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Javier Santibáñez*, Leire Alcañiz* y Fernando Gómez-Bezares*
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1 6 Javier Santibáñez*, Leire Alcañiz* y Fernando Gómez-Bezares* Cost of funds on the basis of Modigliani and Miller and CAPM propositions: a revision Coste de los fondos bajo las hipótesis de Modiagliani y Miller ABSTRACT When facing with any process involving financial valuation it is of a crucial importance to find and use the accurate discount rate. CAPM provides us with an accurate and very commonly used solution to solve the problem, but it requires the estimation of the Beta, which is quite difficult, especially when talking about non-quoted companies. For many years, text books have suggested to look for a quoted company with a strong similarity with the one to be priced in order to use its Beta. Nevertheless, this may bring up an important problem, since both companies could show different leverage, which would also affect to Taxes and Betas. Both academics and practitioners usually use the wildly renowned formulation by Hamada, but we think that this proposal may introduce important biases, insofar as it only takes Corporation Tax into account, and not Personal Income Tax. In this paper we introduce the effect of Personal Income Tax in a simple and original way that can be useful for Financial practice. Keywords: Cost of funds, Levered Beta, Hamada equation, Tax effects. JEL Classification: G31, G32. RESUMEN En el proceso de valoración de empresas y, en general, en cualquier tipo de valoración financiera, es muy importante acertar con el tipo de descuento. El CAPM aporta una solución elegante y muy utilizada para resolver el problema, pero se encuentra con la dificultad del cálculo de la Beta, sobre todo en empresas no cotizadas. Desde hace años, los libros de texto recomiendan buscar empresas cotizadas similares y utilizar sus Betas. Sin embargo, existe una dificultad: las empresas tienen diferente grado de apalancamiento, lo que también afecta a los impuestos y a la Beta. Académicos y practitioners utilizan para resolver este problema la conocida fórmula de Hamada, pero creemos que su planteamiento tiene el problema de considerar el impuesto de sociedades, pero no el de la renta de las personas físicas. Nosotros introducimos el impuesto sobre la renta de una manera que creemos que es sencilla y original, lo que puede ser de gran utilidad en la práctica financiera. Palabras claves: Coste de los fondos, Beta apalancada, Fórmula de Hamada, Efecto de los impuestos. Clasificación JEL: G31, G32. Recibido: 31 de enero de 2014 Aceptado: 20 de febrero de 2014 * Departamento de Finanzas de la Universidad de Deusto. Autor de contacto: Javier Santibáñez Grúber
2 COST OF FUNDS ON THE BASIS OF MODIGLIANI AND MILLER AND CAPM PROPOSITIONS: INTRODUCTION When trying to value a company on a cash-flow discount basis, it is of a crucial importance to estimate, among other variables, the appropriate discount rate. Assuming the conclusions of the Capital Asset Pricing Model (CAPM; Sharpe, 1970), the required return for any investment should depend on its systematic risk, which requires the estimation of the beta of the company, usually on the basis of a regression process between historical profitability of the studied company and the one provided by the market as a whole. However, an additional problem that we usually have to cope with is that not many companies are quoted in the market, so the process becomes a tough one when trying to calculate the beta of a non-quoted company. In those cases, professionals usually try to estimate the beta of the company to be priced on the basis of a similar one (this is known as levered Beta calculation); and it is very common to use the Hamada (1969) formulation, which implicitly assumes that we have to take the effect of Corporation Tax into account. Nevertheless, Miller (1977) made it clear that it is not only the Corporation Tax the one to be taken into account, but the Personal Income Tax as well, insofar as if the Tax System as a whole was properly designed (which means that the advantage for leverage in Corporation Tax should be eliminated in the Personal Income Tax, by treating better income coming from dividends than those coming from interest), no advantage would be reached by levering a company (which would take us back to Modigliani and Miller, 1958). While it is a very complex problem, as it is difficult to estimate accurately the Tax burden for dividends or interest in the Personal Income Tax 1, and even the real Corporation Tax rate that the companies are bearing (because of the effect of partial exemptions, etc.), we have to be aware of the distortion that we are introducing in the process when taking only Corporation Tax (Modigliani and Miller, 1963) into account. In this paper we will propose an alternative formulation to Hamada (1969) for the estimation of levered betas, in which Personal Income Tax is also taken into account (based on both Modigliani and Miller and CAPM propositions), which can be seen as a generalization of the Hamada one (that would remain as a particular case of the one that we pose) GENERAL FORMULATION Weighted Average Cost of Capital (WACC) is commonly calculated as follows: where: i k i k e WACC t D E Required rate of return for Debt Net cost of Debt Cost of Equity Weighted Average Cost of Capital Tax rate (Corporation Tax) Debt (Market value) Equity (Market value) (1) Let us assume stable conditions, no growth and that the company invests only the necessary amount to maintain the current value of assets (replacement investment, equal to depreciation, so as to keep constant its cash-flow generation capability); if we do so, the Market value of the firm (understood as Market value of assets) should be calculated as follows (present value of a perpetuity): (2) whereas in addition to the previously defined nomenclature, EBIAT is Earnings Before Interest and After Taxes, that is to say, generated profits by assets to pay the whole providers of funds; under the described conditions, it should be equal to total payments for financing. In addition: (3)
3 8 where S is net sales, C is disbursement operating costs, AM is depreciation and amortization (of tangible and intangible fixed assets), and EBIT is Earnings Before Interest and Taxes. 3. MODIGLIANI AND MILLER PROPOSITIONS (1958 and 1963) In their wildly renowned paper of 1958, Modigliani and Miller proposed that the Financial Structure does not have any impact on the Weighted Average Cost of Capital (and therefore, neither on the value of the firm). The line of reasoning is quite simple: the capital funds providers of the company as a whole would ask for a return depending on the risk of the assets; so if we assume the assets remain the same, no change should be expected on the required rate of return for financing them, even if we use different proportions of Debt and Equity. In other words, in competitive and efficient Markets two identical assets could not be priced differently (that is what would happen if different Financial Structures for the same assets had different costs). Modigliani and Miller proposal can be summed up in figure 1. Nevertheless, Corporation Tax changes it all, since it brings about a distortion due to the different treatment of interests and dividends. In fact, interests are deductible (provoking tax savings) from the Tax base, while dividends are not; therefore, all the rest remaining the same, if it is true that under perfect Market conditions the Financial Structure would be irrelevant, the imperfection mentioned above would cause an interest for leverage. The effect of the Corporation Tax advantage can be easily shown. If we assume a non leveraged company (fully Equity financed), the free cash-flow (that under the formerly proposed conditions could be used for paying dividends) can be expressed as follows: (4) whose present value should be calculated using a discount rate considering the Assets risk (R). This way, the Enterprise value (that in a non-leveraged company would be both Assets value and Equity value) should be estimated as follows:
4 COST OF FUNDS ON THE BASIS OF MODIGLIANI AND MILLER AND CAPM PROPOSITIONS:... 9 (5) So if we now equalize expressions (8) and (9) we reach (10): If we now consider the possibility for the company to borrow money, the free cash-flow to be distributed among the funds providers after Corporation Tax would be: (6) where I refers to the Interests to be paid on the Debt (so it is calculated by multiplying the interest rate by the total amount of Debt), and as can be seen, we face a new situation insofar as there is an additional item in the formula which is related to the savings that the interest payment causes in the Corporation Tax; if we assume both that this Tax shield can always be accomplished and that lenders do not assume any risk, this part of the income should be discounted at the Risk-free rate, and so: (7) It can be seen that the Enterprise value can be obtained by adding to the non-leveraged one a term that grows with Debt (the formerly mentioned Tax shield), so there is an interest for the company to increase leverage to its maximum. An important consequence of the former is that now the Weighted Average Cost of Capital is no longer independent from the leverage, but decreases as Debt rises. In fact, on the basis of expression (2) we can reach equation (8): (8) And if we now take equation (7) into account it is easy to see that: (9) (10) where the cost reduction effect related to leverage appears very clearly. In addition, a different formula for estimating the cost of Equity can be raised on the basis of the former; so, if we make equal expressions (1) and (10) we have equation (11): 4. CAPM (11) CAPM (Capital Asset Pricing Model) is built on the basis of Markowitz Model hypothesis, and sets out a fundamental relationship between a given asset and the required rate of return to finance it. The model highlights the fact that the total risk of any asset can be split up into Systematic risk and Diversifiable (Non-systematic) risk. Systematic risk is due to the Market, that is to say, it is given by the fact that any asset is in some way related to the general economic course, and because of that, it has a certain amount of non Diversifiable risk; Non-systematic is the specific risk of the investment (the portion of risk that the Market is unable to explain), so it can be avoided with a proper diversification. If this is the case and we assume risk-averse individuals, nobody would take avoidable risks, so we all would eliminate Diversifiable risks and only Systematic risk would remain. The classical measure for Systematic risk is Beta, which can be calculated as follows:
5 10 (12) where COV (R j, R m ) is the Covariance between the studied asset and Market returns; and VAR (R m ) is the Variance of the Market returns. The model poses a positive linear relationship between the required return on any investment and its relevant risk (measured with Beta), that can be summarized in the following expression (Security Market Line, SML; the model requires adjustment to the purposed line to any asset correctly valued): (13) where E (R j ) is the expected return on the asset, R f is the Risk-free rate and the Premium is the difference between the expected return for the Market and the Risk-free rate. Under CAPM conditions, all Assets, Equity and Debt should perfectly adjust to equation (13), so: for estimating a company Beta on the basis of observed Betas in the Market. Again, the idea is quite simple: it would be very difficult to estimate Equity Beta in a nonquoted company, since we have no historical data about its returns, so Covariance with the Market would remain unknown 3 ; but in some cases, it could be derived from the Beta of a quoted company. This proposal poses one important problem: even if the activity of both companies were the same, leverage could be totally different, so we have to face an adjusting process in which first of all, Beta of the observed company assets must be inferred from its Equity one (taking both leverage and Beta of Debt into account); and in a second step, Equity Beta of the studied company would be estimated (again, taking its leverage and the Beta of Debt into account). This process is commonly known as levered Beta calculation. Formulation to be used is quite simple to derive. Let us remember that when equaling expressions (1) and (10) (that is to say we accept Modigliani and Miller 1963 propositions) we have: (14) (15) (16) where β a, β i and β e are the Systematic risk measures for the Assets (assuming non-leveraged company), for Debt and for Equity. 5. INTRODUCING CAPM INTO THE MODIGLIANI AND MILLER PROPOSALS (1958 and 1963) Clearing R we reach expression (17): (17) Combining CAPM and Modigliani and Miller propositions takes us to the classical formulas commonly used If we now take into account CAPM (expressions 15 and 16), equation (17) becomes the following:
6 COST OF FUNDS ON THE BASIS OF MODIGLIANI AND MILLER AND CAPM PROPOSITIONS: (18) Let us compare expression (18) with equation (14), that indicates the required rate of return on assets in a nonleveraged company under CAPM conditions; it is easy to derive equation (19) in order to estimate Beta of assets (assumed that both Beta of Equity and Debt and the leverage of the observed company are all known): (19) We then only have to clear Beta of Equity in expression (19), as can be seen in equation (20): (20) A particular case of the former happens if we assume fully guaranteed Debt (no risk taken by Debt providers; which means to assume Beta of Debt equal to zero): it is the formula of Hamada (1969) for estimating Beta of Equity: (21) NOTE: the whole formulation is applicable for the original proposal by Modigliani and Miller (1958; we only have to assume Tax Corporate rate equal to zero). 6. THE EFFECT OF PERSONAL INCOME TAX (MILLER, 1977) In the work of 1963, Modigliani and Miller assume that there is only Corporation Tax, which introduces a distortion, insofar as Debt and Equity are not treated the same. However in 1977, Miller points out that if the Tax System as a whole was properly designed, it should not interfere with the financial decisions of the companies; to put it another way, the function of the Tax System is not to provide companies with the proper Financial Structure, but to drain money from the Economic System in order to redistribute wealth, accomplish public investments, etc. If so, and if we assume no other Market imperfections, we would go back to the original proposal: Financial Structure is not relevant in order to put value on the company (the Financial Objective of the firm), since the advantage of Debt in Corporation Tax disappears when considering the Tax System as a whole. Let us revise the previous formulation, taking now into account that the Personal Income Tax treats differently Debt income and Equity income (interests and dividends) 4. Be m the Tax rate for dividends in Personal Income Tax, and n the one for interests (assuming that, obviously, m < n). Let us now first consider a non-leveraged company. The generated income to be distributed among funds providers can be seen in equation (22):
7 12 (22) R being the required rate of return for the non-levered company before taking Personal Income Tax into account; the Enterprise value would be calculated as follows: (23) In a leveraged company the income generated and distributed among funds providers after taxes is shown in expression (24): (24) If we again assume that tax shields can always be reached, both items in expression (24) should be discounted at different discount rates: first element is identical to the one corresponding to a non-levered company, so we have to use R (1 m); and the second one should be discounted using i (1 n) (since all taxes have been deducted in equation (24); so discount rates must be defined after taxes in order to avoid duplicities). Then: (25) On the basis of (25) it is easy to reach equation (26): (26) where tax advantage related to leverage disappears when (1 t) (1 m) = (1 n); and obviously, if m=n we go back to expression (7). Let us call T to the tax distortion in the whole system: equation (26) can be expressed therefore as follows: (27) (28) T is always lower or equal than t (if we assume that m < n): at worst, Personal Income Tax would not discriminate interests and dividends, which means T=t (Modigliani and Miller 1963). Let us remember equation (8): (8) If we clear EBIAT in equation (28) it is easy to reach expression (29): (29) If we now put it together with equation (8) we reach expression (30): (30) where now again can be seen clearly the cheapen effect related to leverage (assuming that the Tax System is not neutral T 0 ; however, the advantage is lower now, since T < t, so the Weighted Average Cost of Capital decreases less when taking Personal Income Tax into account; see expression (10) in comparison with (30)). On the other hand, if we make equal expressions (1) and (30) we can derive the formulation for estimating the required rate of return for a non-leveraged company:
8 COST OF FUNDS ON THE BASIS OF MODIGLIANI AND MILLER AND CAPM PROPOSITIONS: Let us deepen on what the former means. Remember that T was defined as the measure of the imperfection related to the Tax System as a whole (considering both Corporation and Personal Income Taxes): (31) Nevertheless, expression (31) is not a logical one, since the weights for both cost of Debt and Equity should add up to one (as happens under Modigliani and Miller propositions when taking only Corporation Tax into account; see expression (17)). This leads us to bring about a correction in expression (1) that seems to be reasonable. Let us remember equation (1) that has been used both in a world without taxes, and in a single Corporation Tax context: (1) where t is the Corporation Tax rate (that would be zero in a world without taxes). Under Miller (1977) conditions it must be said that if the Tax System as a whole was properly designed, dividend collectors should have an advantage over interest ones in Personal Income Tax (that is to say, m<n); and this different treatment would lead lenders to ask for a higher profitability than what they would expect if the aforementioned difference did not happen. To make it clearer, let us think about a non-leveraged company fully owned by a sole investor. Only by shifting Equity for Debt he or she could collect part of the profitability in the form of interests, which are deductible from the Corporation Tax Base; so the higher the leverage, the lower the Corporation Tax to be paid, and the higher the money collected by that sole owner. But if Debt incomes are treated worse in Personal Income Tax, the advantage reached in Corporation Tax would decrease, and it could disappear if the system as a whole was properly designed (that is to say, T=0). This way, the tax correction should be given by a tax shield considering the system as a whole (so we might use (1 T) instead of (1 t)). Expression (1) can be then rewritten as follows: (32) 5 so: (27) The former implies that requirement of Debt Providers changes: (33) In other words, the proposed formulation might be seen as a correction to the one we use when only Corporation Tax exists, insofar as the tax shield achieved in Corporation Tax could be minored by the Personal Income Tax effect (since the item (1 m)/(1 n) should logically be higher than 1 and the decrease of Debt cost is lower; and if we assume m=n we would go back to 1963 Modigliani and Miller case). Under the proposed conditions, we can equal expressions (32) and (30): (34) Equation (34) seems to be more reasonable; and we can also clear the cost of Equity in this proposal, coherent with Miller (1977): (35)
9 14 7. INTRODUCTION OF THE CAPM INTO THE MILLER (1977) PROPOSAL Introducing CAPM into the Miller proposal is again quite simple. As we said earlier, CAPM poses the following formulation in order to estimate the required rate of return on Assets, Debt and Equity: (14) (15) (16) Let us remember as well equation (34): (34) If we now substitute expressions (15) and (16) in equation (34), the required rate of return on the assets in a non-leveraged company would be as follows: (36) If we now compare expressions (36) and (14) we can derive equation (37), under the assumption that both Beta of Equity and Beta of Debt, as well as leverage (all data referred to the observed company) are known: (37) where the Beta of Equity for the studied company can be cleared: adapted to Miller (1977) propositions, which we call SGHAMM formula (2014). (39) (38) If we assume that Debt is fully guaranteed (Beta of Debt equal to zero), then we have the Hamada formulation NOTE: Observe that all formulation proposed is valid for 1958 Modigliani and Miller propositions (T=0) and also for 1963 proposal (by substituting T for t).
10 COST OF FUNDS ON THE BASIS OF MODIGLIANI AND MILLER AND CAPM PROPOSITIONS: CONCLUSIONS Formulation most frequently used by practitioners to estimate the appropriate rate of return to be used in the assessment of assets or stocks is based on CAPM and Modigliani and Miller (1963) propositions, taking only the effect of Corporation Tax into account (Hamada, 1969). Insofar as it is also very usual that dividends and interests are not equally treated in the Personal Income Tax (in order to eliminate the advantage that Debt has in Corporation Tax; Miller, 1977), the aforementioned formulation introduces a distortion in the results to be reached. In this paper we have developed, on the basis of both CAPM (Sharpe, 1970) and Modigliani and Miller propositions (Modigliani and Miller, 1958 and 1963; and Miller, 1977), an alternative formulation which takes the effect of both Taxes (Corporation and Personal Income Tax) into account, and allows to overcome the distortion mentioned before. 9. BIBLIOGRAPHY BREALEY, R.A., S.C. MYERS and F. ALLEN (2007): Principles or corporate finance, McGraw Hill, New York, 9 th ed. GÓMEZ-BEZARES, F. (2014): Dirección financiera, Desclée de Brouwer, Bilbao, 5 th ed. GÓMEZ-BEZARES, F. (2012): Elementos de finanzas corporativas, Desclée de Brouwer, Bilbao. HAMADA, R.S. (1969): Portfolio analysis, market equilibrium and corporation finance, Journal of Finance, March, pp MILLER, M.H. (1977): Debt and Taxes, Journal of finance, 32, May, pp MODIGLIANI, F. and M.H. MILLER (1958): The cost of capital, corporation finance and the theory of investment, American economic review, 48, June, pp MODIGLIANI, F. and M.H. MILLER (1963): Corporate income taxes and the cost of capital: Acorrection, American economic review, 53, June, pp SHARPE, W.F. (1970): Portfolio theory and capital markets, McGraw Hill, New York. APPENDIX Let us deepen in an alternative way to reach the logic of expression (39). Be q the required return (before Personal Income Tax) for a stock with identical risk (after Taxes) than Debt. It should happen that: so: Let us remember that: so: If we now make equal (1) and (30) we have: Taking (A.4) into account: which takes us directly to the logic of (34). (A.1) (A.2) (A.3) (A.4) (A.5) (A.6) (A.7) (A.8) Taking now the CAPM into account, and following the same process than before (from (14) to (39)): Substituting (A.10) and (A.11) in (A.8): (A.9) (A.10) (A.11)
11 16 (A.12) Taking now (A.9) into account: (A.13) (A.14) where the Beta of Equity for the studied company can be cleared: (A.15) (A.16) If we assume that Debt (or the proposed stock for which return q is required) is fully guaranteed (Beta of Debt equal to zero), we reach again (39): Notes (A.17) 1.- And even more in the Corporation Tax, when it is a company the owner of stock or debt (with different rates depending on the kind of company). Not to talk about the additional problems that arise when facing with international ownership. 2.- Deeper explanations and formulation of both Modigliani and Miller propositions and Capital Asset Pricing Model (CAPM) can be found in Gómez-Bezares (2014), chapters 5 and 7. Gómez-Bezares (2012) and Brealey, Myers and Allen (2007) may be consulted as well for some particular issues. Formulation related to the inclusion of CAPM in Miller s proposal (1977) can be seen as original. 3.- Accounting data could be used, but this approach shows important theoretical problems. 4.- This was the way the Tax System worked in Spain since 1995 to The changes introduced in Personal Income Tax in 2007 took us back to a more coherent situation with Modigliani and Miller (1963), insofar as interests and dividends are since then equally treated (Tax rate of 21% nowadays). Anyway, when trying to measure the impact of the distortion, we face a more complicated problem, if we also take into account that there is an exemption in Personal Income Tax for the first euros collected as dividends, and that taxation for dividends collected by companies or Mutual Funds has a different treatment. 5.- In this context, i should be understood as the required return for Debt assuming m=n=0; or, in general, if no discrimination was made in the Personal Income Tax (that is to say, (1 m) = (1 n)). This will be treated in more depth in the Appendix.
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The Singapore Statement and the Montreal Statement
The Singapore Statement from 2010 is an international initiative aiming to develop joint principles, definitions and guidelines for research integrity and responsible conduct of research worldwide. In the autumn of 2013, the Singapore Declaration was supplemented by a Montreal Statement with recommendations on how to ensure research integrity in collaborative research projects spanning countries, research disciplines and sectors.
The European Code of Conduct for Research Integrity
The European Code of Conduct for Research Integrity from 2011 was prepared by the European Science Foundation (ESF) in cooperation with the ALLEA (European Federation of all Academies for Sciences and Humanities). The document testifies to agreement among approx. 30 European countries on an overall set of principles on research integrity and it also contains a series of recommendations and proposals for precise procedures for the handling of breaches with responsible conduct of research.
InterAcademy Council
In 2012, the global network of scientific academies organised under the InterAcademy Council prepared the report "Responsible Conduct in Global Research Enterprise". The report addresses the challenges imposed on the field of science by the increase in global research, and is a joint effort to achieve a clear consensus on joint scientific core values and responsible behaviour in global research practice.
In 2012, the international association of universities, the IAU-MCO, adopted a document outlining institution-level ethical guidelines for institutions of higher education. The document presents a range of fundamental values and principles that institutions are to uphold and provides instructions detailing how these may be integrated into the institution's strategies and policies.
The Global Research Council
On its annual meeting in Berlin in April of 2013, the Global Research Council, counting approx. 70 research fund directors from across the world adopted a statement on integrity in research and an Action Plan towards Open Access to Publications.
The Vancouver guidelines (ICMJE)
The Vancouver authorship guidelines − the "uniform requirements" − were prepared by The International Committee of Medical Journal Editors, "The Vancouver Group" and have since been adopted by 600 medical journals. The rules define authorship and outline clear criteria for co-authorship to be fulfilled by every individual researcher.

subset: commoncrawl


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Twerking 'ell! Google BUMPs and grinds way to another app slurp
Chip off the old Flock to push creepy sharing sky high
Google has bought mobile app maker Bump – the outfit behind photo-sharing tech Flock – for an undisclosed sum.
A number of reports have said that the acquisition price tag was anything between $30m and $60m, but Google has not confirmed the figure.
Bump CEO David Lieb, who co-founded the company in 2008, said in a blog post:
Our mission at Bump has always been to build the simplest tools for sharing the information you care about with other people and devices.
We strive to create experiences that feel like magic, enabled behind the scene with innovations in math, data processing, and algorithms.
So we couldn't be more thrilled to join Google, a company that shares our belief that the application of computing to difficult problems can fundamentally change the way that we interact with one another and the world.
He added that "for now" the firm's Bump and Flock apps for Apple iPhone and Android devices would "continue to work as they always have".
Lieb thanked investors in Bump – which shares data such as files and photos between devices – including Silicon Valley moneyman and Netscape founder Marc Andreessen.
Google thrives on offering creepy sharing tools to its users. This one could potentially be gulped by Google Glass, Google+ or both products. ®


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The Program Committee oversees the operations of recreational programming at The Firehall. OSCA runs a children's after school program, summer camps, pre-school, children and adult fitness, and adult general interest programs. The committee is also responsible for the Fitness Centre located in the building. Some of the issues the committee considers are the development of new programs, investment in new equipment, and the creation of new policies and procedures.
Check out the OSCA Program section for the latest info.


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Written by:
29/01/2016 13:23
Small businesses at risk of mass bankruptcy
'Rough Trade' is a new report on the threat of TTIP to small UK businesses, released by campaign group War on Want.
It points out that although more than 99% of private sector businesses in the UK are classed as 'small', with less than 50 employees, small business associations have had no input into the content of TTIP.
According to the European Commission's own survey for the TTIP, less than 0.5% of small UK businesses are involved in export to US markets. 'TTIP was crafted by and for big business' says the report.
Largely as a result of the unfair competition small businesses would face from larger US firms, at least 680,000 jobs in the EU are predicted to be lost according to the European Commission's own impact assessment.
Many factors including lower wages, lower energy costs and lower animal welfare standards in the USA, put US firms at a commercial advantage which could undermine better EU standards.
Business Against TTIP
Let your local shops and businesses know! Flyers with basic details of the campaign, and how to sign up as a supporter, are free to order from waronwant.org/materials. Ethical Consumer Research Association signed up as a Business Against TTIP supporter in January 2016.
Visit our TTIP feature in our campaigns section for more information on the trade deal.
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Zero Net Energy and Affordable Housing
"Zero Net Energy" (ZNE) construction is usually associated with the wealthy. The term ZNE often conjures up images of a posh LEED-certified house with a plug-in sports car in the garage. However, thanks to Humboldt County residents Sean Armstrong and Michael Winkler, a new breed of Zero Net Energy housing stock is now becoming available to low income residents.
Sean Armstrong is an enthusiastic evangelist for Zero Net Energy Building. Sean founded an energy company in 2011 to provide consulting for Zero Net Energy design in low-income housing. He was a Project Manager for six years with a company that developed innovative affordable multifamily ZNE housing and is also a second generation farmer specializing in grass-fed Kunekune pigs.
Michael Winkler is the current mayor of the City of Arcata with eight years of experience on the city's Planning Commission. He is a LEED Green Rater, and he has a B.S. in Environmental Resources Engineering and Physics.
Sean and Michael are sticklers for accuracy. While some people are altering the definition of Zero Net Energy and only counting carbon emissions from electricity used by a building (ignoring carbon emissions produced from natural gas on-site), Sean and Michael prefer to use the international definition of Zero Net Energy, which prohibits on-site combustion of fossil fuels. In other words, they design buildings to be truly carbon neutral.
I spoke with Sean on a Wednesday morning about the attributes of his ZNE projects. One of the first things that Sean wanted to discuss was the virtue of going all-electric. In combination with solar panels, Sean's housing projects make sun-powered heating and cooling very affordable for the low-income residents who live there when compared with natural gas costs. Of course, adequate insulation is key at the start in order to reduce the demands on the heating and cooling system.
Sean also stressed that he prefers to use readily available technologies, such as LED and CFL lights, standard Energy Star all-electric appliances, and heat pumps in his projects. As previously mentioned in the first Pathway to ZNE article in this series, a heat pump is essentially a transporter that moves heat from one place to another. Even in air that seems cold, heat energy is present. When it's cold outside a heat pump extracts this outside heat and transfers it inside. When it's warm outside, it reverses directions and acts like an air conditioner, removing heat from your home.
Sean and Michael's portfolio of ZNE projects includes ten projects in all with six in Northern California, including an apartment complex in Calistoga (48 units for farm workers) and one in Fort Bragg (29 apartments, now the largest ZNE single family housing development in the US). In addition, there are 32 apartments for farm workers under construction in Cloverdale.
Monica Garibay is Community Manager of one of the complexes designed by Sean and Michael. She says of living at the apartments:
"Not only do I and the residents appreciate the incredibly low cost of utilities, I and the residents love knowing that by lowering our carbon footprint, we are helping to preserve the beauty of Calistoga, Napa Valley and the overall environment."
To start on your path to Zero Net Energy or to learn more about energy-saving programs available to low-income residents, contact the SCEIP office at 707-565-6470.


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What is Marketing Automation?
As technology has become more sophisticated, so have businesses' marketing tactics. Big box retailers have begun carefully researching consumers and deploying marketing messages that are personalized to each recipient.
Because each piece of communication is targeted directly to that customer's interests, it is more likely to not only be read, but also acted upon.
Marketing automation gives even the smallest businesses the ability to create sophisticated marketing campaigns without spending a fortune.
Through marketing automation, a business can maintain a personal relationship with each of its customers, even if those customers come through its website.
Business of all sizes can reach out to customers on an individual level, showing them they're dealing with a company that cares.
Most importantly, marketing automation drives better results than generic marketing campaigns, leading to a better return on a business's investment.
There are several benefits to marketing automation, including:
- Leveling the playing field between small and big businesses. Using these tools, even the smallest startups can compete with big brands.
- Eliminating repetitive tasks. Instead of being in the office each day to create and send marketing emails and social media posts, professionals can create messages in advance and schedule them to post at a specific time.
- Knowing your customers. Through the use of marketing tools, brands are always studying customer behavior, giving them an in-depth look at their customers.
- Advanced reporting. Instead of blindly blasting marketing messages, businesses can test various approaches and study the results using the built-in reporting tools.
Case Studies
3 Day Blinds
Custom window treatment provider 3 Day Blinds used Marketo's marketing automation solution to personalize the messages it was sending to customers. The company wanted a way to increase participation in a new in-home design appointment feature it was offering.
Through the use of Marketo, 3 Day Blinds was able to reduce the work that went into generating email messages while also creating much more powerful, effective campaigns.
Emaze is a startup company that produces online presentation software. The company used Marketing Sherpa to put B2C-style efforts into its B2B marketing efforts.
Using Marketing Sherpa, Emaze was able to create personalized marketing materials that spoke directly to each recipient. As a result the company added 470,000 new users, to give it a total user base of of more than 2 million.
Software Vendors
A wide variety of software vendors offer marketing automation solutions, including:
Marketo offers consumer engagement marketing through email, web, social, mobile, and ads, as well as real-time personalization and marketing management.
In addition to its marketing tools, the company is also popular for its informative guides and blog posts.
Plans start at £897 per month but custom prices are available.
Specializing in integration, Hubspot offers software to help with blogging, SEO, social media, email, landing pages, and more.
Advanced analytics allow brands to track their efforts. Pricing starts at £129 per month.
Oracle provides this marketing automation platform that helps with marketing across all channels including email, display search, video advertising, and mobile. The goal of Eloqua is to help businesses launch consistent marketing messages.
Pricing information is provided on a personalized basis.
Salesforce (Pardot)
For enterprises that use Salesforce, Pardot is a top choice due to its seamless integration with the popular CRM.
With email marketing, lead management, social posting, and ROI reporting, Pardot improves a business's customer engagement through studying and acting on customer behaviors.
Plans start at £643 per month.
Is Marketing Automation Software a Good Investment?
Yes. Through marketing automation businesses can improve customer relationships and increase sales.
The right tools make it easy to launch personalized campaigns based on observed customer behaviors, improving ROI.
Best of all, businesses can spend less time creating emails and social media posts and refocus their efforts on other aspects of winning new customers.


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Home Owner in Olympia
Hi, I have some homes that have newer rooms available, some have acreage/acres for individuals or families. Will partially and appropriately barter for housekeeping/assistant services, or a nice washer/dryer, fridge, woodstove, furniture, electronics, vehicles and other useful things, what do u have? no pets please though I may be open to appropriate situations if they are contained and/or CLEAN. Will do month to month/Trial for services, or other leases. Prices will vary and depend on space & amount of people sharing. We can appropriately accommodate most situations. The more details you share with me through text or email the sooner I can respond to you on what I can do for you.
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These are digital compositions comprising of multiple images relating iconographic thoughts
PHOTOGRAPHER'S STATEMENT Graduated in 1972 in the inaugural class of Nathon Lyon's Visual Studies Workshop. This work represents my fifty year varied explorations of photographic representation. I have worked with landscape, planoscapes, portraits, metaphoric compositions and many aspects of photographic spacial design dealing with photographic space beyond the single frame. My range of experience extends from fine art to commercial and includes work with almost all photographic media including: large format 4"x5", 8"x10", medium format,35mm black and white and color; 16mm film; multi-media presentations and video. I have designed cameras including a 180 degree by 360 degree total environment camera (which might be one of the world's first virtual reality cameras), slit cameras and slide show systems which relate to images and life performances. Per need I work with both analogue and digital media. I have worked on many portfolios including those using my early virtual reality camera, the two-page spreads, "The Southwest", "The New York Series", "The Planoscapes" and my most recent, "Social visual Metaphors" All of the images in the portfolios are outputted as archival Gyclee prints on 20 inch by 24 inch water color paper. " The Sphericals explored compositions which depicted total landscape environments, The two-page spreads places two prints side by side to show metaphorical relationships, The Southwest" series was inspired by my interest in the iconography specific to that region. The New York series was similarly inspired, but specific to that City, "The Planoscapes" are compositions that are not necessarily designed as landscapes but combine images as flat plane spaces. The social visual Metaphors compare the relationship of historical and contemporary iconography.


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Quick Reference
B. 30 April 1923, Wilmington, North Carolina, USA, d. 28 April 2005, Southampton, New York, USA. Growing up in Philadelphia, bass player Heath first played locally before moving to New ...
Subjects: Music.
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A condensed electron configuration is also known as noble gas notation because it uses the last noble gas of the row above the row containing the element being notated to shorten the electron notation for the element. Condensed electron configuration relies upon the same shorthand as regular electron notation.Continue Reading
Look for the row and column with the symbol of the element to be notated.
To locate the appropriate noble gas to use in the notation, trace the periodic table backwards from the chosen element until you reach the previous noble gas with the highest atomic number.
Write the symbol for the noble gas in brackets, capitalizing the first letter.
Using the regular method of notating electrons, count out the remaining electrons in the element.
Write the orbital level from one to seven after the bracketed noble gas.
After writing down the orbital level, use letter s, p, d or f to notate the orbital type. Write it next to the orbital level.
Using a superscript, write down the total number of electrons present in the orbital above the orbital letter.


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I mentioned earlier this week that my mom sent me a huge box of yarn. It really was enormous! These 2 photos show approximately one 6th of all the yarn in that package! I am so excited to get started on some projects for the baby! :) I have plans for a granny square blanket and some baby layettes. The bright colored yarns are sure to become little crocheted dolls and toys eventually. I am so excited! once I finish a few I'll be sure and share the finished projects. :)
Original contemporary paintings including landscapes, portraits, and interiors by artist Trent Gudmundsen.


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UnwiredView relays the Chinese report:
Also 'confirmed' apparently, via the even more reliable 'anonymous industry sources', is the fact that the iPad Mini will have IGZO display panels made by Sharp. IGZO (indium gallium zinc oxide) is a thin-film transistor (TFT) tech that allows the tablet to be thinner than similar models, while increasing 'endurance' and display quality.
While the source of this report is unknown there have been several previous reports that corroborate the price and screen size of the purported iPad mini.
Read More [via UnwiredView] [via Dan]


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Debby Ryan: 'Nylon' Canon Powershot Video (Exclusive Pics!)
Debby Ryan teaches us how to take a selfie in this Canon Powershot video for Nylon magazine!
The 20-year-old actress/singer was directed by Izak Rappaport and was joined by her Jessie co-star Chris Galya and his girlfriend Heather Catania, a producer at Nylon.
PHOTOS: Check out the latest pics of Debby Ryan
The month before, Debby was spotted talking with some young fans while waiting for her luggage at LAX airport's baggage claim area in Los Angeles.
Watch Debby in the Canon Powershot video below!
Debby Ryan – Canon Powershot Video for Nylon
Posted to: Chris Galya, Debby Ryan, Exclusive


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Seattle University may say it is a Catholic Jesuit school, but that does not mean it really is a religious institution, says the National Labor Relations Board.
On Thursday, the federal labor law enforcement agency ruled that the school was not exempt from the NLRB's authority and its adjunct professors could therefore unionize.
The ruling clears a path for a vote by the adjuncts, who work at non-tenure-track positions that are also lower-paying than full professorships despite often involving heavy course loads. About half of the school's 700-member faculty are adjuncts. Service Employees International Union Local 925 has been seeking to represent them.
The university had sought a religious exemption from the National Labor Relations Act. It cited the Supreme Court's 1979 NLRB v. Catholic Bishop of Chicago ruling, which held that the board's authority doesn't extend to "schools operated by a church to teach both religious and secular subjects."Read more on WashingtonExaminer.com


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IoT-based "Ohm" Promises to Save Energy and Prove a Boon for Smart Cities
Microsoft backed Buddy Platform Ltd., an Australian Securities Exchange (ASX) company, has unveiled its IoT hardware and cloud solution called "Ohm," which claims to save businesses a substantial amount spent each year on water, electricity, gas, steam, and temperature. Ohm is a first-of-its-kind end-to-end system made to monitor energy usage as well as the resulting carbon footprint. Ohm, with its energy efficiency, aspires to aid current and future smart city projects across the globe to get approved readily by respective governments.
The concept of Ohm comprises a complete energy monitoring solution utilizing IoT class hardware, scalable data infrastructure, mobile or desktop user dashboards, and an operational portal. Installed in close proximity, an Ohm base unit operates under industry standard connectors to track gas, water, electricity, steam, solar, and other build and natural environment elements. Wirelessly connected to other sensors inside the network of the buildings and cities, Ohm aspires to revolutionize the growing energy concerns among the urban populations. Moreover, aged buildings without a feasible building management system, can also utilize the straightforward and simple monitoring solutions provided by Buddy Ohm in order to achieve the efficiency demands.
Buddy Platform CEO has High Praise for New Product
According to David McLauchlan, former Microsoft executive and currently the CEO of Buddy Platform, Ohm focuses not only on the consumption of energy but how we generate it and possibilities of conservation at every step. With rapid construction across the world, smart cities present an opportunity to preplan and change the way we consume energy and thereby improve the quality of life not only for the citizens but also for the future generation.
Strong Backing Behind Buddy Augurs Well for Future
Besides being funded by Microsoft and led proven leadership of David McLauhlan, the Seattle-based company has another venture capital investor in pop star Lady Gaga, whose company AF Square has been actively promoting novel technologies in the recent past.


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Tobacco Manufacturers Added Substances for Weight Loss to Cigarettes
Swiss scientists have finally managed to prove that some American and British tobacco companies add chemicals to cigarettes, contributing to weight loss.
Some evidence appeared in the U.S. and UK regarding to the fact that major tobacco manufacturers added potent chemicals to cigarettes that suppress appetite in order to attract the largest possible number of people to their products. This follows from the industry's internal documents, including data from 1949 to 1999.
During the trial in the United States of America, documents, showing that the largest manufacturers of cigarettes were adding substances to tobacco products which suppress appetite, were released to public. This fact explains why smoking people lose weight and gain weight when quit smoking.
For the time being, the investigation was conducted only on the two foreign firm giants. Moreover, during the trial it became known that four major companies at one time have been investigating the potential impact on smokers of chemicals such as amphetamines and nitrous oxide. At the moment, the production of four more tobacco manufacturers is under investigation. The names of these four companies are not disclosed.
So, according to the research, it was found that some cigarettes contain amphetamines and nitrous oxide (commonly known as laughing gas). However, it still remains unknown whether these additives were added in sold cigarettes.
All past 50 years the world's major cigarette manufacturers were trying to engage young people and adolescents to smoke. The particular strategy was invented for each of the groups. For the girls, who are often concerned about their appearance, tobacco companies created cigarettes with the words "thin" or "fashion" which creates the image of glamorous and graceful girl by packaging design and elegance.
Results of the study are published in European Journal of Public Health by Swiss scientists.
Tobacco companies have tried to expand the number of consumers of their tobacco products by all the ways.
Such tricks were used at least by two companies-giants – Philip Morris and British American Tobacco. This information was reported by the Belfast Telegraph. In the Western media it is highlighted that chemical additives are only one of several strategies which have been successfully used by the tobacco companies over the past 50 years to convince people with information that smoking makes them slimmer.
Now it becomes clear why people, who once have quitted smoking, gain weight. Taking into account the emerging evidence, scientists urge government to tighten rules on tobacco additives and as well to force tobacco companies to disclose all documents relating to their used marketing mixes, including the design and packaging of tobacco products. Scientists believe that consumers need to know which marketing mixes are used to attract new customers.
Similar Posts:
- Phillip Morris underplayed dangers of smoking
- Slim Cigarettes Represent Lower Health Risks
- Study Found Connection Between Mother's Smoking and Kid's Obesity
- Branding ban likely for tobacco products
- Women Cigarette with "Fast Killer" Flavor


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Howard goes for clean, not green
John Howard's energy and environment policy is as much about securing the Coalition's political future as it is about securing Australia's energy future.
It aims tax benefits at the suburbs and regional Australia - where the Coalition's marginal seats are - and at the same time seeks to undermine the green movement and the Labor Party.
Coming as it does in the week when many families will receive family tax payments of $600 as part of the $52 billion budget, and following policy statements on land transport, the new policy is designed to build momentum for the election which could be as early as August 7.
It is cleverly crafted and highly political, promising fuel tax cuts worth a whopping $1.5 billion to households, farmers, small and big business at a time when petrol prices are high.
Just as one of Australia's most high-profile green activists, Peter Garrett, joins the Labor Party, the policy sets out to show voters that the green agenda for protecting the environment would be economic folly for Australia and would cost jobs.
"Australia cannot afford to put at risk our existing energy advantage, to put at risk industries that directly employ 120,000 Australians and which earn more than $24 billion a year in export income. It [the policy] recognises that further development of Australia's energy resources is vital to our future prosperity," Howard said.
Instead the Prime Minister has a more seductive message for Australians averse to giving up their energy-guzzling lifestyles - they can have it all.
"The choice is between low and high emissions outcomes - not between renewables and other energy sources. We can have both of them."
His strong message is that alternative energy sources are an optional extra: in the foreseeable future coal, oil and gas will meet Australia's energy needs. They must be made cleaner, rather than be replaced. The policy relies on big business taking voluntary steps to use cleaner energy and reduce greenhouse gas emissions.
It recognises that "human induced climate change" is one of our biggest challenges, but continues to resist ratifying the Kyoto protocol.
The environment measures in the policy are targeted at families in the suburbs with practical, easy solutions such as incentives for extra insulation, more use of solar power and more efficient energy use in houses.
Although Labor has criticised the measures for not doing anything substantial to protect the environment, it will find it difficult to vote against the bulk of the measures, such as the fuel tax cuts, which will be popular with a range of key constituencies.
This is also $1.5 billion that Labor will not be able to pledge for its own policy priorities.
That fact will not not have escaped Coalition strategists.


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by Justin Koski
Senator insists DHS needs to be funded with a clean bill.
Joining Fox News' Fox & Friends on Tuesday, Sen. Joe Manchin, D-W.Va., said he is siding with the GOP to block President Obama's executive order on amnesty. He added that the Department of Homeland Security will first need to be funded by a "clean bill."
"… We have to have a Homeland Security bill that basically protects us with all the threats we have going on here within our country, and also around the world," Manchin said.
"With that being said, yes, … let me vote on a clean Homeland Security," he added. " I will be voting with the Republicans to repeal the president's actions, but not all of them combined into one."
The senator concluded by saying that there are several other Democrats expected to vote with him on the executive amnesty overreach, and they would most likely be the same Democrats who voted for the Keystone Pipeline.
h/t: Breitbart


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In the strange bouillabaisse that is Windows 8.1 Update 1, nothing is stranger, perhaps, that accessing desktop user interfaces from within Modern apps and experiences. In the RTM version of this update, I've been experimenting with how these cross-experience UIs work. And one of the weirder ones is the ability to access the taskbar from inside Modern apps.
As with the Modern app taskbar preview capabilities I discussed in Windows 8.1 Update 1: Modern App Taskbar Previews, this functionality is of course designed to bridge the conceptual and usability gulfs that currently exist in Windows 8.1. It's supposed to make Windows 8.1 work better for those of us who still use traditional, non-touch PCs, and do so without changing the experience for those with multi-touch tablets and 2-in-1 Pcs.
As such, your PC(s) may not be configured properly to display the taskbar in Modern apps, a fact that several readers and people on Twitter were able to help me with. In my initial tests of the RTM version of Update 1—which I've installed on all my PCs, including my desktop and Ultrabook, my Surface devices, my mini-tablets and even in VMs—I was seeing inconsistent results. And with different sign-ins, too, since I started to suspect that some kind of setting was being synced through my Microsoft accounts.
Turns out this was in effect correct, but I just didn't know which setting was being synced. Now I do: In order to see the taskbar in Modern apps, you have to be displaying all running Modern apps on the taskbar first. This is enabled by selecting the option "Show Windows Store apps on the taskbar" in the Taskbar pane of the Taskbar and Navigation Properties window.
Now, when you use a Modern app, you can mouse down to the bottom of the screen and the taskbar will appear so you can switch apps using the interface you're already familiar with.
Using touch? Don't worry about it. You'll never see this interface regardless.


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Re: Saurashtra University FYBA Result
Saurastra University
Would you plz ..provide me the address of Saurastra University and give me the courses list of Saurastra University and tell me that what are the Facility of Saurastra University?
|Sponsored Links
Re: Saurashtra University FYBA Result
Saurashtra University has declared FYBA program result. You can get it from the official website of Saurashtra University.
For result go to the result page of Saurashtra University which is looks like same as the below image.
Here you have to click on student then you will display a new page which is similar to the given image.
Here you have to select stream, year and month then enter seat number and click on search button.
Answered By StudyChaCha Member
Last edited by Aakashd; July 27th, 2018 at 04:39 PM.
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As thought leaders in the Staffing Industry, BCP wants to help you overcome the challenges impacting your business both today and in the future. Check back often for updated news and articles you can use. Interested in having us write for your publication or periodical? Please contact us.
Lightning Demand for Emerging Tech Skills is Challenging the Conventional Approach of IT Staffing Firms
as published in SI Review Magazine
November 2014
If you're in IT staffing, you know well that requirements (that's "tech talk" for job orders) are easier to come by than candidates; that's been the case for years. In the race to beat everyone else to market with the talent, your firm's focus has likely been recruiting, recruiting and recruiting. Read More »
Are You Multi-tasking Your Way to Ineffectiveness?
as published in SI Review Magazine
April 2014
This morning at the gym, three of the five people in my line of sight were looking down at their phones doing who knows what — trolling Facebook, reading email, texting. What they weren't doing was working out. Using this sample, 60 percent of the people who are getting up at o-dark-thirty with the best of intentions to get a workout in before starting the day only are sabotaging the effectiveness of that workout... Read More »
Get the Basics Down
as published in SI Review Magazine
November 2013
Strategic planning is necessary but often pulled off, like upgrading your fim's technology when it no longer meets your needs. It's often just easier to immerse yourelf in the day-to-day tactical business of running your firm. Securing as many job orders as possible and filling as many of them as you can is how we make money in this buisness. Read More »
How to Make the Most of In-person Interaction, and Why You Should
as published in SI Review Magazine
February 2013
After years of training and coaching, I've come to understand that many people are just plain afraid of face-to-face networking — and have different perceptions on what networking is. So when I train staffing professionals in effective netwoekin, I start out by defining what it isn't... Read More »
Is it the Right Fit
as published in SI Review Magazine
June 2012
Given the explosive growth of managed services solutions and vendor management technology, if yours is a small to midsize staffing firm, it wouldn't be surprising if you're grappling with whether or not — or how — to play in this space to avoid losing your existing business with large accounts. Read More »
Future, Now
as published in SI Review Magazine
March 2012
An improving economy and companies more willing to hire contingents than add to their own headcount means increased business for staffing companies. That's the good news. However, that growth won't be across the board. While some industries will see signifycant growth and hiring activity, others will lose headcount. What will this mean for the staffing industry? How can we prepare for what's to come, ensure we have the right people in place and that we are focusing on the right skills? Read More »
Recast the Mold
as published in SI Review Magazine
November 2011
It's December, and chances are your organization is in the midst of finalizing budgets and developing the company's strategic plan for 2012. And through it all, you may be thinking, this is an exercise in futility. By second quarter, we forget what we said we wanted to do. Another year of pouring over the data, analyzing the economic trends and struggling through how you're going to increase revenue, hold margins and make more profit. Read More »
Up Your Team's Game: Bring in a Coach for Your Team's Top Performers
as published in SI Review Magazine
July 2011
Recruiting the best and brightest is just half the battle for today's staffing owners and executives. It's providing the daily care and feeding after they're on board that most of us find tough in today's world of having more direct reports, higher expectations, and fewer support resources. Read More »
I Reach, E Reach — How to Maximize Your Online Marketing Efforts
as published in SI Review Magazine
June 2011
Typically seen as low- or no-cost marketing options, using Twitter, blogs or other electronic means to promote your brand has never been more prevalient. And if you haven't already jumped on the e-marketing bandwagon, chances are you're facing considerable pressure to do so. Read More »


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Ratings Report: CBS Brings the Laughs, ViewersMatt Richenthal at . Comments
CBS provided more than just laughs with its primetime slate last night. The network also delivered strong ratings across the board...
8 p.m.
How I Met Your Mother: 10.2 million viewers/Accidentally on Purpose: 9.3 million
The Sing-Off: 7.4 million
House rereun: 6.7 million
The Vampire Diaries rerun: 1.6 million
9 p.m.
Two and a Half Men: 16.3 million/The Big Bang Theory: 15.6 million
Lie to Me: 6.6 million
Find My Family: 5.4 million
The Vampire Diaries rerun: 1.4 million
10 p.m.
CSI: Miami: 14.1 million
Castle rerun: 4.3 million
Matt Richenthal is the Editor in Chief of TV Fanatic. Follow him on Twitter and on Google+.


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Help us make the Winter Droving a roaring success!
We are looking for a small team of enthusiastic, fun and friendly volunteers to work with us on the day. We are looking for people that can help steward the event at various times of the day on the day (and perhaps before).
Anyone is welcome to volunteer for us providing you are 18 or over, and have a passion for the Winter Droving.
No experience necessary, you just need a friendly, outgoing personality, however if you do have special skills, such as first aid, stage management or events organisation then please let us know!
There will be variety of different jobs to do on the day, including assisting market set up, moving lanterns, welcoming visitors, providing advice on how to get around and where to go; stewarding the procession in the evening and helping with the Drovers Cup events.
You will need to be available to meet the team and do a short training/briefing session on the before, 6.00 – 7.30pm at Penrith Old Fire Station and on the day. The key times we need volunteers are from 7am- 7pm in various shifts.
By being a volunteer at the Winter Droving you will get to be part of an event which puts Penrith in the spotlight, and brings in thousands of visitors to our town, go behind the scenes and learn how this major event is run and build on your skills and experience. You will also be supporting art and culture in Penrith and helping us to make a difference locally.
For more information, please email firstname.lastname@example.com to register your interest


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Michael E. Cortés
Clinical Assistant Professor
PhD, University of California, Berkeley
- uses of research and analysis by public policy advocacy organizations
- diversity and inclusion of minorities by grant-making foundations
Clinical Assistant Professor Michael Cortés has held several leadership roles in legislative lobbying and advocacy initiatives for nonprofits, eventually becoming vice president for research, advocacy and legislation at the National Council of La Raza in Washington, D.C., and director of planning, finance and administration at the Levi Strauss Foundation in San Francisco.
Cortés is the author of numerous scholarly publications, and his academic career includes positions in public policy analysis and advocacy, nonprofit administration and urban planning at the University of San Francisco, University of Colorado, University of California, Berkeley, and University of California, Los Angeles.
Since 2007, he has been an adjunct faculty member at GSSW.
Cortés is proprietor of Michael Cortés & Associates, where he helps advocacy organizations use public policy research and analysis more effectively. His board service has included The Center for Community Change, Hispanics in Philanthropy, the Association for Research on Nonprofit Organizations and Voluntary Action, the Nonprofit Academic Centers Council, the Urban Institute Center on Nonprofits and Philanthropy, the Independent Sector research committee, and editorial boards of Nonprofit and Voluntary Sector Quarterly, and Nonprofit Management and Leadership.


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Orders placed after 2 a.m. will be processed the following business day. Once your order has been processed the guaranteed delivery dates are as follows, depending on your service:
|Turn around
Guaranteed delivery by
(if ordered today)
|6-8 business days
|4-5 business days
|2-3 business days
All alcohol shipments require an adult signature (21 or older) upon delivery. For more information, check out our shipping policies.
To provide you with the most affordable shipping possible, we calculate our rates in real time using the items in your order and shipping location.
To view shipping costs for your order build your cart and enter your address in the first checkout step.
Our wood boxes are locally handcrafted using beautiful 9-Ply Baltic Birch. The box is custom designed to fit three standard wine or Champagne bottle (see dimensions below).
These beautiful pine boxes provide a stunning way to display private label wine bottles, and would be a great wood wine gift box to give to someone special. The wine will be consumed but these boxes will last forever. Create a personalized wooden wine box by adding engraving!
Our boxes are designed to fit most standard wine bottles, however, wine bottles come in many shapes and sizes and not all bottles fit into the box, including the following bottles:
Natural wood has inherent inconsistencies with stains, color, and knots; we include these beautiful imperfections to add character and retain what mother nature has provided.
|9-Ply Baltic Birch
|Included Decorative Filler
|Wood Shred
|External Dimensions
|4.75" x 13.5" x 14.5"
|Internal Dimensions
|3.75" x 12.5" x 13.5"
|Save 5%
|Save 10%
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|Call for pricing
Customize the front of this box lid with a custom engraving.
Wow! I ordered a personalized, three bottle wine box for my wife as a gift and it is a quality crafted, beautifully engraved piece. Personal Wine was helpful in each of my communications with them and they dealt with my last minute changes with a high level of customer service and professionalism. I highly recommend the engraved wine box for anyone looking for an awesome gift for themselves or someone else! Five stars and Salute!!!
Fantastic customer service. The box was even prettier than I thought. They were very timely and responsive. Highly recommend them. Cheers - Wine Away Team
We just received the wine and LOVE, LOVE, LOVE the labels! Thanks for doing such an incredible job! We will be ordering more!!!
You guys were extremely helpful when I placed the order - The order arrived quickly and in perfect condition... Moreover the finished product I received, exceeded my expectations!
Outstanding customer service! I had to re-route the delivery at the last minute, and their customer service personnel were prompt, helpful, professional and super-pleasant! This type service is unfortunately rare these days, and I appreciate it!
The wine bottles looked great at our party! They were a perfect size and the labels were perfect along with with a very timely shipment. Thank you
The perfect personalized gift for any wine lover! The etched bottles and wood box look amazing!! I cannot wait to present it to my son & his new bride on their wedding day this Saturday