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The October issue of our flagship Money Fund Intelligence newsletter, which was sent out to subscribers Friday morning, features the articles: "Prime MFs Clawing Back Two Years After Reform's 'Big Sort'," which looks at how Prime assets have fared of late; "Highlights from European MFS: Irish Funds' Rooney," which quotes a recent presentation from Irish Funds' Pat Rooney; and, "China, Ireland Still Dominate Global Money Fund Ranks," which reviews the latest statistics on money fund markets outside the U.S. We've also updated our Money Fund Wisdom database with Sept. 30 statistics, and sent out our MFI XLS spreadsheet Monday a.m. (MFI, MFI XLS and our Crane Index products are all available to subscribers via our Content center.) Our October Money Fund Portfolio Holdings are scheduled to ship on Wednesday, October 10, and our Oct. Bond Fund Intelligence is scheduled to go out Monday, October 15.
MFI's "Prime MFs Clawing Back" article says, "Two years after the SEC's Money Fund Reforms triggered a $1.1 trillion shift out of Prime money market funds and into Govt, Prime assets continue to extend a slow and steady recovery. While assets dipped in the latest month (Sept.), Prime MMFs are up $170 billion, or 30.3%, since hitting their low of $562 billion on 10/31/16."
It continues, "Year-to-date through Aug. 31, the SEC shows Prime MMF assets up $66 billion, or 10.0%, to $733 billion, and up $91 billion, or 14.2%, over 12 months. Govt MMF assets are down $49 billion, or -2.1%, YTD and up just $62 billion, or 2.8% over 12 months."
Our "EMFS Highlights" excerpt reads, "Crane Data hosted its 6th annual European Money Fund Symposium two weeks ago in London, and European Money Market Fund Reforms took center stage. Below, we highlight from one the sessions, 'Irish & European Fund Issues' featuring Pat Rooney, Senior Regulatory Affairs Manager at Irish Funds. He presented a number of statistics on money funds domiciled in Ireland, the largest segment of the European money fund industry, and gave an Irish take on the new regulations and the fate of the RDM, reverse distribution mechanism."
Rooney says, "Firstly, the MMF industry in Ireland is one of very significant scale.... We're talking about E490 billion in terms of assets ... the largest domicile by quite some margin in Europe, followed by France and Luxembourg. There has been significant growth ... in the past 5 years dating back to 2013, with 77% growth since then. So it is a very strong and growing industry in Ireland."
He continues, "The number of funds stands at 115 today; that is down slightly from 122 in 2012. So while the assets have been growing, there has been a slight amount of consolidation in the industry. This is an industry of scale.... We have quite a few big players with very big funds, so there is a lot of concentration. But also there is also still broad diversity, too. We've counted 48 MMF managers ... from 11 countries."
Rooney tells us, "Predominantly the managers in funds of scale are coming from the U.S., the U.K. and Germany. This industry accounts for 20% of our [overall fund] assets. So it is an industry that is vital to Irish Funds and one that we have fought vigorously to defend throughout the MMF reform, which hasn't been easy, in order to ensure that this is a sector that can continue to thrive." (Watch for more Rooney and European Money Fund Symposium excerpts in coming weeks, or see the latest issue of MFI for the full article.)
MFI's "China, Ireland" piece says, "The Investment Company Institute's 'Worldwide Regulated Open-Fund Assets and Flows, Second Quarter 2018' shows that money fund assets globally fell by $135.6 billion, or -2.2%, in Q2'18, led by big drops in Chinese and French money funds. Money funds in the U.S. and India rose substantially. MMF assets worldwide have increased by $632.8 billion, or 11.9%, the past 12 months."
ICI's release says, "On a US dollar denominated basis, ... bond fund assets decreased by 2.9 percent to $10.25 trillion in the second quarter ..., while money market fund assets decreased by 2.3% globally to $5.96 trillion."
Also, MFI includes a sidebar, "ESMA Seeks Feedback on European MF Stress Testing," which says "A statement posted Friday and entitled, 'ESMA consults on stress testing rules for money market funds,' tells us, 'The European Securities and Markets Authority (ESMA) has today opened a public consultation on how European money market funds (MMFs) should conduct their internal stress testing."
Our October MFI XLS, with Sept. 30, 2018, data, shows total assets inched up by $1.6 billion in September to $3.072 trillion, after increasing $29.2 billion in August, increasing $36.3 billion in July, and decreasing $49.9 billion in June. Our broad Crane Money Fund Average 7-Day Yield rose 8 bps to 1.69% during the month, while our Crane 100 Money Fund Index (the 100 largest taxable funds) was also up 8 bps to 1.88% (its highest level since Oct. 2008).
On a Gross Yield Basis (7-Day) (before expenses are taken out), the Crane MFA rose 7 bps to 2.13% and the Crane 100 rose to 2.16%. Charged Expenses averaged 0.44% (unchanged) and 0.28% (unchanged), respectively for the Crane MFA and Crane 100. The average WAM (weighted average maturity) for the Crane MFA and Crane 100 was 30 and 31 days, respectively (up 1 day). (See our Crane Index or craneindexes.xlsx history file for more on our averages.)
This month, Money Fund Intelligence speaks with Kim Hochfeld, the new Chair of IMMFA, the London-based Institutional Money Market Funds Association (www.immfa.org). Hochfeld, who is also Managing Director at Morgan Stanley Investment Management, gives us the latest on European Money Market Fund Reforms and talks about what's next for money funds in Europe. Our Q&A follows. (Note: Hochfeld and IMMFA MD Jane Lowe will keynote our European Money Fund Symposium, which starts Thursday morning in London. For those in attendance, welcome to London! Note too that this article is reprinted from the September issue of our Money Fund Intelligence newsletter. Contact us at firstname.lastname@example.com to request the full issue.)
MFI: When did you become Chair? Hochfeld: I was elected Chair for a three year term at the beginning of July by members at our Annual General Meeting. Our former Chair, Reyer Kooy, was re-elected to the Board, which is a positive for IMMFA as it allows a level of continuity. Kathleen Hughes from GSAM and Ian Lloyd from LGIM are still on the Board too, and we have been joined by Beccy Milchem from BlackRock. So it's a team with plenty of experience.
MFI: What's been IMMFA's main focus? Hochfeld: European Money Market Reform has absolutely been a key focus for us, especially over the last 18 months. It has been a long time coming. We have been focused on defining our LVNAV structure and working with clients to make sure they understand how LVNAV works, and then obviously there are challenges for our members as to how they position their Euro funds. There's still much work to do, by the vendors, the money fund managers, the transfer agents, the fund administrators, the portal providers, their trading systems, etc., in order to be ready for the coming changes.
One of the challenges is the clarity around Euro MMFs. For example, there is still an element of uncertainty as to whether share cancellation as a mechanism for handling negative yield will be permitted under new Regulations. This is the so-called RDM [reverse distribution mechanism]. It seems that most providers have built for different outcomes, although the market has different viewpoints as to which scenario will prevail.
MFI: What happens after reforms? Hochfeld: I think where IMMFA can really add value is around education and marketing, particularly if RDM does not continue … and managers have to make choices about what they will offer instead. IMMFA's expectation is that over time the membership will offer most types of short-term money funds, both VNAV and CNAV.
It will therefore be important to educate our existing and any prospective investors about the difference in running short-term VNAV Euro funds vs. how some of the existing short-term Euro VNAV funds are managed. There will be big differences in the old IMMFA-style universe of short-term money funds that are all AAA-rated, compared to some of the VNAV funds that are out there at the moment, which generally don't have a rating and have a lot more flexibility to take more risk to generate a higher return.
Over the next year, the IMMFA will be focused on broadening our investor base globally and tackling challenges related to accounting treatment, to see if we can achieve more consistency and certainty on the accounting treatment of short-term money funds in the European Regulation, much as the S.E.C. offered for U.S. 2a-7 money funds.
MFI: Does IMMFA only deal with short-term money market funds? Hochfeld: Not any more. Historically IMMFA only represented CNAV short-term money funds. Yes, we had accumulating share classes, but they still use amortized cost accounting. However the Association always viewed the European Regulation as a game changer, because it codified the regime for money funds across the whole of the European Union. So IMMFA responded to it by changing its constitution effective 1 January 2018 to cover all types of money market fund permitted under the Regulation. It means that now we cover CNAV and VNAV short term MMFs, and also VNAV standard MMFs. To put it in context, the VNAV standard MMFs in Europe are essentially the same product as U.S. ultra-short bond funds.
Also, once the Regulation came into force, the need for the IMMFA Code of Practice diminished, as much of what is in the Code now appears in the Regulation. The Code still applies to members, but from January 2019 it will be replaced entirely by the IMMFA Principles of Best Practice. Details are available on the IMMFA website. All IMMFA members are bound by the Principles of Best Practice. In replacing the Code, IMMFA sets out what the Principles would do instead.
To quote: "The Principles have two purposes, both of which are intended to support investor confidence in the industry: To describe in plain English the key requirements that apply to money market funds and that operate to protect investors and markets; and to describe additional practices beyond the applicable regulatory requirements where these are considered necessary for the good governance of the funds."
MFI: Accumulating funds are different than VNAV, right? Hochfeld: They're very different. Today's accumulating share classes are share classes whereby the accrued interest is rolled up into the NAV every day. The capital portion, the part which would otherwise be 1.00 in a CNAV share class, does not change in an accumulating share class. That is stable, because accumulating share classes today still use amortized cost accounting to value the underlying assets. So, the change in the price is merely reflective of the accrued income. For a VNAV fund, the change in the price is reflective of both the accrued income and the mark-to-market on the underlying assets.
MFI: What are some of the main differences with U.S. reforms? Hochfeld: There are aspects of European reforms which are more complex than the U.S. 2a-7 reforms, although the new product types are arguably better aligned to existing funds. The LVNAV product is a new fund type, so the market is having to come to grips with its complexities. It is much easier to understand the public debt CNAV product, as this is ... like today's government funds.
Another difference is that we do not have trigger-based fees and gates on our VNAV funds but we do have them on our treasury fund equivalent. For VNAV, we still have the provision for fees and gates at board discretion under UCITS rules, which is what we have at the moment on our existing CNAV funds.
MFI: Can you talk about investors? Hochfeld: I speak to investors all the time, and from a relative value perspective `our euro funds still offer great value to clients that are holding cash in euros. From a risk-return perspective, the funds still represent the gold standard.
There is a wide variety of different investors types in our European funds, including corporations and financial institutions, [and] it is specific to different currencies. [For example], local authorities in the U.K. are able to use money funds, as are pension funds in the Netherlands. It's not that money funds are more attractive to one market or another, it's that they're more attractive to one investor type specific to one market or another.... A big chunk of investment also comes from financial institutions, whether they're funds or third-party, sweep money or insurers. [Recent IMMFA statistics show corporates, funds, third parties, financials, insurers, and the public sector as the largest investor segments.]
I'd say a major theme that the industry is working on through IMMFA, as well as on a fund by fund basis, is getting money funds accepted as collateral at clearing houses. Money market funds do qualify for holding client monies in Europe, but it has to be implemented on a country by country basis (because of the link into insolvency law). So at the moment we have mostly focused on the U.K. Getting a wider acceptance of the use of money funds for that cash would be a great boon in assets for the industry.
MFI: Is there fee pressure? What about MMF competitors? Hochfeld: Fee pressures come from within the industry and from competing products.... In terms of our competitors, bank deposits are clearly a big competitor, but it's not just depo. It's repo, ultra-short or short duration strategies, whether those are pooled funds or separately managed accounts. Structured deposits are also competing for short term cash, as are other funds, for example, that invest in supply-chain receivables. There are a lot of options out there.
MFI: What's your outlook overall? Hochfeld: I'm optimistic about the future. These reforms will bring substantial change to our industry and we will work with investors to ensure they understand the implications. But longer-term, we think they're a real positive for money funds. They're designed to make the product more robust and more transparent, and that in turn should incentivize cash rich investors to use money funds to manage excess liquidity rather than using a bank account or a repo.
We think that along with new markets and new technology platforms that are being developed, money funds are going to become more attractive and more prolific for cash investors. I don't think that Basel III and bank appetite for short-dated deposits are going to go away any time soon. So along with a more attractive yield environment in dollars and sterling, and hopefully euro in the not too distant future, IMMFA and its member firms firmly believe that money funds remain an attractive yield and risk diversification play for short-term cash investors.
Crane Data released its September Money Fund Portfolio Holdings Wednesday, and our most recent collection of taxable money market securities, with data as of August 31, 2018, shows an increase Treasuries but declines in other sectors, especially Agencies and Repo. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) decreased by $24 billion to $2.937 trillion last month, after increasing by $90.0 billion in July, decreasing by $53.8 billion in June, and increasing by $16.7 billion in May. Repo continued to be the largest portfolio segment, followed by Treasury securities, then Agencies. CP remained fourth ahead of CDs, Other/Time Deposits and VRDNs. Below, we review our latest Money Fund Portfolio Holdings statistics. (Visit our Content center to download the latest files, or contact us to see our latest Portfolio Holdings reports.)
Among taxable money funds, Repurchase Agreements (repo) fell $11.3 billion (-1.2%) to $949.6 billion, or 32.3% of holdings, after rising $8.0 billion in July and falling $31.4 billion in June. Treasury securities rose $22.1 billion (2.7%) to $837.5 billion, or 28.5% of holdings, after rising $42.4 billion in July and falling $6.3 billion in June. Government Agency Debt fell by $24.9 billion (-3.7%) to $650.2 billion, or 22.1% of all holdings, after rising by $0.9 billion in July and falling $9.3 billion in June. Repo, Treasuries and Agencies total $2.437 trillion, representing a massive 83.0% of all taxable holdings.
Money funds' holdings of CP and CDs fell, but Other (mainly Time Deposits) holding inched higher in August. Commercial Paper (CP) was down $3.2 billion (-1.4%) to $233.3 billion, or 7.9% of holdings, after rising $22.5 billion in July and falling $10.0 billion in June. Certificates of Deposits (CDs) fell by $7.6 billion (-4.2%) to $173.8 billion, or 5.9% of taxable assets (after rising $12.0 billion in July and rising $1.6 billion in June). Other holdings, primarily Time Deposits, rose by $1.0 billion (1.2%) to $84.4 billion, or 2.9% of holdings. VRDNs fell by $0.3B (-3.4%) to $8.0 billion, or 0.3% of assets. (Note: This total is VRDNs for taxable funds only. We will publish Tax Exempt MMF holdings separately later today.)
Prime money fund assets tracked by Crane Data jumped to $711 billion (up from $687 billion last month), or 24.2% (up from 23.2%) of taxable money fund total taxable holdings of $2.937 trillion. Among Prime money funds, CDs represent almost a quarter of holdings at 24.4% (down from 26.4% a month ago), while Commercial Paper accounted for 32.8% (down from 34.5%). The CP totals are comprised of: Financial Company CP, which makes up 20.4% of total holdings, Asset-Backed CP, which accounts for 6.5%, and Non-Financial Company CP, which makes up 5.9%. Prime funds also hold 4.6% in US Govt Agency/ Debt, 11.8% in US Treasury Debt, 4.2% in US Treasury Repo, 1.3% in Other Instruments, 8.8% in Non-Negotiable Time Deposits, 4.8% in Other Repo, 4.9% in US Government Agency Repo, and 0.9% in VRDNs.
Government money fund portfolios totaled $1.544 trillion (52.6% of all MMF assets), down from $1.568 trillion in July, while Treasury money fund assets totaled another $682 billion (23.2%), down from $706 billion the prior month. Government money fund portfolios were made up of 40.0% US Govt Agency Debt, 20.9% US Government Agency Repo, 18.2% US Treasury debt, and 20.6% in US Treasury Repo. Treasury money funds were comprised of 69.4% US Treasury debt, 30.5% in US Treasury Repo, and 0.1% in Government agency repo, Other Instrument, and Investment Company shares. Government and Treasury funds combined now total $2.226 trillion, or 75.8% of all taxable money fund assets.
European-affiliated holdings fell $11.8 billion in August to $669.2 billion among all taxable funds (and including repos); their share of holdings fell to 22.8% from 23.0% the previous month. Eurozone-affiliated holdings fell $18.5 billion to $421.7 billion in August; they account for 14.4% of overall taxable money fund holdings. Asia & Pacific related holdings increased by $5.5 billion to $259.1 billion (8.8% of the total). Americas related holdings fell $1.8 billion to $2.006 trillion and now represent 68.3% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (down $20.2 billion, or -3.5%, to $556.0 billion, or 18.9% of assets); US Government Agency Repurchase Agreements (up $12.0 billion, or 3.5%, to $358.8 billion, or 12.2% of total holdings), and Other Repurchase Agreements (down $3.0 billion from last month to $34.8 billion, or 1.2% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (down $1.3 billion to $144.9 billion, or 4.9% of assets), Asset Backed Commercial Paper (up $1.7 billion to $46.2 billion, or 1.6%), and Non-Financial Company Commercial Paper (down $3.6 billion to $42.3 billion, or 1.4%).
The 20 largest Issuers to taxable money market funds as of August 31, 2018, include: the US Treasury ($837.5 billion, or 28.5%), Federal Home Loan Bank ($520.6B, 17.7%), BNP Paribas ($139.8B, 4.8%), RBC ($86.5B, 2.9%), Federal Farm Credit Bank ($74.1B, 2.5%), Barclays ($69.9B, 2.4%), Wells Fargo ($63.3B, 2.2%), Credit Agricole ($59.0B, 2.0%), JP Morgan ($55.4B, 1.9%), Mitsubishi UFJ Financial Group Inc ($49.8B, 1.7%), HSBC ($48.0B, 1.6%), Nomura ($41.2B, 1.4%), Sumito Mitsui Banking Co ($40.9B, 1.4%), Societe Generale ($40.6B, 1.4%), ING Bank ($39.8B, 1.4%), Natixis ($39.7B, 1.4%), Fixed Income Clearing Co ($37.4B, 1.3%), Bank of America ($37.4B, 1.3%), Federal Home Loan Mortgage Co ($35.5B, 1.2%), and Mizuho Corporate Bank Ltd ($35.0B, 1.2%).
In the repo space, the 10 largest Repo counterparties (dealers) with the amount of repo outstanding and market share (among the money funds we track) include: BNP Paribas ($131.4B, 13.8%), RBC ($67.8B, 7.1%), Barclays PLC ($57.6B, 6.1%), Wells Fargo ($52.0B, 5.5%), Credit Agricole ($45.3B, 4.8%), JP Morgan ($45.2B, 4.8%), Nomura ($41.2B, 4.3%), HSBC ($39.8B, 4.2%), Fixed Income Clearing Co ($37.4B, 3.9%), and Societe Generale ($34.8B, 3.7%). Fed Repo positions among MMFs on 8/31/18 include a record low of just two funds: Columbia Short-Term Cash Fund ($0.4B) and Western Asset Inst Govt ($0.0B).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: Toronto-Dominion Bank ($20.5B, 5.0%), RBC ($18.7B, 4.5%), Mitsubishi UFJ Financial Group Inc. ($16.5B, 4.0%), Credit Agricole ($13.7B, 3.3%), Sumitomo Mitsui Banking Co ($13.6B, 3.3%), ING Bank ($13.0B, 3.1%), Mizuho Corporate Bank Ltd ($12.8B, 3.1%), Bank of Montreal ($12.8B, 3.1%), Canadian Imperial Bank of Commerce ($12.7B, 3.1%), and Sumitomo Mitsui Trust Bank ($12.6, 3.0%).
The 10 largest CD issuers include: Bank of Montreal ($12.4B, 7.2%), RBC ($11.2B, 6.5%), Wells Fargo ($11.2B, 6.4%), Mitsubishi UFJ Financial Group Inc ($10.9B, 6.3%), Svenska Handelsbanken ($10.3B, 6.0%), Sumitomo Mitsui Banking Co ($8.9B, 5.2%), Sumitomo Mitsui Trust Bank ($8.4B, 4.9%), Mizuho Corporate Bank Ltd ($8.4B, 4.8%), Toronto-Dominion Bank ($6.9B, 4.0%), and Landesbank Baden-Wurttemberg ($6.6B, 3.8%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: Toronto-Dominion Bank ($12.4B, 6.4%), JPMorgan ($10.2B, 5.2%), UBS AG ($7.3B, 3.8%), Toyota ($6.2B, 3.2%), Barclays PLC ($5.9B, 3.0%), RBC ($5.8B, 3.0%), ING Bank ($5.8B, 3.0%), Bank of Nova Scotia ($5.7B, 2.9%), Mitsubishi UFJ Financial Group Inc ($5.6B, 2.9%), and Canadian Imperial Bank of Commerce ($5.5B, 2.8%).
The largest increases among Issuers include: the US Treasury (up $22.1B to $837.5B), Barclays PLC (up $12.4B to $69.9B), JP Morgan (up $9.5B to $55.4B), Mizuho Corporate Bank Ltd (up $6.6B to $35.0B), Bank of Nova Scotia (up $4.0B to $27.2B), ING Bank (up $3.6B to $39.8B), Nordea Bank (up $3.3B to $10.8B), Toronto-Dominion Bank (up $2.7B to $32.4B), Nomura (up $2.1B to $41.2B), and National Australia Bank Ltd (up $1.4B to $8.8B).
The largest decreases among Issuers of money market securities (including Repo) in August were shown by: Federal Home Loan Bank (down $21.1B to $520.6B), BNP Paribas (down $7.8B to $139.8B), Fixed Income Clearing Co (down $6.9B to $37.4B), Wells Fargo (down $5.6B to $63.3B), Citi (down $4.8B to $27.1B), Sumitomo Mitsui Banking Co (down $4.5B to $40.9B), Credit Suisse (down $4.0B to $23.5B), Credit Agricole (down $3.7B to $59.0B), DNB ASA (down $3.3B to $8.2B), and Bank of Montreal (down $2.7B to $33.1B).
The United States remained the largest segment of country-affiliations; it represents 60.9% of holdings, or $1.787 trillion. France (10.0%, $293.1B) remained in the No. 2 spot and Canada (7.4%, $218.1B) remained No. 3. Japan (7.2%, $212.5B) stayed in fourth place, while the United Kingdom (5.1%, $151.1B) remained in fifth place. The Netherlands (2.1%, $61.3B) stayed ahead of Germany (2.0%, $58.5B), while Sweden (1.6%, $46.3B) remained in 8th place. Switzerland (1.4%, $39.6B) stayed ahead of Australia (1.1%, $33.2B) in 9th and 10th place. (Note: Crane Data attributes Treasury and Government repo to the dealer's parent country of origin, though money funds themselves "look-through" and consider these U.S. government securities. All money market securities must be U.S. dollar-denominated.)
As of August 31, 2018, Taxable money funds held 33.6% (up from 31.2%) of their assets in securities maturing Overnight, and another 14.1% maturing in 2-7 days (down from 16.2% last month). Thus, 47.7% in total matures in 1-7 days. Another 24.8% matures in 8-30 days, while 10.0% matures in 31-60 days. Note that over three-quarters, or 82.5% of securities, mature in 60 days or less (down slightly from last month), the dividing line for use of amortized cost accounting under SEC regulations. The next bucket, 61-90 days, holds 8.9% of taxable securities, while 7.0% matures in 91-180 days, and just 1.6% matures beyond 181 days.
The September issue of our flagship Money Fund Intelligence newsletter, which was sent out to subscribers Monday morning, features the articles: "Ten Years After: Reserve Fund 'Breaks the Buck'," which discusses the anniversary of the Financial Crisis; "New IMMFA Chair Hochfeld on European MMF Reforms," which profiles Morgan Stanley's Kim Hochfeld; and, "DWS Launches ESG Liquidity, Socially Responsible MMF," which reviews a new fund conversion from DWS. We've also updated our Money Fund Wisdom database with Aug. 31, 2018, statistics, and sent out our MFI XLS spreadsheet Monday a.m. (MFI, MFI XLS and our Crane Index products are all available to subscribers via our Content center.) Our September Money Fund Portfolio Holdings are scheduled to ship on Wednesday, September 12, and our Sept. Bond Fund Intelligence is scheduled to go out Monday, September 17.
MFI's "Ten Years After" article says, "It was ten years ago this month that the bankruptcy of Lehman Brothers caused Reserve Primary Fund, the first and one of the largest money funds, to "break the buck," or drop below $1.00 per share. The event, following a year of subprime mortgage related tremors and runs on segments of the asset-backed and enhanced cash markets, triggered a full-scale financial meltdown. The week of Sept. 15, 2008, started with the Lehman Brothers bankruptcy, and ended with President George W. Bush stepping in to guarantee money funds and the broader banking system in its entirety. Below, we excerpt from some of our News during that fateful month, and we look back at the events that shook the money fund world."
Our lead piece continues, "On Wed., Sept. 17, 2008, we wrote the story, 'Reserve Primary Fund 'Breaks the Buck' Following Run on Assets.' It says, 'In just the second case of a money market mutual fund 'breaking the buck,' or dropping below the $1.00 a share level, in history, The Reserve Primary Fund cuts its NAV to $0.97 cents on Tuesday. The top-ranked fund, which held $785 million in Lehman Brothers CP and MTNs, was besieged by redemptions over the past two days. Assets of the total portfolio, which is largely institutional but which includes some retail assets, declined a massive $27.3 billion Monday and Tuesday to $35.3 billion.'"
It added, "As we wrote Monday, several other firms have protected their investors from fallout from the Lehman Brothers bankruptcy.... A total of 21 money funds to date have taken action to protect shareholders, but the privately-held Reserve was unable to arrange credit supports in time to prevent a run.... The combination of high yields, hot money and a lack of deep pockets likely will prove fatal to the first, and oldest money market mutual fund. As happened in 1994 with the liquidation of Community Bankers U.S. Government Money Market Fund at $0.96 a share [the only other money fund to ever 'break the buck'], we expect money market funds to soldier on with just a single case of a fund 'breaking the buck.'"
Our IMMFA Profile reads, "This month, Money Fund Intelligence speaks with Kim Hochfeld, the new Chair of IMMFA, the London-based Institutional Money Market Funds Association (www.immfa.org). Hochfeld, who is also Managing Director at Morgan Stanley Investment Management, gives us the latest on European Money Market Fund Reforms and talks about what's next for money funds in Europe. Our Q&A follows. (Note: Hochfeld and IMMFA MD Jane Lowe will keynote our upcoming European Money Fund Symposium in London, Sept. 20-21.)"
MFI asks, "MFI: When did you become Chair? Hochfeld responds, "I was elected chair for a three year term at the beginning of July by members at our Annual General Meeting. Our former Chair, Reyer Kooy, was re-elected to the Board, which is a positive for IMMFA as it allows a level of continuity. Kathleen Hughes from GSAM and Ian Lloyd from LGIM are still on the Board too, and we have been joined by Beccy Milchem from BlackRock, so it's a team with plenty of experience."
We also query, "What has been IMMFA's main focus?" Hochfeld tells MFI, "European Money Market Reform has absolutely been a key focus for us, especially over the last 18 months. It has been a long time coming, just trying to build for LVNAV and understand it, and then obviously there are challenges for our members as to how they position their Euro funds. There's still much work to do, by the vendors, the money fund managers, the transfer agents, the fund administrators, the portal providers, their trading systems, etc., in order to be ready for the coming changes." (Watch for more excerpts in coming weeks, or see the latest issue of MFI for the full "profile".)
MFI's "DWS Launches ESG" piece says, "As we mentioned in our August 13 News, 'DWS Converts Variable NAV to DWS ESG Money Fund, First ESG Offering,' the manager formerly known as Deutsche just converted an existing fund into an "ESG" money market fund. Their press release, entitled, "DWS launches first ESG money market fund in the U.S.," tells us "DWS Group today announced the launch of DWS ESG Liquidity Fund (ESGXX), the first money market fund available in the U.S. to apply ESG (Environmental, Social and Governance) criteria. The fund will invest in high-quality, short-term, U.S. dollar-denominated money market instruments paying a fixed, variable or floating interest rate while also filtering for various ESG factors using DWS's proprietary software -- the ESG Engine."
We quote DWS's Sonelius Kendrick-Smith, Head of Liquidity Solutions, Americas, "As a global asset manager, it is crucial for DWS to enable our clients to invest in a sustainable future by incorporating ESG factors into their global investment process across asset classes. Through the DWS ESG Liquidity Fund, investors will now be able to take advantage of our proprietary ESG Engine software while effectively managing their liquidity."
Finally, we write in a sidebar, "More Brokerage Sweep Hits," "The hits keep coming for brokerage sweep accounts. Last month, ignites published, 'Rising Rates Give Brokerage Sweep Programs a Run for Their Money,' which discusses the huge rate differential between FDIC-insured sweeps and money funds. They write, 'The fatter margins that bank deposits offer pushed many large brokerages to dump money funds as sweep vehicles in favor of bank products…. But as interest rates rise, money funds are regaining appeal, and the amount brokerages must pay out on deposits … is inching up.'"
Our September MFI XLS, with August 31, 2018, data, shows total assets increased $29.2 billion in August to $3.071 trillion, after increasing $36.3 billion in July, decreasing $49.9 billion in June, and increasing $53.7 billion in May. Our broad Crane Money Fund Average 7-Day Yield rose 3 bps to 1.61% during the month, while our Crane 100 Money Fund Index (the 100 largest taxable funds) was up 4 bps to 1.80% (its highest levels since Oct. 2008).
On a Gross Yield Basis (7-Day) (before expenses are taken out), the Crane MFA rose 3 bps to 2.06% and the Crane 100 rose to 2.07%. Charged Expenses averaged 0.44% (unchanged) and 0.27% (unch.), respectively for the Crane MFA and Crane 100. The average WAM (weighted average maturity) for the Crane MFA and Crane 100 was 28 and 29 days, respectively (the former unchanged and the latter up 1 day). (See our Crane Index or craneindexes.xlsx history file for more on our averages.)


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Deadline: January 15, 2016
The Youth Assembly at the United Nations (YA@UN) is a unique platform created to foster dialogue and generate partnerships between exceptional youth, UN high officials and staff, private sector, and civil society.
This coming February, join us at the 2016 Winter Youth Assembly at the United Nations, where young leaders and professionals, UN high officials and staff, private sector, and civil society gather to discuss and examine the important role of youth in the implementation of the Sustainable Development Goals.
- Program: Winter YA 2016 – 2 Full Days at the United Nations Headquarters, NYC, USA; Resolution Project new Social Venture Awards through Competitions for University-level Delegates, more.
- Agenda: Transforming Our World: The Role of Youth in the Implementation of the SDGs
- Date: February 17-18, 2016
- Platform: Plenary sessions, Workshops, Round table Discussions, Networking, New Social Venture Competitions, MDG Related Skills Building and Campaign Introductions
- Leadership: Renowned speakers and expert workshop facilitators; U.N. Staff participation at sessions; Young leaders like yourself from around the world; Intergenerational Leadership Exchanges.
- Youth Leaders and those who wish to become leaders, ages 16-24+
- Advanced Youth Leaders and Young Professionals engaged in the United Nations or MDG studies, internship, fellowships or early work stages, ages 18-28+
- Applicants under 16 years old are NOT eligible and will not be accepted.
- To learn about the United Nations;
- To become involved in the success of the UN's Post-2015 Agenda for Development;
- To hear great speakers and workshop leaders;
- To voice your opinions on the urgent issues of today and help make a permanent impact throughout the world; and
- To meet other dedicated young people from all over the world.
If you are part of a group interested in attending the Youth Assembly, please apply together using the group application form. Note that you must have at least 15 members or more to apply as a group; if you have less than 15 members, please submit individual applications for each group member.
Regarding US Visas:
- It is the responsibility of each participant to find out if you need a Visa to enter the United States.
- In case you need a visa to enter the U.S., we recommend that you apply to the Youth Assembly immediately. DO NOT WAIT UNTIL THE LAST MINUTE IF THIS APPLIES TO YOU!
- Friendship Ambassadors Foundation cannot make personal phone calls or requests on your behalf to specific Embassies or Consulates. Interference with the diplomatic and consular affairs by a host organization is not permissible, and reliance on such phone calls may slow your application process as well as decrease your chances of obtaining a visa.
Registration Process: For instructions on how to register to attend the event, please click HERE.
information courtesy: http://www.youthop.com/conferences/registration-open-2016-winter-youth-assembly-at-the-united-nations-3310

subset: commoncrawl


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"Teenagers born in September are 20 per cent more likely to go to university than youngsters born in August, a study has revealed."
Although there have been major advances in reproductive medicine in recent years, I was still surprised to hear that humans are now being born as fully fledged teenagers.
Mark Jones
The Open University


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Overheating will damage your internal combustion engine that's why a dependable cooling system is essential. Because your engine operations furnishes the power to utilize either the air conditioning and/or heater, amongst others, it's just right that the needs are given. A cooling fan is powered by an electric motor.
Your Volkswagen fan motor is primarily where the actuating power of an engine or radiator cooling fan is gotten from and can be engine- or electricity-operated.Engine-operated fans are mechanical types; they have motors that are are driven with an auxiliary belt which is attached to your engine thru a pulley. All of the fan motors that are operated bythe engine are employed in mechanical fans only.An electronic Volkswagen fan motor is operated by an engine computer using a control unit activating it on or off.
Mechanical or electric fans, they will never work when their motors are busted. For an efficient Volkswagen after-sales replacement, you are accurate in choosing Parts Train!Makes such as Replacement, Behr, and 4 Seasons are in-store to you to choose from.All choices are on sale at low prices, allowing you to get the best to your vehicle.
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Use our Part Fit Checker to view parts compatible with your vehicle.


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21-12-09, 11:21
Hello, it would be great if vBadvanced CMPS would be supported with. The portal is located on the index.php, I switch the language around here, then I land the Forum Home page (in my forum.php). So I get the portal page to be translated. Thanks and regards, Hangman


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Nothing seems to be able to stop the stock market from going higher. The latest boost came on the same day that Apple announced that it would pay its first dividend since 1995. But the gains were somewhat muted, as lingering concerns persist about the health of the overall economy. State tax revenue slowed to just a 2.7% pace in the fourth quarter of 2011, bringing into question whether the recovery will be able to support higher levels of government spending. The Dow Jones Industrials
A few stocks in the Dow stood out from the crowd today. Let's take a closer look at three of them.
American Express
AmEx continued a healthy day for most of the financial stocks. Sentiment among homebuilders stayed near five-year highs, and with the construction industry remaining a big source of loan demand for banks, better conditions bode well for loan activity.
Of course, although AmEx has a banking unit, its main emphasis being on its charge-card business. But with the company having worked hard to keep up with its rivals on the mobile-payments front, AmEx looks poised to handle changing conditions well.
Economically sensitive Alcoa seems to move up or down in lockstep with sentiment about the recovery. But today, the company got some relevant news from within its industry.
The Brazilian aluminum association Abal announced today that aluminum output rose 6% from year-ago levels. Yet that news wasn't entirely good for Alcoa, as its own production was flat from Feb. 2011 and down significantly during the past several months. Still, the company avoided the declines that BHP Billiton
With all the news about Apple, Cisco stayed mostly in the background today. But the company said it had completed its buyout of privately held Lightwire, which makes technology to facilitate high-speed networking.
With the acquisition, Cisco should be able to keep moving forward in the rapidly evolving optical-networking space. Given the increasing demand for cloud-based services, networking will become only more important in the future, and Cisco needs to retain its leadership role in the space.
Enjoying the bull
The Dow isn't the only place to look for great stocks. Be sure to check out the Motley Fool's latest special report on retirement, which highlights three promising stock picks for retirement investors. Don't wait; get your free report today while it's still available.
Fool contributor Dan Caplinger doesn't own shares of the companies mentioned. You can follow him on Twitter here. The Motley Fool owns shares of Apple and Cisco Systems. Motley Fool newsletter services have recommended buying shares and creating a bull call spread position on Apple, as well as writing a covered strangle position in American Express. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Fool has a disclosure policy.


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We had a little hat fashion show at Dollywood. The kids had fun! Then we packed up and headed home, oh I mean to the Outlets for a quick second. After hitting one store, the kids were over it! Alex had missed his nap and he was tired! On the way home, he couldn't keep his eyes open. He fell asleep sucking on his candy stick. It was hilarious. Aya took a quick picture before removing the yummy treat! Too cute!
Monday, September 8, 2008
Hats and a Nap
Of course, a Princess Hat for Grace!
Posted by Sweet T.E.A. at 9:13 PM
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This provides notice of the next ETASHI Fall Meeting scheduled for 8:00 a.m. November 15, 2014. This will take place at the Meeting Room at Master Dry Inc. 3820 Solway Road, Knoxville, TN 37931 (865) 277-6058. Sign-in begins at 7:30 for early birds.
Master Dry
1. Travel north on Pellissippi Parkway off of I 40,
2. Stay left when Hwy 62 (Oak Ridge Highway) splits off to the right
3. Make a U – Turn
4. Turn right at the Shell gas station, Solway Road
5. Immediately turn left on Dogwood Road
6. Turn into the first driveway on the right, Carpenter's Chapel Church and
travel through the parking lot to the right rear of the church to Master Dry
Our guest speaker will be Kristina Greenway with Servpro giving us a four hour presentation on "Understanding Mold"
Also, Paul Perry will present an informative, two hour presentation on "Windows, Safety & The Home Inspector"
We have a total of six hours of education credit. Approval with the State and ASHI has been granted to Paul's presentation.
Approval for Understanding Mold should be announced in the next few weeks.
This meeting will be "free" for chapter members and first time visitors and $30 for non-members.
Please try to attend and invite a fellow inspector that you think would be interested in learning more about ASHI and the East TN Chapter.
If you plan to attend please notify me ASAP but no later than one week in advance so we can have a head count to prepare snacks and lunch.
Alan Chase
ETASHI Chapter President
(865) 688-7638
Payment Instructions
Meeting Date: Saturday November 15, 2014
ETASHI Members and first time visitors
Free Meeting, Free Lunch, Free Education, Free War Stories
Non-Members WITHOUT PayPal Account
Email firstname.lastname@example.com advising you want to attend the meeting. Treasurer, Peter Waraksa, will email you back with an individual Payment Request.
Non-Members with PayPal Account
Log in to your PayPal account then click on the Send Money Tab
Send Meeting Fee Amount from above listing to firstname.lastname@example.com
News >


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About this book
Stable Isotope Geochemistry is an introduction to the use of stable isotopes in the geosciences. It is subdivided into three parts:
- theoretical and experimental principles;
- fractionation mechanisms of light and heavy elements;
- the natural variations of geologically important reservoirs.
The 5th edition has been revised and extended and now includes a new chapter on palaeoclimatology. Special emphasis has been given to the growing field of "heavy" elements. Many new references have been added, which will enable quick access to recent literature. For students and scientists alike the book will be a primary source of information with regard to how and where stable isotopes can be used to solve geological problems.
Fractionation Isotope properties Mechanisms Natural variations Ocean Sediment Stable isotopes geochemistry geoscience sedimentary rock
Bibliographic information
- DOI https://doi.org/10.1007/978-3-662-05406-2
- Copyright Information Springer-Verlag Berlin Heidelberg 2004
- Publisher Name Springer, Berlin, Heidelberg
- eBook Packages Springer Book Archive
- Print ISBN 978-3-662-05408-6
- Online ISBN 978-3-662-05406-2
- Buy this book on publisher's site


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Belinda Ratcliffe, Clinical Psychologist provides 'gold standard' assessment and diagnosis services to individuals (from babies through to adulthood) with or suspected of having an Autism Spectrum Disorder, Intellectual Disability or other developmental disabilities.
Diagnosis and assessment of:
- Autism Spectrum Disorder (includes diagnoses previously referred to as Asperger's Disorder, Autistic Disorder and Pervasive Developmental Disorder) using 'ADOS' and 'ADI-R' tests, which are the 'gold standard' in assessment of Autism Spectrum Disorder.
- Intellectual Disability – includes an IQ test (e.g. WISC-IV) and assessment of adaptive functioning (e.g. ABAS)
- Developmental Delay – using the Griffiths Mental Developmental Scales
- Mental Health issues (e.g. anxiety, depression, ADHD)
- Challenging Behaviour
- Social Communication Issues
- Behavioural Issues


text:
Little House on the Prairie: Be My Friend (1978)Genres - Drama | Sub-Genres - Family Drama, Prime-Time Drama [TV], Rural Drama | Run Time - 90 min. |
Share on
Synopsis by Hal Erickson
In search of the person who stuffed a note reading "Be My Friend" in a bottle, Charles (Michael Landon) and Laura (Melissa Gilbert) come upon an abandoned baby. It soon develops that the child's unwed, teenaged parents were forced to part by the girl's resentful father. While Charles tries to patch things up with the couple's families, Laura grows increasingly attached to the baby.


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"The Change of Life" refers to menopause where female reproductive capability ceases, hormone levels change and subsequent physical changes ensue. Suzanne Summers refers to these changes as the Seven Dwarves of Menopause: Itchy, Bitchy, Sleepy, Sweaty, Bloated, Forgetful, and All Dried Up! While it's been a taboo subject for generations, today it's better understood and more openly discussed than ever before.
In a nutshell, menopause is the end of a woman's menstruation and fertility, defined as occurring 12 months after a women's last menstrual period. It is the time when the ovaries produce less estrogen and progesterone.
Earlier generations believed the symptoms associated with menopause were "all in their head" and therefore, were reluctant to talk about it. Apart from the absence of periods, women may also notice other changes and symptoms such as hot flashes/night sweats, low libido, mood swings, weight gain, foggy thinking, sleeplessness and vaginal dryness. Relief is available.
Use our Menopausal rating scale to keep track of you symptoms and discuss with you primary care provider.
Supplements to Consider:
MenoFem – a unique formula integrating Native American, Chinese, and Ayurvedic herbs to provide a balanced approach to relieving menopausal symptoms naturally.
Lifestyle Modifications: Exercise, Diet, Stress Management
28 Day Detoxification Plan – this is not a bowel cleanse but a "metabolic" cleanse to help your body's systems re-align and start working the way they were intended. You'll feel the difference!
Hormone Balancing Program (by office appointment only)


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This week's topic: Boulder City Council is likely to seek voter approval of a four-year capital improvements tax extension that would generate $41 million to fund selected infrastructure projects and nonprofits. Your take?
Boulder City Council: You seem a little stand-offish today.
People of Boulder: (Sigh). What I am is a bit exasperated about your methods.
BCC: Let's not start that whole "you don't listen to me" meme again. You are talking about the capital improvement tax, aren't you? What's wrong? Are you against fire stations and libraries?
POB: As usual, your actions speak louder than your words — but you always want us to focus on your words. You called on some of us to join a "citizens' commission" to determine who should receive funds from an extension of the CI tax. In good faith, the commission regularly met, formulated a detailed application, and potential recipients then painstakingly completed their application and prepared succinct, cogent presentations for the commission.
BCC: Yeah, so?
POB: So, after the preparation, the presentations, the deliberations, and the final recommendations to you, what do you do? You then ask staff for its recommendations.
BCC: We wanted another point of view.
POB: Fine, but then you all get into a room and seem to make random decisions that have very little relationship to the recommendations you received from the commission or staff. And to top it off, you meet one week later and willy-nilly change it up again. What is up with that?
BCC: C'mon, you are exaggerating.
POB: Potential recipients were being whip-sawed as you changed directions on a dime.
BCC: That's called being flexible.
POB: No, that's called arrogance.
Fern O'Brien, firstname.lastname@example.com
Asking voters to consider funding a fire station in the same tax with the Boulder Museum of Contemporary Art and KGNU is akin to Congress voting on the National Endowment for the Arts as part of a highway bill. But such is the genius of council. If "ya gotta have art," one way to make sure you get it is to bundle funding for what some voters might consider luxuries together with what a majority finds necessary. Passage is thereby assured.
But since I do have to have art, I'm glad Boulder supports both arts infrastructure and community mainstays like Growing Gardens and Meals on Wheels. The citizen advisory committee that vetted the list of grantees looked for groups that "make Boulder Boulder," and they did a fine job. The lineup of funded projects deserves voter support.
The committee made another observation worth noting. Their report expresses members' "shock" at learning of the city's eight-figure deferred maintenance backlog. It describes being in an "awkward position." On one hand, including the fire, police, and infrastructure projects "could send a message and set a precedent that we are comfortable using this short-term, expiring tax to fund such projects." On the other, omitting these projects from the tax could mean such critical needs go unmet. The committee apparently felt that we should catch up on deferred maintenance from our ongoing general fund, instead of from one-time taxes and debt.
Clearly, pay-as-you-go hasn't been a very "Boulder" idea up to now. But it could catch on.
John Tweedy, firstname.lastname@example.com
At least this time Boulder Mayor/Eco-Cycle Executive Director Suzanne Jones recused herself when City Council started discussing yet one more taxpayer-paid funding stream that will benefit Eco-Cycle. You just can't help but wonder that if you want to run Eco-Cycle and be paid nearly $100,000 a year, why not simply resign from City Council and avoid all the real and apparent conflicts of interest?
And how in the world did Community Cycles make it onto the list of chosen "nonprofits"? The organization now operates out of modest quarters on Wilderness Place. They seem to have outgrown this space and instead of simply taking more space in this warehouse area, they would like to move into some of the most expensive retail space in the city. The $852,000 earmarked for them will help them buy (not rent or lease) "a ground-floor retail space in a multi-use building in the S*PARK development." And the best part? "The new facility will be owned without a mortgage." Don't we all wish our fellow taxpayers would pay off our mortgage?
The issue about Community Cycles is that they, fiscally speaking, seem to be a really healthy organization. According to their most current IRS Form 990, in 2015 Community Cycles made a "profit" (revenue less expenses) of $234,453, all of which went directly into their cash, savings and investment accounts. Which begs the question, why do they, of all the nonprofits in Boulder, need such a large contribution from the capital improvement tax?
Chuck Wibby, firstname.lastname@example.com
It's a bit embarrassing to me that a wealthy community such as ours needs to pass (or rather extend) a special, temporary tax to fund critical safety projects like relocating Fire Station No. 3 and updating the backbone of our safety — police and fire radio infrastructure.
I had the privilege of serving five years on the Parks and Recreation Advisory Board (PRAB) and during that time I learned a lot about how the city operates. As a person in the finance field, I must say that I was impressed with the city's budget process and staff. During my tenure on PRAB, I worked on the Boulder Reservoir and Parks and Recreation master plans. I'm intimately aware of the department's backlog. Much of this is under the guidance of taking care of what we already have rather than building something new but new is what citizens really want.
Only $61 million, or 19 percent, of our city's 2017 budget is dedicated to capital expenditures. The CIP (Capital Improvements Program) is defined as major projects requiring the expenditure (not including operating expenditures) for the purchase, construction, or replacement of physical assets of the community. We have $140 million of unfunded capital needs categorized as either "essential deficiency" or "high-priority action item." Add another $40 million of vision plans to get to needs of $180 million.
We need a permanent tax to fund important capital projects in perpetuity. At a minimum, the term should be what the citizens' group recommended — five years.
Michelle Estrella, email@example.com, https://twitter.com/estrellaboulder
The city of Boulder capital improvements tax extension is likely to pass. It passed initially in 2014, supported by almost 64 percent of the voters. One might say that Boulder voters have too much money, and are happy to share it with the city.
This tax is, in a way, a local equivalent of earmarks. The bulk of the money will go to things that would be difficult to vote against — a new fire station, an upgrade to police and fire communications. Granted, some curmudgeons might question whether north Boulder needs a $5 million library in this age of Google, but by and large, these are needed projects.
Where it gets dicey is in the last $10 million. At least we don't have individual representatives proposing pork for their districts. Here, we have a blue-chip committee appointed by the city manager deciding which nonprofits should get a piece of the pie. Ironically, this year the largest sum, $1.75 million, would go to Studio Arts, the organization to which the city outsourced the Pottery Lab so that Boulder could save up to $50,000 a year (full disclosure: my wife is working with a similar organization that is trying to raise funds privately). Other projects, like Meals on Wheels or Community Cycles, seem to me to be more worthy. But, if you vote against any of these expenditures, you are voting against needed improvements for the fire and police departments.
Rett Ertl, firstname.lastname@example.com
The Camera's editorial advisory board members are: Mara Abbott, Judy Amabile, Rett Ertl, Michelle Estrella, Fern O'Brien, Cha Cha Spinrad, Alan Stark, John Tweedy, Chuck Wibby and Don Wrege. (Steve Fisher is an emeritus member.)


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A lot of travelers end up in Shanghai at the end of a group tour, especially those who visit the Yangtze River and the Three Gorges Dam, or on a business trip and aren't sure what to do with themselves when they're free. Here are some suggestions to fill your time - you might even end up extending your stay!
Walk in the Former French Concession Area
The former French Concession is a lovely part of Shanghai because, despite the fact that you're in the heart of a city with a population exceeding twenty million, it feels like you're just in a local neighborhood. The French imported plane trees in the early 1900s and these trees still line both sides of every street in the area. These days, old villas and lane houses are being renovated and turned into lovely shops and homes. It's fun to wander the less-congested streets and watch old folks chatting on the sidewalks and vendors market their wares.
Bund Walking Tour
AddressZhongshan East 1st Rd, WaiTan, Huangpu Qu, Shanghai Shi, China, 200002
The Bund is Shanghai's most famous landmark. You might have buzzed in and out of a fancy dinner in one of the renovated buildings but take a morning to really enjoy the area and peek inside some of the buildings. A great way to visit the Bund on a nice day is to be dropped off at the Fairmont Peace Hotel (formerly the Cathay Hotel) and walk south, ducking into buildings along the way.
Not to be missed:
- A walk through the renovated Fairmont Peace Hotel (at night, don't miss a stop at the Jazz Bar
- The HSBC Building's fully restored lobby
- Brunch or a drink at M on the Bund
- The former Shanghai Club (now Waldorf Astoria) and the Long Bar
- Strolling along the far side on the promenade next to the Huang Pu River
Yu Garden and Bazaar
AddressYu Yuan, Huangpu Qu, Shanghai Shi, China, 200085
While kitschy, the Yu Garden area is a fun place to explore. The whole area around the gardens has been renovated in traditional style Chinese architecture with curving tile eaves that make you feel like you've finally found "Chinatown". Wander through the lanes and alleys and find everything you might want to take home as souvenirs from silk pajamas to chopsticks. Eventually, you'll come to the Huxingting Tea House that supposedly inspired the design in the famous Blue Willow china pattern. Across the way is the entrance to Yuyuan Garden itself where you can follow crowds through a classical Ming garden.
Moganshan Road Art District
Address50 Moganshan Rd, Putuo Qu, Shanghai Shi, China, 200085
Phone+86 21 6276 9932
If you'd like to see what's happening on the contemporary art scene in China, take a taxi to Moganshan Road near Suzhou Creek. Once just factories and warehouses, the area is now a thriving art colony full of galleries of all sizes. There's a café near the entrance to the lane where you can have a nice coffee once you've seen the scene. Not to be missed:
- Art Scene Warehouse
- EastLink Gallery
- Shanghart
Sundowners and Snacks at the Glam
AddressChina, Shanghai Shi, Huangpu Qu, WaiTan, Guangdong Rd, 20号近外滩 邮政编码: 200002
Phone+86 21 6350 9988
After fronting the crowds on the Bund promenade - it's a rite of passage - there's nothing more relaxing than slipping up to the seventh floor of 5 on the Bund where the Glam sits and looks out over the Huang Pu. Open at 5 pm for cocktails, you'll likely be one of few inhabiting the place during weekdays and you can relax with your friends or your guidebook, and take in the view. You'll see the sun (if you're lucky) bouncing hot pink off the Oriental Pearl Tower across the river.
Xin Tian Di
AddressHuangpu, Shanghai, China, 200085
Xin Tian Di is a restaurant, bar, club development that utilizes Shanghai's traditional shikumen architecture. Shikumen buildings are recognizable by the gray and red brick facades, numerous ornamental front gates and low two to three story heights. Originally built by the thousands in rows for middle-class Chinese, these classic Shanghainese houses are being destroyed and replaced by modern skyscrapers. Enjoy the restaurants and shopping, but don't miss the small free-entry museum that educates visitors on what life was like in the lane houses of the past.
Birdseye View - Visit a Skyscraper
AddressShang Hai Huan Qiu Jin Rong Zhong Xin, LuJiaZui, Pudong Xinqu, Shanghai Shi, China, 200120
The Shanghai World Financial Center (or SWFC) is Shanghai's tallest building (for now) as well as China's (for now). There are multiple viewing platforms, one of which has a glass floor. Beware if you have vertigo! It's quite a fun experience to see Shanghai from so far above but it is rather pricey. If you just want to go up high, try the Jin Mao next door. At 88 floors, its remarkable architecture is recognizable on a clear day from all over the city. Enjoy great views over a cup of coffee or a cocktail in the Grand Hyatt hotel (inside the Jin Mao). You can do the same from within the SWFC's resident hotel, the Park Hyatt, but they have a table charge in the lounge.
Tianzifang and Taikang Road Art, Cafe and Shopping District
If you're in the mood for some shopping but are tired of touts shoving fake watches in your face, head to Taikang Road. A walk down the road lets you see local Shanghai life at its best: street vendors selling pancakes and fruit, kids scampering about and women hanging up laundry. Then find alley 210 and wander down the lane. It's full of shops and cafes selling everything from traditional Chinese qipao dresses to funky silver jewelry.
Top Activities for Kids in Shanghai, China
With the opening of Shanghai Disneyland Resort, entertaining kids just got a little easier. But there are plenty of non-Disney activities for kids in Shanghai. From great museums and kids' play areas to just wandering through Shanghai's many parks, you'll find it easy to entertain your big and small kids in Shanghai.


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A Pombero is a Light Fae species that captures voices and the ability to speak.
Character arc
Hale's sister, Val Santiago, is a Light Fae Pombero. She shut up Hale and Kenzi by taking their voices and rendering them mute.
The Pombéro is a mythical humanoid creature of small stature being from Guaraní mythology. The legend, along with other folklore figures from the Guaraní, is an important part of the culture in the region spanning from northeast Argentina northward through the whole of Paraguay and southern Brazil.[1]
- 2.17 The Girl Who Fae'd With Fire
- 2.22 Flesh and Blood


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Toenail Fungus Treatment - How to Get Rid of Toenail Fungus *the Complete Guide*
Click budurl.com to learn about fast working treatments that can get rid of toenail fungus in less than 30 days. Whichever treatment you choose, make sure you start immediately so that you can get rid of toenail fungus once and for all. The longer you wait, the harder it becomes to clear your...
New York Laser 0ffers New treatments as the New year comes - Melodika.net (press release)
As the stress and craziness of the holidays continue into New Years Eve and the ensuing new year, New York Laser & Aesthetics in Manhasset, NY wants to remind you that this is the perfect time to start treating yourself to the better things in life! Manhasset, NY, December 31, 2012 - As the stress and craziness of the holidays continue into New Years Eve and the ensuing new year, New York Laser &...
Source: www.melodika.net
Yahoo answersHow Does A Person Get Rid Of Toe Nail Fungus?
How does one get rid of toe nail fungus? I heard that it's expense if I have to get a prescription from the doctor....so are there any home remedies or over the counter meds I can take?06/21/09
Ask about the watered down bleach soaks that are being experiemnted with, its important that the bleach water ratio be correct, bleach is a health hazard adn not to be used without knowledge. I...
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New York Laser 0ffers New treatments as the New year comes
Make 2013 your year…to finally get rid of that unwanted hair through laser hair removal, those sun and age spots with laser treatment, uneven pigmentation, wrinkles, aging skin, and acne with chemical peels, and even your stubborn toenail fungus with
Mold Creates Spore Spots; Fiery Searchers for Profit
Now, the sounds of nail poundings are ringing out on virtually every block, from the Causeway south. On LBI I blame unnatural natural predation, as over-populated fluke and even striped bass – protected by mankind – feed voraciously on the tautog
How to Get Rid of Toenail Fungus Fast | eHow.com
Toenail fungus is quite common and can be caused by several contributing factors. These factors can range from wearing sweaty socks or footwear to not properly drying ...
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Toenail fungus or onychomycosis, as well as athlete's foot, are both fungal infections of different areas of the feet. They are caused by the same group of ...
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If you wish to know how to get rid of a nail fungus, then there are a few easy ways of doing so. Read on, to know some natural methods...
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Already the 17th of January!
Happy New Year to all our friends and customers.
The end of 2017 was spent in a frozen New York City with temperatures not getting above 0 degrees for the whole time we were there and reaching a low of -18°C !
We had to dress appropriately!!
The new year has started wet and windy as expected, the level of The Cher is very high!
...but the guys have been able to start work on the tree pruning.
We were very pleased to accept their Small Campsite Award.
Bookings are steadily coming in, as are artists for our summer music evenings (the full list will be on the Entertainment pages shortly).
We are still looking for summer staff - so if you know anyone.......


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Hotels. CENTRAL HOTEL, CORNER OF WAKANUI ROAD & WILLS STREET ASHBURTON. SAMUEL BROWN PROPRIETOR FIRST-CLASS ACCOMMODATION. Liquors of Best Quality kept in Stock. Good and Comfortable Stabling. 498 a Dunedin coffee palace and PRIVATE HOTEL. Moray Place. These extensive premises, replete with every comfort as a lirst-class Restaurant and Family Hotel, are now open to the ■public. Cafb.and spacious Dining-rooms, Ladies'' and'Gentlemen's Saloons, ReadSmoking, and Chess Rooms ; Single Bedrooms and suits of Apartments. The elevation of the Hotel is extremely healthy, and the views, from the upper rooms s'tnply magnificent. Terms moderate. 873 a S. S. HAWKINS, Manager. R S FENWICK'S M; , Adelaide Hotel I Hanover street, DUNEDIN. Good Accommodation for Boarders. . 872 a , MRS FEN WICK. New Eestaurant, MORTON'S HOTEL. High street, Christchurch. EORGE W. OOLUNSON (From Carle's) ( , Proprietor. Luncheon from Twelve o'clock. 264 a Boarding Houses, &c. The A 1 Eestaurant. PHILLIP HARPER wishes to' intimate to his old Patrons, and the Public generally r that he has taken those 'Commodious Premises in Tancred street known as .the A 1 Restaurant, where SUPERIOR ACCOMMODATION can |be obtained by all who .fayor him with a ■visit. ; Board and Lodging* £1 per week. ! Board only, 13s per weak. 1 Single Beds and Meals, la each. Meals at all hours. Don't forget the Address—jP H I. LX It .HARPER | A 1 RESTAURANT, Tancred street, , Ashburton. 886 PiA.H A.M A HOU >S E (late ansteb's), Tancred street, Ashburton. , The undersigned begs to inform the pubic that he ■ has REMOVED from the Prince Albert Dining-rooms to the more commodious Boarding-house lately in the Socoupatibn of Mr AhstcC, where he hopes fto' merit the same patronage bestowed lupon him as heretofore. Good Bathroom. ( ' " • S. LUCAS, 210 a >■ - Proprietor. iRINCE ALBERT BOARDING HOUSE. CONDUCTED BY MRS 0. TRUCKLE. In consequence. of insufficient accomlodation at the Echo Dining Rooms, the roprietor has takert 'the PRINCE , LBERT BOARDING HOUSE, where good table will always be kept. Mea's s each. Good Accommodation for Jeardprs,and Travellers, at 16s, 18s, ■ and ;i per week, to meet the times. Private looms for families. Remember the ad ress— Mrs. Truckle, Prince Alber hoarding House, next to, Cookson's tables, and close to the Railway Station. ■ . 209 a Publications. rHE TRADE PROTECTION SOCIETY'S PRIVATE CIRCULAR instituted 1873) gives a weekly list of Sills of Sale, Mortgages of Stock* Liens, •Jankruptcies, etc., throughput New Zeaaad. On Monday ah " extra" is printed |or Canterbury, containing information up io 12 o'clock on the preceding Saturday. Tor particulars apply at the Office, Hobbs' Suildings, High street, Christchurch.— 11.I 1 . B. [Oraio, Agent for Canterbury. : . 512 a Barristers, Solicitors, &c. jßranson & Purnell, pARRISTERS AND SOLICITORS \ EAST STREET. ! • a 6 C. W. Ireland, gARRISTER AND SOLICITOR, Saunders' Landings, Ashburton. 8a Busirors Noil.'es. TZ A GRIOULTDRAL MACHINE SHOP, +*• Ashburton. C. Bay, ENGINEER, MILLWRIGHT, REAPER AND BINDER EXPERT. ' The M'Cormick, Deering, Osborne, Harvester King, and Wood's Machines Repaired and Adjusted, in Town or Country. Engines, Combines, Pumps, &c., Repaired at very reasonable terms. : All work guaranteed. , Practical Sewing Machinist. Estimates given. *- .0. RAY, Opposite Central Hotel* Wakanux Rd. ; Authorised AGENT for SCOTT BROS.' celebrated Leamington Cooking Ranges, Excelsior Windmills, Tomb Railings, and other Castings. Price Lists on Application. 831 a S. Nashelski, WHOLESALE AND RETAIL IRONMONGER, HIGH STREET, CHRISTCHURCH, ; New Zealand. 230 a J. Wilkie & Co., ' AND ; Booksellers and stationers Princes street North!, •;... .. DUNEDIN. 671 frjIORMS PRINTED —"To Let" and jp jFfIV p an be obtained at the IUARDI
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Bibliographic details
Ashburton Guardian, Ashburton Guardian, Volume 2, Issue 355, 27 May 1881
Word Count566
Page 4 Advertisements Column 2 Ashburton Guardian, Volume 2, Issue 355, 27 May 1881
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Added October 10, 2000
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Charles Evans Hughes (April 11, 1862 - August 27, 1948)
Charles Evans Hughes Sr. was a lawyer and Republican politician from the State of New York. He served as Governor of New York (1907-1910), United States Secretary of State (1921-1925), Associate Justice of the Supreme Court of the United States (1910-1916) and Chief Justice of the United States (1930-1941). He was the Republican candidate in the 1916 U.S. Presidential election, losing to Woodrow Wilson.
After attending Madison College (now Colgate University), Hughes graduated from Brown University in 1881 and taught school to earn money for law school. He graduated Columbia Law School in 1884 and entered law practice. A high-profile case in which he uncovered corruption in the New York State utility industry positioned him to win elected office in 1906; he defeated William Randolph Hearst to become Governor of New York. Hughes was offered the vice-presidential nomination in 1908 by William Howard Taft but declined. In October 1910, Hughes was appointed by Taft as an Associate Justice of the United States Supreme Court. Hughes resigned from the Supreme Court on June 16, 1916 to be the Republican candidate for President of the United States in the U.S. presidential election, 1916; after losing the election he returned to the practice of law, and he re-entered government service as United States Secretary of State under President Harding.
Herbert Hoover, who had appointed Hughes' son as Solicitor General in 1929, appointed Hughes Chief Justice of the United States in 1930, in which capacity he served until 1941. Hughes replaced former President William Howard Taft, a fellow Republican who had also lost a presidential election to Woodrow Wilson (in 1912).¹
Charles Evans Hughes Quotes"When we lose the right to be different, we lose the privilege to be free."
"While democracy must have its organization and controls, its vital breath is individual liberty."
"The liberty of the press is not confined to newspapers and periodicals. It necessarily embraces pamphlets and leaflets. These indeed have been historic weapons in the defense of liberty, as the pamphlets of Thomas Paine and others in our history abundantly attest."
"Our institutions were not devised to bring about uniformity of opinion; if they had we might well abandon hope. It is important to remember, as has well been said, 'the essential characteristic of true liberty is that under its shelter many different types of life and character and opinion and belief can develop unmolested and unobstructed.'"
"The greater the importance to safeguarding the community from incitements to the overthrow of our institutions by force and violence, the more imperative is the need to preserve the constitutional rights of free speech, free press and free assembly in order to maintain the opportunity for free political discussion."
Noteworthy Sites
- ¹ Charles Evans Hughes - Wikipedia, the free encyclopedia
- Books on Charles Evans Hughes
- Books on The Supreme Court
- All Supreme Court Posters & Prints
- Charles E. Hughes Biological Information
- The Charles Evans Hughes Court
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If you would like to read more about history, The Chief Justices and the presidents, visit our history bookstore.
... a thousand words
Bring history and education to life with posters and art prints in the following categories:
"To read without reflecting is like eating without digesting." ~ Edmund Burke


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On a beautiful late summer day in 2014 Natascha & Jake brought together their favorite 100 or so people to Parson's Gardens in Queen Anne to be married. A bright sunny day with the perfect breeze to catch Natascha's beautiful full length veil, Jake and Natascha chose to wait until the ceremony to see each other. The anticipation of the moment was building through the day and through all the bridal party portraits until the moment Natascha walked around the bend with her hand holding onto her grandfather and Jake was able to see his bride for the first time. The emotion written all over his face, and her tears just barely held back was a beautiful start to a short and sweet wedding ceremony.
Jake and Natascha are both in the serving industry, so while they kept their ceremony to just the most important, they opened their reception, held at the Ballroom (which was shut down for just their party) in Fremont to all their friends and family. A not traditional reception venue but it was a perfect place to bring together 250+ friends and family to dance and laugh and enjoy the beginning of their marriage.
Keywords: Parsons Garden wedding, Rebecca Ellison Photography, The Ballroom, Pink, Grey, Summer Seattle wedding, outdoor wedding portraits


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Traveleads is delighted to be exhibiting again this year at The Business Travel Conference. The event being held at the Hilton London Bankside takes place over two days - the 11th and 12th September. The Business Travel Conference is open to everyone responsible for booking, buying, arranging or managing business travel at companies large and small. From PAs, secretaries, receptionists, travel administrators, event organisers and office managers, to procurement departments, senior travel managers and finance personnel.
The conference features leading industry experts sharing their knowledge, ensuring key takeaways for both experienced buyers and newcomers to business travel management. Meet with over 60 leading business travel suppliers at TBTC'18 exhibition – from airlines and hotels to TMCs, technology specialists and more.
It will be our pleasure to offer you a very warm welcome and learn more about you and your business travel needs, You will find us on stand 34
If you would like to arrange a scheduled appointment to meet with one of our travel experts at the conference please contact Mr. Will Helsby on T.0113 245 7745 or M. 07710 707 767 or via e. email@example.com
For more information or to register to attend please click here
We look forward to seeing you there!


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Lord Ganesha Is Our Mentor And Protector May He Enrich Your Life By Always Giving You Great Beginnings And Removing Obstacles From Your Life! Happy Ganesh Chaturthi!
2 posts
May Lord Ganesha Bless You With Worldly Bounties And Keep You And Your Family Protected From Obstacles At All Times! Happy Ganesh Chaturthi.


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Alright kids, it's that time of year again. The time of year where you all scramble to buy me presents that I try to return after I realize I don't like them, only to find that you received them as gifts last year and needed someone to recycle them to. This will be the first year that I'm totally addicted to Christmas shopping and researching the best new gadgets. I've chosen to go the gadget route ever since I bought a TV for my parents as a thank you for letting me and AJ use their villa in Miami for a week this August. So now I think everyone needs gadgets. This notion was certainly helped along with the first Leoville Press release from Leo Laporte, the 2005 Gadget Guide. If you're a regular blog reader, then you know what my feelings on that book were. And, lastly, my greatest surge of gadget-powered motivation was one fateful Monday, when Don called me after his computer class and told me that for the first time in his life, he was finding that he really liked computers and was interested in purchasing his own laptop. I, of course, convinced him that he needed a Mac and I knew just the person to help him pick one out—ME!
So the point is, I added PC Mag's RSS feed on new product reviews and am seriously considering adding a feed from MacCentral to my daily read. The feed I am most satisfied with this holiday season is my new Wired Top News Stories feed. It's where I found a twelve, yes, twelve page article on the coolest geek gear of 2004.
I'll take you there because they took me there. I'm picking the one product from each page that I just may not be able to live without (or at least what I think looks the coolest) so that you pepole have no trouble finding gifts for me this year.
Let us begin.
My pick for the coolest new TV is the latest offering from Alienware. Sure, they're known for making funky-ass colored top-o-the-line gaming PCs starting at several thousand bucks, but if Dell can turn a PC business into an Oprah appearance, why the heck not?
Alienware's DHD-305 is actually painful to look at. For nearly $8,000, you will understand. But for that price, you get a 30" LCD panel TV, a PC (and they say you can actually play video games on it), a PVR (think 235 hours of TiVo), CD Jukebox, VOD (Video On Demand), and Photo Album. The only thing I'm unsure of is the PVR service provider. They say it's similar to TiVo, but they don't say it is TiVo. I'm always suspicious of TiVo-like stuff because nothing will replace TiVo in my mind.
Uh oh. My favorite pick in video is an illegal DVD ripper. For $800, I'm sure I could find something a little more affordable, but who would want to if you can just buy a little unit to get the job done?
My one concern? A minescule 120GB HD won't hold my entire DVD collection.
Never again will you not be able to hear my jams. I am currently obsessed with the Logitech Z-5500s, but this offering from Solid Acoustics has me interested. 360 degree sound in under 7 inches. How often is your speaker view obstructed because of a pile of bills for all your Apple purchases you have yet to pay off? You can't hear anything!
Well now you can.
I picked five from this category.
First, I love the GloFish and the fact that they're illegal. They say that the fish were specially bred to use in scientific research (to find polluted water). I'm glad that I can throw a bunch of scientific helpers in a bowl.
Second, there's a money jar from the Discovery store that keeps digital track of the change you put in. I'm not really in the market for another piggy bank because I've got the entire Old Navy fleet of them, but it's a cute idea. I have to admit, though, that half the fun of having a piggy bank is pouring out all the change and counting it out. It makes me feel 6 again.
Third, we've got an offering from Silicone Zone. This is more suited to someone like AJ or my moms who actually peel garlic, but I think it's a cool idea. Now when I think of my $250,000 condo, I think of this as a perfect kitchen accessory.
Fourth, I'm hitting up Excalibur Electronics for an all-time favorite, Electronic Mad Libs. AJ and I mad lib it up whenever it's available. In fact, we just mad libbed the Neiman Marcus Christmas Catalogue. I dare you to come up with a better version of "Jingle Bells" than we did.
Coming in at number five, I have a recommendation for a very handy gizmo. A WiFi signal finder is the best way to figure out where you've got a WiFi network you can move on in to. It's so easy, why didn't I think of it?
Hands down, the best of the auto accessory roundup is the only gift you can drive. The Commuter Car is fantastically popular in Europe, and if they were available in the US, I'd have one. You had better believe. They're thinner than a motorcycle. And there's a seat in the back for AJ!
Because I love my cell phone and the only phone I would consider buying from this guide is only to be found in Japan, I'm recommending AJ's pick (albeit maybe not so much anymore because of the terrible reviews), the Moto Razr V3. He likes it because it's depth comes to about 1/2" when it's shut. The buttons are touch sensitive, no clicking. There's a camera/camcorder combo involved, speakerphone, and Bluetooth. I just read this article about Bluetooth hijacking, so no Bluetooth for me!
The Think the Earth Earth Watch looks compelling. I'd rather have the Movado watch Oprah was flaunting on her Favorite Things show, but whatever. It's apparently a 24 hour clock, which confuses me. But I'm up for the challenge. I want to experience this "leisurely flow of planetary time."
It's over. What more do you need than a 16.7 MegaPixel DSLR? I'll tell you what. A place to store all those 500 gigabyte pictures!
I'm really into the digital camera scene even though I barely take pictures. Every time I see these Canon Eos SLRs, I want to become a professional photographer. And then I listen to Leo go on and on about his Nikon D70 on the radio show. It makes me crazy... Especially when they start talking about the size of the picture files in Photoshop. Trust me, you can't have one without the other...
When I'm feeling like I want to brush up on my putt-putt game, I'm feeling like going out and buying the ProAim virtual alignment trainers. They're illegal (is this a theme with me) in tournament play, but I bet I can get Don to let me wear them on the mini ball course.
This one's for AJ. Maybe it's the fact that we took Anthropology 2 together. Maybe it's because I love Crossing Jordan. I don't care, I love forensics.Falcon Northwest computers, one part Logitech laser mouse for accuracy and precision, and one part catheter so you don't ever have to get up again.


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Eastbourne United's new manager Tobi Hutchinson admitted it wasn't in his grand plan to be a senior football manager this season.
Hutchinson, who was United's first team coach, agreed to take the role after manager Simon Rowland's resignation was accepted by the club's committee shortly after last Saturday's 2-1 league victory against East Preston at the Oval.
Hutchinson said, "I'm not quite sure at this stage if it's congratulations or commiserations. It was not something I was planning for but sometimes these things happen - especially in football. If I had turned it down now, perhaps I would not get another opportunity in future, so I had to go for it.
"In days gone by I was desperate to manage a senior side but lately I have been happy watching my lads play their football and I thought I didn't need the hassle. But this opportunity came up, it is a great opportunity and I grabbed it.
"It is a challenge I'm really looking forward to. United are a great club. I started playing here as boy in 1985 and I want to see them doing well. We have the potential to be a Ryman League club. I'm not saying we will make it into the Ryman this season or next - but the potential is there. The priority will be to take care of business for the first team but I also want to work on the youth side and put some blocks in place.
"I feel Eastbourne hasn't always covered itself in glory in making the most out of the talented youth players . I have been critical of clubs in the past for this and we have to try and make the most out of our young players. It is something I am passionate about but it's an area at Unite d that needs a lot of work."
Hutchinson has experience of management in senior football having previously managed at Worthing and Seaford Town. He was also the first team coach at the Oval when Eastbourne United won the league and cup double in 2008-09 under manager Brian Dennis.
Hutchinson has moved swiftly and brought back some of the players of that successful side to the Oval. Defender James Bywater and Lucas Mann have re-joined and Hutchinson also hopes to sign midfielder Brad Manton. Hutchinson added, "These lads won the double and some of them haven't really played that much senior football since. I would love to get them back playing and enjoying their football once more."
Outgoing boss Simon Rowland, who guided the club to the County League Two title and to the semi-final of the FA Vase said, "It was the most difficult decision I have had to make in football.
"But I felt it was the right time to go. It was nothing to do with results, I felt the club needed a fresh approach and it needs a lot more time dedicated to it than I can commit to at the moment. I want to be involved with successful teams and teams challenging and, as a club, it's not quite there as yet
"There are some great people at the club. I have enjoyed working there and I hope they can progress."
Rowland's reign will be best remembered for their Vase run were they lost to eventual winners Sholing. He added, " I still go through that day in my mind. It was a great run, we were so close to Wembley and I think as a club it has taken a bit of time to recover from that."
Hutchinson's first game in charge was their RUR Cup extra time defeat to Little Common (see page 96 for match report).
On Saturday United welcome Deal Town to the Oval for an FA Vase fixture.


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You think this is a story about fear, but it isn't.
It is a story I hid for a while. A story I didn't tell on purpose. Mostly because I knew it would send the worrying minds of my beloved parents into overdrive. And not only them. Anyone who scans the news for the dangers of travel, or the dangers of Mexico specifically. Well, here is some feed for your fear stores, use it as you please.
It was our first day in Mexico city, and we were visiting a state park. It was bustling with activity. Locals riding ATVs, eating treats, horseback riding, paint-balling, you name it. Up above the park grounds, a sharp rock protruded from the mountain side and a trail climbed through the forest up to the top. It was an easy route, though steep in places, but the vast views of the surrounding landscape were well worth the climb.
I was traveling with my roommate and another friend, and we were being hosted by my roommate's extended family: Aunt, Uncle, and two cousins of 9 and 10 years old. The mountain top was prime for photos and laughs. We felt alone at the top of the world with only the fresh air and each other for company. As we loudly made our way back down the mountain, we passed a fellow hiker, gave him a nod and a smile and continued chattering away— me practicing my Spanish, Aunt and Uncle obliging my efforts.
In a hot instant, everything changed.
Halfway down the mountain the light hearted mood melted and confusion dropped it's veil. The hiker. There he was again standing on the trail in front of us, far from where we'd originally passed him.
I felt the rest of the group stiffen. Aunt's voice was rapid, high pitched. What was the hiker asking? Was he lost? He moved a bandana from his neck up around his face to cover his mouth, still I was in disbelief. Uncle's voice grew loud, beseeching. I looked down and saw the heavy screwdriver gripped tightly in the hiker's right hand. It was then I knew I knew.
The world became strange.
My face went slack and I felt my legs tremble. Tremble! and on their own accord- pillars of jello supporting my torso. But < I > suddenly disconnected. I floated away from my body, and I dropped a veil of my own. My heart beat forcefully, but my jaw was firm; I felt protected.
Somehow the hiker made the decision to chase after the children and my two frightened friends at the front of the pack— in an instant he was gone. I was left standing behind Aunt and Uncle and focused on making my way down the mountainside swiftly. CALM, said my mind, STEADY, it repeated.
I felt the armor around me thicken.
Foot in front of foot I neared the bottom, and there he was again coming back my way.
I shifted to the opposite side of the trail and pulled my purse around behind me. That was when I noticed the my friend's crocheted bag clutched in the hand opposite the screwdriver.
Dame tu bolsa. I don't understand. NO.
I can't explain why, but he stayed away from me. It seems shocking now, but he believed me when I said NO.
Later on down the mountain, there were the others. Trembling. My roommate had wet eyes and the corners of her mouth pulled back and down as if by hooks. Our friend. The one without the purse. Her slim, milky shoulders hunched and a trail of saliva carved a stream through her makeup from the corner of her lip down to her chin.
It's easy to say we were shaken up, and for a good while. That's natural I think, but what's surprising… is our resilience.
Why did this happen?
I could not answer for them, and I know my response was weak to their ears, but for me.. for me I realized how protected I am. My resilience. That an hour later I was galloping down the street commanding a horse at my leisure, feeling the freedom that drives me to places like Mexico. I sampled the physicality of fear, and found that what remains, is strength.
It's almost embarrassing to share this minor anecdote, knowing that others have faced far worse. Horrors that I won't imagine. But this is my own experience.
All I can say is this:
Getting robbed sucks.
Getting over the fear of getting robbed, is liberating.
I am powerful. I am resilient. I am protected.


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Wednesday, September 2, 2009
Palette Generator
I attempted the palette generator for inspiration using a photo of my sister and her husband at their wedding in the mountains. I loved the color palette that was generated with the pale greens, grays, blues, and pinks. These colors will surely inspire a soothing retail space.
Posted by Lily Glover
Labels: IAR Studio
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ECE 5310: Control Systems
3 Credits
Study of analog and computer controlled systems, classical and modern control system design methods, s-domain and z-domain transfer function models, state space, dynamics of linear systems, and frequency domain analysis and design techniques. Introduction to controllability and observability, and full-state pole placement controller design. Laboratory work required.
Prerequisite/Restriction: ECE 3640 and student must be in the Professional Engineering Program or have Graduate Standing
Semester(s) Traditionally Offered: FALL
Course Syllabus
Course Instructor: Don Cripps
Textbook: Feedback and Control Systems, 2nd edition (ISBN - 978-0-07-163512-7)


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The end may be in sight for software patents - which have long been highly controversial in the tech industry - in the wake of a remarkable appeals court ruling that described such patents as a "deadweight loss on the nation's economy" and a threat to the First Amendment's free speech protections.
There's so much good stuff in the actual ruling (I urge you to read the whole damn thing!) that I don't even know where to start, middle, and end. I think this is the best part?
It is well past time to return software to its historical dwelling place in the domain of copyright. See Benson, 409 U.S. at 72 (citing a report from a presidential commission explaining that copyright is available to protect software and that software development had "undergone substantial and satisfactory growth" even without patent protection (citations and internal quotation marks omitted)); Oracle Am., Inc. v. Google Inc., 750 F.3d 1339, 1380 (Fed. Cir. 2014) (noting that "several commentators" have "argue[d] that the complex and expensive patent system is a terrible fit for the fast-moving software industry" and that copyright provides "[a] perfectly adequate means of protecting and rewarding software developers for their ingenuity" (citations and internal quotation marks omitted)); Peter S. Menell, An Analysis of the Scope of Copyright Protection for Application Programs, 41 Stan. L. Rev. 1045, 1076 (1989) (explaining that patents were historically "not seen as a viable option for the protection of most application program code" and that many software programs "simply do not manifest sufficient novelty or nonobviousness to merit patent protection").
Reading this gives me tinglies in my tummy.
I have no idea about the level of importance of this decision, how many different appeals could wreck it, or even if it is very relevant to begin with - but my god is this an absolutely amazing read that echoes everything I and many, many other people have been saying about software patents for so many years now.
Software need not have more protection than copyright on the written code itself. Anything beyond that is destructive.
A Federal Circuit Judge with 30 years on the bench (and who was formerly a pro-patent chief justice in the 90s during the rise of software patents) finally comes out and embraces the argument most software developers have been making all along.
Edited 2016-10-08 03:06 UTC
This was a concurring opinion, not a majority opinion. From Wikipedia:
In short it won't all by itself set a legally binding precedent. But it is incredibly important as it might persuade other judges to look at the issue in a different light.
Yeah, I wish them good luck. But too bad it ain't gonna happen.
An industry has been created around software parents, with NPEs buying software patents and then trying to convince venture capitalists that their newly acquired software parents will totally be able to milk 300 millions from Apple/Google/whatever in court or from settlements and those VCs should invest now or miss the train. Those NPEs employ lawyers who are experts in choosing software parents not for their merit but how well they can stand in court.
Anyone going against software parents is going against some of the most powerful interests in the US, lawyers and VCs.