text: Commodities report Time to join the club? A survey on trade finance by Clyde & Co in association with Commodities Now magazine 2 1 Contents Welcome 1 Banks are becoming less active 2 Barriers to accessing trade finance 3 Impact of regulation particularly acute 4 Borrowers' needs are clear 6 Room for improvement 10 New solutions 12 Back to the future? 16 About this survey 18 Who we are 20 2 1 Welcome With the world's population predicted by the World Trade Organisation (WTO) to be in excess of nine billion by 2050, international demand for commodities is likely to increase significantly. Enhanced trade flow is therefore essential for future world prosperity and stability, and will be significantly hampered without access to adequate trade finance. The availability of loans to support commodity producers, processors and traders is particularly important to continue the flow of essential commodities required to meet the needs of the world's population. It is therefore a concern that since the global financial crisis in 2008, there has been a dramatic decline in the availability of trade finance. In fact bank-led trade finance has roughly halved from an estimated USD 14 trillion at its peak, to near USD 7 trillion today. It seems that a combination of bank balance sheet restructuring after the global financial crisis, funding strains during 2011-2012 and more stringent customer and capital regulations has suppressed both banks' capacity and their appetite to lend. This means that trade finance in any form is proving more difficult to access than ten years ago, leaving a funding gap – particularly for the smaller producers and traders. While new solutions are emerging, particularly in the Middle East and Asia, they are not seeing widespread adoption or proving entirely satisfactory for lenders or their customers – many of whom are being forced to rely on a complex patchwork of funding options to meet their needs. There is an argument that, as demand rebuilds, the time is right for banks to redress the risk balance caused by overexposure to synthetic trades and to return to traditional trade finance linked to actual underlying transactions. However, it seems there is a continued reluctance on the part of banks to venture back into the commodities business in anything like the numbers previously seen, a gap which alternative lenders are keen to fill. Potentially, improvements to trade finance documentation as part of the LMA framework might help facilitate the kind of closer bank-trade relationships and the more flexible, bespoke solutions that borrowers are keen to see. Whatever the answer to bridging the trade finance gap, we believe the solution is increased dialogue, closer cooperation and a willingness to innovate. It is clear that new financing relationships need to be developed if commodity trade financing is to sustain future economic and population growth. The following report details responses regarding the latest trends in trade finance from a wide range of producers, traders and financers. We would like to thank Commodities Now for their support in completing this survey. Should you require any further information on this topic, or the information included within the report, please do not hesitate to contact us. Philip Prowse Partner and Commodities Trade Finance Specialist, Clyde & Co E: email@example.com T: +44 (0)20 7876 4961 77% of respondents stated trade finance is harder to access now than it was 10 years ago. 2 Banks have long been involved in providing trade finance for commodity producers/suppliers, processors, traders, off-takers and end-users. Their involvement has spanned the entire supply chain, from financing the production of goods, through to tolling, transportation, storage, distribution and sales finance. Large commodity trading houses, whilst not financial institutions, have also been contributing an increasing share of lending to the commodity cycle. There is no doubt, however, that banks have reduced their participation in this market over the past eight years. From providing up to 80% of the financing for the trading of commodities worldwide, they have scaled right back to around 50%, according to Bank for International Settlements estimates1 , making trade finance significantly more difficult to access, particularly for the smaller producers and traders. This is certainly corroborated by our research, in which over three quarters of respondents said that trade finance was harder to access than ten years ago. A combination of barriers The combination of bank balance sheet restructuring after the global financial crisis, funding strains during 2011-2012, and more stringent customer and capital regulation appears to have suppressed both banks' capacity and their appetite to lend. In our survey of finance providers, commodity traders and commodity producers, four fifths of our respondents identified reduction in the banks' willingness to lend, greater regulation and costs as the main factors to market contraction. Banks are becoming less active 1 Bank for International Settlements; CGFS Papers no 50; January 2014 3 Barriers to accessing trade finance 0 10 20 30 40 50 26.3% 31.6% 28.9% 36.8% 26.3% 86.8% 0 10 20 30 40 50 60 70 80 49% 30.2% 67% 32.6% 84% 41.9% 56% 41.9% 48% 51.2% 21% 32% 47% 58% 15% 26% 59% 17% 25% 61% 18% 21% 72% 17% 11% 62.3% Agriculturals including soft commodities 37.7% Gas 39.6% Coal 28.3% Other 35.9% Base metals 11.3% PGMs (Platinum Group Metals 20.8% Precious metals 64.2% Oil 10.9% Other 7.3% Both commodities trader and finance provider 30.9% Finance provider 43.6% Commodities trader 7.3% Commodities producer 21% 17% 40% 21% Willingness of banks to participate in trade finance market Regulations I don't have any problem obtaining the products I need Cost 4 Impact of regulation particularly acute Regulations in today's market which particularly impede banks' willingness to lend include: • Capital allocation: This has become a key component in commodity trade financing as banks become more efficient in making sure that risk-weighted assets are used in the most cost-effective manner • Basel III: This has further constrained banks' appetites to lend. Its focus on capital adequacy was designed to mitigate financial rather than physical trading risks but the impact has been broader • Know your customer (KYC): From the banks' perspective, these rules have dampened lending appetite particularly regarding new, smaller, or more distant customers as it creates a particularly heavy compliance burden which is out of proportion to the sustainability of their business 5 Key regulations affecting commodity traders2 Regulation Main regulatory changes Impact on commodity traders Basel III (worldwide) – Scope: bank companies – Full effect: 2018 – Transition: from 2013 Deleveraging of banks' balance sheets given new requirements – Maximum leverage ratio – Minimum target capital – Minimum liquidity ratio – Credit-valuation adjustments Tightening access to financing as banks lower trade-finance exposures – Less availability of letters of credits, especially for higher-risk counterparties – Difficulty to raise syndicated loans – Higher costs across all trade-finance products Dodd-Frank Act (US) – Scope: "swap dealers" – In effect from: July 2010 EMIR (EU) – Scope: all derivatives trading – In effect from: 2013 MiFID II (EU) – Scope: systemic financial institutions – In effect from: 2014/15 earliest Stronger regulation of over-the-counter derivatives – Central clearing and reporting – Capital and margin requirements – Reporting to central trade repository – Daily mark-to-market/collateral needs – Trading on organised trading venues – Position limits – More regulatory oversight/intervention Increasing complexity and cost intensity of trading operation model – Systems and processes upgrades given new reporting requirements – Increased working-capital needs (clearing fees, margin, collateral) – Compliance upgrades (tracking trading thresholds, position limits, etc.) Volcker Rule (US) – Scope: banks, financial institutions – In effect from: July 2010 – Implementation from: Q4/2012 Limits to banks' trading activities – Ban of proprietary trading (financial, physical) – Potential limits to banks' ownership/ control of physical trading assets (eg. Storage) Changes to competitive set as banks exit/spin off commodity trading – Less market making, less hedging tools (further rising trade-finance costs) – Banks to spin off commodity-trading units, potentially sell physical assets – New opportunities for traders in paper trading, physical assets, M&A 2 McKinsey Working Paper on Risk, no 39: commodity trading at a strategic crossroad, December 2012. 6 Borrowers' needs are clear Mind the funding gap We asked respondents which trade finance options they can currently access and which options they preferred. The vast majority (84%) of our respondents said that receivables financing was the product they found easiest to access, followed by open account. However, our research also demonstrated that these are the two mechanisms which traders desire least. Under half of respondents found pre-export structured trade financing, once prevalent in the market, accessible. Unfortunately this is the most sought after finance option, indicating a mismatch between the offering from banks and the product sought by the market. Against this backdrop it is clear that no single funding solution dominates and that instead, most traders rely on a patchwork of solutions to meet their funding needs. What traders can access What traders want 0 10 20 30 40 50 26.3% 31.6% 28.9% 36.8% 26.3% 86.8% 0 10 20 30 40 50 60 70 80 49% 30.2% 67% 32.6% 84% 41.9% 56% 41.9% 48% 51.2% 21% 32% 47% 58% 15% 26% 59% 17% 25% 61% 18% 21% 72% 17% 11% 62.3% Agriculturals including soft commodities 37.7% Gas 39.6% Coal 28.3% Other 35.9% Base metals 11.3% PGMs (Platinum Group Metals 20.8% Precious metals 64.2% Oil 10.9% Other 7.3% Both commodities trader and finance provider 30.9% Finance provider 43.6% Commodities trader 7.3% Commodities producer 21% 17% 40% 21% Upstream pre-export structured trade financing linked to specific trades/ commodities RCF/Working capital facility Receivables financing, invoice discounting, factoring, forfaiting Open account supply chain financing Alternative financing (i.e.-non bank funding) 7 0 10 20 30 40 50 26.3% 31.6% 28.9% 36.8% 26.3% 86.8% 0 10 20 30 40 50 60 70 80 49% 30.2% 67% 32.6% 84% 41.9% 56% 41.9% 48% 51.2% 21% 32% 47% 58% 15% 26% 59% 17% 25% 61% 18% 21% 72% 17% 11% 62.3% Agriculturals including soft commodities 37.7% Gas 39.6% Coal 28.3% Other 35.9% Base metals 11.3% PGMs (Platinum Group Metals 20.8% Precious metals 64.2% Oil 10.9% Other 7.3% Both commodities trader and finance provider 30.9% Finance provider 43.6% Commodities trader 7.3% Commodities producer 21% 17% 40% 21% What proportion of your financing needs is met by these types of finance? Upstream pre-export structured trade financing linked to specific trades/ commodities RCF/Working capital facility Receivables financing, invoice discounting, factoring, forfaiting Open account supply chain financing Alternative financing (i.e.-non bank funding) Over 50% 25-50% Under 25% 8 Upstream pre-export structured trade finance Upstream pre-export structured trade financing takes place when a financial institution advances funds to a borrower based on proven orders from buyers and a riskassessed, structured supply cycle. Just over half of our respondents stated that this was their preferred method of financing, partly because the certainty of funding helps buyers enter into long-term contracts, something they may not be able to do without finance. It also generally ensures producers will be paid for their goods. The fact that the banks are less willing to provide this form of finance is mainly to do with their perception of the payment and performance risk involved. 51% preferred pre-export structured trade finance 52% found it impossible or hard to access 18.4% relied on pre-export structured trade finance for over 50% of financing needs Syndicated Revolving Credit Facilities Syndicated Revolving Credit Facilities (RCFs) involve a line of credit from a group of lenders, where the customer pays a commitment fee and is then allowed to use the funds when they are needed. They are provided on a syndicated basis by a high number of lenders with an active secondary market and are usually only accessible by large trading entities with established balance sheets. The survey showed that they were the second most desired funding option. For the major commodity trading houses, it seems that RCFs are becoming the new norm. While the scale of funding available through such facilities is highly attractive, it should be noted that syndicated RCFs are by their nature complex and can be inflexible and problematic to renew due to the number of parties required to authorise a decision. Maintaining control of the syndicate is not assured. We examine further issues with syndicated RCFs later in this report. From the banks' perspective, RCFs are popular because of the ease with which they can participate through large syndicates to lend to creditworthy borrowers with established track records, while still obtaining attractive margins. 41.9% preferred RCFs 44% found RCFs impossible or hard to access 16.7% relied on RCFs for over 50% of financing needs 9 0 10 20 30 40 50 26.3% 31.6% 28.9% 36.8% 26.3% 86.8% 0 10 20 30 40 50 60 70 80 49% 30.2% 67% 32.6% 84% 41.9% 56% 41.9% 48% 51.2% 21% 32% 47% 58% 15% 26% 59% 17% 25% 61% 18% 21% 72% 17% 11% 62.3% Agriculturals including soft commodities 37.7% Gas 39.6% Coal 28.3% Other 35.9% Base metals 11.3% PGMs (Platinum Group Metals 20.8% Precious metals 64.2% Oil 10.9% Other 7.3% Both commodities trader and finance provider 30.9% Finance provider 43.6% Commodities trader 7.3% Commodities producer 21% 17% 40%Receivables financing 21% While receivables finance was not the first preference of the majority of respondents, it was the most accessible form of financing by a large margin, primarily since it is tied to a concrete deliverable and banks are more comfortable with the security of this arrangement. 41.9% preferred receivables 16% found it impossible or hard to access 21% 21% relied on receivables for over 50% of financing needs Open account In a typical open account transaction, goods can be shipped and delivered before payment is due, usually in 30 to 90 days. This tends to be the most advantageous option to the importer in terms of cash flow and cost, but is consequently the highest risk option for an exporter. In markets where there is intense competition between commodity producers and sellers, buyers often push exporters to give open account terms. Extensions of credit to the buyer are also common. Of course it is possible to substantially mitigate the risk of non-payment associated with open account trade by using tools such as export credit insurance or factoring – tools which are effective but which come at an additional cost. Less than one third of our respondents however cited open account transactions as their preferred choice, although many of them do agree that it is a useful tool when other financing is too difficult to access. Supply chain finance Broadly speaking, supply chain finance refers to tools, techniques and products that help businesses optimize their cash flow by managing payments to suppliers and receipts from customers. It is a subset which has attracted significant interest from the trade finance banks still investing in the asset class. 32.6% preferred open account 34% found it impossible or hard to access 14.7% relied on supply chain finance for over 50% of financing needs Open account and supply chain financing are increasingly filling the funding gap in the mid-market in the absence of traditional structured trade finance options. The question remains, however, whether this can ever be an effective substitute for traditional trade finance. 28% Disagree 57% Somewhat agree 15% Strongly agree I do find open account financing difficult to access 10 0 10 20 30 40 50 26.3% 31.6% 28.9% 36.8% 26.3% 86.8% 0 10 20 30 40 50 60 70 80 49% 30.2% 67% 32.6% 84% 41.9% 56% 41.9% 48% 51.2% 21% 32% 47% 58% 15% 26% 59% 17% 25% 61% 18% 21% 72% 17% 11% 62.3% Agriculturals including soft commodities 37.7% Gas 39.6% Coal 28.3% Other 35.9% Base metals 11.3% PGMs (Platinum Group Metals 20.8% Precious metals 64.2% Oil 10.9% Other 7.3% Both commodities trader and finance provider 30.9% Finance provider 43.6% Commodities trader 7.3% Commodities producer 21% 17% 40% 21% Room for improvement Reflecting the gap between supply and demand for various trade finance solutions, barely a fifth of our respondents "strongly" agreed that trade finance products available were fit for purpose and met most of their needs. Most (63.8%) were "somewhat" in agreement – positive but certainly not a ringing endorsement, indicating room for improvement in several areas including financing against certain trade instruments. Our survey suggested that, although banks are paying out promptly and in full on bills of lading, other instruments seem to be lagging behind in terms of bank performance. In particular, only 26% of respondents believed that RCFs and transport documents are being financed effectively. Documentation is also a concern There are also some important issues concerning the documentation that supports this large and complex market. As with all markets, a robust and appropriate supporting legal framework is vital. Whilst Loan Market Association (LMA) documentation is undoubtedly fit for purpose for the majority of corporate working capital loans and debt financings, we believe that it alone cannot serve the needs of trade finance. The fact that nearly half of our respondents said that they were not familiar with the LMA suite of trade finance documentation is also evidence that trade finance requires other alternatives. Are banks paying out promptly and in full? 26.3% Other 26.3% RCFs 28.9% Holding Certificates 31.6% Trust Receipts 36.8% Warehouse Receipts 86.8% Bills of lading 11 LMA trade finance syndicated documentation LMA templates The LMA Leveraged Credit Facility template and the Investment Grade template are often the first ports of call for the documentation of trade finance loans. The reason why these templates may still be the most commonly used is because trade finance under RCFs is regarded as corporate credit and balance sheet based, rather than being structured to the trade flow. It is surprising that the LMA pre-export finance (PXF) template has not been more widely employed as the base for trade finance syndicated loans, as it addresses many aspects of the underlying commodity and supply cycle. As well as a greater validation of the LMA PXF template, we would welcome the development of a club-based trade finance facility agreement. This would help to lower costs for borrowers and standardise the market in "relationship banking", as well as drawing the documentation back to align more closely with the actual commodity supply cycle. Are Revolving Credit Facilities (RCFs) fit for purpose? Whilst a financing of this type enables a volume of money to be imported into the asset class quickly, it could be argued that it is not fit for purpose in a number of respects: • RCFs are unsecured – most trade finance, because it is tied to a specific underlying commodity, offers tangible and real security so should be a more attractive proposition for banks • There is no extension of maturity under current syndicated documentation unless there is unanimity, something which is practically impossible to achieve • Most syndicated deals are generally also one year financings. Trade finance is usually needed for longer as many assets purchased with the finance are longerterm investments (i.e. production assets) so cannot be liquidated quickly if a demand for payment is made • The total amount of the facility is usually available immediately. This is actually not very helpful for trade finance participants for whom a tranched structure would be more sensible, allowing a borrower to plan projects and purchases when the next drawdown is available, rather than dealing with all funds immediately • There is no emphasis on relationship banking. Large syndicates often become unmanageable from day one, struggling to meet unanimity requirements, and losing track of business purpose. They can often be popular with lenders who do not specialise in trade finance Our recommendation if syndicated RCFs are to be used to finance commodities going forward, is to be aware of their inherent limitations and to re-model accordingly. 6.7% Extremely useful Moderately useful Not very useful Not familiar with LMA trade finance documentation 37.8% 11.10% 44.40% 12 Given the issues and concerns revealed by our research, it is probably not surprising that just under 40% of our survey respondents are now exploring alternative finance options. In most cases this is because they have no other way to fund transactions or have no formal credit lines. From a more positive perspective, other respondents said that they found alternative financiers better, cheaper, more readily available and less risk averse. Are you exploring alternative financing solutions? 38.3% Yes 61.7% No New solutions 13 Markets moving east Press reports suggest that a number of banks, particularly in Asia and the Middle East, are starting to fill some of the funding gap by increasing their share of financing for commodity trading – a natural consequence of markets continuing to shift from West to East. This trend, which reflects the growing regionalisation in the provision of commodity finance and the influence of international development institutions, may result in larger emerging market banks gaining market share, as many (particularly OECD banks) continue to consolidate their trade finance offerings. Dubai in particular is aiming to become a major global trade hub to rival Switzerland - which currently provides up to 80% of financing for commodities trading worldwide. This is evidenced by the establishment of the Dubai Multi Commodities Centre (DMCC) which is a strategic initiative of the Government of Dubai. Its mandate is to provide the physical, market and financial infrastructure required to set up and operate a thriving commodities marketplace. The DMCC attracts key players throughout the entire value chain and now has over 10,000 registered companies under licence. In March 2015, DMCC launched its first soft commodities pledge on its Tradeflow platform. One of the landmark first deals was a US$1.5 million trade financing agreement between Eurofin Asia (an asset manager), and Safir Neinava (a Dubai-based commodity trader). The hope is that the platform will also host many of the soft commodity trades coming out of Africa.3 The UAE is also home to Beehive, which acts as an online marketplace for peer-to-peer finance. This year it launched an invoice financing product aimed at SMEs in the region. The product aims to help SMEs manage their cashflow by enabling them to list invoices that are due within 60-120 days and to receive finance within 24-48 hours. This is yet another example where the Middle East is providing alternative sources of finance for the market. In Africa, warehouse receipt finance is spreading fast.4 This is giving smaller traders, farmers and cooperatives the chance to tap into finance immediately whilst they protect their produce and potentially negotiate better prices. The launch of a reverse factoring programme by KGB Group enables early settlement of invoices between buyers and sellers. It is also helping to increase flows of working capital in the region.5 Without this kind of finance, many entities in emerging markets would not have enough collateral to meet banks' requirements, and it is especially helpful for smaller traders who might otherwise struggle to borrow. 3 http://www.gtreview.com/news/mena/dmccdeal-piques-interest/ 4 http://www.txfnews.com/News/Article/2944/ Warehouse-receipt-financecomes-of-age 5 http://www.gtreview.com/news/africa/eastafricas-kcb-group-launches-scf-programme/ The greater the leverage, liquidity mismatch and size of certain intermediaries, the more likely they are to amplify shocks. 14 Shadowing the banks "Shadow banking" refers to the provision of finance by non-traditional finance lenders. It is popular for market participants who find bank funding difficult to access and can offer cheaper overall costs. This is most commonly the case in developing economies. Last year shadow financing in all asset classes was worth USD 75 trillion world-wide and this is expected to grow.6 One of the primary reasons for the growth of shadow banking is the lack of regulation imposed on its providers. Whereas banks have to include the cost of regulatory compliance with any lending offered, shadow banking remains free of such restrictions. A prominent example of shadow banking in action was the decision by the chairman of Rosneft to buy TNKBP and create the world's biggest listed oil producer, using funding from several larger trading houses instead of traditional banking partners. This case is now attracting the attention of regulators. The European Central Bank (ECB) reportedly has concerns that the rapid growth of the shadow banking sector may pose a risk to the financial stability of the Eurozone.7 The ECB has gone on to state: "the greater the leverage, liquidity mismatch and size of certain intermediaries, the more likely they are to amplify shocks." This is evidenced by the new EU Regulation on Transparency and Reporting of Securities Financing Transactions, a draft of which was circulated in January 2014. The aim of the Regulation is to improve the transparency of securities lending and repo transactions. It aims to do this in three main areas: • By monitoring the build-up of systemic risks related to securities financing transactions in the financial system • Through the disclosure of information recording such transactions to the investors whose assets are employed in these or equivalent transactions • Via the contractual transparency of rehypothecation (i.e use of collateral received by a counterparty in its own name) methods The draft Regulation has apparently been agreed by the European authorities, but is subject to "technical finalisation" before the European Parliament votes on it in October 2015. However, these concerns are unlikely to slow the growth of the market, which has gained new momentum following the financial crisis. 6 Bloomberg Quick Take – Shadow Banking – 31 March 2015 7 FT "ECB warns of risks posed by shadow banking sector" 28 March 2015 15 70% of respondents strongly agreed with the statement 'I value relationship banking'. 16 Back to the future Our survey clearly highlights the ongoing gap between the types of financing that are available and the needs of the borrowers. Whatever the drivers behind the more limited supply (extensive regulation, a pull back on commodity trade financing generally, or the increasing tendency to shy away from emerging markets) the result has been insufficient finance to enable trade to meet the needs of the world's growing population. Against this backdrop, traders expressed a number of wishes – with the majority keen to turn the clock back to pre-2007 days, when it was possible to access traditional pre-export trade financing on a trade by trade basis. The majority also valued old-style relationship banking, and although 71% of our respondents have individual bilateral banking relationships, there is a strong sense that closer, more responsive and more trade-related club relationships are required. What would traders like? Traders identified a number of changes that they would like to be made, specifically: 89.2% wanted more creativity in financing and more bespoke solutions 72.7% wanted more club deals 78.7% wanted cost reductions 79.5% wanted a return to pre-export structured financing 17 Return of the club? Club facilities are when a small group of banks combine to provide a facility to a borrower. A borrower may opt for a club structure where it considers that it can obtain cheaper pricing and/or more favourable terms but, most notably, it will be seeking a more relationship-based, and even-handed, facility. Club deals traditionally allow for more focused and efficient discussions between lenders and borrower. They also offer greater flexibility, both in terms of covenants and (re)payment structures. It is our view that club deals offer a way for the banking community to once again fully engage in the trade finance sphere, by establishing relationship banking based upon the availability and structured supply of commodity, rather than on corporate, credit. In one recent case study, a large international bank had a long-standing relationship with a client in the commodities sector, but could not commit (alone) to provide the additional funding required to expand the business. Another international bank was invited to participate in the facility, allowing the client to access funds which would otherwise have been unavailable. The deal was a success in that it allowed the commodity house to access more finance on a flexible basis whilst avoiding the high fees associated with syndicated RCF financing. The strong relationship between the relationship bank and the commodity house was essential to structure the deal effectively for all parties. Clyde & Co acted on this deal and we believe it demonstrates how club facilities could support the concept of returning to traditional trade finance. Turning the clock back entirely may be a pipedream, however, a concerted effort is needed by everyone involved in trade if there is to be a return to an environment where commodity finance is valued and placed in the asset class to which it rightfully belongs: to that of a low-risk and properly structured form of finance which is widely available throughout the market. Such a result would not only benefit its direct participants but ultimately the global economy as a whole. Although 73% of respondents want to be offered more club deals, only 15% are managing to access them. 18 About this survey What commodities do you work with? Working in conjunction with trade magazine Commodities Now, we surveyed the views of finance providers, commodity traders and commodity producers involved in the trading of multiple commodity types internationally between 7 May and 1 July. Our respondents told us about the trade finance challenges they face in today's market and the availability and barriers to appropriate finance in particular. We also conducted desk research and drew on the experience of the Clyde & Co commodities team. This group advises a wide range of trading clients on trade finance deals, regulatory requirements and trade disputes. 62.3% Agriculturals including soft commodities 37.7% Gas 39.6% Coal 28.3% Other 35.9% Base metals 11.3% PGMs (Platinum Group Metals) 20.8% Precious metals 64.2% Oil 19 What business are you in? Where do you operate? 51.9% The Americas 22.2% Australasia 75.9% Europe 44.4% Africa 63.0% Asia 10.9% Other 7.3% Both commodities trader and finance provider 30.9% Finance provider 43.6% Commodities trader 7.3% Commodities producer 20 Who we are Clyde & Co is a leading international law firm with a pre-eminent reputation in all aspects of international trade and commodities. With 1,600 lawyers operating from 39 offices across 6 continents, Clyde & Co provides advice and guidance on international trade across the globe. We have dedicated trade and commodities teams across our office network, including a substantial UK team, working on the full range of the commodity markets – oil and energy, hard and soft commodities, futures and derivatives and the newer specialisations such as carbon trading. Our end to end supply chain experience gives our advice a particular depth of understanding and this is underpinned by our legal knowledge across our contentious and non-contentious practices. We approach trade finance as an integrated part of our global commodities team and for the last 30 years we have acted for major trading houses, banks, credit agencies and insurers. The group advises on all aspects of both transactional and contentious work including negotiating contracts, structuring finance, regulatory issues and disputes and arbitration. Philip Prowse Partner T: +44 (0)20 7876 4961 E: email@example.com Laura Hingley Associate T: +44 (0)20 7876 4246 E: firstname.lastname@example.com Jameel Tarmohamed Associate T: +44 (0)20 7876 4877 E: email@example.com Clyde & Co offices Associated offices Our offices *Associated offices 39 Offices across 6 continents 300 Partners, over 1,600 fee earners and 2,700 staff For full office details please refer to the Clyde & Co website www.clydeco.com/locations/offices Asia Pacific Beijing Brisbane Chongqing Hong Kong Jakarta* Melbourne Mumbai* New Delhi* Perth Shanghai Singapore Sydney Ulaanbaatar* Europe Guildford London Madrid Manchester Nantes Oxford Paris Piraeus Americas Atlanta Caracas Montreal New Jersey Newport Beach New York Rio de Janeiro* São Paulo San Francisco Toronto Middle East/ Africa Abu Dhabi Cape Town Dar es Salaam Doha Dubai Johannesburg Riyadh Tripoli Clyde & Co LLP www.clydeco.com CC0008214 - September 2015 Clyde & Co LLP is a limited liability partnership registered in England and Wales. Authorised and regulated by the Solicitors Regulation Authority. © Clyde & Co LLP 2015


text:
Many companies in New Jersey operate with trade secrets, copyrighted material and technology that are in need of licensing. These businesses require the utmost protection by the U.S. Government to maintain their secrecy. The laws of New Jersey also protect such property and rights of businesses through:
- Copyright laws
- Technology licensing
- Trademark laws
- Infringement protection
- Trade secrets
Businesses should strive to protect their work from copyright infringement by legally copyrighting any written materials. In addition, many companies purchase copyrighted materials for use by their business and need protection of their use of these materials. Many of these same businesses also have trademarks and logos that need to be trademarked with the federal government. These businesses may also have to use licensed trademarks, acquire trademark rights from others, and defend such usage from time to time.
Businesses that produce technological software or equipment need to legally license their technologies. Many New Jersey businesses also find themselves having to purchase licenses or defend themselves against charges of unauthorized uses of such technology.
In addition, many companies establish a unique system of doing business that is deemed a trade secret. When such a secret is developed, it is important for the entrepreneur to protect the secret from employees, clients and competitors through contract development and trade secret protection.
New Jersey Corporate Law
When a business in New Jersey is starting out, one of the primary questions of concern is how it will be structured. A New Jersey business can either be an S-corporation, C-corporation, franchise, limited liability company, or sole proprietorship. In addition, businesses often decide to form a professional association, a professional corporation, or a not-for-profit corporation. Each type has benefits, depending on the nature of the business.
An experienced New Jersey business law attorney can provide a great deal of benefits to a new entrepreneur or an established business owner. Throughout the life of a business, there are many legal issues that can, and do, arise from establishing contracts with employees and clients in order to create a succession plan for the business. A qualified New Jersey business lawyer works on behalf of the business to serve its legal needs and make sure the best interests of the company, and the owner, are consistently served.

subset: commoncrawl


text:
China launches Yaogan-31 remote-sensing satellites from Jiuquan center.
China today from Beijing launched the first group of Yaogan-31 remote-sensing satellites into space at 04:25 GMT on Tuesday from Jiuquan Satellite Launch Center in northwestern China, Xinhua said.
The satellites were carried by a Long March-4C rocket, the 271st mission of the Long March rocket family. The mission also sent a micro-nano technology experiment satellite into orbit, according to the report.
The satellites are intended for electromagnetic environment surveys and other related technology tests. The first "Yaogan" series satellite, Yaogan-1, was launched in 2006.


text:
SAN DIEGO – A random seating assignment at Qualcomm Stadium led to a lifelong friendship and a lifesaving surgery.
William Charlton Lynch and Louis Munoz first met playing little league as children. Many years later, the two crossed paths again totally by chance at a Chargers game at Qualcomm Stadium.
"As I was walking to my seat I happened to notice him sitting right in the seat next to mine," said Munoz.
The season ticket holders were randomly placed side by side and, through the ups and downs of Chargers football, a friendship began to grow.
"It's just a joy coming to the seat and knowing whose going to sit next to you," said Munoz.
After several years of cheering together at the games, everything changed last season.
"He missed quite a few games and I was wondering what was going on," said Munoz.
It turned out Lynch had been fighting a kidney disease for much of his life and the effects were getting worse.
"They told me one day I would be on dialysis and I would need a transplant," said Lynch.
Without hesitation Munoz offered to get tested to be a donor.
"He's a friend," said Munoz. "Why wouldn't you help out?"
Lynch didn't get his hopes up, because donors had fallen through in the past, but that changed when Munoz was determined to be a match and he didn't back out.
"I'm just lucky that he stepped up and did everything he was supposed to do," said Lynch.
In October 2013, the two arrived at UC San Diego for the kidney transplant. Hospital officials said the transplant surgery was performed in two phases in adjacent operating rooms.
What started as a friendship has made the friends family.
"We'll be brothers for life," said Lynch.
With a new outlook on life, they hope their story will encourage others to consider organ donation.
"Don't be afraid," said Munoz. "It's two months of downtime to give somebody 20 more years."
Lifesharing, a division of UC San Diego Health System, is the federally-designated, non-profit organ and tissue recovery organization serving San Diego. You can register to be a donor at the Department of Motor Vehicles. A Spanish website is availablw.


text:
Saints Way
- Name Saints Way
- Length of trail 42 km, 26 miles
- Length in days 2 days
- Traildino grading EW, Easy walk, nature trail
26 miles. 42 km.
The Saints Way cuts the tip of Cornwall, and was apparently once used by pilgrims on their way from Ireland to the mainland. The voyage around Lands End was perceived as too risky. Therefore it was preferable to go over land from Padstow to Fowey. Today, the walker is following more or less the same historical route.
- Saints' Way/Forth an Syns - LDWA Long Distance Paths
- The Saint's Way
Description of the trail on Cornwall Guide website.
- Oliver's Cornwall - Saint's Way
Fine page with some advice, pictures and diary.


text:
Obama hosts Iftar Dinner
President Barack Obama hosts an Iftar dinner celebrating Ramadan in the State Dining Room of the White House, July 25, 2013. (Official White House Photo by Lawrence Jackson)
Last Night, continuing a White House tradition, President Obama hosted his fifth Iftar dinner celebrating Ramadan. The Iftar is the meal that breaks the day of fasting during Ramadan, when Muslim families eat together after sunset. During his remarks, the President thanked the Muslim community for the sacrifices they've made for the United States.
"Throughout our history, Islam has contributed to the character of our country, and Muslim Americans, and their good works, have helped to build our nation — and we've seen the results. We've seen those results in generations of Muslim immigrants — farmers and factory workers, helping to lay the railroads and build our cities. Muslim innovators who helped build some of our highest skyscrapers and who helped to unlock the secrets of our universe.
Every day, Muslim Americans are helping to shape the way that we think and the way that we work and the way that we do business. And that's the spirit that we celebrate tonight — the dreamers, the creators whose ideas are pioneering new industries, creating new jobs and unleashing new opportunities for all of us."
President Obama also wished Muslim Americans and Muslims all around the world a blessed Ramadan.


text:
About TEDxYouthCroydon
TEDxYouthCroydon's mission is to create a platform in Croydon for young people to celebrate ideas worth spreading locally.
2011 saw the London riots erupt onto the streets of Croydon. In light of these events, we believe that TEDxYouthCroydon will shed a positive light on the young people of Croydon, who felt they were not being heard. We aim to give them back their voice and celebrate all the great things about the Borough of Croydon and London.
This Year's event will be held on Saturday November 14th 2015, at The Brit School. On the day we will hear and see performances from amazing young speakers who will share their ideas, thoughts and journey of their vision of Worlds Imagined for a brighter future.
TEDxYouthCroydon is part of the universal TEDxYouthDay which is a series of TEDx events happening in over 100 countries around the world coinciding with Universal Children's Day in late November. Around 17,000 young people will be taking part in this very prestigious event. The TEDxYouthDay theme this year is Made In the Future.
Our Vision
A world where young people's opinions and ideas are valued, and their best interests are safeguarded by decision-makers, the media and their communities.
Our Mission
We want to support the ongoing recovery of Croydon following the 2011 riots, giving young people the chance to reclaim their voice and spread positive ideas worth sharing by:
- Creating an annual event in Croydon which provides a platform to enable inspirational young people to share their passions and knowledge through dynamic talks and performances.
- Allowing them to be creative, challenge and inspire themselves, their peers and the outside world, sparking discussions and connecting with like-minded people.
- Being an on-going soundboard of ideas, facts and information that will inspire and help young people, local to Croydon and beyond, to achieve their full potential through a social media presence, blogs and newsletters.
About TEDx, x = independently organized event
In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized. (Subject to certain rules and regulations.)
About TED
TED is a nonprofit organization devoted to Ideas Worth Spreading. Started as a conference in California 26 years ago, TED has grown to support those world-changing ideas with many initiatives.
At a TED conference, the world's leading thinkers and doers are asked to give the talk of their lives in 18 minutes or less. TED speakers have included Roger Ebert, Sheryl Sandberg, Bill Gates, Elizabeth Gilbert, Benoit Mandelbrot, Philippe Starck, Ngozi Okonjo-Iweala, Brian Greene, Isabel Allende and former UK Prime Minister Gordon Brown. Three major TED events are held each year: The TED Conference takes place every spring in Vancouver, Canada, simultaneous with TEDActive, in Whistler, BC; and the TEDGlobal Conference takes place each summer in Edinburgh, Scotland.
On TED.com, talks from TED conferences are shared with the world for free as TED Talks videos. A new TED Talk is posted every weekday. Through the Open Translation Project, TED Talks are subtitled by volunteers worldwide into more than 90 languages. Through our distribution networks, TED Talks are shared on TV, radio, Netflix and many websites.
The TEDx initiative grants free licenses to people around the world to organize TED-style events in their communities with TED Talks and live speakers. More than 5,000 TEDx events have been held, and selected talks from these events are also turned into TED Talks videos.
The annual TED Prize grants $1 million to an exceptional individual with a wish to change the world. The TED Fellows program helps world-changing innovators from around the globe to become part of the TED community and, with its help, amplify the impact of their remarkable projects and activities. TED-Ed creates short video lessons by pairing master teachers with animators, for use in classroom instruction or independent learning.


text:
Registration is now open for the Math 141 Final Exam Mastery Prep sessions: early-bird pricing is open to weekly members first, but non-weekly members can RSVP and will be assigned spots based on availability (first come, first served). Additional sessions may be scheduled if there is sufficient interest. Register now on the Math 141 page or by visiting Math141.com. Best of luck with the last weeks of classes!
Winter 2017: Math 123, Math 133, Math 140, Math 141, Math 222, Math 262, Math 263, Math 314, Math 315 … !
Registration is now open for the following courses for the Winter 2017 semester:
- Math 123 Linear Algebra & Probability (for Management)
- Math 140 Calculus 1
- Math 141 Calculus 2
& you can register for weekly mastery lectures and other sessions directly on their respective course page now!
Registration for the following courses will be open by midweek or sooner:
- Math 133
- Math 222
- Math 262
- Math 263
- Math 264
- Math 314
- Math 315
with updates (here) following soon. If you're interested in these classes & would like to be kept up-to-speed on weekly mastery lectures, webwork sessions, midterm prep etc. Simply fill out the registration form on the respective course page.
Whether you just want to be more efficient in your studying; want to get an extra edge on the material; improve your intuitive understanding of the course content or need a bit of help sorting out the concepts and preparing for quizzes and exams – I look forward to meeting students of all types at the beginning of every semester & hope you'll join us – I'm sure you'll be glad you did!
Wishing you tons of success in 2017!
- Jacob B.
Winter 2016 Sessions
Welcome back!
Only a few days into the winter semester, but things get moving quickly, don't they?
I'm launching a new site with improved registration interface, over the next month. In the meantime, individual course pages will be updated for temporary use over the course of the week of Jan. 11th.
That being said, I will be running weekly Mastery Lectures for all the usual courses, so if you are interested and would like to register immediately, feel free to use the forms that are currently posted (even if they have not been updated for 2016). If there is no "weekly Mastery Lecture" option, simply leave a comment to let me know.
I've also created FB group pages for most of the weekly Lectures. As usual, each group will be launched once we have 9 committed members, so be sure to tell your friends and classmates about the sessions – they will thank you. You can also get in touch with me to help spread the word: with your help, we can get started early and avoid cramming for midterms or assignments etc.
Very much looking forward to working with you all (again!) and trying out some new ideas for helping you understand and succeed!
Best wishes for 2016,
Math 262 Written A2 Workshop
Math 262 Intermediate Calc for Engineers Wednesday Feb. 18th 6:30-8:30pm: a special session looking at the material from A2 to help you whip through the assignment and really understand the material. $25 for non-weekly members for a 2h session covering the entire assignment; $20 for weekly members. Register below or on the Math 262 page.
Math 141: Quiz 2 Prep
UPDATE: Additional Quiz 2 Prep Session on Sunday 11am-1pm. Due to high interest, a repeat of the quiz 2 prep session has been scheduled for Sunday 11am-1pm. Looking forward to seeing you there!
McGill Math 141, Cal 2 – it's that time again. Quiz 2 is coming up next week & covers a lot more topics that quiz one. So if you need help with substitutions; integration by-parts, combinations of the two; trig-integrals or volumes of revolution, or just want to get that extra edge on the material so you can ace the quiz, then this is the place to start.
Quiz #2 Prep Session
Saturday Feb. 14th, 5:00-7:00pm (M3-37A; $25/$20*): this 2h session will whip through the concepts and theory included in the second quiz and focus on solving a number of highly representative problems based on quizzes from the previous years (drawing on a bank of >10 years): substitution; by-parts (and combinations of both); trig-integrals & volumes of revolution. Acing quizzes right from the start is an easy way to take off some of the pressure on the final exam. Space is limited and sessions are usually full within 12h of posting. *$25 for non-weekly members; $20 for fully-paid weekly members.
Math 141 Weekly Tutorial #6: Trig Integrals & Trig-Subs
Sunday Feb. 15th, 3-5pm (M3-37A): This will be yet another awesome session covering the concepts and theory associated with the intimidating topic of trigonometric integrals *and* integration via trigonometric-substitution. A clear breakdown of the trig integrals will drastically simplify all those integrals that seem unrelated, & my own unique method of identifying and executing trig subs will actually have you looking forward to these questions on the quiz & final exam! As a special promotion: register for both the weekly tutorial and the quiz prep for only $40.
Winter 2015: Get Started Now
Happy New Year & welcome back for part 2 of the academic grind! I'm currently updating the site & info for all classes, but you needn't wait for your page to be updated in order to register, just get in touch using one of the contact forms or email me directly if you're keen to get started soon. The first groups will be up and running this weekend and I expect all classes will be running by the following weekend. Looking forward to another great term working with you all! Stay warm!


text:
My name is Ashish Paul and I am a fully qualified Ayurvedic Practitioner (BAMS- Bachelor of Ayurvedic Medicine and Surgery) and a Medical Herbalist (MSc Herbal Medicine).
My aim is to bring awareness to the holistic benefits that people can enjoy by using the ancient Indian treatments and the western herbal medicine. These therapies work with the natural rhythm of the body, treat the cause of a problem and have less adverse effects.
Please do enjoy the site and if you have any questions at all or want to find more about me or the treatments I perform then please read on or click here and contact me directly.
I want to set the benchmark for your health and wellbeing journey and welcome you along for the ride.


text:
Transcript Lab # 7 Restriction Enzymes
General Genetics 1. Introduce the students to digest genomic DNA by restriction endonucleases. 2. Observe the results of digestion on agarose gel electrophoresis. 1. 2. 3. 4. The activity of restriction enzymes is dependent upon precise environmental conditions: PH Temperature Salt Concentration Ions An Enzymatic Unit (u) is defined as the amount of enzyme required to digest 1 ug of DNA under optimal conditions: 3-5 u/ug of genomic DNA 1 u/ug of plasmid DNA Stocks typically at 10 u/ul Cohesive Ends Cohesive Ends Blunt Ends (5´ Overhang) (3´ Overhang) (No Overhang) BamH1 KpnI HaeIII GGATCC CCTAGG GGTACC CCATGG GGCC CCGG Hundreds of restriction enzymes have been identified. Most recognize and cut palindromic sequences Many leave staggered (sticky) ends by choosing correct enzymes can cut DNA very precisely Important for molecular biologists because restriction enzymes create unpaired "sticky ends" which anneal with any complementary sequence Bacterial" immune system": destroy any "non-self" DNA methylase recognizes same sequence in host DNA and protects it by methylating it; restriction enzyme destroys unprotected = non-self DNA (restriction/modification systems) As an example, consider a 5000 base pair, circular plasmid DNA containing single recognition sites for enzymes A, B, and C. Any one of these enzymes will cleave the DNA once to produce a linear molecule of 5000 base pairs. Differently paired combinations of enzymes in the same reaction mixture (double-digests) will produce the following DNA fragments (sizes in base pairs): •Arbitrarily placing one of the cleavage sites at the top of a circle. This site acts as a reference point. •The closest cleavage site to this point can be placed in a clockwise or counterclockwise direction. Generally, a restriction enzyme map is constructed by first determining the number of fragments each individual enzyme produces. The size and number of fragments is determined by electrophoresis. If a DNA molecule contains several recognition sites for a restriction enzyme, then under certain experimental conditions, it is possible that certain sites are cleaved but not others. These incompletely cleaved fragments of DNA are called partial digests (partials). Partials can arise if an insufficient amount of enzyme is used or the reaction is stopped after a short time (Figure 5). Reactions containing partials may also contain some molecules that have been completely cleaved. Two possible maps inferred from the observations BamH1 XhoI 4.3 kb 3.7 kb 2.3 kb 1.9 kb 1.4 kb 1.3 kb 0.7 kb BamH1 XhoI PCR and Restriction enzymes


text:
Excerpt from Vol. I Meet me in the Dark the Demon of Dreams Saga ; Prologue, Chapt. I, Chapt II
There are two gates of dreams:
one, whence issue all deceptive and flattering visions,
being formed of ivory;
the other, through which proceed those dreams
which are fulfilled, of horn.
Darkness crept back in on Long Island quickly as the car drove along the narrow road way too fast for the current weather conditions. Mud swirled up the sides as the woman shortly lost control of the car and ran off the road. Her knees were shaking uncon-trollably from fear, making it almost impossible for her to press the gas pedal.
An approaching vehicle had its headlights either on high beams or just adjusted too high. For a second, the road in front of her disappeared. The rain made driving even more difficult with it forming an impenetrable barrier on the windshield. She jerked the steering wheel to the right and the oncoming car flew past her while blasting its horn. In front of her the street reappeared in the darkness, but the headlights of her pursuer still made it difficult to see. She squinted and folded up the rear-view mirror up so as not to be distracted by the lights of her pursuer. Soon, she would have succeeded; she only needed to drive onto the Robert Moses Causeway Bridge. Hopefully there would be enough traffic so that he would forgo the chase.
It was then that her car was struck from behind with a violent bang and her forehead hit the steering wheel. Brief pain shot through her head instantly. She grabbed for the seat belt, strapped herself in and reached for her handbag on the passenger seat. Those damned pouch bags in which one could never find anything. She dumped out all of the contents and searched wildly between toothbrush, eye shadow, pens, notebook, coins and camera for her cell phone. Finally, she felt the cold object in her hand.
Once again, her car was slammed forward and her cell phone flew from her hand, landing in the dark foot well.
Swearing, she hit the steering wheel with the palm of her hand.
On her right side, less than three hundred yards away, she could see the brightly lit bridge. The windshield wipers, working at full speed, pushed the rain to the side and made screeching noises as if they would soon stop altogether.
She used her foot to search the floorboard for her phone until she finally felt the hard casing beneath her shoe. Without removing her gaze from the flooded road, she leaned down carefully, stretching her fingers as far as she could and grabbed the phone.
At last she was on the bridge and accelerating while she blindly dialed the three digit emergency number with her fingers and pressed Send. She glanced at the display, checking to see if she had any reception and dared a quick look in the side-view mirror. No lights. Surprised, she folded it down to its correct position, but everything behind her was dark. No sign of her pursuer.
She looked back to convince herself that she was not the victim of an optical illusion, but it was still all dark. Relieved, she exhaled and turned back around when lights suddenly sped towards her. There was the sound of screeching metal and the car lost its grip on the road. She jerked the steering wheel, but it was too late, the wheels began to spin and suddenly she was hanging upside down like on a roller coaster. For a brief moment she felt weight-less. An ear-deafening bang followed and a rushing sound as if she was caught in the vortex of raging surf.
Water started to enter the car. Defying all the rules of physics, she tried to open the door, but the pressure held its invisible iron hand against it. She could open the window just a little, but then it stopped, moving neither up nor down. All she had succeeded in doing was to turn the trickle into a waterfall. A broad stream of cold water started filling the car.
She tried to keep calm as the car began to sink like a submarine. Ironically, at this very spot, the bay seemed to be deeper than in most areas, where it was on average only six feet deep. She watched the bubbles of air go up the window like pearls on a string and waited for the water to reach her neck, to creep into her nose and eventually surround her with its cold hand.
I'm standing on top of a mountain, almost on the same level with the black, low-hanging clouds. They seem close enough to touch and these dark, bunker-like buildings – three in all – appear mon-strously creepy on the vast plain.
I am searching for my little boy. He vanished without a trace. My fear for him leads me into the first bunker.
As I enter and stand under the partially destroyed glass dome, the building seems even larger than it appeared from the outside. The dome lays three hundred feet above me and there are innumerable floors on both the left and right sides. Everything looks as if it has just been bombed. The walls are full of holes, broken out stones and rubble covers the floor beneath me, which has deep fissures. Suddenly, something becomes very clear to me; it is a war and nobody lives in this building any longer and probably not in the other ones either. I feel like an ant beneath a giant shoe.
Beside a staircase, which is the only means to reach the top, lays an abyss leading into nothing-ness. I throw a little stone into it and wait for impact or a splash. There is no sound. This is the entrance to eternity.
I run up the stairs, step by step, open unlocked doors and glance into empty, deserted lofts. No people, no furniture, not even an insect is to be seen crawling around.
After the twentieth door, somewhere on the third floor, I find a piece of furniture that has been left behind. It is my Mom's sofa. The one with the turquoise-pink striped silk cover. It is standing in the middle of the room, alone and forsaken.
The war seems to have passed me by. I noticed nothing and even worse, I don't even know who the enemy is. Not a single human being is here. This frightens me. I do not wish to remain behind on this earth alone.
I run outside again and my attention is caught by the changing color of the facade. Far up on the other side is a toy store. It seems that it is the only thing left intact in this building. Colorful costumes and a large clown figure with red overalls are hanging in the window. I don't like clowns. They paint a smile on their faces and cry inside them-selves.
While looking at the shop I am immediately overcome with a terrible thought. It entices children with its many colorful toys. Perhaps my little boy is there. However, the question is, how do I get up there? There is no staircase and no elevator.
As I run to the other end of the corridor, a large shadow appears on the wall. It gets smaller and smaller until it takes the shape of a human being that is slowly approaching me. There is no feeling of danger, so I stop and wait. I am neither far- nor nearsighted, meaning I have no problems with my eyes, but this figure is blurred, flickering like air over a heat source. The closer it comes, the clearer its contours become, until it is standing directly in front of me.
Two piercing blue eyes, surrounded by dense black eyelashes, are staring at me. I don't know the man, yet he feels strangely familiar and when he says my name it sounds like a melody coming from his mouth. "Leia."
I hear the soft sound of running water. At first I think it is rain trickling down my windowpane. However, something tells me that rain makes a different sound. I know the sound.
Damn! I emerge, leaving my dream, although I would have preferred to remain with this beautiful stranger who had pronounced my name in such a lovely way.
I have difficulty adjusting my eyes to the darkness but the other side of my bed is empty with the cover folded back. Drowsily, I lumber in the direction of where the noise is coming from and I see Joe, who is standing in my walk-in closet, peeing. "What a damn mess!" I yell at him and switch on the light.
"What's the fucking problem?" Joe says, blinking and holding his hand in front of his eyes.
"You are peeing in my shoes."
"Bullshit." He sways past me naked and lies back down. In less than three seconds he is fast asleep again.
Enough is enough. It wasn't the first, but it will certainly be the last time. Enraged, I go down to the kitchen, grab a bucket of water, a mop and some rags to try to limit the damage to my sanctuary. At least he missed my brand-new sneakers.
I am so upset that I cannot close my eyes for the rest of the night. My thoughts return to the strange dream and what it could possibly mean. About a year ago, I bought a dream diary. It is black, embellished with metal colored curved flowers and leaves and is lying beside my bed coated with a thin layer of dust. I was really determined to write down every dream, but as things are, such euphoria does not last long and I only have seven little entries.
On the next blank page, I note the date and the time.
These buildings looked like they were from another world. I was alone. Not too easy to interpret that. I am alone. Although I do enter into little love affairs, I feel lonely. That is how our society is: Everyone for themselves. I was looking for my child. But I do not have a child and I do not want one. So, this cannot be related to an unspoken wish to be a mother.
And now I come to the interesting part. That man. He not only looked very handsome, he also radiated a certain charm. That's what I find masculine. Calm, composed and circumspect. He is the opposite of what is lying beside me, Joe. Irritable, nervous and fickle. One of the many people with borderline personality disorders and other syndromes that still have yet to be invented, so that there is always a reason to turn to alcohol and drugs.
I really want to return to my dream and the blue eyes. I could still sleep for another hour. Too short. The digital display of the alarm clock jumps to 6:01.
While reflecting on the pros and cons of going back to sleep, I am overcome by immense fatigue; my senses shut off and I feel how my blood is pumping only sluggishly through the streets of my life.
Let´s go back; I think and close my eyes. Sometimes I manage to re-enter the dream where I had left off and guide the events. I actually do enter the dream again.
"Leia," I hear him say. His soft sonorous voice sounds pleasant and calming. Why doesn't he continue speaking and tell me an entire story with his voice? Instead, he takes my face between his hands and kisses me. I do not resist and surrender to this intoxicating gentleness.
The alarm clock tears me back mercilessly to the stale, dark reality. It is seven o'clock. One hour later. Yet I have the feeling I slept only for a moment.
Joe mumbles something and turns himself away from me. Looking at him, my mood already hits a low, even before my day has started.
The first thing I do in the morning is press the button on the coffeemaker, so the water can heat up while I am in the shower.
Men say that when I look sleepy, I look particularly sweet and sexy. That is probably because I look like this after having sex and they prefer me in the horizontal position. In any case, I find myself prettier when my eyes are open and focused, when I have put on some light makeup, brushed my teeth and combed and smoothed my long, dark hair that reaches my hips.
A glance at my daily planner tells me that I have three appointments today for showings. Lunch with my friend Lilith in Soho, then back to the office and later on, I will advise a client in the afternoon about the interior design of an apartment he just purchased for eighteen million dollars. The things one does. However, good client services hold the promise of recommendations and further clients.
As I walk freshly showered into my closet, the strong smell of human urine, still hangs in the air.
I quickly slip into a black pantsuit, a pair of boots and grab my handbag.
With a last glance at the passed-out drunk in my bed, I write a short note on the pink tear-off note pad and lay it on Joe's jeans. It says, "Please leave your key here". In my opinion, these words suffice.
Sometimes I ask myself why I am living here in New York. Yet, the question can be answered easily. It is, rather it was, my mother's fault. Unfortunately, she is no longer alive. It is a chapter in my life that I don't like talking about. In spite of that, I could have returned to California a long time ago, or gone to Hawaii or Florida, which are climate zones I prefer, yet I decided to stay.
Summer is about to begin and it's still frickin cold. My car has been sitting in the repair shop for two weeks. Against any sense of reason, I have a car. Most New Yorkers go on foot, use the subway or a taxi, because finding a parking lot can be both, expensive and frustrating. However, I like sitting in my car, listening to my music and like to let my thoughts flow undisturbed in the morning without any other human energy around me. So, for that I put up with the traffic. Besides that, my loft in Bushwick is not located in a particularly beautiful or safe area and I like getting out of my car right in front of my door. According to statistics, we had five hundred and fifteen murders here last year, one thousand four hundred and seventeen cases of rape and almost twenty thousand robberies. Of the one thousand four hundred and seventeen cases of rape last year, I was almost number one thousand four hundred and eighteen.
I was coming back home late one night from a private opening and as I was fumbling around in my bag for my key, in which I usually never find anything quickly, three guys came around the corner. I can only remember parts of what happened; how my bag was ripped out of my hand and suddenly out of nowhere a guy with a cap on was standing there. He took care of my attackers and threw me my key. It is still a mystery to me how he found it so quickly. The following day I discovered my bag lying on top of the trash container. Everything was still inside.
In any case, the three-story, old warehouse, where my loft is located, is a real gem. The ceilings still have the typical Art Deco silhouette from the 30's that gives New York its special charm. There are about 20 people, besides me, living in here. Most of them are penniless artists.
I love my loft. It is on the top floor, it's spacious and has old pillars up to the ceiling, a concrete floor and natural redbrick walls. It is so high that I could put in a second level in half of the loft, which contains my bed-room and my dearly beloved walk-in closet. The best thing about it is the view from my bed to the sky, which is through a skylight that I had installed. It also has a small terrace, big enough for a few plants, two chairs and a small table. A pretty, modest place, where I sit in the summer and like to drink coffee.
With my arm stretched upwards like the Statue of Liberty, I hail a cab and tell the driver the first address I am going to in the Upper East Side.
During the trip, I look for the name of the client in a mass of loose papers. I have a really bad memory for names. This has put me in really embarrassing situations at events.
My first client is called Mr. D. Clayton from California, an entrepreneur. How old might he be? Married, divorced or the eternal bachelor? Deep down I hope that one day during a showing, the man of my dreams will be standing in front of me.
Speaking of him I submerge in thought. The kiss in my dream seemed so real. In any case, gentler and more cautious than those I have experienced in the previous years, when my clothes were torn hastily from my body and tongues intertwined as if in a wrestling match. I think of the man in my dream and imagine that Mr. D. Clayton almost fits the image. When I enter the building and our eyes meet, he will be enchanted by me.
Finally, the cab stops in front of the apartment building in the prestigious area of New York. The potential buyer, D. Clayton, is already waiting for me in the lobby; an elegantly dressed man in his forties who does not bear the slightest resemblance to the man in my dream. Love at first sight is a totally visual event and definitely does not take place in this instance. My dream bubble bursts and I am back to reality with both of my feet on the ground.
"Leia Walsh," I say introducing myself and extend my ice-cold hand toward him.
"Daniel Clayton."
So, the D. stands for Daniel. Nice name, but I only know idiots called Daniel.
We ride up to the fortieth floor and we both follow the digital display without saying a word. As I stand at an angle behind him, I have the chance to take a closer look. He has fine, dark blonde hair with a receding hairline, a nose like a shark and thin lips.
Upon opening the door and seeing the first impression in the clients eyes, I can already tell what their decision will be. I see immediately that Mr. Clayton likes the apartment. Of course he acts disinterested, so he can get the price lowered a little. A certain amount is always taken into account, so that the client leaves the negotiations happy and satisfied, thinking he made a great deal. The chances of selling the five thousand square-feet duplex, with a view of New York's Central Park, is quite good. Sixty to forty I would say.
I am showing him around when suddenly the doorbell rings.
"Oh, that must be Jeanette." He looks at his watch to confirm this.
So, he has a partner.
When I open the door, a little, short-haired women in high heels, a too tight, deep cut dress and a Dior jacket is standing before me. Jeanette, twenty-five at the most. It figures. Without even looking at me, she marches past me, looks around and makes a face. "Not happy. Not happy," she says in a much too high-pitched voice.
The two of them go upstairs and I overhear him trying to talk her into the apartment. "Not happy," I hear her say again.
I would have been more than happy if I could move in here, but nobody asks me.
They come downstairs. Like a gentleman, he descends in front of the lady, so that if she stumbles, she would fall on him and take him down as well.
The chance of a sale is now ten to ninety.
"We will think it over," he says with a look of regret on his face.
Zero chances now.
With a charming smile that he is not supposed to forget, I give him my business card. "Just give me a call." I accompany the couple to the elevator and return to the apartment. For quite some time I stand by the window and enjoy the view of Central Park. Up here is a heavenly peace. Everything seems so small, unreal and transient…
to be continued.
available on Amazon, Paperback http://amzn.to/11tnH6x
or E-book http://amzn.to/WlQ17H
Copyright by Lilly M. Love


text:
you may also like
- Description
- Delivery
- Storage
- Gift Packaging
Quorum provide a range of relatively mild Nicaraguan cigars with a bit of a spicy edge to them, in an array of sizes. Great budget smoke, very reliable, and with a consistently smooth draw.
FREE NEXT DAY DELIVERY ON ALL UK MAINLAND ORDERS over £100.00 (if ordered before 2pm)Our Postage Prices UK Mainland - Next Day Delivery - £5.50 (Tracked) UK Mainland - Two Day Delivery - £4.50 (Tracked) Please note that our cut off time is 2pm. Any orders placed after this time will not be processed until the following working day. Any orders placed after 2pm on a Friday will not be processed until Monday. For further information please read our full delivery page here.
For all cigars we advise that they are stored in a humidor at approximately 18°C and between 65-70% relative humidity. If no humidor is available, we would recommend a plastic zip-lock bag with a small spray of distilled water. This will keep the cigars fresh for up to three months.
We offer a gift packaging service for £3.99 per item. If you would like any more information, please contact us here


text:
Sust is test.
I'm going to start a cycle of test and sust,I'm a first time and just wondering what dosage I should be taking?I'm currently 88kg in fairly good shape and would like to end up 93 kg or that when I'm all done..i want to try stay lean as possible.I'm thinking going doing a 8 week cycle!any advice would be great. Cheers
Last edited by Rodney; 17-07-2019 at 05:18 PM.
Sust is test.
Should I just get sust so?
Just get the test...
How much should I take a week do ya reckon?
What do you reckon?
Look your already set on this and your goals pretty low for a first cycle but heres my recommendation
250mg test e 4 weeks
400mg tests e week 4-12
125mg test e week 12-14
No pct should be needed and if you want to see movement on the scales straight away take some dbol 30mg per day week 1-2 and 50mg per day week 2-4.
Good luck
As Sugested by Shrek just get Test
Test E
Pin 250mg Monday and 250mg on Thursday for 12-14 weeks
As long as your diet is good you will make gains.
I would use an AI such as armidex or aromasin
Pct is your choice


text: Fantastic opportunity to buy the 49m MIM following a huge five million Euro price reduction. This beautiful French-built superyacht has been reduced from EUR 15,900,000 to EUR 10,500,000, saving a significant EUR 5,400,000. Combining the timeless exterior lines of the A Group and a light, sophisticated Andrew Winch interior, the impressive CMN-built MIM offers flexible accommodation for up to 12 guests in 6 cabins. This includes a full beam master cabin with his and hers walk-in wardrobes and en suite bathroom. Guest accommodation is on the lower deck and comprises of one triple, one twin and two double guest cabins, with an additional single cabin on the upper deck. This yacht, built in 2001, has superb living areas and is in great condition having completed an extensive yard period in 2012. This included a complete exterior repaint, interior refresh with new carpets and soft furnishings throughout and a 3,000 hour service of both Caterpillar main engines. With a fresh, beautifully understated beach-house style interior and low hours on her two Caterpillar engines, MIMrepresents excellent value and an outstanding purchase opportunity. Asking Price - EUR 10,500,000 To find out more about Burgess' yachts for sale and charter, please contact a Burgess broker. Alternatively, get in touch with one of our offices directly: London, Monaco, New York, Miami, Singapore or all other locations. обновленный: 11 марта 2014


text:
Here are some tips on raising money for your Climb!
1. Online donations:
Once you register online, you can use your personal fundraising page to help raise money. Send your link around to family and friends reminding them that they will receive an official tax receipt from us once they donate.
2. Corporate donations/sponsorships:
YACC can provide you with a sponsorship letter (which we can personalize for you if needed) that you can use to request donations from the corporate world. Perhaps your employer has an employee/donation program you can apply for? Or a local business may be interested in donating to your Climb because you are from the community? Or there could even be a community based organization in your town/city who are in the 'business' of offering bursaries/sponsorships to local people.
3. Team members:
Create a team with your friends and family. Come up with a fun name and team 'uniforms' – it is a great bonding experience! Also, for some, it is easier and less pressure to raise money as a team than on your own.
4. Competition:
'Challenge' a friend to compete with you for who can raise the most money? Or who can gather the most team members for your Climb. Everyone likes a little friendly competition!
5. Third party events:
Third party events are fundraising events that you would undertake on your own; collect the money and then submit it to YACC to go towards your Climb. Some simple ideas are as follows:
- Jeans/PJ day at work: everyone pay's money to be able to wear them
- Bake sale: at school/work or within the community
- Garage sale: the traditional way; or online with friends/family. You can get friends to help pool their "previously loved" items to help you out
- Games night with friends where people "pay to play"
- Pot luck: Pay per plate: all your friends get together for a potluck that you also all pay $5-$10 to fill their plates
- Party: plan a party at your house, the local community center, etc. and have your guests pay a "cover" fee to get in.
- Local bar: connect with a local bar/pub to see if they would donate their cover for the night to your cause
These are just a few to get the ideas flowing! If you have other ideas or if you wanted to take on one of the above and need some additional help/support just let us know. We have lots of tips to make these events run smoothly; we can also provide letters/pledge sheets/logos/etc. from YACC so your donors know it is a legitimate cause.
Wondering Where the money goes?
All funds raised during the Climb go directly toward supporting our programs for young adult cancer survivors such as Retreat Yourself, Retreat Yourself Adventure, the Survivor Conference, and Localife. Donations allow us to offer these programs at no cost to the young adults that truly need them.
For more information on Young Adult Cancer Canada and our finances, check out our annual report.


text:
ACT means Allied Creative Talent
Therefore always offers the new exiting kid on the block. With wild creative new ideas. And 'allied' passion and experience to efficiently communicate.
ACT Movie develops and produces Entertainment for worldwide audiences:
Feature films – Television Series – TV formats
Check out what we're offering.


text:
GULFSTREAM G650ER COMPLETES RECORD-BREAKING POLAR FLIGHTClass-Leader Links Atlantic And Pacific Over North Pole
SAVANNAH, Georgia, May 28, 2018 — Gulfstream Aerospace Corp. today announced that the ultra-long-range G650ER has again proven its unmatched performance capabilities, adding yet another city-pair speed record, this time during a flight over the North Pole.
The G650ER departed White Plains, New York, at 1:30 p.m. May 12 and arrived in Shanghai at 3:10 p.m. local time May 13. Flown at an average speed of Mach 0.86, the 6,870-nautical-mile/12,723-kilometer flight took just 13 hours and 40 minutes.
"It has been a busy year for the G650ER, with this impressive polar feat pushing its record total well above 70," said Mark Burns, president, Gulfstream. "It is one of the only aircraft with the high-performance capabilities required for challenging polar flights. Access to these demanding, long-range routes is invaluable for our customers."
The G650ER can fly 7,500 nm/13,890 km at Mach 0.85 and has a maximum operating speed of Mach 0.925. It is powered by two Rolls-Royce BR725 engines and can fly up to 19 passengers.
The city-pair record is pending approval by the National Aeronautic Association.
Gulfstream Aerospace Corporation, a wholly owned subsidiary of General Dynamics (NYSE: GD), designs, develops, manufactures, markets, services and supports the world's most technologically advanced business-jet aircraft. Gulfstream has produced more than 2,800 aircraft for customers around the world since 1958. To meet the diverse transportation needs of the future, Gulfstream offers a comprehensive fleet of aircraft, comprising the Gulfstream G280TM, the Gulfstream G550TM, the Gulfstream G500TM, the Gulfstream G600TM, the Gulfstream G650TM and the Gulfstream G650ERTM. We invite you to visit our website for more information and photos at www.gulfstreamnews.com.
More information about General Dynamics is available at www.generaldynamics.com.


text:
Robalo R160 Up for Auction at NE Boat Show
February 13, 2017
The Massachusetts Marine Trades Educational Trust is auctioning off a 2016 Robalo R160 boat package, complete with a 70-hp Yamaha outboard and a matching trailer, as part of its annual fundraising efforts. The auction will run through the final day of the New England Boat Show (Sunday 2/19), with the highest bidder winning the boat package.
Fifty-percent of the proceeds will go directly to a MMTET scholarship fund that provides assistance to students looking to pursue a career in the marine industry.
The remaining 50% will be donated to the MMTET's KIDS in BOATING initiative, which aims to get more kids boating in a safe and smart manner while at the same time having fun on the water and enjoying the boating lifestyle.
The boat package was donated by 3A Marine in Hingham, MA, and Robalo Boats.
For more information on the auction or to place a bid, contact Randall Lyons at (508) 221-1378 or email@example.com.


text:
The functionality within Google Analytics to use pivot tables and data collected by the JavaScript code is massive! Often some of the more complex reports get overlooked in favour of the many other reports that Google Analytics has to offer.
So I want to talk about an often underutilised, but extremely useful area of GA; the Multi Channel Funnel reporting section – that area within Goals that's made up of the 5 sections:
- Overview
- Assisted Conversions
- Top Conversion Paths
- Time Lag
- Path Length
These reports are about as close as you'll come to out of the box Google Analytics attribution – they deal only with users who have converted and they show you how your channels work together to create those conversions.
This is really important stuff! Attribution is a big buzz word at the moment as marketers start to understand that, whilst channel conversion rate is important, the ecosystem that you are creating with your marketing strategy is what leads to the conversions. Social tends to reinforce your branding, leading to higher conversion rates. Content and organic search tends to be great for exposure to new users, paid search sits towards the end of the funnel with a high conversion rate, etc. All of these individual channels play their part and by changing the ecosystem (reassigning resources) you change the influence that channels have on one another.
However, attribution modelling is not something that can be done lightly, working out the ins and outs of that ecosystem takes work and quite a bit of experience. So what I want to look at today is a some of the reports within Google Analytics that give you a feel for what you're ecosystem looks like so that you can start using it within your budget allocations.
The set up
As with most things within Google Analytics, there is a bit of additional set up before you get the full value. Here are a few prerequisites that, even if you're not thinking about your multi channel reporting just yet, you should address as you cannot backwards populate data – future you will thank present you that you did this.
An obvious one, but if you haven't properly configured your goals then all of this falls apart, so decide what the purpose of your website is and then work out a way to measure it. Applying values to your goals is really important for this analysis as you can then apply actual values to your channels.
Sorting traffic into correct sources
Unfortunately, chances are that if you are unaware of why Google might not apply the correct traffic sources to sessions, you probably have an issue with your traffic source report. Here's a great article that explains why your direct traffic will be miscategorised, it also goes through the principles of the miscategorisation of traffic. Other things to watch are:
- Making sure that all traffic from social sites is attributed a social campaign medium – not referrals – and that all social links are properly tagged with UTMs
- Your AdWords account is properly linked
- All links in marketing emails are properly tagged with UTMs
- Any affiliate links are properly tagged with UTMs
The next step from this is to organise your channels using GA channel groupings. This becomes more necessary if you run cross-channel marketing campaigns or multiple campaigns within a channel (AdWords for example). To start with though, ensuring that the default channels are accurate is sufficient.
Reporting Insights
Once your goals and sources are configured correctly, we can start the fun bit – pulling insights from the reports! For each of the 5 reports I'm going explain briefly what the data is saying and give an example of why this is important. Have a look at your version of these reports and see what new things you can learn about your customers!
This is telling us the overall conversions that you got throughout the date range… the overview!
You'll notice that towards the top you can choose which of the conversions you're looking at. This means if you have multiple goals set up (which you should!) then you can analyse them individually or collectively. You'll also notice that you can apply conversion segments to the reports – this is an amazing useful function that works similarly to regular GA segments. Use these to compare between converting user groups, start by having a look at the default segments that GA gives and then have a go at creating your own based on what you know about your customers.
What I love about this tab is the multi-channel conversion visualiser. This tells us the direct relationship between multiple channels that have overlaps – how many users used all channels vs how many used just one or the other.
This shows a quite a low overlap between channels. Most conversions happen within independent channels however Direct (beige) has the most relationship with organic and paid search.
Assisted Conversions
This report is my favourite within this section as it can give you some really useful immediate insight on the level to which a channel is converter or supporter. This report tells you how many sales and conversions each channel initiated, assisted and completed as well as the value of the conversions.
An assisted conversion is a conversion that's happened with that channel playing a part, but not as the final click (so not getting the last click attribution). This is why the numbers won't add up properly as conversions are duplicated. What it tells you is the conversions and value that channel has been involved in, uncovering a return on that channel that would otherwise be unclear.
The last click or direct conversion refers to the conversions and value that is attributed to that channel using the GA default last click attribution model – i.e. the number of conversions where that channel was the last click before the conversion is made.
The column that you should be paying attention to in this report however is the ratio between these two metrics – assisted conversions / last click or direct conversions. From this we can identify the level to which a channel is a converting channel or supporting channel, as a comparison with your other channels. A lower number means that the channel is a converter, a higher number means the channel is supportive.
In the above table, social and organic are our big converters. A lot of the other reports in this GA account will suggest that the budget should be pushed their way. However referral traffic assists on 20% of all assisted conversions, suggesting that it has quite an impact on the impact of the brand.
This is extremely useful for getting some insight on the part that your channels play in the user journey. Once we know the overall channel relationship, we can dive in further to understand the relationship between sources/campaigns within that channel, and the specific user segments, which they influence. This brings us to:
Top Conversion Paths
Our top conversion paths report shows us the sequences of channels that lead to conversions. This tends to be the most looked at report within the multi-channel reports, but it's difficult to pull anything actionable out of it without some prior knowledge pulled from the Assisted Conversion report.
Looking at this it's fairly self-explanatory, but what we know from the assisted conversions is that referral traffic is an assist. We want to use this report to understand what other channels it assists – some paid search, some social, more on further pages – which we can then look much in further detail as to which referral sites are pushing those users and which paid/social campaigns are benefitting.
It's really important to note that this report can be adjusted according to whatever source or medium you want to analyse! You can use source/medium as the boxes, AdWords campaigns or any channel grouping that you set up.
Time Lag Report
If you use display remarketing or automated emails then the time lag report can be used to great effect!
This tells you the period between the initial contact with the site and the conversion that's made.
Be very careful when you use this report as time is a pretty inconsistent measurement when it comes to marketing – it depends much more on the users exposure to marketing – but what you can use this for is to influence your time based advertising to get an idea of when users react best to your follow up messaging, and when it's probably time to give up on them!
Suddenly, with this report, what becomes extremely important is proper segmentation. Don't just take a view of everyone who comes to your site (which actually you shouldn't do with any report!) as there are many different types of people who come to your site – all with their own conversion lag time & paths. Look at people who come back via your display remarketing, or your email campaigns, or who keep coming back through social to get a better understanding of who needs what messaging when.
Path Length
Finally we come to path length. Again, segmentation is so important as a huge amount of context needs to be applied to each session. We can also use this report to influence our remarketing lists, governing bids based on the number of sessions. Or use it to compare between the conversion length between channels that cause a 1st interaction:
Here's an example that shows the difference between first exposure social and first exposure paid search. We can see that paid advertising has more users converting on multiple visits than social, what we can understand from this is that either our paid search messaging isn't strong enough to cause conversions, or our focus needs to be to make sure that initial visits from paid search remain within our ecosystem so that they do actually come back and don't disappear to a competitor.
Multi channel conversion reports are all about finding the relationship between channels so that you understand your users and your ecosystem better. The easy mistake to make with this section of GA is to make generalistic insights of your users as a whole – "it takes 3 days for users to convert" – without applying segments that actually identify your user acquisition channels that lead to 3 day lag and the channel that then cause that conversion.
The whole point of this is to be able to make more informed decisions about where to focus your marketing. Analytics uses last click by default that ignores the very good work that all the other previous channels do – use these reports to make sure you have a full picture before cutting channels and changing your ecosystem.


text:
Fees and Refund Policy
Withdrawal and Refund Policy
Students have the right to cancel their enrollment agreement and obtain a refund of charges paid through attendance either on the first day of class or until the seventh (7th) day after enrollment, whichever is later. Cancellation occurs when the student gives written notification of cancellation via the request for change of status on www.pathwayscollege.org by midnight of the first day of class or the seventh (7th) day after enrollment, whichever is later. If the student has received federal student financial aid funds, the student is entitled to a refund of monies not paid from federal student financial aid program funds.
Students may withdrawal during the first 60% of instructional days of a class (five weeks of an eight-week course) and receive a pro-rata refund of the tuition based on the table below. Students who wish to withdrawal should fill out a withdrawal form on the school's website (www.pathwayscollege.org). The date a student submits the withdrawal form will determine the percentage of the tuition refund.
Based on an eight week course cycle:
|Withdrawal notice received during
|Refundable Tuition:
|Amount of Tuition Owed by Student
|Notes on Transcripts
|Week 1 (1-7 days)
|None, dropped class
|Week 2 (8-14 days)
|None, dropped class
|Week 3 (15-21 days)
|Week 4 (22-28 days)
|Week 5 (29-35 days)
|After week 5 (36 and over days)
Additional Notes:
- If a student abandons the course at any time after having attended one class or laboratory, and never submits an online withdrawal notification, then the student will receive a grade of "F" for that course and will be responsible for paying full tuition and fees.
- Students who request an incomplete grade at any time during a course will not be eligible for a refund in tuition or fees. Please refer to the "Incomplete Grade Policy" in the catalog for specifics in requesting an incomplete.


text:
Avebury Henge Shop : Celtic & Pagan products inside Avebury Stone Circle
Earth Pathways Diary 2020
The Earth Pathways Diary celebrates the work of artists and writers who share a deep love of our land and the desire to live with appreciation and responsibility for this beautiful planet.
This ring-bound diary includes:
- UK sunrise and sunset times
- UK moonsrise and moonset times
- moon phases and signs
- some astrological information
- week-at-a-view pages
- month-at-a-view pages
- year planner
- notes pages
144 pages.
Size: 21cm long, 15.5cm wide (including ring binding)


text:
Why the Peace Corps?
I was introduced to the Peace Corps in 5th grade. At that time, the idea of traveling was all that I really cared about. I've always wanted to travel and if someone was going to pay me to travel, "oooh heck yahhh I've hit jack pot!"
It wasn't until many years down the road that I'd realized why I really wanted to be a Peace Corps volunteer. To fully explain this I'll have to share a little of my background.
I was born in a refugee camp called Ban Vinai in Thailand. I have some memories here and there but life in the refugee camps, as you can imagine, was very different from my life today. The refugee camps had boundaries which were fenced in with thin sheets of metal and barbed wires. Families were in constant fear of Thai refugee camp officers and the food ration was barely enough . Children played outside in the dirt with anything they could find like grass, rocks, garbage and plastic rappers. One of my favorite was rubber bands. If you had collected enough rubber bands you could make a jump rope out of it, which was a popular game among the kids in the refugee camps.
Peace Corp
This is where I share my journey in the Peace Corps. The contents of this blog are mine personally and do not reflect any position of the U.S. government or the Peace Corps.
Hi welcome to my blog. My name is Sia and this is my safe haven. This is a place for me to write, journal, and share ideas.
IG @ ms.sia.chang
March 2016


text:
There's something about the image of a bird's nest that I can't resist. So when I saw Cathie Holden's beautiful "Little Wire Bird Nests" post at her "Just Something I Made" blog http://justsomethingimade.blogspot.com/2009/03/little-wire-bird-nests.html
I knew that I needed to try it. Visit her wonderful blog for the simple directions to this project.
A quick trip to Michael's to pick up the gun metal tone copper wire (3.99) and some beads (2.99 for a long strand), and I was set to go.
Although my first couple of attempts aren't nearly as lovely as hers (that look as if they were actually woven by tiny birds), they were such fun to make (and isn't that the whole point?). My little nests will probably end up tucked into shadow boxes with old family photos.
Just the right project to bring a touch of Spring into the last slow days of winter.


text:
HSST Philosophy
Create good skiers first, then great racers.
The ski fundamentals are the first step in developing an elite athlete. Alpine skiing is a technical sport that requires the refinement of basic skills; agility, balance and coordination. All racers should be given the opportunity for self-development through structured practices and balanced competition. A strong team commitment is important and emphasized at all times.


text:
Give the Gift of Wheels this Season
Charleston, WV – Charitable giving "revs up" this time of year, with the holidays and tax time right around the corner, and if you're looking to get some extra "mileage" out of a donation in West Virginia, consider giving away your old car.
The Good News Mountaineer Garage in Charleston fixes up donated cars, and then passes them along to West Virginians who are receiving public assistance and need the wheels to find jobs. Garage director Barbara Bayes says the program has a great track record.
"We've been doing this for six years, and we have helped over 600 people receive cars. We did two studies and found that 70 percent of the people who received vehicles moved completely off the welfare system within a year."
Bayes says donating your car is a great holiday gift to your community, as well as a healthy end-of-year contribution for your taxes.
"You're helping somebody help themselves, and people like to do that. But on a practical level, if you itemize your federal taxes, you get to deduct the fair market value of that vehicle in your itemized deductions."
Bayes believes a lack of transportation is one of the main obstacles for people seeking employment and explains the garage's goal this year is get at least 75 cars donated this holiday season.