana in 2016. In 2017, it destroyed 14,000 hectares of maize fields. The pest was brought under control in 2018 with the destruction of only 79 hectares of maize fields. This significant achievement was as a result of early planning, sensitization, training of Extension Agents and farmers and timely distribution of chemicals to all the 216 districts. A total of 120,000 litres and 20,000kg of pesticides were procured. To maintain vigilance in 2019, MoFA will adopt the same approach as in 2018 to keep the pest under control.
Unlike the previous two years (2016 to 2017), there was no import of farm machinery in 2018. However, two facilities worth US$220 million will become available for the import of other farm machinery and equipment in 2019. These are the 2nd and 3rd tranches of the Brazilian Facility worth US$66 million and the US$150 million from the Indian Exim Bank. A feature of this investment is the emphasis placed on machinery and equipment suitable for smallholder farmers. The machinery and equipment will be used to revive the 168 existing Agricultural Mechanization Services Centers (AMSECs) and to establish new ones where necessary. This is to reduce drudgery and improve efficiency in machinery will be used for land preparation, planting, harvesting and primary processing.
The Government will continue to scale up irrigation development in line with the One-Village-One Dam agenda. In 2018, the Ministry through Ghana Irrigation Development Authority (GIDA), continued the development of irrigation projects initiated in 2017. These included Tamne Phase I dam which is at 84% completion and other dams at Zakpalsi, Kornorkle, Uwasi, Atidzive-Ayiteykorfe and Aka Basin; making available 83 hectares of land for irrigation.
In 2019, Government has continued the development of Tamne Phase II, Mprumem and Piiyiri dams and rehabilitation of Guo, Kpong left and right banks, Tono, Ohawu, Weta and Ashaiman irrigation schemes which will make available a total of 9850 hectares.
Designs for rehabilitation of Sankana (UWR), Tanoso (BAR), Kpando-Torkor, (VR) Amate (ER), Libga and Golinga (NR) as well as 12 small dams under the One-Village-One-Dam programme are completed and construction will start in 2019. In addition, designs for 180 dugouts are also completed for construction under the remit of the Ministry of Special Development Initiatives.
Feasibility studies for water transmission lines in Upper West and Northern Regions have started. Studies for culvert diversion weirs will be completed and construction of 20 weirs will take place in Brong Ahafo, Northern, Upper East, Upper West and Volta Regions. A 100ha land will also be put under irrigation through surface water abstraction with solar water pumps, whilst 200 boreholes mounted with solar water pumps will be drilled throughout the country to harness groundwater.
Rehabilitation and Expansion of Kpong Left Bank Irrigation Facility
President Nana Addo Dankwa Akufo-Addo in 2018 cut sod for the rehabilitation and expansion works to begin on the Kpong Left Bank Irrigation Project, at Torgome, in the North Tongu of the Volta Region.
The Ghana Commercial Agricultural Project (GCAP), in consultation with the Ghana Irrigation Development Authority (GIDA), has selected for rehabilitation and modernization of the Kpong Left Bank Irrigation Project (KLBIP), together with four other major public irrigation schemes. This effort is aimed at increasing food production in the country.
The Kpong Left Bank Irrigation Project comprises rehabilitating and expanding the existing gravity irrigation scheme from 450 hectares to 2,000hectares, i.e. more than four-fold. On successful completion, the facility will be available to 17 communities with some of the benefits to the neighbouring communities including increased earnings of smallholder farmers, through double-cropping under irrigated conditions, and the creation of jobs, in addition to the completion of various agri-businesses down the value-chain.
The irrigated area is expected to be cropped twice a year, resulting in a 200%cropping intensity, and a total cropped area of four thousand (4,000) hectares per annum,” he said.
Rehabilitation and Modernization of Tono Irrigation Project
The Government of Ghana having received a credit facility from the International Development Association (IDA) and grant from USAID acting through the Ghana Commercial Agriculture Project (GCAP) has applied part of the funds to cover the eligible payments under the contract for the Rehabilitation and Modernization of Tono Irrigation Project in the upper East Region of Ghana.
Post Harvest Management – National Food Buffer Stock Company (NAFCO)
To increase storage space for anticipated increased production from PFJ, the Ministry completed the rehabilitation of five warehouses at Yendi, Tamale, Wenchi, Sunyani and Kumasi. In addition, the Ministry together with the Ministry of Special Development Initiatives are constructing 80 new warehouses (with the capacity of 1,000mt each) in strategically selected districts across the country. In 2019, the Ministry will construct additional 30 new warehouses (1,000mt capacity). Each will be equipped with seed cleaners, dryers and weighing scales.
As part of measures to improve farmers access to markets, the National Food Buffer Stock Company (NAFCO) was revived in 2017. Through its over 1300 licensed buying companies, NAFCO in 2018 purchased 6,000mt of white maize, 1,730 mt of rice, 1,120mt of millet, 1,220 mt of groundnut and 1,230 mt of cowpea and supplied to schools under the Free Senior High School Programme.
In 2019, NAFCO intends to purchase 200,000mt of white maize and 100,000mt of rice to supply to Free Senior High School Programme, the Ghana School Feeding Program, other State Institutions, as well as holding some as emergency stocks.
A part from the Food crop module of Planting for Food and Jobs the Ministry of Food and Agriculture will roll out four other modules in 2019. These are:
- The Planting for Export and Rural Development (PERD)
- The Rearing for Food and Jobs
- The Greenhouse Villages programme and
- The Mechanization Programme
Planting For Export and Rural Development- PERD
Planting for Export and Rural Development (PERD) is aimed at diversifying the tree crop sector in addition to the dominant cocoa crop. Six tree crops have been selected in accordance with the manifesto pledge of the New Patriotic Parting (NPP) during the 2016 Campaign. These are coconut, cashew, coffee, rubber, mango, oil palm. In 2019 it is expected that His Excellency the President will launch the PERD. The programme is jointly implemented by the Ministries of Food and Agriculture and Local Government and Rural Development in 142 districts of the 10 Regions of Ghana. The Municipal and District Chief Executives in each District has been given targets of the selected crops depending on the agro ecological zone. The seedlings will be distributed free of charge to farmers.
Self-financing Authority for Tree Crops
Cabinet has approved the establishment of a self-financing Authority to regulate and develop selected tree and industrial crops in Ghana. The initially selected crops are: Cashew, rubber, oil palm and shea. This document will be submitted to Parliament for approval.
Rearing for Food and Jobs
The Government will in 2019 launch the livestock model of PFJ called “Rearing for Food and Jobs”. The objective of the programme is to increase the production of selected livestock. Poultry, cattle, sheep and piggery will particularly be promoted.
For poultry, the Ministry has constituted a stakeholder team to develop a sustainable soyabean production strategy to ensure availability of soyabean as raw material for processing facilities that are shut down and to provide feed for the poultry industry. The Ministry through PPP arrangements will support the establishment of poultry processing plants in major poultry producing areas.
To address the persistent Fulani herdsmen and food crop farmers’ conflict and increase cattle production, the Government is establishing cattle ranches in selected locations. A model ranche with a carrying capacity of 6000 animals has been established at Wawase in the Afram Plains.
Green House Villages
Vegetable production and exports suffered some setback in 2015 when the European Union imposed a ban on selected vegetables to be exported to the European Market. Through prudent measures implemented by a National Task Force established by the Ministry of Food and Agriculture, the ban was lifted in December 2017. This opened opportunities for increased production and export of vegetables.
The Ministry introduced the new concept of Greenhouse Villages in 2017. The core component of the Greenhouse Village has been completed at Dawhenya with both training and commercial production sections. The objective of the Greenhouse Villages is to establish strong agribusinesses to attract both Ghanaian youth and international investors and to place Ghana as a key competitor in the export of fresh vegetables and cut flowers.
Since 2017, 143 graduates have been trained, 51 of these are currently undergoing eleven months hands-on training in Israel to sharpen their skills and gain experience. They will be provided with necessary tools and funding to establish their own enterprises at the Greenhouse Villages upon their return to Ghana.
In 2019, two more Greenhouse villages will be constructed at Akumadan in Ashanti Region and Kasoa in Central Region.
World cocoa prices remain low after declining by about a third in the 2017/2018 season. Despite the significant decline, Government maintained the producer price at GH￠7,600.00 per tonne to ensure that farmers did not suffer loss of income and purchased 904,000 metric tonnes of cocoa in the 2017/18 season. This season, Government maintained the producer price at GH￠ 7,600.00 per tonne and plans to purchase 900,000 tonnes.
We need to add value to our cocoa output. Ghana and our neighbour Cote D’Ivoire produce around 60 percent of the world’s cocoa. But we earn only $6 billion of the world cocoa value chain earnings of $125 billion—just about 5 percent.
Through the Ghana-Cote D’Ivoire Cocoa Initiative, Government is working on several fronts to increase the value that we gain from our cocoa. They include: vigorously promoting both domestic and international cocoa consumption; and initiatives for market expansion for exports of cocoa products to Asia; and provision of incentives to the private sector to set up cocoa processing factories.
Other initiatives in the agricultural Sector Agricultural Financing
To help manage the risks in agriculture and stimulate private sector lending to the agricultural sector, Government is establishing the Ghana Incentive Base Risk Sharing System for Agricultural Lending (GIRSAL). An amount of GHC 400 million with an additional funding of US$14.0 million from the AfDB has been set aside to operationalize GIRSAL in 2019. GIRSAL aims to provide guarantees to promote commercial bank lending to the agricultural sector.
Private Sector Investment initiatives
Several Industry and private sector businesses are consulting with the Ministry of Food and Agriculture to invest in the agricultural sector. African Tiger Holdings Limited in partnership with a Mauritian group is investing in a sugar industry project in West Mamprusi in the Northern Region.
Dangote Ltd and Jain Irrigation Limited are exploring investment in sugar production and processing; Indo-Ghana Company Limited has acquired 4,000 hectares for rice at Aveyime, and under the Ghana-Iran Partnership processes have been initiated for the lease of 4,400 hectares at Dekpoe and 1,200 hectares Klukpo for rice.
To improve fertilizer utilization the Government has signed an MOU with OCP for the establishment of a fertilizer manufacturing plant in Ghana. A strategic plan is being designed currently to guide the process.
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Blockchain technology has rapidly asserted itself as one of the most potentially disruptive technological forces of the 21st century. Just like the internet has had far-reaching implications and touched upon nearly every aspect of modern life, blockchain architecture can create a wave of radical changes similar to those brought on by the widespread adoption of world wide web.
As more knowledge is disseminated on blockchain and its immense significance, interest will likely continue to accelerate and help the technology thrive. However, one of the main roadblocks to greater proliferation and acceptance has been the steep learning curve and difficulty associated with blockchain implementation.
The key to broader blockchain adoption lies in simplifying and reframing the idea. This is where smart contracts become a crucial aspect of progress. Instead of overcomplicating an already intricate subject, smart contracts have effectively found a way to bridge the challenging technological aspects of blockchain by distilling the benefits of decentralization into a simpler, more accessible form for a wider audience.
Smart Contracts Enable More Widespread Blockchain Embrace
One of the most profound aspects of blockchain is its inherent disruptive nature. Blockchain’s advantages—which include greater transparency, faster transaction updates, trustless payments, and higher security—could have far-reaching implications in industries including logistics, payment processing, and retail, to name a few. Even so, for many ordinary people the newly emerging ecosystem is nothing more than a buzzword.
Now, however, the use of smart contracts—a function derived from blockchain transactions—could push for greater acceptance even amongst the most stubborn laggards thanks to their common-sense composition.
A smart contract creates a logic-based structure that effectively eliminates the need for middlemen in most transactions. Two parties enter into an agreement using a contract that functions as an arbiter and oversight for the proposed transaction from start to finish. Smart contracts are computer algorithms, so their programmed rules mean that contracts are based solely on input for execution. This reliance on actions instead removes human error from the equation. As a result, smart contracts offer higher transparency and safer exchanges. Instead of needing complicated legalese intended to protect each party from the potential malfeasance of the other, the smart contract can behave as a form of escrow, except the collateral posted may not just be monetary in nature.
Simplifying the Formerly Complex
Smart contracts simplify blockchain transactions, giving otherwise uninterested individuals the ability to take advantage of the benefits and protections the infrastructure offers. Helping to pioneer the space and make it more accessible for a broader range of users are new businesses such as smart contract startup Jincor. The company has developed a platform that aims to help businesses combine the power of smart contracts with cryptocurrency to facilitate deals without the need for a high-level understanding of blockchain’s more technical attributes.
This form of simplification presents businesses with a way to save money on legal fees associated with putting together iron clad agreements or even avoid expensive brokers currently needed to oversee complex dealings. Akin to how many venture capital firms award capital to startups in milestone form, smart contracts could entice a wide range of users negotiating for products and services. Due to the multitudinous use cases, smart contracts are capable of addressing widely diverse use cases.
Imagine that instead of a complex legal agreement governing the terms of employment, a company creates smart contracts with employees. The system is designed to be integrated with time clocks, tracking employee efficiency, and rewarding them with their regular pay or even bonuses once the conditions of employment are met. Furthermore, if protocols are triggered for termination, an employee who violated the terms of smart contract would automatically be fired.
Overcoming Institutional Obstinance Will Fast-Track Awareness
One of the primary hinderances towards greater investment in blockchain-associated projects and businesses is what is viewed as a lack of institutional participation. For years, venture capital has been at the forefront of the investing community when it comes to supporting blockchain-based projects. The industry’s focus on early adoption has positioned venture capital as one of the leading proponents of greater blockchain embrace, leading to surge in blockchain investments. In 2017 alone, over $4.50 billion of capital has been allocated towards companies working on crypto-related activities.
However, institutional pushback towards blockchain-based applications has in many ways translated to weaker end user adoption. Take for example critical comments leveled towards bitcoin from JP Morgan CEO Jamie Dimon who remarked that “if you’re stupid enough to buy it, you’ll pay the price for it one day.” While scathing, his critique has not dissuaded other firms from dipping their toes into the water. Financial services giant AIG is already applying smart contracts to handle complicated international insurance dealings. As a company readily able to discern the benefits of the blockchain functionality, more companies like AIG are likely to join the pack just to keep up with innovation.
Investor Benefits Build on the Appeal
From an investing standpoint, the practical design of smart contracts could be the best thing that ever happened to ecosystem for investors of all shapes and sizes. Apart from helping cut down on middlemen, whether brokers, market-makers, exchanges, or fees, smart contracts make the token market and cryptocurrencies more accessible for retail investors, helping propel overall blockchain adoption.
Because the ICO and token sale space has expanded so rapidly, it is nearly impossible for investors to track all the opportunities and possibilities. Companies like Brickblock are using smart contracts to help overcome this obstacle by giving fund manager’s access to investor capital which is allocated via smart contracts, helping investors level the playing field. Investors benefit from increased portfolio transparency while gaining liquidity and the flexibility to exit at their discretion.
The biggest benefits will be felt most acutely by the individuals most exposed to current financial market asymmetry: retail investors. Smart contract functionality has already evolved to the extent that it could upend the IPO market and allow for greater retail participation in startup capital-raising and financing activities, following the lead of venture capital firms. The smart contracts can be designed to facilitate the transfer of ownership stakes for capital, or even allocate more capital when key milestones are met.
Smart Contracts as the Catalyst for the Next Adoption Wave
One of the best aspects of smart contract functionality is that it boils down activities that can be conducted on blockchain into their most rudimentary form. The more accessible the concept, the faster it can be adopted, with blockchain no different in this respect. As blockchain matures thanks to more sustainable sources of capital and widespread application, smart contracts broaden the appeal of blockchain participation thanks to enticing features that can be harnessed by a wider audience.
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National and international development finance institutions (DFIs) are specialised banks set up to support economic development. They do so primarily in developing countries, but also in advanced ones to address specific market failures in certain regions or sectors of the economy. They are usually majority-owned by one or several governments, but sometimes private sector operators participate as well. In many respects, DFIs follow the same rules and use the same instruments (loans, credit lines, equity investments, guarantees) as commercial banks. The difference lies in their mandate or mission, which focus on softer objectives such as economic development, poverty alleviation, economic integration, promotion of market economy, job creation, fighting climate change, gender equality etc. They usually take more risk and adopt a longer term perspective on project return than regular commercial banks. Moreover, their shareholders do not require a specific return on equity, which relieves DFIs of the pressure linked to economic performance and profitability. Because of these differences, DFIs face specific challenges not encountered by commercial banks.
Measuring the fulfilment of their mandate.
Unlike commercial banks, which objectives can be simply expressed and measured in monetary terms like profitability and shareholder value, DFIs have political mandates, with often soft or qualitative objectives by nature difficult to measure. Assessing their relative success or failure in accomplishing their mandate is therefore difficult. It is nevertheless essential if one wants to select the most effective strategy, thus maximising the impact of tax payer’s money. This requires:
- a precise formulation of the mission and the definition of KPIs matching that mission;
- the effective and factual assessment of the DFI against these KPIs by independent economists or accountants;
- the implementation of a system across the DFI that effectively ranks projects against mission benchmarks, so that those projects achieving the highest score can be prioritised and those failing the test can be abandoned.
Formulating an actionable strategy.
DFIs are expected to operate at the forefront of societal and economic change. They act as scouts and pioneers, setting an example in fields as diverse as sustainable development, gender equality, corporate governance, environmental responsibility. Like any organisation, they need a strategy to guide them towards meeting their objectives. This may be made more difficult at DFIs given certain soft aspects of their mandate and the nature of their governance, often complex and prone to political interference. To be effective, the strategy has to be:
- realistic, and therefore resulting from an internal process of not only top-down but bottom-up elaboration, taking into consideration the experience and feedback from the operational teams;
- clear and measurable, with targets defined by sector, geography, product …
- consulted with shareholders, other stakeholders (NGOs …), approved at the highest level (Board of Directors, AGM …), communicated to staff and publicized externally.
Making good credit decisions.
Avoiding a high level of Non Performing Loans is as important for DFIs as it is for commercial banks. For one, it allows them to be sustainable and thus continue carrying out their mandate without need for further capital injections (saving tax payer’s money). Moreover, making good credit decisions has another dimension for DFIs as a demonstration effect for the commercial sector and the public as a whole. In so doing, DFIs face specific challenges, the strongest ones being (i) underwriting weak loans for the sake of volume targets; (ii) political interference in the selection of projects and (iii) corruption. This may be avoided in a number of ways:
- an internal organisation with a clear separation of duties between the operational client-facing teams on the one hand and truly independent teams assessing credit, environmental and compliance risks on the other;
- a good mix of staff of various origins and a Board of Directors reflecting different geographies, backgrounds and agendas, acting as a foil for patronage in a particular sector, region or country;
- the recruitment of competent employees, their training and their rotation.
Attracting private sector funds, not competing with them.
The tightening of budgets worldwide makes the mobilisation of private sector funding in support of development projects a necessity. With generally low cost of funding and lack of necessity to achieve a return for shareholders, it must be a temptation for development banks to write facilities to the strongest customers, who could probably obtain equivalent facilities from commercial banks but on less favourable terms. In so doing, DFIs would not only fail their mandate, but would have a damageable eviction effect on the private sector. This can be avoided by:
- inviting private sector investors and lenders to join in the financings where the development bank would take the senior and longer term debt. Their participation would demonstrate that the financings take place on market terms;
- having a rigorous risk / pricing matrix, rating each project;
- researching the market to place the DFI in the wider landscape of available sources of finance;
- having in place a mechanism to acknowledge eventual complaints regarding unfair competition.
Cooperating with other national and international development banks.
The desire to accelerate economic development, as well as geopolitical agendas and competition for influence, have fostered the creation of new DFIs, some resulting from an international effort and some being established by their respective national governments. Although the needs are immense, there is a risk that too much money chases too few good projects, resulting in poor resource allocation and counter productive competition. It is necessary to:
- develop particular specialisations and expertise, complementing those of other DFIs;
- consult with other DFIs during the elaboration of the strategy, to make sure that overlaps are avoided and conversely eventual markets gaps covered;
- meet on a regular basis with other DFIs operating in the same area to exchange information, find concrete synergies and cooperate on specific operations through co-financing;
- improve mutual recognition by the reciprocal exchange of staff through secondments.
Reaching out to SMEs.
In most markets, SMEs tend to be discriminated against on account of their higher risk profile and lower profitability for banks. What is true in developed markets is even more acute in developing ones, where the weaker legal and business environments render SMEs even more frail. Moreover, DFIs are sometimes driven by the urge to achieve quick and visible results for political reasons. This may lead to emphasize infrastructure or large corporate projects. However focusing on larger projects (of which there is often only a small number) would betray the DFI’s mandate. In every country SMEs and micro-enterprises represent an important source of job creation, innovation, and market-oriented grass-root projects, with great local impact. This is where the next generation of business leaders and national champions may be found. It is therefore necessary for DFIs to make a special effort towards micro-lending and SMEs, especially if the local environment discriminates against them. This is a long term endeavour, which necessitates:
- create SME-focused teams with special sets of incentives not volume-driven;
- develop facilities providing wholesale finance to selected financial intermediaries with a sufficiently large branch network, for on-lending to SMEs at local level;
- facilitate trade finance, often a good way to provide focused finance to smaller local companies;
- support local advisory networks providing business advice to SMEs, through technical assistance or cooperation agreements.
Local currency lending.
The Asset-Liability Management of DFIs is somehow facilitated by the longer term nature of their funding, reducing liquidity risk. Currency and interest rate risks can be mitigated by lending in “hard”, easy to hedge currencies, which may be their currencies of funding. However, this means shifting those risks to the clients, who are often ill-equipped to manage them, or may even be unaware of them, lured by the prospect of lower interest rates and longer maturities. Local currency lending is particularly important to serve SMEs or less sophisticated clients not mastering the concept of currency risk. Finally, local currency lending may have a strong demonstration effect by offering to the currency concerned a higher standing and recognition by the international community, and through the development of funding and hedging instruments by the DFI. Local currency lending requires:
- political will at the level of the DFI to be prepared to undertake the higher risks involved and engage with the governments concerned;
- policy dialogue with the central bank to establish the right regulatory framework;
- innovative and apt treasurers, ready to work through the challenges of local currency funding, for instance by issuing local currency long-term bonds.
Striking a balance between supporting the private and the public sectors.
As public institutions, it is tempting for DFIs to focus their activity on large infrastructure or public projects. This may achieve high impact on the economic conditions of the country concerned and improve the lives of many, while creating much sought-after visibility. At the same time, through the promotion of private and entrepreneurial initiative, DFIs can achieve grass-root development and contribute to the emergence of market‐oriented economies. An efficient infrastructure will help the private sector strive, but conversely a strong private sector will justify investments made in infrastructure. The case for DFIs getting involved in private sector development is therefore clear when market failures entail that the private sector cannot receive the level of financial support it needs. This support can take several forms: (i) corporate lending (ii) equity investment (iii) technical assistance. DFIs themselves may benefit from maintaining a significant private sector activity, since it tends to instil discipline in investment decision making and keep a healthy contact with the real economy. Balancing private sector and public sector activities requires:
- a clear strategic intent from the shareholders, which may be reflected in the statutes of the DFI with certain ratios to be met between public/private investment;
- separate teams with different sets of objectives, since the project cycles and approaches can be very different;
- employees with corporate banking experience, and equity investment experience in the case where equity investing is an objective of the DFI.
Determining the right level of capital.
DFIs source their equity capital from governments or benefit from government guarantees.
This ensures their creditworthiness, which enables them to raise large amounts of money on international capital markets and provide financing on very competitive terms. However in the absence of a target return on equity or market-based determination of the cost of capital, it can be tempting to overcapitalize DFIs, which would be a waste of public resources. The key is to apportion the capital to the mission, objectives and needs of the DFI. This can be achieved through:
- modelling the activity, taking into consideration the planned commitment volumes and risks, macro-economic scenarios and subsequently determining the level of capital necessary to carry out the activity while maintaining the standing of the DFI on capital markets;
- distinguish between authorised and paid-in capital, the latter being smaller to reduce the pressure on governmental budgets;
- cooperate with trusted commercial or other public partners, for instance by using guarantee instruments which could trigger a higher amount of commercial lending in specific situations, thus leveraging the DFI’s capital.
Attracting and retaining the best staff.
DFIs are in competition with the private sector to attract talent. They are often at a disadvantage when it comes to absolute levels of remuneration. At the same time they offer job stability and a sense of purpose, which can be strong motivations to join and stay. At the same time for existing DFI employees, moving to a commercial bank can be a challenge because they may have less experience in negotiating profitable margins, acceptable maturity periods and collateral requirements. The risk is to create life-long employees, eroding efficiency, motivation and competence. A healthy turnover should ensure that new blood is regularly brought in while long-standing employees know that bridges exist with the private sector, offering professional perspectives outside of the institution. DFIs even more than commercial banks need to:
- have a system of performance-based remuneration allowing to compensate the best talents;
- rotate staff through various jobs/positions to maintain them fresh and motivated;
- use vocational training to keep the technical competences up-to-date;
- second employees to other DFIs or commercial institutions, to broaden their experience and skills.
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The New Jersey Solar Renewable Energy Certificate (SREC) Program
Subsidies are often the way used to encourage the growth of the Solar Photovoltaic industry. Governments all over the globe have introduced them in order to stimulate the use of abundant renewable energy, and it has worked.
The global capacity of solar PV has grown from 36 GW in 2005-2010 to an incredible 260 GW in 2016 and is expected to double up to 438 GW by 2022 according to predictions by the International Energy Association.
New Jersey’s Solar Renewable Energy Certificate, in operation since 2014, is the largest SREC program in the US. The state requires that utilities generate 15% of their energy from renewable sources to offset carbon emissions from fossil fuels. This is where the New Jersey SREC comes into play – it empowers the owners of photovoltaic systems to sell clean energy to utilities. The required “Solar Carve Out” is that 3.2% of electricity sales in 2018 come from solar power.
The SREC And How It Affects the Solar PV Homeowner
Under the current SREC regulations, a utility is granted one Solar Renewable Energy Certificate for every MWh generated by a photovoltaic system. An average rooftop PV system generates around 6 MWh per annum, thus acquiring 6 SREC’s.
The SREC differs from many subsidies that work on a “feed-in” tariff. In feed-in kind of subsidies, excess solar power is fed into the grid, that the utility pays for. However, the SREC pays for the clean energy generated regardless of whether excess power feeds the grid or not.
What this essentially translates to is being paid to use your own solar power system, and benefiting from both sides – cutting down on costs of not using utility electricity and getting paid for using clean energy.
The principle of the SREC is based on free-market principles, ie the prices of the SREC certificates are a consequence of the supply and demand factors. The New Jersey SREC prices were around $220 in the February of 2017, and a year later moved down to $192 per certificate. In its prime, in 2009, SREC’s were going as high as $690. This entire “Gold Rush” is the reason of the success of the program – in its stimulation of the green economy and the creation of much-needed jobs.
SREC in 2018
Governor Phil Murphy recently signed a legislation that closes doors to new SREC applicants by June 1, 2021.
The bill, passed in April and signed by the state Senate on the 23rd of May, 2018, directs the state’s Board of Public Utilities to adopt regulations to terminate the program to new applicants within 180 days of effect. It also demands immediate closure when the energy providers in the state reach a 5.1% benchmark for sold KWh sourced from solar power generators before the 2021 deadline. The new applicants will have their eligibility reduced from 15 to 10 years, though grid-connected facilities are eligible to earn Renewable Energy Certificates beyond the 10-year limitation. While Bill A-3273 will effectively end the SREC program, it also requires the BPU to determine ways to revise and recast the SREC program in order to continue the development of solar energy generating sources.
The goals of the study will be multifold. It aims to develop a sustainable program that reduces the cost of achieving solar energy goals and increasing the Renewable Energy Portfolio Standards. While developing targets for distribution systems, the BPU would have to provide a smooth transition towards a new SREC program. The BPU aims to facilitate cost recovery by implementing long-term contracts and determine incentive caps.
The BPU is also tasked with the goal to increase energy efficiency and reduce natural gas and electricity usage consumption. The program would require each utility to reduce peak demand so as to reduce the gas and electricity usage by 2%. At homes, this translates to adopting to fuel-free HVAC systems.
In addition to an entire restructuring of the SREC program, the bill demands an aggressive increase in the RPS and solar carve-out. Renewable Energy Portfolio Standard is the percentage of total energy production that must be produced through Class I renewable energy. Considering the success of the SREC program, Bill A-3723 bumps up the existing RPS goal to 50% in 2030, which was previously 24.4% in 2028. The solar carve-out was raised from 4.1% in 2028 to 5.1% by 2021.
These ambitious goals and a recent $300 million subsidy deal with the state’s nuclear energy provider are a reflection of Governor Murphy’s pledge to provide the state with 100% emission-free energy by 2050.
The Success And Pitfalls of the SREC
New Jersey’s SREC program has been widely taken advantage of. Businesses, schools, and homeowners alike have invested in solar photovoltaic systems – not just as a means to acquire the financial benefits of the certificates, but also as a means to reduce their dependence on the grid for power. However, the SREC prices have been falling as a result of the supply outstripping demand.
You are guaranteed income from issued SREC for the duration of your registration to the program. While the program has been successful in meeting its energy goals, the question that begs to be answered is – where to go from here? Along with the recent modifications to the program, the need of the hour is to create a more sustainable program. A program built on prior experiences that benefit everyone in the long term.
About the Author: Jabir Mohamed
Jabir Mohamed is the Outreach Manager for NJ Solar Power, LLC. He’s always had a passion for protecting the environment which eventually lead him to become even more interested in renewable energy!
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Construction and installation of renewable energy systems and power generation plants is becoming more common worldwide for both environmental and financial reasons. Obviously, renewable energy plays an important role in reducing greenhouse gas emissions. Using renewable energy can reduce the use of fossil fuels, which are major sources of carbon dioxide emissions worldwide. Financially, certain tax credits can be obtained by installing renewable energy systems and a further cost-savings may be achieved from future decreased use of electricity from electrical utilities. In some areas of the world, government mandated reductions to electrical utility usage can only be realized by installing renewable energy systems. In those cases, there is an additional financial incentive to avoid fines for being non-compliant.
Renewable energy sources generally include Solar Energy (captured by ground- or roof-mounted solar photovoltaic (PV) panels and converted to electricity), Water/Hydropower (hydroelectricity and ocean energy; flowing water used to generate electricity), Wind Energy (captured by wind turbines to generate electricity), Geothermal Energy (steam and hot water from inside the earth is used to power electrical generators) and Biomass Energy (organic material from plants and animals that can be burned as fuel or converted into biofuels).
The systems and equipment made to harness these renewable energy sources and generate electric power each has their own associated fire hazards and other property risks. As an example, please see our March 2017 article entitled “The Fire Hazard of Solar Photovoltaic Panels” for more details on some of the associated fire hazards with PV panel arrays. Design and construction of these systems need to be carefully planned while taking into consideration the risks these systems will present themselves as well as the fire and natural hazard exposures (windstorm, flood, hail, earthquake, lightning, wildfire, etc.) associated with the geographic location involved.
The renewable energy insurance market has seen an increase in frequency and severity in losses in recent years. There have been major losses involving wind farms and solar PV panel arrays caused by natural catastrophes including hailstorms and hurricanes. In some losses, poor workmanship seems to have been a contributing factor. Quality of workmanship may suffer in some cases due to developers and contractors rushing to get projects finished before the expiration of state tax credits or to meet Paris Agreement commitments. Another potential risk is the untested nature of some of the evolving technology.
As a result of the recent loss history, renewable energy insurance rates have hardened much like the rest of the insurance industry in 2019 and 2020.
The International Energy Agency recently predicted renewables will account for nearly half of total electricity generation by 2040; up from about 25 percent now worldwide. This means more construction projects and installations of these systems are coming.
NFPA, FM Global and other property insurance carriers have developed loss prevention standards and recommended practices for many of the inherent risks associated with renewable energy systems and equipment. Risk Logic engineers can use these standards to help ensure that your renewable energy systems and equipment are properly protected against damage from fire, wind, hail and other natural perils. Please contact us for additional information.
- “Renewable Energy Explained” U.S. Energy Information Administration (EIA), June 27, 2019
- FM Global Property Loss Prevention Data Sheet 1-15, Roof Mounted Solar Photovoltaic Panels
- FM Global Property Loss Prevention Data Sheet 7-106, Ground-Mounted Solar Photovoltaic Power
- FM Global Property Loss Prevention Data Sheet 13-10, Wind Turbines
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In the energy industry in particular, Artificial Intelligence can be used at many points along the value chain. The use of AI is worthwhile, for example, for the mapping of customer inquiries and tickets, in predictive maintenance or in the field of smart meter services.
AI for Network Operation
Network operators, for example, can take advantage of further developments in the field of Artificial Intelligence: On the basis of AI, they can forecast exactly how busy their network will be. An important subdiscipline of AI is used here, machine learning (ML). Machine learning means that IT systems use algorithms to recognize patterns in data sets and can use the insights gained for new questions and solution strategies. The software "learns" independently and continues to develop autonomously.
Fixed threshold criteria vs. anomaly detection in time series
Until now, many network operators have often relied on systems that operate according to fixed threshold criteria for network monitoring. This means that the systems monitor whether the target variables under consideration are within a predefined range of values. If the company wants to permanently monitor an aspect of the network, such as the load flow, it must define fixed threshold values for this purpose that cover a large number of normal states as a whole. This means that state-specific deviations often do not trigger an alarm. Using AI processes, this monitoring is now much more sensitive and flexible: network operators can resolve the fixed threshold values as far as possible. This is because AI automatically identifies when which utilization is to be expected. This is based on time series measurement, which enables a distinction to be made between type days such as weekdays, weekends or hours and minutes. For example, the network load can be very low on Sunday nights, while peak values occur during the morning and evening hours on weekdays.
Based on the data collected - for example, through smart metering - the grid operator can then investigate and systematize behavioral patterns, while at the same time creating load profiles, such as industrial or residential profiles that take into account photovoltaic generation systems, for example. The expected behavior can then be mapped in fine granularity based on the various influencing variables. This also includes general correlations to the outside temperature or the weather.
The anomalies detected in the network are thus no longer based on previously defined threshold values, but on variable environmental parameters. If the value turns out to be lower or higher than expected, the network operator can react according to demand. The service independently learns the typical behavior of the data series, identifies unusual behavior and alerts critical situations at an early stage - the integrated forecasts are used for further planning.
Hello chatbot: AI in customer communication
Digital customer communication across all channels and at all times - this demand on energy supply companies can also be met with the support of Artificial Intelligence and machine learning. Customers want their questions answered quickly - which in fact include recurring standard information in over 90 percent of cases.
It is precisely these frequently asked questions that can be handled automatically by so-called chatbots. A chatbot is a text-based dialog system that allows chatting with a technical system. With increasing computer power, chatbot systems can access ever more extensive data sets more quickly and therefore provide intelligent dialogs for the user. Such systems are also known as virtual personal assistants, which also provide standard information about the company and products upon request.
Machine learning allows the chatbot to automatically classify queries and recognize similar requests. Requests with similar or identical results can then be fully automated.
Chatbots add value to businesses by making many processes much more efficient. Automating more and more tasks means optimized process costs, fewer human errors and 24/7 availability.
Optimization of effectiveness in power station operation
Companies can also rely on AI support in the operation of power plants with their complex system of components. Often, many different components from different manufacturers are used in the technical plants. These individual assets are optimized for themselves and are operated based on the individual maintenance recommendations of the manufacturers. So far, the control of the power plant thus requires consideration of complex dependencies that are individually introduced by the operator.
In the future, using Artificial Intelligence, ideal switching actions can be derived to most effectively meet the current and perspective energy demand. The operator will be supported in his decisions in order to achieve the economically optimal mode of operation for the power plant.
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13 October 2008
The Royal Swedish Academy of Sciences has decided to award The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2008 to
Princeton University, NJ, USA
“for his analysis of trade patterns and location of economic activity”
International Trade and Economic Geography
Patterns of trade and location have always been key issues in the economic debate. What are the effects of free trade and globalization? What are the driving forces behind worldwide urbanization? Paul Krugman has formulated a new theory to answer these questions. He has thereby integrated the previously disparate research fields of international trade and economic geography.
Krugman’s approach is based on the premise that many goods and services can be produced more cheaply in long series, a concept generally known as economies of scale. Meanwhile, consumers demand a varied supply of goods. As a result, small-scale production for a local market is replaced by large-scale production for the world market, where firms with similar products compete with one another.
Traditional trade theory assumes that countries are different and explains why some countries export agricultural products whereas others export industrial goods. The new theory clarifies why worldwide trade is in fact dominated by countries which not only have similar conditions, but also trade in similar products – for instance, a country such as Sweden that both exports and imports cars. This kind of trade enables specialization and large-scale production, which result in lower prices and a greater diversity of commodities.
Economies of scale combined with reduced transport costs also help to explain why an increasingly larger share of the world population lives in cities and why similar economic activities are concentrated in the same locations. Lower transport costs can trigger a self-reinforcing process whereby a growing metropolitan population gives rise to increased large-scale production, higher real wages and a more diversified supply of goods. This, in turn, stimulates further migration to cities. Krugman’s theories have shown that the outcome of these processes can well be that regions become divided into a high-technology urbanized core and a less developed “periphery”.
Read more about this year’s prize
|Information for the Public (pdf)|
|Scientific Background (pdf)|
|Links and Further Reading|
Paul Krugman, US citizen. Born 1953 in New York, NY, USA. Ph.D. 1977 from Massachusetts Institute of Technology, Cambridge, MA, USA. Professor of Economics and International Affairs at Princeton U niversity, NJ, USA, since 2000.
The Prize amount: SEK 10 million
Contact: Erik Huss, Press Officer and Editor, phone +46 8 673 95 44, +46 70 673 96 50, [email protected]
The Royal Swedish Academy of Sciences, founded in 1739, is an independent organization whose overall objective is to promote the sciences and strengthen their influence in society. The Academy takes special responsibility for the natural sciences and mathematics, but endeavours to promote the exchange of ideas between various disciplines.
Their work and discoveries range from the formation of black holes and genetic scissors to efforts to combat hunger and develop new auction formats.
See them all presented here.
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What is the "normal" level of interest rates? How much is a fair, just or "proper" return on your cash?
Your answer might well depend on when you grew up.
If you came of age in the mid-1970s, you first saved up when the Bank of England’s base rate was around 10pc (though inflation was also in double figures).
If your financial expectations date from the 1990s, 5pc might seem like the "natural" rate of return on your bank balance.
Things get a bit more depressing if you have only been a cash saver since 2010. Rock-bottom rates will have been a serious drain on your financial plans. Your mortgage will have been cheap, though.
Negative real interest rates – where the return on cash is lower than inflation, so the value of the money falls over time – have been with us for much of the past decade.
For a time central bankers and politicians talked about hopes of a "normalisation" of interest rates. Even if they could not anticipate a return to 5pc, perhaps 2pc or 3pc would be possible.
Do not hold your breath.
Your experience of recent decades is nothing compared to the 800 years studied by Paul Schmelzing, a visiting scholar at the Bank of England.
He found that interest rates have always been falling and will keep doing so for years to come.
His study of eight centuries of financial history found an extraordinarily persistent decline in rates since the 14th century, from 15pc then to zero now, as shown in this chart:
Remarkable research in ancient records including municipal loans in the Holy Roman Empire, the detailed financial records of Italian city-states, borrowing by Edward III of England, and the debt operations of Aragon helped him piece together data on rates.
Far from being a surprise, the current era of ultra-low interest rates, and the increasing prevalence of negative rates, is in fact exactly what centuries of falling rates should have led us to expect.
“Against their long-term context, currently depressed sovereign real rates are in fact converging ‘back to historical trend’,” writes the Harvard and Stanford academic. “Real rates could soon enter permanently negative territory.”
His search for a cause was not completely conclusive, rejecting theories that demographic changes or factors relating to economic growth were behind the long-term fall.
Instead he believes the accumulation of capital could be key.
To understand the beginning of the trend, Schmelzing looks back to the Black Death.
In the wake of tragedy on such a huge scale across Europe, the survivors and their descendants began living life to the full: "you only live once", or YOLO, as millennials now say.
This led to a century or more of enthusiastic consumption, high living and little saving, resulting in a dearth of capital and high interest rates.
In the 15th century the authorities brought in legislation to force more saving, creating a larger pool of capital to fund investment. This drove down interest rates, kicking off an astonishing 500-year trend towards lower interest rates.
Do not expect it to end just because rates are at, or close to, zero.
“Negative long-term real rates have steadily become more frequent since the 14th century, and I show that they affected around 20pc of advanced economy GDP over time, a share that has historically risen by 1.2 basis points every year: once more, this suggests that deeply entrenched trends are at work – the recent years are a mere ‘catch-up period’,” says the report.
“Whatever the precise dominant driver… they will continue to fall constantly. By the late 2020s, global short-term real rates will have reached permanently negative territory. By the second half of this century, global long-term real rates will have followed.”
Just as remarkably, he found the all-powerful Governments and central banks that imposed a wide range of financial and monetary regimes on their economies over the decades have done precious little to alter the trend.
“This downward trend has persisted throughout the historical gold, silver, mixed bullion, and fiat monetary regimes, is visible across various asset classes, and long preceded the emergence of modern central banks,” Schmelzing says.
Do not put your hope in Governments to save the day with more borrowing and spending to push up interest rates: “Downward-trending absolute levels, and declining volatilities have persisted against a backdrop of a secularly growing importance of public and monetary balance sheets.
“This would suggest that expansionary monetary and fiscal policy responses designed to raise real interest rates from current levels may at best have a cyclical effect in the longer-term context.”
Abandon all hope of getting a decent return on that savings account.
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1. Nelson Company’s activity for the first six months of 2004 is as follows:
January 4,000 $3,120
February 6,000 4,460
March 4,800 3,500
April 3,800 3,040
May 3,600 2,900
June 4,200 3,200
Using the high-low method, the variable rate per machine hour would be (Points : 5) $.40
2. In the decision to replace an old machine with a new machine, which of the following would be considered a relevant cost? (Points : 5)
The current disposal price of the old equipment
The loss on the disposal of the old equipment
Depreciation expense on the old equipment
The book value of the old equipment
3. Clarkson Industries produces an electronic calculator that sells for $75 per unit. Variable costs are $45 per unit and fixed costs are $150,000 annually. The company has been averaging an annual income of $100,000 over the past five years. The break-even point for Clarkson Industries would be: (Points : 5)
4. Contribution margin is the amount remaining after (Points : 5)
variable expenses have been deducted from sales revenue.
fixed expenses have been deducted from sales revenue.
fixed expenses have been deducted from variable expenses.
cost of goods sold has been deducted from sales revenues.
5. The Pohl Company uses a standard cost system in which manufacturing overhead is applied to units of product on the basis of machine hours. For June, the company’s manufacturing overhead flexible budget showed the following total budgeted costs at a denominator activity level of 20,000 machine hours:
Variable overhead $26,000
Fixed overhead 30,000
During June, 17,000 machine hours were used to complete 13,000 units of product, and the following actual total overhead costs were incurred:
Variable overhead $25,330
Fixed overhead 28,820
At standard, each unit of finished product requires 1.4 hours of machine time.
The fixed overhead budget variance for June was: (Points : 5)
6. Newmax Co. is a manufacturing business. When it pays the workers who assemble its products, the cash account should be decreased and what account should be increased? (Points : 5)
Cost of goods sold
Finished goods inventory
7. The Talbot Company produces wheels that are used in the production of bicycles. Talbot’s costs to produce 100,000 wheels annually are:
Direct materials $ 30,000
Direct labor 50,000
Variable overhead 20,000
Fixed overhead 70,000
An outside supplier has offered to sell Talbot similar wheels for $1.25 per wheel. If the wheels were purchased from the outside supplier, $15,000 of annual fixed factory overhead could be avoided.
What is the highest price that Talbot could pay the outside supplier for the wheel and still be economically indifferent between making or buying the wheels? (Points : 5)
8. The cost of goods sold in a merchandising firm typically would be classified as a (Points : 5)
9. Questions 9 and 10 refer to the following:
Jones Co. is considering buying a machine that cost $100,000. If purchased, Jones believes the new machine will reduce its operating cost by $20,000 per year for the next 10 years. At the end of 10 years the machine will have $0 salvage value. If acquired, Jones will depreciate the machine using the straight-line method.
Jones’ cost of capital is 12%. From present value tables, Jones had identified that the present value factor for an amount of 1, discounted at 12%, is .322, while the present value of a 10 year annuity of 1, discounted at 12%, is 5.65.
Ignoring income taxes, what is the payback period of this project? (Points : 5)
10. Ignoring income taxes, what is the net present value of this project? (Points : 5)
11. The individual generally responsible for explaining the direct-labor efficiency variance is the: (Points : 5)
the purchasing agent.
the sales manager.
the production manager. LINDA
the industrial engineering department.
12. Allen Company collects 25% of a month’s sales in the month of sale, 70% in the month following sale, and 4% in the second month following sale. The remainder is uncollectible. Budgeted sales for the next three months are:
April May June
Budgeted sales $100,000 $120,000 $110,000
Cash collections in June are budgeted would be: (Points : 5)
13. Young Enterprises has budgeted sales in units for the next four months as follows:
June 10,000 units
July 8,000 units
August 12,000 units
September 14,800 units
Past experience has shown that the ending inventory for each month should be equal to 20% of the next month’s sales in units. Budgeted production for July should be: (Points : 5)
14. The Collins Company applies overhead to production orders on the basis of machine hours. At the beginning of 2002, the company made the following estimates:
Direct labor cost $100,000
Indirect labor cost 25,000
Advertising expense 30,000
Direct materials 50,000
Indirect materials 10,000
Depreciation on factory equipment 40,000
Machine hours to be worked 10,000
What predetermined overhead rate should Collins Co. use? (Points : 5)
15. The purpose of a flexible budget is to: (Points : 5)
reduce the total time in preparing the annual budget.
compare actual and budgeted results at virtually any level of production.
eliminate cyclical fluctuations in production reports by ignoring variable costs.
allow management some latitude in meeting goals.
16. Following is information relating to Kew Co.’s Vale Division for 2001:
Variable expenses 300,000
Fixed expenses 50,000
Average operating assets 1,000,000
Minimum desired return 12%
What was Vale’s residual income? (Points : 5)
17. The labor time required to assemble a product is an example of a: (Points : 5)
18. Anola Company has two products: A and B. The company uses activity- based costing to determine product costs. The estimated overhead costs and expected activity for each of the company’s three overhead activity centers are as follows:
Total Product A Product B
Activity 1 $18,000 500 300 200
Activity 2 $16,000 600 500 100
Activity 3 $27,000 900 600 300
The predetermined overhead rate under the activity-based costing system for Activity 3 is closest to: (Points : 5)
19. A standard is: (Points : 5)
unrelated to budgeting since standards are used for control purposes only.
normally set at the ideal rather than the practical level of cost, efficiency, or quantity.
normally not applied to the variable portion of overhead.
the budgeted cost for one unit of product.
20. Which of the following would be most appropriate for evaluating a cost center? (Points : 5)
Return on investment
Contribution margin percentage
A static budget
A standard costing system
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With the time passing by, improvements in technology our ways of performing things have become easier and better. Earlier, we only used coins and notes, then debit and credit cards came into use. And it’s not surprising that completely digitalized forms of currency also known as a cryptocurrency may into use soon. These are getting more popular over the decade.
Currently, the most recognized cryptocurrency is Bitcoin. Some of the people still may not have understood actually what is a bitcoin and how to earn bitcoin? The way rupees is used in our country, a dollar is used in the US, in the same way, bitcoin is used over the internet as a form of money. The person who invented it is still unidentified but the complete transaction was given on paper by Satoshi Nakamoto. He explained how using cryptography we can make transactions without using any centralized firm. This paperwork was given by him in 2009. And after that, this individual was never found.
How does bitcoin works?
There is no one sitting above bitcoin and it iscompletely open-source which is managed by a community of people. Bitcoin is virtual money which we get mostly at a few websites or apps as our wallet balance. Earlier, when it was founded it did not have any value but with the time passing by it has grown itself and currently its market value is estimated at around 5,00,000 INR. The price of bitcoin is completely determined by its demand and supply.
Suppose an individual sends a bitcoin to another random person by using his bitcoin wallet address. This transaction openly goes to the blockchain. This blockchain consists of every detail of each transaction made by any user. All these details are encrypted and go to multiple computers at a time.
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Insurance doesn’t cover everything
Health insurance is often a controversial issue. From criticism of for-profit insurance companies to new laws that are having a dramatic impact on how health care works, it can be difficult to understand exactly what is and is not covered by a typical insurance policy. Without an understanding of what insurance companies do and do not cover, you could be placing yourself at serious financial risk.
It should be noted that no single insurance company provides coverage for all diseases. While insurers in the U.S. are required to provide coverage for those with pre-existing medical conditions, chronic issues such as diabetes and asthma may only receive a minimal amount of coverage. Cancer is something that many insurance companies will cover as part of their typical insurance offerings but can still leave many with high out-of-pocket expenses . As such, cancer insurance exists as auxiliary coverage and is designed to tackle the very specific issues that are associated with cancer.
Some medical care is not covered by typical insurance policies
General health insurance policies often provide coverage for medical testing. Procedures including cancer screenings, blood tests, and similar examinations are often covered by an insurance policy. Specialty or experimental procedures, however, as well as certain types of treatment may not be covered by insurance policies. Dental work, weight loss programs, hospice care, disability and cosmetic surgery are not typically covered by general insurance plans, but there are supplemental insurance policies that do provide coverage for such procedures.
Many health insurance policies do not provide coverage for certain types of medication. While some insurers do offer coverage for general medication, specialty medications and those that are still classified as “experimental” are not usually covered by an insurance policy. Some pharmacies do offer financial aid and payment plans that can help mitigate the cost of specialty medication.
Understanding what health insurance does and does not cover could make a major difference in how much money you actually pay for your medical care. The best way to understand what coverage you are purchasing is to read the actual policy and speak with your insurance agent so that you understand the stipulations of your policy.
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Essential Information to Make Documenting Pharmaceutical Advisory Boards Easier
Pharmaceutical Advisory Boards play a vital role. They bring experts from around the world together. Virtual meetings are a popular way of achieving this. They allow ground-breaking data and opinions to be shared and recorded. This can often be at short notice. Meetings connect experts from any part of the globe, at any time. Audio transcription of pharmaceutical advisory board meetings is considered essential.
Researchers, medics, funders and academics can be members of pharmaceutical advisory boards. Board meetings play an important role in decision-making. They formulate clinical trial protocols, treatment plan research and aid brainstorming and learning. But they can be difficult to transcribe. Alphabet are experts in audio transcription for this complex and specialised field. We understand that insights must meet international standards and offer value.
In this guide, we explain the basics of pharmaceutical advisory boards. We also outline best practice for crystal clear, accurate and valuable audio transcription.
What Are Pharmaceutical Advisory Boards?
The pharmaceutical industry has had advisory boards for decades. They further research and commercial goals. Meetings aid the complex and highly-regulated world of pharmaceutical research. They achieve this by bringing experts together. Pharmaceutical advisory boards allow specialists to share opinions, set budgets and discuss data. They may evaluate regulatory requirements for a clinical trial or set protocols for new research. Enter audio transcription.
New technology is driving greater use of pharmaceutical advisory boards. Experts no longer have to travel halfway around the world to share data. Now they connect via webcam or a conference call – at the click of a button. These meetings take place at very short notice, giving organisers little time to plan how the process will play out. Audio transcription of advisory meetings is not for a novice. Transcribers need an understanding of research, as well as medical and pharmaceutical terminology. They also need patience and high levels of concentration.
Those who fund clinical trials expect more for their money. That is why businesses and charities are playing a bigger role on pharmaceutical advisory boards. The need is increasing for quality clinical data and clear indicators of health outcomes. Such information helps them decide the worth of new drugs in a competitive marketplace. In some countries, governments fund clinical trials. This is where value for money is an added pressure on pharmaceutical companies.
Bringing new drugs or treatment methods to market is a time-consuming and expensive affair. It is also bound by regulations. Compliance is key to success. Regulations now include rules concerning payments to certain experts. New codes of conduct include medics. Stringent reporting rules have affected the way the pharma industry conducts pharmaceutical advisory board meetings. However, they remain highly complex.
Some experts claim the average advisory board meeting will take four months to plan. But many are held within weeks of their inception. Best practices currently cover things like internal stakeholders, the importance of audio transcription and distribution of insights. They also offer guidance on measuring the success of meetings. Advisory board members are usually selected by those leading pharmaceutical studies. Experts in their field, they are often appointed for a set timescale.
The Value of Audio Transcription and Pharmaceutical Advisory Boards
The point of pharmaceutical advisory boards is to share and evaluate information. That is why it is important that discussions are documented thoroughly. Audio transcription is an absolute ‘must’. Transcription accurately converts sound files to text documents that can form the basis of clinical trial outcomes. They provide a written record of what was said at a meeting. This furthers the goals of the pharma industry.
Considered a critical element of research, product development and funding, pharmaceutical advisory boards perform difficult tasks. This can include evaluating data from multiple sources and in more than one format. Charts and even rough notes can complicate an already complex mix. It makes sense to record everything in one text document.
All UK healthcare professionals appointed to pharmaceutical advisory boards must comply with rules. They are set out in the Association of the British Pharmaceutical Industry (ABPI) Code of Practice. Audio transcription experts understand this. They take care to ensure sound files are faithfully recorded to avoid misrepresenting the conduct of those taking part in meetings.
Because written documentation is versatile, it is valuable. Data collected from pharmaceutical advisory boards will go on to be used in reports, for educational purposes and in medical journals. It can also form the basis of clinical practices and drive further research. Audio transcription makes sense of what, to an outsider, can sound chaotic.
Why Audio Transcription of Pharmaceutical Advisory Boards is Difficult
Aside from the terminology and highly complex nature of many board discussions, you have got multiple speakers. Not only that, they come from all over the world. You have people sharing opinions – occasionally at the same time – with strong, often hard-to-decipher accents. They may use a word or phrase in their native language that will require research to fully understand. Throw in visual data that may not be clearly explained orally as well as open questions and you get the picture.
While great effort is being put into pharmaceutical advisory boards and their management, how they end up being conducted can complicate an already overwhelming situation. Pharmaceutical companies are working hard to further increase the value of advisory board meetings. They are utilising new technologies, including those offered by audio transcription experts such as ourselves. Coupled with a desire to improve standards of documentation, they are working on best practice for the management of meetings as they happen.
Other areas are being developed which will also aid audio transcription. They include how meetings are co-ordinated and by whom. The aim here is to increase the output of written documentation that will add value to research. Expert audio transcription companies offer project management services that take care of documentation timescales and much more.
Need a pharmaceutical advisory board audio transcription expert? Talk to Alphabet today.
Making Pharmaceutical Advisory Boards Easier to Document
The pharma industry is the first to admit that advisory board meetings need better co-ordination to improve output. It understands that expert contributors are busy people. However, in order to evaluate their contributions and include them in important advancements, they must be clear. So, how can we make meetings easier for these busy experts? And how can reports better reflect the value of discussions?
Lots of enterprises with an interest in pharmaceutical medical boards have come up with suggestions. Many have pointed to regular anomalies that weaken the value of a report. For example, comments by board members such as: “As you will see in this critical data chart.” The pharma industry has realised that ‘critical’ data has to have a name to be of lasting value. That is why Alphabet encourage board members to give their charts and data a name. Mentioned in audio transcription in the right place and in the right context, it will make chart data easy to add.
Meeting concepts are now emerging to bring together objectives and viewpoints. We recommend pharmaceutical board meetings are planned with a clear objective in mind. They should include elements where direct questions are posed. Board members should be encouraged to speak in turn and clearly. Each should state their name and expert role at the start of the meeting.
Agendas for pharmaceutical board meetings should be circulated in advance. This will help those taking part to prepare and understand where their expert input is likely to offer value. Prioritise goals. What, for example, will be of most benefit and what is the least critical? By understanding what you want to get out of an advisory board meeting, you can decide who really needs to be on the invitation list.
Make sure the person chairing the meeting fully understands its aims. Discuss the meeting plan. If very complex data is going to be presented, the person doing the presenting may want to double-check they have got everything they need. A practice run can iron out issues with technology, including slides of charts or information contained in video format.
Timing is crucial. Pharmaceutical advisory board meetings need to share information in a format that doesn’t lead to an audio transcription that could stretch from London to Perth. Sticking to the agenda will aid the audio transcription process. It will increase the value of insights shared at a meeting.
The Future of Pharmaceutical Advisory Boards
With greater attention to the planning of meetings, pharmaceutical advisory boards could play an even greater role in the advancement of medicine. Insights shared are likely to create ongoing dialogue that could drive new, pioneering research. Better co-ordination and a commitment to quality will make funding, clinical trials and brainstorming easier.
It is such a complex field. Adding an element of simplicity makes sense. The evolving relationship between pharmaceutical companies and medical and funding stakeholders is under constant scrutiny. The introduction of the Sunshine Act has altered how board meetings are approached around the globe. With greater emphasis on regulation in the field of pharmaceutical research, the value of board meetings must be clearly demonstrated. Transparency at every level of the pharma industry is now essential.
Pharmaceuticals have transformed the way they engage with experts. But there is a new challenge and opportunity on the horizon. That is patient access to drug trials. It is big news in the UK. That is thanks to the late former Cabinet Minister Dame Tessa Jowell. She campaigned for greater access to different treatments. Specifically, drugs still in the development stage. She argued that people with little time left have nothing to lose by switching from one new drug to another. Most would do so in the hope of finding one that extends their life.
Tessa lost her battle against an aggressive form of brain cancer. But not before she opened up a new world of opportunity. Her insights will benefit both patients and pharmaceutical companies. This is a brave new era for medicine. It is one that can win the support of funders through the renewed enthusiasm of patients. As Tessa herself said, “In the end, what gives a life meaning is not only how it is lived, but how it draws to a close.”
Before her death earlier this year, Tessa urged the Government to change NHS rules. She said cancer patients were willing to take the risks associated with developing pharma breakthroughs. She called on the Government to allow patients to try new drugs – without having to take on the battle of fighting red tape.
She gave a speech in the House of Lords just days before her death. It received cross-party support. After the event, Ministers said they would do everything they could to make it easier for cancer patients to try innovative therapies.
This presents new opportunities for pharmaceutical advisory boards. It gives them the scope to clinical trials in the broader context of patients.
Audio Transcription Experts for Pharmaceutical Advisory Board Meetings
Do you want accurate, error-free audio transcription of pharmaceutical medical board meetings? Talk to Alphabet. We’re experts in the field of complex, multi-speaker sound files. Companies and researchers trust us to deliver excellence and value. That is why some of the biggest names in the business are our clients. Alphabet has been an expert in audio transcription for more than 20 years. We understand the complexities of highly specialised fields.
We work with pharmaceutical companies around the globe. They trust us to understand their business because it is a part of ours. We take pride in offering transcription services that deliver quality documentation. High standards are needed to further pharmaceutical advancements.
Because we value accuracy, we undertake background research thoroughly. Our team do not phonetically guess medical and scientific terminology. We know the importance of our work in the field of pharmaceutical advisory boards. At the end of the day, this is work that benefits patients, research and economies.
Want further information about our audio transcription services for the pharmaceutical industry? You can contact us by telephoning +44 (0) 1707 260027.
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What is Ether? Ether is the cryptocurrency token native to the Ethereum platform (Read “What is Ethereum?“). In essence, Ethereum is best described as a decentralized Internet. The platform allows developers to make decentralized apps (also known as ‘dapps’). Ether is the currency used on Ethereum, just like we use fiat money to make purchases on the Internet. In that sense, it is a cryptocurrency similar to Bitcoin.
The utility of Ether
Ether has a few more uses than Bitcoin, due to the nature of the Ethereum platform. It has been described as the fuel for the dapps developers create on the platform. Every change made to the network comes at a cost. One or more of the computers (nodes) on the Ethereum network has to process the change. The change could be anything. Examples include recording a transaction and using cloud storage. Every use of the Ethereum network costs Ether to process.
What is GAS?
You can calculate the amount of Ether a given change costs to make by using GAS. The name is easy to remember because you merely have to think of the gas that fuels a vehicle. The GAS required to perform a task on the Ethereum network can vary, just like the amount of fuel needed depends on the distance the car has to go.
What is ERC-20?
Ethereum not only facilitates the creation of dapps but also the creation of cryptocurrency tokens. ERC-20 (Ethereum Request for Comment) is a technical standard used for smart contracts on the Ethereum blockchain for implementing tokens.
The ERC-20 compliant tokens can be customized and given different names. Most ICOs use the Ethereum platform for developing their dapps as well as the tokens they sell during their crowdfunding campaign.
To understand the difference between Ether and ERC-20, imagine that you’re spending US Dollars (Ether) to purchase an app from the app store. Once you open the app, there are in-app purchases you can pay the in-app tokens (ERC-20) on.
Is there a maximum supply of Ether?
One of the big difference between Bitcoin and Ether is that Bitcoin has a limit of 21 million tokens. There is no such limit on the supply of Ether, however. Investors bought up 60 million Ether tokens during the Ethereum ICO in 2014. 12 million Ether tokens went to a research group called the Ethereum Foundation. Finally, miners generate approximately 18 million Ether tokens every year. There is no accurate record of the total number of Ether tokens in circulation.
How does Ether avoid inflation?
One of the critical advantages of cryptocurrencies like Bitcoin is the total supply. We can avoid inflation entirely. How does Ether tackle the issue of increase, given that there is no such limit? Ether is what can be best called a disinflationary token. The network creates new Ether tokens every year. But existing Ether tokens are also lost every year by people who forget their passwords, pass away, or otherwise lose access to their Ether. The aim is to lower the rate of new to lost Ether tokens gradually. Following this line of thinking, Ether would become deflationary by 2140 — the same year Bitcoin is expected to issue their last token.
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Low carbon development gained prominence at the 2009 United Nations Climate Change Summit in Copenhagen. Since then, many countries have established low emissions growth strategies aligned to their national development plans. But as countries seek to invest in low carbon initiatives in order to reduce poverty and achieve the overarching goal of sustainable development, it is still not certain what works and what does not.
Governments, Non Governmental Organizations, businesses and the development parners at all levels are creating new low carbon programs and establishing energy related policies. What do we know right now with respect to their success or failures? How often do policy makers and implementers of interventions discuss to improve on necessary processes?
We just got news that a conference to assess the potential and actual impacts of low carbon policies and programs will take place in Berlin, Germany from September 9-11, 2014. About 80 participants are expected to attend.
This conference, we also learn is expected to bring together various stakeholders (evaluators, implementers, decision makers and students) to discuss various ways in which policies and programs related to low carbon energy can be improved. In addition, the conference will examine challenges linked to evaluating new interventions so as to provide a strong foundation for further investment in low emission projects.
According to organizers, “the core product of this conference is the documentation of unbiased, peer-reviewed evaluations that establish the basis for accurate information and provide credible evidence of program success or failure. In addition, the Conference presents information on current issues, market assessments, emerging technologies, and alternatives to traditional centralized supply-side options. The presentation, discussion, and publication of these analyses make important information publicly available.”
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UNITED NATIONS, The UN’s 17 Sustainable Development Goals (SDGs), described as an integral part of its highly-ambitious development agenda, may be in deep trouble.
Aimed at addressing some of the global challenges the world faces– including extreme poverty and hunger, inequalities in incomes and gender, climate change and environmental degradation– the SDGs now seem threatened by a world economy facing a brutal recession.
With a 2030 deadline,the SDGs are in near disarray, as the coronavirus pandemic has decimated the economies of both rich and poor countries—even as warning signs reflect a possibly massive rise in poverty and hunger worldwide.
The slump in the global economy has triggered a recession in several donor nations, including Japan, the US, UK, France, Germany and China, among others.
In its most recent report released April 14, the International Monetary Fund (IMF) warned that the world is facing its worst downturn since the Great Depression of the 1930s, and the global economy would contract by 3.0 percent in 2020.
This was a significant reversal from early this year when the IMF predicted the world economy would outpace 2019 and grow by 3.3 percent in 2020.
Ambassador Mona Juul of Norway, President of the UN’s Economic and Social Council (ECOSOC), told delegates April 23 that COVID-19 shows “it is more important than ever to focus on the implementation of the SDGs.” Therefore, issues such as resource mobilization, illicit finance, debt and women’s empowerment must be priorities,” she said.
Still, at the United Nations, several lingering questions remain: What are the new obstacles facing the implementation of SDGs? Will they survive an uncertain future?
Will donor nations help rescue the development agenda? Andwill the General Assembly be forced to push back the 2030 deadline?
Tariq Ahmad, Oxfam America’s Senior Policy & Research Advisor told IPS: “We are seeing COVID-19 wreak havoc on the global economy, which is felt acutely in the homes and communities of the most vulnerable among us”.
The economy downturn, he said, paints a dismal picture of what resources will be available to finance the SDGs. This crisis could push half a billion more people into poverty unless urgent and drastic action is taken.
A recent Oxfam brief has called for an Economic Rescue Plan For All, suggesting how the world could help finance UN’s estimated needs while the UN Conference on Trade and Development (UNCTAD) has called on governments to mobilize at least $2.5 trillion dollars to support developing economics in order to tackle the pandemic and prevent a global economic collapse.
And a new study by the UN University’s World Institute for Development Economics Research (UNU-WIDER) predicts that the COVID-19 pandemic could increase global poverty by as much as half a billion people, or 8% of the total human population. This would be the first time that poverty has increased globally in thirty years, since 1990.
In its annual Global Report on Food Crises, an international alliance of UN, governmental and non-governmental agencies, said, at the end of 2019, 135 million people across 55 countries and territories experienced acute food insecurity.
But the coronavirus pandemic is expected to make the situation worse and negatively impact on hunger and food insecurity, specifically in the developing world.
Jens Martens, executive director of Global Policy Forum, (a civil society think tank based in New York and Bonn), told IPS the COVID-19 pandemic not only has serious consequences for the health situation in many countries of the world but it will also have a massive impact on the implementation of almost all SDGs.
“The looming global recession will dramatically increase unemployment, poverty and hunger worldwide,” he said.
The situation, he pointed out, is even more serious because the macroeconomic situation in many countries of the global South had already deteriorated before the outbreak of the virus.
A vicious circle of debt and austerity policies have threatened socio-economic development from Argentina to Lebanon, he warned.
“The food situation had also deteriorated in many countries, even before COVID-19, for example, due to the locust plague in East Africa”.
Without effective multilateral counter-measures, Martens argued, inequality between rich and poor countries will increase considerably.
“COVID-19 is thus also a global wake-up call for international cooperation and solidarity”, he declared.
Keep critical food supply chains operating to save lives during COVID-19, urges a new UN-backed report. Credit: United Nations
In a report released April 20, the World Food Programme (WFP) said the COVID-19 pandemic could almost double the number of people suffering acute hunger, pushing it to more than a quarter of a billion by the end of 2020.
The number of people facing acute food insecurity stands to rise to 265 million in 2020, up by 130 million from the 135 million in 2019, as a result of the economic impact of COVID-19, according to a WFP projection.
Ahmad said one of the ways to free up vital resources to tackle the issues of hunger and poverty would be to cancel the debt of developing nations.
For example, Oxfam also jointly warned of the risk in West Africa, of 50 million people threatened by hunger and malnutrition in the coming months.
Meanwhile, Ghana is spending 11 times more on servicing its debts than it is on health. The costs of the debt burden are paid by the poorest people, in cuts to government services, while women are the hardest hit.
Aid is a critical ingredient to help finance the response. Of the estimated 2.5 trillion USD need, the UN estimates a need of 500 billion in new official development assistance (ODA).
In a soon to be released report, Oxfam estimated almost 300 billion of this should be provided by traditional northern donors. And there are still some fundamental flaws in the current system that prevent aid from supporting local responders on the front line of care.
“This crisis is the time for bold and visionary choices for our collective future. It’s time for donors to profoundly transform their aid to build a world that is free from poverty, that is more equal, feminist and sustainable. COVID-19 could set back the fight against poverty by decades – we must now act and build a better future,” he declared.
Asked if the 193-member UN General Assembly should postpone the 2030 deadline to achieved SDG targets, Martens said postponing the deadline for achieving the SDGs because of COVID-19 would send out completely the wrong signal.
On the contrary, he said, the coronavirus crisis shows how important these multilateral goals are, and how fatal it was that governments have not taken their implementation seriously enough since 2015.
Key SDG targets like the development of social protection systems, universal health care and a functioning public infrastructure must be given top priority. Only in this way can the current crisis be overcome and future crises prevented. This also requires effective policies of global solidarity, said Martens.
“What we need now is a Solidarity Summit under the auspices of the United Nations to deal with the social and economic consequences of the COVID-19 pandemic in an integrated manner”, he declared.
Asked about the postponement, Ahmad said “pushing back the SDG deadline won’t help pull anyone who is facing poverty or hunger – instead we need to see sweeping action across the globe to help offset some of this crisis’ worst impacts on the world’s most vulnerable”.
The challenge here is not time, it’s political will, he noted.
“This is an unprecedented daunting global challenge, but we must meet it both with urgent action that saves lives now and interventions that create a more fair system going forward, like the cancellation of debt for developing nations, and other support to help families stay healthy and safe until they are able to earn a living again.”
Even before COVID-19, he said, “we were dangerously behind on meeting many of the SDGs, but if this moment has taught us anything, it’s that we are able to make massive shifts in how we all live and cooperate to tackle a joint challenge – we must see the same approach taken to meet the Sustainable Development Goals.”
The writer can be contacted at [email protected]
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Newcomers to the world of cryptocurrency may be surprised to learn that there is more than one cryptocurrency that calls itself Bitcoin. These include the original Bitcoin (BTC) - known to some as ‘Bitcoin Core’, in reference to the underlying blockchain code, and which trades under the ticker BTC - and others including Bitcoin Cash, Bitcoin SV, Bitcoin Gold, and Bitcoin Diamond.
These alternative coins or spin-offs were created as a result of ‘forks’, where developers could not agree on the best structural path forward for the Bitcoin network, and as a result, branched out into their own alternatives.
Bitcoin Cash was created when the original network split off in two different directions in 2017. The goal of splitting from the original coin was to create a faster blockchain where transactions were cheaper. In this post, we’ll explore why the split happened, and how Bitcoin Cash differs from BTC.
In 2017, as Bitcoin experienced an intense surge in global popularity. The increasing number of transactions across the network was slowing the system down. The blocks in Bitcoin’s blockchain had the capacity to process approximately 4.6 transactions per second, compared with Visa’s 1,700 per second. This resulted in long queues for transactions to be confirmed, especially during key periods such as price rallies. This was considered by some to be an impediment to Bitcoin’s scalability and arguably detracted from the thesis for Bitcoin as a peer-to-peer payment network.
Two competing schools of thought emerged around how this congestion problem should be addressed. Bitcoin supporters wanted to reduce the amount of data each transaction required to speed up the process and to keep each block at the level of 1 megabyte as specified in Satoshi Nakamoto’s thesis.
Bitcoin Cash proponents supported the proposal to create larger blocks that would accommodate the data in instead. These blocks, which would be eight megabytes, would enable the confirmation of eight times the number of transactions across the network per second. Bitcoin Cash proponents saw this upgrade as essential to optimizing the network and furthering its potential as a peer-to-peer payments network.
Because decentralized networks rely on consensus, the argument went on in the Bitcoin community for years. Eventually, when no consensus could be reached, all Bitcoin network participants who run the protocols on their computers were asked to choose their preferred option.
In August 2017, the ‘smallblocks’ Bitcoin supporters launched SegWit, an upgrade to the bitcoin protocol, which reduced transaction sizes. This essentially allowed a larger number of transactions to be processed within each 1 megabyte block and made its transactions 75% faster. Further upgrade plans were being discussed for a ‘lightning network’ layer which would allow for instant and feeless transactions. On the same day, BitCoin Cash launched with larger blocks. Investors were able to ‘vote’ simply by choosing which coin to stay with.
Some people consider Bitcoin a long-term investment, like gold, while others see it as an alternative to fiat currency. Bitcoin Cash is designed for those who want to use crypto as a day-to-day currency. Bitcoin remains the more established currency by some distance, and most people do not consider the two direct competitors.
Since the fork in 2017, Bitcoin Cash is a completely separate coin to Bitcoin, operating on its own blockchain. It is considered one of the leading cryptocurrencies and has generally been considered a success. Bitcoin Cash provides much faster transactions and it is generally cheaper. Many proponents argue that it operates in closer alignment with the original intention Bitcoin was created for.
In November of 2018, the Bitcoin Cash network underwent its own hard fork, with Bitcoin Cash splitting between its original protocol (referred to as ‘Bitcoin ABC’) and Bitcoin SV. The Bitcoin SV camp promoted the vision of increasing the network’s block sizes once more, with plans to continue to expand the size of each block up to a maximum of 128 MB. The Bitcoin ABC cohort elected to set a block size limit of 32MB and added a layer of smart contract-like functionality to their protocol, in the form of a Simple Ledger Protocol. Bitcoin ABC emerged following this hard fork as the most popular network, and as such is widely considered to hold the title of the ‘true Bitcoin Cash’ network. This is the coin that EQUOS is listing.
Bitcoin Cash makes peer-to-peer payments easy, so you can split a bill or pay a friend back electronically without the need for a bank. It’s a cheap way to send money abroad without incurring bank fees, and it provides online payment options for those without access to the banking system.
According to bitcoincash.org, an increasing number of online retailers, especially in Korea and Japan, accept Bitcoin Cash, and you can shop in person at more than 4,000 retailers.
You can trade Bitcoin Cash on EQUOS.io, now.
https://www.howtogeek.com/349263/whats-the-difference-between-bitcoin-bitcoin-cash-bitcoin-gold-and-others/ What is Bitcoin Cash? - A Beginner’s Guide https://towardsdatascience.com/the-blockchain-scalability-problem-the-race-for-visa-like-transaction-speed-5cce48f9d44 https://www.nytimes.com/2017/07/25/business/dealbook/bitcoin-cash-split.html https://cointelegraph.com/news/satoshis-best-kept-secret-why-is-there-a-1-mb-limit-to-bitcoin-block-size https://bravenewcoin.com/insights/bitcoin-cash-vs-bitcoin-how-is-bch-measuring-up https://lightning.network https://www.coindesk.com/bitcoin-cash-has-split-into-two-new-blockchains-again https://blog.bitcoinabc.org
From the moment Satoshi Nakamoto published his white paper in 2009, Bitcoin has been the highest-priced, most well-known, and most coveted cryptocurrency. But when it comes to ensuring liquidity on the crypto market, a different coin has gained prominence: Tether (USDT).Read More
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Cryptocurrency markets are famous for their inherent volatility, yet they are also no stranger to quieter periods. In fact, Bitcoin (BTC) spent almost two months in the summer of 2020 locked in a stubborn trading range between $9,000 and $10,000. The number-one cryptocurrency almost resembled a stablecoin with its uncharacteristic lack of volatility during that time. So, how do traders learn to trade in sideways markets and capitalize on the smallest fluctuations in an asset's price? Here are a few tips.Read More
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Safety Fund System
SAFETY FUND SYSTEM
SAFETY FUND SYSTEM. The New York legislature passed the Safety Fund Act in 1829 to protect bank customers from losses incurred when the notoriously corrupt state banks failed. The Safety Fund System, as it came to be called, required that each bank incorporated in New York contribute to a common fund an amount equal to one-half of 1 percent of its capital stock, until such contributions aggregated 3 percent of its capital stock. Whenever a bank failed, this fund would be used to settle its debts. Should this safety fund be drained, the state comptroller was empowered to levy existing banks for additional contributions. The law was later refined to insure that holders of the defunct institution's bank notes would receive first consideration in the distribution of assets.
Chaddock, Robert E. The Safety-Fund Banking System in New York State, 1829–1866. Washington, D.C.: Government Printing Office, 1910.
Wright, Robert E. "The First Phase of the Empire State's 'Triple Transition': Bank's Influence on the Market, Democracy, and Federalism in New York." Social Science History 21, 4 (1997): 521–558.
See alsoBanking: Bank Failures ; Banking: Overview .
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This article is part of our special report Water Policy.
Nestlé, the world's largest food company, has added its weight to calls by the UN and development groups for the US and EU to change their biofuel targets because of looming food shortages and price rises.
"We say no food for fuel," said Paul Bulcke, chief executive of Nestlé, at the end of the World Water Week conference in Sweden. "Agricultural food-based biofuel is an aberration. We say that the EU and US should put money behind the right biofuels."
Under laws intended to reduce foreign oil imports, 40% of US maize (corn) harvest must be used to make biofuels, even though one of the deepest droughts in the past 100 years is expected to reduce crop yields significantly. In addition, EU countries are expected to move towards drawing 10-20% of their energy supply for transport from biofuels to reduce carbon emissions.
But Nestlé, which has 470 food factories around the world and 25% of the world's bottled water market, says clean economy and US energy independence should not be pursued at the expense of food supplies or massive price increases.
"[Using biofuels] was well-intentioned at the time, but when you have better information then you have to be coherent," said Bulcke. "You have to know when to say: 'Stop here'. Now we see, too, that the carbon [reduction] element of biofuels is not as clear as it was intended to be."
Bulcke said Nestlé had lobbied the US and EU governments to change their quotas. "We have said [it] to [the] US government, but politically it's hard. We are an important food company and, yes, we do have a voice. We try to be vocal with our convictions."
He argued water is the world's coming crisis because, without better use of it, food supplies – which the UN predicts must increase around 50% in the next 40 years – will be severely limited.
"The relationship between food and water is clear," said Bulcke. "Water should have a value. There is so much much waste in the system. Upstream on farms, industry, food waste, food spoilage. Agriculture is responsible for 70% of all water being used globally, and 90% in some developing countries." Water is one cause of the food crisis. Governments took their eyes off the ball. For years, research and development investments were very low, at 1.5% annually. We have a crisis in the making. We cannot continue to use water in the same wasteful way as before.
"What is environmentally unsustainable today will become socially unsustainable in a not so distant future," added Bulcke. "We risk up to 30% shortfalls in global cereal production due to water shortage by 2025. It seems as if we will have to go through a massive global crisis before becoming aware that we cannot leave a paradox of this importance unresolved.
"The main challenge – water for farming – is also the main opportunity. Saving potentials in agriculture are still huge; physiological needs of plants amount to only 40-50% of actual withdrawals today. And there are more savings of water possible further down the value chain."
According to Nestlé, which operates in 86 countries and is the world's most profitable corporation, it is moving strongly to conserve water, both by helping farmers save waste by growing crops that need less, and by improving factory efficiency. It has also lowered its milk wastage dramatically, effectively saving its per-dollar water use, which has been reduced from 4.5 litres in 2002 to 1.5 litres today.
Earlier this month, UN FAO director general José Graziano da Silva said suspension of the biofuel quota would allow more of the crop to be diverted for food production. "The worst drought for 50 years is inflicting huge damage on the US maize crop, with serious consequences for the overall international food supply," he wrote in the Financial Times.
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The table represents a linear function as for every x value there is only one y value. The graph and the table is attached below. The Total Bill is $52.07 plus 1.29 times the quantity of the independent variable i.e. Number of soup cans. The equation is y=1.29x+52.07
Work Step by Step
The equation of the relationship is y=1.29x+52.07 because when there is no independent variable, the value of the dependent variable is 52.07 and then as the independent variable which is number of soup cans increases by 1, the dependent variable which is the total bill increases by $1.29 and so the slope is 1.29 and the y-intercept is 52.07.
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Using wind power as a source of energy for petroleum activities in the Arctic is not viable from a socio-economic perspective. However, that may change.
Using the Johan Castberg field as her case study, master student Kseniya Pak at Nord University Business School concludes that (then-) Statoil made the right decision when the company chose a traditional gas turbine solution for energy supply to the field.
Pak has investigated whether it would be possible to supply the Castberg project with energy from wind power, potentially in combination with gas turbine.
The conclusion appears rather negative for those who carry the hope that wind power may replace energy from gas plants, at least for the foreseeable future.
In order for wind power as energy source to be socio-economically viable, the CO2 taxes and benefits from reduced gas consumption must have been at least tripled, or the investment costs had to be similarly reduced with some 70 percent.
CO2 taxes must increase
However, Kseniya Pak writes, should the CO2 taxes increase up to 11 times their current size, as indicated by the Paris Agreement, and should Norway follow this policy development, the idea about wind power energy for similar projects may end up being economically viable.
Pak’s starting point has been the desire to have green energy options for the oil and gas activities in the Arctic too. It is well known that Statoil (now: Equinor) abandoned the land-to-sea cable alternative to Johan Castberg due to the significant costs involved with the project.
Today’s technology is not ready to be used under the extreme conditions that exist in the Barents Sea and the Arctic in general. Existing offshore solutions e.g. in Denmark and Japan are simply not sufficiently robust, nor are they dimensioned for working that far north.
Nevertheless; the models Kseniya Pak has used in her calculations are transferable to future projects too.
Points out weaknesses in today’s methods
Professor Terje A. Mathisen at Nord University has been Pak’s supervisor. He argues that her master’s thesis demonstrates how improved technical solutions will make windmills more attractive.
- It furthermore points out weaknesses in current evaluation methods, which for instance do not value all kinds of environmental improvements or include all cost elements. The results from this thesis should be of interest for both politicians regulating such construction projects as well as for the companies that seek to better measure profitability of their activities, Mathisen says.
Kseniya Pak admits that she herself was disappointed by her own research results.
This is the future
- I knew that wind power turbines are expensive, however, it was disappointing to see how costly they were. Nevertheless, I believe this is the future.
The technological challenges may be solved through incrementally development of wind power turbines, Pak believes. As for major challenges, she points in particular to large ocean depths and the fact that wind turbines should have a life expectancy equivalent of the exploration projects.
The master student from Tashkent, Uzbekistan wants to continue her studies in sustainable energy solutions and is now applying to PhD programs both in Bodø and in Tromsø.
- I would very much like to continue, both developing the calculation models I have used to investigate the socio-economic viability of wind turbines in offshore activities, and also to look into establishing one central wind power plant that can supply several platforms or projects in the Barents Sea.
Kseniya Pak has already been in touch with Russian energy giant Rosneft, with regard to collection of raw data for her further research.
- I was very well received there and was welcomed to visit their offices in Oslo, Pak says, and continues;
- I am convinced that the future lies in green energy sources for petroleum activities too. However, political decisions and targets are needed for companies to start using these, Kseniya Pak says to High North News.
Les artikkelen på norsk
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Americans are known for a lot of things, but saving isn't one of them. In the two decades between 2000 and 2020, the overall rate of savings amongst Americans trended downwards. In fact, the national savings rate experienced all-time lows during this time period–even turning negative in 2005.
While most Americans know that saving is important, when the economy hits upon tough times (which it inevitably will, given the cyclical nature of the financial system), having money in the bank in the form of savings can be a godsend. The idea that savings help out in a tough economy isn't an earth-shattering revelation. But you might be surprised to find out just how much a high savings rate can speed up an entire country's economic recovery. However, saving money is always sage advice, no matter the state of the economy.
- Personal savings are not just crucial for an individual's financial well-being; at the national level, when the rate of personal savings is high, economic recovery tends to be faster.
- With credit freely available, it could be said that in the two decades between 2000 and 2020, many Americans started using their credit lines (and home equity) as if they were a savings account.
- Unfortunately, this has led to a prevalence of credit defaults; an example of this is the chain reaction of defaults that created the economic downturn in 2008, now referred to as the Great Recession.
A Preference for Credit
At the same time that Americans were saving less and less, many Americans were also exhibiting a higher preference for making purchases using some form of credit. While the widespread acceptance of the use of credit in the early 2000s helped fuel significant growth in the U.S., it may have also come at a significant cost. With credit freely available, it could be said that many consumers took to using their credit lines (and home equity) as if it were a savings account.
An example of this is the chain reaction of defaults that occurred during the economic downturn that is now referred to as the Great Recession. This revealed something that is endemic to our credit system: the prevalence of credit defaults. As a collapsing real estate market shoved overextended consumers underwater on their mortgage payments, those same consumers found themselves slashing spending at the last minute and going into default.
As the credit market seized, and consumer credit lines began to shrivel, people started to realize that the credit limits on their accounts weren't the same as cash in the bank. This chain reaction of defaults, in turn, cut economic output and increased job losses. For those whose savings were already depleted, a decrease in total economic output and increased rates of unemployment further impacted them. A small number of consumers and lenders were very quickly able to affect a larger portion of the economy because of the financial system's interconnectedness.
How Savings Help Consumers and the Overall Economy
To be sure, higher savings reserves mean that consumers have cushions that can help absorb overwhelming expenses without digging the hole deeper. But just as importantly, having a higher portion of income allocated to savings means that living expenses are lower–and consumers can adjust their budgets to spend a larger chunk of income on increased mortgage payments or better compensate if they lose their jobs.
That ability to cope with financial hardship ultimately means that the economy recovers much faster. After all, when the bills are being paid, the banks, utilities, and grocery stores can keep their doors open–and their workers employed.
The Risk of Savings
That's not to say that savings are without risk; anyone who held stocks in their retirement accounts at the outset of the Great Recession–in October 2008–can attest to that. Even government intervention can work against savers; stimulus spending and increased inflation can both work against the power of cash savings.
When a government provides an economic stimulus package to its citizens, it typically finances those expenses through additional sovereign debt (which will eventually have to be paid off by future generations). From one perspective, this means that savers are forced to bail out non-savers at some point in the future. Simply printing more money is another way that governments may pay for legislation that includes a federal stimulus. When this happens, there's a higher risk of inflation. Inflation can be said to be the number-one killer of savings.
With inflation, each dollar in your savings account has less real purchasing power. Purchasing power is the value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. When there are high rates of inflation, one unit of currency–for example, one U.S. dollar–is not capable of purchasing the same amount of goods as in a prior period.
While the risks of inflation are real, when there are high rates of personal savings, there is less need for government stimulus. This is because the nation's finances are shored up at the consumer level. As with most economic crises, the national savings rate shot up in the aftermath of the Great Recession. This trend was likely partially the result of those people who could afford to save making the decision to stash their cash in anticipation of tougher times ahead.
The Bottom Line
On both a personal and a national-level, maintaining a solid savings rate is one of the best cures for economic woes. Although that means that Americans will have to live within their means, it also means that we'll be less susceptible to economic downturns in the future. What remains to be seen is whether consumers in the future will remember the lessons of past economic recessions and maintain a more cautious savings level during times when credit flows freely.
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Release Date: 09-Jul-2012
With solid waste of about 55 Million tonnes and 38 Billion liters of sewage every year excluding industrial wastes, India is certainly sitting on a huge energy potential. According to a recent research report “India Urban And Industrial Waste to Energy Market” published by KuicK Research, Waste to Energy potential is bound to take off and fly high, giving India the much required energy to cater to its increasing demands. The urban and industrial waste is expected to increase as the development increases and villages convert into towns and cities. India has the requisite raw material, the capital and the technology for this very profitable energy conversion market and is rapidly increasing its generation potential.
The grid connected waste power generation has crossed 70 MW in 2011 while the non grid connected generation is at an increasing 90 MW. India is looking at a future in which domestic and international players will soon enter the waste energy market and exploit its potential to provide the energy to meet its increasing demand. The government has also taken initiatives to make sure that this huge potential is tapped properly while keeping it in sustainable measures. The research report also gives an insight into the government policies for waste energy generation formulated by the Ministry of Environment and Forests as the Municipal Solid Waste rules in 2000. The waste energy generation in India comes under the direct purview of Ministry of New and Renewable Energy in India.
The detailed report “India Urban And Industrial Waste to Energy Market” gives an overview on the waste energy generation potential in India along with information on all the factors associated with it. It covers waste generation scenario, waste to energy generation potential, installed and proposed capacity and facilities, investments and the regulatory framework with a sneak peek into the technology used. The report published by Kuick Research gives a focused outlook on the future of waste energy generation in India and how exactly will it change the Indian energy demand and supply scenario.
To request sample of report please contact us at [email protected] or +91-11-47067990
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Whether you are new to saving or not, the financial world is full of terms and phrases that can seem unfamiliar or confusing. Our Savings A-Z guide is on hand to help make dealing with your money as straight forward as possible for you.
This stands for Annual Equivalent Rate (AER) and illustrates what the interest rate would be if interest was paid and compounded once each year. This allows you to compare more easily what return you can expect from your savings over time. Rates are illustrative only and have been rounded to two decimal places. The AER makes savings rates easier to compare.
This means the interest is paid on an annual basis.
Bank of England Bank Rate
The official bank rate (also called the Bank of England base rate or BOEBR) is the interest rate that the Bank of England charges Banks for secured overnight lending. It is the British Government's key interest rate for enacting monetary policy.
A bond is a savings account which will earn a fixed rate of interest over a set period of time. The term of the account can vary and the longer the term the higher the rate of interest tends to be.
Cancelling a cheque
The customer asks the account provider to cancel a cheque that the customer has written.
An ISA (Individual Savings Account) is designed to enable you to save without paying income tax on your savings. Cash ISAs come in various shapes and sizes, ranging from easy access to notice accounts. Each year you can save up to the annual ISA allowance.
Cash withdrawals in pounds in the UK
The customer takes cash out of the customer’s account in pounds at a cash machine, bank, building society or Post Office in the UK.
This stands for Clearing House Automated Payment System, which is used to send money payments electronically between banks so they are received on the same day that they are sent.
This is where interest is added to your total savings balance and your next interest payment is based on the now larger amount. So not only does your saving balance go up, it goes up increasingly quickly.
The customer permits someone else (recipient) to instruct the account provider to transfer money from the customer’s account to that recipient. The account provider then transfers money to the recipient on a date or dates agreed by the customer and the recipient. The amount may vary.
This is a sum of money paid into a savings account.
A system used to send money payments electronically so they are received on the same day that they are sent.
Financial Conduct Authority (FCA)
The FCA is the Financial Conduct Authority, a regulatory body in the UK. The FCA regulates financial firms providing financial services to consumers and operates independently of the government.
Financial Services Compensation Scheme (FSCS)
The Financial Services Compensation Scheme was established under the Financial Services and Markets Act 2000. Its purpose is to protect your deposits should the West Brom be unable to repay them. Your eligible deposits with the West Brom are protected up to a total of £85,000 per depositor.
This is a rate of interest that is fixed for a period of time.
This is the period of time that money is saved for which is agreed on opening the account. You can't usually access your money during this period so make sure to carefully check the Terms and Conditions of the account to make sure.
This ISA offers the flexibility to withdraw and replace savings within the same tax year without losing the ISA benefits. Please note: the West Brom’s Cash ISAs are not flexible ISAs.
Gross means how much you would earn in interest on your savings account before tax is deducted.
Help to Buy: ISA
An ISA to help first time buyers save towards the cost of buying their first home. Savers will receive a 25% government bonus on amounts saved between £1,600 and £12,000.
HM Revenue & Customs
HM Revenue & Customs (HMRC) is a government organisation that ensures the correct tax is paid at the right time, whether this relates to payment of taxes received by the department or entitlement to benefits paid.
Independent Financial Advisor (IFA)
A professional who is authorised and regulated by the FCA to advise on suitable financial products after researching the whole market and a customer’s needs and circumstances.
When you open an account with the West Brom we may need to confirm your identity. For full details on why this is required, and the types of identification accepted, please refer to the Society's Important information on Identification leaflet, which can be found here.
This is the percentage return that you will receive on your savings. There are Gross, Net and tax-free interest rates, depending on the account that you have.
This is the amount you are allowed to invest in a Cash ISA and/or Stocks and Shares ISA which is free of income tax.
The Lifetime ISA is designed to help you buy your first home or save towards your retirement. If you are aged 18 to 39, you can open a Lifetime ISA and save up to £4,000 tax-free each year up to and including the day before your 50th birthday. The government will pay a 25% bonus on your contributions, up to a maximum of £1,000 a year. Please note: the West Brom does not offer Lifetime ISAs.
Maintaining the account
The account provider operates the account for use by the customer.
Maturity or Maturity Date refers to the date when an account reaches the end of its term (in most cases this is the end of a fixed rate period). At the end of the term, the account matures and you can then consider other options for your savings.
This is when the interest on your savings is paid on a monthly basis.
These are savings accounts where the account holder is required to give notice that they wish to access to their account a specified number of days before making a withdrawal.
This is short for 'per annum', which simply means, every year.
Personal Savings Allowance
The amount of interest you can earn on your savings without paying tax. Your allowance depends on whether you're a basic, higher or additional-rate tax payer. Interest from ISAs doesn't count towards this allowance.
Power of Attorney
A written legal document that gives an individual the authority to act for another person.
Refusing a payment due to lack of funds
The account provider refuses a payment from the customer’s account because there is not enough money in it (or it would take the customer past their arranged overdraft limit).
This is a type of savings account that requires you to pay in a regular amount each month.
Sending money within the UK
The account provider transfers money, on the instruction of the customer, from the customer’s account to another account in the UK.
The account provider makes regular transfers, on the instruction of the customer, of a fixed amount of money from the customer’s account to another account.
Stocks and Shares ISA
This type of ISA (Individual Savings Account) allows you to invest in the stock market. It aims to give your savings a greater growth potential than a Cash ISA. Each year you can invest up to the annual ISA allowance.
Tiered Interest Rates
Some savings accounts have tiered interest rates, meaning that the rate of interest you earn depends on the balance of your account.
This is an interest rate that may change over time.
A withdrawal simply means to take money out of an account.
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Tradewater is an innovative business that focuses on destroying ozone-depleting substances and selling carbon offset credits to other companies. Focusing on two specific substances, refrigerants and methane, Tradewater collects, controls, and destroys chlorofluorocarbons (CFCs) and CO2e by superheating them until their molecules break down. In doing so, the company destroys molecules that have the potential to cause massive damage to the ozone and cause runaway climate change. Through this innovation, Tradewater hopes to address the global climate crisis and create change for the most vulnerable.
Loyola University Chicago
The innovation of Tradewater is focused on four key areas: business model, small scale aggregation, destruction technology, and data analysis. First, the business model is focused on the destruction of two specific ozone-depleting gases as a means of protecting the ozone: methane, and refrigerants. Tradewater is the sole company in the United States with this primary focus. As companies have become more environmentally conscious and are required by regional cap and trade market regulations to purchase offset credits, Tradewater has emerged as a for-profit private company with the primary goal to meet that demand through its innovation.
“I think in general, (what’s innovative about Tradewater) is the way that we go about doing the work,” said Director of Market Development Kirsten Love. “So with these refrigerants, they were banned from production via the Montreal Protocol in 1995 but there were no end of life solutions...when they banned the production, they assumed that we had already taken on the impact of these refrigerants. We call them 'forgotten refrigerants.' They're scattered all over the world, sometimes in really small quantities...that small scale aggregation is very key to what we do.”
Other companies also focus on reducing greenhouse gases but do not focus on the destruction of the gases because so many of these greenhouse gases are contained in small quantities across vast distances. Therefore, the acquisition and destruction of these materials on such a large scale is incredibly time-consuming and labor-intensive. Aggregation, through a focus on capturing the small scale gases, is therefore incredibly important to Tradewater.
“For example, if you, for whatever reason, have a can of refrigerant in your garage, even just one can, we will take it and then we aggregate that on the back end,” Love said. “So, we create a larger impact. So I would say...focusing on these ozone-depleting substances which are not typically a focus, but they're extremely important to preventing runaway climate change.”
Innovative technology was also required to create such a successful model for greenhouse gas destruction. The Tradewater team had to create massive kilns that could superheat these gases. To properly break down these substances, these kilns must reach anywhere from 760 to 1200℃, thus there is a massive engineering and production undertaking in creating this process.
“The materials are under different protocols for their destruction,” Love said. “One, they have to be approved by protocols that have been set forth and the requirement is that the destruction process has to be 99.99% effective in terms of destroying them...The molecules break down and the gases are destroyed with very little byproduct. But, all of our carbon offsets and all of the impact that we quantify reduces from the overall impact.”
Finally, Tradwater is innovative when it comes to its focus on data and analytics as a driver for the business. Data appears in many forms in this company, from modeling to market analysis, but it is central to the operations and aided in the ability to expand into three continents.
“We're a very data-driven company,” Love said. “Everything we do we like to make sure we have taken full advantage of any data that's presented to us, make sure we do our due diligence and research and bring all the variables together before you make decisions. But a couple of key ways that advanced data analysis helps us in this work is being able to identify where these pollutants might be. So we collect data and do some modeling to understand where we might be able to find the refrigerants and how we can go after acquiring it in the most cost-effective manner.”
Beyond its own operations, Tradewater also has increased the scope of its focus to providing data for small businesses and consumers. The company finds it important for everyone, not just large corporations, to understand their carbon footprints.
“We work with a number of different brands, but we also have other value-added services, such as helping them to understand their carbon footprint,” said Love. “And no matter how complex their operations are or their supply chain might be, we can help them to understand their carbon footprint and help them to figure out ways or areas they can reduce and how they can manage that carbon footprint in a better way. We also do the same thing with refrigerant management and understanding how companies can understand the inventory of the refrigerant and when they should replace it or how they should replace it, and the impact they can have and then even in the individual sense.”
Tradewater features carbon footprint calculators on its websites in partnership with CoolClimate to provide the consumer with accurate data on their carbon footprint. Tradewater is also expanding these services by offering a business calculator as well. Here, companies of any size can understand the company's environmental impact without the necessity of resources, funds, consulting firms, or full sustainability teams.
These four innovations are key to both the success and impact of Tradewater.
The idea behind Tradewater began in 2012 during a California cap and trade market conference when CEO and co-founder Tim Brown heard about ozone-depleting substances as eligible credits for companies to purchase to offset carbon footprints. The area piqued his interest so great that he went home and began buying refrigerants online to explore how to destroy them properly, who to partner with, and how he could achieve the end goal.
“He was very intrigued by the notion of creating a for-profit company to address environmental or social issues because he felt a little bit limited in the private sector and being able to scale and to find funding to move these things ahead and so...all the revenue we use we can invest right back into the projects and we don't have to go out and get grants to make sure that the work happens,” Love said.
Brown went on to found his own firm Wabashco and began to realize the potential to scale his company even further. Finally, in 2016 he partnered with co-founder and CFO Gabriel Bankier Plotkin to create an innovative firm for a growing market.
Beyond profitability, Brown, and Plotkin also sought to develop a company that was also focused on creating social change. They understood that climate change affects all of us, but it affects certain communities even more. Also central to their mission was the drive to ensure their company was a diverse and equitable environment that brought in talent that aligned with their vision.
“I'm a young black woman working in the environmental space which is a little bit of a rarity,” Love said. “And it truly has always been a part of the value and mission and vision of our co-founders to create a company that was not just environmentally responsible...also economically responsible.”
This focus became incredibly relevant in 2020 with the Black Lives Matter movement becoming mainstream in response to the death of Geroge Floyd. The company was driven to respond, as it felt a responsibility as a company seeking to create social change.
“It's one thing to have those values within yourself and to let those live in what you do, but that's not enough,” Love said. “You also have to speak about it and you have to live it out in a way that you are helping to educate others and you're helping to bring additional awareness to these causes...we have an opportunity to bring more awareness and to take a stance and to show people that you can do business in a way that is good for all aspects and address social justice issues at the same time.”
Tradewater is inspired by a climate crisis that necessitates a response, but the culture and the mission of the company are focused on wholesale social change with a specific focus on climate change. However, to separate one from the other would, in the minds of Tradewater, would be to leave a job unfinished.
“It's ingrained in everything, in how we asked for people to work with us, how we hire, how we select the communities we decide to work in, and everything,” Love said. “It's thought about and it's been really refreshing and really engaging and really cool to see, especially as a minority woman, a company walk the walk.”
Tradewater makes a near-direct impact in protecting the ozone from gases that deplete it and create runaway climate change. They do so through innovation and a constant focus on the aggregation of methane and refrigerant gases. Unlike other companies, this is the company's only goal and the only market it seeks to address.
Take for example the electric car company Tesla, that through the production of all-electric cars has reduced gas emissions by around 3 million tons. This is no small number, but through its focus on companies, small businesses, and the everyday consumer, Tradewater alone has destroyed nearly 4.35 million tons of CO2e and 1 million pounds of CFCs. For each CFC molecule destroyed by Tradewater, 100,000 molecules of ozone are saved. Over three continents, with 71 certifications from places like the American Carbon Registry, the California Air Resource Board, and VERRA, Tradewater has helped to invest over $28.8 million into communities.
Beyond the measurables, Tradewater has created a market that responds to the need to offset emissions and reduce impact. Even beyond the profitable market, the company is creating a volunteer market that allows individuals and small businesses to join the journey to combat climate change. By giving access to important information, Tradewater begins to include all of its partners in the solution.
“Climate change again impacts different communities at different rates,” Love said. “And so if we take care of the planet, it helps everyone but it definitely more so impacts those that are in areas and situations where they may not have the means to combat the effects of climate change. I feel like we're going to look back and it's going to be pretty cool that we allow individuals to be a part of a solution...and help to get rid of these really, really nasty greenhouse gases together.”
Tradewater provides benefits to businesses seeking to purchase offset credits. By destroying greenhouse gases, the company creates a net negative impact that is eligible for offset purchase. Beyond the cap and trade market, Tradewater aids in the safe disposal of refrigerants and methane to reduce overall environmental impact. Finally, Tradewater offers information to small businesses that are seeking to become more responsible and enter the fight to end climate change.
By reducing greenhouse gases that contribute to runaway climate change, Tradewater increases the potential time frame in which we all can address climate change. Reducing greenhouse gas emissions gives more time to create sustainable practices and economies. With its focus, Tradewater also limits the impact of climate change on marginalized communities, those most affected by a climate crisis with the least amount of resources to address it. Tradewater, through its focus on methane and refrigerants and its focus on social change, provides a wholesale response to a multi-faceted crisis.
Kirsten Love, Director of Market Development
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Elk Grove Village, Illinois, US
Business Website: https://tradewater.us/
Year Founded: 2016
Number of Employees: 11 to 50
Tradewater is a private corporation located in Elk Grove Village, IL that focuses on finding, collecting, and destroying refrigerants and methane gases before they enter the atmosphere and destroy the ozone. The company works on three continents, seeking out individuals and businesses and taking their leftover or unused gases and superheating them until they are 99.9% destroyed so that they cannot affect the ozone. In its work, Tradewater prevents roughly 3 million tons of greenhouse gases annually.
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Global Blood Viscometer Market Analysis
What Is Blood Viscometer?
Blood is the most important fluid of our body and Blood viscometers measure the viscosity of the blood. blood viscometers differ from rheometers as it measures the viscosity of blood in a single flow condition. Viscosity is a property of blood that determines the consistency of blood, the cholesterol level, the oxygen-carrying capacity of the blood. If the blood is more viscous, it means blood will readily attach to the walls of capillaries and thus increasing the workload of the heart. In blood viscometer, the blood flows through the capillary tube and depending upon its viscosity the time of its flow varies. If the blood is more viscous, less will be the blood flow and more will be the chances of cardiovascular risks. With the increasing rise in cardiovascular risks, obesity, and hypertension, patients are regularly checked for their blood viscosity.
Request for Sample with TOC @ https://www.alexareports.com/report-sample/170898
Global Blood Viscometer Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
Blood viscometer measures the viscosity of blood within a minute. It is fast, reliable and accurate. The market for blood viscometer is in rapid rise due to its increasing demands in hospitals, primary health centers, and pathology labs. Due to changes in lifestyle, cases of cardiovascular risks, diabetes, obesity, and hypercholesterolemia are prevalent and it is helping the blood viscometer market to expand. But the high price of these viscometers is the major restraints in developing countries. The blood viscometer market share is highest in North America due to a rise in cardiovascular patients.
the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Blood Viscometer Market” is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market.
Global Blood Viscometer Market Competitive Landscape
The “Global Blood Viscometer Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Anton Paar, Benson Viscometers, BioFluid Technology, Thermo Fisher Scientific, RheoSense, Beijing Steellex Scientific Instrument Co. Ltd. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
Key Points of this Report:
* The depth industry chain include analysis value chain analysis, porter five forces model analysis and cost structure analysis
* The report covers Global and country-wise market of Blood Viscometer
* It describes present situation, historical background and future forecast
* Comprehensive data showing Blood Viscometer capacities, production, consumption, trade statistics, and prices in the recent years are provided
* The report indicates a wealth of information on Blood Viscometer manufacturers
* Blood Viscometer market forecast for next five years, including market volumes and prices.
* Raw Material Supply and Downstream Consumer Information is also included
* Any other user’s requirements which is feasible for us
The Blood Viscometer market in Globe segmented by countries:
* United States
Important points mentioned in this report
* Analyzing the outlook of the market with the recent trends and SWOT analysis
* Market dynamics scenario, along with growth opportunities of the market in the years to come
* Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
* Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
* Market value (USD Million) and volume (Units Million) data for each segment and sub-segment
* Distribution Channel sales Analysis by Value
* Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
* Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
* 1-year analyst support, along with the data support in excel format.
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Table of Contents
Chapter One Blood Viscometer Overview
1.1 Blood Viscometer Outline
1.2 Classification and Application
1.3 Manufacturing Technology
Chapter Two Industry Chain Analysis
2.1 Value Chain Analysis
2.2 Porter Five Forces Model Analysis
2.3 Cost Structure Analysis
Chapter Three Market Dynamics of Blood Viscometer Industry
3.1 Latest News and Policy
3.2 Market Drivers
3.3 Market Challenges
Chapter Four Global Market of Blood Viscometer (2014-2019)
4.1 Blood Viscometer Supply
4.2 Blood Viscometer Market Size
4.3 Import and Export
4.4 Demand Analysis
4.5 Market Competition Analysis
4.6 Price Analysis
4.7 Country-wise Analysis
Chapter Five Global Market Forecast (2019-2026)
5.1 Blood Viscometer Supply
5.2 Blood Viscometer Market Size
5.3 Import and Export
5.4 Demand Analysis
5.5 Market Competition Analysis
5.6 Price Analysis
5.7 Country-wise Analysis
At long last, a customization report is also available, so as to meet client’s necessities.
Customization of the Report
• In case of any queries or customization requirements please connect with our sales team, who will ensure that your requirements are met.
Alexa Reports is a globally celebrated premium market research service provider, with a strong legacy of empowering business with years of experience. We help our clients by implementing decision support system through progressive statistical surveying, in-depth market analysis, and reliable forecast data.
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29 Jul 2020, 14:20 — 3 min read
A Trust is a financial arrangement in which the founder of the trust transfers the trust property's legal title to a trustee to hold and manage for a third party in accord with the grantor’s intent. The beneficiary holds a beneficial title to the property. Trust can be of different types like private trust and public trust or charitable trust or religious trust etc. One or a team who would like to serve the people or who would like give to society can form a suitable Trust by registering the following procedure.
The person who would like to create/register a Trust is called Author or Settler, people who will be benefited by Trust are termed as Beneficiaries and the people who manage the day to day affairs named as Trustees.
Initially, the Author shall get the Trust Deed ready. There must be minimum 2 trustees and two witnesses with Aadhaar card photocopy. The Author can be one of the trustees. The Trust Deed shall be registered with the sub-registrar of the concerned jurisdictional Sub Registrar Office (SRO).
Once the registered Trust Deed is ready, we need to apply PAN Card, open a Bank Current Account, Apply for 80G Exemption, apply for registration under Foreign Exchange Management Act, 1999 (42 of 1999) for receiving Foreign Funds / Contributions etc.
Preparation of books of accounts Following all applicable Accounting & Tax Laws Need to file IT Returns within time every year filing returns under FEMA (Foreign Exchange Management Act) etc.
It is a standard format available with any draftsman, or you can also prepare it on your own.
Commonly, Trust Deed can be printed on 100 rupees non judicial stamp paper, or it can be franked. Stamp duty varies from state to state.
It can be anything, and you can start with even 1000 rupees.
Typically there are three types of charges. Like user charges, registration charges & document charges. These charges are nominal and may vary from state to state.
Also Read: New definition of MSMEs & Udyam registration
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23 Oct 2020, 15:16
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Small and medium enterprises are businesses that are characterized by a low number of employees and a high rate of employee turnover. At the same time, the total values on the balance sheets of such businesses are not large (Blackford, 2003). The definition of these enterprises has been developed to incorporate the issue of economic developments since they are highly influenced by performance of the said enterprises. Therefore, to differentiate these enterprises from large businesses, we need to consider the number of employees, rate of employee turnover, as well as, the totals of the balance sheet. In fact, the European Union believes that these features are the essential for identifying the setting in which a business operates.
A small enterprise employs less than fifty workers and has a low turnover. Small enterprises also have very small values as their totals on the balance sheet since they have less assets and a lower capital base. A medium sized enterprise is seen to employ less than two hundred and fifty workers. At the same time, the annual turnover and the balance sheet may not be significantly large.
They are seen to enjoy certain privileges that other large companies might be unable to enjoy. They have fewer requirements for registration as compared to other large businesses, and as such registration and compliance fees are low. Additionally, they have a high probability of being supported by other larger businesses as well as non-governmental organizations. For example, they might enjoy funding and other forms of support from support programs that may be targeting small and medium enterprises. These programs might not be targeting large businesses since they are already well established.
In 1986, an association was developed and its main aim was to support small and medium sized enterprises. It was not oriented to make profits but to provide a range of services and programs that were meant to help the small and medium enterprises to be able to survive in a competitive economy. The association was developed by a group of entrepreneurs who believed in providing market knowledge to the owners of small and medium businesses. This knowledge helped the entrepreneurs think of ways in which to grow and expand their businesses.
In 2012, a committee was developed to ensure that small businesses export their products. This was an important move in that the small and medium sized enterprises could now have access to large markets and hence better promotion strategies for their products and services. As a result, the businesses will be more productive since they do not experience problems in marketing their products and services. It is through such strategies that the firms are able to expand and grow since high productivity implies a larger capital base. The committee also seeks to provide advice and recommendations to small entrepreneurs. This is because it believes that the small entrepreneurs are new in the sector and hence need support and encouragement.
Small businesses are affected by the pressures of the market to a large extent (Audretsch, 2003). As such, different firms are seen to adopt different strategies to deal with the changing economic circumstances. Businesses adopt these strategies differently based on the consequences of adoption and the perception of risk in different businesses. The strategies are also determined by the owners and managers since they dictate how the business is run. Additionally, the resources available in a business determine what strategies are to be adopted in different economic situations.
Different economic structures in different countries also determine the extent to which small businesses are affected by recessions. Exports are adversely affected during a period of global recession because recession is experienced differently in different countries.
Since the definition of small and medium sized enterprises is seen to incorporate the issue of economic developments, it becomes necessary to study the business cycles. This is because these enterprises have significant impacts in the economy and they determine the success of the economy. The performance of the small and medium sized enterprises determines the performance of the economy as a whole since they contribute significantly to the Gross Domestic Product (GDP) as well as its growth (Patton & Worthington, 2004). As such, it is important to study the impacts of the small and medium sized businesses at different economic situations. The different economic situations are well illustrated by the business cycles.
Business cycles refer to the fluctuating and repeated levels of economic activity that prevails in a certain economy over a given duration of time. They are composed of five stages through which a country is seen to go through. These phases include; expansion, trough, peak, boom and recession.
Expansion is a phase that is characterized by the economy moving from trough to peak. This is to mean that the Gross Domestic Product rises until it reaches its peak. This phase is also known as a phase of growth or economic recovery.
Boom refers to a phase where the business activity is very high or increases very fast. It is characterized by high level of sales of different products. Contraction is a phase in which the economy is seen to be declining. It is seen to occur after the economy has reached the peak but it ends before the economy reaches the trough. The phase is therefore seen to be the opposite of the expansion stage. Economists believe that a contraction occurs when the real Gross Domestic Product declines continuously for two or more quarters. This phase is also known as recession as the country records a downward trend.
In this paper, attention will be driven towards the effects of small and medium sized enterprises after global recession. Global recession implies that the economy is declining worldwide. As such, most countries are experiencing a decline in their Gross Domestic Products. For example, there was a global recession that existed between 2007 and 2009. It was characterized by a financial crisis that had great impacts on firms worldwide. To be precise, some of the firms that had been strongly founded had to shut down as a result of the financial crisis and the rapid financial downturn. The crisis had spread in such a way that all the continents were greatly affected. In fact, it led to the collapse of some European banks.
The financial crisis did not only affect the large businesses but also affected the small and medium sized enterprises. In Europe, a study conducted in April 2009 indicated that small and medium sized businesses had their rates of development reduced. This is to mean that there were fewer developments in the small businesses during this period, and as a result, productivity of the small businesses was hindered to a great extent. At the same time, the number of bankruptcies among the small businesses increased rapidly. This is because most of the small businesses were unable to meet their financial obligations.Want an expert to write a paper for you Talk to an operator now
Recessions acts as a constraint in achievement of the objectives of a business. As such, it is disadvantageous to the owners of a business. A recession causes the asset prices for a business to go down. At the same time, the aggregate sales of the business are seen to decline. Many weak firms exit the market during this period thereby leaving the strong firms only. Competition is reduced as a result of some firms exiting the market. During this period, small and medium enterprises produce less in order to save on the costs of production to be able to use the accumulated resources during the recovery period.
The confidence of the managers in small and medium firms was reduced by the financial crisis (Blum, 1996). In fact most of them were now unable to make more investments with the fear of the situation recurring. Firms had to seek for better ways of producing so as to cut costs of production. In doing so, some of the firms ended up in redundancies. It was clearly seen that the future of all businesses depended on the political decisions that were to be made in different countries, as a way of dealing with effects of the financial crisis. This made the small businesses to rely on the governments’ decisions to a large extent thereby hindering their performance. Firms should make their own sound decisions but during this period, they could not be able to do so to avoid their decisions conflicting with those of the government.
Small and medium size enterprises need to gather information to be able to monitor the political developments occurring in the economy. As such, certain sources of information can be significantly used by the small businesses to gather information. These sources of information help the small businesses to monitor the responses that the governments are using towards dealing with the financial crisis. Managers use open sources of data to gain market intelligence and thus competitiveness.
The small businesses should decide on the correct criterion of choosing the source of data to adopt. This depends with the kind of intelligence that the business needs. Large businesses are seen to have more power in making political decisions as compared to small businesses. As such, large businesses can easily monitor the political developments in the economy. Since large businesses have more resources than small businesses, their actions are seen to affect the political decisions significantly.
After small businesses were affected by the financial crisis, it was necessary that they monitored political decisions. However, monitoring political decisions might be expensive for small businesses. Time and other financial resources are used to gather information so as to ensure that small businesses make sound internal decisions. However, the need to monitor political developments for a small business depends on the extent to which the country is affected by recession.
Since the crisis, the small and medium sized enterprises have been affected to date. Demand has never recovered to the levels in which it was before the financial crisis. At the same time, suppliers may not be willing to offer much credit since there is a high probability that the clients will be forced to postpone their dues. From that time, international markets have been growing smaller as a result of investors and banks becoming conservative. The small businesses have been faced with the problem of diversification due to lack of extra financing, and as such, the economic activities have been downsized.
Studies have shown that during crisis, small businesses have inadequate supply of finances. The lenders were not willing to supply more credit for the fear of becoming insolvent. Small businesses are highly volatile, and can therefore shut down at any time during the recession period. This fact makes it hard for lenders to offer unlimited credit facilities to the small businesses, as they can easily be shut down during recession.
During financial crisis, output is seen to be falling even for the developed countries. Monetary reforms and fiscal policies in a country are seen to bear no fruits during recession (Frey, 1999). Economies that are not independent will always suffer shortages after a global recession. This is because less is produced and it might not be sufficient for export. Due to reduced productivity, the economy is seen to be experiencing many economic problems which might include shortages and rationing.
Unemployment is seen to have an upward trend during recessions. This is due to shutting down of small and medium size enterprises that lacked proper foundations. These businesses had job opportunities that go away with their shutting down thus increasing unemployment levels in the economy. Due to increased unemployment, the dependency ratio among the population is seen to be on the rise. This is because many citizens depend on the working group which might not be as large as the unemployed group. Additionally, an increase in the unemployment leads to an increase in crime rate. This happens because most of the citizens lack a source of income, thereby ending up in crime and violence.
Lack of incomes, as well as low incomes have the impact of reducing household demand. This causes the business activity to reduce significantly. It also implies that the society will be surviving under low standards of living.
Poverty had risen to high levels during the global recession. As such, the small businesses played a great role in trying to eradicate this poverty through creation of jobs. Other well established small businesses came up with strategies which were aimed at reducing poverty levels. For example, small businesses that had specialized with subsistence production supplied food and other basic necessities to the most affected groups. This is because they believed that poverty hinders people from making sound decisions where alternative exist.
The growth and survival of small and medium sized businesses is significant for development of economies worldwide (Pavlin, 1998). This is because development and survival of small businesses creates job opportunities. This reduces the levels of unemployment in the economy and adds to the Gross Domestic Product. Small businesses are seen to absorb fifty percent of employees in the private sector, and therefore work significantly towards reducing unemployment.
Most innovations in a country are seen as a result of existence of small and medium sized enterprises. Due to these innovations, governments are seen to support the small businesses to a great extent. They do these by improving the environment in which the small business operate. The government also prefers providing financial aid to small businesses to large businesses.
Due to the major roles played by the small businesses in growth of the economy, different governments had to develop different strategies so as to ensure their survival. The large burden lied in simulation of demand so as to ensure that all the products were disposed. To work on this, different governments adopted strategies that could be effective for longer periods as well as in the short run.
Some governments believed in helping the small businesses to increase and maintain their cash flows. This was achieved through accelerating depreciation of the already undertaken investments. Other governments played a significant role in protecting the small businesses by giving them tax incentives. This ensured that the small businesses paid lesser amounts to the governing body as compared to larger businesses. Some governments provided the small businesses with refunds, tax cuts, as well as tax credits. Other governments still extended the deadlines by which the small businesses were required to have cleared their taxable dues.
Most governments also addressed the issue of low amounts of working capital for the small and medium sized enterprises. Governments reduced payments delays to ensure that the small businesses had sufficient working capital at all times. Governments also helped the small businesses to strengthen the payment discipline. This ensured that debtors paid in good time thus reducing the inconveniences to the small businesses. At the same time, these measures ensured that the businesses had sufficient cash.
Additionally, governments had to work towards alleviation of the sales shock. This was particularly done in the export market where competition is very high. These markets could also provide investment credit for short and medium sized enterprises that sold their products abroad. Other than stimulating demand, the government had the obligation of increasing liquidity to the small businesses through provision of credit. Some governments like Greece provided introduced a scheme that provided capital to the small and medium size enterprises. This scheme provided the working capital for new small businesses for the first three months of transacting. France also introduced a scheme that covered a significant portion of the risks associated with the loans.
Governments also come up with measures meant to strengthen investments. These measures persuade small and medium size enterprises to undertake long term investments. Some governments used these measures to increase the capital base of small businesses. They are also used to increase the productivity of the small businesses. Small businesses also need to come up with initiatives that protect them from shutting down during a recession. As such, they should abandon all other investments and dedicate much effort towards building their major business activities. For example, a company that owns stocks should sell them during a financial crisis. This ensures that the business focuses on the major transactions thereby being relatively productive during such times. Additionally, such a sale will ensure that the business has sufficient working capital during the recession period.
During a recession, it is necessary that small businesses increase their monitoring and control of cash. This is because there is a financial crisis, and the little that is available should be put into the most efficient use. This initiative also ensures that the business never goes out of cash since its flow is closely monitored. Small businesses should increase the marketing and advertising costs during a recession. This is because human beings might tend to be rational given that their incomes might be low during such a period. Advertising also ensures that the business survives at a time when competition is very stiff. It also ensures that the level of sales remain stable because it ‘speaks’ on behalf of the business.
It is also wise that small businesses minimize their full time staff during a recession. This helps to reduce the cost of production per unit as less workers will be paid. However, this increases the level of unemployment. As such, firms should add more employees after the recession period to ensure that it benefits the whole economy.
Therefore, small and medium size enterprises refer to businesses that have a low number of employees and a high rate of employee turnover. These businesses contribute significantly towards growth of the economy. As such, it is important to support the small businesses in an economy since they are seen to create job opportunities in the country. Through creation of job opportunities, small businesses reduce unemployment among the citizens. This has the effect of reducing poverty and improving the standards of living of the citizens. During the recession period, small and medium size enterprises are faced with the problem of financing as lenders are not willing to give unlimited credit facilities. As a result, during such periods small businesses end up being shut down. Shutting down such businesses leaves many persons being unemployed and thus increasing crime rate. At the same time, demand reduces thereby reducing business activity. Different governments have come up with initiatives that are meant to prevent the small businesses from shutting down during recession. The small businesses also have initiatives that ensure their survival even during the recession period.
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In the United States, beverage container deposit laws, or so-called bottle bills, are designed to reduce litter and reclaim bottles, cans and other containers for recycling. Ten states currently have some sort of deposit-refund systems in place for different types of beverage containers. These deposit amounts vary from 2¢ to 15¢ per container, depending on the type and volume of the container. For example, Oregon charges a (refundable) deposit of 2¢ per refillable container, and 10¢ for all others (with exceptions).
For this problem you will calculate the amount a customer will get refunded for a given collection of empty containers in the state of New York. New York’s rules are very simple: there is a 5¢ deposit for containers of any size less than one gallon containing beer, malt, wine products, carbonated soft drinks, seltzer and water (that does not contain sugar).
Input consists of a single line containing 6 space separated integer values representing the number of empty containers of beer, malt, wine products, carbonated soft drinks, seltzer and water. Each value will be in the range [0, 100].
The output consists of a single line that contains a single integer representing the total refund the customer should get in cents.
0 0 0 23 3 100
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You’ve probably heard a thing or two about cryptocurrency, but like most people, you still don’t understand what it is. So, let’s set things straight. While the technology behind cryptocurrency is quite difficult to understand if you are not into tech, you don’t really have to bother about it at all. What you need to know is what a cryptocurrency is for, and how it works as an asset or investment.
Cryptocurrency is a digital asset used to send and receive payments online. It stores and verifies transactions using blockchain technology. Blockchain technology works as an online ledger where all transactions are saved. With that said, there’s no human intervention when it comes to the record-keeping of these transactions. Industry experts believe that this feature makes cryptocurrencies generally safe and secure from fraud.
Today, there are about 7,000 cryptocurrencies that are distributed in the industry. Bitcoin, the very first cryptocurrency, remains to be the most popular one and is also traded the most. On the other hand, Altcoins is a collective term used for other cryptocurrencies that compete with Bitcoin in value and popularity. Ethereum, Litecoin, Peercoin, Namecoin, and Cardano are some well-known altcoins. Lastly, you can store your cryptocurrency coins in wallets that are called crypto wallets. Users can also make crypto transactions through these wallets.
The Buzz About Cryptocurrency
There are several things about cryptocurrencies that makes them appealing to newbies, tech enthusiasts, investors, and traders. These includes:
- Direct Transactions. Cryptocurrency transactions are done through a peer-to-peer networking structure. Essentially, it eliminates the ‘middleman’ as it links all parties in a straightforward transaction.
- Greater Autonomy in Transferring Assets. Cryptocurrency holders maintain full control of their investments and special contracts can specify when such transactions could take place.
- More Confidential Transactions. Coin holders enjoy semi-anonymous transactions by only transmitting the coins or value to a recipient, as opposed to traditional banks that usually require personal documents and transaction history.
- Lower Transaction Fees. Data miners who generate Bitcoin and other cryptocurrencies are being paid by the network so transaction fees do not apply. But this doesn’t mean it’s entirely free as there are also certain fees among third-party services that are sought to maintain a crypto wallet.
- Fast and Easy Access. The use of the internet enables anyone to engage in cryptocurrency trade, as long as they have a stable data connection and some knowledge on how cryptocurrency works.
- Easy To Trade. The peer-to-peer network allows transactions to take place across borders. Since it is not regulated by banks or governments, cryptocurrencies are generally not subject to taxes and transaction charges.
- Individual Ownership. Bitcoin and cryptocurrency users enjoy sole ownership of their digital assets unless a third-party tool is allowed to manage it through a digital wallet. This gives greater control and security among traders and investors.
- Strong Security. The use of encryption in transactions make cryptocurrency holdings and trading secure. The use of blockchain technology also ensures that the records cannot be easily tampered with by fraudsters.
So, now that you understand the reasons behind the hype and interest in cryptocurrencies, it is time to know how it is traded. It is more exciting and fulfilling if you join in on the crypto game and start trading or investing too.
Cryptocurrencies can be traded with each other or with fiat currency such as the US Dollar, Euro, or Japanese Yen. This can be safely done through online platforms called cryptocurrency exchanges. These exchanges are where all the hype takes place since it involves high stakes and some risks.
The cryptocurrency market is notorious for being highly volatile, but this is why high-risk traders and investors are attracted to them. Prices can rise and fall within the day, and this gives plenty of opportunities to buy coins at a very low price then sell them at high prices within just a day. Aside from potentially high return rates, the market is also available 24/7 with no centralized authority, making trading straightforward between its participants.
Cryptocurrency trading can work for newbies and experts alike, and it is intense and rewarding at the same time. However, like any kind of investment, there are risks in these exchanges and one needs to have a strategy in place to avoid common mistakes that can lead to huge losses.
How to Get Free Coins
If you now have a good grasp of how cryptocurrencies and exchanges work, you can now explore the crypto industry and try your hand at investing or trading. Bitcoin is the most dominant of all cryptocurrencies and investing in it can be very beneficial. It is the first crypto coin ever made, and its value has reached as high as $20,000 already.
Out of all the other cryptocurrencies, Bitcoin is deemed as the safest one because it is now past its highly volatile stage. So, if you are interested to get started with cryptocurrencies—especially Bitcoin—you can do so by obtaining some free coins first. Here are some ways to do that:
- Opening an online wallet and using coins to pay for online purchases can give you cashback incentives in the form of Bitcoins
- Sign up with a reputable crypto exchange and get free welcome coins
- Crypto Faucets that give a fraction of a Bitcoin in exchange for completing mini tasks such as solving captcha, playing games, or watching advertisements
- Hard fork where coins split up and result into new cryptocurrencies
- Bonuses received from being an affiliate marketer
Yes, there are free Bitcoins out there. All you need to do is exert effort to accomplish simple tasks, and you will be rewarded with Bitcoins. Some of these could come as instant bonuses or cashbacks when you sign up for crypto platforms, transact, or make purchases online.
The hype that surrounds cryptocurrency stems from its distinct characteristics to provide fast and direct cashless transactions over a secure network. The decentralized nature of cryptocurrency lowers transaction fees, enables international trade, and easy access to digital assets.
However, cryptocurrencies are not just for spending as these have become lucrative investments over time. Obtaining cryptocurrency gets more intense when one enters the crypto game of exchanges to buy and sell coins in a volatile and liquid environment.
Being able to predict how coins fare in the market can bring substantial gains and it may also provide free Bitcoins as a bonus. All these make cryptocurrency an interesting and rewarding feat in the world of tech and finance.
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How To Know How Much You Paid For A Crypto Before Trading – What is Cryptocurrency? Simply put, Cryptocurrency is digital cash that can be utilized in place of standard currency. Basically, the word Cryptocurrency originates from the Greek word Crypto which indicates coin and Currency. In essence, Cryptocurrency is just as old as Blockchains. However, the difference in between Cryptocurrency and Blockchains is that there is no centralization or journal system in location. In essence, Cryptocurrency is an open source procedure based upon peer-to Peer deal technologies that can be executed on a distributed computer system network.
One specific way in which the Ethereum Project is attempting to resolve the problem of smart contracts is through the Foundation. The Ethereum Foundation was developed with the objective of developing software solutions around smart contract performance. The Foundation has launched its open source libraries under an open license.
For starters, the major distinction in between the Bitcoin Project and the Ethereum Project is that the former does not have a governing board and for that reason is open to contributors from all strolls of life. The Ethereum Project enjoys a much more regulated environment.
As for the tasks underlying the Ethereum Platform, they are both aiming to provide users with a new way to participate in the decentralized exchange. The significant distinctions between the 2 are that the Bitcoin protocol does not utilize the Proof Of Consensus (POC) process that the Ethereum Project makes use of.
On the one hand, the Bitcoin neighborhood has had some battles with its attempts to scale its network. On the other hand, the Ethereum Project has actually taken an aggressive method to scale the network while also taking on scalability problems. As an outcome, the 2 jobs are aiming to provide different means of case. In contrast to the Satoshi Roundtable, which focused on increasing the block size, the Ethereum Project will be able to execute improvements to the UTX procedure that increase deal speed and decline fees. In contrast to the Bitcoin Project ‘s strategy to increase the overall supply, the Ethereum team will be dealing with decreasing the rate of blocks mined per minute.
The decentralized element of the Linux Foundation and the Bitcoin Unlimited Association represent a standard design of governance that places an emphasis on strong community participation and the promotion of agreement. This model of governance has actually been embraced by several dispersed application teams as a means of handling their jobs.
The major difference between the 2 platforms comes from the reality that the Bitcoin community is largely self-sufficient, while the Ethereum Project expects the participation of miners to fund its development. By contrast, the Ethereum network is open to factors who will contribute code to the Ethereum software application stack, forming what is understood as “code forks “.
Similar to any other open source innovation, much debate surrounds the relationship in between the Linux Foundation and the Ethereum Project. Both have actually embraced various viewpoints on how to best utilize the decentralized element of the technology, they have both however worked difficult to establish a favorable working relationship. The designers of the Linux and Android mobile platforms have openly supported the work of the Ethereum Foundation, contributing code to protect the performance of its users. The Facebook team is supporting the work of the Ethereum Project by supplying their own structure and creating applications that incorporate with it. Both the Linux Foundation and Facebook view the heavenly task as a method to enhance their own interests by supplying an expense scalable and effective platform for users and designers alike.
Just put, Cryptocurrency is digital money that can be utilized in location of conventional currency. Basically, the word Cryptocurrency comes from the Greek word Crypto which suggests coin and Currency. In essence, Cryptocurrency is simply as old as Blockchains. The difference between Cryptocurrency and Blockchains is that there is no centralization or ledger system in location. In essence, Cryptocurrency is an open source procedure based on peer-to Peer transaction technologies that can be executed on a distributed computer system network. How To Know How Much You Paid For A Crypto Before Trading
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How To Open Resource Crate Ethereum – The term “Ethereum Cryptocurrency ” is a relatively new term on the planet of financing and is related to digital currency itself. What is Ethereum, you may ask? Well, it is a form of currency that is developed on the “Ethereum ” platform. What does that mean, exactly?
Put simply, the task wishes to revolutionize how money is sent worldwide. Now, digital currencies are really just digital deals in between people. All you do is transform the currency you ‘re utilizing into whatever currency the recipient is using if you desire to send cash abroad. This can be a really sluggish and pricey procedure, specifically when you require to use various currency rates to make your deal worth your while.
In order to accomplish this, you would need to use something called “cryptocoins “. These are little clever agreements that run on the “blockchain “. Lots of people still aren ‘t quite sure what the “blockchain ” is, so this becomes their huge question.
Generally, the “blockchain ” is like the Internet with cash. Think about it as a journal where anything that ‘s been done is visited. Any new transactions are then contributed to the journal. Similar to the Internet, there ‘s a lot of potential for abuse with the ledger, which is why there ‘s constantly someone who ‘s attempting to get a piece of it. That ‘s why we need cryptography in order to make sure that the ledger remains safe.
The problem with the majority of digital currencies is they have too lots of similarities with standard currencies. Even if you understood how to track down all of the various governments ‘ currency logs, you still wouldn ‘t be able to figure out their interest rates, their political activities, and even their most current economic reports.
By utilizing a digital currency based upon cryptography, you ‘ll be able to make protected deals that will be hard to foil. You ‘ll also be able to ensure that you aren ‘t costs more than you should, because there won ‘t be any paper routes left behind. As you understand, federal governments all over the world are fretted about terrorism, which is why they keep a close eye on any type of transactions that are made online.
There are some business out there that are working on developing new kinds of cryptography that will be used on the Internet. In the mean time, there are several widely known cryptosystems that you can use for now. Some popular examples of these include Zcash, Vitalik, Prypto, and ECDSA.
Because the Internet is utilized around the world, you want to make sure that there isn ‘t going to be an issue when sending out private messages in between your computers. That ‘s what it ‘s really all about.
When looking for this type of service, look for something called a personal essential service. It ‘s very comparable to what you would use for an ATM, just it ‘s much more sophisticated and personal. Most of the time, you can get this sort of cryptography totally free, however if you ‘re willing to pay for it, you ‘ll have the ability to get more security than ever in the past. This is just among the numerous features that feature utilizing this type of system.
Even though there are plenty of places to purchase this innovation, you need to make sure that you ‘re dealing with a legitimate company that has a good track record. You put on ‘t want to put your financial info at threat.
What ‘s fantastic about it is that it ‘s been shown to be safe and secure, so it shouldn ‘t be difficult to make the modification from using codes and passwords to making this kind of individual identification system mandatory. There ‘s absolutely nothing even worse than having all of your details stolen, isn ‘t it? It ‘s definitely not an extremely excellent feeling when somebody gets hold of your social security number or other personal information.
The term “Ethereum Cryptocurrency ” is a fairly brand-new term in the world of financing and is associated to digital currency itself. Many people still aren ‘t quite sure what the “blockchain ” is, so this becomes their huge question.
Just like the Internet, there ‘s a lot of potential for abuse with the journal, which is why there ‘s constantly somebody who ‘s trying to get a piece of it. You ‘ll likewise be able to make sure that you aren ‘t spending more than you should, since there won ‘t be any paper routes left behind. What ‘s fantastic about it is that it ‘s been proven to be protected, so it shouldn ‘t be difficult to make the change from utilizing passwords and codes to making this kind of personal identification system obligatory. How To Open Resource Crate Ethereum
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Will There Be A New Coin With The Ethereum Fork – The term “Ethereum Cryptocurrency ” is a fairly new term in the world of finance and is associated to digital currency itself. Well, it is a type of currency that is developed on the “Ethereum ” platform.
Now, digital currencies are really just digital transactions between people. If you want to send out money abroad, all you do is transform the currency you ‘re utilizing into whatever currency the recipient is utilizing.
What is needed is a way for people to make transactions without having to handle any currency at all. Generally, this indicates you can take your money and make a transaction that involves no currency at all. In order to accomplish this, you would need to use something called “cryptocoins “. These are little wise agreements that run on the “blockchain “. They are responsible for making the entire deal as safe and protected as possible. Sadly, many people still aren ‘t quite sure what the “blockchain ” is, so this becomes their big question.
Essentially, the “blockchain ” resembles the Internet with cash. Think of it as a journal where anything that ‘s been done is visited. Any new transactions are then contributed to the ledger. Just like the Internet, there ‘s a lot of capacity for abuse with the ledger, which is why there ‘s always someone who ‘s trying to get a piece of it. That ‘s why we need cryptography in order to make certain that the ledger remains safe.
The problem with the majority of digital currencies is they have a lot of similarities with standard currencies. For example, all of the significant economies print their own currency. This makes them extremely simple to track. Even if you understood how to locate all of the different governments ‘ currency logs, you still wouldn ‘t be able to find out their rates of interest, their political activities, and even their newest financial reports. With this info, you might easily control the worth of the money and take advantage of their weak points.
By using a digital currency based on cryptography, you ‘ll be able to make protected deals that will be hard to foil. You ‘ll also have the ability to make certain that you aren ‘t costs more than you should, since there won ‘t be any paper routes left behind. As you understand, governments worldwide are fretted about terrorism, which is why they keep a close eye on any type of deals that are made online.
There are some business out there that are dealing with developing brand-new types of cryptography that will be utilized on the Internet. In the mean time, there are numerous well-known cryptosystems that you can use for now. Some popular examples of these consist of Zcash, Vitalik, Prypto, and ECDSA.
Before you select any specific business or product to buy, you ought to make certain that they have stayed in business for a minimum of a few years. Given that the Internet is used all over the world, you wish to ensure that there isn ‘t going to be an issue when sending out personal messages between your computers. Ensure that they also offer the highest level of security available. That ‘s what it ‘s actually everything about. The best tool can help you make the best decision about whether to use cryptography or not.
When shopping for this type of service, try to find something called a private crucial service. It ‘s very similar to what you would utilize for an ATM, just it ‘s far more confidential and innovative. The majority of the time, you can get this type of cryptography free of charge, but if you ‘re ready to spend for it, you ‘ll be able to get more security than ever in the past. This is just among the lots of functions that come with using this type of system.
Even though there are plenty of places to buy this innovation, you must make sure that you ‘re dealing with a genuine company that has an excellent credibility. You wear ‘t desire to put your monetary information at risk.
What ‘s fantastic about it is that it ‘s been shown to be secure, so it shouldn ‘t be difficult to make the modification from utilizing passwords and codes to making this kind of individual recognition system obligatory. There ‘s nothing worse than having all of your details taken, isn ‘t it? It ‘s certainly not a very excellent sensation when somebody gets hold of your social security number or other personal information.
The term “Ethereum Cryptocurrency ” is a relatively new term in the world of financing and is related to digital currency itself. Numerous people still aren ‘t rather sure what the “blockchain ” is, so this becomes their big concern.
Just like the Internet, there ‘s a lot of capacity for abuse with the ledger, which is why there ‘s constantly someone who ‘s trying to get a piece of it. You ‘ll likewise be able to make sure that you aren ‘t spending more than you should, since there won ‘t be any paper tracks left behind. What ‘s great about it is that it ‘s been shown to be safe, so it shouldn ‘t be difficult to make the modification from utilizing codes and passwords to making this kind of individual identification system obligatory. Will There Be A New Coin With The Ethereum Fork
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Debt-to-Income ratio is simply the ratio of your monthly income to the amount of your debts.
This ratio is commonly referred to as DTI.
Suppose for instance your gross income is $5,000 per month and your debts are $2,000 per month. In this example your debt to income ratio is 40%. If you are trying to refinance your mortgage loan lenders will consider your monthly gross income, not just your take home. Your gross income is the amount before taxes or any other deductions.
If you are on salary you can calculate your monthly gross income by dividing your annual salary by 12 months to come up with your monthly gross. If for example your annual salary is $40,000, dividing by 12 months gives you a monthly gross of $3,333. If you are paid hourly simply multiply your hourly rate by the number of hours you work per week to get your weekly total and multiply by 52 weeks per year. Your mortgage underwriter will do a much more detailed analysis of your monthly income; however, this method is sufficient for the purposes of this discussion.
Types of Debt-to-Income Ratios
There are two different Debt-to-Income ratios you need to be aware of when mortgage refinancing. The front end ratio is difference between your income and the mortgage loan you are applying for. The second type is the back end ratio which is the ratio between your monthly income and all of your debt, including your mortgage loan. Depending on your credit and your assets it is possible to be approved with Debt-to-income ratios as high as fifty or even sixty percent.
Keep in mind that all of your debts factor into your Debt-to-Income ratio, including student loans, credit cards, and your cars and any other accounts reported in your credit reports.
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In simple terms, monetary management can be explained as a discipline or field in an group that is generally concerned with the management of money, expenses, revenue and credit rating. Financial management involves the assessment, preparing and control of financial assets of an company. It will involve the use of financial tools and techniques and the preparation of studies.
Financial management includes five main concepts namely – cash flow, cost of capital, working, and monetary balance. This kind of also consists of the recognition, way of measuring lva.confd.com.br and reporting of economic transactions. The concepts and principles on this branch of accounting have become very complex because of the modern tendencies and changes in them. As a result of these difficulties, financial administration includes a number of different disciplines. These kinds of disciplines will be related to accounting, economics, information systems and banking.
Accounting for economic management identifies the process by which financial details is prepared and used for decision making. It includes the preparation of reports, inspecting the data, and providing recommendations on how to increase the performance with the organization. A great accountant will almost always be detail oriented and is likely to perform research and the evaluation of the financial data. Accounting is a necessary part of the supervision of funds. Proper accounting techniques allow managers to produce informed decisions on the portion of assets. The objective of accounting is to help in decision making and improve the operations of funds.
The initial principle of financial management meaning is that money is the simple resource for the organization. Since capital money represent the potential growth inside the organization, managers must always keep control over capital funds. A fantastic accountant can maximize the return upon capital cash by ensuring effective using existing capital and fresh resources out there.
Finance may be the study of economic activities. In the field of finance, two broad types are known namely managing of financial actions and usage of financial actions. Managerial actions refer to those ideas that are required for order to maximize or decrease the effectiveness of business activities. From this context, most actions that contribute to increasing the effectiveness of organization are also known as finance actions. On the other hand, utilization of financial actions refers to everything that are done to use the fiscal activities to get the benefit of the corporation.
The purpose of a manager should be to increase the earnings of the firm through sound financial control decisions. This really is achieved by right investment with the profits. Good financial managers are those who understand when to devote on properties and assets and when to sell them. They always make an effort to increase the net profit by increasing the output of the put in capital.
Another principle of finance certainly is the rule that all changes in the fiscal affairs of a company are accompanied by corresponding within other related areas of the venture as well. Consequently there should be a coordinated change in expense, production, and marketing strategies as well. In addition , all these activities must be carried out in order not to affect the other areas of the enterprise. In this regard, additionally it is necessary to claim that financial control means viewing beyond the four corners. It is necessary to recognize the inter-dependence of all the fields of the firm in terms of financing.
Thus, we see the fact that the principle of financial management is definitely seeing the inter-dependence and the cumulative effect of all financial activities. This kind of inter-dependence is closely linked to the concept of efficiency. For instance, in case the procurement method is made correctly and the funds allocated meant for the procurement properly, then the firm has been said to have performed financial administration successfully. Similarly, if the development process can be planned effectively and the solutions are properly utilized, the firm has been said to have effectively handled the procurement process.
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Market research is a process used to gather market information, analyze the information and interpret it according to a specific, predetermined goal. Accurate and thoroughly researched information is the foundation of every successful business venture, as it allows a wealth of information to assist business owners in making informed decisions regarding the feasibility of a venture, before committing themselves to substantial investment in a project.
Market research includes the following analysis and interpretation:
– Information about a specific market
– Information about a service or product for sale in that particular market
– Information about the users of the service or product in the past, the present, and potential future users
– Information regarding the spending habits, characteristics, needs and location of the specific target market
– Information about the industry as a whole
– Information about current competitors in the market
Market research will provide business owners with relevant data to solve likely marketing challenges businesses face as an integral part of the planning process. Market research is essential to the development of market strategies such as product differentiation (product identity creation to set it apart from competitive products on the market), and market segmentation (the identification of specific groups that exist within a market).
There are two types of data involved.
1. Primary information
Primary information is research that you can compile on your own, or you can hire a professional research company to do the research by gathering the information for you.
2. Secondary information
Secondary information is research that has already been compiled and organized, for example studies and reports by trade associations, government agencies, research organizations or major businesses in particular industries.
Most likely, the research required by business owners for decision making purposes regarding the feasibility of a business venture, will be secondary information. Gathering primary information involves two basic types of information, specific or exploratory. Primary research to gather information is extremely time consuming and costly, especially specific research methods, and is best left to the professionals to ensure that accurate data gathering is adhered to.
Commercial information sources of market research offer an abundance of market related information and is invaluable for making important marketing decisions. It makes use of large data bases and tracks information daily on millions of companies around the world.
Newspoll strategic market research are the experts in data collection and information analysis. If you need industry analysis and market data to help you make informed decisions regarding a potential business venture, their market research services will provide you with trusted information to help you make an outstanding success of your project. The collection includes information from over 700 publishers of research, worldwide, including trends, demographics, products, regions, companies and industries, and is updated on a daily basis.
They provide industry related strategic market research, company reports and reports specific to marketing services, data on market segmentation, growth and size in countries such as the UK, Asia, Europe and US, as well global markets.
Make market research an integral part of your strategic planning to assist your business in making the right decisions regarding the overall feasibility of a project, with the right type of market research information at your fingertips.
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1) European Union and North American Free Trade Agreement are the most obvious example to show regional economic integration. Charles (2011) stated that there are five levels of economic integration. Describe them all in detail.
2) Discuss the economic and political arguments for regional economic integration.
"Place your order now for a similar assignment and have exceptional work written by our team of experts, guaranteeing you A results."
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Hello Friends, Today, we are going to discuss Competitive Capabilities. Let’s start with some basics of Competitive Capabilities.
Capabilities refer to a corporation’s ability to exploit its resources. They consist of business processes and routines that manage the interaction among resources to turn inputs into outputs. For example, a company’s marketing capability can be based on the interaction among its marketing specialists, distribution channels, and salespeople.
A competency is a cross-functional integration and coordination of capabilities. For example, competency in new product development in one division of a corporation may be the consequence of integrating the management of information systems (MIS) capabilities, marketing capabilities, R&D capabilities, and production capabilities within the division.
A core competency is a collection of competencies that crosses divisional boundaries, is widespread within the corporation, and is something that the corporation can do exceedingly well. Thus, new product development is a core competency if it goes beyond one division. E.g. FedEx has a core competency in its application of information technology to all its operations. When core competencies are superior to those of the competition, they are called distinctive competencies.
Strength and resource capability
Strengths are the basic capabilities of the organization in which it can be used to gain competitive advantages. It is a distinctive competence of an organization that gives a competitive advantage. During the strategic alternative analysis, some of the factors related to the strengths of an organization need to be analyzed with respect to each alternative:
- Well developed strategy
- Strong financial condition
- Human resource competencies
- Strong brand name/image/reputation
- Strong advertising
- Broad market coverage
Weaknesses and resource deficiency
It is the basic limitation or constraint of the organization which creates competitive disadvantages. It is the deficiency in resource, skills, capabilities, and knowledge which negatively affect the performance of an organization. The following are some of the examples of weaknesses.
- Weak marketing plan
- No clear strategic direction
- Weak financial position
- Inadequate human resources
- Obsolete technology
- Loss of brand name
- Raising manufacturing cost etc.
It refers to being in a better position in comparison to competitors. In other words‚ strategic advantage is the capability of an organization to outperform its key competitors over a long period of time. Organizations can have a strategic advantage if ‚ it can produce the products in low-cost ‚ creates variation in products or both. The organization should always focus on developing and creating those resources and competencies which can be helpful in maintaining a better strategic position in the market.
Suman(Kul Prasad) Pandit is a graduate from Tribhuvan University, Nepal with four-year experience in corporate and start-up sectors in Nepal. Being a responsible & sustainable business enthusiast he is dedicated to business education to solve problems in entrepreneurship and business growth.
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In January 2018, each American described as a farmer via the IRS was asked to complete the 2017 Census of Agriculture. Conducted every five years, the Census blanketed every person who earned greater than $1,000 from farming activities in 2017, including elevating vegetation and/or farm animals, or from non-farming options consisting of the Conservation Reserve Program.
Data released by using the U.S. Department of Agriculture National Agricultural Statistics Service consists of the essential findings for the state, and by using country, many greater distillations will follow. Census figures launched in April and May this yr indicated that U.S. Farm earnings in 2017 become $388.5 billion, down from $394.6 billion in 2012. The total range of farming operations declined from 2.11 million in 2012 to 2.04 million in 2017.
These statistics don’t surprise folks who be aware of agriculture. Here also turned into a 6.9 percent growth from 2012 to 2017 of woman agricultural manufacturers, regardless of a declining variety of farms. The USDA continues track of first and 2nd operators of farms. In 2017 there had been 1.2 million females who either managed their farms as first operators or were particular as second operators of their family farms. These girls had generally been integrally worried in all aspects of the farm, including discipline paintings and management selections.
According to NASS, each small and huge farm extended, even as mid-size farms, especially family-sized operations, declined. This doesn’t wonder farmers and rural groups, but it isn’t what many Americans desire changed into taking vicinity in agriculture. Others but view this as a financial opportunity to make bigger or to go into farming as a profession. Changes inside the agricultural populace have been taking place because the first Census in Agriculture was changed in 1840.
There are much less widely known and sudden Ag Census records too. Although humans engaged in agriculture incorporate less than 2% of the U.S. Populace, they accounted for 11% of the entire U.S. Army employees in 2017. Some 370,619 agricultural producers had served or have been serving inside the U.S. Army in 2017. Also unexpected, the pinnacle states for starting farmers had been Alaska (46%), observed by way of a plethora of states with 30% or so of their farmers as novices. More beginners label themselves as organic manufacturers than within the past.
California was once more the pinnacle-generating agricultural country in 2017, followed by Iowa, Texas, Nebraska, Kansas, Minnesota, Illinois, North Carolina, Wisconsin, and Indiana, in that order. North Dakota, South Dakota, and Washington are near coming into the top 10 states, as agriculture in the U.S. Actions incrementally northward. The pinnacle 5 2017 commodities typical had been red meat, corn, poultry and eggs, soybeans, and dairy, in that order. In 2012, corn changed into the third maximum precious agricultural commodity. As ethanol manufacturing has accelerated, corn has to be the second most valuable agricultural commodity.
Organic farm products comprised 4% of the food fed on within the U.S. Final 12 months, keeping with USDA reviews, even though less than 1% of farmed land became certified organic. Organic producers are more youthful, much more likely to be women, and are growing, in contrast to the overall population. Demand for organically-produced ingredients and fibers is developing swiftly, which is why 70% of essential grocery shops now have natural food sections. In contrast, two decades ago, organic meals were seldom available outdoors of farmer’s markets and specialty stores.
According to purchaser surveys by way of non-governmental companies, intake of organic culmination and vegetables in 2017 expanded via 6.4% from 2016, which changed into less than in latest years, but intake of organically labeled meats, dairy, and eggs expanded by using more than 17% in 2017, an assessment to 2016. The 2017 Ag Census usually reflects farmers’ demographic traits and their operations and less approximately their psychosocial properly-being. As a periodic representative to the USDA and several federal groups, I recognize that these statisticians and scientists are deeply involved in the overall properly-being of agricultural manufacturers. I could sum up their concerns in 3 regions.
First and main, they’re concerned about issuing records and reviews which are correct. Secondly, they want U.S. Agricultural producers to be worthwhile and to remain wholesome so that farmers can feed customers inside the U.S. And beyond our borders. Thirdly, they have involved approximately the intrusion of politics into agriculture extra formidably than possibly ever earlier than. Still, they are trying to find to chorus from presenting political reviews themselves. They take apolitical stances, although the directors in their departments preserve strongly political affairs.
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#Bahamas, May 08, 2018 – With focus on integrating the three pillars of sustainable development (economy, society and the environment) to enhance resilience at the national, regional and global level, the United nations economic and social council (unecosoc) held a three-day integration segment at their New York headquarters.
under the theme ‘innovative communities: leveraging technology and innovation to build sustainable and resilient societies’, member states, the United Nations system, other International organizations, the private sector, academia and social society organizations gathered to assess (a) the status of integration and coherence of actions towards achieving the 2030 agenda for sustainable development; (b) best practices on how technology and innovation can be leveraged as tools to effectively design a resilient future and (c) policy instruments and mechanisms that support risk management and reduction across the hazard spectrum, including external shocks and natural disasters.
Taking part in the ‘national strategies for resilience’ panel discussion, The Hon. Romuald Ferreira, Minister of environment and housing, reflected on some of the key challenges faced by the Bahamas that often hamper economic and social growth within our communities.
- The lack of coordination and integration across government departments has resulted in the formulation of strategies and policies which are often ineffective, redundant and disconnected. By identifying shared synergies and strengthening cross-sectoral approaches within the government, the Bahamas can develop effective strategies to achieving the sustainable development goals and to improve the quality of live for all.
- The vulnerable in our society include those that live at or below the poverty line, the elderly, children and the disabled. Therefore, climate change impacts is more than an economic and environmental issue for The Bahamas. Therefore, national strategies developed must include initiatives that improves community-specific resilience and increase access to critical resources and infrastructure needed to prepare for and to respond to natural disasters.
- Equipping local governments is also critical to reducing the Bahamas post-disaster response time. Oftentimes, damage to airports and power systems delay communication to the capital city, leaving communities and family islands in limbo until relief can be provided. By ensuring local governments have access to hurricane supplies and equipment, The Bahamas can decrease response time and potentially help reduce some of the impacts caused.
- Due to our Gross Domestic Product (GDP), The Bahamas often fail to qualify for relief funds. Adopting a vulneralbility index rather that GDP can put The Bahamas in a better position to qualify for relief and climate change related funding.
The UN Integration Segment is part of a series of upcoming events that will examine options for leveraging technology and innovation to achieve the sustainable development goals.
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We can distinguish two types of loans:
- Commodate or loan for usage;
- Mutuum of loan for consumption.
The commodate is the most common type of loan. If you want to read a book I own, you could ask me to lend it to you and once you have finished reading, I got my book back. So we have two basic features of commodate:
- It is temporary;
- it is gratuitous, i.e. without compensation.
Because of feature 2 commodate differs from rent, and because of feature 2 it is different from a gift. The temporary character of the commodate is implied by the obligation of the borrower to return the lent object to the lender.
Due this obligation is often thought that only goods which cannot be consumed could be lent. With consumption we mean any use in which a good ceases to exist in its original form, think of food or fuel. But a book or bicycle can be used without their destruction, hence such goods will exist and hence could be returned to their owner.
Though consumable goods cannot be returned in their original form, it is however possible to lend and borrow such goods. However, in case not the original good but an equal good has to be returned. If I borrow one glass of soy milk from you, I have to give one glass of soy milk back. Such loans are called mutuum.
One could ask what use mutuum loans have. After all the borrower has to obtain after consumption a similar good at his own cost, would not it be better just to buy it in the first place? In many cases this would probably true.
Nevertheless there is one important example of mutuum loans in real life, namely monetary loans. Since people who borrow money do so virtually always to spend it, it would be unreasonable to demand the original money back. Instead returning an equal amount of money is accepted.
Monetary loans are the greatest exceptions to the rule that “loans” are gratuitous. Money is often lent against interest, and we could technically speak of renting money in this case.
The payment of some (small) compensation can however be justified in case of mutuum loans. Unlike the commodate there is an uncertainty whether the borrower will be able to return to borrowed goods. And in case of monetary goods we have to deal with inflation, and if the interest does not exceed the rate of inflation who could state that the loan is gratuitous nevertheless.
Besides monetary loans there is another important application of mutuum contracts: the lending and borrowing of securities (see short selling).
Read our disclaimer on legal issues
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Corporate Structures 101
The shareholders of the corporation have a financial investment in the corporation, i.e. they paid for stock which the corporation in turn uses for capital to run its business and they are the actual owners of a Corporation. To protect their interests, the shareholders elect the board of directors.
What Directors do?
The board of directors manages the corporation and make business decisions. They in turn choose the officers (President, Vice President, Secretary, and Treasurer), whose responsibility it is to run the day-to-day operations of the corporation.
How many Directors, Shareholders and Officers does a corporation need?
Generally speaking, most states allow one individual to hold all offices. (nonprofit corporations are required to have at least 3 directors). There is no limit to the number of shareholders a corporation can have (except if the entity opts to be treated as an S Corporation. Officers are a second level of management (first level is the Board of Directors) and a company can have as many officers as it may need to run the business.
Can the same person be the shareholder, director and all officers of a corporation?
While jurisdictions will vary in their requirements, most states require that there be at least one director and two officers, in a general, for a for-profit corporation. The required officers are President and Secretary. Most states allow one natural person to hold both offices and be the sole director of the corporation. Usually, that one person may also be the sole shareholder. A corporation may not be a director of another corporation.
What is a Corporate Officer?
While most jurisdictions allow the same person to act in all capacities, that person has different responsibilities depending on the capacity in which he or she is acting.
- Vice President
- Secretary (or clerk)
- Assistant Secretary
- Assistant Treasurer
Although most jurisdictions allow one person to serve in all three capacities, the person’s responsibility and authority changes through the different officerships the person assumes. For example, the President is typically responsible for entering into contracts on behalf of the corporation, the Treasurer is responsible for maintaining and accounting for corporate funds, and the Secretary is responsible for observing corporate formalities and maintaining corporate records.
In addition to these required officer positions, a corporation may also have vice presidents and/or assistant secretaries or assistant treasurers.
Typically, the authority and responsibilities of each officer is described in the corporate bylaws and may be further defined by an employment contract or job description.
The President. The President has the overall executive responsibility for the management of the corporation and is directly responsible for carrying out the orders of the board of directors. He or she is usually elected by the board of directors.
The Treasurer. The Treasurer is the chief financial officer of the corporation and is responsible for controlling and recording its finances and maintaining corporate bank accounts. Actual fiscal policy of the corporation may rest with the Board of Directors and be largely controlled by the president on a day-to-day basis.
The Secretary. The Secretary is typically responsible for maintaining the corporate records.
What is a Corporate Director?
The Board of Directors is essentially the management body for the corporation.
Responsibilities of the Board of Directors include establishing all business policies and approving major contracts and undertakings. In addition, the Board may also elect the President. Ordinary business practices of the corporation are carried out by the Officers and employees under the directives and supervision of these Directors.
The Directors must act collectively for their votes and decisions to be valid. That’s why Directors may only act at a Board of Directors meeting. This, however, requires certain formalities. One such formality is that the Directors must all be notified of a forthcoming meeting in a prescribed manner, although this can be waived or provided for in the corporation’s Articles of Incorporation or Bylaws.
For a Directors’ meeting to be valid, there must also be a Quorum of Directors present. A Quorum is usually a majority of the Directors then serving on the Board; however, the Bylaws may specify another minimum number or percentage.
The Board of Directors must meet on a regular basis (monthly or quarterly), but in no case less than annually. These are the regular Board meetings. The Board may also call Special Meetings for matters that may arise between regular meetings. In addition, boards may call a special shareholders’ meeting by adopting a resolution stating where and when the meeting is to be held and what business is to be transacted.
The first meeting of the Board of Directors is important because the Bylaws, the Corporate Seal, Stock Certificates and Record Books are adopted.
Board members, like officers, have a fiduciary duty to act in the best interests of the corporation and cannot put their own interests ahead of the corporation’s. The Board must also act prudently and not negligently manage the affairs of the corporation. Finally, the Board must make certain that it properly exercises its authority in managing the corporation and does not abrogate its responsibilities to others.
This means that the board must be very careful to document that each Board action was reasonable, lawful and in the best interests of the corporation. This is particularly true with matters involving compensation, dividends and dealings involving Officers, Directors and Stockholders. The record or Corporate Minutes of the meeting must include the arguments or statements to support the Board action and why must detail why the action was proper.
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