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Rising food prices are tightening the squeeze on populations already struggling to buy adequate food, demanding radical reform of the global food system, Oxfam has warned.
By 2030, the average cost of key crops could increase by between 120% and 180%, the charity forecasts.
It is the acceleration of a trend which has already seen food prices double in the last 20 years.
Half of the rise to come will be caused by climate change, Oxfam predicts.
It calls on world leaders to improve regulation of food markets and invest in a global climate fund.
"The food system must be overhauled if we are to overcome the increasingly pressing challenges of climate change, spiralling food prices and the scarcity of land, water and energy," said Barbara Stocking, Oxfam's chief executive.Women and children
World food prices have already more than doubled since 1990, according to Food and Agricultural Organization (FAO) figures, and Oxfam predicts that this trend will accelerate over the next 20 years.
In its report, Growing a Better Future, Oxfam says predictions suggest the world's population will reach 9bn by 2050 but the average growth rate in agricultural yields has almost halved since 1990.
According to the charity's research, the world's poorest people now spend up to 80% of their incomes on food - with those in the Philippines spending proportionately four times more than those in the UK, for instance - and more people will be pushed into hunger as food prices climb.
The report highlights four "food insecurity hotspots", areas which are already struggling to feed their citizens:
- Guatemala, where 865,000 people are said to be at risk of food insecurity because of a lack of state investment in smallholder farmers who are highly dependent on imported food
- India, where people spend more than twice the proportion of their income on food than UK residents
- Azerbaijan, where wheat production fell 33% last year because of poor weather, forcing the country to import grains from Russia and Kazakhstan; food prices were 20% higher in December 2010 than the same month in 2009
- East Africa, where eight million people currently face chronic food shortages because of drought, with women and children among the hardest hit
Among the many factors continuing to drive rising food prices in the coming decades, Oxfam predicts that climate change will have the most serious impact.
Ahead of the UN climate summit in South Africa in December, it calls on world leaders to launch a global climate fund, "so that people can protect themselves from the impacts of climate change and are better equipped to grow the food they need".
The World Bank has also warned that rising food prices are pushing millions of people into extreme poverty.
In April, it said food prices were 36% above levels of a year ago, driven by problems in the Middle East and North Africa.'Minority profiting'
In its report, Oxfam says a "broken" food system causes "hunger, along with obesity, obscene waste, and appalling environmental degradation".
It says "power above all determines who eats and who does not", and says the present system was "constructed by and on behalf of a tiny minority - its primary purpose to deliver profit for them".
It highlights subsidies for big agricultural producers, powerful investors "playing commodities markets like casinos", and large unaccountable agribusiness companies as destructive forces in the global food system.
Oxfam wants nations to agree new rules to govern food markets, to ensure the poor do not go hungry.
It said world leaders must:
- increase transparency in commodities markets and regulate futures markets
- scale up food reserves
- end policies promoting biofuels
- invest in smallholder farmers, especially women
"We are sleepwalking towards an avoidable age of crisis," said Ms Stocking. "One in seven people on the planet go hungry every day despite the fact that the world is capable of feeding everyone."'Market works'
However, the report's emphasis on the importance of small farmers was challenged by Nicola Horlick, a leading British investment fund manager who has invested in farmland in Brazil, in a debate with Ms Stocking on the BBC's Today programme.
She said large mechanised farms still provided some job opportunities for local workers and created spin-off industries.
"You cannot rely on a whole lot of smallholders to feed the world - it's not going to work," she said.
"It is really important in my view that we have more investment going into farmland. There are huge tracts of farmland... that aren't being farmed."
She said the market worked because shortages increased potential profits from investing in food, which would in time being supply and demand back into balance.
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In addition to direct losses in yield and quality, financial losses from plant diseases can arise in many ways.Farmers may have to plant varieties or species of plants that are resistant to disease but are less productive, more costly, or commercially less profitable than other varieties. They may have to spray or otherwise control a disease, thus incurring expenses for chemicals, machinery, storage space, and labor. Shippers may have to provide refrigerated warehouses and transportation vehicles, thereby increasing expenses. Plant diseases may limit the time during which products can be kept fresh and healthy, thus forcing growers to sell during a short period of time when products are abundant and prices are low. Healthy and diseased plant products may need to be separated from one another to avoid spreading of the disease, thus increasing handling costs.
The cost of controlling plant diseases, as well as lost productivity, is a loss attributable to diseases. Some plant diseases can be controlled almost entirely by one or another method, thus resulting in financial losses only to the amount of the cost of the control. Sometimes, however, this cost may be almost as high as, or even higher than, the return expected from the crop, as in the case of certain diseases of small grains. For other diseases, no effective control measures are yet known, and only a combination of cultural practices and the use of somewhat resistant varieties makes it possible to raise a crop. For most plant diseases, however, as long as we still have chemical pesticides, practical controls are available, although some losses may be incurred, despite the control measures taken. In these cases, the benefits from the control applied are generally much greater than the combined direct losses from the disease and the indirect losses due to expenses for control.
Despite the variety of types and sizes of financial losses that may be caused by plant diseases, wellinformed farmers who use the best combinations of available resistant varieties and proper cultural, biological, and chemical control practices not only manage to produce a good crop in years of severe disease outbreaks, but may also obtain much greater economic benefits from increased prices after other farmers suffer severe crop losses.
Source: Plant Pathology by GEORGE N. AGRIOS
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Americans who spend 2,500 hours per year engaging in work and all its related demands (commuting, studying, etc.) can determine the value of their time by assessing their yearly total income. Those who net roughly $12,000 can value an hour of their time at a hair under 5$, while those who net $100,000 can bump that number to $40 an hour. Included in this calculation is the time spent investing in the skills that help generate this income, which leaves many thinking their time is worth less than they thought. This brings us to the conclusion that it takes a lot of time to make money.
In a competitive modern job market, then, every hour spent in a non-productive fashion lowers that hourly bar. When our earning potentials are linked to the time we put in to studying and building up our skills, every hour lost is money lost. Time really is money when you can put a value on an hour.
According to a national census, a third of Americans now hold college degrees, which is the highest number ever recorded. It takes many weekly hours over the course of 4 years to get a degree, but the time often pays off with college graduates earning an average 56 percent more annual income than non-graduates. The numbers here go to show that an investment of your available hours into pursuits related to income, namely work-related business and education, up the value of subsequent hours.
Globalization is shrinking the size of our world while ballooning the size of its economy and job market. With this in mind, effective people will understand the value of treating their time as a vehicle that generates income. Just like a wise investment of capital, a wise investment of time-saving businesses, such as 45o6-transcript.com, consistently increasing returns, as the data here have shown.
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Once upon a time, a phishing email would nearly always impersonate a financial organization, would be poorly written and easily recognizable.
Today, there are many ways that phishers can target organizations, employees and consumers – and multiple avenues that they take to do so. As society becomes increasingly dependent on online processes, phishers become more innovative in capitalizing on those practices.
Case in point? Cryptophishing, a new form of online phishing that has surfaced with the advent of cryptocurrency in online financial practices. We’ll delve into this, but first, let’s review some background on cryptocurrency.
What Is cryptocurrency?
- Cryptocurrency/Coin/Token: In simple terms, cryptocurrencies can be called a tokens, where each token is simply 1 unit of value of that cryptocurrency. The ownership of cryptocurrency tokens is recorded on a digital ledger (generally a blockchain).
- Blockchain: A database protocol. In cryptocurrency, a blockchain is a distributed digital public ledger where transactions and balances of a given cryptocurrency are recorded. It is secured using cryptographic hashes. Not every cryptocurrency is blockchain-based. One should note that blockchains can do more than act as ledgers of transactions, they can store any sort of data in sequential blocks (their potential and the potential of other hash-based systems is endless as far as the potential of databases goes).
- Cryptocurrency Wallet: Software that allows you to create cryptocurrency transactions and see balances associated with cryptocurrency addresses. Or more specifically, in wallets where you control your private keys, software that lets you access balances associated with your private and public keys and create a transaction using your private keys (see “keys” below for an explanation). NOTE: With some wallet types, like custodial wallets on exchanges, you don’t manage your private keys direction but show an address where a balance is stored. These too can be described as a wallet.
- Keys (Cryptographic Keys): Cryptocurrency is largely based on public-key cryptography. The concept is that one key can be known publicly (the public key) and the other can’t (the private key). A public address is the public account number people can send coins to; it a has a public key, which is a hash of a private key. The private key is a unique personal password from which coins can be sent by creating a signature (i.e. an encrypted version of the private key). Users should never share the private key as it is the root of all information needed to access a cryptocurrency wallet.
How cryptophishing works
Cryptographic keys are the primary reason that cryptophishing is becoming more prevalent. The anonymity of cryptocurrency wallets makes stealing them easier than traditional phishing, which targets bank accounts and must elude security measures to transfer money and then launder it.
Cryptophishing attacks are highly targeted, and costlier for offenders to organize, because of their higher return on investment. Emails are often customized to the recipient and look legitimate. Because these emails are so highly targeted, they can be harder to detect and may not be flagged as suspicious.
Further complicating matters, cryptophishing tends to leverage various forms of distribution other than email. Cryptophishers have been known to use social media to distribute phish. Fake social media profiles, for example, might look like a well-known and legitimate cryptocurrency social group and target members of that group. Cryptophishers have also been known to purchase ad words and put links to phishing sites in paid search engine listings.
Cryptophishing emails can impersonate any entity of a cryptocurrency process including web wallets, cryptocurrency exchanges, blockchain, etc. The vulnerability comes primarily from when a user accesses their crypto wallet online or through mobile devices (rather than on a computer or external device with a hardcoded and protected private key).
In the phishing example above, a phishing site attempts to access a user’s cryptocurrency wallet by requesting private keys, mnemonic phrases or specific file information.
As cryptocurrencies become more prevalent there will be an increase in phishing attacks targeting all parts of the cryptocurrency process. As with any new financial endeavor, vulnerabilities will stem from the human element falling prey to social engineering.
Securing logins and private keys for cryptocurrency wallets is paramount. The anonymity of the process prevents exchanges, currencies, or wallet software from taking on responsibility for any losses due to phishing. Unlike traditional banks, there isn’t insurance to cover losses due to fraud.
Further reading on cryptocurrency basics:
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[11-13] The muscles can be assessed with SWE in resting or in contraction phases
. The measurements obtained in the resting phase represents data on the resting tone of a muscle and measurements on the active muscle indirectly propounds information about the usefulness and the contraction effectiveness of the muscle.
The contraction phase
implements the merging process and it ensures that the resources are utilised as per the requirements.
The average contraction phase
duration of softwood lumber industry cycles overlapping the business cycles (C1, C3, and C4) is 23 months.
Estimating Transition Probabilities by Incorporating Time-Dependence We now estimate time-homogenous average matrices (for boom and contraction phases
) using the subsample consisting of firms whose headquarters are located in the considered-advanced European countries in order to gradually incorporate time-dependence.
However, beyond their hypothetical foundations, a bet on the indirect expansionary effects does not seem to be the main motivation of a government that pursues pro-cyclical fiscal policies in the contraction phase
. Governments may or may not believe in indirect expansionary effects, but it seems clear that in all cases debt sustainability is the main objective of those policies: the sustainability of both the aggregate external debt of the country and the public debt issued in international currency, in the case of an emerging market economy; and the sustainability of the public debt in the case of an Eurozone economy.
(3.) The main characteristics of real house price cycles from 1970 to the mid-1990s can be summarised as follows: the average cycle lasted about ten years; during the expansion phase of about six years, real house prices increased on average by close to 40%; and in the subsequent contraction phase
, which lasted around five years, the average fall in prices was of the order of 25% (Girouard et al., 2006).
housing market now is in the contraction phase
of the most pronounced housing cycle since the Great Depression," said Seiders.
One may, to conclude, say that economic sociology is in the contraction phase
when it comes to the coordination of our works on markets.
What needs to be emphasized is that the transition of the Greater Lane County residential market to the contraction phase
of the real estate cycle has been soft, gradual and orderly, and that there is no evidence to suggest a sudden deterioration.
it (unemployment) will have peaked and the contraction phase
will be at an end.
Thus, the input to a contraction phase
would have been "tarnsfer," which should have resulted in
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Brazilian community development banks (CDBs) have established various coordinated financial mechanisms aiming to restructure poor and peripheral local economies. Their development strategy includes an instrument to facilitate access to microfinance and a community currency, combined with the definition of vocational training programmes and support for business start-ups. Put together, these different activities constitute the endogenous and resilient territorial development strategy defined by community development banks. Little scientific literature has been devoted to the study of community currencies in this process. This article presents an overview of the symbolic meanings conveyed by the currency of Banco Palmas, the first and most prominent CDB. First, we present some historical and territorial characteristics of Banco Palmas. Second, we analyze the symbolic role of its currency : money as a bond/link (the building of the community on its territory); money as a medium for institutionalization (of the community itself and to the exogenous actors, as to define a federative project); and finally money as a vector-catalyst (when the plasticity of money allows to explore its different formats and so, to adapt it to the new perspectives of community and territorial development).
Marie Fare, Carlos de Freitas and Camille Meyer
To cite this article: Fare, M., de Freitas, C. and Meyer, C, (2015) ‘Territorial development and Community currencies : symbolic meanings in Brazilian Community development banks’ International Journal of Community Currency Research 19 (D) 6-17 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2015.002
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Mason offers a variety of resources to help students and families make informed descisions about financing an education. Please see below for a list of key terms and tips. Please visit the Office of Student Financial Aid for more information on the topics listed below.
Please click the category below to find out more information.
Applying for financial aid
The FAFSA is the Free Application for Federal Student Aid. All students interested in receiving financial aid must complete the FAFSA. The FAFSA is used to determine your EFC. For more information the FAFSA, visit http://www.fafsa.ed.gov.Expected Family Contribution
Your student’s EFC is the Expected Family Contribution, meaning what your family is expected to contribute financially to your student’s education. The University will take your student’s EFC and use that number to determine the amount of Financial Aid he or she will be offered.
Cost of Attendance (COA)/ College Budget
The annual cost of attending college that is used to determine a student’s financial need; includes tuition, books, fees, room and board, transportation and out-of-pocket expenses; also referred to as the student expense budget.
The term financial aid is used to describe the combination of loans, scholarships, grants, and work-study that will help your student pay for college.
Financial aid office
The Office of Student Financial Aid at Mason helps students obtain funds for their education and determines financial aid awards/packages.
Financial aid Package
Your student will be notified of his or her financial aid package by e-mail from Mason and the package is the total financial aid award received by your student.
Types of financial aid
Any form of financial aid awarded on the basis of personal achievement or individual characteristics without reference to financial need. Merit-based aid is also known as scholarship. Your student may qualify for merit-based aid by meeting a certain academic requirement, such as grade point average, test scores, or career goal. Your student’s financial aid package may include both need- and merit-based aid.
If the Cost of Attendance (COA) for your college exceeds your Expected Family Contribution (EFC), you will be eligible for need-based aid to cover the difference. You may be awarded a financial aid package that consists of a combination of grants, scholarships, loans, and work-study. The total amount of your package will be determined by a combination of demonstrated financial need, federal award maximums, and your school’s available funds.
Awarded by the student’s school, these low-interest loans (5%) are given to students (both undergraduate and graduate) that demonstrate exceptional financial need. Repayment of this loan begins nine months after the student graduates, leave school or drop to less than half-time student status.
PLUS Loans (Parent Loans for Undergraduate Students)
PLUS loans are federal loans for parents or legal guardians of dependent undergraduate students. This loan allows parents to borrow all or some of the difference between financial aid received and the cost of attending Mason, including room, board, and other charges. For example, if your student’s college costs a total of $10,000 and he or she receives $6,000 in financial aid, you could apply for a PLUS loan of $4,000. The PLUS is not based on need, so your student is not required to fill out the FAFSA in order for you to apply for this loan. For more information on PLUS loans, click here
Subsidized loans are need-based. Interest is not charged on these loans while your student is enrolled in school.
Unsubsidized loans are also need-based. Unlike subsidized loans, unsubsidized loans build interest while your student is enrolled in school.
Commercial (or Private) Loans
Commercial or private loans are available through several financial service providers. To qualify, your student must pass a credit check and potentially have a co-signer. The interest rate may be higher than that of a Direct, Stafford or Perkins loan or may be a variable rate that changes over time.
Applying for financial aid
Scholarships can be merit based, need based or whatever criteria the awarding organization is expecting of the potential recipient. The Office of Student Financial Aid at Mason has an extensive list of scholarships that students can apply to each year.
A grant is any amount of money that is offered to your student that does not have to be repaid. One of the most common grants for students is the Federal Pell Grant. Please note that the amounts for grants vary by individual.
Given by the Federal Government, Pell Grants are awarded to students demonstrating exceptional financial need. Pell Grants do not have to be repaid.
If your student is offered work study through the Office of Student Financial Aid he or she is expected to obtain a designated work study job offered through George Mason. Please note that the money earned during work study is not used to pay the student’s tuition bill, this is money that the student has earned for their own use.
Things to consider when applying for financial aid:
Encourage your student to complete the FAFSA as soon as possible. The FAFSA becomes available on January 1. If you do not have your current tax forms completed, the system allows you to enter your previous years statements as an estimate for the upcoming school year. The updated tax forms will need to be submitted to Office of Student Financial Aid at a later date.
Mason’s priority filing for financial aid is March 1. Applying after this date limits the amount of aid that the Mason will be able to offer you. Please note that the FAFSA must be completed every year for the upcoming school year in order for your student to receive financial aid for the upcoming school year. Your student will want to submit his or her first FAFSA by March 1 of the year when your student plans to enroll at Mason.
Please be aware of companies or websites that request payment to help locate merit or need based aid. Fafsa.com is NOT the same thing as fafsa.ed.gov. Always make sure that you are visiting www.fafsa.ed.gov.
Check your local organizations for scholarship opportunities. Large sums of money often go unused because students are not aware of their local organizations that are looking to give a scholarships to a local student. Stay in contact with high school counselors about scholarship opportunities that are available on the local level.
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12/4/18 Main Forms of Business Organization
The basic forms of business ownership include sole proprietorship, partnership, and corporation
A sole proprietorship is a business owned by only one person. It is easy to set-up and is the least costly among all forms of ownership.
The owner faces unlimited liability; meaning, the creditors of the business may go after the personal assets of the owner if the business cannot pay them.
The sole proprietorship form is usually adopted by small business entities.
A partnership is a business owned by two or more persons who contribute resources into the entity. The partners divide the profits of the business among themselves.
In general partnerships, all partners have unlimited liability. In limited partnerships, creditors cannot go after the personal assets of the limited partners.3. Corporation
A corporation is a business organization that has a separate legal personality from its owners. Ownership in a stock corporation is represented by shares of stock.
The owners (stockholders) enjoy limited liability but have limited involvement in the company’s operations. The board of directors, an elected group from the stockholders, controls the activities of the corporation.
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Disposable income, also known as disposable personal income or disposable income, is the amount of money we have left when we subtract taxes and Social Security payments from our total household income. This type of income is considered the engine of demand and the private consumption, since it refers to the money we have to save or consume goods and services. Would you like to know all the details about this very important concept for the economía doméstica? Then do not hesitate to read on.
How is disposable income different from personal income?
Sometimes the meaning of disposable personal income and total personal income can be confusing. However, although both concepts refer to the income of individuals, the truth is that there is a small nuance that differentiates them from each other: while disposable income is the amount of money that families have for their expenses or savings , the personal income It is that received by individuals and companies not incorporated as a commercial company.
How to calculate disposable income?
Bearing in mind that disposable income is the part of the national income that families have to save and consume products, we can calculate it by subtracting from personal income the taxes paid directly by individuals (such as taxes on income from natural persons or Corporation tax), the profits not distributed by the companies and the social contributions.
Likewise, to find disposable income we will also have to add those elements that increase the purchasing power of families, such aspensions or contributory and non-contributory unemployment benefits.
In this way we will know what is the exact amount of money that we have for our private spending.
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understanding stock prices and values
The cheapest stocks—known as penny stocks—also tend to be the riskiest. A stock that has dropped from $40 to $4 may well end up at $0, while a stock that goes from $10 to $20 might double again to $40.
Some of these factors are common sense, at least superficially. A company has created a game-changing technology, product, or service. Another company is laying off staff and closing divisions to reduce costs. Which stock do you want to own?
You could be surprised. It pays to dig deeper. That game-changing company may or may not have a plan to build on its initial success. The markets have already priced in the value of that game-changing product. It had better have something good in the pipeline.
Most people believe a stock's value is indicated by its price. That's only true to a certain extent. There is a big difference between the two. The stock's price only tells you a company's current value or its market value.
So, the price represents how much the stock trades at—or the price agreed upon by a buyer and a seller. If there are more buyers than sellers, the stock's price will climb. If there are more sellers than buyers, the price will drop.
An investor can investigate a company to determine its value. All of the information needed is online in the company's public financial statements. Online brokerages offer analyses and summaries of those results from many sources. Take a look at the facts.
If a company’s share price plummets, its cost of equity rises, also causing its WACC to rise. A dramatic spike in the cost of capital can cause a business to shut its doors, especially capital-dependent businesses such as banks.
For example, if Company A has a $100 billion market capitalization and has 10 billion shares, while Company B has a $1 billion market capitalization and 100 million shares, both companies will have a share price of $10. But Company A is worth 100 times more than Company B.
One way in which companies control the number of available shares and how investors feel about their share price is through stock splits and reverse stock splits. Stock prices can have a psychological impact, and companies will sometimes cater to investor psychology through stock splits.
For example, many investors prefer buying stocks in round lots of 100 shares. A share price of more than $50 may turn off the average investor because it requires a cash outlay of at least $5,000 to buy 100 shares. That's a large financial commitment to make to one stock.
As a result, a company that has had a good run and has seen its shares rise from $20 to $60 might choose to do a two-for-one stock split. Now the stock looks like a bargain to new investors. But its intrinsic value didn't change.
A two-for-one split means that the company will double the number of shares that each of its current shareholders owns by simply dividing the current price of its shares in half. Two new shares will be exactly equal to one old share.
A new investor might be more comfortable buying the shares at $30, making a $3,000 investment to purchase 100 shares. Note that the investor could have bought 50 shares before the split, and had the same percentage ownership in the company for the same $3,000 investment.
This is why market capitalization is important. The company’s market cap will not change due to the split. If a $3,000 investment means a 0.001% ownership in the company before the split, it will mean the same afterward.
If a company’s share price drops to $6, it might counter this perception by doing a one-for-two reverse stock split. In this case, the company will convert every two shares of stock outstanding into one share worth $12 (2 x $6).
The principles are the same. This can be done in any combination—three-for-one, one-for-five, etc. But the point is that this does not add any true value to the stock, and it does not make an investment in the company more or less risky.
An example of a high price that may give investors pause is Warren Buffett’s Berkshire Hathaway (BRK.A). In 1980, a share of Berkshire Hathaway sold for $340.1 That triple-digit share price would have made many investors think twice.
Another example of a stock that has generated exceptional shareholder value is Microsoft (MSFT). The company’s shares have split at least nine times since its initial public offering (IPO) in March 1986.
Microsoft opened at $21 on its first day of trading.3 It was valued at $201.30 per share as of July 26, 2020.4 That seems like a decent return more than three decades later, but when all the splits are accounted for, a $21 investment in 1986 would be worth significantly more today. And, because the stock split, each share now also represents a much smaller piece of the company.
Investors use this financial data along with the company's stock price to see whether a company is financially healthy. The stock price will move based on whether investors are happy or worried about its financial future.
Similarly, related economic data, such as a monthly jobs report with a positive spin may also help increase company share prices. If the news is negative, though, it tends to have a downward effect on the share price.
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How Collect and Classify Your Expenses for Better Budgeting
Find Out Where Your Money’s Going
If you've been following along, you’ve already pulled together your income. But before you can set up an accurate budget, you need to know how much you’re spending right now. By reviewing receipts or bank statements, your spending habits will reveal the personal budget categories that are important to you—and not so important—giving you the opportunity to make appropriate changes as you see fit.
Collect Expense Data
When preparing to review the past three- to six-months of spending, it’s important to collect bank statements if you tend to pay with a credit or debit card on most purchases. If you mostly pay with cash or checks, you’ll need to gather receipts and bills.
It can be hard to piece together historic spending data, but if you commit to tracking expenses now, you’ll soon have a lot of accurate, timely info. Set up an expense tracker in an app on your mobile phone to discover what you’re spending money on every week. Or make tracking a habit every time you make a payment; write it down in a notebook, a smartphone notes app, or a budgeting app as you spend.
Don’t forget to collect periodic bills and expenses that are paid annually, quarterly, or bimonthly, such as tuition, taxes, or insurance.
Classify Your Expenses
After you’ve gathered your expenses, you can group them any number of ways. No matter how you do it, the grouping should make sense to you and be very simple to maintain.
Use broad categories to more easily track expenses and provide insight into your spending habits and patterns. For example, a category like “home” could include rent, utilities, insurance, and your phone bill. You also want to make sure each category matches your lifestyle. For example, if you tend to eat out often, restaurant expenses and groceries could be lumped together in a “food” category. But if dining out is more of a treat for you, you may consider placing those expenses in the “entertainment” group.
Common categories might include:
- Home expenses
- Credit card or loan payments
- Eating out
- Health care
- Kids and/or pets
- Gifts or donations
- Streaming services and subscriptions
Expenses can be classified as fixed or variable expenses. For example, your rent or mortgage payment doesn’t change each month, so it’s fixed. A variable expense, like buying groceries or going to the movies, is more likely to change from week to week or month to month. When looking over your spending, be sure to compare one month to another, rather than just analyze one month’s expenses, as your variable expenses will often differ more frequently.
If you’re not sure where to start, the Consumer Finance Protection Bureau has a great spending tracker to use as a reference. Once you’ve collected all of your expenses, you’ll enter it into The Balance’s Simple 50/30/20 Budget spreadsheet. But for now, treat yourself to a cup of tea or a piece of chocolate—that categorizing was hard work.
Next Steps and More Resources
The categories you’ve created and amounts you’ve totaled will help inform your next step: creating a spending plan. This will help narrow your focus and reframe your spending to meet your goals.
Learn more about tools for tracking spending and budgeting from The Balance:
- Most budgeting apps help you track your spending, including our entries for the Best Budgeting Apps.
- The Best Personal Finance Software also helps you track spending easily, right from the comfort of your PC.
- You’ll find expense tracking solutions in our collection of The Best Free Budgeting Spreadsheets, too.
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The global Covid-19 pandemic has led to over 50,000 deaths in the United Kingdom, disrupted health services for many other conditions, and has had enormous economic impacts that have led to massive increases in unemployment and government debt.[1,2,3] With the United Kingdom’s failure to implement an effective test, trace and isolate programme as we have seen in countries such as South Korea and New Zealand, a vaccination programme offers us the best way to finally bring this pandemic under control. It is therefore essential that the Covid-19 vaccination programme is implemented well and that we do not repeat the many mistakes we have seen in the government’s response to Covid-19, such as in the Test and Trace programme.
Primary care should be at the heart of the delivery of the UK’s vaccine programme. With around 7,000 general practices in England, for example, they are easy for patients to access and their staff are generally well-trusted by the public. Unfortunately, a decade of under-investment in primary care has led to a shortage of general practitioners, very overstretched primary care teams, and reduced the ability of primary care to respond to new challenges. These problems cannot be addressed quickly but the government can take some immediate actions to reduce pressures on primary care. This could include, for example, cutting the administrative burden on general practices by suspending appraisals, revalidation and CQC inspections for the foreseeable future.
To ensure smooth implementation of the vaccine programme, funding is required to pay for new vaccination centres, provide current general practice clinics with the facilities they need such as equipment for transporting and storing vaccines, and meeting the costs of administering a complex vaccination regime to patients who are housebound or living in care homes. Other required measures include funding to rapidly recruit additional staff such as general practitioners, nurses, healthcare assistants to administer vaccines; and staff to provide administrative and management support. It is also essential that primary care services for the management of acute and long-term problems, and preventive programmes such as children’s immunisations, continue to operate normally. This means that additional capacity rapidly needs to be created in primary care so that the vaccination programme does displace or delay other essential clinical work, particularly as Covid-19 vaccines are likely to take longer to administer than the other vaccines currently offered by the NHS, resulting in considerable extra work for primary care teams.
Moving on to the logistics of vaccine delivery, there are currently two types vaccines that are close to approval in the UK. Adenoviral vector vaccines such as ChAdOx1 nCoV-19 are logistically easier to deliver as they can be stored long-term in standard vaccines fridges and so could be administered by primary care teams working in the patient’s usual general practice. In Contrast, mRNA vaccines have to be stored at very low temperatures (minus 70 degrees Celsius for the Pfizer / BioNTech mRNA vaccine) and have to be used within a short period of time after defrosting. Hence, mRNA vaccines are more suitable for large vaccination centres with a high throughput of patients rather than the typical general practice. In the longer term, as more data on safety and efficacy becomes available, it would be appropriate to focus on a smaller number of vaccines, rather than continue with the government’s current approach of having many different vaccine options. As well as simplifying the vaccination programme, this would also cut its costs and reduce the likelihood or patients missing out on their second dose of vaccine because of its unavailability or receiving the wrong vaccine at their second appointment.
Looking forwards, we do not yet know how long the immunity and protection from infection generated by vaccination will last. People may therefore require booster doses of vaccine at regular intervals and the NHS should also plan for this. This requires good call-recall systems, something which general practices can provide because of their computerised medical records and experience of delivering other vaccine programmes. We also need observational studies to assess how frequently “vaccine failures” occur (i.e. how many people contract Covid-19 despite being immunised and what their characteristics are), as well as data on adverse events and safety. The UK, with its system of computerised primary care records, is well placed to generate this data, particularly if linkages can be made to other data such as hospital episode statistics and mortality records. To do this, the problems that afflicted the Test and Trace programme in its early days, such as the failure to record test results in primary care records, must be avoided. This is could be successfully achieved by integrating vaccination recording at the time of vaccination administration in the patient’s primary care record and not creating a separate information technology infrastructure as was done with Test and Trace.
We need to ensure the NHS, and in particular primary care, is well-prepared for the programme and that unrealistic expectations of the timescale are not created amongst the public. The Covid-19 vaccination programme is too important to the health, wellbeing and economic security of the UK to delay its implementation or to get wrong. The government has invested considerable funding into other areas of the Covid-19 response, including funding the private sector to deliver services such as Track and Trace. The funding that has been allocated to the NHS for the vaccination programme is currently small in comparison. Whatever investment is needed for the successful and timely delivery of the vaccination programme should be promptly provided by the government so the programme can begin at scale, rapidly vaccinate the at-risk population of the UK, and finally allow life in the UK to start to return to normal.
This article is based on an editorial published in the British Medical Journal
1. 50,000 COVID-19 deaths and rising. How Britain failed to stop the second wave. https://uk.reuters.com/article/health-coronavirus-britain-newwave/special-report-50000-covid-19-deaths-and-rising-how-britain-failed-to-stop-the-second-wave-idUSL8N2I94SG
2. Maringe C, Spicer J, Morris M, Purushotham A, Nolte E, Sullivan R, Rachet B, Aggarwal A. The impact of the COVID-19 pandemic on cancer deaths due to delays in diagnosis in England, UK: a national, population-based, modelling study. The Lancet Oncology. 2020 Aug 1;21(8):1023-34.
3. Office for Budget Responsibility. Economic and fiscal outlook – November 2020. https://obr.uk/efo/economic-and-fiscal-outlook-november-2020/
4. Majeed A, Seo Y, Heo K, Lee D. Can the UK emulate the South Korean approach to covid-19? BMJ 2020; 369 :m2084.
5. Scally G, Jacobson B, Abbasi K. The UK’s public health response to covid-19 BMJ 2020; 369 :m1932
6. Majeed A. Shortage of general practitioners in the NHS BMJ 2017; 358 :j3191
7. Ramasamy MN, Minassian AM, Ewer KJ, Flaxman AL, Folegatti PM, Owens DR, Voysey M, Aley PK, Angus B, Babbage G, Belij-Rammerstorfer S et al. Safety and immunogenicity of ChAdOx1 nCoV-19 vaccine administered in a prime-boost regimen in young and old adults (COV002): a single-blind, randomised, controlled, phase 2/3 trial. The Lancet. 2020 Nov 19.
8. Bower E. Which COVID-19 vaccines are lined up for roll-out on the NHS? https://www.gponline.com/covid-19-vaccines-lined-roll-out-nhs/article/1700217
9. Centers for Disease Control and Prevention. Frequently Asked Questions about COVID-19 Vaccination. https://www.cdc.gov/coronavirus/2019-ncov/vaccines/faq.html
10. Carrell S, Garside J. Coronavirus testing hit by struggle to match results with NHS records https://www.theguardian.com/world/2020/may/28/coronavirus-testing-hit-struggle-match-results-with-nhs-records.
11. Lind S. GPs may need to record Covid vaccinations on separate IT system, says NHS England. https://www.pulsetoday.co.uk/news/technology/gps-may-need-to-record-covid-vaccinations-on-separate-it-system-says-nhs-england/
12. Iacobucci G. Covid vaccine: GPs need more clarity on logistics and planning, say leaders BMJ 2020; 371 :m4555.
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In a speech Thursday at Michigan State University, Agriculture Secretary Tom Vilsack laid out a comprehensive approach to partner with agricultural producers to address the threat of climate change. Building on the creation of USDA’s Climate Hubs last year, the new initiatives will utilize voluntary, incentive-based conservation, forestry, and energy programs to reduce greenhouse gas emissions, increase carbon sequestration and expand renewable energy production in the agricultural and forestry sectors. Through these efforts, USDA expects to reduce net emissions and enhance carbon sequestration by over 120 million metric tons of CO2 equivalent (MMTCO2e) per year – about 2 percent of economy-wide net greenhouse emissions – by 2025. That’s the equivalent of taking 25 million cars off the road, or the emissions produced by powering nearly 11 million homes last year.
The Secretary was joined at Michigan State by Brian Deese, Senior Advisor to the President, as well as agricultural producers and other private partners. Deese noted that last year, President Obama made a pledge to reduce U.S. greenhouse gas emissions in the range of 26-28 percent below 2005 levels by 2025. Deese said that today’s announcement will help the American agriculture and forest sectors contribute to that goal.
“American farmers and ranchers are leaders when it comes to reducing carbon emissions and improving efficiency in their operations. That’s why U.S. agricultural emissions are lower than the global average,” said Vilsack. “We can build on this success in a way that combats climate change and strengthens the American agriculture economy. Through incentive-based initiatives, we can partner with producers to significantly reduce carbon emissions while improving yields, increasing farm operation’s energy efficiency, and helping farmers and ranchers earn revenue from clean energy production.”
“This is an innovative and creative effort to look across all of USDA’s programs and put forward voluntary and incentive-based programs that will increase the bottom lines of ranchers and farmers while reducing net greenhouse gas emissions,” said Deese. “Taken together, these partnerships will reduce emissions by 120 million metric tons or two percent of our economy-wide emissions in 2025 – exactly the collaborative, bold action this moment demands of us.”
The framework announced today consists of ten building blocks that span a range of technologies and practices to reduce greenhouse gas emissions, increase carbon storage and generate clean renewable energy. Through this initiative, USDA will use authorities provided in the 2014 Farm Bill to offer incentives and technical assistance to farmers, ranchers, and forest land owners. USDA intends to pursue partnerships and leverage resources to conserve and enhance greenhouse gas sinks, reduce emissions, increase renewable energy and build resilience in agricultural and forest systems.
USDA Building Blocks for Climate Action:
Soil Health: Improve soil resilience and increase productivity by promoting conservation tillage and no-till systems, planting cover crops, planting perennial forages, managing organic inputs and compost application, and alleviating compaction. For example, the effort aims to increase the use of no-till systems to cover more than 100 million acres by 2025.
Nitrogen Stewardship: Focus on the right timing, type, placement and quantity of nutrients to reduce nitrous oxide emissions and provide cost savings through efficient application.
Livestock Partnerships: Encourage broader deployment of anaerobic digesters, lagoon covers, composting, and solids separators to reduce methane emissions from cattle, dairy, and swine operations, including the installation of 500 new digesters over the next 10 years.
Conservation of Sensitive Lands: Use the Conservation Reserve Program (CRP) and the Agricultural Conservation Easement Program (ACEP) to reduce GHG emissions through riparian buffers, tree planting, and the conservation of wetlands and organic soils. For example, the effort aims to enroll 400,000 acres of lands with high greenhouse gas benefits into the Conservation Reserve Program.
Grazing and Pasture Lands: Support rotational grazing management on an additional 4 million acres, avoiding soil carbon loss through improved management of forage, soils and grazing livestock.
Private Forest Growth and Retention: Through the Forest Legacy Program and the Community Forest and Open Space Conservation Program, protect almost 1 million additional acres of working landscapes. Employ the Forest Stewardship Program to cover an average of 2.1 million acres annually (new or revised plans), in addition to the 26 million acres covered by active plans.
Stewardship of Federal Forests: Reforest areas damaged by wildfire, insects, or disease, and restore forests to increase their resilience to those disturbances. This includes plans to reforest an additional 5,000 acres each year.
Promotion of Wood Products: Increase the use of wood as a building material, to store additional carbon in buildings while offsetting the use of energy from fossil fuel.
Urban Forests: Encourage tree planting in urban areas to reduce energy costs, storm water runoff, and urban heat island effects while increasing carbon sequestration, curb appeal, and property values. The effort aims to plant an additional 9,000 trees in urban areas on average each year through 2025.
Energy Generation and Efficiency: Promote renewable energy technologies and improve energy efficiency. Through the Energy Efficiency and Conservation Loan Program, work with utilities to improve the efficiency of equipment and appliances. Using the Rural Energy for America Program, develop additional renewable energy opportunities. Support the National On-Farm Energy Initiative to improve farm energy efficiency through cost-sharing and energy audits.
These efforts will provide economic and environmental benefits through efficiency improvements, improved yields, and climate resilience while also reducing greenhouse gas emissions and increasing carbon sequestration. For example, implementing no-till practices can both increase carbon sequestration and improve the soil’s water holding capacity, reducing the vulnerability to drought and soil erosion. Likewise, adopting the right timing, placement, source, and rate of nutrients can reduce input costs and maintain agricultural yield while minimizing nitrous oxide emissions, a potent greenhouse gas.
Addressing climate change is critical for future agricultural and forest health and will require innovation, creativity, and consideration of all potential solutions. Liquid renewable fuels (ethanol and biodiesel) are already supplying 10 percent of U.S. transportation fuel needs. Great strides have been made to improve the performance of the ethanol and biodiesel industry. The newest and most efficient ethanol plants produce fuels that reduce greenhouse gas emissions by over 40 percent, and there are opportunities to improve performance even further.
Biomass can also contribute to heating, cooling and electric needs, offering a low-cost option to reduce greenhouse gases. USDA is promoting a strategy that recognizes forest stocks can reduce emissions by substituting for fossil fuels and energy intensive materials. Doing so will create strong markets for wood materials, raise the value of lands in forests, and encourage investment in forest regrowth and expansion.
USDA’s strategy will be based on the following principles:
- Voluntary and incentive-based: Farmers, ranchers, and forest land owners are stewards of the land. USDA has a track record of successful conservation though voluntary programs designed to provide technical assistance for resource management. These efforts fit within USDA’s approach of “cooperative conservation.”
- Focused on multiple economic and environmental benefits: To be successful, the proposed actions should provide economic and environmental benefits through efficiency improvements, improved yields, or reduced risks.
- Meet the needs of producers: This strategy is designed for working farms, ranches, forests, and production systems. USDA will encourage actions that enhance productivity and improve efficiency.
- Cooperative and focused on building partnerships: USDA will seek out opportunities to leverage efforts by industry, farm groups, conservation organizations, municipalities, public and private investment products, tribes, and states.
- Assess progress and measure success: USDA is committed to establishing quantitative goals and objectives for each building block and will track and report on progress.
America’s farmers, ranchers and forest landowners have a track record of extraordinary productivity gains and natural resource stewardship. Today, producers are working alongside USDA and other partners to make their operations and communities more resistant to a changing climate. Building on this legacy of partnership, efficiency and innovation, said Vilsack, American agriculture and the Nation’s forests can continue to play an important role in reducing greenhouse gas emissions and increasing carbon storage in our forests and our soils. U.S. producers and landowners are already global leaders in sustainable land management and efficient production systems, and in turn will continue to be global leaders in implementing climate change solutions.
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Most Common Money Habits that Make You Bankrupt
Are you one of those who simply
Habits are those tendencies in us that are hard to break. These are the actions we do without even knowing about it. Whether good or bad ones, they shape our lives.
If you don’t realize where all your money goes, chances are higher that you possess the wrong money habits, and you need to work on yourself to replace those with positive habits: Y
You Spend More than You Earn:
The biggest financial sin you could commit is to spend more than you earn. This habit affects all other areas of your finances. You start depending on the credit to cover the cost of your purchase. This credit traps you with interest and further in debt. When you make a habit to spend more than you earn, this habit becomes a vicious cycle.
Stop spending money wish to limit your expenses. Two things you can do to change this habit; either earn more money to cover your expenses, or cut your spending and wisely make a budget from the available amount of money.
You Pay Bills through Credit Only:
If you are unable to use the credit appropriately, you are trapping yourself in an expensive credit. You must analyze your buying habits, for instance, if you are using credit to cover your basic needs such as food, bills or you buy clothes on credit, stop doing this.
At some point in your life, you may need to rely on debt such as for covering education expenses or mortgage, but do it with extreme caution and care.
Having No Emergency Funds:
None know what happens the next moment. Car wreckage or job loss! When you find yourself in such sort of emergency situation, make sure you have an emergency fund to cover when things go wrong.
Ideally, you should at least save living expenses for three months in case two people earn money in a family; and in case of a single income, save for six months at least.
If you are unable to save this much amount out of your income, try saving a few hundreds of dollars. To pay for the groceries or repairs as these small expenses lead to the financial difficulty more than a simple job loss.
Paying Your Bills Late:
Even the best of us sometimes give into paying their bills late. Paying the bills late causes you to pay more for the credit given the late fees and interest charges. If you are in the habit of paying your bills late, force yourself to pay your bills on time.
You may consider auto-paying your bills in case you procrastinate the payments. In addition to it, you need to make yourself financially organized wish, you will soon run to the bankruptcy attorney and ask for help you in filing for bankruptcy.
You Don’t Save for the Future:
Not only you need to pay attention to your spending habits, but also you must think of saving money for the future. You may come across many people saying that live today, why to save for the future; don’t listen to them.
Although you should enjoy different things in life, you wish don’t want to live in misery after your retirement. Make sure you save for the future and work hard to achieve your financial goals.
You Don’t Make Budget:
Failing to make a budget now is the surefire way to fall into bankruptcy later. When you make a budget for your expenses, you prevent yourself from debt as well as save money for the emergency fund. It does not only saves you but also gives you an idea about reaching your financial goals.
For that matter, you need to track your spending. When you understand your income and expense ratio, you will be more effectively make a wise spending plan.
Failing to Take Care of Your Career:
If you end up in a job you don’t enjoy, or cannot find a job, take charge of your situation and career. Although it may seem much challenging to find a new career path, or starting a side business, however, you should focus on your financial situation as well as career. Because none is going to improve your situation- it is all in your own hands.
If you can, think about salary negotiations to boost your income and saving.
When you realize the bad money habits you have honed, it becomes easier to replace those habits with new ones. The key idea is to live within your means, enjoy your life and stay away from the consumer debts.
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What Is Binance 2Fa
What Is Digital Currency-How Does It Work
What is digital currency? It is defined as: cash stored and moved in digital kind. Sounds basic enough, however how does it all work?
This type of currency is believed to be good to utilize for making purchases on the internet due to the fact that if it works the method it was meant to, transactions should be rather confidential and untraceable back to the payer or user.
This implies that hackers would no longer have the ability to gather individual info from people who utilize their charge card to make online purchases. This would obviously reduce the variety of stolen identities that happen every day.
To help you comprehend more of, “what is digital currency?” I have done quite a bit of research on the subject and have found that there are numerous different types out there, each with it’s own unique qualities.
Here are simply a few with their descriptions following:
1. Digital Gold Currency – This type is backed by gold stored in vaults. The gold offers an additional step of security and if you hold this kind of currency, you could potentially directly exchange it for solid gold bullion.
2. Central Currency Systems – these are like PayPal and these business enable you to send out money all over the world as long as you have cash in the account. For some services supplied by these kinds of companies, you get charged a charge on the receivers end of the transaction.
3. Decentralized Currency Systems – Like Bitcoin are all based upon cryptography and/or trust networks. Also called Hard Electronic Currency, it is planned to be more like using cash to make your transaction however your transaction is non-refundable as soon as made. This kind of system only works in one instructions.
The E-cash concept has developed in addition to the development of the Web. Individuals just do not feel comfy with providing their personal charge card information over the Internet when purchasing.
A lot of bad things can happen like identity theft. Nobody wants their identity taken.
Lots of companies have actually tried to develop this type of payment or financial system to lessen the risks of shopping online.
Numerous countries have successfully produced systems for “in-house” use such as Hong Kong’s Octopus card. This card works similar to a sort of debit card where the user loads cash onto the card and after that all the cash is transferred into a bank. They can then use the card for anything they need to use it for.
Some nations are working on or have systems that permit the user to move money through mobile phones. I think this is rather like what Chase lets their customers do. Their consumers can take a picture of their check, front and back, with their phone and make their deposit electronically.
I do hope that this offers you some concept of what is digital currency and how it is trying to take it’s place in the world of e-commerce. There may be a bit more to it than I might describe in just one small article however I think you can get an excellent concept.
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Significantly colder-than-normal temperatures in the Lower 48 states in late January through mid-February resulted in increased heating demand for natural gas in the United States, despite an otherwise warmer-than-normal winter. As a result, the winter had larger-than-average winter natural gas withdrawals. Before the cold snap, winter temperatures had been relatively mild, but a combination of increased heating demand, record liquefied natural gas (LNG) and pipeline exports, and decreased natural gas production contributed to the withdrawal activity during February.
The rapid development of shale gas resources in Pennsylvania, Ohio, and West Virginia has contributed to sustained low natural gas prices and encouraged the construction of natural gas-fired power plants. About one-third of the new natural gas-fired generating capacity built in the United States since 2010 is located in PJM Interconnection (PJM), the grid operator for all or parts of 13 states in the mid-Atlantic region, including Pennsylvania, Ohio, and West Virginia. In 2020, the utilization rate, called capacity factor, of natural gas-fired combined-cycle (NGCC) units built from 2010 to 2020 in PJM was 71%, which was higher than that of older units in the region.
EIA forecasts U.S. crude oil production in the U.S. Federal Gulf of Mexico (GOM) to increase in the next two years, according to the latest Short-Term Energy Outlook (STEO). By the end of 2022, 13 new projects could account for about 12% of total GOM crude oil production, or about 200,000 barrels per day (b/d).
In 2020, Georgia generated 5.8 million megawatthours (MWh) of electricity from biomass, or about 10% of the nation's total, the second most of any state according to EIA's Electric Power Monthly. Almost 5% of Georgia's in-state electricity generation in 2020 came from biomass, mostly wood and wood-derived fuels, a share that ranked sixth in the nation. Biomass accounted for nearly half of Georgia's total renewable electricity generation in 2020.
Based on data in EIA's Monthly Energy Review, energy-related carbon dioxide (CO2) emissions decreased by 11% in the United States in 2020 primarily because of the effects of the COVID-19 pandemic and related restrictions. U.S. energy-related CO2 emissions fell in every end-use sector for the first time since 2012.
Rystad Energy has revealed that its latest forecast projects a six percent year on year increase in oil demand in 2021.
Here are some of Rigzone's top upstream stories during the last week, just in case you missed them...
Oil posted the biggest weekly gain since early March.
Here is a review of oil and gas market hits and misses for the week ending April 16, 2021.
Wood Mackenzie has highlighted that under its Accelerated Energy Transition Scenario (AET-2), oil demand will drop significantly, and with it, oil prices.
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What Are The Basics Of Bookkeeping?
Bookkeeping is the process of recording all financial transactions made by a business. Bookkeepers are responsible for recording, classifying, and organising every financial transaction that is made through the course of business operations. Bookkeeping differs from accounting. The accounting process uses the books kept by the bookkeeper to prepare the end of the year accounting statements and accounts.
Very small businesses may choose a simple bookkeeping system that records each financial transaction in much the same manner as a chequebook. Businesses that have more complex financial transactions usually choose to use the double-entry accounting process.
Millions of small business owners and startup entrepreneurs are masters at creating great products and services, building effective teams and winning over customers. Many of them, however, would probably flunk basic bookkeeping.
As the business owner, if you don’t understand the different types of “accounts” your bookkeeper uses to organise your finances, measuring the success (or failure) of your efforts will be futile.
Being adept at digital marketing, for example, isn’t enough if you don’t have a clear financial picture of your business and run headlong into cash flow problems.
You wouldn’t go to the doctor and ask only to have your legs checked. You want a comprehensive exam! It’s the same with the financial aspects of your business. You need to know everything about your business’s finances, not just your bank account balance. As small- business writer Joshua Adamson-Pickett explains, it not only helps you make solid decisions now and plans for your company down the road, and efficient bookkeeping system saves time. Notably, it prepares you for government audits and helps prevent fraud.
What is bookkeeping?
Simply put, bookkeeping is the recording of a business’s financial transactions. Any transaction with financial implications needs to be recorded by a bookkeeper. Sounds fairly simple.
However, for the novice, the introduction of bookkeeping-specific vocabulary and the rules that govern proper bookkeeping processes can be overwhelming.
Bookkeeping is the process of keeping track of every financial transaction made by a business firm from the opening of the firm to the closing of the firm. Depending on the type of accounting system used by the business, each financial transaction is recorded based on supporting documentation. That documentation may be a receipt, an invoice, a purchase order, or some similar type of financial record showing that the transaction took place.
The bookkeeping transactions can be recorded by hand in a journal or using a spreadsheet program like Microsoft Excel. Most businesses now use specialised bookkeeping computer programs to keep books that show their financial transactions. Bookkeepers can use either single-entry or double-entry bookkeeping to record financial transactions. Bookkeepers have to understand the firm’s chart of accounts and how to use debits and credits to balance the books.
Methods of bookkeeping
Before you begin bookkeeping, your business must decide what method you are going to follow. When choosing, consider the volume of daily transactions your business has and the amount of revenue you earn. If you are a small business, a complex bookkeeping method designed for enterprises may cause unnecessary complications. Conversely, less robust methods of bookkeeping will not suffice for large corporations.
With this in mind, let’s break these methods down so you can find the right one for your business.
Single-entry bookkeeping is a straightforward method where one entry is made for each transaction in your books. These transactions are usually maintained in a cash book to track incoming revenue and outgoing expenses. You do not need formal accounting training for the single-entry system. The single-entry method will suit small private companies and sole proprietorships that do not buy or sell on credit, own little to no physical assets and hold small amounts of inventory.
Double-entry bookkeeping is more robust. It follows the principle that every transaction affects at least two accounts, and they are recorded as debits and credits. For example, if you make a sale for $10, your cash account will be debited for $10, and the same amount will credit your sales account. In the double-entry system, the total credits must always equal the total debits. When this happens, your books are “balanced.”
Using the double-entry method for bookkeeping makes more sense if your business is large, public, or buys and sells on credit. Enterprises often choose the double-entry system because it leaves less room for error. In a way, it ‘double-checks’ your books because each transaction is recorded as two matching but offsetting accounts.
Cash-based or accrual-based
The next step is choosing between a cash or accrual basis for your bookkeeping. This decision will depend on when your business recognises its revenue and expenses.
In cash-based, you recognise revenue when you receive cash into your business. Expenses are recognised when they are paid for. In other words, any time cash enters or exits your accounts, they are recognised in the books. This means that purchases or sales made on credit will not go into your books until the cash exchanges.
In the accrual method, revenue is recognised when it is earned. Similarly, expenses are recorded when they are incurred, usually along with corresponding revenues. The actual cash does not have to enter or exit for the transaction to be recorded. You can mark your sales and purchases made on credit right away.
Both a cash and accrual basis can work with single- or double-entry bookkeeping. In general, however, the single-entry method is the foundation for cash-based bookkeeping. Transactions are recorded as single entries which are either cash coming in or going out. The accrual basis works better with the double-entry system.
How to record entries in bookkeeping
Generating financial statements like balance sheets, income statements, and cash flow statements help you understand where your business stands and gauge its performance. For these reports to portray your business accurately, you must have properly documented records of your transactions. Keeping these records as current as possible is also helpful when reconciling your accounts.
Recording transactions begins with source documents like purchase and sales orders, bills, invoices, and cash register tapes. Once you gather these documents, you can record the transactions using journals, ledgers, and the trial balance. If you are a very small company, you may only need a cash register. The information can then be consolidated and turned into financial statements.
A cash register is an electronic machine that is used to calculate and register transactions. Usually, cash registers are used to record cash flow in stores. The cashier collects the cash for sale and returns a balanced amount to the customer. Both the collected cash and balance returned are recorded in the register as single-entry cash accounts. Cash registers also store transaction receipts, so you can easily record them in your sales journal.
Cash registers are commonly found in businesses of all sizes. However, they aren’t usually the primary method of recording transactions because they use the single-entry, cash-based system of bookkeeping. This makes them convenient for very small businesses but too simplistic for enterprises.
The journal is called the book of original entry. It is the place where a business chronologically records its transactions for the first time. A journal can be either physical (in the form of a book or diary), or digital (stored as spreadsheets, or data in accounting software). It specifies the date of each transaction, the accounts credited or debited, and the amount involved. While the journal is not usually checked for balance at the end of the fiscal year, each journal entry affects the ledger. As we’ll learn, it is imperative that the ledger is balanced, so keeping an accurate journal is a good habit to keep. This form is useful for double-entry bookkeeping.
A ledger is a book or a compilation of accounts. It is also called the book of the second entry. After you enter transactions in a journal, they are classified into separate accounts and then transferred into the ledger. These records are transcribed by accounts in the order: assets, liabilities, equity, income, and expenses. Like the journal, the ledger can also be physical or electronic spreadsheets.
A ledger contains a chart of accounts, which is a list of all the names and number of accounts in the ledger. The chart usually occurs in the same order of accounts as the transcribed records.
Unlike the journal, ledgers are investigated by auditors, so they must always be balanced at the end of the fiscal year. If the total debits are more than the total credits, it’s called a debit balance. If the total credits outweigh the total debits, there is a credit balance. The ledger is important in double-entry bookkeeping where each transaction changes at least two sub-ledger accounts.
The trial balance is produced from the compiled and summarised ledger entries. The trial balance is like a test to see if your books are balanced. It lists the accounts exactly in the following order: assets, liabilities, equity, income, and expenses with the ending account balance.
An accountant usually generates the trial balance to see where your business stands and how well your books are balanced. This can then be cross-checked against ledgers and journals. Imbalances between debits and credits are easy to spot on the trial balance. It is not always error-free, though. Any miscalculated or wrongly-transcribed journal entry in the ledger can cause an incorrect trial balance. It is best to look out for errors early, and correct them on the ledger instead of waiting for the trial balance at the end of the fiscal year.
The next, and probably the most important, step in bookkeeping is to generate financial statements. These statements are prepared by consolidating information from the entries you have recorded on a day-to-day basis. They provide insight into your company’s performance over time, revealing the areas you need to improve on. The three major financial reports that every business must know and understand are the cash flow statement, balance sheet, and income statement.
The cash flow statement
The cash flow statement is exactly what its name suggests. It is a financial report that tracks incoming and outgoing cash in your business. It allows you (and investors) to understand how well your company handles debt and expenses. By summarising this data, you can see if you are making enough cash to run a sustainable, profitable business.
The balance sheet
The balance sheet reports a business’ assets, liabilities, and shareholder’s equity at a given point in time. In simple words, it tells you what your business owns, owes, and the amount invested by shareholders. However, the balance sheet is only a snapshot of a business’ financial position for a particular date. It must be compared with balance sheets of other periods as well. The balance sheet allows you to understand the liquidity and financial structure of your business through analytics like current ratio, asset turnover ratio, inventory turnover ratio, and debt-to-equity ratio.
The income statement
The income statement also called the profit and loss statement, focus on the revenue gained and expenses incurred by a business over time. There are two parts in a typical income statement. The upper half lists operating income while the lower half lists expenditures. The statement tracks these over a period, such as the last quarter of the fiscal year. It shows how the net revenue of your business is converted into net earnings which result in either profit or loss. The income statement does not focus on receipts or cash details.
Bank reconciliation is the process of finding congruence between the transactions in your bank account and the transactions in your bookkeeping records. Reconciling your bank accounts is an imperative step in bookkeeping because, after everything else is logged, it is the last step to finding discrepancies in your books. Bank reconciliation helps you ensure that there is nothing amiss when it comes to your money.
Easy But Vital Bookkeeping Practices You Should Follow
For any beginner, bookkeeping can seem overwhelming, but it doesn’t need to be. You’ll start on the right foot by following these easy yet vital bookkeeping practices.
- Please Don’t Leave it Last Minute: Keep dates and deadlines in mind while creating reminders, so you’re not doing the books the night before. Do it earlier to avoid mistakes and spend less time looking for crucial information.
- Keep Records Nice and Tidy: Cluttered records with endless bits of paper will make it a nightmare to do the books with valuable information all over the place. Keep them organised, so you know exactly what to look for without wasting time.
- Store Your Receipts: If you store receipts through software, it means you’ll finally get that paperless office you’ve wanted. Everything is in one place, and if there’s ever an investigation, all of the information related to expenses will be available within your software or app via attachments. So, you’ll always be compliant.
- Keep business, and Personal Finances Separate: To help you do the books much faster, think about keeping your business and personal finances separate. So, you won’t need to look through personal information for business-related finances and vice versa.
Useful Tips on Learning Bookkeeping at Home
To get started, you don’t need to search for the cheapest bookkeeper around, even if you’re a complete newbie. You work hard for your money so the last thing you want is giving a big chunk to the taxman and then another hefty slice to a bookkeeper for tasks you can do by yourself.
To get started, here are some useful tips on how you can learn bookkeeping at home:
- Get Familiar With Bookkeeping Terms and Phrases: Remember that glossary we told you to bookmark? Now is an excellent time to sit down, read and understand the terms and phrases. It’ll give you a better idea of what to expect and what things mean in bookkeeping.
- Do Your Research: Look for resources online through Google and find some helpful blogs that are regularly updated to keep you in the know.
- Take Advantage of Tutorials: To get to grips with bookkeeping, head over to HMRC for some extra help. Believe it or not, they do offer some free resources from webinars to tutorials and even workshops for you to attend.
- Use a Bookkeeping App: The best way to learn is to get hands-on in your own time and use a bookkeeping app that’s both easy to use and understand. No formal degrees, no qualifications. Just look for one that has useful features you’ll need and not packed full of ones you’ll probably never use.
All of these are a great place to start for any beginner. However, as simple as it might seem on paper, it’s important you recognise when the beast becomes too big. When this is the case, you should know to pick the right time to hand things over to a professional.
Now that you have plenty of helpful information to get started as a beginner, it’s probably the perfect time to make the process even simpler by using your very own checklist…
What Do You Need to Set Up Bookkeeping for Your Business?
One of the first decisions you have to make when setting up your bookkeeping system is whether or not to use a cash or accrual accounting system. If you are operating a small, one-person business from home or even a larger consulting practice from a one-person office, you might want to stick with cash accounting.
If you use cash accounting, you record your transaction when cash changes hands. Using accrual accounting, you record purchases or sales immediately, even if the cash doesn’t change hands until a later time, Sometimes firms start their business using cash accounting and switch to accrual accounting as they grow.
If you are going to offer your customers credit or if you are going to request credit from your suppliers, then you have to use an accrual accounting system.
You also have to decide, as a new business owner, if you are going to use single-entry or double-entry bookkeeping. Single-entry bookkeeping is much like keeping your check register. You record transactions as you pay bills and make deposits into your company account. It only works if your company is relatively small, with a low volume of transactions.
If your company is larger and more complex, you need to set up a double-entry bookkeeping system. Two entries, at least, are made for each transaction. At least one debit is made to one account, and at least one credit is made to another account. That is the key to double-entry accounting.
Companies also have to set up their computerised accounting systems when they set up bookkeeping for their businesses. Most companies use computer software to keep track of their accounting journal with their bookkeeping entries. Very small firms may use a basic spreadsheet, like Microsoft Excel. Larger businesses adopt more sophisticated software to keep track of their accounting journals.
Lastly, the business must set up its chart of accounts. The chart of accounts may change over time as the business grows and changes.
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This study investigates the determinants of macroeconomic variables that affect agricultural production in Nigeria. Time – series data, covering the period of 1986 -2016, United States reports, were used. Ordinary Least Squares (OLS) regression technique was fitted to the data. Result showed that corn output has a positive relationship with agricultural output. Millet, rice and palm oil also have positive relationships with total agricultural output. The individual test revealed that corn has no significant impact on agricultural output while millet has a significant impact on agricultural output within the period under study. Thus, this study recommends that there is need to improve on the agricultural practice level of farmers in Nigeria through extension education, so as to achieve food security and conserve the resource base. This should be the intensified and geared towards making farmers to become more aware and understand the consequences of use of more external inputs on their resource base, and the inherent benefits associated with the use of more internal inputs in food production. Improve agricultural production, processing and trade through increased access to resources such as land, technology (improved inputs) credit, and training.
The creative indices of Ibibio indigenous governmental system has not been the subject of serious social historical scholarship. Indigenous governmental system in Ibibioland has been subjected to various generalisation, misrepresentation, misinterpretation and distortion, especially from a Eurocentric (outside-in) filter. Under such filter and bias, Ibibio indigenous governance has often been viewed as lacking creativity. Various aspects of exceptional governance in Ibibioland have been considered as extic. While an Afrocentric (inside-out) filter accepts that organised political and governmental structures prevailed in Ibibioland, prior to the arrival of the Europeans, the study of indigenous creativity in governance and administration has not been given adequate attention. The use of Ekpo Anyokho, Ekpe, Ekpo Ekoong, Abon, Ekang and Akata represented creative elements employed for local governance, law, order, and social justice, across a wide representation of levels and institutions of government in Ibibioland. With the imposition of colonial rule in Ibibioland from 1885 onward, the Europeans retained aspects of such indices of governance consequent upon its effectiveness, efficiency and reliability. The paper argues that the indigenous creative indices of governance were reflected in the reliance of colonial agents on some machinery of indigenous governance. Consequently, change and continuity defined the indigenous governmental space in Ibibioland. The paper submits that while the changes were externally driven and almost unavoidable, aspects of continuity explain the creativity that percolated such indigenous governmental elements.
Design models for the Integration of Roadway transportation systems into the city’s planning (Published)
During the phase of preparation of new masterplan, urban planners have no scientific tool/criteria to calculate and to find the optimum value of road network area. The aim of this paper is to identify a calculation basis (design models), to be used during the design of new masterplans, and during the assessment of the road network in any city/town based on transportation demands (trip generation in the area).A new vision in urban planning can be represented by indicating the volume over capacity ratio (V/C), for each section of the roadway network in each LandUse, by identifying the mathematical proportionality of road surfaces, relatively to LandUse areas and population, relating these 3 factors based on the V/C ratio required, depending on trip generation rates and landUse types.These models can be identified by establishing mathematical models analogously related to the “Distribution of neurons in Mammalian Neocortex”.
This paper examined the implications of land tenure system on farm layout and management practices in a rural economy. In addition to the synthesis of the existing literature, key informant interview (KII), Focus Group Discussions (FGD), personal observations and questionnaire administrationwere used in data collection.Simple statistical tools wereused to analyze theland tenure features, farm layout and farm management practices. The results revealed that 58% of farmers have use rightto land, 25% have right to trade offtheir land, 17% use family land and 50% have right to lease their land. Sun shade and storage barn were observed farm facilities with foot part used for layout. About 70% practice mixed cropping while 30% practice mono-cropping with no significant long term investment on farming due to existing tenure system. The paper recommends a review of the existing land tenure to accommodate land right to encourage long term investment to ensure sustainable agriculture.
Effects of the Land Use Act of 1978 on Rural Land Development in Nigeria: A Case Study of Nnobi. (Published)
This study is concerned with the effects of Land Use Act on rural land development in Nigeria with reference to Nnobi as a rural area. Obviously, the law was enacted barley 30 years ago but seems to be a recent innovation to many Nigerians especially in rural areas. The Act conflicts so much with the traditional land proprietary structure in the Southern Nigeria in particular which was predominantly owned by communities. It introduced more controversies and fear from most Nigeria than any previous Act. The importance to the profession of Estate Management of such a radical piece of legislation as the Land Use Act cannot be over emphasized. It is true that laws are for the judiciary to make and interpret, but laws and policies affecting land are also matters in which profession Estate surveyors and valuers as experts on land matters ought to take the front row in offering the benefit of his expertise. Questionnaire and interview methods were mainly used. The purposive sampling technique was used and One hundred twenty (120) respondents. Personal observation was also used to complement the information gathered. The result shows that people especially those living in rural areas are mostly not aware of the Act let alone its provisions on rural land as an avenue for rural land development. This wide ignorant of the Act, by the people has completely retarded the pace of development in our rural areas as well as the socio-economic conditions of the people. After examining the effects of the Act on rural land development in the area concerned and other allied issues, recommendations were made based on the findings for efficient and effective implementation of the Act in rural areas cum rural Lands of Nigeria and if strictly adhered to will go a long way to achieving overall objectives for which the Act was enacted.
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Employment is an economic activity carried out with the objective of earning profit.
Targets speak to the reason for which an association has been begun. Destinations direct and represent the activities and conduct of representatives. As indicated by William F. Glueck, “Targets are those finishes which the association tries to accomplish through its reality and operations.”
Another expression for targets is objectives. Sensibly, goals should determine closures or results looked for that are gotten from and consistent with the mission the association has set itself Attempts to set destinations ought to dependably be guided by references to the mission they are intended to satisfy.
Business targets are something which a business association needs to accomplish or achieve over a predefined time frame. These might be to gain benefit for its development and advancement, to give quality products to its clients, to ensure nature, and so on.
Characterization of Objectives of Business:
It is by and large trusted that a business has a solitary goal. That is, to make benefit. Yet, it can’t be the main target of business. While seeking after the goal of winning benefit, specialty units do keep the enthusiasm of their proprietors in see. Be that as it may, any specialty unit can’t overlook the interests of its representatives, clients, the group, and additionally the interests of society all in all.
For example, no business can thrive over the long haul unless reasonable wages are paid to the workers and consumer loyalty is given due significance. Again a specialty unit can thrive just in the event that it appreciates the help and goodwill of individuals all in all. Business destinations additionally should be gone for adding to national objectives and goals and towards worldwide prosperity. In this way, the destinations of business might be named;
A. Economic Objectives
B. Social Objectives
C. Human Objectives
D. National Objectives
E. Worldwide Objectives
Presently, we should talk about every one of these goals in detail.
A. Economic Objectives:
Economic goals of business allude to the goal of winning benefit and furthermore different destinations that are important to be sought after to accomplish the benefit objective, which incorporate, formation of clients, general advancements and most ideal utilization of accessible assets.
(i) Profit Earning:
Benefit is the backbone of business, without which no business can make due in an aggressive market. Indeed benefit making is the essential goal for which a specialty unit is brought into reality. Benefits must be earned to guarantee the survival of business, its development and extension after some time.
Benefits help specialists to win their living as well as to extend their business exercises by reinvesting a piece of the benefits. Keeping in mind the end goal to accomplish this essential goal, certain different targets are additionally important to be sought after by business, which are as per the following:
(a) Creation of clients:
A specialty unit can’t survive unless there are clients to purchase the items and administrations. Again an agent can gain benefits just when he/she gives quality merchandise and enterprises at a sensible cost. For this it needs to draw in more clients for its current and additionally new items. This is accomplished with the assistance of different advertising exercises.
(b) Regular advancements:
Advancement implies changes, which achieve change in items, procedure of creation and dispersion of products. Specialty units, through development, can decrease cost by embracing better strategies for generation and furthermore increment their deals by drawing in more clients due to enhanced items.
(c) Best conceivable utilization of assets:
As we as a whole know, to maintain any business we should have adequate capital or assets. The measure of capital might be utilized to purchase hardware, crude materials, utilize men and have money to meet everyday costs. Along these lines, business exercises require different assets like men, materials, cash and machines.
The accessibility of these assets is normally constrained. In this way, every business should attempt to make the most ideal utilization of these assets. Utilizing effective specialists. Making full utilization of machines and limiting wastage of crude materials, can accomplish this goal.
B. Social Objectives:
Social target are those destinations of business, which are wanted to be accomplished for the advantage of the general public. Since business works in a general public by using its rare assets, the general public expects something as a byproduct of its welfare. No activity of the business ought to be gone for giving any sort of inconvenience to the general public.
In the event that business exercises prompt socially hurtful impacts, there will undoubtedly be open response against the business at some point or another. Social destinations of business incorporate generation and supply of value merchandise and enterprises, appropriation of reasonable exchange practices and commitment to the general welfare of society and arrangement of welfare luxuries.
(i) Production and Supply of Quality Goods and Services:
Since the business uses the different assets of the general public, the general public hopes to get quality products and ventures from the business he target of business ought to be to deliver better quality merchandise and supply them at the correct time and at a correct value It is not alluring with respect to the representative to supply contaminated or second rate products which make wounds the clients.
They should charge the cost by the nature of e products and ventures gave to the general public. Once more, the clients likewise expect opportune supply of every one of their prerequisites. So it is critical for each business to supply those products and ventures all the time.
(ii) Adoption of Fair Trade Practices:
In each general public, exercises, for example, accumulating, dark showcasing and over-charging are viewed as undesirable. In addition, deceiving ads regularly give a false impression about the nature of items. Such promotions betray the clients and the representatives utilize them for making huge benefits.
This is an out of line exchange rehearse. The specialty unit must not make manufactured shortage of basic products or raise costs for gaining more benefits. Every one of these exercises gain a terrible name and now and again make the specialists subject for punishment and even detainment under the law. Thus, the target of business ought to be to receive reasonable exchange hones for the welfare of the shoppers and in addition the general public.
(iii) Contribution to the General Welfare of the Society:
Specialty units should work for the general welfare and enlistment of the general public. This is conceivable through running of schools and universities better instruction opening of professional instructional hubs to prepare the general population to procure their occupation, building up healing centers for restorative offices and giving recreational offices to the overall population like parks, sports edifices and so on.
С. Human Objectives:
Human destinations allude to the targets went for the prosperity and satisfaction of desires of representatives as likewise of individuals who are incapacitated, debilitated and denied of appropriate instruction and preparing. The human goals of business may along these lines incorporate economic prosperity of the workers, social and mental fulfillment of representatives and advancement of HR.
(i) Economic Well-being of the Employees:
In business workers must be furnished with tan compensation and motivator for execution advantages of provident reserve, annuity and different luxuries like medicinal offices, lodging offices and so forth. By this they feel more fulfilled at work and contribute more for the business.
(ii) Social and Psychological Satisfaction of Employees:
It is the obligation of specialty units to give social and mental fulfillment to their workers. This is conceivable by making the occupation fascinating and testing, putting the correct individual in the correct employment and lessening the repetitiveness of work Opportunities for advancement and headway in profession ought to likewise be given to the representatives.
(iii) Development of Human Resources:
Representatives as individuals dependably need to develop. Their development requires legitimate preparing and additionally advancement. Business can thrive if the general population utilized can enhance their aptitudes and build up their capacities and abilities in course of time. Consequently, it is imperative that business ought to mastermind preparing and improvement programs for its representatives.
(iv) Well-being of Socially and Economically Backward People:
Specialty units being indivisible parts of society should enable in reverse classes and furthermore to individuals those are physically and simple-minded. This should be possible from multiple points of view. For example, professional preparing system might be orchestrated to enhance the gaining limit of in reverse individuals in the group. While enrolling its staff, business should offer inclination to physically and simple-minded people. Specialty units can likewise help and support commendable understudies by granting grants for higher investigations.
D. National Objectives:
Being an essential piece of the nation, each business must have the target of satisfying national objectives and goals. The objective of the nation might be to give employment chance to its subject, gain income for its exchequer, end up plainly independent underway of products and enterprises, advance social equity, and so on. Business exercises ought to be led remembering these objectives of the nation, which might be called national targets of business.
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The UK’s £5.8bn ($8.8bn) pledge to help poor nations cope with climate change falls short of the country’s fair share of the burden and the efforts of other European leaders, campaigners have said.
The announcement increases the UK’s climate aid by 50% over the five years between 2016 and 2021. Significantly, it will also be scaled up, so that by 2020 the annual finance is £1.76bn ($2.68bn), or close to double the current annual funding.
The rich world has promised to contribute $100bn each year by 2020 to help developing countries cope with climate change. The new tranche of UK funding was “compatible with our fair share of the $100bn”, said the energy and climate change secretary Amber Rudd. “The UK is playing its part.”
The news was widely welcomed by the NGO community, including Oxfam’s lead advisor on climate change policy, Tim Gore, who said it was a “credible pledge”. But he said that all countries would need to do more.
“We want to see the majority of the $100bn to come from public funds,” he said. “If everyone doubles their current commitment that will put us at about $40-50bn per year in 2020 from public finance specifically for climate purposes. The rest would then have to be made up of assumptions about how much private finance countries have successfully ‘mobilised’. The accounting for this is much less clear.”
Oxfam estimates public climate finance today runs somewhere between $17bn and $20bn each year. The Organisation for Economic Co-operation and Development (OECD) sets the number higher, at $37bn, but Gore said this included projects in which adapting to, or staving off, climate change was not the principal objective.
The UK’s increase follows moves by Germany – which doubled its 2020 finance in May, which Oxfam said would reach $4.47bn – and the Asian Development Bank – which has doubled its commitment to an annual $6bn. Last week, China pledged $3.1bn over a non-specific timeframe. France is reportedly also set to increase their commitment to $4bn annually at the UN general assembly in New York on Monday. Other announcements from Sweden and Luxembourg are expected in the coming days.
But while the UK joins its European peers in doubling its contribution, Maria Athena Ronquillo-Ballesteros, director of the World Resources Institute sustainable finance programme, noted that it came from a much smaller base. In 2020, France and Germany will be giving approximately twice the UK’s intended contribution.
“This is close but definitely not 100% of the UK’s fair share. The UK needs to do more together with other donor countries but this is a significant gesture to raise ambition, and especially during a time of austerity,” she said.
“Comparing countries is really difficult,” said Gore’s German colleague Jan Kowalzig. “There is no definition what is climate finance and what isn’t.”
He said German climate finance included “a lot of rather traditional development assistance that is now increasingly made climate-proof” and France’s accounting included a lot of subsidised loans.
“If one looks at what the French budget provides (some of it to make loans concessional) then the French amount is much smaller,” he said.
It is a common misconception that the $100bn total is intended to come solely from the budgets of developed countries. Instead, it will involve a combination of private and public capital, as well as contributions from development banks.
Speaking to the Guardian earlier this month, Hela Cheikhrouhou, head of the Green Climate Fund, the UN body set up to dispense climate finance donations, said public money can often leverage an additional two to three times as much private capital investment in a project.
Funnelling $100bn into the response to climate change every year may seem a lofty target. But economist Jeffrey Sachs recently said this was “relatively a modest number” (it represents just 0.2% of OECD GDP).
To avoid a 2C increase in global temperature, as governments have pledged to do, the World Economic Forum estimates that $5tn of investments currently earmarked for infrastructure development by 2020 will have to be tailored towards a greener future, plus another $700bn of additional “green” funding.
Smita Nakhooda, climate finance leader at the Overseas Development Institute (ODI) said the $100bn target was a “crucially important” carrot that would draw trillions of dollars away from high-polluting projects.
“The private climate finance challenge is much bigger than figuring out what share of the $100bn comes from private or public sources,” she said.
Where the money comes from is as important as the raw numbers. Climate finance currently takes up about 17% of global overseas aid, said Gore, and the share is increasing.
In the UK, the money will come from within an existing overseas development assistance (ODA) cap of 0.7% of gross national income – so somewhere people in need may have their aid cut so the UK can fulfil its commitment to pay for the damage it has done to the climate. The UK argues that it is the only G7 country currently meeting the agreed 0.7% target for foreign aid, but others are concerned that this misses the point of ‘climate justice’.
“This increase is being funded from within the existing ODA levels, so more to climate change must mean less to other sectors – it is not new money,” said Romilly Greenhill, team leader for development finance at the ODI.
“This is problematic since climate change imposes additional costs on developing countries,” said Gore. “The bare minimum needed is that new pledges of climate finance do not divert existing ODA flows in other areas – they should at least be part of a rising ODA budget, rising at least as fast as the increase in climate finance to ensure no diversion.”
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351 years ago, on Saturday 2nd September 1666, the Great Fire of London started, consuming 13,200 houses, 87 parish churches, St Paul's Cathedral, and most of the buildings of the City authorities.
The fire is estimated to have destroyed the homes of 70,000 of the City's 80,000 inhabitants. And while the death toll was verified as just six people, many hundreds more of people died in the aftermath whilst living in make shift refugee camps.
But out of this disaster was the creation of property insurance. The Association of British Insurers (ABI) reports that: A few years after the Great Fire of 1666, new insurance offices began to appear in London offering people a way to protect themselves from losses caused by fire. The first such scheme was launched by Nicholas Barbon and one of the oldest fire policies in existence, signed by him in 1682, is held at the ABI’s offices.
By 1690 1 in 10 Londoners had property insurance.
What could have been
So, what would have happened if property insurance had existed in 1666?
After the fire, claims would have been submitted by the property owners due to the damage caused by the fire.
The Property Insurer would have typically paid out on each policy for the fire damage and the city’s homes would gradually be rebuilt. The Property Insurer would look to reimburse the claims against the baker who started the fire in Pudding Lane due to negligence.
But what actually happened?
Tenants were not only expected to pay for any damage to the property (as in 1666 the contracts of tenants made them liable for repairs to their houses, not the landlords who owned the property) but also with the continuation of rent as their homes were rebuilt. This caused severe disputes and an emergency 'Fire Court' was set up to officially regulate who was responsible for funding the rebuilds.
King Charles II declared there would be collections at churches across the country for the Lord Mayor of London to distribute amongst homeless and destitute Londoners and the total raised throughout the country was over £16,400 – covering a whopping 0.13% of the damage.
But that was not enough.
Hundreds of people died in the months afterwards as they struggled to survive in refugee camps. The City was in a mess.
The Great Fire of 1666 devastated central London, but the one surprising outcome of the fire is the creation of modern property insurance.
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How is the world going to reach the climate goals of COP21?
Not with your grandmother’s wind turbines.
“The truth is, if we adapt existing technologies … there’s still going to be a big gap to fill,” said President Obama about the importance of climate innovation.
“Cool technologies” need to fill the gap, and fast, says Microsoft co-founder Bill Gates. Together with a global group of investors, Gates helped form the Breakthrough Energy Coalition to spot and develop clean energy strategies that drive down costs for everyone, from entrepreneurs in Africa to innovators in India and China. According to Gates, this is the first time research and development has been on the agenda at international climate talks.
Joining him is Jack Ma, chairman of the Alibaba Group, China’s giant e-commerce company; Facebook’s Mark Zuckerberg; and Ratan Tata, who stepped down as chairman of the Tata Group, one of India’s largest conglomerates, in 2012 to run the firm’s charitable trusts.
“The world urgently needs a new economic revolution” focused on clean energy, said coalition member Aliko Dangote, founder of Nigeria’s Dangote Group. Dangote credits part of his success, which built his cement company into the largest manufacturing group in West Africa, to his investment in an independent power grid for his operations. In a recent interview, he called lack of reliable electrical power the biggest threat to businesses in Africa.
The coalition currently includes 28 of the world’s biggest investors and has pledged to invest early in transformative ideas. According to Gates, these could include investments in paint that transforms any surface into a solar cell, fusion power, or “flow batteries” that allow solar panels to store power after dark.
The coalition will help companies vault the “valley of death”: the virtual canyon between success in the lab and success against existing carbon-emitting technologies.
“Private companies will ultimately develop these energy breakthroughs,” Gates said. “But their work will rely on the kind of basic research that only governments can fund.”
Twenty governments, including China, India, the United States, Indonesia and Brazil, pledged to double clean energy research and development over the next five years. The program, Mission Innovation, will increase basic research to $20 billion per year, to find the most promising paths to a post-carbon future.
The private sector’s Breakthrough Energy Coalition will focus on developing technologies from Mission Innovation countries, which currently make up 80 percent of global clean energy research.
Obama describes this model in action: Government-backed research plus private investment has already tripled wind power production and multiplied solar power generation more than 20 times since 2009. In some parts of the United States, this energy is cheaper than conventional, carbon-based electricity.
“We know that if we put our best minds behind it and we have the dollars behind it, we’ll discover what works. We always have in the past, and we will this time as well,” Obama said.
Learn more about the COP21 climate agreement at @US_Center, and check out the potential future of clean energy when the Breakthrough Energy Coalition begins investing.
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In simple terms, this means all power could come from sources like wind, solar and hydro without reliance on fossil fuels. This has been the position of environmental groups and renewable energy companies. But not utilities, which typically argue that the grid still requires fossil electricity for stability, because renewables come and go.“I am speaking with confidence now. We have a solution now to adjust the intermittency of solar and wind energy that is no longer a technology challenge. Now it is an economic decision,” said Patrick Lee, Sempra Energy vice president for major project controls. “So installing a base load power plant is no longer your only option. You can now look at solar, wind and storage as alternatives, and still be able to manage the reliability of the grid. So that is the takeaway I would like you to have.”
He addressed the annual La Jolla energy conference sponsored by the UC San Diego Institute of the Americas at the Hilton La Jolla Torrey Pines.
Lee said that as a trained engineer, even three years ago he would not have believed this was possible.
“But today my answer is: The technology has been resolved. How fast do you want to get to 100 percent? That can be done today.”
In those three years, not only have wind, solar and battery prices plunged. The software to control storage and the grid has also advanced.
Suddenly, there is software that can make grid adjustments and bring battery power online much, much faster. “We now have the ability to control the grid twenty times faster than you can blink your eye,” Lee said.
To commercialize the new control software, Sempra has spun off a company called Pxise Energy Solutions, LLC (pronounced pice). It has licensed several patents developed with the company OSIsoft. Pxise has three more patents in the works. Lee is president of Pxise.
New abilities like this help point the way to future profit for utilities like Sempra facing financial challenges from several energy trends. But they also raise questions about the necessity of controversial new fossil fuel plants that these companies still want to build, such as the one near the beach in Carlsbad. Until recently, Sempra and that plant’s builder, NRG Energy, had countered, saying batteries just were not there yet.
Back in April, Energy Secretary Rick Perry penned a memo (PDF), directing his Chief of Staff to “initiate a study to explore critical issues central to protecting the long-term reliability of the electric grid” and using the full resources of the Energy Department. Secretary Perry ordered the report to be completed 60 days from April 19, which means we’re now right on top of expecting the report to drop.
A month later, four national business groups representing US renewable energy interests submitted materials to the Energy Secretary in an attempt to inform him of the importance and value of renewable energy sources and their contribution to protecting electricity reliability in the United States. The four groups — Advanced Energy Economy (AEE), American Council on Renewable Energy (ACORE), American Wind Energy Association (AWEA), and Solar Energy Industries Association (SEIA) — each penned a separate report and expressed their regret that the Department of Energy had ignored calls for “an open and transparent process for the review of reliability and electricity markets.”
In the cover letter penned by the four groups, they write,
“It is in the spirit of common purpose that we express our disappointment that the Department has apparently chosen not to make this review — which as outlined in your memo has the potential to upend energy markets around the country — public and open to input from industry, grid operators, state regulators, and other key stakeholders.”
Now, expecting the DoE’s report to drop any day now, a new report by Analysis Group — conducted on behalf of the Advanced Energy Economy and American Wind Energy Association — entitled Electricity Markets, Reliability, and the Evolving U.S. Power System, has concluded that the shifting nature of the US electricity sector does not endanger electric system reliability. Further, Analysis Group concluded that it is market forces — primarily the rise of low-cost natural gas and a flat demand for electricity — that are behind the retirement of coal and nuclear plants across the US, and not federal and state policies supporting renewable energy development.
Shares of Total US Net Generation by Fuel: 2005 vs. 2016
“It is a common occurrence for the issue of reliability to be raised when market, technology or policy changes are affecting the financial outlook of different segments of the electric industry,” the authors of the report began.
“Recently, some have raised concerns that current electric market conditions may be undermining the financial viability of certain conventional power plant technologies (like existing coal and nuclear units) and thus jeopardizing electric system reliability. In addition, some point to federal and state policies supporting renewable energy as a primary cause of such impacts.
“The evidence does not support this view.”
“The transformation now under way in the electric power system is driven primarily by market forces,” explained Susan Tierney, senior advisor, Analysis Group, and one of the authors of the report. “Low natural gas prices, technology changes, and flat demand for electricity have been putting financial pressure on and leading to the retirement of older, less economic power plants. This is a natural consequence of market competition. The result is a more diverse set of energy resources on the grid that is being capably managed in a way that provides reliable electric power.”
The report, which is available to download from here, deals specifically with two fundamental questions Analysis Group determined were among the most important in public debates among those within the electricity industry, regulators, stakeholders, and practitioners;
- What exactly are the primary drivers of the transition underway in the electric industry?
- Are the changes impacting the mix of generating resources in a way that could undermine power system reliability?
Among the key findings of the report, beyond the role of market forces, were lesser factors such as the rapid growth in deployment of advanced energy technologies, and state policies supporting these technologies. However, the report concluded that these factors are secondary to market fundamentals. Additionally, issues such as ageing resources like old nuclear and coal plants are obviously at play in these technologies’ retirements, whereas many advanced energy technologies are actually providing reliability benefits, specifically through diversifying the electricity sector, and by providing important reliability services to the grid.
“The electricity system in the United States is stronger than it’s ever been,” said Graham Richard, CEO of AEE.
“Thanks to innovation and smart policy, we have a more diverse fuel mix, a more reliable grid, and lower electricity costs. The Analysis Group report highlights how advanced energy technologies are helping to modernize the grid and how grid operators are well equipped to manage this market change. As DOE finalizes its report on reliability, we hope the Department will incorporate these key findings, which reflect the true state of the grid.”
“Like DOE, we wholeheartedly agree that reliable and affordable electricity is essential,” added Tom Kiernan, CEO of AWEA.
“Analysis Group’s report finds that wind and other advanced energy resources, driven by markets and technological advances, are improving electric reliability and reducing costs. Past dependence on a few fuel sources has given way to a more diverse grid, which is more robust and resilient. We think this analysis will be useful for DOE’s study, and we look forward to working with state and federal policymakers to implement market-based policies that will provide consumers with even more reliable electricity at lower cost.”
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In 2016 alone, more than 5,700 wildfires burned across the state of California according to the Department of Forestry and Fire Protection. And despite record rain this winter, climate change is expected to increase the number of large wildfires as well as the length of the wildfire season in California. To help Californian communities meet this challenge, Pacific Gas and Electric Company (PG&E) launched its Better Together Resilient Communities grant program today.
Through the program, PG&E will invest $1 million over five years – or $200,000 per year – in shareholder-funded grants to help communities better prepare for, withstand, and recover from extreme events and other risks related to climate change. This year, the company is calling for proposals that will build healthy and resilient forests and watersheds to help communities prevent and prepare for increasing wildfire risk.
“At PG&E, we believe adapting to the reality of climate change must include helping our communities to become more resilient to its many potential effects, such as the risk of wildfires. One way to do that is to work closely with our local partners, as well as those at the state and federal level, to support the best and most innovative ideas -- with a particular focus on those who live in highly vulnerable areas,” said Geisha Williams, CEO and President of PG&E Corporation.
PG&E will award two grants of $100,000 through a competitive process. A panel of community and sustainability leaders, including the League of California Cities and members of PG&E's Sustainability Advisory Council will play an advisory role with the program.
Strategies and solutions resulting from the grants will be made publicly available to help all communities, and encourage local and regional partnerships.
“Climate change is having extreme effects on our planet, and the state of California is facing increasing weather-related risks, including more frequent and more intense wildfires. I applaud PG&E for partnering with vulnerable communities on this science-based climate change resilience initiative. This new grant program will help Californians prepare for a future with more wildfires and other impacts from a changing climate,” said Dr. Jonathan Foley, Executive Director of the California Academy of Sciences and member of PG&E’s Sustainability Advisory Council.
“We’re delighted to see PG&E taking this leadership role in helping protect California’s communities from wildfire. As we work to ensure a safe, sustainable environment for our firefighters, their families, and our communities, it is essential to gain a better understanding of how to reduce the risks climate change and wildfires pose to lives and property,” said Lou Paulson, President, California Professional Firefighters.
“Extreme weather and climate change are threatening the safety of communities across central and northern California. With wildfire and other risks increasing to historic levels, we must generate innovative, collaborative solutions to succeed. We applaud PG&E for offering a program that focuses on these risks and encourages the collaboration needed to keep our communities safe now and in the years to come,” said Tom Trott, general manager of Twain Harte Community Services District.
Grant Criteria and Eligibility
Grant proposals will be assessed according to the following criteria:
- Partnerships: the extent to which the proposal reflects a collaborative effort among multiple organizations
- Replicability: the extent to which the proposal identifies how others can learn from and adopt the resulting strategies and solutions
- Assistance to disadvantaged communities: the extent to which the proposal addresses the identified needs of disadvantaged communities
- Measurable impact: the extent to which the proposal includes practical, measurable and innovative ways to address community needs and climate risks
To be eligible, applicants must be a governmental organization, educational institution or 501(c)3 nonprofit organization. All applicants must include a local government within PG&E's service area as a partner.
Learn more about the grants and how to apply at pge.com/resiliencegrants.
You are receiving this email because you joined the SNC Funding Opportunities listserv. If you no longer want to receive email notifications, you can unsubscribe by sending a blank email to [email protected].
Grant Program timeline
The grant application process and project timeline is as follows:
- Request for Proposals opens: March 1, 2017
- Final applications due: May 12, 2017
- Awards announced: Summer 2017
- Grant awardee Final Report: August 2018
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done by certified external auditing agency or an independent auditor. Accounting is done by an internal employee i.e. Bookkeeping is the process of systematically recording the financial transactions of a business, so as to show how the transactions relate to each other. Auditing after the end of the accounting process.. Accounting is a regular process as a financial record of transactions needs to be recorded every day. Tricky relationship in between an Audit and Account professional: Following are the difference between chartered accountant and auditor: Audits are typically categorized into two types: The following audits tools would be called for to perform an inner audit: Accounting and Auditing go hand-in-hand and inter-related to each other. What is the difference between fraud and error? They are governed by the Generally Accepted Accounting Principles (GAAPs). Difference Between Bookkeeping and Accounting: Bookkeeping is all about recording of financial transactions, accounting deals with the interpretation, analysis, classification and summarization of the financial data of a business. Definition: Accounting is keeping records of the financial transactions and preparing financial statements; but auditing is critical examination of the financial statements to give an opinion on their fairness. Auditors ensure the internal controls are intact and no falsification is there. The main purpose is to verify the reliability of the financial statements. Your email address will not be published. Accounting means systematically keeping the records of the accounts of an organization and preparation of financial statements at the end of the financial year. The purpose of accounting is to show the profitability and financial position of an enterprise. The important role of bookkeeping and accounting in every business has increased the demand for bookkeeping and accounting job or services worldwide. Accounting is the function of measuring and recording financial transactions of an entity in its books of accounts. To management, the board of directors, and shareholders. A common question is whether there is any difference between accounting and bookkeeping . Bookkeeping vs Accounting. Bookkeeping is an indispensable subset of accounting. Accounting and auditing draw from the same talent pool and, for the most part, require similar skill sets. Internal auditing. Hall McNair, McLemore, Middlebrooks & Co., LLC Post Office Box One Macon, Georgia 31202 Email Me. Double entry system—where a transaction provides both a debit and a credit entry. Cost accounting is a crucial part of management accounting and makes up a vital component in managing a firm’s costs and assets allocation. It's not surprising since many of their duties overlap, but the overall responsibilities of each role and the level of … Auditing starts when accounting work is completed. Auditing is primarily of two types – external audit and internal audit. Difference Between Accounting and Auditing (With Table), https://papers.ssrn.com/sol3/papers.cfm?abstract_id=374380, https://meridian.allenpress.com/ajpt/article-abstract/30/3/1/128174/Corporate-Governance-Research-in-Accounting-and?redirectedFrom=fulltext, Comparison Table Between Accounting and Auditing, Main Differences Between Accounting and Auditing, Frequently Asked Questions (FAQ) About Accounting and Auditing. In simple terms, accounting can be well understood with the help of following questions that gives specific numbers. The key difference between Accounting vs financial management is that Accounting is the process of recording, maintaining as well as reporting the financial affairs of the company which shows the clear financial position of the company, whereas, the financial management is the management of the finances and … What proportion of profit or loss incurred as compared to the total cost or sale? Accounting & Auditing.eval(ez_write_tag([[468,60],'askanydifference_com-box-3','ezslot_6',148,'0','0'])); But many people do get confused between them and treat them alike activities or procedures. What is the total cost incurred in this month or quarter or year? Capital—part of the Equity, which is the owners investment in the business. Auditing is a systematic examination of the financial statements, to determine how far they have adhered to the management policies and generally acceptable accounting principles. What is the difference between chartered accountant and auditor? The transaction comprises of an individual or a company's sales, purchases, receipts, etc. Internal Audit Report Form Bookkeeping is an activity of recording the financial transactions of the company in a systematic manner. As financial statements are prepared with the help of accounting records, thus auditing also covers the checking of those accounting records on a sample basis. Ask Any Difference is a website that is owned and operated by Indragni Solutions. Accounting Bookkeeping are two important functions of the Finance Department that are responsible for record and tracking funds as well as creating financial statements. When someone says they are an accountant, are they really a bookkeeper? “The purpose of Ask Any Difference is to help people know the difference between the two terms of interest. There are several I can think of, but the top 6 would be: 1. Auditing is the process of a comprehensive evaluation of the financial statements or records prepared under the accounting process. Both of these careers can be ideal for someone who enjoys working with numbers. Read more in The Hartford Business Owner's Playbook. daily transactions that involve sale or purchase of something and then utilize them to prepare financial statements of the organization. They can certify financials. The objective of bookkeeping is to maintain a systematic record of all financial transactions. Anti fraud Internal Audit Fraud Investigations. The main difference between bookkeeping and accounting is that accounting involves the interpretation and analysis of financial data, which bookkeeping does not. Difference between Accounting vs Financial Management. Friday, August 28, 2020. The main objective of Auditing is to verify the correctness of the organization’s account and financial statements, thus certain or certify that they exhibit the true view. They are governed by the Generally Accepted Accounting Principles (GAAPs). form a part of accounting. A bookkeeper is not the same as an accountant, yet these two roles can easily be confused by some businesses. People often confuse the roles of bookkeepers, accountants and certified public accountants (CPAs). A chartered accountant has more possibilities compared to auditors. Also, steps are taken in Auditing to reach an opinion on whether these financial statements are prepared according to the reporting and legal framework which is specifically defined for preparations & presentations of financial statements. A few years ago we as a company were searching for various terms and wanted to know the differences between them. What is the relationship between accounting and auditing? Accounting involves the following: Accounting function can be performed in house by an employed accountant or can be outsourced to an accounting firm. 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Deleted user Date posted: 2013/06/17 careers can be ideal for someone who enjoys working with.... A firm the flexed budget approach are verified to check the difference between bookkeeping accounting and auditing in tabular form and correctness of these of... Question is whether there is any difference is a continuous process which is by! Out separately by internal employees as well as external i.e such as GAAP accounting, government accounting auditing! Databases that run in-memory or in DirectQuery mode, connecting to data back-end... Two types – external audit is carried out by in house by external., I consult with other CPA firms, assisting them with auditing and accounting is a of! Boards and mandated by jurisdictional law governing the enterprise there is any difference a! Understood with the accounts of an entity in its books of accounts in a... Are two important functions of the high demand, it made bookkeeping and accounting lies in objectives. 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- Hello world! on
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There are different institutional models for consumer protection enforcement. Some countries establish dedicated Consumer Protection Agencies (CPA) to coordinate policies and measures across sectors. In other countries, the main mandate for implementing consumer protection law lies within an existing ministry—in most cases, the ministry of industry and trade or commerce. Regardless of the institutional set-up, CPAs need to consult with multiple stakeholders due to the cross-sectoral nature of consumer protection issues. Listed below are common responsibilities of CPAs vis-à-vis other government entities, businesses and consumers.
Consumer Protection Agencies
Countries would often establish a new agency to take charge of consumer protection matters in its territory. Alternatively, such powers and responsibilities could also be vested with an existing one, which is often the ministry of industry and trade or commerce, which would set up or assign a specific department to oversee all consumer-related affairs. Such agencies, here below commonly referred to as the ‘Consumer Protection Agencies’, would have one or more than one of the following powers and responsibilities:
- Enforcing consumer protection (and competition) laws;
- Registering and issuing licences for certain designated types of business activities;
- Issuing administrative rules to regulate conduct of business entities and ensuring the protection of consumer interests;
- Advising the government on appropriate measures for consumer protection;
- Representing the consumer interest in other intergovernmental committees;
- Advising consumers and businesses of their rights and obligations under the relevant consumer protection laws;
- Conducting, or commissioning market surveys and research into consumer protection problems;
- Conducting or commissioning product testing for safety and quality, and disseminating information to consumers;
- Managing and/or monitoring the performance of consumer tribunals or other mechanisms for the handling of consumer claims;
- Consulting with relevant stakeholders to understand consumer issues and developing policy to address problem areas;
- Organizing public education and information programmes independently or in collaboration with consumer organizations or business entities; and
- Representing the national consumer interests at regional and international negotiations on individual cases and discussions of regional and international policies.
Where the agency’s role is not interventionist in nature, its functions could be advisory to ensure that both businesses and consumers are informed of their rights and responsibilities through public education and information programmes. The agency could also play a representative role within the government to comment and make recommendations on consumer protection laws and other related laws including where it resides within the jurisdiction of other departments that would have an impact on the consumer interests.
While there are different models to choose from, the functions of the consumer protection agency are quite similar, as listed above, whether it is part of the government or an autonomous entity. Some agencies, though independent in structure, are still dependent on the government for their operating costs and are answerable to the minister charged with the responsibility and, as public bodies, to national parliaments or assemblies.
Where the responsibilities and powers for consumer protection are not centralised into one single agency, but shared amongst different public bodies, the consumer protection agency or a high-level body with the consumer agency as the secretariat, could and should still play a central role of coordinating amongst these bodies, to ensure policy coherence, and avoid the problems of overlapping mandates, duplication or negative forum-shopping, while according the consumers with the highest level of protection possible.
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The opportunity for international investment and natural resource extraction is on the rise in Laos. When determining agreements for development the GOL (Government of Laos) weigths the impact of investment to existing communities and sets goals to maintain sustainable village lifestyles. This is balanced with the objective of encouraging more population density and connecting villages with roads. The Hongsa Power Co. demonstrates an effort to strike a balance between infrastructure development and cultural values in rural Laos. The mission statement of Hongsa power is “to be recognized as a leading power plant in Laos that is environmentally friendly and accepted by the local community.”
The large coal deposit in Hongsa was uncovered in 1992, and the GOL granted Lao and Thai entities with financial support from Singapore the authority to extract the resource in 2009. The GOL outlined the following objectives as part of the agreement: construct a road connecting Hongsa and Luang Prabang to Thailand, use international environmental standards, gain community acceptance of project and resettle the villages impacted by the project. The resettlement agreement included housing, income, farm and livestock land, temples, and skills training. In contrast to the Xayaboury Hydroelectric Plant resettlement agreement where the government contracted resettlement, the Hongsa Power Co. was granted full responsibility for managing and funding the resettlement.
One initiative is to establish a market for the sale of handicrafts made by the resettled villagers. With the new road connecting the villages to markets in Thailand and Luang Prabang these communities will have the opportunity to sell their wares at a greater profit. The basket above will be exported from Thailand to Japan. These markets will also support rice, dried chilies, and chili paste exports.
Another initiative is family budgeting, since part of the resettlement agreement is an income. In order to receive the income, families must open a bank account and participate in financial management training. Schools were also built to provide access to education.
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According to a report on the website of the Santa Fe New Mexican, the New Mexico Public Regulations Commission (NMPRC), which regulates the state's public utilities, voted to change the way renewable energy credits (RECs) are calculated, effectively cutting the value of solar RECs (SRECs) in half.
In a three-to-two vote, the board of commissioners created a multi-tiered system wherein 1 kWh from wind produces 1 REC; 1 kWh from solar produces 2 RECs; and 1 kWh from other renewable sources, such as biomass, produces 3 RECs. Prior to the ruling, all forms of renewable energy produced RECs on a one-for-one basis.
Some expect the decision to cut demand for utility-scale solar under the state's renewable energy standard by granting twice as much credit for their generated or purchased capacity, reducing incentives for future capacity. Others say the falling price of solar is likely to maintain demand, and that the NMPRC decision will serve as a needed boost for biomass energy projects, which will improve brush clearing and fire mitigation efforts for forests.
‘Solar demand is healthy,’ says one New Mexico developer of renewable energy infrastructure projects. ‘We are not worried about demand for solar energy.’
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What are Securities Laws?
Regulation of the Sale of Securities
If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.
- Marketing, Advertising, Sales & PR
- Accounting, Taxation, and Reporting
- Professionalism & Career Development
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Business Management & Operations
- Economics, Finance, & Analytics
What are securities laws?
Securities laws are the federal and state statutes and regulations that control the sale or transfer of rights or ownership interests in a business entity (securities). Specifically, securities laws purport to protect the general public from deceptive practices in the sale or trade of securities. The major securities laws include the Securities Act of 1933 and the Securities Exchange Act of 1934. The primary method of protecting investors prescribed under these acts is thorough disclosure of relevant or material information. As we discuss in this chapter, the requirements for the disclosure of information vary based upon the nature of the sale or transfer of securities.
Next Article: What is a Security? Back to: SECURITIES LAW
Discussion: Why do you think the Federal Government seeks to protect the rights of private owners of a business entity? Do you believe that the disclosure of relevant or material information is the best way of achieving this goal? Why or why not?
Practice Question: What are the laws applicable to the sale or trade of securities?
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Centralized Market - Definition
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We’ll get back to you as soon as possible.
- Marketing, Advertising, Sales & PR
- Accounting, Taxation, and Reporting
- Professionalism & Career Development
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Business Management & Operations
- Economics, Finance, & Analytics
Centralized Market Definition
A centralized market is a financial market free of competing parties (markets). A centralized market is structured in a way that allows all orders (purchase and sale) to be transferred to a central exchange. There is an absence of competing markets in a centralized market, this is why all orders are made through one exchange. Investors who are to trade in this type of financial market, rely only on the prices of securities quoted by the market or exchange.
A Little More on What is a Centralized Market
There are many Centralized markets around the globe and there are common features of Centralized markets. There is transparency in the prices quoted in a centralized market, both the seller and buyer have access to the price. Investors who are willing to participate in the market can also see the quotes and trades available in the market before making their decisions. The New York Stock Exchange (NYSE) is a popular example of a centralized market. NYSE has only one central exchange where all buying and selling orders are routed and matched. Centralized markets are special types of the financial markets in the sense that they have no competing markets as transactions done or securities purchased in the market are not readily found in order markets.
The Emergence of Decentralized Markets
The opposite of a centralized market is a decentralized market. This type of market has multiple exchanges or locations where buying and selling orders are routed, there is competition in the market which allows investors and traders to opt for the best deals. Decentralized markets give traders the opportunity to execute their trade without any physical presence, this means selling and buying orders can be made online where there is a myriad of markets, locations, and exchanges that they can place their orders. The advancement in technology is helping decentralized markets gain more recognition as the days go by. This type of market connects buyers directly to sellers without any intermediary.
Reference for Centralized Market
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Functions of Central Bank (Reserve Bank of India)
The Reserve Bank of India (RBI) is India’s central banking institution, which controls the monetary policy of the Indian rupee. It commenced its operations on 1 April 1935 in accordance with the Reserve Bank of India Act, 1934. The original share capital was divided into shares of ₹100 each fully paid, which were initially owned entirely by private shareholders. Following India’s independence on 15 August 1947, the RBI was nationalised on 1 January 1949.
1. Monetary Authority: It controls the supply of money in the economy to stabilize exchange rate, maintain healthy balance of payment, attain financial stability, control inflation, strengthen banking system.
2. The issuer of currency: The objective is to maintain the currency and credit system of the country. It is the sole authority to issue currency. It also takes action to control the circulation of fake currency.
3. The issuer of Banking License: As per Sec 22 of Banking Regulation Act, every bank has to obtain a banking license from RBI to conduct banking business in India.
4. Banker to the Government: It acts as banker both to the central and the state governments. It provides short-term credit. It manages all new issues of government loans, servicing the government debt outstanding and nurturing the market for government securities. It advises the government on banking and financial subjects.
5. Banker’s Bank: RBI is the bank of all banks in India as it provides loan to banks, accept the deposit of banks, and rediscount the bills of banks.
6. Lender of last resort: The banks can borrow from the RBI by keeping eligible securities as collateral at the time of need or crisis, when there is no other source.
7. Act as clearing house: For settlement of banking transactions, RBI manages 14 clearing houses. It facilitates the exchange of instruments and processing of payment instructions.
8. Custodian of foreign exchange reserves: It acts as a custodian of FOREX. It administers and enforces the provision of Foreign Exchange Management Act (FEMA), 1999. RBI buys and sells foreign currency to maintain the exchange rate of Indian rupee v/s foreign currencies.
9. Regulator of Economy: It controls the money supply in the system, monitors different key indicators like GDP, Inflation, etc.
10. Managing Government securities: RBI administers investments in institutions when they invest specified minimum proportions of their total assets/liabilities in government securities.
11. Regulator and Supervisor of Payment and Settlement Systems: The Payment and Settlement Systems Act of 2007 (PSS Act) gives RBI oversight authority for the payment and settlement systems in the country. RBI focuses on the development and functioning of safe, secure and efficient payment and settlement mechanisms.
12. Developmental Role: This role includes the development of the quality banking system in India and ensuring that credit is available to the productive sectors of the economy. It provides a wide range of promotional functions to support national objectives. It also includes establishing institutions designed to build the country’s financial infrastructure. It also helps in expanding access to affordable financial services and promoting financial education and literacy.
13. Publisher of monetary data and other data: RBI maintains and provides all essential banking and other economic data, formulating and critically evaluating the economic policies in India. RBI collects, collates and publishes data regularly.
14. Exchange manager and controller: RBI represents India as a member of the International Monetary Fund [IMF]. Most of the commercial banks are authorized dealers of RBI.
15. Banking Ombudsman Scheme: RBI introduced the Banking Ombudsman Scheme in 1995. Under this scheme, the complainants can file their complaints in any form, including online and can also appeal to the Ombudsman against the awards and the other decisions of the Banks.
16. Banking Codes and Standards Board of India: To measure the performance of banks against Codes and standards based on established global practices, the RBI has set up the Banking Codes and Standards Board of India (BCSBI).
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The course introduces the concept of Local Economic and Community Development defined in a multidisciplinary and holistic perspective. The course is also based on a wide range of case studies and introduces students to the main theories of growth and economic and social development. It also describes the factor markets fostering the development process including also the relevance of public and environmental goods paying special attention to the smart governance of communities, the collective decision making mechanisms, and the sustainable management of land and environment. At the end of the course students should be able to: - apply impact evaluation tools based on the use of Social Accounting Matrices augmented to account for information on the employment structure of each economic sector, the impact on environmental sustainability, migration and worker mobility, - demonstrate that have acquired in-depth applied knowledge and understanding of relevant economic concepts, - develop solid judgment autonomy and high communication and learning skills in order to apply such knowledge to the solution of major local development problems both at national and international level.
Community Economic Development Theory.
1. Defining Community Economic Development.
2. Growth Theory.
3. Space and Community Economics.
4. Concepts of Community Markets.
Community Factor Markets.
5. Land Markets.
6. Labor Markets.
7. Financial Capital Markets.
8. Technology and Innovation.
9. Nonmarket Goods and Services: Amenities.
10. Local Government and Public Goods.
Institutions and the Art of Community Economics.
11. Institutions and Society.
12. Policy Modeling and Decision-Making.
13. The Practice of Community Economic Development.
Tools of Community Economics.
14. Descriptive Tools of Community Economic Analysis.
15. Inferential Tools of Community Economic Analysis: fixed-Price Models.
16. Inferential Tools of Community Economic Analysis: Price: Endogenous Models.
17. Looking to the Future.
|Phillips, R. and R.M. Pittman||An Introduction to Community Development||Routledge: New York||2009|
|Shaffer, R., S. Deller and D. Marcouiller||Community Economics: Linking Theory and Practice||Blackwell: Oxford England||2004|
|Bendavid-Val, A.||Regional and Local Economic Analysis for Practitioners||Prager Publisher, London||1991|
|Taylor, Ed. and I. Alderman||Village Economies. The Design, Estimation and Use of Villagewide Economic Models||Cambridge University Press, UK.||2006|
50% scientific work in English, 30% exercises, 20% participation in class
Objectives of the assessment tests
The written test is intended to ascertain the knowledge of the topics discussed in class and the ability to apply the logical schemes to the various themes proposed.
Participation in the classroom is verified through the student's active presence and the quality of the argument placing special attention to the scientific readings proposed during the course.
The analytical capacity is verified through the exercises done at home either in pencil or using the Gams or Stata language. The approach is "learning by doing."
Content and method of carrying out the assessment tests
The written exam is about the writing of an applied scientific work chosen by the student in concert with the teacher on a subject related to the materials presented in the course as they are shown in the syllabus delivered to the student at the opening of the course and can be consulted on the dedicated e-learning site. The scientific work is discussed at the end of the course with a professional presentation in the presence of all the students who are required to take an active and critical participation to the work presented.
Non attending and ERASMUS students are requested to contact the teacher at the beginning of the course to agree on the procedures for the assessment tests.
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*Use this dictionary as a resource to help you navigate through identity crime and fraud protection terms and definitions. Click on the dictionary term to learn more about it.
Accidental Internet Exposure: exposure of information as a result of unintended access to the Internet.
Account Takeover: a form of payments fraud whereby the fraudster obtains full control over an account and locks the legitimate owner out. Usually done by changing the PIN or password, or changing the statement mailing address.
Antivirus Protection: software that is intended to protect your computer against malware and other electronic viruses.
Breach: unauthorized access to a computer system’s sensitive, protected and/or confidential information, and the viewing, theft or illegal use of the information.
Bot (Internet bot, web bot): software that is programmed to perform automated tasks on the Internet.
Business breach: a breach that occurs within a business or organization.
Business email compromise (BEC): a scam that utilizes legitimate email accounts to scam money or personal information from a business. These scams target businesses that use wire transfers, foreign suppliers and other invoice transactions.
Check Fraud: Check fraud is a criminal act in which a perpetrator deliberately uses checks to partake in deceptive banking practices for personal gain.
Check Kiting: taking advantage of the float time (the time it takes for the bank to process a check) to make use of non-existent funds in a checking account. See also check fraud.
Check Washing: using chemicals and solvents to remove or modify handwriting on a check to assist in forgery. See also check fraud.
Child Identity Theft: is when the victim of identity theft is a minor. Because a child, or parent acting on behalf of the child, is unlikely to request credit reports or try to obtain credit, the theft can go undetected for an extended period time.
Credit Card Fraud: stealing credit card/financial information illegally.
Credit Freeze (Security Freeze): a method for preventing a credit file from being shared with potential creditors or insurance companies so new lines of credit cannot be opened in your name. This is done individually by contacting each of the three credit monitoring bureaus.
Credit Reporting Agencies: (also known as Credit Reporting Bureaus) are businesses that maintain historical information pertaining to the credit record of individuals or businesses. The largest U.S. consumer credit reporting agencies are Experian, Equifax, and TransUnion.
Credit Score: a three-digit number between 300 and 850 calculated from an individual’s credit report that indicates their creditworthiness. Higher scores indicate to lenders that the individual is more likely to repay a loan.
Criminal Identity Theft: when somebody commits (non-identity related) crimes under an assumed identity.
Criminal Organization: a group of individuals who work together to commit fraud. See also Fraud Ring.
Cyberbullying: the act of using online platforms to carry out bullying behavior (i.e. posting mean or embarrassing photos, threatening comments, etc.).
Cybercrime: fraud perpetrated on the Internet or through the use of computers.
Cybersecurity: measures taken to protect a computer/computer system (on the Internet) against unauthorized access or attack.
Data Breach: unauthorized access to a computer system’s sensitive, protected and/or confidential information, and the viewing, theft or illegal use of the information.
Data Broker: an individual or business that aggregates information from multiple sources as a service (i.e. public databases, people finders, background check websites, etc.).
Data on the Move: exposure of information due to the transport or movement of information and information containers (computers, folders, hard drives, etc.) from where they are normally kept.
Digital Asset: any form of digital material (text, images, photos, animation, video, artwork, etc.) owned by an individual or a company.
Doxing: a type of trolling that consists of posting some or all of the personal information (name, address, phone number, Social Security number, birth date, etc.) of victims online for public view.
Dumpster diving: the practice of rummaging through someone’s trash to obtain personal information.
Educational Breach: a breach that occurs within an educational institution.
Embezzlement: the theft of another’s property or assets by a person who is in a position of trust, such as an employee.
Employee Error: unintended exposure of information as a result of an error made by an employee.
Employment Fraud: stealing personal information or acquiring monetary compensation by posing as a legitimate business looking for hire.
Fair Credit Reporting Act: a U.S. federal law that gives everyone the right to see their credit report from the three major consumer Credit Reporting Agencies (Experian, FICO, TransUnion).
Federal Trade Commission (FTC): an agency whose purpose is consumer protection and prevention of anticompetitive business methods.
Financial Breach: a breach that occurs within a financial corporation.
Financial Identity Theft: when a person uses an assumed identity for personal monetary gain.
First-party Fraud: when a legitimate customer opens an account, withdrawals money, and has no intention of repayment.
Float Time: the time between when an individual writes and submits a check as a payment and when the individual’s bank receives the instruction to move funds from the account.
Forgery: the process of counterfeiting or altering documents, such as a check, with the intent to deceive
Fraud: the theft and misuse of a victim’s personal information and existing financial accounts. This includes stealing personally identifiable information (PII) and ATM/debit card information to make fraudulent transactions.
Fraudster: a person who commits fraud.
Fraud Prevention: taking the steps that best protect against fraud, identity theft and other external threats targeting companies and individuals.
Government/Military Breach: a breach that occurs within a government or military-based facility.
Hacker (Security Hacker): a person who uses technical skills to break into computer systems or networks.
Hacking: exposure of information as a result of a targeted attack executed through unauthorized access to a computer or network.
Identity Theft: the theft of an individual’s PII and subsequent impersonation of their identity to create new accounts using all, or portions of, their information. This includes using a stolen Social Security number to open a credit card in someone else’s name.
Insider Theft: exposure of information as a result of theft orchestrated by an individual within the institution such as an employee or staff member (either former or current).
Intellectual Property Information: information pertaining to original creations of an individual (i.e. copyright, trademark, patents, etc.)
International Revenue Service (IRS): The United States revenue service that collects taxes and applies and regulates the Internal Revenue Code.
Lurking: when someone secretly searches or reviews an individual’s social media content (photos, text, posts, shares, basic profile information, etc.), typically for the purpose of gathering information. Motivations behind lurking can range from personal boredom to criminal activity.
Magnetic Ink Character Recognition: (also known as MICR or MICR line) Industry standards mandate that this type of special magnetic toner be used to print the information at the bottom of a check.
Malvertising: the use of online advertising to spread malware.
Malware: software that contains specialized code designed to damage or allow unauthorized access to a computer.
Medicaid Fraud: is when any provider of health care has defrauded the state Medicaid system.
Medical Breach (Health Care Breach): a breach that occurs within a medical institution or health care company.
Medical Identity Theft: when a person seeks medical treatment or prescription drugs under an assumed identity.
Medicare Fraud: the collection of Medicare health care reimbursements under false pretenses. It can be both internal and external fraud.
Microprinting: a security feature on checks. Text is printed too small to be photocopied legibly. It prevents fraudsters from making fraudulent copies of checks.
Nigerian Scam: (also known as 419 Scam) a fraud scheme in which individuals create fictitious stories about needing help transferring money or a foreign national out of the country. In exchange for paying “fees,” scam victims are “promised” a large sum of money upon successful transfer. However, this reward is never paid.
Payments Fraud: encompassing term used to describe fraud related to credit, debit or other payment cards.
Personal Health Information (PHI): information pertaining to personal medical records (diagnoses, test/lab results, insurance provider information, etc.)
Personally Identifiable Information (PII): any information that can be used on its own or with other pieces of personal information that can distinguish a person as an individual (name, address, Social Security number, date of birth, etc.).
Phishing: posing as a legitimate person or company online with the intention of stealing money or personal information.
Physical Theft: exposure of information due to physical theft of information and/or information containers (computers, folders, hard drives, etc.)
Scam: a game or fraudulent scheme with the intention of stealing money or personal information
Security Freeze (Credit Freeze): a method for preventing a credit file from being shared with potential creditors or insurance companies so new lines of credit cannot be opened in your name. This is done individually by contacting each of the three credit monitoring bureaus.
Security Hacker (Hacker): a person who uses technical skills to break into computer systems or networks.
Social Engineering: the manipulation techniques that are used to convince somebody of a scam’s legitimacy.
Social Security Number: a unique nine-digit number used to identify individuals for Social Security purposes.
Spear Phishing: a type of phishing attack that targets a group of people (i.e. employees, members or customers of an organization).
Spyware: malicious software that gathers information about a computer or network discretely.
Storage Encryption: a storage security feature that uses encryption and decryption of archived data while it is in transit and being stored.
Swatting: a type of trolling where Internet trolls make fake calls to emergency personnel, impersonating their victims. The term “swatting” comes from the idea that these fake calls usually lead to unnecessary police or SWAT raids at the victims’ residences.
Synthetic Identity Theft: when a person uses a valid Social Security number to create a fake identity.
Third-Party Error (Subcontractor Error): unintended exposure of information as a result of a third party or subcontractor error
Trojan (Horse): a type of virus that appears legitimate, but performs illicit activity when activated.
Trolling (Business Pages): the act of deliberately instigating emotional reactions from others through inflammatory or offensive online interactions on business-related pages or groups that can be motivated by controversies surrounding a business’ actions or connections (affiliations, political or religious statements, mergers, business deals, partnerships, ownership changes, etc.).
Trolling (Personal Pages): the act of deliberately instigating emotional reactions from others through inflammatory or offensive online interactions on personal pages or non-business related groups.
Virus: a type of cyber attack that activates a program within a computer system to cause damage to computer files.
Vishing: posing as a legitimate person or company over the phone with the intention of stealing money or personal information.
Web Beacon: typically a single-pixel graphic or image that is placed on websites to track user activity
Whaling: a type of phishing attack that targets high-level executives (CEOs, owners, board members, etc.).
Worm: a type of cyber attack that travels through a computer’s memory and hard drive to cause a computer to crash.
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ECUADOR A smart investment option Video
INDEX • Ecuador´sFacts • EcuadorianEconomy • Ecuador´s Incentives forinvestments
ECUADOR: Interesting Facts
ECUADOR Ecuador High-value Strategic and Geographical Position
ECUADOR Fast Facts History: Divided in four stages: - Inca - Colonization - Independence - Republican Stages have marked the government structure and created new public policies for steps towards democracy and equality. Location: Western South America, bordering the Pacific Ocean at the Equator, between Colombia and Perú. Ecuador lies between latitudes 2°N and 5°S, and longitudes: 75° and 92° W. Area: 109.483 square miles (283.561 square kilometers) Population: 15,007.343 (July 2011 est.) Growth rate: 1.4% Capital: Quito
ECUADOR • Geography: Crossed by the Equator line and The Andes Mountains, both of which boost its geographical advantages: • Four different worlds in one: • The Galápagos Islands, one of the biggest laboratories in the world. • The Coast, where world renowned quality products are grown, amongst others bananas, cacao, tuna and shrimp. • The Andes, with its different climates favours the growth of exceptional products, like our national icon: roses • The Amazon,one of the world´s most mega diverse zone per square kilometer. • Climate: 12 hours of direct equatorial daylight 365 days a year. Climate in the regions varies because of location.
ECUADOR Interesting facts
Trade Ecuador - Israel Soure: Banco Central del Ecuador
Main exports products Source: Banco Central del Ecuador
Main imports products Soure: Banco Central del Ecuador
ECUADOR: Our Economy
Important economic growth Source: Banco Central del Ecuador
Stable economy growth Rate of GDP growth - 2011 (percentages) The growth rate achieved by the country in 2011 ranks third in Latin America. Also, Ecuador register an annual economic growth of 4.8% at the first quarter of 2012. Source: World Bank Data Bank, Referencial data
Unemployment rate in Latin America Unemployment rate(December 2011) Percentages Source: INEC
Dynamic non-oil exports Millons US Source: Banco Central del Ecuador
Non-oil Exports 1 2 3 4
Main Export Markets Source: Central Bank of Ecuador
Government Debt Ecuador has a very low debt-to-GDP ratio reaching 22.1% on Jul-12. External debt represents 13.7% while the remaining 8.4% corresponds to domestic debt. Source: Ministry of Finance
Government Efficiency Latin-America 2011 – Regional Comparison 2011 Scale 1 to 10, from 1 “not efficient” to 10 “totally efficient” Source: Latinobarómetro 2011 INVESTMENT GRADE Latinobarómetro places Ecuador as one of the most efficient states in Latin America (18 countries).
ECUADOR: A smart investment option
ECUADOR, the country of intelligent investment in South America
¿WHY DO WE TALK ABOUT VALUES? ¿WHAT DOES IT MEANS TO INVEST WITH VALUES? NOT PROFITABLE INVESTMENTS IF THEY DO NOT OBSERVE AN ETHIC BEHAVIOR AND IMPROOVE PEOPLES LIFES: • ETHICS WITH EMPLOYEES 2. ETHICS WITH ENVIROMENT 3. ETHICS WITH THE STATE 4. ETHICS WITH CONSUMERS
ECUADOR: Smartinvestmentoption 7 STRATEGIC REASONS Country and tourism mega diverse Stable and Growing Economy Strategic Location and Logistics Hub Qualified Human Resources Easy Access to Andean and World Market Protection and Incentives to Investors Dollarized economy
MAIN CHARACTERISTICS OF THE CODE OF PRODUCTION • An organic legal norm and specific regulations for each area. • MCPEC chairs: Production Council which brings together about 20 public institutions • MCPEC: Coordinates 6 Ministries and other public organizations related to production. • Tax incentives established in the COPCI, that are already in other legal norms such as the Internal Tax Regime Law
MAIN CHARACTERISTICS OF THE CODE OF PRODUCTION STABILITY AND PREDICTABILITY • Investment Contracts with STABILIZATION of the CODE INCENTIVES renewable up to 15 years
MAIN CHARACTERISTICS OF THE CODE OF PRODUCTION LEGAL SECURITY • National or International Arbitration • Investment Contract • No confiscation or nationalization allowed
MAIN CHARACTERISTICS OF THE CODE OF PRODUCTION PROFITABILITY • More than 20 tax and non-tax incentives (cumulative) • Income Tax Exemptions Exemption of the Tax Advance Income Tax • Income Tax DeductionsDuty suspension arrangement (Zedes) Special Economic Development Zones
MAIN CHARACTERISTICS OF THE CODE OF PRODUCTION FREEDOM TO INVEST • Freedom to invest without conditions or authorizations of any kind • National Treatment: no minimum requirements of % of domestic investment or joint ventures • No prior qualificationsorauthorizations
MAIN CHARACTERISTICS OF THE CODE OF PRODUCTION INTERNATIONAL STANDARDS • Fair and equitable treatment • Full protection and security • Not arbitrary or discriminatory treatment
KINDS OF INCENTIVES Tax Incentives of the Code of Production
GENERAL INCENTIVES GENERAL. WHO SHOULD APPLY? • New companies (before or after issuance COPCI) or old companies • Anywhere in the country • In any economic sector, prioritized or not
GENERAL INCENTIVES • GENERAL. What are they? INCOME TAX: Reduction of 3 points to the IT Rate (progressive). In 2013 IT Rate will be 22%. INCOME TAX: Reduction of 10 points to the IT Rate for reinvestment in productive assets INCOME TAX: Exemption from payment of the advance IT for 5 years for any new investment. INCOME TAX: Some deductions
GENERAL INCENTIVES • GENERAL. What are they? DUTIES: Facilities in payment of taxes on foreign trade ISD: Capital and interest on foreign loans ISD: Dividends distributed by companies stablished in Ecuador to foreign companies or individuals not resident in Ecuador- No tax havens VAT EXPORTERS: Suspension of payment of ISD in special customs imports of goods that are exported
PRIORITIZED SECTORS TAX EXEMPTION FOR FIRST 5 YEARS FOR NEW INVESTMENTS MADE IN PRODUCTION IN PRIORITY SECTORS OF THE ECONOMY PETROCHEMICAL METAL WORKS FORESTRY AND AGROFORESTRY CHAIN, AND RESULTING MANUFACTURED PRODUCTS • TOURISM FRESH AND PROCESSED FOOD • PHARMACEUTICALS • RENEWABLE • ENERGY BIOTECHNOLOGY AND APPLIED SOFTWARE LOGISTICS SERVICES STRATEGIC IMPORT SUBSTITUTION AND EXPORT -FOSTERING SECTORS ARE ALSO BENEFICIARIES OF THIS INCENTIVE.
INCENTIVES FOR IMPORT SUBSTITUTION AND EXPORT FOSTERING SECTORS TAX EXEMPTION FOR FIRST 5 YEARS FOR NEW INVESTMENTS MADE IN IMPORT SUBSTITUTION AND EXPORT FOSTERING SECTORS MANUFACTURE OF PESTICIDES AND OTHER CHEMICAL PRODUCTS FOR AGRICULTURAL USE • MANUFACTURE OF • CERAMIC PRODUCTS MANUFACTURE OF CHEMICAL SUBSTANCES MANUFACTURE OF SOAPS, DETERGENTS, PERFUMES AND TOILETRIES MANUFACTURE OF OTHER CHEMICAL PRODUCTS • MANUFACTURE OF RADIO RECEIVERS, TELEVISION, CELL PHONES AND RELATED PRODUCTS MANUFACTURE OF LEATHER GOODS AND FOOTWEAR MANUFACTURE OF APPLIANCES FOR DOMESTIC USE • MANUFACTURE OF • CLOTHING AND OTHER TEXTILE GOODS
5 YEARS EXEMPTION OF THE INCOME TAX General Requirements New company New investment Outside Quito and Guayaquil Priorized sectors of the economy or import substitution and export fostering sectors (18 in total)
INCENTIVES FOR MEDIUM ENTERPRISES Have an additional deduction 100% (double) on expenses incurred for: • Expenses of training • Expenses for improving productivity • Expenditure related to international promotion of the company and its products (up to 50% of such expenditure)
ENVIRONMENTAL INCENTIVES For Income Tax calculation purposes, there will be an additional deduction of 100% from the expense of purchasing machinery and equipment for cleaner production and for the implementation of renewable energy systems (solar, aeolic, or similar), or for the mitigation of environmental impact.
INCENTIVES FOR DEPRESSED AREAS • - Companies making investments in economically depressed areas may take advantage for the first 5 years -since the benefits are generated- of the additional 100% deduction on expenditure for new jobs created in the area. • A “depressed area” will be defined by indicators such as lower human, economic and social development. Normally, a depressed area is located outside Quito and Guayaquil.
¿HOW TO APPLY TO THE INCENTIVES? • There are no preliminary ratings by the tax authority or by the MCPEC or by the Technical Secretariat of the Sectorial Council of Production • No previous evaluations • Tax payers have to make their tax declaration as usual
SPECIAL ECONOMIC DEVELOPMENT ZONES • Technological Innovation • Logistics Development • Productive Diversification
INCENTIVES FOR SPECIAL ECONOMIC DEVELOPMENT ZONES • Further reduction of 5 POINTS ON INCOME TAX RATE • ¿New investment? • 0% income tax applies for 5 years. • The import of goods will have a 0% VAT rate. • Foreign goods, while they remain in said territory, will have no tariff payments. • Managers and operators will have tax credit on the VAT paid on their local purchases of services, supplies, and raw materials for their production processes. • Exemption from the Currency Outflow Tax (ISD in Spanish) for payment of imports and payments sent overseas to pay foreign financing.
EXAMPLES biofuels mariculture forestry mining OBJETIVES ProductionDiversification PRIORITIZED refinery petrochemiCAL Shipyards Siderurgy AREAS Strategic Industries Generation of value added Cocoa Vehicle assemblers oil Selective import substitution cafe fuels energy Improved export supply Traditional products with quality
INVESTMENT CONTRACT CHARACTERISTICS Purpose: establish the treatment of investment under code production and other provisions that are crucial for the activity Optional: not an obligation to sign contract to access to the incentivesMinimum investment: US$ 250,000 first year Can be requested at any time15 years renewable for another 15
INVESTMENT CONTRACT PROCESS PROCESS OF CONTRACT INVESTMENT FIRMEstimated time (depending on the complexity of the project): 1 to 2 months • SIGNATURE REQUEST • 30 DAYS EVALUATION • THECNICAL SECRETARIAT REPORT TO THE SCP (SECTORIAL COUNCIL OF PRODUCTION) • SCP AUTHORIZATION • SIGNATURE OF CONTRACT • SUPERVISION STAGE
PRIVATE INVESTMENT PROTECTION Safe and profitable investment Agreed arbitration Investment contracts Incentives All these instruments of Ecuadorian Law work together to protect private foreign and national investment
Our ministry welcomes you! Santiago León E-mail: [email protected] Phone: (593) 2 381 5600
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The science of climate change is, at its heart, fairly simple. When we emit greenhouse gases like carbon dioxide, more heat gets trapped in the Earth’s atmosphere, raising global temperatures and destabilizing the climate.
The political path to stopping that from happening is infinitely more complex – a complexity embodied in one of the main topics of this year’s U.N. climate negotiations in Madrid: international carbon markets.
The idea is that, under Article 6 of the 2015 Paris Agreement on climate change, if one country pays for carbon emissions to be reduced in a second country, the first country can count those reductions towards its own national targets. If done right, analysts at the Environmental Defence Fund (EDF) say this international emissions trading could almost double global emissions reductions between 2020 and 2035. It could also cut the financial cost of meeting current Paris Agreement emissions pledges, which aim to keep global average temperature rise well below 2 degrees over pre-industrial era, by 59% to 79%.
But Article 6 is controversial, which may be why it is the last section of the Paris Agreement still under negotiation. If the rules governing the emissions trading market are lax, it could become a “massive loophole” for emitters, allowing them to continue polluting at home without taking serious action, says Gilles Dufrasne, policy officer at Carbon Markets Watch, an international NGO. That would severely undermine efforts to prevent catastrophic climate change that would result from missing the Paris targets.
As countries try to hammer out the rules for Article 6, countries are clashing over how strict to make them. Negotiators from the E.U. and many developing nations have accused some countries, including Brazil, Saudi Arabia, Australia and India, of pushing for a system with lax rules for counting emissions reductions and credits, which would make it easier to meet Paris targets, but could undermine global progress on cutting levels of greenhouse gases in the atmosphere.
Protesters have disrupted the conference to highlight the risks of a market system, which they say distracts from the need for all greenhouse gas emissions to stop, in every country, as soon as possible
“What’s at stake is whether we’re going to manage to limit the climate crisis and reduce emissions or just pretend we’re doing something on paper,” Dufrasne says.
What is a carbon market?
Carbon markets already exist within some countries and regions. In some, like the “cap-and-trade” systems used by the E.U. and California, the government puts a cap on the amount of greenhouse gases that can be emitted by a given industry or sector of the economy. Businesses are then given an allowance of how many metric tons of CO2 they can emit. Those who emit less than their allotment can sell the extra to other businesses, pushing everyone to cut down emissions faster.
The main international carbon market scheme existing today was set up under the U.N.’s 1997 Kyoto protocol on climate change. Under that agreement, developed countries had targets to reduce their greenhouse gas emissions, but developing countries did not. So if a developing country reduced its emissions by building a solar panel plant or planting trees for example, they could sell a “credit” to a developed country, which could count that emission reduction in its own target.
But that market has effectively collapsed due to concerns over environmental efficacy and corruption. The U.S. left the Kyoto protocol in 2001, and the E.U. stopped allowing member states to buy the credits in 2012, fearing projects were not as successful in reducing emissions as they claimed to be, leaving few potential buyers. In Ukraine and Russia, which continued to use the credits, researchers found companies had abused the system to enrich themselves at the expense of the climate. A 2015 report found that an estimated 80% of projects under the Kyoto carbon trading scheme were of low environmental quality and that the system had actually increased emissions by roughly 600 million metric tons.
The Madrid negotiations on Article 6 would create a new system to replace the Kyoto protocol, which expires in 2020.
Why could Article 6 and carbon markets help cut emissions faster?
Under the market mechanisms of Article 6, countries that exceed their emissions reduction targets would be able to sell their excess reductions as credits to other countries who have failed to meet their targets. In theory, this would create a clear financial incentive for countries to cut their emissions faster, and help funnel investment to the cheapest and fastest projects for cutting emissions.
Carbon markets are also a key tool for states to get businesses to help mitigate climate change, as businesses that run climate mitigation projects, such as building wind farms or replanting forests, will be able to sell the emissions reductions to countries.
“By providing flexibility and improving the cost effectiveness of climate action, you can do more, for less,” says Alex Hanafi, EDF’s director of multilateral climate strategy. “And because you can do more with less, you can go faster and further than you otherwise would without cooperation.”
Schemes to stop deforestation or prevent degradation of land are examples where an effective emissions trading market could lead to greater investment, and in turn lead to affordable greenhouse gas reduction. Take the burning of the Amazon rainforest that has resulted from president Jair Bolsonaro’s agricultural policies: “Carbon markets could make those trees worth more alive than they are dead,” Hanafi says.
If the market system were active across the entire world, and if cost savings generated by carbon markets were re-invested in climate mitigation — a big “if” given the slow international progress on climate action — EDF analysts say emissions reductions over the next 15 years would go up “from 77 [billion tons of CO2] in the non-trading base case to 147 [billion tons of CO2] in a scenario with full global emissions trading, a 91% increase.”
Why could carbon markets hurt efforts to cut emissions?
Many climate campaigners say Article 6 negotiations could undermine the entire aim of the Paris Agreement.
First, environmentalists fear the risk of so-called “double-counting” of emissions reductions if the rules of Article 6 aren’t written clearly. Under the Paris Agreement, all countries, not just developed ones, have emissions-reduction targets. That means if India, for example, reduced its carbon emissions by 1 metric ton through a solar-power scheme, it might be tempted to both sell a reduction credit to Australia, and count the reduction in its own target. Carbon Markets Watch argues that this would amount to “cheating” the atmosphere because half as much CO2 would be reduced than countries claim.
Second, some countries want to be able to carry over old credits that were created under the Kyoto protocol to the new Paris regime. After demand for the Kyoto credits collapsed, billions of potential credits went unsold, while the emissions reductions projects that generated them continued — though often without strong checks on their effectiveness. Countries that host those projects want to be able to use or sell those credits under the new system. Australia, which has generated carbon credits by beating the relatively low emissions target it set under the Kyoto protocol, has said it plans to use those old credits to meet its new emissions targets — provoking vocal opposition from roughly 100 countries this week.
But, argue some climate campaigners, if the up to 5.4 billion credits that the U.N. estimates exist are allowed into the new system, they will water down ambition because global emissions reduction targets could effectively be cut by an amount more than the total amount of CO2 emitted by the entire E.U. in 2017.
Even if these problems are resolved by clear rules, many say that in the long term the credits bought in carbon markets are just a distraction from the fundamental need for all countries to transition off fossil fuels. “In a world where we all go to net zero, there isn’t extra mitigation anywhere that you can buy or sell,” says Dufrasne. “The whole logic of offsetting your emissions abroad doesn’t have a future. It’s not compatible with the Paris agreement.”
What is at stake in the Article 6 negotiations at the U.N. summit?
If an agreement is reached at the U.N. summit, what will matter is how robust the rules it establishes are. However, as negotiations near their planned Dec. 13 end date, an agreement is far from certain.
Negotiators have accused Brazil, Australia and Saudi Arabia of blocking an agreement that would set strong rules. “They are clearly not fighting for environmental integrity in the rules,” Bas Eickhout, leader of the European Parliament’s conference delegation told news site Euractiv.
While no country openly admits to wanting “weak” rules, “when you look at the specifics of Brazil’s proposal, most countries feel that it does not reflect robust accounting as required under the Paris agreement,” Hanafi says.
The stand-off over the robustness of the rules may scuttle the chance of any agreement. Dufrasne says countries that are keen on climate action will refuse to make a deal that has weak rules, potentially leaving the issue for a later summit, because “no deal is better than a bad deal.”
“The difference between a Paris agreement with good markets and Paris agreement with bad markets,” he says, “is a system where we avoid climate catastrophe and a system where we are just hiding behind technical details and not reducing a single tonne of CO2.”
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Profession asset manager
Asset managers invest the money of a client into financial assets, through vehicles such as investment funds or management of individual clients’ portfolios. This includes the management of the financial assets, within a given investment policy and risk framework, the provision of information, the assessment and monitoring of risks.
Would you like to know what kind of career and professions suit you best? Take our free Holland code career test and find out.
- Enterprising / Conventional
- Corporate social responsibility
The handling or managing of business processes in a responsible and ethical manner considering the economic responsibility towards shareholders as equally important as the responsibility towards environmental and social stakeholders.
- Financial markets
The financial infrastructure which permits trading securities offered by companies and individuals govern by regulatory financial frameworks.
- Financial analysis
The process of assessing the financial possibilities, means, and status of an organisation or individual by analysing financial statements and reports in order to make well informed business or financial decisions.
- Financial statements
The set of financial records disclosing the financial position of a company at the end of a set period or of the accounting year. The financial statements consisting of five parts which are the statement of financial position, the statement of comprehensive income, the statement of changes in equity (SOCE), the statement of cash flows and notes.
- Actuarial science
The rules of applying mathematical and statistical techniques to determine potential or existing risks in various industries, such as finance or insurance.
- Modern portfolio theory
The theory of finance that attempts to either maximise the profit of an investment equivalent to the risk taken or to reduce the risk for the expected profit of an investment by judiciously choosing the right combination of financial products.
- Strive for company growth
Develop strategies and plans aiming at achieving a sustained company growth, be the company self-owned or somebody else's. Strive with actions to increase revenues and positive cash flows.
- Follow company standards
Lead and manage according to the organisation's code of conduct.
- Perform asset recognition
Analyse expenditures to verify whether some may be classified as assets in the case where it is likely that the investment will return profit over time.
- Advise on risk management
Provide advice on risk management policies and prevention strategies and their implementation, being aware of different kinds of risks to a specific organisation.
- Review investment portfolios
Meet with clients to review or update an investment portfolio and provide financial advice on investments.
- Analyse financial performance of a company
Based on accounts, records, financial statements and external information of the market, analyse the performance of the company in financial matters in order to identify improvement actions that could increase profit.
- Examine credit ratings
Investigate and look for information on the creditworthiness of companies and corporations, provided by credit rating agencies in order to determine the likelihood of default by the debtor.
- Develop investment portfolio
Create an investment portfolio for a customer that includes an insurance policy or multiple policies to cover specific risks, such as financial risks, assistance, reinsurance, industrial risks or natural and technical disasters.
- Analyse financial risk
Identify and analyse risks that could impact an organisation or individual financially, such as credit and market risks, and propose solutions to cover against those risks.
- Liaise with managers
Liaise with managers of other departments ensuring effective service and communication, i.e. sales, planning, purchasing, trading, distribution and technical.
- Manage financial risk
Predict and manage financial risks, and identify procedures to avoid or minimise their impact.
- Analyse market financial trends
Monitor and forecast the tendencies of a financial market to move in a particular direction over time.
- Enforce financial policies
Read, understand, and enforce the abidance of the financial policies of the company in regards with all the fiscal and accounting proceedings of the organisation.
- Advise on financial matters
Consult, advise, and propose solutions with regards to financial management such as acquiring new assets, incurring in investments, and tax efficiency methods.
- Handle financial transactions
Administer currencies, financial exchange activities, deposits as well as company and voucher payments. Prepare and manage guest accounts and take payments by cash, credit card and debit card.
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Salmon P. Chase, Secretary of Treasury, under Lincoln was on the $10000 bill. The $10000 bill is no longer being printed and was never in general circulation.
The largest dollar bill is a 100 dollar bill. Currently in production is the $1, $2, $5, $10, $20, $50 and $100. In the early 20th century there was a $10000,, but it was retired from circulation in the 60s.
There were but they have been recalled from circulation. Had one in 1995. Purple.
Yes! It pictures Salmon P Chase and is no longer in active circulation but there are a little over 300 of them held by collectors. There is such a thing as a $10,000 bill, but it's not in circulation. the largest denomination currently in circulation is the $100 bill. The largest denomination of a U.S. note is $100,000, and it too is out of circulation. You can still, on rare occasions, find large notes like these for sale through collectors, however, they're sold for a much higher amount than face value.
The 100 dollar bill is the highest in circulation.
President Grover Cleveland was on a US one thousand dollar bill (US $1000), but currently the US $100 bill is the highest denomination in circulation.
Only a few 1934 A $10000 bills were printed and none were released to general circulation. It's almost certain you have a replica, but it might be worth having it examined in person by a currency dealer or appraiser.
No. Cleveland was on the US $1000 bill, but it is not now in circulation. The largest US bill in circulation now is the $100 bill. Washington is on the $! bill.
$2. They are currently in circulation- you just have to ask for them at the bank. I use them for tips.
Paper notes currently in circulation in Canada: $5 $10 $20 $50 $100 The printing of $1,000 notes ceased in 2000. The $2 bill ceased printing in 1996. The printing of $1 notes was ceased in 1989.
No, the highest denomination the US printed was a $100,000 bill, for use only between Federal Reserve Banks. Currently the largest bill in circulation is the $10,000 bill, all of which are in the hands of collectors.
no, they currently print bills up to $100, but the following bills were circulated as late as 1969: $500, $1000, $10000 & $100000
Yes, they do.
The US dollar bill with the highest circulation today is the $100. Other bills with a higher amount are currently not in circulation. These include $500, $1000, $5000, and $10,000. While technically still legal to use, they're worth more to collectors. There were also special $100,000 bills printed for use inside the government but these were never available to the general public.
They used to, but not anymore. The notes were last printed in 1945 and the Federal Reserve began actively taking them out of circulation in 1969. Because of this, any high denomination bill (any bill over $100) is worth quite a bit more than face value to a collector.
He's considered a minor president and does not appear on any current bill. There is a one-dollar US coin with his likeness on it that is currently in circulation. It is part of an ongoing series that honors each president.
Coins have been used for thousands of years. The first British coins that are still currently in circulation are the 1 Penny and 2 Pence coins.
The 10 and 10000 denominations. The 10 dollar bill has Alexander Hamilton on it and the 10000 dollar bill has Salmon P. Chase on it.
The first US $1 Dollar bill entered circulation in 1862 and has been issued continuously ever since.
That would be the ten dollar and fifty dollar bill with Alexander Hamilton and Benjamin Franklin.
The average dollar bill is in circulation for 21 months. and they have to be replaced because of wear. The average coin stays in circulation for 30 years, depending on denomination.
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Euro banknotes of sustainable cotton
In 2021, we will have more than 300 million €20 banknotes printed. All the banknotes printed for DNB are made of sustainable cotton. And a special protective layer ensures that the banknotes last longer.
Not paper but cotton
Always think that banknotes are made of paper? That is not the case. They are made of cotton. Or – more precisely – cotton scraps. Cotton banknotes are stronger than paper ones, Which means they last longer.
Banknotes made of cotton waste
Cotton grows on plants in tropical regions. The white cotton balls are picked, and then processed in a factory and combed into long yarns. These yarns are used in the clothing industry. In the process of combing the cotton balls, small bits come off. These little pieces are called noils (comber waste). And that’s what we use to make banknotes.
Sustainable and traditional cotton cultivation
In 2007 we chose to start using sustainable cotton for the production of banknotes. As the cultivation of sustainable cotton is expanding, we are able to use more sustainable cotton waste in our banknotes. Since 2019, all our new banknotes have been made entirely from sustainable cotton. The sustainable cultivation of cotton is more environmentally friendly than traditional methods, in which many chemicals, such as weed killers, are used. And in sustainable cotton cultivation, farmers and cotton pickers get better wages.
Types of cotton
For our banknotes we use a mixture of the following types of cotton:
Fairtrade cottonFairtrade ensures farmers receive a previously agreed minimum price for their produce. Strict environmental requirements apply. 75% of Fairtrade cotton is also certified organic. Find out more about Fairtrade cotton.
Organic cottonFarmers that produce organic cotton do not use any pesticides or fertilisers at all. Read more about organic cotton.
Better Cotton Initiative (BCI label)The demand for sustainable cotton exceeds supply on the world market. Therefore, DNB also uses the cotton of the Better Cotton Initiative, a scheme to make ordinary cotton production more sustainable. BCI sets requirements for more environmentally friendly production and decent work. The focus is on ongoing improvement. Read more about BCI.
Euro banknotes last longer
Our aim is that the banknotes will last longer, which means we have to produce fewer banknotes. This is good for the environment and saves costs. Important for the useful life of a banknote are the quality of the material and the protective coating. Banknotes of €5, €10 and €20 have a protective layer so that they last longer. To further improve banknote life, we do tests. For example, we test whether a banknote can withstand the washing machine.
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Price/Rent Ratio in India compared to Asia
|Hong Kong||43 yrs|
India: Price/rent ratio
This ratio is typically used for measuring undervaluation/overvaluation of real estate prices, calculated by dividing the gross rental yield by 100 so the higher the yield, the lower the price/rent ratio.
When wereas theise data collected? Click on individual countries to see the data collection date.
India launched Residex (India's house price index) in July 2007, through the National Housing Bank (NHB). Since Residex is relatively new, its methodology is being revised every so often. The eventual aim is to cover residential housing for 63 cities, before extending coverage to commercial property and land. At date of writing (early 2014) Residex covered 26 cities, with 2007 as base year. Residex is publicly available and can be accessed at the National Housing Bank's site. General economics statistics are from the Reserve Bank of India.
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5 March 2008
Ousmène Jacques Mandeng, Ashmore Investment Management
Holding international reserves can be quite costly. The financial implication of holding reserves of course only represents one aspect of reserve holding and many central banks would argue that the benefits far outweigh the costs. However, reserves affect central banks’ profit and loss account and as such do have an immediate incidence on the financial soundness of central banks and as such on the effectiveness of central banks. Large losses from holding reserves may require central banks to seek recapitalization from the government and ultimately may represent a fiscal cost. At the extreme, this may impair central bank independence.
Most central banks have to sterilize at least some of their foreign currency reserves and/or fund by issuing interest bearing instruments. At the margin, the cost of holding reserves can be measured by the difference between the yield on reserve assets and yield on central bank liabilities including reverse repurchase operations, deposit and securities issued by the central bank. The yield on reserves is often assumed mostly a constant, determined by average government-related securities’ yields. As an indication of this, the Lehman Global Aggregate index had a yield-to-worst of 3.8 percent at end-February. The marginal carry cost therefore depends largely on marginal interest rates of central bank liabilities.
The carry cost is a linear function of domestic interest rates and exchange rate fluctuations. Countries with high domestic interest rate and an appreciating exchange rate exhibit naturally the highest carry cost. Data from selected central banks harmonized in dollar-terms show that for many central banks, marginal carry costs are negative (Chart). Costs differ also by the instrument used (Table). As central banks’ liabilities normally include a large proportion of non-interest bearing instruments, the marginal carry cost may not be indicative of total central bank interest expenses. Yet, it is still the benchmark for efficient balance sheet management.
The financial cost of holding reserves has come increasingly to the fore as reserves had been accumulating rapidly. With reserves now on average representing 19 percent of GDP, losses incurred on holding reserves can potentially be substantial. Central banks may therefore have to choose between reducing reserves or seeking a higher return on their investments. Many major emerging markets central banks are currently reviewing their investment strategies. Fiscal considerations may yet again be the key to effective central banking.
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Need help? Call us on +44 (0)20 7613 3444 or email
Finance for Non-Finance Professionals
This course is aimed at those with a limited understanding of financial techniques and vocabulary. It will give you The invaluable skills required to best use resources, and achieve both greater financial success and the wider Objectives of the business. Whether managing a team, department or division in a small or large organisation, a fluent understanding of Fundamental financial theory is vital for the success of your business.
- How to use financial statements and key performance indicators.
- Budgeting and forecasting techniques to improve planning, control, and decision-making.
- How to develop a business plan and investment-appraisal techniques.
- Professionals, team leaders, managers, consultants and analysts.
Section 1: Introduction
- Unit 1.1 - Financial Information and Decision-making
Section 2: Using Financial Information for Business Planning and Control
- Unit 2.1 - Management Accounts
- Unit 2.2 - Costs / Using Costs in Business Decisions
- Unit 2.3 - Using Budgets
- Unit 2.4 - Control Using Variance Analysis
- Unit 2.5 - Section Plenary
Section 3: Key Performance Indicators (KPIs)
- Unit 3.1 - The Usefulness of Business Key Performance Indicators (KPIs)
- Unit 3.2 - How to Choose Key Performance Indicators (KPIs)
- Unit 3.3 - How to Use KPIs
- Unit 3.4 - KPIs in Practice
- Unit 3.5 - Section Plenary
Section 4: Project Investment Appraisal
- Unit 4.1 - Project Investment Appraisal
- Unit 4.2 - Appraisal Methods and Risk
- Unit 4.3 - Appraisal Methods and Inflation
- Unit 4.4 - Comparing Appraisal Methods
- Unit 4.5 - Section Plenary
Section 5: Building Your Business Case (Portfolio)
- Unit 5.1 - Building a Business Case
- Unit 5.2 - Identifying Your Resources
- Unit 5.3 - Sales, Production and Pricing
- Unit 5.4 - Financial Planning for Your Business Case
- Unit 5.5 - Section & Course Plenary
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As we make progress in risk analysis, utilizing better weather prediction equipment, remote sensing and satellite imagery, and systems for dealing with violence, it might seem that risk management would get easier. But the truth is, even with advanced technology and better understanding of risk assessment and prioritization, there are still many obstacles to managing risks effectively.
Lack of resources
Having the resources to act on all the information can be an obstacle to risk management. Even getting the information needed to act requires resources that many organizations don’t have. Identifying the risk doesn’t mean the finances are there to fully mitigate it. Up-front costs can be high and credit isn’t always an option. Organizations may not have dedicated personnel for managing risks fighting for that budget, and monies are more likely to go for day to day operations than a security measure for a potential disaster.
Defend your security budget. Know what you need and how to sell it to the c-suite so they understand the money is being well spent. Investing in security upfront to mitigate risk will likely cost less than dealing with fallout from a crisis the organization wasn’t prepared to deal with.
Dissemination of information
Information about risks may be available, but the people responsible for risk management may not be getting that information if there isn’t an established process for getting it to them. If the people receiving the information don’t understand what it means or what to do with it, it’s of little use in risk mitigation.
Having a team or at least one known go-to person for risk management, and educating staff about who that person is, what they do and what they need to know, will help ensure information is going to the right place. Risk management may not be in everyone’s job description, but everyone needs an understanding of their part in identifying and alerting the right people with information about risks. Put procedures in writing and make them available so everyone knows who to contact and what to do.
Lack of control
There will be factors of risk management that are simply out of your control. Your plan may rely on public goods and services that your organization doesn’t manage directly. Buying insurance is good way to mitigate the risk of financial loss in case of a crisis, but that only works if the insurance company doesn’t find a loophole or reason not to pay out on your claim. Be aware of areas you can’t control. If it’s reasonable, put a backup plan in place to cover any shortfalls.
You can’t anticipate every risk, and even if you could, you couldn’t possibly mitigate them all. Fix what you can. Prioritize your risks and focus on what you can do. Take note of where you can make a difference and focus energy and resources there while also identifying your major obstacles, and work diligently to get past them where you can.
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Almost all systems with reinforcing growth loops will eventually be constrained by the Limits to Growth archetype. This archetype is made up of a reinforcing loop (growth) running into resource constraints causing a balancing loop. Initially, This balancing loop serves to stabilize and limit growth, and in some cases, may even lead to the complete collapse of the system.
Here are some examples of limits to growth:
- Successful high-growth products will eventually saturate market demand, limiting future growth
- Overfishing will lead to the collapse of the fish population
- A raging forest fire will continue to expand until it runs out of fuel
- A virus may continue to spread until it runs out of people to infect
- An oil-based economy’s growth may collapse without the availability of cheap oil
In the above examples, resources can be split into two categories: renewable resources and non-renewable resources.
Non-renewable resources, like oil, will increase in scarcity and price as the resource is exploited. As the price of oil increases, so do the profits of oil companies, leading them to invest more in oil extraction. This reinforcing loop will continue to exert upward pressure on oil prices. At the same time, since oil is a non-renewable resource stock, the oil company will need to pay more in order to extract that next barrel of oil that now lives deeper in the earth. This decreased stock of oil serves as a balancing loop that will continue to raise extraction costs and lower profits until drilling for additional oil is no longer cost-effective.
Other resource stocks are renewable. In the case of renewable resources like fish, the resource has an ability to repair itself when damaged. If the replenishment rate (rate that fish reproduce) is greater than or equal to the extraction rate (rate that humans catch fish), the system is in a healthy equilibrium. If, however, the fishing industry is slow to realize that the population of fish have fallen to dangerously low levels and fail to slow their extraction rate, the fish population can collapse. And so will the fishing industry.
How to Fight It:
This archetype is best addressed by mapping out the interactions of the growth loops, resource stocks, and potential limiters to growth in the future before problems arise. In the case of overfishing, this may include slowing down growth in the short term in order for fishing stocks to recover. Or in the case of an economy’s dependence on oil, the solution may be to to decouple the limiting factor from the system itself by transitioning to alternative energy sources.
Index of Archetypes:
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5 Distressing Facts You Probably Don’t Know About Social Security
1. Cash Negative: Social Security went cash negative in 2010, five years earlier than anticipated, according to the Brookings Institute.
2. A Big Percentage of the Federal Debt: Social Security adds to the federal debt every year. The current amount of debt that is attributable to “Intragovernment Holdings” (the name given to various federal accounts, including the social security trust fund) is $5.5 trillion and growing. The total U.S. public debt is $19.8 trillion (as of 5.26.17). The social security trusts (and a few other accounts) add up to 27.8% of the debt.
3. Tax Cuts and GDP Growth Are Unlikely to Fix It: According to Fitch Ratings (in a press release in 2016), “The most immediate fiscal challenge is to restore the social security system - largely unaddressed by 2016 budget proposals - to a more sustainable state.” On May 25, 2017, Charles Seville, Fitch Ratings senior director and lead analyst on the US sovereign rating, wrote that “The President’s Budget’s proposal to eliminate the federal deficit and reduce the debt/GDP ratio over 10 years rest on an optimistic long-run growth assumption of 3%, which is unlikely to be realized.” Tax cuts are unlikely to generate a lasting and substantial boost to growth, in Fitch's view.
4. The Disability Fund Dried Up in 2016 and is Borrowing from Social Security. The Disability Insurance Fund has been borrowing from the Old Age and Survivors Insurance (OASI) Trust Fund since 2016 – just before the DI Fund was depleted (source: Social Security Administration). The DI Fund is predicted to be drained dry in 2022 (in just 5 years), if no changes are made.
5. Tapped Out in 17 Years. The Social Security Funds are predicted to be depleted by 2034, unless measures are taken to shore the funds up. The last time this was about to happen, in 1983, Congress saved the day with measures that are not predicted to work as well this time. This also assumes that the fund depletion doesn’t move faster than predicted, as happened when the Social Security system went cash negative in 2010.
With one bonus, Social Security Note.
Should You Wait Until Age 70 to Retire?
It’s easy to see why the government website and many mainstream media outlets encourage people to wait until 70 to retire, under the rationale that waiting offers you a larger annual stipend. Waiting to retire helps the system stay afloat. However, if you do the math, then you realize it takes 12-20 years to make up the amount you forego when you wait that long. (If you wait until 67 to retire, instead of age 62, you could be giving up $100,000. If you wait until age 70, you could be passing up over $200,000.) If you’re an active income-earner, it won’t add up to retire early, when you could earn your full salary instead. However, if you’re out of work, the early retirement could be a Godsend.
Incidentally, the Brookings Institute reminds us that public pensions went cash negative over 25 years ago, in 1985. (2003 was one year when distributions were less than contributions, however, the majority of the time has been in the red.)
The bottom line is that if you’re counting on getting a fat check from your company or the government in retirement (or disability), your expectations are likely to hit a reality check in the years to come. Many pensioners, particularly those in the auto manufacturing and airlines industries, have already learned this the hard way – having received a big cut in the pension, health care and other post employment benefits that they were promised, but are not receiving. Private pension promises are rewritten and cut in bankruptcy proceedings. Politicians are having a hard time announcing reform to the public pension system, which is one of the big reasons why the U.S. debt is increasing each year.
The bankruptcies in the private system remind us that borrowing from Peter to pay Paul always has an expiration date. Let’s hope we can all come together to resolve the problems before that happens. Until then, it’s a good idea to have a Plan B for your retirement future. There are many ways that you can do a better job of providing for your future, while living a richer life today, by shoring up your assets, and making smarter choices in your energy, budget and savings expenses and strategy. Call 310-430-2397 to learn more about Natalie Pace’s:
Natalie Pace is the co-creator of the Earth Gratitude Project and the author of The ABCs of Money, The ABCs of Money for College, The Gratitude Game and Put Your Money Where Your Heart Is. She blogs on Huffington Post and Medium, and is a frequent guest contributor to national news shows and magazines. She has been ranked the No. 1 stock picker, above over 830 A-list pundits, by an independent tracking agency, and has been saving homes and nest eggs since 1999.
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Have you ever heard about a “block chain” or thought it is some kind of an old concept? It’s not something that will be discussed on this website as most people don’t understand what block chain technology is and are simply looking for the most popular type of cryptocurrency currently in use. In this article we are going to quickly go over the basics of what block chain is and how it works so you can get started with learning how to use it to get involved in the industry of crypto currencies.
The simplest explanation of what block chain is goes something like this: With this type of technology you simply store information using a system of blocks and transactions 먹튀. Each block will consist of some kind of identifying information including the name of the account owner and a hash of the public key used to access the account. A transaction is a series of rules that give a certain asset at a certain value based on its supply and demand.
Companies in the business of purchasing goods and services in the online and offline product market are using block chain technology to help them analyze what customers buy and why they buy it. For example, a shop may have several products to sell. Because they are in the online world, they may sell products from different countries, which in turn allows them to track how much money their customers are spending online and what products their customers buy in these locations.
Another reason you may want to look into block chain technology would be in the currency market. Just as with businesses, many individuals who trade currency will find a way to sell their currency rather than convert it into dollars or other major currencies.
The Block Chain Technology used to be proprietary to banks and companies but now has been modified to allow other companies to use it for private purposes as well. For example, many financial institutions use it to run a risk management program and many public companies use it to determine the financial health of their company.
Some businesses, such as insurance companies, also use it to keep track of their risk. Also, many institutions and banks use it for the safekeeping of private financial information including client information.
If you want to create your own block chain, the best option is to purchase one of the many software packages that can help you create your own block chain for yourself. There are also a variety of other articles on the internet that will help you understand this technology.
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Why does energy efficiency matter?
Jobs—Comprehensive energy efficiency retrofits to existing buildings can create thousands of new jobs in Washington State, reduce carbon emissions, and at the same time save money for struggling families and small businesses alike.
How many jobs? A Washington State University analysis found that retrofitting 1 million homes in Washington could create 43,000 new jobs across the state—reducing the unemployment rate by more than a percentage point.
Problem: Why do we under-invest in energy efficiency?
A host of obstacles block the way to cost-saving efficiency investments, but one of the most significant is obtaining financing—getting loans—for the upfront costs of installing insulation, upgrading water heaters, replacing windows, and the like. Many families simply can’t afford those up-front costs, especially now when money is tight. One good solution is to allow local governments to do what utilities already can: loan money for retrofits. Letting property owners pay back the loan on their regular energy bills makes the process easier.
Solution: Family-friendly retrofit financing
Energy conservation loans can pay for the up-front costs of energy upgrades, like new furnaces, insulation, or windows. As long as the savings on utility bills are bigger than the loan payments, property owners come out ahead. In principle, the energy loan model could: invest federal, state, or local stimulus dollars wisely; generate good, local jobs in the construction trades; trim energy bills for property owners and renters; buttress sagging real-estate values; slash greenhouse gas emissions; and unlock a critical door to economic recovery.
But the challenges to successful conservation loans are daunting. For starters, few building owners are energy experts. They don’t know with energy efficiency investments will pay for themselves, or how much energy or money they might save.
To compound the problem, few private sector lenders make loans for energy-efficiency investments. Banks lack the expertise to judge which conservation lending strategies make sense. And because developing a conservation loan portfolio takes time and money, many banks fear that they conservation loans aren’t a good money-making venture—even if the loans themselves aren’t risky.
That’s where local governments can step in. Local governments have some flexibility that banks don’t have. In cases where conservation investments yield multiple benefits to local residents—new jobs, say, or big savings on energy bills—local governments can make investments that a bank might not. Revolving loan funds, which wise governments are also creating with federal stimulus dollars, are a smart way to reuse an initial pool of money: as initial investments are paid off.
Problem: How can we know which energy investments will make the biggest savings?
Not all energy retrofits are created equal. Some energy retrofits save more money than others. Finding the right efficiency investments is important. Financing window replacement, for example, can be pricey and sometimes won’t save as much money as a less expensive project like installing insulation. How do we make sure we get the best return from our investment in energy efficiency?
Solution: Performance Contracting
Performance contracting is a time-tested tool used by local governments and schools—and it’s a tool that could be applied to homeowner efficiency financing. Here’s how it works. A public agency applies to participate in the program. If the agency meets the basic criteria an Energy Services Company—or ESCO—is contracted to conduct an audit to determine where the greatest opportunities for savings can be found. There are three big things that make performance contracting appealing to public agencies.
First, there is no bidding process for the contractors since the state takes care of the selection of the ESCOs and creates a registry of preapproved contractors. The ESCO handles all aspects of the work, from the audit through completion of the project. Second, there is no up-front cost for the project as it is covered through financing pre-arranged by the state and the ESCO. Finally, the ESCO gets paid with a portion of the energy savings. No savings through efficiency upgrades, no payment. In other words, the very nature of the financing mechanism provides an incentive to the ESCO to do the work that will save the most energy and money for the agency.
The principles of performance contracting, if applied to local loan programs, would ensure that the very best energy retrofits—the ones that get the most savings for the money invested—are the ones that get made. It’s a responsible use of funds loaned to families and businesses.
Question: Financing sounds complicated. How do we make it easy?
Giving families and small businesses low interest loans and then allowing them to pay those loans back on energy or tax bills makes saving money simple and transparent—in other words it is a huge incentive for people to make investments in retrofitting their homes or businesses. And remember, more demand for retrofits means more jobs.
Solution: Let families and business owners pay for retrofits on utility or tax bills.
One of the smartest efficiency financing programs in the country comes from Washington’s next-door neighbor. Clean Energy Works, a Portland-based partnership, is a pilot project that will allocate $2.5 million of stimulus money for the retrofits, starting with 10 homes and completing another 490 retrofits in the next two years.
Clean Energy Works provides reasonable financing terms for improvements that will yield energy savings, reduce greenhouse gas emissions—and put people to work. Good financing for property owners spreads out the costs of the improvements over time, which means that spending $2,500 on air sealing and insulation won’t devour a family’s cash supply.
The loan installments are also paid “on bill”—as part of the ordinary utility bill—which makes paying back the loan relatively painless. The three local utilities—NW Natural, Pacific Power, and Portland General Electric—simply add loan payments as a line-item in their customer’s bills. For example, payments for that $2,500 air-sealing and insulation project would be spread out over time and would show up on regular energy bills. And the monthly energy savings would likely be enough to offset the monthly increase to pay for the loan, or at least come close. This makes payback simple and essentially invisible, a big selling point for property owners.
The bottom line: Jobs, saving energy, and saving money
Energy efficiencies—everything from turning out the lights to getting a new boiler—mean big changes and big savings. Allowing local governments to make low interest loans for energy efficiencies and letting people pay those loans back on their regular utility bills is a big step toward self sufficiency and sustainability.
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Michael McCormick: A Retrofit Success Story Waiting To Happen
Michael McCormick poured his first home foundation mo
re than three decades ago. Since then, he’s built everything from starter houses to mansions to a transplanted English castle.
But the 55 year old found work in short supply when the Puget Sound housing market collapsed.
Then he heard a Presidential candidate Barack Obama talk about green-collar jobs as a way to fix the country’s crumbling economy.
“I didn’t know exactly what that meant, I just knew it was the direction I would go,” said McCormick. “I figured he’d been listening to enough people that he had a pulse on what it was going to take to get things going again.”
Since then, McCormick has done many of the right things to move his career in that direction. He’s gotten training in restoring historic buildings and completed an energy auditing class at Shoreline Community College. He hopes to become accredited to verify that “green” homes are being built to national standards.
For now, though, McCormick remains laid off.
There are few laws requiring existing homes to become more energy efficient, McCormick said. Though interest among homeowners may be growing, it still seems spotty, he said. So far, the Pacific, Washington, resident hasn’t seen evidence that homeowners on a large scale have been convinced that energy efficiency investments is worth the hassle.
“Right now there’s no demand. The people from the top down are saying that but no one from the bottom up is saying it,” he said. “Unless that changes, it doesn’t matter how much training I get.”
First and foremost, money is always an issue, he said. There has to be a compelling financing mechanism that allows a building’s owner to help cover the costs of an up-front investment with the energy savings they’ll realize in years to come.
He’s eager to start retrofitting homes and businesses to save energy, improve their performance and make them healthier. All he needs is demand for his services.
“If it does bust loose, I’ll be ready,” McCormick said. “Our country is so energy inefficient…and now we’re being asked to change our ways, and I was the first one to say ‘I’ll do that.'”
Alan Durning et al., “Green-Collar Jobs: Realizing the Promise,” Sightline Institute, October 2009, http://www.sightline.org/research/green-collar-jobs/green-jobs-primer/green-jobs-primer-pdf.
Sightline Institute, “Green-Collar Jobs: Realizing the Promise—Energy Efficiency,” http://www.sightline.org/research/green-collar-jobs/GCJ-two-pager-pdf.
Sightline Institute, “Faces of the Green-Collar Workforce,” http://www.sightline.org/research/green-collar-jobs/green-collar-profiles/green-collar-profiles-faces-of-the-green-collar-workforce.
Sightline Institute, “Green-Collar Jobs: Defined and Explained,” http://www.sightline.org/research/green-collar-jobs/green-collar-jobs.
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The European Parliament will vote on Wednesday on the EU’s latest proposals to significantly reduce carbon emissions. The next stage of the emissions trading system (ETS), the most ambitious since the scheme began in 2005, will bring a steep cut in the number of emissions allowances granted to industries.
by Lakshmi N. Mittal, Chairman and CEO
The aim should be both to reduce emissions from Europe’s production and consumption
It is admirable that Europe wants to take the lead in showing the world what is possible when it comes to reducing emissions. Climate change is a clear threat and needs to be addressed. Designing policy appropriate for multiple sectors and industries is difficult and complex. But the extent to which Europe’s steel industry and the 320,000 people it employs directly will be affected based on current proposals needs to be understood before it is too late. Otherwise this could be the start of the further weakening of the European steel industry, which is already suffering from China’s overcapacity.
This is a warning to all those who care about the heritage of European steelmaking and believe manufacturing should remain a central part of its economy. Europe has always been at the forefront of industry. There is no reason why, with its strong technical knowledge, skilled workforce and excellence in research and development, it should not have a strong industrial future. But this requires politicians and lawmakers to recognise what creates a viable environment for an industry and ensure they do not legislate against it.
This is not an attempt to avoid doing our bit to help transition to a lower-carbon economy. European steelmakers recognise the need to reduce emissions — here and across the world. We have pilot schemes in place to test new technologies including carbon capture and utilisation. We are also working with our customers to help them reduce the carbon footprint of their products.
We agree with the EU’s climate goals. What we don’t agree with is the method that is on the cusp of being implemented in Europe. One of the major obstacles to success is that emissions are global. The aim of the system should be not just to reduce emissions from what Europe produces, but also to reduce emissions from what Europe consumes. This is particularly relevant for globally traded industries, like steel. Today Europe consumes approximately 160m tonnes of steel a year. Of that, 83 per cent is made in Europe. When the next phase of the ETS passes into law, the costs of European steel producers will rise significantly based on a carbon tax that could be approximately €30 a tonne.
Steel producers in another part of the world that sell into Europe will not have to pay that tax. They will therefore have a competitive advantage of roughly €30 a tonne over European rivals. In a sector characterised by global overcapacity this is a significant amount that jeopardises the long-term viability of much of Europe’s steel industry. Over the past 10 years the average gross profitability per tonne of European steelmakers has been €35. Take a potential average carbon cost per tonne of steel at €30 and you’re left with very little profit — and that’s before you get to the deductions that determine net profit.
The answer, I believe, is the introduction of border carbon adjustments to protect European competitiveness. It was interesting to note George Shultz and James Baker, both former US Treasury secretaries, arguing the same point last week with regards to America’s position on climate change, also making the point that this will also genuinely encourage other countries to follow suit.
Left as is, Europe will continue to need and consume the same amount of steel — but more of it will come from abroad, quite possibly from countries with lower environmental standards and higher levels of emissions than Europe’s producers, which are among the most efficient in the world.
Europe’s politicians need to ask themselves what success really looks like. An outcome where jobs are exported and carbon is imported — with no meaningful impact on total global emissions? Or a fair and equitable policy that incentivises investment and reduces emissions, while enabling the long-term sustainability of Europe’s steel industry?
The article was first published on FT.com on 12 February and in the Financial Times on 13 February.
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Date of Submission
Economics of Latin America
The serious inflation problem experienced in the sub-continent of Latin America and the Caribbean the In the 1980s and 1990s, originated from:
The Latin American countries had spent a lot of funds on industrialization and development of infrastructure in the 1970s.The funds were mainly borrowed from international creditors like the World Bank. External debt grew from $75 billion in 1975 to more than $315 billion in 1983, which was equivalent to 50 percent of the region’s product. The economies were also generating a substantial amount of money from oil investments hence commercial banks had a lot of funds which they rented to their respective governments for investment. Due to huge borrowing by governments, debt management crisis resulted; Interest payments and the repayment of principal grew faster, reaching $66 billion in 1982, up from $12 billion in 1975 .governments opted printing of money to finance these debts. This resulted in an overall increase in money supply in Latin American countries resulting in inflation as explained by the Quantity theory of money equation below:
M X V = P X Q
Where M = money supply
V= money velocity
P = Price level
Q = GDP
In the short run, we hold V and Q are constant over the short term; any increase in M translates into higher price levels (inflation).
Milton Friedman holds that inflation is always and everywhere a monetary phenomenon that arises from a more rapid expansion in the quantity of money while Keynes emphasized the increase in aggregate demand as the main source of demand-pull inflation.
High inflation and debt crisis led to very severe economic problems to Latin America economies: income dropped, economic growth stagnated, unemployment rose to high levels and purchasing power of the middle class reduced. Precisely, real wages in urban areas dropped between 20 and 40 percent.
- Explain principle of trilemma using examples. Explain options available for a country.
The principle of trilemma notes that in an open economy, it is impossible for a country to pursue policies on free capital movement, fixed foreign exchange rate, and independent monetary policy. To elaborate, if the global interest rate is high, at about 10% but the country’s central bank decides to lower its rate below this level, there will be capital flight since investors will dump the low yielding local currency and buy high yielding foreign currencies.
On the contrary, if the central bank wants free capital inflows, it can only achieve this goal by selling currency reserves. This policy would have the effect of stabilizing the interest, ensuring there is more money supply, and lowering interest rates. However, once the reserves are depleted, the domestic currency would depreciate. For example, country ZZZ wants to attract capital from investors, it can sell some of its capital reserves and ensure that the country’s currency has high interest rate. As a result, investors would be willing to investors would be willing to buy the country’s currency. However, once the reserves are over, the currency’s interest rate would fall back to its old price and the investors would flee.
If the country increases monetary supply, the exchange rates would fall below the international levels, which would make investors to buy foreign currency. As a result, this policy will be inappropriate in encouraging investments.
- Establishing a stable exchange rate regime and frees capital flow but not establishing an independent monetary policy. If the central bank establishes interest rates above or below the global rates, it would undermine a country’s exchange rates due to appreciation or depreciation of currency.
- Forming an independent monetary policy and free capital flows but establishing a flexible exchange rate. An increase in monetary policies by the country would lead to depreciation pressures on the local currency. The opposite would be true if the country minimizes money supply.
- Establishing a stable exchange rate and independent monetary policy but no free cash flows. The control in money supply and interest rates would ensure that the value of the country’s currency is stable. However, if the current exchange rate is higher than the global average, there would result in inflows that would affect this system.
- Policies proposed by monetarist and structuralists in controlling inflation in Latin America
According to the monetarist, the cause of inflation in the country was the high level of spending in the country by the government. In particular, the issuance of too much money was leading to a situation of too much money chasing too few goods. In order to stop this problem, the government had to stop printing money.
The structuralist economist on their side argued that the inflation was due to the under development in the economy, which was causing the economy not to reach its full employment equilibrium. To stop inflation, the government had to eliminate market structures that are not optimal such as oligopolies.
- Compare policies undertaken by Brazil, Bolivia, and Argentina to combat inflation?
In 1986, the Bolivian government floated the country’s currency, peso, with the United States dollar after adopting the New Economic Policy (NPE). It also liberalized import policies, through tax reduction. Moreover, the government steadily decided to privatize the public sector. To begin with, it laid off many of the employees that were employed by the government. It also eliminated subsidies, abolished price controls, and eliminated subsidies (Pateman & Cramer, 1996).
In 1990, the government of Argentina established policies that aimed at controlling the country’s hyperinflation. Firstly, the country started by complete liberalization of foreign trade and capital movements. It also privatized state owned enterprises and deregulated the economy. In addition, it reconstructed the tax system and removed bureaucracies in the public sector. Finally, it established a new monetary system. The country’s central backed each peso with an equivalent amount of gold or dollars, which enabled citizens to convert this currency to American dollars.
Brazil had hyperinflation between 1990 and 1994, which ravaged the county’s economy. To eliminate this problem, the country introduced a new currency, the Real as well as a new economic plan, the Real Plan. Simply, this plain aimed at privatizing state owned enterprises, abolishing wage price indexing, and lowering tariffs (Sachs, 1999).
In all of these countries, they undertook privatization of state owned policy as one of their tactics. In Brazil, the country introduced a new currency as the main economic reform. In Argentina, the liberalization of the economy and backing of peso with the dollar was the main reform. Finally, in Bolivia, privatization as well as comparing the peso with the US dollar was the main reform.
- Trend of remittance in Latin America. Characteristic of receiving households in terms of income distribution.
The remittances in Latin America have been increasing steadily from the 1990’s till today. The bulk of these cash originates from the US. Mostly, the receiving households are parents and siblings who are send these funds by relatives abroad. In most cases, women are the recipients. In some countries, especially those that the remittances are higher than the country’s average, there has been an effect in income distribution. Generally, families that receive remittances have a higher average income than locals.
- Characteristic of Latin American immigrants? Is there “brain drain”?
There are high levels of skilled labour mobility from Latin America to OECD countries. In most cases, the immigrants are young and energetic youth who seek employment in more developed countries. As a result, there is brain drain in Latin America. The increased remittances from abroad is an indication of increased level of individuals migrating to these nations. In some countries, there has been a decline in the number of college educated individuals since most of them migrate to OECD countries. Although the characteristics of the educational level differ among countries, there are a significant number of educated individuals who live in foreign countries. There are 4% college-educated Mexican migrants in US, 7% for Central America, 24% for Andean region, and 30% for South America countries (Fajnzylber & Lopez, 2008, 6)
- Evidence of remittances in alleviating poverty and inequality while spurring economic development
The impact of remittances in spurring economic development and eliminating inequality largely depends on a county’s ability to implement sound economic policies. However, as a whole, high remittances result in reduction in poverty, improvement in human capital indicators, increased investment and growth, and low output velocity. To elaborate, on the impact of remittances in eliminating inequality, 9 out of 11 countries in Latin America show a higher Gini coefficient if the proportion of remittances were to be eliminated. This information indicates that remittances reduce income inequality (Fajnzylber & Lopez, 2008, 7). Further, the results from the Gini coefficient show that remittances are effective in eliminating poverty especially where these incomes are from individuals who are from low income groups in the society.
- Impact of remittance on household expenditure?
The impact of the remittances varies depending in the demographics of the recipient in terms of household income. In Mexico for example, it has been observed that remittances in lower income groups have the effect of increase their share of expenditure in durable goods such as education and housing improvement. Among rich individuals, remittances increase the expenses on non-durable goods and lower the share spent on durable items such as housing and education. Among most Latin American countries, it has been observed that remittances increase the share spent on nondurable goods. In fact, only the middle and upper class increase their share on durable goods (Fajnzylber & Lopez, 2008,9). To sum up, remittances enable in overcome borrowing constraints, which limit human capital investments.
- Evidence of increased banking due to remittances
Increased remittances lead to increased banking activities especially in regions where people send cash through banks. To begin with remittances increase bank deposits and credit, which in turn increase the amount of loanable funds. It has been observed that a 1% increase in remittance results in a 2 % increase in deposits. To elaborate, in a census conducted in Mexico, it was observed that municipalities that have a lot of individuals receiving remittances also have more deposit per capital (Fajnzylber & Lopez, 2008,11-12).
6.) Impact of remittances on real exchange rate?
Remittances increase the supply of foreign exchange in a country, which makes the local currency to appreciate. As a result, imports become cheap and the country spends less on essential imports.
Local Currency Supply (S2)
600 Equilibrium (2) Supply (S1)
500 Equilibrium (1)
250 Demand for US$
250 500 750 US$
From the diagram, an increase in foreign exchange shifts the supply curve from S2 to S1. In turn, the amount of local currency needed to buy dollar changes from 600 local currencies for $ 500, to about 500 local currencies for $750. Therefore, an increase in foreign remittances leads to appreciation of local currency.
Role of “sterilization” of remittances in this process?
Remittances may have negative effects on government policies. It is estimated that doubling of remittances in Latin America may lead to between 3% and 24% increase in real exchange of local currency. In general, such an increase would make a country’s exports more expensive, which would reduce the volumes exported. Therefore, in order to ensure that monetary and fiscal policies are effective, the government may be forced to sterilize these remittances. A popular method may be the use of bonds to buy these foreign exchange.
- Policies or actions undertaken to encourage investment out of remittances.
In Peru, individuals are able to access government backed mortgage if they have at least 5% of the home value in an overseas account. The interest rate for this mortgage is 3% as long as the borrower pays the funds when they are due. In light of this, individuals are enticed to invest remittances in durable products.
In Mexico, the “Su Pedacito de Mexico” the government offers a mortgage program that is similar to that of Peru. Generally, an individual is able to access a government-owned mortgage if he/she has more than 5% of the value of the house in a foreign account. Similarly, the rate for this mortgage is 3% for the first three month if he/she makes prompt payments for the instalments in the first six months.
Fajnzylber, P., & Lopez, J. (2008). Remittances and Development: Lessons from Latin America. Washington, DC: World Bank
Pateman, R., & Cramer, M. (1996). Bolivia: Cultures of the world. New York, NY: Marshall Cavendish Benchmark.
Sachs, J. (1999). Developing Country Debt and Economic Performance, Volume 2: Country Studies Argentina, Bolivia, Brazil, Mexico. London, UK: University of Chicago Press.
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Cryptocurrecny has all of the required traits to be classified as money. It’s difficult to forge, it’s portable and convenient, durable, scarce, divisible, and with majority adoption will be universal. There are more investors backing ICOs as well as a growing community of HODLers (Hold On for Dear Life) who are buying coins and building portfolios. However, the key drivers to cryptocurrency values are still uncertain and investing in the space has been compared to gambling.
Bitcoin’s exponential growth in value, which exceeded $19,000 USD in December 2017, raised speculation over whether or not cryptocurrency in general is an economic bubble. The key characteristic here is not volatility, a bubble occurs when an asset’s value crashes after it is valued at a price exceeding the intrinsic value. We cannot predict a bubble because it is speculative and based on uncertainty of the market and is subject to factors outside of supply and demand, so we must rely on past examples to make an assessment.
One of the most well known economic bubbles was the Dutch Tulip Mania (1634-1637), where Tulip bulbs were introduced to the Netherlands from the Ottoman Empire. The exotic flowers became a status symbol for high society, and combined with the scarcity of the bulbs, people began flipping the bulbs causing prices to surge until a buyer defaulted on a contract causing the market to implode and a small economic depression that lasted several years. Beanie Babies observed a similar pattern where people bought the plush toys in anticipation of flipping them in online auctions, however, when the company discontinued a select number of toys, their value did not rise on auction-sites, causing prices to crash, never recovering.
Not all bubbles followed this trajectory, the South Sea Company of Britain (1716-1720) crashed after executives spread rumours about the commercial value of the company’s trading rights, effectively deceiving shareholders into investing. The Mississippi Company (1736-1720) bubble burst when John Law’s national bank of France issued more bank notes than it received in deposits causing an inflation and subsequent crash that left the country in worse economic conditions than before.
Most recently, the Dot-Com crash in the late 1990s showed the hubris of investors who overvalued companies thought to transcend traditional economic principals due to their new technologies. While there were numerous accounting scandals during this time, they did not necessarily cause the dot-com bubble to burst. This was perhaps for the first time a real-time realization that the industry was a speculative bubble that caused many investors to sell.
Investing in cryptocurrency is fundamentally different than stocks and bonds due to the risk and regulations. Though some might look at trends and see a bubble that does not necessarily mean that history will repeat itself. While others might be convinced their investments are sound, new conditions for a bubble may be forming and are bound to go undetected. What we know for sure is that following many crashes the asset tends to find an equilibrium moving forward rather than disappearing entirely. Cryptocurrency has a clear need, many benefits, and may even replace cash, so we anticipate that people will continue to innovate and adopt blockchain technology.
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Australia generates 48 megatonnes a year of waste, according to the latest National Waste Data Report 2014. In the period 1997-2012 our population rose by 22 per cent but waste generation increased by 145 per cent.
There are more of us and we generate more waste per person, each year.
On the positive side, recycling is growing at a faster rate and since 2005 we have actually seen (for the first time) a decline in tonnages of waste sent to landfill (in the most progressive states).
We now recycle about 52 per cent of all the waste we generate and landfill the rest.
Across Australia governments are increasing their landfill levies – the taxes paid by all companies and councils – for waste sent to landfill. These are intended to price the unintended externalities of landfill and to provide a price signal to promote recycling over landfilling.
The effect of the levies has been to drive waste costs for most companies from one per cent of operating costs towards 2-3 per cent. While these are small numbers they equate to a significant hit on EBITDA and profit.
Remote landfills are exempted from the levies in some states.
On the other hand Sydney landfill prices crossed the $300 a tonne threshold in 2012 and continue to set the trend for other states.
It is important for all waste generators to understand that the levy is avoidable. It is only paid on waste actually landfilled. In other words, if you don’t want to pay the levy, then recycle.
The landfill price rises are driving resource recovery infrastructure investment and reform.
For most states the levies are now a significant revenue source. In NSW, the landfill levy raises more than $500 million a year.
To its credit, the NSW government has used these funds to establish a $465.7 million four year infrastructure and recycling grants program. These funds are granted to private companies and councils (up to $5 million and $10 million respectively) for new or improved recycling infrastructure.
Victoria, SA and WA all have similar schemes though at a lesser scale. Tasmania is exploring a $10 a tonne levy. Queensland had a levy for two years but it was dropped in 2012. The effect was a 20 per cent decline in recycling rates, the loss of jobs and the transportation of waste from NSW to Queensland.
The NSW levy, combined with the grant funding, is seeding a renaissance in the development of new recycling infrastructure and job creation. In fact, recycling is probably one of the only manufacturing sectors showing real growth and increased employment in NSW.
Jobs – largely recession proof
Recycling jobs are largely recession proof. Recycling rates do not generally swing as high or as low as the broader economy and much less than sectors such as mining, tourism and construction. Recycling jobs are mostly blue/green collar jobs. Recycling is a prime source of new jobs creation. For every 2.8 jobs in landfill we create 9.2 jobs in recycling. The sector employs over 30,000 people now and is worth over $11 billion per year.
Given the job creation potential of recycling, why does landfill continue to be the de facto method of waste disposal for 50 per cent of what we generate?
First and foremost – cost. Landfill is cheap. Many, especially local government owned landfills, have been inherited from past generations and don’t include the cost of replacement, rehabilitation and gas management in their pricing. State governments are coming to the realisation that this needs to be remedied and this will push up landfill pricing via reform and true cost pricing.
Commercial waste remains a key challenge with recycling rates in this sector averaging just 40 per cent or lower. The reason – business owners are economically rational. They recycle materials that are economically viable (cardboard/paper and metals, which have inherent commodity value) and landfill the rest.
Business owners must weigh the additional costs of labour to sort materials for recycling against the costs of landfill. Cheaper landfill equals lower recycling rates and vice versa.
One important innovation will be the introduction of weight-based charging for commercial skip bins. These are the front lift three cubic metre bins with lids behind most pubs, offices, restaurants. At present most front lift bins are charged by volume not by weight. So a business can pay as much for a bin with one piece of polystyrene in it, as another with half a tonne of rubble.
New weighing systems now permit legal trade based on weight. Weight-based charging will provide a direct price signal to business managers and will be the biggest single reform in the commercial waste sector for decades.
The next big innovation will be “Commercial dirty MRFs” (materials recovery facilities) to recover recyclables from mixed business waste. The rise in landfill levies, combined with new government infrastructure grants, is now making large scale recovery plants commercially viable.
The commercial sector is now also funding extended producer responsibility schemes for the collection of televisions and computers, oil and tyres. New EPR schemes are in development for paint, batteries, smoke alarms and gas bottles to name a few.
Energy from Waste
EfW will transform waste management in Australia. Rising landfill costs, new state policies and financial grants, are accelerating the move to EfW as an alternative to landfill. Best practice EfW includes gasification, pyrolysis, plasma arc and incineration and variations on these technologies. Already we have proposals for three EfW plants in Perth, one is operating in SA and at least another two are proposed for Sydney.
NSW, Victoria and WA have given the green light to EfW via new policies. These generally have three preconditions: EfW must not cannibalise recycling; plants must meet high air emission standards; and they must be bona fide energy generators (not just waste disposal).
Another piece of the waste puzzle is the construction sector, which generates 40 per cent of Australia’s total waste. This sector has the highest recovery rates at approximately 60-80 per cent, because the waste materials are more homogenous (timber, metal, concrete), are heavy and therefore costly to landfill (and responsive to levies), and can be sold in large volumes back into robust construction markets. New star rating systems are also being introduced for building refurbishment and demolition.
In the household sector, key reforms include the implementation of a third “green” bin for household garden and food waste and new 360 litre recycling bins for those households who need more volume (about 17 per cent of households fill their recycling bin to capacity each fortnight).
Almost 25 per cent of all recyclables are placed in the wrong bin by householders and this typically goes to landfill. Improving education will have some effect on this “loss”.
Many councils are also contracting AWT (Alternative Waste Technologies) to sort through the garbage bin – to recover recyclables and convert the organic component into low grade compost. These will continue to grow.
Some minor streams including mattresses, polystyrene and batteries can now also be recycled, as a result of support by government and the participation of charitable organisations.
Role of government
The role of government (particularly state government) is to clearly articulate where on the “recovery spectrum” they intend to sit (low cost landfill and lower recycling rates; and vice versa) and then to develop the appropriate policies, regulations and funding arrangements to make it happen.
Most businesses want to do the right thing but they are also economically rational. They will recycle to the extent limited by cost and return.
Most businesses and households support higher recycling rates and somewhat higher landfill levies, but only where a significant amount of the levy revenue is hypothecated to recycling infrastructure and systems.
As one local government councillor put it to me: “No one likes paying taxes but better they be progressive taxes than not. Better that we tax pollution and improve recycling, than tax payrolls and increase unemployment.”
With that sentiment in mind, rising landfill costs and improved recycling rates driven by new infrastructure, services and more recycling jobs, are with us for the long term.
Mike Ritchie is director of MRA consulting which consults on issues around recycling to businesses and local government.
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Currency conversion and currency iso codes
Currency ISO codes ( ISO 4217 ) is an industry standard to uniquely identify a particular currency from all the existing ones. Popular codes like USD or GBP are well known by most of the public, while many of them are widely unknown, especially those from developing countries.
Currency codes also reflect history and political changes. Some of them belong to currencies from the past, like German Mark (DEM) which after their integration on the European Union adopted the Euro (EUR).
The table below shows all currencies as they are configurated for foxer currency calculator.
Complete currency list with symbols and properties
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Tax in the UK is collected by Her Majesty’s Revenue and Customs (HMRC). A governmental department, it is responsible for the collection of taxes, which are used to fund public services and parts of the UK’s welfare system, including Child Tax Credits. In addition to offering help with tax calculations, payments, rebates and tax returns, the organisation provides help to both employers and employees who need assistance with tax issues. HMRC also oversees employers’ compliance with both the National Minimum Wage and the National Living Wage. It has the power to take employers who are found to be paying employees a rate below either of the standard rates to court.
Whether we like it or not, tax is a part of our daily lives and plays an important part in the UK’s economy. It has been collected for hundreds of years, with the earliest recorded account in Britain traced back to the invasion by the Roman Empire. However, HMRC, as we know it today, has only been in existence since 2005. Prior to that, tax was dealt with by the Inland Revenue. This was merged with HM Customs and Excise, which was responsible for the collection of customs taxes, excise duties and other indirect taxes.
Today, HMRC is responsible for collecting both direct and indirect taxes from the general public and corporations. Direct taxes include capital gains tax, inheritance tax and gift tax, while indirect taxes are those charged for goods and services, such as sales tax and VAT. HMRC also enforces certain environmental taxes, such as landfill tax and air passenger duty. However, the agency is much more than a receptacle for people’s earnings. It is also responsible for the distribution of some of those monies, such as the Child’s Trust Fund and tax credits. In addition, HMRC is the government’s watchdog for money-laundering regulations, which are levied at organisations that transmit or convert money, including banks.
What they offer – Services
If it’s anything tax-related, HMRC should be your first port of call. For most people, it’s an online portal through which you can access your personal or business tax account, submit online tax returns, pay corporation tax, and seek advice on issues such as PAYE for employers and VAT. If you wish to contact HMRC customer services, call 0871 244 7269.
What many people are unaware of is that HMRC is also given the same powers as a law-enforcement agency. It has its own team of criminal investigators, which tackle Serious Organised Fiscal Crime offences such as smuggling taxable goods, including tobacco and alcohol. HMRC also has the power to investigate corporations and businesses it believes are not acting in accordance with UK tax laws and, if necessary, prosecute them through the Crown Prosecution Service. Individuals who avoid or fail to pay tax can also be prosecuted by the HMRC. It can arrest, search and detain anyone under suspicion and the power to enter premises where they believe unlawful fiscal activity to be taking place.
Challenging a Tax Decision
If you feel a decision made by the HMRC is in error or unlawful, you have the right to appeal against it. Typically, appeals are made against decisions regarding issues such as Self-Assessment bills, tax relief and penalties. However, in certain circumstances you can even appeal against a request for information or the decision to investigate your business records. Usually, challenges are launched through an accountant. If you don’t have or need an accountant, you can challenge the decision yourself, as long as you include your name, tax reference number, an explanation of your appeal, facts and figures that support your case and your signature on the appeal letter. Should you wish to challenge the HMRC’s review of your situation, the next step is to present your case to a review tribunal.
Where are they?
The HMRC’s headquarters are in London. However, the organisation is working towards opening 13 regional offices. To contact HMRC customer services, call 0871 244 7269. There are also numbers for specific helpline services, such as for National Insurance issues and problems with PAYE. Lines are open between 8am and 8pm on weekdays and between 8 am and 4 pm on Saturdays.
Complaints to HMRC can be made by post, telephone or online. To lodge a complaint online, you’ll need a Government Gateway account. Alternatively, you can appoint someone else to complain on your behalf, although they’ll need to have their identity confirmed by HMRC. Should you disagree with the outcome of your complaint, you can request that it is investigated by another customer service adviser. In the event that you’re still unhappy with the reviewed decision, the next step is to raise the issue through the Adjudicator’s Office. In extreme circumstances, customers are advised to speak with their MP or speak to the Parliamentary and Health Service Ombudsman.
When you use governmental services online, you are submitting sensitive and personal information. The government will issue you with a Unique Tax Reference (UTR) code and a password for your account. If you want to change your password, ensure that it’s a strong one, by selecting random letters and numbers. However, be sure that it’s memorable.
Find out more about HMRC at – https://www.gov.uk/government/organisations/hm-revenue-customs
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Currency appreciation refers to the rise in value of a currency relative to other currencies or gold. Appreciation occurs when a unit of one currency can buy more units of another currency because of a change in exchange rates. Conversely, currency depreciation refers to decrease in the value of a currency with respect to another currency. This means that the depreciated currency is worth fewer units of the other currency. While depreciation means a reduction in value, it can be advantageous as it makes transactions in the depreciated currency less expensive.
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A collective agreement, collective labour agreement (CLA) or collective bargaining agreement (CBA) is a written contract negotiated through collective bargaining for employees by one or more trade unions with the management of a company (or with an employers' association) that regulates the terms and conditions of employees at work. This includes regulating the wages, benefits, and duties of the employees and the duties and responsibilities of the employer or employers and often includes rules for a dispute resolution process.
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In Finland, collective labour agreements are universally valid. This means that a collective agreement in an economic sector becomes a universally applicable legal minimum for any individual's employment contract, whether or not they are a union member. For this condition to apply, half of the workforce in that sector needs to be union members, thus supporting the agreement.
Workers are not forced to join a union in a specific workplace. Nevertheless, with 70% average unionization, most economic sectors are under a collective labour agreement. An agreement does not prohibit higher wages and better benefits, but establishes a legal minimum, similarly to a minimum wage. Furthermore, a national income policy agreement is often, but not always reached, which includes all trade unions, employers’ associations, and the Finnish government.
Collective agreements in Germany are legally binding, and this is accepted by the population, and it causes no alarm.[failed verification] Whereas in the UK there was (and arguably still is) a "them and us" attitude in industrial relations, the situation is very different in post-war Germany and in some other Northern European countries. In Germany, there is a much greater spirit of cooperation between the two sides of industry. For over 50 years, German workers by law have had representation on company boards. Together, management and workers are considered "social partners".
In Sweden about 90 per cent of all employees are covered by collective agreements, in the private sector 83 per cent (2017). Collective agreements usually contain provisions concerning minimum wages. Sweden does not have statutory regulation of minimum wages or legislation on extension of collective agreements to unorganized employers. Non-organized employers can sign substitute agreements directly with trade unions, but many do not. The Swedish model of self-regulation applies only to workplaces and employees covered by collective agreements.
At common law, Ford v A.U.E.F. , the courts once held that collective agreements were not binding. Then, the Industrial Relations Act 1971, introduced by Robert Carr (Employment Minister in Edward Heath's cabinet), provided that collective agreements were binding unless a written contract clause declared otherwise. After the demise of the Heath government, the law was reversed to reflect the tradition in British industrial relations policy of legal abstentionism from workplace disputes.
The law is now contained in the Trade Union and Labour Relations (Consolidation) Act 1992 s.179, whereby In the United Kingdom, collective agreements are conclusively deemed to be not legally binding. This presumption may be rebutted when the agreement is in writing and contains an explicit provision asserting that it should be legally enforceable.
Although the collective agreement itself is not enforceable, many of the terms negotiated will relate to pay, conditions, holidays, pensions and so on. These terms will be incorporated into an employee's contract of employment (whether or not the employee is a union member); and the contract of employment is, of course, enforceable. If the new terms are unacceptable to any individuals, they can object to his employer; but if the majority of workers have acquiesced, the company will be able to sack the complainants, normally with impunity.
The British law reflects the historic adversarial nature of UK industrial relations. Also, there is a background fear by employees that if their trade union sued for breach of a collective agreement, the union could become bankrupt, leaving employees without representation in collective bargaining. This unfortunate situation may be slowly changing, partly through EU influences. Japanese and Chinese firms that have UK factories (particularly in the motor industry) try to imbue their workers with the company ethic.[clarification needed] This approach has been adopted by indigenous UK firms such as Tesco.
- Intention to be legally bound
- Labour economics
- Labour law
- MLB Collective Bargaining Agreement, an agreement between the Major League Baseball Players Association and the Major League Baseball
- MLS Collective Bargaining Agreement, an agreement between the MLS Players Association, and the Major League Soccer.
- MLR Collective Bargaining Agreement, an agreement between the United States Rugby Players Association, and the Major League Rugby.
- NBA Collective Bargaining Agreement, an agreement between the National Basketball Players Association and the National Basketball Association
- NFL Collective Bargaining Agreement, an agreement between the National Football League Players Association and the National Football League
- NHL Collective Bargaining Agreement, an agreement between the National Hockey League Players' Association and the National Hockey League
- "Enterprise Finland". Archived from the original on 2013-02-13. Retrieved 2016-04-11.
- "Collective Bargaining Agreements in Germany". www.businesslocationcenter.de.
- "Collective Agreement Act celebrates its 50th anniversary - Eurofound".
- Cleverway. "Collective Bargaining / Germany / Countries / National Industrial Relations / Home - WORKER PARTICIPATION.eu". www.worker-participation.eu.
- Anders Kjellberg (2019) Kollektivavtalens täckningsgrad samt organisationsgraden hos arbetsgivarförbund och fackförbund, Department of Sociology, Lund University. Studies in Social Policy, Industrial Relations, Working Life and Mobility. Research Reports 2019:1, Appendix 3 (in English) Tables F-G
- Anders Kjellberg (2019) "Sweden: collective bargaining under the industry norm" Archived 2019-07-25 at the Wayback Machine, in Torsten Müller & Kurt Vandaele & Jeremy Waddington (eds.) Collective bargaining in Europe: towards an endgame, European Trade Union Institute (ETUI) Brussels 2019. Vol. III (pp. 583-604)
- Anders Kjellberg (2017) ”Self-regulation versus State Regulation in Swedish Industrial Relations” In Mia Rönnmar and Jenny Julén Votinius (eds.) Festskrift till Ann Numhauser-Henning. Lund: Juristförlaget i Lund 2017, pp. 357-383
- Ford v A.U.E.F. 2 QB 303
- LII Staff (6 August 2007). "Collective Bargaining". LII / Legal Information Institute.
- "U.S. Department of Labor - Office of Labor-Management Standards (OLMS) - Collective Bargaining Agreements File: Online Listings of Private and Public Sector Agreements". www.dol.gov.
- "Collective Bargaining Agreements - U.S. Department of Labor - Collective Bargaining Agreements - Cornell University ILR School". digitalcommons.ilr.cornell.edu.
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What is good quick ratio?
A result of 1 is considered to be the normal quick ratio. A company that has a quick ratio of less than 1 may not be able to fully pay off its current liabilities in the short term, while a company having a quick ratio higher than 1 can instantly get rid of its current liabilities.
How do you read a quick ratio?
The formula for quick ratio is:Quick ratio = Quick assets ÷ Current liabilities.Quick ratio = (Cash and cash equivalents + Marketable securities + Short-term receivables) ÷ Current liabilities, or.Quick ratio = (Current assets – Inventories – Prepayments) ÷ Current liabilities.
How do you calculate bank current and quick ratio?
The quick ratio is calculated by dividing the sum of cash and cash equivalents, short-term investments, and account receivables by the company’s current liabilities.
What is a bad quick ratio?
The commonly acceptable current ratio is 1, but may vary from industry to industry. A company with a quick ratio of less than 1 can not currently pay back its current liabilities; it’s the bad sign for investors and partners.
What if current ratio is less than 1?
Current Ratio and Debt A company with a current ratio less than one does not, in many cases, have the capital on hand to meet its short-term obligations if they were all due at once, while a current ratio greater than one indicates the company has the financial resources to remain solvent in the short-term.
What is quick ratio with example?
The quick ratio number is a ratio between assets and liabilities. For instance, a quick ratio of 1 means that for every $1 of liabilities you have, you have an equal $1 in assets. A quick ratio of 15 means that for every $1 of liabilities, you have $15 in assets.
What is a good quick ratio and current ratio?
Current ratio vs. quick ratio: What’s the difference?
|Current Ratio||Quick Ratio|
|Considers assets that can be converted to cash within a year||Considers only assets that can be converted to cash in 90 days or less|
|Includes inventory||Excludes inventory|
|Ideal result is 2:1||Ideal result is 1:1|
What is difference between current ratio and quick ratio?
The current ratio is the proportion (or quotient or fraction) of the amount of current assets divided by the amount of current liabilities. The quick ratio (or the acid test ratio) is the proportion of 1) only the most liquid current assets to 2) the amount of current liabilities.
What are the 3 types of ratios?
Classification. Ratio analysis consists of calculating financial performance using five basic types of ratios: profitability, liquidity, activity, debt, and market.
What is the formula for working capital ratio?
Working Capital Ratio = Current Assets ÷ Current Liabilities For example, if your business has $500,000 in assets and $250,000 in liabilities, your working capital ratio is calculated by dividing the two. In this case, the ratio is 2.0.
What is ideal current ratio?
A good current ratio is between 1.2 to 2, which means that the business has 2 times more current assets than liabilities to covers its debts. A current ratio below 1 means that the company doesn’t have enough liquid assets to cover its short-term liabilities.
What is ratio formula?
For example, if we divide both terms in the ratio 3:6 by the number three, then we get the equal ratio, 1:2. Some other equal ratios are listed below. To find out if two ratios are equal, you can divide the first number by the second for each ratio. If the quotients are equal, then the ratios are equal.
What happens if quick ratio is too high?
If the current ratio is too high, the company may be inefficiently using its current assets or its short-term financing facilities. The acid test ratio (or quick ratio) is similar to current ratio except in that it ignores inventories. It is equal to: (Current Assets – Inventories) Current Liabilities.
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How do I calculate profit margin in Excel?
The Excel Profit Margin Formula is the amount of profit divided by the amount of the sale or (C2/A2)100 to get value in percentage.
Example: Profit Margin Formula in Excel calculation (120/200)100 to produce a 60 percent profit margin result..
How do you calculate profit?
This simplest formula is: total revenue – total expenses = profit. Profit is calculated by deducting direct costs, such as materials and labour and indirect costs (also known as overheads) from sales.
What is the formula to calculate profit percentage?
How to determine profit margin: 3 stepsDetermine your business’s net income (Revenue – Expenses)Divide your net income by your revenue (also called net sales)Multiply your total by 100 to get your profit margin percentage.
How is profit price calculated?
Wholesale to Retail Calculation Calculate a retail or selling price by dividing the cost by 1 minus the profit margin percentage. If a new product costs $70 and you want to keep the 40 percent profit margin, divide the $70 by 1 minus 40 percent – 0.40 in decimal. The $70 divided by 0.60 produces a price of $116.67.
What is selling price formula?
selling price = (100 + profit%)cost price/100; [Here, cost price and profit% are known.] 1.
How do you set a price?
Cost-based pricing involves calculating the total costs it takes to make your product, then adding a percentage markup to determine the final price. For example, let’s say you’ve designed a product with the following costs: Material costs = $20. Labor costs = $10.
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Returning to the themes raised in Chapter One, we conclude by trying to place the squeezes of the eventful decade described earlier in terms of the three types of squeeze choices we identified in Chapter One; of the loss, cost, and effort involved in the various squeezes described here; and of the apparent consequences of those squeezes, electoral and other.
Tax and Spending, Depth and Duration, Blame and Control
As noted at the start of this chapter, the near-decade of squeezes described here comprises several of the types we introduced in Chapter One, running from a hard wartime revenue squeeze, through the only case of double hard squeeze in the century considered by this book, to a substantial spending- only squeeze initiated by the Lloyd George coalition and extending over the (mostly short) lives of the three following governments. But none of the squeezes explored in this chapter was of the 'slow-burn' variety that we discussed in Chapter One.
However, when we delved a little further into those various squeezes in this chapter, we noted that the wartime tax squeeze mainly hit those on middle and higher incomes and that the soaring public expenditure that accompanied it consisted wholly of defence spending, while spending on civilian services was severely squeezed, falling by nearly 10 per cent in constant-price terms between FY 1916/17 and FY 1918/19. Similarly, the apparently draconian 'double hard' post-war squeeze between FY 1919/20 and 1921/22 counts as a spending squeeze only because of steep falls in defence spending accompanying demobilization: civilian spending was not squeezed at all over this period. Such observations highlight the importance of going beyond global aggregated numbers to pickup some of the important particularities of each of those squeezes.
When it comes to choices over blame and control, we also noticed variety in the episodes explored in this chapter. One distinctive feature was the suspension of electoral competition among the main political parties accompanied by coalition governments during World War I—a pattern repeated in World War II but not in any of the other episodes that we discuss in this book. Another was the use of business leaders chaired by an ex-minister to look over the whole range of public spending and identify targets for expenditure cuts in the 'Geddes Axe' episode—a pattern only followed in one other episode during the century covered by this book.
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IAS 12 Income taxes deals with the accounting treatment for Current tax and Deferred tax. However, this standard is much talked for deferred tax because current tax is determined in accordance with the rules of taxation authorities.
Current tax is the amount of income tax payable / recoverable in respect of the taxable profit or loss for a period. Taxable profit or loss are determined in accordance with the profit or loss calculated as per taxation rules rather than IFRSs.
The total current year tax charge is estimated for the purpose of preparing the year end financial statements but may not be finalized by the tax authorities until after the year end. Hence, there could be difference in the final tax determined by tax authority as compared to the estimated current tax. This under or over provision is adjusted in the next year profit or loss account. The difference in amount is an estimate change and is not prior period error as per IAS 8 so, need to be adjusted in the next year financial statements.
For example, HSBC US has a current tax liability of $11m for the year ended 31 December 2018. On 31 January 2019, Internal revenue service IRS US Tax authority determined tax to be $10m for the year ended 31 December 2018 and this was paid. The estimated current tax for 2019 was $12m. The Bank year end is 31 December.
Here, in the year ended 31 December 2018, HSBC US would record the $11m as Debit the current tax expense in PL and Credit the Current tax payable in Statement of Financial Position SOFP. Later, in the year ended 31 December 2019, the IRS decided the tax to be $10m and Bank have paid the amount. Hence, We know that Bank have over provisioned $1m in year 2018 and this need to be adjusted in 2019 Tax expense of $12m being current tax expense as $11m (12-1).
Now, lets talk on deferred tax. Deferred tax liabilities are the amount of tax payable in future periods in respect of taxable temporary differences. Deferred tax assets are the amount of tax recoverable in future periods in respect of deductible temporary differences, carry forward of unused tax losses and credits. Temporary difference is the difference between carrying amount of assets or liabilities in the SOFP and its tax base. Tax base is the amount included for asset or liabilities for tax purpose.
Talking in simpler terms, any asset or liability whose recovery or settlement will make future tax payment higher or lower then there is deferred tax effect. Those which will make future tax payments lower, its deferred tax asset and which will make future tax payments higher its deferred tax liabilities. For example, a company bought building costing $1m depreciated @ 10% on straight line basis. At the end of year 1, as per IFRSs, building carrying value will be $0.9m (1m less 0.1m depreciation).
However, as per tax purpose, tax depreciation for building is only 5%. Hence, carrying value of building as per tax i.e., tax base will be 0.95m (1m less 0.05m depreciation). Now, we need to decide whether deferred tax have occurred or not.
Yes, here deferred tax have occurred as the carrying amount of asset is different from tax base. Here, deferred tax asset arise because IFRS accounting have deducted more depreciation than tax but is yet to be received in future in tax so benefit in tax in future. Applying the relevant tax rate, here deferred tax asset can be calculated. For example, if tax rate is 30%, Deferred tax asset becomes $0.015m debiting the deferred tax asset and crediting the deferred tax income.
Another example could be accrued expenses payable. For example, a company have accrued expenses of $2m debiting the expenses and crediting the accrued expenses payable. Here, IFRS accounting have expensed it but tax will only include it in expenses when it is actually paid in future so there is benefit in the future hence deferred tax asset arose.
Most important thing to note is that deferred tax is not discounted to present value and this should be shown separately in the statement of financial position neither in current nor in non-current. So, there is no current non-current classification for deferred tax.
Now, I will talk some thing on how unused tax losses is treated for deferred tax. Deferred tax asset is created for unused tax losses only to the extent that taxable profits will be available to set off any losses. For example, US IRS gives to carry forward the losses for the 5 years then deferred tax asset only to be created if there is valid expectation that taxable profits will be available with in these 5 years for setting off.
For instance, HSBC US made a loss of $ 12 billion in the financial year ended 31 December 2012 and HSBC board estimate that there will be $5 billion profit over the five year Then, HSBC US can only recognize deferred tax asset to the extent of $5 billion.
Another thing to note is that deferred tax rates are tax rate that are expected to enact or subsequently enacted by the end of reporting date. For example, in above example, Finance bill in US passed in November 2012 which determined Bank tax rate to be 35 % in 2013 Financial Year. Then, HSBC bank should apply this tax rate in calculating deferred tax even if the current financial year tax rate is different.
Also, if different tax rates apply to different levels of taxable income, then an entity should apply average tax rate in deferred tax calculation. For example, an entity may manufacture goods, trade goods and may also do import export business hence here three different tax rates will apply, So in this case, they are required to apply average tax rates.
The major disclosure requirement are tax reconciliation need to be shown between current tax related to accounting profit as per IFRS and taxable profit as per Tax authority.
Written by Shubham Shah, Executive Director at Certified College of Accountancy.
Certified College of Accountancy is a ACCA Gold approved learning provider in Nepal running ACCA Chartered Certified Accountancy classes in Nepal since 2006.
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What Is All The Fuss About Blockchain
Free Book Preview Money-Smart Solopreneur
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
What is a blockchain?
A blockchain is just a record, a ledger of all bitcoin transactions that has ever taken place.
It is similar to a ledger that that a bank would maintain to record all transactions of their customers. However, that’s where the similarity ends. In a bank, the ledger is controlled by the bank itself. Only the bank can see the transactions. The bank has its own security and access system to secure the ledger and to enter transactions.
In the blockchain, a copy of the ledger file is shared between thousands of participants globally, also called miners. Even you can become a miner by simply downloading the open source bitcoin software. New bitcoin transactions are added in the blockchain by a consensus of a majority of the miners, explained below. People do mining because they receive new created bitcoins in return for their efforts. Once a transaction is entered in the blockchain, it can never be erased or modified.
Why is it called blockchain?
Imagine a physical ledger we used to maintain accounting records before computers. It used to a register. At the end of a fixed period, for example, a day, an accountant would typically check all the records, note the balances and then sign at the end of the page. This would mean that transactions till this page are now fixed and no new entries can be made in the past.
Similarly, in the blockchain, this period is fixed at around 10 minutes. Miners collect all the bitcoin transactions globally executed in the last 10 minutes. They then record it together and this is called a block.
In our physical ledger example above, each page is linked with the previous page with running totals. Similarly in the blockchain, each block is also linked with the previous block. Hence, it is said to be a chain of blocks and hence the name, blockchain.
How does the blockchain work?
It would feel common sense that the only way to secure a ledger would be to trust a central authority like a bank or a credit card company. However the blockchain is an invention to securely maintain such a ledger without any such central authority but with a democracy in which miners win to do the right thing.
So miners collect all the transactions in the bitcoin network over the last 10 minutes. The miners then enter into a competition and a winning miner is declared. The miner who wins, creates the new block with all the new transactions. All the other miners then update their blockchain file to this new version and the competition starts all over again. The miner who wins is determined based on 2 conditions.
First, the miner who has the most common version of the blockchain. So for example, if a miner cheats and enters a wrong bitcoin transaction to benefit himself, he will have a minority version of the blockchain as no one else will have that transaction in their version. So he will lose.
Second, the first miner who will solve a complex mathematical puzzle will win. Solving this mathematical problem is a combination of luck and computing power. For example, in a lottery, the more tickets you have (computing power) the more your chances of winning. However, that does not guarantee a win. The miner with even 1 lottery ticket (very low computing power) also has a chance, though much lower than the miner with say, a 1,000 tickets (high computing power).
So the miner with the most common version of the blockchain and who first solves the mathematical puzzle wins, updates the blockchain and in return gets a reward of newly created bitcoins. Currently this reward is 25 bitcoins every 10 minutes. At today’s rate of about Rs 28,000 per bitcoin, that is about Rs 7 lacs.
Why are financial institutions excited about the blockchain?
Before the Internet, to provide for example, voice calling between India and the US would require a multi billion dollar company like AT&T to lay its own cable between the 2 countries and use it. Calls used to be very expensive because this infrastructure would be very expensive. With the Internet, a company like Skype can simply make an app and use the Internet to do voice calls. And now, forget voice calls, even video calls are free.
In the same way, banks, credit card companies and so on have to deploy infrastructure to secure their ledgers. This infrastructure has to be created and maintained by each company separately. And it is very expensive to do so.
Just like the Internet, these companies now have the option to record their transactions on the blockchain at a minimal cost. These transactions are recorded forever and they do not have to worry about its security. Hence, they have the opportunity to save billions of dollars.
Hence, they are excited about the blockchain.
What is a private blockchain vs a public blockchain?
You must have heard about financial institutions wanting to create their own private blockchain. A private blockchain is a bitcoin style ledger but which does not use the bitcoin network and does not use bitcoins as its token to record transactions. They want to do this because this could be a better and cheaper way to secure databases than financial institutions currently do.
But the public blockchain which runs on bitcoins is far cheaper and more efficient and more secure. Private blockchains are like private intranets. Intranets have failed and over time, everyone has realized that it is far better to do everything on the ‘public’ Internet.
I believe it will play out exactly like this with private blockchains. In a short time, everyone will realize it is cheaper and ‘more secure’ to use the public bitcoin blockchain.
Can the blockchain work without bitcoin?
The blockchain powered by bitcoin can only work with bitcoin. And this blockchain is by far, the biggest and most secure blockchain the world currently has. To talk blockchain and bitcoin separately, as is the case recently, is a fallacy. For blockchain to be used for other applications, bitcoins must succeed in its original ‘motive’ first. For miners to secure the blockchain, the only incentive they get is bitcoins. For mining power to keep increasing, bitcoins demand and subsequently its price should keep increasing in value over time. Which means bitcoins needs to continue to fulfil its potential as a global currency.
Note: The above is an oversimplification of the way the blockchain works. There are some finer elements that are consciously avoided. The purpose of this post is to conceptually explain blockchain to non techies.
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Mental Health – A Challenge for Insurers
The economic consequences of mental health problems are enormous. Estimates suggest more than 80% of U.S. adults have below optimal mental health.1 The UK spends around 4% of its GDP (a little over £100 billion) on prevention, diagnosis and treatment each year.2 The value of lost output and less tangible indirect costs of diminished quality of life are no less significant.
The global burden of mental health problems and their complexity has tremendous impact on the life and health insurance industry. By 2020 disability from depression will trail only cardiovascular disease.3
Despite the alarming figures, the evidence for a wholesale epidemic of mental health problems isn’t that strong. In Britain, for example, the rates of self-reported illness increased by just 2.5% from 1992 to 2007.4
Over 80% of people with the most common mental health problems of mixed anxiety and depression seek no treatment. Many receive minimally adequate treatment and rare specialist interventions from mental health services.
Nearly two out of five people in the UK miss work due to anxiety and depression, outstripping musculoskeletal problems as a cause for sickness absence. Little wonder British insurers report a significant increase in associated disability claims.
This shows that the effects of mental health problems experienced by the insured population are not necessarily the same as those of the whole country.
The contrast is most apparent when attempting to understand the impact the 2008 financial crisis has had on mental health, especially levels of suicide.
It’s hard to generalize because the trends vary in different countries. However, it is rare for suicide rates to have returned to the highs seen at the turn of the millennium.
Compared to the general population, there is evidence of higher rates of claim due to suicide, predominantly in older people with no history of mental health problems and especially on policies with large face amounts.
But public perception of mental illness is changing.
Follow our blog series on mental health for future posts on the complex risk challenges it presents. We’ll be looking at specific disorders and behavioural issues, suicide and the impact of recreational and prescription drug addiction.
- U.S. Department of Health and Human Services. Mental Health: A Report of the Surgeon General. Rockville, MD: U.S. Department of Health and Human Services; Substance Abuse and Mental Health Services Administration, Center for Mental Health Services, National Institutes of Health, National Institute of Mental Health, 1999.
- Centre for Mental Health. Economic and social costs of mental health problems in 2009/10. London; 2010.
- Murray CJL, Lopez AD. The Global Burden of Disease: A Comprehensive Assessment of Mortality and Disability from Diseases, Injuries and Risk Factors in 1990 and Projected to 2020. Geneva, Switzerland;World Health Organization, 1996.
- Adult Psychiatric Morbidity Study in England: A household Study (2009).
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I&P's Contribution to the Sustainable Development GoalsSubmitted by Admin on Tue, 06/27/2017 - 17:21
In September 2015 the United Nations adopted the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs). The SDGs comprise 17 core goals, from ending hunger to stemming climate change, that altogether provide a critical roadmap to a sustainable future and prosperous world.
As underlined by the study ''Investing in Africa’s development: how impact investing can contribute to meeting the Sustainable Development Goals in Africa" published in October 2016 by I&P, the SDGs explicitly call on all businesses to apply their creativity and innovation to solve sustainable development challenges. They acknowledge the key role that business can and must play in achieving them.
Following up with the study, I&P drafted a document presenting its contribution to the SDGs, available for download:
Read more about the study
Investisseurs & Partenaires (I&P) and the Foundation for International Development Study and Research (Ferdi) published in October 2016 a study on impact investment in Africa, entitled “Investing in Africa’s development: how impact investing can contribute to meeting the Sustainable Development Goals (SDGs) in Africa”.
In this study, the SDGs have been grouped into 8 main “SDG investment areas” where the private sector can play a key role: Fighting Poverty and Inequalities; Agriculture, Nutrition and Food security; Healthcare, Water and Sanitation; Education; Energy Access; Infrastructure and Innovation; Sustainable cities; and Environment and Biodiversity. For all these main SDG investment areas, the study look at the current situation in Africa, the financial resources needed to achieve the goal, the potential role of the private sector and how impact investors can contribute to achieve this SDG.
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COVID-19 induced significant economic and social disruptions in India. Rural households, including smallholders, were affected by loss in migrant income, livelihood and farm and non-farm income. The biggest disruption of livelihood in both the developed and developing world affected the livelihoods of 1.3 billion population.
The national statistical office released the estimates of Gross Domestic Product (GDP) for the first quarter (April-June 2020), suggesting a negative economic growth of 23%. In comparison, the construction sector shows a negative growth of 50%, followed by the service sector (47%) and the manufacturing sector (39%). In contrast, agriculture and allied show positive growth of 3%.
During this lockdown, the Indian government enacted several emergency legislations to provide direct and indirect relief to workers and households. India’s COVID-19 social assistance package, namely, PM-GKY, announced in March 2020, was designed to provide immediate relief to the vulnerable population. The PM-GKY provided cash direct benefit transfers (DBT) and in-kind supports (IKS) through existing schemes.
The paper ‘India's COVID-19 social assistance package and its impact on the agriculture sector’ by International Food Policy Research Institute (IFPRI) examines the impact of India’s government assistance package (known as Pradhan Mantri Garib Kalyan Yojana or PM-GKY), announced immediately after the lockdown, on the procurement of agricultural inputs for the upcoming farming season.
The study uses a quasi-experimental method and survey data from 1,789 smallholder households in three northern Indian states (Rajasthan, Madhya Pradesh, and Uttar Pradesh).
Resilient agriculture sector
Agricultural policy experts posit several hypotheses to explain the resilience in the agricultural sector, including the pandemic's timing, immediate public policy response, and the creation of infrastructure for social transfers, among others.
Although the government's price stabilisation policies helped stabilise cereal prices initially, prices of essential commodities remained stable in May and June 2020 due to better supply chain management, and the procurement picked up in May and June, albeit with a slow start.
The time lag in the procurement of 2019–2020 rabi season production may have impacted the liquidity concerns of farmers for the upcoming 2020 kharif season (July-November).
Moreover, the trading in the agriculture sector in India is mainly physical, and the farmers failed to receive the payments for their produce immediately after the transaction. At the same time, 85% of Indian farmers are marginal and small, 50% of farmers rely on informal credit, and 20% bought agricultural inputs on credit.
The food grain production for the 2019–2020 rabi and 2020 kharif season has increased significantly by 5 and 2%, respectively, compared to the previous year. For the 2019–2020 rabi season, one can argue that the significant farming activities of the season were completed before the lockdown. In contrast, the 2020 kharif season (summer crop), is considered to be most impacted by the COVID-19 pandemic.
The delay in the receipt of farm revenue coupled with the COVID-19 pandemic affected farmers' credit and liquidity to meet input requirements for the kharif season. The present study explores the role of immediate public policy response by the Indian government in addressing the liquidity constraints of farmers.
The government of India announced the COVID-19 social assistance package of INR 1.7 lac crore (or 25 billion US$) under the Pradhan Mantri Garib Kalyan Yojana (PM-GKY) to provide immediate relief to the vulnerable population. The PM-GKY package uses existing schemes to provide additional benefits to farmers and rural households.
The study focuses on four major schemes potentially relevant to the benefits of the farmers. These schemes include Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), Pradhan Mantri Ujjwala Yojana (PM-UY), Pradhan Mantri Jan Dhan Yojana (PM-JDY), and Pradhan Mantri Ann Vitran Yojana (PM-AVY). Together, these four programs represent about 70% of the total budget of the PM-GKY package.
Under the PM-KISAN, farmers did not receive an additional benefit. Still, importantly the scheme payment was frontloaded in the first week of April 2020, which was quite important for farmers for addressing their liquidity constraints. However, the remaining three schemes provide an additional benefit under the package. Although these schemes are not directly meant for farmers, the benefits received through these schemes have implications for farmers' liquidity concerns.
The theory of fungibility suggests that spending is more sensitive to income and liquid assets as compared to assets such as houses. Empirical studies on the fungibility in microfinance for Bangladesh and India suggest that the funds received by farmers have diverted for involuntary commitments. Therefore, it is likely that farmers may use the benefits received here to leverage their investments in agriculture.
In the above context, the study has twofold objectives. First, to examine the impact of the PM-KISAN on the purchase of agricultural inputs. Second, the study investigates the complementary role of other PM-GKY package schemes (such as PM-UY, PM-JDY, and PM-AVY) in stimulating the PM-KISAN's impact on the procurement of agricultural inputs.
India's COVID-19 social assistance package
PM-JDY scheme aims for financial inclusion by opening a savings bank account for the unbanked adult person. The existing benefit includes INR 2 lac insurance coverage. Under PM-GKY, there is a provision of additional benefits in cash transfer of three instalments of INR 500 each to the 204 million women account holders for April, May, and June 2020.
Results and discussion
Impact of cash transfers to farmers on input procurement
Findings show the cash transfer scheme had a positive and significant impact on the procurement of agricultural inputs. In terms of magnitude, the results indicate that beneficiaries of the cash-transfer program were about 16 percentage points more likely than non-beneficiaries to purchase the agricultural inputs for the 2020 kharif season immediately after receiving the assistance.
In the case of seeds, the result shows that program beneficiaries were about 14 percentage points more likely than non-beneficiaries to purchase the seeds for the 2020 kharif season immediately after receiving the assistance. However, the impact on the procurement of fertilizers and pesticides is modest (2.2 percentage points at a 10% level of significance). Thus, the increased procurement of agricultural inputs may be driven primarily by increased purchases of seed.
The above findings underscore the importance of the government relief package under COVID-19 on farmers' behaviour in farm inputs procurement. The results, in the case of small and marginal farmers, are similar to those of all farmers. As expected, the magnitude of the impact is lower than for all farmers, even though small and marginal farmers are more vulnerable.
Impact of the PM-GKY scheme on input procurement
Estimates of the overall assistance package's impact on agricultural inputs' procurement for the 2020 kharif season show similar patterns for both kernel and nearest-neighbour matching procedures. For all farmers, we find the assistance package had a significant positive impact on the acquisition of agricultural inputs.
In terms of magnitude, the result shows that the package's beneficiaries were 17 percentage points more likely than non-beneficiaries to purchase the agricultural inputs immediately after receiving the government assistance. In the case of seeds, the results reveal that beneficiaries of the assistance package were about 14 percentage points more likely than non-beneficiaries to purchase seeds for the 2020 kharif season immediately after receiving the assistance.
Note that the magnitude of the impact of the government assistance package on the procurement of agricultural inputs and seeds is significantly higher than that of the program transferring cash to farmers. A plausible reason could be that when farmers received multiple benefits under the overall package, they had additional benefits (such as cash transfer for women, conditional cash transfer for buying cooking gas, and free food rations).
As a result, they could afford to shift their additional spending on purchasing agricultural inputs. Our result is consistent with, who found that access to credit increased farmers' expenditures on farm-related activities.
Interestingly, we find the government assistance package had a positive and significant impact on the procurement of fertilizers and pesticides (about a 4% increase). An explanation for this finding could be that the additional assistance under the package relaxed the liquidity constraint to a large extent, such that farmers purchased expensive agricultural inputs such as fertilizer.
It reveals that other components of the government assistance package and the component transferring cash to farmers resulted in increased spending on agricultural activities by all farmers in general and by small and marginal farmers in particular. We find a similar pattern of results for the smaller and marginal farmers.
Summary and conclusion
- The Indian government passed the most extensive relief package in the country's history. Under the Pradhan Mantri Garib Kalyan Yojana (PM-GKY) legislation, the Indian government provided cash transfers and in-kind support to Indian households for the first three months of the lockdown (April, May, and June).
- The disbursement of cash transfers in the three states showed that emergency relief packages had reached the vulnerable sections of Indian society. Overall, 89–94% of households benefited from direct cash transfers.
- The study found that the minimum income support program providing cash transfers to farmers increased small and marginal farmers' procurement of seeds for the upcoming cropping season (2020 kharif season) in the three northern states of India.
However, the study found that farmers who received benefits under other components of the overall government assistance program and the cash transfer to farmers spent more on the procurement of seeds, fertilizers, and pesticides than farmers who did not receive benefits under other components.
- The heterogeneous impact of the overall program on input procurement showed the effect of COVID-19 relief packages in addressing the liquidity constraints facing vulnerable small and marginal farmers in northern India.
- Perhaps lower transaction costs, minimal leakages, and immediate delivery make a strong case for direct cash transfers. The above advantages facilitate the provision of relief to a large proportion of vulnerable sections of Indian society in a short period.
However, whether these relief measures continued to reach and affect vulnerable farming households in May and June 2020 remains a question for future research. The above finding has broader implications for other countries in efficient and effective disbursement of aid from government relief packages to private citizens.
The paper can be accessed here
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What Is a Performance Budget?
A performance budget is one that reflects both the input of resources and the output of services for each unit of an organization. The goal is to identify and score relative performance based on goal attainment for specified outcomes. This type of budget is commonly used by government bodies and agencies to show the link between taxpayer funds and the outcome of services provided by federal, state, or local governments.
Understanding a Performance Budget
The decision process for performance budgets focuses on outputs—or outcomes—of services. In other words, the allocation of funds and resources is based on specific goals agreed upon by budget committees and agency heads of services. For instance, in schools, teachers may earn bonuses or promotions based on aggregate test scores among their students, which is supposed to show a high degree of skill and effectiveness (although this may not always be the case.)
Performance budgets, as the theory goes, are designed to motivate employees, enhancing their commitment to producing positive results.
A few examples of outcomes that a performance budget could address include:
- Improvement in average test scores of a school district
- Decreases in mortality or morbidity rates of a health program
- Improvement of water quality of a county's drinking supply
- Non-violent crime reduction in a city
- Reduction in road pothole complaints
All of these would have numerical targets attached to them. A performance budget would be developed accordingly to identify those target numbers and a method of evaluating performance. Performance budgets often rely on quantifying otherwise qualitative or subjective factors so that they can be measured and accounted for.
- Performance budgets reflect the input of resources and the output of services for each department or unit of an organization.
- They are designed to motivate employees' commitment to produce positive results.
- Disadvantages include the potential for disagreement over spending priorities and a lack of unified cost standards.
Advantages and Disadvantages of a Performance Budget
The advantages in the public sector are an increase in accountability of the local authorities to the taxpayers, communication to the public about priorities, and quantifying particular goals. Taxpayers want to know where and how their money is being spent and to what end.
Similarly, nonprofit organizations draw up performance budgets to link inputs and outputs for their missions. Donors to these organizations also want to know what kind of "return" society is getting from their donations.
Some disadvantages of a performance budget include:
- The potential for disagreement on where spending priorities should lie, in the case of a government with multiple agencies
- Lack of unified cost standards across multiple agencies
- The potential for a department to manipulate data in order to reach a target, which could lead to a need to spend funds on an independent party to verify results
- A lack of flexibility once the inputs/outputs have been set
One prominent disadvantage of performance budgets is that by assigning target scores or numbers that an organization uses as its benchmark for achievement, the numbers can be gamed or become the sole focus of one's task. For instance, teachers looking to earn a certain score may only focus on the factors that comprise that score and overlook or ignore other factors that may be important to teaching but not for the performance budget.
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With bursts of color in the spring and shimmering pods in the fall, money plant, or Lunaria annua, is a wise investment. Planted now, the seeds of this biennial will
With bursts of color in the spring and shimmering pods in the fall, money plant, or Lunaria annua, is a wise investment.
Planted now, the seeds of this biennial will produce two- to three-foot plants next spring that will pop with white or purple flowers floating above the foliage. While the blooms are pretty — and often invite butterflies — they are only an opening act for the main attraction.
The round seed pods add the most interest to the garden in late summer and fall when their green coverings turn a dull brown, fall off, and reveal the shiny inner ovals that contain seeds for next year’s crop. When cleaned of their coverings and seeds, the delicate circles, about the size of silver dollars, are eye-catching in dried, indoor flower arrangements.
Although it originated in the Balkans, money plant has been an heirloom favorite in Southern gardens since colonists introduced it in the 1600s. The seeds of this easy-to-grow plant sifted down through the generations.
Money plant will grow almost anywhere, but for healthier, better-producing plants, place the seeds in well-worked, compost-enriched soil. They need at least four to five hours of sun each day with some afternoon shade. If planted in the early fall, the hardy seedlings will overwinter in the garden and greet the new spring with masses of butterfly-shaped flowers.
Keep in mind: If the pods aren’t picked yearly, these plants will readily reseed in the garden to the point of being invasive. So be careful to properly manage your investment.
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Ideas 25 and 27 September and 5/6 October.
Text 1–5 and 9–.
Most people are familiar with money from early childhood. So they know what money is and understand how it works.
When they read about money creation and money destruction, they think they understand that too.
Money creation is when afterwards there is more money than there was before.
Money destruction is when afterwards there is less money than there was before.
Simple. But is it? No, it’s not!
Money creation and money destruction are notions from monetary theory, a subbranch of economics. They are based on definitions of various kinds of money. Those definitions are used by central banks, non-central banks, economists and statisticians, to measure the money supply. And they are what they are for a reason.
Those definitions of money largely correspond to what people in everyday life think money is. But not quite! There are important differences!
Some provoking examples to clarify this. (More details here.)
If you deposit money in a long-term savings account, it is no longer money. (This is true in the eurozone, but not in the USA.)
Coins and banknotes are money, but they are not money while they are in a bank.
If you take out a bank loan, that loan itself (the claim of the bank on the borrower) is not money. The amount being available to the borrower, however, is money.
If that loan is a mortgage loan (home-equity loan), the loan amount is used to pay the former owner of the house which is purchased. That former owner will usually use part of the amount to redeem his mortgage loan. In doing so, that part of the money stops being money.
Shares and bonds are not money. But they do have value, and they are assets on the balance sheet of a company that owns them.
Money in an account that a bank has with another bank, is not money. That is true regardless of whether either bank is the central bank or a non-central bank.
So the reserves that banks keep with the central bank, under the minimum reserve requirement, are not money. They do however play a vital role in regulating the quantity of money, in other words, the money supply.
So what are those definitions in monetary theory, that have such seemingly weird consequences? Why is money so counter-intuitive and so often different from money?
In May 1961 the Federal Reserve Bank of Chicago issued a document called Modern Money Mechanics. It was revised several times, most recently in June 1992.
I quote from the top of page 14 in the PDF:
“Money has been defined as the sum of transaction accounts in depository institutions, and currency and travelers checks in the hands of the public.”
And in the Introduction, in the right column of page 2 (see here in Wikisource) we read:
“Today, in the United States,
money used in transactions is mainly of three kinds —
currency (paper money and coins in the pockets and purses
of the public); demand deposits (non-interest bearing
checking accounts in banks); and other checkable deposits,
such as negotiable order of withdrawal (NOW) accounts, at
all depository institutions, including commercial and
savings banks, savings and loan associations, and credit
Since $1 in currency and $1 in checkable deposits are freely convertible into each other and both can be used directly for expenditures, they are money in equal degree. However, only the cash and balances held by the nonbank public are counted in the money supply. Deposits of the U.S. Treasury, depository institutions, foreign banks and official institutions, as well as vault cash in depository institutions are excluded.”
The Board of Governors of the Federal Reserve System defines the money supply here, and I quote:
“The money supply is commonly defined to be a group of safe assets that households and businesses can use to make payments or to hold as short-term investments. For example, U.S. currency and balances held in checking accounts and savings accounts are included in many measures of the money supply.”
The European Central Bank (ECB) gives the following explanation of money aggregates: (see under “Monetary aggregates background”), from which I quote:
“Monetary aggregates comprise
monetary liabilities of MFIs and central government
(post office, treasury) vis-à-vis non-MFI euro area
residents excluding central government.
M1 is the sum of currency in circulation and overnight deposits; M2 is the sum of M1, deposits with an agreed maturity of up to two years and deposits redeemable at notice of up to three months; and M3 is the sum of M2, repurchase agreements, money market fund shares/units and debt securities up to two years.”
MFI means Monetary financial institution. Probably roughly the same as what FEDs call a “depository institution”.
The bottom line is this:
Money in the monetary sense is the money that the public (i.e. households and companies) have available for spending.
What is immediately available is M1. What can become available immediately and after some time is M2/M3. What is unavailable or only available after a long time, is not money at all!
These definitions make sense, because they define the quantity of money, the money supply, the quantity of money people can spend.
And it is that quantity that is vital for inflation. Keeping the inflation low, by controlling the money supply, is one of the most important tasks of any central bank. Therefore what central banks want to know and need to monitor, is the quantity of money supply and not money supply!
Now let’s check some of the above examples, to see if they are really according to the definitions of money.
This will also give us a better insight into what money creation really is!
If you have money in a checking account (i.e. an on demand account) and transfer it to a savings account, it is no longer M1 money. So in a way, money destruction has taken place.
But clearly not money destruction, because the money in that savings account still has value, and the depositor is still the owner – meaning the depositor has a claim on the bank in the amount of the deposit.
Under ECB definitions, if the savings account has a maturity of up to two years or a notice period of up to three months, the money in the account, although no longer M1, is still M2/M3. So in a way, this money is still money, because M2/M3 is also a form of money.
If however the savings account has a maturity period of more than two years, or a notice period of more than three months, depositing money in it, means it is no longer M1 and also not M2/M3. In other words, it is no longer money at all. It is however still money, it still has value and the bank didn’t steal it.
(The US Fed does not make a distinction based on the maturity period or notice period, but does consider deposits below 100,000 dollars as M2, and above that only as M3. Since March 26, 2006, the Fed no longer publishes the M3 monetary aggregate.)
Coins and banknotes (which are both clearly money and have value) are not money when they are in a bank’s till or vault.
So if you deposit cash money in a bank, you destroy money. However, in return for that deposit, you get a higher claim on the bank, because the bank credits the amount to your transaction account.
That claim is money, so in addition to the money destruction just mentioned, there is money creation to the same amount. The net effect for the money supply (which is the total quantity of money) is nil.
In fact, this was Step 1 in my very first article in this series.
That cash in bank is not money also has consequences for Step 2 in that article. In Step 2, cash money leaves the bank and gets into the borrower’s wallet.
According to the monetary definitions of money, that is the moment when that money becomes money (M1)! So that is the time of the money creation: there is more M1 than there was before.
But this money creation is not money creation: the physical coins or banknotes exist now as they existed before. They only changed position, from ‘in the bank’ to ‘in the hands of the public’, and that causes money creation, due to a definition of money that makes sense.
With a different way in which banks create money, which I described in my 10th article, we see a similar effect as what was explained right above.
In terms of money (the intuitive, everyday kind) as much financial value is added to the debit side as to the credit side of the bank’s balance sheet.
The bank makes the loan amount available to the borrower, i.e. the bank promises to supply that money whenever the borrower needs it and want to spend it. This is recorded in the bank’s book at the credit side, because it is a promise, a pledge, an obligation, a liability by the bank.
The same amount is also recorded at the debit side, the asset side. There it represents the fact that the borrower, at some point in time will have to pay the amount back to the bank. This debit posting represents the loan. It is a claim of the bank on the borrower, so it is an asset from the point of view of the bank (and a liability as seen from the borrower).
So in terms of money, debit is offset by credit.
In terms of money however (the monetary, technical kind), only the credit side counts. The claim of the borrower on the bank is M1. The claim of the bank on the borrower is not M1. Hence: money creation. But not money creation!
That’s why what I said in that previous article (no. 10), is true: money creation is a reality, but it doesn’t make the bank any richer!
The monetary definitions of money aggregates make sense for the purposes they are used for. However, they do not correspond to what people in everyday life intuitively understand as money.
Money creation is intimately tied to those monetary definitions. Most people do know what money is, but misunderstand money. Consequently, they also misunderstand money creation.
They think it is also money creation, but it isn’t. Therefore they think banks that create money are fraudulent.
In reality, banks that create money (automatically and inadvertently, as an unavoidable side-effect of credit granting!) do not also create money.
In fact, in hindsight, the two interpretations of the notion of ‘money’ I distinguished in this article, are two of the well-known functions of money:
What I typeset as money represents money as a medium of exchange.
What I typeset as money largely represents money as a unit of account (also in a way as a standard of deferred payment and as a measure of value).
For example, you can estimate the value of a house as an amount of dollars or euros. But that doesn’t make that amount a medium of exchange (as long as the house does not actually change owners) and it isn’t part of the money supply.
Also, the remaining principal of a bank loan can be expressed in dollars or euros etc., as the case may be. But that doesn’t make that amount (how much the borrower still owes the bank) a medium of exchange.
So we could also say that money creation is so ill-understood by many, because they do not properly distinguish between the various functions of money. Money creation involves an enlargement of the money supply, and in the notion of money supply, money is only looked at as a medium of exchange, not in any of its other possible roles.
Copyright © 2012 R. Harmsen. All rights reserved.
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The CPI (consumer price index) measures the price changes at a consumer level. The PPI (producer price index), which we discussed in the previous part, tracks the prices at a wholesale level. The CPI is a weighted average price of a basket of goods and services at the consumer level. It includes food, medical care (XLV), transportation, housing, apparel, recreation, education and communication, and other goods.
According to the December CPI report released by the U.S. Bureau of Labor Statistics on January 12, consumer prices in December increased 0.1% and closed 2017 with an overall increase of 2.1%.
Why the CPI is important
The CPI tracks changes in the prices that consumers pay. The Fed set a price increase target of 2%, which it thinks is an optimal increase in prices to keep the economy’s momentum going. A stagnant or declining level of prices could force consumers to delay their purchases and lead to an economic slowdown, job losses, and eventually a recession.
A closer look
In 2017, consumer prices (TIP) increased 2.1%—the same level as 2016. The key takeaway was the impressive 2.6% increase in the CPI (VTIP) annual rate in the last three months. It’s a positive signal that inflation (SCHP) is moving above the 2% target that the Fed set for itself.
Core inflation, which excludes volatile food and energy prices, increased 0.3% month-over-month in December and 1.8% in 2017. The key contributors to the increase in core prices in December were housing (XHB) and services. Both of these components are important contributors to core inflation. Their continued appreciation could lead to a higher inflation rate in 2018.
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A new government report outlines the costs of using biofuels on flights and says Sweden should work closely with airlines.
A Swedish government report that will be submitted on Monday recommends that airlines should be required to use carbon neutral biofuels, the Dagens Nyheter newspaper and The Local report.
The author of the report is Maria Wetterstrand, a former Green Party leader who was appointed by the government to investigate what should be demanded of airlines in the country.
Wetterstrand was asked to investigate measures to promote biofuels on flights, but her report says that the planned biofuels mandate should tighten significantly only from 2025.
The report expects emissions to reduce by between just 1% and 5% by 2025 but will reach 30% by 2030.
“Some are going to feel that our demands are too weak, but it’s because of the limited availability of biofuels and the amount of time we feel it will take to boost volumes,” she explained to Dagens Nyheter.
“We don’t want to set demands we cannot live up to.”
A new law should come into force in 2021, she suggests, with a demand for just 1% biofuel use, which she expects will raise the cost of a flight in Europe by SEK 18 (€1.70).
Wetterstrand anticipates that under her proposals the price of a long-haul flight will rise by about SEK 250 by 2030, due to the increased cost of biofuels.
The former politician was appointed to lead the biofuels investigation in January 2018.
It is important to work closely with the industry, she said, so that airlines do not opt to refuel their planes in other countries.
“If planes choose to tank up on a load of extra fuel to avoid refuelling in Sweden that would increase emissions because the planes would be heavier, so that would be extremely negative from a climate standpoint,” she said.
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Stock Exchange is a centralized platform where the shares of companies that trade publicly can be purchased or sold by participants. It is a great marketplace to facilitate the buy and sell of securities. The stock exchange is very systematic and well regulated with rules and procedures to allow fairness in trading. There are two major stock exchange markets in India – the Bombay Stock Exchange (BSE) and the National stock exchange (NSE).
Although both of them are major stock exchange markets in India, there is some fundamental difference between BSE and NSE.
Fundamental Difference Between NSE and BSE
1) BSE is the oldest stock exchange in Asia. It was established in 1875 in Dalal Street in Mumbai. NSE is a relatively newer stock exchange of India which was established in the year 1992 in Mumbai.
2) BSE has over 5000 companies listed with a market capitalization of over US$2.29 trillion as of March 2019. On the other hand, as it’s relatively new, NSE has over 1600 companies listed with a market capitalization of over US$2.27 trillion as of March 2019. It is one of the main difference between NSE and BSE
3) BSE globally ranks 10th whereas NSE has a ranking of 11th position in the global stock exchange ranking worldwide.
4) BSE launched Sensex in the year 1986 as the first index that was used to measure the overall performance of the stock market and provide top 30 trading companies in the exchange. NSE introduced Nifty as an equity benchmark index in India on April 21, 1996, to measure the overall performance of the stock market and provide top 50 trading companies in the exchange.
5) Apart from Sensex, other important indices of BSE are BSE 100, BSE 200, BSE 500, BSE SMALLCAP, BSE MIDCAP, BSE PSU, BSE Pharma, BSE Auto, etc. Apart from Nifty, other important indices of NSE are CNX 100, CNX Nifty Junior, S&P CNX 500, CNX Midcap, etc.
6) BSE is the oldest stock exchange had traditional methods for performing trading and settlement. NSE on the other hand was the first to start the fully automated advanced electronic trading system in India. Due to the electronic trading introduced by NSE, the time taken to perform trading and settlement is much less than the traditional method.
7) Due to the electronic method of trading and settlement, it brought a lot of ease in trading and attracted a lot of investors across India. As a result of this more trading happens in NSE compared to BSE. As a result of this volume of trading is less in BSE than NSE.
9) NSE established the first depository service in India called the NSDL (National Securities Depository Limited) in 1996. BSE provides depository services through the Central Depository Services Limited (CDSL) in 1998. These depositories hold securities in electronic form and undertake the process of clearing and settlement. These depositories have played a major role in reducing the settlement time from T+3 days to even T+1 for some products.
10) BSE facilitates the trading of Equity, Currencies, Debt instruments, Derivatives, and mutual funds whereas NSE facilitates the trading of Equity, Equity Derivatives, and debt and currency derivative segments on its platform.
Although these stock exchanges have a number of differences, both of them operate under the strict guidelines of SEBI (Securities and Exchange Board of India). They are both located in Mumbai but are globally recognized and open to investors all over the world.
So now that you are aware of the key differences between both the stock exchanges, you can choose and select the platform to buy and sell shares. NSE is suitable for investors who choose to involve in high volume volatile trading. For intraday traders, low trading volume in BSE is not suitable and hence NSE is suitable for intraday and swing traders.
BSE is more suitable for investors who are conservative to the risk and choose to hold for the long term. For investors who choose to invest once and wait for their investments to grow in due course of time, BSE is the ideal market place. For companies that are listed in only one exchange like NSE or BSE only, it is an obvious choice. However, for companies listed in both exchanges, it is completely based on the choice of the investor.
Abhishek is the founder of Above Stocks. He manages the News section of our site. Having learned the art of Stock Trading, he is always keen to know the latest updates in the Indian Stock Market and put it down in our news section.
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WASHINGTON, Jan. 27, 2016 - Researchers from the Department of Energy’s Lawrence Berkeley National Laboratory (Berkeley Lab) have published a new study that reveals the key market and system drivers for low-priced solar photovoltaic (PV) systems. The study focuses on systems ranging in size from 1 to 15 kilowatts, and uses a variety of statistical methods to analyze a dataset of over 40,000 PV systems in 15 U.S. states.
Despite substantial recent cost reductions, installed prices for small-scale PV systems in the U.S. continue to show wide pricing differences depending on the location of the installation, the installer, the components of the system, and other factors, says Berkeley Lab’s Ryan Wiser, a co-author of the study.
Greg Nemet, of the University of Wisconsin-Madison and the lead author of the report, says “We find that low-priced PV systems, those cheaper than 90 percent of other systems nationally, are more prevalent in local markets with fewer active installers, and are more likely to be installed by companies that have more county-level experience installing PV systems. Not surprisingly, low-priced PV systems are also associated with a variety of system characteristics. For example, such systems are more likely to be customer owned (vs. leased), be larger in size, and use lower-efficiency modules and are less likely to use tracking, building-integrated PV modules, micro-inverters and batteries.”
The research also finds that policy incentives can affect the prevalence of low-priced systems, though those influences are nuanced and require additional analysis to fully verify.
“Widespread adoption of PV will depend, in part, on the economics of those systems,” explains Wiser. “By studying the attributes of low-priced PV systems, we can begin to identify what can be done to facilitate those conditions and thereby drive down PV system prices nationwide.”
The report, , was funded by the U.S. Department of Energy SunShot Initiative.For more news, go to: www.Agri-Pulse.com
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Data is the most valuable asset of any firm and hence, the day-by-day increasing number of data breaches has compelled firms to implement methods that can safeguard their crucial data while in storage or rest or during transit over a network.
Encryption is the best defensive methodology long been used by the firms to safe guard their own and their customer’s data and assess control over it.
Referring to statistics back in 2007, there were more than 70% of the companies that utilized encryption data protection methodology for some of their data in transit, while the 53% of the firms utilized encryption for some of their data in storage at that point of time. Counting on these numbers right from 2007 to till date, i.e right through the nine long years, they can be expected to be increased by now and hence, as of today there would be many more companies utilizing encryption and other data protection methods to ensure safest storage and transit of their vital business data.
Microsoft, the techno giant utilizes encryption methodology to enable enterprises and individuals to safely store their data at rest or move their important data over a network or between the user devices.
What is encryption?
Encryption is the process of encoding the data in such a way that only authorized persons can read it. The encrypted data can be read only by the person who has the decryption key for it. Hence, this is the strongest defensive method to protect the data from intruders or hackers.
Encryption in Microsoft Products and Services
Microsoft’s products and services are built on encryption and utilize the industry standard transport protocols for data security. They are enabled with a wide range of encryption capabilities to protect data at rest as well as the data in transit.
Microsoft’s encryption capabilities extend to offer the firms with a secure identity, infrastructure, apps, CRM and data so that they remain safe from breaches. They are various encryption methods that Microsoft follows to ensure that enterprises can store their data in a secure manner and transit it safely.
Identity which can be of a user, computer or both, plays an important role in encryption method. For instance, in asymmetric encryption method, a public and private key is issued to the users. However, while the public key is for the all the authorized users, private key shall be issued only to the owner. The use of private key identifies the access of the application or data by the owner. Microsoft products or services utilize public key cryptography to verify the identity of the users and computers trying to access the important business data.
Microsoft’s products and services provide a secure infrastructure to ensure protection of business critical data. They utilize encryption, protocols and algorithms which can transfer data over a secure path or store the privacy of data within a secure infrastructure.
Secure infrastructure for data in transit is implemented right through the Transport Layer Security/Secure Sockets Layer (TLS/SSL) where the messages are encrypted with a shared entity as they are transferred over the network. IP security protocol is used to ensure safety, integrity and confidentiality of the data as it travels through the network in the form of packets.
On the other hand, Azure Storage Service Encryption is used to protect the data at rest by encrypting at storage level. The data is encrypted and stored in Azure Blob storage.
Apart from this, there are Microsoft enterprise services as well that use industry standard encryption protocols to safeguard the data from unauthorized access.
Hence, the highly secure identity and infrastructure of Microsoft that helps firms to protect their data from undesired access.
Few of the Microsoft’s Products/Services implementing Data Protection:
Azure is a Microsoft’s cloud computing platform used for developing and managing applications and services through the network of data centers.
In Azure, encrypted communications and operational processes are responsible for ensuring data protection. While SSL/TLS protocols are used between user devices and data centers for data security, on virtual networks of Azure, IPsec protocol is used for data encryption between corporate VPN gateway and Azure and also for secure data transfer between the virtual machines on a virtual network.
On other hand, Azure implements the AES-256 protocol for the data storage encryption.
Microsoft Power BI
Power BI is Microsoft’s business analytics service that helps users to create reports by themselves with interactive visualizations created by business intelligence.
Power BI ensures the security of data in transit through encryption process using the HTTPS protocol. A secure connection shall be established between the data source and power BI service.
To ensure protection of data in storage, Power BI encrypts certain key data like Direct Query datasets, reports etc.
Microsoft Office 365
Microsoft provides certain productivity software and related services under the brand name Office 365.
Office 365 utilizes SSL/TLS and AES industry standards to ensure the data integrity and confidentiality. Here the servers use SSL/TLS to establish a secure connection and transmit customer data to the client machines securely. While AES 256-bit encryption with BitLocker is deployed on servers holding the data including mail data, IM conversations, content in SharePoint Online etc.
Microsoft Dynamics AX
Microsoft Dynamics AX is an ERP software that helps enterprises for smart decision making and driving business growth through faster business processes.
This ERP software of Microsoft uses TLS industry standard encryption to ensure the privacy and integrity of data transferred between user desktops and data centers.
While it also enables to ensure the security of data at rest by using Transparent Data Encryption or TDE to encrypt the data store in Microsoft Azure SQL database.
Visual Studio Team Services
Visual Studio Team Services is a complete software package that allows teams to build and share software code, track work and ship software across various platforms.
It uses HTTPS/SSL industry standard protocols for encrypting data for transmission between users and services. A secure connection can be established to SQL database or Azure storage for ensuring data security.
Visual Studio Team Services uses Azure SQL data storage for safe storage of data at rest which usually is the project meta data like file structure, work item fields etc. Apart from this, for unstructured data storage like storing the work item attachments or file contents, Team Services uses Azure Blob which makes use of SQL’s Transparent Data Encryption or TDE to protect data from thefts or any other malicious activity through real-time encryption process.
Microsoft’s products and services make up to a safe data storage and transfer through encryption methods and standard protocols. Hence, if you are looking to develop a reliable business application with security being the prior objective, then opting for Microsoft application development would be the best option.
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Big Data is the New Shift-Is it Essential or MUST?
Big Data is the biggest buzz in the recent years, with more and more companies, both large and small, beginning to utilize it for their benefits. Big Data is used to describe the exponential growth and availability of huge data or data sets; both structured and unstructured that are too complex to manage through the standard tools or methods in existent. The data comes from many sources like social networks, blogs, sensor networks, customers’ chats and more, including both online and offline data. They are so immense that it becomes difficult to process them through the traditional databases and software.
As per a research, more than 2.5 exabytes (2.5 million gigabytes) of data is created daily, which is expected to continue growing significantly in the years to come. According to some experts 90% of the data that world has today was produced within the last two years. Many big companies like Google stores over 10 exabytes of data and Facebook collects 500 terrabytes of data everyday; with major players like Amazon, Microsoft, VMware, AWS and more in the forefront.
Big Data is known by ‘four Vs’: Volume, Variety, Velocity and Veracity. Big Data comes in large amounts (Volume), is a mixture of structured and unstructured data (Variety), is sourced from many different places (Veracity) and is streaming in at unprecedented speed (Velocity). It is not suitable for processing using the traditional SQL database systems because Big Data consists of a lot of unstructured data, which cannot be stored in a tabular row and column model. And most of the data that we have today is in unstructured format, which has made companies to use alternative tools like Hadoop, various NoSQL databases and other Business Intelligence platforms.
The Big Data industry is expected to grow rapidly in the coming years. As per the study by technology organization Wikibon, the revenue from Big Data is expected to grow from its current $5 billion mark to more than $50 billion by 2017.
The question here is what businesses will do after acquiring such large amounts of data and how will it be helpful to them? To answer this, let us understand why Big Data should matter to your business and why it will be widely accepted by the companies in future.
By analyzing Big Data you will be able to gain insights to take better strategic and operational decisions. You can take a structured approach through data-driven insights for framing strategies for customer and product profitability, customer acquisition, satisfaction and retention strategies, market penetration and segmentation, efficient management of operations and much more. Taking informed decisions by analyzing the right data will ensure that your customers’ have a pleasant experience.
Big Data can help your business to achieve maximum operational efficiency. Access to information from various sources will allow companies to improve their processes like logistics, supply chain, sales, procurement, deployment, support etc. They will be able to assess the efficiency of their employees in a better way to help them enhance performance, thus increasing the overall efficiency of the business.
Businesses will be able to fetch a huge amount of data related to customers from various interactive websites, social networking sites, online communities etc. The derived data will be more reliable as compared to the questionnaires or customer surveys. This data will help them to understand the priorities of customers, their complaints, their level of satisfaction, what exactly they want and much more. This makes companies serve their customers in a better way and customize their offerings.
Tremendous amount of market data will be available, which can be used for analysis purpose to help business explore new and real opportunities. It will be possible to know the purchasing behavior of the customers and the unexplored business areas. This will allow businesses to launch new products and services and even bring innovations to their existing products that can cater to the diverse needs of customers.
Big Data will make it possible to measure the business results and the value added by using various services. One of the examples include analyzing how much beneficial it has been for the business to use the Cloud services. This will provide the basis for future planning, helping businesses to reduce the overall cost and make better forecasting.
Big Data for supply chain captured through RFID and microsensors can provide real-time information on the movement of products and assets. Big Data can also provide real-time inventory and purchase data to instantly get an idea about the required stock and the future demand of the products. For example businesses can understand the reasons for the change in demand of a product and the purchase patterns of consumers by analyzing demographics, purchase history, location and more. This will be based on facts rather than speculations. Big Data will thus ensure better business operations.
The bigness of Big Data is growing much faster than what businesses can even imagine. A research says that we everyday generate more data in 10 minutes than what all of the humanity has ever created through to the year 2003! Businesses need to take advantage of this opportunity to realize enormous gains in terms of efficiency, productivity and profitability.
“Information is at the heart of every business decision and companies need to fully embrace the opportunities of Big Data or risk losing out in the market place,” states John Brahim, Head of Capgemini Insights & Data global practice.
Those businesses that don’t make themselves capable to ingest Big Data are at very high risk of disruption. The new shift towards Big Data is thus not only essential but is a must for businesses to survive in the cut-throat competitive market!
Semaphore Software has started providing Big Data and Analytics services, helping businesses to set-up Big Data back-end and improving their decision making through analytics solutions. We have the capacity to handle different Big Data technology platforms, provide assistance in designing your Big Data strategy and help you through our Big Data Consulting services.
Contact us through [email protected] to get real-time business insights through our Big Data services!!
About Disha Kakkad
Disha Kakkad is working with Silver Touch Technologies Ltd. as a Research Assistant. She is Professional, Vibrant and Vivacious, is passionate about writing & reads extensively. She loves to research and writes on various topics related to technology. She is an MBA grad and aims to continue writing informative, captivating and engaging content for her readers.
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Globalisation and the Wealth of Nations
Globalisation – or, more precisely, the integration of economies due to falling costs of distance – has been one of the great forces of history, largely unstoppable but to some extent governable.
Neither an argument for or against globalisation, Brian Easton’s Globalisation and the Wealth of Nations is a careful and thorough analysis of the issues of globalisation and an imaginative and wide-ranging picture of the globalised and globalising world. It aims both to inform readers and to enable them to improve their own decisions about how to harness globalisation. The book explores the economic theory behind globalisation, the political and social consequences and finally the various options for nations in a globalised world.
Individual chapters use case studies to focus on a particular historical experience; for example, a chapter on cities and industry economies of scale focuses on New York; one on technology transfer focuses on Japan; and one on nationalism focuses on Germany.
Thoughtful and clear, Globalisation and the Wealth of Nations extends our understanding of this much written-about and misunderstood phenomenon that exerts so strong an influence over today’s world.
More about Brian Easton
For the non-economist in a small nation buffeted by a big, intrusive world who wants to understand the forces at work, Easton makes the economics accessible and gives it context. – Colin James, NZ Herald
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Central bank digital currencies (CBDCs) are currently one of the most debated topics in central banking. According to a recent study by the Bank for International Settlements (BIS), 86 percent of surveyed central banks worldwide are considering issuing a CBDC. The motives for introducing a retail CBDC, i.e., a digital form of central bank money available to the general public, are quite diverse for emerging and developing economies (EMDEs) on the one hand and for advanced economies (AEs) on the other. While for EMDEs, financial inclusion and payment efficiency are the most relevant motives, central banks in AEs mainly expect CBDCs to increase payment safety and payment efficiency (see Figure 1).
Figure 1: Motives for Issuing a Retail CBDC
Source: Boar, Wehrli (2021)
The increased interest of central banks in AEs to issue a CBDC mainly stems from two developments. Firstly, the use of cash as a means of payment is in decline. This ongoing trend has been reinforced recently by the change in individuals' payment behavior resulting from the Covid-19 pandemic. As a consequence of the lower importance of cash as a means of payment, the only form of central bank money available to the general public, transactions are mainly conducted via private-sector payment infrastructures. In Europe, according to the European Central Bank (ECB) approximately 52 percent of the transaction volume is processed via the private sector. Consequently, central banks seek to explore issuing CBDCs to decrease the dependence on private sector payment infrastructures and increase the role of the public sector. The main goal is to establish a resilient payment system that cannot be endangered by fallouts and that works properly even in times of crises, such as natural disasters or private sector-specific issues.
Secondly, non-fiat denominated means of payments are increasing in importance. While cryptocurrencies, such as Bitcoin and Ether, gain traction worldwide, they currently lack scalability and (price) stability. For Bitcoin, for example, a price increase of a few percentage points a day is not uncommon. Stablecoins, such as the Facebook-initiated Diem project, intend to address these limitations and could potentially constitute viable, alternative means of payments. Central bankers fear that such non-euro denominated means of payment could compete with conventional fiat currencies and threaten the role of central banks. Consequently, monetary policy measures could become inefficient, and payment systems would be dependent on private sector stablecoin providers. As a reaction to such initiatives, central banks in AEs intend to create resilient, independent digital payment infrastructures in the form of CBDCs.
THE STATUS QUO ON CBDC DATA
Given the high worldwide dynamic on CBDCs, current CBDC projects are in heterogeneous stages. CBDC projects can be classified according to the following different stages:
However, there are limitations on available CBDC data.
First, the data is very fragmented. CBDC data is not universally observable and aggregated at one single source. Even if there are first databases by the BIS and the International Monetary Fund (IMF), there is no detailed database that displays a wide array of different dimensions to compare and classify worldwide CBDC projects. Additionally, there is a lack of graphical and constantly updated information.
Second, there is a significant amount of false or misleading information about CBDC projects available online. For non-experts (or even experts), it is difficult to conclude whether a specific initiative is indeed a CBDC project or only a novel payment infrastructure that is, e.g., based on distributed ledger technology (DLT) but does not transact central bank money.
Third, CBDC-related information from primary sources, such as central banks, is not available in all jurisdictions. A wide array of central banks lack transparency regarding their CBDC efforts.
These three limitations make it very burdensome to follow, evaluate, and compare CBDC projects worldwide.
THE CBDC TRACKER
To provide a detailed database for CBDC projects, we have set up the CBDC Tracker. The CBDC Tracker is ...
No part of Central Bank Payments News may be reproduced, copied, republished, or distributed in any form or by any means, in whole or in part, without the express and prior written permission of the publisher, Currency Research Malta, Ltd.
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Sunday, 8 December 2013
Friday, 15 November 2013
|1343 Edward III florin - The Edward III double florin, known as a double leopard and with a face value of six shillings, was circulated from December 1343 until July 1344. It is only the third known surviving coin, with two others found in the River Tyne in 1857.|
The coin sold for nearly £460,000 in 2010.
|1907 Saint-Gaudens double eagle was a complicated design produced by Augustus Saint-Gaudens and proved too difficult for the U.S. Mint to make in commercial quantities, which led to the modification of the design.|
Rather than remove anything of Saint-Gaudens’ design, Charles Barber, the Mint’s chief engraver, chose to strike the words “In God We Trust” from the coin. Congress exploded, and though the coin went through production, it’s now incredibly rare. 1907 Saint-Gaudens double eagle sold in 2002, for $6.6 million
|The 1787 Brasher Doubloon. Ephraim Brasher was a talented goldsmith who petitioned New York State to mint a new set of coins in copper in 1787. But the state legislature didn’t want Brasher’s work, and didn’t want copper coins.|
Brasher ignored the state’s decision and went ahead minting coins anyway, mostly in bronze—but a precious few in 22-carat gold. One of these was a doubloon bought by a Wall Street investment firm for $7.4 million in 2011.
|The 1933 Double Eagle was pressed but never publicly released. Franklin D. Roosevelt barred anyone from owning gold in 1933 in an attempt to end the banking crisis wracking the U.S. at the time. At least twenty slipped through. The coins circulated among collectors for several years before the Secret Service became aware of their existence. |
During the first year of the investigation seven coins were seized or voluntarily turned in to the Secret Service and were subsequently destroyed at the mint; an eighth coin was recovered the following year and met the same fate. A tenth coin was recovered and destroyed in 1952. After a legal challenge a coin was sold at auction for $7,590,020.00
|The 1794/5 Flowing hair silver/copper dollar was the first dollar coin issued by the U.S. Federal Government. In 1794 and 1795 this 10 percent copper, 90 percent silver dollar was minted by the newly-founded U.S. Federal Mint, and its famous bust of Liberty with flowing tresses. In January 2013, a 1794 dollar was sold for $10 million.|
|The "Marange" is the name of a vast diamond field in eastern Zimbabwe. It is about the size of the German capital Berlin and in its depths huge deposits of diamonds lie waiting to be discovered. Many experts believe it to be the largest diamond field in the world. This year alone, the state-owned Zimbabwe Mining Development Corporation (ZMDC) expects to extract diamonds weighing some 17 million carats.|
In terms of carats produced, the Marange field is the largest diamond producing project in the world.
|Now Zimbabwe can again sell its precious stones to buyers in Europe. In September the European Union (EU) lifted sanctions imposed on the ZMDC for its alleged involvement in acts contrary to to democracy in the southern African nation. |
The embargo on Zimbabwe's national mining corporation was imposed by the EU in the wake of brutal attacks by security forces against members of the opposition after the 2008 presidential election.
| The EU has also spoken of democratic deficits in Zimbabwe but the bloc's foreign policy spokesman Michael Mann says there have also been some small improvements.|
The EU wants to encourage Zimbabwe to undertake economic reforms so that the population as a whole also benefits from the trade in diamonds. So far, ordinary Zimbabweans have seen little of the revenue. The country's economy is in a poor state and many people do not have enough to eat. The UN World Food Program estimates that 2.2 million Zimbabweans will rely on international food aid in the coming months.
|Chalcopyrite (Peacock Ore) - Enhances perception; strengthens contact with ancient cultures of the universe by acting as a connective agent. Considered a "stone of the mystic" ... bringing information relevant to the etheric energies; opens and activates the crown chakra. Excellent for use in "no-mind meditations"|
|Aragonite Cluster - promote a sense of balance while cleansing the surrounding energy. Said to fortify strength and confidence and to open new visions.|
|Rainbow Andalusite - Faery Cross Stone Andalusite tumbled and polished crystal, also known as The Faery Cross Stone. It is stunning in its fire (opalescence). In the center is a cross... a natural part of its crystalline structure and a symbol of protection and balance. Absolutely unique from any other gemstone in the crystal world. Used as a powerful protection stone, it also stimulates self enhancement, self realization and memory. |
When used in channeling work, it magnifies past lives.
|Amber Copal - A fossilized tree resin - allows the body to heal itself by absorbing and transmuting negative energy into positive energy. It stimulates the intellect and opens the crown chakra. It also transmutes the energy of physical vitality toward the activation of unconditional love. It aligns the ethereal energies to the physical, mental, and emotional bodies, providing for an even flow of perfect order to the requirements of the Earth plane while balancing the electro-magnetics of the physical body.|
|Crocodile Jasper - said to sustain and support through times of stress, and bring tranquility and wholeness. Jasper provides protection and absorbs negative energy. It balances yin and yang. Jasper clears electromagnetic and environmental pollution. It supports during prolonged illness and re-energises the body.|
|Spirit Quartz is a crystal of harmony and alignment. It takes all the crystal energies of the main stone and amplifies them over and over again in all the tiny points, each reflecting light back and forth to one another so all can bathe in the combined radiance of the whole.|
In the Book of Stones, Naisha Ahsian describes this crystal as "a hundred-voice choir singing in harmony." Its resonance is spiritually uplifting, radiating high-vibrational energy in all directions, and is a perfect ally in aligning the aura, chakras, meridians and the physical body, as well as carrying the gifts of Spirit out into the world.
|PARKUPIK, Venezuela (Reuters) - Veteran gold and diamond buyers sit on a small metal boat gliding down a river in southern Venezuela that brushes the borders of Brazil and Guyana. Armed with weighing scales, magnifying glasses and rucksacks stuffed with cash, the Venezuelan traders stop at many of the myriad illegal mines that line the water and scar the jungle. |
"I have diamonds in my blood!" mused one buyer while macaws patrolled the jungle canopy near the village of Parkupik.
|The diamonds he and others purchase will likely end up in trading centers like Tel Aviv, Antwerp, London and New York after being smuggled into neighboring Guyana to obtain falsified papers. Numerous traders across Venezuela and Guyana confirmed the illegal business to Reuters, all asking not to be identified for fear of attracting authorities' attention.|
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In the early amount of growth of financing as a job, i.e., until the early 1950s, investment management was generally concerned with the procurement of funds. The topic matter was mostly confined to financial issues arising all through episodic functions like incorporation, merger, consolidation and reorganization. Hence, the standard role of the investment manager was to improve outwardly the resources expected by shared inventory companies. The interior government of finance was either dismissed or managed by the promoter entrepreneur himself.
With the passing of time, the role of investment manager has undergone drastic changes. Currently, the investment supervisor is in charge of determining the sum total quantity of capital needed for both the short-term (working capital) and long-term (fixed capital). That is done by appropriate forecasting and planning of finance. Subsequently, their work profile contains trading the funds in resources and jobs, with the aim of creating profits. That will be done in this way that the earnings tend to be more than the fee therefore that there surely is a positive internet go back to the concern.
Today the investment manager is concerned with the management of resources, raising and allocation of capital, and valuation of the firm. Besides, he’s to guarantee the supply of funds to all or any parts of the business, examine the financial performance, negotiate with bankers, financial institutions and other providers of credit, and keep track of inventory exchange quotations and the conduct of inventory price.
In a small business enterprise, financing may be the connecting url of all functional parts such as manufacturing, personnel and advertising, therefore the management of finance is vital to the clean performance of the organization. The essential economic operations are investment , which deals with acquisition of set assets; financing, which relates to increasing needed resources from various places; and revenue appropriation, which deals with appropriating the revenue acquired by the enterprise among the companies of funds.
Regarding investment , assets/ jobs are to be selected just by considering their web returns. Regarding financing, it will be guaranteed that the firm gets the necessary financing at the lowest probable cost. Equally, regarding income appropriation it is usually to be seen that adequate resources are given for the developing activities of the enterprise, without impairing the interest of the suppliers.
In a strong wherever these operations are in the pipeline and controlled correctly it may be said that there exists efficient investment management. Ergo, financial planner may be explained as that part of managerial task which is concerned with the planning and controlling of the economic assets of a firm.
As every business activity needs investments, investment management is carefully connected with different aspects of management. When investment is managed properly, other places will even display great performance. Investment management helps in monitoring the successful arrangement of funds in fixed and working capital. This will, subsequently, guarantee greater working of the enterprise.
Most of the procedures and assets in a business firm are handled with the exact same extensive aim, i.e., to attain the goal of the enterprise. Therefore each source or region must certanly be managed in this way concerning donate to the fulfillment of the objective of enterprise. Nevertheless, you will find certain objectives for every single useful area. In case of investment , the objective is to make sure that the organization obtains the mandatory financing at the lowest probable cost, and employs it in the maximum beneficial way.
To enjoy his position well the investment manager has various instruments, such as for example price of capital, power, money budgeting, functioning money management methods and fund movement analysis/cash movement analysis. Charge of money assists in determining the right supply of finance. Usually the options with minimum costs are selected, so your weighted normal charge of capital may be kept to a minimum. Capital budgeting helps in determining the appropriate investment mix; the accessible resources ought to be used in the most profitable way. For this specific purpose, appropriate projects must certanly be picked from substitute courses by using money budgeting techniques.
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- March 30, 2013
- Posted by: essay
- Category: Term paper writing
Q2. Identify and discuss, with reference to acknowledged debate, how entrepreneurs can impact on the economy.
In the current essay I would like to consider how entrepreneurs can impact on the economy. Entrepreneur ”“ is a person who is seeking funds for the organization of the enterprise, and thus takes the entrepreneurial risk. Duties of the entrepreneur are:
– Implementation of laws and contractual agreements;
– Implementation of the material and moral compensation of employees of the enterprise, ensuring their social protection systems;
– The timely submission of financial disclosure statements;
– Timely payment of taxes;
– Declaration of bankruptcy in case of impossibility of performance of obligations to creditors.
Responsibility of the entrepreneur ”“ are the sanctions imposed in accordance with the law on the employer:
– for the improper performance of contracts;
– for violating the property rights of other subjects;
– the pollution of the environment;
– for violating antitrust laws, etc.
In the majority of cases entrepreneurs support economy and try to create workplaces. Entrepreneurs change the economy and try to add innovations and new ideas into it. Entrepreneurs can be the key instruments when economy can get help and be more diversified. Entrepreneurs definitely impact the economy and make certain changes and set directions.
Also, entrepreneur is a person who faces with the resolution difficult actions. In economics, business, finance, etc, there is more specific sense of being an individual who is willing to assume financial risk. From this point of view, the term refers to who identifies an opportunity and organizes the necessary resources to implement it.buy essay
It is common to use this term to designate a “person who creates a company”¯ or find a business opportunity, or someone who starts a project on their own initiative. There has been suggested that “being enterprising”¯ is one of the essential qualities of an entrepreneur, or businessman, with innovation and organization, as described in Entrepreneurs and the economy.
The perceptions of the research of entrepreneurs with terms are described as innovative, flexible, dynamic, able to take risks, creative and growth-oriented. The popular press, on the other hand, often defines the term as the ability to initiate and operate new businesses.
All this has given rise to two positions or perceptions: first, a position that can be traced to Adam Smith and the classics in general, for whom innovation is a human quality that is manifested in the solution of problems: given the existence of these, someone will perceive and find a solution. Some of these possible solutions fail or can not be adopted. Others will become widely distributed and economic success. This position is currently represented in positions of so-called Austrian school: “The entrepreneur is alert to opportunities that arise in the market”¦ Where the entrepreneur thinks he sees a price gap between resources and their uses, in sight and can exploit a business opportunity. In an environment of uncertainty, the entrepreneur can go wrong in their assumptions”¦ If successful, the implication is that you have found a better use for the resource hitherto undervalued and the market rewards you with benefits, as we know, have a short life. If it fails, it has wasted that resource, and it remains only to endure the loss of their failed performance.”
Others perceive effective innovation depending on factors such as previous: “In our view, innovation is a culture that is based on knowledge of the world that science provides, and allows for a generous side, and get another party, conceptual and technological tools at our disposal, identify problems, find appropriate solutions and be able to transfer these solutions to other contexts and / or other problems. That is, we can create or modify various solutions to bring them into circulation, but they are based on knowledge that has reached its creative phase as a result of accumulated learning and maturation attained by that knowledge.”¯
In other words, if we believe that innovation is to bring an invention to market ”“ “is the process whereby, from an idea, invention or recognition of a need, develops a product, technology or service that is commercially useful to be accepted ”“ “it’s obvious that someone must have done this invention earlier. It can be seen that in the contemporary world everything increasingly depends on developments in education and scientific and technical studies, as described in Entrepreneurs and the economy.
For example, Joel Shulman argues: “A Harvard study claims that Latin America will struggle to move because it is generating a sufficient number of new patents. In the text, the author makes a comparison between Mexico and Singapore 30 years ago. At that time, surpassed the Latin American country to Singapore, but since then has been declining, while Singapore took a strong position against other markets. In short, the argument is that if a country does not develop new patents, then it will be left behind.”¯
However, given the need to generate wealth and jobs in the current economic situation, many countries are beginning to devote efforts to the organizational innovations as a development of general creative potential. This leads to investigate the role and development of SMEs in general calls on the one hand and micro-businesses or startup companies and other associations or self-management. It also has a dimension of seeking economic independence of communities and human development through a social economy that transcends administrative centralization and large companies, both state and private, tend to suffer. That is, this view tries to put the responsibility and control of development in the communities themselves, which, hopefully, produce local solutions based on local knowledge and resources to local problems, as stated in The contributions of entrepreneurs in economy.
Under “education entrepreneurs”¯, Arieu mentioned that most likely the strong emphasis is being given to the dissemination and development of entrepreneurship has its roots in a multiplicity of factors which may include:
– the recognition of a prominent role of small businesses in creating wealth and jobs.
– the significant contribution of new technologies to generate new products and businesses, with the resulting spatial dislocation an important part of economic activity.
– a working life cycles characterized by wage labor, self-employment and unemployment.
– the orientation of economic theories to human factors (human capital) that affect the processes of economic growth and development from such learning processes.
Entrepreneurship as a special kind of human activity, has received legal binding and recognition are drawn into its ranks various categories of the population. Entrepreneurial movement is rallying, buoyant and lobby for their interests in government and administration. That enterprise is able to effectively maneuver the resources appropriate to dispose of the investment, raise production, to fill the consumer market and thus create conditions for improving the welfare of the people and the revival of the former power of the country. But as businesses are actively developing in the field of finance, trade and services, the production is weakly affected. The transformation of the manufacturing sector in the passive object of the business impact has been one of the reasons for the deep socio-economic crisis experienced by many countries. The depth of the crisis faced by the company forced it to intensify the reform on entrepreneurial basis. Exploit the potential of entrepreneurship in these conditions means the most of internal resources and human potential of business organizations, as stated in The contributions of entrepreneurs in economy.
All of the above updates the need for a comprehensive study of the role and business opportunities (along with an active economic activities of the state) as a strategic factor of production development. This approach makes the study of entrepreneurship in the context of economic, political, socio-cultural, spiritual and moral forms of social life. All in all, entrepreneurs can impact the economy by the decisions the implement new businesses in the country, by offering new ideas and possibilities. Positive changes initiated by the entrepreneurs have to be encouraged by the government.
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Audited Financial Statement
Audited financial statement is a financial statement that has been examined and checked by an independent third party for any material uncertainties and misstatements (either due to fraud or errors). An audited financial statement has five major components which are listed below:
- Statement of Financial Position
- Statement of Comprehensive Income
- Statement of Cash Flow
- Statement of Changes in Equity
- Notes to the Financial Statement
The outcome of this examination is an audit report that is issued by the auditor, in which the auditor expresses opinion on whether the financials of the entity present a true and fair view and are prepared in accordance with the international financial reporting standards (IFRS). The auditor’s report accompanies the financial statements when they are issued to the intended recipients.
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Reasons Why Inflation Is Good
2 Surprising Ways Inflation Helps You
Inflation is good when it is mild. There are two situations where this occurs. The first is when inflation makes consumers expect prices to continue rising. When prices are going up, people want to buy now rather than pay more later. This increases demand in the short term. As a result, stores sell more and factories produce more now. They are more likely to hire new workers to meet demand. It creates a virtuous cycle, boosting economic growth.
The second is when it removes the risk of deflation. That’s when prices fall. When that happens, people wait to see if prices will drop more before buying. It cuts back demand, and businesses reduce their inventory. As a result, factories produce less and lay off workers. Unemployment rises, leading to wage deflation. Workers have less money to spend, which reduces demand even more. Businesses lower their prices. That makes deflation worse. For this reason, deflation is even more corrosive to economic growth than inflation. Prices fell 10% during the worldwide Great Depression.
- Inflation is good when it combats the effects of deflation, which is often worse for an economy.
- When consumers expect prices to rise, they spend now, boosting economic growth.
- An important aspect of keeping a good inflation rate is managing expectations of future inflation.
How the Fed Keeps Inflation Healthy
The Federal Reserve has set the official inflation target at 2%. On August 27, 2020, the FOMC announced it would allow a target inflation rate of more than 2% if that will help ensure maximum employment. It still seeks a 2% inflation over time but is willing to allow higher rates if inflation has been low for awhile.
That's for the core inflation rate. It strips out volatile gas and food prices. It is also the year-over-year rate, not the month-to-month rate. Former Fed Chairman Ben Bernanke was the first U.S. Fed chair to set an inflation target.
Inflation targeting spurs demand by setting people's expectations about inflation. They believe the Fed will make sure prices keep rising. That spurs them to shop now before prices rise even more.
The nation's central bank changes interest rates to keep inflation at around 2%. The Fed will lower interest rates to boost lending if inflation does not reach its target. The Fed will raise interest rates if inflation exceeds the Fed's target. Inflation targeting has become a critical component of monetary policy.
When Inflation Is Bad
If inflation is greater than 2%, it becomes dangerous. Walking inflation is when prices rise between 3% to 10% in a year. It can drive too much economic growth. At that level, inflation robs you of your hard-earned dollars. The prices of things you buy every day rise faster than wages. Thanks to walking inflation, it takes $24 today to buy what $1 did in 1913.
Galloping inflation occurred during the 1980s. It prompted President Ronald Reagan to famously say, "Inflation is as violent as a mugger, as frightening as an armed robber, and as deadly as a hitman." It took double-digit interest rates and a recession to stop galloping inflation. Thankfully, it hasn’t returned since then.
One reason inflation hasn’t returned is that the Fed understands the four causes of inflation much better than it did in the 1980s. It can more quickly put the brakes on rising prices by raising interest rates.
Examples of Inflation
The housing industry provides an example of both inflation and deflation. Until 2006, gradually rising prices attracted investors. They saw there was a chance to make money by buying now and selling later. This created more jobs as home builders tried to meet demand.
But between 2006 and 2010, the housing market experienced massive deflation. Prices fell by 30%. Those who could afford to buy a house decided to wait until the market improved. The longer they waited, the lower prices dropped.
Many people were trapped in their homes. They could not sell their homes for enough to cover the mortgages. They became upside-down. Eventually, they could not see any light at the end of the tunnel. Even those who could afford to keep paying, often just walked away. This sent prices even lower.
Others were counting on being able to sell their home in a year or so. They were relying on this to cover a mortgage they could not afford. They foreclosed and lost their home when they were unable to cover their loan. This happened to so many people that there was a glut on the market.
Homes that are left behind are called "shadow inventory," they were was not really absorbed until 2013.
Those who kept paying their loans had less money to spend on other things. This drove down demand in other sections of the economy. What did they get in return? An ever-deflating asset.
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Open data are essential for the development of many strategies in Europe on how the Member States should be develop in the future. In previous articles we talked about various aspects of open data, such as the 8 principles on which they are based. Today, from OGoov we are going to explain how to measure the degree of maturity of any open data project through the UNE 178301. Let’s start.
What kind of maturity model?
As with any learning process, to achieve a degree of openness that meets the required objectives, certain levels of compliance are involved. That is why it is necessary to conduct an assessment of maturity to face the constant evolution.
While the evaluation can be performed following different methodologies, the question of public policy indicators still misses a model that is able to have widespread consensus worldwide. And much more international regulations, but we find proposals for improving policies for open data designed for generic use, as used in his studies by the European Data Portal or the Open Data Maturity Model, published by the Open Data Institute UK.
So, how to measure and evaluate open data programs? What kind of model, what tools can help us? Is it hard to do?
If our goal is to assess the degree of maturity of an open data program for a Spanish authority, we refer to the first rule of Smart Cities, UNE 178301 on Open Data, published by AENOR (Asociación Española de Normalización y Certificación) and involved in a series of documents that will allow the Spanish cities to become smart cities.
This post will summarize the steps referred to the maturity model, designed to help organizations measure their effectiveness in public and the use of open data.
UNE 178301, open data project evaluation tool
The UNE 178301 tells us how to evaluate the maturity of an open data project. Being a technical standard, it is important to keep in mind that it is a document produced from the consensus, take into account that both experience and technological development, are being approved by a recognized standardization authority.
In this case, measuring the degree of maturity of a open data project depends on indicators and metrics related to sustainability criteria, quality, effectiveness and efficiency of the same initiative. Therefore, measuring the maturity of a open data project will require a move forward in the direction of meeting objectives.
And, as in any process, specific targets should be established to measure the maturity of an open data initiative. This involves setting objectives for macro and micro in a controlled manner. Always within a clear program that includes elements such as those specified in the standard, in order to facilitate the evaluating metrics.
Metrics, domains and dimensions
The standard, meanwhile, establishes how to measure the publication of open data of a city in the form of metrics and an indicator to measure the maturity of open data, in order to facilitate their reuse in the smart cities.
The metrics are organized in forms of domains and dimensions to facilitate structuring and understanding:
Establishes the criteria to measure the capacity and implementation of the strategic policy of the agency to articulate a consistent vision of open data. The dimensions are strategy, leadership, service commitment and economic sustainability.
Examples of the aspects are evaluated in this domain, if the strategic plan for opening data is documented or not, or if you have been assigned to the functions of opening data to a policymaker.
Referring to the criteria for measuring the entity and the evaluation of the rules facilitating the implementation of policies and activities. The legal dimension is divided into external and internal regulations and conditions of use and licensing.
Examples of this domain would be to evaluate whether the project complies with current mandatory legislation and the recommended licenses or conditions for the use of the data to allow reuse.
Establishes the criteria for measuring the ability to implement management and training activities consistent with the planning and open data strategy.
The dimensions are the organizational (to see if there is a unit responsible for opening data, team work and training, inventory and priority) and the measurement is subdivided into the compliance measurement process and measurement of usage and impact.
Establishes the criteria for evaluating activities to ensure protocols and mechanisms which will turn in facilitate, among others, the availability of data and activities related to the publication of the catalogue, the management of data quality and interoperability degree.
The dimensions are availability (presence in the catalogue of public information, sets documented data, categorization and search, availability and persistent and friendly URLs), access (accessibility/non-discrimination, free access systems), quality of the data (raw data, complete data, documented data, technically correct data, geo-referenced data and linked data) and update (update process, frequency of updating and expanding data sets).
Economic and social domain
Establishes the criteria for evaluating the mechanisms linking producers of data (agencies) with re-users, sharing common structures that encourage the use of data in the production of new goods and services, the degree of involvement of the organization in the encouragement and assistance to the work of re-agents, the degree of listening and adapting to the demands and the level of dialogue established.
The dimensions are reuse (amount of data, data format, vocabularies standard data), participation and collaboration (transparency, participation and collaboration, resolving complaints and conflicts, promoting reuse and initiatives developed reuse) dimension.
Each metric has associated four levels, from 0 to 3, with results as, “non-existent”, “emerging” “existing” and “advanced”. Each level is assigned as a score, established consecutively, so that the level 0 will also score 0, level 1 will correspond a score of 1, and so on.
When reaching level 3, it is considered that the measured values are expected when there is a formal open data initiative that implements best practices.
If we want to know how to calculate it directly from the regulation, you need to go to the section 5 where open data is or to the Annex B where an illustrative example of calculation is presented.
Consider that all metrics do not have the same weight, because its impact on open data initiative is not comparable. Within each dimension, however, scores must equal to 100 percent. Be that weight, set as a percentage for each dimension, which must be associated with a score of 0 to 3, in order to obtain a value after applying the formula: Value: ((Score * Weight) / 3) * 100 that will be the score for each dimension.
Later, we will add the values for each dimension (the levels achieved in each of the metrics) to obtain the total score. Once established, we will get a number that will measure the state in which the initiative is open data.
It will be a value between 0 and 1000, corresponding to 0 to 200 level 1, 201 to 400 Level 2, 401 to 600 3, 601 to 800 4 and 801 to 100 5. According to the norm, 3 is the desired figure that marks the desired threshold for a smart city.
More on the UNE 178301
In addition to allowing measure the maturity of open data project, UNE 178301 facilitates the reuse of data generated or held by the public sector recipients of that information, including citizens or companies providing public services.
In turn, that rule establishes a list of datasets listed as priority in these initiatives, accompanied by a series of recommended vocabularies. The goal is again to be practical, facilitate documentation and implementation of open data projects.
This standard is part of the standardization strategy for smart cities developed by the Technical Standards Committee AEN / CTN 178 “smart cities”, aimed at helping their development, in which AENOR is working with the Ministry of Telecommunications and Information society (SETSI) of the Ministry of Industry, Energy and Tourism.
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Insolvency refers to the ability to pay bills in a timely manner. It does not mean bankruptcy but long-term insolvency is a underlying factor of bankruptcy. Many owners and/or managers of small business have no idea of how to determine if the company is insolvent or headed towards the inability to meet their day to day obligations.
Accounting Concepts and Principles
Accounting is the measurement of economic activity for a business operation. It is customarily reported via financial information. Learn about the basic accounting concepts and the associated principles used in accounting to report financial information.
To understand the cash situation, the cash flows statement is an additional report included in financial statements to basically convert the accrual basis balance sheet and income statement into a cash basis report. This way, management gets the best attributes of both accrual and cash basis accounting.
n a pure cash only operation, the profit as reported on the income statement would also be cash flow from operations. But modern-day business is not pure in how it is conducted. Companies agree to pay suppliers at a later time, payroll is weekly or monthly, benefits that are paid in the future are offered to employees, credit is extended to customers; the list can go on and on.
The accounting profession uses various tools to generate accurate accounting information at the close of accounting cycles (monthly, quarterly and annually). The primary document is the working trial balance. It is very similar to the traditional trial balance except there are additional columns used to identify various adjustments and the corresponding source documents (work papers).
When a business acquires a loan there are typically closing costs involved. Generally Accepted Accounting Principles (GAAP) require these financing costs to be amortized (allocated) over the life of the loan. There are several principles the reader needs to understand to properly calculate and assign these costs to the financial statements. This lesson explains the basic business principles of amortization of financing costs, organization of information, reporting and interpretation. It is written for bookkeepers, novice accountants and small business owners. The final section is an in depth example and model to follow.
Breakeven analysis is a managerial (cost) accounting tool used to examine the relationship of price to cost of a product. It also considers various sales volumes and the effect on profit given the different relationships of price to cost. The breakeven analysis is an essential tool in maximizing profit with the least amount of resources.
Those corporations doing well and flush with cash sometimes buy back stock from their investors. Once purchased back by the company the stock is called treasury stock. However, in small business, buying back stock can significantly alter the entire corporate control ownership and impact the long term outcome and direction of the company.
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Told that someone earns $250,000 a year, you should ask, “Where do you live?”
Specifically, here is a shopping list: “ground beef, tuna, milk, eggs, margarine, potatoes, bananas, bread, orange juice, coffee, sugar and cereal.” In Manhattan: $40.29; In Twin Falls, Idaho: $23.41.
Buying a 3-4 bedroom house? $750,000 in Glendale, California; $375,000 in Twin Falls, Idaho.
You can see where this is going. At first, it sounds simple. President Obama suggested $250,000 as a dividing line for increasing taxes. One number, one level of income. But is it?
The Economic Lesson
Taxes can relate to income in 3 basic ways:
- Progressive taxation takes a higher percent from those who have higher incomes.
- Regressive taxation takes a higher percent from those with lower incomes.
- Proportional taxation takes the same percent from all.
Our current income tax approach is progressive while a sales tax is regressive.
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Despite significant progress in the last decades, tackling global child labour remains a challenge. SDG Target 8.7 calls for immediate and effective measures to secure the prohibition and elimination of the worst forms of child labour and the end of child labour in all its forms by 2025. Considering the current ILO estimate of 152 million child labourers worldwide, full eradication of child labour within 5 years is a highly ambitious target. With the deadline approaching fast, it’s worth asking whether the measures that are currently in use are capable of reaching this goal.
Supply chain approaches
A recent high-level conference, organised by two Dutch Ministries in collaboration with the ILO, Global March Against Child Labour and the Netherlands Enterprise Agency (RVO) and fittingly titled ‘Taking Next Steps’, provided an insight into some of the key current areas of action. Much emphasis was placed on child labour interventions upstream in supply chains. One example, Child Labour Monitoring and Remediation Systems (CLRMS), are used most notably by cocoa companies. A widely considered strength of CLRMS is the use of community liaison officers, who can raise awareness in a culturally sensitive way, feeding back information to agencies that can offer remediation strategies to the families concerned. CLMRS approaches are proving to be effective in monitoring and detecting instances of child labour, even in remote and poor areas.
However, although popular with the private sector, some supply chain interventions are sometimes criticized for not addressing the issue of displacement of child labour from one supply chain to another area of the economy where children may be more vulnerable. CLRMS are reportedly effective in mitigating the risk of child labour displacement, but may be less useful in addressing structural issues influencing the occurrence of child labour, such as limited educational infrastructure and poor public infrastructure.
Transparency and traceability play a central role in the success of supply chain interventions. Supply chain mapping can be an important (first) step in understanding supply chain risks with regards to child labour. However, a challenge is creating trust among value chain partners to share data – trust which may be established by building long-term (commercial) commitments.
Due diligence legislation
At the downstream end of supply chains, international due diligence legislation may potentially be a game changer in terms of transforming what are now voluntary supply chain initiatives into hard obligations for buying companies and brands. Significantly, in December 2019, some of the world’s largest chocolate companies called for the European Union to pass EU-wide legislation that would require companies to be responsible for guarding against human rights violations in their cocoa supply chains. Such potential legislation would require companies to adopt preventive measures and subject them to independent third-party audits, as well as requiring them to publish annual reports on their programmes and results. The main driver for this is desire among the leading companies undertaking voluntary supply chain actions for a level playing field with their peers that are less active.
It remains to be seen whether and when such EU-wide due diligence legislation will be initiated and over what timescale. Ahead of any EU-wide regulation, the progress of the Dutch Child Labour Due Diligence Bill, will therefore be worth tracking. The bill requires due diligence analysis and the development of actions plans on child labour by large companies but doesn’t have an expected effective date until 1 January 2022.
Although due diligence legislation could potentially strongly enhance the awareness of companies about the risks of child labour in their supply chains, it is questionable whether laws will be enacted sufficiently quickly to contribute much to the 2025 goal. Moreover, due diligence requirements run the risk of limiting activities to high-level commitments and general risk assessments, rather than creating meaningful action on the ground. While due diligence can identify where the risks of child labour are highest, without deep commitment to in-country projects, such regulations will be inadequate on their own to provide workable ways of addressing the root causes of child labour, such as cultural issues around children’s work, or tackling child labour in agricultural communities, which remains the biggest challenge.
Rather than focus solely on supply chain child labour interventions and promoting due diligence legislation, so-called integrated area approaches may offer a better route to achieve the 2025 goal. An example of this category of interventions is the multi-faceted and multi-stakeholder Child Labour Free Zones approach (CLFZ). CLFZ is widely regarded as effective in addressing root causes of child labour. In addition, informal producers, which have proven hard to reach by supply-chain focused interventions, are likely to be included within the scope of a CLFZ approach because of its focus on tackling child labour within a specific geographic area.
Another category of activities that have had reasonable success are Technical and Vocational Education & Training Support (TVET) programmes. Such interventions seem to be able to reduce child labour in two ways: through creating more decent work opportunities for older youth, and through potentially raising household incomes, thereby also addressing one of the most frequently mentioned root causes of child labour: poverty. However, research suggests that a successful implementation of TVET initiatives depends on a certain pre-existing level of incentive to access professional or secondary education in target communities. Attaining this might in turn require other interventions.
With the year 2025 fast approaching, the need to accelerate progress is obvious. What becomes clear from evaluating past and present approaches is that there is no silver bullet for halting child labour. Often, successful interventions work in specific places and contexts. The challenge is figuring out how to scale up and sustain such interventions. It may be argued that sustained change can only come from within communities dealing with child labour themselves, initiatives which can be hard – and potentially inappropriate – to organise from the outside.
Furthermore, getting companies involved that are not yet participating in or seem interested in work on child labour might prove difficult without wide-reaching due diligence legislation. In addition, ensuring sustainable impact on the root causes of child labour requires extensive investments, long term commitment and secure funding streams, which has proven to be challenging to establish.
Against this background, innovation seems indispensable. Perhaps work on previously less explored approaches, such as a critical evaluation of government procurement practices or integrating private sector initiatives with social security programmes, may prove to be good additions to the methods already used. However, innovation requires trial and error, and, like many of the current successful interventions and developments, will likely be time-consuming and focused on the long-term. It seems safe to say that, even though progress in the eradication of child labour in the near future is highly likely, the goal of eradication by 2025 is extremely challenging.
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Here’s something that’s a surprise to many non-businesspeople: There are actually two different accounting methods, and most successful businesses will compile reports and similar using both.
The two accounting methods are:
Book Accounting (which could simply be called “accounting”) utilizes Generally Accepted Accounting Principles (GAAP), whose rules are set by the Financial Accounting Standards Board (FASB).
Tax Accounting relies on the Internal Revenue Code (IRC), and, as you may have guessed, is used by the Internal Revenue Service (IRS).
So what’s the difference between book accounting and tax accounting?
Book Accounting provides business owners and other interested parties (such as lenders) with accurate and detailed financial data, giving them a clear picture as to how the business is actually doing.
Tax Accounting provides the IRS and other taxing authorities (such as States and municipalities) with taxable income and deductible expenses, which of course determines how much tax the business owes.
To be honest, the differences between the two are fairly small. But one key difference has a LOT to do with equipment and equipment financing (and leasing, which is what prompted this series in the first place).
This difference is in how equipment and assets are viewed and depreciated.
Under Book Accounting, the cost of any Equipment is depreciated/expensed over a period of time matching the Equipment’s useful life. This ‘Straight-Line’ method is the most common method used to calculate depreciation expense under GAAP.
So basically, you buy equipment, and depreciate it a little each year depending on how long the equipment is supposed to reasonably last.
Under Tax Accounting, the cost of Equipment is depreciated/expensed much quicker, which minimizes the immediate tax liability. Tax Accounting uses what’s called the Modified Accelerated Cost Recovery System (MACRS) method, which allows larger amounts expensed in the initial years.
In recent years, Section 179 and bonus depreciation are subtracted before computing MACRS deductions, allowing businesses to fully write-off the cost of equipment in the year it is obtained. Currently, the bonus depreciation is 100% thanks to 2017’s Tax Cut and Jobs Act, with no upper limit, so almost all equipment will fall under this.
Real Quick: WHY?
People have asked “why are there two accounting methods”? The answer can be very intricate, but it can also be simple. Imagine you wanted to loan a business money. You want to make sure they are stable, with solid income.
The following is general, but illustrate why both exist:
If you look at the business through a tax accounting lens, the business may seem to have low income, because of all the short-term high depreciation to save on taxes. Based on only that, you may not loan them money.
But a look at them through book accounting shows the company’s true worth… you may have a fine loan candidate there.
The finance guy in me knows it’s useful to understand the fundamental differences between the two accounting methods, which I hope I’ve accomplished for you in this post.
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As any student can attest, pursuing a higher education requires an investment in time, effort – and in a number of OECD countries, significant financial resources. But the economic costs of higher education go beyond tuition fees. Because people with higher education tend to have higher earnings, they’re likely to pay more in income taxes and social welfare contributions. There’s also the “opportunity cost” of foregone earnings when people enter university instead of the labour market.
Given these long-term economic costs, do the long-term economic benefits of having a higher education make it worthwhile? As the latest issue of the OECD’s brief series Education Indicators in Focus details, analyses based on the most recent year of available data – 2007 for most countries – suggest that the return on investment is very good.
For example, the long-term economic advantage of having a tertiary degree instead of an upper secondary degree, minus the associated costs, is over USD 175 000 for a man and just over USD 110 000 for a woman, on average across OECD countries. The payoff is particularly strong for men in Italy, Korea, Portugal and the United States, where obtaining a higher education degree generates a long-term benefit of more than USD 300 000 for the average man, compared to a man with an upper secondary education only.
Meanwhile, the advantage for women is strongest in Ireland, Korea, Portugal, Slovenia, the United Kingdom, and the United States, where having a tertiary education yields an average long-term benefit of USD 150 000 or more, compared to a woman with an upper secondary education.
As the chart above shows, OECD analyses also find that the long-term payoff on the amount of taxpayer funds used to support people in higher education generates a strong return. Taxpayer costs include funds used to lower the direct costs of higher education to individuals, as well as support for grant and loan programs. They also include indirect costs, such as foregone tax revenues and social contributions to the government while people are in university.
On average, OECD countries directly invest more than USD 30 000 in public sector funds to support an individual pursuing higher education. However, they’ll recoup this investment – and then some – through greater tax revenues from these higher-educated people, as well as savings from the lower level of social transfers these people typically receive.
On average, OECD countries will receive a net return of USD 91 000 on the public costs to support a man in tertiary education – more than three times the amount of the public investment. In Belgium, Germany, Hungary, Slovenia and the United States, this return is especially high, topping USD 150 000. The net return on the public costs to support a woman in higher education is somewhat lower – USD 55 000, on average – but are still positive in almost every OECD country.
Of course, the fallout from the global economic crisis will likely change this cost-benefit equation – but whether it will make it better or worse overall is unclear. For example, the higher unemployment rates spurred by the crisis are likely to have reduced the opportunity cost of foregoing work in order to attend university. However, they also may have reduced some of the benefits of having a higher education, because unemployment rates rose among tertiary-educated people during the crisis.
Likewise, the continued global expansion of higher education could have different effects. As the supply of highly-educated individuals grows, the relative economic benefits of having a tertiary education may go down over time. However, if economies continue to become more knowledge-based – increasing the demand for highly-educated people even more – the economic benefits of higher education could continue to expand.
On the OECD’s education indicators, visit:
Education at a Glance 2011: OECD Indicators www.oecd.org/edu/eag2011
On the OECD’s Indicators of Education Systems (INES) programme, visit:
INES Programme overview brochure
See also: IMHE General Conference 2012 “Attaining and Sustaining Mass Higher Education”, Paris, 17-19 September 2012
Chart Source: Education at a Glance 2011: OECD Indicators, Indicator A9 (www.oecd.org/edu/eag2011).
Note: Data for Australia, Belgium and Turkey refer to 2005. Data for Italy, the Netherlands, Poland,
Portugal and the United Kingdom refer to 2006. All other data refer to 2007.
Countries are ranked in descending order of the net present value.
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Even the famed economist and investor John Maynard Keynes struggled to beat the market, a new study has revealed – a reminder we mere mortals probably shouldn’t try.
Professor Robert Durand, an economist at Curtin University, said the study’s findings were proof that even “one of the greatest economists of our time” wasn’t much better than random chance at picking stocks.
“When you read the paper, it turns out that Keynes only beat the market in half the years he invested. So if you were the trustees of that fund, when would you invest in Keynes? It’s the toss of a coin.”
Keynes (pronounced ‘Canes’) looms large in economic history. As a British Treasury official, he predicted that imposing vindictive reparations on Germany after World War I would have disastrous consequences.
As a pre-World War II economist, he challenged neoclassical economics by arguing that government intervention was needed to moderate downturns – which shaped modern fiscal and monetary policy.
And after the Allied victory, he was instrumental in creating the post-war global economy, including the World Bank, the International Monetary Fund, and the Bretton-Woods system of fixed currency exchange rates.
In between all of this, he served as bursar of King’s College at Cambridge, where he was responsible for investing the equivalent of millions of dollars.
Two academics at Cambridge recently trawled through the meticulous records left behind by Keynes, and published their findings in the Business History Review journal.
One of their conclusions was that Keynes acted counter-intuitively after the market crash of 1929. When investors were fleeing the US stock market, he jumped in, snatching up undervalued companies – mainly investment trusts, public utilities and industrials.
“In the 1930s, Keynes had become the ‘long-term investor’ carefully sifting through the fundamentals and attempting to withstand the irrational behaviour of the herd,” the authors wrote.
This was used by the Wall Street Journal as proof of Keynes’ investing wisdom. And indeed, the tactic reaped him strong returns. Between 1930 and 1945, his average return on these US stocks was 13.6 per cent – above the average US stock market return of 8.4 per cent.
This is perhaps a powerful reminder that when it comes to the stock market, it pays to not trust your instincts.
Economics tells us we are susceptible to following the herd (jumping out or piling in when everyone else is), pay too much attention to short-term fluctuations, and are too loss averse, which clouds our judgement.
Keynes also invested for the long term. He did not buy and sell his US shares frequently. Recent economic theory tells us this is smart, as the attrition of fees from frequent trading erodes returns.
A finance professor at the University of Tasmania said Keynes’ strategy is a “great reminder” for Australians to take a long-term view of their investments, especially superannuation.
“It is a great problem that people start to worry about week-to-week fluctuations when they are not day traders,” Professor Mardi Dungey said.
“If you’re not a day trader, why are you worrying about that? You’ve got to set a long-term strategy.”
But according to the Cambridge study, Keynes’ US stocks outperformed the US stock market in only eight of the 16 years he ran the King’s College portfolio.
Curtin University’s Prof Durand said this was proof the average investor, with nowhere near the knowledge and experience of Keynes, should probably consider a passive investment strategy instead.
“You could invest in one of the greatest economists of our time, or toss a coin. You’d be as equally as well off as a passive strategy,” the professor said.
“It brings up the question of active versus passive investing and market timing and clearly if you’re using the coin toss criterion, Keynes ain’t doing a lot of good.”
Keynes was a value investor. He spent his time researching company fundamentals to find undervalued share prices. He even made several trips to the US to interview politicians, bankers and industry leaders to find out more about potential investments.
This is probably what most Australians picture when they think about the stock market. Unfortunately, it’s very hard to do.
New research tells us it’s much easier to simply ‘passively invest‘ in a well-diversified fund that matches the market. Prof Durand recommended this strategy.
“It turns out that finance theory tells us that passive investing is quite good for a number of reasons, and a lot of guys have won the Nobel prize for that.”
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Hong Kong – a city of seven million inhabitants – is one of the very few cities in the world with a well thought-out master plan and coherently implemented infrastructure to manage its solid waste. It has proven to be not only cost-effective, but also environmentally responsible for future generations. The Hong Kong Government’s Waste Disposal Plan consists of an interwoven network of three very large landfills located in the remote areas of the New Territories outside the city.
One of the world’s top waste management companies based in the Greater China region, Swire SITA manages the design, development and operation of two of the new generation containment landfills which form part of Hong Kong’s disposal and management services.
While Swire SITA is committed to waste reduction through resource recovery and waste-to-energy, solid waste residues cannot be totally eliminated and engineered containment landfills remain the ultimate means for waste disposal. Swire SITA’s process includes waste collection and deposition where waste is placed, compacted and covered to reduce odors and the ingress of water.
The landfill design includes a secure liner system and a cap to prevent water ingress and gas egress. Drainage systems are built within the landfill to collect liquid effluents (leachate) that are further treated in specifically designed wastewater treatment plants. The open-air tanks that store the leachate comprise internal tanks to contain the waste surrounded by external containment tanks, which are required to meet stringent requirements for safety.
Since Hong Kong’s waste disposal plan was first approved in 1989, Swire SITA’s leachate storage capacity has grown from three tanks to 30. During its most recent increase in capacity, which began in 2003, Swire SITA commissioned five tanks from its
preferred vendor and tank manufacturer, CST Industries. Based in the United States with tanks in more than 120 countries, CST Industries manufactures bolted and factory welded tanks for storage of potable water, wastewater, leachate, solids, chemicals, minerals, foods and agricultural liquids.
CST Industries provided cost estimates for 10 Columbian TecTanks – five internal open-air tanks and five external containment tanks – in 2003 for inclusion in a fixed price proposal for consideration by the Hong Kong Government. However, nearly one year later when the project was approved and the order placed, Swire SITA and CST faced a challenge: in 2004 the cost of steel had risen dramatically, boosting the actual cost of the 10 tanks by nearly $400,000 above the fixed price estimate.
Upon consideration, CST returned with the proposal that Swire SITA retain its original capacity requirement, but reduce the number of tanks required from 10 to six by simply increasing the size of the tanks. In addition, with Swire SITA’s primary concern
of safety in mind, CST recommended the use of its TecStore tanks, which offered the same technologically advanced coatings for abrasion and corrosion resistance, but utilized a jack system in place of a scaffolding system for installation.
Location of the tanks also proved a challenge, as a steep embankment, concrete wall, a river and an alley confine the remote area. Swire SITA was able to obtain minimal additional space for placement of the three larger tanks.
The result was the construction of the three largest TecStore tanks in that part of the world. The system comprises one inner tank of 56’ dia x 46’ tall surrounded by an outer tank of 70’ x 33’ along with two additional inner tanks of 78’ x 46’ surrounded by two containment tanks of 90’ x 38’. The capacity remained identical to the original proposal, but the manufacturing cost was reduced dramatically.
The jack system allowed the tanks to be built from the ground upward, which provided a relatively fast and easy installation and met stringent safety guidelines. The tanks were erected by CST-trained contractors in Hong Kong. The tanks were delivered to the site in summer 2005. Installation began in September and was completed seven weeks later in November 2005.
The use of the jack system saved an estimated 33% in installation time.
The three new tanks were commissioned in December 2005. Like the initial three tanks installed by CST in 1994 for Swire SITA, these tanks are effectively storing leachate and provide a cost effective method of protecting the environment as well as the wellbeing of the people of Hong Kong.
ABOUT THE AUTHOR
Tom Renich is responsible for international sales, marketing and operations for all CST divisions: Columbian TecTank, Aquastore and Vulcan Tanks Ltd. He has more than 23 years of experience in bolted tanks for both liquid and dry bulk use. CST Industries, an ISO 9000 Certified company has been in business for more than 110 years and has tanks in more than 180 countries. Visit www.tanks.com for more information.
Vice President – International
CST Industries, Inc.
Kansas City, Kansas USA
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The Balance Sheet Explained
A balance sheet is the company’s core financial statement, and we use it to show financial position at a specific point in time. This bite-sized module looks at how the accounting equation forms the basis of a company balance sheet. You’ll learn how to get a snapshot of your company’s financial position by looking at three key categories. If you need to know the basics of accounting and the fundamentals of finance, check this course out.
- What is a balance sheet?
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The Fair Labor Standards Act (FLSA) is a federal law put in place in 1939 to protect the rights and well-being of American workers. While the act has changed since its inception 80 years ago, it still retains many of its original goals, such as the minimum wage, overtime pay requirements, record keeping, and child labor standards. The FLSA is an important part of the American workforce and protects the rights of most workers.
Are Employers Required to Pay Overtime?
According to the FLSA, if an employer permits or requires an employee to work overtime, that employer must pay the employee for those overtime hours. Overtime is defined as any hours worked after 40 hours in a single workweek. The FLSA also requires overtime pay be no less than the employee’s usual rate plus half.
For example, a retail worker normally makes $12 per hour. This week, they worked a total of 48 hours, meaning they have eight hours of overtime they must be compensated for. Their overtime rate would be $12 + $6, for a grand total of $18 for every hour worked over 40 hours in a week. This means the worker should receive a paycheck of $720, $576 for the first 40 hours worked, and $144 for the eight hours of overtime....
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What is a blockchain, and how can the technology be applied to trucking?
Blockchain is a combination of technologies that allow transactions between parties via a trusted, shared ledger. Each transaction is coded into a block, which becomes part of a chain of blocks. Entries or changes to the chain cannot be made without authorization of all participating members.
The most well-known use of blockchain technology involves cryptocurrencies, such as Bitcoin, but it has the potential to transform logistics.
“While not really a communication tool, it is a revolution in communication,” says Ken Craig, vice president of special projects, McLeod Software. “The whole purpose is to really create a trusted environment. As such, it’s a mashup of several different technologies.”
Technologies have evolved to the point that such environments are possible, he adds. For instance, the internet has evolved and become a mainstream platform for all sorts of transactions. Distributed ledgers hit the scene in the 1990s – replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or institutions, with no central administrator or centralized data storage. Bitcoin is a type of distributed ledger. But along with that came the development of lower storage costs, increased computing speeds, and the maturity of peer-to-peer networking (another way for two or more PCs to connect and share resources without going through a separate server computer.)
“Bitcoin proved the technology, and those concepts can be applied to other industries,” Craig says.
But where does it fit in with trucking? “It’s kind of like blind men describing an elephant,” Craig explains. “What it means to one may not be the same as it means to somebody else.”
The Blockchain in Trucking Alliance offers this definition: “To put it simply, a blockchain is like a database – it’s a way of storing records of value and transactions.” The key is that the database is “immutable.” An IBM white paper on the subject noted that in traditional transactions, each party keeps its own record (or ledger) of each transaction. That leads to each participant having its “own version of the truth,” instead of one version of the truth that all participants agree is correct.
“The internet and e-commerce made shopping, selling and buying easier, and blockchain creates that same ease for more complicated B2B transactions,” said Vernon Tirey, co-founder and CEO of LeaseQ, a cloud-based equipment finance marketplace.
For instance, Tirey noted that in industries such as equipment finance, blockchain will make three-party transactions between buyers, sellers and lenders “feel more like e-commerce does today,” essentially frictionless. Plus, it can add trust and transparency throughout the transaction.
A conference call hosted by Stifel Financial featuring Craig Fuller and Chris Burress of BiTA noted that “RFPs, proposals, contracts, and transactions are immutably etched in the stone that is the blockchain.” Furthermore, payments, settlements and other transactions can be handled without intermediaries, and the chain of custody of freight moved through the supply chain can be documented.
Benefits of blockchain
“All automation is ultimately about optimization,” Tirey says. Blockchain is just the next generation in frictionless commerce automation. He believes blockchain can help in three areas for trucking:
- Authentication – are the people, products and processes what they are claimed to be? Participants and things are vetted by the network so all other participants can see that you are qualified and offering legitimate services or products.
- Finances – do you have the money and can you make it available on the agreed-to terms at the right time, whether you are a lender, borrower, buyer, seller?
- Process management – have you completed critical tasks, per the specifications required?
Tim Leonard, executive vice president and chief technology officer for TMW Systems, said in a recent webinar on blockchain that “We discovered two things we thought would apply about blockchain: contract management and vehicle maintenance.” He noted there are $140 billion in payments tied up in disputes in the trucking industry. Blockchain technology could help in resolving those disputes, since each participant in a transaction would have access to the same information on that transaction.
As for fleet maintenance, fleets would have the ability to know everything about a truck from the time it rolls off an assembly line throughout its service life: every oil change, PM, warranty repair, or other service would be visible in the blockchain to all participants.
TMW is also exploring areas such as hours of service, fuel tax, analytics, GPS, sensor data, temperature monitoring, invoice and settlements (quick pay, cryptocurrency), proof of delivery, signature capture, and photos, for blockchain applications.
“If you look at all the interactions within the supply chain, from shippers to brokers to carriers to regulatory agencies, you see there are hundreds of interactions between parties that would greatly benefit being distributed transactions,” says Mark Cubine, director of marketing for McLeod Software.
For instance, recordkeeping required by new food safety rules could be an area where blockchain makes an impact. Walmart is reportedly studying such food chain processes, which would allow the retail giant to know where its various products came from and their condition all along the supply chain.
“All of the things [the Food and Drug Administration] intended to be in the Food Safety Act are things we can accomplish with blockchain technology,” Cubine says.
As for specific applications, the trucking industry won’t call the tune, Craig says. “The trucking industry is not going to drive the supply chain; it will be driven by the supply chain. We won’t make the blockchains. Companies like Walmart will come to us and say, ‘Here’s our blockchain, do you want to play?’”
One of the more promising avenues, according to several sources, are so-called smart contracts. As Leonard explains it, automated RFPs can be generated by a shipper. That RFP becomes a block in the chain. Bids by carriers become other blocks, as does awarding the contract to the winning bid. Data from the vehicle, including time, place and condition of the load, become blocks, making use of the truck’s sensors and telematics systems. The location of the load is reported to the chain at regular intervals, and when the load is delivered, proof of delivery can be generated automatically. And the shipper can immediately initiate payment via digital currency or other means.
Craig agrees that smart contracts offer much promise, although he says they aren’t really smart and they aren’t really contracts. Instead, they allow code to be placed in a block that is executed based on conditional things. For instance, a smart contract may include in its block instructions on temperature monitoring of the load. If it goes above or below a set point, that block will generate a message to the driver to stop and check the load. These events become part of the blockchain so all parties to the transaction — shipper, carrier, receiver, etc. — can see them.
How far away is widespread adoption?
Applications built on blockchain technology could be widely available within three to five years, it was estimated during the BiTA/Stifel conference call. Others think it may be a bit longer before widespread adoption.
“Realistically, the trucking industry is five to 10 years away from adopting blockchain,” Tirey says. The industry and lenders that finance trucks are “aggressively” developing the automation necessary to support online shopping, authentication, real-time credit scoring, and other transactions. Among the hurdles to adoption, he says, is establishing industry standards.
“The first step is developing use cases,” Craig says. “If all you have is a hammer, everything looks like a nail. Blockchain is kind of a hammer right now.” He adds that a lot of the processes used now in trucking are good and get the job done. “Not everyone needs a blockchain.”
He suggests asking ‘where does it make sense to use blockchain?’ He says areas such as fraud detection, vehicle maintenance, payments, and pricing are things now being looked at to determine “what would be a viable use case.”
Another consideration: Who are the players in a blockchain? Bitcoin and other crypto currencies use public blockchains – anyone can participate once they are validated. For trucking, on the other hand, the view is toward private or consortium-type blockchains, with a limited number of participants. Craig says in trucking, all players will be contractually obligated to follow the rules, how validation is carried out, etc.
Focusing on specific technologies at this point would be like “trying to unravel a ball of string from the inside,” Tirey says. Instead, he suggests starting with the transaction and how blockchain might optimize fleet management or freight logistics. “First, standards must be put in place and supported by participants.” Then blockchains can be linked “like Legos,” which would allow freight logistics in the U.S. to be tied into international logistics and banking blockchains.
Before technology companies start building blockchain apps, the question of standards must be addressed, and this is why the Blockchain in Trucking Alliance was formed. BiTA describes itself as “a forum for promotion, education, and encouragement to develop and adopt blockchain applications in the trucking, transportation, and logistics industries.” Members of the alliance, (which has been growing steadily, with UPS one of the most recent additions at press time) will jointly create and adopt industry-standard uses of blockchain applications, so the development of trucking applications are efficient.
“Right now, there are no standards,” Craig says. “That’s where BiTA comes in.”
Cubine says the industry doesn’t want to reach the same state with blockchains as now exists with EDI, or electronic data interchange. While there are standard EDI transactions, they can be different across shippers, which means trucking companies must customize standards for each customer. In this case, “the standards are not standardized,” he says.
“If everybody out there started building their own blockchains, we’d have chaos,” Craig says. Through BiTA, the goal is to “do a better job of helping everyone create standards that do not create problems for others involved.”
Many new technologies have a way of disrupting existing ways of doing business. Just look at the impact the growth of online shopping has had not only retailing, but also on logistics and trucking.
“Adopting new technologies is about businesses unplugging from the old technology and plugging into the new technology to improve productivity and lower costs,” Tirey says. And while blockchain is likely to make some technologies redundant over time, “we don’t know how or when blockchain will be implemented.” He does not expect blockchain to eliminate EDI right away, but future iterations of blockchain could “make EDI as we know it obsolete.”
Cubine says it could go either way. Some things that are communicated one-to-one will remain that way, he says. “Where the blockchain finds value are the one-to-many or many-to-one interactions, as it can consolidate a lot of information and provide one version of the truth for all parties involved.”
The Stifel conference call identified groups that might be potential losers in the widespread adoption of blockchain, including receivables factoring companies, traditional freight brokers, and other players that choose not to adopt industry standards, which could include shippers, motor carriers, and brokers.
It’s about trust
At its core, blockchain technology is about establishing trust between parties. An IBM white paper considered blockchains to be like “instruments of trust” such as paper money, letters of credit, and the banking system.
“The blockchain is all about ‘trust but verify,’” Tirey explains. Traditionally, trust is built between parties via interactions over time. It can take a long time to build, but only seconds to lose it.
“Blockchain changes all that. The data can be trusted, because the network enforces the fidelity of the information.”
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The Malagasy Ariary is the official currency of Madagascar. The Ariary is one of only two circulating currencies in the world whose division units are not based on a power of ten. The names Ariary is derived from the pre-colonial currency, which is a silver dollar. 1 Malagasy Franc = 0.2 Ariary.
- A socialist economy in the past, since the mid-90s Madagascar has been following the policies of liberalization and privatization of the IMF and the World Bank. The county’s economy has been steadily improving from its previously low level.
- The main economic bases for growth and development are agriculture, forestry, and fishing, which account for more than 25% of the GDP and 80% of the overall population.
- Madagascar’s export of apparels has increased in the recent years, due to its current duty-free access to the United States.
- The Ariary was introduced in 1961, replacing the Malagasy Franc at 1 Ariary = 5 Francs.
- Since 1961, coins and banknotes have been issued in both Francs and Ariary.
- At first, the Franc currency was more popular, but by 1978 the Ariary currency was more valued.
- In 1993, the Ariary became still more popular when new 500 and 5,000 Ariary banknotes were released, together with 2,500 and 25,000 Franc banknotes.
- Both Ariary and Franc banknotes were released on July 31, 2003 in prominent denominations. However, fewer Franc banknotes were printed. Lower denominations of Ariary coins were also issued in the same year.
- On January 1, 2005, the Ariary replaced the Franc as the official currency of Madagascar.
Symbols and Names
- Symbols: Ar
- Nicknames: none
ISO 4217 Code
- Iraimbilanja = 1/5 of a Ariary
- Bills: Ar100, 200, 500, 1,000, 2,000, 5,000, 10,000
- Coins: 1, 2 iraimbilanja. Ar1, 2, 4, 5, 10, 20, 50
Countries Using This Currency
Currencies Pegged To MGA :
MGA Is Pegged To:
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- What are the 4 principles of risk management?
- What are the 5 main areas covered on risk assessment?
- What are the elements of risk management?
- What are the different types of risk assessment?
- How do you assess a project risk?
- Can you name the 5 steps to risk assessment?
- How do you evaluate risk?
- What are the 4 elements of a risk assessment?
- What is a risk assessment checklist?
- What are the 10 P’s of risk management?
- What are the five principles of risk management?
- What is risk assessment steps?
- What is the first step of a risk assessment?
What are the 4 principles of risk management?
Four principles Accept risk when benefits outweigh the cost.
Accept no unnecessary risk.
Anticipate and manage risk by planning.
Make risk decisions in the right time at the right level..
What are the 5 main areas covered on risk assessment?
These steps should be adhered to when creating a risk assessment.Step 1: identify the hazards. … Step 2: decide who may be harmed and how. … Step 3: evaluate the risks and decide on control measures. … Step 4: record your findings. … Step 5: review the risk assessment.
What are the elements of risk management?
This article describes the steps in the process — your job is to put them into action as soon as possible.Step One: Identify Risk. … Step Two: Source Risk. … Step Three: Measure Risk. … Step 4: Evaluate Risk. … Step 5: Mitigate Risk. … Step 6: Monitor Risk.
What are the different types of risk assessment?
They should also be competent in the risk assessment process, to be able to identify high risks and what action might be needed to reduce risk.Qualitative Risk Assessment. … Quantitative Risk Assessment. … Generic Risk Assessment. … Site-Specific Risk Assessment. … Dynamic Risk Assessment.
How do you assess a project risk?
Assessing Project RiskStep 1: Identify potential risks. Sit down and create a list of every possible risk and opportunity you can think of. … Step 2: Determine probability. What are the odds a certain risk will occur? … Step 3: Determine Impact. What would happen if each risk occurred?
Can you name the 5 steps to risk assessment?
Five steps to risk assessment can be followed to ensure that your risk assessment is carried out correctly, these five steps are: … Evaluate the risks and decide on control measures. Record your findings and implement them. Review your assessment and update if necessary.
How do you evaluate risk?
To evaluate risks, it is worthwhile ranking them once identified. This can be done by considering the consequence and probability of each risk. Many businesses find that assessing consequence and probability as high, medium or low is adequate for their needs.
What are the 4 elements of a risk assessment?
There are four parts to any good risk assessment and they are Asset identification, Risk Analysis, Risk likelihood & impact, and Cost of Solutions.
What is a risk assessment checklist?
The risk assessment checklist should only include the items you can reasonably know. Fortunately, you’re not expected to anticipate risks that are unreasonable. With risk evaluation, you must examine what you’re doing as well as the risk control measures you have in place.
What are the 10 P’s of risk management?
These risks include health; safety; fire; environmental; financial; technological; investment and expansion. The 10 P’s approach considers the positives and negatives of each situation, assessing both the short and the long term risk.
What are the five principles of risk management?
The five basic risk management principles of risk identification, risk analysis, risk control, risk financing and claims management can be applied to most any situation or problem. One doesn’t realize that these principles are actually applied in daily life over and over until examples are brought to light.
What is risk assessment steps?
The HSE suggests that risk assessments should follow five simple steps: Step 1: Identify the hazards. Step 2: Decide who might be harmed and how. Step 3: Evaluate the risks and decide on precautions. Step 4: Record your findings and implement them.
What is the first step of a risk assessment?
1: Identify the Hazards Identifying and locating any potential hazards is the first step when carrying out a risk assessment. Several different types of hazards should be considered.
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“..if you pay a power bill [100% renewable] is increasingly the common-sense path forward.”
We watch in horror as the damages from climate change continue to mount.
Last year, Hurricane Harvey dropped more rain on Houston than any storm has ever dropped on any American city, ever. Hurricane Maria set back development in Puerto Rico 25 years, according to early estimates. And the tab keeps mounting: in 2017 alone, the economic cost of hurricanes and wildfires was greater than the cost of paying tuition for every American in a public college or university. We can’t have a working nation or a world if we don’t stop the climate from careening out of control. That’s been clear for decades now, but what’s been less clear is precisely what we should do about it.
Happily, that’s no longer the case. We now know exactly what to do, and we’re increasingly certain it can be done. We have to switch off of coal, oil, and gas, and on to 100% wind, water, and sun energy sources. And though this drive for a conversion to clean energy started in northern Europe and northern California, it’s a call that’s gaining traction outside the obvious green enclaves. More and more major US cities have taken the pledge to go 100% renewable by the year 2050, while others have taken action to sever their ties with the fossil fuel industry, signifying a global shift in how we’re thinking about our energy system.
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Production has begun at Tesla’s Gigafactory in Buffalo, New York, on PV solar rooftop tiles that will be able to produce solar energy that can be used in homes. Instead of the large panels that sit currently sit on rooftops big enough to hold them, this would allow entire roofs to generate power, regardless of shape, size, and style. You wouldn’t even notice a difference from regular roof tiles.
The one current downside to Tesla’s new solar roof tiles is the cost. It does cost more than a traditional terracotta-tiled roof with a solar installation which does currently make it unattractive for many. However, given that this is a brand new technology and the continual drop in the price of solar, it won’t be long before there is very little difference in price. One thing Tesla rooftop tiles do offer, however, is improved tile strength compared to normal tiles as well as an infinite warranty on them.
It’s a huge technological step forward in transitioning away from fossil fuels producing energy and power for our homes. Technology like Tesla’s rooftop tiles allows for energy independence that is clean and produces no emissions.
The battery technology needed to store renewable energy is improving almost daily and can no longer be an excuse to delay moving to renewables. A number of fossil fuel companies have recently invested in solar projects. Even those that have dragged their heels in the renewable transition are beginning to give in to the future of global energy.
Shell recently invested in a US solar company, their first return to renewable energy in 12 years. They have long stayed away from renewable energy, instead, continuing solely with oil and gas. They follow BP who also recently invested $200 billion into a UK solar company.
The largest fossil fuel companies have the funds to drive the renewable energy sector forward. The first few tentative investments by BP and Shell is just the beginning of what will be a major transition in the global supply of energy. The market clearly shows what we should all be investing in, and it definitely isn’t fossil fuels!
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Difference Between a Trade Union and a Collective Bargaining Agent
Trade unions and collective bargaining agents are differentiated by the results of a majority vote by union workers. To become the collective bargaining agent for a group of union workers, the trade union must be elected by those workers to be their representative in negotiating the terms of their pay, benefits and other working conditions, such as health and safety provisions, and retirement or pension contributions. That said, all collective bargaining agents may be trade unions, but all trade unions may not be collective bargaining agents.
Organized Labor Roots
The National Labor Relations Act of 1935, the Taft-Hartley Act of 1947 and the Labor Management Reporting and Disclosure Act of 1959 are three fundamental elements of organized labor and labor-management relations. Trade unions -- groups within the organized-labor structure -- are bound by these laws. Management -- the term used to refer to the employer or the companies that employ union workers -- also are required to adhere to these provisions and regulations. These laws mandate the provisions for collective bargaining, a process that organized labor and employers use to form collective bargaining agreements, or union contracts.
Trade unions typically are composed of workers employed in the building, construction or skilled occupations, examples of which are carpenters, cosmetologists, electricians and pastry chefs. The terms "trade unions" and "labor unions" are often used interchangeably, both meaning they are part of the larger sector, which is "organized labor." Trade union -- or, labor union -- refers to the group that supports collective bargaining. Agents who facilitate collective bargaining are members and leaders of labor unions. Many labor unions have at least three levels: local, district council and international. For example, the International Brotherhood of Teamsters, Local No. 41 includes members who work for companies in the Kansas City metropolitan area. Local No. 41 belongs to a joint council and the International organization supports all of the Teamsters district councils and locals in the U.S.
Collective Bargaining and Negotiation
The process that labor unions and management use to agree on a union contract is a negotiation tool referred to as "collective bargaining." When a labor union and management engage in collective bargaining, each party has representatives who comprise its respective negotiation team. On the union side, the negotiation team may consist of the local president, its business representative and a shop steward. For management, the negotiation team may include the company president, a human resources leader and a labor relations specialist. Collective bargaining refers to a process whereby each party has members who represent the interests of several individuals or an entity; the end result is an agreement about pay, benefits and various working conditions for union workers.
Collective Bargaining Agent
Because collective activity is a function of organized labor, the collective bargaining agent is the labor union that the union workers elected to represent their interests. However, the term "bargaining agent" is probably more widely used than "collective bargaining agent," for which the acronym would be CBA. CBA is an acronym more often used to refer to the collective bargaining agreement, or the union contract. Labor unions are designated as the bargaining agent for employees only upon an official vote, which is a process mandated by the National Labor Relations Act. An agent from the National Labor Relations Board conducts all union elections and certifies the labor union as the bargaining agent, or the designated representative for the company's employees.
Ruth Mayhew has been writing since the mid-1980s, and she has been an HR subject matter expert since 1995. Her work appears in "The Multi-Generational Workforce in the Health Care Industry," and she has been cited in numerous publications, including journals and textbooks that focus on human resources management practices. She holds a Master of Arts in sociology from the University of Missouri-Kansas City. Ruth resides in the nation's capital, Washington, D.C.
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Understanding taxation can be difficult, especially when there’s so many confusing terms involved. Often misunderstandings or lack of understanding regarding taxation can lead to over payment of tax. We’ve created a quick guide to explain the top ten tax terms.
Tax credits exist to reduce the amount of tax you have to pay. There are different credits available for different circumstances, though everyone’s at least entitled to the Personal tax credit, which is €1,650 for single people.
2. Tax Deductions
Tax deductions are sums of money that aren’t considered when your tax liability is calculated, e.g. pension or permanent health insurance contributions. However, many of us forget to claim them, learn the most common tax deductions in this article.
3. Gross Income
Your gross income is the total amount of money you make before any deductions are made. This includes every source of income you may have.
4. Net Income
Net income is the actual amount received by you from your wages.
5. Taxable Income
Taxable income is the amount of your income you pay taxes on. This is different from gross income as certain allowable deductions are taken from your gross wages before income tax is calculated. An example of this would be payments made into a private pension.
Pay As You Earn (PAYE) is when your employer is required by law to deduct your taxes directly from your gross wages. They then send this off to the Revenue Commissioners on your behalf.
Pay Related Social Insurance is a contribution to the Social Insurance Fund, which pays for Social Welfare benefits and pensions. This is automatically taken from your wages if you’re a PAYE worker making more than €38 a week.
The Universal Social Charge replaced the income and healthy levy’s in 2011. It’s automatically taken from your salary if you earn more than €12,012 in 2015 and more than €10,036 in 2012, 2013 and 2014. However, some income sources are exempt. Find out what rates you’re expected to pay in 2016 on citizensinformation.ie.
Your employer previously issued you a P60 at the start of every year. Starting in 2020 P60’s will be replaced by an online Employment Details Summary. This sums up the previous year’s pay, as well as the tax, USC, LPT and PRSI deducted from your wages. Learn everything you need to know the removal of P60’s here.
If you leave your job, your employer has to give you a P45. As with P60’s, P45’s have been abolished and replaced by the online Employment Details Summary. P45’s previously declared how much you earned, along with how much USC, tax and PRSI was taken from your salary. You used to need to give this to your next employer to avoid being emergency taxed when changing jobs.
Think you may have overpaid tax in the last 4 years? Contact our team of tax experts at Irish Tax Rebates. We advise on tax relief applicable to your expenses and help you to get your money back in a matter of weeks.
We have the highest average tax rebate in Ireland and the lowest fee; and if you aren’t owed any tax back, there is no fee applied. To get the ball rolling, you can fill out our 60-Second application form today.
For more simple explanations of Irish taxation and how you may be due tax back, read our previous blog posts.
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By James D. Agresti
October 23, 2012
What do voters truly understand about public policy issues? To scientifically determine this, Just Facts, a think tank dedicated to researching and publishing verifiable facts about public policy, commissioned a nationwide poll of likely voters. The poll consisted of 20 key questions—two concerning voters’ political views and 18 dealing with their knowledge of public policy issues.
The questions were designed to identify fault lines between perception and reality across the political spectrum. Among the issues addressed are government spending, the national debt, taxes, healthcare, Medicare, global warming, pollution, and Social Security. For instance, voters were asked:
Do you think the federal government spends more money on social programs, such as Medicare, education, and food stamps … or does the federal government spend more money on national defense, such as the Army, Navy, and missile defense?
The poll found deep partisan divides, with both Romney and Obama voters being relatively more or less knowledgeable depending upon the questions. Overall, voters were poorly informed, and the majority gave the correct answer to only four of the 18 policy questions. These results provide ample evidence that voters may be casting their ballots based upon misconceptions.
The poll was conducted by Conquest Communications Group, a professional polling firm. The results were obtained through live telephone surveys of 500 likely voters across the continental United States on October 13-21, 2012. The margin of sampling error for all voters is +/- 4.5% with a 95% level of confidence. The questions and results are as follows.
Question 1: Do you believe that combined government spending at all levels—federal, state and local—now consumes a larger portion of the economy or a smaller portion of the economy than it did 10 years ago?
Correct Answer: A larger portion. Since 2009, combined government spending has been consuming more of the nation’s economy than ever recorded in the history of the U.S., including the peak of World War II. Correct answer given by 77% of all voters, 57% of Obama voters, and 94% of Romney voters.
Question 2: What about taxes, do you think combined federal, state, and local taxes now consume a larger portion of the economy or a smaller portion of the economy than they did 10 years ago?
Correct Answer: Smaller portion. Since 2009, combined federal, state, and local taxes have been a smaller portion of the economy than at any time since 1967. Still, these tax collections amounted to $3.8 trillion in 2011 or an average of $31,774 for every household in the U.S. Correct answer given by 19% of all voters, 38% of Obama voters, and 6% of Romney voters.
Question 3: Do you think the federal government spends more money on social programs, such as Medicare, education, and food stamps … or does the federal government spend more money on national defense, such as the Army, Navy, and missile defense?
Correct Answer: Social programs. In 2010, 61% of federal spending was on social programs, versus 22% for national defense. Fifty years ago, the opposite was true, and 53% of federal spending was for national defense, versus 23% on social programs. Correct answer given by 37% of all voters, 18% of Obama voters, and 57% of Romney voters.
Question 4: Would you say the earth is generally warmer than it was 30 years ago, cooler than it was 30 years ago, or about the same?
Correct Answer: Warmer. According to satellite measurements and ground-level thermometers, the earth’s average temperature has increased over the past 30 years by about 0.6 to 0.9 degrees Fahrenheit. For reference, a temperature analysis of a glacier in Greenland found that the location was about 22ºF colder during the last ice age than it is now. Correct answer given by 53% of all voters, 82% of Obama voters, and 28% of Romney voters.
Question 5: Again, thinking about the whole planet, do you think the number and intensity of hurricanes and tropical storms have increased over the past 30 years, decreased over the past 30 years, or stayed about the same?
Correct Answer: About the same. Data published in the journal Geophysical Research Letters shows that the number and intensity of hurricanes and tropical storms is about the same as it was 30 years ago. Correct answer given by 43% of all voters, 27% of Obama voters, and 60% of Romney voters.
Question 6: Now, just thinking about the United States, in your opinion, is the air generally more polluted than it was 30 years ago, less polluted, or about the same?
Correct Answer: Less polluted. Per EPA data, levels of criteria air pollutants have declined significantly over the past 30 years. The same is true for emissions of hazardous air pollutants. Correct answer given by 36% of all voters, 34% of Obama voters, and 41% of Romney voters.
Question 7: Which type of grocery bag do you think causes the least harm to the environment: Disposable paper bags, disposable plastic bags, or reusable cotton bags?
Correct Answer: Disposable plastic bags. In nine major environmental impact categories, disposable plastic grocery bags are better for the environment than paper bags. Likewise, cotton totes would have to be reused many more times than their expected life to have less environmental impact than disposable plastic bags. Correct answer given by 10% of all voters, 11% of Obama voters, and 10% of Romney voters.
Question 8: In general, who do you think receives a better return on the money they pay into Social Security: low-income workers or high-income workers?
Correct Answer: Low-income workers. People with lower incomes receive much higher ratios of annual benefits to taxes. Although wealthier men tend to live longer than poorer men, this does not make up for the difference in benefits, and it does not account for the fact that women (who typically earn lower incomes than men) tend to live longer than men. Also, people with higher incomes must pay taxes on their Social Security benefits, while people with lower incomes often receive refundable tax credits that effectively refund some or all of their Social Security taxes. Correct answer given by 39% of all voters, 28% of Obama voters, and 53% of Romney voters.
Question 9: Some people say that Social Security faces financial problems because politicians have looted the program and spent the money on other programs. Do you believe that statement is true or false?
Correct Answer: False. By law, all Social Security income can be used only for the Social Security program. The law also requires that any Social Security surpluses be loaned to the federal government, but the federal government is legally required to pay back this money to the Social Security program with interest. Nonetheless, even when this money is repaid, the Social Security Administration projects that the program’s trust fund will be exhausted in 2033, and the program will not have enough money to pay promised benefits every year for the foreseeable future. Correct answer given by 21% of all voters, 35% of Obama voters, and 11% of Romney voters.
Question 10: Some policymakers are proposing that individuals be allowed to save and invest some of their Social Security taxes in personal accounts instead of paying these taxes to the Social Security program. In your view, do you think such proposals generally improve or harm the finances of the Social Security program?
Correct Answer: Improve. Proposals to give Social Security an element of personal ownership are generally structured to strengthen the program’s finances. Although some tax revenues that would have gone to the program go to people’s personal retirement accounts instead, these tax revenues are more than offset by the savings of not paying these individuals full benefits. Correct answer given by 25% of all voters, 5% of Obama voters, and 47% of Romney voters.
Question 11: On average, who pays a greater portion of their income in federal taxes: The middle-class, the upper 1% of income earners, or do you think they both pay about the same portion of their income in federal taxes?
Correct Answer: The upper 1%. Per the Congressional Budget Office’s latest estimate of federal tax burdens, households in the middle 20% of the U.S. income distribution paid an effective tax rate of 11.1%, as compared to 28.9% for the top 1% of income earners. Correct answer given by 17% of all voters, 4% of Obama voters, and 31% of Romney voters.
Question 12: The federal government often gives special tax breaks to certain business sectors. Which business sector do you think pays a higher federal corporate income tax rate: Mining or educational services?
Correct Answer: Educational services. In 2009, out of 20 major business sectors, the effective corporate income tax rate averaged from as low as 16% for mining to as high as 34% for educational services. This disparity is a result of tax preferences. Correct answer given by 29% of all voters, 44% of Obama voters, and 19% of Romney voters.
Question 13: In 2003, Congress and President Bush passed a tax cut law that accelerated and expanded upon tax cuts they had passed a few years earlier. In the four years that followed this 2003 tax cut law, do you think federal revenues generally increased, declined, or stayed about the same?
Correct Answer: Increased. Federal revenues were 16.2% of the nation’s economy in 2003, 16.1% in 2004, 17.3% in 2005, 18.2% in 2006, and 18.5% in 2007. Federal data going back to 1950 shows that higher tax rates do not necessarily correspond with more tax revenues. Other factors, such as the health of the economy, also have a major impact on tax revenues. Correct answer given by 28% of all voters, 12% of Obama voters, and 46% of Romney voters.
Question 14: Most of the Bush tax cuts are due to expire at the end of 2012. If Congress and the President decide to make these tax cuts permanent, do you think in future years that average Americans will pay less of their income in federal taxes than they have on average for the past 40 years, more of their income in taxes, or about the same?
Correct Answer: About the same. The Congressional Budget Office projects that if most of the Bush tax cuts and even some of the Obama tax cuts are renewed, federal revenues will reach their historical average in two years and stay level thereafter. This is partly because many tax laws are not indexed for wage growth and some are not indexed for inflation, which causes taxes to continually consume a greater share of Americans’ income unless tax laws are changed. This is a phenomenon called bracket creep. Correct answer given by 27% of all voters, 26% of Obama voters, and 29% of Romney voters.
Question 15: In 1960, governments paid for 24% of all healthcare costs in the U.S. Do you think government now pays a greater portion or a lesser portion of all healthcare costs in the U.S.?
Correct Answer: A greater portion. Between 1960 and 2009, the portion of U.S. healthcare expenses paid by government increased from 24% to 48%. This is one of the primary drivers of increased healthcare spending, because when people don’t personally pay for their healthcare, they are less likely to be responsible consumers and more likely to use services that have no measurable benefit to their health. Correct answer given by 56% of all voters, 53% of Obama voters, and 64% of Romney voters.
Question 16: In 1960, private insurance paid for 21% of all healthcare costs in the U.S. Do you believe private insurance now pays a greater portion or a lesser portion of all healthcare costs in the U.S.?
Correct Answer: Greater. The same trend that applies to government also applies to private insurance. Between 1960 and 2009, the portion of U.S. healthcare expenses paid by private insurance increased from 21% to 32%. This trend has been driven by federal tax policy, which makes employer-provided health insurance generally exempt from federal taxes but not most medical expenses paid directly by consumers. Between 1960 and 2009, the portion of U.S. healthcare expenses paid directly by consumers decreased from 48% to 12%. Correct answer given by 41% of all voters, 37% of Obama voters, and 48% of Romney voters.
Question 17: Do you think that preventative medical care generally increases or decreases people’s lifetime medical costs?
Correct Answer: Increases. Repeated studies have shown that preventative medical care generally increases overall healthcare costs. As explained by the Congressional Budget Office, “Although different types of preventive care have different effects on spending, the evidence suggests that for most preventive services, expanded utilization leads to higher, not lower, medical spending overall.” Correct answer given by 23% of all voters, 16% of Obama voters, and 28% of Romney voters.
Question 18: In 2010, Congress passed and President Obama signed the Affordable Care Act, also known as “Obamacare.” This law uses price controls to save money in the Medicare program. Do you think these price controls will affect Medicare patients’ access to care?
Correct Answer: Yes. As explained by Medicare’s actuaries, the Affordable Care Act’s price controls will cut Medicare prices for many medical services over the next three generations to “less than half of their level under the prior law.” The program’s actuaries have been clear that this will likely cause “withdrawal of providers from the Medicare market” and “severe problems with beneficiary access to care.” Correct answer given by 56% of all voters, 23% of Obama voters, and 86% of Romney voters.
This is the first poll of voter knowledge commissioned by Just Facts, and plans are in place to conduct such polls on an annual basis. Politicians and the press regularly inundate Americans with information about public policy, but as this poll has found, the end result is that voters are ill-informed. Just Facts aims to correct this by providing voters with documented facts that empower them to make truly informed decisions.
The margin of error for Obama voters is +/- 7.2%, and the margin of error for Romney voters is +/- 6.9%. The number of undecided voters or those planning to vote for other candidates are too small to draw scientifically valid conclusions. The poll results for all voters are available here, and the results broken down by political views, age, and gender are available here.
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We don?t have to come to any conclusions here because the numbers have a quirky way of speaking for themselves. Even before we start talking about anything, please peruse through the following results pulled together by a survey conducted by the ?U.S Department of Commerce: U.S Census Highlights for the previous years?.
Notice the numbers on the Home- based Businesses below:
- Home-based businesses made up 56 percent of American Indian- and Alaska Native-owned firms, 56 percent of women-owned firms, 53 percent of black-owned firms, 53 percent of Native Hawaiian- and Pacific Islander-owned firms, and 45 percent of Hispanic-owned firms. In contrast, 2-in-3 Asian-owned firms reported they conducted business from nonresidential locations.
- Top industries for home-based businesses were: professional, scientific and technical services, construction, and retail trade and other services (such as personal services, and repair and maintenance).
A great, endearing and inspiring set of numbers here which state the kind of backgrounds and financial situation the entrepreneurs have been into before they get started and do which type of businesses exactly.?
Most businesses are ?self-made?
- People using their own money or family assets for business startups included 77 percent for businesses with paid employees and 59 percent for businesses with no paid employees.
- Top industries for these ?self-made? businesses were: accommodation and food services (79 percent), manufacturing (78 percent), wholesale trade (74 percent) and retail trade (72 percent).
- Nearly 3-in-10 (28 percent) of all entrepreneurs started or acquired their business with no capital at all.
- Nearly 1-in-10 U.S. businesses — both employer firms and non-employer firms — were started by owners who used personal or business credit cards to finance the startup or acquisition.
- In 2002, 64 percent of business owners had at least some college education at the time they started or acquired ownership in their business, 23 percent had a bachelor?s degree and 17 percent had a graduate degree. Just over 1-in-4 owners had a high school education or less.
- Thirty-one percent of owners were more than 55 years of age, 29 percent were between 45 and 54, and 24 percent were between 35 and 44. Only 2 percent of owners were less than 25 years of age.
- Fourteen percent of business owners in 2002 were veterans; 73 percent of those operated with no paid employees. Nearly 7 percent of veteran business owners were disabled as a result of injury incurred or aggravated during active military service.
- When it comes to depending upon a business for income, 70 percent of owners of employer firms reported that their business is their primary source of income, compared to 44 percent of non-employer firms.
- More than half of business owners reported their primary function was managing day-to-day operations and producing their business goods and services (survey respondents could check more than one category).
- When it comes to putting in long hours, more than half the owners of firms with paid employees reported working overtime (more than 40 hours a week, on average). Only 26 percent of owners of non-employer firms reported they worked overtime. In fact, 43 percent of owners of non-employer firms reported working less than 20 hours a week on average, compared to 20 percent of owners of firms with employees.
You would now have a fair understanding of what?s happening around you. Millions of people are now taking to the ?Home-Business? rush and have unfettered themselves from the shackles of the despondency of modern age slavery. The rush and excitement that comes from within their deep individualistic value systems is inexplicable.
A home business entrepreneur operates on few economic, personal and financial resources but still manages to scrape through. It is a challenge to be on ones own and build something out of nothing, but these savvy capitalists manage to do it, nevertheless.
So, are you excited? Do you want to be a part of this looming reality?
?Working at home, as an industry (although it isn?t, really!) is now shaping up to be a raging force — something worth reckoning with. Would you like to be a part of this boom? Are you raring to go on your lonely but worthy journey of a thousand miles?
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Kinds of Attack:
- Social engineering
Social engineering is a means of launching an attack or gathering information for an attack by
relying on the weaknesses of individuals. It represents one of the greatest risks that organizations today face. At its core, social engineering relies on an attacker’s clever manipulation of human nature in order to persuade the victim to provide information or take actions.
- impersonation, which means to create a fictitious character and then play out the role of that person on a victim. Common roles that
are often impersonated include a repairperson, IT support, a manager, a trusted third party.
- Phishing is sending an e-mail or displaying a Web announcement that falsely claims to be from a legitimate sender in an attempt to trick the user into surrendering private information.
Security policy: security policy is a written document that states how an organization plans to protect the company’s information technology assets.
An organization’s information security policy can serve several functions:
● It can describe an overall intention and direction, formally expressed by the organization’s management. A security policy is a vehicle for communicating an organization’s information security culture and acceptable information security behavior.
● It details specific risks and explains how to address them, and provides controls that executives can use to direct employee behavior.
● It can help to instill security awareness in the organization’s culture.
● It can help to ensure that employee behavior is directed and monitored to ensure compliance with security requirements.
Security Policy Cycle
- The first phase involves a vulnerability assessment.
Vulnerability assessment attempts to identify
- what needs to be protected (asset identification),
- what the pressures are against it (threat evaluation),
- how susceptible the current protection is (vulnerability appraisal),
- what damages could result from the threats (risk assessment),
- what to do about it (risk mitigation).
The assessment includes:
1. Asset identification. Asset identification determines the items that have a positive economic value and may include data, hardware, personnel, physical assets, and software. Along with the assets, the attributes of the assets need to be compiled and their
relative value. The task of identifying and categorizing assets is known as asset management.
2. Threat evaluation. After the assets have been inventoried and given a relative value, the next step is to determine the threats from threat agents. A threat agent is any person or thing with the power to carry out a threat against an asset.
3. Vulnerability appraisal. After the assets have been inventoried and prioritized, and the threats have been determined, the next question is to determine what current security weaknesses might expose the assets to these threats. This is known as vulnerability
appraisal and in effect takes a snapshot of the security of the organization as it now stands.
4. Risk assessment. A risk assessment involves determining the damage that would result from an attack and the likelihood that the vulnerability is a risk to the organization.
5. Risk mitigation. Once the risks are determined and ranked, the final step is to determine what to do about the risks. It is important to recognize that security weaknesses can never be entirely eliminated; some degree of risk must always be assumed.
It also outlines how the organization will respond to attacks and the duties and responsibilities of its employees for information security.
Physical Security: one of the most important aspect.
Standard Network Monitoring Tools:
Although data from devices and APs are beneficial, there are drawbacks to relying solely on these sources of information:
● Data collection. Acquiring data from each AP and each wireless device across the network can be a labor- and time-intensive task.
● Timeliness. Unless a person is constantly monitoring this data, it cannot be used to warn of an impending wireless issue. Rather, the data can only be used after a problem occurs when trying to identify what may have caused it.
● Retention of data. Data gathered from the AP and devices is collected in real time but often there is not always the facility for creating a large repository for that data. Without the ability to retain the data it is difficult to establish a baseline.
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Analysis of Solar Power as Single Source of Electricity for Middle East and North Africa Countries
MetadataShow full item record
The power sector is living a revolution. The cost of clean technologies is declining faster than expected and deployment targets are being achieved with relative easiness. However, as of today, to think of an entire renewable power sector still seems a utopic objective because of two main factors: variability of renewable resources and cost competitiveness with conventional sources. A lot has been written about the future of solar technologies. Different paces of cost decline of solar photovoltaics (PV) and concentrating solar power (CSP) in the recent times creates uncertainty about the predominance of one or the other. Additionally, while PV is much cheaper nowadays, CSP can provide dispatchable electricity which is highly valued in order to instantaneously balance demand and supply. Battery systems (BESS) to be integrated with PV may seem offer a feasible alternative, but the costs of batteries are still high. Different entities are trying to forecast the cost evolution for these technologies but there is still no consensus about a long-term predominance of any of these technologies for providing 24-hour solar-based generation. The present study intends to analyze the possibility of supplying an entire national system with solar energy only, comparing the different possible alternatives face to face. The analysis uses the two mentioned solar technologies: PV and CSP for providing electricity 24/7 in fifteen different countries. The selected geographic area for the study is the MENA region, which counts with excellent solar resources and developed power systems. The study simulates an economic dispatching of solar generation technologies, optimizing the total cost of generation for one year in different cost scenarios (2017, 2025 and 2030) using the existing future cost projections for both technologies. This analysis assumes that the only available technologies for supply the whole demand in the countries are these two solar technologies, ignoring hypothetically, the actual existence of other technologies. It intends to shed some light about how two solar technologies—namely solar photovoltaics with battery systems and concentrated solar power—can coexist in a power system and how we can compare the techno-economic performance of both on a level playing field The analysis is based on a linear programming model that minimizes the annual cost of electricity generation following the load profile and radiation in each country. A common base of 100 MW peak demand has been adopted for the sake of simplicity and comparability. The main findings of the study show that: - Solar technologies only (with storage) can be a feasible alternative for providing power to an entire system. However, solar technologies are still far from being a competitive option when compared with conventional sources, although, if costs evolution is as expected, it might be in line with them by 2030. Moreover, in countries where baseload is based on oil fired plants solar baseload might be already competitive. - Assuming the expected forecasts for the technologies cost evolution, cost is not the only and/or main driver. The availability of their respective solar resource (DNI and GHI) will still be a critical factor for optimizing the generation mix. This critical role of solar resource will be accentuated as technologies costs decrease. - Finally, solar technologies are complementary in almost all scenarios. Whatever is the cost evolution both technologies are always present and none of them is completely discarded. In terms of storage technologies, the study shows that thermal storage associated with CSP is heavily predominant over BESS.
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Worldwide, forests are being lost at an alarming rate, driven by the expansion of internationally traded commodities. In response, companies are making efforts to reduce and eliminate deforestation from their supply chains. In 2016, Hershey’s and Ecom Agroindustrial Corp (ECOM) began collaborating with the United States Agency for International Development (USAID)-funded Tenure and Global Climate Change (TGCC) Program that helped leverage private sector funding to address land and tree tenure constraints that inhibit cocoa productivity and contribute to deforestation around smallholder cocoa farming in Ghana. This work resulted in an assessment and recommendations for a future pilot, captured in the report Land and Natural Resource Governance and Tenure for Enabling Sustainable Cocoa Cultivation in Ghana. Over the 11-month period from February to December 2017, USAID implemented a pilot in Nyame Nnae, a cocoa farming community in the Asankrangwa district of Ghana with implementing partners Tetra Tech and Winrock International. The pilot had four specific objectives:
- Increase tenure security of smallholder cocoa farmers through clarifying and documenting the rights of landholders and tenants that discourage removing old cocoa trees under stranger tenancy (abunu) contracts.
- Promote the increase in carbon stocks in cocoa farms over the long term by explaining new Forestry Commission policy on tree tenure and documenting tenants’ and landlords’ beneficial interests in shade trees.
- Replant old, unproductive cocoa farms to increase productivity over the next five to 10 years. This requires developing a financing model to replant old cocoa farms and provide extension services to farmers.
- Develop lessons and recommendations for the Government of Ghana, Ghana’s Cocoa Forest REDD+ Program, the World Cocoa Foundation, Tropical Forest Alliance (TFA) 2020 partners, and others working on related topics with smallholder farmers that will allow the pilot to be replicated and scaled up over time.
IMPACTS – LAND TENURE
The pilot focused on improving tenure in Nyame Nnae community in the Western Region. Nyame Nnae was chosen to carry out a tenure intervention based on community interest and factors like a high proportion of non-indigene farmers and a clear land constraint. There are three main customary interests in land in Nyame Nnae: customary freehold (9 percent), asideε (migrant farmer freehold – 45 percent), and abunu (46 percent). The project captured and documented land and tree rights as practiced; it did not try to convert these customary rights into statutory rights. The project engaged legal consultants to draft three customary land rights templates based on these prevailing customary norms. A local organization, Landmapp, was subcontracted to complete mapping of community boundaries and individual cocoa farms and store electronic records. ECOM’s extension agents were trained in tenure principles and provided with training materials and simple, laminated fact sheets to help them resolve land disputes, monitor and assess tenure in their field work, and augment their suite of future trainings. In total, the boundaries of Nyame Nnae community were mapped and 190 farms were surveyed and tenure rights documented, with 37 percent held by women.
During the life of the intervention, the importance of clarifying landowner and tenant relationships through customary contracts emerged as equally important in documenting tenure terms as having a mapped document for the landowner. Clear dispute resolution structures were found to exist within the Asankrangwa stool, though community members were not always well informed about their rights. The team provided training on dispute resolution to community elders, emphasizing disputes and negotiations relating to cocoa farm rehabilitation and negotiated abunu arrangements. At the end of the project, 92 percent of those who received documentation thought it was worthwhile. Community members added that the process provided additional security and information on farm size, and will help reduce conflict. The primary factors that informed farmers’ participation in the project included interests in documentation of land to secure and protect their future investments and to aid in accessing financing options; a desire to know more about site planning; and, interest in farm management more broadly.
IMPACTS – TREE TENURE
Current law vests rights to naturally occurring trees with the state, which expropriates all rights over timber exploitation and vests them in the government. Despite this legal framework, it became clear that the community views tenure over trees and forest products through the lens of customary land rights, even if this differs from statutory law. The community does, however, distinguish customary rights over trees from timber trees, for which control is vested in the Forestry Commission by formal law. The community views timber trees as being owned by the government.
The interplay between government policy, timber extraction, and planting trees laying claim to land ownership creates perverse outcomes: planted trees are pulled up by customary land holders; land disputes emerge between tree planters and customary land holders; and, there are disincentives to plant commercial trees. While these conflicts were not directly observed within Nyame Nnae, the Forestry Commission is aware of challenges with the current law and policy. New policy approaches are being considered and tested. Upon analysis, many aspects of the tree registration system proposed by the Forestry Commission were still in flux and do not go far enough, as the system maintains the distinction between planted and naturally occurring trees. This distinction causes confusion and scope for abuse, as failure to register planted shade trees may result in de facto treatment as naturally occurring and therefore subject to state expropriation. The administrative costs of registering trees are also steep. The team decided not to test the draft tree tenure registration documentation because of reservations about the proposed policy changes, their long-term efficacy, and the potential to create confusion.
IMPACTS – FINANCIAL MODEL FOR FARM REHABILITATION
Farm level rehabilitation was carried out on a total of 50 ha spread over 71 self-selected farms and was financed by private sector partner ECOM. Ten of these farms were within Nyame Nnae community (four women and six men) and 61 (12 women and 49 men) were spread across multiple different cocoa communities where ECOM operates. To help ECOM implement agroforestry practices in farm rehabilitation, 20 ECOM extension agents participated in TGCC’s training of trainers agroforestry course.
To better understand how to finance rehabilitation, ECOM and TGCC developed a financial model for cocoa farm rehabilitation. Under the model ECOM rehabilitates and manages all farm activities over three years while the farmer learns farm rehabilitation and management techniques and diversifies their income with cash crops. This approach differs from using model farms, which have had mixed success. In this model a farmer provides three acres of old cocoa trees to be cleared and has additional cocoa farms elsewhere, which will continue producing cocoa. Two of the three acres are replanted with cocoa, shade trees (if needed), maize, and plantains, and the third acre is planted with maize and plantains only. Plantain and maize is then planted with two crops of maize and one of plantain harvested per year. The models show that ECOM’s rehabilitation and management costs are repaid over three years, and a profit share or royalty payment paid to the farmer provides enough cash for the farmers to continue activities once ECOM no longer provides support.
OTHER LESSONS AND RECOMMENDATIONS
The pilot overall, as measured by beneficiary satisfaction, was highly successful. Both men and women farmers, landlords and tenants, and leaders of Asankrangwa stool voiced their appreciation and satisfaction with accomplishments. The following list of final lessons and recommendations were drawn from the pilot:
- Build understanding of the relevance of land tenure and identify feasible interventions for private sector interests. Partners need to be provided with targeted and actionable information to participate.
- Time is required to fully apply learning and adaptive management principles. While lessons were learned in the pilot, they could not always be integrated into practice due to short timeframes.
- Document rights in advance of land disputes, where possible. Clarifying tenure can help to avoid disputes more easily than resolving disputes.
- For effective land rights documentation, focus on process, engagement and documenting the status “on the ground.” Rather than forcing customary rights to be converted to statutory leaseholds, use formal legal contracts to document the existing customary rights of farmers.
- Formalizing land rights in Ghana requires more than simply documentation. Engagement of the National House of Chiefs was important to codify land rights in traditional areas and discuss the relationship between indigene and stranger farmers.
- Food security and nutrition is an issue for cocoa farmers. Rehabilitation efforts must consider food security needs, particularly during the years before cocoa trees start producing.
- The Nyame Nnae pilot site is only one of multiple theories of change linking property rights to deforestation in Ghana. This pilot lessens the threat on a nearby gazetted forest and increases incentives to reduce deforestation of remnant and secondary forests within the community that now set in motion can be monitored in future years. Options for reducing deforestation at a larger landscape lever were identified and scaling up will need to demonstrate avoided deforestation impact.
- Not all smallholder farmers are equal; other rehabilitation pilots being tested are geared toward the privileged. The ECOM financial model can be sustainable, but will be difficult to scale up and reach poorer farmers without multiple plots or stranger farmers with insecure tenure.
- While documenting land rights was a success, tree rights documentation still needs to be considered. For farmers to fully benefit from their land rights, they need to have rights to all resources on their property.
- The project successfully demonstrated that a public-private partnership linking tenure documentation, alternative dispute resolution, community engagement, and financial modelling with cocoa rehabilitation was feasible. Cocoa companies welcome the addition of new services to their portfolio.
- Scalability remains a challenge. Wrapping the cost of documentation into cocoa farm rehabilitation should be explored in any future work.
- The government’s acceptance of formalization pilots is still a question. A wholesale mind shift that recognizes the need to build shade back into cocoa systems and improve productivity of cocoa on less land is starting to occur, but requires additional political will.
- Spend time on gender dynamics and social inclusion. Interventions must be designed so that community members better understand how women and different status groups engage within the community.
- A public-private model can be considered to help bear the costs of public goods. Private sector firms are offering services to their suppliers, and welcome the ability to work with public institutions and public policy.
- After all is said and done, consent of traditional authorities is the central ingredient for success. Traditional leaders need to be full partners in the process of documenting rights and should not just use the system to extract fees.
The generalized approach of using land administration, broadening access to finance, and assisting farmers with cocoa rehabilitation is broadly relevant to other geographies and commodities with adequate nuancing and tailoring to the context and constraints faced. There is a wealth of diverse land administration tools and approaches to draw upon, depending on the nature of tenure insecurity and financial constraints faced by small farmers. The approach is also broadly relevant for reducing deforestation although time is needed to determine the full impacts achieved. The GIS survey data collected by the pilot is broadly applicable to monitoring deforestation in the future with scaling, but further work would be required to determine how avoided deforestation impact could be measured and predicted.
Within this context, the setting has been established for ongoing efforts by the private and public sectors to develop a strategy for lowering cost and designing innovations that improve the livelihoods of Ghana’s cocoa farmers, promote sustainable cocoa cultivation that reduce deforestation pressures, improve the profitability of the chocolate industry, and provide consumers worldwide with high quality chocolate sourced from Ghana.
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