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Yesterday we published the brief paper "Prepayments Demystified". As noted by Christophe Salmon, Trafigura Group's Chief Financial Officer in the foreword: "Natural resources such as oil are public goods that should indeed deliver public good… By publishing this "Prepayments Demystified" document, we hope that we contribute to evolving practices related to prepayment agreements." This relates particularly to prepayments made to governments and to state-owned entities.
In the paper we write:
"Commentary on STF (Structured Trade Finance) often focuses on purported undisclosed financial risks or on implications for sovereign debt management. Yet at a time when the global banking industry has been reshaped and commodities producers in emerging economies are finding it harder to finance their operations directly through the banking system or through public markets, STF is more essential than ever. It has become an indispensable tool for ensuring that commodities can be efficiently produced even in the most unpromising (or challenging) and remote jurisdictions, and reliably brought where they are needed. There is thus a public interest in ensuring that its workings and any associated risks are properly appreciated by the business and financial communities, regulators and society at large."
Differently put, producers require working capital to enable them to develop production and buyers need a reliable pipeline of commodities. And, as we write later in the paper, prepayments have become important in part because international banks have substantially reduced their exposure to emerging market lending. As a consequence, the larger trading companies have been left as one of the few sources of credit for extractive development and production.
Prepayments are also often cost-effective. They are a lot simpler than raising credit from a syndicate of banks. Above all, they remove the headache of managing currency risk: the producer can focus on its core business of producing; the buyer takes the product and converts it into US dollars that are then used to make loan repayments. Access to foreign exchange can be a crucial consideration for a producer in a country without a convertible currency or under financial constraints. A prepayments agreement offers a sure-fire way of securing dollars, rather than local currency, in exchange for commodities produced.
The issue with prepayments and other STFs with governments, it seems to me, is that they have at times resulted in unsustainable levels of debt or in debt that has not been sufficiently understood. I get this. All of us need to be involved in the conversation – governments, banks, traders, development agencies and international institutions such as the IMF and the EITI, to come together and quickly agree common rules to govern prepays and other STFs. Again, as Christophe writes in the foreword: (we) "hope that we contribute to evolving practices related to prepayment agreements".
The EITI's Commodity Trading Working Group, where we are represented by my colleague James Nicholson, is the obvious fora for this collective push to agree rules for what should be disclosed how and when. It met yesterday, though progress is slow and we need to ensure that those involved (and impacted) participate. As part of our commitment towards improved transparency, we intend to be more active on this topic in the months to come.
You can read or download the paper here.
October 2020. Christophe Salmon, Trafigura Group CFO, explains in a video the company's approach to pre-payment and pre-finance agreements, including where and how they are deployed,and why it is that the EITI's new "Reporting guidelines for companies buying oil, gas and minerals" are an important step in advancing trade transparency
You can watch the video here


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This is our new house. It doesn't look like much right now but we're turning it into our dream home. Every inch of this house and yard needs work, which means we have a lot of work to do. So, here's what needs to be done.
- Kitchen renovation (move kitchen into the old dining room and build pantry)
- Bathroom renovation (not just 1 bathroom but 3)
- Paint (everything!!!)
- Replace front doors
- Replace windows
- Replace first floor flooring (wood and tile)
- Install second floor flooring (carpet)
- Replace driveway
- Landscape front yard
- Landscape side yard
- Landscape backyard (pool?)
- Laundry room renovation
Some of the renovations have already been finished but I've documented everything so I could share our renovation journey. And it's definitely been a journey. Renovations are not for faint of heart. You can follow the hashtag #BethHomeProject on social media for behind the scenes photos. I've also started a 'Home' board on Pinterest, where I'm pinning photos that have inspired and continue to inspire us as we renovate and decorate.
Have you done a renovation? If you have any thoughts or suggestions, leave a comment.

subset: commoncrawl


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For Immediate Release
Exhibition Devoted Exclusively to Women Photographers
WASHINGTON - Pepco's Edison Place Gallery will host The Art League's exhibit, "A Room of Our Own," featuring f11, A Women's Photography Collective from Tuesday, March 1 through Friday, April 1. Opening reception will be held on Thursday, March 10, from 5 - 7 p.m.
The exhibition features fine art photographs of a diverse subject matter by 18 female artists. Through a variety of formats and techniques, "A Room of Our Own" demonstrates the further coming of age of women photographers. The photographs range from colorful carnival scenes to the dramatic landscapes of the California desert and graceful still life compositions. The exhibition continues the debate about whether art can be defined by gender.
Pepco's Edison Place Gallery is in the 700 block of Eighth Street, NW, between G and H streets, one block west of the Verizon Center. The gallery is open Tuesday through Friday from 12 - 4 p.m. and Saturday, March 12, and Saturday, March 26, from 12 - 4 p.m. Admission is free.
Pepco, a subsidiary of Pepco Holdings, Inc. (NYSE: POM), delivers safe, reliable and affordable electric service to more than 778,000 customers in Maryland and the District of Columbia.


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© 2023 MJH Life Sciences™ and Nutritional Outlook. All rights reserved.
Good financial news at last. Results from the first quarter of 2004 show vitamin, mineral, and supplement (VMS) sales have improved considerably compared with the same quarter of 2003.
Good financial news at last. Results from the first quarter of 2004 show vitamin, mineral, and supplement (VMS) sales have improved considerably compared with the same quarter of 2003. Pacific Health Laboratories' (Matawan, NJ) first-quarter revenues rose 64% to $2,303,597 on strong sales of Accelerade and Endurox R4 sports drinks, as well as "significant opening orders" for the newly introduced Countdown postworkout drink. By the end of the year, clinical studies will be under way to support Satietrol, a weight-control product based on the appetite suppressant cholecystokinin (CCK). Pacific Health also plans clinical trials to investigate what role CCK plays in insulin release and glucose regulation in people with type 2 diabetes.
New products also are the core of Pharmavite's (Northridge, CA) 2004 growth strategy. Pharmavite introduced Nature Made Advanced Supplements enhanced with phytonutrients in May. The line has antioxidant activity equivalent to approximately 500 oxygen radical absorbance capacity (ORAC) units. Advanced B contains vitamins including B6 and B12. Advanced C helps enhance utilization of vitamin C and supports a healthy immune system with bioflavonoids and Ester C. Advanced E offers natural mixed tocopherols and mixed tocotrienols, providing both natural vitamin E and gamma E. Advanced Calcium blends calcium carbonate, calcium citrate, magnesium, vitamin D, and zinc to increase the body's absorption of calcium and improve bone strength.
Mannatech's (Coppell, TX) 2004 first-quarter sales were up $4.8 million compared with the same period in 2003. Supplement starter and renewal pack sales increased 47% to $4.2 million for the three months ended March 31, 2004, compared with the same period in 2003. New associates were partly responsible; pack sales from new associates increased $2.7 million, as compared with the same period in 2003. New products helped as well. In September 2003, Mannatech launched three new products, including Ambrotose AO in the United States. Future plans call for improving Mannabars and conducting research to develop additional new products.
The year 2004 began with a record-setting but controversial quarter for America's largest supplement company, NBTY (Bohemia, NY). Sales increased 58% to $440 million in its fiscal second quarter ended March 31, including an $82 million contribution from Rexall Sundown. But on June 17, NBTY disclosed problems with Puritan's Pride and Vitamin World. Sales at Puritan's Pride sank 12% to $38 million compared with the same period in 2003, while Vitamin World decreased 1% to $36 million. The news sent NBTY shares plummeting $9.51 per share, to $26.99. Shares have since rebounded--the price was $29.37 on June 30--but the company faces at least five class-action lawsuits claiming NBTY failed to disclose important reasons for earlier sales increases.
For the fiscal year ended December 31, 2003, General Nutrition Centers (GNC; Pittsburgh) reported consolidated revenue of $1.429 billion, a 0.3% increase compared with 2002. Fourth-quarter company-owned same-store sales increased by 11.0% domestically. Internationally, same-store sales increased 11.3% in Canada and 6.9% in international franchised stores. At the end of 2003, GNC operated 2748 company-owned stores in the United States and Canada and had 1355 domestic franchised locations, 988 Rite Aid "store-within-a-store" locations, and 654 international franchised locations. Future plans call for closing 117 under-performing stores. Apollo Management LP (New York City) is preparing an initial public offering only five months after buying GNC for $747 million.
Hain Celestial Group's (Melville, NY) net sales rose 6% in the first quarter of 2004, a $139 million increase over the same quarter the previous year. The Earth's Best business grew 24%, the Snacks division 21%, Celestial Seasonings 6%, the Canadian business 24%, and the European business 36%. Hain's acquisitive ways continued this year. Its latest purchase was Jason Natural Products (Culver City, CA), one of the most prolific product development companies in the growing natural personal care category. Prior to Jason, Hain completed the purchase of the Ethnic Gourmet brand of natural ethnic frozen meals and the Rosetto brand of frozen Italian products from H. J. Heinz (Pittsburgh). The Ethnic Gourmet and Rosetto brands had combined annual sales of approximately $30 million in 2003. The acquisitions created a $45 million to $50 million platform for further growth in the healthy frozen food category.
North Castle Partners (Greenwich, CT) and Golden Gate Capital (San Francisco) will spend $650 million to recapitalize Leiner Health Products (Carson, CA). As part of the recapitalization, Golden Gate and a new fund investment vehicle managed by North Castle plan to invest approximately $265 million. Leiner's management team will retain a significant ownership in the company.
Hain Celestial's net sales rose 6% in the first quarter of 2004, thanks in part to its Earth's Best unit, which grew 24%.
Photo courtesy of Hain Celestial Group.
Twinlab's new owner, IdeaSphere Inc. (New York City), launched Integrative Health Solutions (IHS) to bring consumers to specialty natural/health foods retailers. The three-phase program was designed to improve competitive differentiation among retailers, increase their connection with consumers, and grow their business and market share. Phase One provided retailers with the IHS Platinum Plus for Business MasterCard. Phase Two is a retailer certification program designed by integrative medicine professionals, including physicians and nutritionists. The program will offer retailers science, integrative medicine, and nutrition education. Phase Three will be a consumer discount card under the IHS imprint. Consumers who use the card in certified retail stores will receive an everyday discount on Twinlab and IdeaSphere products, as well as marketing incentives.
Weider Nutrition's (Salt Lake City) net sales were $67.5 million for the fiscal 2004 third quarter ended February 29, 2004, compared with $57.7 million for the same period in fiscal 2003. The Schiff brand accounted for 67% of revenues. An initiative to promote Schiff Move Free resulted in sales of $19.2 million compared with $14.7 million in the same quarter in 2003. The initiative included incremental selling and marketing support to both defend Move Free business against competition, including private label, and increase overall market share. Active Nutrition net sales increased approximately 16.7% to $8.7 million for the fiscal 2004 third quarter. The increase came from international sales.
Ripplewood Holdings LLC (New York City) and Activated Holdings LLC (New York City) acquired Shaklee's (Pleasanton, CA) worldwide business from Yamanouchi Pharmaceutical (Toyko) for approximately $310 million. Roger Barnett, managing partner of Activated Holdings, was named Shaklee's new chairman and CEO. Barnett's family owns Activated Holdings. Shaklee products are sold through a network of more than 700,000 members.
Manufacturers reaped the low-carb whirlwind. New products for low-carbohydrate devotees had privately held Atkins Nutritionals (Ronkonkoma, NY) increasing product offerings to more than 50 food products and 100 nutritional supplements. Atkins' products are in 30,000 stores, including Wal-Mart, Kroger's, Fred Meyer, and nearly all GNC and natural-foods stores. The Atkins Direct catalog business offers more than 200 controlled-carbohydrate products through print catalogs and Web commerce. The book that started it all, Dr. Atkins' New Diet Revolution, has sold more than 10 million copies since its release. The controversial diet generated more than 2.5 billion media mentions in the last three years. In October 2003, Goldman, Sachs & Co. (New York City) and Parthenon Capital LLC (Boston) bought a majority stake for $650 million–$700 million.
Lifeway Foods (Morton Grove, IL) expanded its line of kefir products with a new line of no-sugar-added kefirs designed for consumers who follow low-carbohydrate diets. The new product was showcased at the Summer Fancy Food Show in New York City, and will be available in stores later this year. Lifeway's low-carb kefirs will be available in strawberries n'cream, mixed berry, tropical fruit, and strawberry-banana varieties, as well as in an original, unsweetened version. The products will have 8 g of carbohydrates and 2.5 g of fat per 8-oz serving.
Natural Alternatives International's (NAI; San Marcos, CA) first-quarter revenues climbed 55% to $21.3 million during the first quarter of 2004. Private-label contract manufacturing sales increased to $4.8 million. Products formulated for new private-label contract manufacturing customers contributed $3.4 million. NAI sees the trend continuing, with 4–6% growth in private-label contract manufacturing sales in the fourth quarter of 2004. In March 2004, the company introduced Chopra Center Essentials, a line of eight condition-specific products. The line was marketed through print media and the transformative-health.com Web site. Plans call for a direct-mail campaign in the second quarter of fiscal 2005.
Wyeth Healthcare's Solgar division (Madison, NJ) reached sales of $29.7 million in the first quarter, a 4% increase over the same quarter 2003. Centrum vitamins did considerably better. First-quarter sales increased to $139.1 million from $119.7 million the previous year. Centrum Carb Assist, multivitamins for low-carb dieters, rolled out in May. The multis were formulated with high levels of B vitamins, including niacin, thiamin, riboflavin, B6, and B12, as well as the antioxidants selenium, manganese, and vitamins C, D, and E. Carb Assist also has 100% of the RDA of iron, zinc, and copper.
White Wave Inc. (Boulder, CO), a wholly owned subsidiary of Dean Foods, reported Silk Soymilk's half-gallon Silk Chocolate is now America's single best-selling product in the chocolate milk category, according to a report published by grocery sales tracker Information Resources Inc. (IRI; Chicago). Retail sales of Silk Chocolate approached $13 million. White Wave noted Silk Soymilk is found in approximately 97% of grocery stores and 11% of homes.
Natrol's (Chatsworth, CA) net sales increased 7.5%, or $1.4 million, to $20.4 million for the three months ended March 31, 2004. Natrol-brand products accounted for about 63% of the increase. Prolab-brand products added another 6%. Natrol's Essentially Pure Ingredients (EPI) raw-material and contract packaging division made up the remaining 31%. Gross margin decreased to 38.3% from 42.8% for the period due to a shift in product mix at EPI. During the first quarter of 2004, the division's sales revenue was derived primarily from lower-margin contract manufacturing.
Finally, Usana's (Salt Lake City) net first-quarter sales were up 51% to $61.8 million on sales from South Korea, Singapore, and Mexico, which reached $1.3 million, $2.0 million, and $0.7 million, respectively. Strong foreign currencies relative to the U.S. dollar boosted sales $3.7 million. On a constant-currency basis, first-quarter net sales were up 42% compared with the prior year. Sales were also driven by a 23% increase in active associates in the first quarter. The company has 96,000 active associates in the first quarter, up from 70,000 reported in the first quarter of 2003. Usana expects consolidated net sales in excess of $65 million for the second quarter of 2004, and consolidated net sales between $255 milion and $260 million for fiscal year 2004.


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The Newsweek "journalist" who penned an inaccurate report about President Donald Trump allegedly frittering away his Thanksgiving break doing nothing substantive has reportedly been terminated, though her firing has in turn sparked a new controversy.
The original controversy erupted after Newsweek published a report by Jessica Kwong early Thanksgiving morning titled, "How Is Trump Spending Thanksgiving? Tweeting, Golfing And More."
Shortly after the report went live, news broke that the president had just arrived in Afghanistan for a surprise visit with the troops.
"President Trump surprised troops and news outlets on Thanksgiving morning when he appeared in Afghanistan to thank troops for their service to the country and help serve a turkey dinner — but doing so required extreme security measures to ensure both safety and to prevent the word from getting out," Fox News confirmed.
Kwong promptly responded by issuing the following "honest mistake" apology:
Trump headed to Afghanistan to surprise U.S. troops on Thanksgiving https://t.co/f7Xeqz1ZGQ Deleting this tweet because it was written before knowing about the president's surprise visit to Afghanistan-an honest mistake. Story has already been updated, as shown in the screenshot. pic.twitter.com/g9CfPaV2kQ
— Jessica Kwong (@JessicaGKwong) November 29, 2019
But by then the damage was already done, as Newsweek's wholly inaccurate reporting had already triggered widespread backlash from a wide array of incensed Americans, including the president and his son Donald Trump Jr.
"Fake news gonna fake!" his son tweeted.
"I thought Newsweek was out of business?" the president added.
Even White House Press Secretary Stephanie Grisham got in on the action.
I thought Newsweek was out of business? https://t.co/3ro4eSJloo
— Donald J. Trump (@realDonaldTrump) November 29, 2019
Hi @Newsweek – we're actually on our way back from Afghanistan right now. @realDonaldTrump served Thanksgiving dinner to members of the military & thanked them for their incredible service to our country. Standing by for you to delete this completely false tweet. https://t.co/trYHUNtgxf
— Stephanie Grisham (@PressSec) November 28, 2019
In response, Newsweek fired Kwong.
"Newsweek investigated the failures that led to the publication of the inaccurate report that President Trump spent Thanksgiving tweeting and golfing rather than visiting troops in Afghanistan," a spokesperson told the Washington Examiner. "The story has been corrected, and the journalist responsible has been terminated. We will continue to review our processes and, if required, take further action."
But this has only triggered more controversy, with even some conservatives suggesting that Kwong's termination was harsh and unfair.
The editor should be sacked. She is a grunt and they turned her into a scapegoat.
— Ian Miles Cheong (@stillgray) December 1, 2019
"@JessicaGKwong told the @dcexaminer that she was assigned to write a story about @POTUS's Thanksgiving Day plans over a week in advance"
Exhibit A of #FakeNews ? today: write about an event before it actually happens, using ? to fill in details.https://t.co/Orbv3i4HDj
— TX ? (@xiongtx) November 30, 2019
Agreed, journalists should hold themselves to a high standard. However, most journalists work as a team. @JessicaGKwong said she submitted the article on Wed and told editors at @Newsweek as soon as she found out about Pres. surprise trip. I find it hard to place ALL blame on her
— EmFinn (@EmilyRoseFinn) November 30, 2019
This sentiment is based on a statement given to the Examiner in which she alleged that she'd been assigned the Thanksgiving story a week in advance by her editor.
This raises concerns about the editor's judgment or lack thereof, since assigning a story before the events of the story have actually occurred seems like playing a game of chance.
"Kwong told the Washington Examiner that she was assigned to write a story about what the president was doing on Thanksgiving a week in advance and filed it to her editors on Wednesday," the Examiner confirmed. "Then, she explained that she sent a message to the editor on duty with the president's latest actions and the editor published the piece. That editor decided to have a reporter write a new story on Trump's surprise trip to Afghanistan, and neglected to update Kwong's original piece in a timely manner."
This again raises more concerns about her editor's judgment or the lack thereof.
However, Trump Jr. has dismissed Kwong's "honest mistake" apology and suggested that the blame still rests squarely with her.
It wasn't an "honest mistake" you tried to dunk on Trump and ended up dunking on yourself because you couldn't resist. Notice how there's never been a story that broke in Trump's favor & had to be corrected the other way? These aren't mistakes, they are a very consistent pattern. https://t.co/HmyrHrOjqB
— Donald Trump Jr. (@DonaldJTrumpJr) November 30, 2019
What he wrote about every single mainstream media retraction/correction involving a negative story about his father was 100 percent accurate.
Moreover, he isn't the only one who shares the belief that the blame rests solely with Kwong:
Editor's name isn't on the article. Editor didn't write it. It's not the editor's fake news. @JessicaGKwong is the clown here. ???
— Keep America Great (@DeplorableBro1) November 30, 2019
You got what you actually deserved. You didn't make a mistake. It was LAZY and UNPROFESSIONAL what you did. Now you blame an editor. Whatever. That's typical. No accountability. Best of luck
— Trip Wells (@tripwells2) December 1, 2019
So you editor tells you to predict the future, and instead of saying "how is anyone meant to know?" you decided to just guess that he'd be Tweeting, golfing, "and much more"?
Face it, you're not a journalist.
— Dokudokushii (@galacticavatar) November 30, 2019
Her "reports" do indeed appear to lean heavily to the left.
A report published Wednesday about the ICE's so-called "entrapment" scheme neglected to mention that it began under former President Barack Hussein Obama.
People call to #AbolishICE after report that the government agency created a fake university to lure and deport foreign students @UNITEDWEDREAM @stealthygeek @peterdaou @AbdulElSayed @taradublinrocks @RyanAFournier @TrumpStudents https://t.co/3BbYFa2RTC
— Jessica Kwong (@JessicaGKwong) November 27, 2019
Likewise, another report published Wednesday mocked conservatives' concerns about the "War on Thanksgiving" but neglected to mention the valid reasons for these concerns.
#WarOnThanksgiving trends after Trump claims the "radical left" wants to change name of the holiday @TBreassealeDHS @Pappiness @chrissteinplays @CaseyMattox_ @tomakel @JamesKosur https://t.co/E7hlvQAGOq
— Jessica Kwong (@JessicaGKwong) November 27, 2019
Watch the Fox News clip below:
(Source: Fox News)
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Airline Pilot Training Rules for Ukraine
Return to National Aviation Authorities page
Country: Ukraine
Official Website: State Aviation Administration of Ukraine
Civil Aviation Authority Name (Native language): Державна авіаційна служба України (Державіаслужба)
What is the State Aviation Administration of Ukraine?
The State Aviation Administration of Ukraine operates under the Ministry of Infrastructure. The Administration provides oversight and regulates aviation in Ukraine, including airports, aircraft, and pilots.
Can Epic Flight Academy train me to fly for the State Aviation Administration of Ukraine?
Yes. Each country and aviation governing body has different standards that must be met before you can fly for them. This is similar to airlines having different hiring requirements. We can prepare you to fly for any airline in any country. We wish you a successful airline pilot career full of blue skies, soft landings, and a generous salary. For more information on becoming a professional pilot in Ukraine, please contact us today.


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There are so many wounded veterans out there who need help and support. Your generous, tax deductible donation to Wounded Warrior Project® (WWP) will change the lives of over 1 million injured warriors, caregivers, and family members. You will help bring independence back to our nation's most severely wounded veterans.Every warrior has a next mission. We know that the transition to civilian life is a journey. And for every warrior, family member, and caregiver, that journey looks different.We are here for their first step, and each step that follows. Because we believe that every warrior should have a positive future to look forward to. There's always another goal to achieve, another mission to discover. We are their partner in that mission.
WHO IS A WARRIOR?Veterans and service members who incurred a physical or mental injury, illness, or wound while serving in the military on or after September 11, 2001. You are our focus. You are our mission.Here, you're not a member – you're an alumnus, a valued part of a community that's been where you've been, and understands what you need. Everything we offer is free because there's no dollar value to finding recovery and no limit to what you can achieve.WHY NOW?More than 52,000 servicemen and women physically injured in recent military conflicts. 500,000 living with invisible wounds, from depression to post-traumatic stress disorder. 320,000 experiencing debilitating brain trauma.Advancements in technology and medicine save lives – but the quality of those lives might be profoundly altered.The numbers speak for themselves, because not every warrior can. With the support of our community of donors and team members, we give a voice to those needs and empower our warriors to begin the journey to recovery.