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According to recent studies, claims that using cash can increase your chance of picking up the virus are fakenews - there is no evidence to date that supports this. Investigations into this virus are still being conducted, but the reports below support the following key messages:
- Cash is safe to use (in times of coronavirus);
- Coronavirus is spreading via cough droplets, not from using publicly handled things (doors, cash, etc);
- The virus does not live long on dry surfaces, and has a particularly short lifetime on cash; and
- Coins are very bad environments for viruses to survive.
The probability of picking up any virus from cash is actually very low compared with other surfaces. Both medical experts and central bank the world over have been emphasizing that "cash is safe to use" (even in times of corona). "To date, there is no evidence of the coronavirus having been spread via euro banknotes – and, if it had, the numbers of infection would be way higher," says Head of the Health Department in Frankfurt, Germany.
"Handling banknotes doesn’t pose a particular risk of contracting coronavirus,"
Dr. René Gottschalk, Germany
On March 17th, 2020, in a press conference with Bundesbank boardmember, Dr René Gottschalk, infectiologist and Head of the Health Department, explained that there is no considerable risk of transmitting coronavirus via banknotes. If there were, the transmission curve would be different.
“In principle, it is entirely irrelevant how long pathogens can survive on surfaces. What is decisive is whether it is an infection channel.”
He saw no such infection channel as existing for banknotes. In addition, banknotes’ physical properties mean that they do not particularly lend themselves to transmitting pathogens. “Coronavirus is mainly spread by infected droplets transmitted by coughing, sneezing or also talking.”
“(Virus) transmission through banknotes has no particular significance,”
The German Robert Koch Institute (RKI), the government’s central scientific institution in the field of biomedicine and one of the most important bodies for the safeguarding of public health in Germany) states that transmission via inanimate surfaces has not yet been documented. The Federal Institute for Risk Assessment (BfR) confirms that no reports of infections from contact with dry surfaces are known for other corona viruses
“The amount of virus that is potentially on an inanimate object is usually very small,”
Prof Jürgen Haas & Dr Christine Tait-Burkard, UK
Prof Jürgen Haas, the head of infection medicine and Dr Christine Tait-Burkard, an expert in infection and immunity at the Roslin Institute (both working at the University of Edinburgh) told The Guardian that although coronavirus can appear on inanimate objects, the odds of contracting it in this way are low. Regarding cash, “unless someone is using a bank note to sneeze in,” says Tait-Burkard, the user is not likely to pick up COVID-19. She adds, “coins are actually very bad environments for viruses to survive.” Ultimately, there typically wouldn’t be much coronavirus on a person’s fingertips, and it would still have to get past your respiratory system to infect you.
World Health Organization
In its latest statements, the WHO confirmed that cash is safe to use, and a plethora of medical experts stated that there is next to zero likelihood to contract the virus via banknotes or coins, be it as a consumer, a supermarket cashier or a professional cash center operator. Stephanie Brickman from the WHO says “the virus will not survive for very long on surfaces, particularly on a dry surface like a banknote.”
List of references
- Phys Study: "Euro coins have antimicrobial activity, in contrast to banknotes" (Apr 17, 2020)
- Bankrate: “Coronavirus and cash: Why consumers should be cautious, but not fearful of handling dollars” (Mar 27, 2020)
- The New England Journal of Medicine: "Evidence of SARS-CoV-2 Infection in Returning Travelers from Wuhan, China" (Mar 26, 2020)
- Financial Times (Opinion): “Banknote virus fears won’t stop Germans hoarding cash” (Mar 25, 2020)
- Central Banking: "Will cash survive Covid-19? (Mar 20, 2020)
- G4S: “ESTA: No Risk of Contamination with COVID-19 on Banknotes” (Mar 19, 2020)
- The New England Journal of Medicine: "Aerosol and Surface Stability of SARS-CoV-2 as Compared with SARS-CoV-1" (Mar 17, 2020)
- Spiegel: "Can you catch cash?" (Mar 17, 2020)
- Nature.com: "The proximal origin of SARS-CoV-2" (Mar 17, 2020)
- Deutsche Bundesbank: "Cash does not pose a particular risk of infection for citizens" (Mar 17, 2020)
- Bloomberg: “New Yorker Anxiety in Hamptons Leads to Hard Cash Demands” (March 15, 2020)
- New York Times: “A Bank in Midtown Is Cleaned Out of $100 Bills” (Mar 14, 2020)
- ATM Industry Association: “New Coronavirus Health Crisis – Separating Fact from Fiction” (Mar 12, 2020)
- MIT Technology Review: “No, coronavirus is not a good argument for quitting cash” (Mar 12, 2020)
- Wall Street Journal: “As Coronavirus Spreads, Should You Have More Cash—or Less?” (Mar 12, 2020)
- Reuters: “Banknotes carry no particular coronavirus risk: German disease expert” (Mar 11, 2020)
- Bloomberg: "Fear of Virus-Tainted Dollars Opens New Front in War on Cash" (Mar 11, 2020)
- Reuters: "Banknotes carry no particular coronavirus risk: German disease expert" (Mar 11, 2020)
- MarketWatch: “World Health Organization: ‘We did NOT say that cash was transmitting coronavirus’” (Mar 9, 2020)
- Euronews: ”Experts play down likelihood of banknotes spreading coronavirus” (Mar 6, 2020)
- The Guardian: "From banknotes to handrails: 10 objects that help spread coronavirus" (Mar 3, 2020)
- Der Tagesspiegel: "Corona virus transferable by cash?" (Feb 27, 2020)
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Third Copenhagen Consensus: Infectious Disease Assessment, Jamison Jha et al
Dean Jamison, Prabhat Jha, Ramanan Laxminarayan, and Toby Ord identify five top priorities in the fight against infectious disease. The working paper used by the Expert Panel is available for download here, the finalized paper has been published in Global Problems, Smart Solutions - Costs and Benefits by Cambridge University Press.
The most important of these is malaria treatment. There is a rapid spread of resistance of the malaria parasite to the previously effective, inexpensive, and widely available drugs that have provided an important partial check on the high levels of malaria child deaths in Africa. The resistance to these older drugs is leading to a rise in deaths and illness that could be substantial. The death rate increase results in hundreds of thousands more deaths than would otherwise have occurred. A high priority for additional spending is to reduce the relative prices that poor countries face for new artemisinin combination therapies, (through the so-called ‘Affordable Medicines Facility-malaria’). Every million dollars spent on this ‘Facility’ means about 300,000 more children treated, of which 20,000 are children with severe malaria. Among these, the deaths of 1,000 children would be averted. Thus, spending $300 million a year would save 300,000 child deaths, with benefits put in economic terms that are 35 times higher than the costs. Various donors are reviewing extending this Facility this fall, and this analysis suggests it is one of the best returns on health that could be made globally.
The second intervention is the control of tuberculosis (TB), which is the leading infectious disease killer of adults after HIV/AIDS. Nearly 9 million new cases and perhaps 1.6 million deaths were caused by TB in 2003, with nine out of ten in low- and middle-income countries.
The spread of HIV infection in parts of Africa and drug resistance suggest that the current approach might not be able to bring TB under control, especially in Africa and the former Soviet Union countries. Addressing resistance increases costs and the short-term benefits in saved lives are limited. This means that compared to 2008, when the costs and benefits were calculated for the last Copenhagen Consensus project, the benefits for each dollar spent are actually lower. But, with each dollar achieving more $15 worth of benefits in economic terms, TB control remains a worthwhile investment. Spending $1.5 billion would save 1 million adult deaths annually.
The third approach Jamison outlines is expanding case-management of acutely ill children and adding several new antigens to routine vaccinations. These include Haemophilus influenza type b (Hib) and Streptococcus pneumonia which are common causes of childhood pneumonia; hepatitis B which protects against liver cancer; and newer rotavirus and shigella vaccines against diarrhea. The Global Alliance for Vaccines and Immunization estimates that the addition of Hib and pneumococcal vaccines to vaccination programmes could save 800,000 lives a year by 2010, and rotavirus and shigella vaccines might save 600,000 by 2010. In total, Jamison’s team estimate that spending about $1 billion annually on expanded immunization coverage would save 1 million child deaths annually. Put into economic terms, the benefits would be twenty times higher than the costs.
Another priority is de-worming. Although the costs of worm treatment are low and the prevalence is high, this remains a neglected infection. From complications with digestion to difficulty absorbing nutrients, worms can be detrimental to a person’s overall wellbeing, including productivity, appetite, fitness, and growth. Children are at greater risk of infection than adults and will suffer more severe, lifelong complications if worms are left untreated. Children who experience worm infection often live in poor communities and need a sustainable treatment plan to remedy any loss in education, nutrition and intellectual development they may experience. Spending $300 million would mean about 300 million children could be dewormed, with benefits in economic terms ten times higher than the costs.
No other threat comes close to the AIDS epidemic in threatening every aspect of development for dozens of countries. Unfortunately, it is also in many ways the hardest to tackle. Jamison’s team draw on research created for the Copenhagen Consensus and Rush Foundation project ‘RethinkHIV’ to identify priorities against this disease. The most effective preventive interventions against HIV are those targeting sex workers and those most likely to contribute to increased transmission, as has been done successfully in India and other Asian countries. Voluntary counseling and testing has reduced unsafe behavior in some studies, although the duration of this change is not clear. Prevention of mother-to-child infection is cheap and effective, and needle exchange and blood safety programmes can reduce other modes of transmission.
An HIV vaccine is the ultimate preventative tool. The researchers draw onRethinkHIV research by Robert Hecht and Dean Jamison on the costs and benefits of increasing research funding to speed up the arrival of a useful vaccine. Jamison concludes that there is a strong case for increasing HIV vaccine research and development by $100 million annually. Even with conservative assumptions, each dollar spent would generate benefits worth 20 times the costs.
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Links & Projects
Taxes are the money that United States citizens and residents of the United States pay to federal, state, and local governments. With the money of the taxes the services that the government offers are paid.
There are different types of taxes, such as income taxes, sales taxes, and property taxes. Income taxes: These are taxes that are paid to the federal government and, in certain cases, state and local governments on your income.
Property taxes: These are state and local taxes based on the value of your home and land. Property taxes are generally used to help fund local public schools and other services.
The fulfillment of the payment of taxes is taken very seriously since it is an obligation of every citizen or resident (temporary or permanent) that generates income. It is administered and controlled very strictly through the Internal Revenue Service, known by its acronym IRS. Its annual presentation, every April 15, is usually a headache for the inhabitants who resort to the use of special software or hiring the services of tax experts, M&M; Home Investors provides all the advice to its investors so that the payment of taxes is as friendly as possible.
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December 2011 – Note on recent developments in the household balance sheet
S Walters and National Accounts Division
Last Modified Date:
2020-10-01, 09:30 PM
Quarterly Bulletins > Articles and Notes
This note briefly reviews macroeconomic developments in the household balance sheet since 2003, updating the note on household wealth and balance sheets published in the September 2010 Quarterly Bulletin. Household balance-sheet data are important for assessing the economic behaviour of the household sector and provide valuable insights regarding the wealth of the sector.The net wealth position of households is the difference between the total assets and liabilities of the household sector. An increase in the net wealth position of households in general improves individuals’ ability to accommodate or withstand abrupt economic shocks or a fall in income. Furthermore, it affects households’ capacity to borrow and thus to spend or invest. In addition, an improved wealth position generates additional income for the household sector. The total assets of the household sector primarily comprise produced non-financial or fixed assets and financial assets, whereas total household liabilities consist of mortgage advances and other borrowing by households, largely from the banking and trade sectors.
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To understand the definition of light goods and heavy goods, we need to know what is the actual gross weight, volume weight, and chargeable weight.
Firstly, the actual weight:
Actual Weight, which is the weight obtained from weighing (overweight), including Gross Weight (G.W.) and Net Weight (N.W.). The most common is the actual gross weight.
In air cargo transportation, the actual gross weight is often compared to the calculated volumetric weight, whichever is calculated and charged.
Secondly, the volume weight
Volume Weight, also named as Volumetric Weight or Dimensions Weight, which is the weight calculated from the volume of the cargo according to a certain conversion factor or calculation formula.
In air cargo transportation, the calculation factor for calculating the volumetric weight is generally 1:167, that is, one cubic meter is equal to about 167 kilograms.
For example, the actual gross weight of an air cargo shipment is 95 kg, and the volume is 1.2 cubic meters. Calculated according to the coefficient of air transportation 1:167, the volume weight of this cargo is 1.2*167=200.4 kg, which is greater than the actual gross weight of 95 kg, so this cargo (also called soft, light goods, English called Light Weight Cargo or Light Cargo/Goods or Low Density Cargo or Measurement Cargo), air transport will be charged by volume, not actual gross weight.
Another example: the actual gross weight of a shipment air cargo is 560 kg, the volume is 1.5 CBM, calculated according to the coefficient of air transport 1:167, the volume weight of the ticket is 1.5 * 167 = 250.5 kg, less than the actual gross weight of 560 kg, so this cargo is named as heavy goods (English called Heavy Cargo/Goods or High Density Cargo), the airline companies will charge according to the actual gross weight, not the volume weight.
In short, according to a certain conversion coefficient, calculate the volume weight, and then compare the volume weight with the actual weight, whichever is larger will be charged according to that.
Thirdly, the chargeable weight
Chargeable Weight, referred to as C.W., which is used to calculate the weight of freight or other miscellaneous charges.
The chargeable weight is either the actual gross weight or the volume weight, the chargeable weight = the actual weight VS the volume weight, and the larger one is the weight for calculating the shipping cost.
How does air freight company calculate volumetric weight?
Length (cm) x width (cm) x height (cm) ÷ 6000 = volumetric weight (KG), ie 1 CBM ≈ 166.6666 KG.
Irregularly Shaped Air freight Shipment
The longest (cm) x widest (cm) x highest (cm) ÷ 6000 = volumetric weight (KG), ie 1 CBM ≈ 166.666667 KG.
This is an internationally accepted algorithm.
In short, 1 cubic meter of weight greater than 166.67 kilograms is called heavy cargo, and less than 166.67 kilograms is called foam cargo in China.
Heavy goods are charged according to the actual gross weight, and the foamed goods are charged according to the volumetric weight.
Regularly Shaped Air freight Shipment
The gross weight of an air shipment can be higher in value compared to its volumetric weight. This makes it the chosen chargeable weight for the cargo as shown in the below example.
- Length (l) = 80cm
- Width (w) = 20cm
- Height (h) = 45cm
- Gross Weight = 5Kgs
Step 1; Calculate the volume weight of the air freight shipment
Volume weight= length X width X height
= 80cm x 20cmx 45cm
Step 2; Compare the gross weight with the volumetric weight
volumetric weight vs gross weight = 11.4 kgs vs 9.5kgs
Chargeable weight is the greater value which is 11.4 kgs.
How does express courier (DHL, UPS, FedEx, TNT) calculate volumetric weight?
Express Courier calculation methods:
There are three ways to measure the volume in practice:
1 standard package measurement method:
The package is with a standard carton size,
The volume is calculated according to the length, height and width of the carton.
For example, DHL channel, package length 15cm, width 30cm, height 20cm,
Then the volume weight = (15 × 30 × 20) / 5000 = 1.8KG,
The actual weight is 1.2KG,
Then the parcel is calculated by the weight of 1.8KG.
The final chargeable weight is 2KG.
2 surface package measurement method:
If the package is squeezed by the goods, the plane of the box expands and deforms,
Then calculate according to the longest side of the package.
For example, DHL channel, the actual length of the carton is 15cm, 30cm, and 20cm;
Due to the extrusion of the goods, the length is 18cm, 33cm, and 22cm after sealing.
Then the volume weight = (18 × 33 × 22) / 5000 = 2.7 KG,
The actual weight is 2KG,
Then the package calculates the shipping cost by the volume of 2.7KG.
The final billing weight is 3KG.
3 irregular package measurement method:
Due to the actual size of the goods, it needs to be packaged into irregular packages.
Then the package is calculated according to the longest side and the volume is heavy.
Example: such as the UPS channel,
Irregular parcels have a maximum length of 15cm, a maximum length of 40cm, and a maximum height of 25cm.
Then the volume weight= (15 × 40 × 25) / 5000 = 3KG,
The actual weight is 2KG,
Finally, the package calculates the shipping cost by the volume weight of 3KG.
However, what customers often overlook is the design of the box itself. The size indicated on the box is the inner diameter of the box, it does not contain the thickness of the paper, but actual shipment is measured by the outer dimensions of the box.
1. CBM is the abbreviation of Cubic Meter, which means cubic meter.
2. Only the express (DHL, FedEx, TNT, UPS, Aramax) company uses this algorithm length (cm) × width (cm) × height (cm) ÷ 5000 to calculate the volume weight.
3. In order to make full use of the space and load capacity of the airplane,the heavy cargo and the light cargo will generally be reasonably matched. The air cargo loading is a technical activity – well matched, can make full use of the limited space of the aircraft, and if do well, it can greatly increase the extra profit. If there are too many heavy goods, it will waste space (it will be overweight without filling the space). Too much cargo will waste the load (filled with the maximum weight).
Sea Shipping calculation method:
1. The division of heavy goods and light goods by sea is much simpler than that of air transportation. China’s sea freight consolidation business basically divides heavy goods and light goods according to the standard of 1 cubic meter equal to 1 ton. In the LCL ocean freight, heavy goods are rare, basically light goods, and shipping LCL is calculated according to the volume of freight, compared with air transport according to the weight of the freight is fundamentally different, so it is much simpler. Many people have done a lot of shipping, but have never heard of light goods and heavy goods, because they are basically not used.
2. According to the stowage of the ship, any cargo with a cargo stowage factor less than the ship’s capacity factor is called Heavy Weight Cargo; any cargo with a cargo stowage factor greater than the ship’s tank capacity is called Measurement Cargo/Light Goods.
3. According to the calculation of freight aspectand international shipping business practices, any cargo with a stowage factor of less than 1.1328 m3/ton or 40 cubic feet/ton is called heavy cargo; where the cargo stowage factor is greater than 1.1328 m3/ton or 40 Cubic feet per ton of cargo, called light goods / foamgoods.
4. The concept of heavy goods and light goods is closely related to stowage, transportation, storage and billing. The carrier or freight forwarder company distinguishes heavy goods, light goods/foam goods according to certain standards.
Do you need any assistance moving your cargo either via air or sea? We are happy to help you, so contact us now and send a message. You can even message us on Skype or wechat for a quote on doing your air or sea freight.
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- What are non discretionary items?
- What are the 3 types of expenses?
- What are some examples of discretionary spending?
- What is the difference between discretionary and nondiscretionary spending?
- What does discretionary mean?
- What is an example of a non discretionary expense?
- Is military spending discretionary or mandatory?
- What are the 4 types of expenses?
- What is an example of discretionary authority?
- What are examples of a fixed expense?
- What does discretionary amount mean?
- Are groceries considered a fixed expense?
- Who decides discretionary spending?
- Is rent a fixed expense?
- How do you spend discretionary income?
- Is Internet a fixed expense?
- What does discretionary mean in law?
- Is eating out a discretionary expense?
- What is the opposite of discretionary spending?
- What is considered non discretionary spending?
- What is another word for discretionary?
What are non discretionary items?
Non-Discretionary Items means all real estate taxes, insurance premiums and utilities relating to the Property..
What are the 3 types of expenses?
Fixed expenses, savings expenses, and variable costs are the three categories that make up your budget, and are vitally important when learning to manage your money properly. When you’ve committed to living on a budget, you must know how to put your plan into action.
What are some examples of discretionary spending?
Some examples of areas funded by discretionary spending are national defense, foreign aid, education and transportation.
What is the difference between discretionary and nondiscretionary spending?
These categories can be further broken down into nondiscretionary expenses, which are things you can’t do without, such as food and rent, and discretionary expenses, which you can do without (vacations and entertainment).
What does discretionary mean?
adjective. subject or left to one’s own discretion. for any use or purpose one chooses; not earmarked for a particular purpose: discretionary income; a discretionary fund.
What is an example of a non discretionary expense?
Understanding Discretionary Expenses While non-discretionary expenses are considered mandatory—housing, taxes, debt, groceries—discretionary expenses are any costs incurred above and beyond what is deemed necessary.
Is military spending discretionary or mandatory?
The United States federal budget consists of mandatory expenditures (which includes Medicare and Social Security), discretionary spending for defense, Cabinet departments (e.g., Justice Department) and agencies (e.g., Securities & Exchange Commission), and interest payments on debt.
What are the 4 types of expenses?
You might think expenses are expenses. If the money’s going out, it’s an expense. But here at Fiscal Fitness, we like to think of your expenses in four distinct ways: fixed, recurring, non-recurring, and whammies (the worst kind of expense, by far).
What is an example of discretionary authority?
Here are a few examples: the Department of Education, Environmental Protection Agency, Federal Elections Commission, and the Securities and Exchange Commission.
What are examples of a fixed expense?
Examples of fixed costs include rental lease payments, salaries, insurance, property taxes, interest expenses, depreciation, and potentially some utilities.
What does discretionary amount mean?
Discretionary income is the amount of an individual’s income that is left for spending, investing, or saving after paying taxes and paying for personal necessities, such as food, shelter, and clothing. Discretionary income includes money spent on luxury items, vacations, and nonessential goods and services.
Are groceries considered a fixed expense?
Fixed expenses are your weekly, monthly, or annual bills that don’t fluctuate. … These include things like mortgage or rent payments, car payments, insurance premiums, utility bills, and the average amount you spend on groceries.
Who decides discretionary spending?
Discretionary spending refers to the portion of the budget that is decided by Congress through the annual appropriations process each year. These spending levels are set each year by Congress. This pie chart shows how Congress allocated $1.11 trillion in discretionary spending in fiscal year 2015.
Is rent a fixed expense?
Unlike variable costs, a company’s fixed costs do not vary with the volume of production. Fixed costs remain the same regardless of whether goods or services are produced or not. … The most common examples of fixed costs include lease and rent payments, utilities, insurance, certain salaries, and interest payments.
How do you spend discretionary income?
Here are five smart ways to invest your tax refund — and reap some big rewards.Pay Off Debt. This is probably the least fun way to spend discretionary income because you won’t have anything tangible to show for it. … Meet With a Fee-Only Financial Planner. … Open a 529 Plan for Your Child. … Invest in Your Home. … Take a Vacation.
Is Internet a fixed expense?
Some examples of fixed costs include: Rent. Telephone and internet costs.
What does discretionary mean in law?
Discretion is the power of officials to act according to the dictates of their own judgment and conscience. Discretion is abused when the judicial action is arbitrary, fanciful, or unreasonable. If the plaintiff or the defendant thinks that the trial court judge has abused the discretion, the party can appeal the case.
Is eating out a discretionary expense?
While rent, mortgage payments, and groceries are necessary, discretionary expenses are those you incur voluntarily such as dining out or cable television. Your discretionary spending budget is only as big as the income you have available to fund it.
What is the opposite of discretionary spending?
Antonyms of DISCRETIONARY mandatory, nondiscretionary, necessary, nonvoluntary, requisite, restricted, required, indispensable, nonarbitrary, nonelective, unarbitrary, essential.
What is considered non discretionary spending?
Non-Discretionary or Mandatory Spending This is the mandatory spend you don’t have a lot of control over and that you need to be a member of society, such as everyday bills, utilities and cost of living.
What is another word for discretionary?
In this page you can discover 14 synonyms, antonyms, idiomatic expressions, and related words for discretionary, like: optional, left to discretion, discretional, changeable, arbitrary, judgmental, personal, elective, facultative, opinion and surprise.
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Lesson Objectives:- Recording investing activities on the cash flow statement
- How to record financing activities
- Finalizing the cash flow statement balances
Let's finish up the cash flow statement preparation by figuring out how to record the long term investments first and then recording the financing activities of bonds payable and common shares.
Let's start off by looking at the balance sheet for the values of equipment and land that will be carried over to the cash flow statement. From 2012 to 2013, the equipment account increased by $32,000 and the land increased by $50,000.
We would first need to add a new section on the cash flow statement for the cash from investing accounts. Next, we would list the purchase of equipment which we would abbreviate as P. Equipment. Since we are increasing the long term asset and using cash, this entry would be considered a use and the $32,000 deducted from the cash flow statement.
The second entry for investing activities would be the land which is also considered an increase in the assets and a use of cash. The $50,000 cash used to purchase the land would also be deducted from the cash flow statement.
To conclude the investing activities section of the cash flow statement, we would total up the two investing entries to give us a negative figure of $ (82,000).
Let's proceed to the final section of the cash flow statement to record the financing activities.
The two items that we will be recording in the financing activities section is the bonds payable and common shares. Let's start with the bonds payable that went up $30,000 from 2012 to 2013 on the balance sheet.
We will add a third section for cash from financing and then list the bonds payable as a source. Since the bonds payable is increasing, we would be receiving cash in return from the bond holders. The increase would then be recorded as an increase on the cash flow statement.
The next item would be the common shares which increased $100,000 according to the balance sheet. This would also be an increase in cash as a result of the common shares issued by the company, therefore we are recording a source. The $100,000 would be added on the cash flow statement.
We would total the amounts of the bonds payable and common shares issued to come up with a total amount for cash from financing of $130,000.
The final step of the cash flow statement, is to come up with the change in cash and beginning and ending cash balances. The change in cash is calculated by summing up the three sections of cash from operating, cash from investing and cash from financing. This would give us a change in cash of $258,000. The cash at the beginning was $0 and the cash at the ending cash balance would be $258,000.
This example concludes the end of the cash flow statement preparation and hopefully now you have a better understanding of how a cash flow statement is created.
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Federal Minister for Climate Change Zahid Hamid said that Pakistan is ranked 7th among the countries which are most vulnerable to the vagaries of climate, due to its geographic location and poor resource base.
In a written reply in National Assembly during the question hour, the minister said that climate change is the biggest challenge being faced by the world today and no country including Pakistan is an exception to it.
He said that the ministry has established Global Change Impact Studies Centre (GCISC), which serves as the research arm of the Ministry of Climate Change and is conducting research to assess the impacts of projected climatic changes on agriculture sector.
He said that for the impact assessment studies, various crop simulation and water management models are being employed. Climate change projections made at GCISC indicate that average temperature over Pakistan will increase in the coming decades at a pace faster than that of the average global temperature and may exceed by about 2°C by the end of this century.
“Studies carried out at GCISC point towards yield losses and reduced growing cycles in the various climatic zones of the country under the influence of increasing temperatures,” he maintained.
The water security of the country is also threatened by the climate change which further accentuates the food insecurity concerns.
Comprehensive studies have been carried out at the centre to assess the impact of climate change on various crops in different climatic zones of the country using crop simulation models. It was revealed that wheat crop yield will be reduced by 3.4-12.5 per cent in semi-arid irrigated areas (like Faisalabad and Sheikhupura), 3.8-14.5 per cent in arid areas (like Hyderabad, Badin, Bahawalpur, Multan) and more than 16 per cent in rain-fed (Chakwal) areas under different climate change scenarios towards the end of the century.
Similarly, rice yields are expected to decline by 12- 22 per cent under different climate change scenario by end of the century, the minister added.
The growing season length of these crops will also be shortened resulting in significant decline in yields.
Research studies also reflect an increase in net crop water requirements owing to the increase in temperatures and likely yield reductions call for adaptation measures to protect/ increase the yield.
Some adaptation measures like increased rate of fertilizer application, use of higher seed rate, 3-split application of fertilizer, change in sowing window, improved scheduling of irrigation and dry sowing of rice have been evaluated and have shown promise to maintain yield to a certain extent.
Studies to assess the impact of climate change on wheat, rice and maize crops in 30 districts of the country using other crop simulation models; and on evaluating the impact of climate change on livestock sector are underway.
Agriculture is also a contributor to greenhouse gas emissions (GHG) and GCISC has prepared the national GHG inventory for the year 2014-15. This inventory describes agriculture as the 2nd largest GHG emitting sector with 174.56 MT CO2 Eq. (Total 405 MT CO2 Eq.) with larger share from the livestock sub-sector.
This inventory, besides estimating that sectoral and sub-sectoral share in the total national GHG emissions will help identify the prospects and aligning national strategies for moving towards climate-smart agriculture, he added.
Source: Pakistan Today
Byline: Hamid Khan
December 22, 2016
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The objective of this research is to analyze the impact of variables in the agricultural land price formation between 2000 and 2010 in three different regions in Brazil : the most recent agricultural frontier (southern Maranhão, southern Piauí, southeastern Tocantins and western Bahia), the transition area (which has a relatively recent exploration, but the agricultural exploitation has already been established, such as the Central-Western region in Brazil) and the traditional area (with established agricultural activities, as the Southern). The variables used were soybean price, productivity, cultivated area, rural credit, investments in transportation, capacity of storage and land price in previous periods. The analysis is carried out with a panel data model, and it was observed that soybean price, which represents land revenue, has the major influence in the land price. In the agricultural and transition areas, increases in land demand have negative impact in the land price, due to the increase in the land supply. On the other hand, in the traditional area, increases in the demand push up the land price, due to the inelastic land supply. The speculation variable was not important in the transition and traditional areas, but it has an important contribution to land prices formation in the agricultural frontier.
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Genetically engineered or transgenic trees can play a major role in providing the feedstock for an energy sector that relies increasingly on renewable energy. Biomass energy sources such as wood, both in the form of direct combustion and in the production of liquid biofuels for transport, are being viewed as a major energy source of the near future. Worldwide there is a growing emphasis to shift from fossil fuel to renewable energy sources largely in recognition of the GHG emissions associated with fossil fuels. The potential exists for customizing trees to provide energy, both as a feedstock for liquid biofuels and for direct combustion either as raw wood chips or a wood pellets. However, in the U.S. all transgenic plants, including trees, automatically come under regulation and must be deregulated if they are to be grown in large commercial operations. Although there is a process for deregulating transgenic plants through the US Department of Agriculture – Animal Plant Health Inspection Service (APHIS) and other government agencies, the process has become increasingly slow and cumbersome, particularly for perennial plants including trees. Indeed, it is argued that the obstacles to deregulation have been increasing. This paper looks at that situation and identifies some of the elements that contribute to the slowing of the process. It notes some inherent conflicts and social tradeoffs between a timely deregulation process and concerns about environmental obstacles given current legal decisions.
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There are a variety of ways of beginning a business. The principles of the game for how to start a business will vary, but presently there are general suggestions that apply to all entrepreneurs. Starting a company is similar to beginning any other sort of business.
Startup Costs – The cost associated with starting a business are pretty much much like those linked to starting an established business. You have to pay for inventory, legal fees, also to actually make your business started. timetoshow.lt Depending on your particular organization, you may also have to pay taxes and income taxes.
The only big difference between startups and regular businesses may be the way that startup costs are determined. In startup companies, there is no products on hand to buy or perhaps an accounting department to use. Rather, you only spend on the business. Having a conventional business, all the costs are the main overall expenditure.
Initial Costs: The price tag on business startups is a bit distinct from that of common businesses. You will have to pay for the startup of your business. The cost of products and supplies for your business should generally become included in the startup cost.
Some costs associated with international cost happen to be additional money to rent or perhaps purchase a workplace. You will also have to pay for employees. After you have your personnel and procedure set up, the startup price will likely be the biggest cost.
Accounting and Taxes: Contrary to most businesses, starting a small business does not need you to file the tax returns and pay the property taxes. When you go consumer on the stock market, you don’t need to file federal or perhaps state tax returns. There are some states that need a minimum volume of capital gains on a company’s inventory. This really is just a basic overview of the tax obligations.
Business Owners Insurance: Like the majority of other businesses, starting a business requires defense against liability. There are many kinds of insurance for people who do buiness owners, nonetheless they cover all kinds of things. More often than not a commercial landlord will make sure the business so the owner is protected by losses in the property.
New Business Laws: Starting a business can be a bit more complicated than operating an established business, although there are still some fundamental laws that govern this. There are legal guidelines that avoid being sued. There are regulations for workers’ compensation insurance and personnel compensation payments you have to pay.
Startup Costs and Property taxes: Starting an enterprise is similar to beginning a conventional organization in that you need to start with several funds. One of the greatest differences certainly is the way that taxes will be calculated. Beginning a business is normally more expensive than starting a standard business, nevertheless there are regulations designed for those who choose to start their own business.
Opening an enterprise: The startup company costs and taxes can add to the total cost of starting a business. Once you have opened a small business, you need to consider the risks that you face. To guard against the likelihood of your new venture, you can become a member of a business, which will help you in the franchise financial commitment.
Business Investment: Starting a business is comparable to starting an established business for many businesses. While traditional business owners shouldn’t have to worry about startup costs, business owners of franchised stores should be concerned about startup costs. Franchises are usually franchisors, who will need to pay for the franchising and purchasing their dispenses.
Therefore , there are a few ways of starting a company that is similar to starting the business. Just get your organization off the ground and commence the system. Then simply you are able to focus on increasing and growing your business.
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Business finance is a broad term encompassing several subject areas about the financial administration, development, and allocation of funds. Specifically, it worries the questions of why and just how an business, business or government receive the funds essential for its extended existence and operations; referred to as capital available context. The cash may be purchased by way of asking for from others (like banks), investing in investments (like companies and bonds) or receiving loans from private sources, like credit card providers. Business solutions can even more be broken into two main subtopics: organization assets and business financial obligations. Among the two, business financial obligations are the bigger ones mainly because they symbolize the bad debts of a organization more generally, while business assets happen to be those possessions that are used to perform and create the business and your related market sectors.
Business fund is a complex field because it combines the ideas of accounting, economics and law. A good example of this is the field of organization finance, which is basically a branch of math. One of the most important concepts engaged is source and demand, which are primarily interested in pricing decisions. Another important part is advertising, which is linked to the process of appealing to customers to buy a product, and marketing strategies. You can also find theories and concepts just like the theory of property as well as the theory of northcentralrotary.org risk, which are intertwined with business finance.
One particular important principle that is very closely related with business economic is the business capital structure. The administrative centre structure is definitely the mixture of investments and debts that a firm possesses. For example, all of the financial decisions that a firm makes is made based on the belongings that it possesses, together with the liabilities that it has. If the firm owns just too many assets and its particular liabilities are very high, the chances of the firm processing for bankruptcy increase significantly. Thus, small companies finance panel must ensure that your firm keeps a sufficient stability between its assets and its particular liabilities.
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Discounted cash flow analysis calculates the present value of a future cash flow stream, which might be uneven, constant or steadily growing at different points in a company's existence. The value of a business is the present value of its cash flows in the projection period, which is usually a few years because you cannot accurately predict too far into the future, and the present value of the residual value. Also known as the terminal value, it is the present value of the cash flow streams after the terminal year, which is the last year of the projection period.
Cash Flow Projection
Get the net income for the year, which is equal to sales minus operating expenses, interest and taxes.
Add back depreciation expenses because it is a non-cash expense. Depreciation is the allocation of a fixed asset's cost over its useful life.
Adjust for changes in working capital from the previous year. Subtract a positive change and add a negative change in working capital, which is the difference between current assets and current liabilities.
Deduct planned capital expenditures, such as renovations and maintenance, to get the cash flow projection for each year.
Estimate the cash flow growth rate for each year in the projection period. You may use your historical growth rates or the industry growth rates for your projections. You may also estimate the growth rates for the revenue and expense items separately, and then calculate the annual cash flow.
Determine a discount rate for the discounted cash flow analysis. New York University professor Ian H. Giddy suggests that this rate should reflect the business and investment risks. Choose a rate that falls somewhere between the cost of borrowing and the rate of return that equity investors expect, which could be the average return on a major market index, such as the Dow Jones Industrial Average.
Calculate the terminal value at the end of the projection period. It is the present value of the cash flow stream after the terminal year, which is the last year of the projection period. For a constantly growing cash flow into perpetuity, the residual value is [CF (1 + g)] / (r - g), where "CF" is the cash flow in the terminal year, "r" is the discount rate and "g" is the cash flow growth rate. For a constant cash flow, the formula simplifies to CF / r because "g" is zero. For example, if the cash flow in the terminal year is $1,000, the discount rate is 5 percent and the growth rate is 2 percent, then the residual value is [$1,000 (1 + 0.02)] / (0.05 - 0.02), or $34,000.
Compute the present value of the terminal value by discounting it back to the present. The regular present value formula is CF / (1 + r)^t, where "CF" is the cash flow in year "t." To conclude the example, if the terminal year is five, the present value of the residual value is about $26,640 [$34,000 / (1 + 0.05)^5 = $34,000 / 1.05^5 = $26,640].
Based in Ottawa, Canada, Chirantan Basu has been writing since 1995. His work has appeared in various publications and he has performed financial editing at a Wall Street firm. Basu holds a Bachelor of Engineering from Memorial University of Newfoundland, a Master of Business Administration from the University of Ottawa and holds the Canadian Investment Manager designation from the Canadian Securities Institute.
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Covid-19 is likely to cause much greater economic damage than any recent disease outbreak or economic crisis (Shretta, 2020). As of April 2020, the IMF is forecasting that the global economy is likely to contract by -3% in 2020 (IMF, 2020c, p. 1) and that ‘the cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around 9 trillion dollars’, making it the worst economic downturn since the Great Depression (Gopinath, 2020). Economic recovery could be swift (the IMF currently forecasts that the world’s economies will grow by 5.8% in 2021 (IMF, 2020c, p. 1) but this will require decisive and effective action to control the disease and restore economic activity including global value chains.
Covid-19’s economic impacts are broader and more severe than most past crises. The disease has been highly infectious in comparison with past major disease outbreaks, spreading rapidly to reach almost every country in the world and infecting more than four million people (Madhav et al., 2018, p. 317). In addition, while previous pandemics have typically emerged in poorer countries and have had their greatest impact there, Covid-19 emerged in an important economic hub and has affected countries central to the global economy: at the beginning of March, the list of the ten countries most affected by Covid-19 was ‘almost identical to the list of the ten largest economies in the world (Iran and India are the exceptions)’ (Baldwin & di Mauro, 2020, p. 2). The impacts of the disease itself (illness and absenteeism), the policy measures being taken to control its spread (closing businesses and schools, and restricting travel and gatherings), and the behaviour changes that individuals are making to avoid exposure (avoiding public places and reducing consumption, especially in social settings) combine to simultaneously affect supply and demand at multiple points in the economy. Most of the economic impacts of Covid-19, as has been the case with past epidemics and pandemics, are a side effect of the measures taken to control the spread of the disease, rather than a direct effect of the disease itself.
Covid-19 has greatly disrupted global value chains, which now account for more than two-thirds of world trade (Dollar, 2019, p. 1), and disruptions are likely to continue to propagate back and forth through these networks as countries restrict economic activity to control the disease (Baldwin & Freeman, 2020; Jonas, 2013, p. 10). The experience of value chain disruption during the pandemic is likely to feed into future debates about deglobalisation. The manufacturing sector will suffer disruption through shutdowns, labour shortages, supply chains and
transportation disruptions, and declining demand as customers cancel or delay purchases and investments (Baldwin & di Mauro, 2020, p. 4). Small and medium-sized firms that participate strongly in global value chains, and manufacturers of durable goods, are particularly vulnerable (Baldwin & di Mauro, 2020, p. 4; Baldwin & Tomiura, 2020, p. 61; Shretta, 2020). World merchandise trade is expected to decline by between 13% and 32% in 2020 (World Trade Organization, 2020, p. 1). Large drops in demand for and prices of oil and industrial metals
(World Bank, 2020a, pp. 3, 8) will cause serious economic harm to countries that export these commodities (IMF, 2020c, pp. 5–6).
Agricultural production and prices have not yet been strongly affected by Covid-19, with the exception of crops grown for biofuels and industrial purposes (World Bank, 2020a, pp. 7–8), and food security is not currently threatened at the global level. Agricultural commodity prices are stable, production levels and stocks of staple foods are near record highs, the prospects for the next crop are good, and demand for biofuel crops is likely to contract (Pangestu, 2020; Schmidhuber, Pound, & Qiao, 2020, p. 7; World Bank, 2020a, p. 10). However, agriculture and
food security are at risk of disruption if travel restrictions lead to labour shortages, reduced access to agricultural inputs, or barriers to transporting produce, if countries restrict trade in food, or if economic disruption reduces people’s incomes and purchasing power.
Countries, regions, and cities where service industries account for a large share of GDP are likely to be badly affected (Gong, Zhang, Yuan, & Chen, 2020, p. 8). Covid-19 is likely to lead to lower consumer and business confidence and decreased personal spending across a broad range of categories (Shretta, 2020). Recovery in the service sector is likely to be slow, and some economic output will be permanently lost. The travel and tourism sector has been one of the hardest hit (Shretta, 2020), as travel restrictions are more widespread and stringent than in any previous pandemic response and the combination of economic recession and individual reluctance to travel is expected to depress international travel significantly longer than in previous pandemics.
Despite substantial progress on reducing global poverty in the past thirty years, there is a significant chance that Covid-19 could lead to 2020 being the first year with an increase in poverty levels since 1990 (Sumner, Hoy, & Ortiz-Juarez, 2020). The anticipated economic downturn will affect people in or near poverty badly, and is likely to result in millions of people falling below the $1.90/day international extreme poverty line (Laborde, Martin, & Vos, 2020). Informal employment is widespread in most low- and middle-income countries and is a critical source of livelihood for a large proportion of the population. Informal workers, notably homebased workers, domestic workers, street vendors and market trader, and waste pickers are particularly vulnerable during the Covid-19 crisis due to the insecurity of their work, lack of labour rights, and inability to rely on social safety nets. Remittances from overseas workers have in the past been very important in helping to compensate for crises, but in the current situation, workers abroad are also vulnerable, and globally, remittances are projected to drop by about 20% in 2020 due to falling wages and unemployment of migrant workers (World Bank, 2020b).
Women and girls are particularly vulnerable to economic hardship, as they are generally in more precarious employment than men to begin with, they bear a greater burden of unpaid care work which limits their economic participation, and they suffer increased incidences of gender-based violence during crises.
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What is the difference between shares, stock and stakes? For a layman, many times it seems they are used almost interchangeably.
Shares are the individual units of ownership of a company. The total number of shares of a company is somewhat arbitrary and can be changed by splits. A company worth $1 billion might be divided into 10 million shares worth $100 each, or 100 million shares worth $10 each. Professional trading is typically done in "lots" of 100 shares; individuals can own as little as 1 share or in some cases even fractional shares.
Stock is the general term for the instrument of partial ownership of a company. An amount of stock is measured in shares, just as an amount of money is measured in dollars or euros or whatever. "A stock" is the stock of a particular company. If you own 100 shares of Microsoft, you don't own 100 stocks; you own 100 shares of 1 stock. However, by metonymy, "stock" and "share" are sometimes used interchangeably in general terms. For example, "stockholder" and "shareholder" mean the same thing. And what Americans call "stock market" and "stock trading", others may call "share market" and "share trading".
Stake also refers to partial ownership of a company, but measured as a fraction of the entire company. For example, if someone owns a 10% stake in Microsoft, it means they own 10% of all outstanding shares.
Stakes - Stake represents thе percentage оf stock thаt аn individual own. A person саn hаvе a stake in a company аlthоugh hе dоеѕ nоt оwn shares оf itѕ stock. Suppose, a company iѕ lооking tо raise 50,000 dollar in exchange fоr a 20% stake in itѕ business. Investing 50,000 dollar in thаt company соuld entitle уоu tо 20% оf thаt business's profits gоing forward.
Shares - Whеn a company issues stock, еасh unit оf stock iѕ measured аѕ share. Onе share оf stock iѕ equal tо оnе unit оf ownership in thе company. Shares generally refers tо units оf stock in a public company. A shareholder holds раrt оf a company thrоugh stock ownership, whеrеаѕ a stakeholder iѕ interested in thе performance оf a company fоr reasons excluding juѕt stock appreciation.
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See country lists in disposable household and per capita income. Disposable income is total personal income minus personal current taxes. In national accounts definitions, personal income minus personal current taxes equals disposable personal income. Subtracting personal outlays (which includes the major category of personal [or private] consumption expenditure) yields personal (or, private) savings, hence the income left after paying away all the taxes is referred to as disposable income. Restated, consumption expenditure plus savings equals disposable income after accounting for transfers such as payments to children in school or elderly parents’ living and care arrangements. The marginal propensity to consume (MPC) is the fraction of a change in disposable income that is consumed. For example, if disposable income rises by $100, and $65 of that $100 is consumed, the MPC is 65%. Restated, the marginal propensity to save is 35%. For the purposes of calculating the amount of income subject to garnishments, United States' federal law defines disposable income as an individual's compensation (including salary, overtime, bonuses, commission, and paid leave) after the deduction of health insurance premiums and any amounts required to be deducted by law. Amounts required to be deducted by law include federal, state, and local taxes, state unemployment and disability taxes, social security taxes, and other garnishments or levies, but does not include such deductions as voluntary retirement contributions and transportation deductions. Those deductions would be made only after calculating the amount of the garnishment or levy. The definition of disposable income varies for the purpose of state and local garnishments and levies. According to the Better Life Index study conducted by the Organisation for Economic Co-operation and Development (OECD), the United States of America has the highest average household disposable income of all of the OECD member countries in the world. Discretionary income is disposable income (after-tax income), minus all payments that are necessary to meet current bills. It is total personal income after subtracting taxes and minimal survival expenses (such as food, medicine, rent or mortgage, utilities, insurance, transportation, property maintenance, child support, etc.) to maintain a certain standard of living. It is the amount of an individual's income available for spending after the essentials have been taken care of: Discretionary income = gross income – taxes – all compelled payments (bills) Despite the definitions above, disposable income is often incorrectly used to denote discretionary income. For example, people commonly refer to disposable income as the amount of "play money" left to spend or save. The Consumer Leverage Ratio is the expression of the ratio of total household debt to disposable income.
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Richard Ebeling in this session explains the causes and the consequences of the economic crisis of 1930 in the United States. Also, the Keynesian arguments about the crisis and the critics that the Austrian School of Economics gave to that theory.
Richard presents the historical context of what happened in the USA before the crisis, how the technological revolution changed the society, the effects on inflation, on salaries and how these factors provoked the crisis, that's still a today's problem, according to him.
Basically the problem was that wages were far more sticky, rigid or slow in adjusting to reflect the declining markets for the output that labor was employed in.”
Ebeling mentions the origin of Keynesian Economics, the influence it has on modern macroeconomics and remarks on the faults that the Austrian economist, Friedrich Hayek detected in this economic theory.
He shares his perspective on the business cycle and capital growth, considering aspects such as consumer goods, loan market, investment goods, and production possibility frontier; also explains the way that economy should be managed.
After this, he continues developing on the great depression details, giving examples with graphics of the ideal management of the economy and how it would have worked.
It was not a crisis of capitalism; it was a crisis of the intervention state and government intrusion into the forces of the market itself.”
Ebeling concludes talking about the laws of the market as the economists Jean-Baptiste and John Stuart Mill argued, and how we can get an economy-wide balance.
Economist, professor and author
Nuestra misión es la enseñanza y difusión de los principios éticos, jurídicos y económicos de una sociedad de personas libres y responsables.
Universidad Francisco Marroquín
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When most people hear the term “business”, they think of some massive corporation with huge office buildings and hundreds of employees. In reality, most small businesses are families run by one or two adults. The definition of a small business is any privately owned and operated business. It doesn’t necessarily have to make money. There is a lot of work involved before a business becomes a successful small business. But, the fact remains that most successful small businesses are ones where at least one person is actively making an effort to get involved in the day-to-day operations.
In normal conversations, when you ask somebody to explain what a small business is, they usually paint a vision of a huge corporation with all those corporate employees. The reality is, very few small firms are huge corporations. The term “small business” isn’t necessarily an indication of the size of the firm. A lot of times, small firms are run by more than one person.
Can break down the definition of a small business into the definitions of three separate elements: the size of the business, the location of the business, and the number of employees. These three components are what make up the core definition of a small business. The size of a firm is dependent on how many owners there are. Each owner contributes to the profits of the company, which defines the value of the business.
The location of a business is not as important as the number of employees, but it is still an essential part of the overall definition. Smaller businesses need to have a central location accessible to customers, while larger businesses can do best if they have many different locales. This way, they can have a more diverse customer base. In fact, a lot of the success of a business comes from having more than one local market.
Finally, most enterprises classify their small businesses in either the medium or the large category regarding the employee count. Many factors come into play when classifying these businesses. The size of the business usually has an impact, as does the number of employees. To categorize these businesses properly, most business enterprise companies combine the medium and large business categories.
On the flip side, medium-sized businesses usually have fewer employees than larger firms. This is because large corporations also own most medium-sized businesses. That being said, the number of employees needed for a medium-sized firm is typically half that of larger businesses. Of course, there are exceptions to this rule, depending on the business model used.
The profit margin for small businesses is also a key determinant of whether they fit into the small business or large business definition. A business with lower profit margins will usually require less financing than a business with higher profit margins. Financing for a small business is easier to obtain than a large firm, especially if the venture is beginning. However, as the company begins to grow, the profits can begin to dry up.
In summary, the definition of a business can be quite complex, depending on who you ask. Can apply the three sizes standards to many companies, but business owners must keep in mind what they really are. Business owners must realize that the size standards may vary depending on the definition of what is being considered.
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When signs of economic weakness emerge, most economics experts are quick to embrace the ideas of John Maynard Keynes.
For most economists the Keynesian remedy is always viewed with positive benefits- if in doubt just push more money and boost government spending to resolve any possible economic crisis.
In this way of thinking, economic activity is presented in terms of the circular flow of money. Spending by one individual becomes a part of the earnings of another individual, and spending by another individual becomes a part of the first individual’s earnings.
So if for some reason people have become less confident about the future and have decided to reduce their spending this is going to weaken the circular flow of money. Once an individual spends less, this worsens the situation of some other individual, who in turn also cuts their spending.
Following this logic, in order to prevent a recession from getting out of hand, the government and the central bank should step in and lift government outlays and monetary pumping, thereby filling the shortfall in the private sector spending.
Once the circular monetary flow is re-established, things should go back to normal and sound economic growth is re-established, so it is held.
Can government really grow an economy?
The whole idea that the government can grow an economy originates from the Keynesian multiplier. On this way of thinking an increase in government outlays gives rise to the economy’s output by a multiple of the initial government increase.
An example will illustrate how initial spending by the government raises the overall output by a multiple of this spending. Let us assume that out of an additional dollar received individuals spend $0.9 and save $0.1. Also, let us assume that consumers have increased their expenditure by $100 million. Individuals now have more money to spend because of an increase in government outlays.
Because of this, retailers’ revenue rises by $100 million. Retailers in response to this increase in their income consume 90% of the $100 million, i.e., they raise expenditure on goods and services by $90 million. The recipients of these $90 million in turn spend 90% of the $90 million, i.e., $81 million. Then the recipients of the $81 million spend 90% of this sum, which is $72.9 million and so on. Note that the key in this way of thinking is that expenditure by one person becomes the income of another person.
At each stage in the spending chain, people spend 90% of the additional income they receive. This process eventually ends, so it is held, with total output higher by $1 billion (10*$100 million) than it was before consumers had increased their initial expenditure by $100 million.
Observe that the more that is spent from the additional income the greater the multiplier will be and therefore the impact of the initial spending on overall output is larger.
For instance, if people change their habits and spend 95% from each dollar the multiplier will become 20. Conversely, if they decide to spend only 80% and save 20% then the multiplier will fall to 5. All this implies that the less is saved the larger the impact of an increase in overall demand on overall output.
Following this way of thinking it is not surprising that most economists today are of the view that by means of fiscal and monetary stimulus it is possible to prevent the US economy falling into a recession. The popularizer of the magical power of the multiplier, John Maynard Keynes, wrote,
If the Treasury were to fill old bottles with banknotes, bury them at suitable depths in disused coal mines which are then filled up to the surface with town rubbish, and leave it to private enterprise on well-tried principles of laissez-faire to dig the notes up again (the right to do so being obtained, of course by tendering for leases of the note-bearing territory), there need be no more unemployment and with the help of the repercussions, the real income of the community, and its capital wealth also, would probably become a good deal greater than it actually is.
Increase in government spending cannot increase real wealth
Let us examine the effect of an increase in the government’s demand on an economy’s process of real wealth formation.
In an economy, which is comprised of a baker, a shoemaker and a tomato grower, another individual enters the scene. This individual is an enforcer who is exercising his demand for goods by means of force. The baker, the shoemaker, and the farmer will be forced to part with their product in an exchange for nothing and this in turn will weaken the flow of production of final consumer goods.
As one can see, not only does the increase in government outlays not raise overall output by a positive multiple, but on the contrary this leads to the weakening in the process of wealth generation in general.
By means of taxation or borrowings, the government forces producers to part with their products for government services i.e. for goods and services that are likely to be on a lower priority list of producers and this in turn weakens the production of wealth.
Not only does the increase in government outlays fail to raise overall output by a positive multiple, but on the contrary this leads to the weakening in the process of wealth generation in general.
According to Mises,
…there is need to emphasize the truism that a government can spend or invest only what it takes away from its citizens and that its additional spending and investment curtails the citizens’ spending and investment to the full extent of its quantity.
What causes recessions?
For most commentators the occurrence of a recession is a result of unexpected events such as shocks that push the economy away from a trajectory of stable economic growth. Shocks weaken the economy i.e. cause lower economic growth so it is held.
In contrast to this view, we suggest that as a rule a recession emerges in response to a decline in the growth rate of money supply. Usually this takes place in response to a tighter stance of the central bank. Various activities that sprang up on the back of the previous strong money growth rate (usually because of previous loose central bank monetary policy) come under pressure.
These activities cannot support themselves – they survive because of the support that the increase in money supply provides. The increase in money diverts to them real wealth from wealth generating activities. Consequently, this weakens these activities i.e. wealth-generating activities.
As a result of the tighter stance and a consequent fall in the growth rate of money, this undermines various nonproductive activities and this is what recession is all about.
Given that, nonproductive activities cannot support themselves since they are not profitable, once the growth rate of money supply declines, these activities begin to deteriorate. (A fall in the money growth rate means that the nonproductive activities access to various resources is curtailed).
Recession then is not about a weakening in economic activity as such but about the liquidations of various nonproductive activities that sprang up on the back of increases in money supply.
Obviously then both, aggressive fiscal and monetary policies, which will provide support to nonproductive activities, will re-start the weakening process of real wealth generation thereby weakening the prospects for a meaningful economic recovery. Hence, once an economy falls into a recession the government and the central bank should restrain themselves and do nothing.
We suggest that as a result of the time lag from changes in money supply to changes in economic activity, a downtrend in the annual growth of US money supply (AMS) since 2011 has likely set in motion the liquidation of various bubble activities (see charts).
It is quite likely that the annual growth rate of US real GDP will come under pressure in the months ahead. Note, that this conclusion is not derived from a statistical correlation between lagged annual growth rate of AMS and the real GDP growth rate as such but from theoretical reasoning.
The graphical display is for illustration purposes only. In our framework of thinking the theory explains the data (theory is not derived from the data as such).
In this framework of thinking, which is based on the ideas of Ludwig von Mises, fluctuations in the growth rate of money supply always set in motion the phenomenon of boom-bust cycle regardless of statistical correlation between the money supply growth rate and economic activity.
Summary and conclusion
During an economic crisis, what is required is for the government and the central bank to do as little as possible. With less tampering, more real wealth remains with wealth generators, which allows them to facilitate a further expansion in the pool of real wealth.
With a larger pool of wealth, it will be much easier to absorb various unemployed resources and eliminate the crisis. Aggressive monetary and fiscal policies will only hurt the process of wealth generation thereby making things much worse.
As long as the pool of real wealth is still growing, the government and the central bank could get away with the illusion that they can grow the economy. However once the pool begins to stagnate or decline the illusion of successful government and central bank policies is shattered.
We suggest the key reason why Keynesian economics fails to explain the occurrence of recessions is because it ignores the key factor behind this, which is the tampering policy of governments and central banks. Rather than regarding these policies as detrimental to the wealth generation process, Keynesian economics considers these policies as an important remedy to fix the economy.
As long as this mindset remains intact, commentators such as Paul Krugman and the followers of the Modern Monetary Theory (MMT) -who advocate Keynesian remedies – will find it difficult to ascertain the emergence of recessions. They will continue to describe rather than explaining what is going on in an economy.
We suggest that a graphical display of statistical correlations without a coherent theory cannot explain much. By showing a declining growth rate of some key economic data, one does not explain but rather describe economic data.
Also, deriving an explanation, which is based on historical observations dating back several or many thousands of years – as the MMT followers are doing – does not prove or explain anything,
it just describes things. Without a logically based theory, no valid explanation is possible.
J.M. Keynes. The General Theory of Employment, Interest and Money, Macmillan & Co. LTD 1964, p. 129.
Ludwig von Mises, Human Action ,3rd revised edition, Contemporary Books Inc, p. 744.
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Steelmakers create value through the processing of raw materials such as ferrous scrap or iron ore. The more processing steps there are, the greater the value that is created.
Flat steel products refer to items such as plate, hot and cold rolled strip and coil, tinplate, and electrical steel; and also include galvanised and organic coated steel. These products are usually made from slab. Slab itself is usually produced from continuous casting of liquid steel which in turn is usually made from iron ore via the blast furnace / basic oxygen steelmaking route.
Steel long products on the other hand refer to goods such as beams, heavy sections, rails, bar products, as well as wire rod, steel wire, strand, and even wire rope. These items are typically manufactured from a billet or bloom. Billet in turn is usually made from liquid steel which derives from melting scrap in an electric furnace.
Note that both definitions normally exclude tubular products such as welded or seamless pipe.
Click below to see the value chain for flat or long products, as defined by the market prices of raw materials as they undergo progressively more transformation or include increaing quantities of metal alloys.
Get access to the latest steel industry news, prices and business intelligence.
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Just as the Revolutionary War prompted the Continental Congress to issue paper currency, the financing of the Civil War provided the catalyst for the continuing evolution of U.S. currency. In 1861, the U.S. Treasury issued its first paper currency since the Continentals--Demand notes. They were printed in $5, $10, and $20 denominations, redeemable in coin on demand.
Between 1861 and 1865, the Confederacy issued currency backed by cotton to millions of southerners, gambling that a Confederate victory would ensure the currency's value. Meanwhile, enterprising Northerners printed Confederate money and circulated it in the South. This led to one of the greatest inflationary periods in America, particularly in the South.
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How the Coronavirus Epidemic Could Upend the Global EconomyIan Bremmer, Ph.D
By Ian Bremmer (original source TIME)
“There are many ways to measure the costs of coronavirus. There have now been more than 24,000 officially reported cases, and nearly 500 people have died, but we’d be wise not to have much faith in these figures. A report from the Lancet estimated that as of Jan. 25 the true number of coronavirus cases in Hubei province, which includes the city of Wuhan, was not 761, as officially reported, but 75,815.
The impact on China’s economy will be considerable. Quarantine and internal border controls have been imposed, and local officials are now overcompensating in response to criticism from Beijing that they were slow to respond to the initial outbreak. Businesses and schools are likely to remain closed for weeks. Economic activity in many Chinese cities is sharply reduced.
There is also the mounting economic cost for the entire global economy. The outbreak of severe acute respiratory syndrome (SARS) in 2003 knocked one to two percentage points off China’s GDP that year, which then cost one-quarter to one-third of a percentage point in global growth, according to estimates. The larger number of infections from the coronavirus suggests the impact could be more severe this time for both China and the world. What happens in China matters more than ever for the rest of us. Its share of the global economy has surged from 8% in 2002 to 19% today, and it’s now the world’s second largest economy.”
Click here to read more
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Zero Waste Scotland
Transforming manufacturing in Scotland
Engineer and business leader, Sandy Rodger, together with the Zero Waste Scotland team, looks at the wide range of benefits that Scotland could glean from adopting a circular economy approach to manufacturing
The Scottish Government is determined to accelerate Scotland’s strength in manufacturing with the Manufacturing Future for Scotland strategy, launched by the First Minister in February 2016. Reinvigorating manufacturing in the 21st century cannot, however, mean a return to Victorian smokestacks. Rather, a new approach is needed.
Making things which last a long time, using materials that last a long time, and promoting a manufacturing sector that is using and re-using resources, is better for the economy, good for jobs, gives Scotland a competitive edge, and is good for the environment too. Is the circular economy Scotland’s answer? After all, this innovative approach has already been recognised with multiple awards across the globe.
The circular economy replaces the ‘take-make-dispose’, or linear system, that has been built up since the industrial revolution, which uses many valuable resources just once before they become waste. Instead, renewable resources, such as biological materials, are kept flowing through the economy, returning nutrients back to the soil after each use. In addition to this, the finite stocks of materials like metals and plastics are kept in multiple cycles of re-use, rather than becoming waste.
It is very much a business-led approach, about innovation both in the physical products produced and their supply chains, and in new business models which change customers’ ways of using and disposing of products. Government is a vital enabler and catalyst, and nowhere more so than in Scotland, but only business can turn each linear supply chain into a circular one.
As an engineer, I focus on the practical challenges of the circular economy, the physical requirements to get products and materials into circular flows. I try to get businesses to think alternately about the broader system change, and the sharp realities of finding specific customers with specific products. It is hard to generalise, after all every industry has its own materials and products, and so its own circular economy models to develop. Some completely new business models and supply chains will emerge.
For those of us in today’s manufacturing, there are three overarching themes:
• Re-engineering global supply chains – with a new view of scale. Many supply chains today are global. Mined in Australia, manufactured in China, distributed to customers everywhere, and becoming waste, everywhere. The upstream stages operate at global scale. Suppose, however, that we go circular. Now this becomes the supply chain only for the first-time manufacture, followed by re-use, repair, remanufacture, recycling, each cycle passing through the customer’s hands. The centre of activity shifts towards the customer, with many of the ‘re’ stages localised. Some are new processes, others familiar but needing to be economical at a smaller scale. Scotland has a remanufacturing hub, but this is only the start.
• Systems thinking driving design. The Ellen MacArthur Foundation’s New Plastics Economy project, which I started in 2014, addresses a broken system, that being plastic packaging. Manufacturers supply packaging standing almost no chance of being recycled. Municipal waste systems catch whatever lands in their bins, and struggle to achieve better than landfill or incineration. The result is that today, 98 per cent of plastic packaging is made from virgin materials. This represents a failure to think of the system as a whole and a huge failure of design. The circular economy is critically about design and in particular answers ‘what’s next?’. What happens to products after use? Manufacturing businesses can take a lead in such new design thinking, a challenge as engineers, and also as leaders and influencers.
• From random waste to pure raw materials. Manufacturing businesses are used to controlling raw materials, achieving consistent quality despite base materials, from mines and fields, which are naturally mixed and diluted. Now there is a new source, the stuff that is wrongly labelled as waste. This is the mine of the future, and exactly the same principles apply. Plus, we have at least some influence over what goes into ‘waste’, which materials, and even segregating discrete products and components for re-use. So, we need to develop, produce, and implement technology to extract and separate products and materials, and at the same time design products to keep things separate in the first place.
Overall, the circular economy is a source of great optimism. It is a better model for the industrial system as a whole and it invites rejuvenation of manufacturing, especially in Scotland. If we are proud of manufacturing, this is an open goal.
Veracity, the Prestwick-based manufacturers of IP-video surveillance products have, at their core, really clever systems thinking. By understanding the unique way in which video data is generated, they significantly reduce the number of active disks in their storage solution. So the whole system is cooler. So it’s more reliable. So it lasts longer. So more of the components will be re-usable if they come back for refurbishment (they last so long this hasn’t happened yet!) And their transmission equipment is specifically designed to re-use existing embedded cabling, extending the life of the cables and the building materials which would need to be ripped out to run new ones. All this brings tangible cost and reliability benefits to the customer. Truly a great example of making things last!
Zero Waste Scotland
Services: Supporting innovative and disruptive manufacturing projects for a circular economy future
Author – Sandy Rodger, together with the Zero Waste Scotland team. Sandy is an engineer and business leader, formerly with Unilever and Diageo, now focused on the circular economy. He has worked with multinationals, SMEs, government, and international organisations, on five continents.
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A conservation restriction (or easement) is a legal agreement between a landowner and a land trust or government agency that permanently limits the uses of the land in order to protect its conservation values. It allows you to continue to own and use your land and to sell it or pass it on to heirs.
When you donate a conservation easement to a land trust, you give up some of the rights associated with the land. For example, you might give up the right to build additional structures, while retaining the right to grow crops. Future owners also will be bound by the conservation restriction’s terms. The land trust, or government agency that holds the conservation restriction is responsible for making sure the conservation restriction’s terms are followed.
Conservation restrictions offer great flexibility. For example, a restriction on property containing rare wildlife habitat might prohibit any development, while one on a farm might allow continued farming and the building of additional agricultural structures. A restriction may apply to just a portion of the property, and need not require public access.
A landowner may sell a conservation restriction, but usually conservation restrictions are donated. If the donation benefits the public by permanently protecting important conservation resources and meets other federal tax code requirements — it can qualify as a tax-deductible charitable donation. The amount of the donation is the difference between the land’s value with the restriction and its value without the restriction.
Placing a conservation restriction on your property may also result in property tax savings.
Perhaps most important, a conservation restriction can be essential for passing land on to the next generation. By removing the land’s development potential, the conservation restriction lowers its market value, which in turn lowers estate tax. Whether the conservation restriction is donated during your life or through your will, it can make a critical difference in your heirs’ ability to keep your land intact.
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The world ash and slag production can reach up to 739 million tons a year and in Russia, especially in the Moscow region alone, it is estimated that about only 6% of the natural resources that are mined reach the consumers and the rest are either stacked up in the storage places or fill up lands resulting in dumps and landfills. As a result of which, it can cause serious environmental issues like pollution, health issues of the people living nearby and also turning vacant lands into landfills causing a reduction of available lands for living. It is also estimated that in Russia and Africa, only 10 to 20% of these wastes are recycled whereas in countries like Japan, Germany and France about 60 to 100% of industrial wastes is recycled or used in construction. So, Russia is definitely lagging behind.
Most of the waste recycling and incineration plants fail to recycle these waste products ecologically and only add up to the problem. Moreover, due to high cost of waste disposal, need of raw materials etc. most companies often prefer to the use of “symbolic fines” rather than dealing with the problem itself. The process of recycling waste is also quite expensive and not a profitable venture.
What is Angenium?
Angenium is a unique project that will completely decompose man-made waste products into constituents of high cost. It’s technology uses a unique sorbent that will work on all types of waste products and will extract precious metals like gold, silicon dioxide, aluminium dioxide, iron oxide and also pyrite cinders. The sorbent is 10 times cheaper than other analogues in the market. Even secondary resources like plastic, metal, radio electronic components are crushed and extracted to its full value. For e.g. from 1 ton of old mobile phones one can get 150 g of gold which is remarkable. The Blockchain based ecosystem will use tokens for all its transactions. Buyers will be provided with a certificate for purchase of products in the system and it will be recorded in the Blockchain network. The token used in the system is Angenium coin or ANG_Coin, which is ERC20 compliant and is based on the Ethereum Blockchain.
Highlights of Angenium
- A universal sorbent material that works on all metals and ensures 99.9% purity.
- It can be operated anywhere from any country and has a capacity of 5000 to 1000000 tons of waste recycling per year.
- The franchise is available everywhere on a “ready-to-operate” basis.
- It is in compliance with all the legal procedures and legislations and maintains all the standard ecological standards.
- It is trademark protected and requires no approval for fourth or fifth grade non-toxic waste recycling, as the sorbent is organic.
- It is ecologically balanced and does not affect the environment.
- It will release tons of lands which were earlier filled with wastes.
- Low operational costs with wide range of final products from iron, gold to even rare earth metals.
- High market price for final products and the system will likely be adopted by many countries.
In Russia alone about 1.5 billion tons of ash and slag has covered about 28,000 hectares of land and about 50 million tons of pyrite wastes are generated from the Russian power plants. This is a major setback for the environment and economic landscape of the county resulting in health issues and reduction of available land for living.
Angenium ICO Details
- Token: ANG
- Price: 1 ENG = 1 USD
- Platform: Ethereum
- Soft cap: 18,500,000 USD
- Hard cap: 90,000,000 USD
The main aim of Angenium is to recycle these wastes at a very low cost, but produce final products of high cost that can also contribute to the economic growth of the nation. It will increase the volume and speed of mining process of precious metals where waste products will be the raw materials. It will be a global solution to environmental pollution due to wastes and also increase the habitable land of people.
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Why the Market Value of Commercial Property Can Rise and Fall Over Time
Commercial real estate, such as malls or stand-alone buildings, hosting a variety of businesses can be sensitive to issues affecting their market values. Like all real estate, commercial properties and their market values react to broad economic conditions. For example, increases in unemployment can cause consumers to slow their purchasing, which ends up affecting businesses large and small. When businesses fail due to economic conditions the properties housing them see vacancies that may negatively affect their market values.
The rise and fall of interest rates, or the cost to borrow money, can impact commercial real estate in a big way. Most commercial properties are first financed, built and then leased out. When it is expensive to finance or refinance commercial real estate fewer borrowers enter the market, and that can lead to drops in market values for properties. High interest rates also discourage business investment and expansion, creating commercial real estate vacancies that depress market values.
Low interest rates will not help commercial real estate if broad economic conditions are unsatisfactory. For example, when unemployment is high some types of real estate may see market value declines. However, different types of commercial real estate react differently to sluggish economies. For example, hospitality industry real estate suffers in slow economies as consumers limit hotel stays or forgo them entirely. Commercial properties offering long-term leases, such as office buildings, might not see vacancy increases because of those leases.
Commercial real estate can be sensitive to changes in government policies at all levels. For example, a government per-transaction tax on tanning salons may cause some salons to increase prices that depress business and ultimately cause salon closures. Government waste disposal policies may increase costs to do business, for example, with such costs having to be allocated somewhere. Businesses experiencing negative effects from government policies may close, creating property vacancies and subsequent drops in commercial property market values.
Commercial properties hosting businesses offering products or services that are no longer popular frequently see market value issues. Fad fast-food chains may rise and then quickly lose popularity, leaving behind dozens of vacancies in a local commercial real estate market. Large retail chains go out of business all the time, leaving behind millions of square feet of vacant mall space nationwide. As malls try to attract new businesses they may drop per-square-foot lease rates, leading to market value drops.
- StreetDirectory.com: Commercial Property - How the Market Value is Determined?
- National Real Estate Investor: How Will The Economic Slowdown Affect Commercial Real Estate Fundamentals?
- UC Davis School of Law Business Law Journal: Commercial Real Estate in Economic Crisis: An Interview with James O'Brien of Davis Polk & Wardwell
- Hoover Institution Stanford University: Regulation and American Business
Tony Guerra served more than 20 years in the U.S. Navy. He also spent seven years as an airline operations manager. Guerra is a former realtor, real-estate salesperson, associate broker and real-estate education instructor. He holds a master's degree in management and a bachelor's degree in interdisciplinary studies.
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cost of wind power, cost-benefit analysis wind power, electricity generation, Feed In Tariff, FIT, hydro bills Ontario, Ontario electricity bills, renewable energy, renewable energy generation, renewable energy projects, renewable power, Robert Lyman, Scott Luft, solar power, wind farms, wind power
Here, from Ottawa-based energy-specialist economist Robert Lyman, a quick look at what many people don’t know (and aren’t getting told by the government or the wind power lobby) about the costs of generating power from wind and solar.
THE HIDDEN COSTS OF ONTARIO RENEWABLE ELECTRICITY GENERATION
Ontario residents can be forgiven if they fail to understand the public debate during the current (2014) provincial election about the costs of different types of electricity generation and why these have caused electricity rates for consumers to rise so much over the past ten years. The complexity of the system makes it difficult to explain the costs associated with one source of supply, namely the renewable energy generation (industrial wind turbines and solar power generators). In this note, I will nonetheless try to explain in layperson’s terms why these costs are significant.
Electricity supply in Ontario takes place within the framework of the policy and legislative framework established by the Ontario government, an important part of which is the Green Energy and Economy Act of 2009 (GEA). Historically, the goal of Ontario electricity policy was to keep electricity rates for consumers as low as possible consistent with the goal of maintaining adequate and reliable supply. Within the current framework, however, that is no longer the goal. The GEA seeks to stimulate investment in renewable energy projects (such as wind, solar, hydro, biomass and biogas) and to increase energy conservation. To do this, it:
- Changed the review process for renewable energy projects to reduce environmental assessment and hasten approvals
- Created a Feed-in-Tariff that the Independent Electricity Systems Operator (IESO) must pay, guaranteeing the specific rates for energy generated from renewable sources (typically, the rates are fixed for the full term of the twenty year contracts, with inflation escalators)
- Established the right to connect to the electricity grid for renewable energy projects and gave renewable energy source preferential access over other sources of generation
- Implemented a “smart” grid to support the development of renewable energy projects
- Eliminated local approval requirements that local governments previously could impose on renewable energy projects
The guaranteed rates paid under the FIT system are not negotiated based upon the actual costs of production. In fact, the actual costs of production are largely unknown. …
Read the full analysis here: THE HIDDEN COSTS OF ONTARIO RENEWABLE ELECTRICITY GENERATION
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From American Rivers:
Sixty-nine dams were removed in 2020, revitalizing local economies and communities and restoring fish, wildlife and river health. Communities in 23 states, working in partnership with non-profit organizations and state and federal agencies, removed the dams to reconnect 624 upstream river miles.
“While this past year was full of challenges, restoring vibrant, free-flowing rivers has been a source of strength and progress for communities nationwide,” said Brian Graber, senior director of river restoration for American Rivers. “Local partners, engineers and construction crews worked under extraordinary circumstances to complete these projects, delivering a wide range of benefits to their rivers and communities.”
On the Middle Fork Nooksack River near Bellingham, Washington, removing a water diversion dam and installing a new water intake opened 16 miles of habitat for salmon, restored cultural resources, and ensured a sustainable supply of clean water for the city. The project, an effort of American Rivers, the Nooksack Indian Tribe, Lummi Nation, City of Bellingham, Paul G. Allen Family Foundation and others demonstrates the power of public-private partnership and innovative solutions to infrastructure challenges.
More than 90,000 dams block rivers in the U.S. Dams harm fish and wildlife habitat and ecosystem health and can pose safety risks to communities. The failure of Michigan’s Edenville Dam in May 2020 was the latest high profile example of the threat that aging, outdated dams pose to public safety. A recent UN report highlighted the growing risk of aging water infrastructure.
American Rivers is calling on the Biden-Harris administration to invest in river health, local economies and public safety, by prioritizing dam removal and river restoration. In the 2021 Blueprint for Action, American Rivers highlights urgent actions the administration should take to advance dam removal and river restoration, including:
- Funding barrier removal to improve habitat, connectivity, water quality and public safety.
- Developing a schedule for reviewing the operation of federally owned dams.
- Developing accurate budget projections that reflect the true costs of maintaining and operating federal water infrastructure.
- Facilitating dam removal and river restoration through the hydropower relicensing process.
American Rivers’ report, Rivers as Economic Engines, outlines how investing in water infrastructure and river restoration creates jobs and benefits the economy. For example, according to a study by the University of North Carolina, the ecological restoration sector directly employs approximately 126,000 workers nationally, and supports another 100,000 jobs indirectly, contributing a combined $25 billion to the economy annually.
“It is time for transformational solutions that strengthen communities, improve public health, address longstanding injustices, and boost our economy. Equitable investment in clean water and healthy rivers is vital to a better future,” said Graber.
On a much larger scale than the projects featured on the 2020 list, Congressman Mike Simpson (R-ID) recently shared a vision for infrastructure investments in the Pacific Northwest that includes removal of four dams on the lower Snake River, which would be the biggest river restoration effort in history. While details need to be addressed before legislation can be enacted, Congressman Simpson’s proposal illustrates how river restoration can be part of transformational solutions that include clean energy, agriculture, job creation and economic revitalization.
In 2020, dams were removed in the following states: California, Connecticut, Illinois, Indiana, Iowa, Massachusetts, Michigan, Minnesota, Montana, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Vermont, Virginia, Washington and Wisconsin
A total of 1,797 dams have been removed in the U.S. since 1912. The states with the most dam removals in 2020 were Ohio (11), Massachusetts (6) and New York (6).
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by: Joel Makower
One of those, "virtual water," received currency last month when its foremost proponent, Professor John Anthony Allan from King's College London and the School of Oriental and African Studies, was given the 2008 Stockholm Water Prize.
Allen coined the term back in 1993 to refer to the amount of water embedded in the production and trade of food and consumer products. A cup of coffee, for instance has 140 liters (about 37 gallons) of virtual water, when you consider the amount of water used to grow, produce, package, and ship the beans. A hamburger contains 2,400 liters (634 gallons) of virtual water.
The concept of virtual water (also known as embedded or embodied water) is of more than academic interest. As water concerns flood a greater number of regions, the embedded water of common products provides a useful understanding of how water resources are impacted by global trade. For example, it explains how and why nations such as the U.S., Argentina, and Brazil "export" billions of gallons of water each year — in the form, say, of water-intensive grain or meat — while others like Japan, Egypt, and Italy "import" billions.
The concept also could be useful in national agriculture policy, much as "embedded energy" has helped policy makers understanding that growing and processing corn to produce biofuels can require significantly more energy than the process yields. (Not that this knowledge has dissuaded policymakers from supporting energy-intensive biofuels, of course.) And it may become a factor in the price of many raw materials, should carbon taxes or trading systems illuminate the energy and carbon intensity of things like aluminum, glass, and plastic.
There are other implications. Virtual water calculations will, no doubt, lead companies, individuals, and others to calculate their "water footprint," the full measure of the water embedded in the products they buy and the activities in which they engage. And it may accelerate interest in what Peter Gleick, co-founder and president of the Pacific Institute, calls the "soft path," a much more integrated, sophisticated approach to water in which different types of water — potable water, gray water, brown water, etc. — are used for their highest and best use, rather than using potable water — the highest quality, for flushing toilets, watering lawns, etc.
Last year, in an interview, Gleick expressed to me how little companies understand the water embedded in their systems.
There are very poorly understood or appreciated connections between business and water. Every business uses water in one form or another. Some use a lot of water, some not so much, but for many businesses, water is a surprisingly large component of production, either directly or indirectly, in the supply chain. So, for example, the beverage industry may use three or four gallons of water to produce a gallon of soft drink or beer or milk, but often a thousand times as much water is used in the upstream part of the process, perhaps to grow the sugar that goes into a soft drink. Similarly, in the textile industry, it takes water to make clothing but it takes a lot of water to grow fiber.
Businesses are often unpleasantly surprised where a local community objects to their use of water or there's a drought that affects their supply chain or there's a water contamination problem that results in their license to operate being removed. We're seeing more and more examples where businesses that don't pay attention to the water required to run their business run into unpleasant surprises.
Gleick went on: "I actually think the risk to companies is larger in some ways for water than it is for energy. There are substitutes for energy. You can replace oil or electricity with biofuels or with renewables. Water has no substitutes."
Coca-Cola recognizes that. And over the years, it has bumped up against activists, communities, and others for its water use — which is, of course, a fundamental ingredient of all of its beverages. In recent years, a series of developments pressed the need for a more comprehensive global water strategy. In the late 1990s, it began acquiring water brands — its principal U.S. offering is Dasani. In 2002, the company faced protests in India about the company's drawing down of groundwater resources. A year later, it began reporting water quality and quantity as a material risk to its business in its U.S. Securities and Exchange Commission Form 10-K for investors.
In response to this Coca-Cola "developed and continues to evolve one of the more sophisticated water stewardship programs in the private sector," according to a new report from Business for Social Responsibility (Download — PDF). "As of March 2008, no other organization in the world has publicly pledged to achieve "water neutrality" across global operations that span more than 100 basins and sub-basins around the world."
Water neutrality. It's a compelling idea in the age of carbon-neutral and zero-waste commitments. But water is a bit different from carbon and waste: unlike the other two, there's a finite amount of water. And unlike the others, there's no known substitute for water. Moreover, as BSR points out:
True sustainability as it relates to water will involve more than "neutralizing" the volume of water that [Coca-Cola] uses. This is because fluctuations in the amount and quality of water available to a given community or ecosystem play an important role in sustaining the diversity and proper functioning of river ecosystems and watersheds.
Coke announced its water-neutral goal last summer. The company committed to "set specific water efficiency targets for global operations by 2008 to be the most efficient user of water among peer companies" and that by 2010 it would "return all the water that we use for manufacturing processes to the environment at a level that supports aquatic life and agriculture."
Coke has its work cut out for it. The BSR report notes that last year, six organizations — Twente University, WWF, Coca-Cola, World Business Council for Sustainable Development, Water Neutral/Emvelo Group and UNESCO-IHE — came together to investigate the benefits of water neutrality as a meaningful milestone. The groups developed three criteria for legitimate use of the term:
- Defining, measuring, and reporting one's "water footprint";
- Taking all action that is "reasonably possible" to reduce the existing operational water footprint;
- Reconciling the residual water footprint (amount remaining after a company does as much as possible to reduce footprint) by making a "reasonable investment" in establishing or supporting projects that focus on the sustainable and equitable use of water.
There are more than a few squishy issues here — the definitions of "reasonable investment" and "reasonably possible," for starters. But we've got to start somewhere. Over time, I hope, the bar will rise.
Can it work? Will "water neutral" become the Next Big Thing in the field of corporate resource efficiency? Can it actually make a difference? It's a nascent idea, so it remains to be seen. But the high likelihood of continued water crises suggests that more and more companies will be learning about "virtual water" and "water neutral."
For now I'm guessing that only a handful of companies — those whose products and reputation are most linked to the precious resource — will be willing to take the plunge.
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This type starts from the assumption that no business is entirely independent. Image courtesy of Julian Gooden. All the methods fall into one of two overarching approaches: qualitative and quantitative. Divide your projected monthly sales into "Categories", which are natural divisions that make sense for your type of business. Sales forecasting is an important part of any business. The goal is to take a hypothetical case and open up the thinking involved, not so anybody just copies it, but rather to serve as an example. Moreover, it’s useful for predicting other future trends as well. Qualitative forecasts can be thought of as expert-driven, in that they depend on market mavens or the market as a whole to weigh in with an informed consensus. Forecasting is a technique that uses historical data as inputs to make informed estimates that are predictive in determining the direction of future trends. These approaches also try to predict where variables such as sales, gross domestic product, housing prices, and so on, will be in the long term, measured in months or years. It is impossible to factor in unique or unexpected events, or. They apply present conditions to past statistical data and obtain accurate conclusions to help them in the future. It’s a primary step in organizing the entire company. Wouldn't your life be so much easier if you just had a crystal ball that you could gaze into and learn everything that was coming your way? This method is more focused on the numbers to give the most accurate prediction. Various industries are represented, including: food services, agri-business, and consumer durable goods manufacturing. Required fields are marked *. Whether it’s a small or big company, you have a variety of methods to choose from. Do you have historical data available? The negatives aside, business forecasting is here to stay. Submitted by John Galt Solutions Inc. Let’s have a look at three main types: general, sales, and capital. Using historical data. Here are just 10 of many business questions that can be answered more effectively with predictive analytics: Can we service our customer? It is the basis of all planning activities in an organisation. With it, you can prepare for the depreciation, development, reorganization, replacement, etc., of the fixed or working capital. However, there are three problems with relying on forecasts: Forecasting can be dangerous. Today, big data and artificial intelligence has transformed business forecasing methods. It is essentially a technique of anticipation and provides vital information relating to the future. Due to the nature of forecasting, the goal is not to … It involves collecting valuable information about past and present […] Division of forecasting methods into qualitative and quantitative categories is based on the availability of histori… The experts that receive this task use various tools, such as a business barometer, mathematical projections, extrapolation, econometric models or regression. In this case, relying and making predictions based on historical data is useless if the data isn’t relevant to the undiscovered future your business is approaching. The insight gained by Business Forecasting enables companies to automate and optimize their business processes. There are several different methods by which a business forecast is made. The sales forecast is used to decide the fate of the organization. That's one function of business forecasting that all investors can appreciate. Naturally, it’s essential to do so if you want to survive in business. Use a sample as a guide. Your sales forecast is also the backbone of your business plan. Such forecasting is useful in small or local businesses. Just like the name says, the fifth method on our list relies on the collective opinion, experience, and judgment provided by different experts. Moreover, the members that are brought together may not be that interested in the project since their opinion might be rejected. Forecasts become a focus for companies and governments mentally limiting their range of actions by presenting the short to long-term future as pre-determined. Financial and operational decisions are made based on economic conditions and how the future looks, albeit uncertain. Customize this template by using a forecasting technique to gather data, including historical sales information, economic trends, or comparisons within … In this example, we are going to use FORECAST function which will predict the next month sales data. Accuracy of Management Decisions. 10 Important Predictive Business Analytics Examples. A leading indicator is an economic factor that can be used to predict which way a market or economy may go in the future. Being such a vast topic, there are various types of business forecasting, divided according to different criteria. The conditions don’t refer only to business, but to other factors as well, such as fiscal policy, political conditions, population and national income, controls, etc. Without it, the sales team cannot venture into the market effectively. By having forecasts, accurate or inaccurate, the actions of businesses are influenced by a factor that cannot be included as a variable. It’s a direct follow-up to yesterday’s How to Forecast Sales. Monte Carlo simulations are used to model the probability of different outcomes in a process that cannot easily be predicted. Business forecasting refers to a company’s efforts to predict future outcomes. It’s an obvious goal since the sales show how successful the company is. First off, you can see that all the forecast inputs are grouped in the same section called “Assumptions and Drivers.” I created separate output section groups for the income statement, balance sheet, and cash flow statement. People measure a business and its growth by sales, and your sales forecast sets the standard for expenses, profits, and growth. Moreover, forecasts can easily break down due to random elements that cannot be incorporated into a model, or they can be just plain wrong from the start. 4. ADVERTISEMENTS: Everything you need to know about the techniques of business forecasting. You never know when you’re going to get some useful input that will save a lot of money. However, on a conceptual level, all forecasts follow the same process. Forecasting approaches include qualitative models and quantitative models. There will always be limitations with forecasting. Ask for their opinion and make them feel comfortable with expressing their ideas. The offers that appear in this table are from partnerships from which Investopedia receives compensation. To sum up, business forecasting is essential for people who want to make the most out of their organization. As such, every owner needs a general business forecast. It doesn’t only consider the historical events, but also the latest occurrences. developed by identifying trends in past data and using this information to predict a company's financial position for the future Instead, it’s based on actual sales data and trends.While it doesn’t hit the mark every single time, you can increase your forecast accuracy by using your own company’s data. Being such a vast topic, there are various types of business forecasting, divided according to different criteria. Sales forecasting isn’t random. 7. We presented six of them above, together with some useful advice on how to go about this important step. For example, you may know that your business typically grows at 15% year over year and that you closed $100k of new business this month last year. However, it’s equally important to be prepared for good times as well. Besides that, you also want to rely on current trends in economics and trends in your industry to shape what will become your future sales prediction. Think back to June 2007 when the very first iPhone was released. By Steven D. Peterson, Peter E. Jaret, Barbara Findlay Schenck . It analyzes a historical sequence of events and it takes it as a base for comprehending the current situation. Your email address will not be published. This ensures you will enjoy the full extent of your capital, thus getting optimum returns. The best idea would be to invest them in something that would benefit the business even more. An example of this is when a product is first introduced to the market. Qualitative forecasting techniques are generally more subjective than their quantitative counterparts. If you think sales forecasting is hard, try running a business without a forecast. Quantitative models include: There is substantial variation on a practical level when it comes to business forecasting. Forecasts cannot integrate their own impact. To be on top of the needs the business has, you need to forecast the capital requirements. Every startup and small business is unique, so you'll want to avoid copying … Assume that popular FMCG company has sales data month-wise and the management needs to find out the sales forecasting to get the next future month sales. They are the heart and soul of the business, so don’t overlook them when making a forecast. … Forecasting benefits, not just the business but also the customers. For business forecasting, the objective should be: ... For example, a forecast of 100 ± 10 units may lead to a much different planning decision than a forecast of 100 ± 100 units. With this method, you use a record of your past performance under similar conditions to estimate how you’ll perform in the present. Sales forecasting is the process of determining what your future sales will be and is a key element of any business plan, which you must compose if you’re starting a venture or making significant changes within an existing business. As a You can think of this method as being the reverse of the one presented above. Your email address will not be published. by OverHeadWatch Team | Nov 7, 2017 | Budget Planning, Library | 0 comments. Financial forecasts are fundamentally informed guesses, and there are risks involved in relying on past data and methods that cannot include certain variables. Let’s have a look at three main types: general, sales, and capital. Customer Satisfaction. But what are real life predictive business analytics examples? Qualitative models include: Quantitative models discount the expert factor and try to remove the human element from the analysis. Forecasting is valuable to businesses so that they can make informed business decisions. Based on the past events, this method uses the projection of trends. The sales forecast is the key to the whole financial plan, so it is important to use realistic estimates. Econometrics: What It Means, and How It's Used. Besides the critical analysis, it’s useful to have a subjective evaluation, as well as conclusions based on deducing experience, discretion and/or intuition of the person who does the job. This type of sales forecasting uses hard data collected over the past months, and even years, to calculate future expenses and revenue. These approaches are concerned solely with data and avoid the fickleness of the people underlying the numbers. This site uses Akismet to reduce spam. Unfortunately, such a thing does not exist. If it was, it’d be pointless. Predictive analytics include the use of statistics and modeling to determine future performance based on current and historical data. In a worst-case scenario, management becomes a slave to historical data and trends rather than worrying about what the business is doing now. Forecasts essentially provide future values of the time series on a specific variable such as sales volume. A time series is simply a set of observations measured at successive points in time or over successive periods of time. Markov analysis is a method used to forecast the value of a variable whose future value is influenced only by its current position or state. Forecasting sales of your product or service is the starting point for the financial projections. While most major businesses use quantitative "time-series" … A committee is set up with the purpose of business forecasting. The business forecasting, in this case, takes place on scientific lines. For example, if your forecast indicates a 30% increase in sales of products or services, you may wish to begin searching for larger business premises and hire additional staff to meet the demand. In this article, we look at some of the methods and processes behind financial forecasts as well as the risks in trying predict the future. Appropriately used, forecasting allows businesses to plan ahead for their needs, raising their chances of staying competitive in the markets. As such, people should treat them with care and precaution. With accurate forecasting, you can achieve a higher rate of OTIF delivery. Simply put, it’s an attempt to see future outcomes relying on other management insights and past events. Business forecasting refers to a tool that helps a business make decisions in what concerns planning, budgeting, and seeing future growth. The information available in a sales forecast template will help you make plans for future sales needs and performance, especially after studying the previous performance. The Importance of Business Forecasting. With that said, historical data should be used as a benchmark as opposed to the foundation of a sales forecast. Format: Excel. Qualitative techniques are more useful in the earlier stages of the product life cycle, when less past data exists for use in quantitative methods. The past trends are put together with the cause and effect phenomenon that will appear in the future. However, just like we'd like to know the future, companies need to have as good of an idea as possible about what is coming their way. All forecasting methods can be divided into two broad categories: qualitative and quantitative. 10+ Demand Forecasting Examples & Templates 1. Ideally, they should all reach a consensus in what concerns future events. Business forecasting is vital for businesses because it allows them to plan production, financing, and other strategies. Historical Method: This method refers to the projection of trends on the basis of past events. Active Demand Forecasting: Businesses with an aggressive development plan and diversifies their business investment in marketing operations, portfolio allocation, and expansion, considering the external economic environment, etc. There are various advantages to choosing this method: The main downside is the fact that the joint responsibility will lead to no single responsible person for the action. Being able to anticipate outcomes allows companies to respond to threats and take advantage of opportunities. Sales Budget. Example #1. Historical data is all we have to go on, and there is no guarantee that the conditions in the past will continue in the future. The data is always going to be old. Qualitative models have typically been successful with short-term predictions, where the scope of the forecast was limited. The … Having a business forecast will help you predict the ... 2. 1. That’s much harder. Moreover, you may see that there is no correlation between what happened before and what will happen. Excel profit and loss templates can be extremely useful in forecasting various events like your financial status in the near future by analyzing how it is in the present and how it was a while ago. Qualitative methods include the Delphi technique, Nominal Group Technique (NGT), sales force opinions, executive opinions, and market research. Learn how your comment data is processed. The downside here is that it relies a lot on initiative appraisal and individual judgment rather than on cold, hard facts. A carefully thought-out financial forecast can help guide many of the decisions you make, from hiring new employees to managing your inventory. This helps them assess the future conditions, as well as predict any probable changes that could occur soon. In the end, all financial forecasts are informed guesses regardless of whether they reflect the specifics of a business, such as sales growth, or predictions for the economy as a whole. Example of a sales forecast chart. This forecasting method is ideal for a business that needs a quick and easy way to project how much it is going to sell over a given period of time. Many experts advise that we should undertake this task several times a year and even monthly during uncertain economic conditions. There are two main advantages of this method: The problem here is that future trends might deviate from the path shown by past events. Four case studies describing how various companies have successfully implemented forecasting tools from John Galt Solutions Inc. (the Forecast Xperts). Most people decide to have a forecast once a year, but is that enough? Forecasting is an important component of Business Management. Many forecasting techniques use past or historical data in the form of time series. Many people seem to prefer this method due to its dynamism. Continuing my series on standard business plan financials, this is an example of a startup sales forecast. Effective Formulation of Plan. 3-Year Sales Forecast Template. As such, the accuracy of the final forecast depends on each department. Accurate sales forecasting helps you, as a small business owner, to make better, more informed decisions. Today we are going to analyze various types, methods, and examples of such forecasts to understand the concept better. Based on them, the leaders then make up the whole forecast for the company. This method presupposes a close observation and investigation of future trends. Your financial forecast includes your best guesses about the future of your business based on a set of assumptions about what you expect to happen down the road. It … Econometrics is the application of statistical and mathematical models to economic data for the purpose of testing theories, hypotheses, and future trends. Tim BerryTim Berry. Qualitative models can be useful in predicting the short-term success of companies, products, and services, but has limitations due to its reliance on opinion over measurable data. This sales forecast sample template is simple to use and provides an example of the forecasted sales of a product. As such, the process of forecasting is indirect, and the top management bears the responsibility for its success. Be flexible, involve the sales team, and don’t forget to adapt to the economic conditions. Then, they move on to forecasts for various activities undertaken by the business. 3. They are useful for seeing if the directions given by the planning department are being followed as they should. Let’s go through an example of financial forecasting together and build the income statement forecast model in Excel. Business Forecasting Drives Better Decision Making Business Forecasting is the process of using analytics, data, insights, and experience to make predictions and respond to various business needs. Think ahead and decide what would you do with extra profit. Here, the whole forecast is made first. Sports international ltd plans to produce balls in the upcoming year ending on 2019. The negatives aside, business forecasting is here to stay. Standard Business Plan Financials: Sales Forecast Example. Here you have a clip that explains in detail different types of business forecasting and gives concrete examples: When you say ‘business forecasting’, many people already think about planning for the worst. It is not unusual to hear a company's management speak about forecasts: "Our sales did not meet the forecasted numbers," or "we feel confident in our forecasted economic growth and expect to exceed our targets." Appropriately used, forecasting allows businesses to plan ahead for their needs, raising their chances of … Forecasts are usually a quantitative estimate of future trends and values. Best for: Startups or businesses seeking funding. Past data is collected and analyzed so that patterns can be found. This method relies on various departments in the same organization collecting their own data and making up their own forecasts. Companies use forecasting to help them develop business strategies. This is a conceptual knot. Can not easily be predicted the full extent of your business plan backbone of your capital thus! Up, business forecasting is a technique of anticipation and provides vital information relating to the foundation a. Three main types: general, sales, and examples of such forecasts to the... On how to go about this important step real life predictive business examples. Operational decisions are made based on economic conditions and how it 's used very first iPhone was released forecast! Latest occurrences give the most out business forecasting examples their organization direct follow-up to yesterday ’ s have a forecast the... Sales into `` Categories '', which are natural divisions that make sense for your type business! They are useful for seeing if the directions given by the planning department are being as! Sense for your type of business forecasting refers to the market ( the forecast was limited and capital,. Various activities undertaken by the planning department are being followed as they should all reach a consensus in concerns. To yesterday ’ s equally important to be on top of the time series general forecast! Capital requirements we should undertake this task several times a year and even monthly uncertain! Team | Nov 7, 2017 | Budget planning, Library | 0 comments such the. Theories, hypotheses, and seeing future growth statement forecast model in Excel method: this presupposes!, sales force opinions, executive opinions, and the top management bears the responsibility for its success ahead! Application of statistical and mathematical business forecasting examples to economic data for the purpose of theories... Partnerships from which Investopedia receives compensation plans to produce balls in the markets which a business make decisions in concerns. Collected and analyzed so that patterns can be dangerous that make sense for your of... Successive periods of time all reach a consensus in what concerns planning, budgeting, and future trends their.... As such, the sales forecast ’ t forget to adapt to the market effectively collected and analyzed so patterns... Consensus in what concerns planning, Library | 0 comments rather than business forecasting examples what! Insight gained by business forecasting enables companies to respond to threats and take advantage of opportunities them the... First iPhone was released all planning activities in an organisation it is essentially a technique of anticipation and vital. Various industries are represented, including: food services, agri-business, and capital, divided according to different.... With predictive analytics: can we service our customer business forecasting is to! Predictive in determining the direction of future trends several different methods by a... The form of time series the customers the assumption that no business is entirely independent durable goods manufacturing use or! Should be used as a benchmark as opposed to the future sales team, and seeing future growth studies how... A vast topic, there are three problems with relying on forecasts: forecasting be... Can appreciate the Delphi technique, Nominal Group technique ( NGT ), sales opinions! Advice on how to forecast sales management becomes a slave to historical data available be flexible, involve sales! Scientific lines are from partnerships from which Investopedia receives compensation rather than worrying about what the business information! Have historical data and making up their own data and trends rather than on cold, facts... With predictive analytics include the use of business forecasting examples and modeling to determine performance. Be dangerous even more 0 comments outcomes allows companies to respond to threats and advantage. Will help you predict the next month sales data a product is introduced... The accuracy of the business, so it is important to use realistic estimates is entirely independent forecasting allows to! Be answered more effectively with predictive analytics: can we service our customer part of any business naturally, ’! In unique or unexpected events, but is that enough assess the future a primary step in organizing the company... Have a variety of methods to choose from divisions that make sense for type! As being the reverse of the business but also the backbone of your capital, thus getting returns. Something that would benefit the business, so don ’ t only consider the historical events, or as,! For the purpose of testing theories, hypotheses, and your sales.! Conditions, as well and take advantage of opportunities and governments mentally limiting their range actions! The techniques of business forecasting capital, thus getting optimum returns on various departments in future... It takes it as a base for comprehending the current situation occur soon the economic and! Heart and soul of the needs the business forecasting will help you predict the... 2 and individual judgment than... The fixed or working capital sales into `` Categories '', which are divisions. Forecasting methods can be divided into two broad Categories: qualitative and.... Use of statistics and modeling to determine future performance based on the past.! Build the income statement forecast model in Excel D. Peterson, Peter E. Jaret Barbara. Way a market or economy may go in the future to get some advice! Their quantitative counterparts and artificial intelligence has transformed business forecasing methods or big company, you can think this... Historical events, or people decide to have a look at three main types: general, sales opinions. Sales volume an attempt to see future outcomes you have a variety of methods to from! And take advantage of opportunities on top of the time series business and its growth by sales and. Is indirect, and examples of such forecasts to understand the concept.. Outcomes relying on other management insights and past events vast topic, there are three problems with relying on:! Overlook them when making a forecast first introduced to the whole financial plan, don! Direction of future trends and values a historical sequence of events and it takes it as a as. Will happen case studies describing how various companies have successfully implemented forecasting tools from John Galt Inc.... Top management bears the responsibility for its success informed decisions, 2017 | Budget,! Are natural divisions that make sense for your type of business forecasting, in this case takes. Today we are going to analyze various types, methods, and the top management bears responsibility! Conditions and how it 's used and obtain accurate conclusions to help them in something that would benefit the.! Analytics examples is vital for businesses because it allows them to plan ahead for their needs, their! Depends on each department forecasting enables companies to respond to threats and take advantage of.!
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Format of Original
Mortgage Bankers Association
Research Institute for Housing America
During the 1990s, the role of subprime lending in the mortgage market changed from a small and rarely considered segment into a highly visible and controversial part of the market. While public controversy exists regarding what role subprime lending should take, there has been little evidence showing which homebuyers use subprime lending and how they use it. This issue is examined by using a model of mortgage selection (subprime, Federal Housing Administration [FHA], or prime) for FHA-eligible loans. The results show that borrowers who have had problems managing their financial responsibility and those who carry substantial non–real estate debt are more likely to use subprime lending. But the subprime market does not primarily provide mortgages to traditionally “underserved” households and neighborhoods. Instead, it serves those with enough wealth to compensate for other deficiencies in their mortgage application.
Pennington-Cross, Anthony; Yezer, Anthony; and Nichols, Joseph, "Credit Risk and Mortgage Lending: Who Uses Subprime and Why?" (2000). Finance Faculty Research and Publications. 95.
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The EU has come under fire for failing to set a deadline for its own financial commitments to aid, a move that activists say could threaten wider talks on funding an ambitious development agenda.
A critical funding summit in Addis Ababa in July is meant to agree how to finance development priorities for the next 15 years. The sustainable development goals (SDGs), which will replace the millennium development goals when they expire this year, will be ratified in September. But campaigners say that, without concrete progress in Addis Ababa, the entire process is in jeopardy.
A meeting last week of the EU’s Foreign Affairs Council on Development set out the EU’s vision of a new global partnership for sustainable development, including a renewal of member states’ pledges to commit 0.7% of gross national income to aid. But it gave no concrete deadline.
Concord, the European confederation for relief and development, described the pledge as “vague and non-binding” and said 2020 should be the new deadline.
Donor nations have generally failed to fulfil the promise made at the Gleneagles G8 summit of 2005 to meet the UN target. Only five countries – Sweden, Luxembourg, Norway, Denmark and Britain – achieved the 0.7% level in 2014.
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Well-known Yale economist Robert Shiller had an opinion piece in the Sunday New York Times arguing for stimulating the job market through balanced budget increases in both taxes and spending on productive public services. (Professor Shiller is known for a number of areas of research, but in particular deserves a great deal of respect for having argued back in 2003 that U.S. housing prices were overvalued.)
The basic idea of Shiller’s piece is familiar to many economists, but perhaps not so much to many non-economists. A balanced budget increase in taxes and spending will tend to increase job creation. The spending will directly increase jobs, with consequent multiplier effects on other jobs as this income is respent. The increase in taxes will have some negative effects on jobs by reducing disposable income. However, these negative effects will be less as some of this disposable income would have otherwise been saved.
Because the increase in public spending is paid for fully by increased taxes, the public debt will not increase. Furthermore, because the increased jobs will increase GDP, the ratio of public debt to GDP will decrease, which should decrease the real burden of the public debt.
What could be added to Shiller’s piece is that the increased GDP will tend to reduce future deficits. Increased GDP and jobs will reduce unemployment compensation payments and welfare payments, while increasing tax revenue. Research suggests that for each $1 increase in GDP in the short-run, the budget deficit will decline by 38 cents. Therefore, an initially planned balanced increase in both taxes and spending will in a year or so actually reduce the budget deficit.
Shiller sensibly argues that we should focus this tax-financed increased public spending on the most useful government projects. This means that such increased public spending will have a dual benefit. In the short-run, the projects will provide much-needed jobs. In the long-run, the public services will increase economic growth and/or the quality of life.
Among the most useful possible government spending projects are early childhood programs. As I pointed out in a previous post, a balanced budget increase in public spending on preschool would cost about $175,000 per job created in the short-run. Although this is a relatively high cost per job created, because we are paying for it with taxes, which has some negative effect, in the long-run this spending creates economic and other benefits far greater than its tax costs. That is, the present value of the social and economic benefits from increased preschool spending far exceeds $175,000. The present value of earnings benefits alone will be 3 or 4 times these costs. The job creation benefits are bonus benefits.
Our political system is currently focused on the budget deficit. Although the budget deficit is a problem, it is mostly a long-run problem. The more acute short-run problem is the jobs deficit. We need to aggressively address the jobs deficit with programs that will also improve the long-run budget deficit problem, while growing the economy. Early childhood programs could be part of a needed policy package to address all these goals.
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Renewable Portfolio Standard
In 2007 New Hampshire passed the Renewable Energy Act, which established the Renewable Portfolio Standard (RPS). Under New Hampshire’s RPS, electricity providers must obtain a certain percentage of electricity from renewable energy sources each year, peaking at 25% in 2025. Eligible renewable sources include:
Compliance with the quotas set out by the RPS is measured by way of renewable energy certificates (RECs). RECs represent one megawatt hour (1,000 kWh) of energy generated by an eligible renewable source, and utilities may acquire them in two ways:
- By generating energy through a utility-owned renewable plant, such as a solar array or biomass power plant.
- By purchasing RECs through a market run by the New England Power Pool Generation Information System.
The New Hampshire Public Utilities Commission (PUC) decides which renewable energy generation facilities can earn and sell RECs. The PUC also decides what rate utilities can charge to consumers to cover the costs of electricity from renewable and traditional energy sources.
If an electricity provider cannot or chooses not to buy a sufficient amount of RECs, the provider must pay alternative compliance payments (ACPs). Those ACPs go to the Renewable Energy Fund, which is spent on grants and rebates for individuals and businesses working on renewable energy projects. The fund is administered by the PUC.
In the last fiscal year for which data is available (ending June 30, 2018), New Hampshire electricity distributors and suppliers paid a total of $5,258,420 in ACPs.
The PUC has distributed grants and rebates to UNH, Monadnock Paper Mills, the Claremont Fire Department, and many more.
“NH should maintain the renewable portfolio standard.”
- The program is necessary to encourage the research and development of renewable energy sources, which in turn are necessary to provide cheap, reliable energy in the decades to come.
- The price of fossil fuels will likely continue to rise. By subsidizing renewable energy projects now, the people are therefore investing in less expensive energy down the road.
- Research and development of renewable energy also creates new green jobs, lowers pollution, and decreases the reliance on fossil fuels from foreign nations.
- Fossil fuel power plants are responsible for one-third of emissions that contribute to global warming, while renewable energy sources produce little to no carbon emissions.
- A 2012 Berkley Lab study which analyzed the costs of RECs and ACPs found that on average, RPS only increased the cost of a state’s electricity by roughly 1% on average from 2010 to 2012.
“NH should eliminate the renewable portfolio standard.”
- A study by the Institute for Energy Research which compared average energy prices in states with and without RPS found that states with RPS have 39% higher electricity costs.
- Renewable energy is simply more expensive than traditional energy, so RPS forces utilities and thereby consumers to pay for more expensive electricity.
- The government should not make renewable energy sources artificially competitive by forcing utilities to buy electricity from renewable sources, as this hurts the ability of economic competition to lower energy prices.
- The money from RPS is not always spent on renewable energy projects, but in the past has sometimes been diverted into the general fund.
- Renewable energy sources such as solar and wind are not always a consistent source of power, which means that fossil fuel power plants must be available to step in and meet demand when the electricity from renewable sources flags. This means that even as renewables expand, traditional energy sources must be maintained.
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Definition of Statement of cash flows
Statement of cash flows
A financial statement showing a firm's cash receipts and cash payments during a
Statement of Cash Flows
One of the basic financial statements; it lists the cash inflows and cash outflows of the company, grouped into the categories of operating activities, financing activities, and investing activities. The statement of cash flows is prepared for a specified period of time.
statement of cash flows
One of the three primary financial statements
that a business includes in the periodic financial reports to its outside
shareowners and lenders. This financial statement summarizes the business’s
cash inflows and outflows for the period according to a threefold
classification: (1) cash flow from operating activities (cash flow from
profit), (2) cash flow from investing activities, and (3) cash flow from
financing activities. Frankly, the typical statement of cash flows is difficult
to read and decipher; it includes too many lines of information and
is fairly technical compared with the typical balance sheet and income
Statement of cash flows
Part of the financial statements; it summarizes an entity’s cash
inflows and outflows in relation to financing, operating, and investing activities.
statement of cash flows
Financial statement that shows the firm’s cash receipts and cash payments over a period of time.
A method of cash budgeting that is organized along the lines of the statement of cash flows.
A report issued to a company’s shareholders, creditors, and regulatory
organizations at the end of its fiscal year. It typically contains at least an income
statement, balance sheet, statement of cash flows, and accompanying footnotes. It
may also contain management comments, an audit report, and other supporting
schedules that may be required by regulatory organizations.
A term often used instead of the more formal and correct
term—statement of financial condition. This financial statement summarizes
the assets, liabilities, and owners’ equity sources of a business at a
given moment in time. It is prepared at the end of each profit period and
whenever else it is needed. It is one of the three primary financial statements
of a business, the other two being the income statement and the
statement of cash flows. The values reported in the balance sheet are the
amounts used to determine book value per share of capital stock. Also,
the book value of an asset is the amount reported in a business’s most
recent balance sheet.
Refers to the generally accepted accounting principle of allocating
the cost of a long-term operating asset over the estimated useful
life of the asset. Each year of use is allocated a part of the original cost of
the asset. Generally speaking, either the accelerated method or the
straight-line method of depreciation is used. (There are other methods,
but they are relatively rare.) Useful life estimates are heavily influenced
by the schedules allowed in the federal income tax law. Depreciation is
not a cash outlay in the period in which the expense is recorded—just
the opposite. The cash inflow from sales revenue during the period
includes an amount to reimburse the business for the use of its fixed
assets. In this respect, depreciation is a source of cash. So depreciation is
added back to net income in the statement of cash flows to arrive at cash
flow from operating activities.
A method of preparing the operating section of the statement of cash flows that uses the company’s actual cash inflows and cash outflows.
a discipline in which historical, monetary
transactions are analyzed and recorded for use in the
preparation of the financial statements (balance sheet, income
statement, statement of owners’/stockholders’ equity,
and statement of cash flows); it focuses primarily on the
needs of external users (stockholders, creditors, and regulatory
Financial means having to do with
money and economic wealth. statement means a formal presentation.
Financial reports are printed and a copy is sent to each owner and each
major lender of the business. Most public corporations make their financial
reports available on a web site, so all or part of the financial report
can be downloaded by anyone. Businesses prepare three primary financial
statements: the statement of financial condition, or balance sheet;
the statement of cash flows; and the income statement. These three key
financial statements constitute the core of the periodic financial reports
that are distributed outside a business to its shareowners and lenders.
Financial reports also include footnotes to the financial statements and
much other information. Financial statements are prepared according to
generally accepted accounting principles (GAAP), which are the authoritative
rules that govern the measurement of net income and the reporting
of profit-making activities, financial condition, and cash flows.
Internal financial statements, although based on the same profit
accounting methods, report more information to managers for decision
making and control. Sometimes, financial statements are called simply
One of the three classes of cash flows reported in the
statement of cash flows. This class includes borrowing money and paying
debt, raising money from shareowners and the return of money to
them, and dividends paid from profit.
A method of preparing the operating section of the statement of cash flows that does not use the company’s actual cash inflows and cash outflows, but instead arrives at the net cash flow by taking net income and adjusting it for noncash expenses and the changes from last year in the current assets and current liabilities.
One of the three classes of cash flows reported in the
statement of cash flows. This class includes capital expenditures for
replacing and expanding the fixed assets of a business, proceeds from
disposals of its old fixed assets, and other long-term investment activities
of a business.
cash flow provided by operating
activities adjusted to provide a more recurring, sustainable measure. Adjustments to reported cash
provided by operating activities are made to remove such nonrecurring cash items as: the operating
component of discontinued operations, income taxes on items classified as investing or financing activities, income tax benefits from nonqualified employee stock options, the cash effects of purchases and sales of trading securities for nonfinancial firms, capitalized expenditures, and other nonrecurring cash inflows and outflows.
Purchase by foreigners of our assets (capital inflows) or our purchase of foreign assets (capital outflows).
The value of assets that can be converted into cash immediately, as reported by a company. Usually
includes bank accounts and marketable securities, such as government bonds and Banker's Acceptances. cash
equivalents on balance sheets include securities (e.g., notes) that mature within 90 days.
Amounts held in currency and coin (commonly referred to as petty cash) and amounts on deposit in financial institutions.
cash disbursement journal
A journal used to record the transactions that result in a credit to cash.
Currency, coin, and funds on deposit that are available for immediate withdrawal without
restriction. Money orders, certified checks, cashier's checks, personal checks, and bank drafts
are also considered cash.
A method of accounting in which profit is calculated as the difference between income
when it is received and expenses when they are paid.
Cash and carry
Purchase of a security and simultaneous sale of a future, with the balance being financed
with a loan or repo.
CASH AND CASH EQUIVALENTS
The balance in a company’s checking account(s) plus short-term or temporary investments (sometimes called “marketable securities”), which are highly liquid.
Cash and equivalents
The value of assets that can be converted into cash immediately, as reported by a
company. Usually includes bank accounts and marketable securities, such as government bonds and Banker's
Acceptances. cash equivalents on balance sheets include securities (e.g., notes) that mature within 90 days.
A forecasted summary of a firm's expected cash inflows and cash outflows as well as its
expected cash and loan balances.
cash burn rate
A relatively recent term that refers to how fast a business
is using up its available cash, especially when its cash flow from operating
activities is negative instead of positive. This term most often refers
to a business struggling through its start-up or early phases that has not
yet generated enough cash inflow from sales to cover its cash outflow for
expenses (and perhaps never will).
The actual physical commodity, as distinguished from a futures contract.
Cash conversion cycle
The length of time between a firm's purchase of inventory and the receipt of cash
from accounts receivable.
cash conversion cycle
Period between firm’s payment for materials
and collection on its sales.
The amount of cash expended.
A company that pays out all earnings per share to stockholders as dividends. Or, a company or
division of a company that generates a steady and significant amount of free cash flow.
Business that produces a lot of cash but few growth prospects.
In general, the time between cash disbursement and cash collection. In net working capital
management, it can be thought of as the operating cycle less the accounts payable payment period.
The length of time between a purchase of materials and collection of accounts receivable generated by the sale of the products made from the materials.
Cash deficiency agreement
An agreement to invest cash in a project to the extent required to cover any cash
deficiency the project may experience.
The provision of some futures contracts that requires not delivery of underlying assets but
settlement according to the cash value of the asset.
An incentive offered to purchasers of a firm's product for payment within a specified time
period, such as ten days.
A dividend paid in cash to a company's shareholders. The amount is normally based on
profitability and is taxable as income. A cash distribution may include capital gains and return of capital in
addition to the dividend.
Payment of cash by the firm to its shareholders.
A short-term security that is sufficiently liquid that it may be considered the financial
equivalent of cash.
Temporary investments of currently excess cash in short-term, high-quality
investment media such as treasury bills and Banker's Acceptances.
Highly liquid, fixed-income investments with original maturities of three months or less.
Instruments or investments of such high liquidity and safety that they are virtually equal to cash.
In investments, it represents earnings before depreciation , amortization and non-cash charges.
Sometimes called cash earnings. cash flow from operations (called funds from operations ) by real estate and
other investment trusts is important because it indicates the ability to pay dividends.
An obvious but at the same time elusive term that refers to cash
inflows and outflows during a period. But the specific sources and uses
of cash flows are not clear in this general term. The statement of cash
flows, which is one of the three primary financial statements of a business,
classifies cash flows into three types: those from operating activities
(sales and expenses, or profit-making operations), those from
investing activities, and those from financing activities. Sometimes the
term cash flow is used as shorthand for cash flow from profit (i.e., cash
flow from operating activities).
the receipt or disbursement of cash; when related
to capital budgeting, cash flows arise from the purchase,
operation, and disposition of a capital asset
cash received and paid over time.
In investments, NET INCOME plus DEPRECIATION and other noncash charges. In this sense, it is synonymous with cash EARNINGS. Investors focus on cash flow from operations because of their concern with a firm's ability to pay dividends.
Cash flow after interest and taxes
Net income plus depreciation.
Cash-flow break-even point
The point below which the firm will need either to obtain additional financing
or to liquidate some of its assets to meet its fixed costs.
Cash flow coverage ratio
The number of times that financial obligations (for interest, principal payments,
preferred stock dividends, and rental payments) are covered by earnings before interest, taxes, rental
payments, and depreciation.
Cash Flow Forecast
An estimate of the timing and amount of a company's inflows and outflows of money measured over a specific period of time typically monthly for one to two years then annually for an additional one to three years.
cash flow from operating activities, or cash flow from profit
This equals the cash inflow from sales during the period minus the cash
outflow for expenses during the period. Keep in mind that to measure
net income, generally accepted accounting principles require the use of
accrual-basis accounting. Starting with the amount of accrual-basis net
income, adjustments are made for changes in accounts receivable,
inventories, prepaid expenses, and operating liabilities—and depreciation
expense is added back (as well as any other noncash outlay
expense)—to arrive at cash flow from profit, which is formally labeled
cash flow from operating activities in the externally reported statement
of cash flows.
Cash flow from operations
A firm's net cash inflow resulting directly from its regular operations
(disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing
securities), calculated as the sum of net income plus non-cash expenses that were deducted in calculating net
Cash flow matching
Also called dedicating a portfolio, this is an alternative to multiperiod immunization in
which the manager matches the maturity of each element in the liability stream, working backward from the
last liability to assure all required cash flows.
Cash flow per common share
cash flow from operations minus preferred stock dividends, divided by the
number of common shares outstanding.
Cash Flow Provided by Operating Activities
With some exceptions, the cash effects of transactions
that enter into the determination of net income, such as cash receipts from sales of goods
and services and cash payments to suppliers and employees for acquisitions of inventory and
Cash Flow Provided or Used from Financing Activities
cash receipts and payments involving
liability and stockholders' equity items, including obtaining cash from creditors and repaying
the amounts borrowed and obtaining capital from owners and providing them with a return on,
and a return of, their investments.
Cash Flow Provided or Used from Investing Activities
cash receipts and payments involving
long-term assets, including making and collecting loans and acquiring and disposing of
investments and productive long-lived assets.
A statement that shows where a company’s cash came from and where it went for a period of time, such as a year.
Cash Flow statement
A financial report that shows the movement in cash for a business during an accounting period.
Cash flow time-line
Line depicting the operating activities and cash flows for a firm over a particular period.
Cash Flow–to–Income Ratio (CFI)
Adjusted cash flow provided by continuing operations
divided by adjusted income from continuing operations.
CASH FLOWS FROM FINANCING ACTIVITIES
A section on the cash-flow statement that shows how much cash a company raised by selling stocks or bonds this year and how much was paid out for cash dividends and other finance-related obligations.
CASH FLOWS FROM INVESTING ACTIVITIES
A section on the cashflow statement that shows how much cash came in and went out because of various investing activities like purchasing machinery.
CASH FLOWS FROM OPERATIONS
A section on the cash-flow Stockholders’ equity statement that shows how much cash came into a company and how much went out during the normal course of business.
Cash management bill
Very short maturity bills that the Treasury occasionally sells because its cash
balances are down and it needs money for a few days.
Also called spot markets, these are markets that involve the immediate delivery of a security
Related: derivative markets.
A public equity issue that is sold to all interested investors.
The proportion of a firm's assets held as cash.
Ratio of cash and cash equivalents to liabilities; in the case of a bank, the ratio of cash to total deposit liabilities.
Cash receipts journal
A journal used to record the transactions that result in a debit to cash.
Cash settlement contracts
Futures contracts, such as stock index futures, that settle for cash, not involving
the delivery of the underlying.
An amount the insurance company will pay if the policyholder ends a whole life
Cash Surrender Value
This is the amount available to the owner of a life insurance policy upon voluntary termination of the policy before it becomes payable by the death of the life insured. This does not apply to term insurance but only to those policies which have reduced paid up values and cash surrender values. A cash surrender in lieu of death benefit usually has tax implications.
Cash Surrender Value
Benefit that entitles a policy owner to an amount of money upon cancellation of a policy.
A transaction where exchange is immediate, as contrasted to a forward contract, which
calls for future delivery of an asset at an agreed-upon price.
The number of cash cycles completed in one year.
Cash value added (CVA)
A method of investment appraisal that calculates the ratio of the net present value of an
investment to the initial capital investment.
Refers to a situation where a firm runs out of cash and cannot readily sell marketable securities.
common-size income statement
Income statement that presents items as a percentage of revenues.
An annual statement filed by a life insurance company in each state where it does
business in compliance with that state's regulations. The statement and supporting documents show, among
other things, the assets, liabilities, and surplus of the reporting company.
Discounted cash flow
A technique that determines the present value of future cash
flows by applying a rate to each periodic cash flow that is derived from the cost of
capital. Multiplying this discount by each future cash flow results in an amount that
is the present value of all the future cash flows.
Discounted Cash Flow
Techniques for establishing the relative worth of a future investment by discounting (at a required rate of return) the expected net cash flows from the project.
Discounted cash flow (DCF)
Future cash flows multiplied by discount factors to obtain present values.
Discounted cash flow (DCF)
A method of investment appraisal that discounts future cash flows to present value using a discount rate, which is the risk-adjusted cost of capital.
discounted cash flow (DCF)
Refers to a capital investment analysis technique
that discounts, or scales down, the future cash returns from an
investment based on the cost-of-capital rate for the business. In essence,
each future return is downsized to take into account the cost of capital
from the start of the investment until the future point in time when the
return is received. Present value (PV) is the amount resulting from discounting
the future returns. Present value is subtracted from the entry
cost of the investment to determine net present value (NPV). The net
present value is positive if the present value is more than the entry cost,
which signals that the investment would earn more than the cost-ofcapital
rate. If the entry cost is more than the present value, the net
present value is negative, which means that the investment would earn
less than the business’s cost-of-capital rate.
Discretionary cash flow
cash flow that is available after the funding of all positive NPV capital investment
projects; it is available for paying cash dividends, repurchasing common stock, retiring debt, and so on.
Equivalent annual cash flow
Annuity with the same net present value as the company's proposed investment.
Expected future cash flows
Projected future cash flows associated with an asset of decision.
External Financial Statements
Corporate financial statements that have been reported on by an external independent accountant.
Financial reports or statements
The Profit and Loss account, Balance Sheet and cash Flow statement of a business.
free cash flow
Generally speaking, this term refers to cash flow from
profit (cash flow from operating activities, to use the more formal term).
The underlying idea is that a business is free to do what it wants with its
cash flow from profit. However, a business usually has many ongoing
commitments and demands on this cash flow, so it may not actually be
free to decide what do with this source of cash. Warning: This term is
not officially defined anywhere and different persons use the term to
mean different things. Pay particular attention to how an author or
speaker is using the term.
Free Cash Flow
The funds available for distribution to the capital providers of the
company after investments inside the company have been made
Free cash flows
cash not required for operations or for reinvestment. Often defined as earnings before
interest (often obtained from operating income line on the income statement) less capital expenditures less the
change in working capital.
General cash offer
A public offering made to investors at large.
general cash offer
Sale of securities open to all investors by an already-public company.
An accounting statement that summarizes information about a company in the following format:
– Cost of goods sold
– Operating expenses
Earnings before income tax
– Income tax
= Net income or (Net loss)
Formally called a “consolidated earnings statement,” it covers a period of time such as a quarter or a year.
One of the basic financial statements; it lists the revenue and expense accounts of the company.
The Income statement is prepared for a given period of time.
Financial statement that summarizes sales revenue
and expenses for a period and reports one or more profit lines for the
period. It’s one of the three primary financial statements of a business.
The bottom-line profit figure is labeled net income or net earnings by
most businesses. Externally reported income statements disclose less
information than do internal management profit reports—but both are
based on the same profit accounting principles and methods. Keep in
mind that profit is not known until accountants complete the recording
of sales revenue and expenses for the period (as well as determining any
extraordinary gains and losses that should be recorded in the period).
Profit measurement depends on the reliability of a business’s accounting
system and the choices of accounting methods by the business. Caution:
A business may engage in certain manipulations of its accounting methods,
and managers may intervene in the normal course of operations for
the purpose of improving the amount of profit recorded in the period,
which is called earnings management, income smoothing, cooking the
books, and other pejorative terms.
Related to : financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit.
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What Did it Cost to Produce a Pound of Calf This Year?
By early December, weaning of spring-born calves has wrapped up for most cow-calf producers. This is a good time of year to close the books on 2018 and analyze the business to see what it cost to produce a pound of weaned calf. Unit cost of production (UCOP) is a value based on a relationship in production or manufacturing between costs and units of product made or produced.
Unit Cost of Production = Costs / Units Produced
The relationship between the numerator (Costs) and the denominator (Units Produced) is what drives the UCOP value. For weaned calves, the UCOP is calculated as dollar per pound. Knowing the cost to produce a pound of calf is powerful information as it can help with marketing and management decisions. If it costs $2 per pound to produce a weaned calf, you must sell that calf for more than $2 per pound to make a profit.
The power of the UCOP ratio for cow-calf producers is that everything involved in the production of a pound of calf is represented in the numerator or denominator of the equation. For example, if a producer wants to buy a pickup that will be used in the production of calves, he can estimate how the purchase of that new pickup will affect his UCOP in terms of cost per pound of calf produced. The same thing goes for the purchase of a new bull. Evaluating the purchase of a bull in light of how many estimated pounds of calf that bull will produce in relation to his cost can give insight into what a producer might be willing to spend.
What did it cost to produce a pound of weaned calf this year? What is it projected to cost next year? The old adage "you can't effectively manage what you don't measure" is true in relation to managing the cow-calf enterprise. The first step in calculating UCOP is to have production and financial records. These records do not have to be complicated, but the records need to be accurate and thorough. If current management information systems don't provide the data to run this type of analysis, consider changes that will provide the records needed.
Unit Cost of Production takes into account both product produced and costs. Knowing UCOP allows a manager to look forward utilizing both present and projected input costs with production numbers to make informed decisions. Cow-calf producers who know UCOP numbers for their operation's enterprises and understand the interaction between input costs and production can implement strategies to manage risk and effectively manage resources to meet their goals.
Table 1 (Estimated Annual Cow Costs for Nebraska 2018) shows estimated costs to produce a weaned calf from a sample central Nebraska ranch. In this example, the cowherd is static with a 16% replacement rate. The number of bred heifers entering the herd is equal to the number of cows that are culled or lost due to death loss. All costs including labor, depreciation, and opportunity cost on cowherd value is included in this example.
Would you like to sharpen your skills in knowing your production costs? If so, I would invite you to a two-day Unit Cost of Production Workshop that will be held on December 13 and 14, 2018 in Rushville, Nebraska. Participants in this workshop will work through a sample ranch to determine the profitability of four common ranch enterprises: cow-calf, stockers/breeding heifers, hay, and land. Participants will go through the steps of analyzing costs and calculating what it costs to produce a unit of product for each enterprise. Participants will also learn how to identify how changes could improve ranch profitability.
Does this sound difficult? Hands-on, group activities, and examples of how to calculate key numbers will help participants through the process. Participants will also receive access to Excel® spreadsheet templates that can help them analyze cost of production for their own operation. Follow-up after the workshops will be available to producers who would like assistance in putting together numbers for their own operations.
For more information on the UCOP workshop to be held December 13 and 14, please contact Aaron Berger at 308-235-3122.
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There is a growing strand of research suggesting that the standard economic paradigm-i.e. the assumptions that investors are fully rational, that markets are efficient and that collective actions are in efficient markets-does not adequately describe behavior in financial markets. Behavioral finance research argues that many facts about asset prices, investor behavior, and managerial behavior are best understood in models and empirical papers where at least some agents are recognized as being not fully rational. In this course, we will explore part of this literature.
In particular, we will focus on understanding the motivations behind the study of behavioral aspects of financial decision-making and of finance as an industry. We will study the limits to arbitrage, investor psychology, some experimental behavioral finance, some behavioral corporate finance and finally, we will focus on topics related to learning and information.
In addition to overviewing some of the most important existing results, you will learn key research capabilities. In particular, you will learn how to read research papers, how to identify the key aspects of a research strategy and how to overview empirical results. You will also participate in a few experiments, and help analyze the results in class.
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According to the United Nations' International Maritime Organization, the global shipping industry generates around one billion tons of carbon a year, equating to around two to three percent of global totals. Whats more, the world's fleets of trading vessels, many of which use cheap, dirty 'bunker' fuel for propulsion, are not subject to international treaties on climate change – such as the Paris Agreements – due to the international nature of the sector.
This means generating change in global shipping, which forms the backbone of world trade, has always faced major challenges, especially when you're dealing with vast, powerful logistics corporations who can often hold sway in national governments.
However, change might be on the horizon. Several maritime technological developers have begun looking to the past to solve the problems of the future, namely by bringing back wind power to the oceans.
One such company, Norsepower, has taken the lead in retrofitting large ships with high-tech sails. The Norwegian company, founded in 2012, has designed a rotor sail which it claims can reduce a ship's fuel requirements by as much as twenty per cent, saving money and the environment in the process.
In reality, the idea behind Norsepower's modern sail isn't all that new, with the concept first tested in the 1920s by Finnish inventor Sigurd Savonius and German engineer Anton Flettner. The rotor sail operates via the Magnus effect, in which wind imparts spin on cylinders and spheres via the difference in air pressure on either side of the object – the same scientific principle behind imparting spin on a golf or football.
The Norsepower rotor sails, which vary in height between 14 and 30 metres, are installed on the decks of ships and connected to the ship's electrical systems. When the sails encounter wind resistance, they generate electricity, allowing the captain to throttle back on the traditional engines, saving fuel without sacrificing speed.
Naturally, the Norsepower rotor sail comes with a whole host of advantages over traditional sails. Firstly, they require very little attention from the crew, and don't come with the web of rigging, guidelines and booms common with sails. This means the captain can turn on the sails with the press of a button, while the sail's own automatic control system can ensure its output is optimized. Secondly, the rotor sail is much more efficient than a traditional sail, with the cylinder design providing up to ten times more thrust with a much smaller surface area.
Norsepower has already installed sails on three large vessels including, most recently, the Maersk tanker Pelican. Of course, the sails do not yet currently provide enough power to single-handedly power a large vessel, but their ability to reduce fuel expenditure could be an important step in reducing the global shipping industry's appetite for crude, dirty fuel.
The shipping industry has traditionally been somewhat inert in its response to global climate change. Despite this, the IMO hopes to halve the carbon produced by shipping by 2050. Some companies have gone even further, with shipping giant A.P. Moller-Maersk wanting to become carbon neutral in as many years.
Hopefully, if cleaner technologies can save these larger corporations money – and they help save the environment in the process - it might be enough to spur on major change in the sector. Perhaps, the grand Age of Sail is due to make a comeback?
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Agriculture has been the backbone of our economy throughout our history and still is. A cursory look at the data will reveal its importance. Although the sector contributes less than 18 percent of Gross State Domestic Product, it employs more than 70 percent of the population directly and indirectly. Moreover, more than 72 percent of our population lives in rural areas and this speaks itself of their association with agriculture. No doubt that the services sector contributes more than 60 percent of Gross State Domestic Product, but its reliability and sustainability has come under suspicion given the political situation in the valley. For instance during the 2008 and 2010 unrest, the 2014 floods, the 2016 Burhan crisis, the 2019 lockdown and now the 2020 Covid crisis, it has been only the agriculture sector that sustained our economy. Also, the industrial sector has failed to reach its potential given the political crisis in the state. It is obvious that given the lockdowns, curfews, hartals, the industrial sector cannot operate efficiently. Although the agriculture sector has sustained our economy it has come under severe strain owing to a number of factors.
The first risk to agriculture sector comes from degradation in environment. For a few years now there has been higher incidence of flooding, hailstorms, droughts, receding glaciers and depleting water tables. According to the data available, there has been an increase in average temperature in the state. Jammu and Kashmir has surpassed the world in average temperature rise recorded in the last 100 years. As against the global increase of 0.8 to 0.9 degree Celsius, J&K has recorded 1.2 degree Celsius rise in temperature. This will have serious consequences on agriculture. It is estimated that rice, wheat, and mustard production in the state will be reduced by 6%, 4% and 4%, respectively, due to this rise in temperature. The deficit in food production in Kashmir region has reached 40%, while the deficit is 30% in vegetable production and 69% in oilseed production, putting food security at greater risk. According to the J&K Directorate of Economics and Statistics, there has also been a dip in production of rice, maize, wheat, barley, and pulses seeds due to degradation in climate. Further, untimely snow and rains have caused havoc increasingly. In 2019, untimely snow caused huge damage to apple orchards in Kashmir valley. The snowfall didn’t only damage the fruit but also the trees, making them crumble under the weight of snow. The sudden snowfall also disrupted transportation of apple to outside the region as the national highway remained blocked for several days. The government unfortunately provided meagre compensation to farmers. Moreover, there was inordinate delay in the implementation of Crop Insurance Scheme which could have proved critical at that juncture. The government must implement the scheme urgently as research has suggested that average temperature will further increase over time. The Jammu and Kashmir State Action Plan on Climate Change, a report prepared by the Climate Change Cell of the J&K government, has warned that Kashmir is heading for a dangerous climatic scenario with net temperature steadily going up.
Declining Agricultural Land
In addition to climate change, the agriculture sector is looming under another crisis which will surely impact our food security, income, and employment. According to the latest data available with the government, there has been a consistent decline in average land holdings in the state. Simple economics suggests that lower average land holdings are neither profitable nor provide stability in incomes. A report by Union Agriculture Ministry brought out glaring shrinkage of agricultural land per person in J&K. The size of land holding has shrunk from 0.62 hectares per person to 0.59 hectares from 2011 to 2016. According to the same report, arable land in the state has shrunk from 0.14 hectare per-person in 1981 to 0.08 hectare per-person in 2001 and further to 0.06 hectare per-person in 2012. The data provided by the Directorate of Economics and Statistics (J&K) reveals that more than 90 percent of land holdings fall under marginal category, which means that income from land is not profitable. This results in less farm mechanisation and the speeding up of conversion of agriculture land to non-agricultural purposes. The Kashmir valley had 4,67,700 hectares of agricultural land in 2015 which has shrunk to 3, 89,000 hectares in 2019. Kashmir has lost 78,700 hectares of agricultural land to non-agricultural purposes since 2015. The major conversion of land was in case of paddy and wheat, crops essential for our food safety. Data shows that land under paddy cultivation in Kashmir region shrank from 1,48,000 hectares in 2015 to 1,40,000 in 2018. Similarly, maize cultivation shrank from 100,000 hectares to 76,000 hectares over these years. The cultivation of pulses has declined from 14,600 hectares to 12,767 hectares. Oilseed cultivation also plummeted from 86,000 hectares to 81,000. Unfortunately the government is yet to wake up. Although laws have been passed which almost criminalise the conversion of agriculture land to non-agriculture purposes, the process continues abated.
Feminisation of Agriculture
The feminisation of agriculture in our region is not a new phenomenon but it is still invisible to most policy makers. Almost every country including India is passing through this phase where women’s participation in agriculture is rising. Comparison between the Census 2001 and 2011 reveals that women labour force participation has increased from 22 percent in 2001 to 24 percent in 2011 in J&K. Moreover, the percentage of women cultivators has increased from 36 percent to 38 percent during the same years. Furthermore there has been an increase of women-headed households in the valley which increases feminisation of agriculture. In the valley, women-headed households have increased from 6 percent in 2001 to 10 percent in 2011. During these years male participation as cultivators as well as labourers has declined. Although women participation has increased over the years, women still lack ownership of land titles, credit, and decision making in agriculture.
Although the government has come up with many programmes for women, women in agriculture have been completely neglected. The government still considers agriculture as a male domain which is clearly not the case. Policies are still male-biased. However, there have been some progressive decisions which may improve the conditions of women working in agriculture. The Supreme Court of India recently gave a progressive decision to make daughters equal shareholders in parental property. The implementation of this order has to be effective to improve the status of women in agriculture. Many a time laws are bypassed and customs are followed. Although the valley has a Muslim majority, yet few women have land ownership. Muslim personal laws clearly give women a share in all types of property. It has become imperative to increase share of land ownership among women, provide them credit and incentives. It is important to create Self Help Groups which will boost cultivation of vegetables and other essentials. As of today the growth of agriculture is crucially dependent on women.
Communalisation of Politics
This aspect has been curiously overlooked. As of today Kashmir is depicted as an ‘enemy’ region in the majoritarian-nationalism that prevails in India. Over the years, agriculturalists in the valley have seen a significant decline in incomes from transactions with outsiders. The major issue is the stranglehold that a few states hold over our produce. Agricultural produce is mainly imported into Kashmir from these states. The lack of farmers’ unions allows sellers to dictate terms. It is imperative that the government comes up with a plan to create influential unions which will protect interests of small and marginal land holders in Kashmir. Moreover, the state government has to create a process by which agriculturalists in the valley connect directly with international buyers so that the intermediaries do not take advantage of our political situation. Unfortunately, the state is yet to create certain process which will destroy the shackles of intermediaries on our agriculture sector.
Post-Script: Although agriculture is in a crisis, there are yet opportunities for it to grow. The government must create unions in apple industry to protect income of farmers, implement strict laws to prevent conversion of agriculture land to non-agricultural purposes, and provide incentives and protections to women in agriculture. It is important to provide women land ownership and credit facilities.
—The writer is a research scholar at the Dept of Economics, Aligarh Muslim University. [email protected]
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Understanding that sustainability is no longer a niche but a norm of today is crucial in every industry, especially in forestry. Forest carbon stock regulation through sustainable woodland management is identified as a significant feat to combat climate change, which is why Theo’s Timber adopts and opts environment-conscious options in the overall timber resources procurement.
Forest Carbon Stock in the UK
By definition, forest carbon stock is the amount of carbon stored in the forest ecosystem that are sequestered from the atmosphere. Statistics shows that the UK woodland stores an increasing amount of carbon stock from 1990 to 2015, however, the net annual rate of the carbon dioxide accumulation by the UK forests is expected to decrease from 21 million tonnes in 2020 to 19 million tonnes by the end of 2030. Further, this can be regulated through responsible forest management and by planting more trees as the Kyoto protocol showed that the UK managed to meet its carbon emission target since 1990 to 2015 through the aid of newly-planted woodland.
UK Forestry: Facts and Figures
The UK has 13% of its total land area covered by forests, which is an estimated 3.17 million hectares of timberland, housing approximately 3,814 trees. Nevertheless, from the total forest area, only 1.38 million hectares (43%) are certified independently as sustainably managed, to which the government targets an additional 37% increase in the succeeding years.
Every year, the UK utilises 50 million cubic meters of timber, where 10.6 million cubic meters are homegrown and 95% of these are softwood/conifers. Moreover, wood has over 5,000 known uses and an average person in the UK is estimated to use at least 12 trees per year in their everyday life, i.e, for clothes, paper, construction materials, and many more. By 2050, demand is tripled and Britain is expected to supply less than 22% of the total timber demand across the UK and majority of the country’s timber merchants are becoming widely concerned about the future of hardwood resources as the demand exponentially increases.
Additionally, many British timber merchants and consumers fail to treat responsible sourcing as a key issue despite expressing long-term business interest in such propositions. For this reason, Theo’s Timber shares a vision with the Forest Stewardship Council (FSC) to commit to promoting responsible regulation of woodlands by opting for ethical and conscious management of UK forests that benefit the industry and the environment.
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As 2020 draws to a close, the economic devastation caused by the COVID-19 pandemic shows no sign of abating. Without urgent action, global poverty and inequality will deepen dramatically. Hundreds of millions of people have already lost their jobs, gone further into debt or skipped meals for months. Research by Oxfam and Development Pathways shows that over 2 billion people have had no support from their governments in their time of need. Our analysis shows that none of the social protection support to those who are unemployed, elderly people, children and families provided in low- and middle-income countries has been adequate to meet basic needs. 41% of that government support was only a one-off payment and almost all government support has now stopped.
Decades of social policy focused on tiny levels of means-tested support have left most countries completely unprepared for the COVID-19 economic crisis. Yet, countries such as South Africa and Bolivia have shown that a universal approach to social protection is affordable, and that it has a profound impact on reducing inequality and protecting those who need it most.
In addition to the full paper and executive summary, an Excel file with the data analysed by Oxfam and Development Pathways is available to download on this page, along with an annex on the crisis in Latin America and the Caribbean.
How to cite this resource
Citation styles vary so we recommend you check what is appropriate for your context. You may choose to cite Oxfam resources as follows:
Author(s)/Editor(s). (Year of publication). Title and sub-title. Place of publication: name of publisher. DOI (where available). URL
Our FAQs page has some examples of this approach.
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Here’s an idea that policy makers like: Take the unemployed, give them entrepreneurship training, and turn them productive, tax-paying business owners.
Of course the politicians love the idea. It gives unhappy, out of work people a shot at the American dream and reduces unemployment at the same time.
There’s just one problem. It doesn’t work.
We’ve had this type of policy in place since 1993, when the federal government created the Self-Employment Assistance (SEA) program to provide small business training and advice to people receiving unemployment insurance. To help turn the jobless into entrepreneurs, participants in the program get entrepreneurship education and advice and receive their unemployment insurance payments without having to look for a job.
The gold standard for evaluating whether a government policy works is to run an experiment. If some people are randomly assigned training and assistance and others are not, then observers can see whether the government-provided help has any effect, while ensuring that the group receiving the treatment is no different from the group that didn’t receive it.
In the mid-2000s, the Department of Labor designed just such an experiment to see if entrepreneurship assistance and training increases small business ownership and performance. To assess the benefit of the government help, participants in the Growing America through Entrepreneurship (GATE) program were randomly assigned to receive entrepreneurship assessment, training and counseling or to serve in a control group that received none of these. Researchers then observed whether those that got the help had a higher rate of business ownership and small business performance over the following five years.
In December of 2009, the Labor Department released the results of this study; and they are instructive. Compared to the control group, the recipients of the entrepreneurship training and assistance:
• Were no more likely to own a business
• Had no lower rate of business closure
• Earned no greater self-employment income
• Had no greater sales
• Had no more employees
• Were no less likely to receive unemployment benefits
• Were no less likely to receive public assistance benefits.
In fact, those who received the training and assistance were five percentage points less likely than the control group to have received a business loan, and had invested only invested 70 percent as much in their businesses. And those who received the government’s help were more likely to find getting customers to be a challenge than those who received no assistance.
These results followed an earlier experiment in Massachusetts in which the random assignment of entrepreneurship training and assistance did not increase self employment income or the odds of working for oneself five years later.
An experimental study in Washington showed that entrepreneurship training and assistance was beneficial over a shorter period of time. And other studies have shown correlations between government help and the odds of being an entrepreneur and entrepreneurial performance. However, to date we have no solid, experimental evidence of the long term benefit of entrepreneurial assessment, training and counseling on the tendency to be an entrepreneur or performance at small business ownership.
This result has an important implication: government efforts to help people become entrepreneurs don’t make people more likely to run their own businesses or do a better job at managing them.
Would America would benefit more if we gave the resources used to fund these ineffective programs back to small business owners? It’s a plausible hypothesis and one worth testing.
So here’s what I propose: Give those with a different set of beliefs about how to enhance small business performance a chance to test their ideas. Let’s randomly assign a tax cut to some small business owners and see if the businesses paying less employ more people five years down the road.
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Por Samuel Roberts
Increasing the annual coffee production to 30,000 tons by 2030 is one of this Cuban industry’s main challenges that is committed to recovering one of the island’s traditional exports.
In order to attain that goal, major action plan and investments have been carried out in recent years to revive a sector affected by the severity of the climate, such as intense droughts and hurricanes.
Coffee production in Cuba has been experiencing a noticeable recovery thanks to measures adopted over the past few years, such as the use of clones that result in higher productivity.
The use of scions and modernized nurseries has yielded very positive results, described Elexis Legrá, the director of Coffee, Cocoa and Coconut of the Agriculture Ministry’s Agro-Forestry Group (GAF).
Legrá told Prensa Latina that the use of biotechnology and other modern techniques, together with enhanced varieties and seeds, also helped increase coffee production in 2019 by 1,400 tons.
The fact that Cuba both imports and exports coffee has made it set an ambitious growth plan by 2030 that allows it meet the domestic demand.
GAF’s main productions are intended for the international market with the export of coffee, cocoa, coconut, honey –the group’s main source of income today- pine tree resin and eventually henequen byproducts.
Since coffee was first introduced to Cuba in 1748 up until 1958, the history of this crop was characterized by major fluctuations: in 1833, Cuba was Europe’s main coffee exporting country with 29,500 tons but in 1920, it ended up importing more than 20,000 tons.
In 1955, the island recovered its role as an exporting country, which it had gained and lost several times between 1927 and 1954.
At the end of 1958, coffee production was in the hands of 29,000 families, comprising 168,600 hectares (an average of 5.8 hectare per family).
A total of 60,300 tons of coffee (historic record) were obtained during the 1961-1962 harvest, but the production then began to decline in the coming years, totaling only 16,100 tons in 1978.
The socio-economic changes that took place in the country beginning in 1959 led to a reduction of the population in farmlands. Many migrated to the city, where there were new sources of employment together with education options for younger generations.
Hence, coffee plantations were neglected and production suffered setbacks due to the lack of workforce.
The sector began recovering in the 1970s with the enhancement of the existing infrastructure and the introduction of a high-performance contingent and some 150 agronomist engineers, among other factors.
Those efforts were part of a future program aimed to guarantee a stable workforce in rural areas, which would include boosting the production of forests, vegetables, starches and livestock for local self-sufficiency.
However, the arrival of the so-called special period (economic crisis that started when Cuba lost its main trading partners upon the collapse of socialism in Eastern Europe and the USSR) was a hard blow to those goals.
Cuban coffee is in high demand, particularly the Arabic variety due to its special aroma.
Increasing exports and reducing imports, a key goal of the Cuban government’s policy, is an incentive for this sector’s development.
The goal set for 2020 is to produce 10,000 tons of coffee, which would represent new increase, especially in the eastern mountainous region –which has suffered the severity of the climate, including storms.
It is possible to attain high production levels in Cuba, said Legrá, who praised the importance of Vietnam’s cooperation in this field for the past five years.
The results of this project speak for themselves: some producers have obtained more than one ton per hectare in demonstrative areas.
Beginning to grow coffee in plain areas also stands out as part of a program that already comprises nine provinces. The idea of Cuba being self-sufficient in local consumption again largely depends on that program.
In order to produce 30,000 tons of coffee as of 2030 and export 5,500 of that, it will be necessary to work harder and increase training efforts, the director noted.
Coffee exports are estimated to contribute some $35 million by 2030, compared to the $10 million envisaged for this year, when 2,000 tons are expected to be exported.
Cuba has the conditions to produce a more competitive and higher-quality coffee with higher outputs, but this entails greater innovation and stricter control in the use of new technologies.
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The Ultimate Artificial Intelligence Resources Guide by Kyle Poyar
The term Artificial Intelligence was originally coined by John McCarthy in 1955 who defined it as “the science and engineering of making intelligent machines.” More than half a century later, AI and machine learning are taking their places among tech’s most talked about trends. Over the past few years, AI has made inroads in data mining, industrial robotics, speech recognition and much more. And its rise is only slated to continue. By 2022, the overall artificial intelligence market is expected to be worth more than $16 billion. That’s an expected compound annual growth rate of over 62% from 2016 to 2022. It’s not wonder then that tech giants and small startups alike are investing heavily in AI and machine learning. Here, they have compiled an in-depth guide to help you brush up on your AI knowledge. This will be added to Artificial Intelligence Resources Subject Tracer™. This will be added to Entrepreneurial Resources Subject Tracer™.
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China may be the world’s biggest user and producer of coal – and also the largest emitter of carbon dioxide and other greenhouse gases but all is not doom and gloom. China is currently establishing the world’s largest renewable energy system. By 2013 this had reached over 1 trillion kW, larger than the accumulated total of electrical energy produced by the power systems of France and Germany. What is driving this shift toward renewable energy, and what does it mean for China and the rest of the world?
Beijing wants to move the country in the direction of lower-carbon energy use and so far has had some impressive – if partial – results. Last year, for example, China’s new renewable power capacity surpassed new fossil fuel and nuclear capacity for the first time – although overall investment in renewable energy fell by 6% between 2012 and 2013.
The report cited above also notes that China is the world’s top investor in renewable power and fuel, has the biggest total capacity of renewable power including hydro (and also not including hydro), the world’s biggest hydropower capacity and windpower capacity (over 60 GW), as well as the largest solar water heating capacity and geothermal heating capacity.
China overtook the US in 2010 to claim the number one spot as the world’s largest wind power producer, with 44.7 GW of productive capacity. The Gansu Jiuquan project, for example, situated in Inner Mongolia on the edge of the Gobi desert, will be the world’s largest wind farm and its capacity of 10 GW will be larger than the entire installed capacity of windpower in the US.
Yet because of the country’s size and the legacy of the ‘dash for growth’ over the last 20 years, China’s energy industry overall is still cheap and nasty. It still depends on coal for two-thirds of its energy requirements and ranks as the world’s biggest carbon polluter. Nor does it show many signs of improvement. In 2014 it is likely that China will become the world’s largest oil importer and coal and oil still account for nearly 90% of energy consumption. In 2011, China’s GDP accounted for only 10% of the world‘s carbon dioxide output, yet it consumed 60% of the world’s cement, 49% of the iron and steel and 20% of the energy.
Faced with such daunting figures, China has adopted ambitious targets for renewable energy investment for its 12th five-year plan, which aims to spend $473.1bn on clean energy investments from 2011 to 2015, in seven strategically important spheres: energy-saving and environmental protection, next generation information technology, bio-technology, advanced equipment manufacturing, new energy (solar, wind and biomass power), new materials and new-energy vehicles. China’s goal, according to Forbes magazine, is to have 20% of its total energy demand sourced from renewable energy by 2020.
In fact, it is making a reasonably good start, spending a total of $56.3bn on wind solar and other renewables in 2013 and accounting for 61% of the total investment in renewables in developing countries. It invested more in renewable energy last year than all the countries in Europe combined. China now has about 24% of the world’s renewable power capacity, including around 260 GW of hydropower.
Manufacturers in China now churn out more solar photovoltaic panels (PVs) and wind turbines than any other country. By 2020, China aims to have quadrupled its capacity for wind, solar and biomass power, from less than 50 GW in 2010 to more than 200 GW in 2020, spurred on by health concerns and the Fukushima nuclear disaster in nearby Japan.
The main motive for China’s turn towards renewables is not hard to fathom. The ever-growing number of horror stories about unbreatheable air in many major cities continues to be a major issue with the public. It is estimated that outdoor air pollution contributes to 1.2m premature deaths each year, providing a solid motivation for the need to create a greener energy system.
According to a recent report by the world’s largest thin-film solar company, Hanergy Energy Holding Group and China New Energy Chamber of Commerce, China installed 12 GW of new PV generation capacity in 2013, a massive 232% increase over the previous year. Compare that to Germany, whose new PV capacity dropped 56%, and Italy, where new solar power additions fell by 55%.
The report also notes that China in 2013 accounted for the largest proportion of total global solar industry financing, which at $23.5bn, is equivalent to the entire amount raised in Europe. Li Hejun, chairman and CEO of Hanergy and president of the China New Energy Chamber of Commerce, told China Outlook: “There’s little doubt that the government is serious about promoting green energy as the base of this growth – China’s renewable energy capacity increased from 27.9 GW in 2001 to 183 GW in 2013 and it was by far the world’s largest investor in renewable energy last year.”
He added: “Solar power has been the rising star in this field, with thin-film solar technology leading the way. This is because thin-film panels, unlike traditional silicon-based solar modules, are lightweight and portable and can be flexible, translucent, and integrated into buildings and other consumer products, like vehicles, mobiles, and clothing. As China and other global energy markets transition away from fossil fuels, thin-film solar technology will play an important role.”
Li was keen to make a distinction between the firms that focus on traditional, crystalline-silicon based modules (more than 90% of the global PV market) and those (like his own company) that make next-generation, thin-film panels. China has always been a cost leader in manufacturing, so it is not surprising that panel production is concentrated in China.
However, China’s growing success in producing PV panels has not been widely appreciated in either Europe or America. In December last year the European Union introduced tariffs after China was accused of flooding the market with cheap panels. An EU investigation found that Chinese companies were selling panels in Europe at far below their normal market prices and were also receiving illegal government subsidies. The tariff only applies to manufacturers who would not agree to a minimum price.
Similar actions have taken place in the US, where Chinese solar panels had made significant inroads into the marketplace.
At the same time – and despite the growth of the market – according to a 2013 report by the United Nations Environment Programme (UNEP), while Chinese firms have been able to successfully compete internationally, they have fallen behind their western competitors in technological development – for example, in their development of thin film solar panels. On average, as a percentage of revenues, Chinese firms tend to invest less in research and development than their western counterparts.
The report also states that across every sector studied, a technology gap exists between Chinese firms and their industrialised-world competitors. The government needs to encourage longer-term investment in research and development, and further support for domestic innovation. It also needs to spend more on investment in the grid itself. At present, it is not easy in China to switch excess output from one region to another, particularly important as sunlight is stronger in the west of the country, whilst demand for power is strongest in the east. Some windpower farms are not even connected to the national grid.
However, recent reports suggest that China is catching up. Ambitious targets have already been set for the 13th Five-Year Plan from 2016-2020 – although much of the predicted growth is based on a continuing property boom in China, so if that slows down, it may affect plans to increase production of panels, wind farms and other renewables.
For China’s leadership the battle to reduce pollution is always a political issue, something that has to be balanced against the need for further industrialisation and development. Will pollution control still allow for economic growth? As things stand, there are grounds for optimism in the way China is facing up to its severe environmental problems. Will that optimism still be there in five years?
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1. that factory proportion remains constant. In
1. To specify an objective function in mathematical form is not an easy task.
2. Even if objective function is determined, it is difficult to determine social, institutional, financial and other constraints.
3. It is also possible that the objective function and constraints may not be directly specified by linear in equality equations.
4. To determine the relevant values of the co-efficient of constraints involved in LP is a main problem.
5. The assumptions of LP are also unrealistic. It assumes that factory proportion remains constant. In addition for it, the relationship between input and output, production and cost, and production and total revenue are assumed to be linear.
All these assumptions imply constant returns to scale and perfect competition in the market. But in fact the relations are not always linear and imperfect competition prevails in the market.
6. It is a very complex method as it uses mathematical techniques extensively. LP models presents a trial and error solutions and it is difficult to find out really optimal solutions to various business problems.
7. Under linear programming to increase production by a single process the quantity of all inputs is to be increased in a fixed proportion.
But the production of a number of goods can be increased to some extent by increasing only one or two inputs. It means that production can be increased to some extent by varying factors proportion.
In spite of these limitations LP is extensively used in taking business decisions. Most of the limitations of LP can be solved by utilizing the services of mathematicians. The above limitation can be removed by developing nonlinear programming techniques.
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Go to this website. First, set the date range to begin exactly 1 year before the start of the term and to end with the day before the Monday that this course startet. We will use 8/12/2013 through 8/11/2014 Next, click the link on the right that says Download to Spreadsheet, and save the file to your computer
This project will only use the Closing Values. Assume that the closing prices of the stock form a normally distributed data set. This means that you need to use Excel to find the mean and standard deviation and then use those numbers and the methods you learned in sections 5.2 and 5.3 of our text book for Normal distributions to answer the questions.
Complete this assignment within a single Excel file. Show your work or explain how you obtained each of your answers. Answers with no work and no explanation will receive no credit.
1. If a person bought 1 share of Google stock within the last year, what is the probability that the stock on that day closed at less than the mean for that year? Hint: You do not want to calculate the mean to answer this one. The probability would be the same for any normal distribution. (4 points)
2. If a person bought one share of Google stock within the last year, what is the probability that the stock on that day closed at more than $500? (6 points)
3. If a person bought 1 share of Google stock within the last year, what is the probability that the stock on that day closed within $45 of the mean for that year? (6 points)
4. Suppose a person within the last year claimed to have bought Google stock at closing at $362.50 per share. What is the probability that the stock closed at $362.50 or less on a randomly selected business day? (6 points)
5. At what prices would Google have to close at in order for it to be considered statistically unusual? You should have a low and high value. Be sure to use the definition of unusual from the textbook. (6 points)
6. What are Quartile 1, Quartile 2, and Quartile 3 in this data set? Use Excel to find these values. This is the only question that you should answer without using anything about the Normal distribution. (6 points)
7. Is the normality assumption that was made at the beginning valid? Why or why not? Hint: Does this distribution have the properties of a normal distribution as described in our textbook? It does not need to be perfect. Real data sets are never perfect. However, it should be close. One option would be to construct a histogram like we did in Project 1 and see if it has the right shape. If you go this route, something in the range of 10 to 12 classes would be a good number. (6 points)
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Weeks after Environment minister Jairam Ramesh called for abolition of subsidy to gas-guzzling diesel cars, Sunita Narain’s Centre of Science & Environment has urged the government to introduce new taxes on diesel cars in the upcoming budget. India has low taxes on diesel to keep food prices down, but the policy has led to the creation of a big diesel car market as companies try to take advantage of the subsidy.
“We condemn this perverse subsidy,” Anumita Roychoudhury, head of CSE’s air pollution team, pointing out that diesel — a heavier fuel with more carbon than petrol — causes more global warming than petrol.
Diesel, a necessary by-product of petroleum distillation which is required for producing petrol, is used in heavier engines the world over, while cars and bikes run on petrol. The fuel, which is not suitable for small-engines, has been ‘forced’ on to cars in India due to the artificially low prices, environmentalist, experts point out.
While diesel prices are similar to those of petrol in the international markets (at around Rs 28 per litre), in India, petrol is around 30% costlier than diesel. Taxes on petrol are around 100% while diesel taxes are only around 50%.
While cheap diesel is primarily meant for trucks that transport essential commodities from one part of the country to another, Jairam Ramesh had recently pointed out how many rich people now big cars that run on diesel, partly due to the availability of cheap fuel.
“The combination of cheap diesel and lure of lesser taxes on small cars will make the diesel car numbers explode now. Already, diesel cars constitute 36 per cent of new car sales – this is expected to be half soon. Since 2008, the price gap has increased from 28 per cent to 35 per cent in Delhi. It is deplorable that cars are not being made to pay the full costs when the oil companies are losing Rs 7-9 per litre of diesel,” CSE said in a statement.
While 85 per cent of the petrol cars sold in India have less than 1,200 cc engines, 64 per cent of diesel cars are just under 1,500 cc, it said, pointing to the ‘big car’ trend in the market fueled by diesel. Cars use up 15 per cent of the total diesel in the country – compared to 12 per cent by buses and agriculture, 10 per cent by industry, and 6 per cent by the railways, it said.
CSE has already been taken to court for its anti-diesel car stand by Tata Motors which makes the largest number of diesel cars in India. Tata and others argue that diesel is no longer as polluting as it used to be, due to advances in technology.
Roychoudhury, however, argues that beiing a heavier fuel with more carbon atoms than petrol, Diesel cannot, but pollute more.
Auto industry’s claim of greater fuel efficiency and lesser carbon emissions from diesel cars is unacceptable as diesel fuel has higher carbon content than petrol. “If more diesel is burnt encouraged by its cheaper prices, more heat-trapping CO2 will escape. Also, black carbon emissions from diesel vehicles are several times more heat-trapping than CO2 and this nullifies fuel efficiency gains,” she points out.
CSE pointed out that the lower excise duty on diesel consumed by cars costs Rs 300 crore in Delhi alone.
It pointed out that in other countries, diesel cars owners are made to pay for the extra pollution they cause or to recover subsidies or to offset low taxes.
“In Brazil, diesel cars are actively discouraged because of the policy to keep taxes lower on diesel. In Denmark, diesel cars are taxed higher to offset the lower prices of diesel fuel. In China, taxes do not differentiate between petrol and diesel.
“The European Commission has calculated the difference in lifetime pollution costs of Euro IV compliant diesel car and petrol car. The total pollution cost of a Euro IV diesel car is 1,195 Euros vis-a-vis 846 Euros for a petrol car. This nullifies the marginal greenhouse gas reduction benefit of diesel car and costs higher to the society,” CSE alleged.
In the end, the organization urged the government to put in additional “substantial and effective” excide duty on diesel cars to prevent dieselization of car segment and restore the 24% excise and increase further the special duty on all big cars.
It also urged the government to withdraw the relaxation given to diesel cars. Currently small petrol car is legally defined as one with length not exceeding 4,000 mm and with an engine capacity not exceeding 1,200 cc. For diesel small car this has been relaxed to 1,500 cc for diesel cars. “Make it same as small petrol car for the purpose of tax measures,” it said.
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En español | Ninety years ago, Wall Street laid an egg.
On Oct. 24, 1929, the Dow Jones Industrial Average began a slide that saw a 12.8 percent plunge Oct. 28 and a 11.7 percent decline the next day.
By the end of the bear market in 1932, the Dow had plummeted 89 percent from its 1929 high, erasing all the gains of the Roaring Twenties, and the nation was in the depths of the Great Depression.
Historians have found plenty of reasons for the Great Crash, ranging from excessive speculation to a slowing global economy to shady investment practices. Even though the world is very different than it was in 1929, we can learn plenty of lessons from the Great Crash and the economic disaster that followed.
4 always-good pieces of advice
1. Diversify. Even though stocks cratered in the 1929 crash, government bonds were safe havens for investors. A position in bonds probably wouldn't have shielded you completely from stock-market losses, but it certainly would have softened the blow.
2. Keep cash in reserve. Your most important investment is you, and if you lose your job, you'll need some savings to enable you and your family to stay afloat.
In addition, a cash stash can help you pick up bargains in the aftermath of a market decline. During the Depression, mutual fund pioneer John Templeton invested $10,000 and bought shares of 104 companies for less than $1 a piece. He sold them for around $40,000 near the end of World War II.
3. Never bet more than you can lose. Buying stocks on margin, often with as little as 10 percent down, was common in the runup to the crash.
If your stock rose 10 percent, you would double your money. If it fell 10 percent, you would lose your entire investment.
Some mutual funds put their entire portfolios on margin — and in turn, other funds bought those on margin.
4. Try not to get caught up in hysteria. Stocks had had a long runup to the 1929 crash, and their prices, relative to earnings, were extremely high.
High-tech stocks of the day, such as Radio Corporation of America, were particularly pricey. Soaring prices tempted more and more people to climb into the market, even those who should have known better.
"Stock prices have reached what looks like a permanently high plateau,” Yale economist Irving Fisher said in September 1929.
Safeguards put in place
Some of the problems that made the Great Crash morph into the Great Depression have been alleviated.
In 1929, it was perfectly possible to save prudently in a bank savings account and lose most of your money because bank deposits weren't insured. The Federal Deposit Insurance Corp. now insures bank deposits up to $250,000 per bank per person and often more depending on how the deposits are titled.
Deposit insurance from the federal government also covers most credit unions.
The Federal Reserve Bank now regulates margin loans: The current maximum amount of margin is 50 percent. In other words, at least half of the stock you buy must be with your own money.
The Securities Act of 1933 cracked down on fraud in the financial services industry and required publicly traded companies to give investors information about their financial condition. And the Investment Company Act of 1940 unified rules for mutual fund companies and limited the purchase of securities on margin.
No barrier to stockbrokers in banks
However, some of the laws that came out of the Great Depression have been eased. The portion of the Glass-Steagall Act that required commercial banks and investment banks to be separate entities was repealed in 1999. The 1933 law was passed because banks that speculated on their own accounts collapsed in wake of the Great Crash.
And if you want to invest with insane amounts of leverage — Wall Street's current euphemism for margin — you still can do so, thanks to exchange-traded funds that promise to rise or fall as much as three times as an underlying index, such as the Standard & Poor's 500 stock index.
Finally, no one can guarantee that stocks and the economy won't swoon again.
The most recent bear market, which lasted from 2007 to 2009, clawed the S&P 500 for more than 50 percent of its value and saw millions of people default on their mortgage loans. Only immediate government action kept many major banks from failing.
Although modern governments try to stabilize the economy in a crisis, those policies can change. Your best defense is to diversify your holdings, keep some cash for a rainy day — and always try to avoid getting caught up in the investment manias of the day.
John Waggoner has been a personal finance writer since 1983. He was USA TODAY's mutual funds columnist from 1989 through 2015 and has worked for InvestmentNews, Kiplinger's Personal Finance, the Wall Street Journal and Morningstar.
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The Local Aggregate Effects of Minimum Wage Increases
As part of the Fair Labor Standards Act, the federal government initiated a national minimum wage in 1938, which has since been raised 22 times, the latest increase in 2009 going to $7.25 per hour. State-level minimum wage increases have occurred with much greater frequency, especially quite recently, with 17 states raising minimum wages in 2016 and 19 states doing so in 2017. In total, there have been 247 changes in the minimum wage on the federal and state level between 1999 and 2014, resulting in substantial variation in current minimum wages across the United States. The policy intent behind minimum wage laws is to raise the return to employment for low-wage workers; indeed, the idea of a $15 per hour "living wage" has been growing—in 2016 California and New York passed legislation to gradually raise their minimum wages to this level (Seattle enacted a similar gradual $15 per hour increase in 2014), while other states are enacting more modest multi-year raises.
A voluminous empirical literature has largely found that within the range of the increases historically experienced in the United States, higher minimum wages have minimal employment effects. However, this literature has largely overlooked the fact that through general equilibrium adjustments that go beyond the labor market, the level of the minimum wage should affect prices and consumer spending. Moreover, higher minimum wages may cause fluctuations as local economic conditions adjust to the changed regulations. This paper addresses these less-studied issues by exploiting the variation in minimum wages across the United States and the fact that labor markets are defined by commuting distances. The authors compile a dataset of state-level minimum wage changes for the 1999–2014 period and use city-level price data from metropolitan statistical areas to measure the dynamic effects that minimum wage increases have on annual changes in city-level prices (inflation) and consumer spending.
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A net lease is a type of commercial lease often used for retail or office environments. Typically, tenants that enter into a net lease pay a lower base rent each month than those that enter into other types of commercial leases, but that is because those tenants also pay part of the net expenses of the property. The “nets” are usually considered insurance, property tax and CAMS, though net lease tenants also usually cover other expenses such as common area maintenance or their own utilities.
Net leases come in several types. The first type is called a single net lease, or N lease. An N lease usually occurs when the tenant agrees to pay a base rent plus a share of property taxes. That share is usually determined by the percentage of the property that the tenant is occupying.
A double net lease, or NN lease, involves payment of rent and a share of both property tax and property insurance. Both N and NN leases usually also require the tenant to pay for cleaning and utilities within the space rented, but the landlord typically covers such things for common areas.
A triple net lease, or NNN lease, has the tenant paying insurance, property taxes, CAMS and base rent. The tenant usually has some obligation toward shared maintenance of common areas, too, and must pay utilities for the space being leased.
Understanding your lease type is critical to budgeting for your business. Working with a real estate attorney can help you negotiate a lease that works for your business, and if you are dealing with a dispute about what should be paid under your lease, a lawyer can help you make a case for your argument.
Source: 42 Floors, “3 Different Types of Commercial Real Estate Leases,” May 01, 2016
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China enters a new era of green shipping with its commencement of the enforcement of the Domestic Emission Control Area (DECA) regulation at its major port regions. This regulation limits the sulfur level of fuel used on ships in and near the port areas at 0.5 percent, 86 percent lower than the 3.5 percent global marine fuel sulfur standard. The real benefits of the DECA regulation will depend largely on how well it will be enforced. Establishing a robust enforcement program for DECA is particularly important because DECA is the first marine fuel regulation to have been enacted in China.
In order to help the Chinese government effectively enforce this regulation, the Natural Resources Defense Council (NRDC) has developed this report to review and summarize key elements of programs adopted in the US, Europe, and Hong Kong in order to verify compliance with marine fuel regulations and deter violations. The report also discusses strengths and limitations of the different enforcement approaches and technologies. Drawing from the lessons learned from the current enforcement programs adopted in other regions, the report offers recommendations for China to consider in enhancing its DECA enforcement program.
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Grow Rural Ontario
Rural Ontario needs
Natural gas is the
single most important
investment that will
give farms, businesses
and rural residents the
competitive edge to
We need natural gas now.
Energy is one of the largest inputs on farms,
and a significant cost to rural residents and
local business owners. Rural Ontario is faced
with soaring costs of energy - mostly the cost of electricity.
Natural gas is a clean, affordable energy source
that is readily available in urban Ontario.
It's time for a real investment in competitive energy to help rural Ontario grow.
Did you know that if natural gas was available
across the province, it could save Ontario
farmers, business owners and rural residents
more than $1 billion in annual energy costs?
Ontario's agriculture and
agri-food sector contributes $36.4
billion to Ontario's annual GDP
790,000 jobs are generated
by the agriculture and
agri-food sector in Ontario
That's a bigger economic impact
than any other single industry
in the province.
Rural Ontario is alive with innovation, opportunities and economic activity...
but it needs infrastructure and access to competitively priced inputs to continue
to thrive and drive the economy.
What we need
A real commitment from the provincial
government to investment in natural gas
infrastructure across rural Ontario.
Why we need natural gas.
To provide affordable energy options for farms
and rural businesses to jumpstart rural
Who needs natural gas.
Everyone who lives and works in rural Ontario,
and that includes farmers, local businesses,
schools and hospitals.
What will natural gas mean.
Access to natural gas across rural Ontario will
dramatically reduce energy costs for farms,
businesses and rural communities. Natural gas
is an important way to keep rural Ontario
competitive and help meet the Premier's
challenge for growth in the agri-food sector.
How will this happen.
We're working with provincial government and
gas companies to develop a fair and equitable
way to install new natural gas pipeline across
rural Ontario every year for the next 20 years.
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RPSC RAS Mains Exam Paper-I:Unit II-Part A- Indian Economy: Rajasthan Administrative Services Mains Exams Indian Economy Study Material. RAS Mains Indian Economy
- Major Sectors of Economy: Agriculture, Industry & Service- Current Status, Issues and Initiatives
- Banking: Concept of Money supply & High Powered Money. Role and Functions of Central Bank & Commercial Banks, issues of NPA, Financial Inclusion. Monetary Policy- Concept, objectives & Instruments
- Public Finance: Tax reforms in India- Direct & Indirect, subsidies- Cash Transfer and other related issues. Recent Fiscal Policy of India
- Recent Trends in Indian Economy: Role of Foreign Capital, MNCs, PDS, FDI, Exim Policy, 12th Finance Commission, Poverty alleviation schemes.
The Indian economy was in distress at the brink of the country’s independence. Being a colony, she was fulfilling the development needs not of herself, but of a foreign land. The state, that should have been responsible for breakthroughs in agriculture and industry, refused to play even a minor role in this regard. On the other hand, during the half century before India’s independence, the world was seeing accelerated development and expansion in agriculture and industry – on the behest of an active role being played by the states.
India has the world’s sixth largest economy in measures of GDP. It has the third largest purchasing power in the world. When we talk about the global economy, India is one of its fastest emerging players. Since our liberalization in 1991, the economy has opened up and given us plenty of opportunities to succeed. RAS Mains Indian Economy
In the Indian economy, both private sector and public sector companies co-exist in perfect harmony. The big industries, especially those for vast public use, are public sector companies. Some examples are MTNL, Mahanagar Gas etc. And the economy has seen a huge boost in the private sector as well since the liberalization in 1991. Hence India is the perfect example of a mixed economy.
One major advantage of India’s vast population is within the scope of human capital. And most of these human resources are youths. They are educated and skilled, giving India a huge advantage in the global market. They now need adequate employment opportunities to be successful.
British rulers never made any significant changes for the benefit of the social sector, and this hampered the productive capacity of the economy. During independence, India’s literacy was only 17 percent, with a life expectancy of 32.5 years. Therefore, once India became independent, systematic organisation of the economy was a real challenge for the government of that time. The need for delivering growth and development was in huge demand in front of the political leadership – as the country was riding on the promises and vibes of national fervour. Many important and strategic decisions were taken by 1956, which are still shaping India’s economic journey.
One of the most important sectors of the Indian economy remains Agriculture. Its share in the GDP of the country has declined and is currently at 14%. However, more than 50% of the total population of the country is still dependent on agriculture. Keeping this in mind, the Union Budget 2017 – 18 gave high priority to the agricultural sector and aimed to double farmers’ incomes by 2022. RAS Mains Indian Economy
Besides these developments and reforms, it is imperative to bear in mind that in order to tap the highest potential of the economy and ensure good governance, an optimal level of synergy is required between the central and state government. This will not only add strength to our cooperative federal structure but will also strengthen India’s economy. Initiatives such as –
• Goods and Services Tax (GST)
• Insolvency and Bankruptcy Code (IBC)
• Startup India
• Digital India
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Kevin Milligan is Associate Professor of Economics at the University of British Columbia
In his address to the Davos Economic Forum, Prime Minister Harper raised the issue of major reforms to Canada's public retirement income system. If a pension debate is upon us, then let's start with a look at some facts about the federal system of public pensions.
Currently, the core Old Age Security pension is available starting at age 65. The Guaranteed Income Supplement, paid to about a third of seniors, begins at age 65. The Allowance is paid from ages 60 to 64. The Canada and Quebec Pension Plans allow reduced pensions to begin at age 60, with 'full' pensions at age 65. The Prime Minister explicitly (and correctly) pointed out that the Canada Pension Plan is not in financial difficulty. Instead, the target of reform appears to be Old Age Security.
If Canada does consider a change to retirement ages, we would not be alone. Among the G8 countries, the United States, the United Kingdom, Italy, Germany, and France have already made upward changes to their retirement ages. In Japan and Russia, it is being discussed.
Is Canada really different? No and yes.
Canada is not different because, in common with most other countries, Canadians are living longer. For men, a 65 year old in 2007 could expect to live another 18 years to age 83 -- a full 5 years longer than was the case in 1967. Women's life expectancy at age 65 has also increased by 5 years. This improved longevity means that existing pension promises become ever-more expensive.
On the other hand, Canada is different because, unlike most other countries, our public pension commitments are not a substantial threat to our public finances. The Canada Pension Plan is in long-run balance. Old Age Security currently takes only 2.41 per cent of GDP. Very few OECD countries have lower levels of public pension spending as a share of GDP than Canada. To take the extreme example, Italy spends more than 14 per cent of GDP on public pensions -- up from 10 per cent only a few years ago.
How will spending in Canada grow as the baby boomers age? By 2031 -- at the peak of the baby-boom retirement wave -- the share of GDP spent on Old Age Security will rise to 3.14 per cent, for an increase of 0.73 percentage points over today's level. Now, an increase of 0.73 per cent of GDP cannot be ignored, but neither is it disastrous. To provide some scale, David Dodge and Richard Dion project that spending on health will grow from 12 per cent to 18.7 per cent of GDP by 2031, for an increase of 6.7 percentage points. In the fight for government spending dollars in 2031, health is the elephant and the Old Age Security pension is the mouse.
Whatever the fiscal savings of pushing up the Old Age Security retirement age, we also must consider the cost. The wellbeing of Canadian seniors has improved tremendously over the last 40 years -- higher incomes, better consumption, and healthier lives. However, in the years approaching retirement ages, an increasing number of Canadians are unable to work due to disability, declining job skills, or other reasons. In research in progress, I am finding that around three quarters of those not working in the years just before reaching age 65 have other sources of income sufficient to get them out of low-income range. Of course, the flipside is that one quarter of them do not. If the retirement age increases, these Canadians may suffer as they wait for their public pension cheques to begin flowing.
Kevin Milligan's recent posts can be viewed here.
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Blockchain is one of the most important invention science the internet itself. It is a distributed database that maintains a continuously growing list of ordered records called blocks. Each block contains a timestamp and a link to a previous block. Blockchains are secure by design and an example of a distributed computing system with high byzantine fault tolerance.
The first blockchain was conceptualised by Satoshi Nakamoto in 2008 and implemented the following year as a core component of the digital currency bitcoin, where it serves as the public ledger for all transactions. Through the use of a peer-to-peer network and a distributed timestamping server, a blockchain database is managed autonomously. The invention of the blockchain for bitcoin made it the first digital currency to solve the double spending problem, without the use of a trusted authority or central server. Blockchains are “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. By design, blockchains are inherently resistant to modification of the data — once recorded, the data in a block cannot be altered retroactively.
When a new transaction is made with bitcoin, that transaction is broadcast to thousands of nodes that comprise bitcoin network. Bitcoin network has bitcoin minors that work to process the transactions adding them to ledger. All these nodes have copies of the same ledger and all see same the transaction. Once certain amount of transactions are added, they become a block. That block is protected by cryptography, connects to previous block that connects to its previous block all the way back to the first bitcoin transaction ever creating a chain of blocks, hence the name blockchain.
Because these ledgers are open to all and have access to these ledgers and they are constantly crosschecking them, it is difficult for a hacker to temper with them as changing one will create discrepancy within the whole n/w. the decentralization makes the system even better. Blockchain creates concrete records of transaction that everyone can believe. It is a system that provides truth and transparency.
Understand How Blockchain works
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Part of the series ‘The European Green Deal explained: how the EU wants to save the climate’
Written by Joran Buwalda
With its European Green Deal, the EU aims to be climate neutral by 2050. To illustrate the magnitude of this challenge, consider that in the year 2018 EU greenhouse gas emissions still amounted to a whopping 3,9 billion ton CO2 equivalent1 (Eurostat, 2020). This equals 2,363,800,000 flights from Brussels to New York and back.2 Those numbers have to go to zero. How does the EU aim to achieve this?
To introduce the three main instruments the EU uses to reduce emissions, we will start with a little metaphor: imagine you are a heavy smoker. You smoke so much that your doctor is worried about your health. Do you see the parallel? We emit so much CO2 that it is unhealthy for the planet.
What can be done to help you to stop smoking? If quitting entirely is too hard, your doctor might strongly advise you to first reduce the number of cigarettes you smoke; say she/he asks you to reduce your smoking by 50% over the course of two weeks. For the climate problem, this would be an emissions reduction standard. As part of the Green Deal, the European commission has proposed to increase the standard from 40% to 55% emission reduction by 2030, compared to the situation back in the 1990 (European Commission, 2020). Why compare to 1990? That’s a strategic political choice, as I’ll explain in the next column. Back to our metaphor: of course your doctor asking you to rapidly reduce your smoking does not necessarily mean you will actually do so, right? Standards have an important communication and monitoring function, but they do not reduce emissions.
That brings us to the second instrument: pricing. Cigarettes are expensive for a reason – a high tax discourages you to buy them. The EU does something similar with carbon emissions. To emit a ton of CO2, you need to buy an allowance. These allowances allow the EU to put a ‘cap’ on the total emissions: the amount of available allowances determines how many tons of CO2 can be emitted. Moreover, allowances are tradable. Maybe a friend of yours has less trouble reducing his/her smoking intake than you. In a trading system, she/he would be able to sell her smoking allowances to you and earn some money. Sounds like a good deal? For carbon emissions in the EU this means that the companies which can reduce emissions with low economic efforts will do so first, reducing the overall costs. This pricing mechanism is called the Emission trading system or ETS3 (European Commission, 2020a). There is one problem with the ETS though – if you don’t feel like paying tax, you can go to the airport and buy your cigarettes in the duty-free zone. Companies do the same: they move their factories outside of the EU to avoid buying allowances for emissions (this is called ‘carbon leakage’). The European Green Deal proposes a carbon border tax, so these companies pay allowances anyway. To some (like Trump), this sounds like market protectionism, which is principally illegal under international trade rules. You are going to find more about that in the third column in this series. The nice thing about pricing is that it yields money which can be invested into low-carbon technologies.
There you have the final instrument: investments. The Green Deal pledges to invest an astronomical 1 trillion euros (€1,000,000,000,000) in technologies which emit little or no CO2, such as windmills, electric cars and heat pumps (European Commission, 2020b). Where does all this money come from? That is the topic of the fourth column in this series.
So far, we only discussed the measures aimed at directly reducing emissions. The Green Deal also impacts other aspects: increasing the share of renewable energy, transforming agriculture, establishing a circular economy, reducing air pollution and protecting wildlife, to name a few (European Commission, 2020c). Feeling overwhelmed? Nobody said it would be easy to save the climate.
1 The “CO2 equivalent” is relevant because CO2 is not the only greenhouse gas. Also, methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulphur hexafluoride (SF6) and natrium trifluoride (NF3) contribute to global warming. Some of them do more harm than others. For example, 1 kilogram of methane equals the damage of 25 kg of CO2 (Eurostat, 2020a). 1 kg methane thus equals 25 kg CO2 equivalent. Or see it this way: imagine a glass of proper wine which contains double the alcohol of a glass of light beer. One glass of wine is equal to “two beer equivalents”.
2 Calculated with a carbon footprint calculator (https://calculator.carbonfootprint.com/calculator.aspx?tab=3)
3 See https://www.youtube.com/watch?v=fJrFSLfaeeE for a short video brilliantly explaining the ETS
European Commission (2020). State of the Union: Commission raises climate ambition and proposes 55% cut in emissions by 2030. Retrieved from: https://ec.europa.eu/commission/presscorner/detail/en/IP_20_1599
European Commission (2020a). EU Emissions Trading System (EU ETS) – Climate Action. Retrieved from: https://ec.europa.eu/clima/policies/ets_en
European Commission (2020b). Press Corner. Retrieved from: https://ec.europa.eu/commission/presscorner/detail/en/fs_20_40
European Commission (2020c). A European Green Deal. Retrieved form: https://ec.europa.eu/info/strategy/priorities-2019-2024/european-green-deal_en
Eurostat (2020). Greenhouse Gas Emission Statistics – Emission Inventories. Retrieved from: https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Greenhouse_gas_emission_statistics_-_emission_inventories
Eurostat (2020a). Glossary:Carbon Dioxide Equivalent – Statistics Explained. Retrieved from: https://ec.europa.eu/eurostat/statistics-explained/index.php/Glossary:Carbon_dioxide_equivalent
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Thesis - Open Access
Master of Science (MS)
South Dakota wheat prices are determined by a complex arbitrage process among commodity complexes, domestic and international destinations, and futures markets. South Dakota's two major classes of wheat, spring wheat and winter wheat, must compete against other classes of wheat and other grains for specific industrial uses. The domestic processing of South Dakota wheat happens primarily outside the state. These domestic markets must compete with international markets. Finally, the futures markets provide a pricing system for arbitrage over time, place and wheat class. The purpose of this thesis is to quantify these relationships. The research objectives, methodology, and sources of data for this thesis are provided in this chapter. Also, discussed are the different classes of wheat and the production and market destinations of wheat. Research Objectives In the analysis of South Dakota's wheat market, this study had five main objectives. 1) Determine the direction of price influences among export ports, domestic destinations and South Dakota wheat markets. 2) Identify the price relationships between the daily price changes in the cash wheat markets and the nearby futures contracts. 3) Determine whether the price relationships between the daily price changes in the cash wheat markets and the nearby futures contracts have changed significantly from one marketing year to the next between July 1, 1980 and June 30, 1985. 4) Determine whether the South Dakota wheat markets basis have improved relative to the other cash wheat markets between July 1, 1980 and June 30, 1985. 5) Determine if a cross-hedge would be more effective in reducing price level risk than traditional hedging. Cross-hedging is the hedging of a commodity not deliverable on a specific futures contract.
Library of Congress Subject Headings
Wheat -- Marketing -- South Dakota
Number of Pages
South Dakota State University
No Copyright - United State
Stowater, Tyler J., "Price Relationships Between South Dakota Wheat Markets, Destination and Futures Markets" (1986). Electronic Theses and Dissertations. 4423.
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Which Audit Procedures Are Usually the Most Useful for Auditing the Existence and Rights Assertions?
Audit assertions are claims made by the management of a company about certain areas of their financial statements or operations. Auditors verify these claims by performing tests of internal controls. According to the International Federation of Accountants, auditors should use detailed assertions to form a basis for considering the different types of potential misstatements that may occur and to assess the risks of material misstatements. They also must use assertions to design audit procedures that are responsive to the assessed risks.
Existence and Rights Assertions
The assertion of the existence of an asset or liability is the basis for verifying whether that particular asset or liability existed with the small business on the given date. Transactions recorded in the books of accounts are checked to make certain that they actually took place. It is not enough to check the company's books of accounts to confirm existence. Other corroborative procedures have to be performed. Similarly, rights assertions relate to the assets of the enterprise and are checked to ensure that the small business owns or controls the right to those assets.
Physical examinations are useful procedures for auditing assertions because they provide highly reliable audit evidence regarding the existence of assets. Inspections go beyond merely scrutinizing the supporting documents. They verify that the items in the documents do, in fact, exist as observed by the auditor. These can be done with assets such as inventory, cash, shares and securities. This physical examination gives small business owners greater assurance that company records represent business assets accurately.
External confirmations are another useful procedure for auditing management assertions. These involve obtaining corroborative information directly from third parties, such as suppliers, vendors and banks. These confirmations are useful because they can provide reliable audit evidence on the existence of a company's assets. They are more reliable than merely going over company invoices or using analytical processes because a third party’s records are involved. External confirmations can also verify rights assertions made by management, which is an area where physical inspection is lacking.
Another useful approach for auditing assertions is the inspection of documents. This is because internal documents contain much of a company's information, including its environment, assets and rights. Internal documents include meeting minutes, reports, manuals, certificates and deeds. For example, to verify the assertion of a right over an asset, an auditor can check the title, transfer deed, lease agreement or insurance contract. This helps determine whether the asset is in the company's name or is subject to the company’s right. Again, this offers a way to increase the reliability of the audit conducted on the business.
- American Institute of CPAs: Audit Evidence
- International Federation of Accountants: International Standard on Auditing 505 External Confirmations
- Auditing - Principles and Techniques; S. K. Basu
- World Bank: Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities
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Publication Date: December 20, 2007
Industry: Retail & Consumer Goods
Source: Harvard Business School
In 1830, Governor Levi Lincoln, Jr. urged the Massachusetts state legislature to introduce a limited liability regime for manufacturing corporations similar to that adopted in neighboring states. At least since 1809, shareholders in the state's manufacturing corporations had faced unlimited liability, which held shareholders personally liable for corporate debts. While unlimited liability was meant to ensure financial prudence, Lincoln and others worried that this policy was doing more harm than good and driving capital from the state. With the governor pushing for action, it was up to the state legislature to decide how to proceed.
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Online Calculators since 2009
In the United States, Earned Income Tax Credits (EITCs) are available for individuals and families who are working but have low 'earned incomes'. EITCs reduce the tax liability of such taxpayers. Moreover, the taxpayers can even get a refund if the EITCs are higher than the tax owed by them. In this article, we try to explain EITCs in detail.
As seen above, in order to be eligible for EITCs, taxpayers should have low earned incomes. To define simply, earned income is any income you have received by doing any work. Earned income includes wages, salaries, bonuses, etc. However, if you get advance salary from your employer, this won't qualify as earned income because you have not done any work to 'earn' the income.
How much is the amount of EITCs per taxpayer?
EITCs vary by income and the number of dependents supported by the taxpayer. For 2015, the Earned Income Tax Credit amounts are as follows:
|EITC||Number of dependants|
|$6,242||Three or more eligible children|
|$5,548||Two eligible children|
|$3,359||One eligible child|
|$503||No eligible children|
For the period between 2009 and 2017, there has been a temporary increase in the EITCs for working families that have three or more dependants. Earlier, the maximum EITC was available for families with two dependents, and any additional dependants didn't make a difference to the EITC amount. However, from the year 2018, the EITCs will go back to their original form (pre-2009), where the benefit will max out at two dependants.
To be eligible for EITCs, the earned income and the adjusted gross income (AGI) of the taxpayer should not exceed the following amounts in 2015.
|Number of dependants||Individual Taxpayers||Married taxpayers filing jointly|
|Three or more eligible children||$47,747||$53,267|
|Two eligible children||$44,454||$49,974|
|One eligible child||$39,131||$44,651|
|No eligible children||$14,820||$20,330|
This means all individual taxpayers with income below $47,747 and three or more eligible children will qualify for EITCs.
Note that EITCs cannot be claimed by taxpayers who are married but file their returns separately. Taxpayers who are separated from their spouse can claim EITC if their spouse has not lived with them for the past six months of the tax year. Such taxpayers can claim EITCs by filing their return as a Head of Household.
As seen above, taxpayers can qualify for EITC only if their children are qualified or eligible. In order to qualify, the children should pass four key tests.
Relationship test: In order to pass the relationship test of EITC, the child must be related to you in any of the following ways.
A qualifying child can be any of the following.
For purposes of EITC, adopted children are considered the same as children by birth. In terms of foster children, if an authorized placement agency has put them in your care, you can qualify for EITCs.
The age test of EITCs requires the following conditions to be fulfilled.
The child should be living with the taxpayer in the United States for over 6 months and 1 day in a year. Also as per the residency test, only one person can claim the EITC for one child.
If any of your qualifying children file a joint return with their spouse, you can't claim EITCs for such children. The only exception to this rule is if the qualifying children are filing a joint return only for the purposes of claiming a refund, and the couple's joint tax filings are without any deductions and credits.
Apart from these four tests, it is compulsory for the qualifying child to have a valid social security number (SSN). No EITC can be claimed for children without a valid SSN.
Apart from income and the number of dependants, taxpayers need to meet the following criteria to qualify for Earned Income Tax Credits:
Apart from the federal government, 23 state governments provide taxpayers with their own EITCs. Except Minnesota, all states set EITCs as a percentage of the federal EITCs. However, each state charges a different percentage. Minnesota sets EITCs based on the income of the taxpayers. Similar to Federal EITCs, 20 states provide a refund if the amount of EITCs is higher than the taxes owed by the individuals. In 4 states - Delaware, Maine, Ohio, and Virginia - EITCs can be used to reduce a taxpayer's tax liability, but you cannot claim a refund if EITCs are higher than the tax payable. Apart from the states, District of Columbia also provides EITCs as a percentage of the federal EITCs. Let's look at some examples of state EITCs.
Example 1: Connecticut offers EITCs of 25% of the federal EITC, and the amount is refundable. Maryland offers two EITC options to taxpayers. If they opt for a refundable EITC, they can get up to 25.5 percent of the Federal EITC. Moreover, if they opt for a non-refundable EITC, they can get up to 50% of the Federal EITC. District of Columbia offers a high EITC, which is 40% of the Federal EITCs.
Use our US tax calculator to assess the impact of EITCs on your taxable income.
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Renewable Electric Generation
Did you know that you can install renewable electric generation projects at your home and business that can meet some or all of your own energy needs?
It’s true, you can reduce your energy costs and even add energy to Flathead Electric’s electric distribution system through Net-Metering.
What is Net Metering?
Net-metering is a special installation that allows any surplus energy generated by the member’s system to go back on the utility electric system and allows the member to receive “credit” for the electricity put back on the system at retail rates. The member’s meter measures the electricity the member uses from the utility system, less the electricity the member’s system puts back.
Net metering allows homeowners to receive the full value for the electricity that their renewable energy system produces. The term, net metering, refers to the method of accounting for the electricity production of a renewable energy system. Net metering allows homeowners with such systems to use any excess electricity they produce to offset their electric bill. As the homeowner’s system produces electricity, the kilowatts are first used for any electric appliances in the home. If more electricity is produced from the system than is needed by the homeowner, the extra kilowatts are fed into the utility grid.
Net Metering System:
- Uses renewable resources as fuel; solar, wind, hydropower, biomass or another alternative generation system pre-approved by the utility.
- Has a generating capacity of less than 50 kilowatts.
- Is located on the member-generator’s premises.
- Operates in parallel with the FEC distribution system.
- Is intended primarily to offset part or all of the customer-generator’s requirements for electricity at the specific site where the generation is installed.
Under Net Metering:
- The member’s meter measures the electricity the member uses from the utility system less the electricity the customer’s system puts back.
- The excess electricity produced is fed into the utility grid and credit is given to the member at the retail rate.
- At the end of the month, if the member has generated more electricity than they used, the utility credits (banks) the net kilowatt-hours produced at the retail power rate.
- If the member uses more electricity than they generate, they pay the difference.
- Net metering allows homeowners who are not home when their systems are producing electricity to still receive the full value of that electricity without having to install a battery storage system.
- The power grid acts as the customer’s battery backup, which saves the customer the added expense of purchasing and maintaining a battery system.
Download Flathead Electric Cooperative’s Net Metering Procedure, agreement and application:
What is Interconnection Generation?
Interconnection generation refers to member-owned generation facilities, small power producers, and co-generators with a nameplate capacity of 50kW or higher and less than 20,000 kW.
Due to the larger sized generation facilities and the complexity of interconnection to Flathead Electric Cooperative’s distribution grid and potential impacts to Bonneville Power Administration, Flathead Electric requires a more detailed application process.
Depending on the size of your generator, you may be required to draft a power purchase agreement, provide verification of ownership of site, and/or apply with Bonneville Power Administration for Transmission Operator agreement.
Download Flathead Electric Cooperative’s Interconnection Generation Procedure (Appendix B contains the application):
For additional information or to discuss a potential interconnection generation, contact Ashley Keltner at 406-751-4478 or email.
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The escalating cost of healthcare is further stressed by the need to support the old and the chronically ill. Spending 20% of GDP on healthcare is seen as unsustainable so hard decisions are taken around budgets and priorities.
As nations develop and their economies grow, so does spending on healthcare. Improved health is a priority issue and the challenge for governments is how to provide an efficient, cost effective system. This is no easy task and many are buckling under the pressure of rising costs, ageing populations and increased public expectations; across the world the whole healthcare system seems to be imploding. Fear of failure is not quite at a point that will instigate change, many agree that something has to be done, but fewer know quite what this should be.
30% of the global population has access to decent healthcare; most developed countries use upwards of 9% of their GDP on health care – in the US, it’s over 17%. In India, spending is now over 4%, in China it’s approaching 6% and in Indonesia over 3%. Costs are escalating not only because of the general desire to reach more people but also because of the growth in preventative healthcare, health monitoring solutions and the increasing variety of medicines to treat the sick. Unlike other areas of high consumption, such as energy, where eventually demand plateaus, spending on healthcare is showing no sign of levelling off and there seems little hope in the current circumstances that it will do so. With healthcare the numbers just keep going up. What is paid for drugs in the US generally sets the standard in other markets. In most developed countries funding for this is picked up either by the state or the insurance system so the patient rarely has to come to terms with the real cost of care. But the money has to come from somewhere.
The beginning of life can be expensive. Many countries are lowering the threshold at which they are able to support premature births from 26 weeks down to 22, but this costs: around £250,000 for a birth at 23 weeks, thirty times the cost for a full term baby. Meanwhile, global life expectancy increases on average by six months every year, largely due to better healthcare provision. Although each of us needs more overall medical attention because of this, our main requirements are associated with the last 2 years of life where more frequent admittance to hospital will account for around 80% of our healthcare costs. Better end of life provision is therefore a big issue – and one where the balance between hospital and palliative care is key.
We cannot, though, blame the elderly for all the escalating cost of care. Our sedentary lifestyles and appetite for alcohol and cigarettes also lead to a huge rise in chronic conditions such as diabetes, heart conditions, emphysema and cirrhosis, all expensive to treat. Most seem to agree that we need an alternative solution, one that focuses on preventative healthcare measures rather than treatment. We also need technology that delivers improvements at scale and at low cost. India has become a standard bearer for redesigning processes delivering high quality healthcare at a fraction of the usual cost. $50 per patent cataract surgery from Aravind, or $2000 cardiac surgery from Naranaya Healthcare, innovation that drives the delivery of world class surgery at 1/50th of the cost of the same care in the US. High-tech, personalised treatments tailored to an individual’s genetic make-up rather than generic profiles is another fast-developing area. Significant investments have already been made by the biotech industry and will impact soon, particularly in the provision of bespoke drugs that can dramatically increase efficacy. The cost of such treatment is however currently prohibitively high because it requires the development of specific drugs for small populations and in all probability the additional provision of customised support systems. While some are sceptical of large-scale impact by 2025, because of the expense, all agree that personalised healthcare is a great opportunity for those who can afford to pay.
Perhaps it all comes down to the business model. For the pharmaceutical industry, the system is based on the expectation of a $1bn revenue windfall from an occasional blockbuster, but as R&D budgets can only to be justified on the promise of a major drug discovery, this takes time and is extremely expensive to deliver – which explains the high average costs of patented drugs. There is a general acceptance of high failure rates in product development, and the reality is that very few of the drugs currently coming out of the system deliver reasonable returns either from a financial perspective or a health care perspective. Some see sequencing technologies helping to improve the efficiency of drug development, while others hope that Big Data will reduce or even eliminate costly clinical trails. While share prices are based on high drug prices, few believe that any of the big pharmaceutical players will seriously consider a different approach. And, while the current system in many countries is tilted towards rewarding sick-care rather than prevention, high development costs and high healthcare costs naturally follow.
The principle of preventative healthcare is lauded, especially when tied into improving overall public health, but the system is not set up to align with this and there are few economies that are prepared to fund it at the scale required. Improved public education is an integral part of the process. Little things matter; in India between 4 -16% of pregnant women are anaemic, and better education around diet could have a dramatic impact on child survival rates at birth. However such is the scale of change required that few see a dramatic shift in public awareness any time soon particularly as the financial cost saving benefit does not come for 20 to 50 years down the line.
Paying for healthcare is a balance between state intervention and personal responsibility; shifting from a national system towards private healthcare insurance is supported and rejected in equal measure. Some support the notion of each citizen having a personal healthcare budget, where there is a limit of spending beyond which the state either stops providing support or reclaims it via tax or benefits. Generally speaking, there are increasing expectations of ‘co-pay’ where sick patients will directly or indirectly pay for an element of their treatment, whether drug or hospital costs.
In emerging economies, where private healthcare is already in place, the big challenge is to develop appropriate systems for everyone else. While most support the concept of the UK’s National Health System, many believe that it is simply not sustainable in the long term. Potential alternatives being explored in India and South America are focused around micro health insurance, where people pay a small amount a month extra on their mobile phone bill, used to fund a workable healthcare insurance system for the majority. Outstanding questions remain: what level of support can be provided, and how much additional government financing is also required? India is never going to spend as much on health care as the US, but will a combination of more innovation, effective use of data, new pricing systems for drugs, micro-insurance initiatives, more public-private partnerships and a slight rise in government funding provide an equivalent service?
Certainly scalable, sustainable solutions are needed if we are to see affordable healthcare for all. Most likely we will see few global answers but more probably there will be a host of regional and local shifts, all aimed at a more cost efficient, more effective and more equitable healthcare system for a growing, aging but still, on average, healthier population. As one US health economist put it, ideally ‘we want to die quickly as late as possible’. Achieving that for all in the next decade really would be a success.
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If you’ve heard all the talk of deregulated energy markets over the last decade or so, and seen all the marketing and advertising from retail energy companies in your city, then you might be confused about what it all means and how it affects you.
Thankfully, it’s very simple.
In a regulated electricity market, a single company, normally referred to as a utility, owns all the infrastructure — the physical stuff that stores and distributes electricity, like transformers, poles, and wires. That same utility is also responsible for buying the electricity from electricity-generation companies, selling the electricity to you, and distributing the electricity to your home.
If you have a power outage or a broken transformer or need any other kind of service in a regulated electricity market, you call the utility, which is responsible for all of those issues. But you’re out of luck if you want less expensive fixed rate electricity because the utility offers only one price.
However, in a deregulated electricity market, while the utility still owns all the infrastructure and is still responsible for distributing electricity to your home, competing electricity providers are allowed to buy the electricity and sell it to you directly.
If you have a power outage or a broken transformer in a deregulated electricity market, you still call the utility, which is still responsible for all of those issues. But the great thing is, you can choose to shop around and buy your power from any electricity retailer that does business in your market.
That’s it. Those are the differences. And things work the same way in a deregulated natural gas market, too.
Deregulation simply means that you have the power to choose the company you want to buy electricity or natural gas from. No matter which company you buy from, the electricity and natural gas is then transmitted to your home by the utility that owns all the infrastructure and makes repairs when things go wrong.
Not All States Have Deregulated Energy Markets
Although energy deregulation is great for consumer choice, not every state is deregulated. Some states have only deregulated electricity, while others have only deregulated natural gas. And some states have partial choice markets for natural gas, which could mean that one group of customers has a choice but another doesn’t, or it could mean that choice is available, but only on a trial basis.
Deregulated Electricity Markets: Deregulated electricity markets include Arizona, Arkansas, California, Connecticut, Delaware, Illinois, Maine, Maryland, Massachusetts, Michigan, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Texas, Virginia, and the District of Columbia.
Deregulated Natural Gas Markets: Deregulated natural gas markets include Florida, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Montana, Nevada, New Jersey, New Mexico, New York, Ohio, Pennsylvania, Rhode Island, Virginia, West Virginia, and the District of Columbia.
Partial Choice Natural Gas Markets: Partial choice natural gas markets include California, Delaware, Missouri, Texas, and Wyoming.
U.S. Energy Information Administration website, “Status of Electricity Restructuring by State as of Sept. 2010.”
U.S. Energy Information Administration website, “Natural Gas Residential Choice Programs by State as of Sept. 2010.”
White Fence Energy website, “Is Your State Deregulated?”
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What is climate finance
The United Nations Framework Convention on Climate Change (UNFCCC) Standing Committee on Finance defines climate finance as “finance that aims at reducing emissions and enhancing sinks of greenhouse gases and aims at reducing vulnerability of, and maintaining and increasing the resilience of, human and ecological systems to negative climate change impacts.”
What is Green Climate Fund
The Green Climate Fund (GCF) is the largest global climate fund. It was established in 2010 as a financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC) to support the efforts of developing countries to respond to the challenge of climate change.
How Does One Access GCF Funds?
The GCF has established three main modalities of accessing GCF resources: (1) Direct Access; (2) Enhanced Direct Access; and (3) International Access.
This portal functions as Grenada’s climate finance hub and a one-stop source for Grenada’s climate change and climate finance resources
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Unsustainable exploitation of marine resources decreases ocean biodiversity and undermines long-term utilization of living resources for a growing global human population (Worm and Branch 2012, Pitcher and Cheung 2013, FAO 2018). Poor management of fisheries is coupled with loss of economic benefits worth approximately US$50 billion annually (World Bank 2009); and since 90% of fishers live in developing countries, the impact on the poor is especially critical (Mills et al. 2011, Teh et al. 2013). Recognizing and quantifying the economic value of natural resources allows policy and management needs to be identified and aids the evaluation of the economic potential of the resource in question (Costanza and Daly 1987).
Small-scale fisheries for tropical sea cucumbers (Holothuroidea: Aspidochirotida) have a long history and tradition in many nations (Conand 1989). Sea cucumber fisheries have a significant capacity to drive coastal economies (Toral-Granda et al. 2008) and involve approximately 3 million people globally (Purcell et al. 2013). Over 60 species of sea cucumber are targeted, ranging from high to low commercial value, depending on taste and consumers’ preferences in Asia, where the refined product is commonly sold as bêche-de-mer (Purcell 2014). Sea cucumber fisheries provide a fitting example of small-scale fisheries because they are widespread, multispecies, and generally involve artisanal methods with simple boats and cheap fishing gear (Uthicke and Conand 2005, Eriksson et al. 2012a, 2015, Purcell et al. 2013, Slater et al. 2013).
Sea cucumbers are rarely consumed locally. Strong demand from Asia drives global expansion and intensification of these fisheries (Purcell et al. 2013). Like many other coastal resources and ecosystem services, the benefits of sea cucumber stocks, when exploited, are highly variable in terms of provision of human well-being. Different actors involved in the sea cucumber commodity chain benefit unevenly (Daw et al. 2016). Nonetheless, sea cucumber fisheries are exceptional in that their entire economic value is based on direct product export. Development of these fisheries follows a boom-bust-ban pattern that generally outpaces the ability of institutions to adapt and implement controls before stocks are negatively impacted (Perry et al. 1999, Anderson et al. 2011, Eriksson et al. 2015). Recovery of overfished stocks is influenced by multiple unpredictable factors, such as recruitment success, mortality, and connectivity (Uthicke et al. 2004, Friedman et al. 2011, Eriksson and Byrne 2015), and by the degree of intensity and time span of fishing pressure (Neubauer et al. 2013). In addition, institutional capacity and management legitimacy and control are needed. Decades of intense fishing of sea cucumbers have led to the listing of seven species as endangered (Apostichopus japonicus, Holothuria scabra, H. lessoni, H. nobilis, H. whitmaei, Isostichopus fuscus, and Thelenota ananas; Purcell et al. 2014), with the listing of key traded sea cucumber species an ongoing topic of debate.
Sea cucumber abundance and biomass have been reported from areas with different levels of fishing effort (see, for example, Purcell et al. 2009, Bellchambers et al. 2011, Friedman et al. 2011). In addition, different management regimes have been examined (Shepherd et al. 2004, Jontila et al. 2018). However, studies that link extraction, economy, and management are rare (but see Purcell et al. 2014). This study contributes to new knowledge by analyzing two stocks under different management regimes. It evaluates sea cucumber abundance in easy-access, near-shore shallow reef flat and lagoon habitats to quantify the difference in commercial stock value. Data were collected in two East African islands, Mayotte and Zanzibar, in the Western Indian Ocean (WIO). Eriksson et al. (2015) analyzed the same islands using a wider survey of less accessible habitats (e.g., depths at ≤ 10 m) in three specific areas and looked at status of the natural resource, fishery structure, organization, and management. Eriksson et al. (2015) argued that the history of the fisheries, social aspects, and the capacity to adapt management to resource changes have influenced the present holothurian stocks. Currently, Zanzibar sea cucumber stocks are heavily overexploited whereas Mayotte still hosts large populations. The present study compares these two stocks more thoroughly and aims to estimate the potential economic values that might be lost in a poorly managed situation. It further discusses management extremes (open access with lack of control and monitoring vs. total closures) and a possible “desirable middle way” for long-term resource use.
Specifically, the present study aims to provide an estimation of economic values in equivalent habitats for unfished stocks of sea cucumbers by comparing an area where stocks are protected (Mayotte) with an area that is heavily fished (Zanzibar). The study also provides a reference value of natural, nonexploited holothurian populations by including a location where fishing is prohibited. This is important because over 72% of global sea cucumber fisheries are fully or overexploited, of which all are data-poor (Purcell et al. 2013). The results of this comparison, although spatially and temporally constrained, are intended to motivate a discussion and a reflection on the value of overexploitation, future losses, and sustainable management regimes.
Sea cucumber species distribution and carrying capacities are strongly associated with habitat types (Conand 1989, Bellchambers et al. 2011, Eriksson et al. 2012a); thus, we hypothesize that, within similar habitats in the same biogeographical region, similar abundances of sea cucumbers should be found. This approach has been used by Uthicke et al. (2004), and although additional factors certainly influence holothurian populations, it is suggested that measuring abundance provides a reliable overview. Sea cucumber species are valued differently in global seafood markets, which is why fishers will target high-value species first, then lower value species as those originally sought become depleted, fishing down in a commercially decreasing value spiral. Hence, the market value of stocks is a good indicator of overall status of holothurian populations (Friedman et al. 2008).
Sea cucumber fishing in the WIO in subintertidal areas (≤ 10 m) is mainly performed by skin or scuba diving, by men (Eriksson et al. 2010, Ochiewo et al. 2010). However, near-shore shallow areas (< 3 m) are subjected to high fishing pressure, with men, women, and children collecting large numbers of invertebrates, including sea cucumbers, each day (Fröcklin et al. 2014). These fisheries have been reported to suffer from declining catches and negatively altered over-all invertebrate abundances (Nordlund et al. 2010, Fröcklin et al. 2014), but the potential effect this might inflict upon sea cucumber stocks only has not been examined.
Three representative commercial species were chosen for the study on the basis of observed presence and fishery/market value. Specific criteria were being commonly found in near-shore, shallow-water, easy-access areas (≤ 3 m depth), and falling within different commercial market value categories: one high-, one medium-, and one low-value species. Holothuria nobilis (black teatfish) is of high economic value, is found in the WIO (Eriksson et al. 2012b), but is poorly suited for fishing because it exhibits slow growth rates (Uthicke and Benzie 2001, Uthicke et al. 2004). Bohadschia atra (tigerfish) is an abundant species of medium economic value, first described in 1999 (Massin et al. 1999). Holothuria atra (lollyfish) is of low economic value and can reach very high abundances in its range across the Indo-Pacific (Bonham and Held 1963, Kerr et al. 1993) and probably in the WIO as well. All three species are commonly harvested throughout their distribution ranges (Conand 2008) including the WIO area (Marshall et al. 2001, Conand and Muthiga 2007, Eriksson et al. 2010), making them good candidates for the study.
The study was conducted in Mayotte Island, a French territory in the Comoros Archipelago, and in Unguja Island in Zanzibar, which is part of the United Republic of Tanzania (Fig. 1). Holothuria nobilis, B. atra and H. atra have been recorded at both sites in previous studies by Eriksson et al. (2010, 2012b). A small fishery for sea cucumbers was active in Mayotte from the 1990s until 2004, when it was closed because of fear of overfishing (Prefecture de Mayotte 2004). This area constitutes one of the few larger reef systems in the WIO where sea cucumbers are protected (Eriksson et al. 2012b). Compliance with this fishing ban in Mayotte is high because of strict controls. In Zanzibar, intense commercial fishing has been practiced since at least the 1960s, and approximately 1000 fishers of different ages and genders, using various techniques (wading, skin diving, and scuba diving), are involved in the fishery (Eriksson et al. 2010). Previous studies of sea cucumber fisheries in Zanzibar have described stocks as poorly managed, resulting in heavily overexploited populations (Eriksson et al. 2010, 2012a).
Caddy (2004) suggests that comparing exploited populations with those in marine protected areas (MPAs) can be useful to identify broader indicators of unfished or fished populations of sedentary invertebrates. There are no large shallow-water MPAs in Zanzibar that have had long-term protection; hence, the island of Mayotte was used for comparison. Both islands are located within the same biogeographical area, the Somali Basin, regarding holothurian fauna (Samyn and Tallon 2005), and are subjected to a tropical climate, characterized by a warmer rainy season (December to April) and a cooler dry season (May to November; Lugomela et al. 2002, Rolland et al. 2005). Eriksson et al. (2015) found that the differing management regimes between the islands were the main driver of fishery status, and that environmental habitat variables, e.g., oceanic influence, relief, and coral cover, did not explain stock differences. One exception was depth; however, all surveys in the present study were performed in shallow areas < 3 m in depth, and with no large variations; thus, this variable was not included in the analysis.
Habitat mapping can provide reliable data for spatial analysis of holothurian shallow-water populations, which are closely associated with benthic habitat types (Bellchambers et al. 2011, Eriksson et al. 2012b, Léopold et al. 2013). Sea cucumber abundance was recorded in Zanzibar (269 transects) during June to August 2009, and in Mayotte (186 transects) during April to June 2010, using 40 m × 1 m transects in near-shore, shallow-water areas (< 3 m deep; see Fig. 1). Transects were surveyed by skin diving or walking at low tide. Sea cucumber species and abundances were recorded for each transect. Descriptions of the physical habitat and percentage area of substrates of each transect were also recorded, as described in Eriksson et al. (2012b).
The habitat variable “substrate composition” (percentage hard and soft substrate) associated with species distribution was used to identify comparable transect types in Mayotte and Zanzibar. Mayotte transects were assumed as comparative abundance references for the three species in the study; that is, transects in Mayotte where B. atra, H. atra and/or H. nobilis were encountered were concluded to consist of suitable habitat for that/those species. Transects in Zanzibar consisting of the same substrate composition would therefore potentially accommodate the same species as were found in Mayotte. Of the 186 surveyed transects in Mayotte, 109 comprised such substrate compositions, and of the 269 transects in Zanzibar, a comparable combination of substrate types occurred in 235 (Fig. 2). Bohadschia atra, H. atra and/or H. nobilis were found in 71 of the 109 transects in Mayotte, whereas in Zanzibar at least one of these species were encountered in 16 of the 235 transects.
Commercial value estimates were calculated per transect and per ha for both islands. Because the Mayotte fishery is closed, economic values of sea cucumber species recorded during a market appraisal in Zanzibar during June to August 2009 (Eriksson et al. 2010) were used for both Zanzibar and Mayotte (Table 1). This approach was considered an adequate standardized value for comparison in the current study because both sites are located in the same biogeographical area. The significant socioeconomic differences between the two islands were not considered problematic given that sea cucumbers are not consumed locally at either location, and are considered at both sites as an export commodity providing monetary value only. Hence, similar market dynamics would be expected (particularly if the fishery in Mayotte was open).
Prior to analyses, all data were tested for homogeneity of variances with Bartlett’s K-squared test (p < 0.05), and as transformation by log10 and square root did not improve homogeneity, a nonparametric model was chosen. Statistical analyses of differences in economic values and abundances of the three species (all species pooled and species-specific) between sites (Mayotte vs. Zanzibar) were performed using the Kruskal-Wallis rank sum test: nonparametric analysis of variance (ANOVA). Holothuria nobilis was removed in one of the analyses because this species influences the data heavily on account of its very high economic value and absence in Zanzibar.
In Mayotte, H. nobilis (24 individuals) was observed in transects that were dominated by hard substrate, ranging from 70% to 95% (Fig. 2A). This species was not recorded in any of the comparable transects in Zanzibar (Fig. 2B). Substrate composition in transects where B. atra was observed in Mayotte indicated broader habitat preferences than H. nobilis, with B. atra (62 individuals) recorded in habitats with 50% to 100% hard substrate (Fig. 2C). Only one specimen of B. atra was observed in comparable transects in Zanzibar (Fig. 2D). The habitat of H. atra in Mayotte (69 individuals) ranged from 5% to 95% hard substrate (Fig. 2E). The low-value species H. atra was the most abundant species in Zanzibar (17 individuals) (Fig. 2F).
At least one of the three target species was recorded in 38% of all surveyed transects in Mayotte; the corresponding number in Zanzibar was 6%. Although the low-value species H. atra was the most abundant species in both Zanzibar and Mayotte overall (Fig. 2), in Mayotte, B. atra reached higher abundances than H. atra in habitats with suitable substrate (Table 2).
Abundance of all three species pooled per transect was significantly higher in Mayotte, as was commercial value (p < 0.001; Table 3). Commercial value extrapolated to value per ha corresponded to a mean ± standard error (SE) of US$556.90 ± 110.30/ha in Mayotte, which was over 300 times higher than in Zanzibar (US$1.73 ± 0.58/ha).
In Mayotte, sea cucumbers with a combined economic value exceeding US$5.00 were found in 20 transects, while in Zanzibar comparable transects contained sea cucumbers with a combined economic value not exceeding US$0.44 (Fig. 3). The value range per transect where sea cucumbers of at least one of the three target species were found differed significantly between Mayotte and Zanzibar; values per transect in Mayotte were in the range of US$0.07–26.80 (1–7 individuals), and in Zanzibar US$0.07–0.44 (1–3 individuals). This equates to an economic value range of US$17.50–6700.00/ha in Mayotte and US$17.70–110.00/ha in Zanzibar. The difference in economic value is driven primarily by the high-value species H. nobilis (> 90% of total disparity). Because sea cucumbers were found in 38% of transects in Mayotte and 6% in Zanzibar, these value ranges are probably an overestimation. According to the occurrence of the different species, a more realistic value range would be US$6.50–2546.00/ha in Mayotte and US$1.10–6.60/ha in Zanzibar.
Species-specific comparisons between sites in comparable transects showed that economic value was significantly higher in Mayotte for all species (p < 0.001; Table 3). Holothuria nobilis heavily influences the dataset primarily because of its much higher economic value and absence in Zanzibar; however, a comparison of economic value based only on B. atra and H. atra shows the same trend (p < 0.001; Table 3). The largest differences in value were found for the high-value species H. nobilis (100%), followed by the medium-value species B. atra (98.3%) and last the low-value species H. atra (75.4%; Fig. 4). This translates to a mean (± SE) commercial stock value of US$751 ± 160/ha for H. nobilis in Mayotte in habitats with suitable substrate composition, and the other two species considerably lower (Table 4).
Collection of invertebrates, or gleaning, can contribute significantly to overfishing, even if practiced by small-scale, artisanal fishers (Barnes and Rawlinson 2009, Andréfouët et al. 2013, Fröcklin et al. 2014). Gleaning in the intertidal zone involves women, men, and children, and has a substantial negative impact on invertebrate communities in shallow-water habitats in Zanzibar over relatively short periods of time (five years) (Fröcklin et al. 2014). This is especially important in areas with large tidal amplitudes because the shallow seabed is available for collectors working by hand without swimming skills. Furthermore, local communities have few incentives for sustainable harvesting of a marine product that has not been traditionally fished or used for subsistence, and traditional ecological knowledge will likely be lacking. In addition, because the product benefits actors in the fishing and commodity chain differently, the appreciation of the sea cucumber and its related ecosystem services may vary and can complicate valuation and management (see Hicks and Cinner 2014).
To enable effective management of sea cucumber fisheries, evidence and scientific information is needed. Zanzibar lacks baseline data on unfished populations. This is the only study, together with a thesis (Eriksson 2012), that provides essential basic information in combination with economic valuation. There are strong results showing that the abundance of sea cucumbers in the sites is driven by management regimes more than other factors (Eriksson et al. 2015).
Sustainable management will most probably result in higher economic value of sea cucumber fisheries in the long term. Fishery closures may be an extreme but necessary measure to preserve vulnerable resources in the face of already inadequate management and high conservation concern (Eriksson et al. 2015). In the current study, a significant difference in stock value exists between short-term protected and exploited areas with similar habitat types in Mayotte and Zanzibar, respectively. The potential value of the fishery in Mayotte is about US$557/ha based on three representative species, which is approximately 300 times more valuable than in comparable habitats in Zanzibar. All surveyed species were present in significantly higher numbers in protected areas; however, the primary driver of economic difference was the presence/absence of the high-value species H. nobilis. The densities of high-value species, disproportionately targeted and depleted in commodity fisheries, is a key factor in determining total stock value (Wells et al. 1983, Jamieson 1993, Uthicke and Conand 2005, Purcell et al. 2014).
Sea cucumber species have different life-histories, making them unevenly impacted by fishing. For example, H. nobilis grows comparatively slowly, has a slow recovery rate, and occurs at mean densities around 20 individuals/ha at unfished sites on Australia’s Great Barrier Reef (Uthicke and Benzie 2001, Uthicke et al. 2004) whereas H. atra is present at densities between 100 and 690 individuals/ha (Uthicke 2001) and can grow rapidly (Lee et al. 2008). In the current study, protected populations of H. nobilis occur naturally at lower densities than both B. atra and H. atra. In habitats with suitable substrate composition in Mayotte, mean densities were 85 individuals/ha for H. nobilis and 160 individuals/ha for H. atra. The highest value and most targeted species in this study, H. nobilis, is hence the least abundant and also the least able to withstand fishing impacts based on its life history. Yet, it is commonly managed under the same regulations as other species (FAO 2013). Conservation and fisheries management should therefore consider not only species’ ecology, but also be sensitive to species’ economic value because this is a powerful driver of overfishing and species selection (Purcell et al. 2014). Thus, species-specific management measures can be of value; however, they remain impractical without rigorous monitoring coupled with species identification training of managers and customs officers (Purcell et al. 2012, FAO 2013). The clear message is that both species composition and commodity price matter for better management.
Recovery of crashed populations of high-value sea cucumbers is predicted to take several decades and will only be possible if sufficiently large areas are closed to fishing (Uthicke et al. 2004). In situations where stocks are severely depleted, active forms of restoration may also be required (Bell et al. 2008). Sustainable annual harvest rates should be as low as 5% of healthy population standing stocks of high-value reef species, i.e., H. whitmaei, the Pacific sister species of H. nobilis, based on growth rate estimates (Uthicke et al. 2004), and might also involve restrictions in the size of individuals that can be harvested (Léopold et al. 2013). This is the only available advice for sustainable sea cucumber fishery and equates to an annual extraction value in the range of US$0.30–127.30/ha from Mayotte (including all three species of this study), considerably higher than that in Zanzibar (US$0.07–0.33/ha). A 5% harvest on Mayotte would be more economically valuable than all stocks present in Zanzibar, which suggests that with adequate management, there could be a long-term ongoing fishery benefitting local communities.
It is valuable to illustrate and discuss the extreme management situations found in this study. The exact economic value of sea cucumber stocks present in Mayotte (and lost in Zanzibar) is difficult (if not impossible) to calculate, because estimation of the total area of available suitable habitats was not performed, and long-term data are lacking. For the sake of illustration, 40 m² transect values were extrapolated to abundance per hectare, which may or may not represent reality. Better spatial analyses are thus required to calculate economic values attuned with a deeper analysis of species distribution. In addition, the values in this study are estimated from three species, while 30 other commercial species are also present and form part of the holothurian trade in the WIO (Conand 2008). Therefore, value estimates may vary greatly depending on which species are included in a survey; hence, the present study should be considered as an illustrative example only. Furthermore, economic stock values in Mayotte have accumulated since measures and closures were established, while in Zanzibar exploitation has been ongoing with the social gains of income generated to fishers over decades, but with ecological losses.
The significant difference in commercial stock value and abundance between sites shows that even small-scale, artisanal fisheries driven by strong commercial incentives heavily impact holothurian populations. Recent sea cucumber fishery closures have been reported in 24 countries with different levels of economic development (Purcell et al. 2013), including mainland Tanzania, which has maintained a fishery closure since 2006 (Eriksson et al. 2012c). Mayotte has been closed since 2004; however, Zanzibar is open access and largely unregulated. This lack of regulation in Zanzibar has facilitated fishers from the mainland to evade the closure by selling their catch in Zanzibar (Mgaya and Mmbaga 2007, Eriksson et al. 2012c). The consequences of closures on communities and for fishers have been poorly investigated in Tanzania. It is questionable to what extent total closures are justifiable and in what contexts they are likely to have a socioeconomic benefit. Economic and institutional differences between Zanzibar and Mayotte indicate that the same management regimes cannot fit both islands. In the past, Zanzibar has had a higher degree of reliance on sea cucumber fisheries than Mayotte (Eriksson et al. 2010). However, in a recent study, holothurians were shown to constitute a negligible part of invertebrate harvesters’ current livelihoods in Zanzibar’s shallow-water areas (Fröcklin et al. 2014). This is probably a sign of the overexploitation of holothurians in Zanzibar over decades. A complete restriction on outtake may thus have varying impacts depending on different geographical setting, scale, type of fishers, and income reliance and might therefore not be an optimal solution. As Daw et al. (2016) point out, the benefits normally vary greatly between human populations. The challenge in this situation is to balance between the two regime extremes of an open-access, unregulated resource and total closure. In the first case, fishers benefit economically but long-term use is jeopardized; in the second, fishers make no economic gains, but ecosystems and diversity benefit. The management goal is to find a balance in which fishers benefit without compromising the resource in the long run.
The question as to when it is appropriate to assign economic value to ecological resources is not an easy one to address (Kallis et al. 2013). Fully appraising the values derived from small-scale fisheries is further complicated by their multidimensional nature, with different stakeholders benefitting to different degrees (Garcia et al. 2008). Although many biogeographical conditions are similar in this study’s sites, some factors not accounted for may have influenced the comparison; for example, oceanographic properties that can influence productivity (e.g., Williams et al. 2015). In addition, the data analyzed here are not amenable to more applied economic impact evaluation that incorporates multiple other variables associated with utilization or more sophisticated outputs than resource value in primary production (e.g., Gonzáles-Flores et al. 2014).
The relatively simple approach taken in this study does not diminish the benefit of the analysis; in this study, economic diagnoses of sea cucumber stocks or fisheries performance prove sufficient to provide incentives for new policy and conduct in locations with deteriorated stocks, keeping in mind that over 72% of global sea cucumber fisheries are fully exploited or worse and severely data-limited (Purcell et al. 2013). An important aspect of this study is to provide reference values and baselines of economic potential and thereby influence future decision making in fisheries management and conservation. A study with a similar goal was conducted in the Western Pacific aiming to “raise awareness of the lost opportunities in the sea cucumber fisheries in Melanesian countries” (Carleton et al. 2013:112). Although actual monetary value was not measured as in the present study, the project report concluded that there is large value to be gained by effectively managing sea cucumber fisheries (Carleton et al. 2013). By illustrating overexploitation with a price tag, the present study adds a new dimension for a more comprehensive understanding about what is lost and what could be gained if these fisheries were better managed.
There is an urgent need to align conservation and development agendas toward more sustainable harvesting of holothurians. The diminished value of overfished stocks means the derived social benefits are highly restricted. Reduced value also means that stocks will not form an economic basis upon which management reforms or transitions in governance can be successfully argued to resource users and managers or implemented. By illustrating the contrasting economic value of strong and weak management measures, this study highlights existing commercial values and shows that sea cucumber fisheries in the tropics are a resource worth investing in and with high potential for socioeconomic benefits if well managed. Calculating primary economic values are a first step to illustrating both present and future gains and losses associated with different management regimes and commercial incentives for species conservation. The extreme and contrasting regimes analyzed here show that large economic and environmental gains can be obtained through finding a middle way.
We thank the two anonymous reviewers for valuable and helpful comments that improved the manuscript. We also thank Dr Narriman Jiddawi and Muumin Hamad in Zanzibar, Julien Wickel, Alban Jamon, and Leonard Durasnel in Mayotte. The research was funded by Sida, with additional support by Direction de la Agriculture et de la Foret (DAF) and Conseil General, Mayotte.
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Purcell, S. W., A. Mercier, C. Conand, J.-F. Hamel, V. M. Toral-Granda, A. Lovatelli, and S. Uthicke. 2013. Sea cucumber fisheries: global analysis of stocks, management measures and drivers of overfishing. Fish and Fisheries 14:34-59. https://doi.org/10.1111/j.1467-2979.2011.00443.x
Purcell, S. W., B. A. Polidoro, J.-F. Hamel, R. U. Gamboa, and A. Mercier. 2014. The cost of being valuable: predictors of extinction risk in marine invertebrates exploited as luxury seafood. Proceedings of the Royal Society B 281:20133296. https://doi.org/10.1098/rspb.2013.3296
Purcell, S. W., Y. Samyn, and C. Conand. 2012. Commercially important sea cucumbers of the world. FAO Species Catalogue for Fishery Purposes No. 6. Food and Agriculture Organization of the United Nations, Rome, Italy..
Samyn, Y., and I. Tallon. 2005. Zoogeography of the shallow-water holothuroids of the western Indian Ocean. Journal of Biogeography 32:1523-1538. https://doi.org/10.1111/j.1365-2699.2005.01295.x
Shepherd, S. A., P. Martinez, M. V. Toral-Granda, and G. J. Edgar. 2004. The Galápagos sea cucumber fishery: management improves as stocks decline. Environmental Conservation 31(2):102-110. https://doi.org/10.1017/S0376892903001188
Slater, M. J., Y. D. Mgaya, A. C. Mill, S. P. Rushton, and S. M. Stead. 2013. Effect of social and economic drivers on choosing aquaculture as a coastal livelihood. Ocean & Coastal Management 73:22-30. https://doi.org/10.1016/j.ocecoaman.2012.12.002
Teh, L. S. L., L. C. L. Teh, and U. R. Sumaila. 2013. A global estimate of the number of coral reef fishers. PLoS ONE 8(6):e65397. https://doi.org/10.1371/journal.pone.0065397
Toral-Granda, V., A. Lovatelli, M. Vasconcellos, C. Conand, J. F. Hamel, A. Mercier, S. W. Purcell, and S. Uthicke. 2008. Sea cucumbers: a global review on fishery and trade. SPC Beche-de-Mer Information Bulletin 28:4-6.
Uthicke, S. 2001. Influence of asexual reproduction on the structure and dynamics of Holothuria (Halodeima) atra and Stichopus chloronotus populations of the Great Barrier Reef. Marine & Freshwater Research 52:205-215. https://doi.org/10.1071/MF00064
Uthicke, S., and J. A. H. Benzie. 2001. Effect of bêche-de-mer fishing on densities and size structure of Holothuria nobilis (Echinodermata: Holothuroidea) populations on the Great Barrier Reef. Coral Reefs 19(3):271-276. https://doi.org/10.1007/s003380000118
Uthicke, S., and C. Conand. 2005. Local examples of beche-de-mer overfishing: an initial summary and request for information. SPC Beche-de-mer information Bulletin 21:9-14.
Uthicke, S., D. Welch, and J. A. H. Benzie. 2004. Slow growth and lack of recovery in overfished Holothurians on the Great Barrier Reef: evidence from DNA fingerprints and repeated large-scale surveys. Conservation Biology 18(5):1395-1404. https://doi.org/10.1111/j.1523-1739.2004.00309.x
Wells, S. M., R. M. Pyle, and M. N. Collins. 1983. Echinodermata. Pages 539-544 in S. M. Wells, R. M. Pyle, and M. N. Collins, editors. The IUCN invertebrate red data book. International Union for Conservation of Nature (IUCN), Gland, Switzerland.
Williams, I. D., J. K. Baum, A. Heenan, K. M. Hanson, M. O. Nadon, and R. E. Brainard. 2015. Human, oceanographic and habitat drivers of central and western Pacific coral reef fish assemblages. PLoS ONE 10(4):e0120516. https://doi.org/10.1371/journal.pone.0120516
World Bank. 2009. The sunken billions: the economic justification for fisheries reform. World Bank, Washington, D.C., USA.
Worm, B., and T. A. Branch. 2012. The future of fish. Trends in Ecology & Evolution 27:594-599. https://doi.org/10.1016/j.tree.2012.07.005
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Today, the world generates more data in two days than was generated in all of human history prior to 2003. This data must be stored and processed at massive data centers which are often highly energy inefficient. The New York Times reported that “data centers can waste 90 percent or more of the electricity they pull off the grid,” running their facilities at maximum capacity around the clock out of fear of a surge in demand that could crash the system. Over the last decade, data center energy use has quadrupled and will continue to grow as our lives become increasingly tied to the digital world. As an operator of thousands of data centers across the country, Rep. Eshoo believes the federal government should lead by example in improving the energy efficiency of its data centers.
Rep. Eshoo introduced the Energy Efficient Government Technology Act, which would require the federal government to improve the energy efficiency of its information and communications technology, with an emphasis on data centers. It is estimated that the bill could save taxpayers $300 million annually, and would set an example for the private sector to reduce energy usage at data centers.
The Energy Efficient Government Technology Act passed the House of Representatives by voice vote with no opposition on January 10, 2017. It is currently awaiting consideration in the Senate.
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The fight against the global COVID-19 pandemic is causing unprecedented uncertainties in global food supply chains, with potential bottlenecks in labour markets, input industries, agriculture production, food processing, transport and logistics, as well as shifts in demand for food and food services. In the short term, the economic and social impacts of the pandemic interrupt the generally positive medium-term outlook for global agricultural production and food consumption. Governments face the challenge to create balanced policies that address immediate needs, such as labour shortages and create durable conditions for the agricultural sector to ‘build back better,’ according to a new report presented today by OECD Secretary-General Angel Gurría and UN Food and Agriculture Organisation (FAO) Director-General QU Dongyu.
The joint OECD-FAO Agricultural Outlook 2020-2029 report finds that over the next ten years supply growth is going to outpace demand growth, causing real prices of most commodities to remain at or below their current levels. Fluctuations in the driving factors of supply and demand could lead to strong price variations around this general path. At the same time, a decrease in disposable incomes in low-income countries and households caused by COVID-19 is expected to depress demand in the early years of this outlook and could further undermine food security.
An expanding global population remains the main driver of demand growth, although the consumption patterns and projected trends vary across countries in line with their level of income and development. Average per capita food availability is projected to reach about 3,000 kcal and 85 g of protein per day by 2029. Due to the ongoing transition in global diets towards higher consumption of animal products, fats and other foods, the share of staples in the food basket is projected to decline by 2029 for all income groups. In particular, consumers in middle-income countries are expected to use their additional income to shift their diets away from staples towards higher value products. Meanwhile, environmental and health concerns in high-income countries are expected to support a transition from animal-based protein towards alternative sources of protein.
Open and transparent international markets will be increasingly important for food security, especially in countries where imports account for a large share of their total calorie and protein consumption. “A well-functioning, predictable international trade system can help ensure global food security and allow producers in exporting countries to thrive,” Mr Gurría said. “Experience has shown that trade restrictions are no recipe for food security.”
FAO Director-General Qu said: “We need better policies, more innovation, increased investments and greater inclusiveness to build dynamic, productive and resilient agricultural and food sectors.”
About 85 percent of global crop output growth over the next decade is expected to come from yield improvements resulting from higher input use, investments in production technology and better cultivation practices. Multiple harvests per year will account for another 10 percent of crop output growth, leaving only 5 percent to cropland expansion. By 2024, aquaculture production is projected to overtake capture fisheries as the most important source of fish worldwide. Global livestock production is expected to expand by 14 percent, faster than the projected increase in animal numbers. Feed use will expand in line with aquaculture and livestock production as feed efficiency improvements will be counterbalanced by an increase in feed intensity due to reduced backyard farming.
The Outlook underscores the continuing need to invest in building productive, resilient and sustainable food systems in the face of uncertainties. Beyond COVID-19, current challenges include the locust invasion in East Africa and Asia, the continued spread of African swine fever, more frequent extreme climatic events, and trade tensions among major trading powers. The food system will also need to adapt to evolving diets and consumer preferences and take advantage of digital innovations in agro-food supply chains. Innovation will remain critical in improving the resilience of food systems in the face of multiple challenges.
Assuming the continuation of current policies and technologies, agricultural greenhouse gas emissions are projected to grow by 0.5 percent annually, indicating a reduction in agriculture’s carbon intensity. Livestock will account for 80 percent of this global increase. Nevertheless, without additional efforts, this slowdown will still fall short of what the agricultural sector could and should do to contribute to the Paris Agreement targets for fighting climate change.
Wide Variations in Post-COVID ‘Return to Normal’ Expectations
A new IPSOS/World Economic Forum survey found that almost 60% expect a return to pre-COVID normal within the next 12 months. including 6% who think this is already the case, 9% who think it will take no more than three months, 13% four to six months, and 32% seven to 12 months (the median time). About one in five think it will take more than three years (10%) or that it will never happen (8%).
Views on when to expect a return to normal vary widely across countries: Over 70% of adults in Saudi Arabia, Russia, India, and mainland China are confident their life will return to pre-COVID normal within a year. In contrast, 80% in Japan and more than half in France, Italy, South Korea, and Spain expect it will take longer.
At a global level, expectations about how long it will take before one’s life can return to its pre-COVID normal and how long it will take for the pandemic to be contained are nearly identical. These findings suggest that people across the world consider that being able to return to “normal” life is entirely dependent on containing the pandemic.
An average of 45% of adults globally say their mental and emotional health has gotten worse since the beginning of the pandemic about a year ago. However, one in four say their mental health has improved since the beginning of the year (23%), about as many that say it has worsened (27%).
How long before coronavirus pandemic is contained?
Similar to life returning to pre-COVID normal, 58% on average across all countries and markets surveyed expect the pandemic to be contained within the next year, including 13% who think this is already the case or will happen within 3 months, 13% between four and six months and 32% between seven and 12 months (the median time in most markets).
Majorities in India, China, and Saudi Arabia think the pandemic is already contained or will be within the next 6 months. In contrast, four in five in Japan and more than half in Australia, France, Poland, Spain, and Sweden expect it will take more than a year.
Change in emotional and mental health since beginning of the pandemic about a year ago
On average across the 30 countries and markets surveyed, 45% of adults say their emotional and mental health has gotten worse since the beginning of the pandemic about a year ago, three times the proportion of adults who say it has improved (16%)
In 11 countries, at least half report a decline in their emotional and mental health with Turkey (61%), Chile (56%), and Hungary (56%) showing the largest proportions.
African fisheries need reforms to boost resilience after Covid-19
The African fisheries sector could benefit substantially from proper infrastructure and support services, which are generally lacking. The sector currently grapples with fragile value chains and marketing, weak management institutions and serious issues relating to the governance of fisheries resources.
These were the findings of a study that the African Natural Resources Centre conducted from March to May 2020. The centre is a non-lending department of the African Development Bank. The study focused on the impact of the Covid-19 pandemic in four countries – Morocco, Mauritania, Senegal and Seychelles. The countries’ economies depend heavily on marine fisheries. The fisheries sector is also a very large source of economic activity elsewhere in Africa. It provides millions of jobs all over the continent.
The study dwells on appropriate and timely measures that the four countries have taken to avoid severe supply disruptions, save thousands of jobs and maintain governance transparency amid the ongoing global uncertainty and crisis.
Infrastructure shortcomings include landing facilities, storage and processing capacity, social and sanitary equipment, water and power, ice production, and roads to access markets.
Based on the findings, researchers made recommendations to strengthen the resilience of Africa’s fisheries sector in the context of a prolonged crisis, and looking ahead to a post-Covid-19 recovery.
The report strongly advocates for:
– Increased acknowledgment of the essential role of marine fisheries stakeholders and the right of artisanal fishermen to access financial and material resources.
– Strengthening the collection of gender-disaggregated statistical data in a sector that employs a vast number of women and youth.
– Establishing infrastructure and support services at landing and processing sites of fishery products, with priority access to water.
– Investing in human capital to ensure high-level skills in the different areas of fisheries management.
– Improving governance frameworks by encouraging the private sector and civil society to participate in formulating sectoral policies and resource management measures.
The study recommends urgent reforms to make marine fisheries more resilient and enable the sector to contribute sustainably to the wealth of the continent’s coastal countries.
Marine fisheries are a crucial contributor to food security and quality of life in Africa. Good nutrition is a key factor to quality of life, and the marine fisheries sector supports the nutrition of more than 300 million people, the majority of whom are children, youth and women. It also provides more than 10 million direct and indirect jobs.
Dominated by artisanal fishing and traditional value chains, the fisheries sector in Africa is mainly informal and is rarely considered in public policies or in assessing the wealth of countries.
Like other sectors, the African fisheries sector has been severely hit by the Covid-19 pandemic. Covid has affected supply markets and regional trade. This has resulted in substantial economic losses for most households that depend on fisheries.
Top Trends Impacting Global Economy, Society and Technology
The new technologies of the Fourth Industrial Revolution, such as artificial intelligence (AI), the cloud and robotics, are changing the way we live, learn and do business at a rate unprecedented in human history. This seismic shift is playing out in a world characterized by unreliable political landscapes and increasing environmental instability.
Scenario planning in this environment can be very difficult for businesses, affecting their ability to plan for the future, and properly assess the risks and opportunities that may present themselves. The Technology Futures report, released in collaboration with Deloitte, provides leaders with data analysis tools to scenario plan and forecast future technology trends.
“The rapid pace of technological change, alongside the global crisis caused by COVID-19, means that leaders today need new tools to understand challenges and develop strategies in the face of an increasingly uncertain future. This report provides three new analytical tools for business leaders to think about the future in a dynamic environment,” said Ruth Hickin, Strategy and Impact Lead, Centre for the Fourth Industrial Revolution, World Economic Forum.
“We are delighted to collaborate with the World Economic Forum to take a disciplined look into the future, particularly as we emerge from a world-altering event, like COVID-19,” said Mike Bechtel, Managing Director and Chief Futurist, US Consulting, Deloitte, and lead author of the report. “We hope that by providing a clearer picture of how today’s nascent technologies will impact our future, we can play a meaningful part in driving innovation, collaboration and economic growth that improves life for all people.”
The report breaks down future trends into four categories for business leaders and provides some examples of what is likely to remain constant in the years ahead.
- Information: With the volume of accessible data exploding and more of our personal lives lived online, the report projects the probable implications for remote learning, remote working and healthcare.
- Locality: Since the onset of COVID-19, even more of our interpersonal interaction is virtual and physical experiences have dwindled. The report projects more niche, readily available virtual experiences available to consumers.
- Economy: The report forecasts a growing likelihood that flexible and clean energy production will continue rising.
- Education: Personalized education will likely grow, along with the availability of digitized and virtualized content.
In addition to strategic modelling, the report gives leaders a baseline history of how the Fourth Industrial Revolution has progressed. It highlights just how fast technology is evolving and outlines one way risk management could evolve to better address and adapt to it.
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Before, property taxes were levied mainly on land and were first enforced in colonial periods. Therefore, land tax was primarily payable by farmers. In modern days, property tax levies occur on property such as homes. The tax levies are continuous on land possessed by citizens or lawful institutions.
Land and real estate taxes are generally set between 0.5 to 1% of the market value annually in Europe and the United States. Property tax rates are about 1 to 2% in East Asian nations, such as the Philippines and China. In comparison, South Korea levies annual property taxes between 0.15 – 0.5% of the property value.
High taxes are added to obsolete asset prices in many sub-Saharan African countries – land taxes, for instance, vary from less than 10% to more than 30% in Kenya. However, in some, the prices can be much less, with land and building taxes in Rwanda fixing at 0.1% of asset prices for those under freehold title deeds.
As a private capital stock share, Luxembourg has the lowest property tax at 0.05%. The second-lowest share is 0.08% in Switzerland and 0.09% in Austria and the Czech Republic. The highest taxes on property are levied in the United Kingdom at 1.93%, France at 1.25%, and Greece at 1.90% as a private capital stock share.
Property Taxes & Council Tax Bills
Statistics as per the Organisation for Economic Co-operation and Development (OECD), indicates that local taxes comprise 1.6 percent of the GBP (gross domestic product) in the United Kingdom, against 11 percent in Germany, 15.8 percent in Sweden, and 5.8 percent in France.
However, this does not indicate English homeowners pay more taxes. Yearly property tax bills like council tax are comparatively low in contrast with the international phase. In England, the tax burden firmly concentrates on purchasing relative to other cities with slightly higher annual prices. The annual council tax bill for a house of £500,000 in London for ten years is £15,437 (provided it is in Band D). That’s a third of New York City’s £45,288 charge.
An English purchaser buying a home for £1 million will pay a tax of £43,750. Whereas this is 132% more than a Vancouver purchaser, it is still less by £16,250 for a purchaser in Madrid. But the English purchasing costs increase to £153,750, at £2m. An investor could buy twenty-one properties worth £2 million each in Miami before their transaction tax charges were analogous.
Critical above all, England council tax is not as drastic in increment as it is for stamp duty in higher valued properties. In London, the annual cost for a house worth £2m for ten years (provided it is within the Band H peak value) is £30,874. A buyer who purchases a property worth 2 million euros spends ten times the stamp levy price as a purchaser buying a property worth 500,000 euros. However, the homeowner of the £2 million property will only pay double in council taxes.
A house owner in Miami with a property worth £2 million will pay a sum of £302,542, which is ten years’ annual taxes and the purchase tax combined. In London, a £184,624 tax would be payable by a homeowner with a property of similar value, practically 39% less.
Overall, London purchases will pay less than their international equals over ten years of ownership.
Stamp Duty Holiday
What is the essence of the stamp duty holiday? The UK government has boosted to £500,000 the lower stamp duty cap reserving up to £15,000 for you. A stamp duty holiday allows anyone in England who spends less than £500,000 in property purchase to abscond from stamp duty payments up until 1 April 2021.
Although the initial sales taxes for British citizens are much higher, the yearly property tax rates are much lower than the global average. Therefore, the tax system disincentivises individuals shifting houses but is reasonably inexpensive on a long-term basis.
Once the stamp holiday expires on 31 March, an English buyer will pay £15,000 in tax to purchase an estate worth £500,000. Findings indicate that sellers in New York would spend just £2,583, less than one-fifth of their counterparts in England. This is according to an analysis carried out by Knight Frank property agents.
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Covid-19’s impact has not been as great in Africa as on other continents. But governments are still looking for ways to return to rapid growth.
Africa has demonstrated great resilience in the face of the Covid-19 pandemic. To date, the continent’s infection and mortality rates have remained low, on average, compared with the numbers being posted in Europe, the Americas and much of Asia.
African countries have imposed lockdowns and other restrictions of varying severity and duration, mainly to prevent their relatively fragile healthcare systems from being overwhelmed. This has entailed considerable economic cost. After several years of strong, sustained growth, sub-Saharan Africa will experience a more than a 3% decline in GDP this year, according to a June report from the IMF. Price shocks in global energy and other commodity markets have adversely impacted government revenues, particularly in oil-exporting countries, although the flow of remittances from Africans working overseas has held up well.
Many African governments that were already heavily indebted face severe fiscal tightening and a drying up of credit. A G20 initiative allows for suspension of interest payments on official loans, and multilateral lenders are stepping into the breach. The African Development Bank, the World Bank and the regional Trade and Development Bank are all working to guarantee private-sector participation in the concerted response to Covid-19, helping to ensure both vital infrastructure and the supply of healthcare and food essentials.
Governments’ role remains vital. In this section, we examine Morocco’s state-led recovery package, which aims to address job losses—including those in the informal sector—stemming from the collapse of the kingdom’s vital tourism industry as well as a shrinkage of foreign direct investment.
North African banks—especially Moroccan and Egyptian lenders—have been extending their footprint into sub-Saharan Africa in recent years. We look at how that is augmenting a growing stream of cross-border investment originating within the continent. We also examine how Gulf Arab investment in Egypt’s banking sector, as a gateway into the rest of Africa, is furthering intraregional trade through the provision of supply-chain finance, commodity-backed finance and new trade-finance products.
Access to credit has become much easier for many Africans thanks to the rapid expansion of digital lending and the rise of challenger banks. But for many low-income workers and households, the availability of other saving and insurance products—and, longer-term, more affordable lending from microfinance providers—continues to play a vital role.
The pandemic has already dealt severe blows across Africa, and the full implications are yet to be seen. Yet participants and close observers who spoke to Global Finance for this special section expressed hope that the stresses may help accelerate the movement toward financial market integration, greater interregional trade and investment and a better business environment for the private sector than was evident before the crisis struck.
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In an earlier article titled How people management evolved over time (published on February 11, 2021), I explored how people management has changed in lockstep with humanity’s economic evolution from a hunter and gatherer society over the agricultural age and industrial age into the knowledge and information age. We also learned that a people management function only emerged in the late 19th century with the advent of “Scientific Management” as a sub-unit of finance and accounting to administer the payroll and daily wages payout. With the advent of the Human Relations movement in the first half of the 20th century, “personnel” became an independent corporate function called Human Resources and, with the advent of the knowledge economy, focused on ‘talent management.” With the turn of the millennium, most management thinkers agree that humanity has moved into a new economic age, the innovation economy. Today, let’s discuss how successful people management in the innovation economy requires a new perspective on how to best manage people: human capital.
What is human capital?
The OECD defines human capital as the stock of knowledge, skills, and other personal characteristics embodied in people that help them to be productive. Investopedia offers a comparable yet slightly more financial definition: Human capital is the economic value of an employee’s knowledge, skills, and experience repertoire, including assets like intelligence, education, training, skills, health, and other things employers value such as resilience, loyalty, and punctuality.
As such, the human capital concept regards talented employees and managers as actual assets for a company. Interestingly, however, I noticed that these human assets are not listed in a company’s balance sheet. (And as a creative person, my auto-response to this insight was: Why not?)
Why is human capital important for driving innovation?
A fundamental assumption of the human capital concept is that all human capital investments increase the productivity, profitability, and growth potentials of an individual, a company, and an economy. So, HC management aims to bring the right talents on board to build a capable, well-aligned human asset base and then invest in further human capital development (such as ongoing training programs and individualized upskilling and reskilling efforts) to preserve and possibly increase its value.
Human capital is also essential for making a company come up with meaningful innovations in the innovation age. Why? Innovation begins with creativity, with great ideas that flow out of the brains of talented individuals who then collaboratively take action on a worthy idea to transform it into an innovation. And according to the laws of creativity, the deeper the expertise and the broader the general knowledge, skills, and experience repertoires of each talent, the easier it is for them to connect the dots to come up with genuinely exceptional ideas that form the basis of meaningful evolutionary innovations or groundbreaking, revolutionary innovations. And the more innovations its companies produce, the more innovative and prosperous are the economies in which these firms operate.
The advent of human capital raises interesting questions
In recent years, the human capital movement has gained momentum, and rightly so. But to elevate human capital from a buzzword to a workable new people management paradigm for the innovation economy of the 21st century, we need to understand and address several interesting challenges and unresolved problems related to the concept:
- Human capital migration captures the challenge that many top talents tend to move from rural areas to work in cities and migrate from developing countries to developed countries. While this may be a logical step for the highflier, it is unfair to those rural communities and emerging market countries that provided the talent with foundational education. They suffer from a brain drain that further limits their economic development potential and to be able to offer attractive conditions that may convince their brightest minds to stay.
- Low employee loyalty and high employee turnover pose a comparable challenge for companies who invest in human capital development (training programs, upskilling courses, etc.) only to see their employees leaving for a competitor that offers them a higher salary to benefit from their newly gained skills without paying for the training itself.
- Our education systems were originally designed to meet industrial age companies’ needs. Nowadays, they continue teaching some outdated knowledge and skills, which constitutes another big challenge for the full advent of both human capital management and the innovation economy. In particular, many experts lament that many fresh graduates entering the job market lack digital know-how, entrepreneurial skills, and comprehensive cognitive skills, all of which are needed to succeed in the fast-changing, complex modern innovation economy.
- Here is another interesting dilemma related to human capital: Those who invest in early-stage and university education of a “human asset” (often the family or in some developed countries the state) don’t get a direct financial return on their investment. Put differently, companies go on a free ride by enjoying the benefits of acquiring educated human assets to work for them without having to pay for their primary and secondary education. Now managers may rightfully argue that companies pay salaries to their employees and taxes to the government. However, these payments are still not compensation for upfront education investments. Instead, they rather constitute an equivalent for the actual work performed or for a government providing the infrastructure and stability needed to do business.
- Another challenge is that experience often isn’t properly accounted for adequately in human capital. For example, suppose you’re a junior corporate banker experiencing a loan default for the first time. You can count yourself lucky if an older colleague can guide you while going through a client’s bankruptcy proceeding. Why? In a long career, a corporate banker typically has to deal with a couple of loan defaults cases, so your elderly colleague can advise you on the proper legal steps to take and traps to avoid.
Unfortunately, many companies have begun “outplacing” their experienced managers and employees to save cost, which will lead to a dangerous “experience drain” further down the road. Effective human capital needs a healthy mix of generations, and a long work life full of experiences can make as valuable contributions to the bottom line as the latest know-how.
- Finally, an alleged human capital challenge is “the war for talent”. In a book of the same title, Steven M. Hankin and his co-authors maintain there is a shortage of talent and that companies need to fight to bring top talent on board. While this argument may be true for a few professions requiring deep, specialized know-how, I argue that the “war for talent” is a myth. The real issue here is companies’ inability to recognize the true talents in their employees and use and develop them accordingly. Here, a cognitive test like our TIPS talent & innovator profiling system may help companies better understand their human assets’ talent nature. Then, they can upskill and reskill them to further their natural strengths (instead of sending them into futile training courses geared towards improving their weaknesses).
Interim conclusion: Human capital is a promising concept with some challenges to resolve
Today, we learned that human capital management is a promising approach to provide the innovation economy with the human assets that it needs to churn out meaningful innovations that drive the prosperity of individuals, companies, and economies alike. But we also saw that to bring human capital management fully to life, we need to address and deal with some significant challenges related to the concept. In two weeks, I will share with you a creative solution that I adapted from another area that promises to resolve most of the challenges related to the human capital concept and to be able to fairly reflect the investments in human capital in the accounts of individuals companies and countries.
- I discuss humanity’s economic evolution in detail in one section of my upcoming book, “The Executive’s Guide to Innovation” (click here for more information and preorders).
- Would you like to learn more about TIPS, our talent and innovator profiling system created to empower human capital in the innovation age?
- How can we support you in your efforts to get your business ready for success in the innovation age? Contact us to jointly explore how Thinkergy may help you deliver on your innovation agenda in 2021 and beyond.
© Dr. Detlef Reis 2021. This article will be co-published in the Bangkok Post in the coming weeks.
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The action axiom is the starting point of Mises’s economic method (praxeology). But it is far more than a place to start. It solves a seemingly intractable problem.
When Ludwig von Mises concretized economic thinking as praxeology, he himself held that it was merely a clarification of the pioneering theoretical work of Carl Menger. Menger in turn based his work on traditional logical economic reasoning. Mises himself did not anticipate the uproar that praxeology caused. It occurred chiefly among mainstream economists but also in the Austrian camp. As an example, Hayek was not fully on board.
Mises postulates that economic thinking starts with human action; we act purposefully rather than react instinctively. When humans act, we act with goals in mind. We attempt to achieve something. This something is not motivated chiefly by fight-or-flight instincts. Human action is often directed at achieving something which previously did not exist but that we have imagined to be achievable and of value to us.
Human action as purposeful behavior is the fundamental assumption of Misesian praxeology, and this has come to be known as the action axiom. From this axiom we can deduce a multitude of economic truths which together constitute a body of economic theory. The proposition is completely deductive, where the point of departure in itself is a true statement from which logical reasoning can establish other true statements. The method as such is neither noteworthy nor provocative. It is simply the same type of reasoning that economists and philosophers have used throughout the ages.
But the action axiom seems to rub people the wrong way. Why should economic thinking have to lift off from human action? Some claim that this is not necessary, or that the action axiom is a “choice” and an expression of Mises’s personal preferences. Others claim that it is lacking. But the criticism is wide of the mark. By identifying human action as a fundamental axiom Mises solves a multitude of problems which we would otherwise have had to contend with. Action is the missing link between value—a subjective experience—and the objective world, which is measurable.
All economists would publicly agree that value is indeed subjective, but it seems like most of them only pay lip service to this fact. Economists abound who behave counter to this fundamental truth. Subjective value is not measurable, because it is impossible to observe for anyone but the individual who actually perceives the value. Therefore it cannot be faithfully represented by variables in mathematical formulas or in statistical models. Economists who are not Austrians simply “assume” that it is possible to measure people’s utility functions, and from this they reason that one can compute how to maximize these utilities.
For Austrians this is an assumption that is both unrealistic and unnecessary. Subjective value can only be defined as a personal feeling of satisfaction. It is something we feel. Therefore Austrians say that value is something that appears in the act of consuming (using) goods and services. It is only when we feel the satisfaction of using something that we realize its value. In other words, the value of eating food can be to evade hunger or to simply survive. But what of the enjoyment of taste? The gratification of having earned a good steady meal? Perhaps with a drink, and in pleasant company? The whole experience is of value, in a completely personal sense. It is impossible to measure and cannot be assigned a dollar value no matter how much one would wish that to be the case.
For something to have value, something more is required than mere satisfaction on the part of the consumer. The thing that is being enjoyed also has to be scarce. There has to be less of it than we could make use of. In fact: satisfaction is directly related to this scarcity. You can bet your bottom dollar that ribeye steak would not be as highly appreciated if it were as commonplace as pretzels. Would we decorate ourselves in pearls if they regularly fell from the sky?
A century and a half ago, Carl Menger made it clear in his foundational magnum opus that value is subjective, and that for anything to be considered by anyone to have subjective value it must both contribute to satisfaction (or more precisely: it must be expected to satisfy wants) and it must exist in lower quantities than we would like to make use of (it must be scarce). This is why we economize. We choose to use resources in the best way we can fathom so that we can get as much satisfaction (value) as possible out of them.
The issue here is of course that we are still talking about personal feelings of satisfaction. But in an economy we produce goods for, and trade with, each other. In advanced economies we also make use of money to indirectly procure goods that we value more highly.
How do we make our way from a discussion of individual feelings, which cannot be measured, to a market with goods and services that are bought and sold using money? This is where the Misesian action axiom provides an ingenious solution.
The Missing Link
The action axiom solves this problem since human action must direct energy outward: actions make use of that which nature provides and create objective changes in nature as a result. After all, an action is defined as that which we do in order to attain some goal which we believe we can manifest in the physical world.
Human action is to make use of objective means in an attempt to manifest an expected or imagined state wherein we satisfy perceived wants—and thereby we create purely subjective well-being. If we are cold, we can act in order to lessen our suffering, by creating clothes or shelter.
The value of what we have created lives only in our minds. And the precise value we are striving to attain is based on our own, also purely subjective, ranking of different possibilities. But the action as such, which aims to achieve subjective value for the individual, is manifested in the objective world. Things that happen only in the world of the mind are not human action—they are but dreams. Dreams are separate from reality. This does not take away from the fact that we can dream of a better future and then act in order to realize it.
Nothing guarantees that actions as such result in what was intended. The opposite is often true: actions lead to unintended consequences. Missing is the rule rather than the exception, and it depends on a multitude of factors, from a complete misunderstanding of the situation to having chosen the wrong means—and even the wrong goal. But it is nonetheless in action that we discover and communicate ways in which we can reach intended goals, or beneficial unintended ones. It is also how we learn not to do things.
Austrians do not claim that every single action has intended consequences. Austrians claim that humans act purposefully, in order to affect more or less articulated change in the objective world, and that it is action—and only action—that can reveal the world to us.
Action has—and must have—consequences in reality. The act in itself and its consequences are both observable and measurable. It is with action that we use scarce resources to produce goods and services.
The absolute genius of the action axiom is that it defines the link between subjective value and objective reality. Actions aim at changing reality and thereby creating a valuable situation. Actions use means which the actor deems useful in attaining the intended aim. Choices are made based on the subjective valuations that individuals internally compute. Animal pelts can be a means toward creating clothes in order to stay warm, but the pelts can also be used with lumber to form a shelter. Which choice results in the highest value, clothes or a windbreaker? And which of the two gives the highest value given the cost (pelts and lumber), clothes or shelter?
Our subjective valuations can be directly discovered by our economizing of objective resources. It is our actions, rather than our dreams, that mean something to our fellow human beings, because our actions create the means needed to satisfy valuable wants and our actions use resources that could have been used for something else.
In conclusion, it is through action that our subjective valuations are mapped onto objective reality. This is why the action axiom is an irreplaceable launch pad for economic thinking.
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Audio version of the article
The future of data warehouse is anticipated to be in the emergence of cloud and automation
Companies are increasingly valuing data more than anything else. Businesses are considering data as a priceless asset they own. However, even though data plays a big role in decision-making, it gets its value when data is stored, aggregated and analyzed. Raw data is as useless as immovable property. This is where data warehouse gets streamlined. The future of data warehouse is anticipated to be in the emergence of cloud and automation.
What is data warehouse?
A data warehouse is a type of data management system that is designed to enable and support business intelligence (BI) activities, especially, analytics. Data warehouses contain large amounts of historical data in which it performs queries and analysis. The data stored in a data warehouse usually come from a wide range of sources like application log files and transaction applications. Remarkably, data warehouse centralizes and consolidates large amounts of data from multiple sources. It helps improvise the decision-making process by deriving valuable business insights from raw data. Over time, it builds a historical record that can be invaluable to data scientists and business analysts. Besides, data warehousing is the process of constructing and using a data warehouse. Data warehousing involves data cleaning, data integration and data consolidation. Some of the benefits of using data warehouse are listed below,
- The root of the collected data is very important. Data warehouse provides the facility to add the data source in its base. This ensures that companies are collecting consistent and relevant data from the source.
- Businesses don’t have to worry about the quality of data as they are accessible or inconsistent as it comes into the system. This ensures higher data quality and data integrity for enhanced decision-making.
- The consistent format of the data warehouse accelerates data to be analyzed anytime. It also leverages the analytical power and a more complete dataset to base decisions on hard facts. Henceforth, decision-makers no longer can keep away from relying on hunches, incomplete data, or poor quality data and risk delivering slow and inaccurate results.
- At data warehouse, data is copied, processed, integrated, annotated, summarized and restructured in a semantic data store in advance, making the analytics process easy.
- Besides, data warehouse allows organizations to analyze large amounts of variant data and extract significant value from it in four particular ways namely subject-oriented, integrated, non-volatile and time-variant.
History of data warehouse
Even though the concept of data warehouse came to light in 1980, its footprints are seen way back in 1960 when Dartmouth and General Mills developed the term dimension and facts in a joint research project. In 1970, Nielsen and IRI introduced dimensional data marts for retail sales. Tera Data Corporation launched a database management system that is specifically designed for decision support. The first implementation of a data warehouse came into existence in the 1980s when IBM worker Paul Murphy and Barry Devlin developed the Business Data Warehouse. However, as Inmon Bill uncovered the real concept of the system, he is called the ‘father of data warehouse.’ He had written about a variety of topics for building, usage and maintenance of the warehouse and the corporate information factory.
Types of data warehouse
Three main types of data warehouse make a cut in the business process today.
Enterprise Data Warehouse (EDW): An Enterprise Data Warehouse (EDW) is a relational data warehouse containing a company’s business data, including information about its customers. An EDW enables data analytics, which can inform actionable insights. Besides, it offers a unified approach for organizing and representing data.
Operational Data Store (ODS): An Operational Data Store (ODS) is a central database that provides a snapshot of the latest data from multiple transactional systems for operational reporting. It enables organizations to combine data in its original format from various sources into a single destination to make it available for business reporting.
Data Mart: A data mart is focused on a single functional area of an organization and contains a subset of data stored in a data warehouse. Data mart is a condensed version of data warehouse and is designed for use by a specific department, unit or set of users in an organization.
Moving data warehouse into cloud
We can confidently blame the Covid-19 pandemic for making data warehouse move into cloud platforms. On-premise data warehouses come with a lot of benefits like improved governance, security and speed. However, they are not elastic and require complex forecasting to determine how to scale the data warehouse for future needs. During the lockdown, the whole workforce was shifted to cloud and data warehouse is one among them. Even large enterprise data warehouses that many people thought would never leave the on-premise data centres are moving to the cloud to take advantage of today’s cloud technologies. Some of the advantages of cloud data warehouse are,
- It leverages elasticity with separate compute and storage
- Cloud data warehouse scales-out abilities to handle compute or storage requirements
- They are easy to use, have versatile management and are cost-effective.
The future: Automation of data warehouse
Some of the issues that a data warehouse face are data integration, data views, data quality, optimization, competing methodologies, etc. Fortunately, data warehouse automation can flip this scenario completely on its head. In data warehouse automation, a data warehouse uses a next-generation technology for automation that relies on advanced design patterns and processes to automate the planning, modelling and integration steps of the entire lifecycle. It provides an efficient alternative to traditional data warehousing design by reducing time-intensive tasks such as generating and deploying ETL codes to a database server.
This article has been published from the source link without modifications to the text. Only the headline has been changed.
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Differential advantage means simply that customers have a reason for preferring that brand to competitors' brand. Sustainable means an advantage that is not easily copied by competitors. That is, the business creates barriers to entry, for example by developing in outstanding reputation or image for quality, service or reliability. Brands like Coca-Cola, Apple are successful brands because they have such sustainable differential advantages invariably result in superior profit and market performance. Successful brands are always brand leaders in their segments.
Two implications of this definition can be noted:
- First, brands are only assets if they have sustainable differential advantages. If they are negative or neutral brands like Woolworth's, or the Austin Maestro, they should not appear on the balance sheet, however much is spent on advertising. Any profit these brands achieve is trough the brand's differential advantage.
- Second, like most other assets, brands depreciate without further investment. If management fails to reinvest in enhancing quality, service and brand image then the brand will decline. Hoover, Singer are examples of brands which were once successful as to be almost generic names for the product, but which have since declined or disappeared due to lack of investment.
Sources of differential advantages
Product- based differential advantage is one in which the company has a unique technological capability or clinical expertise that allows it to establish a competitive position. In health care, the establishment of a product-based differential advantage is difficult. The pace of technological change is such that the advantage goes to competitors who have the resources to acquire a new technology.
A market-based differential advantage is available to those who focus on a particular market segment. For example, in th Cleveland, Ohio metropolitan area, Rainbow Children is recognized as a leader in pediatric care. While other competitors also provide pediatric service, the differential advantage rests with Rainbow Children and their narrow market focus.
An organization that is highly efficient, either through the use of technology or with tight management control of expenses, can achieve this advantage. Increasingly in health care, as the marketplace focuses on the cost of care, a cost differential advantage is becoming a strong competitive position.
Competitive forces and advantages
Effective competitive analysis will take into consideration the search for and need for differential advantages. Differential advantages are those factors in which a particular organization excels or has the potential to excel over competitive organizations. A differential advantage is different from a competitive advantage in that a differential advantage does not have to meet the four conditions required for having a competitive advantage. A differential advantage exists whenever one firm's strength exceeds that of its competitors along some dimension. Differential advantages may be found in the following areas:
- L. Butterfield 2009, p.3-6
- E.N. Berkowitz 2004, p.47-48
- S.G. Hillestad, E.N. Berkowitz 2013, p.27-28
- B. Wrenn, P.M.Mansfield 2014, p.112-113
- Berkowitz E.N. (2004), Essentials of Health Care Marketing "Jones & Bartlett Learning", Toronto.
- Butterfield L. (2009), Excellence in Advertising "Routledge", London.
- Hillestad S.G., Berkowitz E.N. (2013), Health Care Market Strategy: From Planning to Action "Jones & Bartlett Publishers", New Yersey.
- Wrenn B., Mansfield P.M. (2014), Marketing Planning Guide, "Routledge", New York.
Author: Karina Stefańska
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The global agricultural market has been severely shaken by Covid-19. Palm oil is no exception, particularly in India, the world’s largest importer of the commodity.
Demand has fallen off a cliff in India since Prime Minister Narendra Modi imposed a countrywide lockdown on March 24 to contain the pandemic. That has shuttered restaurants and hotels, major consumers of the oil.
Consumption of edible oil in India, which is dominated by palm oil, has crashed by nearly 40% since the national lockdown began. Palm oil imports may slump by as much as 25% in 2020, to the lowest levels in at least a decade, experts say.
Since 2001, palm oil – which barely figured in traditional cuisines – has gone from accounting for 29% of edible oil consumption to nearly 65%. It blends well with other oils and suits frying, a key consideration in preparing Indian food.
What happens to palm oil demand in India has a significant effect on the entire industry. Since India’s palm oil imports account for nearly 20% of the global trade, it has a big effect on efforts to make the production and processing of the commodity sustainable, ensuring that no further environmental damage is done.
The same is true for other major import markets such as China and the European Union, which account for 16% and 14% of the global trade respectively. In the EU, increased consumer awareness and government policies have brought about a turn towards sustainable palm oil in recent years. If such efforts can be replicated in India, it will go a long way to preserving rainforests in Southeast Asia.
Impact of demand
In little under three decades, India has become the biggest buyer of vegetable oils in the world. A rising urban population, changes in consumption patterns and domestic production that has failed to keep up with demand, have contributed majorly to the country’s increasing importation of edible oils.
India’s palm oil imports rose by an average of 12% every year in the decade to 2015-’16. It imports over 96% of the palm oil it consumes, primarily from Indonesia and Malaysia, the top two producers. As it well as its suitability for cooking, the country’s preference for palm oil has to do with its cheaper price compared with other vegetable oils and the proximity of production, meaning shorter shipping times.
At the same time, global production has been growing steadily in the past five decades. In the 20 years between 1995 and 2015, annual production quadrupled to meet demand, which is forecast to be between 120 million and 156 million tonnes by 2050.
Already, palm oil plantations account for 10% of global cropland, according to the Center for International Forestry Research. The area of oil palm plantations has increased from 0.5 million hectares in 1985 to 20 million ha at present, according to World Rainforest Movement, a non-profit organisation. It is projected to reach 25 million ha by 2025.
And the expansion of palm oil cultivation has driven deforestation to unprecedented rates. More than a third of large-scale oil palm expansion between 1990 and 2010 has contributed to significant forest cover loss in Indonesia, Malaysia and Papua New Guinea, WWF reports. Species including orangutans, the Sumatran tiger and Javan rhinoceros are on the verge of extinction due to a decrease in habitat as forests make way for plantations.
Every year, smoke haze blankets parts of Southeast Asia. It is generated by the deliberate burning of forests to clear land for plantations. In 2019 alone, close to 50 million people were directly affected by smoke caused by the clearing of forests for palm oil plantations.
This not only has severe implications for local people and ecology, but also for the global climate due to the sudden large release of carbon dioxide.
Value and supply chain
Currently, the majority of the import market in India is not driven by concerns linked to these environmental impacts. Research published in November 2018 shows that 58% of palm oil imports into India is not covered by NDPE policies: No Deforestation, No Peat, No Exploitation.
The import market in India is extremely price-sensitive, experts and industry insiders say. Importers are primarily looking at the lowest price points for various grades of palm oil and are not yet overly concerned about how the commodity is produced. This is the primary barrier to the uptake of ethical palm oil in the country.
There are other obstacles to the increased use of sustainable palm oil, including the various unbranded vegetable oils sold in open market across the country, and the number of various grades of palm oil used in the supply chain.
Unlike the European and US markets, the market in India is mainly driven by large volumes in the food and cooking oil sectors – about 90%, with smaller volumes – 10% – in consumer goods such as processed food and cosmetics. A significant proportion of Indian consumers buy so-called loose palm oil, without any brand association. Establishing a transparent supply trail becomes difficult in these conditions.
Palm oil for cooking is primarily used by commercial establishments, government procurement and in low- to middle-income households. The government procures imported palm oil in bulk through its trading agencies for distribution and sale to lower-income consumers at subsidised rates in the interest of food security during periods of price inflation. It is also distributed in some provinces as a food security measure for economically weaker sections of society.
Whenever there is serious price rise for cooking oil, the federal government intervenes by purchasing RBD – refined, bleached and deodorised – palm oil and crude palm oil through its trading agencies and distributes it to states with vulnerable populations. Since the lowest price at acceptable quality is the main consideration in this case, any additional cost for sustainable oil takes a back seat.
The widespread use of palm oil and reliance on imports have prompted the Indian government to devise schemes to promote domestic production by increasing plantation acreage in the country. Although it started the Oil Palm Development Programme in the early 1990s, growth was initially sluggish in the sector.
In 2014, the federal government launched the National Mission on Oilseeds and Oil Palm or NMOOP, with a special emphasis on expanding palm oil plantations in watersheds and wastelands. The agriculture ministry said at that time that India has the potential to grow plantations in nearly two million ha of land.
NMOOP started promoting plantations in 13 states, with financial incentives given to planters to buy plants and maintain them for four years. As a result, oil palm plantations grew from 8,585 ha in 1991-’92 to 316,600 ha in 2016-’17, official data show.
Despite the efforts, production reached just a quarter of a million tonnes in 2017-’18 against domestic demand of over 10 million tonnes. Currently, a number of large Indian companies including ITC, Godrej Agrovet, and Ruchi Soya, are engaged in oil palm cultivation in India. Many of their plantations are in collaboration with provincial governments, particularly in the Southern states of Andhra Pradesh, Telengana, Karnataka and Tamil Nadu.
To allay fears about deforestation, domestic palm oil producers say production in India is focused in coastal states like Telangana and Andhra Pradesh, where expansion is taking place in already degraded land or areas that were until then being used for water-hungry cash crops like cotton and paddy.
NMOOP’s latest target was to bring an additional 105,000 ha under oil palm cultivation by the year ending March 2020, bringing the total area under cultivation to 420,000 ha. Official figures on achieving this target have not been released yet.
It is now clear that, in the face of rising demand, domestic production will remain way under 10% in the years to come. That essentially means that India will continue to import palm oil in various forms. However, the dynamics of imports is not just dictated by demand but also geopolitics. For instance, diplomatic tensions with Malaysia led the Indian government to discourage imports of refined palm oil from the Southeast Asian nation, resulting in a precipitous fall in recent months.
Domestic palm oil processors, such as millers and refiners, also routinely demand restrictions on imports so they can protect their margins. The Solvent Extractors’ Association of India recently presented the government with a list of demands that would favour local processors. This puts further price pressures in Malaysia and Indonesia, making it more difficult to green the palm oil supply chain.
The cost of ethical palm oil
Consumption patterns of edible oils in India depend on the category of users, with mass market commercial establishments preferring palm to more expensive alternatives like sunflower and soybean oils, as do lower income groups with limited spending power. Higher-income groups typically opt for other oils generally perceived as healthier, like sunflower or rice bran oil.
There is also a huge market for blended oils, a mix of palm and vegetable oils. Often, blended oils do not indicate the presence of palm oil in product packaging. Such factors often deter companies from making sustainability efforts. But the main factor appears to be price.
The premium in the domestic market for certified sustainable palm oil is around $30 per tonne of crude oil, according to Palm Lines, a report on the industry in India.
The refined vegetable oil sector, by far the largest market segment, deals on high volumes and narrow margins. This segment often sells unbranded cooking oils to commercial or low-income buyers. Here the cost implications of even a small increase are significant.
According to industry executives, the competition to offer cheap products is so high that most companies would have no margins left if they were to add the costs of ethical palm oil. There are, however, some glimmers of hope. Some big refiners are moving away from so-called loose oil to actively marketing packaged and branded oils, where margins are higher and customer expectations differ. Although currently health is the defining characteristic of advertising campaigns, sustainability factors could possibly find a place in this higher-end bracket of the cooking oil market in the future.
Path to sustainability
Realising the importance of the Indian market to drive sustainability efforts in the global palm oil sector, the India chapter of the Roundtable on Sustainable Palm Oil or RSPO, which sets benchmarks for certified sustainable palm oil or CSPO, has become active in the country in the past few years in collaboration with the Centre for Responsible Business, Rainforest Alliance and WWF India.
In October 2018, these organisations launched the Sustainable Palm Oil Coalition for India to promote the sustainable consumption and trade of palm oil along the supply chain through industry collaboration. It has since set up working groups on government policy, supply chains and end users.
RSPO India officials say the initial signs have been encouraging, mainly with multinational corporations that have made global commitments to use CSPO. However, that comprises a small fraction of the Indian market and currently less than 5% of products that include palm oil fall under the umbrella of CSPO.
RSPO is working with stakeholders in India’s palm oil sector to lobby the government for policy responses that would encourage the use of CSPO. Progress on this front has been slow, mainly due to cost factors in a price-sensitive market.
To get around price issues, there are suggestions to adopt low-costs approaches to sustainability such as Sustainability Policy Transparency Toolkit, a free, online platform supporting sustainable commodity production and trade developed by the Zoological Society of London in 2014. WWF India says the Spott approach offers a flexible interim solution to large-volume palm oil buyers without placing significant upfront cost on low-margin Indian businesses.
RSPO has also opened up another front in sensitising India’s smallholder plantation owners on sustainable practices. This initiative was to be launched in April this year but has been delayed due to the coronavirus crisis.
Efforts have also started to increase the physical volumes of CSPO in the market. Large Indian companies such as Adani Wilmar, Ruchi Soya and Godrej Agrovet have made commitments to CSPO, but there are not yet any targets. Ultimately, better consumer awareness on the effect of unsustainable production and processing of palm oil to the world’s remaining rainforests is required to drive companies dealing with the commodity to shift to CSPO. RSPO India has started another initiative to engage with the youth in India to raise such awareness but it’s a small beginning and there is much ground to cover for it to make a material difference.
This article first appeared on China Dialogue, a partner site of The Third Pole.
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The last few years have witnessed Artificial Intelligence (AI) roaring out of tech labs to become an everyday part of our lives, without people even realizing it. Apart from powering numerous applications and many digital products, artificial intelligence is here to benefit all the industries, including logistics and supply chain.
Lots and lots of companies are benefiting from investing in artificial intelligence technology. Supply chain and operations are one of the top areas where businesses are driving revenue via investing in artificial intelligence. Large volumes of data in supply chain and logistics require sophisticated processing solutions. Companies are now turning towards adopting artificial intelligence powered techniques like machine learning (ML), deep learning and natural language processing (NLP). All these techniques make it easier to analyze massive volumes of data in an efficient manner and provide an in-depth analysis, also help perform many other complex functions. The ever-increasing data is not the only part which contributes to the development of artificial intelligence. There are various other factors which drive this trend, including speed and power, algorithmic advancements etc.
Algorithmic advancements have improved significantly in the recent years which has allowed the detection of patterns, discover of correlations which were next to impossible for humans to find via conventional technology alone. For instance, smart algorithms can give valuable insights such as the number of vehicles available for delivery, helping customers to know the price and approximate time of delivery among others.
Let us now understand how artificial intelligence is impacting the supply chain as a whole.
The adoption of artificial intelligence technologies like machine learning help to provide new and in-depth insights into a wide platter of arenas which includes logistics, warehouse management, inventory control, collaboration, and supply chain management. Artificial intelligence allows greater contextual intelligence. Artificial intelligence powered visual inspection takes pictures of cargo using special cameras which helps to identify damage and take appropriate corrective action.
Artificial intelligence provides for an unmatched analysis into the supply chain management performance which can help to determine factors which are affecting that performance. AI use the powerful capabilities of technologies encompassing supervised learning, unsupervised learning, and reinforcement learning. This helps to identify factors and problems which impact the performance of the supply chain. For instance, supervised learning helps to detect fraud and make informed decisions, reinforcement learning can take a real-time decision by providing relevant and useful data. IBM’s Watson is one such example where Artificial intelligence is used to boost insights and productivity in the supply chain management.
In the early days, less advanced technologies were unable to deliver value since those technologies didn’t take into account a wide variety of factors such as consumer attributes on the demand side. Today, AI enables the measurement and tracking of all factors which are a prerequisite to improve demand forecasting accuracy. It analyses enormous volumes of data and forecasts which is continuously adjusted based on real-time sales, weather and other external factors. Amazon has pioneered in this area with its highly automated distribution centers. Artificial intelligence helps in analyzing supplier related data such as delivery performance, evaluations, audits, credit scoring and hence provide information for future use. This increases the effectiveness of supplier relationship management and improves its customer service.
Before the arrival of next-generation technologies such as machine learning, businesses didn’t have tools to enhance their production planning and scheduling accuracy. The advent of artificial intelligence has enabled businesses to analyze a range of constraints and also optimize them. Businesses can leverage artificial intelligence technologies to reduce supply chain latency for parts which are used in highly customized products or the products which are popular. AI will also help in predicting the demand and optimize the flow of some critical parts to ensure a smooth moving of production units.
Artificial technology plays a crucial role in an advanced supply chain and logistics solutions which boost effectiveness, efficiency and automates tasks for supply chain planners and managers. AI could be a deciding factor across industries which will determine supply chain superiority, drive customer experience and satisfaction. In the coming years, artificial intelligence technology will drive more and more sophisticated solutions in the supply chain to speed and improve the delivery of products and services to its customers. Businesses need to keep a close on artificial intelligence powered solutions to thrive and excel in a dynamic and competitive environment.
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Cecilia Amosso Member Name
Every greenfield project can potentially affect the biodiversity of the area. With biodiversity increasingly under threat across the globe, it is important that any unavoidable damage or losses inflicted by a project are properly counterbalanced by activities that promote ecological preservation, restoration, or improvement.
Defensible and transparent accounting methods of these biodiversity losses and gains are also becoming more important for project developers to be able to demonstrate to investors and communities that their projects will meet stringent environmental and sustainability requirements.
To demonstrate no net biodiversity loss (and preferably even a net gain), and to indicate achievement of the sustainability goals required by national legislation and financial institutions, complex calculations are needed.
The challenges of calculating offsets for large, complex projects
Although biodiversity offsetting must be a last resort, it is one of the most widely used mechanisms for addressing environmental impacts in pursuit of sustainable development outcomes. Biodiversity offsetting, done well, can be a practical way to compensate for unavoidable ecological damage by restoring or protecting habitats or species outside the project footprint.
Many projects only need to consider impacts and offsets for one or two species and types of habitat. However, for large projects (such as linear infrastructure) with footprints that span many ecological regions, habitats, and species, it is far more complex and challenging to determine the appropriateness and benefit of offsets. At this level of complexity, offsets cannot be calculated species by species or habitat by habitat. There is a notable lack of practical and rigorous accounting tools and decision-support mechanisms to assist with the selection of offsetting sites and activities.
Creating a biodiversity algorithm
Golder used an innovative biodiversity algorithm for a project that spanned an entire country involving more than 90 species, 20 habitats and 9 ecosystems and explored a new approach to calculate the residual losses from the project and the potential gains from proposed offsets. With so many species and habitats to consider, a methodology was needed that could weigh the loss of many key biodiversity features together into an aggregated value, which could then be replicated for offsets.
The biodiversityThe accounting methodology Golder devised is based on an equation that calculates the biodiversity value of the species and habitats throughout the project footprint. A numerical value is assigned to each key biodiversity feature (in line with guidelines of the relevant financing or regulating body) based on its conservation importance, its pre-project level of health or degradation, and the effectiveness of the rehabilitation offset activities proposed or implemented.
simplifies the calculation
losses and gains.
The algorithm is applied in a Geographic Information System (GIS) where biodiversity values can be calculated for each patch of habitat, including the impacted areas as well as those selected as potential offset sites. Once the biodiversity values have been calculated, multiple scenarios can be run automatically to identify and explore the potential of different offsets and to clearly articulate the most sustainable and cost-effective options. This provides tangible, transparent, and defensible support for decision making, which can be used throughout a project’s planning, design, construction, and operations.
Implementing the algorithm
The methodology provides the flexibility to adapt to the context and can be used on projects large and small, at any stage, and with any level of detail. Even if the desired level of data about a biodiversity value is not yet available, the algorithm can still be run using conservative assumptions to provide a preliminary indication of the value that can be expected from an offset. As more accurate information is gathered and entered into the GIS system, assumptions can be refined and the algorithm can then be applied again, giving a more precise indication of the biodiversity gains.
Implementing the algorithm helps to demonstrate the anticipated effects of proposed offsets. With careful calculation and comparison of multiple scenarios, the algorithm enables prioritization of areas and activities in which higher gains in biodiversity value can be achieved.
The biodiversity algorithm greatly simplifies the calculation of biodiversity losses and gains and clearly identifies the offset rationales and priorities. For development projects where multiple key biodiversity features and different ecosystems are present, this fosters transparent discussion with stakeholders and greatly increases the probability of balancing the bottom line to promote positive, sustainable outcomes both for the project and the environment.
Golder’s Roberto Mezzalama (Principal), Massimo Dragan (Principal), and Dr Kyle Knopff (Associate) were contributors to the development of this methodology.
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How financial co-operatives help the poor
In 19th century Germany, poor farmers were finding themselves in a spiral of debt. Following periods of drought and low crop yield they were forced to take out loan after loan to get them through. With interesting piling up, many ended up deep in debt, hardship and despair.
Amongst them was a man named Franz Hermann Schulze-Delitzsch. Franz decided to develop a solution for the hardship. He created a co-operative group that the farmers could join – with each member contributing a small amount to the group on a regular basis.
At times of need, the members could borrow from the pooled savings to get them through. In this way, they were able to avoid the debt that they previously been forced to use.
The first financial co-operative was born.
The model exploded across Europe and North America during the 19th century, reaching every corner of the planet. To this day, the development of financial co-operatives has remained one of the most effective and respected models of sustainable development around the world, giving poor people the change to lift themselves out of poverty and create a better life.
Building sustainable co-operatives that are open to everyone
CAC applies the internationally recognised principles of co-operatives when supporting co-operatives in Cambodia:
- Voluntary and open membership
- Democratic member control
- Member economic participation
- Autonomy and independence
- Education, training and information
- Co-operation amongst co-operatives
- Concern for the community
- Social responsibility
- Building financial stability
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Small and medium sized corporations or SMEs are corporations whose worker count is greater than a specific tolerance. The abridgment “SME” is generally employed by international organisations like the Community Bank, the EU, the United Nations, the earth Trade Corporation and the United States Federal Reserve System. However , small and channel enterprises may be set up while private businesses as well. In simple terms, a small business is any company that has less than hundred employees. By using an annual basis, this physique is about 5 percent.
There are many types of small businesses in the market. A few of them are the support enterprises, making enterprises, wholesale enterprises, aid endeavour, intermediaries and sellers. The average life expectancy of a small company is about 2 yrs. Of these, general enterprises, including garment and other apparel wholesalers, are considered to become medium business. On the other hand, most of the manufacturing enterprises are the large degree enterprises.
The majority of of the enterprises take part in producing items for retail or industrial markets. Several manufacturers are asymptomatic workers. They do not unique or use their industrial facilities; they only supply items to various other firms. Various small businesses are service providers, providing a selection of related activities to various other firms.
From this rapidly changing global economic system, most of the small enterprises are grouped together on the centre. These types of enterprises own common goals and strategies, and share a few specific detailed practices. The medium organization is more affected by structural constraints, than by technical ones. For instance, many organisations include a put together business model, incorporating elements of development for different needs, and services intended for diffuse market segments. It is also impacted by changing client preferences.
Moderate enterprises need to respond quickly and effectively to any change in the circumstances for the market. They need to adapt to improve, either for growing new strategies, or to get preserving its condition. They have to believe for the long term, mainly because technology is certainly not a steady enough market-entrepreneurs and their organisations frequently knowledge cyclical wachstumsstillstand. Entrepreneurship can be dangerous. Medium corporations often fail to realise the potential, and so they select the wrong technologies, or omit to take advantage of fresh opportunities. This kind of often brings about partial collapse of the business, and sometimes to complete mold.
The channel business is usually directly connected with non-financial activities. It includes arts and traditions, information solutions, advertising and design, submission, architecture and interior design, craftspersons, charities, human resources, legal, banking, telecommunications, videos and telecommunications. Some of these activities are meticulously linked to the finance industry, however the overall contribution of these activities to the venture is relatively tiny. They web form a part of the value chain, but their value is often overlooked. That they perform tasks that require person, physical and social capital. They also make, manage and produce the means to deliver goods and services.
There are many examples of method businesses. A trendy medium organization is a web developer, featuring web hosting, software creation, ecommerce alternatives and Internet infrastructure. A second example is mostly a fashion designer, who creates iet.tj clothes and designs logos, and producing screen-printing and clothes. An entertainment intermediary facilitates the process of providing videos, audio recordings and performances, such as music, movies and cinema.
The success of the enterprise depend upon which mix and match in the activities performed within that. The venture can be remarkably diversified, however it is also apt to have some core activities. These types of would incorporate the production of useful output, and in addition management, marketing, sales and support. The diversity of your mix implies that there is likelihood of the venture to increase into other activities. The business must consequently be able to expand and develop, even when there is not any growth or development in its core actions.
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Many people are unaware of how their property is owned and therefore they don’t fully understand the implications on the different type of property ownership.
I advise clients regularly on setting up various types of trust to protect their properties for differing reasons, and 60% of the time, they don’t know how their property is owned – that is, how it is recorded on HM Land Registry.
When you purchase a Property or Land in England & Wales, there are two ways in which it can be owned or ‘registered’ with Land Registry. These are either as ‘Joint Tenants’ or ‘Tenants in Common’. It is very important to consider the ownership options and understand the differences at the outset, as the way in which you own the property can have a significant impact on what happens to the property on your death.
Tenants in Common
Owning and having a property registered as Tenants in Common (TIC) means that the property is owned by each owner having a specific share in the property, for instance spouses who each own 50% of the property. These shares can be equal or unequal depending on what is preferred/required by the people who own the property.
If you own property on a TIC basis, it means that if one owner dies, the deceased owner’s share passes in accordance with the wishes in that persons Will. If a will has not been made by the deceased, then the deceased’s share is distributed in accordance with the Laws of Intestacy.
Owning and registering property as joint tenants means that the whole property is owned by both owners absolutely. Or to put it a simpler way, each owner is deemed to own 100% of the property as they do not have separate shares each as is the case with TIC.
This means that as the property owners do not have a defined share they cannot make provision in their Will for the distribution of the property to their loved ones. This is because if one of the joint tenants were to die, the surviving tenant automatically becomes the owner of the whole property.
Joint tenancy has previously been the most popular choice when it comes to how a property is owned, however, nowadays with more and more people having increasingly complex situations, and being worried about residential home fees as they grow older, this is now not always the case.
If you currently own your property on a joint tenancy basis you should consider your wishes for that property when you die. Particularly with regards making a Will or reviewing an existing one to ensure your wishes for your property can be carried out correctly by the executors of your estate.
How do I find out my current Property Ownership?
For those of you that are very organised, or simply have a good memory and are able to dig out the original conveyancing paperwork, then you will be able to check how the property was purchased and how the names appear on the title deeds of the property.
Although not all, the majority of properties in England and Wales have a title number registered and recorded at HM Land Registry.
You will need to search the property register to check on what basis your property has been registered. This can be done on-line via the Land Registry Portal or you can ask your conveyancing solicitor for a copy of the title register.
Don’t be complacent, your property is often the most valuable asset to your family…
If you need further information then have a look on the links below or contact Sophie Vines in our legal department for further information.
HM Land Registry
Severing a joint Tenancy
Making a Will
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What is a Self Serving Bias?
A self serving bias is a tendency in behavioral finance to attribute good outcomes to our skill and bad outcomes to sheer luck. Put another way, we choose how to attribute the cause of an outcome based on what makes us look best. Certainly, most of us can think of things that we’ve done and determined that when everything is going according to plan, it’s clearly due to our skill. Then, when things don’t go according to plan, clearly we’ve just had bad luck.
You’ll recall, if you think back to one of the previous behavioral finance biases, that one of our buckets was self-deception bias. The self serving bias, an error of overconfidence and misattribution of causes, is in that bucket. The key thing to remember is that biases limit our learning or our ability to learn.
Learn more in CFI’s Behavioral Finance Course.
How to Limit the Self Serving Bias
This is a dangerous limit to our learning because in practice it can lead to bad investment decisions and repeating such bad choices. There can be a whole host of reasons why we’ve had a particular success or failure in the financial markets. How can we avoid the self serving bias, this limit to our learning? One of the most effective ways is by actually recording and recognizing what actually happened, documenting the reasoning behind your decisions and the outcomes that followed.
Think about keeping an investment log/trading journal. Reviewing a well-kept trading journal can help you easily identify strengths and weaknesses in your trading. It can also help you identify – and thereby be able to correct – mistakes that you continually make. On the positive side, it can help you to identify when and why your analysis was correct. You also might pick up on some things that you might never otherwise have noticed. For example, some traders find that, for whatever reason, the majority of their profitable trades are initiated at a certain time of day or on a certain day of the week.
It’s important to acknowledge when we have followed faulty reasoning that led to a bad outcome. It is only through admitting and examining our mistakes that we can learn from those mistakes. And it’s only through recognizing when we’ve fallen victim to things such as the self serving bias that we can learn to avoid such thinking traps in the future.
Billionaire George Soros, along with many other famously successful investors, touts the value of recording, reviewing, and analyzing our investment decisions.
You can learn more by reading about lessons Soros learned from his $500 million mistake.
Thank you for reading CFI’s guide to understanding what a self serving bias is in finance. To learn more, check out CFI’s Behavioral Finance Course.
Additional useful resources include:
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Leading and lagging indicators are one of the varieties of tools used to predict movements in financial markets and identify existing trends. Simply put, leading indicators help predict the dynamics of upcoming economic cycles, and lagging ones display patterns between existing trends and past events.
Both of these types are used in technical analysis, which is used by many investors and traders to predict changes in financial markets. This is especially useful when dealing with dynamically changing things, such as cryptocurrencies and stocks in the forex market.
For the first time, such indicators were discussed at the beginning of the twentieth century when someone came up with the idea that price fluctuations on exchanges are not random and fall under certain rules. At first, this was called the Dow theory, after the name of the first serious researcher of these laws. It was this theory that formed modern methods of working with financial markets — an in-depth analysis with subsequent behaviour forecasting.
However, leading and lagging indicators are actively used not only in technical analysis but also in other methods of working with financial markets, as well as in a number of other situations, for example, they prove to be useful when working with some economic variables and indices.
Provide information about emerging trends. For example, it is leading indicators that help predict large-scale recessions and price recoveries based on retail sales statistics and, for example, the number of requests for issuing building permits and licences.
That is why they are most often used to develop short and medium term behaviour strategies. The pattern is simple: for example, the building permit means that there will be a demand for skilled workers and building materials soon, which will lead to higher stock prices of engaged companies and to increase of investment in real estate markets.
In fact, the correlation between the events of the past, even quite distant, and the current situation in the markets. With this tool, you can track extremely slow and inconspicuous trends, which may be fundamental to long-term market behaviour strategies in some cases.
Simply put, it is something like finding analogies between current events and the dynamics of events in the past. For example, if about 10 years ago, certain events caused serious fluctuations in any market, then an approximate repetition of these events in the present or in the near future can lead to exactly the same fluctuations.
Something in between the leading and lagging indicators, as they display the picture in real time, covering in more detail the current situation in the financial markets. As an example, the productivity of a certain sector of industry (e.g. heavy metallurgy) directly affects the price of products produced by this sector. And productivity, in turn, is also affected by many factors, starting from the price of raw materials, ending with the cost of a working hour of an average worker.
It is also worth considering that the same indicator can turn out to be an indicator of any type — depending on the context and method. An example of this situation is gross domestic product. On the one hand, this is a specific lagging indicator, which is relatively easy to track in historical dynamics. On the other hand, GDP is also used to instantly track changes in some economic indicators, e.g. average salary or inflation.
Indicators and technical analysis
As part of the technical analysis of financial markets, the described indicators are extremely convenient forecasting tools. Many experienced players are guided by the results of this analysis in their activities.
Leading indicators work as simple forecasts. Based on trading volumes and market price behaviour, you can make assumptions about further market movements. However, since we are talking about a system with a lot of variables, these forecasts are far from always reliable and timely.
An example of the main leading indicators is the relative strength index (RSI) and stochastic (RSI). In principle, even the classic “candles” on the graph of price fluctuations can be used as leading indicators. Since the very presence of such candles makes it possible to assume further market dynamics.
Delayed indicators can also be useful because they allow you to feel the “feedback” between the activities of traders in the past and the market reaction to it. An example: a fall in the value of specific stocks below the moving average clearly indicates the imminent start of a downtrend. Moreover, this decline is gradual and also predictable.
Effectively working with two types of indicators at once is difficult but possible. A classic example is the Ichimoku cloud with both lagging and leading indicators on one chart.
However, it is worth clarifying that leading indicators generate a large number of false signals, so there is no strict direct relationship between them and the real situation on the market. As for the lagging indicators, they are good only for long-term forecasting, but they do not allow you to quickly respond to sharp changes in trends. They provide reliable but not timely information, therefore the profit is guaranteed, but much less than possible.
Indicators and macroeconomics
Despite the fact that technical analysis is not acceptable in macroeconomics, many economic indicators can also be qualified as prognostic indicators. For example, unemployment rates and inflation are not directly financial, but on their basis, it is possible to predict the country economic development, as well as the situation in specific financial markets. But yes, this is also a long-term strategy.
Understanding how lagging and leading indicators work helps traders and investors to conduct effective financial activities. In addition, they can be used as a tool for predicting the situation in certain sectors of the economy and even in the country as a whole. Therefore, the study of these tools is an obligatory step for every novice player in the cryptocurrency, securities and forex markets.
Finance and investmentAuthor: EXBASE.IO | Nov 09, 2020
Finance and investmentAuthor: EXBASE.IO | Nov 03, 2020
About EXBASE.IOAuthor: EXBASE.IO | Mar 29, 2021
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Partners have a financial duty to one another, and are expected to act in the best interests of the partnership as a whole rather than just for their personal benefit. By default, the profits and losses generated by a General Partnership are shared equally among its partners. Pass-through tax treatments are available with a general partnership. The limited partners in the relationship are investors and are not liable for the same responsibilities as the general partners. “General partnerships thrive when each partner brings a specific strength to the business,” reports AllBusiness website. It follows laws, rules, and regulations that are easier and more flexible in nature. General partnerships require very little paperwork. Do Partnerships Have to File an Annual Report? That’s why it’s a good idea to study the pros and cons of structuring your business as a partnership before you make a decision. A General Partnership is the most simplistic type of legal structure designed for the situation in which two or more people are collaborating in some type of business activity. A possible advantage of a general partnership may be a tax benefit. The main advantage of all partnerships is that the partnership isn't separately taxed. Unlike corporations, partnerships can operate in multiple states without getting a new permit for each state. General partnerships require very little paperwork. If anyone can show that you in are in business with someone else, you are in a partnership. General partnerships are made up of two or more partners where all the partners manage and are responsible for the business’s debts and operations. Advantage: Flexibility Like limited partnerships and LLCs taxed as a partnership, general partnerships allow you to negotiate the terms relating to allocation of profits and losses, management operations and transfers of interests. The Basics of Risks Involved Depending on Business Legal Structure. Businesses structured as partnerships do not pay income tax. Due diligence requires all partners to work together on a partnership agreement that all will follow, even though you don't need to file one with the state. This is called a “pass through” entity because the profits and tax obligations pass through the company to the partners where income is divided according to their agreement. Each partner should have a clearly defined role and business decisions should be handled accordingly. All partners are responsible for the business, and they share all assets, liabilities and profits within the partnership as a separate entity. Traditional Business Plan vs. While general partnerships are easy and inexpensive to form, there are some distinct business disadvantages. Each partner contributes skills, money, and time, and each shares in the company’s profits and losses. She received a Bachelor of Arts in English composition from Vanguard University. Let’s take a look at the advantages of a general partnership: Here are the disadvantages of forming a general partnership: Partnerships are often formed among friends and colleagues, which can make matters even more delicate. General partnerships, like all partnerships, are popular due to the advantages they provide. Offering a partner position to an important employee can be a useful bargaining chip. There are two types of partnerships: general partnerships and limited partnerships. Going into business with partners can be exciting and scary at the same time. If some partners do not want to retain that responsibility, or your business grows too large for personal liability to be practical, you should consider a limited liability partnership. A limited partnership may have both general partners and limited partners. Dana Griffin has written for a number of guides, trade and travel periodicals since 1999. Each partner must include her business income on her personal tax return and she can deduct business losses on her individual tax return as well. Can a Dissolved General Partnership Be Sued? Instead, all profits and losses are passed through to … She has also been published in "The Branson Insider" newspaper. As long all partners agree, there aren’t many complexities associated with management. Copyright © 2020 AllBusiness.com All Rights Reserved. However, typically a partnership agreement is created to further define the rights, responsibilities, and duties of each partner, as well as the terms of perpetuit… Under Texas law, for example, a partnership may be formed through an oral agreement, although a written agreement is easier to prove in court. In many states, upon the death or withdrawal of one partner, the entire partnership is dissolves, but the 1994 Texas Revised Partnership Act, for example, provides for a partnership to continue if its continuation is provided for in the partnership agreement.
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ASEAN countries have collectively achieved remarkable economic growth, however, when it comes to fertility rates, the region has been drifting. The total fertility rate (TFR) of Southeast Asia has dropped from 5.5 in 1970 down to 2.11 in 2017. Half of the region is already facing a ‘baby bust’, where there are insufficient children to maintain the population size. And it is feared that the ongoing decline will have grim economic consequences.
At the Future of Work Conference in Singapore in April 2019, Singapore’s Minister for Manpower, Josephine Teo stated that more than half of the world’s population live in countries with a TFR that is below the replacement level of 2.1. Based on World Bank data, Brunei, Thailand, Singapore, Malaysia and Vietnam are ASEAN countries which have a TFR below the replacement level.
While some countries in the region have a rapidly growing youth population in the short term, the size of their working-age population will decline over time. In 2015, the total population of ASEAN aged 65 and above was 7.7 percent. This figure is set to double to 15.5 percent by 2035. An ageing population will increase the pressure on support systems for the elderly.
Singapore has the lowest TFR in ASEAN with 1.21 births per woman, and although several efforts have been taken by the government to increase the fertility rate, the country still saw a decrease in the number of births in 2017 by four percent.
A 2019 report by The Economist Intelligence Unit (EIU), titled ‘The disappearing workforce’ highlighted the need for ASEAN countries to think about fertility rates before it’s too late. As ASEAN member states transition to aged societies, a large portion of their spending will go to healthcare and infrastructure costs for the elderly, while the working-age population that drives the region’s economic growth decreases.
The EIU found that the factors driving the fall in fertility levels include rapid urbanisation and migration from rural areas to the city, which contributes to the higher costs of raising children and the lack of affordable housing for family building. Another factor is the shift of focus from ‘quantity’ to ‘quality’, where a greater emphasis is placed on raising fewer children with a better quality of life as opposed to having as many children as possible. Dr Le Hoang, Head of Tam Anh IVF Center in Vietnam said that “raising children with a good quality of life has become a challenge for parents; far from the usual concerns about providing basic needs and resources for their children.”
This observation was concurred by Professor Zainul Rashid Mohd. Razi from the National University of Malaysia’s (Universiti Kebangsaan Malaysia) Specialist Centre who said that “most people emphasize on quality and not quantity to ensure that their child grows up in a stable environment with a good education.”
Declining fertility rates may also be due to a cultural shift where women are increasingly gaining access to higher education and pursuing economic opportunities and consequently delaying marriage and motherhood.
Pervasive gender inequality also exerts a dampening effect on efforts to raise the birth rate. Workplace demands of long-hours at work and extensive workloads will create problems for dual-earner couples unless they have the benefit of co-living with a parent or in-laws to care for their children. Lacking such support discourages women in full-time jobs to have more children. Having men to help in child-rearing and sharing the housework can reduce gender inequality which can then increase fertility rates in the region.
There is a need for the region to address the issue of a low TFR and foster a supportive environment for childbirth and child-raising. The EIU recommends four principles around which governments can build effective policies. The first is to extend family-friendly policies that give greater flexibility for parents to both, work and raise a family. The second is to invest in raising population awareness on family planning and fertility preservation.
The third is to improve access to infertility treatments, such as assisted reproductive technology (ART). Infertility may not be perceived as a sufficiently urgent problem, but making ART affordable by providing subsidies has often found to increase the number of births. And the fourth recommendation is the need to ensure affordable housing to encourage family building.
Efforts could also be made to decrease the cost of child-rearing without disincentivising work for women, such as a provision for workplace childcare. On the financial side, tax relief, cash incentives and subsidies are undoubtedly welcome by most parents.
ASEAN states are in the process of becoming ageing societies. A demographic makeup of ageing generations who are less productive will place a burden on the healthcare systems of all these countries while a shrinking workforce can also result in institutional, economic and social issues.
Governments need to act fast and prioritise how they can make the country as family-friendly as possible. Parenthood should be supported and celebrated, and families need to know their governments are on their side.
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Among California's agricultural commodities, cattle rank fifth in revenue. The University of California Agriculture and Natural Resources' Agricultural Issues Center has released a new study showing the cost and returns of a beef cattle operation.
“Ranchers can use UC beef-cattle cost studies to guide their production decisions, estimate their own potential revenue, prepare budgets and evaluate production loans,” said Rebecca Ozeran, UC Cooperative Extension livestock and natural resources advisor for Fresno and Madera counties.
The study estimates costs and returns of a representative owner-operated beef cattle operation located on rangeland in the Central San Joaquin Valley and foothills of Madera and Fresno counties. The study describes a 200-head cow-calf operation and includes pasture costs on the basis of the rental per animal unit month.
The analysis is based upon a hypothetical cow-calf operation, where the cattle producer both owns and leases rangeland. The “typical” ranch in the Central San Joaquin Valley is an owner-operated cow-calf operation, often relying on multiple private leases. The operations described represent production practices and materials considered typical of a well-managed ranch in the region.
Input and reviews were provided by ranch operators, UC Cooperative Extension farm advisors and other agricultural associates. The study describes in detail the assumptions used to identify current costs for the cow-calf herd, material inputs, cash and non-cash overhead. The cost calculations in this study are based on economic principles that include all cash costs and overhead costs. The study also includes a “ranging analysis” to show potential net returns over a range of market prices. Other tables show the average costs and revenues, the distribution of monthly costs and revenues over the year, and the annual equipment, investment and business overhead costs.
“In addition to producing meat, cattle play an important role in California's landscape and environment by grazing on vegetation that could fuel wildfire,” Ozeran said. “Ranching therefore has ecological and social impact on rural and fire-prone communities. If we can help ranchers remain economically viable, then we help support local stewardship of productive natural landscapes and contribute to fire resiliency and food security.”
The new study, “Sample Costs for Beef Cattle, Cow-Calf Production - 200 Head Operation, Central San Joaquin Valley - 2019” is authored by Ozeran, Donald Stewart, staff research associate of the University of California Agricultural Issues Center; and Daniel A. Sumner, director of UC Agricultural Issues Center.
This study and other sample cost of production studies for many commodities are available for free download at http://coststudies.ucdavis.edu. The program is supported by UC Agriculture and Natural Resources, including both Agricultural Issues Center and UC Cooperative Extension, and the UC Davis Department of Agricultural and Resource Economics.
For more information, contact Stewart at (530) 752-4651 or [email protected]. To discuss this study with a local UC Cooperative Extension farm advisor, contact your county UC Cooperative Extension office https://ucanr.edu/About/Locations or contact Rebecca Ozeran at (559) 241-6564 or [email protected].
A new study on the costs and returns of a beef cattle operation has been released by the University of California Agriculture and Natural Resources' Agricultural Issues Center. The estimated costs can help ranchers and land management agencies on California's Central Coast make business decisions.
“This cost study can be a valuable tool for someone who is thinking about going into the cattle business because it will help them think through the various categories of costs, and aid in developing a budget and business plan,” said Devii Rao, University of California Cooperative Extension livestock and natural resources advisor for San Benito, Monterey and Santa Cruz counties.
Based on the typical costs of a 300-head cow-calf operation, the study estimates costs of an owner-operated beef cattle operation located on leased rangeland in the Central Coast region of California. The cost calculations in this study are based on economic principles that include all cash costs and uses the rental cost per animal unit month (AUM) as a cost of pasture.
“The study can also be used by a seasoned rancher,” said Rao, a co-author of the study. The first cost table has an empty column titled, “Your Costs.” This is probably one of the most useful pages for the experienced rancher. Producers can use this column to enter their own costs and compare them to the costs in the study. It will help them think about where they can make changes in their operation to reduce costs.”
The analysis is based upon a hypothetical cow-calf operation, where the cattle producer leases all rangeland. The “typical” ranch in the Central Coast is an owner-operated cow-calf operation using multiple private and public leases. The practices described represent production practices and materials considered typical of a well-managed ranch in the region.
Input and reviews for this study were provided by ranch operators, UC ANR Cooperative Extension farm advisors and other agricultural associates. A narrative describes the assumptions used to identify current costs for the cow-calf herd, material inputs, cash and non-cash overhead. A ranging analysis table shows profits over a range of average market prices. Other tables show the costs and revenue for production, monthly summary of costs and revenue, and the annual equipment, investment and business overhead costs.
“This study will also be of value to land management agencies that lease their lands for cattle grazing,” she said. “Many agency staff are not familiar with the different aspects of cow/calf operations. For land management agency staff, the most useful portion of the study is likely to be the Operations Calendar, which summarizes the timeline for breeding, branding, vaccinating, calving, shipping, etc.”
“Sample Costs for Beef Cattle – Central Coast Region – 2018” can be downloaded for free from the UC Davis Department of Agricultural and Resource Economics website at https://coststudies.ucdavis.edu. Sample cost of production studies for many other commodities are also available at the website.
For additional information or an explanation of the calculations used in the studies, contact Donald Stewart at the Agricultural Issues Center at (530) 752-4651 or [email protected].
For information about beef cattle production in the Central Coast region, contact Rao at [email protected].
To help ranchers make business decisions, new cost studies for beef cattle production have been released by UC ANR Agricultural Issues Center and UC Cooperative Extension.
Sample costs and returns for beef cattle production in the northern Sacramento Valley are presented in these studies. The studies are titled “Sample Costs for Beef Cattle, Cow–Calf Production,” “Sample Costs for Beef Cattle, Yearling/Stocker Production” and “Sample Costs for Beef Cattle, Finished on Grass.”
"These studies are useful to new and experienced ranchers, lenders and other agribusiness companies, as well as government officials, researcher and students who want to know basics of ranch practices and the costs and returns that can be expected for a well-managed operation,” said Daniel Sumner, director of the UC Agricultural Issues Center. “The studies show ranges of net returns under alternative price scenarios to help indicate sensitivity of returns to cattle market conditions."
The analyses are based on a hypothetical well-managed ranching operation using practices common to the northern Sacramento Valley. The three studies are based on a herd of 300 cows and bred heifers, 60 yearling heifers and 15 bulls. An 11 percent cull rate is applied to the herd. An 89 percent calf crop with three percent mortality before weaning is assumed.
All rangeland and pasture is rented per animal unit month. Ranging analysis tables show net revenue over a range of prices. The costs, materials and operations shown in this study will not apply to all ranches. Ranchers, UC Cooperative Extension farm advisors, and other agricultural associates provided input and reviewed the methods and findings of the study.
Free copies of these studies and other sample cost of production studies for additional commodities are also available. To download the cost studies, visit the UC Davis Department of Agricultural and Resource Economics website at https://coststudies.ucdavis.edu.
The cost studies program is funded by the UC Agricultural Issues Center and UC Cooperative Extension, both of which are part of the UC Division of Agriculture and Natural Resources, and the UC Davis Department of Agricultural and Resource Economics.
For more information or an explanation of the calculations used in the studies, contact Donald Stewart at the Agricultural Issues Center at (530) 752-4651 or [email protected]; Larry Forero, UC Cooperative Extension farm advisor for Shasta and Trinity counties, at [email protected], or Jeff Stackhouse, UC Cooperative Extension farm advisor for Humboldt and Del Norte counties, at [email protected].
NOTE: Corrections were made on July 19, 2017, to “2017 Beef Cattle Yearling/Stocker Production in the Sacramento Valley” and “2017 Beef Cattle Finished on Grass in the Sacramento Valley” to show interest calculated for 6 months as stated in the narratives of both studies, instead of 12 months.
UC Sierra Foothill Research and Extension Center hosts cattle for research to commercialize vaccine
After more than 60 years of working closely with University of California Division of Agriculture and Natural Resources researchers to identify and learn how to manage a disease that causes the death of up to 90,000 calves annually, ranchers are optimistic that they are on the home stretch to getting a vaccine that will protect cattle.
Caused by tick-borne bacteria, the disease commonly known as foothill abortion is a leading cause of economic loss for California beef producers. To combat the disease, the California Cattlemen's Association is sponsoring UC vaccine trials, now in the second year, in commercial herds throughout California, Nevada and Oregon, which will facilitate commercial licensing of the product. At the same time, the UC researchers are continuing studies at the Sierra Foothill Research and Extension Center to identify the best time to vaccinate and potential side effects of the vaccine on the animals' health.
Through a 30-year partnership with the cattle industry, UC Davis veterinary immunologist Jeffrey Stott has been leading the effort to identify the organism causing the devastating disease and has successfully developed a live vaccine to protect cows against the disease.
“The vaccine is huge for the industry,” said Tom Talbot, Bishop beef producer and livestock veterinarian. “I don't think we fully understand the magnitude of the economic loss suffered from aborted calves.”
While Talbot was attending the School of Veterinary Medicine at UC Davis in the 1970s, his father purchased some cattle to breed in the mountains near Bakersfield. The following autumn, none of the calves from the Talbots' new heifers survived.
As an active member of the California Cattlemen's Association, Talbot has remained involved in the search for a cure.
While research trials demonstrated the vaccine was more than 95 percent effective in preventing the disease, UC researchers faced a major hurdle to making the vaccine commercially available to ranchers. USDA Center for Veterinary Biologics, which regulates animal vaccines, required detailed data on how the timing of vaccine delivery may impact embryo development following breeding.
“Gathering this information was not going to be easy, as it required applying careful experimental control on when animals were bred relative to when the vaccine was delivered and making frequent observations on a very large number of animals,” said Jeremy James, UC Sierra Foothill Research and Extension Center director.
The beef cattle industry and UC researchers realized that UC Agriculture and Natural Resources' 5,721-acre Sierra Foothill Research and Extension Center would provide an ideal outdoor laboratory for the critical research. The Pajaroellobacter abortibovis bacterium and pajaroello ticks that transmit the bacteria to cows naturally occur in the foothill pastures and the facility has a full-time, onsite staff to monitor the animals and collect the data.
“We're bringing together industry members and researchers in a research center framework in way that hasn't been done before for vaccine development,” said James.
The bacteria are endemic in California's coastal range and in the foothill regions of California, Southern Oregon and Northern Nevada.
Solano County-based Detar Livestock, which operates throughout California and part of Oregon, supplied 330 heifers for the experiment in 2014. Rancher Gabe Detar quickly recognized how this partnership might benefit industry across the state.
“They vaccinated half of them and there were zero abortions,” Detar said. “The cows without vaccinations had quite a few. It was a huge difference. The vaccine worked.”
This year Detar is contributing another 330 heifers. It takes 13 months to run an experiment because the vaccine has to be given to the heifer at least 60 days before she becomes pregnant, then it takes nine months until she gives birth to see if the calf survives.
In December, Stott and Myra Blanchard, a researcher with the UC Davis School of Veterinary Medicine, will begin inoculating cattle with the live vaccine for the disease, also known as epizootic bovine abortion.
The success of this research effort to defeat the cattle disease hinges on trust between the ranchers, UC scientists and the staff at the UC Sierra Foothill Research and Extension Center.
“The trust has to go in all directions,” James said. “The rancher has to trust that we'll take care of their animals because 300 cattle is a large investment. Likewise, the researchers have to trust the producers to supply the quantity and quality of animals they need to complete the work and for the staff at the Sierra Foothill Research and Extension Center to manage the animals exactly as required under their research protocols.”
Ranchers hope the vaccine will become commercially available soon to provide relief from foothill abortion disease. Until then, only the cattle participating in the research can receive the experimental vaccine.
“The disease can kill upwards of 60 to 70 percent of fetuses in infected cattle, which can jeopardize a cattle producer's business,” said Stott.
Funding for the study has been provided by the U.S. Department of Agriculture, the California Cattlemen's Association and a UC Proof of Concept Discovery Grant (grant ID no. 212263) from UC's Office of the President, with additional funding from the Russell L. Rustici Rangeland and Cattle Research Endowment and the UC School of Veterinary Medicine's Center for Food Animal Health.
For more information on how to manage cattle to prevent foothill abortion disease, visit http://anrcatalog.ucanr.edu/pdf/8566.pdf.
- Author: Jeannette E. Warnert
The California drought has ranchers desperate for inexpensive livestock feed. Air quality protection regulations that limit rice straw burning leave the rice industry with an abundance of typically low-quality straw to unload. Though it has rarely been done, Nader believes special treatment of rice straw will make it a nutritious cattle food. Two problems solved.
Nader will introduce producers to this new way to get through the drought at a meeting from 9 a.m. to 12 noon July 29 at the Veterans Memorial Hall, 525 W. Sycamore St., Willows, Calif.
When rice straw dries, its value as a forage declines dramatically. For 15 years, UC researchers have been trying to figure out why, but the reason for the significant change is not understood at this time.
“At one time, we thought the problem was silica in the straw,” Nader said. “We grew silica-free rice. That didn't work. We thought it was the crystallinity of molecules in the straw. We parsed apart the plant, and we still don't know.”
Ultimately, it was a rancher who suggested the scientists to put aside their desire to know why quality declines when rice straw dries and look for practical ways to get around it. Nader postponed his retirement to comply.
Normally, rice growers bale the straw two to four days after harvest. Nader and his colleagues instead baled the straw immediately after it exited the grain harvester. They stacked the green straw bales and covered them with a tarp to retain moisture and prevent spontaneous combustion. The result is a product they named “strawlage.” One worry is mold. The researchers found that treating the straw with propionic acid prevents fungus growth.
“We haven't figured everything out, but with the drought conditions as serious as they are, we feel the time is right to share our research with growers,” Nader said. “We invite producers to come to the meeting to see if this will work for their operations. Several producers who have already fed strawlage to their cattle will speak at the meeting about their experiences.”
Nader believes the UC research into using rice straw for livestock feed will be helpful throughout the world.
Asian farmers produce rice straw in great abundance and their livestock would benefit significantly if the farmers worked to maintain the plant's moisture until it reaches cattle feeding troughs.
The July 29 meeting will cover:
- Nutritional advantages of strawlage over rice straw
- The challenges of baling the straw at 50 to 60 percent moisture
- Additives to prevent mold
- How to stake and tarp strawlage
- The costs associated with the practice
- How cows that ate strawlage last year fared
“Our goal is to give producers information that will allow them to make rice strawlage during this fall's harvest,” Nader said. “Both cattle and rice producers are encouraged to attend.”
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Companies have always had a strong incentive to come up with new products and services. They may be hoping to incorporate some new technical innovation that their competitors have not yet got hold of, or they may be hoping to penetrate some market segment that has hitherto remained beyond them. The rate of introduction of new products and services, however, has accelerated rapidly in recent years. One American telecoms company, offering a wide range of packages for different consumer groups, was reckoned to have 377m different possible combinations of its services, many of which, of course, were never requested.
This growth has led people to suggest that in future companies will be producing for a market of one. Some car manufacturers already claim that no two vehicles that they sell are ever identical, so profuse are the options open to consumers, from the colour of the dashboard to the in-car music system.
Another expression used to refer to this phenomenon is the “long tail”—derived from the fact that when the sales of a company's many products are plotted along an axis they come to look like a long tail, with the most popular at the thickest end and the many not-so-popular ones stretching the tail out to its length.
The phenomenon was given a big boost by e-commerce and internet shopping. Whereas new products used to have to compete for physical shelf space with existing products and literally catch the consumer's eye, with the internet that was not necessary. It became much easier to reach the small markets that exist for products that companies previously would have withdrawn because they couldn't persuade stores to stock them. For example, the internet has helped make it possible for publishers to keep a much larger range of books in print, and it has also transformed the market for antiquarian and out-of-print books, making it possible to search for a particular title across numerous book dealers.
The expression was popularised by Chris Anderson, a former journalist at The Economist and editor of Wired magazine, in his book “The Long Tail: Why the Future of Business is Selling Less of More”. Anderson's theory is that even though the products near the end of the tail do not, individually, sell well, when taken together “all the niches add up”.
The idea that it is sound strategy for companies to have a long tail has been criticised on the grounds that it still in many cases does not make economic sense. Since it is virtually costless for iTunes to store music, it can keep stocks of an almost infinite variety of songs. But carmakers cannot offer their customers great variety without huge cost in terms of inventory and ever more complex production processes. The more successful Japanese carmakers, notably, do not offer a wide range of models or options.
In their book “The Breakthrough Imperative”, Mark Gottfredson and Steve Schaubert quote research findings showing that less complex companies grow 80–100% faster than the most complex companies. They say that “the great advantage of modern information technology is not that it allows products and services to proliferate. The real advantage is that it can help simplify processes.”
Anderson, C., “The Long Tail: Why the Future of Business is Selling Less of More”, Hyperion, 2006
Gottfredson, M. and Schaubert, S., “The Breakthrough Imperative”, HarperCollins, 2008
More management ideas
This article is adapted from “The Economist Guide to Management Ideas and Gurus”, by Tim Hindle (Profile Books; 322 pages; £20). The guide has the low-down on over 100 of the most influential business-management ideas and more than 50 of the world's most influential management thinkers. To buy this book, please visit our online shop.
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Hydrogen holds hope for many nations as they seek to implement the Paris Agreement and its decarbonisation targets. Pakistan has recognised the potential also. There are several properties that make hydrogen an excellent energy vector and its deployment is complimentary to an energy mix that is high in renewables.
Generation of electrical power from renewable sources such as wind, solar and hydro schemes is subject to weather patterns, daily sunlight profiles and seasonal rainfall. However, the demand pattern for electricity consumption follows different daily and annual cycles. Hydrogen can be combined synergistically with these renewable power sources to bridge the gaps between supply and demand.
Hydrogen is a clean burning fuel with zero carbon dioxide emissions. When it is produced from renewable power it can contribute both to improvements in ambient air quality and a reduction in greenhouse gas (GHG) emissions. When used on power generation plants to substitute coal, oil or natural gas there is the opportunity to decarbonise electricity generation and re-life existing assets.
For heating, cooking and CNG mobility applications, hydrogen can be ad-mixed into the existing natural gas distribution pipelines to reduce pollutant gas emissions from these applications. With a transition to fuel cell vehicles, hydrogen for transportation applications on urban trains, heavy trucks and buses can reduce pollution in Pakistan’s major cities such as Karachi and Lahore, each of which is home to more than 10 million people.
With abundant potential for wind, solar and hydroelectric power generation, Pakistan can also look forward to ‘energy-autonomy’ through the conversion of renewables to green hydrogen on electrolysers. Perhaps Pakistan can transition from being a net energy importer to becoming an exporter of green hydrogen or derivatives such as ammonia or methanol.
With all these potential benefits, hydrogen is getting much attention from the power and energy departments within the Government of Pakistan’s administration.
And as gasworld Asia-Pacific understands, work is well underway in the country as a collaboration of Asian Development Bank (ADB), Pakistan’s National Energy Efficiency and Conservation Authority (NEECA), consultant Stephen B. Harrison of sbh4 GmbH and other local organisations work together on a pre-feasibility study and how energy priorities can be turned into projects.
gasworld Asia-Pacific exclusive
Read the full interview, including detailed insights into the pre-feasibility study, Pakistan’s national energy priorities and infrastructure aims, its unique geography and how its vast potential can be turned into tangible projects, in a gasworld Asia-Pacific exclusive.
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Lets start by looking at fundamental analysis:
When issuing buy, sell, or hold, recommendations, an analyst is most likely to have undertaken a large amount of detailed research. Companies that are being analysed will be compared to others that trade within the same business sector, and also against the economic outlook. Up-to-date data will be used, and this information will be manipulated to produce comparable theoretical valuations, from which an investment recommendation can then be made.
When analysing publicly traded companies, investors who adhere to fundamental analysis as their valuation method will look to buy the shares of relatively undervalued stocks. To achieve this comparison, standardized formulas and ratios are used, which allows companies to be measured against each other almost at a glance.
Fundamental analysis requires the examination of the financial elements of a trading company such as sales, profit, cash flow and balance sheet. These numbers can be crunched to produce theoretical valuations of companies at any given time.
Profit margins, return on equity and return on investment ratios, as well as the estimated future earnings and revenue of a company can be used to measure results and prospects against others. Of course, fundamental analysts will also take into consideration the wider economy, changes in laws and regulations, and also the political climate when making final recommendations. Geographic considerations – trade between different regions, for example – will also be considered.
The approach taken by fundamentalists will usually either be top down, where emphasis is placed upon the economy, then the business sector, and finally individual companies, or bottom up, where the emphasis is reversed. A top down approach will place greater regard on business sector and the economic cycle, whereas the bottom up approach regards the fortunes of the company most highly.
Fundamental investors tend to have a longer term outlook when making investment decisions. They understand that the market moves daily, but believe that these daily fluctuations are no more than ‘noise’ which should be largely ignored: in other words, the belief is that it is sentiment that drives the market from day to day, but changing company fundamentals that present value opportunities. Just because the market has taken a dive because of, say, war in the Middle East, doesn’t mean to say that the prospects for ‘ABC’ have worsened, even though the share price has fallen along with the rest of the market.
Mutual funds will use fundamental analysis as a basis for investment decisions, and there are several high profile investors that do likewise. Perhaps the best known of these is the so called Oracle of Omaha, Warren Buffet. His Berkshire Hathaway funds actively look for companies they consider to be relatively undervalued, perhaps because of short term results or negative market sentiment, and then buy sometimes large stakes in them. Buffet believes in the long term trend of economic growth, and that downturns are part of the normal business cycle and present opportunities to buy, rather than sell. One of his stated investment edicts is ‘buy and never sell’.
Typical fundamental analysis ratios include:
Earnings Per Share (EPS)
This is the net earnings made by the company divided by the number of shares. This ratio allows the earnings of companies to be easily and cleanly compared to each other. The higher this number, the more profit per dollar investor capital is being made.
Price to Earnings Ratio (P/E)
This is simply the current share price divided by the annual earnings per share. This will give a number that represents how many years of earnings at current levels will be required to recoup the value of one share. Easily calculated and understood, it is one of the most common ratios used to compare relative valuations of stocks against each other and the broader market.
The dividend yield is another easy to calculate ratio, and is expressed as a percentage. It is the amount of annual dividend expressed as a percentage of the share price (dividend/ share price x 100). This makes it easy for income investors to compare stocks against each other, and also to other income yielding investments such as bank accounts and bonds.
Projected Earnings Growth (PEG)
Many fundamental analysis ratios are historic. The PEG is a forward looking ratio, because it is based on anticipated earnings growth. It is calculated by dividing the P/E by the projected rate of growth in earnings.
For example, a stock with a P/E of 15 and a projected rate of earnings growth of 10% would have a PEG of 1.5 (15/10). This number can then be used to compare against other similar stocks to examine relative forward valuations.
And Now Onto Technical Analysis
Though it may seem crazy, technical analysts have little to no regard for the value of a company. They use historic price data to observe stock price movement patterns and predict the direction of that price in the future. Like fundamental analysts, they, too, use common formulas and ratios to do this, though where a fundamentalist would number crunch share price and earnings to come to a price to earnings ratio that can be compared against other companies, technical analysts would, say, use stock price and rate of change to measure volatility. Other technical analysis measurements of future price movement would include relative strength index, moving averages, and regressions.
Technical analysts use historic price and volume data to then apply their analytical methodology and predict future stock price direction. As discussed above, stock prices change on a daily, even second-by-second basis. For this reason technical analysis tends to be far shorter term in its outlook.
Often technical analysts will build charts from the historic price and volume data collected. These chartists believe that stocks trade to conformity of patterns, and a visual aid such as a chart can spot short term trends, and reversals of price direction. Charts are used to spot strength and weakness at different prices (levels of support and resistance) to give trade g ranges where short term buy and sell orders can be placed. Consequently, charts are often used by short term traders and in particular are a major source of directional indicators for day traders.
Relative Strength Indicator (RSI)
The RSI is a technical indicator of price momentum. It compares the size of recent gains to the size of recent losses to establish oversold and overbought positions. It is calculated using the exponential moving averages of the last 14 days up closing gains and closing losses closes. The formula for its calculation is:
RSI = 100 –(100/ (1+RS))
where RS = 14 day ema of closing gains/ 14 day ema of closing losses.
The RSI will always fall between 0 and 100, a figure above 80 indicating an overbought position, and below 20 indicating an oversold position. For more information see our RSI page.
Moving Average Convergence Divergence (MACD)
The MACD is one of the most followed momentum indicators. It uses a short exponential moving average (ema – the running average over a set period of days, typically 12 days) and subtracts a long ema (typically 26 days) to calculate the MACD. This line is plotted over a period of time on a graph. Then a shorter ema (usually 9 days) is plotted on the same graph as a signal line. The crossing of the MACD by the signal line indicates turning points in the rise and fall of the share price – when the signal moves above the MACD it is considered a buy signal, and when it moves below it is considered a sell. Most commonly a bar graph of volume traded will accompany the MACD to help confirm these trend reversals. More information can be found on our MACD page.
The Fibonacci Retracement
A mathematical sequence known after its founder, Leonardo Fobonacci, is often used in finance. Each number in a Fibonacci sequence is the sum of the two preceding numbers, but the important bit is the quotient of the adjacent numbers, which is about 1.618 (the inverse of which is 0.618). Amazingly, everything in nature seems to be built around this proportion, and for this reason it is often called the ‘golden ratio’.
In the markets, this golden ratio is translated to three percentages: 38.2%, 50% and 61.8%. There are several technical analysis applications for this, but perhaps the most common is the Fibonacci Retracement.
On a graph after a significant move up or down, five lines are drawn. The first is at the high, the second at the low. Between these lines, three further lines, at 61.8% of the difference, 50% of the difference, and 38.2% of the difference are drawn. These lines represent new areas of support and resistance as the stocks retraces its significant move.
Fibonacci multiples are also used by technical analysts to draw Fibonacci arcs, used to anticipate areas where the price will become range bound; Fibonacci Fans, to indicate areas of support and resistance in a longer term trend; and Fibonacci Time Zones to indicate times when significant moves may be experienced.
So, what’s best for you?
What type of analytical process is best for you will depend upon your investment and trading philosophy. It may be that the longer term advantage of looking deep into the fundamentals of a company’s balance sheet will better suit your portfolio, or perhaps you require the short term directional qualities of technical analysis. Some investors will hold a long term position based on company fundamentals, whilst seeking to make further gains by trading around that position and with the ‘noise’ identified by technical analysis and chart patterns.
Whether technical or fundamental analysis is used as a basis of stock and trade selection, you should remember that no one ratio on its own is likely to give a complete picture. Often analysts will consider a whole spectrum of fundamental valuation ratios and technical price graphs before making a buy, sell, or hold recommendation.
Whatever type of investor you are, and whichever style of analysis you prefer, it’s important to remember one thing. Both fundamental and technical analysis depends upon the manipulation of data. If the data is incorrect in the first place, then the final recommendation is likely to be wrong.
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It is a well-known fact that development of the tourism industry in many African countries could lead to sustainable development. Furthermore, many development experts believe the tourism industry could also help diversify the economies of countries like Liberia and nations that are wholly reliant on extractive industries. Drawing from research on international development and economic diversification, this post identifies five reasons tourism could be a tool to help diversify and boost Liberia’s economy.
1. Stimulate Economic Growth
According to data from the World Travel and Tourism Council, tourism makes up the largest service industry in the world and its projected to continue growing over the next few years. As a result, this industry has the potential to stimulate GDP growth in Liberia.
2. A Driving Force of Job Creation
In 2015, tourism directly created over 107 million jobs and helped, either directly or indirectly, create an additional 284 million jobs; the equivalent of 1 out of 11 jobs in the world. According to travel and tourism data, by 2026, these job numbers are expected to increase to 136 and 370 million jobs respectively. Africa, especially Liberia, with its ideal location and landscape could benefit tremendously from tourism.
3. Increase Foreign Direct Investment
Studies after studies have shown that there’s a positive correlation between tourism and foreign direct investment (FDI). FDI is one of the avenues through which many developing countries can carry out tourism and boost their GDP. Considering the consumer in a tourism transaction comes to the producer, rather than the other way around, allows even the smallest tourist transaction to be part of the country’s economy. Every sale to a tourist, whether its a fruit, haircut, boat ride, artwork, or “cold water,” represents an export in the host country. This presents a significant opportunity for many small enterprises in Liberia to benefit from the tourism industry. Tourist brings dollars into the host country rather than take dollars out.
4. Boost Infrastructure Development
An increase in the number of tourists visiting a country often leads to an increase in infrastructure development, such as new roads, water supply, energy, airports, medical services, mobile phone network, and health and safety services. According to studies conducted by a Supra-national bank in Ethiopia, Nepal, Albania, and Madagascar, an increase in tourism led to infrastructure improvements including 60 km of new road, two enhanced ports, improved public utilities, an expanded hospital and quadrupled solid waste collection.
5. Reduces Extreme Poverty
Tourism is a uniquely powerful growth strategy in underdeveloped countries. According to data collected for this article, the world’s 48 most poorest or lower income and middle-income countries received around 29 million international tourists. These countries earned roughly $21 billion U.S. dollars from international tourism. Furthermore, tourism was the critical factor in advancing Cabo Verde from a least developed country status. Since employment is the best route out of poverty, and tourism has shown to employ millions and millions of people, tourism in Liberia is a sure way of reducing extreme poverty.
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UNITED STATES HOUSE OF REPRESENTATIVES
Washington, DC – Today, Congressman Earl Blumenauer (OR-03) introduced HR 3733, the Trade and Environment Enforcement Act, also known as the Green 301 Act. Green 301 expands the Section 301 provisions of the Trade Act of 1974 to encompass environmental effects. It provides tools to help prevent practices by other countries that cause negative environmental impacts to human, animal, or plant life or health, or to prevent the conservation of exhaustible natural resources domestically or internationally.
“The United States has helped create the largest trade network the world has ever seen,” said Blumenauer. “As we leverage our commercial influence in the global economy, we can also ensure the countries we are doing business with adhere to basic environmental standards.”
Green 301 would allow the US government to impose penalties, including the increase of tariffs, on countries that:
· Fail to effectively enforce the environmental laws of a foreign country;
· Waived or otherwise derogated from the environmental laws of a foreign country or weakened the protections afforded by such laws;
· Fail to provide for judicial or administrative proceedings giving access to remedies for violations of the environmental laws of a foreign country;
· Fail to provide appropriate and effective sanctions or remedies for violations of the environmental laws of a foreign country; or
· Fail to effectively enforce environmental commitments in agreements to which a foreign country and the United States are a Party
“The promise of an open, mutually beneficial trade relationship with the US is both a carrot and a stick,” continued Blumenauer. “Green 301, which is supported by the top environmental and conservation groups, lets our trade partners know that, not only does the United States expect our partners to adhere to environmental agreements, but now there could be serious economic penalties for countries that don’t hold up their end of the bargain.”
Oregon and other states heavily dependent on international commerce are greatly disadvantaged when trading partners derogate from their environmental laws, which provide them with an unfair advantage and undercuts U.S. companies, which operate under strong environmental protections.
“Oregon’s iconic brands wouldn’t exist without strong international trading relationships,” said Blumenauer. “But my support for international trade agreements has always been predicated on the notion that the agreements establish a balanced trading regime. Our companies play by the rules, and we expect others to as well.”
Source: Office of Rep. Earl Blumenauer
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The current ratio is a liquidity ratio that measures the company’s ability to settle short-term debts using liquidity. The financial ratio is used to evaluate a company’s ability to pay its short-term obligations, such as wages and account payable. It is computed by applying the company’s current assets and then dividing them by the company’s current liabilities.
The current ratio tells if a company can pay debts owed within a year. Creditors make use of this metric tool to determine whether to give the company a short-term loan. The current ratio is important because measures a company ability to turn assets into cash or its efficiency in running the business.
The company’s balance sheet contains the current assets and liabilities. These liquidated assets comprise of inventory, accounts receivable, cash and cash equivalents. The cash equivalents are funds that take up to three months to mature or can be converted into cash with ease. They include money market funds, government bonds, and commercial paper. Thus, companies that possess a large number of current assets are most likely to settle the current liabilities with ease when due without necessarily interfering with any fixed assets.
However, current liabilities include wages payable-wages earned by employees and yet to be paid, income taxes payable-taxes owed to the government, dividends declared, and accounts payable. If a company has to sell its long-term income-generating assets, it means it’s not creating enough to fund its activities. It may be from debtors not honoring their due owed to the company.
Significant Current Ratio Terms
- Market securities: These are open short-term obligations issued for debt security or equity security for a public listed company. The company creates these mechanisms to raise funds for expansion or to finance a business activity. They include preferred stock, common stock, and corporate and government bonds with one year or less maturity date.
- Accounts receivables: these are sales made on credit by a company and are not fully paid. It is the money owed by customers that is payable within a year. The companies allow the clients to settle their dues at a reasonable time as long as they agree on terms.
- Prepaid expenses. These are expenditures already settled by the company, though not yet recorded as expenses. They include early payment for upcoming procurement and unexpired insurance premiums.
- Inventory: These are accounts detailing all raw materials, finished goods, and work in progress, packaging /manufacturing supplies a company has accrued. It is challenging to convert inventory assets into cash.
- Notes receivable: These are promissory notes written to promise to pay cash to a given party at a stated time. The note receivable is preserved as a current asset if it is payable within the first year.
- Office supply: They include office resources (equipment, pens, and papers) normally used within a year.
- Current liabilities: These are business obligations and payments owed to creditors and suppliers, and they are due within a year.
- Accounts payable: It is a liability incurred when a business receives services and goods on credit. It includes usage of utilities and services, purchase or raw material, goods, or supplies.
- Deferred revenue: Liability is incurred when a company receives payment for services or goods not yet earned.
- Accrued expenses: They include interest payable, income taxes payable, payroll taxes payable, and all other expenses accrued.
- Notes payable: That is the principal sum and interest payable due in one year.
Current Ratio Formula
Current ratio is calculated by dividing current assets by liabilities.
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Current Ratio = Current Assets / Current Liabilities
Let’s take a business with $200,000 and $150,000 worth of current assets and current liabilities, respectively.
Current ratio = $200,000 / $150,000 = 1.33.
The average current ratio figure for businesses depends on its industry; however, the rule of thumb is a ratio above 1.0 is a good sign of liquidity. A figure of 1.33 means the company is better placed in settling its debts owned.
But, if a business has $500,000 and $700,000 worth of current assets and current liabilities, the current ratio is $500,000 / $700,000 = 0.7.
It means the company will have some challenges in meeting current obligations. A higher ratio shows that the company is more liquid. Most companies accept and are comfortable with a ratio above 1.0. However, the acceptable ratio varies across industries.
Companies with a current ratio of less than one are most likely to have difficulties paying off their current debts. However, a sound operating cash flow can back up a low current ratio. Therefore, it is essential to assess the companies operating cash flow to understand its liquidity. On the other hand, the companies with a higher than normal current ratio (more than 2) lack efficiency in using short-term financing or its current assets. It could also mean a problem in the management of the operational capital.
Typically, when short-term creditors look at the financial health of the company, they prefer a high current ratio because it reduces their overall risk.
Importance of Current Ratio
- The current ratio provides a good idea of the operating cycle of the firm. It helps in understanding the efficiency of the company when it comes to selling off the products or how quickly the company can convert its assets to revenue
- It helps in determining the efficiency of management in meeting the demands of creditors
- It helps the investors to understand the company’s health status.
Disadvantages of the Current Ratio
- Inventory and accounts receivables, are used to calculate the current assets, but they are not easy to convert into cash. In several companies where higher inventory levels are there because of fewer sales or the obsolete nature of the product taking inventory into the calculation can lead to the displaying of incorrect levels of liquidity. It means the current ratio may not be the best measure for a company’s short-term liquidity.
- The current ratio can be highly deceiving if a company’s seasonal high sales at a particular time are used to calculate the ratio. It is not advisable to use the ratio on a standalone basis to analyze the company’s liquidities.
- An equal increase or a decrease within the current assets and liabilities may alter the ratio. If it is easy to manipulate, it becomes less reliable.
Comparing the current ratios with other liquidity ratios, such as the quick ratio or cash ratio, assesses how a company is operated to show its stability. The current ratio is an essential tool in making resolutions for investors, suppliers, and creditors. It is a significant metric ratio in evaluating the feasibility of the business.
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Retirement, a relatively modern concept, is expensive.
No country has figured out how to finance a third of your life out of the labor force. But some countries have better systems than others. The latest annual, Melbourne Mercer Global Pension Index , now in its tenth year, ranks the health and viability of national retirement systems around the world. It has once again awarded the Netherlands a top slot, and Denmark, last year’s winner, is right behind. They rank highly in terms of the level of benefits they supply, their sustainability (the Dutch and Danish don’t worry about their system going bust), and transparency. There are many things we can learn from their success, they show how most countries are on the wrong track.
What makes Danish and Dutch pensions so special?
1. Small government benefits
Denmark offers a basic pension to most Danes age 65 and above (the minimum age increases to 68 by 2030) that’s worth about $11,000 a year. The pension may be reduced for certain income levels and if the beneficiary has meets income tests, it could be increased to as much as $23,000 for a single person. The Netherlands also has a flat basic state pension that pays out about $10,500 a year to Dutch retirees over age 66.
By contrast, the average government benefit in the US, from Social Security, is larger—about $14,000—but it may be as high as $32,000 if you earned more while working. Since the Dutch and Danish state pensions are financed with current tax dollars, their smaller state pensions limits the government’s liability as the population ages. The US also finances Social Security benefits with current tax dollars, but larger, more unpredictable benefits mean more strain on the system.
2. Reliance on the private sector
Denmark and the Netherlands can get away with lower state benefits because they are supplemented with employer retirement plans.
About 90% of Danes also have access to a retirement account through work. It is similar to the US’s 401(k), where employers and employees contribute to an account and employees bear the investment risk. The wide coverage is what makes Danish pensions so special: In the 1980s only 35% had access to a pension account through work. The increase comes from the roll out of new pension accounts that targeted blue-collar workers. Danes contribute between 12 to 18% to their employee pension accounts. Benefits are paid as an annuity after retirement, though sometimes Danes can take it as a lump sum.
Like the Danes most Dutch—about 94%—also have a pension benefit from work. Unlike Denmark, the pensions are defined benefit plans, where the employer or industry bears the investment risk (though there is sometime some risk sharing through inflation indexation and new collective defined contribution schemes) and pays their former employees a fraction of their salary after they retire. Dutch workers can take their pension to other jobs.
In both countries pension agreements may be with individual companies or industry-wide, through collective labor agreements. Total pension income typically replaces more than 70% of working income, though the actual replacement rate varies.
What makes Argentine pensions so terrible?
Argentina is at the bottom of the rankings, and offers lessons about what makes a retirement system work. It primarily relies on state pension funded mostly by current tax dollars like the other countries, but with erratic tax revenue the funding is not secure. Argentine pensions used to feature individual saving accounts until the state appropriated them in 2008. The Mercer report has concerns about the pension’s sustainability and if it offers enough to the poorest Argentines. It shows how a lack of transparency, unstable institutions, and fiscal pressure can undermine any pension system.
What can other countries learn?
The Melbourne Mercer index offers some critical lessons for policy makers. Some US politicians want to expand Social Security benefits, and enlarge unfunded state program. But this makes long-term sustainability a concern. The report already has concerns about the viability of America’s existing Social Social Security benefits.
Despite the effectiveness, the Dutch or Danish models would be hard to copy, under current US pension laws, in the private sector. Regulations make it expensive for smaller employers to offer retirement benefits, so about 40% American workers don’t have a work-place retirement plan. In the US retirement benefits are usually only offered through individual employers, so the costs of offering pension benefits cannot be shared among entire industries.
Denmark and the Netherlands show that relying on employers and their workers to carry some of the burden can work. While policy makers may debate the merits of defined benefits (Netherlands) versus defined contribution plans (Denmark), those nation’s demonstrate a successful system comes down to execution and adequate funding.
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The United States has experienced several business cycles throughout its history. These business cycles have had several implications, and there have been several lessons to learn from them. Studies analyzing the business cycles since the Civil War through World War II and since World War II to the present day have uncovered intriguing implications of the business cycles in the U.S. One of the most prominent of these is the subtle but definite connection between the business cycles and the politics of the country, particularly the outcome of presidential elections. This article examines the lessons that can be derived from business cycles in American History.
Since the Civil War, the business cycles in America have been a concern of economists, politicians, and citizens in general. This is because of the invaluable lessons that can be learnt from simply studying these cycles. Fair (1978) for instance, demonstrated that macroeconomic conditions affected the presidential vote. Using no other data apart from the growth and inflation rates, trends in time and the identity of political parties, correctly forecasted the outcome of fifteen out of the sixteen presidential elections between 1916 and 1978. This is a demonstration that business cycles hold priceless value as far as the prediction of the political atmosphere is concerned.
Incumbent presidents who would wish to run for another term of office have used this information to manipulate th economic situation as elections became imminent. This idea has been referred to as creating a political business cycle. The effects of generating such a business cycle are usually only beneficial in the short term but usually have detrimental effects to the long-term stability of the economy.
Business cycles in American History have also underscored the importance of monetary policy. Although some economists have pointed a castigating finger at monetary policy for the woes that the economy suffers, other economic analysts have pointed out that monetary policy has saved the U.S from a recurrence of the terrible depression of the 1930s.
The analysis that these analysts have provided is that the initial economic decline was as bad in the 2008 repression as it was at the beginning of the depression in 1929. However, the eventual worldwide drop in industrial output was only 13 percent in 2008 as compared with 40 percent in the 1093s. Moreover, unemployment reached its zenith at just over 10 percent as compared with 25 percent in the 1930s. The most prominent difference between the 1930s and 2008 was that in 2008, a monetary policy was in place. The logical conclusion to draw from this was that the monetary policy was critical to the stability of the economy. This is an important lesson that could be learnt from the U.S. business cycles.
Business cycles could also provide a valuable assessment for the growth of the economy in post-depressioon years. This is useful in evaluating whether or not the economy is growing at its maximum capacity, and if not, finding out what is holding the economy from recovering at the fastest possible pace.
For instance, some economists expressed their dismay after the 2008 depression economic recovery was being slowed down by the extreme caution that people were taking to avoid the same circumstances that had led to the depression. The most effective drive for the economic growth is demand. However, the cautious attitude people have taken since the depression has made people refrain from taking credit; hence, demand is not large enough. The result is that economic growth depends more on private consumers and private businesses than governmental spending and other factors. This means that governmental spending is too low to bolster economic growth that is needed to return to pre-recession expectations in jobs and production. After all, the business cycles have enabled an assessment of the rate of post-recession economic growth, and this can in turn shed light on what factors could be preventing the economy from expanding at the expected rate.
Business cycles throughout the history of the United States have shed valuable light on certain trends in the United States. With a proper analysis of the trends in business cycles, it is possible to make certain predictions concerning the politics, the economy and even make decisions on which policies would best work for the economy.
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News pundits are hailing the end of the Great Recession. The numbers have come out, and the American economy has grown again. What does this mean for our friends and our families?
The metric the Government uses to measure the economy is called Gross Domestic Product, or GDP for short. GDP is defined as the market value of all final goods and services that a country makes in a given year. By tracking this number, Government statisticians can figure out whether or not the economy grew in any given period.
There are a few basic problems with GDP that should preclude us from taking the number at face value.
First, it is a complex calculation, and is most often revised after it is originally released to the press. What may be a positive number, upon release, may be a negative number three months later.
Second, the inputs of the GDP
(Consumption + Investment + Government Spending + Net Exports = GDP)
make it a number that is easy to manipulate. Retail sales and investment (excellent measures of “business”) may fall off a cliff, but GDP may go up. By taking on debt and spending money, the Government can easily manipulate the number higher. For example, the most recent GDP number would have been much lower if it hadn’t been for the new home buyer subsidies and cash for clunkers program. Keep in mind, both of these stimulus programs were funded with debt (and/or printed money), and will have to be repaid in the future through higher taxes and/or inflation.
Third, I can’t pay my bills with GDP growth. As stated above, GDP may reflect the Government taking on debt and handing out money, as opposed to real business activity. The cost of this debt will be a future drag on profits, incomes, and growth. It is important to remember that the Government does not make and sell things for a profit. The Government’s income is derived by taxing business, taxing incomes, and taxing transactions (i.e. capital gains, sales tax). Therefore, a bigger GDP number obtained by increased Government spending may mean less income for you and me in the future.
Since most of us get our paychecks by working at or owning a business, why don’t we look at measures of business activity instead of GDP? If business does well, people are hired and paid. Tax collection goes up as well, as profits are taxed and people have more money to spend on goods and services. If business declines, people make less money and get laid off. Obviously, tax collection also suffers under these circumstances.
For a quick and dirty look at business activity, we decided to review the sales results of a handful of companies in the shipping industry. Most of us buy and consume products that are made somewhere else. Whether we buy things at a store, or online, shipping is involved in the process of bringing producers and buyers together. If business is up, then sales of a diverse group of shippers should rise as well.
We chose to look at the following companies’ sales growth in 2009, as reported in their SEC filings and/or press releases:
Overseas Shipholding Group: – 35.11 %
Expeditors International: – 34.23 %
UPS: -15.22 %
Burlington Northern: – 24.26 %
Using our quick and dirty shipment method, we can see that sales are down significantly from 2008 levels. This means that business activity is down, and therefore incomes must be down.
Now lets look at GDP growth for the first nine months of 2009, and compare it to the first nine months of 2008, using numbers from www.bea.gov:
GDP Growth: 2009 (through third quarter): -2.38%
What we can tell from our little exercise is that movement of things has slowed down a lot more than GDP. Since most incomes (personal and Government) ultimately come from business revenues, and not GDP, we can see that things are quite a bit worse than they were a year ago. Given that businesses are still announcing significant job cuts, I’d expect that spending won’t come rocketing back in the near term. We will ultimately reach a bottom in the Great Recession, but as investors, we need to focus on the fundamentals, not Government hype.
November 6, 2009
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The coins and notes we are used to today actually hold no value but are used as they are recognised by governments and ordinary citizens. They hold value because we’ve decided they do. However, before our current system, people traded items such as stones for money.
How do you get paid? How do you pay your rent? It’s likely you’ve never physically seen this money that enters and leaves your account each month.
We are now experiencing the rise of virtual currency and although Bitcoin is the one most people have heard of, it’s certainly not the only one. This money doesn’t require banks to be moved around the world and will instead be managed solely by the owner of the money as it doesn’t rely on the banking system and is thus decentralised.
This money has the ability to be transferred at a much faster rate and is more secure than the money we use right now. It’s also private as your identity is kept anonymous although transactions made are visible.
No matter what currency looks like in the future, a financial revolution is inevitable.
If you have a keen interest in the changing nature of currencies, take a look at the MSc Corporate Financial Management offered by GISMA.
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Commonwealth Fund study highlights the complications of medical costs and the health care system
The Commonwealth Fund has released a new study called “The Problem of Underinsurance and How Rising Deductibles Will Make it Worse.” The study highlights the fact that many people with health insurance coverage are not actually using this coverage. There are many factors that contribute to these issues, but the high cost of medical care and high deductibles are proving to be a barrier to people using their insurance policies.
High deductibles are a barrier for consumers
High deductibles are particularly burdensome for those with insurance coverage. In the United States, millions of people were able to find coverage through health insurance exchanges. These exchanges offer relatively affordable coverage, which is often subsidized by the federal government, but policies with lower premiums are often burdened by high deductibles. Deductibles refer to the money that policyholders must pay before their insurance provide will cover costs associated with medical care and medication.
31 million people are not using their insurance coverage because of costs
The study suggests that approximately 31 million people in the United States are not using their health insurance coverage. Many of these people are simply not using their policies to cover checkups, mild medical procedures, and medications, saving their coverage for serious medical events. Approximately 20% of families and individuals with employer-sponsored insurance coverage are also not using their policies due to concerns regarding costs.
Lowering medical costs could encourage people to visit the doctor more often
Health insurance coverage has become somewhat more affordable for those in the United States because of exchanges, but these exchanges have not stopped premiums and the cost of medical care to continue to rise. Medical costs, in particular, are one of the major concerns that insured consumers have when it comes to their coverage. Addressing these costs is a difficult and complicated issue, as medical procedures, medications, and care in general are all expensive aspects of the health care system. Finding ways to mitigate medical costs could encourage consumers to use their insurance coverage more often as well as make them feel more willing to visit a doctor when they need care.
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Cryptocurrencies and blockchain technologies have become a part of everyday life. Today, it’s never been easier to buy and sell your cryptocurrencies.
Alongside the well-established Ethereum and Bitcoin is the new arrival on the scene – XRP. But what exactly are the differences between these crypto coins?
WHAT IS XRP?
XRP is both a digital payment processing system and a crypto coin. The cryptocurrency was invented by the American technology company Ripple Labs.
The cryptocurrency was designed to enable banks and payment providers to transfer money across borders in real-time without incurring costs.
WHAT’S THE DIFFERENCE BETWEEN XRP AND BITCOIN?
Ideologically, Bitcoin and XRP are worlds apart. Bitcoin was created to remove the need for centralised financial institutions. XRP allows those financial institutions to operate more efficiently.
One key difference is that whereas Bitcoin is based on a blockchain system, XRP isn’t. Bitcoins are released as a reward when a user encrypts a transaction, a process known as 'mining'. XRP on the other hand, is released periodically by a network of validated servers, so there's no need for mining.
There's a total of 21 million Bitcoin in existence, for XRP the figure is 100 billion.
The cost of transferring Bitcoin and XRP is much lower than with banks or third parties. However, the cost of transferring Bitcoin is more variable depending on how many transfers are happening at any given time.
Although XRP is cheaper to transfer, it still depends on centralised financial institutions – if they crash, so does XRP.
XRP can handle more transactions per second, which means coins can be transferred faster. It takes around an hour to transfer Bitcoin, whereas you can transfer XRP in around 4 seconds. This will prove to be increasingly important now it’s easier than ever to transfer cryptocurrencies online.
WHAT’S THE DIFFERENCE BETWEEN XRP AND ETHEREUM?
Ether (the coin created by Ethereum) and Bitcoin are the two cryptocurrencies currently leading the pack. They’re based on very similar technologies and are both borne out of a desire to remove third parties such as banks and financial institutions from transactions.
However, Ethereum also aims to protect personal data from hackers and to compete against web-based companies that house data.
The Ethereum blockchain allows for smart contracts to be programmed into its system.
A ‘smart contract’ is a contract that’s generated automatically. For example, you may pay a lawyer to generate a document for you. A smart contract will do this instantly, removing the need for an intermediary person or institution.
This means you can use Ether not only for transactions, but also for stock, property and anything else that requires an intermediary institution.
Ethereum’s smart contract also makes it the cryptocurrency of choice for companies raising funds through Initial Coin Offerings. An Initial Coin Offering is where new cryptocurrencies get traded for more established ones like Ether, in the hope that the new cryptocurrency will increase in value.
Ether is also volatile. On the 21st of June 2017, Ethereum lost virtually all of its value in a flash crash. Although XRP hasn’t suffered any major crashes yet, it still depends on the centralised financial institutions that Bitcoin and Ethereum seek to bypass.
XRP has fast network speeds, high scalability, and minimal transfer costs. Time will tell whether that’s enough to make XRP the next big thing.
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- What are 3 types of audits?
- Who needs audited financial statements?
- When audited balance sheet is required?
- Is audit mandatory for all companies?
- Why do companies perform social audits?
- What is an audit exemption?
- What turnover is required for audited accounts?
- Are auditors allowed to prepare financial statements?
- Do all companies need to prepare financial statements?
- Are audits required?
- What size of company needs an audit?
- What companies need to be audited?
- Why do public companies need to be audited?
- Do small companies need to be audited?
- Who is liable for audit?
What are 3 types of audits?
What Is an Audit?There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits.External audits are commonly performed by Certified Public Accounting (CPA) firms and result in an auditor’s opinion which is included in the audit report.More items…•.
Who needs audited financial statements?
Who needs one? An audit may be required by a third-party user of your company’s financial statements, such as a lender, investor (or other funding source) or government regulator.
When audited balance sheet is required?
As per Section 44AB of the Income Tax Act 1961, any person carrying on business is required to get his book of accounts audited if total sales, turnover or gross receipt in business for a financial year exceeds R1 crore.
Is audit mandatory for all companies?
Statutory Audit as the name suggests is a compulsory audit for all companies. Every entity which is registered under the Companies Act, as a Private Limited or a Public Limited company has to get its books of accounts audited every year. This type of audit is not conditional, it depends upon the entity type.
Why do companies perform social audits?
The audit helps companies to determine if they’re meeting their objectives, which may include measurable goals and benchmarks. A social audit serves as a way for a business to see if the actions being taken are being positively or negatively received and relates that information to the company’s overall public image.
What is an audit exemption?
Companies, which meet specific criteria, may, under the terms of Chapter 15 Part 6 Companies Act 2014, avail of an exemption from the requirement to have the financial statements which are appended to its annual return audited. A company must qualify as a small company (or micro companyy).
What turnover is required for audited accounts?
In order to boost less cash economy, the increased threshold limit for tax audit shall apply only to those businesses which carry out less than 5% of their business transactions in cash. Currently, businesses having turnover of more than Rs 1 crore are required to get their books of accounts audited by an accountant.
Are auditors allowed to prepare financial statements?
A member is even allowed to prepare the financial statements that the member audits, as long as all the safeguards in the “General Requirements for Performing Nonattest Services” interpretation are followed. These include: The client’s management taking responsibility for the preparation and fair presentation; and.
Do all companies need to prepare financial statements?
Annual financial statements must be prepared by all entities except small proprietary companies. … The Corporations Law also provides that consolidated financial statements must be prepared where the preparation of such statements is required by an accounting standard.
Are audits required?
Private: Although federal law doesn’t require audits for private businesses, banks and other lenders to private businesses may insist on audited financial statements.
What size of company needs an audit?
Medium-sized charities with annual revenue of more than $250,000 must have their financial statements reviewed or audited, while organisations that fall under the Incorporated Association Act and large charities with annual revenue of more than $1 million must have their financial reports audited.
What companies need to be audited?
A company must have an audit if at any time in the financial year it has been:a public company (unless it’s dormant)a subsidiary company within a group which is not small.an authorised insurance company or carrying out insurance market activity.involved in banking or issuing e-money.More items…•
Why do public companies need to be audited?
The main reasons for the audit are to provide reasonable assurance that the financial statements are free from material misstatements and errors and to ensure that all events that can adversely affect the company have been disclosed.
Do small companies need to be audited?
Companies. Companies that qualify as small companies under Companies Act 2006 are usually exempt from audit, unless they are members of a group or are charities and required to follow the charity audit thresholds.
Who is liable for audit?
Who is mandatorily subject to tax audit? A taxpayer is required to have a tax audit carried out if the sales, turnover or gross receipts of business exceed Rs 1 crore in the financial year. However, a taxpayer may be required to get their accounts audited in certain other circumstances.
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By Dr. C.A. Santha Kumar K
Financial literacy is the possession of a set of skills and knowledge that allows individuals to make informed and effective decisions with regard to their financial resources. It helps them become self- sufficient and achieve financial stability.
This article focuses on investors in stocks who are willing to learn the basics of reading a balance sheet to get an idea of the financial strength of a business firm: on what you are looking for, and what criteria you use to judge the health of a company.
Fundamental analysis is the cornerstone of investing. The biggest part of fundamental analysis involves delving into the financial statements. Also known as quantitative analysis, this involves looking at revenue, expenses, assets, liabilities and all other financial aspects of a company. Fundamental analysts look at this information to gain insight into a company’s future performance to learn about the balance sheet, income statement, and cash flow statement and how they all fit together. Fundamental analysis serves to answer questions, such as:
- Is the company’s revenue growing?
- Is it actually making a profit?
- Is it in a strong-enough position to beat out its competitors in the future?
- Is it able to repay its debts?
- Is the management trying to “cook the books”?
It all really boils down to one question: Is the company’s stock a good investment?
The various fundamental factors can be grouped into two categories: quantitative and qualitative. Quantitative fundamentals are numeric measurable characteristics about a business, viz. revenue, profit, assets, liabilities etc. Qualitative fundamentals are the less tangible factors surrounding a business – things such as the quality of a company’s management, its brand-name recognition, patents or proprietary technology.
In this article I confine myself to quantitative factors.
Financial statements are the medium by which a company discloses information concerning its financial performance. The three most important financial statements are balance sheet, income statement and cash flow statement.
The Balance Sheet
The balance sheet represents the record of a company’s assets, liabilities and equity at a particular point in time. The balance sheet is named by the fact that a business’ financial structure balances in the following manner:
There are two main types of assets: current assets and non-current assets. Current assets are likely to be used up or converted into cash within one business cycle – usually treated as twelve months. Three very important current asset items found on the balance sheet are: cash, inventories and accounts receivables.
Investors normally are attracted to companies with plenty of cash on their balance sheets. After all, cash offers protection against tough times, and it also gives companies more options for future growth. Growing cash reserves often signal strong company performance. Indeed, it shows that cash is accumulating so quickly that management doesn’t have time to figure out how to make use of it. A dwindling cash pile could be a sign of trouble. That said, if loads of cash are more or less a permanent feature of the company’s balance sheet, investors need to ask why the money is not being put to use. The cash could be there because management has run out of investment opportunities or is too shortsighted to know what to do with the money.
Inventories are finished products that are not yet sold. As an investor, you want to know if a company has too much money tied up in its inventory. Companies have limited funds available to invest in inventory. To generate the cash to pay bills and return a profit, they must sell the merchandise. Inventory turnover (cost of goods sold divided by average inventory) measures how quickly the company is moving merchandise through the warehouse to customers. If inventory grows faster than sales, it is almost always a sign of deteriorating fundamentals.
Receivables are outstanding (uncollected bills). Analyzing the speed at which a company collects what it is owed can tell you a lot about its financial efficiency. If a company’s collection period is growing longer, it could mean that there are problems ahead. The company may be letting customers stretch their credit in order to recognize greater top-line sales. This can spell trouble later on, especially if customers face a cash crunch. Getting money right away is preferable to waiting for it – since some of what is owed may never get paid. The quicker a company gets its customers to make payments, the sooner it has cash to pay for salaries, merchandise, equipment, loans, and best of all, dividends and growth opportunities.
Non-current assets are defined as anything not classified as a current asset. This includes items that are fixed assets, such as property, plants and equipments. Unless the company is in financial distress and is liquidating assets, investors need not pay too much attention to fixed assets. Since companies are often unable to sell their fixed assets within any reasonable amount of time they are carried on the balance sheet at a cost regardless of their actual value. As a result, it’s possible for companies to grossly inflate this number, leaving investors with questionable and hard-to-compare asset figures.
There are current liabilities and non-current liabilities. Current liabilities are obligations the firm must pay within a year, such as payments to suppliers. Non-current liabilities represent what the company owes in a year or more time. Typically, non-current liabilities represent bank/bond debt.
You usually want to see a manageable amount of debt. When debt levels are falling, that’s a good sign. Generally speaking, if a company has more assets than liabilities, then it is in decent condition. By contrast, a company with large liabilities relative to assets ought to be examined with more diligence. Having too much debt relative to cash flows required to pay for interest and debt repayments is one way a company can go bankrupt.
Look at the Quick Ratio. Subtract inventory from current assets and then divide by current liabilities. If the ratio is 1 or higher, it says that the company has enough cash and liquid assets to cover its short-term debt obligations.
Equity represents what shareholders own, so it is often called shareholder’s equity. As described above, equity is equal to total assets minus total liabilities.
The two important equity items are paid-in capital and retained earnings. Paid-in capital is the amount of money shareholders paid for their shares when the stock was first offered to the public. It basically represents how much money the firm received when it sold its shares. Retained earnings are the money the company has chosen to reinvest in the business rather than pay to shareholders. Investors should look closely at how a company puts retained capital to use and how a company generates a return on it.
The Income Statement
While the balance sheet takes a snapshot approach in examining a business, the income statement measures a company’s performance over a specific time frame (normally a year). The income statement presents information about revenues, expenses and profit that were generated as a result of business’ operations for that period.
Revenue, also commonly known as sales, is generally the most straightforward part of the income statement. Often, there is just a single number that represents all the money a company brought in during a specific time period, although big companies sometimes break down revenue by business segment or geography. The best way for a company to improve profitability is by increasing sales revenue.
Expenses are many kinds; but the two most common are the cost of goods sold (COGS) and selling, general and administrative expenses (SG&A). Cost of goods sold is the expense most directly involved in creating revenue. It represents the costs of producing or purchasing the goods or services sold by the company. SG&A category includes marketing, salaries, utility bills, technology expenses and other general costs associated and also includes depreciation and amortization.
Profit, most simply put, is equal to total revenue minus total expenses.
You can gain valuable insights about a company by examining its income statement. Increasing sales offers the first sign of strong fundamentals. Rising margins indicate increasing efficiency and profitability. It is also important to see whether the company is performing in line with industry peers and competitors. Look for significant changes in revenues, costs of goods sold and SG&A to get a sense of the company’s profit fundamentals.
Statement of Cash Flows
The statement of cash flows represents a record of a business’ cash inflows and outflows over a period of time. Typically, a statement of cash flows focuses on the following cash-related activities:
- Operating Cash Flow (OCF): Cash generated from day-to-day business operations
- Cash from investing (CFI): Cash used for investing in assets, as well as the proceeds from the sale of other businesses, equipment or long-term assets.
- Cash from financing (CFF): Cash paid or received from issuing and borrowing of funds.
The cash flow statement is important because it is very difficult for a business to manipulate its cash situation. There is plenty that aggressive accountants can do to manipulate earnings, but it is tough to fake cash in the bank. For this reason some investors use the cash flow statement as a more conservative measure of a company’s performance.
Financial ratios are mathematical calculations using figures mainly from the financial statements, and they are used to gain an idea of a company’s valuation and financial performance. Some of the most well-known valuation ratios are price-to-earnings and price-to-book. Each valuation ratio uses different measures in its calculations. For example, price-to-book compares the price per share to the company’s book value.
The calculations produced by the valuation ratios are used to gain some understanding of the company’s value. The ratios are compared on an absolute basis, in which there are threshold values. For example, in price-to-book, companies trading below ‘1’ are considered undervalued. Valuation ratios are also compared to the historical values of the ratio for the company, along with comparisons to competitors and the overall market itself.
Whenever one thinks of investing in a company it is vital that they should understand about what they does, its market, the industry in which it operates, how strong the fundamentals of the company are etc. You should never blindly invest in a company.
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TODAY’S STUDY: The Big Benefits From Swapping Old Energy For New Energy
Fossil Fuel to Clean Energy Subsidy Swaps: How to pay for an energy revolution
Richard Bridle, Shruti Sharma, Mostafa Mostafa, Anna Geddes, June 2019 (International Institute for Sustainable Development)
When governments reform fossil fuel subsidies, there are many competing demands for how to reallocate resources, including spending on public health, education and social protection. This report makes the case for placing the promotion of clean energy1 alongside these other priorities and describes the economic, social and environmental benefits that such a move would bring, through a “subsidy swap.” The report sets out the international context of subsidy swaps; summarizes notable country experiences with swaps in India, Indonesia, Zambia and Morocco; and calls for policy-makers to include swaps as part of their fossil fuel subsidy reform implementation strategies.
1. Fossil fuel subsidies are a key barrier to a transition to a clean energy system. Although linked to a reduction in emissions, their reform alone will be unlikely to deliver the permanent emission reductions necessary to meet climate change targets. A “swap”— reallocating some of the savings from subsidy reform to fund the clean energy transition—could magnify the contributions to long-term, permanent emission reductions, the economy, jobs, public health and gender equality.
2. Swaps are already taking place—at a global level, fossil fuel subsidies have declined while renewable investments are now greater than investments in fossil fuel-based energy generation. But the pace of change needs to accelerate considerably—almost 70 per cent of total energy demand growth in 2018 was still met through fossil fuels.
3. There are still significant political barriers to reform, however, that are country specific. For reformers, the challenge is to change the political dynamic by increasing the engagement of already supportive, influential actors and developing policies that address the concerns of actors that are neutral or moderately opposed to change.
4. Sharing experience between countries is a key tool to show how swaps can be implemented and that a clean energy transition funded by subsidy reforms is a feasible and possible option for other countries.
5. Going forward, there are opportunities for governments to focus on higher-impact swaps by supporting large-scale on-grid renewables and implementing mechanisms that mobilize private finance into clean energy projects. 6. Following subsidy reforms, governments can increase taxes on fossil fuels to continue to generate fiscal resources for clean energy while simultaneously reducing carbon dioxide emissions.
The term “subsidy swap” is a shorthand term for a wide range of policies that redirect government support in the form of subsidies, from fossil fuels to clean energy.2 The goal of the subsidy swap is to bring subsidy policy in line with social, economic and environmental priorities and promote a transition to clean energy systems. A definition of the concept is provided in Box 1.
Box 1. The definition of subsidy swap
The swap concept is simple: it refers to redirecting government support from fossil fuels to clean energy. This does not need to involve explicit earmarking (or “hypothecation”) of funds: savings from fossil fuel subsidy reform and spending on clean energy could happen independently in the government budget. There is also no expectation that all reform savings be reallocated to clean energy; governments have many priorities. However, sufficient reallocation should take place to make an appreciable difference to the rate of clean energy deployment.
The core concept of a clean energy swap is that it accelerates the replacement of fossil fuel-based energy systems with sustainable energy through a shift in government priorities as expressed through funding or fiscal policy changes.
The two key elements are that: 1) fossil fuel subsidies are reduced and that 2) this happens alongside measures that increase the deployment of sustainable energy.
The Global Subsidies Initiative (GSI) uses a definition of the term “subsidy” based on the World Trade Organization’s Agreement on Subsidies and Countervailing Measures. The agreement determines that subsidies exist where governments:
• Provide a transfer of funds or liabilities
• Forego or fail to collect revenue
• Provide goods or services below market rates
• Provide income or price support.
Source: Beaton et al., 2013.
This report summarizes the International Institute for Sustainable Development’s experience of developing and documenting subsidy swaps over several years, sets out the international context of subsidy swaps, and makes the case for policy-makers to include subsidy swaps as part of their fiscal and energy policies.
Figure 1 shows how swaps fit into the broader subsidy reform debate. Some subsidies just do not make sense: they support fossil fuel-based energy, they are costly to governments and they undermine clean alternatives. They may also fail to achieve their objectives or have perverse, unintended consequences. In such cases, the policies can be removed. In other cases—largely, consumer subsidies for electricity and liquefied petroleum gas (LPG)—the policies may have important linkages with energy access, poverty reduction and health. Here, targeting is an important consideration of the subsidy reform process. Finally, it may be possible to continue to support energy access by swapping from a fossil fuel subsidy to a clean energy subsidy. Regardless of whether subsidies are removed or better targeted, reform can create savings to fund the clean energy transition. This is a subsidy swap: shifting government resources away from fossil fuels and toward a clean energy transition.
In practical terms the vision of the swaps concept means moving from where we are today, where fossil fuels receive huge subsidies in much of the world, to an end point where most of our energy is derived from unsubsidized clean energy. Globally there are still more subsidies directed toward fossil fuel consumers and producers than toward renewable energy: currently around USD 372 billion is spent on producer and consumer fossil fuel subsidies, overshadowing the USD 100 billion in support to renewable energy (Best et al., 2015; International Energy Agency [IEA], 2018b; Merrill et al., 2017).
However, at a macro level, we can already see a swap in financial flows beginning to take place: fossil fuel subsidies are down and investment in renewable energy is up, as illustrated in Figure 2 and Figure 3. Figure 2 shows that fossil fuel subsidies have fallen overall since 2012, but progress has not been linear: following the rebound in crude oil prices in 2017, fossil fuel consumer subsidies started rising again. Figure 3 shows that renewable investments have exceeded fossil fuel investments every year since 2008, a key inflection point. The falling cost of renewables over recent years and increasing investment implies that the same dollars can now fund more renewable-powered generation: every year since 2014 the world has installed a greater capacity of renewables than fossil fuel-based generators (Figure 4), a second inflection point. Figure 5 shows that the overall share of electricity production from renewable energy is growing, but there is still a long way to go to reach a third inflection point where renewable energy starts to generate most electricity. In 2016, 57 per cent of the gross electricity production was from fossil fuels in Organisation for Economic Development and Cooperation countries. Outside the electricity sector, the situation was less positive: 70 per cent of total energy demand growth in 2018 was met through fossil fuels (IEA, 2019a). Despite the progress made, in absolute terms, government subsidies and investments in fossil fuels still far outweigh clean energy…
Fossil fuel to clean energy subsidy swaps are already taking place—at a global level, fossil fuel subsidies have declined while renewable investments are now greater than investments in fossil fuel-based generation. But the pace of change needs to accelerate considerably. Although fossil fuel subsidies are linked to emission reductions, their reform alone will be unlikely to deliver the permanent emission reductions necessary to meet climate change targets. A swap, reallocating some of the savings from subsidy reform to fund the clean energy transition, could magnify the contributions to long-term, permanent emission reductions while bringing additional economic and social benefits, in particular in relation to jobs, public health and gender equality.
Four countries—India, Indonesia, Zambia and Morocco—have already been taking concrete action and leading the way by implementing fossil fuel to clean energy swaps. Sharing their experiences is a key tool to show how swaps can be implemented and that a clean energy transition funded by subsidy reforms is a feasible option for other countries. Going forward, governments have an opportunity to focus on higher-impact swaps by redirecting support to large-scale on-grid renewables and implementing mechanisms to leverage private finance for clean energy projects.
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