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Mutual funds are basically investment vehicles that comprise the capital of different investors who share a mutual financial goal. A fund manager manages the pool of money that is collected from various investors and invests the money into a variety of investment options such as company stocks, bonds, and shares. Mutual funds in India are regulated by the Securities and Exchange Board of India (SEBI), and investing in mutual funds is considered to be the easiest way through which you can increase your wealth.
Mutual funds in India are classified into different categories based on certain characteristics such as asset class, structure, investment objectives, and risk. Here, we will help you understand in detail the various categories and the kinds of funds under each category.
Equity funds make investments mainly in stocks of companies. Equity funds are the most preferred investment options among the majority of investors as these offer high returns and quick growth.
Debt funds chiefly invest in low-risk fixed-income instruments such as government securities. Since these funds come with a fixed maturity date and interest rate these are ideal for investors with low-risk appetite.
Money market funds invest in easily accessible cash and cash equivalent securities and offer returns as regular dividends. These funds come with relatively lower risk and are ideal for short term investment.
Balanced or hybrid funds invest a certain amount of their corpus into equity funds and the rest in debt funds. Though the risk involved with these funds is relatively high, the generated returns are equally high.
Open-ended mutual funds have no constraints as far as the number of units that can be traded or the time period is concerned. Investors are allowed to trade and exit from the funds at their own convenience.
The unit capital that is to be invested in closed-ended mutual funds is fixed and therefore, it is not possible to sell more than the predetermined number of units. The maturity tenure of the scheme is fixed.
Interval funds can be bought/exited only at specific intervals as determined by the company. These are open for investment for a certain period of time only. Usually, the investors need to stay invested for at least 2 years.
Growth funds invest a large portion of their capital into stocks of companies having above-average growth. The returns offered by these funds are relatively high, but the risk involved along with is also quite high.
The corpus of income funds is invested in a combination of high dividend generating stocks and government securities. These funds focus to offer regular income and impressive returns to investors investing for more than two years.
Similar to income funds, liquid funds also make investments in money market and debt securities. However, the tenure of these funds usually extends to 91 days and a maximum amount of Rs.10 lakh can be invested in them.
Equity-Linked Saving Schemes (ELSS) mainly invest in equity and equity-related instruments and offer dual benefits of tax-saving and wealth generation. These funds, usually, come with a three-year lock-in period.
Aggressive Growth funds carry a relatively high level of risk and are designed to generate steep monetary returns. Although these funds are prone to market volatility, they have the potential to deliver impressive returns.
Capital protection funds which chiefly invest in debt securities and partly in equities aim to protect investors' capital. The delivered returns are relatively low and the investors should remain invested for at least 3 years.
Pension funds are great investment options for individuals who wish to save for retirement. These funds offer regular income and are ideal for meeting contingency expenses such as a child's wedding or medical emergencies.
Fixed maturity funds make investments in money markets, securities, bonds, etc. and are closed-ended plans that come with fixed maturity periods. The tenure of these funds could extend from a month to 5 years.
High-risk funds are funds which carry a high level of risk but generate impressive returns. These funds require active management and their performance must be reviewed regularly as these are prone to market volatility.
The level of risk associated with medium-risk funds is neither too high, nor too low. The corpus of medium-risk funds is invested partly in debt and partly in equities. The average returns offered by these funds range from 9% to 12%.
The corpus of low-risk funds is spread across a combination of arbitrage funds, ultra-short-term funds, and liquid funds. These funds are ideal in times of unexpected national crisis or when the rupee depreciates in value.
These funds could be ultra-short-term funds or liquid funds whose maturity extends from a month to a year. Such funds are virtually risk-free and the returns they offer are generally around 6% at the best.
Index funds invest in an index, and rather than a fund manager managing the fund, these replicate the performance of the index. The stocks in which investments are done are similar to that of the corresponding index.
Sector funds are theme-based funds which invest their corpus in a specific sector to deliver impressive returns. Since these funds invests in a specific sector with a limited number of stocks, these have a high risk profile.
Fund of funds invest in a diversified portfolio and the fund manager invests in one fund that makes investments in several funds rather than investing in various funds as this helps in achieving diversification of portfolio.
Foreign/international funds make investments in companies located outside the investor's country of residence. These funds have the ability to deliver good returns at times when the Indian stock markets perform well.
Global funds primarily invests in markets across the world as well as in the investor's home country. Global funds are universal and diverse in approach and carry a high level of risk due to the currency variations and different policies.
Emerging Market Funds invests in developing markets. These funds are risky investment options. Since India is also an emerging and dynamic market, these funds are susceptible to market volatilities.
Real estate funds are special share funds which invest in high-quality real estate directly or through companies which purchase real estates. Though these funds have high associated risk these offer long-term returns.
Market neutral funds are great options for those investors who want to be safe from unfavourable market fluctuations while also sustaining healthy returns from their investment at the same time.
These funds invest in equity instruments, debt securities, and even gold. These are highly flexible in nature and can regulate the distribution of funds into equities and debt instruments.
The investors can gift these funds to their family in order to secure their financial future. These can be used to pay all portion or a part of down payment or closing costs. However, these can't be used to buy an investment property.
These funds which are sold and purchased on exchanges offer exposure to overseas stock markets and specialised sectors. These may be traded in real-time and the prices can increase/decrease many times a day.
Investors can accumulate a significant amount of wealth through investment in a diversified portfolio that comprises high-performing schemes. However, there are so many different fund houses and schemes to choose from that it can be overwhelming to select the right portfolio. This is when a professional fund manager can come to your rescue and ensure that your money is invested in the funds that will offer maximum returns. Here are some of the key features of mutual funds:
Investments in mutual funds can be made by a variety of investors such as individuals, partnership firms, Qualified Foreign Investors (QFIs), registered Foreign Institutional Investors (FIIs), Persons of Indian Origin (PIOs), Non-Resident Indians (NRIs), cooperative societies, Hindu Undivided Families (HUFs), etc. To invest in mutual funds, applicants are required to be KYC compliant.
An increasing number of individuals in India have taken to investing in mutual funds, but a good percentage of the investors have no idea how to go about it. Here are some tips to help you kick-start your investment in mutual funds:
Before you put your money into an investment vehicle, it is important to identify your financial goals. You must know how much money you wish to invest in order to achieve your goals. In case you have short-term goals and require funds in say, two to three years, debt schemes would be the way to go. In case you have long-term goals and require funds after say, five years or so, equity schemes can help you achieve your goals. Once you identify your goals, choosing the right funds becomes much easier.
As you already know, there is a wide variety of mutual fund schemes within the equity and debt fund universe. In order to choose the right scheme, you will have to take into consideration your risk appetite, your investment horizon, and your financial goals. Compare different schemes to find the ones that are in line with your risk profile and your investment horizon.
If you are investing in mutual funds directly by yourself, a fund advisor can be of great aid in helping you achieve your financial goals. Experienced advisors not only help in taking care of the formalities, but they also suggest schemes that can help you generate returns. Many advisors also tend to keep track of your investments, thereby enabling you to switch in case one of your investments is underperforming.
All transactions made in the mutual funds domain must be well documented. It is necessary to be KYC compliant when transacting with mutual funds, which is just a due diligence of certain personal information such as furnishing your photograph, address proof, PAN, and DOB certificate. Ensure that you have a PAN card as it is one of the requirements for investing in mutual funds.
Considering the wide variety of mutual funds on offer, make sure you pick only those that cater to your risk appetite. The higher the returns offered by a scheme, the higher the risk associated with it, therefore, making it important to ensure that you choose your funds wisely.
Most mutual fund schemes come with options such as growth and dividend. When choosing a scheme and the options under it, it is essential to consider your financial objectives to get the most out of your investment. Growth options are ideal for those who want a large amount of money to meet their financial objectives. Dividend options, on the other hand, are ideal for those who require profits at regular intervals of time.
The time-frame for achieving your investment objective must be finalised before you invest in mutual funds. As you grow older and approach retirement age, your exposure to stocks must be limited as it will ensure that your capital is preserved. A professional fund manager can help you better understand where to invest your money.
The past performance of funds does not necessarily give you an insight into how it will perform in the future. For example, IT and pharma funds were known for generating attractive returns over the past five to ten years, but have been underperforming over the past year or so. The returns accrued by funds in the past does not guarantee their excellent performance in the future. However, their performance can be assessed when choosing a scheme as schemes that have performed well in the past have better potential to generate healthy returns in comparison with other funds. Studying a scheme's performance over different market cycles will help you better understand which ones could help you achieve profits.
Mutual funds are managed by Asset Management Companies that employ fund managers to handle each scheme. Fund managers are assisted by a team of market experts and financial analysts. Managing the expenses of these professionals whilst working towards overcoming market risks can be a difficult task. It is for this reason that mutual fund houses charge fees to investors.
Asset Management Companies and fund managers grow in terms of reputation based on the fees or expense ratios charged by fund houses to investors. The better the performance of schemes managed by Asset Management Companies and fund managers, the better their reputation. The ultimate goal of Asset Management Companies and fund managers is to maximise returns and satisfy investors as doing so will help them acquire steady investments in the future. At the same time, their performance can attract new investors, thus increasing the company's Assets Under Management. However, to achieve these feats, operational costs are incurred by fund houses, and to cover these costs, fees and charges are levied to investors. The following are the different mutual fund fees and charges in India:
An entry load is basically the fee charged by a fund house to an investor when he/she buys units of a mutual fund. In August 2009, however, entry load was deferred by the Securities and Exchange Board of India.
An exit load is charged to an investor by a fund house when he/she redeems the units of a mutual fund. Exit loads are not fixed and can vary from scheme to scheme. Generally speaking, exit loads range from 0.25% to 4% based on the kind of scheme in which you invest. The fee is determined by the fund house, and the main reason for the levy of an exit load is to ensure that investors remain invested in the scheme for a certain period of time.
These fees are collected from investors to pay off fund managers for the services they render to manage the scheme.
Account fees are sometimes charged by Asset Management Companies when investors fail to meet the minimum balance requirement. These fees are subtracted from the investor's portfolio.
These fees are collected by Asset Management Companies for the printing, mailing, and marketing expenses incurred by them.
A number of mutual fund schemes allow investors to switch their investments from one scheme to another. The fee charged for this service is called the switch fee.
There are three primary ways through which investment is made in mutual funds, they are as follows:
Investors have the option to invest on their own by contacting mutual fund companies and applying for schemes. Direct investment helps in saving of brokerage fees, and the investment process is fairly simple. All you have to do is visit a branch of the mutual fund company or download the form online from the website of the Asset Management Company. If you wish to invest directly, make sure you read through the fine print carefully and resolve all your queries before investing.
Most investors take the online route to make investments in mutual funds. Not only does this help in saving time but also makes it very simple to compare various schemes before you make an informed investment decision. BankBazaar is one of the many portals in India that offer some of the best mutual funds in India. All you have to do is enter a few details and your investment process will be complete in a matter of minutes.
Professional agents can be hired to make informed investment decisions. Agents have comprehensive knowledge about mutual funds and know the best schemes to invest in to achieve your investment objectives. They invest your money based on your risk profile, investment goals, and your income. They take care of everything and charge a fee for the services they render.
The objectives of mutual funds vary based on their type. Different funds have different objectives. Here, we will look at some of the common kinds of mutual funds and their objectives.
As the term suggests, growth funds aim to achieve growth. All growth funds have the same primary objective, which is to achieve capital appreciation between the medium and long term. The corpus of these funds is usually invested in small to large-cap stocks.
Income funds aim at generating income at regular intervals of time. They do not seek capital appreciation in the long run, and are ideal for those who seek regular cash flow to meet their financial requirements. The corpus of these funds is invested mainly in income instruments such as bonds, fixed interest debentures, dividend paying stocks, preference stocks, etc.
The main objective of value funds is to make investments in undervalued stocks and achieve profits when the inefficiencies are corrected.
There are four common approaches to invest in mutual funds. They are as follows:
Here are the benefits of investing in mutual funds:
Case Study on Mutual Fund Investment
Suppose a girl of 24 years having a secured job with one dependant and monthly take-home salary of Rs.30,000 - Rs.40,000 with no knowledge of financial planning/investment wants to invest in a mutual fund. Before taking the final investment decision she has to know her investment objective, estimate her risk-taking capacity and understand her level of risk tolerance. The risk-assessment and asset allocation tools available online will help her in this process.
- Risk profiling
The tool will conduct the risk profiling on the basis of her age, current income, dependants, present job/career/business, accommodation status, overall income status, money-saving practices, level of investment knowledge, and risk-taking capacity.
- Risk analysing
On the basis of all the information provided, a girl of her age with given income and family status will be assessed to have a moderate level of risk-taking capacity and risk tolerance. This means she can invest in shares or securities with moderate associated risk.
- Asset allocation
Based on her risk profile, debt funds are likely to be the most secured and profitable asset classes to spread her investment. Both private sector and government debt funds will be suitable to bring some significant profit over a particular time period. Equity funds will also make a good choice for her provided that she capitalises in Equity Index mutual funds and Blue Chip Shares.
Mutual funds offer investors a wide range of benefits. The investor can choose to invest in desirable funds and derive profits as per his/her own requirements. However, the investor is responsible for making a wise investment strategy. He/she should try to minimise the risk especially by avoiding faulty investment practices and simple errors.
Investing with an expectation of unreasonable returns, investing in funds declaring dividends, and investing without knowing the underlying aspects are some of the investment errors, which if avoided, can lower the risk to a great extent. If you are patient, avoid making hasty decisions, and take calculated risks, mutual fund investment can bring you significant profit.
Some of the common terms related to mutual funds are as follows:
Drawback 1: No guaranteed returns
Similar to other investment options which don't assure a guaranteed return, there is always a risk of value depreciation in mutual funds. Price fluctuations are often experienced by equity mutual funds along with the stocks of the fund. Since mutual funds are not backed up by any insurance scheme, the performance of the funds are not guaranteed. It is thus extremely important for the mutual fund investors to understand that their investments will be subject to market risks.
For reducing the overall risk of investing in a mutual fund the investors need to be careful when picking the funds. It is better to capitalise on big well-diversified equity funds which come under low-risk mutual fund products. To reduce further risk, the investors can make a switch from equity funds to hybrid funds and balanced funds which have potentially low-risk margin. The risk can even out up to some extent by investing in funds capitalising on diverse asset classes like equity, debt, and gold. Moreover, investors who want to contribute money to any specific industry or in small or mid-cap funds should be cautious and must take the proper assistance of the fund managers who are capable of managing the risk.
Drawback 2: Non-invested cash
Since mutual funds collect money from a plethora of investors for their business, people keep on investing and withdrawing money from the funds on an everyday basis. Hence, to retain the ability to meet the withdrawal requirements of the investors, the mutual funds hold a huge amount of cash in their portfolios. Even though static cash is good for bringing more liquidity in the system, non-investment of a part of their money is not beneficial for the investors.
Though there are no ways of deriving profit from the non-invested cash in the mutual funds, the investors can make the best use of their money by making smart investment strategies. Capitalising in the right kind of mutual fund that will match their investment goals and bring good returns in future with low-risk margin is the best way to mitigate this mutual fund investment drawback.
Drawback 3: Mutual fund fees
Even though mutual funds give the investors/shareholders an opportunity of getting good returns, they have to pay the mutual fund fees which, in the long run, decrease the average payout of their fund. Regardless of whether the fund performed or not, these fees are levied on the fund investors. In cases where the fund doesn't derive any profit, these fees just increase the extent of the loss for the shareholders.
The investors must evaluate the fee structure of different funds before investing. It is extremely important to check the total cost of a particular fund prior to investing. If an investor is willing to invest in a fund with high annual fees, he/she must assess the justifiability of the fees first. New investors should invest in a low-cost company in the beginning before starting on a larger scale. Choosing funds with no-load, no/less annual fees or waivable fees, low MER index funds and ETFs can minimise the loss.
Drawback 4: Diversification versus Diworsification
Investors who acquire multiple related funds are not able to get benefitted by the risk-reducing factors of diversification. Rather, by investing in a large number of related funds the investors sometimes fall victim to the diworsification syndrome. Moreover, people investing in a fund which capitalise on one specific industry or sector is equally vulnerable and exposed to risk.
The investors need to be careful and well-informed while choosing the funds. They should focus on investing in a diversified mix of mutual funds instead of the mutually related ones to be on the safer side. The more diverse a fund would be, the risk of loss will be less. Furthermore, the investors should only invest in funds which capitalise on multiple sectors instead of investing in one single industry.
Drawback 5: Less clarity
Sometimes the purpose of a mutual fund might not be clear and transparent. Even in certain cases, the advertisements of the funds can be misleading. A mutual fund might try to attract the potential investors through its title. For example, it might promote itself at a grand scale but in reality, it might be investing in small-scale stocks.
It is important to read through the prospectus carefully and understand the intricacies of the fine print. There have been revamping of several schemes in the recent past and this was aimed at simplifying investing. Investors should be fully aware of the schemes they are getting into and have a clear idea of the role the fund will play in his/her portfolio.
Mutual funds are set up as trusts that have a sponsor, an Asset Management Company, trustees, and custodians. Sponsors establish the trust and serve as the company's promoters. The property of the mutual fund is held by the trustees for the unitholders' benefits. The Asset Management Company has to be approved by the Securities and Exchange Board of India before it manages the funds and invests in different kinds of securities. Custodians are also required to be registered with the Securities and Exchange Board of India, and hold the instruments of different schemes of the fund. The general power of direction and superintendence over the Asset Management Company is vested with the trustees, and they keep track of the mutual fund with regard to its performance and its compliance with the regulations established by the Securities and Exchange Board of India. As per the regulations of the Securities and Exchange Board of India, a minimum of 66% of the directors of the trustees must have no association with the sponsors. In addition, half of the directors of the Asset Management Company must also be independent.
The Net Asset Value of a scheme, or the NAV as it is called in its abbreviated form, is the performance of the scheme. Mutual funds make investments in instruments with the funds they collect from the investors. Basically, the NAV of the scheme is the market value of the instruments that the scheme holds, divided by the overall number of units under the scheme.
Sector-specific funds are those that make investments in the instruments of companies that fall under certain sectors. The sectors in which mutual fund investments are made in India include pharmaceuticals, FMCG, software, IT, petroleum, banks, etc. The performance of the industries or sectors and the companies in which investments are made will determine the performance of these funds. Although the returns generated by these funds are quite high, they are also quite risky in comparison with diversified funds.
Tax saving mutual funds provide investors with tax rebates under certain provisions of the Income Tax Act. Investment in certain avenues such as Rajiv Gandhi Equity Saving Scheme and Equity-Linked Savings Schemes can help in availing tax benefits under Section 80CCG and Section 80C of the Income Tax Act, respectively.
Let's say a mutual fund collects Rs.1,000 from an investor and puts Rs.800 into fixed income instruments and the remaining Rs.200 into equities. The investment will happen in a manner such that the majority of the investment, i.e. Rs.800, is forecast to grow and turn into Rs.1,000 by the time the scheme matures. Therefore, the scheme aims to protect the Rs.1,000 (initial investment) until the scheme matures.
Load funds are those that levy a certain percentage of the Net Asset Value when an investor enters or exits a scheme. The load structure is almost always mentioned in the scheme information document. For instance, let's say that the Net Asset Value of a unit is Rs.20. In case the scheme charges an entry load as well as an exit load that is charged at 1%, investors who purchase these units will have to pay Rs.20.20 per unit of the scheme when purchasing them. Similarly, at the time of selling the units back to the mutual fund, investors can redeem them at Rs.19.80 per unit. The service standards as well as the past performance of a scheme must be considered when investing in mutual funds.
No. Mutual fund houses cannot raise the exit load over and above the level specified in the scheme information document. If any changes are made in the exit load, they will not be applicable to the initial investments, but only to prospective investments. As for entry load, the Securities and Exchange Board of India has done away with the same so no schemes can charge them.
Mutual fund houses are not allowed to charge an entry load to investors. However, distributors can be paid for their services. When a distributor makes investments in mutual funds, the Asset Management Company pays the commission directly to the distributor in a way that the investor's total expense ratio is less than the expense ratio limits mentioned under regulation 51 of the mutual fund regulations established by the Securities and Exchange Board of India.
Keeping market trends in mind, fund managers have the option to change the asset allocation strategy of a scheme. For instance, he/she is allowed to invest a higher percentage of the funds, or a lower percentage of the funds in debt instruments or equities than what is mentioned in the scheme information document. Fund managers usually change the asset allocation strategy of a scheme only when it is necessary for the protection of the Net Asset Value.
The Securities and Exchange Board of India has made it mandatory for fund houses to offer direct plans to investors. Direct investments are basically those that are made without the help of a distributor. The expense ratios of direct plans are relatively lower in comparison with regular plans as they do not have commissions or distribution expenses. The NAV of these plans is also different and unique.
Yes. Investors are allowed to pay for their investments in mutual funds using cash. However, the limit on cash investments is set at Rs.50,000 per financial year.
Yes. Non-residents of India (NRIs) are allowed to make investments in Indian mutual funds. The scheme information document of each scheme will contain the information regarding the same.
Investors are required to take into consideration their risk appetite, their financial position, their age, etc. when making investments in debt or equity-oriented schemes. While equity funds are ideal for the long-term, debt schemes can be profitable for the short-term.
Mutual fund houses are mandated to dispatch the dividend warrants to unitholders within 30 days from the date on which the dividend is declared. Repurchase or redemption proceeds, on the other hand, are required to be dispatched within 10 working days from the date on which the request for repurchase was made.
Mutual funds are subject to certain changes once in a while. In case of any changes, fund houses must inform the unitholders regarding the same. Besides, quarterly newsletters are sent by most fund houses to their unitholders. Even the scheme information document for each mutual fund scheme must be revised once per year.
The Net Asset Value of a scheme reveals how well a scheme is doing. It is disclosed every day on the website of the Asset Management Company as well as the website of the Association of Mutual Funds in India. The NAV of all schemes can be accessed by investors on these platforms. Furthermore, the performance of schemes is published by way of semi-annual results that include the returns generated by the scheme over the past three months, six months, one year, three years, and five years. All these details can help in assessing the performance of a mutual fund scheme.
Investors are allowed to appoint a nominee. However, only individual investors can appoint nominees, and not societies, body corporates, HUFs, trusts or partnership firms.
The offer document of each scheme has a contact person's name for queries, grievances, or complaints. Your complaints can also be sent to the Securities and Exchange Board of India, Office of Investor Assistance and Education, Plot No. C4-A, "G" Block, 1st Floor, Bandra-Kurla Complex, Bandra (E), Mumbai – 400051. Complaints can also be lodged on scores.gov.in.
Investments in mutual funds are exposed to market risks. However, the returns offered by mutual funds are quite attractive, making them worth the risk.
Yes. It is necessary to update your KYC before investing in mutual funds. Once your KYC form has been filled up, the system stores it and you won't have to update it each time you buy new units. KYC updation is free of cost.
There are four crucial factors that must be kept in mind prior to selecting a mutual fund scheme. They are your age, the finances at your disposal, the tenure for which you wish to remain invested, and whether or not you want tax savings.
It depends on how much money you have at your disposal. If you have a relatively large amount, a lump sum investment is advised, but if you have limited income or would like to start saving a part of your salary on a regular basis, SIPs are the way to go. Basically, it's your financial status that must determine which route you take to invest in mutual funds.
No. There is no limit on the amount of money that can be invested in mutual funds through a Systematic Investment Plan. You can choose any amount you wish to invest.
Missing your SIP payment will not mean that your mutual fund account will be closed. You will simply have to pay two months' SIP amount at one go in the next month.
Yes. Investments in mutual funds can be made for a short period of three to six months. Ultra-short-term debt funds or liquid funds are the best options for investment in the short term.
You can redeem units of your mutual fund online or offline. If you wish to redeem your units offline, you will have to furnish a Redemption Request Form in addition to the fee charged for redemption to the Registrar or the Asset Management Company. Once you submit these documents, the amount shall be credited to your bank account. If you wish to redeem the units of your mutual fund online, you will have to visit the website of the fund house and enter the 'Online Transaction' page, use your PAN or portfolio number to log in and choose how many units you wish to withdraw from each scheme.
Yes. Mutual fund companies usually charge a fee called 'exit load' at the time of exiting from the scheme. The exit load charged by each company for each scheme can be different. However, most schemes have an exit load of 1% of the applicable NAV. This means that you will have to pay 1% of the NAV of the number of units you wish to withdraw.
In such a situation, the prevailing NAV of the scheme will be paid to you after expenses have been deducted. The Asset Management Company will send a detailed report that comprises all the necessary information regarding the winding process prior to the initiation of the procedure.
The Reserve Bank of India (RBI) defines a money market as a marketplace for the trading of short-term financial assets. Short-term financial assets are basically like substitutes for actual money. They facilitate borrowing and lending of short-term funds whose duration is less than a year. The instruments that are traded in such markets usually have high liquidity in addition to short maturity periods. Institutions such as non-banking financial corporations (NBFCs) and commercial banks as well as acceptance houses comprise money markets. Transactions in money markets are carried out in alternative instruments to cash or money, such as promissory notes, government papers, trade bills, etc. Moreover, transactions in money markets are done through media such as written or oral communication and formal documentation and not via brokers. For more information visit: Money Market Instruments
The Securities and Exchange Board of India (SEBI), has established a variety of guidelines to regulate investments in mutual funds. Operations in the mutual funds industry are expected to be carried out in compliance with these guidelines. KYC, or Know Your Client, as it is known in its extended form, has garnered much importance in recent years, especially in the mutual funds industry. Investors who wish to put their money into a fund or scheme will have to go through an identification process before making the investment. Financial institutions and intermediaries alike will obtain the information of potential investors, and verify their personal and contact details in accordance with the norms established by SEBI. KYC, under SEBI's regulations, is required for new purchases, additional purchases, SIP (Systematic Investment Plan) registration, switching, and STP (Systematic Transfer Plan) registration.For detailed guidelines visit: SEBI guidelines for KYC registration agencies in India
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Skydiver Felix Baumgartner breaks sound barrier
- Published
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Austrian Felix Baumgartner has become the first skydiver to go faster than the speed of sound, reaching a maximum velocity of 833.9mph (1,342km/h).
In jumping out of a balloon 128,100ft (24 miles; 39km) above New Mexico, the 43-year-old also smashed the record for the highest ever freefall.
He said he almost aborted the dive because his helmet visor fogged up.
It took just under 10 minutes for him to descend. Only the last few thousand feet were negotiated by parachute.
Once down, he fell to his knees and raised his fists in triumph. Helicopter recovery teams were on hand moments later.
"Let me tell you - when I was standing there on top of the world, you become so humble. You don't think about breaking records anymore, you don't think about gaining scientific data - the only thing that you want is to come back alive," he said afterwards at a media conference.
None of the new marks set by Baumgartner can be classed as "official" until endorsed by the Federation Aeronautique Internationale (FAI).
Its representative was the first to greet the skydiver on the ground. GPS data recorded on to a microcard in the Austrian's chest pack will form the basis for the height and speed claims that are made.
These will be submitted formally through the Aerosport Club of Austria for certification.
There was concern early in the dive that Baumgartner was in trouble. He was supposed to get himself into a delta position - head down, arms swept back - as soon as possible after leaving his capsule. But the video showed him tumbling over and over.
Eventually, however, he was able to use his great experience, from more than 2,500 career dives, to correct his fall and get into a stable configuration.
Even before this drama, it was thought the mission might have to be called off. As he went through last-minute checks inside the capsule, it was found that a heater for his visor was not working. This meant the visor fogged up as he exhaled.
"This is very serious, Joe," he told retired US Air Force Col Joe Kittinger, whose records he was attempting to break, and who was acting as his radio link in mission control at Roswell airport.
The team took a calculated risk to proceed after understanding why the problem existed.
Baumgartner's efforts have finally toppled records that have stood for more than 50 years.
Kittinger set his marks for the highest, farthest, and longest freefall when he leapt from a helium envelope in 1960. His altitude was 102,800ft (31km). (His record for the longest freefall remains intact - he fell for more than four and a half minutes before deploying his chute; Baumgartner was in freefall for four minutes and 20 seconds).
Kittinger, now an octogenarian, has been an integral part of Baumgartner's team, and has provided the Austrian with advice and encouragement whenever the younger man has doubted his ability to complete such a daring venture.
"Felix did a great job and it was a great honour to work with this brave guy," the elder man said.
The 43-year-old adventurer - best known for leaping off skyscrapers - first discussed seriously the possibility of beating Kittinger's records in 2005.
Since then, he has had to battle technical and budgetary challenges to make it happen.
What he was proposing was extremely dangerous, even for a man used to those skyscraper stunts.
At Sunday's jump altitude, the air pressure is less than 2% of what it is at sea level, and it is impossible to breathe without an oxygen supply.
Others who have tried to break the records have lost their lives in the process.
Baumgartner's team built him a special pressurised capsule to protect him on the way up, and for his descent he wore a next generation, full pressure suit made by the same company that prepares the flight suits of astronauts.
Although the jump had the appearance of another Baumgartner stunt, his team stressed its high scientific relevance.
The researchers on the Red Bull Stratos project say it has already provided invaluable data for the development of high-performance, high-altitude parachute systems, and that the lessons learned will inform the development of new ideas for emergency evacuation from vehicles, such as spacecraft, passing through the stratosphere.
Nasa and its spacecraft manufacturers have asked to be kept informed.
"Part of this programme was to show high-altitude egress, passing through Mach and a successful re-entry back [to subsonic speed], because our belief scientifically is that's going to benefit future private space programmes or high-altitude pilots; and Felix proved that today," said Art Thompson, the team principal.
In getting to 128,100ft (above sea level; Roswell elevation 3,670ft/1,120m), Baumgartner exceeded the altitude for the highest ever manned balloon flight achieved by Victor Prather and Malcolm Ross, who ascended to 113,720ft (35km) in 1961.
However, the FAI rules, state that to claim an official ballooning record, a balloonist must also bring the envelope down and therefore the Austrian's altitude will forever remain just an unofficial mark.
A BBC/National Geographic documentary is being made about the project. This will probably air first in the UK and in the US in November, and in other territories sometime soon after.
Heated sun visor
Oxygen supply hose
Main parachute handle
HD camera on each leg
Suit made of layered material
Mirror to check parachute
Altitude gauge
High altitude balloon: expands with altitude
Balloon made of plastic film 0.002cm thick
Frame attaches capsule to balloon
Sliding door to exit capsule
Foam insulated shell

subset: commoncrawl


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In the clearest signal yet of U.S. unhappiness with the rightward tilt of Japan's political leadership — and by extension, Prime Minister Shinzo Abe — the U.S. embassy in Tokyo has strongly condemned charges by a top official at Japan's national public broadcaster that Americans fabricated war crimes against Japanese leaders during World War II in order to cover up American atrocities.
"These suggestions are preposterous. We hope that people in positions of responsibility in Japan and elsewhere would seek to avoid comments that inflame tensions in the region," an embassy spokesman told TIME early on Friday.
The charges were made this week by Naoki Hyakuta, a nationalist writer and close friend of Abe, who was recently appointed to the board of governors of the Japan Broadcasting Corp., commonly known as NHK.
In campaign speeches on behalf of a far-right candidate for the governorship of Tokyo, Hyakuta claimed that the infamous Nanjing Massacre in 1937 never occurred, and that Americans staged the postwar trials of Japanese leaders to cover up U.S. war crimes. He said those crimes included the atomic bombings of Hiroshima and Nagasaki and the mass firebombings of Tokyo.
The staunchly conservative Abe himself caused diplomatic outrage in December, when he paid his respects at Tokyo's Yasukuni Shrine — a memorial to the Japanese war dead including 14 high-ranking war criminals. Beijing, Seoul and Washington strongly condemned the visit. Now supporters of Abe who have been appointed to NHK's top decisionmaking body are fueling tensions by making revisionist or inflammatory statements.
Last week, the new NHK chairman Katsuto Momii provoked outrage both at home and abroad when he said all of the countries involved in World War II maintained "comfort women" — a euphemism for the system of forced prostitution employed by the Japanese military during the war years.
That charge prompted a frosty denial from the U.S. embassy in Tokyo that American forces had engaged in any such activity.
Along with Hyakuta's charges, it was reported this week that another NHK board member had published an essay praising the leader of a nationalist group who committed ritual suicide in the offices of a major newspaper in October 1993 to protest negative news coverage.
Board member Michiko Hasegawa wrote that because the activist recited a brief prayer to the Emperor before shooting himself in the abdomen, "His Majesty the Emperor has again become a living god." Hasegawa is a professor emeritus of Japanese cultural studies in Tokyo.
Japan's Emperors were once worshipped as living gods, but are designated under the current constitution as "the symbol of the state and of the unity of the people." As such, they have no governing authority or official religious function.
Hasegawa, who also has close ties to Abe, published the essay in connection with a ceremony marking the 20th anniversary of the activist's death.
The appointment of such staunch nationalists to NHK's board is part of a concerted campaign by the Abe administration to recast Japan as the true victim of World War II and put a more benign face on the country's often brutal colonial practices, says Jeff Kingston, professor of Asian studies at Temple University's Tokyo campus.
"These are Abe's cronies, they agree with his revisionist views, and now he's putting them in positions of power and influence," says Kingston. "What they don't realize is that the right-wing revisionists are not convincing many people in Japan, and they are not convincing people outside Japan. What they are doing is creating a huge diplomatic problem."
Japan is locked in increasingly tense disputes with neighboring China and South Korea over territorial and historical issues. A spokesman for China's Foreign Ministry denounced Hyakuta's statements on the Nanjing Massacre as "a barefaced challenge to international justice and human conscience" and called on Japan to "face up" to its history.
China says 300,000 Chinese soldiers and civilians died in Nanjing during a weeks-long rampage by Japanese troops. Although some mainstream historians put the number of casualties lower, few — if any — deny the incident occurred.
Critics say the Abe appointees threaten the editorial integrity of Japan's largest broadcaster.
"Just the knowledge of the character of the governors leads producers and journalists working for NHK to engage in self-censorship," says Michael Cucek, a Tokyo-based research associate at MIT's Center for International Studies.
Indeed, NHK did not report chairman Momii's controversial statements on comfort women until he was grilled by opposition members during a Diet session three days afterward. Nor had news of the debate over Hyakuta's and Hasegawa's statements appeared on the NHK news website as of early Friday — despite more than 7,200 messages, mostly negative, phoned in or emailed to NHK's headquarters.
Members of the opposition have called for the appointees to be replaced, but an Abe spokesman said all had been speaking in their capacities as private citizens and had not violated government policy.
NHK is Japan's largest television network, funded largely by viewer license fees. It produces round-the-clock entertainment and public-interest programming and operates news bureaus around the world.
The 12 members of NHK's board serve three-year terms. They are appointed by the Prime Minister with approval of the Diet and exercise authority over NHK's annual budget and top executives.
Hyakuta is the author of several best-selling books, including The Eternal Zero. Abe and his wife attended a screening of the film version of the book over the New Year holiday. The movie ends with the hero, a pacifist fighter pilot turned Kamikaze, flying his airplane into an American aircraft carrier.
- Global Climate Solutions Exist. It's Time to Deploy Them
- What Happens to Diane Feinstein's Senate Seat
- Who The Golden Bachelor Leaves Out
- Rooftop Solar Power Has a Dark Side
- How Sara Reardon Became the 'Vagina Whisperer'
- Is It Flu, COVID-19, or RSV? Navigating At-Home Tests
- Kerry Washington: The Story of My Abortion
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time


text: This past week, dozens of emergency managers, geologists and state and local preparedness planners gathered in Seattle at the 5th annual Hazus conference. FEMA's HAZUS is a loss estimation modeling program for earthquakes and can help communites prepare for earthquakes. KOMO News wrote an article on potential damage from a Seattle Earthquake (click here to see the article). CREW has used HAZUS to develop different earthquake scenarios that can be found here.


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Register for live full-year results webcast 2015
Live webcast: Renishaw full-year results 2015
We shall be holding a webcast presentation of our full-year results on 29th July at 10.00 am; this will be an audio only presentation with accompanying slides. After the presentation (which is expected to last 30-35 minutes) there will be a 25 minute Q&A session.
The presentation will be made by Sir David McMurtry, Chairman and Chief Executive, Ben Taylor, Assistant Chief Executive, and Allen Roberts, Group Finance Director.
You can register to join the webcast on the day or in advance.
Alternatively you can conference call in to the presentation as follows:
|Conference Name
|Renishaw full-year results
|Start Date & Time
|29/07/2015 10:00 Dublin, Edinburgh, London, Lisbon
|Duration (hh:mm)
|Dial In Number(s)
|+44 (0) 20 3003 2666 - Standard International Access
0808 109 0700 - UK Toll Free
|(no pin just say 'Renishaw')
The presentation and Q&A session will finish at 11.00am. We look forward to updating you on Renishaw's progress.


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May 27th Multi-Site Hosting Plans are Live!
Dear Fans,We have now launched our multi-site hosting plans: Lights, Camera and Action. Please take a look. http://stars.bzMulti-site plans will better suit fans who operate multiple sites and want to consolidate them in one control panel. Thus, it's cheaper and easier to manage. All domains will be add-on domains and will route correctly like: ... Read More »
May 5th Welcome to Fast Web Host
Hello,First, I would like to introduce myself, I am Rupi from FastWebHost.com, our company recently acquired Stars.bz. Everything will remain the same, prices, plans etc. We have added new feature like domain registration. We will continue to support you and add more features in near future.Rest assured you are in good hands. Best Regards,Rupi ... Read More »
May 5th Stars.bz acquired by Fast Web Host
Stars.bz is happy to announce that it is now owned by FastWebHost.com.FastWebHost is a Los Angeles company, hosting since 2002. They are one of the fastest growing hosting companies with over 200,000 domains, rock solid support, and acclaimed network infrastructure.Customers will have 24x7 support, improved server performance, with many ... Read More »
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In analysing price movements in Australia, an important consideration is Australia's performance relative to other countries. However, due to the many differences in the structure of the housing sector in different countries and in the way that housing is treated in their CPIs, a simple comparison of All groups (or headline) CPIs is often inappropriate. In order to provide a better basis for international comparisons, the Fourteenth International Conference of Labour Statisticians adopted a resolution which called for countries to 'provide for dissemination at the international level of an index which excludes shelter, in addition to the all items index'.


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Airbus shedding 15K jobs, mostly in Europe [UPDATED]
by John Leicester, The Associated Press
Airbus plans to shed 5,000 workers in France, 5,100 in Germany, 1,700 in Britain, 900 in Spain and 1,300 others at Airbus facilities
PARIS — Battered by the coronavirus pandemic, European aircraft manufacturer Airbus said June 30 that it must eliminate 15,000 jobs, mostly in Europe, to safeguard its future and warned of more thin years ahead.
"With air traffic not expected to recover to pre-COVID levels before 2023 and potentially as late as 2025, Airbus now needs to take additional measures," the company said in a statement.
No later than the summer of 2021, Airbus wants to shed 5,000 workers in France, 5,100 in Germany, 1,700 in Britain, 900 in Spain and 1,300 others at facilities elsewhere. The total of 15,000 is more than 10% of its global workforce of 135,000 people.
Airbus said it wants to start making the cuts within months, from this autumn. It will aim for voluntary departures and early retirements, but also said that compulsory job losses can't be ruled out. It said is already consulting with unions.
"The path to recovery will prove slow and fragile and a large amount of uncertainty still lies ahead," the company's CEO, Guillaume Faury, said in a videotaped statement. "We must act now to safeguard Airbus and protect its future."
Airbus said its commercial aircraft business activity has plummeted by close to 40% as the pandemic has shut borders, brought mass tourism to a screeching halt and put airlines on their knees, thumping the European manufacturer and its rival Boeing.
Airlines around the world are forecast to lose US$84 billion this year, with revenue halved. Some have filed for bankruptcy or sought bailouts to survive the near-shutdown in their activity, and officials predict the industry will take years to recover.
Slashing the production of commercial aircraft and putting thousands of employees on furlough bought Airbus time in the early stages of the crisis. But those measures weren't enough to keep Airbus viable long-term, Faury explained. Airbus reported 481 million euros ($515 million) in losses in the first quarter.
"We need to act now, by adapting our workforce," Faury said.
"Airbus is facing the gravest crisis this industry has ever experienced," he said. "The measures we have taken so far have enabled us to absorb the initial shock of this global pandemic. Now, we must ensure that we can sustain our enterprise and emerge from the crisis as a healthy, global aerospace leader."
The job eliminations come despite a 15-billion euro ($16.9 billion) rescue package announced by the government earlier this month for France's aerospace industry, in hopes of saving jobs and keeping Airbus and national airline Air France competitive.
The aid includes 7 billion euros in loans and loan guarantees that the government had already promised to Air France, whose planes were almost entirely grounded by the virus.
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Enid Oklahoma log home owners: 888-LOG-GUYS is here for you! No matter if you're a log home owner, or merely interested in log home construction, we're the areas premiere company for log home services! We can give you a no-cost/no-pressure estimate for services, as well as give you advice on options. We specialize in log home restoration, log home repair, log home maintenance, log home chinking and sealing, and a variety of other improvement. Our specialists' goal is to make your home safe and valuable, as well as adding beauty and character. And we won't stop until you're happy!
You can trust the refinishing of your log home to 888-LOG-GUYS. As the industry leader in this space, we can offer you several tiers of packages to fit both your needs and your budget. We media blast log homes (we also corn cob blast and glass blast), we strip log homes, offer borate treatments, sanding and grinding, chinking, sealing, and of course staining. We have restored other log homes in the Enid Oklahoma area and would love to speak with you about yours!
Nothing costs you more value of ownership than to have your logs start rotting. Luckily, 888-LOG-GUYS has repaired and replaced more logs than anyone! The first thing you need is a company that can offer a solution to your damage without breaking the bank. It's time to stop worrying! With 888-LOG-GUYS, you are literally investing in the decades of experience we have in preserving value in families' log homes. Don't hesitate, call us today and let us come help you, once and for all.
Enid OK Log Home Chinking and Sealing
Are you finally tired of dealing with air leaks, water leaks, and insects? Let 888-LOG-GUYS help! There are some very specific things we've learned about sealing log homes these last few years that the industry has gotten wrong up to this point. That's why trusting 888-LOG-GUYS to handle your log home maintenance is such a sound investment. Whether you need chinking, sealants, or Energy Sealing, you can trust us to always have your best interests in mind. Call us if you have questions about cracks and checks in your logs. Our answers might surprise you!
If you want your log home to be improved in ANY way, 888-LOG-GUYS is the company for you! When some people talk about improvements they are talking about log home restoration or repairs, but other common improvements we offer are log staircases, deck construction or rebuilds, front porches, interior sanding and refinishing, log railings, or any other type of log accent. Our log home experts do one thing: add beauty and value to your home. Our Oklahoma Oklahoma log home services are only limited by your imagination. Call us today and let's see what kind of ideas we can come up with together!
Maybe we've cared for your home in the past, or maybe it is already in great shape. Let 888-LOG-GUYS help you keep it that way with our log home maintenance packages. We service the entire Enid area: from the OKC metro to Moore. Let us show you how we can save you time and money by entrusting the care of your log home to 888-LOG-GUYS!


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Is Compassion International a Good Investment? A Husband's Perspective.
**Many of you may have realized that I was blessed to have my husband, Ryan, come with me on my trip to the Philippines last week. Though we hadn't originally planned for him to join me in writing, he was so impressed by the answers to all of his questions (someone on our team referred to him as the Barbara Walters of Canada!), that he simply felt compelled to write and tell you what he found.**
Growth in business does not happen by accident. Everything you do matters. Everything.
This is the most obvious in a start-up. I run a small music school and I have to be meticulous about where I invest it's money. Every dollar I spend has the ability to either harm my business or cause it to grow. I look for creative opportunities to get what the business needs at low cost, track my marketing expenses and revenues to determine the most advantageous methods of advertising, and generally do everything I can to eliminate waste and increase efficiency.
In other words, I'm trying to be a faithful steward of my businesses resources so that it can grow to be a blessing to many more people (yes, including myself and my family).
Stewardship Maximizes Generosity
But I'm learning that my business is not the only area that requires that level of intentionality and diligence. My business is one of the resources that God has given me to steward, but so is my family, the money in my bank account, my time, musical abilities, etc. If I'm going to be a faithful steward I need to consider all of these areas and ask for God to help me become increasingly wise in my use of them.
I've been praying a lot lately about the money he's entrusted to Stephanie and I to steward, and I can't shake the feeling that He's calling us to greater levels of both stewardship and generosity. Generosity is being willing to part with the resources under your control for the good of others. Stewardship gives generosity focus. It's purpose is to maximize the impact of our generosity.
So, with this sense of calling in my heart I tagged along with the Compassion Bloggers as they visited the Philippines to see the work that Compassion International is doing among the children there. We had the opportunity to visit the head office, 4 development centers, 6 homes, and meet dozens of inspiring volunteers and hundreds of Filipino children.
As we visited all of these places and met all of these beautiful people, there was one question burning in my heart that served as the backdrop for the entire trip – "Does the money that is invested with Compassion International produce a good return on investment?"
This is the question I ask myself when I'm making business decisions, so why shouldn't I look for a good return when I'm investing in God's business? So I spent the entire week asking hard questions, pouring through accounting books, reviewing auditing practices, and evaluating first-hand both the kind and scale of impact of their work on the lives of those we are called to love and serve for the Glory of God.
I crossed the line of professional courtesy quicker than I could shake the first hand, and that line long disappeared behind me as I invited myself into every area that I felt mattered in my quest to answer that question. To be fair to the folks at Compassion, though, they never seemed to mind my intrusions and every question was met with complete transparency and invitations to explore further.
And after almost a week of investigation I am totally convinced that giving money to Compassion International is a faithful use of the resources that God has entrusted to me. I'd like to share those reasons with you, in the hopes that you might consider joining me as I partner with them.
6 Reasons to Invest in Child Sponsorship through Compassion International
1. The impact on the lives of impoverished children is vast and immeasurable. Throughout the week, every child that I spoke to told me, often when tears of joy running down their faces, of the hope they found through the programs that Compassion has brought into their lives.
Although Compassion is focused on programs for child development, the impact is felt throughout the entire family. Children that were literally starving now have enough to eat. They receive education that helps them to break the cycle of poverty in their families lives. And most importantly, these families have the hope of the Gospel. I will forever be affected by the genuineness of their prayers and joy as they shared their stories of salvation with us.
The fact of the impact the programs are having is underscored by the sheer number of former sponsor kids who are now volunteers. I would estimate that 80-90% of the adults that volunteer (sometimes as much as 40-50 hours per week) are either former sponsor kids, or relatives of sponsor kids (including their parents).
2. They treat your money like you would want your investment manager to.
Accountability: Every dollar is audited on at least 3 levels, including an external audit by KPMG. For example, when you give a gift to your child they record it in their books, keep a copy of the receipt (which the child signs), and a picture is taken of the child with their gift.
Several times a year, each project is audited by the country head office, which is audited by the worldwide office in the USA, which is audited by KPMG. Some people question the necessity of that level of detail, but such transparency and accountability encourages honesty and discourages fraud. I can't even begin to guess how much money has been saved by these policies, but I'd bet the farm (if I had one) that it far outweighs the cost to keep the records, many of which are maintained by volunteers anyway.
3. Efficiency: The head office is a well-oiled machine and the local projects follow suit. I used to work for a business consulting organization and spent a good portion of my time evaluating what businesses where doing that was working, and what wasn't. Invariably, the organizations that were the most successful had a system for everything, and as a result were extremely efficient. The systems that I saw in place this week were equally as good as some of the best (and most profitable) organizations that I have ever worked with.
4. Reputation: I've learned that Compassion has quite the reputation for the financial integrity. They are held up by non-profit watch dogs like Charity Navigator as a standard of integrity.
5. They have a focused, clearly-communicated vision that guides and defines them. Everywhere I went, I was told about the 4 areas of child development that Compassion focuses on.
From the Country Director to the sponsor children themselves, I heard them clearly articulated with an urgency that told me these had become core values to each of them. All of their programs followed the same model and I couldn't see one deviation from the model.
6. They preach the Gospel, and use words whenever necessary. This was probably the most impacting component of the trip for me. Every day I met folks who were laying down their lives for the children, because of their love for them and for Christ.
There was the doctor who quit her practice to serve the children full-time, and relied on "love-gifts" and whatever outside work she could find the time for to supply her needs. And then there was the mom of a graduated sponsor child who worked full-time as a case worker and relied on odd jobs as an esthetician on evenings and weekends to make ends meet. And all of this because they love Christ.
It's this component that makes the investment a no-brainer for me. No one is pretending that the Gospel is only a part of the picture – it is THE picture and everything else serves only to make it more beautiful. Our investment is bringing infinite returns in the 100,000's of souls that are being shown the light of Christ.
I could go on, but I won't. I don't know how God has called you to steward what he has entrusted you with.
Everyone is different, and although God has called all of us to be generous with the poor, He calls us to that in different ways. That may or may not be with Compassion International. But if you are considering sponsoring a child (or several) through them, I have come to believe that you would be contributing to ministry that is having a real impact on the lives of children worlwide, and is use the resources they are entrusted with faithfully.
If you are like me and like to do a bit of digging first you can click on the links in this post, visit their website, contact them directly (in the spirit of transparency they invite you to "ask any question"), or email me (use this contact page and Stephanie will forward the emails) and I'd be happy to share my experience with you and answer any questions that you might have about the research I have done.
As for me, I'm totally convinced that the lives of children are being for changed for eternity and I'm looking forward to participating to a greater and growing degree over the coming years. If you'd like to sponsor a child, you can go here.


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Market Research: Young People Neither 'Hate' Anything Nor 'Love' Anything
Marketing research firm Civic Science was forced to recalibrate its survey scoring system after finding that "millennials"—children born between the late 1970s and early 2000s—don't feel particularly strongly about anything. Not true! Want to know what millennials hate?
Civic Science discovered that when given five options—"love," "like," "neutral," "dislike" and "hate"—millennials (pictured above) will rarely choose any option other than "like" and "neutral":
When we looked at our first month's worth of data, we found almost NO contrast among brands. Not only do the Ms not dislike anything. They seem to think that "Love" is too strong of a feeling for a brand. Our 5-point scale quickly turned into a 3-or even 2-point scale. It seems that "Neutral" is about the most damning way these Ms can feel about anything.
Millennial Index chalks up millenials' inability to feel strongly about brands to the classic millennial "ever-postive, uber-idealistic" world view. Whatever. As a longtime millennial, and professional voice of my generation, I know all too well that millennials have strong feelings about "things" and "issues" and "other stuff." Way more than Generation X, the goateed, Smiths-listening losers whose cultural apex was Reality Bites! In fact, we are the caring-est damn generation yet! Here, to aid the science of marketing, are the Official Lists Of The Things That Millennials Hate And Also The Things That Millenials Love, as determined by myself, King of the Millennials:
Things Millennials "Hate"
- Old stuff
- Mayonnaise
- Reading a book
- Bluegrass music
- Movies that are mostly talking
- Being sober at school
- People who have never been on TV
- Having opinions
- Losers
- Math
- Having an emotion
- Animals
- Not being on Facebook
- Virgins
- When your mom makes you talk about your day at the dinner table
- Murders
Things Millennials "Love"
- Texting
- Sexting
- Twilight


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Sopranino recorder Denner grenadilla
Denner – A wealth of sound from fine woods
Infos to the different woods you can find here.
A sophisticated ensemble based on original instruments by Jacob Denner (1681–1735) in Nuremberg and Copenhagen.
Reliable, accurate playing even in the highest register requires a versatile, clear and beautiful sounding instrument: our new sopranino after Denner.
- Brilliant baroque sound
- Carefully tuned
- Precision work in all details
- Balanced design
- Comfortable to play even with large hands
Wood type: Grenadilla
Fingering: Baroque with double hoels
Fingering chart: download
Range: f2 – g4
Pitch: a1 = 442 Hz
- Instrument
- Cotton bag with leather trim
- Cleaning rod wood
- Joint grease
- Maintenance instructions


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'We will fight': Warren rallies base
DETROIT — Elizabeth Warren received a thunderous reception at Netroots Nation on Friday as she pledged to fight a "rigged" system in a country of rising income inequality.
The Massachusetts Democrat ascended the stage here at this annual liberal gathering to chants of "Run, Liz, Run." Many in the audience touted "Elizabeth Warren for President" signs and some sported hats bearing the same message. The senator, smiling, shushed the 2016 cheers, urging everyone to "sit down, sit down. Let's get started."
In the speech, which clocked in at a little more than 15 minutes and sounded at times like a campaign address, Warren depicted America as a place of gross inequality, where the wealthy few are on the rise while everyone else gets squeezed out.
( Also on POLITICO: Warren loves the love at Netroots)
"The way I see this is, we can whine about it, we can whimper about it, or we can fight back," she said to cheers. "I'm fighting back. I'm ready to fight back. Are you ready to fight back?"
Employing the populist language she frequently embraces, Warren charged that "the game is rigged and the rich and the powerful have lobbyists and lawyers and plenty of friends in Congress. Everybody else, not so much."
Warren is a darling of the left, where many wish she would run for president, something the senator says she has ruled out. But her fans see Warren as an aggressive champion for working people, willing to take the fight to Wall Street, to big corporations and to Capitol Hill. And in the address, Warren embraced that image.
"We don't win every time," said Warren, who has recently been hitting the trail to stump for Democrats running in the midterm elections. "But we're learning to win. We're learning to win, and we will keep winning. We will fight and we will win."
( From POLITICO Magazine: The Elizabeth Warren Fantasy)
She nodded to her 2012 victory over former Sen. Scott Brown (R-Mass.) and the creation of the Consumer Financial Protection Bureau, in which she played an instrumental role, as two victories accomplished on the strength of the progressive movement. And she ticked through a laundry list of liberal priorities as she outlined where this section of the base stands today.
"We believe —I can't believe I have to say this in 2014 —we believe in equal pay for equal work, and we're willing to fight for it," she said to big applause. "We believe that equal means equal and that's true in marriage, that's true in the workplace, that's true in all of America, and we're willing to fight for it."
As the applause mounted, Warren encouraged the audience by murmuring, "that's right," and "you bet."
"We believe immigration has made this country strong and vibrant and that means reform — we are willing to fight for it," she said.
( QUIZ: Do you know Elizabeth Warren?)
Some of the loudest applause of the morning came when she dinged the Supreme Court ruling in the Hobby Lobby case, which allows some private companies to claim religious exemptions and not pay for contraceptive coverage mandated under the health care law. Democrats see the ruling as one way to galvanize base enthusiasm ahead of the midterms.
"Oh, and we believe that corporations are not people," Warren said, a reference to a comment Mitt Romney made in the last presidential election. "That women have a right to their bodies. We will overturn Hobby Lobby and we will fight for it, we will fight for it."


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My Anritsu
United Kingdom
The MA24340A power sensor is designed to provide fast, accurate average power measurements from 10 MHz to 40 GHz over 90 dB of dynamic range. The sensor employs high-performance digital processing that enables measurements speeds of >2,100 continuous power readings/s and >5,600 buffered readings/s.
A unique, low noise design eliminates the need to zero the sensor before taking measurements for most applications.
The sensors have internal and external triggering capability that facilitates time-based measurements and the use of list mode to speed up automated processes.
The sensor can be controlled with a PC via remote programming commands or with PowerXpert™, a free of charge software application. These sensors are also compatible with most Anritsu RF and microwave handheld instruments. The high accuracy power meter software option (e.g., Option 19) may be required.
The excellent damage protection combined with the silicone protective covering give the sensor increased ruggedness and enable users to protect their investment.
* for signals > -45 dBm
¹ Speed may vary depending on the speed of the CPU controlling the sensor
1 Expanded uncertainty with K=2 for CW measurements after zero operation. Includes linearity over temperature uncertainties, but not the effects of mismatch, zero set and drift, or noise. Specifications apply over a temperature range of 0 °C — 50 °C and a 60 minute warm up period.


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Former Fed chairman Ben Bernanke was grilled on Thursday about some of his toughest days in the job.
Bernanke gave a deposition in a case brought by Starr International, the firm controlled by former AIG chairman Hank Greenberg that's now represented by attorney David Boies. Starr and the ex-chairman are challenging the 2008 bailout of AIG by the Federal Reserve, arguing that the terms of the bailout were unfair to existing shareholders
The bailout saved AIG from filing for bankruptcy. The federal government took 92% of AIG's shares in return for $152 billion that the Fed and Treasury eventually pumped into the insurer. But when the government took that stake, it greatly diminished the AIG (AIG) stake held by Starr, Greenberg and other shareholders. Starr and Greenberg sued the government in late 2011.
Taxpayers eventually made a profit of $22.7 billion on the AIG bailout.
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Greenberg sought to get AIG to join the lawsuit early last year. But after hearing a presentation from Boies the AIG board declined to participate.
Greenberg has been fighting to force Bernanke to testify about AIG's bailout and the terms of the federal rescue. But the federal court of appeals ruled he would not have to testify while he was serving as chairman of the central bank late last year. His term ended at the end of last month.
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Bernanke is now serving as a distinguished fellow at the Brookings Institution, a Washington think tank.
A spokeswoman for Boies' office said she did not believe Greenberg was present at Bernanke's deposition.


text: Hello, there. Sara Lewkowicz is a native and current New Yorker, residing in Brooklyn. Sara received her master's degree in visual communication from Ohio University in Athens. She received her bachelor's degree in journalism from the University of North Carolina at Chapel Hill. Her work has been published in Time Magazine, Stern, L'Espresso, Das Magazin, Days Japan, Internatzionale, Politiken, ESPN, and numerous other magazines and newspapers. She has won several grants and awards for her work on domestic violence and LGBTQ families, including two World Press Photo Awards (2014 and 2016) and the Sony World Photography Organization L'Iris D'Or in 2014. She was the first woman to be awarded the Ville de Perpignan Remi Ochlik Award (formerly known as the Young Reporters Award) at the Visa Pour L'Image festival in Perpignan, France. In 2013, she was awarded the Alexia Foundation Student Grant, an honor that sent her to study in London for a semester of school. While studying in London, she was named College Photographer of the Year by COPY, and was awarded a prestigious summer internship with National Geographic Magazine, which sent her to Oaxaca, Mexico for her internship assignment. Other awards and honors have included being recognized by Pictures of the Year International, Days Japan, and the World Report Award by Festival for Ethical Photography in Italy. She is available for editorial and commercial assignments of all kinds, and excels at capturing light and moments with intimacy and humanity, both in her reportage and her portraiture. She specializes in gaining access, intimacy, and trust when dealing with delicate subject matter. When she is not taking pictures, she enjoys yoga, painting her nails, watching films and reading.