text:
ISSN : 2288-4645(Online)
DOI : http://doi.org/10.13106/jafeb.2018.vol5.no2.15
Spillover Effects of Foreign Direct Investment Inflows and Exchange Rates on the Banking Industry in China
JEL Classification Code: E42, E43, E51, E52, G21.
1. Introduction
The past decade was marked by the increasing role of foreign direct investment (FDI), since the World Trade Organization (WTO) approved the text of the agreement for China's entry into WTO on December 11, 2001 and China officially became a member of WTO 30 days after that day. In 2011, the actual inflow of foreign investment was up to 116 billion U.S. dollars, increased by 252% comparing with 2001 (National Bureau of Statistics of China). The average annual growth rate of foreign investment inflow in last ten years was more than 10 percent. Meanwhile, as an essential part of economic development, China has speeded up the pace of reform in banking industry and encouraged a variety of foreign institutions to invest and operate in China. Since 2006, China has removed the geographic and clientele restrictions on RMB business for foreign banks, more and more foreign financial service companies entered into China in different ways. By the end of 2012, 42 foreign banks operated as independently capitalized subsidiaries affiliated by 95 branches, 197 representatives and more than 900 outlets in Mainland China (China Bank Regulatory Commission). As a result, how the FDI influence the efficiency of Chinese bank sector has been on the forefront of economic discussion among policy makers and scholars.
Foreign direct investment (FDI) is defined as investment to obtain a lasting management interest (10% or more of voting stock) in an enterprise operating in an economy other than that of the investor. In the literature there exists some research suggesting mixed results of pros and cons of FDI from a view of domestic banking industry. Several benefits of FDI have been identified but are not limited as production efficiency (Yao & Wei, 2007), technological spillovers, management techniques, international trade integration (Agbloyor, Abor, Adjasi, & Yawson, 2013) and introduction of new products or process to domestic market (Alfaro, Chanda, Kalemli-Ozcan, & Sayek, 2004). Even though the FDI in bank sectors doesn`t always result in higher profits, major domestic banks do display benefits from technical and management efficiency after they strategy alliance with world-leading foreign banks. On the other hand, foreign banks entry, as a major source of FDI in bank sector, will definitely create a more competitive market environment, which may take over the market share of domestic banks. Deng, Guo and Kong (2011) indicated that foreign entry could cause operation costs and profits of domestic banks to rise if the host economy is relatively undeveloped. A higher opening degree of a country`s financial market, to some extent, will contain more unstable factors from foreign bank presence. When faced with capital or funding shock, such as 2008 financial crisis, uncertainty have been raised from foreign banks withdraw from oversea banking business and reduce credit extension in host country.
In 2008, as the international financial crisis extent from United States to European, and finally touched the major emerging economies such as China. Depression of host markets resulted in a temporarily shrink of business activity in China and a loss of consumer confidence for foreign banks. Most clients turned to domestic commercial banks after 2008 seeking a more safety financial service. However, some evidences have been found in the previous literature that financial crisis may also stimulate a new wave of foreign investment inflows. Alfaro et el. (2004) showed that following the debt crisis in the 1980s, developing countries have changed their attitude towards FDI because they believed that FDI could contribute to the development efforts of a country. How did the financial crisis in 2008 affect the relationship between foreign investment inflows and the banking efficiency in Mainland China? It is still a mysterious and significant question to answer.
The objective of this paper is to provide additional evidence on the spillover effects of FDI inflows to the banking sector in Mainland China. More precisely, we attempt to fill the gap in the literature by investigating how information is transmitted between these two economic variables through short-term price interactions and volatility spillovers. Unlike most studies this paper would benefit the literature in three aspects. First this study analyzes the longterm linkage between FDI in bank sector and efficiency spillover of Chinese banking industry by using cointegration test. This could offer an academic evidence for Chinese government to forward financial market opening-up reform in the next few decades and manage the foreign direct investment more efficiently. Second, the paper empirically explores the short-term dynamic relationships between these two variables using Granger causality tests, which can help business owners and foreign investors to make better short-term informed investment and financing decisions. In addition, applying financial crisis in 2008 as a dummy variable, the current paper examines the impact of global market shock on the linkage between FDI and spillover efficiency of banking industry.
2. Literature Review
2.1. Overview of Chinese Banking System
Chinese banking system, after experiencing 30 years reform process since 1978, has become a critical role in supporting the rapid economic growth of China. The central bank, People`s Bank of China (PBOC), was founded in 1948 splitting its commercial function and lending function since 1978. Comparing with 34 years ago. Chinese banking industry controlling the big part of total asset and providing more than three fifths of total credit to the private sector is now in gradually diversification and transparency. There are many types of banking institutions now in China. According to China Banking Regulatory Commission 2012 annual report, by the end of 2012, China`s banking sector consisted of 2 policy banks, 5 large commercial banks, 12 joint-stock commercial banks, 144 city commercial banks, 337 rural commercial banks, 147 rural cooperative banks, 1927 rural credit cooperatives (RCCs), one postal savings bank, 4 banking assets management companies, 42 locally incorporated foreign banking institutions, 67 trust companies, 150 finance companies of corporate groups, 20 financial leasing companies, 800 village or township banks, 14 lending companies and 49 rural mutual cooperatives. Overall, the number of banking institutions in China`s banking sector amounted to 3747 with 3362 million employees. If we breakdown the entire financial market into four parts: commercial bank, securities firm, insurance company and others, commercial banks dominate around 90 percent of the financial industry total assets.
Looking deeply at all the commercial banks in China, the big five state-own commercial banks and 12 joint-stocks commercial banks take a big market share comparing with other city commercial banks. Following the develop strategy of the big five state-owned banks (Bank of China, China Construction Bank, Industrial and Commercial Bank of China, Agricultural Bank of China and China Bank of Communication), more and more banks in China prefer to engage with foreign banks and absorbed foreign capital in last decade. For example, in 2005, Bank of Nanjing accepted BNP Paribas as its strategic partner and second largest shareholder. In 2007, Industrial Bank signed a strategy alliance agreement. In 2011, they signed another agreement about keep corporate relationship in asset management, private bank etc. As measured by China Banking Regulatory Commission (CBRC) at the end of 2011, 25 foreign institutions cooperated with 27 Chinese banks as strategy investors. However, do the foreign investors cause the efficiency spillover of bank sectors? The answers are quite mixed.
2.2. Banking Efficiency
Previous studies have addressed different measurements of bank efficiency. Fixler and Zieschange (1993) measured banking technical efficiency by using a superlative index number approach. Lee and Hsieh (2013) included four different profitability variables: return on assets (ROA), return on equity (ROE), net interest margin (NIM) and net interest revenue against average assets (NR) for a study of Asia bank efficiency. The study showed that different profitability variables have different results on the persistence of profit and more specifically, ROA and ROE do not show persistence of profit, but NIM and NR do. Lee and Hsieh (2013) also confirmed with robustness tests that regulatory quality and institutional development are independent of differences in profitability and risk in Asia. Berger, Hasan, and Zhou (2009) believed that the efficiency measures how close to the minimum cost or maximum profit a bank is. Total loan, total deposit and fixed assets were also widely used to measure bank efficiency (Berger et al., 2009; Lin, Tsao, & Yang, 2009; Ye, Xu, & Fang, 2012), bank productivity (Matthews & Zhang, 2010), cost efficiency (Chen, Skully, & Brown, 2005; Fu & Heffernan, 2007) and profit efficiency (Ariff & Can, 2008; Deng et al., 2011) in China. Agbloyor et al. (2013) utilized private credit, bank credit and M2 as the indicators of bank sector development when studying of Africa countries.
Is there an efficiency difference among different types of Chinese bank? Berger et al. (2009) suggested that the large state-owned banks are least efficient, but foreign banks are most efficient. Chen et al. (2005) indicated that the large state-owned commercial banks and smaller banks are more efficient than medium sized Chinese bank in terms of the deregulation program in 1995. More specifically, Yao, Han and Feng (2008) indicated that the three large state-owned banks (including China Construction Bank, Bank of China and Industrial and Commercial Bank of China) show a higher technical efficiency and profitability, which explain why their IPOs in 2005 and 2006 were so heavily demanded by investors. However, some researcher found that the joint stock banks perform significantly better than both the state banks and the city commercial banks (Shih, Zhang, & Liu 2007; Ariff & Can, 2008; Fu & Heffernan, 2007). In the current study, we will examine the spillover effect of the Chinese bank sector as a whole including the large-size, medium-size and small size banks in mainland China by using total loan, total deposit, loan to deposit (LTD) as the main variables.
Besides banks scale, There are some other factors, which could influence the Chinese bank efficiency, such as region, law enforcement and risk level. Zhou, Li, and Li (2011) found that technical efficiency of banks seems to be higher in both Eastern and Southern regions than the national average level. They pointed out that even though China has put more effort on the development of the western region, its technical efficiency has remained low. Similarly, Yao and Wei (2007) indicated that human capital, transportation, export and FDI have limited effect on production in the west region even though FDI may influence a little on its technological progress. Zhang, Wang, and Qu (2012) indicated that Chinese city banks show a better performance and higher efficiency in a better legal environment. Tan and Floros (2013) found a positive relationship between risk (LLPTL) and pure technical efficiency of Chinese banks.
2.3. Foreign Direct Investment and Bank Efficiency Spillover
The main FDI characteristic and entry mode have been found out in previous literature (Fan, Morck, Xu, & Yeung, 2009; Xing, 2006; Lin, Liu & Zhang, 2009). Hsiao and Hsiao (2004) indicated that Hong Kong and Taiwan dominate 40% to 60% percent of the total FDI, followed by the United States and EU. And almost all the FDI were concentrated in the eastern region, especially in these five cities: Shenzhen, Xiamen, Qingdao, Dalian and Ninbo. Li, Zeng, and Zhang (2013) theoretically explained some stylized facts about foreign entry mode. First, foreign subsidiaries and branches cluster in the eastern China or in the large (central cities); Second, foreign banks without strong financial strength and competitiveness advantage tend to take stakes (jointventure or strategy alliance) in the domestic banks; Third, foreign banks with strong financial strength will set up subsidiaries or branches accompanied with cooperation with domestic banks (Li et al., 2013).
In the previous literature there exist some studies suggesting mixed results about the efficiency spillover from Foreign Direct Investment in cross-countries or individual countries such as Poland (Degryse, Havrylchyk, Jurzyk, & Kozak, 2012), Australia (Sturm & Williams, 2004), Africa (Agbloyor et al., 2013). Their studies indicated that the foreign bank entry, as the main source of FDI in bank sector can cause the spillovers of banking efficiency. By using cross-country data between 1975 and 1995, the empirical analysis from Alfaro et al. (2004) showed that countries with well-developed financial markets gain significantly from FDI. Azman-Saini, Law and Ahmad (2010) agreed that the positive effect of FDI on growth "kick in" only after financial markets development exceeds a threshold level. Also, FDI inflows had a non-linear effect on growth, they were growth enhancing in developing countries and there is a 'tworegime' FDI effect for high-income economies (Kottaridi & Stengos, 2010). On the contrary, Lensink and Hermes (2004) argued that FDI in bank sector might have a stronger effect on domestic banks in terms of the spillover of modern bank techniques and practices in lower levels of economic development because of the gap between development of domestic and foreign banking. Degryse et al. (2012) analyzed the impact of foreign bank entry on the supply of loans and portfolio quality of domestic banks in Poland and found that the entry of Greenfield foreign banks encourages domestic banks to increase the share of entrepreneurs in their portfolios. As a result, the higher competition from foreign bank entry forced domestic banks to lend money for riskier firms.
After taking a global viewpoint based on the panel data approach, Lee and Chang (2009) examined the long-run comovements and the causal relationships among FDI, financial development, and economic growth in a multivariate model and found a clear sign of bi-directional causal linkages among these variables. More specifically, Lee and Chang (2009) also found a bi-directional causal relationship between FDI and the financial development, which offered a theoretical evidence for our current studies.
In terms of Chinese bank industry, there has been a considerable amount of empirical work on the FDI impact on bank spillover of bank efficiency. Deng et al. (2011) suggested that the presence of foreign banks improved the overall profitability of the Chinese banks and has also effectively constrained the scaled of loan. They summarized several channels about efficiency spillovers of foreign banks: enforced competition, demonstrated effect in high-end business, expert turnovers from foreign banks to domestic banks, improved corporate governance in collaboration with strategic investors, and financial innovation techniques introduced by foreign shareholders (Deng et al., 2011). Other studies also made a similar conclusion that FDI inflow creates a more competitive and more efficient banking industry in Mainland China in the way of margin and cost (Xu, 2011; Jiang Yao & Zhang, 2009; Lin et al., 2009). Specially, Jiang et el. (2009) went further step to prove that foreign acquisition could benefit domestic banks by efficiency gains in the long-term, but privatization via initial public offerings (IPOs) just have a short-term effects. Lin et al. (2009) tested the impact of WTO and restrictions on foreign entry on the Chinese bank industry and evidence have been found that the efficiency score for the post WTO accession period is significantly higher than that for the pre- WTO accession period.
2.4. Empirical Model and Hypotheses
Total factor productivity is the portion of output not explained by traditionally measured inputs of labor and capital used in production. As such, its level is determined by how efficiently and intensely the inputs are utilized in production. The equation below (in Cobb–Douglas form) represents total output (Y) as a function of total factor productivity (A), capital input (K), labor input (L), and the two inputs' respective shares of output (α and β are the share of contribution for K and L respectively). An increase in either A, K or L will lead to an increase in output.
Y = A x Kα x Lβ
This study aims to examine the impact of foreign direct investment inflows and foreign exchange rate on banks productivity and performance in China. Accordingly, the following hypotheses are considered:
<Hypothesis 1> There is a long-run equilibrium relationship between foreign direct investment inflows, foreign exchange rate and banks performance.
<Hypothesis 2> M2 supply is related to banks productivity and performance in the short-run.
<Hypothesis 3> CPI is related to banks productivity and performance in the short-run.
<Hypothesis 4> Lending interest rate is related to banks productivity and performance in the short-run. <Hypothesis 5> Foreign direct investment inflows are related to banks productivity and performance in the short-run.
<Hypothesis 6> Foreign exchange rate is related to banks productivity and performance in the short-run.
3. Research Methodology
3.1. Data and Indicators
The sample is restricted to the period of time in which monthly data is available and comparable among variables for the period from January 2002 to October 2013 (142 observations). All of the time series data below was collected and retrieved from the People's Bank of China, China Monthly Statistics from the National Bureau of Statistics of China, and International Financial Statistics database from International Monetary Fund.
Short-term Loans: A short-term loan refers to a loan scheduled to be repaid in less than a year. Typically, short- term loans offer fast funding, but with high interest rates and quick payback. When a business doesn't qualify for a line of credit from a bank, the business might still have success in obtaining money from then in the form of a short-term loan (i.e., less than a year) to finance its temporary working capital needs.
Deposit: A deposit is the monetary amount that is placed with some entity. The deposit is a credit for the party - individual or organization - who placed it, and it may be taken back (i.e. withdrawn), transferred to some other party, or used for a purchase at a later date. This financial concept is often used with respect to banks, where deposits are usually their main source of funding. The deposit can be one of two things: first, a transaction involving a transfer of funds to another party for safekeeping, and second, a portion of funds that is used as security or collateral for the delivery of a good. The first type of deposit is identical to the money an investor transfers into a bank's savings or checking accounts. It can be made by individuals or entities such as corporations. The money is still owned by the person or entity that deposited the money, and it can be withdrawn at any time, transferred to another person's account, or used to purchase goods. Often, a person must deposit a certain amount of money in order to open a new bank account, which is known as a minimum deposit. This amount covers the costs associated with opening and maintaining the account.
Loan-To-Deposit Ratio (LTD): The loan-to-deposit ratio is a commonly used statistic for assessing a bank's liquidity by dividing the bank's total loans by its total deposits. This number is expressed as a percentage. If the ratio is too high, it means that the bank may not have enough liquidity to cover any unforeseen fund requirements, and conversely, if the ratio is too low, the bank may not be earning as much as it could be. To calculate LTD ratio, take the total amount of loans granted by a bank over a specific period of time and divide by the amount of deposits received by the bank over the same period.
Money and Quasi Money (M2): Money and quasi money comprise the sum of currency outside banks, demand deposits other than those of the central government, and the time, savings, and foreign currency deposits of resident sectors other than the central government. M2 is a measure of the money supply that includes all elements of M1 as well as near money. M1 includes cash and checking deposits, while near money refers to savings deposits, money market securities, mutual funds and other time deposits. These assets are less liquid than M1 and not as suitable as exchange mediums, but they can be quickly converted into cash or checking deposits. The money supply measures the amount of monetary assets available in an economy. This is an important metric in macroeconomics, because it can dictate inflation and interest rates. Inflation and interest rates have major ramifications for the general economy, as these heavily influence employment, consumer spending, business investment, currency strength and trade balances.
Consumer Price Index (CPI): A consumer price index measures changes in the price level of market basket of consumer goods and services purchased by households. The CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically. Sub-indices and sub-sub-indices are computed for different categories and sub-categories of goods and services, being combined to produce the overall index with weights reflecting their shares in the total of the consumer expenditures covered by the index. The annual percentage change in a CPI is used as a measure of inflation. A CPI can be used to index (i.e., adjust for the effect of inflation) the real value of wages, salaries, pensions, for regulating prices and for deflating monetary magnitudes to show changes in real values. In most countries, the CPI, along with the population census, is one of the most closely watched national economic statistics.
Lending Interest Rate (%): The lending rate is the bank rate that usually meets the short- and medium-term financing needs of the private sector. This rate is normally differentiated according to creditworthiness of borrowers and objectives of financing. The terms and conditions attached to these rates differ by country, however, limiting their comparability. It is defined as the proportion of an amount loaned which a lender charges as interest to the borrower, normally expressed as an annual percentage. It is the rate a bank or other lender charges to borrow its money.
Foreign Direct Investment (FDI), net inflows (BOP, current US$): Foreign direct investment are the net inflows of investment to acquire a lasting management interest (10 percent or more of voting stock) in an enterprise operating in an economy other than that of the investor. It is the sum of equity capital, reinvestment of earnings, other long-term capital, and short-term capital as shown in the balance of payments. This series shows total net FDI. In BPM6, financial account balances are calculated as the change in assets minus the change in liabilities. Net FDI outflows are assets and net FDI inflows are liabilities. Data are in current U.S. dollars.
3.2. Descriptive Statistics of Data
All these time series data have been collected and retrieved from various reports from the People's Bank of China, China Monthly Statistics from the National Bureau of Statistics of China, and International Financial Statistics database from International Monetary Fund. For all these time series data are reported on a monthly basis and employed for the period from January 2002 to October 2013 (142 observations). Table 1 displays descriptive statistics along with various summary statistics for the time series. Table 2 displays the results of Pearson correlation analysis between the time series.
Table 1. Descriptive Statistics of Banking and Financial Industry of Chain (Monthly, 2002-2013)
1) Foreign direct investment net inflows in the financial industry of China. The data was retrieved from China Monthly Statistics from the National Bureau of Statistics of China.
Source: The authors have compiled data from various reports from the People's Bank of China, China Monthly Statistics from the National Bureau of Statistics of China, and International Financial Statistics database from International Monetary Fund.
Table 2. Pearson Correlations
Correlation is significant *, at the 0.05 level and **, at the 0.01 level (2-tailed).
3.3. Unit Root Test
It is well known in the literature that the data generating process for many economic variables are characterized by stochastic trends that might result in spurious inference if the time series properties are not carefully investigated. A time series is said to be stationary if the mean and autocovariances of the series do not depend on time. Any series that is not stationary is said to be non-stationary (i.e. it has a unit root). The formal method to test the stationarity of a series is the unit root test. There are several well-known tests for this purpose based on individual time series: the augmented Dickey-Fuller (ADF) unit root test (Dickey & Fuller, 1979, 1981), the Phillips-Perron (PP) unit root test (Phillips & Perron, 1988), and the Kwiatkowski, Phillips, Schmidt and Shin (KPSS) unit root test (Kwiatkowski, Phillips, Schmidt, & Shin, 1992), among others.
Table 3 reports the results of unit root tests. All test equations were tested by the method of least squares, including an intercept but no time trend in the model. Probabilities for all tests assume asymptotic normality. In the ADF and PP tests, an optimal lag in the tests is automatically selected based on Schwarz Info Criterion and the lag length (bandwidth) in the tests is automatically selected based on the Newey-West estimator (Newey & West, 1994) using the Bartlett kernel function. In ADF and PP tests, probability values for rejection of the null hypothesis of a unit root are employed at the 0.05 level based on MacKinnon (1996) one-sided p-values. KPSS tests the null hypothesis: the series has no unit root (the series is stationary), while the alternative hypothesis assumes that the series has a unit root (non-stationary). In KPSS test, probability values for rejection of the null hypothesis are based on Kwiatkowski et el. (1992) LM statistic p-values.
Table 3. Results of Unit Root Tests
The numeric values in cells are t-statistic.
Probability values for rejection of the null hypothesis are employed at the 5% significant level (*, p-value < 0.05 and **, p-value < 0.01).
4. Results
4.1. Cointegration Test
Engle and Granger (1987) point out that a linear combination of two or more non-stationary series may be stationary. If such a stationary linear combination exists, the non-stationary time series are said to be cointegrated. If these variables are cointegrated, then there exists long-run equilibrium among the variables. In other words, if the variables are cointegrated, there is a long-run relationship, and there exists a force to converge into long-run equilibrium. There are two test methods to identify whether there is a long-run relationship among variables: the Engle- Granger single equation test method (Engle & Granger, 1987) and the Johansen conintegration test (Johansen, 1988).
Cheung and Lai (1993) report that the Johansen approach is more efficient than the Engle-Granger single equation test method because the maximum likelihood procedure has useful large and finite sample properties. The Johansen cointegration test models each variable as a function of all the lagged endogenous variables in the system. The Johansen procedure uses two ratio tests: a trace test and a maximum eigenvalue test, to test the number of cointegration relationships. Both tests can be used to determine the number of cointegrating vectors present, although they do not always indicate the same number of cointegrating vectors. If trace statistics and maximum eigenvalue statistics yield different results, the result of the maximum eigenvalue test is preferred due to the benefit of carrying out separate tests on each eigenvalue.
Table 4 reports the results of the Johansen cointegration test. The test equation was tested by the method of least squares. The regression model allows for a linear deterministic trend in data and includes intercept but no trend in vector autoregressive models. For the two likelihood ratio test statistics, the probability value for rejection of the null hypothesis of no cointegration is based on the MacKinnon, Haug and Michelis (1999) p-values. The null hypothesis of no cointegration is rejected at the 5 % significance level. The trace test indicates at least one cointegrating equation exists at the 0.05 level, and the maximum eigenvalue test also indicates at least one cointegrating equation exists at the 0.05 level. Therefore, the null hypothesis of no cointegration can be rejected at the 0.05 level. Considering the results of the Johansen cointegration test in Table 4, this study concludes that hypothesis 1 that there is a long-run equilibrium relationship between foreign direct investment inflows, foreign exchange rate and banks performance in China, is supported.
Table 4. Results of Johansen Cointegration Test
Regression model: Short-term Loans = M2 + CPI + Lending Rate + FDI + Forex
The numeric values in cells are trace statistic and maximum eigenvalue statistic.
Cointegrating equations are significant at the 0.05 level (*, p-value < 0.05 and **, p-value < 0.01).
4.2. Cointegrating Regression Analysis
Considering the results of the Johansen cointegration test in Table 4, it is evident that there is a long-run equilibrium relationship between TFP growth factors and total output in Pakistan. In this case, an unrestricted vector autoregressive model would not be an effective option for testing short-run dynamics. Engle and Granger (1987) noted that if two or more time series variables are cointegrated, there is always a corresponding error correction representation in which the short-run dynamics of the variables in the system are influenced by the deviation from equilibrium. The cointegrated variables must have an error correction representation in which an error correction term is incorporated into the model. In this case, a vector error correction model is formulated to reintroduce the information lost in the differencing process, thereby allowing for long-run equilibrium as well as short-run dynamics. The vector error correction model implies that changes in one variable are a function of the level of disequilibrium in the cointegrating relationship (i.e., captured by the error correction term), as well as changes in other explanatory variables. There are several estimation methods for testing a single cointegrating vector, an error correction term. These are fully modified OLS (Phillips & Hansen, 1990), canonical cointegrating regression (Park, 1992), and dynamic OLS (Saikkonen, 1992; Stock & Watson, 1993).
Phillips and Hansen (1990) propose an estimator that employs a semi-parametric correction to eliminate the problems caused by the long-run correlation between the cointegrating equation and stochastic regressor innovations. The Fully Modified OLS (FMOLS) estimator is asymptotically unbiased and has fully efficient mixture normal asymptotics allowing for standard Wald tests using asymptotic Chi-square statistical inference (Hansen, 2002). The FMOLS estimator employs preliminary estimates of the symmetric and one sided long-run covariance matrices of the residuals. The canonical cointegrating regression (Park, 1992) is closely related to FMOLS, but instead employs stationary transformations of the data to obtain least squares estimates to remove the long-run dependence between the cointegrating equation and stochastic regressor innovations. Like FMOLS, the canonical cointegrating regression (CCR) estimates follow a mixture normal distribution, which is free of non-scalar nuisance parameters and permits asymptotic Chi-square testing. The CCR transformations asymptotically eliminate the endogeneity caused by the long-run correlation of the cointegrating equation errors and the stochastic regressor innovations, and simultaneously correct for asymptotic bias resulting from the contemporaneous correlation between the regression and stochastic regressor errors (Park, 1992).
Estimates based on CCR are therefore fully efficient and have the same unbiased, mixture normal asymptotics as FMOLS (Park, 1992).
Saikkonen (1992) and Stock and Watson (1993) propose a simple approach to constructing an asymptotically efficient estimator that eliminates the feedback in the cointegrating system. The Dynamic OLS (DOLS) method involves augmenting the cointegrating regression with lags and leads of Δ so that the resulting cointegrating equation error term is orthogonal to the entire history of the stochastic regressor innovations. The model employs an intercepttrend specification for the cointegrating equation, with no additional deterministics in the regressor equations, and four lags and leads of the differenced cointegrating regressor to eliminate long-run correlation between the innovations. Under the assumption that adding lags and leads of the differenced regressors soaks up all of the long-run correlation between long-run variances, least-squares estimates of the equation have the same asymptotic distribution as those obtained from FMOLS and CCR (Saikkonen, 1992; Stock & Watson, 1993).
Table 5. Results of Cointegrating Regression Analysis
Regression model: Short-term Loans = M2 + CPI + Lending Rate + FDI(+/-) + Forex(+/-)
Probability values for rejection of the null hypothesis are employed at the 5% significant level (*, p-value < 0.05 and **, p-value < 0.01).
The numeric values in cells are coefficients of regressors and standard errors follow in parenthesis.
1 Cointegration coefficient diagnostic test has been conducted by Wald test.
2 Cointegration test has been conducted by Hansen parameter instability test for the null hypothesis (null hypothesis: series are cointegrated).
Table 5 reports the results of cointegrating regression analysis using FMOLS, CCR and DOLS. In testing hypothesis 2 that M2 supply is related to banks productivity and performance in the short-run, Table 5 shows that M2 supply is significant at the 0.01 level. The results confirm that M2 supply is positively related to the increase of shortterm loans in China.
In testing hypothesis 3 and 4 that CPI and lending interest rate are related to banks productivity and performance in the short-run, Table 5 shows that CPI and lending rate are not significant in China.
In testing hypothesis 5 that FDI inflows are related to banks productivity and performance in the short-run, Table 5 shows that FDI inflows are significant at the 0.01 level. The results confirm that FDI inflows in the banking sector are positively related to the increase of short-term loans in China.
In testing hypothesis 6 that foreign exchange rate is related to banks productivity and performance in the shortrun, Table 5 shows that Chinese Yuan currency exchange rate to USD is not significant in the banking and financial industry of China.
5. Discussion and Policy Implication
According to the analysis of the data above, this study yields some major findings. It sought to examine the impact of foreign direct investment inflows and foreign exchange rate on banks productivity and performance in China and discussed the relationships several factors might have with the productivity and performance of banking industry. Accordingly, our baseline results suggest that there is indeed a long-run equilibrium relationship between foreign direct investment inflows, foreign exchange rate and banks performance in China. Moreover, the M2 supply is positively related to the increase of short-term loans in China, and at the same time, the results confirm that FDI inflows in the banking sector are positively related to the increase of shortterm loans in China. On the contrary, tests show that CPI and lending rate are not significant in China and Chinese Yuan currency exchange rate to USD is also not significant in the banking and financial industry of China.
This study benefits the literature of FDI and performance of banking system in China in several ways. Firstly, it could academically support the government to facilitate the country's financial market. Secondly, entrepreneurs and global investors may benefit from the study by making better short-term informed investment and financing decisions. As important financial sectors in China, banks are supposed to create the right conditions for development of the effective and secure conversion of the savings of the population into the investment and local business financing, support the development of the financial markets by setting up regulations and institutions, attract the country to foreign investors who may bring additional financing and help accelerate the investment process and the economic growth of the country as end-effect and safeguard the financial system stability. Therefore, the practical policies to improve the performance and productivity of banks attract great attention. Some managerial implications for governments and banking management are clear based on our empirical results. Firstly, the government and central banks could adopt policy to increase the money supply, promote inflation within control and reduce interest rate. The intention is to create incentives for various kinds of investment and stimulate consumption, in which way to improve the performance and productivity of banking industry. Additionally, management could pay more attention to attract FDI into banking sectors such as to decrease or even eliminate the limits of entry of FDI and to allow qualified companies with FDI to issue their securities in the country's financial market.
6. Conclusions and Research Limitations
This paper focused on examining the impact of foreign direct investment inflows and foreign exchange rate on banks productivity and performance in China and discussed the relationships several factors might have with the productivity and performance of banking industry. The study has some theoretical implications on relevant literature and has also put forward with several managerial recommendations. However, our study still has limitations that may offer significant opportunities for future research on this important topic. Perhaps, future research is also needed more specifically on foreign direct investments themselves, to deeply figure out some problems and relationships such as what kinds of FDI benefit banking industry more in specific contexts.
- Agbloyor, E. K., Abor, J., Adjasi, C. K. D., & Yawson, A. (2013). Exploring the causality links between financial markets and foreign direct investment in Africa. Research in International Business and Finance, 28, 118-134.
- Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2004). FDI and economic growth: the role of financial markets. Journal of International Economics, 64(1), 89-112.
- Ariff, M., & Can, L. (2008). Cost and profit efficiency of Chinese banks: A non-parametric analysis. China Economic Review, 19(2), 260-273.
- Azman-Saini, W. N. W., Law, S. H., & Ahmad, A. H. (2010). FDI and economic growth: New evidence on the role of financial markets. Economic Letters, 107(2), 211-213.
- Berger, A. N., Hasan, I., & Zhou, M. (2009). Bank ownership and efficiency in china: What will happen in the world's largest nation?. Journal of Banking & Finance, 33(1), 113-130.
- Chen, X., Skully, M., & Brown, K. (2005). Banking efficiency in china: Application of DEA to pre- and postderegulation eras: 1993-2000. China Economic Review, 16(3), 229-245.
- Cheung, Y. W., & Lai, K. S. (1993). Finite-sample sizes of Johansen's likelihood ratio tests for cointegration. Oxford Bulletin of Economics and Statistics, 55, 313- 328.
- Degryse, H., Havrylchyk, O., Jurzyk, E., & Kozak, S. (2012). Foreign bank entry, credit allocation and lending rates in emerging markets: Empirical evidence from Poland. Journal of Banking & Finance, 36(11), 2949- 2959.
- Deng, Z., Guo, H., & Kong, G. (2011). Efficiency spillovers of foreign direct investment in the Chinese banking system. Global Economic Review, 40(2), 179-191.
- Dickey, D. A., & Fuller, W. A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74, 427-431.
- Dickey, D. A., & Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica, 49, 1057-1071.
- Engle, R. F., & Granger, C. W. J. (1987). Cointegration and error correction: Representation, estimation and testing. Econometrica, 55, 251-276.
- Fan, J. P., Morck, R., Xu, L. C., & Yeung, B. (2009). Institutions and foreign direct investment: China versus the rest of the world. World Development, 37(4), 852-865.
- Fixler, D. J., & Zieschang, K. D. (1993). An index number approach to measuring bank efficiency: An application to mergers. Journal of Banking and Finance, 17(2), 437-450.
- Fu, X., & Heffernan, S. (2007). Cost X-efficiency in china's banking sector. China Economic Review, 18(1), 35-53.
- Hansen, B. E. (2002). Tests for parameter instability in regressions with I(1) processes. Journal of Business and Economic Statistics, 20(1), 45-59.
- Hsiao, F. S., & Hsiao, M. C. W. (2004). The chaotic attractor of foreign direct investment - Why China? A panel data analysis. Journal of Asian Economics, 15(4), 641-670.
- Jiang, C., Yao, S., & Zhang, Z. (2009). The effects of governance changes on bank efficiency in china: A stochastic distance function approach. China Economic Review, 20(4), 717-731.
- Johansen, S. (1988). Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control, 12, 231-254.
- Kottaridi, C., & Stengos, T. (2010). Foreign direct investment, human capital and non-linearities in economic growth. Journal of Macroeconomics, 32(3), 858-871.
- Kwiatkowski, D., Phillips, P. C., Schmidt, P., & Shin, Y. (1992). Testing the null hypothesis of stationary against the alternative of a unit root. Journal of Econometrics, 54, 159-178.
- Lee, C. C., & Chang, C. P. (2009). FDI, financial development, and economic growth: International evidence. Journal of Applied Economics, 12(2), 249- 271.
- Lee, C. C., & Hsieh, M. F. (2013). The impact of bank capital on profitability and risk in Asian banking. Journal of International Money and Finance, 32, 251- 281.
- Lensink, R., & Hermes, N. (2004). The short-term effects of foreign bank entry on domestic bank behaviour: Does economic development matter?. Journal of Banking & Finance, 28(3), 553-568.
- Li, Q., Zeng, Y., & Zhang, B. (2013). Market characteristics and entry modes of foreign banks. China Economic Review, 24(1), 26-41.
- Lin, H. L., Tsao, C. C., & Yang, C. H. (2009). Bank Reforms, Competition and Efficiency in China`s Banking System: Are Small City Bank Entrants More Efficient?. China & World Economy, 17(5), 69-87.
- Lin, P., Liu, Z., & Zhang, Y. (2009). Do Chinese domestic firms benefit from FDI inflow? Evidence of horizontal and vertical spillovers. China Economic Review, 20(4), 667-691.
- MacKinnon, J. G. (1996). Numerical distribution functions for unit root and cointegration tests. Journal of Applied Econometrics, 11, 601-618.
- Mackinnon, J. G., Haug, A. A., & Michelis, L. (1999). Numerical distribution functions of likelihood ratio tests for cointegration. Journal of Applied Econometrics, 14, 563- 577.
- Matthews, K., & Zhang, N. X. (2010). Bank productivity in China 1997–2007: Measurement and convergence. China Economic Review, 21(4), 617-628.
- Newey, W. K., & West, K. D. (1994). Automatic lag selection in covariance matrix estimation. Review of Economic Studies, 61(4), 631-653.
- Park, J. Y. (1992). Canonical cointegrating regressions. Econometrica: Journal of the Econometric Society, 60, 119-143.
- Phillips, P. C., & Hansen, B. E. (1990). Statistical inference in instrumental variable regression with I (1) processes. Review of Economic Studies, 57(1), 99- 125.
- Phillips, P. C., & Perron, P. (1988). Testing for a unit root in time series regression. Biometrica, 75(2), 335-346.
- Saikkonen, P. (1992). Estimation and testing of cointegrated systems by an autoregressive approximation. Econometric Theory, 8(1), 1-27.
- Shih, V., Zhang, Q., & Liu, M. (2007). Comparing the performance of Chinese banks: A principal component approach. China Economic Review, 18(1), 15-34.
- Stock, J. H., & Watson, M. W. (1993). A simple estimator of cointegrating vectors in higher order integrated systems. Econometrica, 61, 783-820.
- Sturm, J. E., & Williams, B. (2004). Foreign bank entry, deregulation and bank efficiency: Lessons from the Australian experience. Journal of Banking and Finance, 28(7), 1775-1799.
- Tan, Y., & Floros, C. (2013). Risk, capital and efficiency in Chinese banking. International, Financial Markets, Institutions & Money, 26(C), 378-393.
- Xing, Y. (2006). Why is China so attractive for FDI? The role of exchange rates. China Economic Review, 17(2), 198-209.
- Xu, Y. (2011). Towards a more accurate measure of foreign bank entry and its impact on domestic banking performance: The case of China. Journal of Banking & Finance, 35(4), 886-901.
- Yao, S., & Wei, K. (2007). Economic growth in the presence of FDI: The perspective of newly industrializing economies. Journal of Comparative Economics, 35(1), 211-234.
- Yao, S., Han, Z., & Feng, G. (2008). Ownership reform, foreign competition and efficiency of China commercial banks: A non-parametric approach. The World Economy, 31(10), 1310-1326.
- Ye, Q., Xu, Z., & Fang, D. (2012). Market structure, performance, and efficiency of the Chinese banking sector. Economic Change and Restructuring, 45(4), 337-358.
- Zhang, J., Wang, P., & Qu, B. (2012). Bank risk taking, efficiency, and law enforcement: Evidence from Chinese city commercial banks. China Economic Review, 23(2), 284-295.
- Zhou, X., Li, K. W., & Li, Q. (2011). An analysis on technical efficiency in post-reform china. China Economic Review, 22(3), 357-372.


text:
Pumpkin is being raised and trained to be an assistance dog for someone with a physical disability or who is deaf or hard-of-hearing. It truly takes a village to raise a puppy, and you can be part of Pumpkin's village and receive monthly updates about her— all donations raised through this page go directly towards our veterinary care fund to ensure healthy, happy puppies. Help support Pumpkin today.
Breed:Labrador Retriever X Golden Retriever (Female)
Birthdate:October 8, 2018
Dam:PADS Quince
Sire:PADS Rolo
Puppy-Raisers:Chantelle Jaques
Sponsor:Jane O'Connor
Whelping Home:Tracy & Greg Fuchs & family
Litter:PADS Thanksgiving Dinner Litter

subset: commoncrawl


text:
Enter your Registered Email id
Giorgio Armani AR8005 sunglasses showcase the sophisticated maturity and classic glamour that the Armani brand is renowned for. The retro frames of these round sunglasses are cut by a skilled artisan from the highest quality of tortoise patterned acetate. The brown and black print provokes an old school allure, while dark brown lenses create an air of mystery, whilst offering 100% UV protection against the sun. Contrasting against the contemporary matte finish are the diamond hinge pins, giving these women's sunglasses a delicate hint of modernity. Free next day delivery is available on all orders over £49 at FeelGoodContacts.com.
Mon - Fri: 8:00am - 9:00pmSat - Sun: 9:00am - 5:30pmBank Holidays: 9:00am - 5:30pm


text:
We were driving out of Vancouver on a weekday morning and wanted to have breakfast out and avoid rush hour traffic. Because I can't make waffles to save my life, I looked for a waffle place.
We found Yolks on West Broadway between Ash and Cambie. Around mid-morning on a weekday, it was pretty busy. There wasn't a wait for a table but it was full. We were driving and managed to find street parking, but it's a short walk from the Cambie Skytrain station, making it easy to reach from downtown Vancouver.
Waffles, pancakes and granola were the choices for our group and the waffles had all thumbs up. The pancakes were a proper stack and the poached eggs were done correctly, assuming you like poached eggs. The granola, interestingly, was a recipe that reminded my fellow diner of granolas from the 1970s.
The service was friendly, fast especially given the hustle-and-bustle. Definitely worth a second go.
See www.yolks.ca for more information.Author Google+ Profile
This is close to my office and I've been meaning to check it out as it is always busy – sometimes with a lineup outside! Thanks for giving me some encouragement to do so!


text: Set during WW-II, Oscar-nominee James Garner ("Divine Secrets of the Ya- Ya Sisterhood," "Maverick") stars as an American spy captured by German soldiers and brainwashed into believing the war is over. Featuring Academy Award-winner Eva Marie Saint ("Superman Returns," "North by Northwest") and Rod Taylor ("The Birds," "The Time Machine"). Directed by multiple Oscar-recipient George Seaton ("Miracle on 34th Street," "Airport"). MPAA Rating: PG (c) Warner Bros. Entertainment, Inc. All rights reserved.


text:
Heizen is a true modern vaping classic. Perfectly blending ripe berries, blue raspberries and grapes with minty notes, this HVG liquid gives a prominent fruity inhale followed by a cool and fresh exhale.
Available in 10ml bottles.
Warning: Harmful if swallowed
Keep out of reach of children. Wash hands thoroughly after handling. IF SWALLOWED: immediately call a POISON CENTER or doctor/physician. Rinse mouth. Dispose of container in accordance with local regulations.
Please Note - This flavour contains anethole & eucalyptol, may produce an allergic reaction.
Please contact us for our Delivery & Returns Policy
Please contact us for our Payment & Security policy.


text:
Follow us on Twitter
- RT @RadioStarSDR: Great pizzas and seekh @pizza_island 1 week ago
- RT @RadioStarSDR: Great mint tea @pizza_island 1 week ago
- Comics (11)
- conventions (2)
- desks (6)
- Events (6)
- field trips (1)
- greenpoint (1)
- guests (2)
- livestream (1)
- minicomics (2)
- News (3)
- Photos (4)
- Sketchbooks (8)
- studio (11)
- Uncategorized (11)
Monthly Archives: April 2011
Pizza Island Open Studio
This Saturday the 30th our building is holding its semi-annual open studios. Some of us will be here at Pizza Island (that's studio 2J on the second floor) so you can come by and check out the spot. Here are … Continue reading
Posted in Events, studio 4 Comments
the Great Pretenders
Hey pals! Just a quick note to let y'all know that I have a new mini comic for sale. It's a 32 page collection of five childhood stories about imaginary siblings, death, sex, killing Jesus, nintendo, Chuck E Cheese, and … Continue reading
Posted in Comics, minicomics Leave a comment
new comic on Cartoon Movement
I've spent the past month and a half or so working on this 20 page comic on Iraqi refugees living in Syria. It's now up to read on the Cartoon Movement site. Go read if you wish by clicking the … Continue reading
Pizza Island at the MoCCA Fest
Pizza Island is going to be in full effect at MoCCA this weekend! Well, no, I take that back. We will be in 5/6ths effect. Domitille is just weeks away from her deadline so she will be hard at work … Continue reading
Posted in conventions, Events, minicomics 5 Comments
From the Desk of #6: Julia Wertz
I'm the last one to post my workspace, so I feel a lot of pressure to be fancy. I should have dressed my desk up like I was gonna take it to prom and get it pregnant. But fance ain't … Continue reading
Posted in desks, Photos, studio, Uncategorized Tagged julia wertz, studio tour 12 Comments
From the Desk of #5: Sarah Glidden
Aw, all of my studiomates are so funny! I hope you weren't getting used to funny blog posts about desks. As "the serious one", I see my role as studio downer as a great responsibility. So hopefully this desk tour … Continue reading
Posted in desks, Photos, studio Tagged sarah glidden, studio tour 9 Comments
From the desk of #4: Kate Beaton
Look at this mess!! Whose garbage can is this?? Aw nuts, it's mine. A hundred water bottles and other trash plus some art I guess! Well let's go through it anyway. So what is Kate up to today? shhh no, … Continue reading
Posted in desks, studio, Uncategorized Tagged kate beaton, studio tour 23 Comments


text:
Turmeric & Curcumin Supplements for Inflammation and Immune System
Fight back against inflammation and support immune function with this curcumin featuring 500 mg per serving and 95% curcuminoids for maximum absorption. This Curcumin Full Spectrum 46X formula includes a delivery enhancer that makes the curcumin 500% more bioavailable in the body.
· Curcumin's therapeutic benefits help activate more than 700 genes and regulate the activity and growth of enzymes responsible for inflammation
· Curcumin is one of the top 10 best-selling supplements in the USA (Nutrition Business Journal)
· Thousands of research studies have been done on the health benefits of Curcumin
· Curcumin was used 6000 years ago by Egyptian pharaohs and Indian Ayurvedic medical practitioners and continues to be consumed today for good health
This formula contains curcumin extract with 95% curcuminoids and turmeric root powder extract to increase bioavailability or the amount that is absorbed by the body
What Are The Health Benefits of Curcumin Full Spectrum 46x?
· Supports graceful aging: Antioxidant mechanism protects cells against oxidative damage.
· Cardiovascular Health: Promotes a healthy cardiovascular system, especially by decreasing the propensity of low density lipoprotein to oxidize.
· Immune System Health: Strengthens the body's immune system.
· Pain management: Supports real comfort.
· Joint health: promotes a healthy inflammatory response, while promoting joint comfort and flexibility.
· Digestive Health: Promotes healthy digestive function.
Want to Learn More? Click Here
Best Probiotics for Digestive Health
Each Restora Flora capsule contains a minimum of 50 Billion colony forming units (CFU) of living bacteria stored in a state of suspended animation. (That's why we recommend storing the bottle in the fridge to keep them as fresh as possible.) When the capsule comes into contact with water in your digestive system the bacteria will "wake up" and go to work in their new home.
Want to Learn More? Click Here
Lipo Therm 100: Support for healthy weight management
· Lipo-Therm Protects Your Mouth and Digestive Tract From The Fire!
· Lipo Therm uses a patented controlled-release coating to protect your mouth, esophagus, and stomach from the spicy stow-away stored inside.
· The protective coating in Lipo Therm also protects the capsaicin from being destroyed by stomach acid.
· Once Lipo-Therm reaches your lower intestine it delivers its fiery payload where it's absorbed… without any discomfort!
Dyflogest: Stomach & Liver Support Supplements for Digestion & Metabolism
Improve digestion in all three digestive zones - stomach, liver, and intestines - with this powerful European supplement blend featuring black radish extract. Black radish has been used for centuries to promote bile function and support healthy digestion.
· Black Radish is shown to help with liver detoxification and food metabolization, supporting bile production which helps break down fat and protein
· Artichoke Extract helps stimulate secretion of digestive juices in the stomach and bile in the liver
· Peppermint Oil is known to relieve stomach upset and inhibit growth of certain bacterias
· Artemesia, or Wormwood extract is a natural antiseptic and helps eliminate microbes
DyfloGest works on multiple levels:
· Improves your liver function which triggers more bile production to breakdown and digest fats and proteins better
· Corrects your pancreatic pH level to make more digestive enzymes
· Normalizes excess stomach acid for less heartburn
· Promotes easy, regular bowel movements
· Stops mild diarrhea and irritable bowels
· Decreases bacterial overgrowth in your small intestines for less bloating and gas
Q. Do you offer any product guarantee?
A. We offer a 100% 60 Day Unconditional Money-Back Guarantee! Try it for yourself for 60 days...If it isn't the best dietary supplement/skin care product you have ever used, or if you're not happy with it for any reason, simply send it back along with all unused bottles (if you purchased multiple quantities) within 60 days for a full refund of the purchase price.


text:
Election Poems is a listening project. The poems you will read in this series document and respond to the politicized non-dialogue that seems to have invaded all forms of conversation these days, and the gas balloon of portent that's escaping the seams. This is also a personal project. The content comes exclusively from my own listening experience, meaning conversations that people have had with me or things they have said in my presence, for better or worse, from the 2008 election cycle to the present. The results are not always easy to digest, and many of the poems deal with painful, disturbing, or incendiary ideas that have not gone away, as our current election season so aptly reminds us. But to be clear, the project is not about politicians, pundits, or campaigns, or the rhetorical moves they make in order to earn a vote, or tell the story of a given election. It is about everyone who is not running for office, and who/how we are to each other in an era where politics infuses everything.
For more information about this series and its concept, check out the introductory post. Previous poems can also be found on the series page. A new installment and image will appear every Tuesday from now through November 2016 (one week post-election), featuring poems from throughout the project, as well as a new one written specifically for the current week. The poems are titled by number, but will not appear in order.
I can't decide for you
but you can't decide for yourself
so maybe committing isn't the smartest thing to do
let's not make it official
like who you like
but don't go steady
with that button
keep your fingers away
in that little booth
under the curtains
people will know what you're doing in there
your grandpa can see you from heaven
boys will think you're fast
and soon, no one will want your vote anymore
you should really be in love
saving it for a special someone
that you haven't even met yet
when it happens, you'll know
and in the meantime
you can't get
anything politically-transmitted
like an electoral college down there
if you abstain
good girls wait
till it doesn't matter
We know. Who made this mess and who had to pick it up. Who's responsible for our problems and who is trying to solve them. Who was wrong because they didn't listen then, and who's wrong because they're listening now. Who's right because they pulled out so quick, and who's right because they went in so quick. Whose fault it is that families lost their houses, and whose fault it is that the wrong families ever got houses. Who is giving handouts and who is feeling entitled. Whose policy is policy, and whose is manifesto. Who's against us, and with us, and hurting us, and saving us. Who will never be invited to dinner.
I'll just assume. They have all the advantages, and don't care about our problems. I'll lose my advantage if I even pretend to care about their problems. Because of where they live, they're probably dumb, racist, sexist, xenophobic, evangelical, uneducated, living in a bubble, frightened of other people's sex organs, or happy under someone's thumb. Because of who they choose to protect, they're probably smug, naïve, dangerous, elitist, politically correct, not in the military, against hunting and corn syrup, raising their children to be self-centered wimps, raising chickens instead of start-up capital. What I will never need to understand.


text:
The next town is Crofton, which was built in 1902 as the site for a smelter for James Dunsmuir's nearby copper mine. The town was named for Henry Croft, a brother-in-law of
Dunsmuir, who was appointed manager of the Mount Sicker Copper Company in 1900. The smelter closed down in 1908, and the town has been a logging town since. The Crofton (Schools) Museum
is open in the summer to showcase the area's mining history. Fletcher Challenge also offers tours of the local
Pulp Mill (250-246-6100) You can also catch the ferry to Vesuvius Bay on the northern end of Salt Spring Island.
Blue = Trans-Canada Route| Green = bicycle friendly scenic route | red = downtown detour from TCH


text:
All of a sudden, it's OK to talk about climate change again. The weather event known as Sandy - or, if you're part of the media in-crowd, "Superstorm Sandy" - was so intense and overwhelming that many people who tuned out the warnings about bigger, stronger storms are now seeing things that make them go "hmmmm."
The biggest signal of a renewed climate-change conversation, though, came from Bloomberg Business Week, which pulls no punches in the cover story for its current issue: "It's Global Warming, Stupid." Just one excerpt.
In his book The Conundrum, David Owen, a staff writer at the New Yorker, contends that as long as the West places high and unquestioning value on economic growth and consumer gratification—with China and the rest of the developing world right behind—we will continue to burn the fossil fuels whose emissions trap heat in the atmosphere. Fast trains, hybrid cars, compact fluorescent light bulbs, carbon offsets—they're just not enough, Owen writes.
Yet even he would surely agree that the only responsible first step is to put climate change back on the table for discussion. The issue was MIA during the presidential debates and, regardless of who wins on Nov. 6, is unlikely to appear on the near-term congressional calendar. After Sandy, that seems insane.
Yes, pretty cuckoo-for-cocoa-puffs, if you'll pardon the commercialized vernacular. Still, as hard-hitting and forthright as the article is, it still dances around one of the most important topics people remain skittish about discussing: How first-worlders' outmoded meat-based diets play a major role, if not THE major role, in greenhouse gas emissions along with myriad other forms of eco-destruction. Since it's World Vegan Day, might be a good time to start talking about that, hmmmm?


text:
Halloween Festivities Part II
(I know that it is almost Christmas...I'm trying)
YAY!!! I know what my nephew and nieces look like!! I LOVE the Costumes... and LOVE the pictures!
You guys are such a cute family! and I love the skeleton veggie tray!
Your family is so cute! I can't even believe how big they are all getting!


text:
Next Article: Corporate Proxies and Shareholder Votes
Back to: CORPORATE GOVERNANCE
What is the process for shareholders bringing a "derivative action"?
A derivative action is a lawsuit against officers or directors brought by shareholders on behalf of the corporation. That is, the shareholders act as representative plaintiff for the corporation and sue the officers or directors for their actions resulting in harm to the corporation. While the objective of such a lawsuit is to halt certain actions by the defendants, any damages recovered in the action belong to the corporation (not the representative plaintiffs). The shareholders benefit indirectly as owners of the corporation.
Shareholder begin the derivative action process by making a request to the board of directors to bring a legal action against the alleged wrongdoer. This is called "making demand" on the board. The board will then take one of the following actions:
File Suit – The board may grant the request of the shareholders and file a legal action against the officer or director allegedly causing harm to the corporation.
- Note: If the board brings a legal action, the individual shareholder cannot bring a direct action.
Reject the Shareholder Demand – The board may determine that bringing a legal action is not in the best interest of the corporation. The board impliedly rejects the demand or fails to respond to the demand within the statutory period (or a reasonable time). The decision of whether or not to bring a legal action is subject to the business judgment rule. As such, a board's decision of whether or not to sue is generally binding, unless the shareholders can demonstrate that the board is biased (not disinterested), not acting in good faith, acting recklessly, or acting to intentionally harm the corporation.
Appoint a Special Litigation Committee (SLC) – In some situations, the board will designate a special committee of disinterested directors to make the determination of whether to bring a legal action. Generally, this shields the board from allegations of bias, bad faith, or failing to meet the standards of the business judgment rule. It is difficult for shareholders to overcome a SLC's decision and this may foreclose the ability to bring a derivative action.
In certain circumstances, shareholders may file suit without making demand to the board. If they can show that the directors have a conflict of interest, lack the independence to act in the best interest of the corporation, or have otherwise violated the business judgment rule, the court will allow shareholders to bring the derivative lawsuit without the board of directors' approval. In other words, the court will rule that "demand is futile."
- Note: As a practical matter, once a court rules that demand is futile, the shareholders have an advantage in the lawsuit, and the case almost always settles. On the other hand, if the court requires the shareholders make demand to the board, they are not likely to prevail and typically withdraw the case.
Discussion: How do you feel about the requirement to make demand to the board of directors to bring a lawsuit for the alleged legal violation? What standards do you think should apply to the board when making the decision of whether to pursue a legal action or no? What do you think a shareholder must show to convince the court that the board that demand is futile?
Practice Question: Thomas is upset by some decisions made by the CEO with regard to the sale of corporate assets. The CEO is also chairman of the board of directors. Thomas believes that the actions have significantly injured the corporation and its shareholders. If Thomas decides to bring a derivative action against the CEO, what is the process(es) that Thomas may follow in bringing the suit?
- A shareholder derivative action is filed pursuant to state law. However, generally to begin the process of derivative action, the eligible shareholders must first make demand on the board requesting that they bring a suit against the defendant. The board, upon receiving the request to bring the suit against the defendant, may grant the request to file the suit, dismiss the request, or appoint a special litigation committee. The board or special committee may decide that it is not in the best interest of the corporation to bring a legal action. If the shareholders are no satisfied with the board's response, they can only file a legal action if they can demonstrate that the board is biased or have a conflict of interest in making the decision.


text:
At Eroici Furori Gallery, Milan
On Wednesday 2nd December, us of WoMA went to Eroici Furori Gallery for the opening of the exhibition Tracciati. The Gallery chose to dedicate its space to two different artists: Antonio Di Cecco, with his small and delicate photographs, and L. Mikelle Standbridge, an American artist whose research revolves around the introspection between the human soul and the body that contains it.
At Tracciati, you can see the series In Between the Edges of Stitched Souls, by Mikelle Standbridge.
From the very first sight, something strange awakes your curiosity: why did she wrap up the photos with such weird supports? At a distance, they seem to be pieces of furniture, or hang as if they were laundry pieces. And as you look at them more attentively, her photography taps on your door and enters into your inner dimension: those faces are so familiar, the expressions so natural and the poses appear as daily instants of sensuality.
But there is something common to all the portrayed characters: they bear some signs on their bodies. They can be voluntary marks, such as piercing or tattoos, or natural mutations of the body, such as pregnancy. In any case, the idea of a decision escaped from control, a feeling of utter sufferance, or a vivid experience emerge to the surface, reflected on their bodies that cry out the stories of those souls.
Other details are slowly brought to light, like the cotton fabrics that constitute the canvases. This material, as the body, can be modified, shaped and engraved. At some point the magic sparks off: your mind begins to perceive the liking among those characters and the frame which has been offered to them to make their stories real and tangible.
Mikelle offers us the idea and perception of a dialogue between the inner and the visible, the soul and the body. All her characters seem to tell us something about their lives, experiences and feelings, either voluntary or not. Nevertheless, their bodies are the only means with which they can express all this: a body that can be like a dress, a sheath, shaped by time and the unpredictable events of life.
This vibrant door from the inner to the outer dimensions of a person is what captured our mind and made us feel so near to Mikelle's characters, almost as if we could perceive the warmth of skin as we pass our fingers over the canvases.
Beatrice Giacalone


text:
Section 4 of the Defamation Act 2013 ("the Act") gives defendants who have published material concerning matters of public interest a defence to an action for defamation. The archetypal defendant in this context would usually be a professional journalist who has published a piece of investigative journalism.
A closer look at the public interest defence – Jessica Lovell3 04 2019
Comments : Leave a Comment »
Tags: Himsworth Scott, Jessica Lovell, Public Interest, Section 4
Categories : Journalism, Libel


text:
For most of its 20-year existence, the annual film series Rendez-Vous With French Cinema has promoted a vision of France as the most civilized and sophisticated country on earth, one ruled by a benign, eternal beauty, Catherine Deneuve. The very expression "rendez-vous" evokes a dream world of delicious secret liaisons in Parisian haunts.
Last year, the series — presented by the Film Society of Lincoln Center and Unifrance Films — took steps to inject a sense of everyday life, and this year Rendez-Vous has fully awakened to reality. Although it may not include any masterpieces, the edition starting Friday is the strongest I can remember, mercifully devoid of the comedic froufrou that used to serve as filler. The one out-and-out comedy is the closing-night selection, Quentin Dupieux's "Reality," a zany surreal multilingual fantasia featuring Jon Heder of "Napoleon Dynamite." Think of it as the series' palate cleanser.
The settings of the 22 features in the lineup include a battered freighter (Lucie Borleteau's "Fidelio, Alice's Odyssey"), a crumbling hippie commune (Cédric Kahn's "Wild Life"), a seething housing project in Strasbourg (Abd Al Malik's "May Allah Bless France!"), a roughneck Gypsy encampment (Jean-Charles Hue's "Eat Your Bones") and a tennis training camp for children (Stéphane Demoustier's "40-Love") where the competitive spirit runs amok.
"May Allah Bless France!" is the fictionalized autobiography of the rapper and spoken word artist Abd Al Malik, who directed it. Born to Congolese immigrants, he indulged in petty crime as a youth before embracing Sufism. Like its American hip-hop counterparts, "May Allah Bless France!" doesn't soft-pedal the temptations of the thug life. Nor does it play down the contagion of rage and violence among young black men who feel excluded from mainstream society. As Mr. Malik transcends the environment by turning his struggles into art, the film has a persuasively upbeat ending.
The Hollywood obsession with machismo and violence, which touches "May Allah Bless France!," is mostly absent in the series. Gallic cinema's history of exalting the resilience and capability of women places France ahead of most other national cinemas in its resistance to misogyny and sexism. Though three films, "Love at First Fight," "Fidelio, Alice's Odyssey" and "Party Girl" — all nominated, along with Mr. Malik's feature, for best first film last month at the Césars (the French equivalent of the Oscars) — are portraits of tough, free-spirited women living by their own rules, these heroines couldn't be less similar.
If one movie could be said to encapsulate youthful discontent in a country demoralized by economic stagnation, it is Thomas Cailley's debut feature, "Love at First Fight" (which won Césars for best first film, best actress and most promising actor). Madeleine (Adèle Haenel) lives in a French coastal town and is as tough a customer as Katniss Everdeen of "The Hunger Games." Obsessed with preparing for what she believes is an imminent apocalypse that few will survive, she and a neighbor, Arnaud (Kévin Azaïs), who works in his family's carpentry business, sign up for a grueling military training program.
This screwball comedy, reminiscent of a Spencer Tracy-Katharine Hepburn romp, is no classic, but it is very entertaining. Ms. Haenel is the antithesis of Audrey Tautou, French cinema's former It Girl. In a scene of unemployed young people milling around, one boy proclaims that France is dead. Such remarks lend "Love at First Fight" an undertone of bitterness and anxiety.
The heroine of "Fidelio, Alice's Odyssey" is a nautical engineer, the only female crew member on a crumbling freighter whose captain, Gaël (Melvil Poupaud) is an ex-lover. Although Alice is deeply in love with a Norwegian with whom she Skypes, she resumes her affair with Gaël. Directed by Ms. Borleteau, the movie addresses the tricky issues of infidelity and jealousy from Alice's pragmatic perspective.
Angélique (Angélique Litzenburger), the heroine of "Party Girl," is a woman in her 60s who works for tips and drinks in the bar below her apartment in Lorraine. When a longtime admirer, Michel (Joseph Bour), proposes marriage, she sees a chance to abandon a lifestyle she has outgrown physically but not emotionally.
Ms. Haenel, a major discovery of this year's Rendez-Vous, also stars in André Téchiné's intriguing, if confusing, fact-based drama "In the Name of My Daughter," which begins in Nice in the late 1970s. Her unstable Agnès is persuaded by a shady, seductive lawyer (played by the French director Guillaume Canet) to hand over her mother's casino to mobsters. Agnès disappears, and her mother (Ms. Deneuve) spends the next three decades seeking justice.
This year's Rendez-Vous still has its share of strong traditional films. The opening-night selection, Benoît Jacquot's "3 Hearts," is a drama that suggests a hybrid of "An Affair to Remember" and the recent German historical romance "Beloved Sisters." Charlotte Gainsbourg and Chiara Mastroianni play siblings who, without realizing it, fall in love with the same man (the unappealing Benoît Poelvoorde). Ms. Deneuve plays their mother.
There are also well-made thrillers, each with its own distinct atmosphere, that look back to the 1970s and '80s while telling crime stories that are at least partly based on fact. In "The Connection," a prelude to "The French Connection" and set in Marseille, Jean Dujardin plays a crusading magistrate dueling with the notorious heroin czar Gaetano Zampa (Gilles Lellouche). All the period details are right in a film that reminds of you how different the world looked back then.
In the studiedly drab drama "Next Time I'll Aim for the Heart," Mr. Canet plays a notorious serial killer of young women who is one of several policeman charged with investigating the crimes. Frédéric Tellier's flashier police procedural "SK1" recalls the multiyear search for Guy Georges, a real-life murderer nicknamed the Beast of the Bastille.
Two other outstanding films are Mélanie Laurent's "Breathe" and Thomas Lilti's "Hippocrates." "Breathe," the story of a passionate high school friendship between two girls of opposite temperament might be described as a curtain-raiser for "Blue Is the Warmest Color," without the sex. Joséphine Japy and Lou de Laâge give phenomenal performances in this tale of a relationship that curdles into an anguished, increasingly vicious power struggle. Their emotions are so intense that watching "Breathe," you may feel trapped inside the relationship that consumes them.
"Hippocrates" is a scathing portrait of life inside a Parisian hospital from the perspective of Benjamin (Vincent Lacoste), an intern working in his father's ward. His closest colleague and the film's moral grounding wire, Abdel (Reda Kateb, who won the best supporting actor César), is an Algerian doctor forced to work as an intern because he is an immigrant. With on-the-job choices having life-or-death consequences, the cutthroat internal politics and the antagonisms between administrators and doctors are harsh and unending. In its too-short running time (102 minutes), "Hippocrates" creates a social microcosm of a world that seems continually about to implode. That it doesn't is a tribute to medicine, a profession that is as fractious as any other in an embattled world.


text:
Program Description
The International Business major at Muskingum University provides students with a set of competencies necessary for success in today's global economy by combining courses from diverse disciplines. Students learn the language and basic principles of business, accounting, and economics; acquire multicultural awareness and communication skills in a world language (English for non-native speakers); and gain an international perspective through their coursework in political science, History, and other areas.
Related Areas of Study
- Accounting
- Business
- Economics
- French
- German
- International Affairs
- Spanish
Student Opportunities
In addition to senior seminars, which typically involve independent research under the tutelage of a professor, the department is involved in the Summer Fellows program. Recent examples of summer fellows projects include recalculating the Human Development Index to identify where education ranks as a priority for different societies and using sophisticated techniques such as Data Envelopment Analysis to investigate the formation of strategic groups in Big Ten football. Employment
Each professor usually has a student assistant to help with preparing for and operating classes as well as research. In addition, many of the professors in Economics, Accounting, and Business are involved in the First-Year Program as seminar mentors, each with a student mentor earning internship credit.
Study Abroad
Muskingum University students have the opportunity to study for one or two semesters at a foreign university through the Muskingum or East Central Colleges (ECC) Consortium Student Exchange Programs. Currently, formal student exchange agreements exist with 16 universities in 12 different countries. In most cases, there is no extra fee for participation in these exchange programs. Learn more about Study Abroad.
Professional Activities
The Northeast Ohio International Business Network (NOIBN), through Muskingum International Business alum David Hurtuk ('02) of LaSalle Bank, invited Muskingum University International Business majors to attend a reception for the international business community in Cleveland last year. The reception was jointly organized by the US Export Assistance Center (USEAC), Northern Ohio District Export Council (NODEC), Cleveland Foreign Consular Corp., Ohio Department of Development (ODOD), World Trade Center, Cleveland (WTCC), and other Northeast Ohio international business organizations. Majors had the opportunity to network with representatives of the Chicago International Trade Commissioners Association, representing consulates from 32 countries and Ohio manufacturers, distributors, exporters, importers, and service providers actively involved in international trade. Six junior and senior International Business students attended the event, accompanied by program advisor Dr. Jean Morris.
After Graduation
Employers of Graduates from Muskingum's International Business program:
- Proctor and Gamble
- Magnetic Specialty in Marietta, working with Hispanic customers
- Progressive Insurance
- Meyer Tool, Inc., Department of Continuous Improvement
- Marketing/Public Relations field, McDonald's
- USDA's Agricultural Research Service
Recent International Business graduates have enrolled in the following graduate schools:
- Kent State University
- University of Virginia
- Ashland University
- London School of Economics
- Case Western Reserve University
Peace Agidi ('07), majored in French and International Business at Muskingum. She earned an MBA from Webster University and is employed in the Global Accounting department of Monsanto Corp.
About the School
The mission of Muskingum University is to offer quality academic programs in the liberal arts and sciences in the setting of a residential, coeducational, church-related college and in the context of ... Read More


text:
PLEASE CONTACT US IF YOU ARE LOOKING FOR A SIMILAR BOX. We will endeavour to source one for you!
FREE UK DELIVERY + £10 OFF YOUR 1ST ORDER. Enter Code NCD10 at checkout.
This is a beautiful vintage jewellery box, made in Sorrento, Italy. It dates to the 1940s and has a wonderful newly refurbished interior.
The Exterior
This beautiful box is made of Mahogany and various other hardwoods.
There is foliate marquetry inlay on the lid, surrounded by a frame of further inlay. There is also symmetrical inlay to the bottom edges of the lock keep and compartments. There is also beautiful micro mosaic inlaid flowers, running along the edges of the bottom of the box.
A description of the micro mosaic inlay is given below.
The lid is complete with its original 'stop' hinges which hold the lid upright.
The box is complete with its original working lock and key.
About The Mosaic Inlay
The beautiful mosaic inlay on this box is known as 'mosaic tesselated inlay'. It is made up of 1000s of tiny pieces of wood, painstakingly put together to form intricate mosaic designs.
The Interior
The interior has been beautifully refurbished by our skilled box restorer. There are two swing opening compartments at the top and a further larger compartment beneath these. The bases of all compartments have new padded satin panels and the walls have beautiful new quality paper linings.
The paper is a lovely pastel blue shade with a white polka dot pattern. The satin is a lovely mid blue shade.
The inside of the lid has its original inset oval mirror. This is surrounded by two oval inlaid frames.
The compartments have their original hinges.
Notes About Vintage Locks
We would like to make you aware that vintage locks can suddenly malfunction at any time. They are already very old and will naturally have some wear from age and use. We are not responsible for locks that may malfunction from further age and use once boxes are purchased. Please ensure the lock is working as soon as you receive your box.
You can view our full returns policy which includes locks by visiting our Payments And Returns page.
Our Skilled Box Restorer
You can read about Jim, our wonderful box restorer, by visiting our About Us page.
This wonderful box is in excellent condition. It is structurally sound and free from damage.
All of the inlay is present and intact.
The interior linings, being new, are in pristine unworn condition.
The mirror is lovely with no chips or cracks. It has a small amount of foxing as we'd expect with its age.
The hinges are still in perfect working order and the box locks securely.
Please use the following measurements to ensure the box is the right size for your requirements.
Length: 22.0cm
Width: 12.5cm
Height: 10.0cm
Top Compartments x 2:
8.3 by 8.2cm with a 3.5cm depth.
Lower Compartment:
18.8 by 9.0cm with a 4.0cm depth.
This box will be posted FREE within the UK by Royal Mail Next Day Special Delivery.
International postage is £25 by Royal Mail International Tracked and/or Signed For postage. Delivery is fast, within 3-5 working days to Europe and 5-7 working days to the rest of the world.
Please contact us for more details.
The Old Jewellery Box Shop
Copyright 2020
We use necessary cookies to make our site work and enable core functionality such as security, network management, and
accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.
We would also like to use other analytical cookies to help us provide you with the best possible experience by collecting and reporting
information on how the website is used. The cookies collect information in a way that does not directly identify anyone.
Your Email has been sent
Your E-mail has been sent. We will be in contact with you soon.
Please refresh the page and re-submit the form.
Your content caused an error and your email has not been sent.
Please remove any unusual characters and try again


text:
A locksmith in Littleton can help you with a number of things. Whether you're locked out, your key is broken, or you need some help raising the security of your home or business, we'll help you get the job done fast. We know that you don't have time to worry about locks and security, so we'll tackle the job and let you focus on the things you love the most.
We see our job as your Littleton locksmith as more than just the mechanical side of tinkering with locks and installing security measures. Instead, we know that our work makes you feel safer and more secure at home. We want to help give you the security you need to feel free to stop worrying and live the life you've always wanted to have.
Whether you've locked yourself out, broken your key off in the ignition, or you need a key to a vehicle or part of one, we are here for you. When your key is in the car and all the doors are locked, it's easy to feel frustrated and even angry. However, a better response is to give us a call. We'll get you out of that jam fast so you can get on with your day and with your life.
If you need to have a key made, whether the current one is lost or broken in the ignition, we'll get the job done. Your Littleton car locksmith is an expert at key extraction, so there's no need to worry about that. We can also make impressions and keys for you on the spot so you don't have to travel at all. Before long, you'll have access to all of your vehicle again.
Are you stuck in a position where you want to keep your guns locked up but you also want to have access to them on a moment's notice? Your Littleton gun safe locksmith can help you find the perfect gun safe option. If you want a big, heavy traditional safe, we'll help you get one from one of the best manufacturers in the business.
If you're looking for another solution, we can help you find a safe that you can put in your wall, or even one that allows you to keep your gun at your bedside while still being safe. We'll help you find that perfect balance between access and safety, so you don't have to worry anymore. Then we'll get everything installed for you and make sure it's working before we leave, so you don't have to worry about anything.
At Colorado Security Products, we realize that your needs for a locksmith don't always arise at convenient times. In fact, sometimes it seems like people usually need a Littleton emergency locksmith at unusual hours, like the middle of the night, on a weekend, or even over holidays.
That's why we have staff available 24/7 to help you out. We want to make sure that you can gain the access you need, no matter what. If you lock yourself out of your car in the middle of the night or you break your key in your ignition on your way to grandma's for her birthday, you have someone who can help you out.
Just give us a call and we'll get to you fast. We'll work quickly so you can get back to the rest of your life soon!
Make your appointment with a Littleton locksmith from Colorado Security Products today! We'll get things solved fast and let you get back to your life.
We sell the best safes in the Denver Metro area
Protect your home or business 24/7 with our security systems
Your Residential and Commercial security solutions
Manage access to restricted areas in your building


text:
2 Bedroom Apartment in Bur Dubai, Dubai
Ideal Roommate
Preferred Gender: Any Gender
Age: 18 to 50 years old
No Smoking Only
Posted a year ago
India, Male
42 years old
About the Room
Fully Furnished Room is available for couple from 20th May in a centrally located Flat in Bur Dubai. Flat is within 5 minutes walk to Al Fahidi Meteo station. Central AC, washing machine, cooking facility, Enclosed cabinet available. All needed amenities are located at walking distance. Rent is 2800 Aed inclusive of Dewa and internet. Contact for viewing on 055 * or 055 *..
Rent Details
Rent 2800 AED/Month
Deposit: 0 AED
Rent paid Monthly
Duration Flexible.
Room Extras and Amenities
Address and Location
Bur Dubai, Dubai


text:
Natasha is our 100th R2W candidate to secure work and we want to celebrate her journey with you. Natasha previously worked in an office based role before taking a career break to raise her son. Needing a more flexible role to fit around her childcare, Natasha started working in retail. After gaining experience in a range of their roles over a 5 year period, Natasha was keen to get back into an office environment.
"My son was now at an age that meant I didn't need to be as flexible with my hours at work. Even though I was employed, I was aware I hadn't been working in an office environment for a number of years and this affected my confidence. I was worried I wouldn't even get an interview, and if I did I wouldn't be able to show my ability in that situation. I had the security of employment even if it wasn't something I wanted to do.
My advisor mentioned the R2W programme and explained it would help with my confidence, interview skills and get me some up to date experience. He helped me apply and I was accepted on to the programme."
Natasha was placed on a Mitie property contract in London; she was able to build her confidence and showcase her ability and was offered a contract role with the gas team.
"I had no experience in the industry and the team were all so nice and supportive. They were so patient with me and helped whenever I needed it."
"I hope to progress and build a career in this industry. My confidence and understanding is growing every day and I'm grateful to Mitie for the opportunity."
"Very special! It just proves that anyone from any background can do well. It was hard, I was working two jobs and looking after my son but it was completely worth it!"
"Natasha joined us on the Ready2Work programme and from day one showed potential of becoming a permanent team member, to the point she was head hunted to work on our reactive repairs team. Natasha is a likeable person and is hard working and completes tasks asked of her.
On a personal note I would like to say that the Ready2Work programme is something I've enjoyed being involved in and giving individuals a second chance in life."
Cookie Policy. This site uses cookies.
I'm fine with this


text:
Products That Help Flight Anxiety
The 9 Travel Gifts Perfect For Anyone Who's F*cking Terrified of Flying
As POPSUGAR editors, we independently select and write about stuff we love and think you'll like too. POPSUGAR has affiliate and advertising partnerships so we get revenue from sharing this content and from your purchase.
CDB-Infused Extreme Strength Rainbow Bites
There is so much about the holiday season that I look forward to each year: eggnog, time with loved ones, presents, and of course, more eggnog. But getting on a plane to reach my holiday destination? That is my worst f*cking nightmare. Thanks to an irrational fear of even the lightest turbulence and severe anxiety about heights, airplanes are my personal version of hell.
But despite being completely petrified at the thought of getting on a plane, I'm still able to continue traveling by air thanks to a small arsenal of products that keep me
from screaming in sheer terror relatively calm. If someone on your shopping list also happens to deal with flight-related anxiety, I highly recommend picking up a few of the comforting products ahead (some of which I personally swear by) this holiday season. And if all else fails, feel free to order them a strong drink or two during your next journey through the skies together.


text:
Thousands affected by power outage in Oxnard
A power outage to affect thousands of Oxnard residents Friday, according to Southern California Edison.
The outage was reported at 5:06 p.m. and was caused by a traffic accident, according to Edicon.
It initially affected 3,716 customers in an area bounded by Doris Avenue, Commercial Avenue, Seaport Drive and Ventura Road.
As of 6:40 p.m., power had been restored to most customers, but 79 still lacked power in an area bounded by Sixth Street, Commercial Avenue, Seaport Drive and Meta Street.
Restoration was expected at approximately midnight, Edison said.
MORE: Official Thomas Fire report blames power lines for monster blaze
Read or Share this story: https://www.vcstar.com/story/news/local/communities/oxnard/2019/03/15/thousands-affected-power-outage-oxnard/3182400002/


text:
Heavy metals (HMs) and polycyclic aromatic hydrocarbons (PAHs) are among the most toxic chemical pollutants present in urban stormwater. Consequently, urban stormwater reuse is constrained due to the human health risk posed by these pollutants. This study developed a scientifically robust approach to assess the risk to human health posed by HMs and PAHs in urban stormwater in order to enhance its reuse. Accordingly, an innovative methodology was created consisting of four stages: quantification of traffic and land use parameters; estimation of pollutant concentrations for model development; risk assessment, and risk map presentation. This methodology will contribute to catchment scale assessment of the risk associated with urban stormwater and for risk mitigation. The risk map developed provides a simple and efficient approach to identify the critical areas within a large catchment. The study also found that heavy molecular weight PAHs (PAHs with 5–6 benzene rings) in urban stormwater pose higher risk to human health compared to light molecular PAHs (PAHs with 2–4 benzene rings). These outcomes will facilitate the development of practical approaches for applying appropriate mitigation measures for the safe management of urban stormwater pollution and for the identification of enhanced reuse opportunities.
Ecotoxicology and Environmental Safety – Elsevier
Published: Oct 1, 2017
It's your single place to instantly
discover and read the research
that matters to you.
Enjoy affordable access to
over 18 million articles from more than
15,000 peer-reviewed journals.
All for just $49/month
Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly
Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.
Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.
Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.
All the latest content is available, no embargo periods.
"Hi guys, I cannot tell you how much I love this resource. Incredible. I really believe you've hit the nail on the head with this site in regards to solving the research-purchase issue."Daniel C.
"Whoa! It's like Spotify but for academic articles."@Phil_Robichaud
"I must say, @deepdyve is a fabulous solution to the independent researcher's problem of #access to #information."@deepthiw
"My last article couldn't be possible without the platform @deepdyve that makes journal papers cheaper."@JoseServera
Save searches from
Create folders to
Export folders, citations
Read DeepDyve articles
Abstract access only
Unlimited access to over
20 pages / month
PDF Discount
20% off