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Fulltime Internship Commerce Africa & Middle East bij Heineken Amsterdam
XL Studenten Uitzendbureau Groningen
For more than a century HEINEKEN has been present in Africa and passionate about the continents' huge potential for growth. The combination of growing populations, strong expected economic growth, improved political stability and in many markets an emerging, brand-conscious middle class creates attractive growth opportunities. These trends in 2012 benefited Heineken®, the clear leading IPS brand in Africa, and our regional blockbuster brands such as Primus, Star, Gulder, MÜtzig, Maltina and Turbo King. A focus on innovation is helping us to drive volume and market share growth at both a market and regional level. We continued to invest ahead of the anticipated growth curve in Africa to enable us to seize the opportunity. Capacity expansion programs were implemented in Algeria, the Democratic Republic of Congo, Nigeria, Rwanda and Tunisia. In addition, we invested in upgrading the two breweries that we acquired in Ethiopia in 2011 and in reinvigorating the local brands. The results have been encouraging. We have also made good progress in the development of a green-field brewery close to Addis Ababa that will brew Heineken®.
The AME Regional Commerce Team is based in Amsterdam and works closely together with the local AME markets on various projects and initiatives to drive business results. The Commerce discipline covers Sales, Marketing, Trade Marketing and Distribution. In all these areas numerous projects emerge from immediate business opportunities or needs? These projects are managed by the AME commerce team and the role of interns to execute locally is a key contributor to bringing these initiatives to life.
The AME Commerce Internship Program has been developed to give young ambitious talents the opportunity to work on challenging assignments from Amsterdam or in one of our AME markets. For a duration of up to 6 months, you become part of one of our local organizations and get to work on a challenging assignment with a high level of responsibilities. Over 90% of our internships are conducted in a AME market for the full duration of the internship.
Vacature informatie:
As an AME Intern y-u will get to work on a high impact assignment working in between the local management team, operations and the AME region. A variety of assignments are possible and y-u are assigned based on y-ur profile and the available projects. Note that in the full year 2012 about 40 students joined the AME commerce internship program.
There are different types of projects:
- Trade Census: you will conduct a large scale project to identify and enumerate all beverage selling outlets in a market through mobile technology. By doing so valuable market information will be revealed which allows informed strategic decision making
- Sales Strategy Review: a strategic improvement project aimed at revising the full sales strategy. Your objective is to develop a fact-based strategy in cooperation with the local operating company.
- Route to Market Review: in a RTM review you will assess the most cost effective way to get our products from brewery to consumer. Considering the number of intermediates in the value chain, there's a lot at stake make the right choices
- Distributor Management: in AME we go indirect to our customers. Distributors play a critical role to not only deliver our products but also our strategies. You will be responsible to bring the capability levels of our distributors to a higher level through strategic and tactical initiatives
- Trade Marketing activity planning : based on the sales strategy you help to define relevant activation programs by brand and channel ensuring through the line communication consistent with brand plans and sales strategies
- CRM and Sales Execution : when we understand the market and have the right strategy in place it's time to ensure flawless execution at the point of consumption. Heineken's largest sales community can be found in AME. It will be your role that this community is executing the right things in the right outlets. The implementation of a CRM is often required to lift sales execution to a higher level
- Marketing : occasionally there are marketing assignments where you work from Amsterdam or a local market on brand building activities, either digital or via the more traditional media
Wij bieden:
As an AME Intern you will get to work on a high impact assignment working in between the local management team, operations and the AME region
Wij zoeken:
We are looking for enthusiastic, mature and hands-on students who are in the final stage of their studies. You are both analytically strong and practically oriented. International experience is preferred. A strong personality and flexibility is required. Fluency in English is mandatory. French is important for some countries.
We also welcome applications from students with nationality from our region; or specific interest in and knowledge of African culture.
All candidates should furthermore possess the following skills/characteristics:
• Enthusiastic and hands-on
• Adventurous and culturally open minded
• Proven leadership skills
• Good communication skills
• Ability to be self-steering and work independently where needed
• Good team player
Minimaal opleidingsniveau:
Bedrijfskunde / Algemene Economie / Management / Marketing
0 - 1 jaar
Aantal uren:
32 - 40 uur
Carrière niveau:
Overige informatie:
Communicatie - PR - Voorlichting
Personeel en organisatie - HRM
Financieel - Economisch
Soort dienst:
Ben je geïnteresseerd in deze vacature?
Klik op de knop 'Solliciteer direct' en solliciteer online. Wij nemen daarna snel contact met je op! Heb je vragen over deze vacature bel dan naar
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Stageplaats Amsterdam
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Studenten Uitzendbureau


text:
2014-2015 (Junior): Made a substantial move up the Greyhounds' ladder, ascending from the number five singles slot as a sophomore to sit in the number two hole as a junior… Won an impressive 12 singles matches and posted 14 doubles victories with Greg Olesnycky... Has 36 victories in singles play and 47 in doubles during his three-year career… Was 3-1 in singles and doubles at the Villanova Invitational, reaching the doubles' title match… Teamed with Olesnycky to reach the "A" Flight doubles semifinals at both the St. Joseph's Invitational and the Mount St. Mary's Invitational.
2013-2014 (Sophomore): Overcame a late summer injury to have a successful second season for the Greyhounds... Had nine wins at No. 5 singles for a career total of 24 to compliment his impressive 33 doubles triumphs... Partnered with classmate Greg Olesnycky for the second year and led the team with 14 doubles victories at No. 2... Made the "A" flight doubles quarterfinals at the Bucknell Invitational and "A" flight semis at the Mount St. Mary's Invitational.
2012-2013 (Freshman): Was a positive addition in singles and doubles for Loyola with double-figure wins in both... Had 15 singles wins at the No. 4 slot and won the `B' flight singles consolation final at the Mount St. Mary's Invitational and the Hampton Roads Tournament in the fall... Teamed with classmate Greg Olesnycky at No. 3 doubles to win 14 matches and claim the title in the `C' flight doubles at the Hampton Roads Tournament... Paired with another classmate, Alex Castro, to win the Mount St. Mary's `B' Flight doubles tournament in the fall.
High School: Standout four-sport athlete at Ridgefield High School...Played tennis, basketball and lacrosse for two years, and soccer for one year... Captain of his tennis team... Earned All-FCIAC his senior year... Maintained a place on the honor roll every quarter... Member of the National Honors Society.
Personal: Jordan Kuchta...Born in Longbranch, NJ...Son of Joy and Henry Kuchta...Has two older siblings, Justin and Jocelyn...Majoring in Business.

subset: commoncrawl


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Tina Owen
Assistant Clinical Professor, Diplomate ACVS
Office Phone: 509-335-0711
Dr. Owen received her DVM from Washington State University in 1992 then headed to Kansas State University to pursue an internship in small animal medicine and surgery. In 1994, after a year in private practice at Green Lake Animal Hospital in Seattle Dr. Owen moved to West Lafayette, Indiana and spent 3 years in a residency in Small Animal Surgery at Purdue University. She moved to California in 1997 upon completion of her residency and spent 17 years in private practice at VCA West Los Angeles Animal Hospital and was Chief of Surgery from 2000-2013. She returned to Washington State University and joined the staff in Small Animal Surgery in October of 2013.
- Washington State University, Pullman, Washington. Doctor of Veterinary Medicine, 1992.
- Washington State University, Pullman, Washington. Bachelor of Arts, Biology, 1987.
- Fort Steilacoom Community College, Tacoma, Washington. Associate Degree, Veterinary Technology, 1982.
Professional Training
- Purdue University, West Lafayette, Indiana. Resident in Small Animal Surgery, 1997.
- Kansas State University, Manhattan, Kansas. Intern in Small Animal Medicine and Surgery. 1993.
Professional Certification
- American College of Veterinary Surgeons. Board Certified 1999.
Professional Service
- Member, American College of Veterinary Surgeons
- Member, Veterinary Orthopedic Society
- Member, American Veterinary Medical Association
- Member, Veterinary Society of Surgical Oncology
Research Interests
Transsphenoidal hypophysectomy, Fracture repair, Management of cranial cruciate ligament disease
Associate: Comparative Orthopedic Research Lab (CORL)
Select Publications
- Wardrop KJ, Owen TJ, Meyer KM (1994) Evaluation of an additive solution for preservation of canine red blood cells. J Vet Intern Med 8(4), 253-7
- Owen TJ, Bruyette DS, Layton CE (1996) Chemodectoma in dogs Compend Cont Educ Pract Vet 18, 253-265
- Owen TJ, Lantz GC, Hiles, MC, VanVleet J, Martin BR, Geddes LA (1997) Calcification potential of small intestinal submucosa in a rat subcutaneous model J Surg Res 71(2), 179-86
- Kube S, Owen TJ, Hanson S (2003) Severe respiratory compromise secondary to cervical disk herniation in two dogs J Am Anim Hosp Assoc 39(6), 513-7
- Cabrera SY, Owen TJ, Mueller MG, Kass PH (2008) Comparison of tibial plateau angles in dogs with unilateral versus bilateral cranial cruciate ligament rupture: 150 cases (2000-2006) J Am Vet Med Assoc 232(6), 889-92
- Mamelak A, Owen TJ, Bruyette DS (2014) Transsphenoidal surgery using a high definition video telescope for pituitary adenomas in dogs with pituitary dependent hypercortisolism: Methods and results Vet Surg 43(4), 369-379


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Just a normal day for you, BUT, exactly 2 years ago today I found out I was pregnant with Audrey. How nutso! It's crazy to think about how different things were before all of that. I THOUGHT I was getting ready to go to Temple to be a normal kid, but, life had different plans. Isn't that always the way things go?
Look at that. She was a cutie, even then. Oh, and in case you know nothing about child development in utero, THIS was not the ultrasounds taken the first day I found out. This was a few months down the road haha. In the beginning she looked like a little blob with a slight distinction betweeen her head and her body.
Ugh, just thinking about the nausea and tuna fish sandwich cravings makes me...well it makes me want to barf every day all over again! And to think my DUMBASS doctors--yes, I'll say it, those doctors suck pretty bad--INSISTED that I had a stomach virus for almost a month. WHAT MORONS?! Even after I said, "No really, there is a chance I could be pregnant I guess" they were like "Noooo, you're not pregnant. You have gastroenteritis."
But instead, THIS happened. Yes, besides the fact that I made wonderful friends at Temple (such as the two touching my belly above), I also grew in the stomach region. And grew. And grew. And then I had a baby.
It has all made me revisit this bad boy:
HAHAH. Jeeze, would you look at that goof! it's been a while since I saw all that. (AKA when it was printed). Why was my hair that short? At least it's nice and shiny. I remember I felt like I needed something different and Temple's water was rough on my hair (knot CENTRAL), and my mom encouraged me because she thought my bangs made me look even younger than I already was haha. I still don't see the Ellen Page resemblance, but I remember there were one or two comments on how I looked like "Juno" haha. Maybe it was the flannel?
As far as the writing goes, I feel like it has changed so much. Plus, that was written for a class and edited a good amount to make it work in the "alternative weekly" newspaper setting. It's just so weird to read about that day. I'll never forget it.
It does make me think about my mom and how happy she'd be with Audrey here in the house every day. I guarantee I wouldn't have gotten to see my daughter allllll summer because she'd hog her up. I guarantee I'd sleep better because she'd do that thing she used to do where she'd yell down "Jennnn, turn off the tv. Go to bed." or "Jen, what are you eating? Go to bed." I can also guarantee that my mom would spoil the you-know-what out of Audrey, no matter how hard I'd try to stop it.
I wish Audrey would have gotten to spend more time with her. They would have gotten along juuuuust fine :)


text:
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In addition to accepting PayPal, we are now accepting credit card payments from Visa, Mastercard, American Express and Discover cards.
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Debt Management Strategy
- Ashlynn Hart
- 2 years ago
- Views:
1 Debt Management Strategy
2 Debt Management Strategy Department of Finance Canada Ministère des Finances Canada
3 Her Majesty the Queen in Right of Canada (2006) All rights reserved All requests for permission to reproduce this document or any part thereof shall be addressed to Public Works and Government Services Canada. Available from the Distribution Centre Department of Finance Canada Room P-135, West Tower 300 Laurier Avenue West Ottawa, Ontario K1A 0G5 Tel: (613) Fax: (613) This document is available on the Internet at Cette publication est également disponible en français. Cat. No.: F1-30/2007E ISBN X
4 Table of Contents Foreword by the Minister of Finance Purpose of This Publication Highlights of the Debt Strategy Funds Management Framework Debt Strategy: Major Themes Debt Strategy: Program Plans Summary of the Debt Strategy Plan and Intended Results Glossary
5 5 Foreword by the Minister of Finance I am pleased to table before Parliament the Government of Canada s Debt Management Strategy for fiscal year This document provides comprehensive information on the Government s debt strategy and objectives for the coming fiscal year. The debt strategy is an important component of the fiscal planning of the Government of Canada. The strategy is focused on ensuring a low and stable cost of servicing the federal debt. It also contributes to a well-functioning Government of Canada securities market for the benefit of a wide array of borrowers and investors. The strategy is developed against the background of declining federal debt. Combined with forecast economic growth, the federal debt-to-gdp (gross domestic product) ratio the level of debt in relation to the country s annual income remains on a downward track. On an accrual basis, the federal debt as a percentage of the economy is projected to fall to 35 per cent in , down from its peak of 68.4 per cent in Canada s total government debt burden is the lowest in the Group of Seven (G7). The Government is committed to further paying down the federal debt. The debt strategy incorporates the results of consultations with market participants on the development and implementation of policy, consistent with a commitment to openness and transparency. The publication of this document, together with the separate publication during the year of the Debt Management Report and the Report on the Management of Canada s Official International Reserves, contributes to the accountability of the Government to Parliament and to Canadians on the Government s financial strategy and transactions. The Honourable James M. Flaherty, P.C., MP Minister of Finance April 2006
6 7 Purpose of This Publication The Debt Management Strategy is an annual publication of the Department of Finance Canada. It sets out the Government of Canada s objectives and strategies for managing its debt and related financial assets over fiscal year The Government publishes companion documents, the Debt Management Report and the Report on the Management of Canada s Official International Reserves, which describe the Government s financial market operations in respect of the debt and reserves, respectively, after the fiscal year has ended. Focus of the Federal Debt Strategy The debt strategy focuses on the management of the market debt and associated derivatives transactions of the Government of Canada. The debt strategy also reflects and encompasses in its framework the management of the Government s financial assets. (At March 31, 2005) (C$ billions) Market Debt Payable in Canadian currency Marketable bonds (fixed-coupon bonds with 2-, 5-, 10- and 30-year maturities and Real Return Bonds with 30-year maturities) Treasury bills (zero-coupon securities with 3-, 6- and 12-month maturities) Retail debt 19.1 (Canada Savings Bonds and Canada Premium Bonds) Canada Pension Plan bonds 3.4 Obligations related to capital leases 2.9 Payable in foreign currency Marketable bonds 12.4 (fixed-coupon bonds, Canada notes and Euro Medium-Term Notes) Canada bills 3.9 (zero-coupon securities with 1- to 9-month maturities) Derivatives Portfolio Cross-currency swaps 24.5 Liquid Financial Assets Cash 20.6 Foreign exchange reserves Source: Public Accounts of Canada.
7 9 Highlights of the Debt Strategy Debt Structure and Issuance Plan To lower public debt costs, the fixed-rate share of the debt will continue to be reduced from two-thirds in to a target of 60 per cent in The change is being made gradually to facilitate market adjustment. Specifically: The outstanding amount of treasury bills will increase from about $131 billion at the end of to a range of $135 billion to $140 billion by the end of The total amount of marketable bonds issued in will be about $31 billion, $1 billion less than planned for Marketable bond issuance (net of buybacks) of about $23 billion will also be about $1 billion less than in In , the Government began to reduce the size of the bond buyback program. This reduction will continue in , with a planned amount of bond buybacks in the order of $7 billion to $8 billion, about $1 billion less than in The stock of marketable domestic bonds is expected to decline from an estimated $237 billion at the end of to about $231 billion as a result of maturities and continued cash management buyback operations. Bond Program Design Changes To accommodate the shift to a lower fixed-rate debt structure, the following changes to the bond program s design, developed in consultation with market participants, will be made: The dating of the 5-year benchmark maturity will be changed from September 1 to June 1 to make new 5-year benchmarks fungible with old 10-year benchmarks. The 5-year auction in the fourth quarter will be dropped from the issuance plan. The issuance of 2- and 5-year bonds will be reduced to take advantage of their fungibility with outstanding benchmarks. As in , the Government will not conduct a 2-year bond auction in the fourth quarter of the fiscal year. Operational Enhancements The floor for the repurchase of bonds will be reduced from $6 billion to $5 billion in all maturities to increase the amount of bonds eligible for purchase at buyback operations. To enhance bidding and participation in domestic debt operations, the Bank of Canada will target average turnaround times (the time from the bidding deadline to the release of auction results and settlement details) of less than 3 minutes for auctions and less than 5 minutes for buybacks. The maximum turnaround times will be reduced from 10 minutes to 5 minutes for auctions and from 15 minutes to 10 minutes for buyback operations.
8 10 DEBT MANAGEMENT STRATEGY Policy Initiatives The merits of consolidating some or all of the borrowing by major government-backed entities into government debt programs will be assessed, following up on an evaluation done by KPMG LLP in (see Research and consultations with market participants and regulators will continue on the transparency of the market for Government of Canada securities.
9 11 Funds Management Framework Funds management is the general term used to describe the wide range of activities related to the management of the debt and liquid financial assets of the federal government. The framework has a number of elements, as explained in the following sections. Authority and Governance Debt and Cash Management The authority for funds management flows from Part IV of the Financial Administration Act (FAA), which empowers the Minister of Finance to borrow money on behalf of Her Majesty in right of Canada. In this regard, the Minister is authorized to issue securities and do any other thing related to the borrowing of money that the Minister considers appropriate. The FAA also states that the Governor in Council may authorize the Minister to enter into any contract or agreement of a financial nature, including cash management arrangements and derivatives transactions, on such terms and conditions as the Minister considers necessary. Under the FAA the Government has standing authority to refinance market debt maturing in a fiscal year. Parliamentary approval must be obtained to raise new market debt, in the form of a borrowing authority bill. Once obtained, the authority to raise debt levels generally extends through the remainder of the fiscal year and lapses at the start of the next fiscal year. Section 49 of the FAA requires the Minister to table in every fiscal year, in each House of Parliament, a report on the Minister s plans in relation to the management of the public debt in the next fiscal year. This report fulfills that obligation. Foreign Reserves Management Canada s official international reserves are held in the Exchange Fund Account (EFA). Authority for the management of the foreign reserves is provided by Part II of the Currency Act. The legislative mandate of the EFA is to aid in the control and protection of the external value of the Canadian dollar. The Minister of Finance can acquire, sell, borrow or lend for the Account those assets that are deemed appropriate for the legislated purpose. The Minister of Finance approves the general policies and strategy related to the investment and risk management of the EFA and establishes the target level of reserves.
10 12 DEBT MANAGEMENT STRATEGY Institutional Responsibilities Responsibility for strategic planning and the operational management of the Government s debt and financial assets is delegated to officials at the Department of Finance Canada and the Bank of Canada. The Bank of Canada acts as fiscal agent for the Minister of Finance in issuing debt and conducting other debt market operations. Oversight of policy and operations activity is carried out through a Funds Management Committee (FMC), which comprises senior management from the Department of Finance Canada and the Bank of Canada. The FMC advises the Minister of Finance on policy and strategy, oversees the implementation of approved policy and plans, and reviews performance outcomes. For more information on the funds management framework, see Principles and Objectives Domestic debt and cash management, and foreign reserves management, have distinct objectives and principles. All funds management activities are conducted in keeping with overarching principles (see box on next page). Domestic Debt and Cash Management Objective The fundamental objective of domestic debt and cash management is to raise stable and low-cost funding to meet the operational needs of the Government of Canada. An associated objective is to maintain a well-functioning market in Government of Canada securities, which helps to keep debt costs low and benefits a wide array of domestic market participants. Principles Transparency, Regularity and Liquidity The design and implementation of the domestic debt program should emphasize transparency, regularity and liquidity to support a well-functioning government securities market. The Government should consult regularly with market participants to ensure the integrity and attractiveness of the market for dealers and investors. Prudence Prudence should be maintained by managing the structure of the debt, raising funds for domestic operational needs using a variety of instruments denominated in Canadian dollars, and managing exposure to credit risk through diversification.
11 13 Foreign Reserves Management Objective The objective of foreign reserves management is to provide general foreign currency liquidity for the Government and to provide a source of funds, if required, to help promote orderly conditions for the Canadian dollar in the foreign exchange market. Principles Prudence The foreign reserves should be managed to limit exposure to financial risk through the matching of assets and liabilities, prudent investment limits and diversification in instruments and currencies held. Cost-Effectiveness The reserves investment portfolio should be actively managed such that the net cost to the taxpayer, if any, is minimized. Overarching Funds Management Principles Risk management: Debt and asset management activities should be conducted in line with clear operational and risk guidelines, and risk monitoring and oversight should be independent of treasury management operations. Efficiency and effectiveness: Policy and operational standards should take into account, to the extent possible, the leading practices of other comparable sovereigns. Regular evaluations should be conducted to ensure the efficiency and effectiveness of the governance framework, policy initiatives and operations. Reporting: Information on funds management plans, activities and outcomes should be made publicly available in a timely manner so as to ensure understanding and accountability.
12 14 DEBT MANAGEMENT STRATEGY Debt and Assets Managed The debt strategy plan focuses on the Government of Canada s market debt, which is the largest component of its gross debt. The other component of the gross debt, non-market debt, which includes federal public sector pension liabilities and the Government s accrued liabilities, is not subject to active management. Figure 1 illustrates the relationships between the components of the federal debt at March 31, Figure 1 Federal Debt at March 31, 2005 (in billions of dollars) Gross debt $705.7 Less financial assets $151.0 (cash, reserves, loans) Net debt $554.7 Market debt $435.5 (marketable bonds, treasury bills, retail debt, foreign currency debt, Canada Pension Plan bonds, capital leases) Non-market debt $270.3 (pensions and other accounts, other liabilities) Less non-financial assets $54.9 (capital assets) Federal debt $499.9 (accumulated deficit) Note: Numbers may not add due to rounding. Source: Public Accounts of Canada.
13 15 The Government s market debt is the portion of the federal debt borrowed in financial markets and consists primarily of fixed-coupon marketable bonds (2-, 5-, 10- and 30-year), Real Return Bonds (30-year), treasury bills (3-, 6- and 12-month), retail debt (Canada Savings Bonds and Canada Premium Bonds) and foreign-currency-denominated debt. It also includes bonds issued to the Canada Pension Plan and obligations related to capital leases, although these are not borrowed from the market or actively managed. The shares of each of these components are shown in Chart 1. Chart 1 Composition of Market Debt March 31, 2005 Canada Pension Plan bonds and obligations related to capital leases Foreign-currency- 1% denominated debt 3% Treasury bills 32% Retail debt 4% Real Return Bonds 6% Fixed-coupon marketable bonds 54% Source: Department of Finance Canada.
14 16 DEBT MANAGEMENT STRATEGY The debt strategy plan also addresses the management of the Government s liquid financial assets, which include cash balances (invested with banks for very short terms) and the liquid foreign exchange reserves (as portfolios of deposits and securities). The composition of these assets is shown in Chart 2. Chart 2 Liquid Cash and Reserves March 31, 2005 Euro reserves $16.9 billion 28% Domestic cash balances $20.6 billion 35% Yen reserves $1.3 billion 2% Source: Department of Finance Canada. US-dollar reserves $20.7 billion 35%
15 17 Fiscal Policy The Government s fiscal policy, as set out in the budget, sets the context and operational objectives for debt management operations. The Government has recorded budgetary surpluses over the past eight fiscal years and has reduced the federal debt by $63 billion. Combined with forecast economic growth, the federal debt-to-gdp ratio the level of debt in relation to the country s annual income remains on a downward track. On an accrual basis, the federal debt as a percentage of the economy is projected to fall to 35 per cent in , down from its peak of 68.4 per cent in In terms of international debt burden comparisons, taking into consideration the accounting methods of various sovereigns, Canada s total government debt burden is the lowest in the G7. Financial Requirement/Source The key budgetary consideration for debt management planning is the financial requirement/source rather than the budgetary balance (see box on following page). The debt strategy plan is based on the assumption of a balanced budget and a near-zero financial requirement/source. Figure 2 presents the various elements of the Government s budgetary framework for the fiscal year, the last year for which audited Public Accounts financial statements are available. Figure 2 Financial Source at March 31, 2005 Budgetary surplus $1.6 billion + Non-budgetary transactions $3.2 billion = Financial source $4.8 billion Result: Reduction in federal debt (accumulated deficit) Composed of: loans, investments and advances, pensions, foreign exchange transactions, and other accounts and transactions, including adjustment from full accrual to cash basis of accounting Key consideration for debt management Source: Public Accounts of Canada.
16 18 DEBT MANAGEMENT STRATEGY Borrowing Authority Currently available borrowing authority is limited to the standing authority to refinance market debt maturing in a fiscal year, plus a $4-billion non-lapsing contingency from the Borrowing Authority Act. Financial requirements in are expected to be met without seeking new borrowing authority. Measuring the Government s Fiscal Position: Budgetary Balance and Financial Requirement/Source The budgetary balance and financial requirement/source measures used in the Debt Management Strategy are based on the Public Accounts accounting framework. The Public Accounts provide information to Parliament on the Government s financial activities, as required under the Financial Administration Act. The measures are provided on a fiscal-year basis ending March 31. The budgetary balance deficit or surplus is one measure of the Government s financial situation. Consistent with the recommendations of the Auditor General of Canada, the Government moved to full accrual accounting in The move enhances transparency and decision making by providing a more complete accounting of government activities than under the previous modified accrual accounting framework. Under the full accrual basis of accounting, revenues and expenses are recorded when they are incurred, regardless of when the actual cash flows occur. The financial requirement/source provides a measure of the net cash position of the Government. In contrast, the budgetary balance also includes obligations incurred by the Government during the course of the year for which the cash transaction does not take place until future years. In general terms, the difference between the financial requirement/source and the budgetary balance is timing (i.e. when funds for budgetary items are committed and the actual cash transaction occurs). The financial requirement/source includes the cash outlays related to current- and prior-year budget commitments. It also includes transactions in loans, investments and advances, federal employees pension accounts, other specified purpose accounts, foreign exchange activities, and changes in other financial assets, liabilities and non-financial assets. These activities are included as part of non-budgetary transactions. The financial requirement/source corresponds closely to the unified budget balance measure used in the United States.
17 Debt Strategy: Major Themes Changing the Debt Structure The fundamental objective in managing the debt is to strike the appropriate balance between low financing costs and cost stability over a medium-term horizon. The main target in this regard is the fixed-rate share of the debt that is, the share of the debt that is not maturing or being repriced within a year. In general, long-term debt is less risky, but more costly, than short-term debt. In an environment of macroeconomic stability and declining debt, the Government has greater capacity to absorb interest rate variability. At the same time, given the level of federal debt, a prudent debt structure is needed to protect the fiscal position from unexpected increases in interest rates and to limit annual refinancing needs. In , the decision was taken to reduce the fixed-rate share of the debt from two-thirds to a target of 60 per cent by (see Chart 3). Given variations in government bond maturities during the year, maintenance of the target on a month-to-month basis will incorporate an operational range of +/-1 per cent. The change is being made gradually to facilitate market adjustment. Updated analysis continues to support the reduction in the fixed-rate share of the debt to 60 per cent, indicating net annual cost savings could reach up to $500 million, on average, when the 60-per-cent debt structure is in place. Chart 3 Fixed-Rate Share of the Debt per cent Sources: Bank of Canada and Department of Finance Canada.
18 20 DEBT MANAGEMENT STRATEGY Compared to a two-thirds debt structure, the lower fixed-rate structure modestly increases the Government s short-term exposure to adverse movements in interest rates. However, the analysis indicates that, over time, the additional costs of an interest rate shock would be more than offset by the savings associated with a lower fixed-rate structure. In , the Government will continue the transition from two-thirds to the 60-per-cent target by by adjusting the issuance levels of treasury bills and bonds. These adjustments are detailed in the section Debt Strategy: Program Plans. Maintaining A Well-Functioning Bond Market The Government has a major interest in sustaining a liquid and efficient market for Government of Canada securities. A liquid and efficient government securities market is attractive to investors and thus helps to keep debt costs low. It also provides key pricing and hedging tools for market participants, thereby contributing to the effective functioning of the broader fixed-income market. One of the key challenges for the Government in recent years has been to maintain a liquid, well-functioning government securities market in the face of declining borrowing requirements and reduced issuance of fixed-rate securities. A key initiative in this regard has been the use of bond buybacks, which have facilitated the maintenance of a higher level of gross bond issuance. Gross annual bond issuance has declined over the past 10 years, from a peak of $54 billion in to about $32 billion in Assuming continued balanced budgets, annual gross bond issuance is planned to stabilize at about $30 billion once the 60-per-cent fixed-rate target has been reached in (see Chart 4). Chart 4 Government of Canada Bond Program $ billions Projection Issuance due to buybacks Net issuance Source: Department of Finance Canada.
19 21 In view of the outlook, the primary focus of this year s debt strategy is to facilitate a temporarily lower bond issuance for and without making permanent, potentially disruptive changes to the bond program. A key initiative this year is to take greater advantage of fungibility (i.e. the ability to combine different bonds that share the same maturity date) between old outstanding bonds and new benchmark issues. Fungibility will permit key maturities of the current bond program (i.e. 2-, 5-, 10-, and 30-year) to be maintained in the context of smaller total issuance. At the same time, issuance of new 2- and 5-year bonds will be reduced in recognition of large outstanding fungible bonds rolling down into those parts of the curve to help support liquidity in all four maturities. Meanwhile, the size of the buyback program will continue to be reduced based on two considerations. First, while the bond buyback program has helped to support the maintenance of gross bond issuance, the requirement for a transition mechanism to smaller sustainable bond programs is diminishing. Second, a reduction in the size of the buyback program is appropriate as the bond stock becomes concentrated in fewer old benchmark bonds, which remain of value to market participants. Detailed information on program plans is provided in the following section.
20 22 DEBT MANAGEMENT STRATEGY Debt Strategy: Program Plans Domestic Debt Programs In November 2005, as in past years, officials from the Department of Finance Canada and the Bank of Canada consulted with interested parties on issues relating to the design and operation of the Government of Canada s debt programs for fiscal year and beyond. This year s consultations addressed a broad spectrum of potential adjustments to the Government s bond program that permit debt structure adjustment while maintaining a well-functioning bond market. A consultation paper (www.bank-banque-canada.ca/en/notices_fmd/2005/ not281005_debt.html) set out for comment potential near-term changes that largely preserve the current structure of the bond program as well as more fundamental changes in the design of the bond program over the medium term. Market participants recognized that the Government faces challenges in maintaining well-functioning markets for Government of Canada securities while continuing to gradually reduce the bond program in a context of lower borrowing needs and moving to a lower fixed-rate share of government debt. Most participants were of the view that liquidity is adequate along the yield curve, but is sometimes limited at the long end. Market participants indicated that there is a strong demand for Government of Canada securities and noted decreasing supply, especially in the long end, where there is a structural need for bonds and limited substitutes. Liquidity is anticipated to become increasingly under pressure as more investors adopt a buy-and-hold strategy and as demands for collateral become more common. Market participants strongly supported continuing to take advantage of fungibility in the 2-year sector and changing the 5-year maturity date from September 1 to June 1 to support issuance in other sectors while maintaining adequate liquidity in all four maturities. A majority of market participants were also in favour of a modest reduction of the regular buyback floor below which large off-the-run benchmark bonds are currently not repurchased from $6 billion to $5 billion. Participants also supported the concept of using interest rate swaps as a future means of maintaining gross issuance and benchmark sizes. More details on the views expressed during the consultations can be found at Fixed-Coupon Marketable Bond Program In , gross bond program issuance is planned to be about $31 billion, $1 billion less than planned for Marketable bond issuance (net of buybacks) of about $23 billion will be around $1 billion less than in Taking into account bond maturities and cash management bond buyback operations during the year, the stock of bonds is expected to decline from an estimated $237 billion to about $231 billion.
21 23 Quarterly auctions of 2-, 5- and 10-year bonds and semi-annual auctions of 30-year bonds will continue, with quarterly auction calendars issued by the Bank of Canada and posted on their website before the start of each quarter. However, one 2-year and one 5-year auction that are fungible with outstanding bonds will be forgone, both in the fourth quarter of the fiscal year. This will allow appropriate auction sizes to be maintained in all bond maturities in the context of smaller overall bond issuance. Bond Auctions by Quarter, Fiscal Year Fiscal Year Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2-year 2-year 2-year 2-year 2-year 2-year 5-year 5-year 5-year 5-year 5-year 5-year 5-year 10-year 10-year 10-year 10-year 10-year 10-year 10-year 10-year 30-year 30-year 30-year 30-year Source: Bank of Canada. The maturity date of new 5-year benchmarks will be changed from September 1 to June 1 starting in October 2006 to make the new 5-year bonds fungible with previous 10-year benchmarks. Given the fungibility of shorter-term bonds with large outstanding issues, there will be a modest reallocation of issuance volume to 30-year fixed-coupon bonds and 30-year Real Return Bonds to support liquidity at the long end of the curve. The 2-, 5-, 10- and 30-year benchmark target sizes for new issue bonds, which are not fungible with existing benchmarks, will remain unchanged from last year (2-year bonds: $7 billion to $10 billion; 5-year bonds: $9 billion to $12 billion; 10-year bonds: $10 billion to $14 billion; and 30-year bonds: $12 billion to $15 billion). A list of outstanding Government of Canada bonds, including their maturity dates, is contained in the Debt Management Report, which is available on the Department of Finance Canada website at The list will also be updated monthly on the Bank of Canada website (www.bankofcanada.ca/ en/goc/goc.html) and will be available in the forthcoming annual publication, Summary of Government of Canada Direct Securities and Loans, which will be posted on the Bank of Canada s website at
22 24 DEBT MANAGEMENT STRATEGY Bond Buyback Programs Two types of bond buyback operations will continue to be conducted: regular bond buybacks and cash management bond buybacks. Regular bond buybacks permit the maintenance of a liquid new bond issue program by buying existing bonds with a remaining term to maturity from 18 months to 25 years. Cash management bond buybacks aid in the management of cash balances by repurchasing bonds maturing within the next 18 months. Regular Bond Buyback Operations Bond buyback operations will continue on both a cash and a switch basis. Bond buyback operations on a cash basis involve the exchange of less liquid bonds for cash and are conducted shortly after auctions of similar maturity bonds. Bond buyback operations on a switch basis involve the exchange of less liquid bonds for new issue bonds on a duration-neutral basis and are conducted at other times in each quarter. As noted earlier, bond buybacks will be reduced in overall terms, in keeping with their reduced value as a transition mechanism. The target for is to conduct between $7 billion and $8 billion in bond buyback operations, about $1 billion less than in The quarterly maximum repurchase target amounts for the regular bond buyback program and the date of each operation will be announced through the quarterly bond auction calendar published by the Bank of Canada. For regular buybacks, the existing $6-billion floor will be reduced to $5 billion in all maturities to increase the amount of bonds eligible for repurchase at buyback operations. Cash Management Bond Buybacks (CMBBs) The CMBB program helps manage the Government s cash requirements by reducing the high levels of cash balances needed ahead of large bond maturities. No major change is planned to CMBB operations in Real Return Bonds (RRBs) The plan calls for a modest increase in long-term RRB issuance to about $1.6 billion. The level of RRB issuance is being increased slightly in view of market demand, despite a decline in gross bond issuance. Treasury Bill Program Based on plans for attaining the 60-per-cent target for the fixed-rate portion of the debt, the stock of treasury bills is expected to increase by around $6 billion to a range of $135 billion to $140 billion by the end of Markets have adjusted smoothly to the growth in the stock of treasury bills, which has increased from less than $90 billion at the end of the fiscal year to approximately $131 billion by the end of fiscal (see Chart 5).
23 25 Chart 5 Treasury Bills Outstanding $ billions Source: Department of Finance Canada. Cash management bills (i.e. short-dated treasury bills) help the Government manage its cash requirements in an efficient manner. The Government intends to continue to actively use cash management bills in Operational Enhancements For the past two years, the Bank of Canada s turnaround time for auctions and operations in which bonds are repurchased has been changed from fixed times of 10 and 15 minutes, respectively, to a best efforts basis (i.e. as soon as ready). Over this period, turnaround times have averaged less than 3 minutes for auctions and less than 7 minutes for buybacks (see Charts 6 and 7). The reduction in turnaround times has helped reduce market risk for auction participants and has improved the efficiency of the auction process. In , the Bank is committed to keeping average turnaround times under 3 minutes for auctions and under 5 minutes for buybacks, while maximum turnaround times will be reduced from 10 minutes to 5 minutes for auctions, and from 15 minutes to 10 minutes for buyback operations.
24 26 DEBT MANAGEMENT STRATEGY Chart 6 Bill and Bond Auction Turnaround Times April 2005 February 2006 minutes past deadline Prior maximum New maximum Source: Bank of Canada. Chart 7 Repurchase and Switch Auction Turnaround Times April 2005 February 2006 minutes past deadline Prior maximum New maximum Source: Bank of Canada.
25 27 Policy Reviews Borrowing Framework Used by Major Government-Backed Entities The Minister of Finance has statutory responsibility for approving borrowing and debt guarantees issued by a number of Crown corporations and federal government-backed entities. These activities are backed by the full faith and credit of Canada and, as such, are an extension of the treasury management framework of the Government. Given the size and scope of the activities of these borrowers, it is in the public interest that they be managed efficiently within a robust governance and accountability framework. An external evaluation of the borrowing framework governing borrowing by the Business Development Bank of Canada, Export Development Canada, Farm Credit Canada, the Canadian Wheat Board and Canada Mortgage and Housing Corporation (CMHC), along with the CMHC-guaranteed Canada Housing Trust, was completed by an external evaluator (KPMG LLP) in June 2005 under the auspices of the Department of Finance Canada s treasury evaluation program. KPMG LLP observed that the current governance system is functioning well between the Government of Canada and all of the organizations. However, it advised that consolidating these guaranteed borrowings with the Government of Canada s domestic debt issuance could generate cost savings and enhance the liquidity of the Government of Canada bond market. It noted that there are concerns about the impact of such an approach on the existing borrowers (e.g. impact on client service, loss of market intelligence) and that further work is needed to determine whether these concerns could be addressed through the design of a centralized borrowing regime. In 2006, the Department of Finance Canada, in conjunction with the borrowers, will be evaluating further the merits of consolidating some or all of federal government-backed borrowings with the Government of Canada debt program. Transparency of Government Securities Market Officials of the Department of Finance Canada and the Bank of Canada have been actively supporting the development of enhanced transparency in the Canadian fixed-income market for many years. Transparency (i.e. the dissemination of trading information regarding prices of securities and volumes traded) for both institutional and retail investors is an important contributor to the development and maintenance of well-functioning and efficient capital markets. In Canada, developments in recent years have enabled the provision of greater transparency to investors. These include the launch of electronic or alternative trading systems (ATSs) on which fixed-income securities can be traded between counterparties and the development of a regulatory framework with transparency standards. As a result, users of ATSs have obtained enhanced transparency on the trading of Government of Canada securities, and there is broad transparency of trading in benchmark corporate securities. Over the past year, discussions have been ongoing among market participants and securities regulators on the evolution of the regulatory framework and ensuring there is appropriate transparency provided on all fixed-income securities for all investors. Developments in Canada and abroad suggest that, while maintaining liquid markets is an important concern, a higher level of transparency could benefit investors in Government of Canada securities.
26 28 DEBT MANAGEMENT STRATEGY In , the Government will continue to work with market participants and securities regulators to enhance the transparency of the Government of Canada securities market for retail and institutional investors. Retail Debt Program The retail debt program strategy is under review in light of the findings of an evaluation conducted by Cap Gemini Ernst & Young in and an internal review, and the evolution of the Government s needs and the retail marketplace. Options are being assessed that align the program with the evolving needs of the Government and Canadians. Further information on the retail debt program and a report of activities are available at Management of Domestic Cash Balances The Government of Canada manages its cash balances in order to ensure that it has sufficient cash on hand to meet its operating and liquidity requirements. The cash balances are invested through auctions twice daily. The bulk of the cash balances are invested through a morning auction. This auction incorporates a credit management system, using credit ratings, credit lines and collateral arrangements to manage credit risk, and a broad list of eligible counterparties to encourage more competitive bidding at the auctions. The afternoon auction is used to invest the Government s residual cash balances. This auction is uncollateralized and is limited to Large Value Transfer System participants. In December 2005, the Government commissioned an external review of its cash management program under the treasury evaluation program. The review is considering the effectiveness of the program in ensuring that the Government has sufficient cash available at all times to meet its operating requirements while maintaining effective low-cost borrowing for the Government. The review is examining, in particular, the structure and operation of the program; participation on the part of banks, dealers and other market participants; and the management of credit risk associated with the investment of cash balances. Foreign Reserves Management The Government holds foreign exchange reserve assets in the Exchange Fund Account (EFA) to provide foreign currency liquidity and to provide the funds, if required, to help promote orderly conditions for the Canadian dollar in the foreign exchange market. The Government s foreign currency reserves are funded through foreign currency liabilities. The foreign currency reserve assets, and liabilities financing those assets, are managed within an asset-liability management framework.
27 29 This section addresses four areas falling under foreign reserves management: the investment of reserves, the funding of reserves, performance reporting and risk management. Reserves Investment In the Budget Implementation Act, 2005, the Currency Act was amended to enhance the management of the Government s foreign reserves portfolio and to reduce the risk of legal issues arising from antiquated drafting of some sections of the previous legislation. The amended act, which came into effect on December 30, 2005, improves the flexibility in managing the EFA by allowing investment in new asset classes, which will improve its risk/return profile. In , the primary focus on the investment side will be to implement the new investment regime, as per the amended Currency Act. A Statement of Investment Policy (SIP) has been developed and implemented, as required by the amended act. The SIP contains policies governing the acquisition, management and divestiture of assets of the EFA. The SIP allows for investment in two new short-term asset classes, commercial paper and certificates of deposits, as alternatives to other forms of short-term investment, particularly unsecured deposits. Investment in the new asset classes will increase the diversification of the portfolio and is expected to lower overall risk. Investment in these asset classes will commence in To strengthen the management of the EFA, an external review of the Account is underway under the treasury evaluation program. The focus of the review is to assess how Canada s reserves investment policies and practices compare to the practices of other sovereigns and large institutional investors and to identify areas of improvement. Reserves Funding The Government s foreign reserves are financed by foreign currency liabilities. The Government has access to a wide range of sources to fund its foreign currency assets. These sources include a short-term US-dollar paper program, medium-term note issuance in various markets, cross-currency swaps of domestic obligations, international bond issues, and purchases of US dollars in foreign exchange markets. Cross-currency swaps, which involve switching domestic liabilities for US-dollar and euro-denominated liabilities, have proven to be a particularly cost-effective alternative and have been actively used in recent years. In , the precise mix of funding sources will depend on a number of considerations, including relative cost, market conditions and opportunities, and the desire to maintain a prudent foreign-currency-denominated debt maturity structure. It is expected that cross-currency swaps of domestic obligations will continue to be the primary source of reserves funding.
28 30 DEBT MANAGEMENT STRATEGY Chart 8 Forecast Composition of Foreign Currency Liabilities March 31, 2006 Euro Medium-Term Notes 4% Global bonds 19% Canada bills 12% Cross-currency swaps 63% Canada notes 1% Note: Numbers do not add to 100% due to rounding. Source: Department of Finance Canada. Chart 8 shows the expected composition of foreign currency liabilities at March 31, Performance Reporting Performance reporting is a framework for measuring, analyzing and evaluating financial performance of the investment and funding of reserves. The policy requires regular and timely reporting to senior management, the Minister of Finance and Parliament of the returns on EFA assets and the costs of associated liabilities. Two principal measures of performance are used: cost of carry (an accountingbased measure which captures net interest income and realized gains/losses) and total return (a market-based measure that captures net interest income and realized and unrealized gains/losses). Several enhancements to the performance measurement framework were introduced in , such as performance attribution analysis and the development of an external asset benchmark. In , work will continue to further improve these measures, taking into account the results of the external evaluation.
29 31 Risk Management The Government has in place a comprehensive risk management framework for identifying and managing financial risk, including market, credit, operational and legal risks related to the financing and investment of the foreign exchange reserves. Standards for risk control are high, market risks are immunized to the greatest extent possible, and high standards of credit quality and portfolio diversification are followed. In recent years, the Government has continued to further strengthen its risk management framework by implementing collateral management frameworks for its cross-currency swap program and US-dollar deposit program. Collateral management systems are increasingly the norm in capital markets as a way of managing risk. Under the frameworks, high-quality collateral (e.g. cash, securities) is posted to the Government when its credit exposure to financial institution counterparties exceeds specified limits. The Government employs measures of market risk exposure that are considered industry standards: stress testing and Value-at-Risk (VaR). Stress tests are used for evaluating the reserves portfolio performance under extraordinary circumstances in the market. VaR is a statistical measure for estimating potential losses of the reserves portfolio due to normal market movements, i.e. changes in interest and exchange rates. To aid in the measurement and monitoring of credit risk, credit risk measures such as actual and potential exposures and, more recently, Credit VaR, have been adopted. Credit VaR is a statistical measure for estimating potential losses of the reserves portfolio due to credit events, such as a counterparty s credit rating downgrade. While the primary focus of risk management in recent years has been on market and credit risks, efforts in will be concentrated on developing risk measures for liquidity and operational risks.
30 32 DEBT MANAGEMENT STRATEGY Summary of the Debt Strategy Plan and Intended Results Debt Structure Objective: Gradually reduce the fixed-rate share of debt from two-thirds to a target of 60 per cent by Action for : Continue to reduce the fixed-rate share of debt towards the 60-per-cent target. Increase the size of the treasury bill program from about $131 billion in to approximately $135 billion to $140 billion in Issue about $31 billion of bonds in , about $1 billion less than in Due to large bond maturities and continued cash management bond buyback operations, the bond stock is expected to decrease by some $6 billion. Intended Result: B Achieve lower debt charges, while continuing to prudently mitigate the risk to the budget framework. B Facilitate market adjustment to changes in the bond and treasury bill programs. Reduce the size of the buyback B Prepare for the end of the program, with a planned level transition to sustainable bond of between $7 billion and programs and preserve $8 billion, roughly $1 billion liquidity in outstanding issues. less than in Maintain a stable maturity profile. B Limit the need to refinance a large portion of debt in any given period.
31 33 Domestic Debt Programs Objective: Maintain diversified sources of funding and a well-functioning market. Action for : Continue regular issues of marketable bonds in four maturity sectors, treasury bills in three maturity sectors and a long-dated index-linked bond. Forgo the 2-year auction in the fourth quarter of Change the dating of the 5-year benchmark maturity from September 1 to June 1 to make the new benchmarks fungible with old 10-year benchmarks, allowing the 5-year auction in the fourth quarter to be eliminated. Intended Result: B Keep costs low and mitigate funding risk by diversifying borrowing across investor segments, instruments and maturities. B Facilitate a reduction in bond issuance and maintain adequate liquidity in other key bond maturities. B Maintain a liquid market for on-the-run issues and building- benchmark issues. B Maintain transparency and efficiency. B Increase the amount of bonds eligible for repurchase at buyback operations. Maintain the current new issuance benchmark target sizes for non-fungible 2-, 5-, 10- and 30-year bonds. Continue to borrow on a pre-announced basis and provide timely notices of government policy decisions. For regular buybacks, lower the minimum amount of outstanding benchmark bonds above which buyback operations will be conducted from $6 billion to $5 billion in all maturities.
32 34 DEBT MANAGEMENT STRATEGY Ensure average turnaround times are less than 3 minutes for auctions and less than 5 minutes for buybacks. Reduce maximum turnaround times from 10 minutes to 5 minutes for auctions and from 15 minutes to 10 minutes for buyback operations. Evaluate the merits of consolidation of some or all of the borrowing by major government-backed entities into government debt programs. Continue research and consultations with market participants and regulators on the transparency of the market for Government of Canada securities. B Enhance the bidding process and participation while reducing risk for market participants. B Ensure the borrowing framework used by the Government is effective and efficient. B Support an appropriate level of transparency in the Government of Canada securities market. Foreign Reserves Objective: Improve the cost-effectiveness of funding foreign reserve assets. Action for : Continue to use cross-currency swaps as the primary source of reserves funding. Implement a new investment regime and invest in new short-term asset classes. Intended Result: B Keep the cost of carrying reserve assets low. B Improve the risk/return profile of the portfolio.
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text: LPI Group invest in large developments in London and abroad. The crest was designed to give a royal look and feel to the brand that is foiled in gold onot a jet-black velvet touch silk card and the edges painted in gold. The overall look gives a very high-end luxurious look and feel.


text: Russia 1955 Rifle Remington Arms M1891 Mosin Nagant Bolt A... Mosin carbine 1948 refinish Archangel Mosin Package Russian MN 91/30 Sniper Rifle w/Original... Guns Rifles Mosin Nagant Rifles Carbines Russian . x R Mosin Nagant Tula Arsenal Excellent Ukrainian Arsenal Refin with Bayonet Matching Bolt caliber World War Red Army WWII C R OK | 459 | 132 | Lc | 312.5201ms View Category Russian 7.62x54R Mosin Nagant 91/30 Tula Arsenal1936 Excellent Ukrainian Arsenal Refin with Bayonet Matching Bolt 762 caliber World War 2 Red Army WWII C&R OK For Sale from Robertson Trading Post | Positive feedback: 99% View | Verified Seller | 21749 Completed Sales View Sellers Items /UserImages/87270/983719673 5480009.jpg /UserImages/87270/983719673 5480010.jpg /UserImages/87270/983719673 5480011.jpg /UserImages/87270/983719673 5480012.jpg /UserImages/87270/983719673 5480013.jpg /UserImages/87270/983719673 5480014.jpg /UserImages/87270/983719673 5480015.jpg /UserImages/87270/983719673 5480016.jpg /UserImages/87270/983719673 5480017.jpg /UserImages/87270/983719673 5480018.jpg /UserImages/87270/983719673 5480019.jpg /UserImages/87270/983719673 5480020.jpg /UserImages/87270/983719673 5480021.jpg /UserImages/87270/983719673 5480022.jpg /UserImages/87270/983719673 5480023.jpg /UserImages/87270/983719673 5480024.jpg /UserImages/87270/983719673 5480025.jpg /UserImages/87270/983719673 5480026.jpg Description: Most of us prefer 98 Mausers to the Russian M91/30 Mosin-Nagant, but the Mosin won in the Red Army's hands against the Nazis with their Mausers. From Ukrainian Government arsenals comes this very attractive specimen of the WWII Red Army's principal battle rifle. Manufacturer, from Arrow center Red Star chamber marking, was Tula Arms Plant in the Russian city by that name. It was manufactured in 1936, the year the Nazis conspicuously built up their military, and Russia made its own War Plans. It served, of course, in World War II, probably in the Ukraine, when those two forces met. Type is bolt action rifle. This rifle is Import stamped on its chamber area, and renumbered for its serial number of record by order of the BATFE. Original numbers all match on the bolt, receiver, and magazine, but those are not to be used as the serial number any longer for purposes of compliance with U.S. Law. Construction is entirely blued steel, with white steel bolt. Bolt is pull cocker Mauser type with 90 degree throw; and the firing mechanism will rest with a depressed trigger throw. Stock is beveled two piece Russian hardwood, steel escutcheon slotted for tab style leather sling. Caliber is 7.62x54R, one of the most plentiful and most effective hunting rounds in the world. Magazine is straight line steel box type with swivel floorplate, designed for, but not requiring, 5 round stripper clips. Capacity is 5+1 rounds. Barrel is 29 inch 1:10 right hand 4 groove. Sights are flat steel military rear square notch, calibrated from 100 to 2000 meters; front sight is steel hood protected blade type. The front sight interlocks with bayonet hardware and serves as its lug; original issue but non matching 4 flute 17 inch bayonet is included. Weight empty is 8.8 pounds, with center of gravity at the chamber. Overall length is 48 1/2 inches, with 13 1/4 inch length of pull from the trigger face to the center of the curved steel buttplate. This rifle has been professionally Ukrainian Armorer refinished, with excellent marking preservation. Stock cartouche is Ukrainian. Surface detractions are minimal; we rate it as Excellent Refinish, 90 percent or better. Photos, at any rate, ought to suffice for our distinguished shoppers to judge finish grade for themselves. Bore is Very Good, etchy texture rifling grooves but fully pronounced lands throughout. Chamber and mechanism are bright, clean, and excellent. We're offering this attractive, serviceable, collectable World War II Soviet 91/30 for only $ 199.00. Definitely C&R Eligible. To view all our Mosins, use Guns America Search terms Mosin Robertson. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> $20 long guns lower 48; $60 to AK, HI or PR, USPS Priority Mail, insured with Delivery Confirmation. Don't let your buddies use your account, that kind of thing smells like felony level straw purchase attempt. GA Pay, MC/Visa/Discover/USPS MO paid orders shipped ASAP. Hawaii, New York, and New Jersey buyers must transfer any C&R firearm through an 01 or 02 FFL. Maryland C&Rs also need to furnish their Regulated Firearm Collector Letter Copy. Illinois C&Rs please include a copy of your ISP FOID Card. FFL ok by fax, e-mail or mail. We offer 7 day money back on used guns and items, but No Returns on Lay-aways or ammo. We do not pay transfer fees or return shipping. We accept lay-away with 20% down, balance in 90 days - lay aways not refundable, though. Internet phone hours 8:30 – 4:30 CST Mon - Fri CST. Local pickup available. Robertson Trading Post 117 Front Street PO Box 365 Henderson, Tennessee 38340 We Buy, Sell, or Trade. We always have, since 1952. Read More Condition: Used, Minor Wear Caliber: 7.62x54R Location: TN Trades Accepted: We Buy, Sell, or Trade. Always have. Read More Don't let your buddies use your account. Registered user must be the buyer, with his or her own money. Buying firearms and related items for other people can result in felony charges. Don't try, either, to circumvent any law; for example, a California civilian may not buy a high capacity magazine and have it shipped to his brother-in-law in Nevada. That is a felony. GA Pay buyers are NOT charged until we confirm we have the item and are ready to ship it. The same thing is true for phone-in, fax-in, and mail-in payments. In this respect, and in several others, Guns America outshines all its competitors. This is the best firearms website there is, hands down. Shipping Notes: $20 lower 48; $60 AK, HI, PR, UPS or USPS. No Returns on NIB, Lay-away, or Ammo. Lay-away OK, 20% down, 90 days to pay. We Buy, Sell, or Trade we always have, since 1952. Read More Share Item Item #: 983719673 Stock No.: LG3761 Robertson Trading Post Seller Since: Jul. 2007 Seller Level: Trusted Seller This seller is an FFL City: Henderson State: TN Price: SOLD This Seller Accepts Online Payment Shipping: $20.00 Accepted Payment Methods: Returns: 7 Days Your Recently Viewed Items


text: Investing in Bargain Properties - All That Glitters is Not Gold, What do you do when you are a new investor and you swallow the story you are told hook line and sinker...?? Because you believe that the person offering you the "Deal Of The Century" is being perfectly honest, supplying you with correct information and guaranteeing that you will make enough money on the deal to retire. Buyer beware! Not all that glitters is gold. It may turn into "Fools Gold" and your investment will "go up in smoke"


text:
Baku. 3 March. REPORT.AZ/ The issue of the Nagorno-Karabakh conflict discussed at the meeting of the OSCE Permanent Council in Vienna on March 2.
Report informs, Permanent Mission of Azerbaijan to the OSCE made a statement at the meeting.
"Armenia has occupied territory of neighboring state. This has been condemned by entire international community. For the last 25 years, Armenia has not moved an inch forward in its claims of "independence" or whatever dreams for the Nagorno-Karabakh region of Azerbaijan", the statement of the misson says.
"Azerbaijan will make sure that in next 25 years or 250 years this will not happen either and this is increasingly evident from the situation in the region. There is no single country supporting your claims. 190 members of the United Nations are supporting the cause of Azerbaijan. This is the reality. You should not create virtual reality, due to which you can blame everybody for supporting the sovereignty, independence and territorial integrity of Azerbaijan. Look into the mirror and answer the question whether this situation fits to genuine interests of Armenian people, who are already moving to the neighboring countries and prefer not to live in Armenia", the statement reads.