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Banking and Financial Sector Reforms in Vietnam
This paper summarizes Vietnam's developments in the banking and financial sector to date. It assesses the system's weaknesses that played an important role during the macroeconomic turbulence of 2008. It then discusses the need for deeper reforms of the country's key macroeconomic institutions. In general, for Vietnam to achieve its goal of becoming a modern industrialized economy by 2020, it needs to have world-class public institutions to complement a flexible and entrepreneurial private sector. Nowhere is this more true than in the banking and financial markets where effective policy-making and skilful regulation have to be balanced against profitable risk-taking —all set against a background of commitment to a one-party state where social and political stability still reigns supreme.
Finance, banking, institutional reforms, macroeconomic turbulence, prudential supervision
I. Introduction
Vietnam has made significant progress in socio-economic development since Doi Moi some twenty years ago, and is well on the way to become a middle-income country. This was achieved essentially through two phases of economic reforms: Doi Moi 1 (1986–1996), and Doi Moi 2 (2001–2007). The success of Doi Moi 1 in opening the economy to international trade and investment has been amply documented (see, for example, Dollar and Litvack 1998; Leung and Thanh 1996; Riedel 1999). However, the trade and investment regime throughout the 1990s was so tilted towards the state sector that the prospects for continued growth were limited. Almost all the foreign direct investment (FDI) at the time went into joint ventures with the state-owned enterprises where both productivity and profitability were low. It was not surprising that the inflow of FDI began dwindling as early as 1996, well before the onset of the Asian financial crisis in mid-1997 (see Figure 1 below, and Leung forthcoming). Since the new millennium, Doi Moi 2 began "unleashing" the domestic private sector and addressed the discrimination inherent in the trade and investment regime, starting with the Enterprises law in 2000, the Unified Enterprises Law in 2005, the Vietnam-U.S. bilateral trade agreement in 2006, and culminating in the much-discussed Vietnam's entry into the WTO in 2007. This second phase of reforms resulted in rates of economic growth second only to that of China's, fuelled by FDI and remittances, this time linking Vietnam's domestic private sector to the vibrant [End Page 44] production network of the Asian region, and fast closing the development gap between Vietnam and its original ASEAN neighbours (Bingham and Leung forthcoming).
At the same time, research shows that, compared with low-income developing countries on the one hand, and high-income developed countries on the other, middle-income emerging market economies are the most vulnerable to financial crises and instability —the 2008 credit crisis in the United States notwithstanding (Reinhart and Reinhart 2008). This paper therefore assesses Vietnam's developments in the banking and financial sector to date, and focuses on deeper institutional reforms in the future. In general, for Vietnam to realize its goal of becoming a modern industrialized economy by 2020, it needs to have world-class public institutions to complement a flexible and entrepreneurial private sector. Nowhere is this more true than in the banking and financial markets where effective policy-making and skilful regulation have to be balanced against profitable risk-taking, all set against a background of commitment to a one-party state where social and political stability still reigns supreme.
This paper is structured as follows. Section II gives a brief summary of the recent financial sector developments and an assessment of the unresolved problems. Section III discusses the asset price bubble and macroeconomic instability of mid-2008, and the extent to which these were directly and indirectly related to the unresolved problems in the financial sector. Section IV points out the need for continued deep institutional reforms in order to take advantage of financial globalization whilst minimizing the risks of financial crises. The concluding section addresses the balance of interests in contemporary Vietnamese society which could affect the likelihood of such reforms being adopted.
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II. Recent Financial Sector Developments
The various steps in the liberalization and reform of Vietnam's formal financial sector as the country moved from plan to market have been documented and analysed in the literature (World Bank 2002; Kovsted et al. 2005; IFC 2007, 2008). Without a doubt, the most significant steps include the deregulation of domestic interest rates (on both dong and foreign currency deposits and loans) during the period 1996–2002, the decision in May 2005 to restructure the state-owned commercial banks (SOCBs) and have them equitized by 2010, and of course the recent decision to permit 100 per cent foreign-owned banks to enter the market as per commitment to WTO. Meanwhile, the exchange rate is still administered and exchange controls remain in place. Rather than reviewing the history of these reforms, this section highlights certain recent developments in the Vietnamese financial sector that are pertinent for macro-economic stability and for the continued growth and development of its economy.
Table 1 shows that formal financial markets in Vietnam both grew and diversified rapidly in recent years. Bank deposits as a percentage of GDP grew quickly from 60 per cent in 2004 to 99 per cent in 2007 before falling back to 92 per cent in 2008, reflecting monetary deepening in the economy in the medium term, but also short-term financial turbulence towards the latter half of 2007 (see section III below). Share market capitalization also grew from about 6 per cent of GDP in 2005 to 15 per cent in 2008. Signs of a share market bubble are certainly evident in 2006 and 2007 when capitalization peaked at 43 per cent of GDP before falling back to 15 per cent towards end-2008. Bonds (especially private sector corporate bonds), insurance and pension funds became established in the new millennium, but have remained relatively small.
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Despite the prominence of banks in the formal markets, their penetration rate within the Vietnamese population is estimated to be only about 10 per cent (IFC 2008). Therefore, informal finance, with its comparative advantage in solving the inherent information asymmetry problems, obviously plays an important role in Vietnamese households and businesses, particularly in the rural areas. For the purposes of this paper, however, informal financial markets will be considered only in so far as developments in the formal markets have an impact on them. As for the formal markets, it will be seen that regulatory prejudices and the inability to address asymmetric information problems have resulted, either directly or indirectly, in discriminatory access to finance in favour of state-owned enterprises (SOEs), with adverse implications both for the development of the domestic private sector and macroeconomic stability.
II.1 Recent Developments of the Banking Sector in Vietnam
Vietnam's banking sector comprises four major and one minor state-owned commercial banks (SOCBs), thirty-seven joint stock banks (JSBs), thirty-seven foreign bank branches, six joint venture banks, and two development and policy banks.1
As shown in Table 2, the SOCBs still hold over half of the banking sector assets both in terms of loans and deposits, although that market share has fallen from about 80 per cent of deposits and 74 per cent of loans as at 2002. Historically, the SOEs borrowed almost entirely from SOCBs so that coming out of the Asian financial crisis at the turn of the millennium, the SOCBs were heavily laden with non-performing loans (NPLs) of the SOEs. Although formally policy lending from SOCBs to SOEs has ceased, and various measures have been taken to reduce the stock of NPLs and to recapitalize the SOCBs, certain regulations (supposedly for prudential purposes) still mean that SOCBs would continue to discriminate against borrowings from the private sector in favour of SOEs. For instance, SOCBs are allowed to provide unsecured lending to private enterprises, but only to firms with at least two consecutive years of profits. Therefore, unsecured lending is not available to start-up businesses. Furthermore, the difficulties with accessing land [End Page 47] use rights in urban areas make it difficult for private businesses to use land as collateral. Finally, assets of SOCBs are state assets, and any loss of state assets is still considered a capital offence. Therefore, it is not surprising that loan officers in SOCBs would err on the side of excessive caution in lending to the private sector for fear of potential losses to the state-owned bank which is a government entity.
For both 2006 and 2007, the average rate of return on assets for three of the four major SOCBs were below the average for Asian banks, and their capital adequacy ratios, although meeting the international requirements of 8 per cent, are below the regional averages of 13.1 per cent for Asia and the Pacific, and 12.3 per cent for East Asia (IFC 2008). All four SOCBs seem to have similar business strategies, and the lack of movements in lending and deposit rates even after interest rate deregulation in the period 1996 to 2002 suggest a lack of competition amongst the SOCBs (Kovsted et al. 2005). As noted above, the market shares of the SOCBs have fallen in 2006 and 2007, partly due to these banks' being required to clean up their balance sheets for equitization. Their market shares have been taken up by the JSBs.
In theory, this should be good news for the private sector as traditionally, JSBs have lent mainly to private businesses and households. In practice, however, the lax regulatory environment over the JSBs has both increased the systemic risks of the banking sector as well as provided another channel through which capital is funnelled to the SOEs. Firstly, lax regulatory environment meant that the State Bank licensed, inter alia, eleven rural credit institutions as banks in urban areas where demand for credit was mushrooming. This resulted in credit growth amongst the JSBs reaching almost 95 per cent in 2007, with significant portions of loans going into speculative activities in the then booming real estate and stock markets instead of going into productive investments.2 The stabilization measures taken in mid-2008 tightened bank liquidity, raising deposit interest rates. At the same time, the regulatory cap on lending rates meant that bank profits were squeezed (World Bank 2008b). Furthermore, the subsequent fall in the stock market index by some 60 per cent and house prices by around 50 per cent means that there will be significant increases in NPLs in the joint stock banks as mortgages get renewed. Reliable estimates on NPLs in banks are still difficult to get, despite Article 7 of State Bank Decision 493 taken in 2005 giving banks three years in which to set up their credit classification system to allow for the calculation of NPLs and loan provisioning that is closer to the international financial reporting standard. By end-2008, only two out of over eighty commercial banks have completed this process. In addition, the global economic downturn would add considerable strain to the smaller JSBs a number of which would not meet the stipulated capital adequacy ratio. Mergers with larger banks are anticipated, although monetary easing towards end-2008 seemed to have restored adequate liquidity into the banking system. No imminent banking crisis is expected, but the sector is considerably weakened.
Secondly, part of the rapid growth of the JSBs entails their equity holdings by large non-financial SOEs wishing to improve their short-term profitability by expanding into the financial sector. Although the government has restricted equity holdings by any single enterprise group in JSBs to under 30 per cent, this does not preclude "de facto" control. Nor is the State Bank likely to be able to refuse new banking licences to many of the fifteen applications from large SOEs.3 Indeed, three of those have been issued during the course of 2008.4 Experience of many countries (including Japan, Chile, and Indonesia) has shown that the formation of this type of conglomerates results in credit being channelled to companies within their business group, often with little concern about the riskiness of the loans for the depositors. This would create yet another means for capital to be channelled to the SOEs via the banks (the JSBs in addition to the SOCBs), to the detriment of the private sector and indeed the potential stability of the banking system.
Foreign bank branches have been permitted to take dong deposits in recent years, and they have gained market shares also at the expense of the SOCBs. The greatest competition for the SOCBs [End Page 48] is likely to come from the three foreign banks (HSBC, Standard and Chartered, and ANZ) setting up 100 per cent-owned subsidiaries in Vietnam.5 This may also hasten the equitization and partial sale of SOCBs to strategic investors —a process that seemed to have stalled in recent months. Prices in the initial public offerings (IPOs) valued when the share market was still booming could no longer attract strategic investors after the plunge in the market.
II.2 Equities Markets
Vietnam has two regulated stock markets (one in Hanoi and one in Ho Chi Minh City), in addition to an unregulated market. Table 1 shows the very rapid growth of the regulated market in recent years (even after accounting for the bubble in 2006/2007), although share capitalization as a percentage of GDP (at 15 per cent) in Vietnam is still quite a way behind other countries in the region.6 The enactment of the Securities Law in January 2007, together with the revamp of the Investment Law 2005 and the Enterprises Law 2005, provides the legal framework, at least in theory, for the supervision of the equities markets. Under the Securities Law, the State Securities Commission (SSC) within the Ministry of Finance is responsible for the regulation and supervision of the two regulated stock markets in Hanoi and Ho Chi Minh City, the central securities depository, securities companies, securities investment fund [End Page 49] management companies, and public companies (IFC 2007). However, as with a number of other commercial laws in Vietnam (for example, virtually no bankruptcy cases fifteen years after the enactment of the Bankruptcy Law), the effectiveness of enforcement in practice, of the Securities Law and the operation of the associated courts and judiciary remains to be seen.
What has been observed throughout 2007 is the highly speculative nature of the stock market. As at January 2007, the average P/E ratio for the twenty firms that made up the bulk of the market capitalization at the time was around seventy-three, compared with average P/E ratios in other Southeast Asian markets of between 10 and 20 (IFC 2007). With significant inflows of portfolio investment throughout 2007, the stock markets were also driven by foreign sentiments buoyed by the optimism associated with Vietnam's entry into the WTO (see Figure 2). Transparency and disclosure of the listed companies were very low whilst administrative measures (ceilings on bank lending to finance the purchase of shares, embargo on bank financing of their affiliated securities-trading firms) were imposed in an attempt to shield the banking sector from over-exposure to an overheated market. For longer-term market development, efforts to address the asymmetric information problem through disclosures and better corporate governance would be needed. This means making the Securities Law and the associated public institutions work in the context of the Vietnamese society. Otherwise, Vietnam's equities markets will remain in the nature of gambling casinos rather than a genuine source of capital raisings for its domestic private sector.
II.3 Debt Markets
The bond market in Vietnam (as measured by the ratio of outstanding bonds to GDP) doubled from about 7 per cent of GDP in 2003 to about 15 per cent in 2008 (see Table 1). However, the market is quite small compared with an East Asian average of around 63 per cent of GDP (World Bank 2008a). Significant weaknesses in debt management, resulting in market fragmentation, have so far hampered the development of this important potential source of finance for the government as well as the corporate sector. Management weaknesses include the following:
• Firstly, government borrowings comprise approximately half external and half domestic debt, but there has been no single agency responsible for managing the total debt. As a result, there have been many small issues with varying maturities, making it difficult for a yield curve for government bonds to emerge.
• Secondly, there has been no coordination between government borrowing requirements and cash management. In order to utilize government cash flows more efficiently, shorter-term treasury bills (shorter than the current 364 days) would be needed, and these would have to be coordinated with the bills issued by the SBV itself.
• Thirdly, the management of private debt market is unclear. In principle, it should be possible for the government to manage private sector debt through an individual approvals process for external borrowings, but this would become very difficult to administer if capital controls were ever to be abolished. Otherwise, the market itself would have to manage private sector borrowings, but this requires stringent corporate disclosure rules, reliable credit-rating agencies, and other market infrastructure to be in place. In other words, the asymmetric information problem would need to be resolved. So far, only a handful of large SOEs have been able to issue corporate bonds as the expectation that these would be honoured by the government has so far overcome the problem of opaque information.
These problems have been recognized and are supposed to be addressed through the process of preparing for a Public Debt Law. However, resolving the above issues in practice, would require significant cooperation amongst a number of agencies, including the Ministry of Finance (MOF), the State Securities Commission, the tax department (GDT), and the State Bank (SBV). This is another instance where strengthening [End Page 50] Vietnam's public institutions would be crucial for the next phase of its reform.
II.4 Insurance Companies and Pension Funds
Life insurance and pension funds tap long-term savings of households and hence provide a source of long-term finance to businesses. However, the development of these institutions in Vietnam has been hampered, in part, by the lack of good quality, high yielding, long-term investments in local currency (IFC 2008). This situation is hard to reconcile with the country's need for infrastructure capital. One reason is the lack of reputable and well-managed long-term government and corporate bonds mentioned above. Until the prudential regulatory framework succeeds in increased transparency in Vietnam's banks and listed companies, the lack of longer term investment opportunities would increase the chances of speculative short term asset price bubbles.
II.5 Impact on Informal Finance
In principle, there exist pressures for both competition and cooperation between formal and informal lenders. Formal lenders have cheaper access to funds, but they face higher monitoring costs. Informal lenders, because they have more intimate knowledge of the borrowers in their communities, have a comparative advantage in lower monitoring costs, but their cost of funds is generally higher. Therefore, to the extent that there are monopoly rents accruing to the informal lenders, the entry of the formal lenders would drive down interest rates for the borrowers. At the same time, in order to maximize profits, the formal lenders might make use of the lower monitoring costs of the informal lenders, and lend to the latter who would then on-lend to the final borrowers. This would seem to be welfare-enhancing as the final borrowers could benefit from both the lower costs of funds of the formal lenders and the lower monitoring/transactions costs of the informal sub-market (Ghate 1992).
In the case of Vietnam, much of the formal sub-market in competition with informal lenders takes the form of two state-owned institutions; namely, the Vietnam Bank for Agriculture and rural Development (VBARD) and the Vietnam Bank for Social Policies (VBSP). The smaller joint stock banks do not appear to be major players in this area as judged by their desire in the last two years to seek rapid growth through becoming urban banks rather than remain in rural areas.
The VBARD is a state-owned commercial bank which has a very extensive network but lends on commercial terms and requires collateral on most loans. The VBSP is exempt from many of the regulations governing state-owned commercial banks as well as those governing microfinance institutions. It was set up in 2002 specifically for policy lending, and is financed variously from the state budget, taxes on SOCB deposits, borrowings from the SBV and the State Treasury, and from the Vietnam Postal Service Savings Company which makes use of post offices around the country in order to siphon savings to policy and other lending. The VBSP lends directly to small businesses, and through the establishment of savings and credit groups, to poor households without collaterals in the microfinance model. It is assessed to be in direct competition with moneylenders, trade credit providers, and other informal microfinance lenders, as well as with VBARD (World Bank 2008a).
As the VBSP is definitely subsidized and does not work under profit-maximizing principles, there would not exist pressures to take advantage of the complementarities with informal lenders. Indeed, a review of the beneficiaries/clients of VBSP does not reveal any particular cooperation with informal lenders (World Bank 2008a). Therefore, it might be concluded that informal finance in Vietnam would have been negatively affected by the existence of the VBSP.7
This is unfortunate as increased linkages in the supply of credit between formal and informal financial sectors could help with overall monetary and stabilization policies as the latter act chiefly on the formal sector, with flow-on effect to the informal sub-markets. This would seem to assume increased importance as Vietnam enters the realm of emerging market economies where macroeconomic [End Page 51] turbulence stemming from financial sector instability becomes more prevalent.
III. Macroeconomic Turbulence and Weaknesses in Financial Sector
The laxity in prudential supervision of banks and equities market points to deep-seated problems within the key macroeconomic institutions of Vietnam; namely, the SBV and the MOF. Whilst the failure on the part of these institutions to address the asymmetric information issue within the financial sector has led to medium-term development problems such as the lack of financial access for the domestic private sector, this failure also greatly complicated short-term macroeconomic management in which the weaknesses of the SBV and MOF were only too apparent.
The macroeconomic turbulence in mid-2008 can be traced back to substantial surges in capital inflows in late 2006 and into 2007, mainly in response to the optimism engendered by Vietnam's entry into the WTO.8 These inflows took the form of foreign direct investment, portfolio flows, and remittances by Vietnamese living abroad. At the same time, the rigid maintenance of a fixed exchange rate peg to the U.S. dollar meant substantial intervention on the part of the SBV in the foreign exchange market to prevent appreciation of the dong.9 International reserves rose by US$10 billion in one year, reaching US$21.1 billion at end-2007 (World Bank 2008a). The SBV failed to sterilize these interventions through open market operations (or indeed through any other means). Lack of bond market development (see section II) was a contributing factor, but also the asset price bubble in the real estate and share markets meant that interest rates on government bonds were not sufficiently attractive for investors. As a result, money supply increased rapidly by March 2008. M2 grew at a rate of 45 per cent and bank credit at 63 per cent. Vietnam was caught in the classic dilemma of the "Impossibility Trinity" —the maintenance of exchange rate stability and free flow of international capital is incompatible with monetary independence.
On top of loose monetary conditions came aggressive expansion by SOEs, unchecked by the MOF. Bank borrowings by the SOEs in 2007 increased two and a half times to 10 per cent of GDP. Given that credit growth amongst the SOCBs remained unchanged at around 25 per cent during 2007, the bulk of SOE borrowings came from the JSBs where credit growth reached 95 per cent (World Bank 2008a). Therefore, a loss of control over money supply and SOE spending, compounded by failure to supervise the JSBs, resulted in significant overheating of the economy in 2008 as well as increased vulnerability of the banking sector. Inflation reached 28 per cent by July 2008, and current account deficit stood at 11.5 per cent of GDP.
Belated monetary and fiscal tightening has seen some restoration of macroeconomic stability by the fourth quarter of 2008. However, this involved using administrative measures such as ceilings on credit growth of banks, increased reserve requirements, compulsory bank purchase of treasury bills on the monetary side, and direct government limitations on SOE non-core spending on the fiscal side. Weaknesses in the institutional capacity of SBV and MOF have impeded the use of indirect or more incentive/ market based instruments. In the very short-run, administrative measures may be (and indeed, were) effective in stopping the blow-out of a financial crisis. However, as soon as the crisis shows signs of abating, the SBV would again be under pressure to license more new JSBs,10 and the MOF would be induced to broaden the definition of non-core SOE activities (for example, could the building of storage capacity by the state-owned shipping company be considered core activity?) Therefore, by hindering the development of financial markets and the bureaucratic capacity to deal effectively with market participants (including putting binding financial constraints on SOEs), administrative measures do little to prevent the recurrence of financial crises, and could in fact contribute to the boom and bust scenario.11 For this reason, it is imperative that Vietnam, in going into Doi Moi 3 (or phase 3) of its reform [End Page 52] agenda, places priority on the development of institutional capacity in managing its financial markets.
IV. Building Strong Public Institutions
Whilst building public institutions necessarily include legal development and public administration reform, this paper concentrates on development of the key macroeconomic institutions; namely, the State Bank of Vietnam and the Ministry of Finance which are primarily responsible for economic policy making and for the prudential regulation of financial and corporate sectors.
IV.1 State Bank of Vietnam (SBV)
For the SBV to function as a modern central bank, it needs to have the capacity to formulate monetary and exchange rate policies, and to be able to communicate regularly with the general public on the state of the Vietnamese economy and the stance of those policies. In addition, as is the case with many modern central banks, the SBV would also be responsible for the licensing and prudential supervision of banks to ensure the stability of the Vietnamese banking system.
Policy formulation and communication require a great deal of professional skills particularly in economics, and the SBV has begun in earnest to upgrade its staff training in Western universities. It is also planning to collect and publish in a systematic manner, the relevant economic statistics on which serious policy research is based.12 In the next few years whilst the upgrading of staff is taking place, the SBV would need to be flexible in its staffing policy, and make use of trained economists elsewhere in the bureaucracy (for instance, the CIEM within the Ministry of Planning and Investment), perhaps on a secondment basis.
Throughout the macroeconomic turbulence of 2008, the SBV has been consulting with the IMF, and has made use of technical assistance from the Fund. As the technical capacity of its professional staff improves, the SBV should be able to benefit more widely from its participation in regional and international forums of central bankers. Managing surges in capital inflows, for instance, is a lesson which many East Asian central bankers have learnt from the Asian financial crisis a decade ago.
As for prudential supervision of banks, the fundamental conflict between SBV as owner and as supervisor of the SOCBs needs to be resolved. At the very least, the SBV needs to be extricated from the board of the SOCBs, with the latter being treated like any other SOEs. Speedy equitization and sale of SOCBs to foreign strategic investors (à la China's Industrial and Commercial Bank) would help in resolving this conflict of interest.13 Even if that were to occur, however, the shares owned by the State would need to be separated from the SBV. Under current arrangements, the state-owned shares in equitized SOCBs would come under the control of the State Capital Investment Corporation (SCIC) which is a "for-profit organization mandated to exercise ownership rights in SOEs on behalf of the state" (World Bank 2008a, p. 61). How effectively the SCIC will be able to manage the state capital within the SOCBs is another issue, but at least this would, in theory, allow the SBV to act as the supervisor of the banking system without any conflict of interests.
With the entry of fully-owned subsidiaries of foreign banks into the Vietnamese market, it is important that SBV be the sole supervisor of banks in Vietnam, and be perceived as such by the supervising authorities of the foreign banks in their home countries. This is so because the SBV would need to liaise closely with other banking supervisors, as an incident involving a bank's subsidiary may result in systemic risk in the host country, but relatively minor risk in the home country. Whether the subsidiary should be rescued and by whom becomes an important issue. For this reason, the relationship between the SBV and other financial supervising authorities in Vietnam (such as the recently established National Financial Supervision Committee) would need to be clarified.
It is understood that legislation is in train to give greater independence to the SBV. Kovsted [End Page 53] et al. (2005) found that indicators of legal and political independence of the SBV were comparable with other central banks in the region. However, operational independence and the ability of the SBV to take prompt corrective action are judged to be low. Like other aspects of Vietnam's commercial law, the effectiveness of implementation remains to be seen.
Implementation is often associated with professional capacity. In the case of prudential supervision of banks, highly skilled professionals in auditing and commercial risk assessment, in addition to a general understanding of economics, are needed. Furthermore, there needs to be an understanding that for regulatory bodies to work effectively, they need to be independent —not just in a legal or even in a financial sense, but in the public perception that these institutions are run by people with professional integrity. There is quite a way to go in this area of government in Vietnam, but the SBV would seem to be a good place to start.
IV.2 Ministry of Finance (MOF)
Bingham and Leung (forthcoming) points out the myriads of management and accounting systems within the MOF resulting in the generation of unreliable data on which fiscal plans are made. It is not surprising therefore that there are often significant variations in planned targets and outcomes, and that Vietnam scored only two out of a possible 100 in the Open Budget Index (2006) —a survey of fiscal transparency undertaken by the International Budget Project. As Vietnam is already dependent on international capital inflows to fund its sizeable current account deficit, the lessons during the Asian financial crisis from the Ministry of Finance in South Korea are instructive.
The study by Dooley and Shin (2001) points out that a major contributing factor to the financial crisis in South Korea in 1997 was the failure on the part of the Bank of Korea to regulate the consolidated balance sheet of the Korean banks (taking into account the foreign currency deposits in their overseas bank branches). As a result, there were gross under-estimates of Korea's external debt position on the part of their ministry of finance. As these estimates were being revised upwards throughout December 1997, Moody's and Standard & Poor downgraded South Korea's sovereign credit rating three times in one month, badly affecting investor confidence, and the banking and currency crisis worsened considerably for South Korea within the month. For Vietnam to continue with globalization of its financial markets in a stable manner, the reform of MOF's internal management and systems would seem to be a priority.
Weaknesses in the development of the bond market are noted in section II above. The government is apparently giving attention to the issuance and auctioning of government bonds in order to provide the primary market with a yield curve. Technical assistance is being utilized to help the MOF in furthering the development of the government bond market.
The highly speculative nature of the Vietnamese stock markets indicates that the regulatory functions of the State Securities Commission (SSC) within the MOF need to be strengthened. It is questionable whether Vietnam actually needs two stock exchanges. Indeed, it may be desirable for Vietnamese firms to be encouraged to list with regional exchanges in Hong Kong and Singapore where much higher standards of corporate governance and transparency are enforced.
V. Conclusions
The world financial and economic crisis of 2008/ 09 demonstrates clearly the importance for central banks and ministries of finance to react promptly and flexibly to rapid changes in the global economy, as well as to improve their ability to manage the information asymmetry problems in their supervision of the financial sector. Vietnam's key macroeconomic institutions are quite a way from "best practice" both in terms of professional capability and operational independence.
High-quality training programmes are being put in place for staff of the SBV, and numerous [End Page 54] scholarships for study in reputable universities worldwide are available for the staff of Vietnamese government bureaucracies including the MOF. Experience of staff training in other parts of the bureaucracy (for instance, in the CIEM of the Ministry of Planning and Investment) has shown that Vietnamese young people are highly adept at economics, finance, and business studies. However, the effectiveness of their training is significantly improved if, upon their return to the home institutions, they are able to work for a time in a team led by an experienced economist —often someone who has had considerable experience in a central bank or ministry of finance of an OECD country or an international financial institution. Some of this is already occurring as part of technical assistance from bilateral and multilateral agencies, but the various initiatives need to be coordinated and commitments from senior management of the SBV and MOF need to be secured. With the macroeconomic turbulence fresh in their minds, senior management is open to new ideas and is likely to commit to serious staff training initiatives.
Furthermore, in terms of macroeconomic research and policy formulation, the numbers of highly qualified staff needed are relatively small; hence the actual organization and management of research teams should not be onerous. Although prudential supervision of financial institutions is necessarily more labour-intensive, the actual numbers of skilled personnel required should still be manageable, provided they are supported adequately by workable IT systems. Again, technical assistance from various aid agencies is proceeding at a rapid pace. In short, the enhancement of professional capability in Vietnam's key macroeconomic institutions, although challenging in the short run, could be achieved in a five to ten year perspective. Meanwhile, as mentioned before, the SBV and MOF should consider utilizing existing talent elsewhere in the bureaucracy, perhaps on a secondment basis.
Within ASEAN, substantial reform of the central bank of the Philippines, the BSP, took place within a relatively short space of time in 1991. The BSP has demonstrated that an effective and professionally respected institution can be set up in the midst of a generally disorganized and corrupt bureaucracy. This example was later emulated by Bank Indonesia (Hill forthcoming). This is indeed an erstwhile lesson for the leadership of Vietnam. The style of consensus decision-making in Vietnam has been observed to involve conducting small controlled experiments within the country, to be appraised by various sections of the leadership before applying the changes more generally throughout the economy (Rama 2008). In the case of macroeconomic reforms, however, the more feasible option might be to observe the experience of other countries, particularly within the ASEAN plus three grouping, and then applying it to the Vietnamese context. The myriads of study tours from Vietnamese officials and ministers to countries in the region, although time-consuming from the point of view of the government agencies in the host countries being visited, may in fact contribute to building up consensus within the Vietnamese government for reforms of their public institutions.
Delays in the equitization and sale of the large SOEs (the so-called General Corporations) have been rationalized by the pretext that size matters in world competition, and that Vietnam needs these large SOEs to help it compete in the post-WTO world. Until the outbreak of macroeconomic turbulence in mid-2008, the operations of these large SOEs turned conglomerates had been condoned under the slogan of a "market economy with socialist orientation". Since then, the spotlight has been shone on the role played by these conglomerates in overheating the economy, funded by bank finance and government foreign borrowings. It is becoming increasingly clear that not only are the activities of these General Corporations adding to the non-performing loans of the banking system, they have actually been a factor in destabilizing the macroeconomy. Therefore, despite continuation of state ownership and/or control in these large corporations, the argument that these corporations should no longer [End Page 55] be subsidized in the capital market may be gaining some political attention. This move would certainly be supported by the new foreign banks which are entering the Vietnamese market on very competitive terms. Enhancing the licensing and supervisory role of the SBV would further level the playing field in terms of access to capital between the large SOEs and the domestic private sector. Pessimists argue that the powers of the large SOEs are too strong, and the level of corruption within the upper echelons of government too entrenched for any effective powers to be given to the SBV and the MOF. On the other hand, recent economic problems in Vietnam, not to mention recession in the global economy, have demonstrated the dependence of the one party rule on the continuation of stable economic growth in order to meet the rising expectations of the populace. As Vietnam reaches the emerging market economy status, the leadership may have little choice other than to depend on the professionalism of its key macroeconomic institutions to steer the economy through periods of financial turbulence.
Suiwah Leung is Associate Professor of Economics and Convenor of the Vietnam economic and public policy program at the Australian National University.
1. Eighty-seven banks seem to be a disproportionately large number for a population of 86 million compared with, for example, 216 banks in China (excluding rural financial institutions) servicing a very much larger population.
2. Towards end 2007, fearing a burst of the stock market bubble, the government put a cap of 3 per cent of bank lending to purchase of securities. This cap was later converted to 20 per cent of a bank's chartered capital.
3. Fifteen as at start of 2008. Several licences have been granted since then (see note 4 below).
4. These comprise the FPT Bank (earlier known as the Tien Phong Bank) with large stakes held by the Corporation for Financing and Promoting Technologies, Mobiphone, and the State Capital Investment Corporation; the Lien Viet Bank owned mainly by the Him Lam Ltd, the Saigon Trading Group, and the Southern Airport Services Company (a SOE); and the most recently established Bao Viet Bank which is controlled by the state-owned insurance company.
5. Two more 100 per cent owned subsidiaries of foreign banks (from the Asian region) have been announced in recent weeks, making a total currently of five wholly-owned foreign subsidiaries in the market.
6. At the end of 2006, stock market capitalizations as a percentage of GDP were 288 per cent for Singapore, 68 per cent for Thailand, 57 per cent for the Philippines, and 44 per cent for China.
7. Experiences in Thailand, the Philippines and Sri Lanka have shown that the impact of government subsidized banks result in a shrinkage of informal finance both in the provision of loans to poor households and to small businesses (Armendariz and Morduch 2007). Indeed, given the substantial relationship between the VBSP on the one hand and the mass organizations (e.g., workers unions, women's union) and local government authorities on the other, it might be a reasonable conjecture that state subsidy is being used to enhance political control and influence in the rural areas as well as, of course, to alleviate poverty.
8. These inflows were in excess of 20 per cent of GDP.
9. Instead of appreciation, the dong actually depreciated by 0.14 per cent against the dollar in 2007.
10. See notes 3 and 4 above.
11. For instance, when the dong was under pressure to be devalued in June 2008, the SBV banned third currency trading by commercial banks (the so-called "grey market") in an effort to curb arbitrage and enforce the official exchange rate. The move incited fears that the SBV might be left as the only legal supplier of foreign exchange, and had to use the country's international reserves to back what was perceived to be an over-valued exchange rate. Luckily, the market did not, at that instance, decide to bet against the SBV, but high-risk strategies like these could easily bring about surges in capital outflows à la Thai style in 1997.
12. Author's interviews with senior SBV staff, 10–11 November 2008.
13. The Industrial and Commercial Bank of China (ICBC) sold a 10 per cent stake to foreign strategic investors at a price equal only to around 25–30 per cent of the then market price. Within one year, the contribution of the strategic investor was such that the share price of the ICBC more than doubled, benefiting both the state owner and other investors. This is in contrast to the recent attempt at equitizing the Vietcombank where the IPOs to foreign investors were priced at unrealistically high levels (Fulbright Policy Discussion Paper No. 2). [End Page 56]


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Tales from Beaver Dams (Paperback)
What You Don't Know about Appalachian Mountain Life
Createspace Independent Publishing Platform, 9781985024236, 70pp.
Publication Date: May 21, 2018
List Price: 9.99*
* Individual store prices may vary.
You can learn what you don't know about Appalachian mountain life. You may have visited Boone, Blowing Rock, Todd or Valle Crucis when visiting Western North Carolina without knowing about a hidden paradise, Beaver Dams. It is a pastoral land of cattle, horses, goats, and families with ante-bellum histories. Have you had a chance to see their wagon trains traveling on weekends through the area? This is the book to tell you about them and more.
About the Author
Extremely large public sculpture was killing me. When my poet husband and I moved from Chicago to Appalachia I thought maybe I could write. My first book, Beats Me, Love, Poetry, Censorship from Chicago to Appalachia was a valentine for my late husband, Paul Carroll. It told of our love and his historic win against censorship in 1960. It won designation as a '100 Notable 2015 Indie Book' from Shelf Unbound Magazine. Then I began to write poems in the Spring of 2016, after finishing my book. Not knowing if my first poem warranted consideration I emailed Pulitzer Poet, Stephen Dunn, on Memorial Day and he responded that he thought 'Song for a Dead Lover' was a wonderful poem. The book Conversations with a Dead Lover was published in 2017. For some reason, people always tell me things. They confess. Living in a fairytale-like setting, Beaver Dams, I wrote down the true stories from this area. One editor compared my "Tales from Beaver Dams" to James Harriot's "All Creatures Great and Small."

subset: commoncrawl


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Simi – By You (Feat. Adekunle Gold) (Mp3 Download)
Which couple makes better music? Maybe none in Africa can get close to the type of music made by Nigeria's favourite celebrity music couple, Simi and Adekunle Gold.
Now for the umpteenth time, Simi and Adekunle join forces on a record By You, one of the songs of her just-released album Omo Charlie Champagne.


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Serta Perfect Sleeper Linville Reviews
Nectar has been among the most popular brands since its launch in 2017. They've a few fantastic differentiators – their memory foam mattress is a totally cozy medium firmness, which many clients find desired versus other people. Also, they offer a full year trial plus a'forever' guarantee, which is actually generous in comparison to other manufacturers. With CertiPUR-US foams, optional white glove delivery, a competitive pricepoint, and'Buy Now, Pay Later' funding through Affirm, this is unquestionably a new to consider.Serta Perfect Sleeper Linville Reviews
Serta Perfect Sleeper
Serta offers innerspring and hybrid mattresses and are typical at many mattress box and retail outlets that are big. You have probably heard that the name on the radio. Serta offers some mattresses and enhancements and has been in the mattress business for a long time.
Based on our aggregated testimonials and our scoring process, we recommend Nectar in this game up!
Nectar Mattress Honest Review 2019
>>Check Out Nectar's $275 Offer<<
Nectar Sleep remains relatively new in the company, entering matters within only the last couple of decades, but they've been able to produce quite a name for themselves within just that short quantity of time.
Serta Perfect Sleeper Linville Reviews
Presentlythey are renowned for supplying mattresses of exceptionally high quality whilst at the exact same time supplying a remarkably generous trial period of a year that permits you to try out the mattress to to see whether it's the appropriate fit for you. Nectar Sleep additionally comprises a lifetime warranty on every one of the components, something that many businesses do not provide.
They also have a very beneficial service which will visit your house and allow you to install your mattress for a fee (and remove your previous bed for an excess cost ).
Broadly, this exceptionally renowned for its distinctive design that provides both comfort and support. This is really so hunted then sometimes the company actually sells out entirely!
This mattress is one of the best picks for a gel memory foam forms in relation to quality and worth. A really well developed mattress that offers a 365 Day Trial and a Forever Warranty! We are impressed with the general, texture, quality and cost. Similar to another mattress, you can purchase it into a box choice or to find another $99 they will have white glove delivery service comprise, put it up and take the garbage. For $139 they will send it and choose your mattress!
Just a poly foam coat. From a store owners standpoint, you can anticipate this mattress to hold up really well.
Moreover, the 365-night trial and Warranty are incredibly impressive.
Assessment of Construction and Specifications
Here is how the Mattress is created:
- 1″ Greatest Comfort Layer: The cover is made from Tencel fiber that is a gentle and exceptionally breathable material.
- 1″ Support Layer: Underneath this really is a quilted 4lb. Cooling gel foam coating that is something special. It supply the a exceptional texture and provides excellent strain relief.
- 3″ Transition Layer: The fourth layer is what they call Hi Core Foam Foam. This really is a compact foam that also is excellent for stress relief.
- 6″ Foundation Layer: This is a standard foundation layer like lots of other memory foam mattresses but is vital for providing good support.
The Four Nectar Layers
Right under the cover is a one-inch coating of gel quilting foam. It serves a couple of purposes like providing a comfortable attic for great flow and incorporating that contour you're looking for in memory foam. Whatever place I laid, I discovered the mattress conformed with my whole body readily. This permits that floating feeling that you would love to encounter on your mattress. This high relaxation coating is quilted using a superior process that many mattress businesses avoid as a consequence of cost, but I'll tell you it's well worth the extra investment in the manner that it gets the Nectar mattress feel.
We arrive in the three-inch coating of gel memory foam. It's at this level in which weight loss happens, and this serves to efficiently reduce painful pressure points. Nectar's semi-open Lush Foam holds five patents and has become the very premium gel foam accessible. It's expensive to make and generally made to be utilised in the healthcare field. The Foam directly absorbs and distributes warmth and dries perfectly into its original, untouched condition.The following layer we locate is comprised of a 1/2 inch coating of elastic hi-core memory foam. If you have not heard of this substance, it's most likely because no extra direct-to-consumer mattress provider assembles Hi Core Adaptive foam inside their mattresses. This is mainly because the material is heavy and expensive to ship. Premium elastic foam is also the best interior coat for proper shape to your stress variables. In case you take a whole lot of weight, this may be a standard that might significantly increase your wellbeing. Finally, we arrive in the 5 1/2 in. Breathing base coat. It is modeled to draw fresh air in through particular channels.
>>Use This Link to Save $125 and Get 2 Free Pillows<<
Nectar Mattress Firmness
One of the first things which you see about Nectar is the way soft and luxury that the quilted cover feels while giving you another coating of pressure-relieving memory foam. Lying back on the bed, you'll feel your whole body gradually sink to the top layers to get a deep kiss. These comfort layers are slow responding, unlike the quicker-responding layers in the foundation.
Both layers are clearly firmer, and the manufacturer has done a superb job of blending pressure relief and comfort with support. Also it is extremely important to keep in mind that even milder regions of the human body sink, creating a wonderful uniform sense of lying down.
Though mattresses which cradle your body can occasionally maintain heat, Nectar's heating attributes, like the breathable and gel cover, can save you from sleeping hot.
Just like the majority of memory beds, there's not a profound dip. Though the foam is slow-responding and there's a deeper hug, you likely won't encounter that"trapped atmosphere" This might be significant if you are a mix sleeper which may rotate between sleeping places or enjoy simplicity of repositioning. Serta Perfect Sleeper Linville Reviews
Motion Transfer
Motion isolation or motion is how successful a mattress reaches localizing or swallowing motion. Very superior movement isolation is excellent for couples to prevent waking up every other through nurturing, turning or getting out of bed.
Some couples may not like zero transportation for all these activities as sexual intercourse. Memory Foam includes great energy-absorbing possessions and usually the thicker or more compact it's the better.
Necar does a superb job with decreasing sinkage, particularly compared to the great majority of mattresses we've reviewed.
The simple fact that I weigh around 230lbs will possess a fairly large bearing on the level of sinkage I encounter when sitting and sitting on a mattress.
Kaye, who is half my burden, experiences much less sinkage than that I really do, however, this really is to be expected because of her much lighter weight.
I really don't sink all when sitting round the Nectar, as a consequence of high quality dense foam layers, so which is striking given my heavier weight often induces me to"bottom out" when sitting many models that can be found on the marketplace.
Edge support is quite good with this particular mattress , and much better compared to a lot of mattresses we have reviewed. The huge density foams used in the construction do a wonderful job in providing support throughout the mattress, by means of instance, edge.
Nectar Mattress Temperature. Too Cool or Too Hot?
Individuals having the NECTAR view the mattress is great at preventing heat buildup and perspiration throughout the evening time. Many remarked that heat is something they have begun to anticipate with foam mattresses and they've been pleasantly surprised by the gap in NECTAR.
Air circulation is a vital component in controlling heat buildup, therefore each coating was constructed to wick heat and encourage airflow. Additionally it's meant to circulate air throughout the top layers of the mattress.
Users say that the mattress is excellent at preventing heat buildup and sweat throughout the night time. Many commented that warmth is something they have begun to expect with foam based competitors and they've been amazed by the gap in NECTAR.
The NECTAR is most closely compared to this Tempur-pedic, together with both comprising Ultra Dense Foam and 11″ or more thickness. NECTAR asserts that their cooling is significantly more effective with breathing ventilation and woven cloth compared with compound bathtub cooling system included from the Tempur-pedic.
>>Check Out Nectar's $275 Offer<<
What's the Nectar Forever Warranty?
Nectar introduced what they call, "The Forever Warranty. This usually means they guarantee the construction, and durability to the initial purchaser.
Below are the details of the merit as based on your own site:
- For the first ten years of possession, we'll replace your mattress with a new new Nectar at no cost to you if defective in workmanship and materials. In years 10+ Nectar will fully repair and re-cover your Nectar, or replace your Nectar. All transportation charges will be waived if a manufacturing flaw (s) or a chemical meltdown is confirmed to exist.
- Nectar also supplies the"Choice Option" within our Forever Warranty". If You're choosing the"Choice Option", subsequently YOU KEEP YOUR ORIGINAL MATTRESS. On Your choice, instead of us repairing or replacing your faulty Nectar in years 10+, we will deliver a new new one for 50 percent of their initial cost you paid.
- Your mattress has to be utilized on an acceptable base like a platform bed or alternative proper bed frame.
- The guarantee applies only provided that the owner.
- The warranty does not apply if burnt or abused, damaged, dented, or neglected.
- To have the ability to present the maximum optimal sleeping surface, the Nectar includes only the maximum quality materials. Like superior sleep goods, specific adaptations will occur as the mattress adjusts to your body contour. That's to be expected and is a part of the operation. Standard body comments (not greater than 1.5″) aren't defects and are not covered by the guarantee. Excessive body opinions of bigger than 1.5″ are covered by the Forever Warranty till. . .Forever.
High Quality Foam Mattress for an Outstanding Price
Another monumental advantage of the Nectar mattress is its own value. It is a superb excellent bed for a remarkably inexpensive price, particularly as soon as you compare it to the standard foam mattress you might see in a retail shop.
In accordance with Nectar cuts out the middle man. This normally means they are able to splurge on topnotch substances that are incredibly durable and will last a lifetime. What outcomes is rather a superior mattress at a wholesale price.
When you include the elongated warranty with the Choice Option, the Nectar is among the best values on the industry. You could easily pay a few times more to get a similar mattress out of a brick-and-mortar store. Even many additional online mattress businesses don't supply the specific same amount of value the Nectar does.
Eventually, as a nice touch, the Nectar currently includes two complimentary pillows, so you don't have to receive any new ones once you obtain your mattress. Serta Perfect Sleeper Linville Reviews
How Much Can Nectar Mattress Price?
Nectar is among the most competitively priced compact polyurethane mattresses which can be found on the business. {A queen size retails for $795, but you can get $125 off ANY size, along with 2 free pillows using this link
If you're unsure what size you require, take a peek at their own mattress dimensions and dimension manual .
|Price Without Ignore
|Cost With Ignore
|Double XL
|California King
It's also feasible to finance the Nectar mattress through Affirm. This will let you pay monthly payments.


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Enhancing the Flipped Classroom Experience with the Aid of Inclusive Design
- Publisher:
- Association for the Advancement of Computing in Education (AACE)
- Publication Type:
- Conference Proceeding
- Citation:
- Association for the Advancement of Computing in Education, 2016, 2006 (1), pp. 1789 - 1801
- Issue Date:
- 2016-07-14
In Progress
|3F512F83-5964-415F-A68D-5E679905A4D9 am.pdf
|Accepted Manuscript version
|396.91 kB
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Flipped classrooms are increasingly used in tertiary institutions to engage students in active learning tasks and foster independent learning skills. The use of technology such as digital video, screencasts and interactive presentations is impacting the design of flipped classrooms. This creates an opportunity to apply the principles of Inclusive Design in the planning, development and deployment of resources used to flip the classroom. The aim of this paper is to discuss the integration of Inclusive Design into Flipped Classroom interventions to cater for a wider range of learners. For this purpose, we reviewed the pedagogical foundations of Flipped Classrooms, the advantages and disadvantages of its implementation, and discuss Inclusive Design enablers.
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text:
Auckland Harbour Dinner Cruise, Auckland CBD
Immerse yourself in Auckland's Harbour setting and unwind with a three-course meal on the water. Set sail and take in Auckland's spectacular scenery as the sun lowers in the sky.
Auckland Whale & Dolphin Safari, Auckland CBD
Experience the diverse wildlife and stunning scenery of Auckland's Hauraki Gulf Marine Park. Enjoy whale watching, dolphin encounters and an abundance of seabirds while learning from on-board experts and directly supporting our conservation efforts.
Explore Group - America's Cup Sailing Experience, Auckland CBD
The unique opportunity to participate in sailing these grand prix racing machines. The America's Cup is the world's oldest and most prestigious sporting trophy and ultimate yachting regatta.
Explore Group - Auckland Harbour Sailing, Auckland CBD
Enjoy the 'City of Sails' on-board our Harbour cruising yachts. Our relaxed sailing excursions offer a uniquely local Auckland experience with an intimate atmosphere. Sit back, relax and take in the best view in town.
Haka Tours - 20 Day Legendary NZ Tour, Newmarket
Get ready for three weeks of Aotearoa (New Zealand) awesomeness.
With a week in the North Island and two weeks in the South, there is so much that our Haka Guides can't wait to show you.
With a week in the North Island and two weeks in the South, there is so much that our Haka Guides can't wait to show you.
Haka Tours - 7 Day South Island Lick Tour, Newmarket
Be awed by stunning mountains, fantastic views and the amazing Queenstown on this South Island trip, where you'll experience unbeatable scenery coupled with a massive range of optional activities.
Rotorua to Auckland via Hobbiton Movie Set and Waitomo Caves One-Way Private Tour, Parnell
Experience two iconic NZ visitor attractions in one amazing day starting in Rotorua and ending in Auckland. See the iconic Hobbiton Movie Set, the world-famous Waitomo Glowworm Caves and travel through the beautiful Waikato region.
Rotorua to Auckland via Waitomo Caves One-Way Private Tour, Parnell
Experience one of New Zealand's most famous attractions while travelling from Rotorua in the Bay of Plenty and ending in Auckland. See the world-famous Waitomo Glowworms Caves and travel through the beautiful Waikato region.
North Island's Golden Triangle Tour - Headfirst Travel, Auckland CBD
An excellent option to discover the North Island if you have limited time. Explore Waitomo caves, wander around Hobbiton Movie Set and be amazed by the nature colours of Rotorua.
Kaka 17 Day North & South Island Tour, Auckland CBD
Small group guided tour to the best of both Islands. North Island highlights include sailing, hosted lunches and 2 nights in Wellington, in the South you'll love our best national parks, Milford Sound & the West Coast gems like Okarito and Punakaiki.


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Mindset the new psychology of success by carol dweck pdf - Mindset The New Psychology of Success by Carol S Dweck
harry potter books in french pdf
I currently own the first Harry Potter book in English, French and Chinese, which is an interesting combination of books to compare. This was the most expensive of the three to buy (including shipping) and definitely feels the cheapest to hold.
countable and uncountable nouns quiz pdf
c) There's some hair – 'Hair' is a countable and uncountable noun. So this option is correct. So this option is correct. However, there are other options here which are also correct.
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tion techniques caused extensive spreading of MS to food analysis. Also, the introduction of Also, the introduction of relatively inexpensive quadrupole and ion trap …
english file upper-intermediate all tests pdf
New English File Pre-intermediate Test Booklet [Jenny Quintana] [Oxford].pdf - Download as PDF File (.pdf) or read online.
sql server dba roles and responsibilities pdf
12/02/2014 · The list of tasks and responsibilities common to a SQL Server DBA are listed below. Before you consider this a full and complete list of all roles and responsibilities of a SQL Server DBA, you need to understand that this varies from one organization to another and no two companies are exactly the same. SQL Server is a complex program, offering a large range of functions and abilities. …
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Creez votre propre magazine ou telechargez gratuitement votre magazine PDF en ligne. Aucune installation et aucune competence requise.
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New South Wales: Castle Cove NSW, Hawkesbury Heights NSW, Sylvania Waters NSW, Conjola Park NSW, Mullaley NSW, NSW Australia 2076
Northern Territory: Lajamanu NT, Weddell NT, Papunya NT, Stuart Park NT, Wanguri NT, Banyo NT, NT Australia 0884
Queensland: Wamuran QLD, Wujal Wujal QLD, Veresdale Scrub QLD, Allandale QLD, QLD Australia 4072
South Australia: Warburto SA, Trott Park SA, Broadview SA, Dalkey SA, Clare SA, Monarto SA, SA Australia 5023
Tasmania: Glaziers Bay TAS, Chasm Creek TAS, Cressy TAS, TAS Australia 7043
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Western Australia: Perth WA, Millbrook WA, Westlake WA, WA Australia 6025
British Columbia: Victoria BC, Ashcroft BC, Hazelton BC, Terrace BC, Chilliwack BC, BC Canada, V8W 8W6
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text: Nock Volley Gun Garry James - May 27, 2011 by Garry JamesNaval warfare back in the 18th and 19th century wasn't only about ships coming up close and banging away at one another with heavy artillery until one of them sank. As ships got close there was quite a bit of musketry fire exchanged between marines and sailors. As things could get pretty hot'n heavy during such a melee, British gunmaker Henry Nock figured why have a gun with one barrel, when you could have two'¦ or three'¦ or, even better, how about seven! Enter his hefty, stubby "Volley Gun." Designed as the ultimate rigging-clearer, this formidable flintlock involved a cluster of seven .60-caliber barrels that all went off more or less simultaneously with one pull of the trigger. It worked well enough, and even though it had some weight to absorb recoil, about of a third of a pound of bullets, pushed along with several hundred grains of blackpowder produced more recoil than even the stoutest Jolly Jack Tar was comfortable with. That, along with a penchant for spewing out enough flame to catch lines and sails on fire, caused the Royal Navy to rethink the whole matter. Though a couple of models were designed, numbers produced were limited and the guns were prudently withdrawn from service. Still, the Volley Gun has achieved some fame in recent, being the gun of choice of Sergeant Patrick Harper in Bernard Cornwell's marvelous series of "Sharpe" novels and in the television shows based on the books.


text:
Originally published: Winter 2018 RC02 Newsletter
Dear RC02 Economy and Society Members,
In the Winter 2018 RC02 Newsletter we have a letter from the RC02 President Aaron Pitluck and two fascinating contributions from junior economic sociologists exploring the roots and responses to contemporary political and economic afflictions.
The first, "Investigating Financial Risks," by Anne EA van der Graaf, is an exploration of the importance of ethnographic methods in understanding the "risks" inherent in financial enterprises. The "numbers" of financial data represents such enterprises with clarity and stability while obfuscating the contingency and uncertainty involved in the production of these numbers. Direct observation, van der Graaf argues, is a necessary means to shed light on the myriad choices of these decision-makers.
In the second, "The Constitution of Entrepreneurial Identities in Brazil," Aline Coutinho discusses the recent emergence of the "entrepreneur" as a "pervasive socioeconomic identity" in the Global South, which is often presented as a panacea for economic ills. Drawing on exploratory research with key organizations and online communities, Coutinho traces the formation of this new identity and how it relates to the amelioration or reproduction of inequalities.
If you would like to contribute an essay for the next newsletter about your research, a book review, or commentary on recent events of interest to RC02 members, please contact me at dstoltz [at] nd [dot] edu. Essays should be 500-2000 words.
All the best,
Dustin Stoltz
RC02 Secretary and Newsletter Editor
University of Notre Dame


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Here Are the 10 Safest Cities in America: List
Feeling secure is often a top priority when people are seeking a place to settle down—and that doesn't just mean finding locales with boring weekly police logs. WalletHub looked at more than three dozen safety metrics for 180 cities, examining what automatically comes to mind when you think of safety—including crimes such as mass shootings, terrorist attacks, and sexual assaults—as well as markers of financial security (e.g., unemployment and foreclosure rates, bankruptcy filings) and the risk of natural disasters in each location. Read on for the top 10:


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Huawei rumored to ship phones with its own mobile OS in October
Huawei rumored to ship phones with its own mobile OS in October *updated*
Updated on 14/06/19 at 11:30am:
Official confirmation about this rumor has come via Huawei Central:
Huawei has denied the news and added that: "Any information to this effect would be released through official channels".
Huawei's own mobile OS could be ready to ship in October according to Tianfeng International analyst Guo Mingxi.
In his research memo, Mingxi cited information from multiple Chinese sources who claimed that Huawei will ship phones with its own mobile OS in October. However, Huawei is limiting the use of its own mobile OS to entry-level and midrange phones in the Chinese market.
A separate report from Global Times states that Huawei's own mobile OS is 60% faster than Android. The platform is said to be tested with Internet giants and domestic smartphone vendors such as Tencent, Oppo and Vivo. A source told Global Times that major tech companies are also working with Huawei to release its mobile OS earlier.
Huawei has already filed trademark applications for the mobile OS in several countries. The mobile OS is rumored to be called HongMeng for the domestic market and re-branded as Oak OS for the international market.
Source: news.mydrivers, phone.cnmo, Global Times via GSMArena


text:
The Anesthesia Machine - Safety Features
To view the entire topic, please sign in or purchase a subscription.
Anesthesia Central is an all-in-one web and mobile solution for treating patients before, during, and after surgery. This collection of drug, procedures and test information is derived from Davis's Drug, MGH Clinical Anesthesia Procedures, Pocket Guide to Diagnostic Tests, and MEDLINE Journals. Explore these free sample topics:
-- The first section of this topic is shown below --
Audible Oxygen Alarm
An Audible Oxygen Alarm is fitted in the oxygen supply line of the high-pressure system. It consists of a pressure regulator and a reed or whistle that will sound when the pressure in the supply line is greater than 0 and less than about 25 psi.
-- To view the remaining sections of this topic, please sign in or purchase a subscription --


text:
Search Results
1 - 2 of 2 items :
- Author: Yu Ma x
- Basic Medical Science, other x
Giant malignant peripheral nerve sheath tumors of the occipital scalp
Background: Malignant peripheral nerve sheath tumors (MPNST) are rare neoplasms, usually arising from peripheral nerves or showing a nerve sheath differentiation. Primary MPNSTs of the scalp is exceptionally rare, and only sporadic cases have been reported recently.
Objectives: Report a rare case of giant malignant peripheral nerve sheath tumor (MPNST) beneath occipital scalp, and discuss how to treat with this kind of tumor.
Methods: Descriptive study of a rare case of giant peripheral nerve sheath tumors of occipital scalp without adjuvant treatment with nine months follow up.
Results: In a 52-year-old man with MPNSTs beneath occipital scalp, the tumor was treated with complete surgical resection. Histological examination proved that the lesion was a scalp MPNST. The patient was followed up asymptomatic for the following nine months after surgical resection without adjuvant radiotherapy.
Conclusion: MPNSTs beneath the occipital scalp should be treated individually, for those well-circumscribed MPNSTs without bone destruction or brain invasion (low-grade tumors), complete surgical resection with clear margins (if possible) is recommended. Otherwise, adjuvant postoperative radiotherapy is necessary.
Dumbbell-shaped primary CNS lymphoma involving the hypothalamus and pituitary gland
Background: Primary central nervous system lymphoma (PCNSL) involving the hypothalamus and pituitary gland is extremely rare. Therefore, no case to our knowledge has been reported to date.
Objective: We described our findings in a 48-year-old immunocompetent man, who presented with four months progressive diabetes insipidus (DI) and two months subsequent headache.
Methods and Results: A radiological study and magnetic resonance imaging (MRI) suggested a homogeneous enhancing dumbbell-shaped lesion, 2.4⃞1.2 cm in size, involving both the hypothalamus and pituitary gland. A brain biopsy was conducted through a transnasal transsphenoidal approach, and a final histopathological diagnosis of the tumor was confirmed as diffuse large B-cell malignant lymphoma. After extensive tumor surveys, including computed tomography, MRI, ultrasound, bone marrow biopsy, lumbar puncture, and positron emission tomography (PET), no evidence of other lesions found. Subsequently, he received six cycles of intravenous highdose methotrexate-based chemotherapy followed by one cycle of whole-brain radiotherapy. The progressive DI and headache completely resolved and he was in good health 11 months later.
Conclusion: Clinicians should consider the possibility of PCNSL in non specific clinical presentations.


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Urban Angels SF is a 501(c ) (3) charity that is seeking to eliminate homelessness in San Francisco by sustaining the men and women living on the streets with clothing, warm meals and bottled water and by helping them take advantage of available services and programs to shift to more desirable lifestyles.
Our Goal
Our goal is to eliminate homelessness in San Francisco.
Our success depends on your donations of money as well as of clothing.
Volunteers to help in the office or on the streets are also welcome.
Our Volunteers
Our volunteers take clothing, food and water directly to street dwellers of San Francisco.
You can contribute in two ways; donate clothing or money.
Clothing: The following items are always in high demand; Blankets & Warm Jackets, Socks / Underwear, Shoes (in good shape), Waterproof clothing & ponchos, Gallon size Ziploc bag with toothpaste, toothbrushes, chocolate, mittens, knit hats, scarves, energy bars, little flashlights etc. See drop off locations below or call for pick up.
Money: You can also donate money which we use to buy hot burritos at $5 each which we deliver to hungry people.
To Donate by Credit Card click on the Donate Now Button below.
To Donate by check, Make checks payable to "Social Good Fund"
and in the memo put "For Urban Angels SF" and Mail it to:
Nelson Barry
5228 Diamond Heights Blvd,
San Francisco, CA 94131
On my second outing with John, we ran into another group of volunteers who where handing out pizza and water. It was almost a party atmosphere; so touching to be a part of this.
This was my first outing with John who was so happy handing out food and a good word that he insisted on paying for all 25 burritos and then paid for all 25 burritos the following week.
Thank you John!
Delivering burritos with Elizabeth and Brad.
Another visit to Martin De Porres on a sunny Saturday morning. Everyones spirits were high as they picked out shirts, pants, underwear and socks.
These folks are amazing; such survivors and down to earth but also nice, humorous and grateful.
The rain keeps coming but it feels blue skies will be coming soon. No soon enough for these folks who have endured the wettest winter on record.
Parked on Jones at Turk to go to the theater, and had time to hand out lots of clothes to some really wonderful and grateful people.
It has been wet and cold for almost two months. It has been really hard for people living on the streets who are getting weaker and starting to despair.
It has been raining for weeks and everyone is determined to hang on. The warm burritos went quickly as did the warm clothing. We wished we had more of both to hand out.
Our hearts went out to these wonderful people who somehow surviving on the streets after nearly six weeks of continuous rain.
Mikiko and I drove around the South of Market region where we found many people camping out on the streets who were very happy to get a warm burrito for dinner. We also handed out clothing.
Everyone was in a good mood and grateful to have a warm burrito for dinner. We also handed out several articles of clothing.
What great spirits; it is cold and wet and one of the best places to be is under the noisy freeway. As you can see, these two gentlemen were overjoyed at having hot burritos delivered to their open hands.
Today, January 13, under the full moon, I picked up 10 hot chicken and rice burritos from Yakinku because Marilyn is providing them at half price. Ed Suacci already donated $100 to cover the first 20 burritos
Sharing at Bill Graham during the storm.
3rd foray with Dick on Christmas night at the Bill Graham Auditorium. We gave out 14 hygiene bags, couple dozen blankets and several sweaters.
The second outing I went down to under the freeway on Duboce Street and then up the side alley next to Rainbow Grocery. There we handed out 12 mylar blankets, several large blankets, socks jackets scarves knit caps and four hot burritos.
Call to action and meeting Matt and Crisscross.
One of the early donators of several arm loads of warm women's clothes
Passed away and left $100 for the burrito fund
$300 donation to cover the cost of 60 hot burritos from Choice Yakinku. Thanks dude!
$200 (40 burritos)
The first to donate several large bags of clothes
24 pairs of socks and 50 emergency blankets
Tons of clothes and blankets
14 gallon sized "goodie bags"
$50 donation
Founder of Clothing+ Drive and mind organizer of fundraising and delivering of clothing and burritos to those we support in San Francisco.
Nelson has been on virtually every trip to the streets of San Francisco and delivered lots of clothing and hundred of burritos to the people he meets.
Dozens of warm burritos
Donating clothes and accompanying me to the streets twice to hand out food and clothes to the people there
Handing out burritos in San Francisco


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NCERT Solutions are said to be an extremely helpful book while preparing for the CBSE Class 12 Accountancy examinations. This study material owns a deep knowledge and the Solutions collected by the subject matter wizards are no distinct.
NCERT Solution for Class 12 Accountancy Chapter 1 – Accounting For Not For Profit Organisation furnishes us with an all-inclusive data to all the concepts. As the students would have learnt the basic fundamentals about the subject of accountancy in class 11, this curriculum for class 12 is a continual part of it; which explains the concepts in a great way.
Concepts covered in this chapter –
- Meaning and characteristics of Non profit organisation
- Accounting records of NPO
- Balance sheet
- Incidental trading activity
- Income and expenditure account based on the trial balance
- Income and Expenditure account
NCERT solutions for class 12 Accountancy chapter 1 provides a wide degree of illustrative examples; which assists the students to comprehend and learn quickly. The above mentioned are the illustrations for class 12 CBSE syllabus. For more solutions and study materials of NCERT solutions for class 12 Accountancy visit BYJU'S or download the app for more information.


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Afghanistan: Attack on military academy in Kabul; 5 soldiers dead, 10 injured
Insurgents attacked an Afghan army unit guarding a military academy in the capital of Kabul on Monday, killing at least five soldiers and wounding 10, officials said.
Basir Mujahid, a spokesman for the police chief has confirmed that 5 army soldiers were killed and 10 others were wounded in attack on Marshal Fahim Military University in Kabul, reports TOLO news.
ISIS claims responsibility for Kabul Military Academy attack
A suicide bomber first attacked the army unit responsible for providing security for the military academy, and the attack was followed by a gunbattle in which the soldiers were wounded, said Dawlat Waziri, spokesman for the Afghan defence ministry.
Kabul resident Mohammad Ehsan said the explosions began near the city's Marshal Fahim national defense university at around 5am (0030 GMT) on Monday morning and lasted for at least an hour. Smaller blasts at less frequent intervals could still be heard, he said.
MoD spokesman Dawlat Waziri said 3 attackers killed, 1 arrested, 1 still fighting after attacking Marshal Fahim Military University in #Kabul early Monday morning. Wazari says 1 ANA soldier killed, 10 wounded: TOLOnews #Afghanistan— ANI (@ANI) January 29, 2018
Some of the attackers at the Marshal Fahim Military Academy have been killed, an Afghan security source said, adding the gunmen had not managed to enter the academy.
Kabul police spokesman Basir Mujahid told AFP there had been rocket and gunfire but now "it is calm".
Marshal Fahim National Defence University houses three important military educational and training facilities - National Military Academy of Afghanistan (NMAA), the Afghan National Army Officer Academy (ANAOA), and the Non-Commissioned Officer (NCO) Academy.
The attack comes just days after a massive bomb hidden inside an ambulance killed more than 100 people and injured over 230 in Kabul. The Afghanistan government had declared a day of national mourning after the attack.
OneIndia News


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I'm a Berlin-based freelance writer/editor/content creator specialising in the arts, culture, tech and travel-related content. I'm currently available for new commissions or projects - let's talk!
6 Highly Effective Tips for Brand Managers
As professional brand managers, you already understand the importance of developing a good relationship with your audience. But alongside analyzing, planning, and managing your brand within the market, the journey of brand management is a constantly evolving one. From championing brand integrity within your own teams, understanding how to design and implement a winning brand strategy, to deep di...
A Workation in Nature
A Workation in Nature - Blogger-In-Residence program for Coconat.
Hello! I'm Fiona, and I'm Coconat's first blogger-in-residence. I'm a freelance writer and I live and work in Berlin, writing for a range of tech and lifestyle clients. I've been running my own location-independent business for the last five years. I was born in Australia, made Berlin my adopted home in 2013, and I am about to apply for German permanent residency.
Being a small business owner, I find it challenging to take proper vacations, as I'm o...
This is how aspiring entrepreneurs can fast-track their success
Is being entrepreneurial something you're born with or something that can be taught? Many successful entrepreneurs are described as being "gifted," but whether this is defined as having a natural ability or having an exceptional talent is often debated.
When it comes to entrepreneurial success, having access to the right resources and dedicating ample amounts of applied learning time certainly helps. It won't make everyone attain "genius" level but equipped with the right set of core ski...
What Entrepreneurs Can Learn From Building a Diverse Work Environment
Within an organizational framework, what does it mean to be diverse? For CIEE, I explore workplace diversity and cross-cultural collaboration as a future work skill within the entrepreneurial context.
7 Tips For Networking in Berlin
CIEE are the nonprofit leader in intercultural exchange and eLab is their post-graduate program for aspiring entrepreneurs. I wrote a how-to guide for networking in Berlin.
Chernobyl, cathedrals and local cuisine: The 15 best things to do in Kiev
HostelWorld commissioned me to write about the best things to do in Kiev, Ukraine. Spoiler alert: it includes a 17-hour overnight sleeper train!
Beyond the MBA: Exploring new business education alternatives
Going to business school to complete an MBA (Masters of Business Administration) has long been regarded as an essential post-graduate course for professionals and while it offers core components in entrepreneurship, is it still a worthwhile investment in today's business climate?
I explored this topic for CIEE, a nonprofit leader in intercultural exchange. eLab is their post-graduate program for aspiring entrepreneurs.
More Than Just Fintech: Discovering London's Blockchain Scene
CIEE are a nonprofit leader in intercultural exchange and eLab is their post-graduate program for aspiring entrepreneurs. For the eLab blog, I wrote about London's emerging blockchain scene.
Expat Living: Fil Bo Riva in Berlin Germany
I interviewed and photographed Berlin-based musician Fil Bo Riva in the legendary Kanstrasse hangout Schwarzes Café
The 11 best Berlin tours
Time Out London asked me to curate a list of the 11 best tours around Berlin. List of recommendations by me, copy and photos provided by TimeOut.
Tech On Politics by Animal Ventures
I wrote podcast descriptions for Tech on Politics, a podcast produced by Animal Ventures. Season one featured talks with some of the world's top technologists, entrepreneurs, investors, philanthropists, and political elite, and brought new voices to the ongoing debate and expanded the discourse beyond the headlines.
No power without accountability: the role of AI in the political machine
The role of artificial intelligence in the political machine - what an inspiring brief! I created this blog content for Animal Ventures, a Silicon Valley-based innovation consultancy.
3 Use Cases of How Blockchain Technology is already Unlocking Value
I wrote a blogpost about blockchain and profiled 3 non-crypto companies where the technology is already unlocking value. The client was Animal Ventures, a Silicon Valley-based innovation agency.
Taylor Swift concert review and photography
I produced content (concert review and live music photography) for Taylor Swift's "Fearless" Australian tour. This was published in Dolly Magazine in February 2010.


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Full Day Camp July 15 - 19
Full Day Camp July 15 - 19
Week 3:
July 15 - 19
Sign up for our morning and afternoon camp, with an hour of supervised lunch and activities.
Ages 10 & up
Morning: Re-Invent The Wheel
Learn to use the potter's wheel to create fun and funky pieces to take home and enjoy for years to come! Center, pull, and throw to make pots big and small. Finish all your projects with the glaze of your choice.
Afternoon: Clay Contrast
Learn how to center, pull and throw as you use the potter's wheel to make cups, plates and bowls. Introduce contrasting colors while using the technique of sgaffitio to create designs and imagery in black and white.
Ages 6 - 9
Morning: Planes, Trains and Automobiles
Calling all engineers to create the fastest car, plane and train in clay! Campers will learn how to construct complex forms with slab and coils, and use wood and wire to make their vehicles kinetic.
Afternoon: Plates, Platters, Nothing Else Matters
Learn how to make your own plates and platters using ceramic molds. Build with coils to create swirling shapes or straight lines, and decorate each piece with stamps, stencils and more!
Register for Early Bird Drop Off to bring your child at 8:30am.


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Purple Heart Nightstand
I made the base and drawer case from some left-over ribbon sapele and purple heart from my previous table projects. The legs are a curved taper on two of the outer edges starting at 1 5/8" and widening to 2" at the bottom. The top carries a steep 14 degree bevel cut on the two sides that are reminiscent of the asian style pagodas. The lower shelf floats on a set of 3 cross rails that really added to the stability of this project. The drawer is dovetailed with a nifty table saw sled for cutting dovetail pins that I learned from Jeff Miller of J. Miller Handcrafted Furniture in Chicago. The purple heart drawer pull is set in a beveled, notched-hole allowing for easy access of two fingers to open and close.
This original design was intended to compliment her bed's design aesthetic (a copy from a Thos. Moser design "American Bungalow Bed) as well as a few purple heart dovetail shelves in her room. The two contrasting woods look surprisingly nice together (despite my initial hesitation) and pull in other elements of her room. Ultimately, the purple heart will mellow-out a over time, becoming a little more subdued. I only hope my 8 year old is able to do the same. 😉
On to my next project…


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Executive Agility Retreat
Is your leadership team acting as a true "team" or "representatives of their own organization"?
Do you have conflicting priorities across silos?
Is everyone working crazy hours but not delivering more value?
Is your organization slow to respond to market opportunities and threats?
We introduce processes that unearth dysfunction and help you rumble with them.
In this full day we will facilitate 3 working sessions that will help your leadership team with real business struggles. You will use your actual delivery information to walk away with shared outcomes, clearly identified priorities, understanding of your capacity and mutually agreed upon roles, responsibilities and action steps. Your team will bring actual delivery information to build your strategy and action plan.
Module 1: Leadership Team Chartering
Build shared outcomes and design a team alliance
Retrospective on current strategy
Level up on meeting effectiveness
Define clear Mission, Vision and Outcomes
Module 2: Optimizing for Value
Map out demand and capacity
Customize prioritization model based on your actual delivery information
Clear Decision-Making framework to remove approval bottlenecks
Module 3: Integrate and Action Plan
Uncover and address cultural and behavioral elements that no longer serve the team
Align initiatives to outcomes
Team commits to clearly identified outcomes
Mutually agree upon five top priorities
Addressing organizational needs as well as individual growth gaps allows for a quicker and more effective response to the ever-changing market. This one full day value packed training will shift the way your team operates, strategizes, prioritizes and makes decisions.
Our promise to you that upon conclusion of this retreat you will leave as a high performing leadership team with a capacity to be responsive instead of reactive.


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Let's have a look at how to effectively remove build-up and stubborn dirt from your tiles.
In this video, our cleaner made use of Conquest Chemicals' Wax and Polymer Floor Coating Stripper, by diluting one part of the formula with 12 parts water. The mixture was then put into a spray bottle and sprayed on to a tile.
A scrubbing action with a piece of steel wool is used to get rid of the dirt. The product was then removed by wiping it off with a clean damp cloth. The difference is definitely noticeable in this video.
It has been formulated to quickly and thoroughly remove high solid floor finishes and wax polishes from PVC, rubber linoleum, tiles, sealed wood, cement, trazzo, mosaic, sparta or quarry tiles and slasto flooring
The advantages of using Wax and Polymer Floor Coating Stripper is:
- It is highly concentrated
- It does not contain any ammonia in the formula
- It leaves no odour
- It has a highly effective stripping action
- It can be applied using both hot or cold water
- It has no flash or fire point
- It is suitable to use with soft or hard water
- It is bio-degradable and free rinsing


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Denger of soft drinks – Soda is highly addictive. That reason alone should quit you from drinking way too much of this item. However, some people do not actually care if it's addictive or not. That's since lots of people don't know actually know the other important reasons it's primarily negative for their health.
If you're below to learn about the harmful effects of alcohol consumption soda, then this article will focus as a guide to inform you about the fundamental reasons that sodas consumption must be restricted.
Active ingredients
The basic components of soft drink are corn syrup, high levels of caffeine, alkaloids, and also theobromine. There are other ingredients however those are well secured by soft drink makers. Soft drink firms don't really want to reveal their active ingredients to the general public.
That's why there are researchers that work for firms such as the FDA that dutifully take a look at the different chemicals inside the sodas.
Various Unidentified Chemicals
It's known that there are various other ingredients and chemicals inside these sodas aside from the fundamental components; but just what the scientists don't know is how these chemicals would certainly affect the human body in the future.
A dominating concept of growths is that the majority of toxins from chemical active ingredients like these show up when they're stored and build up right into the body fat because the human body had not been built to absorb them.
A recent conflict regarding the presence of pesticides in soft drinks around 2006 was reported in India, which triggered safety policies (as well as potentially also a restriction, yet it's still being gone over) because country and a few other.
Diabetic Issues
Soft drink is generally well-known for helping to increase the risk of people establishing diabetes. A current study by some 50,000 nurses in 2004 revealed that individuals who consumed alcohol too much soft drink had an 80% chance of creating type-2 diabetic issues.
If that does not frighten you enough, after that maybe nothing will. Yet possibly the following few reasons ought to encourage you.
Obesity as well as Metabolism
One more research was done regarding sodas as having links (or at least indirect reasons) to excessive weight. Scientist done by the Framingham Heart Study hall have shown that there was a 44% to 48% opportunity that individuals that consumed excessive soda will create metabolic syndrome.
Metabolic syndrome itself causes most people to have a better chance of getting excessive weight besides increasing the possibilities of developing diabetes.
Metabolic disorder can likewise create a 50% chance of establishing coronary cardiovascular disease along with various other ailments that are straight influenced by the body's metabolic rate.
Considerable Dehydration
While soda may not be as negative as you could believe when it comes to the issue of dehydration, it could still create a number of problems that could indirectly bring about hydration troubles.
It's not exact when people claim that soft drinks make you dried out, however the components in the majority of sodas will eventually bring about significant dehydration.
- Soda has high levels of caffeine in it and also too much of it could bring about diarrhea, vomiting, peeing, and also possibly even too much sweating. Way too much will ultimately cause dehydration.
- The number of chemicals such as preservatives, ingredients and various other active ingredients might also trigger diarrhea, vomiting, and also urination; which additionally brings about ultimate dehydration.
- Diabetic individuals that have high blood glucose could trigger constant peeing, which results in dehydration at some point.
So currently you understand just how negative sodas are for you. There are various other concepts out there that if confirmed, would certainly be tragic for soft drink business. The reasons noted below are just some of the basics, but at the very least currently you that alcohol consumption excessive soda would be foolish and undesirable.
Nutrition is important, we ought to never ever overlook any stimulation that influences our consuming habits. Tv commercials along with a plethora of other media sources try day-to-day to draw you into their proft margins by disregarding your health.
Fight their methods with tried and tested strategies that not only allow you to lead a healthier life but repair all the years of damages that your body has actually suffered through by corporations.


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SD Provan – Forestry, Firewood and Fencing
Our aim is to use our 35 years' experience to ensure a supply of quality firewood, to satisfy the growing demand for top quality firewood, fit for modern stoves and fires.
We have carried out forestry, fencing, landscaping and ground works on many East Neuk Estates including:
- Balcaskie Estate
- Balcarres Estate
- Elie Estate
- Kilconquhar Estate
- Brigton Estate
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Code: 10
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