Program Assistant - Equity and Diversity - Ramapo College of New Jersey - Mahwah, NJ   
Experience in an office support related field and with function related to the position. Graduation from an accredited college with a Bachelor’s degree Note;...
From Ramapo College of New Jersey - Tue, 30 May 2017 23:26:44 GMT - View all Mahwah, NJ jobs
          Re: Foretelling Global Stock Returns, 1980-2015   
Simplegift wrote:William Bernstein has done interesting research on share dilution, summarized in his 2011 comment in The Economist:
William Bernstein wrote:In the first place, the 2% share dilution seen in the US was typical only of developed nations that had not seen their territories devastated by war. In those nations that had, dilution averaged 4% per year, and as high as 7.5% in Japan.

Further, we speculated that rapid economic growth born of technological advance was akin to physical destruction, both of which require large capital inflows from share dilution to replenish capital stock.

This was in fact confirmed a few years later by work by Speidell et al. (“Dilution is a Drag . . .” Journal of Investing, Winter 2005), who found dilution in excess of 10% per year for many Asian nations, and as high as 30% in China, which is the most likely reason for poor long-term returns of equity there.

Looking at the numbers for China (granted, an extreme example): For the decade from 1992 to 2002, China’s GDP grew by 11.5% per year. However the capitalization of Chinese equity markets grew by 39% per year, as the number of listed companies grew from 52 to 1,296. Thus the S&P price index of Chinese equities only appreciated by 3.5% a year over the decade.


The issue of share dilution is something I have never thought much about but it makes perfect sense. This is a good reason not to throw all your money at the fastest growing economies.
          Re: Stress Testing Plans: How much stress?   
Prior 2008, None.
After 2008, 40-50% and a prolonged recovery. Hence our diversification away from direct holdings in equity & debt markets.
YMMV
          Re: How do you Limit Risk if You Shouldn't Own Bonds in a Taxable Account?   
Does Limit=Control=Manage=offset Risk :confused

Biased comment since we are retired and FundedRatio (FR)>1.1 See notes below.
Our taxable account (Discretionary) has been both extremes (twice) in the past 2 years: cash to being fully invested.
If I want to be careful, I am into cash.
If I want to be moderate, I am into my local utility (non-diversified)
If I want to be aggressive, I am into local high alpha-low beta stocks and CEF
I am aware of taxes.
Only 25% of our retirement assets (Discretionary Bucket) are directly exposed to the Equity-Debt Markets. Thus I can swing or not swing.
          Security Guard - QC – Scarlet Security Services Ltd - Pond Inlet, NU   
We thank all applicants for your interest in employment; Scarlet Security Group Ltd embraces the principles of employment equity....
From Indeed - Fri, 26 May 2017 19:33:00 GMT - View all Pond Inlet, NU jobs
          Asst Professor (tenure-track) - University of British Columbia - Okanagan, BC   
All candidates will be invited to participate in an online Equity Survey for the purpose of measuring diversity and to identify potential barrier to the...
From University of British Columbia - Fri, 23 Jun 2017 12:56:03 GMT - View all Okanagan, BC jobs
          Has the Government's Welcome Home Loan scheme under-performed because of banks' relaxed credit policies?   

By Gareth Vaughan

Housing New Zealand's Welcome Home Loan scheme has not grown as the Government wanted it to.

We've had senior government ministers eagerly promote it, and a bank CEO extolling its virtues to participating lenders by pointing out; "It really carries no risk on our balance sheet because it's all government guaranteed."

The ministers were John Key and Nick Smith, and the CEO quoted above is SBS Bank's Shaun Drylie.

Housing NZ says, as of May 31 this year, it was "at risk" for 6,650 loans through Welcome Home Loan, with an original value of $1.469 billion. That's 150 less loans than the 6,800 - with an original loan value of $1.335 billion - at June 30, 2013. The drop, Housing NZ says, is because more loans have been repaid than taken on.

June 2013 is just before the Reserve Bank restrictions on banks' high loan to value ratio (LVR) residential mortgage lending were unveiled. Welcome Home Loans are excluded fom the Reserve Bank's LVR restrictions.

The Welcome Home Loan scheme launched in July 2003 as a two year pilot project with Kiwibank, known as “In Reach.” In July 2005, the scheme was opened to other lenders, and branded “Welcome Home Loan.” Eight lenders are actively using the Housing New Zealand scheme today. These are SBS, Kiwibank, Westpac, The Co-operative Bank, TSB Bank, NZCU Baywide, the Nelson Building Society, and the New Zealand Employees' Credit Union. 

As Housing NZ puts it; "Welcome Home Loan is offered by lenders, supported by Housing New Zealand, and, designed for first-home buyers who can afford to make regular repayments on a home loan, but have trouble saving for a large deposit. With Welcome Home Loan you only need a 10% deposit, not a 20% deposit as required by most lenders. Housing New Zealand does not issue the loan. This is done through normal lenders such as selected banks and credit unions. Housing New Zealand underwrites the loan for the lender [through lenders' mortgage insurance]. Individual applicants are required to meet the lender’s specific lending criteria. Income and house price caps apply."

'Trebling the number of loans'

Prior to the launch of the LVR restrictions, the Welcome Home Loan scheme had been going backwards. During the June 2013 year, Housing NZ settled 845 new loans, down from 1,358 the previous year.

The Reserve Bank announced on August 20, 2013 that high LVR restrictions would kick-in from October 1 that year, limiting lending to borrowers with deposits of less than 20%. Following that move the Welcome Home Loan scheme appeared, unsurprisingly, to gain in popularity given low equity loans made through the scheme are excluded from the Reserve Bank's restrictions.

Announcing Co-operative Bank's signing up to the scheme in April 2014, Building and Housing Minister Nick Smith said; "I am encouraging other banks to also join the scheme. I want as many New Zealanders as possible to have access to this Government assistance to buy their first home." At that stage ASB said its membership to the Welcome Home Loan Scheme was "currently under consideration." However three years on ASB hasn't joined, with a spokeswoman saying no decisions have been made to apply for entry. A Housing NZ spokesman said no applications from lenders wanting to join the scheme are currently under consideration.

Smith's comments came after Prime Minister John Key announced on August 11, 2013, a week before the Reserve Bank publicly unveiled its LVR move; “We will also expand the [Welcome Home Loan] scheme to treble the number of loans from about 850 loans a year to 2,500 a year."

Both in August 2013 and again in July last year as the Reserve Bank changed the LVR restrictions, Smith announced increases in house price caps for the scheme. In a rising property market, they have gone from $350,000 in Auckland, for example, to $600,000 for an existing house and $650,000 for a new one.

As it sought to "screw the scrum in favour of first home buyers," the Government also aligned the scheme's income caps with those of the KiwiSaver HomeStart scheme at $85,000 for a single person and $130,000 for a couple.

In November 2015 Smith said; "The 287 Welcome Home Loans issued for this latest quarter is also a record and shows how this programme, combined with HomeStart, is assisting families into home ownership."

'A relaxation of lenders' credit policies'

But that hasn't continued, with the 2,500 a year target looking a pipe dream. So what's going on?

Housing NZ's latest annual report, for the year to June 2016, says; "Uptake for Welcome Home Loans was lower than expected due to a relaxation of lenders' credit policies, allowing the provision of standard bank loans, rather than a Welcome Home Loan. This meant banks in the scheme did not have to draw on this product as much as in the past. Monthly demand for the Welcome Home Loan was steady over the year, but was around 10% lower than the previous year." 

Interestingly in its Financial Stability Report last month the Reserve Bank said; "Some banks have tightened lending standards over the past six months [See chart below]. In particular, banks are being more selective about their lending for residential property developments as capacity constraints in the construction industry and rising costs have contributed to increased credit risk in the sector."

The Welcome Home Loan insurance premium is 2.2% of the loan value, of which 1% is paid by the borrower and 1.2% by the Government. The Mortgage Insurance Scheme is assessed, by an actuary, three times a year to ensure the mortgage insurance liability is sufficient to cover any future claims, Housing NZ says. As of June 30 last year the total estimated liability was $29 million. At that point 40% of the original value of settled loans was with Kiwibank.

*This article was first published in our email for paying subscribers early on Tuesday morning. See here for more details and how to subscribe.


          Human Resources Consultant - NorthwesTel - Whitehorse, YT   
Northwestel values diversity in the workplace and is committed to the goals of Employment Equity. We are seeking a permanent Human Resources Consultant to...
From NorthwesTel - Wed, 21 Jun 2017 20:39:41 GMT - View all Whitehorse, YT jobs
          Product Manager, Video - NorthwesTel - Whitehorse, YT   
Northwestel values diversity in the workplace and is committed to the goals of Employment Equity. Applications are now being accepted for a temporary, 12 month,...
From NorthwesTel - Mon, 29 May 2017 23:31:57 GMT - View all Whitehorse, YT jobs
          Retail Sales Associate - NorthwesTel - Whitehorse, YT   
Northwestel values diversity in the workplace and is committed to the goals of Employment Equity. We are currently accepting resumes for the part-time Retail...
From NorthwesTel - Thu, 25 May 2017 23:20:37 GMT - View all Whitehorse, YT jobs
          Community Service Technician - NorthwesTel - Gjoa Haven, NU   
Northwestel Employee Discounts. Northwestel values diversity in the workplace and is committed to the goals of Employment Equity. If Helping Your Community &....
From NorthwesTel - Tue, 13 Jun 2017 20:32:48 GMT - View all Gjoa Haven, NU jobs
          IBEW, Group 3 Functional - Bell - Halifax, NS   
Northwestel values diversity in the workplace and is committed to the goals of Employment Equity. At Northwestel, our employees work every day to deliver...
From Bell Canada - Thu, 29 Jun 2017 20:02:47 GMT - View all Halifax, NS jobs
          Linklaters PEP hits £1.5m for the first time as turnover rises by 10 per cent   

Linklaters is the first magic circle firm to announce its financial results for 2016/17, posting a 7.8 per cent hike in profit per equity partner (PEP) that allowed it to surpass the £1.5m mark for the first time.

The post Linklaters PEP hits £1.5m for the first time as turnover rises by 10 per cent appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.


          Human Resources Consultant - NorthwesTel - Whitehorse, YT   
Northwestel values diversity in the workplace and is committed to the goals of Employment Equity. We are seeking a permanent Human Resources Consultant to...
From NorthwesTel - Wed, 21 Jun 2017 20:39:41 GMT - View all Whitehorse, YT jobs
          Product Manager, Video - NorthwesTel - Whitehorse, YT   
Northwestel values diversity in the workplace and is committed to the goals of Employment Equity. Applications are now being accepted for a temporary, 12 month,...
From NorthwesTel - Mon, 29 May 2017 23:31:57 GMT - View all Whitehorse, YT jobs
          Retail Sales Associate - NorthwesTel - Whitehorse, YT   
Northwestel values diversity in the workplace and is committed to the goals of Employment Equity. We are currently accepting resumes for the part-time Retail...
From NorthwesTel - Thu, 25 May 2017 23:20:37 GMT - View all Whitehorse, YT jobs
          Community Service Technician - NorthwesTel - Gjoa Haven, NU   
Northwestel Employee Discounts. Northwestel values diversity in the workplace and is committed to the goals of Employment Equity. If Helping Your Community &....
From NorthwesTel - Tue, 13 Jun 2017 20:32:48 GMT - View all Gjoa Haven, NU jobs
          IBEW, Group 3 Functional - Bell - Halifax, NS   
Northwestel values diversity in the workplace and is committed to the goals of Employment Equity. At Northwestel, our employees work every day to deliver...
From Bell Canada - Thu, 29 Jun 2017 20:02:47 GMT - View all Halifax, NS jobs
          Analista financiero - Arroyo Capital - Polanco, D. F.   
*Startup Private Equity Fund* Arroyo Capital es un fondo de inversión que busca adquirir y posteriormente administrar una empresa de tamaño mediano en México $4,500 - $6,000 al mes
De Indeed - Mon, 26 Jun 2017 18:27:45 GMT - Ver todos los empleos en Polanco, D. F.
           Britain 'is on the brink of housing price collapse'    
House prices are teetering on the brink of a crash that could be as bad as the bust of the early 1990s, a leading expert has warned. It raises the possibility of the return of 'negative equity'.
          Some unknown facts about Shani Dev   
  • Shani is the son of Surya

Shani is the child of Surya (Sun god) and Chaya (son of Sun god). He is additionally the sibling of Lord Yama (divine force of death). As a fervent lover of Lord Shiva, Shani was given the expert to remunerate or rebuff individuals for their great and awful deeds. Shani is regularly feared in crystal gazing since when Shani torments a horoscope, the individual endures misfortune. Here are some obscure truths about Shani Dev.

  • Is Shani Dev lame?

A legend says Shani kicked his non-permanent mother as a young man when she was postponing to sustain him. Thusly it is said she reviled him to wind up plainly weak in one leg. This is however typical. Shani moves gradually in the horoscope (29.5 years to finish one transformation around sun) when contrasted with different planets and this is the reason he is said to be Mandha (moderate moving) or faltering.

  • What is Sade Sati

Shani has a long circle around the sun and takes around 29.457 years to finish one revolution around the sun. Amid each pivot, Saturn visits all the zodiac signs in progression. Thus, Saturn visits a man’s horoscope once in like clockwork influencing them for around 7 and half years. This is called Sade Sati period. In each individual’s life, this period will come a few times. Seldom a long living individual can confront four Sade Sati periods moreover.

  • Why Sade Sati Period is for 7.5 years?

As a moderate moving planet, Shani remains for around 2.5 years in a zodiac sign. The impacts of Shani in a man’s horoscope begins 2.5 years before the landing of Shani and goes on for a long time more after Shani leaves for the following zodiac sign. Along these lines altogether the time of Shani’s impact on a zodiac sign is for a long time amid each cycle.

  • Why Shani is black?

Shani is the child of Lord Surya (sun god) and Chaya devi. At the point when Shani Dev was in the womb of His mom, Chaya was dependably serving her better half Surya. Because of the searing warmth of Surya, the youngster in the womb turned dark. That is the reason Shani dev is said to be dark in shading.

  • Sun misunderstands Shani dev

When Shani was conveyed by Chaya devi, Sun god looked at the new conceived child so affectionately. At the point when the infant was so dark in shading like charcoal, sun god was put down and was vigorously frustrated. Indeed, he questioned that another person was simply the father of Shani since Sun god himself was astonishing white in shading. This uncertainty and abuse infuriated Shani and he reviled his dad additionally to hand dark over shading. Later Lord Shiva settle the uncertainty of Surya and discloses to him Shani ended up noticeably dark in the womb because of Surya’s own warmth. Later both Surya and Shani built up a decent common comprehension.

  • Is Shani Dev truly cruel?

Not at all like the well known errors, Shani is never merciless to individuals. Truth be told Shani is viewed as the Lord of equity. Probably Shani’s positions in horoscope can bring hopelessness and mishap. Notwithstanding, the reality remains that Lord Shiva has given Shani the duty of fulfilling or rebuffing individuals according to their great or terrible deeds. In this way Shani is just giving the products of individuals’ activities. Truth be told when a man atones for his missteps and takes part in great deeds, Shani will effortlessly get pacified.

  • Shani Dev is a great devotee of Lord Shiva

Chaya devi, the mother of Shani was an enthusiastic aficionado of Lord Shiva. At the point when Shani was in her womb, she took to a somber life given to the love of Lord Shiva is full confidence and dedication. The pujas she performed and the mantras she droned were altogether seen by Shani from the womb and in this way Shani was a conceived enthusiast of Lord Shiva.

  • Shani will not trouble Hanuman’s devotees

When Ravan detained Shani and tormented him. Hanuman protected Shani from Ravan. Hanuman was a decent train of Sun god, the father of Shani. Consequently, Hanuman additionally strived difficult to clear the misconception amongst Surya and Shani. Thus, Shani guaranteed that he will be pleasant to Hanuman’s aficionados and no hopelessness will each inconvenience Hanuman’s fans notwithstanding amid the sade sati period.

  • Black Color and Shani Dev

Amid Shani puja and keeping in mind that meeting Shani sanctuaries, individuals more often than not wear dark garments. Shani is dark in shading and in this manner wearing dark dress is said to appease him. Dark shading urad dal and dark sesame seeds are offered to Shani dev amid puja and are likewise given to the penniless to win Shani’s gifts. Fasting on Shani puja and Saturdays is closed by eating the rice blended with urad dal and sesame seeds. Sesame oil is additionally utilized for lighting lights for Shani dev. Notwithstanding, dark things, calfskin and iron are not obtained on Saturdays.

  • Shani Dev is pleased with a disciplined life

Shani dev is a strict slave driver. By watching severities, not drinking liquor and not telling untruths, one can please Shani Dev. Shani dev likes foundations. Offering charity to poor people, giving garments, covers and footwear to individuals, giving dark dairy animals and bison to Brahmins and the destitute are certain approaches to win the favors of Shani dev.

  • Shani dev is also worshipped in other religions

Shani dev is likewise loved by Jains and Buddhists. Truth be told, Shani dev is indicated riding a tortoise in Buddhism.

  • Shani’s evil looks started right at his birth

Shani’s looks are said to make hardship individuals. At the point when Shani was conceived, he threw his looks on his dad Surya and quickly the Sun god went into an overshadowing period. Consequently the conviction that Saturn’s looks are insidious begun appropriate amid Shani’s introduction to the world.

  • Shani dev’s identity

The term Shani actually implies one who moves gradually. Shani dev is said to limp while moving since his mom reviled him when he was youthful. The diverse names of Shani are Saura, Krura-dris, Krura-lochana, Mandu, Pangu, Saptarchi and Asita. The statues of Shani-dev are demonstrated wearing blue or dark dress. Shani is dark in shading and rides a vulture or crow on an iron chariot drawn by eight steeds. The weapons Shani grasps are a bow, a bolt, a hatchet and a trident. 

The post Some unknown facts about Shani Dev appeared first on NewsCrab.


          Wild-Ass Rumor Of The Day: GM Likes “Sonic” Better Than “Aveo”   

When we asked TTAC’s Best And Brightest whether Chevy should stick with the “Aveo” nameplate for its new subcompact offering or move in a new direction, only a few seemed to believe that “Aveo” carries much equity at this point. But then, it’s not like Chevy has a lot of small-car “heritage” to draw on… […]

The post Wild-Ass Rumor Of The Day: GM Likes “Sonic” Better Than “Aveo” appeared first on The Truth About Cars.


          Cinedigm Sells Majority Ownership Stake to Hong Kong’s Bison Capital in $40 Million Deal   
Cinedigm — landing a deal to bring in much-needed financing to pay down its debt — has agreed to sell majority equity ownership to Bison Capital, a Hong Kong-based investment firm. Under the terms of the deal, Cinedigm will sell Bison Capital 20 million shares of Class A common stock for up to $30 million.... Read more »
          Maintenance Technician - Equity Lifestyle Properties - Beecher, IL   
ELS) owns and operates the highest quality portfolio of Manufactured Home Communities, RV resorts and campgrounds in North America....
From Equity Lifestyle Properties - Wed, 21 Jun 2017 16:14:04 GMT - View all Beecher, IL jobs
          Service Support Technician - Equity Lifestyle Properties - Tampa, FL   
ELS) owns and operates the highest quality portfolio of Manufactured Home Communities, RV resorts and campgrounds in North America....
From Equity Lifestyle Properties - Mon, 26 Jun 2017 16:18:43 GMT - View all Tampa, FL jobs
          Regional Manager - Equity Lifestyle Properties - Tampa, FL   
ELS) owns and operates the highest quality portfolio of Manufactured Home Communities, RV resorts and campgrounds in North America....
From Equity Lifestyle Properties - Wed, 21 Jun 2017 22:14:53 GMT - View all Tampa, FL jobs
          National Sales Director - Equity Lifestyle Properties - Tampa, FL   
Equity LifeStyle Properties is the leading operator of Manufactured Home Communities, RV Resorts and Campgrounds in North America....
From Equity Lifestyle Properties - Fri, 26 May 2017 00:52:33 GMT - View all Tampa, FL jobs
          Community Manager - Equity Lifestyle Properties - San Rafael, CA   
5 plus years of experience in a management position, hotel or RV preferred. ELS) owns and operates the highest quality portfolio of Manufactured Home...
From Equity Lifestyle Properties - Wed, 28 Jun 2017 22:22:23 GMT - View all San Rafael, CA jobs
          Regional Manager - Equity Lifestyle Properties - Allentown, PA   
Equity LifeStyle Properties is the leading operator of Manufactured Home Communities, RV Resorts and Campgrounds in North America....
From Equity Lifestyle Properties - Thu, 13 Apr 2017 21:38:20 GMT - View all Allentown, PA jobs
          How Hong Kong's Banks Turned Chinese   
Each morning, a white-shirted army of bankers fills the crosswalks of Hong Kong, stopping and starting in unison to the ubiquitous chirping of the city's crosswalk signals, a sound eerily reminiscent of a Las Vegas slot machine room. Twenty years ago, the traders and account managers crossing these streets were mostly expatriates and local Hong Kongers, and when they arrived to the office, much of their business was done in English. That's changed. "Actually, Hong Kong is shifting its role from Asia financial center to supporting the growth of China now," says William Hon, a trader for Liquidnet, a U.S. equity broker. Hon was born and grew up in Hong Kong, but at the office, he's finding more and more of his colleagues hail from mainland China. "More and more Chinese companies would like to list on the Hong Kong exchange, so they are all in China, and they're talking Mandarin," Hon says. "So they need more fluent Mandarin speakers in Hong Kong, or they hire people from China to work in
          Ep. 77 Growing Educational Excellence Through Equity   

...

The post Ep. 77 Growing Educational Excellence Through Equity appeared first on TeachThought.


          Emerging Markets: What has Changed   
(from my colleague Dr. Win Thin)

  • Chinese President Xi visited Hong Kong for the first time.
  • The US has proposed $1.3 bln of arms sales to Taiwan.
  • The Egyptian government raised fuel and cooking gas prices. significantly as part of the IMF program.
  • South Africa’s parliament has scheduled the no confidence vote on President Zuma.
  • Brazil’s central bank lowered its inflation target.
  • Brazil after President Temer was charged with corruption.

In the EM equity space as measured by MSCI, Brazil (+2.9%), Russia (+1.5%), and Turkey (+0.9%) have outperformed this week, while Czech Republic (-3.0%), Hungary (-1.2%), and Chile (-0.9%) have underperformed.  To put this in better context, MSCI EM fell -0.1% this week while MSCI DM fell -0.3%.

In the EM local currency bond space, Brazil (10-year yield -13 bp), Colombia (-6 bp), and China (-5 bp) have outperformed this week, while South Africa (10-year yield +27 bp), Philippines (+17 bp), and Hungary (+17 bp) have underperformed.  To put this in better context, the 10-year UST yield rose 14 bp to 2.28%. 

In the EM FX space, ILS (+1.3% vs. USD), BRL (+1.0% vs. USD), and SGD (up 0.8% vs. USD) have outperformed this week, while ARS (-2.5% vs. USD), ZAR (-1.4% vs. USD), and COP (-1.0% vs. USD) have underperformed. 

Chinese President Xi visited Hong Kong for the first time.  The visit commemorates the 20th anniversary of the Hong Kong handover. Xi stressed that the “one country, two systems” framework remains successful.  USD/HKD traded at its highest level since January 2016.

The US has proposed $1.3 bln of arms sales to Taiwan.  The package would reportedly contain early warning radar, anti-radar missiles, and naval torpedoes.  It was approved by the Defense Department and will move forward unless Congress blocks it within 30 days.  Of course, Chinese officials objected.

The Egyptian government raised fuel and cooking gas prices significantly as part of the IMF program.  Prime Minister Ismail said inflation (29.7% y/y in May) was likely to accelerate 4-5 percentage points as a result of the price hikes.  After a 300 bp hike in conjunction with the EGP float, the central bank remained on hold until it hiked 200 bp more to 16.75% in May.  

South Africa’s parliament has scheduled the no confidence vote on President Zuma.  After several delays, the vote will be held on August 3.  Parliament added that it has not yet decided on whether the vote will be done via secret ballot.

Brazil’s central bank lowered its inflation target.  The central bank will now target inflation at 4.25% in 2019 and 4.0% percent in 2020, down from the 4.5% target that has been in place since 2005.  The tolerance band was kept at +/- 1.5 percentage points, which came into effect this year.  
 
Politics is taking center stage again in Brazil after President Temer was charged with corruption.  This is connected to the recent secret recordings of an alleged conversation between Temer and Joesley Batista.  The charges now need to be approved by two thirds of the lower house in order to proceed.  Even if he survives the vote, the reform agenda will be delayed, if not derailed.   








Disclaimer




          Analista financiero - Arroyo Capital - Polanco, D. F.   
*Startup Private Equity Fund* Arroyo Capital es un fondo de inversión que busca adquirir y posteriormente administrar una empresa de tamaño mediano en México $4,500 - $6,000 al mes
De Indeed - Mon, 26 Jun 2017 18:27:45 GMT - Ver todos los empleos en Polanco, D. F.
          MORGAN STANLEY: Here's why it makes sense for Tesla to become the next big music-streaming service (TSLA)   

FILE PHOTO - New Autopilot features are demonstrated in a Tesla Model S during a Tesla event in Palo Alto, California October 14, 2015. REUTERS/Beck Diefenbach

Tesla, the electric-car and energy-storage company, could become the next big music-streaming service.

Last week, a representative told Business Insider that it was important for its customers to "listen to the music they want from whatever source they choose." The comments followed a report suggesting the company was working on a music-streaming service.

And according to Adam Jonas, an equity strategist at Morgan Stanley, this would make sense.

Silicon Valley is interested "in the potential multi-trillion dollar opportunity selling data, content, and experiences unfamiliar to today's auto firms," Jonas said in a note on Tuesday.

"The potential total addressable market of such a bundled mile (utility + content + data) dwarfs some of the major end markets (PC, smartphones) that Silicon Valley currently services."

By 2030, Jonas forecast, Tesla Mobility — an on-demand service similar to Uber — would have about 2 million cars, and there would be about 7 million privately owned Teslas.

"Tesla wants to be more than a 'dumb pipe'" that moves people around, Jonas said.

The auto industry would be a "money loser" by 2030, Jonas said. However, Tesla would be able to monetize the time that people are spending in their cars, as it and other companies develop what he described as a "living room on wheels."

"These firms could cede 100% of the value of content to the likes of Apple, Alphabet, Pandora, Sirius, or Netflix," Jonas said. "On the other hand, they could say: 'Wait a second. This is our venue. Our OLED screen. Our speakers. Our HMI. Our seats. Our software. Let's at least give the customer a choice of using our own apps before we too quickly go the way of the pure handset manufacturers.'"

Additionally, the buying power of people who own Tesla's electric cars could be well-suited to the market for paid premium content.

Jonas expects that Tesla's peers entering the self-driving and ride-hailing space, including Alphabet and Apple, could also explore original content for their cars' passengers.

But these competitors are bigger and better capitalized than Tesla, meaning they could provide ride-hailing services at a loss and at Tesla's expense, Jonas said.

Music streaming is worth about $50 million in enterprise value to Tesla, Jonas estimated.

SEE ALSO: 5 reasons a Tesla music-streaming service is the best idea Elon Musk has had this year

DON'T MISS: The most important charts in the world from the brightest minds on Wall Street

Join the conversation about this story »

NOW WATCH: An economist explains what could happen if Trump pulls the US out of NAFTA


          Is SEO Expenditure an Expense or Asset? Or Does SEO Cost influence Profitability?   

Your website is your intellectual real estate. Even though, you bear annual variable cost of maintaining the site, the cost never can be labeled as expense. After finishing your site, Search Engine Optimization (SEO) and Pay Per Click (PPC) to market your site, are they expense or adding value to your website? Let’s start with some definition:

Expense in terms of asset: The portion of the asset given away as variable cost for specific utility that has no reusability and to get the same utility, you have to pay again. e.g. advertising cost.

Asset in terms of expenditure: The expenditure invested as fixed cost for specific utility that has reusability. So with the investment, you get the same utility for a certain period of time. Please note that all assets are perishable, except for real estates. e.g. your computer is an asset not expenditure, but if you rent it, then it is expense.

Is SEO Expenditure an Expense or Asset? Or Does SEO Cost influence Profitability?

The accounting formula

Asset = Liability + Equity

i.e. Equity = Asset - Liability

In another analogy, Profitability = Capital – Expense

According to this formula, you can get more profit by decreasing expenditure or increasing capital. So, the more you add value to Capital, the more the profitability, even if you have to spend some expense to increase it. e.g. when you buy an asset, it does not get accounted into expense, rather into Asset or Capital.

Now, in terms of gaining profitability, how should the expenditure on SEO be labeled? As “Capital” or “Expense”? If it is a Capital Investment, then it will increase profitability, otherwise if expense, it will decrease your profitability.

Now, investment in SEO an expense or asset? 

In cost type analogy Profit = Fixed Asset - Variable Expense

Remember that cost on capital is fixed in nature, but expense can be variable. In that sense, PPC is an expenditure for your marketing. It is instantly perishable and each time you have to buy advertisement to get customers to your site. PPC is also a variable cost. So, this affects the expense, not the asset.

But, SEO is not like that. Because, it is not intended for short term marketing. SEO has reusability and brings you customers even after the SEO is finished. SEO expenditure has no attribute to be labeled as variable cost. Once you have done SEO on your site, you have added more value to your site, which in turn can have resale value. It’s not just $10 site anymore (the dollar amount you used for purchasing the domain).

So, SEO expense is a capital expenditure which increases your asset and should never be treated as expense that makes your site a marketing machine. 

Does SEO Cost influence Profitability?

We have tried to convince some customers that SEO doesn’t affect your profitability. Because, it becomes your asset. And asset is not expenditure that would negatively influence your profitability. The perishable behavior of SEO, may make it seem like expense. But, all assets are perishable. And we own a lot of short timed assets. So, if SEO expenditure is an asset, then you are increasing investment, not giving away money.

Can Advertising Convert into Asset?

Goodwill is something that has economic value. So, it is an asset. And achieving this involves much cost on marketing and advertising. Without marketing and advertising good will never can be achieved. If you consider long term affects, then advertising can also be converted into assets.

So, the next time you spend money on SEO and advertisement (for good will) in an effective way, don’t worry about the profitability of your company, brand or site.

© of SEOPPCSMM.COM - Source: Is SEO Expenditure an Expense or Asset? Or Does SEO Cost influence Profitability?


          Development Fund Awards Funding Requests Totaling $1,122,875 Million   
By ND Commerce
The North Dakota Development Fund, a loan program within the North Dakota Department of Commerce, awarded funding for five projects totaling $1,122,875 at its monthly board meeting held in April.
 
The North Dakota Development Fund was created in 1991 as an economic development tool. It provides flexible gap financing through debt and equity investments for new or expanding North Dakota primary sector businesses. Primary sector businesses create new wealth and are typically manufacturers, food processors and export service companies.
 
The following requests were funded:
 
Advanced Business Solutions, (Fargo) was awarded a $200,000 loan to finance working capital needs for an expansion project. The company provides web based subscription service for advisors to use and implement to address the issues of profitability and cash flow.
 
BioMagnetic Sciences, (Wahpeton) was awarded a $350,000 loan to finance working capital needs for an expansion project. BioMagnetic Sciences is a medical device company with products to treat osteoarthritis.
 
PHR Plus, (Fargo) was awarded a $250,000 loan to finance working capital needs for an expansion project.  PHR Plus is a digital health company that assists individuals to manage their health and medical information, and partners with organizations to power their population health programs.
 
Bright Futures Learning, (Fargo) was awarded $100,000 loan to be used to support planned growth. Bright Futures Learning is a new daycare center.
 
Skid-Lift, (Fargo) was awarded a $222,875 loan as a part of a total funding package with Bank Forward and Bank of North Dakota; to fund the purchase of equipment, office remodel, and repayment of royalties. The company produces a scissor lift used with a skid-steer.
 
The North Dakota Department of Commerce works to improve the quality of life for North Dakota citizens by leading efforts to attract, retain and expand wealth. Commerce serves businesses and communities statewide through committed people and partners who offer valuable programs and dynamic services.
 
For more North Dakota news and information go to www.NDCommerce.com.

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          Development Fund Awards Funding Requests Totaling $2.75 Million   
By ND Commerce
Bismarck, N.D. -- The North Dakota Development Fund, a loan program within the North Dakota Department of Commerce, awarded funding for five projects totaling $2,750,000 at its monthly board meeting held in February.
 
The North Dakota Development Fund was created in 1991 as an economic development tool. It provides flexible gap financing through debt and equity investments for new or expanding North Dakota primary sector businesses. Primary sector businesses create new wealth and are typically manufacturers, food processors and export service companies.
 
The following requests were funded:
 
ZuluFly, LLC, (Fargo) was awarded a $350,000 loan to finance working capital needs. The company is a developer of real-time locating system and radio-frequency identification software solutions.
 
CoSchedule, LLC, (Bismarck) was awarded a $1,000,000 loan to finance working capital needs, equipment purchases and improvements needed to be made by the company based upon its planned expansion. CoSchedule develops software used in social media markets.
 
Plains Mobile, Inc., (Linton) was awarded a $400,000 loan to finance working capital needs, equipment purchases and improvements needed to be made by the company based upon its planned expansion. The company develops an integrated cloud-based software aimed at simplifying business systems that interact with people, equipment and mobile devices.
 
BotLink, LLC, (Fargo) was awarded $500,000 loan to be used to support planned growth. BotLink develops software and hardware for fully integrated operations platforms that combines real-time date delivery, control and safety.
 
Valley City-Barnes County Development Corporation, (Valley City) was awarded a $500,000 loan to assist with workforce training for Eagle Creek Software Services.
 
The North Dakota Department of Commerce works to improve the quality of life for North Dakota citizens by leading efforts to attract, retain and expand wealth. Commerce serves businesses and communities statewide through committed people and partners who offer valuable programs and dynamic services.
 
For more North Dakota news and information go to www.NDCommerce.com.

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          Development Fund Awards Funding Requests Totaling $1,620,000   
By ND Commerce
The North Dakota Development Fund, a loan program within the North Dakota Department of Commerce, awarded funding for three projects totaling $1,625,000 at its monthly board meeting held in October. 

The North Dakota Development Fund was created in 1991 as an economic development tool. It provides flexible gap financing through debt and equity investments for new or expanding North Dakota primary sector businesses. Primary sector businesses create new wealth and are typically manufacturers, food processors and exported service companies. 

The following requests were funded: 
  • Harvest Fuel, Inc., (Walhalla) was awarded a $725,000 loan to expand operations at their Walhalla facility. Harvest Fuel sells a variety of feed supplement products for horses, beef and dairy cattle, sheep, goats, and other livestock. The products are designed to improve the digestive health and promote growth, while providing increased feed efficiency of up to 25 percent. 
  • FarmQA, Inc., (Fargo) was awarded a $750,000 loan to help fund working capital for an upcoming expansion. FarmQA develops various efficiency software programs for large-scale growers in the agricultural industry and also distributes the associated hardware.  
  • Mama Mia, Inc., (Fargo) was awarded $150,000 loan to be used to provide working capital. The company is a designer outlet store in a boutique environment with the purpose of finding, repurposing, and selling inventory through the MODE franchise stores. 
The North Dakota Department of Commerce works to improve the quality of life for North Dakota citizens by leading efforts to attract, retain and expand wealth. Commerce serves businesses and communities statewide through committed people and partners who offer valuable programs and dynamic services. 

For more North Dakota news and information go to www.NDCommerce.com

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          Development Fund Awards Funding Requests Totaling $1,367,500   
By ND Commerce
The North Dakota Development Fund, a loan program within the North Dakota Department of Commerce, awarded funding for three projects totaling $1,367,500 at its monthly board meeting held in May.
 
The North Dakota Development Fund was created in 1991 as an economic development tool. It provides flexible gap financing through debt and equity investments for new or expanding North Dakota primary sector businesses. Primary sector businesses create new wealth and are typically manufacturers, food processors and exported service companies. 

The following requests were funded: 
  • Harvest Fuel, Inc., (Walhalla) was awarded $467,500 loan to finance a building project. Harvest Fuel sells a variety of feed supplement products for horses, beef and dairy cattle, sheep, goats, and other livestock. The products are designed to improve the digestive health and promote growth, while providing increased feed efficiency of up to 25 percent. 
  • GoodBulb, LLC., (Fargo) was awarded a $300,000 loan purchase light bulb inventory, fund working capital, and purchase an inventory management software program. The company is an e-commerce business that warehouses, repackages and sells various lightbulbs. The company is also developing its own brand of light bulb to be sold via the internet. 
  • BotLink, LLC., (Fargo) was awarded $600,000 loan to be used to support the company’s planned growth. The company developed the software and hardware for a fully integrated operations platform that combines real-time date delivery, control, and safety for UAV manufacturers and operators. 
The North Dakota Department of Commerce works to improve the quality of life for North Dakota citizens by leading efforts to attract, retain and expand wealth. Commerce serves businesses and communities statewide through committed people and partners who offer valuable programs and dynamic services. 

For more North Dakota news and information go to www.NDCommerce.com.

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          North Dakota Development Fund Adds Board Members   
By ND Commerce
Commerce Commissioner Alan Anderson announced two new members for the North Dakota Development Fund board today, Pat Murphy with Murphy Motors in Williston and Scott Davis with the North Dakota Indian Affairs Commission. 

Murphy, a native of Minot, has been a Chevrolet, Buick, Cadillac, and GMC Truck Dealer in Williston since 1987.  Murphy was recognized nationally by winning the TIME Magazine Quality Dealer Award in 2011. He is a past President of the North Dakota Automobile Dealers Association and served on the General Motors Dealer Advisory Board for three years. Murphy also served on the Advisory Board for XM Satellite Radio and Onstar. 

Davis was appointed executive director of the North Dakota Indian Affairs Commission in April 2009 by Gov. John Hoeven. He serves at a cabinet level between North Dakota's state and tribal governments to address issues regarding education systems, court systems, economic development, social services, gaming, oil-energy, law enforcement, transportation, healthcare systems, veterans and youth. Prior to his appointment, Davis served in a number of capacities at United Tribes Technical College in Bismarck, including Development Officer, Wellness Activities Coordinator, Facilitator and Adjunct Instructor. 

“Pat and Scott bring a wealth of experience and understanding of the business community and will be a great addition to our board,” Anderson said. 

The North Dakota Development Fund was created in 1991 as an economic development tool. It provides flexible gap financing through debt and equity investments for new or expanding North Dakota primary sector businesses. Primary sector businesses create new wealth and are typically manufacturers, food processors and exported service companies. 

The North Dakota Department of Commerce works to improve the quality of life for North Dakota citizens by leading efforts to attract, retain and expand wealth. Commerce serves businesses and communities statewide through committed people and partners who offer valuable programs and dynamic services. 

For more North Dakota news and information go to www.NDCommerce.com.

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          Development Fund Awards Funding Requests Totaling $1,510,000   
By ND Commerce
The North Dakota Development Fund, a loan program within the North Dakota Department of Commerce, awarded funding for four projects totaling $1,510,000 at its monthly board meeting held in April. 

The North Dakota Development Fund was created in 1991 as an economic development tool. It provides flexible gap financing through debt and equity investments for new or expanding North Dakota primary sector businesses. Primary sector businesses create new wealth and are typically manufacturers, food processors and exported service companies. 

The following requests were funded: 
  • Gates Manufacturing, Inc., (Lansford) received a renewal of its $500,000 line of credit to finance the company’s working capital needs. Gates Manufacturing, Inc. manufactures light and heavy harrows and other tillage equipment for the agricultural industry. 
  • Buzz360, LLC, (Fargo) was awarded an $160,000 multiple advance loan to finance the company’s working capital needs. Buzz360, LLC is an online marketing automation platform company. The company offers social and automated marketing tools, plus the best of customer relationship management, to give large firms that serve or market through small businesses a powerful solution for their customer community. 
  • Earth-Kind, Inc. (Bismarck) received a renewal of its $600,000 line of credit to finance the company’s working capital needs. Earth-Kind is a developer, designer, and bio-manufacturing pioneer in natural alternatives to protect households everywhere from pests and odors and sells to national retailers such as Lowe’s, Target, Ace Hardware and Tractor Supply. 
  • Buffalo City Wood Products, Inc, (Jamestown) received a renewal of its $250,000 line of credit to finance the company’s working capital needs. Their primary product is the “Dakota Cabin” which is available in about 20 different models. The company has also produced a dormitory unit for oil workers in Western North Dakota. 
The North Dakota Department of Commerce works to improve the quality of life for North Dakota citizens by leading efforts to attract, retain and expand wealth. Commerce serves businesses and communities statewide through committed people and partners who offer valuable programs and dynamic services. 

For more North Dakota news and information go to www.NDCommerce.com.

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          North Dakota Development Fund Celebrates Investment Milestone   
By ND Commerce
The North Dakota Development Fund, an investment program within the North Dakota Department of Commerce, recently awarded its $100,000,000th investment.

 “Since the inception of the Development Fund, it has invested $104 million in 573 companies with over $36 million invested in rural communities,” Development Fund CEO Dean Reese said. “These investments have contributed to the projected creation of 10,683 primary sector jobs and helped seven start-up businesses begin operations in North Dakota in 2014 to 2015, three of which were in rural communities.”

 The North Dakota Development Fund was created in 1991 as an economic development tool. It provides flexible gap financing through debt and equity investments for new or expanding North Dakota primary sector businesses.

 “Over the past 24 years, the Development Fund has proven to be a valuable resource for business development, significantly contributing to job creation,” Commerce Commissioner Al Anderson said. “As we continue to grow and diversify our economy, it is important that we provide the financing resources needed to help support business start-up or expansion projects in our state.”

 The North Dakota Development Fund coordinates efforts between all the sources of financing, the business and the community. Any project considered for financing must be feasible and have a reasonable chance of succeeding. The fund is a secondary source of financing, which can be subordinate to private sources. If a business can't handle added debt, the Development Fund can take an equity financing position.

 The Development Fund administers six investment programs, which includes the Regional Rural Revolving Loan Fund, which provides funding for primary-sector projects located in a community of less than 8,000 in population or located more than five miles outside the city limits. 

 The North Dakota Department of Commerce works to improve the quality of life for North Dakota citizens by leading efforts to attract, retain and expand wealth. Commerce serves businesses and communities statewide through committed people and partners who offer valuable programs and dynamic services.

For more North Dakota news and information go to www.NDCommerce.com.

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          North Dakota Development Fund Increases Funding Limits for Businesses to $1 Million   
By ND Commerce
The North Dakota Development Fund, a loan program within the North Dakota Department of Commerce, announced today it has increased funding limits from $300,000 to $1 million.
 
“This increase in funding to $1 million will help businesses access capital to help support start-ups or expansion projects across our state,” North Dakota Development Fund CEO Dean Reese said. “North Dakota businesses in need of debt or equity financing can look to the Development Fund as a possible solution. The fund continues to be a valuable resource for business development, providing a strong return on investment for taxpayers and significantly contributing to job creation.”
 
Since the inception of the Development Fund in 1991, it has invested $103 million in 555 companies with over $33 million invested in rural communities. The investments have contributed to the projected creation of 10,683 primary sector jobs. The Development Fund helped seven start-up businesses begin operations in North Dakota in 2013 to 2014, four of which were in rural communities.
 
The North Dakota Development Fund provides flexible gap financing through debt and equity investments for new or expanding North Dakota primary sector businesses. Primary sector businesses create new wealth and are typically manufacturers, food processors and exported service companies.
 
The North Dakota Department of Commerce works to improve the quality of life for North Dakota citizens by leading efforts to attract, retain and expand wealth. Commerce serves businesses and communities statewide through committed people and partners who offer valuable programs and dynamic services.
 
For more North Dakota news and information subscribe to the Commerce News RSS Feed or go to www.NDCommerce.com.
 

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          Roar of Bombers Replaced by Drone Buzz in North Dakota   
By ABC News
The roar of mammoth Air Force bombers and tanker planes has long been silenced at the Grand Forks Air Force Base, but backers of the nation's first unmanned aircraft business park say the drones are creating a buzz.

Construction on the Grand Sky grounds won't likely begin until May, but national and international companies are jockeying for position in the 1.2 million-square-foot park that sits near the former alert pad where bombers and tankers were poised for takeoff on a moment's notice.

North Dakota is one six sites around the country testing unmanned aircraft, for which some Americans have lingering concerns about privacy and safety. The new park's tenants are likely to be researching and developing drones for a host of applications — farming, law enforcement, energy, infrastructure management, public safety, coastal security, military training, search and rescue and disaster response.

Defense technology giant Northrop Grumman, based in Falls Church, Virginia, has already signed a letter of intent to anchor the park and more big names are likely to follow suit, Grand Sky Development President Tom Swoyer said. He added he met with representatives from two prospective companies last week, including a "household name in the unmanned system industry" that he would not identify.

"Companies in the industry are starting to take notice," Swoyer said. "We're getting a lot of input."

One company looking to get into the ground floor of Grand Sky is Smart C2, a fledgling software business that picked North Dakota for its home base because of the state's commitment to unmanned aircraft. Stuart Rudolph, company president and CEO, said the park will have all the key players in one space.

"Grand Sky is going to be the melting pot," Rudolph said. He noted other favorable factors, such as access to talent at the base, University of North Dakota aerospace school and a nearby technical school; government support; private equity financing and lots of airspace.

The possibility of competitors locating under the same roof also is a good thing, Rudolph said.

"This is too young of an industry to worry about your competition," he said. "We're investing in North Dakota because we think this is where the right people are going to come together to solve the problems of the United States."

Not everyone is as optimistic about the future of drones. An Associated Press poll conducted in December showed that 33 percent of Americans oppose using drones to monitor or spray crops, while another third support it. Only 27 percent favor using drones for aerial photography.

Even so, the park is expected to bring thousands of jobs to this part of northeastern North Dakota, a boon given that that the number of airmen at the Grand Forks base has dropped since its mission was changed to unmanned aircraft.

The base had housed heavy bombing operations for more than 30 years and refueling tankers for 50 years. The last B-1B Lancer departed the facility in 1994, and the final tankers left in 2010. Since 2006, the number of airmen at base has decreased from 2,450 to about 1,300, while the number of base employees has declined from more than 3,000 to about 1,000.

Swoyer estimates that up to about 3,000 workers could be hired overall — 500 to 1,000 people on campus, the same amount by companies that support the park and another 500 to 1,000 who visit for training or research and development.

The facility will have space for hangars, offices, shops, laboratories and data centers. It's also the first commercial park where manned and unmanned aircraft can take off from the same place, Swoyer said.

"Hopefully we will start hearing the roar of unmanned jet engines coming into the Grand Forks Air Force Base," he said. "Only they will be turning right at the end of the runway (toward Grand Sky) rather than left (toward the base)."

 

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          Governor Dalrymple Delivers 2015 State of the State   
In delivering the State of the State address today, Gov. Jack Dalrymple said North Dakota’s strong economy and sound fiscal management make possible additional tax relief as well as investments in statewide priorities including infrastructure, education and meeting the challenges of growth.
 
“Two years ago I stood before you and reported that the state of our state was strong,” Dalrymple said. “Today, I am pleased to tell you that we’ve made great progress since then, and that North Dakota is stronger than ever.”
 
North Dakota has reduced taxes by $4.3 billion since 2009, and Dalrymple recommended that the legislature make even more tax relief a priority.  The legislature also will have an opportunity to pass a property tax reform bill that provides for more spending discipline, and makes it easier for taxpayers to understand how their tax dollars are used in comparison to other political subdivisions, Dalrymple said.
 
North Dakota has also made great progress on road and highway improvements, water supply projects and should continue to invest in the state’s infrastructure needs.  At the same time, North Dakota remains committed to advancing critical flood protection projects, Dalrymple said.
 
In just the past four years, the state has also leveraged nearly $90 million in tax credits and incentive funds to support the development of about 2,500 housing units reserved for low-to-moderate income residents and for essential service employees in western North Dakota.
 
“Never before in our state’s history have we undertaken such an ambitious, ongoing campaign to improve our roads and highways, expand water supply systems, advance flood control projects and develop affordable housing,” Dalrymple said.  “These projects enhance the quality of our lives and support our growing economy. “
 
Public Safety            
As the state’s population and commercial activity have grown, Dalrymple and the legislature have worked together so that North Dakota continues to be one of the safest states in the nation.    
 
Since 2011, the state has steadily expanded the capabilities of the Highway Patrol, the state Bureau of Criminal Investigation, the state’s judicial system and the Department of Correction’s parole and probation services.
 
For local law enforcement officers in western North Dakota, the region’s rapid growth has created significant challenges.  Within the last four years, the state has provided about $20 million in impact grants to help equip, train and staff local police departments and sheriff’s offices serving in North Dakota’s oil-producing counties.  The state has provided another $30 million to support the region’s fire and emergency medical services. 
 
Oversight of the Oil Industry
The remarkable amount of commerce throughout North Dakota requires that the state continue to strengthen its health and environmental protections as well as its oversight of the oil and gas industry, Dalrymple said.
                       
Since 2011, the state has significantly expanded its regulatory staff within the Oil and Gas Division and the Department of Health, and Dalrymple has recommended funding for 22 additional positions within the Oil and Gas Division and 19 more within the Department of Health. Additionally, the state has adopted new oil conditioning standards to improve the safety of crude oil for transport; required major reductions in the flaring of natural gas and has revised more than 60 sections of regulatory code to strengthen environmental protections.  Dalrymple has also recommended new positions within the Public Service Commission to augment federal oversight of rail safety and pipeline integrity.

“We should all be proud of the vital role our state is playing to help America strengthen its energy independence,” Dalrymple said.  “We have become the nation’s second-largest oil producer, and as our energy production has increased so has our responsibility.”
 
Education
North Dakota has steadily improved its K-12 education system, putting to rest the challenging issues of funding equity and adequacy.  The state has also significantly reduced the local cost of education by increasing the state’s funding commitment.   Dalrymple said the state has an opportunity to build on its success by maintaining strong funding for K-12 schools, by
investing in early childhood education, and by addressing the extraordinary needs of schools challenged by rapid enrollment growth.
 
North Dakota’s strong revenues also allow for continued investments in higher education, while most other states are reducing their funding.  Working together, the governor and legislature have improved the way North Dakota’s universities and colleges are funded, and have made major investments in capital projects and other improvements.

Moving forward, the state can continue to invest in the university system’s critical infrastructure needs, but should focus on programs that make college more affordable for students, Dalrymple said.

The state’s strong economy and sound fiscal management allow for continued investments in other priorities as well, including workforce development, improvements to the state’s park system and other quality-of-life enhancements.
 
“Here in North Dakota, we continue to drive an agenda for progress and a quality of life that is second to none,” Dalrymple said. “We know that progress comes with its own challenges and there is much work ahead.  But we have every reason to be optimistic about our state and the increasing number of opportunities it provides.” 
 
During his address, Dalrymple also spoke about recent declines in oil prices and the potential impact on state revenues.
 
“It’s important for the people of North Dakota to know that we are committed to a structurally balanced state budget, where ongoing spending never exceeds our available, ongoing revenues,” Dalrymple said.  “There are risks associated with any economy that relies on the value of commodities, and those risks must always be carefully considered.  We guard against these risks in several ways, including directing the vast majority of our oil and gas revenues – about 96 percent – to special reserve funds that are not used for ongoing operations.”

North Dakota’s investments in statewide infrastructure projects and other capital projects require one-time funding that doesn’t have to be repeated should state revenues decline.
In February, a new state revenue forecast will be completed and will help guide the legislature’s work, Dalrymple said.

“If adjustments to our spending plan are needed, I am confident our legislature will make prudent decisions based on the best available projections,” Dalrymple said. “In the end, I expect our legislature will find that we can continue to fund our priorities, maintain healthy reserves and provide even more tax relief.”
 

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          Shale Boom Helps North Dakota Bank Earn Returns Goldman Would Envy   
By Wall Street Journal
Displaying WSJ Harmeyer.jpgIt is more profitable than Goldman Sachs Group Inc., has a better credit rating than J.P. Morgan Chase & Co. and hasn’t seen profit growth drop since 2003.

Meet Bank of North Dakota, the U.S.’s lone state-owned bank, which has one branch, no automated teller machines and not a single investment banker.

The reason for its success? As the sole repository of the state of North Dakota’s revenue, the bank has been one of the biggest beneficiaries of the boom in Bakken shale-oil production from hydraulic fracturing, or fracking. In fact, the bank played a crucial part in kick-starting the oil frenzy in the state in 2008 amid the financial crisis.

When other banks around the U.S. were curtailing lending and increasing reserves, Bank of North Dakota helped smaller banks in the state ride out the crisis by providing them with letters of credit, loan sales and bank stock. Since then, its total assets have more than doubled, to $6.9 billion last year from $2.8 billion in 2007. By contrast, assets of the much bigger Bank of America Corp. have grown much more slowly, to $2.1 trillion from $1.7 trillion in that period.

Much of that growth has been fueled by surging deposits of mineral-rights royalty payments and taxes stemming from North Dakota’s leap from the country’s sixth-largest oil producer to its second largest over the past five years. The bank taps those coffers to extend loans for new businesses, infrastructure such as hospitals and purchases of new homes, all of which have seen increased demand as oil workers flock to the state.

Set up in 1919 under a socialist-oriented government that represented farmers frustrated with out-of-state commodity and railroad owners, the bank treads a fine line between the private and public sectors in what today is a solidly Republican state. It traditionally extends credit, or invests directly, in areas other lenders shun, such as rural housing loans.

The bank’s mission is promoting economic development, not competing with private banks. “We’re a state agency and profit maximization isn’t what drives us,” President Eric Hardmeyer said. At the same time, he said “it’s important to me that we show a respectable bottom line” to taxpayers, noting that the bank historically has returned profits to the state’s coffers.

Its profit, which hit $94 million last year, has grown by double-digit percentages annually since 2010. Return on equity, a measure of profitability, is 18.56%, about 70% higher than those at Goldman Sachs and J.P. Morgan. To be sure, Goldman Sachs and J.P. Morgan are much larger institutions with more complex balance sheets.

North Dakotans can open a personal account at the bank’s only branch in downtown Bismarck, the state capital. But the bank offers few of the perks offered by traditional lenders and says retail banking accounts for just 2%-3% of its business. The bank’s focus is providing loans to students and extending credit to companies in North Dakota, often in partnership with smaller community banks.

Bank of North Dakota also acts as a clearinghouse for interbank transactions in the state by settling checks and distributing coins and currency. “We get compared to a little, mini Federal Reserve” on the prairie, said Mr. Hardmeyer, who has led the bank for nearly 14 years.

For years, Bank of North Dakota paid exactly $30 million annually back into the state’s general budgetary fund. But with North Dakota’s coffers flush with oil revenue, the legislature hasn’t requested the payments from the bank since 2010. Its loan book has expanded, but not fast enough to keep up with deposits and retained earnings.

It recently started offering mortgages to individuals in the most underserved corners of the state. But Mr. Hardmeyer dismisses any notion the bank could run into trouble with deadbeat borrowers. “We know our customers,” he said. “You’ve got to understand the conservative nature of this state. Nobody here is really interested in making subprime loans.”

Five years ago, Bank of North Dakota lent about 90% of its deposits, but that ratio shrank to around 60% in 2013.

Standard & Poor’s Ratings Services last month reaffirmed its double-A-minus rating of the bank, whose deposits are guaranteed by the state of North Dakota. That is above the rating for both Goldman Sachs and J.P. Morgan and among U.S. financial institutions, second only to the Federal Home Loan Banks, rated double-A-plus.

Lawmakers in a few other states such as Colorado and Maryland have advanced proposals to emulate Bank of North Dakota and set up state-owned lenders in recent years, so far without success. “Last year was a peak in terms of introducing these bills,” said Mathew Street, deputy general counsel at the American Bankers Association. “However many bills have been introduced, none have passed since 1919,” he said.

North Dakota officials hesitate to tout the bank as a model. “We think it’s worked well for us, but only because we’re very careful about how we use it,” said North Dakota Gov. Jack Dalrymple.

Not all of Bank of North Dakota’s initiatives have succeeded. One misfire in the early 2000s involved financing “Wooly Boys,” a film starring Peter Fonda and Kris Kristofferson. The movie, about a sheep rancher’s family, was a box-office flop. The bank, which had hoped to spark a tourism boom similar to that in South Dakota after the release of the Kevin Costner hit “Dances with Wolves,” wrote off the loss.

Shale Boom Helps North Dakota Bank Earn Returns Goldman Would Envy - The Wall Street Journal

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          Dalrymple, Badlands NGL Announce Largest Private Equity Project in State History   
By ND Governor's Office
Governor Jack Dalrymple along with William Jeffrey Gilliam, CEO of Badlands NGL, LLC, today announced the development of a North Dakota manufacturing plant that will convert ethane, a byproduct of natural gas processing, into polyethylene which is used to make a wide variety of end-use consumer and industrial plastics.
 
Badlands NGL, LLC, and its partners expect to invest $4 billion to build the polyethylene manufacturing facility in North Dakota. The project will be the largest private investment in state history.
 
“This project is fully aligned with our goals to reduce flaring, add value to our energy resources right here in North Dakota and create diverse job opportunities across the state,” Dalrymple said.  “By advancing the responsible development of our energy resources and by adding value to all of our resources, the opportunities in North Dakota are boundless.”
 
Joining Dalrymple and Gilliam for the announcement were Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, both of whom serve with Dalrymple on the North Dakota Industrial Commission which regulates the state’s energy industry.  Sen. John Hoeven also participated in the announcement which was held at the state Capitol in Bismarck.
 
"The role of the Industrial Commission in helping the Badlands’ project come together reflects the Commission's mission to promote oil and gas production in a manner that prevents waste and protects the rights of mineral owners," Goehring said. “When completed, this project by itself has the potential to reduce most of the flaring of natural gas in our state.  That’s real progress and good news for North Dakota.”
 
The value-added manufacturing plant will tap into North Dakota’s abundant supplies of liquid natural gas to source ethane.  The facility will convert ethane gas to low density and high density plastics which are used to make a wide range of end products for consumers and industry.  The facility will be able to produce 1.5 million metric tons of polyethylene, or 3.3 billion pounds annually, and will employ 500 highly trained people in manufacturing, marketing, administrative, safety, financial and executive positions. The project will take at least three years for full development.
 
“This is a good example of what we can accomplish by adding value to our energy resources,” Stenehjem said. “This plant will not only help us reduce the flaring of natural gas, but it will also create new, high-paying jobs and further diversify our state economy.”
 
Badlands intends to market the majority of the polyethylene products domestically, but product will also find its way to markets in Asia, South America and Europe.  Project developers say that the plant’s location in North Dakota will enable them to efficiently ship to world markets from the Pacific Northwest and from Atlantic ports.
 
“Badlands is proud to bring this manufacturing facility to North Dakota,” Gilliam said. “We are committed to maximizing the value of Bakken ethane for producers, their midstream partners and all gas processors. This facility is the solution needed to add value to North Dakota’s ethane supply and make it a commercially marketable product.  In doing so, there will actually be a market advantage for North Dakota polyethylene products.
 
“North Dakota elected officials and agencies have provided Badlands with by far the most business-friendly and pro-development environment in the United States, Gilliam said. “We have been fortunate to attract many of North Dakota’s leading business and community leaders as Badlands investors, and we continue to discuss debt and equity capital markets needs with major financial institutions.”
 
In developing the world-class manufacturing plant, Badlands is working with two strategic partners, Tecnicas Reunidas, or “TR” (www.tecnicasreunidas.es), which is based in Madrid, Spain, as well as Vinmar Projects (www.vinmar.com/projects/) of Houston, Texas. TR, one of the largest petrochemicals and polymers contractors in the world, is completing a preliminary engineering analysis for Badlands. This work is scheduled for completion in 2014 and will include technology evaluations, engineering and planning, and final site selection. 
 
Vinmar provides services in support of project finance for the development partners.  Vinmar and Badlands have signed a mutually binding, 15-year memorandum of understanding for 100 percent of the polyethylene to be produced by the Badlands project. 
 
Badlands NGL, LLC is a Delaware limited liability company. Principals and strategic partners of Badlands have considerable experience in development, construction and management of operations that convert natural gas liquid into polyolefin products.

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          2015 Tourism Grant Deadlines Nearing   
By ND Commerce - Tourism Division

North Dakota’s tourism entities have until August 29th to apply for two grants from the North Dakota Department of Commerce and North Dakota Tourism.
 
Tourism Director Sara Otte Coleman says the event and marketing grants are important to not only the tourism industry partners who receive the funds, but to the state's tourism industry as a whole, "These funds allow tourism entities to expand their marketing efforts to promote their destination or event.” 
 
Events and Marketing Grant Programs
North Dakota Tourism directly sponsors two grant programs that provide a maximum of $5,000 in matching funds for promotion of regional events and for specific tourism marketing plans.
 
The Events Grant Program provides funds to communities and event promoters wanting to regionally promote their 2015 tourism-related event. Qualifications include:
  •     Must be two or more days in length.
  •     Must be an annual event (no centennial celebrations, etc.).
  •     Must be a unique event (e.g., no Fourth of July, Labor Day, etc., celebrations).
  •     Must have visitor appeal and growth potential.
 
The Marketing Grant Program provides funds to develop marketing materials to promote an experience, activity or place unique to the North Dakota. Qualifications include:
  •     At least 75 percent of marketing activities resulting from the grant must be promotional, focused on providing travel information.
  •     Communication must focus on illustrating unique North Dakota experiences in support of the state’s tourism branding, “North Dakota Legendary,” to maximize brand equity.
  •     Must demonstrate partnerships and regional collaboration in the promotional effort. Applications that package or cross-sell tourism experiences, education vacations and new technology-based marketing programs will be scored higher.
 
Applications for both the Events and Marketing Grant Programs must be received by August 29, 2014. Recipients of approved grants will receive 25 percent of the grant money within 90 days. The remaining 75 percent will be paid following the event or completed marketing project.
 
Applications for all three grants are available at http://www.ndtourism.com/industry/north-dakota-tourism-grants.  For more information on tourism grants, contact Dean Ihla with North Dakota Tourism at 701-328-3505 or dihla@nd.gov

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          Dalrymple Touts North Dakota's Strong Economy at Forbes Reinventing America Summit   
By ND Governor
Gov. Jack Dalrymple today attended the Forbes Reinventing America Summit in Chicago and spoke to attendees about the strength of North Dakota’s economy and how the state is leading the nation in economic growth, job creation and the expansion of targeted industries. Dalrymple was invited to address the summit by Forbes publisher and North Dakota native, Rich Karlgaard.
 
“Exciting things are happening in North Dakota and the nation is taking notice,” Dalrymple said. “We have a strong message of growth and innovation, and I enjoyed bringing that message to the summit as an example of what can be done across the country.”
 
During his remarks, the Governor highlighted some of the state’s economic milestones and rankings, including recent reports that name North Dakota a leader in both personal income and population growth.
 
Dalrymple stated that for the sixth time in the last seven years, North Dakota has recorded the strongest personal income growth among all states, according to the U.S. Bureau of Economic Analysis. The state’s average personal income increased 7.6 percent last year, while the nation averaged 2.6 percent growth. The U.S. Census Bureau announced today that population growth is being reported in all regions of the state and that a number of North Dakota communities and counties ranked among the nation’s fastest growing.
 
The Forbes Reinventing America Summit is a first-of-its-kind event bringing together industry executives, entrepreneurs, academics and elected officials who are leading the next revolution of innovation and opportunity in the country. Joining Dalrymple as speakers were Steve Forbes, Forbes Media; Bill Ford, Ford Motor Company; Chicago Mayor Rahm Emanuel; David Cote, Honeywell; and Sam Zell, Equity Group Investments.
 

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           The equity premium puzzle and decreasing relative risk aversion    
Roche, Maurice (2005) The equity premium puzzle and decreasing relative risk aversion. UNSPECIFIED. (Unpublished)
          thoughts on canada 150   
It's Canada Day, this year dubbed Canada 150, with its own corporate brand and a carefully worded story of that number 150. We also have Canada 150+, which acknowledges that human cultures and societies have been living in what is now Canada for thousands of years.

I have mixed feelings about Canada Day.

First, I despise nationalism of all kinds, including the kind called patriotism. I used to make a distinction between the two (something I learned from my mother), but have come to feel that it is all the same: I am better than you because I live on this piece of land and you don't. In Canada, patriotism mostly translates into complacency, as if "we're much better than our neighbours to the south!" is good enough.

But more importantly, when it comes to Canada 150, are indigenous people. The very concept of Canada 150 excludes and erases the original inhabitants of this land. From an indigenous point of view, Canada 150 marks the beginning of colonialism, occupation, extermination.

This would be bad enough, if the horrors weren't still being lived right here, right now. A country that spends $500,000,000 celebrating itself should be able to bring clean water to everyone who lives here.* The Missing and Murdered Indigenous Women issue should be wrapped up by now, a shameful piece of history, not an ongoing battle. Governments should be thanking indigenous leadership on the environmental front, and trying to reverse the damage done to indigenous land and water by extraction industries.

Most of my leftist comrades eschew Canada Day for this reason, and are disgusted by Canada 150.

I agree. And yet... I have another perspective, too.

I love Canada in many ways. I am grateful that I was able to come here and begin my life anew. I love that Canada was an early adopter of equal marriage, and now leads the way in the rights of transpeople. I love Canada's public health care (and wish there was a whole lot more of it). I love that women (mostly) have full control over our reproductive lives. I love the multiculturalism, and the strong reaction when that value is transgressed. Of course there is racism here -- which only means Canadians are human beings -- but the kind of virulence and violence seen every day in the US would never be tolerated here on a large scale.

The indigenous perspective is big news here -- emphasized in the mainstream media and acknowledged by the top level of government. Many countries all over the world refuse to even acknowledge a colonial or genocidal past. Words without action are meaningless, but no action can begin without that acknowledgement; while words alone are insufficient, they are still significant.

I have spent most of my life opposing state power, and there's plenty to work on here, on every front -- peace, environment, labour, health care, gender equity. None of it is good enough. But if we widen the lens to view Canada globally, it's one of the best places to live on the planet. There's a lot I would change and fix, but if we could magically give everyone on the planet the quality of life enjoyed by most Canadians, it would be a vast improvement. (Of course, the planet would collapse, because its resources would be instantly depleted. But we're only talking metaphor here.)

Canada is far from perfect -- and Canadians know that, acknowledge it, and strive for better. Which in turn is part of why I love it here.

Canada 150 doesn't mean a lot to me. But there's no way around it. I love Canada. That's why I'll never stop criticizing it.



* To be fair, most of that money went to repairing and renovating infrastructure that will should last well beyond the July 1, 2017 party. Perhaps that highlights the issue even more starkly!



          The nature and effectiveness of central-bank communication   

The nature and effectiveness of central-bank communication

Stephen Hansen, Michael McMahon 03 February 2016

Over the past two decades, central bank communication has become an increasingly important policy instrument. Figure 1 plots the use of the phrase “central bank communication” in English books over the recent past. Usage rapidly expands after essentially no coverage before 2000. One illustrative example is the recent decision of the US Federal Reserve’s Federal Open Market Committee (FOMC) to raise policy rates by 25 basis points on 16 December 2015. While markets widely anticipated this decision, there was a great deal of speculation beforehand about the statement the Federal Reserve would release with its decision that would outline its views on economic conditions and forward guidance on future policy decisions.

Figure 1. Frequency of phrase “central bank communication” in Google Books corpus over time

Note: y-axis scale is *10e-10 percentage points.
Source: Google Ngram Viewer.

The importance of communication to monetary policy has risen alongside a recognition that controlling market expectations is as important – if not more so – than setting the actual overnight policy rate. Communication is one of the main channels through which central bankers can affect market beliefs about its future actions. Evidence of this comes from the event-study analysis of Gürkaynak et al. (2005), who show that on Fed decision days the statement moves markets beyond the effect of the change in contemporary policy rate. More generally, once one accepts the importance of communication in shaping expectations, an important issue is to design the optimal communication policy (Reis 2013).

While the literature has established that communication can drive expectations, it has not pinned down the mechanism by which it does. In other words, given that central bankers can speak about a variety of issues, which ones are most important for driving market outcomes? Our recent paper builds on the computational linguistics techniques developed by Blei et al (2003) and introduced to the economics literature by Hansen et al (2014) to address this question (see Hansen and McMahon 2016).

Measuring central bank communication

For our analysis, we consider Fed statements from 1998 up to 2014. These statements – released when the policy interest rate is announced after each FOMC meeting – provide short summaries of the FOMC’s thinking behind interest rate decisions. There are eight such meetings each year. Central bank communication can give information along (at least) two distinct dimensions. First, the Fed has in place a large infrastructure for determining economic conditions, not all of which is available to market participants. By disclosing its views on conditions, the Fed can provide additional information to outsiders. Second, the FOMC can indicate how it expects to set future policy, so-called ‘forward guidance’.

To measure communication about economic conditions, we first estimate a topic model called Latent Dirichlet allocation (Blei et al 2003) on the set of paragraphs of all Fed statements in our sample. This both estimates topics or coherent themes within the data, and then decomposes each paragraph into the percentage of time it spends covering each topic. Importantly, there are no pre-defined labels on topics; instead, the algorithm groups together words in a completely data-driven way. After estimating topics, we identify several that pertain to economic conditions – prices and inflation; the demand side of the economy; labour market conditions; and growth prospects. Figure 2 illustrates the topic pertaining to labour market conditions as a word cloud in which the size of the word is proportional to the probability it appears in the topic.

Figure 2. Example topic about economic conditions

For the next step, we identify which paragraphs are predominantly about economic conditions and then, within these paragraphs, count the number of ‘expansionary’ words – such as “increasing”, “accelerating”, etc. – and subtract the number of ‘contractionary’ words such as “weak”, “slow”, etc. (The specific lists are taken from Apel and Blix Grimaldi 2012). This allows us to construct an index for each meeting’s statement of how positive the Fed is about economic conditions.

To measure forward guidance, we manually identify relevant paragraphs.1 We take a broader conception of forward guidance than some of the recent literature. We consider paragraphs to contain forward guidance if they reflect conditional statements about the extent of monetary support going forward, if they contain the date-based guidance of the FOMC in recent years, or if the FOMC statement is clear about the balance of risks as seen by the FOMC. To form our measure of a particular meeting’s forward guidance, we multiply the share of a statement’s total words made up of paragraphs about forward guidance and multiply it by the overall direction of the guidance (an increase in future rates = 1; a neutral stance = 0; and a decrease in future rates = -1). To arrive at the final index, we rescale this measure by the number of words in the forward guidance paragraphs that reflect uncertainty (the specific list is taken from Loughran and McDonald 2011) – the more ‘uncertain’ words the paragraphs contain, the lower the index. The idea is that more precise forward guidance should be more informative than ambiguous statements.

Figure 3 plots the time series of both our economic conditions and forward guidance indices. The former roughly tracks the business cycle (though it is noisy), while the latter grows in prominence over time, in particular in the recent period in which the Fed engaged in unconventional monetary policy.

Figure 3. Indices of Fed communication about economic conditions and forward guidance

Effects of public communication

Our ultimate question of interest is which dimension of monetary policy communication —economic conditions or forward guidance — is more important for explaining the market responses to Fed statements. We also need to control for the policy rate decision that accompanies Fed statements. For this, we use the shadow rates constructed in Wu and Xia (2014) that correct for the fact that the main policy rate of the Fed reached its effective lower bound in the wake of the financial crisis of 2008-2009.

To study the impact of multi-dimensional monetary policy (communication in addition to the monetary stance), we employ a factor-augmented vector autoregression (FAVAR) statistical model. This allows us to model interdependencies among all variables while capturing the effects of the macroeconomy using factors from a large array of macroeconomic time-series data.

We first study the reaction of financial asset prices to monetary policy. In terms of bonds, we find that the short end of the yield curve reacts very little to communication, but is fairly sensitive to the policy rate. But as one goes out further in the yield curve, forward guidance plays an increasingly important role in explaining variation in bond prices. On the other hand, communication about economic conditions explains very little of the observed bond price movements in our data at all time-horizons. The overall pattern is similar for equity prices – forward guidance explains three to four times as much movement in market indices as economic conditions communication.

We also study the relationship between monetary policy and the real economy. Here again, we find an important role for forward guidance relative to economic conditions. In fact, forward guidance explains as much variation in short-term unemployment rates as the monetary stance itself. Again though, there is little role for economic conditions in explaining movement in unemployment, prices, and other measures of economic activity.

Overall, then, the message of our work is that markets appear to put much more weight on what central banks say about their future policy decisions than what they say about economic conditions. This is consistent with a view in which market participants and the Fed have a similar understanding of the state of the economy at any given point in time, but substantial uncertainty exists regarding the future behaviour of the central bank. In this environment, communication shapes expectations through providing markets with additional information on how the central bank will behave in the future.

References

Apel, M and M Blix Grimaldi (2012) “The information content of central bank minutes”, Working Paper Series 261, Sveriges Riksbank (Central Bank of Sweden).

Blei, D M, A Y Ng and M I Jordan (2003) “Latent Dirichlet allocation", Journal of Machine Learning Research, 3: 993-1022.

Blinder, A S (1998) Central banking in theory and practice, Cambridge MA: MIT Press.

Gürkaynak, R S, B Sack and E Swanson (2005) “Do actions speak louder than words? The response of asset prices to monetary policy actions and statements”, International Journal of Central Banking 1(1).

Hansen, S and M McMahon (2016) “Shocking language: Understanding the macroeconomic effects of central bank communication”, CEPR, Discussion Paper 11018.

Hansen, S, M McMahon and A Prat (2014) “Transparency and deliberation within the FOMC: a computational linguistics approach”, CEPR, Discussion Paper 9994.

Loughran, T and B McDonald (2011) “When is a liability not a liability? Textual analysis, dictionaries, and 10-Ks”, Journal of Finance, 66: 35-65.

Reis, R (2013) “Central bank design”, Journal of Economic Perspectives, 27(4): 17-44.

Wu, J C and F D Xia (2014) “Measuring the macroeconomic impact of monetary policy at the zero lower bound”, NBER, Working Papers 20117.

Footnotes

1 For larger sets of documents, one can apply classification algorithms to automate labeling.

Topics:  Financial regulation and banking Frontiers of economic research Macroeconomic policy

Tags:  Information, Communication, Central Banks, central banking, Fed, central bank communication, expectations, markets, interest rates, forward guidance, economic conditions, policy


          March 2017 Newsletter Welcome   
Dear URI Community, Welcome to the inaugural newsletter for the Office of Community, Equity and Diversity (CED). The goal of the newsletter is to keep the University community informed about the programs, initiatives, and educational opportunities offered by CED. CED includes the Bystander Intervention Program; Gender and Sexuality Center; Multicultural Student Services Center; Office of […]
          Zeta Picks up Stake in ZingHR   
(MENAFN Editorial) Bangalore, Karnataka, India Zeta, a fintech pioneer in digitised employee benefits solutions, has made a equity investment in ZingHR, a cloud services provider,...
          Markets Are Still Dancing To The QE Two-Step...But Is the Music About To Stop?   

Authored by Chris Hamilton via Econimica blog,

Just a quick thought about what is driving the US stock market.  The chart below shows the Wilshire 5000 (representing all publicly traded US equities in red), the Federal Reserve balance sheet (black), and excess reserves held at the Federal Reserve Bank by the largest of private(?) banks (likely a majority of these reserves held by foreign banks).  What you may notice is the rise in equities since '09 correlating with the rise in the Federal Reserves balance sheet until QE ended.  Then a momentary pause in equities during 2015, and another strong leg higher since.  That strong leg higher correlates nicely to the drawdown in the excess reserves held at the FRB, particularly since 2016.

The chart below shows these dynamics since 2008.  The Federal Reserves purchase of $3.6 trillion in new "assets"...and the continual rise in excess reserves banks hold at the Fed until September, 2014.  As the reserves and QE ceased rising and were essentially flat, the market began rolling over.  However, by late 2015 banks began withdrawing those excess reserves and putting them to work...and the equity markets positively responded.

articolo tratto da www.blogonomy.it


Diecimila euro. Tanti sono bastati a Luca Ascani, a 25 anni appena, per lanciare nel 2004 GoAdv, società di servizi d’informazione dal 2007 quotata alla Borsa di Parigi e che oggi ha una capitalizzazione di circa 60 milioni di euro. Scommessa vinta, dunque, per un enfant prodige «senza agganci», che in pochi anni ha saputo trasformare un’idea apparentemente irrealizzabile in una macchina da soldi: stando agli analisti dovrebbe chiudere il 2008 con un giro d’affari di 40 milioni di euro e uno staff di 100 persone in tutta Europa (vedere l’articolo a pagina 19). Ma Ascani non è certo l’unico «genio tecnologico» made in Italy degli ultimi anni. Anzi, nonostante che il nostro Paese sconti un ritardo storico sul fronte dell’innovazione tecnologica (e non solo), le buone idee non mancano: secondo i dati espressamente elaborati per Economy dalla Camera di commercio di Milano, alla fine del 2008 erano esattamente 130.731 le imprese hi-tech italiane, il 3,6% in più del 2007. E la sola Lombardia ne vanta 28.470 (vedere la mappa a pagina 20). A mancare, semmai, sono i fondi di venture capital: quelli che, per capirci, negli Stati Uniti hanno finanziato migliaia di grandi e di piccole aziende tecnologiche, da Google fino alle miriadi di società da anni presenti nella mitica Silicon Valley, l’areea a sud di San Francisco che è tra le regioni più hi-tech del globo.
In Italia più che altrove c’è un folto gruppo di imprenditori di prima generazione, trentenni o poco più, che hanno saputo rischiare nel settore tecnologico. E di fronte alla carenza di capitali hanno iniziato chiamando a raccolta parenti e amici per racimolare i primi soldi da investire. «È quello che gli anglosassoni chiamano l’approccio delle “3F”, ossia family, friends and fools (cioè famiglia, amici e folli, ndr)» dice a Economy Alberto Giusti, 36 anni, «imprenditore seriale» ormai giunto alla sua sesta avventura hi-tech

I business angel. Alle «3F», in alcuni casi, si aggiungono poi i cosiddetti «business angel», ossia gli investitori informali, manager o professionisti, che sono soliti intervenire quando l’attività è ancora in fase embrionale. «Sono privati con patrimoni accumulati sul campo, generalmente nelle stesse attività che vanno poi a finanziare. Per questo motivo, a differenza delle banche, sono in grado di valutare i rischi dei progetti di start-up» specifica Simone Bassanini, senior manager della società di consulenza Kpmg che, con il supporto dell’Aifi (Associazione italiana private equity e venture capital) e di Intesa Sanpaolo, ha tracciato l’identikit dei «business angel» italiani. Il loro investimento medio si aggira sui 180-200 mila euro circa, pari, in genere, a una quota del 30-40%, o anche meno, del capitale sociale. Portano soldi, dunque, ma anche competenze e in 3-5 anni escono, vendendo le proprie quote a terzi, di solito investitori formali: private equity o, ancora, partner industriali veri e propri.
Purché sia possibile trovarne. In Italia, infatti, la strada in questo settore è tutta in salita. Nel primo semestre del 2008 l’Aifi ha calcolato che su 170 operazioni di private equity e di venture capital, per un totale di 2,77 miliardi di euro, soltanto 40 interventi per 52 milioni di euro complessivi hanno riguardato start-up al livello d’inizio. Queste operazioni, oltretutto, sono state coperte nel 50% dei casi da finanziarie regionali e solo in minima parte da banche (7,5%) o da società di gestione del risparmio (2,5%). Eppure «se c’è un momento in cui diventa vitale puntare su nuove idee di business è proprio quello attuale» interviene Alessandro Spada, presidente di Innovab, l’azienda per l’innovazione della Camera di commercio di Milano, Monza e Brianza. «Solamente così si può dare nuovo impulso all’economia una volta che la crisi sarà passata».
Tanto più che con il decreto-legge 112 varato il 25 giugno scorso, meglio noto come «decreto Brunetta», sono state introdotte per la prima volta in Italia misure fiscali che incentivano gli investimenti in start-up. Che sia giunta l’ora della svolta? I tre giovani imprenditori intervistati da Economy nelle pagine che seguono si augurano di sì. E ricordano: «C’è chi pensava che fossimo folli, e invece…».
La loro è una vera professione di ottimismo.

Una ventottenne di Milano ha unito gioielli e tecnologia e oggi vende le sue creazioni nelle migliori gioiellerie d’Europa. Un trentaduenne di Vicenza ha fondato un’azienda di telefonia «low cost» per le chiamate all’estero. Un romano di 29 anni ha fondato un’azienda che ha scavalcato le Alpi per quotarsi a Parigi: ora capitalizza 60 milioni di euro. Antonella Fiorentino, Manuel Zanella e Luca Ascani, nonostante le difficoltà di accesso al credito e le ritrosie di una cultura «made in Italy» che non agevola le start-up tecnologiche di giovani imprenditori, ce l’hanno fatta. Ecco come ci sono riusciti.

Antonella Fiorentino
Gioielli che suonano molto bene
(e le star stanno ad ascoltare)

Si dice che alle spalle di ogni grande uomo agisca una donna forte. In questo caso, una giovane di carattere e dall’indubbio talento imprenditoriale sta dietro un’iniziativa commerciale partita nel dicembre 2008 e che, nel giro di un mese, è già riuscita a conquistare ordini e commesse per un valore superiore ai 100 mila euro.
Lei è Antonella Fiorentino, 28 anni: a cavallo fra il 2007 e il 2008 ha fondato ad Azzate Varesino la società di trading Double Crazy, dalla quale è sorto poi il marchio commerciale «Kiwie Jewels». La missione era trasformare gli oggetti hi-tech più popolari e affermati in veri gioielli, incastonandoli in cornici e in supporti fatti di autentiche pietre preziose. Grazie ad alcune precedenti iniziative commerciali, durate circa un anno, Antonella e il marito Daniele De Molli (37 anni) hanno incamerato la maggior parte del milione necessario all’apertura della nuova impresa.
Hanno sviluppato contatti cruciali con i produttori asiatici di prodotti digitali, tra Mp3 e cuffie per cellulari, mantenendo il design in Italia. «Quello dell’elettronica» dice Fiorentino a Economy «è però un settore maturo dove è difficile riuscire». Per farlo serviva qualcosa di innovativo, che differenziasse l’offerta. «L’abbiamo trovato nei gioielli» continua Fiorentino. «I prodotti Kiwie Jewels oggi sono in 42 vetrine in tutta Italia».
I guadagni dell’azienda hanno raggiunto gli 80 mila euro nel giro di un mese, già alla fine del dicembre 2008. Ma è stato solo l’inizio, perché dopo avere preso parte alla fiera mondiale dell’elettronica di Las Vegas e dopo avere trovato spazio nei punti vendita più chic di Londra, ora Kiwie Jewels vuole ampliare la sua rete. Da febbraio sarà anche in Spagna e in Svizzera, dapprima nei negozi di Foxtown a Mendrisio e poi in altre dieci gioiellerie.
In Italia le creazioni di Kiwie Jewels sono in boutique «trendy»: il Cielo di piazza Duomo a Milano e Brusco, il distributore di Rolex e di Bulgari del centro di Roma. Ma tra due mesi i tecnogioielli saranno in altri 100 negozi: «Naturalmente siamo molto interessati a mercati come gli Emirati Arabi o gli Stati Uniti» dice Antonella «dove però abbiamo già una serie di testimonial di primo piano: ci hanno garantito un’ottima visibilità internazionale».
Sono cantanti come l’emergente Rihanna o famosi come Mariah Carey; ma anche attrici del calibro di Eva Longoria (Casalinghe disperate), cui il marito Tony Parker, campione della pallacanestro, ha appena regalato un ciondolo a forma di cuore che si schiude per scoprire due lettori di file Mp3: è il modello «Twinheart» di Kiwie Jewels. «Crediamo che possa essere un successo per il San Valentino 2009» dice la giovane manager «ed è in vendita a soltanto 80 euro».
L’idea di base è che il lusso hi-tech debba restare il più possibile alla portata di tutti, anche se i prodotti di fascia alta con diamanti, come l’Mp5, partono da 400 euro. Progettata e disegnata nell’atelier di Azzate, in provincia di Varese, ma realizzata in Asia con il supporto delle sedi aperte a Shenzhen, in Cina, la linea Kiwie Jewels è rivestita con pietre incastonate di provenienza certificata, lavorate in Italia da maestri orafi. La gamma, che oggi è fatta di sette «famiglie» di prodotto (compresi gli Swars, orecchini-auricolare tempestati di preziosi), accoglierà presto creazioni inedite: «Il 14 febbraio» dichiara Fiorentino «sarà anche la nostra festa, perché presenteremo le nuove proposte proprio per il giorno degli innamorati. E se tutto andrà bene, il prossimo passo sarà un negozio monomarca».
Intanto c’è la soddisfazione di essere cresciuti senza aiuti. «Abbiamo avuto credito dalle banche» conclude Fiorentino «ma per piccola parte del capitale iniziale. E solo la Popolare di Bergamo ha creduto davvero in noi».

(Roberto Carminati)

Manuel Zanella
L’inventore che convinse il «mito»
della sua infanzia a entrare nei telefoni

L’ufficio di Manuel Zanella è una macchia di colore arancio-verde nel grigio della zona industriale di Vicenza. A pochi centimetri dal computer, sulla scrivania, la foto di suo figlio nato il 12 dicembre 2008. Sulla parete di fronte, due copertine di un mensile economico. La prima ha in primo piano il volto di Silvio Berlusconi. Sulla seconda campeggia Ennio Doris, numero uno di Mediolanum. «Un giorno metterò lì accanto la terza copertina: magari quella di Economy» dice. «E ci sarà la mia foto».
Presuntuoso? Forse. Di sicuro ambizioso e determinato. Zanella, 32 anni, è figlio di un perito elettrotecnico che aveva una fonderia venduta nel 2005 e il mito di Doris, vicentino, imprenditore «fai-da-te» se lo porta dietro da quando è bambino, da quando voleva fare l’inventore. Dopo una laurea in ingegneria elettronica a Padova, inizia a lavorare come «family banker» proprio in Mediolanum. Nel 2003 si sposa e parte per il Kenya. E lì nasce l’idea che nel 2006 lo porta alla fondazione di Zero Mobile: «Per telefonare e ricevere chiamate dall’Africa all’Italia spendevo 6 euro al minuto, un’enormità» racconta.
Come evitare quel salasso? «Non ho fatto altro che guardare a quanto già esisteva in Inghilterra e Stati Uniti» risponde«e ho fondato Zero Mobile, un operatore globale di telefonia low cost rivolto solo a chi viaggia all’estero per lavoro e per turismo».
Particolare è anche il canale di vendita: solo agenzie di viaggi e società che forniscono servizi business alle imprese, oltre alle agenzie Lottomatica. L’idea c’era. Ma servivano i soldi: almeno 250 mila euro, per iniziare. Zanella sapeva che le banche difficilmente avrebbero finanziato una start-up. E voleva che fosse proprio Doris il suo «business angel».

Un incontro difficile. Così decide di andare a casa sua: a Tombolo, vicino Vicenza. Tenta due volte di consegnare una lettera a Doris. Poi ottiene un incontro, ma con un suo collaboratore che non si mostra interessato. Zanella non si arrende. Torna a Tombolo e consegna una terza lettera. È il luglio del 2006. La segreteria di Doris lo chiama e gli fissa un appuntamento. «Questa volta Doris c’era» racconta Zanella. «Mi ha detto: io di telefonia non capisco molto. Ma voglio fidarmi della tua determinazione».
E ha finanziato Zero Mobile con 100 mila euro attraverso due società personali, H Invest eH Equity. Altri 150 mila sono arrivati da Daniele Bortolotti, che è il cognato di Zanella e il titolare di Petrolvilla Group, 400 milioni di ricavi da prodotti petroliferi. Nel 2007, poi, è stato fatto un aumento di capitale fino a 400 milioni. Oggi il 75% di Zero Mobile è in mano alle due società di Doris, il 10% a Petrolvilla Group e il 15% a Zanella. L’azienda ha otto dipendenti e coinvolge una rete di circa 100 agenti. E le sim di Zero Mobile sono in vendita in circa 900 agenzie, più nella rete di Lottomatica. 
Il meccanismo è semplice: Zero Mobile ha un accordo con un operatore di telefonia estone che gli mette a disposizione la piattaforma di roaming internazionale e un sistema («call back») tale per cui la chiamata viene trasformata da internazionale a nazionale. I risparmi arrivano all’85%. E dopo la sim è nato anche lo «Zerofonino», un cellulare dual sim Umts realizzato dalla cinese Techfit (la stessa che produce apparecchi per la Nokia) in cui inserire due card: la prima dell’operatore tradizionale, la seconda di Zero Mobile per i viaggi all’estero. Il business plan prevede 15 milioni di fatturato entro il 2011 e il break even nel 2009. «Gli accordi che abbiamo già in mano ci consentono di pensare che rispetteremo gli obiettivi» dice sicuro Zanella: l’«inventore» vicentino che ha convinto il suo mito dell’infanzia a rischiare con lui.

(Ilaria Molinari)

Luca Ascani
Partire su internet con 10 mila euro
e arrivare a capitalizzare 60 milioni

È del 1979, ma tiene moltissimo a dire che «non ha ancora 30 anni», perché è nato in novembre. Luca Ascani, romano, sventola all’estero la bandiera del talento italiano alla guida di GoAdv, società di servizi d’informazione e di comunicazione, quotata al listino Alternext (Nyse-Euronext) di Parigi, con una capitalizzazione che oggi vale circa 60 milioni di euro. La sua è la classica storia dell’enfant prodige «senza agganci». Non ha una laurea nel cassetto perché, dice a Economy, «ho fatto due anni di giurisprudenza, ma non faceva per me», ed entra nel mondo internet in maniera casuale. Era il 1999 quando, a soli 20 anni, viene reclutato da BuyCentral, società specializzata nella comparazione dei prezzi su internet, per fare uno stage a Parigi. «L’unico punto di forza che avevo era la buona conoscenza della lingua francese» dice. «Ma non ero un patito di computer e anche oggi non so realizzare nemmeno una riga di html».
Essere italiano, invece, gli dà la possibilità nel 2000 di diventare il responsabile del lancio del progetto BuyCentral in Italia: e come partner e amministratore delegato. Quattro anni dopo BuyCentral viene acquisita da Lycos e, nel luglio 2004, Ascani si lancia in un nuovo progetto: la società di servizi d’informazione e comunicazione online GoAdv. Con lui c’è il socio Salvatore Esposito, 34 anni, che dopo BuyCentral ha fatto un’esperienza in Altavista.
Partito con un investimento di 10 mila euro, Ascani è riuscito a crescere sviluppando una società con un fatturato di oltre 18,4 milioni di euro al primo semestre, che si è chiuso il 30 giugno 2008, e uno staff di 100 persone in tutta Europa. La chiusura d’anno è attesa alla fine del febbraio 2009 con un fatturato che gli analisti stimano sui 38 milioni di euro. Ascani ricorda di avere avuto da subito una visione paneuropea per lo sviluppo della sua impresa: «Ho iniziato in Italia, che non è considerata il punto di partenza ideale per avviare un business online: ma sono andato contro gli stereotipi e ho dimostrato che non era solo una possibilità, ma una vera opportunità». Così l’imprenditore ha deciso che la società non si limitasse al mercato italiano e in pochi mesi ha aperto un ufficio nel Regno Unito: «Un anno dopo eravamo attivi in otto Paesi europei e questo ci ha consentito di sviluppare velocemente il business».

Diciassette milioni di utenti. Adesso GoAdv conta su 17 milioni di utenti al mese, con una rete di siti web ad alta visibilità attivi nel Regno Unito, in Germania, Paesi Bassi, Francia, Italia, Spagna, Svezia e Polonia e sedi a Roma, Dublino, Parigi, Manila e Casablanca. La rete include il gruppo di portali generalisti Excite Europe, acquistati subito dopo la quotazione in Borsa;BetterDeals, una serie di siti verticali personalizzati che aiuta gli utenti a sfruttare al meglio le ricerche sul web; e Track Set, società di Pisa che opera nella web analytics, ovvero analizza i percorsi di navigazione degli utenti sui siti.
«Per una crescita reale è di vitale importanza adottare una prospettiva paneuropea e una visione che vada oltre il territorio, specialmente nel mondo internet» dice Ascani che va fiero del fatto di non essere mai ricorso alle banche. «Il nostro sviluppo è sempre stato organico, non ho mai avuto bisogno di investire al di là della liquidità che la mia azienda produceva» dice. La gestione oculata del denaro la ritiene un’eredità familiare: «Ho sempre seguito il prezioso consiglio di mio padre: prima fare profitto e poi investire» dice.
Per questo Ascani procede sempre a piccoli passi, attenendosi a due punti fermi: «rentability and scalability», ovvero il business deve essere in utile e scalare, altrimenti si crea un limite alla crescita. «Momenti difficili ce ne sono stati» ammette «ma lo stress negativo può durare qualche ora, poi bisogna trovare la soluzione, positivizzare sempre».
Un passo fondamentale, però, lo ha fatto due anni fa, cedendo al mondo della finanza con l’ingresso in Borsa. «Siamo stati fortunati perché siamo entrati prima della discesa e abbiamo tenuto bene» dice. La quotazione è avvenuta con un private placement interamente sottoscritto, per 5,5 milioni di euro, dal fondo di private equity Truffle venture.
E l’impatto con la finanza è stato positivo, visto che nel giugno 2008 Ascani è tornato sul mercato con il lancio di un’obbligazione convertibile da 11,5 milioni e scadenza cinque anni, sempre rivolta a investitori istituzionali. «Adesso abbiamo 20 milioni di euro in cassa da investire in acquisizioni e strategicamente nel 2009 ci guarderemo intorno». Per crescere ancora. A piccoli passi.


          Venture Community Assolombarda   
La Venture Community dei Giovani Imprenditori Assolombarda è il primo progetto ideato e sviluppato da un’associazione confindustriale per favorire direttamente la nascita di nuove imprese. La Venture Community vuol essere un punto di incontro per imprenditori che vogliono trovare soci industriali e/o finanziari per lo sviluppo della propria impresa. Oppure per fondi di venture capital, private equity e business angel in cerca di nuove opportunità di investimento.
          Equities Turn So Hot Even Central Bankers Are Taking Notice   
Fed Chair Janet Yellen was the latest policy maker to comment, calling equity valuations "somewhat rich."
          Renovation of San Diego Area Affordable Housing Community Completed   

WNC provided $4.4 million in LIHTC equity to aid in renovating Sonoma Court Apartments, including the installation of energy efficient modifications

San Diego, CA -- (ReleaseWire) -- 03/18/2015 -- WNC, a national investor in real estate and community development initiatives, announced today the completion of an extensive renovation to Sonoma Court Apartments, which provides 61 units of affordable housing to Escondido families. WNC provided $4.4 million in low-income housing tax credit (LIHTC) equity to fund the project.

Located at 508 E. Mission Ave., Sonoma Apartments is comprised of a mix of one-, two- and three-bedroom units. Resident amenities include onsite management, a community room, swimming pool, centralized laundry facility, picnic area, extensive green belts, playground and gated entry and parking. Each unit includes central heating and air conditioning, new carpeting, a balcony or patio, and an upgraded stove, refrigerator and dishwasher.

"We are very pleased to have worked with Affirmed Housing and NEXUS for Affordable Housing Inc. to improve and maintain a vital component of Southern California's affordable housing supply," said WNC Executive Vice President and Chief Operating Officer Michael Gaber. "Sonoma Court Apartments was originally constructed in 1978 and last renovated in 1999. This renovation modernizes and improves the community for current and future residents, while providing valuable energy efficiency upgrades and enhancements."

The renovation of Sonoma Court Apartments included the installation of a solar photovoltaic generation system, new roof, insulation, energy star appliances and energy efficient windows. The property was re-developed by Affirmed Housing Group, with NEXUS for Affordable Housing Inc. serving as the managing general partner of the project.

About WNC
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives. WNC has acquired more than $6.5 billion of assets totaling in excess of 1,225 properties in 45 states, Washington D.C. and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. WNC's investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies.

Additional information is available at http://www.wncinc.com

http://www.wncinc.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-587161.htm

Media Relations Contact

Julie Leber
Telephone: 949-427-5172, ext- 703
Email: Click to Email Julie Leber
Web: http://www.wncinc.com


          Century-Old Building Renovated Into Affordable Housing and More in Hutchinson, Kansas   

WNC provided $7.5 million in LIHTC equity to fund affordable housing units at new Wiley Plaza

Hutchinson, KS -- (ReleaseWire) -- 01/22/2015 -- WNC, a national investor in real estate and community development initiatives, announced today that the renovation of the historic Wiley Building, including the development of 40 affordable housing units, is complete. WNC provided $7.5 million in low-income housing tax credit (LIHTC) equity to fund the adaptive reuse of the building, originally constructed more than 100 years ago.

Reintroduced as Wiley Plaza, the property is comprised of ground-floor and mezzanine retail space, five floors of affordable housing units, and two floors, plus a penthouse, of market rate apartments. Wiley Plaza also includes a new multi-level parking garage with 104 parking spaces.

Wiley Plaza's one-, two- and three-bedroom affordable housing units are open to individuals and families. Common amenities of the elevator-equipped building include on-site management, a community room, fitness center, computer center, elevators and security cameras.

Located at the intersection of North Main Street and East First Avenue, the eight-story building was originally built in 1913 and was expanded twice in the 1930s. The project is located adjacent to the historic Fox Theater in Hutchinson's downtown historic district.

"The Wiley Plaza is a testament to the ability of private and public entities to work together to improve our local communities efficiently and effectively," said WNC's Senior Vice President of Underwriting, Greg Hand. "State, local and federal tax credits were employed to not only renovate this beautiful structure, but to deliver terribly needed quality, affordable housing to the people of Hutchinson. We couldn't be more pleased with the result."

Wiley Plaza was re-developed by Manske & Associates, LLC. The project also received financing from Historic Preservation Partners Inc., First National Bank, Kansas Housing Resources Corporation and the City of Hutchinson.

About WNC
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives. WNC has acquired more than $6.5 billion of assets totaling in excess of 1,225 properties in 45 states, Washington D.C. and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. WNC's investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies.

Additional information is available at http://www.wncinc.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-576553.htm

Media Relations Contact

Julie Leber
Telephone: 949-427-5172, ext- 703
Email: Click to Email Julie Leber
Web: http://www.wncinc.com


          Maintenance Technician - Equity Lifestyle Properties - Beecher, IL   
ELS) owns and operates the highest quality portfolio of Manufactured Home Communities, RV resorts and campgrounds in North America....
From Equity Lifestyle Properties - Wed, 21 Jun 2017 16:14:04 GMT - View all Beecher, IL jobs
          Service Support Technician - Equity Lifestyle Properties - Tampa, FL   
ELS) owns and operates the highest quality portfolio of Manufactured Home Communities, RV resorts and campgrounds in North America....
From Equity Lifestyle Properties - Mon, 26 Jun 2017 16:18:43 GMT - View all Tampa, FL jobs
          Regional Manager - Equity Lifestyle Properties - Tampa, FL   
ELS) owns and operates the highest quality portfolio of Manufactured Home Communities, RV resorts and campgrounds in North America....
From Equity Lifestyle Properties - Wed, 21 Jun 2017 22:14:53 GMT - View all Tampa, FL jobs
          National Sales Director - Equity Lifestyle Properties - Tampa, FL   
Equity LifeStyle Properties is the leading operator of Manufactured Home Communities, RV Resorts and Campgrounds in North America....
From Equity Lifestyle Properties - Fri, 26 May 2017 00:52:33 GMT - View all Tampa, FL jobs
          Community Manager - Equity Lifestyle Properties - San Rafael, CA   
5 plus years of experience in a management position, hotel or RV preferred. ELS) owns and operates the highest quality portfolio of Manufactured Home...
From Equity Lifestyle Properties - Wed, 28 Jun 2017 22:22:23 GMT - View all San Rafael, CA jobs
          Regional Manager - Equity Lifestyle Properties - Allentown, PA   
Equity LifeStyle Properties is the leading operator of Manufactured Home Communities, RV Resorts and Campgrounds in North America....
From Equity Lifestyle Properties - Thu, 13 Apr 2017 21:38:20 GMT - View all Allentown, PA jobs
           Members from WA and CA Introduce Bill to Support Jobs and Help U.S. Ports Compete   

Washington, D.C. – Reps. Dave Reichert (WA-08) and Nanette Barragán (D-CA) and Senator Patty Murray (D-WA) introduced bipartisan, bicameral legislation to reform the outdated Harbor Maintenance Trust Fund (HMTF). The Harbor Maintenance Trust Fund Reform Act of 2017 would make sure all of the money collected through the Harbor Maintenance Tax (HMT) each year is returned directly to ports in order to improve infrastructure and keep ports competitive. Currently, the HMT is not collected or spent in a way that ensures ports can continue to compete on a level playing field. Some ports, including the Ports of Seattle, Tacoma, Los Angeles, and Long Beach, receive just pennies for each dollar contributed to the HMTF from cargo unloaded at their ports. As so-called “donor ports,” they don’t receive the necessary investments they need to remain competitive. In recent years, U.S. ports have seen ports outside of the country target and capture U.S.-bound cargo in part because of the cost advantage of not charging the HMT. The legislation introduced today would address these inequities, enhance economic competiveness, and support jobs in Washington state and around the U.S. by ensuring donor ports can access funding for port infrastructure and rebates to shippers transporting cargo through their ports rather than routing cargo through Canada or Mexico to the U.S.

“As one of the most trade-dependent states, strong ports are critical to Washington’s local economy,” said Rep. Reichert. “For too long, our ports have been put at a disadvantage - contributing much more than their fair share to the Harbor Maintenance Trust Fund and facing the loss of cargo to foreign ports because of the Harbor Maintenance Tax. By increasing funding to  these ports including for rebates to shippers, the Harbor Maintenance Trust Fund Reform Act will help level the playing field supporting jobs and communities in Washington.”

“For far too long, federal funding for seaports has been inadequate and unfair to donor ports like the Port of Los Angeles which contributes far too much into the Harbor Maintenance Trust Fund than it receives,” said Rep. Barragán.  “I am proud to partner with Congressman Reichert in this bipartisan effort to provide equity and more funding for operations and maintenance at our nation’s seaports, enhancing economic competitiveness and creating good-paying jobs.”  “For more than a decade, a number of U.S. ports have been operating at a competitive disadvantage, which is a drag on our economy and on thousands of good-paying jobs,” said Sen. Murray. “The bipartisan bill we are introducing would be a critical step toward restoring investments in our ports, jobs, and economic development in Washington state and around the country.”

The Harbor Maintenance Trust Fund Reform Act of 2017 would:

Establish full use of the Harbor Maintenance Trust Fund each year with interest by creating a direct spending mechanism for the HMTF;

Ensure HMTF funds collected are allocated fully and more equitably by establishing a set-aside for donor ports;

Address the issue of cargo diversion by increasing investments to donor ports to provide rebates to shippers transporting cargo through their ports or for port infrastructure needs;

Support operation and maintenance at our small ports and harbors by updating the baseline for the set-aside for small ports; and

Better meet our nationwide harbor and waterway needs.

Other House cosponsors of the bill include: Reps. Adam Smith (WA-09), Rick Larsen (WA-02), Suzan DelBene (WA-01), Denny Heck (WA-10), Derek Kilmer (WA-06), Pramila Jayapal (WA-07), Nanette Barragán (CA-44), Grace Napolitano (CA-32), and Alan Lowenthal (CA-47).


          Business Development - Embark, LLC - Dallas, TX   
2+ years of successful experience selling to CFO's, CEO's or Corporate Controllers. Building relationships with Corporate Controllers, Private Equity firms, CFO... $70,000 - $250,000 a year
From Embark, LLC - Tue, 06 Jun 2017 05:10:39 GMT - View all Dallas, TX jobs
          Regional Manager - Equity Lifestyle Properties - Tampa, FL   
We are currently seeking qualified candidates for a Regional Manager in West Palm Beach, Fort Lauderdale, Miami areas of Florida....
From Equity Lifestyle Properties - Wed, 21 Jun 2017 22:14:53 GMT - View all Tampa, FL jobs
          BREAKINGVIEWS-Lessons from Europe’s tricky trio of bank rescues   
"Once is happenstance. Twice is coincidence. The third time it’s enemy action." James Bond’s adversary Auric Goldfinger was not talking about ailing European banks. Nevertheless, investors may find his logic useful when interpreting what three recent rescues say about regulators’ willingness to wind down troubled lenders. On the face of it, the trio have little in common. Creditors of Britain’s Co-operative Bank have agreed to pump 700 million pounds of capital into the ailing institution. Banco Popular of Spain was sold to rival Santander for a euro after suffering a run. Meanwhile the Italian government put up 17 billion euros to cushion the blow from the failure of two Venetian lenders. Nevertheless, there are common themes. The first is that regulators are happy for junior creditors to take the pain. Subordinated bondholders in the Spanish and Italian banks were wiped out; in Co-op’s case their bonds were swapped for equity. The second is that senior bondholders have escaped
          Gold Prices Lower On Shifting Policy Outlook- FOMC Minutes, NFP On Tap   
Gold prices were down this week with the precious metal off by 0.98% to trade at 1243 ahead of the New York close on Friday. The losses come alongside weakness in broader equity markets with all three major US indices flat / lower on the week.
          Emerging Markets: What Changed Last Week   
In the EM equity space as measured by MSCI, Brazil (+2.9%), Russia (+1.5%), and Turkey (+0.9%) have outperformed this week, while Czech Republic (-3.0%), Hungary (-1.2%), and Chile (-0.9%) have underperformed.
          Digital Marketing Manager / CMO Singapore   
NSW-Sydney CBD, Rapidly growing e-Commerce start-up with funding is expanding the team with base + Equity Digital Marketing Manager / CMO Singapore You will join a fast growing start-up in a niche e-Commerce area that has yet to claim a clear leader. You will be a hands on technical manager with expertise in Paid Search, SEO, CRM, Conversion Optimization and Analytics. Generous salary plus equity in the company i
          BidaskClub Lowers Equity Residential (EQR) to Hold   
Equity Residential (NYSE:EQR) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a report released on Saturday. EQR has been the topic of several other research reports. Evercore ISI lifted their target price on shares of Equity Residential from $62.00 to $63.00 and gave the company an “underperform” rating […]
          ICP Equity Sales Associate - IBERIABANK - New Orleans, LA   
The Equity Sales Associate develops, maintains, and manages client relationships with key institutional clients. The incumbent must be a team player who is
From IBERIABANK - Mon, 10 Apr 2017 16:26:11 GMT - View all New Orleans, LA jobs
          HR Generalist - Cardinal Health - Mississauga, ON   
Cardinal Health Canada is currently seeking an Human Resources Generalist Consultant for a 9 months contract. Cardinal Health is committed to employment equity...
From Cardinal Health - Fri, 30 Jun 2017 01:45:35 GMT - View all Mississauga, ON jobs
          Actress Jeans Shorts   

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          American Eagle Jeans Shorts   
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Boy Scouts Of America Troop 776 Goddard, Kansas
Specifically, the BSA endeavors to develop American citizens who are physically, blue jeans, shorts, or other acceptable pants; belt; hiking boots or tennis shoes with but not limited to, counseling, camping and other outings, driving, and non-Eagle Board ... Fetch Doc

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Miss Me Jean Collection/Haul - YouTube
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Long Underwear - Wikipedia, The Free Encyclopedia
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Why What & How (8-19-10).ppt - Don White, Ph.D.
Statements (e.g., Troy Logo, Nike Swoosh, Abercrombie and Fitch, American Eagle, etc.). Pants, Shorts, & Skirts/Dresses • Traditional twill, woven or corduroy pants fabrics of any color are preferred. • Students may wear jeans only if they do not have holes, do ... View Full Source

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2012 Postville Spring City Wide Garage Sales
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Hip Hop’s Slimdown: The Transition From Prison Yard Sag To ...
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Business & Service Carpet Directory Cleaning - MONROE COUNTY
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June Same Store Sales Summary - CorpFinCafe: Prompting ...
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Canton Middle School
Styles are to include solid navy blue or khaki pants; Capri’s, skirts, or shorts. No denim jeans or overalls will be allowed. selection of clothing described: Kohl’s, Sears, J.C. Penney, Wal-Mart, Target, American Eagle (online), Aeropostale (online), Village Discount ...

36th Annual Central MN Boy Scout Lawn Social Sponsored by ...










Hosts Jim & Tami Unger and Gary & Wendy Verkinnes present the 36th Annual Central MN Boy Scout Lawn Social Sponsored by Brandl Motors, an evening of fellowship, networking, great food, and refreshments.

The annual BSA Lawn Social began in 1976 with Cy & Bernie Kuefler hosting the event. Dan & Mabel Coborn continued the tradition by hosting the event for over 20 years.

Originally known as "The Garden Party", the benefit had a modest beginning but grew to become a significant social event and major fund-raising endeavor for Scouting.

Today, the BSA Lawn Social is an exceptional party attended by hundreds of guests. Participants enjoy fellowship and great food at this premier social event.


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S Outh Dakota’s Nine Tribes Invite You Visitor To Visit ...
Native American communities contain a diversity of jeans and especially high shorts are also offensive at Po box 590, EAGLE buTTE, SD 57265 605-964-7812 oR WWW.SIoux.oRG ...

Silver Peak Wilderness, Republic of California, United States of ...










SPD, PAD, and CALB reunite in the coastal wilderness of California to test back country skills, endurance limits, and the brotherhood of the Eagle Scout. Silver Peak Wilderness put up a good fight, but it was no match for veterans of BSA Troop 626.


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Fashion: Amy's Summer Outfits I - YouTube
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American Eagle Outfitters, Inc. is a retailer that markets and sells its own brand of laidback, current clothing targeting 15 to 25 year-olds Its stores offer casual sportswear apparel, including knit and woven shirts, graphic t-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear ... View This Document

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Jeans - Jeans For Short Women - Petite Fashion
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          Administrative Analyst - Day & Ross Freight - Somerville, NB   
Typing speed of at least 45 wpm. _As a federally regulated employer, The Day & Ross Transportation Group fully supports the principles of employment equity and...
From Indeed - Thu, 29 Jun 2017 13:23:24 GMT - View all Somerville, NB jobs
          Staples is Acquired for $6.9 Billion   

Staples announced it was acquired by a private equity firm for $6.9 billion. Here is what Staples executives had to say about the acquisition and what it means for the company.

The post Staples is Acquired for $6.9 Billion appeared first on Multichannel Merchant.


          EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class Action Lawsuit Against Allergan, Inc.   
...RETAIN COUNSEL OF YOUR CHOICE. The complaint alleges that certain defendants traded on material non-pulic information regarding the proposed acquisition Allergan by Valeant and its affiliates. As a result, investors that sold Allergan call options, purchased Allergan put options and ...

          Cloud X Recruits Former Amazon Senior Product Manager John Swiderski   
...cloud computing company that was established by the private investment firm Elm Equity Partners in tandem with Elm Equity's acquisitions of Insynq and CloudRunner. CXP is the parent company of Insynq and CloudRunner. It's backed by a group of ...

          Schulte Roth & Zabel Presents a New Co-Production Between Theater of War Productions and the Forum on Law, Culture & Society The Premiere of: Theater of Law   
...benefits; energy; environmental; finance; financial institutions; hedge funds; individual client services; insurance; intellectual property, sourcing & technology; investment management; litigation; mergers & acquisitions; PIPEs; private equity; real estate; real estate capital markets & REITs; real estate litigation; regulated funds; regulatory & compliance; securities & capital markets ...

          MYSQL DBA (150-180K, 15% bonus, Equity, 6% 401K, benefist)   

          Senior Manager, Information Technology - Equity Financial - Toronto, ON   
Senior Manager, Information Technology Job Location: Toronto Department: IT Employment Type: Permanent Full-Time C FE ompany Overview: –al q iotne u uar...
From Equity Financial - Fri, 30 Jun 2017 11:32:15 GMT - View all Toronto, ON jobs
          Jason Varuhas: Judicial Review beyond Administrative Law: Braganza v BP Shipping Ltd and Review of Contractual Discretions – UK Constitutional Law Association   
‘Judicial supervision of decision-making powers is often associated with administrative law. However courts also review the exercise of discretions in other fields. For example courts review powers exercised by trustees, and indeed much of equity might be characterised as a law of administration. Our focus here will be the legal principles sourced in the law […]
          Private Equity: Capital Deployment Remains a Challenge   
Despite record amounts of capital overhang and demonstrated interest for the asset class, valuations and heightened competition continue to constrain deal flow.
          Becoming A Power Buyer Home Loan   
The advantages of being a power buyer are similar to the advantages of being a cash buyer. Your power buyer approval will be good for four months, which will give you plenty of time to find a new home. When you talk to your home loan expert, have an idea of how much you'd like to spend every month on a house payment. Your home loan expert will be able to help figure out exactly what price range you should be shopping in based on your down payment, desired monthly payment, desired location and credit rating.

A great real estate agent can keep you focused, narrow your search, and help you find homes you may not have found on your own. In a buyer's market, neglecting to at least ask for seller's concessions could be a missed opportunity. It's important to the lender that their investment is fully insured, as it should be important to you that your home's equity and your possessions are protected. Keep your important closing paperwork in order, and in a safe place, for your own security and to reference it for financial matters later.

          Your Keys to Real Estate Riches   
Here are some tips keys to real estate riches
  • Zero cash deals can get you started in income real estate without taking any money out of your bank or other investments.
  • Focus on your down payment for your income property because your long-term first mortgage is usually easy to get.
  • There are seven different types of loans you can try to get to finance your down payment on income property.
  • Keep your credit score as high as possible so you can get any loans needed to start your real estate investment career.
  • Good sources for your down payment loans include commercial banks, finance companies, and credit unions.
  • Secured loans can give you down payment money quickly so you start your career sooner and with less hassle.
  • Guarantors can enhance your credit so it is easier to get the down payment loan you need.
  • Home equity loans are an excellent source of down payment loans for your real estate investments.
  • Property improvement loans can give you the down payment money you need to buy the income property
  • Use your credit card lines of credit for your down payment loans. You never have to explain what you’ll use the money for when you tap into your credit card line of credit.
  • Get the property seller to finance your down payment. There are many different ways you can use seller financing to start your real estate investment career.
  • Seek ways to mortgage out so you get money back at the closing. Also called a windfall, mortgaging out can put money into you pocket!

          How To Make An Offer   
First, you will need to decide prior to making a no qualifying offer on a home is just how much of a down payment you have to work with. The more money you have to put down on a home the easier it is

The following are how to make an offer :
  • No qualifying deal with assumption and down payment by buyer that equals total cash to mortgage.
  • No qualifying deal with assumption and 100% carryback of sellers equity by note and deed of trust/mortgage.
  • No qualifying deal with assumption and balloon payment for sellers equity.
  • No qualifying deal without assumption on land sales contract.
  • No qualifying deal where seller borrows on equity and buyer takes possession on land sales contract.
  • No qualifying deal where seller owns property free and clear; buyer gets portion of proceeds at close of escrow.
  • No qualifying deal where seller requires large cash down and buyer pays partial cash and balance of down via note for balloon payment.
  • No qualifying deal where buyer leases with option to buy.
  • No qualifying deal where the buyer trades personal property or services for part of down payment, pays down payment balance on terms via note and assumes mortgage.
  • No qualifying deal where the buyer trades personal property or services for down payment, pays down payment balance on terms via note, and wraps all three encumbrances into one payment, through the title company.


          National Bank of Greece Stock Rises 9% On Insurance Sale To Calamos - Barron's   

Barron's

National Bank of Greece Stock Rises 9% On Insurance Sale To Calamos
Barron's
Shares of the National Bank of Greece (ETE.Greece and NBGGY) rose jumped nearly 9% in U.S. over-the-counter trading this week after it announced it will sell a 75% stake in its insurance business to a private equity unit of Calamos Investments in ...
Greece's NBG gets shareholder approval for sale of insurance unitFinancial Times
Greece's NBG gets shareholder approval to sell insurance unit ...Reuters

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          I Do Indeed Believe the US Market Will Revert Toward Its Old Means – Just Very Slowly   

Jeremy Grantham explains why he believes that the high equity prices in today’s market have some staying power, and expects it will take much longer than usual for the power of mean reversion to draw profit margins and price earnings ratios back to historical norms.


          Bank of America Trashes Risk Parity Funds, Launches One a Month Later   

In August 2016, Bank of America Merrill Lynch (BAML) wrote a research note characterizing risk parity as one of the central causes of equity market losses in late 2015. The note had all the hallmarks of a compelling plot line, replete with weapons of mass destruction, billion-dollar bets, and evil villains.


          Shkreli Trial Weekend One Ruminations... How "Fast" Fred Hassan And Mr. Shkreli Differ -- But Do "Echo" One Another...   

[Forgive me, as this is a long read. So go grab a cuppa... and return. Note: oddly, I didn't need to photoshop Mr. Shkreli's face at all(!); but I did do so, in 2010, as to Mr. Hassan, at right.] Billy and I were discussing, at least a bit -- in comments yesterday how... ironic if you will -- it was that Mr. Hassan was testifying for the government, against Mr. Shkreli.

At the outset, let me be clear: I absolutely think Mr. Hassan told the truth, yesterday -- on the stand. Without exception. As Billy pointed out -- he has absolutely zero motive to lie: it gains him... nothing. He was simply backing up the truth of what his own daughter told him, and he saw, in some cases, first hand. [Mr. Brafman shouldn't have opened the door on Thursday, to his appearance, as a surprise rebuttal witness. But I digress.]

In any event, I surmise that in Mr. Hassan's eyes, Mr. Shkreli is an insignificant wanna-be -- who tried to "draft" -- and deceptively, so -- off of Mr. Hassan's Tour du France run, in and through pharma, and later, life sciences private equity.... [but Mr. Hassan has enough "London School" in him, to feign humility on the stand, and still destroy Mr. Shkreli -- in icily civil tones, anyway]. Pure upper crust.

As one final side note, before I get to my main narrative thrust -- it is interesting that the pool reporter, in court in Brooklyn, when Mr. Hassan took the stand didn't tweet any of his direct testimony -- only the cross, and redirect. It is interesting because Mr. Hassan works as a color analyst for that same reporter's network from time to time. [I still wonder -- what, exactly did he testify about, on direct? Besides saying his daughter told the truth on Thursday afternoon.]

Now -- to the main point: As Billy well knows, and anyone who followed my life sciences blog in the early days, now almost ten years ago, well-knows: Mr. Hassan is an ironic figure here, because according to hundreds of thousands of pages of federal court filed civil documents in the US District Courts, for the Districts of New Jersey and New York's Southern District (Manhattan) -- among others, he is a velvet gloved version of Mr. Shkreli's price gouging strategems.

But he is an Augusta National Golf Club (white gloved) version of Mr. Shkreli's street ball, at the public Rucker Park concrete courts -- in NYC. [See any old AndOne Rucker tournament (early 2000s) YouTube for the reference; not that Mr. Shkreli could ever hoop, mind you -- nor Mr. Hassan... golf, but you get the gist of the notion.] Mr. Hassan has had his own sketchy encounters... with securities fraud and drug price gouging allegations.

That is, in my opinion, Mr. Hassan (using white gloves, by having "his people" do the dirty work), effectively delayed releasing the ENHANCE clinical trial (null outcome) results on Vytorin®, all while Schering-Plough raked in billions -- literally billions of dollars (often at $320 per bottle, compared to about $32, for the generic statin) -- over five years, minimum (2003 to 2009), for a hideously expensive... placebo [that according to Senator Chuck Grassley, R, IA]. Of course, it is now generic. And in 2016, IMPROVE-IT saw a very modest CV improvement for the med-combo, though it would take seven years of drugging 1,000 people every day, to see one fewer CV event. Ahh... but that was the last war -- not this one.

Mr. Brafman did ask Mr. Hassan -- about the Vytorin affair, on cross -- but we do not know what he asked, or how Mr. Hassan answered. [Pool reporters were... silent, on the substance of those Q&As. We do know they grew "heated", according to pool reporters.] I can be certain that Mr. Hassan told the truth, on cross: as all those federal civil securities fraud class actions, and reimbursement fraud matters were... settled, long ago. But one (just one of many) settled for more than a half-billion dollar payout from Schering-Plough, and its D&O insurers. Mr. Hassan's insurer(s), to put a point on it.

Now -- Mr. Hassan did it (in my opinion), in the "polite" way. Politely, through clenched teeth, and steely smiles -- more like grimaces. That is, he never made an affirmatively boldly false statement -- other than that the Wall Street Journal and the FDA were both being unfair to him (and intentionally trying to keep his drugs off-market), of course (ironic, that, given yesterday's circus in the press room -- with Mr. Shkreli holding court, about the evil press)...

Mr. Shkreli on the other hand, openly told people he was jacking up the price of an old generic AIDS drug -- just because he could. To be clear, that is not what he's on trial for though. He's on trial for openly lying to investors, and committing fraud, in the manipulation of the public securities markets. And for "parking" shares. [Lots more on that, in the coming weeks -- as to Count Eight. Stay tuned.] But if Mr. Hassan were going to protect his own skin (on cross), he would have wanted to create cover for a fellow fraudster. But I honestly think Mr. Hassan thinks he is Mr. Shkreli's "better". He isn't -- not in any way that really matters.

I do think Mr. Shkreli is guilty, on all counts -- and I am entitled to air that bias, now that the jury has been ordered not to read any outside media. But I do not think what Mr. Hassan did in the early part of the 2000s -- at Schering-Plough, and then at Bausch + Lomb, is really different in kind. Only degree -- it is only a more finessed approach to the markets -- one his companies paid vast civil monetary damages for, but he personally did not ever face criminal charges.

Mr. Shkreli richly deserves his fate. But I did nearly gag, when the pool reporter called Mr. Hassan a "legend" [a reporter from the network where Mr. Hassan is a an occasional talking head] in the pharmaceutical world.... I suppose there are dark legends as well as light ones. And no person is all good -- or all evil. Each of these men is a oddly complex mix of... both. Mr. Shkreli the more brazen of them, to be sure -- but both have always been infected with a pathological level of greed, in my opinion. They are different by degree (and pedigree), not kind, in my view. [And candidly I too (to many may appear to be -- scratch that -- am) one of the guilty one percenters, so this all may seem rather hypocritical -- but I do try to add value to any situation I enter . Truly, I do mightily try to leave it better than I found it, for all.] But I do not always achieve that, in deal-craft. So it goes.

So I'll close thus -- maybe the assigned pool reporter for Friday morning didn't want (or was instructed by downtown not) to tweet out any of the above -- potentially tarnishing the network's vaunted color commentary analyst, on matters life sciences. That's just a guess. You decide for yourselves -- whatever it is you choose to believe.

Have a freedom-laced Fourth, one and all -- and do try to ignore Agent Orange, altogether. Likely silent here, until the Fifth, at 9 AM EDT when trial resumes.

नमस्ते
          Production Operator - 3M Canada - Brockville, ON   
3M Canada is committed to Employment Equity and welcomes applications from women and men, including members of visible minorities, Aboriginal peoples and...
From Indeed - Mon, 12 Jun 2017 17:11:35 GMT - View all Brockville, ON jobs
          Of salary negotiations and psychological contract: Part 2 (before joining)   
In this series of posts, we are examining the impact of salary negotiations on the formation and evolution of the psychological contract. In the first post (see Part 1: dramatis personae) in the series, we looked at the concept of psychological contract, outlined the stages at which salary negotiations take place and also looked at some of the basic principles in the domain. In this post, we will turn the spotlight on the interaction between the employer and the employee before the employee joins the company and examine its impact on psychological contract.

Very few people will disagree with the principle of “a fair day's wage for a fair day's work”. But what exactly would be the fair salary for a particular job in a particular company at a particular time (or even what will constitute a fair day’s work in the same) is far from simple. This is especially true in the case of those jobs where the employee can influence the results (and even shape the job) to a large degree based on his/her capabilities making the ‘fair salary’ dependent on the individual.

There are different ways in which fairness can be interpreted by the employer and the employee. For example, when a company is hiring a person should the salary be decided mainly based on the previous salary the person? That is, if the company gives a ‘good’ (as agreed by the employer and the employee) increase over the previous salary of the new employee, does that indicate a fair deal? What if the salary offered to the employee is lower than that is being paid to other employees in the company (at the same capability level) doing the same job or similar jobs? Can the new employee consider this as an unfair deal? What if the salary offered to the employee is higher than that is being paid to other employees in the company (at the same capability level) doing the same job or similar jobs? Can the existing employees consider that this deal be unfair to them? Should the 'fairness' be decided purely based on the market forces of supply and demand - based on the current market value of the skillset of the employee?

The two basic ways of arriving at the salary for the new employee (entirely based on the employee’s previous salary or entirely based on internal equity) are extreme cases. Most companies will do some sort of a balancing act with different companies reaching different ‘equilibrium points’. For example, most of the companies try to arrive at the new salary based mainly on the previous salary while ensuring that the new salary is within the broad pay range or compensation band for the job (which is market benchmarked). However, these compensation bands are usually quite broad and there is significant room for ‘discretion’. Again, it is usually difficult to compare the capability level of the candidate with that of the existing employees and hence both the company and the candidate can make widely differing estimates regarding the relative capability level of the candidate.

Also, there is a basic conflict of interest involved in salary negotiations in most situations – the company wants to pay as a low a salary as possible (while ensuring that the candidate accepts the offer) and the candidate wants to earn as a high a salary as he/she can (while ensuring that he/she gets the job offer).

It is this basic conflict of interest coupled with the different ways of interpreting what constitutes the fair salary for the particular employee that make the interactions between the employer and the employee highly potent from the point of view of the formation of the psychological contract.

During the selection process, the employer and the employee will highlight what each can offer in the prospective employment relationship. This essentially a selling process for both sides and there is always the temptation to oversell and to get a closure as quickly as possible. However, this is key ‘moment of truth’ (a critical or decisive time on which much depends) in the employment relationship and any statements made during this process (even if it was just a passing mention) is likely to be interpreted by the other party as a promise and give raise to expectations (that form part of the psychological contract). This is especially true for informal and generic statements that don’t find their way into the formal employment contract. For example, if the employer (or any of the agents involved in the selection process like the hiring manager or the HR manager) makes statements like “No one has left us for salary reasons”, “In our company there are many people who received multiple salary increases in a year etc. it is highly likely to give raise to (unrealistic) expectations later! Thus one has to be very careful in making these statements as they are likely to impact the formation of the psychological contract.

However, there is one important advantage at this stage. Since there is no previous history of interactions between the employer and the candidate, there is no existing psychological contract at this stage. Hence while the parties have to be mindful of the impact of the interactions on the formation of the psychological contract, they don’t have to worry about the possibility of the interactions violating the existing psychological contract. Hence both parties can negotiate as hard as they need to do at this stage (a luxury they won’t have later). They just need to ensure that they don’t say anything that is factually incorrect or misleading.

So what do all these mean? We have seen that there are different ways of interpreting what constitutes the fair salary for the particular employee. I would strongly recommend that the employer explains the process they are using for arriving at the salary in addition to explaining the salary components in detail. Also, if the salary fitment that is being offered has implications for salary progression later (e.g. if the salary offered will put the candidate at the top end of the band which would make the future salary increments lower or if the next increment of the candidate can be prorated as the candidate is joining in the middle of the year) it should be clearly explained. This will enable the candidate to make an informed decision and not to feel like a victim later. Yes, there is a possibility that candidate might not agree with the process and refuses to take up the offer. But this is a much better scenario for both the parties as compared to the scenario in which the candidate joins, feels cheated and leaves the company (or functions at a low level of effectiveness). Also, broad/vague statements that can get misinterpreted should be avoided.

The candidate should also specifically ask for the process for arriving at the salary and seek clarifications on vague/imprecise statements made by the employer. Candidates should also negotiate as hard as they can at this stage, because trying to renegotiate the salary after one joins the company is a much more complicated process and it could be interpreted as lack of commitment (or 'attitude problem')on the part of the employee and a violation of the psychological contract.

In the next post in the series, we will take a closer look at the salary negotiations that take place during the tenure of the employee in the organization and examine its impact on psychological contract (and how the psychological contract influences those negotiations).

Please let me know if you have any comments/suggestions at this stage!
          We are all Gettysburg   

Darrien Davenport

Darrien Davenport was in employee relations and human resources in corporate America when the 2008 recession hit. His company laid off 40 percent of its workforce, and Davenport was one of the bearers of the worst news.

“It was the hardest thing ever—to sit across from someone you know personally, someone whose situation you know, and have that [termination] conversation. I said, ‘I don’t like this. This is not what I want to do with my life.’”

Davenport went in search of purposeful work, and he found it in higher education.

The time he spent working in diversity and inclusion and teaching as an adjunct faculty member for Duquesne University helped in the transition. Davenport joined York College and advanced to become assistant dean of student affairs, while also overseeing enrollment management.

“For me, the satisfaction of working with students was everything I needed. This was my purpose. There has never been a night since then that I have settled into my bed and questioned my purpose.”

Davenport became Gettysburg College’s first executive director of multicultural engagement in October, after a national search. He leads a newly reorganized effort that focuses on traditionally underrepresented— multicultural and international—and first-generation students.

“For more than two decades, the Intercultural Resources Center (IRC) has played a key role in helping to recruit and retain a diverse student body. As our student population continues to become more diverse, we have broadened our focus,” said Vice President for College Life and Dean of Students Julie Ramsey. “Darrien brings a wealth of knowledge and experience in his work with multicultural programming, diversity education, and strategic planning.”

By reorganizing the IRC and international student services, the new office can better serve the needs of the College’s 350 or so traditionally underrepresented students.

While it was hard for Davenport to leave York, he was drawn to Gettysburg by the College’s vision and commitment. “I think that what President [Janet Morgan] Riggs has provided us by way of leadership and direction is very brave—that diversity, equity, and inclusion is something we are committed to at the highest level,” he said.

Davenport was a first-generation student himself. He grew up in Philadelphia and earned his bachelor’s degree in economics from West Chester University, completing his master’s in leadership and business ethics from Duquesne University and his doctorate in higher education administration from Northeastern University.

“We need to make sure that all of our students have a great experience here—that every student has a chance to investigate who they are as individuals and has access to the resources available at Gettysburg College. I think we can do that,” said Davenport.

What differences would an alumna or alumnus find between what they know as the IRC and the Office of Multicultural Engagement?

“Pete Curry has built such a great foundation at Gettysburg through his work mentoring generations of students through the college transition,” Davenport said. “This place has so much energy. My aim is to build on that foundation by expanding and enhancing our social and educational programs to build connections.”

The expansion will go beyond programming elements and will include a newly renovated building at 102 W. Water Street that includes administrative, social, and residential space.

Davenport says environment and teamwork are crucial.

“Something that was important to me in coming here was who was in with me—who is helping? Who’s helping to drive this car? Monique [Gore ’06], Olga [Smith], Pete [Curry], and Brad [Lancaster]—all of these folks are so student-focused.”

They prioritize personal and academic advising to ensure student success. Curry works with first-year students and community-based organizations. Gore and Davenport work with sophomores, juniors, and seniors, and Lancaster focuses on international students.

Davenport summarizes the work ahead in three broad categories: connecting to academic and other support services for students, expanding support for students, and expanding programs and offerings.

“We want to work with other departments to help students know about and feel comfortable using the services they offer, be it the library, or career development, or other resources. The College has made an intentional effort to provide services to all students, but the students may feel tentative about reaching out.

“Being someone, myself, who knows how it feels to not be able to go to certain places because of how I look, I think we can be an office that helps get the students to the resources and services.”

And as the College strives for an even more diverse and culturally enlightened community, Davenport is throwing open the doors.

“It’s about all of us celebrating our cultures—and everyone possesses culture. We need to allow people the opportunities to investigate that culture. Hopefully, all students will feel like they can come here and contribute and grow—and continue to learn more about themselves.

“I don’t want students in their final year to think, ‘I just want to get out of here’ or ‘I’m just doing my time. I’m ready to go.’ no. That should not be a student’s experience. There should be something in their soul that lets them feel they have a connection to the place.

“Everyone here is Gettysburg, correct? It’s getting people to think that way. Our differences should not divide us. We are all here. We are all Gettysburg.”


          Sempra Energy Unit, Woodside Sign Memorandum Of Understanding With KOGAS For Port Arthur LNG Project   

Sempra Energy and Woodside Petroleum Ltd. announced that their respective subsidiaries, Sempra LNG & Midstream, LLC and Woodside Energy , Inc., have signed a memorandum of understanding with Korea Gas Corporation regarding the development of the proposed Port Arthur LNG liquefaction project in Port Arthur, Texas. The MOU provides a framework for cooperation and joint discussion by the parties regarding key aspects of the Port Arthur LNG project, including engineering and construction works, operations and maintenance activities, feed gas sourcing, offtake of liquefied natural gas and KOGAS as a potential purchaser of LNG from, and equity participant in, the Port Arthur LNG project.


          EQUITY ALERT: Rosen Law Firm Announces Investigation of Securities Claims Against Quadrant 4 System Corp. - QFOR   
...of shareholders of Quadrant 4 System Corp. (OTC: QFOR) resulting from allegations that QFOR may have issued materially misleading business information to the investing public. On November 30, 2016, the U.S. Department of Justice announced that it had charged then ...


          Check out our annual report….   

Over the past year the projects that we have funded have been working hard to deliver amazing benefits for the communities that they serve. Our annual report demonstrates all that has been achieved through our investment. Check out the full report and our brand new animation here: Foundation Annual Report

The post Check out our annual report…. appeared first on Equity Foundation.


          GMAT Sentence Correction (SC) | Re: Agencies studying discrimination in housing have   
Agencies studying discrimination in housing have experimentally proved that minority clients are often discouraged as prospective buyers of residential real estate andthe antidiscrimination legislation of recent decades were only mitigating, rather than abolishing, inequity in housing practices .

(A) the antidiscrimination legislation of recent decades were only mitigating, rather than abolishing, inequity in housing practices

(B) in recent decades, the antidiscrimination legislation only mitigated,
...

          SME Venture Exchanges: Are Investors at Risk? (Part 3 of 4)   
James Allen, CFA, head of capital markets policy at CFA Institute, interviews researcher Douglas Cumming, CFA, on the impact of the U.S. JOBS Act and new rules for equity crowdfunding.
          Police and Fire Federal Credit Union Awarded 2017 Best Bank/Credit Union   

Philadelphia, PA -- (SBWIRE) -- 06/30/2017 -- The Philadelphia Media Network announced their list of 2017 Readers' Choice Award Winners at the Le Meridian Hotel in Philadelphia. Police and Fire Federal Credit Union (PFFCU) has been awarded the 2017 Philly.com Readers' Choice Award for Best Bank/Credit Union in Philadelphia by its members who are readers of the Philadelphia Inquirer, Daily News, and Philly.com.

Philly.com asked readers to vote for the best companies of the Philadelphia region. More than 42,000 votes were cast in this year's ballot, determining the winners in 6 major categories: Food and Dining, Home & Services, Recreation & Entertainment, School Spirit, Shopping, and Wellness & Personal Style. PFFCU was the top choice with the most votes for 2017 Philly.com Readers' Choice Award for Best Bank/Credit Union. PFFCU accepts this award as affirmation that they are adhering to their commitment to help members achieve their financial goals.

PFFCU members can enjoy a full range of outstanding financial products and services. Benefits include FREE Checking which earns 1.00% APY on first $3,000, exceptionally low loan and credit card rates, great money-saving refinancing opportunities, and more. All delivered with personal, responsive service at a level unmatched in the financial services industry. PFFCU staff listen closely to understand the needs of their members, and suggest suitable solutions. Members not only enjoy better overall service than bank customers, but also lower rates on loans, higher yields on deposits, and fewer fees. The PFFCU full service call center answers every call with a live person who wants to help members with all of their financial needs. This year, the Call Center Member Service Representatives answered 1.8 million member calls with an average wait time of only 10 seconds. There are 14 full service branches conveniently located throughout Philadelphia, Bucks County, Montgomery County, Delaware County, PA and NJ.

PFFCU would not be the successful financial institution it is today without the trust and support of its members. Management and staff of PFFCU do not take the trust and support of its members for granted. It is something they value highly and work hard to earn every day. PFFCU is honored to be selected for the 2017 Philly.com Readers' Choice Award for Best Bank/Credit Union and extends its gratitude to members. PFFCU is committed to earning members' Trust by providing quality financial products at very attractive prices, delivered with superior Service, Value, and Convenience.

About Police and Fire Federal Credit Union
Police and Fire Federal Credit Union offers great low rates on Mortgages, Home Equity Loans, Auto Loan, Credit Cards, and more. They have 14 full-service branch locations throughout the Greater Philadelphia region, including Bucks, Montgomery, and Delaware Counties, and New Jersey. Knowledgeable and friendly Member Service Representatives will help members with the products and services that best meet their financial needs. Police and Fire Federal Credit Union delivers Service, Value, Convenience and Trust to assure that members have the highest level of satisfaction. Any active and retired police officer or firefighter, their family and co-workers are eligible to become a member of the credit union. Other Select Employee Groups, organizations and individuals can apply for a PFFCU membership in branch, by phone at 215-931-0300 or 1-800-228-8801 or through their website.

Learn more at http://www.PFFCU.org.

For more information on this press release visit: http://www.sbwire.com/press-releases/police-and-fire-federal-credit-union-awarded-2017-best-bankcredit-union-827462.htm

Media Relations Contact

Diane Anderson
VP Advertising
Police and Fire Federal Credit Union
Telephone: 215-931-0300
Email: Click to Email Diane Anderson
Web: https://www.pffcu.org/


          Weekly Commentary: The Road to Normalization   
The past week provided important support for the “peak monetary stimulus” thesis. There is mounting evidence that global central bankers are monitoring inflating asset prices with heightened concern. The intense focus on CPI is beginning to blur. They would prefer to be on a cautious path toward policy normalization.

June 25 – Financial Times (Claire Jones): “Global financial stability will be in jeopardy if low inflation lulls central banks into not raising interest rates when needed, the Bank for International Settlements has warned. The message about the dangers of sticking too closely to inflation targets comes as central banks in some of the world’s largest economies are considering how to end years of ultra-loose monetary policy after the global financial crisis… ‘Keeping interest rates too low for long could raise financial stability and macroeconomic risks further down the road, as debt continues to pile up and risk-taking in financial markets gathers steam,’ the bank said in its annual report. The BIS acknowledged that raising rates too quickly could cause a panic in markets that have grown used to cheap central bank cash. However, delaying action would mean rates would need to rise further and faster to prevent the next crisis. ‘The most fundamental question for central banks in the next few years is going to be what to do if the economy is chugging along well, but inflation is not going up,’ said Claudio Borio, the head of the BIS’s monetary and economics department… ‘Central banks may have to tolerate longer periods when inflation is below target, and tighten monetary policy if demand is strong — even if inflation is weak — so as not to fall behind the curve with respect to the financial cycle.’ …Mr Borio said many of the factors influencing wage growth were global and would be long-lasting. ‘If, as we think, the forces of globalisation and technology are relevant [in keeping wages low] and have not fully run their course, this will continue to put downward pressure on inflation,’ he said.”

While global markets easily ignored ramifications from the BIS’s (the central bank to central banks) annual report, the same could not be said for less than super dovish comments from Mario Draghi, my nominee for “the world’s most important central banker.”

June 27 – Financial Times (Katie Martin): “What’s that, you say? The ‘R-word’? Judging from the markets, Mario Draghi’s emphasis on reflation changes everything, and highlights the communications challenge lying ahead of the president of the European Central Bank. The ECB’s crisis-fighter-in-chief threw investors into a fit of the vapours on Tuesday when he said he was growing increasingly confident in the currency bloc’s economic recovery, and that ‘deflationary forces have been replaced by reflationary ones’.”

June 27 – Bloomberg (Annie Massa and Elizabeth Dexheimer): “Mario Draghi hinted at how he may sell a gradual unwinding of European Central Bank stimulus. The ECB president repeated his mantra that the Governing Council needs to be patient in letting inflation pressures build in the euro area and prudent in withdrawing support. At the same time, there’s room to tweak existing measures. ‘As the economy continues to recover, a constant policy stance will become more accommodative, and the central bank can accompany the recovery by adjusting the parameters of its policy instruments -- not in order to tighten the policy stance, but to keep it broadly unchanged.’ The comments echo an argument first made by Bundesbank President Jens Weidmann… With his nod to a frequent critic of quantitative easing who has been calling for an end of the 2.3 trillion-euro ($2.6 trillion) program, Draghi may have set the stage for a discussion in the coming months on phasing out asset purchases.”

When the ECB chose not to offer any policy clarification coming out of its June 8th meeting, wishful markets had Draghi holding out until September. The timeline was moved up, with the ECB president using the bank’s annual meeting, held this year in Sintra Portugal, to offer initial thoughts on how the ECB might remove accommodation. Market reaction was swift.

German 10-year bund yields surged 13 bps Tuesday and almost doubled this week to 47bps. French yield jumped 14 bps Tuesday – and 21 bps for the week - to 82 bps. European periphery bonds were under pressure. Italian 10-year yields rose 16 bps Tuesday and 24 bps for the week to 2.16%. Portuguese yields rose 14 bps Tuesday, ending the week at 3.03%. Draghi’s comments rattled bond markets around the globe. Ten-year Treasury yields rose seven bps to 2.21% (up 16 bps for the week), Canadian bonds 11 bps to 1.57% and Australian bonds 10 bps to 2.46%. Emerging market bonds also came under heavy selling pressure, with Eastern European bonds taking a pounding.

June 28 – Bloomberg (Robert Brand): “This is what it sounds like when doves screech. Less than 24 hours Mario Draghi jolted financial markets by saying ‘deflationary forces’ have been replaced by reflationary ones, European Central Bank officials reversed the script, saying markets had misinterpreted the central banker’s comments. What was perceived as hawkish was really meant to strike a balance between recognizing the currency bloc’s economic strength and warning that monetary support is still needed, three Eurosystem officials familiar with policymakers’ thinking said. Their dovish interpretation sparked a rapid unwinding of moves in assets from the euro to stocks and sovereign bonds.”

I don’t see it as the markets misinterpreting Draghi. Understandably, inflated Bubble markets have turned hyper-sensitive to the course of ECB policymaking. The ECB’s massive purchase program inflated a historic Bubble throughout European debt markets, a speculative Bubble that I believe unleashed a surge of global liquidity that has underpinned increasingly speculative securities markets.

If not for massive QE operations from the ECB and BOJ, I believe the 2016 global reversal in bond yields would have likely ushered in a major de-risking/deleveraging episode throughout global markets. Instead, powerful liquidity injections sustained speculative Bubbles throughout global fixed income, in the process spurring blow-off excess throughout global equities and risk assets more generally. Recalling the summer of 2007, everyone is determined to see the dance party rave indefinitely.

First-half QE has been estimated (by Bank of America) at (an incredible) $1.5 TN. Bubbling markets should come as no stunning surprise. At May highs, most European equities indices were sporting double-digit year-to-date gains. The S&P500 returned (price + dividends) almost 10% for the first half, with the more speculative areas of U.S. equities outperforming. The Nasdaq Composite gained 14.1% in the first-half, with the large company Nasdaq 100 (NDX) rising 16.1%. Despite this week’s declines, the Morgan Stanley High Tech index rose 20.3%, and the Semiconductors (SOX) jumped 14.2% y-t-d. The Biotechs (BTK) surged 9.7% during Q2, boosting y-t-d gains to 25.6%. The NYSE Healthcare Index gained 7.7% for the quarter and 15.3% y-t-d. The Nasdaq Transports jumped 9.7% during Q2, with the DJ Transports up 5.3%. The Nasdaq Other Financials rose 7.9% in the quarter.

Central banks have closely collaborated since the financial crisis. While always justifying policy stimulus on domestic grounds, it’s now been almost a decade of central bankers coordinating stimulus measures to address global system fragilities. I doubt the Fed would have further ballooned its balance sheet starting in late-2012 if not for the “European” financial crisis. In early-2016, the ECB and BOJ would not have so aggressively expanded QE programs – and the Fed not postponed “normalization” – if not for global ramifications of a faltering Chinese Bubble. All the talk of downside inflation risk was convenient cover for global crisis worries.

As Mario Draghi stated, the European economy is now on a reflationary footing. At least for now, Beijing has somewhat stabilized the Chinese Bubble. Powered by booming securities markets, global Credit continues to expand briskly. Even in Europe, the employment backdrop has improved markedly. It’s just become difficult for central bankers to fixate on tame consumer price indices with asset prices running wild.

Global market liquidity has become fully fungible, a product of multinational financial institutions, securities lending/finance and derivatives markets. The ECB and BOJ’s ultra-loose policy stances have worked to counteract the Fed’s cautious normalization strategy. Determined to delay the inevitable, Draghi now faces the scheduled year-end expiration of the ECB’s latest QE program, along with an impending shortage of German bunds available for purchase. Behind the scenes and otherwise, Germany is surely losing patience with open-ended “money” printing. This week’s annual ECB gathering provided an opportunity for Draghi to finally get the so-called normalization ball rolling. Despite his cautious approach, markets immediately feared being run over.

June 28 – Bloomberg (Alessandro Speciale): “Mario Draghi just got evidence that his call for ‘prudence’ in withdrawing European Central Bank stimulus applies to his words too. The euro and bond yields surged on Tuesday after the ECB president said the reflation of the euro-area economy creates room to pull back unconventional measures without tightening the stance. Policy makers noted the jolt that showed how hypersensitive investors are to statements that can be read as even mildly hawkish… Draghi’s speech at the ECB Forum in Sintra, Portugal, was intended to strike a balance between recognizing the currency bloc’s economic strength and warning that monetary support is still needed, said the officials…”

June 28 – Bloomberg (James Hertling, Alessandro Speciale, and Piotr Skolimowski): “Global central bankers are coalescing around the message that the cost of money is headed higher -- and markets had better get used to it. Just a week after signaling near-zero interest rates were appropriate, Bank of England Governor Mark Carney suggested on Wednesday that the time is nearing for an increase. His U.S. counterpart, Janet Yellen, said her policy tightening is on track and Canada’s Stephen Poloz reiterated he may be considering a rate hike. The challenge of following though after a decade of easy money was highlighted by European Central Bank President Mario Draghi’s attempt to thread the needle. Financial markets whipsawed as Eurosystem officials walked back comments Draghi made Tuesday that investors had interpreted as signaling an imminent change in monetary policy. ‘The market is very sensitive to the idea that a number of central banks are appropriately and belatedly reassessing the need for emergency policy accommodation,’ said Alan Ruskin, co-head of foreign exchange research at Deutsche Bank AG.”

Draghi and the ECB are hoping to duplicate the Fed blueprint – quite gingerly removing accommodation while exerting minimal impact on bond yields and risk markets more generally: Normalization without a meaningful tightening of financial conditions. This is unrealistic.

Current complacency notwithstanding, turning down the ECB QE spigot will dramatically effect global liquidity dynamics. Keep in mind that the removal of Fed accommodation has so far coincided with enormous counteracting market liquidity injections courtesy of the other major central banks. The ECB will not enjoy a similar luxury. Moreover, global asset prices have inflated significantly over the past 18 months, fueled at least in part by a major increase in speculative leverage.

There are three primary facets to QE dynamics worth pondering as central banks initiate normalization. The first is the size and scope of previous QE operations. The second is the primary target of liquidity-induced market flows. And third, to what extent have central bank measures and associated market flows spurred self-reinforcing speculative leveraging and market distortions. Inarguably, ECB and BOJ-induced flows over recent quarters have been massive. It is also reasonably clear that market flows gravitated primarily to equities and corporate Credit, asset classes demonstrating the most enticing inflationary biases. And there are as well ample anecdotes supporting the view that major speculative leveraging has been integral to myriad Bubbles throughout global risk markets. The now deeply ingrained view that the cadre of global central banks will not tolerate market declines is one of history’s most consequential market distortions.

And while the timing of the removal of ECB and BOJ liquidity stimulus remains uncertain, markets must now at least contemplate an approaching backdrop with less accommodation from the ECB and central banks more generally. With this in mind, Draghi’s comments this week could mark an important juncture for speculative leveraging. Increasingly unstable currency markets are consistent with this thesis. The days of shorting yen and euros and using proceeds for easy profits in higher-yielding currencies appear to have run their course. I suspect de-leveraging dynamics have commenced, though market impact has thus far been muted by ongoing ECB and BOJ liquidity operations.

June 27 – Reuters (William Schomberg, Marc Jones, Jason Lange and Lindsay Dunsmuir): “U.S. Federal Reserve Chair Janet Yellen said on Tuesday that she does not believe that there will be another financial crisis for at least as long as she lives, thanks largely to reforms of the banking system since the 2007-09 crash. ‘Would I say there will never, ever be another financial crisis?’ Yellen said… ‘You know probably that would be going too far but I do think we're much safer and I hope that it will not be in our lifetimes and I don't believe it will be,’ she said.”

While headlines somewhat paraphrased Yellen’s actual comment, “We Will not see Another Crisis in Our Lifetime” is reminiscent of Irving Fisher’s “permanent plateau” just weeks before the great crash of 1929. While on the subject, I never bought into the popular comparison between 2008 and 1929 – and the related notion of 2008 as “the 100-year flood”. The 2008/09 crisis was for the most part a private debt crisis associated with the bursting of a Bubble in mortgage Credit – not dissimilar to previous serial global crises, only larger and somewhat more systemic. It was not, however, a deeply systemic debt crisis akin to the aftermath of 1929, which was characterized by a crisis of confidence in the banking system, the markets and finance more generally, along with a loss of faith in government policy and institutions. But after a decade of unprecedented expansion of government debt and central bank Credit, the stage has now been set for a more systemic 1929-like financial dislocation.

As such, it’s ironic that the Fed has branded the banking system cured and so well capitalized that bankers can now boost dividends, buybacks and, presumably, risk-taking. As conventional central bank thinking goes, a well-capitalized banking system provides a powerful buffer for thwarting the winds of financial crisis. Chair Yellen, apparently, surveys current bank capital levels and extrapolates to systemic stability. Yet the next crisis lurks not with the banks but within the securities and derivatives markets: too much leverage and too much “money” employed in trend-following trading strategies. Too much hedging, speculating and leveraging in derivatives. Market misperceptions and distortions on an epic scale.

Compared to 2008, the leveraged speculating community and the ETF complex are significantly larger and potentially perilous. The derivatives markets are these days acutely more vulnerable to liquidity issues and dislocation. Never have global markets been so dominated by trend-following strategies. It’s a serious issue that asset market performance – stocks, bond, corporate Credit, EM, real estate, etc. – have all become so tightly correlated. There are huge vulnerabilities associated with various markets having become so highly synchronized on a global basis. And in the grand scheme of grossly inflated global securities, asset and derivatives markets, the scope of available bank capital is trivial.

I realize that, at this late stage of the great bull market, such a question sounds hopelessly disconnected. Yet, when markets reverse sharply lower and The Crowd suddenly moves to de-risk, who is left to take the other side of what has become One Gargantuan “Trade”? We’re all familiar with the pat response: “Central banks. They’ll have no choice.” Okay, but I’m more interested in the timing and circumstances.

Central bankers are now signaling their desire to proceed with normalization, along with noting concerns for elevated asset prices. As such, I suspect they will be somewhat more circumspect going forward when it comes to backstopping the markets - than, say, back in 2013 with Bernanke’s “flash crash” or with the China scare of early-2016. Perhaps this might help to explain why the VIX spiked above 15 during Thursday afternoon trading. Even corporate debt markets showed a flash of vulnerability this week.


For the Week:

The S&P500 dipped 0.6% (up 8.2% y-t-d), and the Dow slipped 0.2% (up 8.0%). The Utilities fell 2.5% (up 6.2%). The Banks surged 4.4% (up 4.2%), and the Broker/Dealers jumped 2.6% (up 9.8%). The Transports rose 1.9% (up 5.7%). The S&P 400 Midcaps added 0.2% (up 5.2%), while the small cap Russell 2000 was unchanged (up 4.3%). The Nasdaq100 dropped 2.7% (up 16.1%), and the Morgan Stanley High Tech index sank 3.0% (up 20.3%). The Semiconductors were hit 4.9% (up 14.2%). The Biotechs dropped 3.9% (up 25.5%). With bullion dropping $15, the HUI gold index sank 4.5% (up 1.9%).

Three-month Treasury bill rates ended the week at 100 bps. Two-year government yields gained four bps to 1.38% (up 19bps y-t-d). Five-year T-note yields rose 13 bps to 1.89% (down 4bps). Ten-year Treasury yields jumped 16 bps to 2.30% (down 14bps). Long bond yields increased 12 bps to 2.84% (down 23bps).

Greek 10-year yields were little changed at 5.36% (down 166bps y-t-d). Ten-year Portuguese yields rose 10 bps to 3.03% (down 72bps). Italian 10-year yields surged 24 bps to 2.16% (up 35bps). Spain's 10-year yields jumped 16 bps to 1.54% (up 16bps). German bund yields surged 21 bps to 0.47% (up 26bps). French yields rose 21 bps to 0.82% (up 14bps). The French to German 10-year bond spread was unchanged at 35 bps. U.K. 10-year gilt yields jumped 23 bps to 1.26% (up 2bps). U.K.'s FTSE equities index fell 1.5% (up 11.2%).

Japan's Nikkei 225 equities index declined 0.5% (up 4.8% y-t-d). Japanese 10-year "JGB" yields gained three bps to 0.09% (up 5bps). France's CAC40 sank 2.8% (up 5.3%). The German DAX equities index was hit 3.2% (up 7.4%). Spain's IBEX 35 equities index fell 1.8% (up 11.7%). Italy's FTSE MIB index declined 1.2% (up 7.0%). EM equities were mostly higher. Brazil's Bovespa index rallied 3.0% (up 4.4%), and Mexico's Bolsa gained 1.8% (up 9.2%). South Korea's Kospi increased 0.6% (up 18%). India’s Sensex equities index declined 0.7% (up 16.1%). China’s Shanghai Exchange rose 1.1% (up 2.9%). Turkey's Borsa Istanbul National 100 index added 0.8% (up 28.5%). Russia's MICEX equities index gained 0.6% (down 15.8%).

Junk bond mutual funds saw outflows of $1.735 billion (from Lipper).

Freddie Mac 30-year fixed mortgage rates dipped two bps to 3.88% (up 40bps y-o-y). Fifteen-year rates were unchanged at 3.17% (up 39bps). The five-year hybrid ARM rate gained three bps to 3.17% (up 47bps). Bankrate's survey of jumbo mortgage borrowing costs had 30-yr fixed rates up a basis point to 4.01% (up 34bps).

Federal Reserve Credit last week added $0.8bn to $4.431 TN. Over the past year, Fed Credit declined $5.0bn. Fed Credit inflated $1.620 TN, or 58%, over the past 242 weeks. Elsewhere, Fed holdings for foreign owners of Treasury, Agency Debt jumped another $17.9bn last week to $3.310 TN. "Custody holdings" were up $83bn y-o-y, 2.6%.

M2 (narrow) "money" supply last week slipped $4.3bn to $13.510 TN. "Narrow money" expanded $686bn, or 5.4%, over the past year. For the week, Currency increased $2.7bn. Total Checkable Deposits fell $12.7bn, while Savings Deposits gained $6.9bn. Small Time Deposits were little changed. Retail Money Funds fell $4.1bn.

Total money market fund assets added $4.2bn to $2.621 TN. Money Funds fell $96bn y-o-y (3.5%).

Total Commercial Paper declined $5.4bn to $973.6bn. CP declined $77bn y-o-y, or 7.4%.

Currency Watch:

The U.S. dollar index fell 1.7% to 95.628 (down 6.6% y-t-d). For the week on the upside, the Swedish krona increased 3.4%, the British pound 2.4%, the Canadian dollar 2.3%, the euro 2.1%, the Australian dollar 1.6%, the Norwegian krone 1.3%, the Swiss franc 1.2%, the Brazilian real 1.1%, the Singapore dollar 0.8% and the New Zealand dollar 0.7%. For the week on the downside, the South African rand declined 1.6%, the Japanese yen 1.0%, the Mexican peso 0.6% and the South Korean won 0.4%. The Chinese renminbi gained 0.82% versus the dollar this week (up 2.42% y-t-d).

Commodities Watch:

The Goldman Sachs Commodities Index surged 5.3% (down 6.5% y-t-d). Spot Gold declined 1.2% to $1,242 (up 7.7%). Silver slipped 0.5% to $16.627 (up 4.0%). Crude rallied $3.03 to $46.04 (down 15%). Gasoline jumped 5.6% (down 9%), and Natural Gas rose 3.6% (down 19%). Copper gained 2.9% (up 8%). Wheat surged 11.1% (up 29%). Corn jumped 4.2% (up 8%).

Trump Administration Watch:

June 27 – Bloomberg (Steven T. Dennis and Laura Litvan): “Senate Majority Leader Mitch McConnell’s decision to delay a vote on health-care legislation came as a relief to some Republican holdouts, but it sets off what will be a furious few weeks of talks to deliver on the GOP’s seven-year promise to repeal the Affordable Care Act. Senate Republicans went to the White House Tuesday afternoon to meet with President Donald Trump, who also promised his political supporters he would do away with Obamacare. ‘We’re going to solve the problem,’ the president told senators. But Trump also conceded the possibility that the health bill wouldn’t pass. ‘If we don’t get it done, it’s just going to be something that we’re not going to like,’ he said… ‘And that’s OK, and I understand that very well.’”

June 29 – Reuters: “Congress will need to raise the nation's debt limit and avoid defaulting on loan payments by ‘early to mid-October,’ the Congressional Budget Office said in a report… Treasury Secretary Steve Mnuchin has encouraged Congress to raise the limit before the legislative body leaves for their August recess. But it remains unclear if a bipartisan agreement has been struck to allow the limit to be raised, as both chambers continue to be weighed down by health care and tax reform and trying to find an agreement to fund the government after the September 30 deadline.”

June 30 – CNBC (Fred Imbert): “President Donald Trump's White House is ‘hell-bent’ on imposing tariffs on steel and other imports, Axios reported Friday. The plan — which was pushed by Commerce Secretary Wilbur Ross and was supported by National Trade Council Peter Navarro, and policy adviser Stephen Miller — would potentially impose tariffs in the 20% range… During a ‘tense’ meeting Monday, the president made it clear he favors tariffs, yet the plan was met with heavy opposition by most officials in the room, with one telling Axios about 22 were against it and only three in favor, including Trump.”

June 29 – Financial Times (Stefan Wagstyl): “Angela Merkel threw down the gauntlet to Donald Trump as Germany’s chancellor pledged to fight at next week’s G20 summit for free trade, international co-operation and the Paris climate change accord. In a combative speech on Thursday in the German parliament, Ms Merkel also promised to focus on reinforcing the EU, in close co-operation with France, despite the pressing issue of Brexit. But in a sign that it may be difficult to maintain European unity around a tough approach to Mr Trump, Ms Merkel later softened her tone, as she prepares to host G20 leaders in Hamburg next Friday.”

June 27 – Bloomberg (Joe Light): “Two U.S. senators working on a bipartisan overhaul of Fannie Mae and Freddie Mac are seriously considering a plan that would break up the mortgage-finance giants, according to people with knowledge of the matter. The proposal by Tennessee Republican Bob Corker and Virginia Democrat Mark Warner would attempt to foster competition in the secondary mortgage market… Corker and Warner’s push to develop a plan marks Congress’ latest attempt to figure out what to do with Fannie and Freddie, an issue that has vexed lawmakers ever since the government took control of the companies in 2008 as the housing market cratered. The lawmakers’ plan is still being developed, and a Senate aide who asked not to be named cautioned that no decisions had been made on any issues.”

China Bubble Watch:

June 25 – Financial Times (Minxin Pei): “The Chinese government has just launched an apparent crackdown on a small number of large conglomerates known in the west chiefly for their aggressive dealmaking. The list includes Dalian Wanda, Anbang, Fosun and HNA Group. The news that Chinese banking regulators have asked lenders to examine their exposure to these companies has sent the stocks of groups wholly or partly owned by these conglomerates tumbling in Shanghai and Hong Kong. Obviously, the market was caught by surprise. But it should not be… The immediate trigger is Beijing’s growing alarm over the risks in China’s financial sector and attempt to cut capital outflows. In late April, President Xi Jinping convened a politburo meeting specifically focused on stability in the financial system. Foreshadowing the crackdown, he ordered that those ‘financial crocodiles’ that destabilise China’s financial system must be punished.”

June 26 – Wall Street Journal (Anjani Trivedi): “As Beijing looks to rein in companies that have splurged on overseas deals, it is talking up the systemic risks to its financial system. But just how serious is the problem? After all, for years Beijing has urged leading companies to ‘go global,’ and encouraged banks to support them with lending. Its words were taken to heart: Companies like sprawling conglomerate HNA Group and insurer Anbang pushed the country’s outbound acquisitions to more than $200 billion last year… Now… regulators are investigating leverage and risks at banks associated with China Inc.’s bulging overseas deals. It’s clear that Chinese banks are already heavily exposed to China’s big deal makers through basic lending. Chinese lenders had extended more than 500 billion yuan ($73.14bn) of loans to HNA alone as of last year…”

June 26 – Bloomberg: “China may finally be ready to cut the cord when it comes to the country’s troubled local government financing vehicles. Beijing’s deleveraging drive has seen rules impacting LGFV debt refinancing tightened, spurring a slump in issuance by the vehicles, which owe about 5.6 trillion yuan ($818bn) to bondholders and are seen by some as the poster children for China’s post-financial crisis debt woes. Signs the authorities may be taking a less sympathetic view of the sector has ratings companies flagging the possibility that 2017 could see the first ever default by a local financing vehicle.”

June 29 – Reuters (Yawen Chen and Thomas Peter): “The struggles of China's small and medium-sized firms have grown so acute that many are expected to become unprofitable or even go belly-up this year, boding ill for an economy running short on strong growth drivers. The companies - which account for over 60% of China's $11 trillion gross domestic product - have entered the most challenging funding environment in years as Beijing cracks down on easy credit to contain a dangerous debt build-up. Many of the firms - mostly in the industrial, transport, wholesale, retail, catering and accommodation sectors - are already grappling with soaring costs, fierce competition and thinning profits. The strains faced by small and medium-sized enterprises (SMEs) are expected to grow more visible as Beijing deflates a real estate bubble and eases infrastructure spending to dial back its fiscal stimulus.”

June 29 – Reuters (Leika Kihara and Stanley White): “One of Chinese banks’ favorite tools for increasing leverage has staged a remarkable but worrisome comeback just two months after a regulatory crackdown on leveraged investment… Chinese banks’ issuance of negotiable certificates of deposit in June nearly hit the high recorded in March… NCDs, a type of short-term loan, have become extremely popular in recent years with Chinese banks, especially smaller lenders due to their weaker ability to attract deposits. During a clampdown on runaway debt in April, Chinese regulators warned banks against abusing the tool for speculative, leveraged bets in capital markets. But after a deep but brief drop, NCD issuance has risen again as regulatory attention appeared to ease in recent weeks, hitting 1.96 trillion yuan ($287.73bn) this month, up sharply from 1.23 trillion yuan in May and just a touch below March’s record 2.02 trillion yuan."

June 28 – Financial Times (Gabriel Wildau): “Capital flight disguised as overseas tourism spending has artificially cut China’s reported trade surplus while masking the extent of investment outflows, according to research by the US Federal Reserve. A significant share of overseas spending classified in official data as travel-related shopping, entertainment and hospitality may over a 12-month period have instead been used for investment in financial assets and real estate, the Fed paper argued… Disguised capital outflows in the year to September may have amounted to $190bn, or 1.7% of gross domestic product… Chinese households have in recent years looked at ways to skirt government-imposed limitations on foreign investment as its economy slowed and the renminbi depreciated.”

June 28 – Bloomberg (Joe Ryan): “As Elon Musk races to finish building the world’s biggest battery factory in the Nevada desert, China is poised to leave him in the dust. Chinese companies have plans for additional factories with the capacity to pump out more than 120 gigawatt-hours a year by 2021, according to a report… by Bloomberg Intelligence. That’s enough to supply batteries for around 1.5 million Tesla Model S vehicles or 13.7 million Toyota Prius Plug-in Hybrids per year… By comparison, when completed in 2018, Tesla Inc.’s Gigafactory will crank out up to 35 gigawatt-hours of battery cells annually.”

June 28 – CNBC (Geoff Cutmore): “China's economic growth will accelerate because the country will finally get leaders who aren't scared, a former advisor to China's central bank said Wednesday. ‘The most important reason is that there is a new group of officials being appointed ... (who will emerge) around the 19th Party Congress which will be in mid to late October,’ said Li Daokui, who is now Dean of the Schwarzman College at Tsinghua University in Beijing. …Li said the Chinese economy will grow 6.9 to 7 percent by 2018 from 6.7 percent in 2017. China posted 6.7% GDP growth in 2016, the slowest in 26 years. ‘These (new) officials have been carefully, carefully scrutinized before they are appointed so they are clean. They are not worried about becoming targets of anti-corruption investigations,’ he added.”

Europe Watch:

June 26 – Bloomberg (Sonia Sirletti and Alexander Weber): Italy orchestrated its biggest bank rescue on record, committing as much as 17 billion euros ($19bn) to clean up two failed banks in one of its wealthiest regions, a deal that raises questions about the consistency of Europe’s bank regulations. The intervention at Banca Popolare di Vicenza SpA and Veneto Banca SpA includes state support for Intesa Sanpaolo SpA to acquire their good assets for a token amount… Milan-based Intesa can initially tap about 5.2 billion euros to take on some assets without hurting capital ratios, Padoan said. The European Commission approved the plan.”

June 28 – Reuters (Gernot Heller and Joseph Nasr): “Finance Minister Wolfgang Schaeuble… underscored Germany's concerns about what he called a regulatory loophole after the EU cleared Italy to wind up two failed banks at a hefty cost to local taxpayers. Schaeuble told reporters that Europe should abide by rules enacted after the 2008 collapse of U.S. financial services firm Lehman Brothers that were meant to protect taxpayers. Existing European Union guidelines for restructuring banks aimed to ensure ‘what all political groups wanted: that taxpayers will never again carry the risks of banks,’ he said. Italy is transferring the good assets of the two Veneto lenders to the nation's biggest retail bank, Intesa Sanpaolo (ISP.MI), as part of a transaction that could cost the state up to 17 billion euros ($19 billion).”

June 25 – Reuters (Balazs Koranyi and Erik Kirschbaum): “The time may be nearing for the European Central Bank to start discussing the end of unprecedented stimulus as growth and inflation are both moving in the right direction, Bundesbank president Jens Weidmann told German newspaper Welt am Sonntag. Weidmann, who sits on the ECB's rate-setting Governing Council, also said that the bank should not make any further changes to the key parameters of its bond purchase scheme, comments that signal opposition to an extension of asset buys since the ECB will soon hit its German bond purchase limits. Hoping to revive growth and inflation, the ECB is buying 2.3 trillion euros worth of bonds…, a scheme known as quantitative easing and long opposed by Germany… The purchases are set to run until December and the ECB will decide this fall whether to extend it… ‘As far as a possible extension of the bonds-buying program goes, this hasn't yet been discussed in the ECB Council,’ Weidmann told the newspaper…”

June 26 – Bloomberg (Carolynn Look): “It seems the sky is the limit for Germany’s economy. Business confidence -- logging its fifth consecutive increase -- jumped to the highest since 1991 this month, underpinning optimism by the Bundesbank that the upswing in Europe’s largest economy is set to continue. With domestic demand supported by a buoyant labor market, risks to growth stem almost exclusively from global forces. ‘Sentiment among German businesses is jubilant,’ Ifo President Clemens Fuest said… ‘Germany’s economy is performing very strongly.’”

June 29 – Reuters (Pete Schroeder and David Henry): “German inflation probably accelerated in June, regional data suggested on Thursday, suggesting a solid upswing in the economy is pushing up price pressures as euro zone inflation moves closer to the European Central Bank's target. The data comes only days after ECB head Mario Draghi hinted that the bank's asset-purchase program would become less accommodative going into 2018 as regional growth gains pace and inflation trends return following a period of falling prices. In another sign of rising price pressures in the 19-member single currency bloc, Spanish consumer prices rose more than expected in June… In the German state of Hesse, annual inflation rose to 1.9% in June from 1.7% in May…”

June 28 – Reuters (Gavin Jones and Steve Scherer): “He is an 80-year-old convicted criminal whose last government ended with Italy on the brink of bankruptcy - and he may well be kingmaker at the next election within a year. Mayoral elections on Sunday showed four-time Prime Minister Silvio Berlusconi's center-right Forza Italia party remains a force to be reckoned with... ‘Berlusconi sees this as the last challenge of his career,’ said Renato Brunetta, a close ally for over 20 years and Forza Italia's lower house leader. ‘He feels he has suffered many injustices and deserves one last shot. Who can deny him that?’ Matteo Renzi, leader of the ruling Democratic Party (PD), and Beppe Grillo's anti-establishment 5-Star Movement have dominated the national scene in recent years, relegating Forza Italia to a distant third or fourth in the polls. Yet in the mayoral ballots, Forza Italia and its anti-immigrant Northern League allies trounced the PD and 5-Star in cities all over the country, suggesting they have momentum behind them just as the national vote comes into view.”

Central Bank Watch:

June 27 – Wall Street Journal (Tom Fairless): “The euro soared to its biggest one-day gain against the dollar in a year and eurozone bond prices slumped after European Central Bank President Mario Draghi hinted the ECB might start winding down its stimulus in response to accelerating growth in Europe. Any move by the ECB toward reducing bond purchases would put it on a similar policy path as the Federal Reserve, which first signaled an intent to taper its own stimulus program in 2013. But the ECB is likely to remain far behind: The Fed has been raising interest rates gradually since December 2015, while the ECB’s key rate has been negative since June 2014. Mr. Draghi’s comments, made Tuesday at the ECB’s annual economic policy conference in Portugal, were laced with caution and caveats. But investors interpreted them as a cue to buy euros and sell eurozone bonds, a reversal of a long-term trade that has benefited from the central bank’s €60 billion ($67.15bn) of bond purchases each month. ‘All the signs now point to a strengthening and broadening recovery in the euro area,’ Mr. Draghi said.”

June 28 – Financial Times (Dan McCrum and Chris Giles in London and Claire Jones): “Bond and currency markets whipsawed on Wednesday as Europe’s two most influential central bankers struggled to communicate to investors how they would exit from years of crisis-era economic stimulus policies. The euro surged to a 52-week high against the dollar after investors characterised remarks by Mario Draghi as a signal he was preparing to taper the European Central Bank’s bond-buying scheme — only to drop almost a full cent after senior ECB figures made clear he had been misinterpreted. Similarly, the British pound jumped 1.2% to $1.2972 after Mark Carney, Bank of England governor, said he was prepared to raise interest rates if UK business activity increased — just a week after saying ‘now is not yet the time’ for an increase. The sharp moves and sudden reversals over two days of heavy trading highlight the acute sensitivity of financial markets to any suggestion of a withdrawal of stimulus measures after a prolonged period of monetary accommodation.”

June 25 – Reuters (Marc Jones): “Major central banks should press ahead with interest rate increases, the Bank for International Settlements said…, while recognizing that some turbulence in financial markets will have to be negotiated along the way. The BIS, an umbrella body for leading central banks, said in one of its most upbeat annual reports for years that global growth could soon be back at long-term average levels after a sharp improvement in sentiment over the past year. Though pockets of risk remain because of high debt levels, low productivity growth and dwindling policy firepower, the BIS said policymakers should take advantage of the improving economic outlook and its surprisingly negligible effect on inflation to accelerate the ‘great unwinding’ of quantitative easing programs and record low interest rates.”

Brexit Watch:

June 27 – Reuters (Guy Faulconbridge and Kate Holton): “Prime Minister Theresa May struck a deal on Monday to prop up her minority government by agreeing to at least 1 billion pounds ($1.3bn) in extra funding for Northern Ireland in return for the support of the province's biggest Protestant party. After over two weeks of talks and turmoil sparked by May's failure to win a majority in a June 8 snap election, she now has the parliamentary numbers to pass a budget and a better chance of passing laws to take Britain out of the European Union.”

Global Bubble Watch:

June 28 – Wall Street Journal (Richard Barley): “Sometimes financial markets are surprisingly bad at connecting the dots—until they can’t ignore the picture forming before their eyes. The screeching U-turn in bond markets is a good example. The world’s central banks are sending out a message that loose monetary policy can’t last forever. The shift is mainly rhetorical, and action may yet be some way off. But expectations matter, as they did when the Federal Reserve indicated in 2013 that its quantitative-easing program could be wound down. That caused global bond yields to surge, led by the U.S., and sparked extended turmoil in emerging markets. This time, the bond reversal has been centered on Europe. Ten-year German bund yields started Tuesday just below 0.25%, but by Wednesday afternoon stood at 0.37%. That helped lift bond yields elsewhere, since low German yields have been acting as an anchor. The selloff in the bund Tuesday was the worst in 22 months…”

June 28 – Reuters (Sujata Rao): “Global debt levels have climbed $500 billion in the past year to a record $217 trillion, a new study shows, just as major central banks prepare to end years of super-cheap credit policies. World markets were jarred this week by a chorus of central bankers warning about overpriced assets, excessive consumer borrowing and the need to begin the process of normalizing world interest rates from the extraordinarily low levels introduced to offset the fallout of the 2009 credit crash. This week, U.S. Federal Reserve chief Janet Yellen has warned of expensive asset price valuations, Bank of England Governor Mark Carney has tightened controls on bank credit and European Central Bank head Mario Draghi has opened the door to cutting back stimulus, possibly as soon as September. Years of cheap central bank cash has delivered a sugar rush to world equity markets, pushing them to successive record highs. But another side effect has been explosive credit growth as households, companies and governments rushed to take advantage of rock-bottom borrowing costs. Global debt, as a result, now amounts to 327% of the world's annual economic output, the Institute of International Finance (IIF) said in a report…”

June 26 – Bloomberg (Garfield Clinton Reynolds and Adam Haigh): “Greed seems to be running the show in global markets. Fear has fled, and that may be the biggest risk of all. Currency volatility just hit a 20-month low, Treasury yields are in their narrowest half-year trading range since the 1970s and the U.S. equities fear gauge, the VIX, is stuck near a two-decade nadir. While markets have signaled complacency in the face of Middle East tensions, the withdrawal of Federal Reserve stimulus and President Donald Trump’s tweetstorms, the Bank for International Settlements flagged on Sunday that low volatility can spur risk-taking with the potential to unwind quickly.”

June 27 – Bloomberg (Annie Massa and Elizabeth Dexheimer): “The growing market for exchange-traded funds hasn’t been fully put to the test, according to one of the top U.S. speed trading firms. Ari Rubenstein, chief executive officer and co-founder of Global Trading Systems LLC, told lawmakers… that while investment dollars have flooded the U.S. ETF market, the new order has not endured an extreme period of stress. Volatility, a measure of market uncertainty, has remained low. ‘In some ways the markets are a bit untested,’ Rubenstein said… ‘It’s definitely something we should talk about to make sure industry participants are prepared in those instruments.’”

June 29 – Financial Times (Javier Espinoza): “Private equity buyouts have enjoyed the strongest start to a year since before the financial crisis as fund managers have come under intense pressure from investors to deploy some of the record amount of capital they hold. The volume of deals involving private equity firms climbed 29% to $143.7bn in the first half of the year, the highest level since 2007, according to… Thomson Reuters.”

June 27 – Bloomberg (Enda Curran and Stephen Engle): “Investors aren’t sufficiently pricing in a growing threat to economic and financial market stability from geopolitical risks, and the latest global cyberattack is an example of the damage that can be wreaked on trade, Cornell University Professor Eswar Prasad said. His remarks came as a virus similar to WannaCry reached Asia after spreading from Europe to the U.S. overnight, hitting businesses, port operators and government systems.”

Fixed Income Bubble Watch:

June 27 – CNBC (Ann Saphir): “Bond investors may soon pay a hefty price for being too pessimistic about the economy, according to portfolio manager Joe Zidle. Zidle, who is with Richard Bernstein Advisors, believes the vast amount of money flowing into long-duration bonds is signaling a costly mistake. ‘Last week alone, there is a 20-year plus treasury bond ETF that in one week got more inflows than all domestic equity mutual funds, and all domestic equity ETFs combined year-to-date,’ he said… He added: ‘I think investors are going to be in a real painful trade.’”

June 26 – Bloomberg (Mary Williams Walsh): “The United States Virgin Islands is best known for its powdery beaches and turquoise bays, a constant draw for the tourists who frequent this tiny American territory. Yet away from the beaches the mood is ominous, as government officials scramble to stave off the same kind of fiscal collapse that has already engulfed its neighbor Puerto Rico. The public debts of the Virgin Islands are much smaller than those of Puerto Rico, which effectively declared bankruptcy in May. But so is its population, and therefore its ability to pay. This tropical territory of roughly 100,000 people owes some $6.5 billion to pensioners and creditors.”

Federal Reserve Watch:

June 28 – Bloomberg (Jill Ward, Lucy Meakin, and Christopher Condon): “Federal Reserve Chair Janet Yellen gave no indication her plans for continued monetary policy tightening had shifted while acknowledging that some asset prices had become ‘somewhat rich.’ ‘We’ve made very clear that we think it will be appropriate to the attainment of our goals to raise interest rates very gradually,’ she said… In her first public remarks since the U.S. central bank hiked rates on June 14, Yellen said that asset valuations, by some measures ‘look high, but there’s no certainty about that.’ ‘Asset valuations are somewhat rich if you use some traditional metrics like price earnings ratios, but I wouldn’t try to comment on appropriate valuations, and those ratios ought to depend on long-term interest rates,” she said.”

June 27 – Bloomberg (Christopher Condon): “Federal Reserve Vice Chairman Stanley Fischer pointed to higher asset prices as well as increased vulnerabilities for both household and corporate borrowers in warning against complacency when gauging the safety of the global financial system. ‘There is no doubt the soundness and resilience of our financial system has improved since the 2007-09 crisis,’ Fischer said… ‘However, it would be foolish to think we have eliminated all risks.’”

June 28 – Bloomberg (Luke Kawa): “When a trio of Federal Reserve officials delivered remarks on Tuesday, the state of U.S. financial markets came in for a little bit of criticism. When all was said and done, U.S. equities sank the most in six weeks, yields on 10-year Treasuries rose and the dollar weakened to the lowest level versus the euro in 10 months. Fed Chair Janet Yellen said that asset valuations, by some measures ‘look high, but there’s no certainty about that.’ Earlier, San Francisco Fed President John Williams said the stock market ‘seems to be running very much on fumes’ and that he was ‘somewhat concerned about the complacency in the market.’ Fed Vice-Chair Stanley Fischer suggested that there had been a ‘notable uptick’ in risk appetite that propelled valuation ratios to very elevated levels.”

June 27 – Reuters (Guy Faulconbridge and Kate Holton): “With the U.S. economy at full employment and inflation set to hit the Federal Reserve's 2% target next year, the U.S. central bank needs to keep raising rates gradually to keep the economy on an even keel, a Fed policymaker said… ‘If we delay too long, the economy will eventually overheat, causing inflation or some other problem,’ San Francisco Fed President John Williams said… ‘Gradually raising interest rates to bring monetary policy back to normal helps us keep the economy growing at a rate that can be sustained for a longer time.’”

June 29 – Financial Times (Alistair Gray and Barney Jopson): “Regulators have given US banks the go-ahead to pay out almost all their earnings to shareholders this year in a signal of their confidence in the health of the financial system. The Federal Reserve has given the green light to a record level of post-crisis distributions, including an estimated total of almost $100bn from the six largest banks. All 34 institutions passed the second part of its annual stress test, although the Fed did call out weaknesses in capital planning at Capital One… The big six US banks — Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, JPMorgan Chase and Wells Fargo — are set to return to shareholders between $95bn and $97bn over the next four quarters, according to RBC Capital Markets analyst Gerard Cassidy. That is about 50% more than they were able to hand out after last year’s exam.”

U.S. Bubble Watch:

June 27 – Wall Street Journal (Shibani Mahtani and Douglas Belkin): “This is what happens when a major American state lets its bills stack up for two years. Hospitals, doctors and dentists don’t get paid for hundreds of millions of dollars of patient care. Social-service agencies help fewer people. Public universities and the towns that surround them suffer. The state’s bond rating falls to near junk status. People move out. A standoff in Illinois between Republican Governor Bruce Rauner and Democratic Speaker of the House Michael Madigan over spending and term limits has left Illinois without a budget for two years. State workers and some others are still getting paid because of court orders and other stopgap measures, but bills for many others are piling up. The unpaid backlog is now $14.6 billion and growing.”

June 28 – Bloomberg Business Week (Elizabeth Campbell and John McCormick): “Two years ago, Illinois’s budget impasse meant that the state’s lottery winners had to wait for months to get their winnings. Now, with $15 billion in unpaid bills, Illinois is on the brink of being unable to even sell Powerball tickets. For the third year in a row, the state is poised to begin its fiscal year on July 1 with no state budget and billions of dollars in the red. If that happens, S&P Global Ratings says Illinois will probably lose its ­investment-grade status and become the first U.S. state on record to have its general obligation debt rated as junk. Illinois is already the worst-rated state at BBB-, S&P’s lowest investment-grade rating. The state owes at least $800 million in interest and late fees on its unpaid bills.”

June 26 – Wall Street Journal (Lev Borodovsky): “Commercial real estate prices are starting to roll over after reaching record highs, capping a long postcrisis rally. While there is no sign that a decline would mean imminent danger for the economy, Federal Reserve Bank of Boston President Eric Rosengren recently warned that valuations represent a risk he ‘will continue to watch carefully.’ So far, prices have proven resilient, reflecting in part the unexpected 2017 decline of interest rates and the rising capital flows from diverse sources such as U.S. pensions and overseas investors.”

June 28 – Wall Street Journal (Chris Dieterich): “Booming demand for passive investments is making exchange-traded funds an increasingly crucial driver of share prices, helping to extend the long U.S. stock rally even as valuations become richer and other big buyers pare back. ETFs bought $98 billion in U.S. stocks during the first three months of this year, on pace to surpass their total purchases for 2015 and 2016 combined… These funds owned nearly 6% of the U.S. stock market in the first quarter—their highest level on record—according to an analysis of Fed data by Goldman Sachs… Surging demand for ETFs this year has to an unprecedented extent helped fuel the latest leg higher for the eight-year stock-market rally.”

June 27 – Reuters (Kimberly Chin): “U.S. single-family home prices rose in April due to tight inventory of houses on the market and low mortgage rates… and economists see no imminent change in the trend. The S&P CoreLogic Case-Shiller composite index of 20metropolitan areas rose 5.7% in April on a year-over-year basis after a 5.9% gain in March, which matched the fastest pace in nearly three years.”

June 27 – Bloomberg (Andrew Mayeda): “The International Monetary Fund cut its outlook for the U.S. economy, removing assumptions of President Donald Trump’s plans to cut taxes and boost infrastructure spending to spur growth. The IMF reduced its forecast for U.S. growth this year to 2.1%, from 2.3% in the fund’s April update to its world economic outlook. The… fund also cut its projection for U.S. growth next year to 2.1%, from 2.5% in April.”

Japan Watch:

June 29 – Reuters (Leika Kihara and Stanley White): “Japan's industrial output fell faster in May than at any time since the devastating earthquake of March 2011 while inventories hit their highest in almost a year, suggesting a nascent economic recovery may stall before it gets properly started. Household spending also fell in May, leaving the Bank of Japan's 2% target seemingly out of reach.”

EM Watch:

June 28 – Reuters (Brad Brooks and Silvio Cascione): “President Michel Temer called a corruption charge filed against him by Brazil's top prosecutor a ‘fiction’ on Tuesday, as the nation's political crisis deepened under the second president faced with possible removal from office in just over a year. Temer, who was charged Monday night with arranging to receive millions of dollars in bribes, said the move would hurt Brazil's economic recovery and possibly paralyze efforts at reform. The conservative leader said executives of the world's biggest meatpacker, JBS SA , who accused him in plea-bargain testimony of arranging to take 38 million reais ($11.47 million) in bribes in the coming months, did so only to escape jail for their own crimes.”

Geopolitical Watch:

June 29 – New York Times (Nicole Perlroth and David E. Sanger): “Twice in the past month, National Security Agency cyberweapons stolen from its arsenal have been turned against two very different partners of the United States — Britain and Ukraine. The N.S.A. has kept quiet, not acknowledging its role in developing the weapons. White House officials have deflected many questions, and responded to others by arguing that the focus should be on the attackers themselves, not the manufacturer of their weapons. But the silence is wearing thin for victims of the assaults, as a series of escalating attacks using N.S.A. cyberweapons have hit hospitals, a nuclear site and American businesses. Now there is growing concern that United States intelligence agencies have rushed to create digital weapons that they cannot keep safe from adversaries or disable once they fall into the wrong hands.”

June 28 – New York Times (Sheera Frenkel, Mark Scott and Paul Mozur): “As governments and organizations around the world grappled… with the impact of a cyberattack that froze computers and demanded a ransom for their release, victims received a clear warning from security experts not to pay a dime in the hopes of getting back their data. The hackers’ email address was shut down and they had lost the ability to communicate with their victims, and by extension, to restore access to computers. If the hackers had wanted to collect ransom money, said cybersecurity experts, their attack was an utter failure. That is, if that was actually their goal. Increasingly sophisticated ransomware assaults now have cybersecurity experts questioning what the attackers are truly after. Is it money? Mayhem? Delivering a political message?”

June 25 – Reuters: “Qatar is reviewing a list of demands presented by four Arab states imposing a boycott on the wealthy Gulf country, but said on Saturday the list was not reasonable or actionable. ‘We are reviewing these demands out of respect for ... regional security and there will be an official response from our ministry of foreign affairs,’ Sheikh Saif al-Thani, the director of Qatar's government communications office, said… Saudi Arabia, Egypt, Bahrain and the United Arab Emirates, which imposed a boycott on Qatar, issued an ultimatum to Doha to close Al Jazeera, curb ties with Iran, shut a Turkish military base and pay reparations among other demands.”

June 27 – Reuters (Foo Yun Chee): “EU antitrust regulators hit Alphabet unit Google with a record 2.42-billion-euro ($2.7bn) fine on Tuesday, taking a tough line in the first of three investigations into the company's dominance in searches and smartphones. It is the biggest fine the EU has ever imposed on a single company in an antitrust case, exceeding a 1.06-billion-euro sanction handed down to U.S. chipmaker Intel in 2009. The European Commission said the world's most popular internet search engine has 90 days to stop favoring its own shopping service or face a further penalty per day of up to 5% of Alphabet's average daily global turnover.”
          Thursday Evening Links   
[Bloomberg] Tech Spoils Bank Party as Stocks, Dollar Slide: Markets Wrap

[Reuters] Wall Street bond traders get no reprieve from Fed's taper plan

[CNBC] Congress must raise debt ceiling by mid-October: CBO

[Bloomberg] Dollar's Battle Gets Harder With Fed No Longer Only Hawk in Town

[Bloomberg] Yuan Rides a Roller Coaster in June as China Fights With Market

[NYT] U.S. Seeks to Keep Closer Tabs on Chinese Money in America
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          Maintenance Technician - Equity Lifestyle Properties - Beecher, IL   
ELS) owns and operates the highest quality portfolio of Manufactured Home Communities, RV resorts and campgrounds in North America....
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ELS) owns and operates the highest quality portfolio of Manufactured Home Communities, RV resorts and campgrounds in North America....
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          Regional Manager - Equity Lifestyle Properties - Tampa, FL   
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          Regional Manager - Equity Lifestyle Properties - Allentown, PA   
Equity LifeStyle Properties is the leading operator of Manufactured Home Communities, RV Resorts and Campgrounds in North America....
From Equity Lifestyle Properties - Thu, 13 Apr 2017 21:38:20 GMT - View all Allentown, PA jobs
          Report Developer - Equity Financial - Toronto, ON   
Eo. TB he primary function of this position is to be a member of a team that develops the EnteUunsdienre tshse I ndtierlelcigtieonnc eo f( EthBeI )T peraomg...
From Equity Financial - Fri, 30 Jun 2017 11:32:51 GMT - View all Toronto, ON jobs
          Project Manager - Equity Financial - Toronto, ON   
Project Manager ce President, Informatio Job Location: Toronto Reports to: Vi n Technology E mployment Type: Permanent Full‐Time CE prTe oq ersu um oispd...
From Equity Financial - Fri, 30 Jun 2017 11:32:16 GMT - View all Toronto, ON jobs
          Symmetry Theatre Stages THE OTHER PLACE at Live Oak in Berkeley   

Imagine this. You're a brilliant scientist, a biophysicist studying the causes of dementia. And one day, mid-Power Point, you can't recall what you're supposed to say when the next slide comes up. Eventually you learn that the disease you're studying is now the disease you have.

Truth blurs with perception in Sharr White's timely play, The Other Place, a production of Symmetry Theatre Company. It is directed by Taylor Korobow and features Stacy Ross as Juliana Smithton, a successful neurologist whose life is coming unhinged, piece by piece. The Other Place runs July 27 - August 13 at Live Oak Theater 1301 Shattuck Avenue in Berkeley 94709

CAST

Stacy Ross* (Juliana Smithton) is a member of PlayGround, an associate artist at California Shakespeare Theatre and has worked locally and regionally in works ranging from Shakespeare to Shaw to world premieres by Sarah Ruhl.

Robert Parsons* (Ian) is known in the Bay Area for his work at American Conservatory Theatre, Magic Theatre, SF Playhouse, Aurora Theatre, TheatreWorks, Word for Word, Cutting Ball, Shotgun Players and Berkeley Rep. Regional credits include work at Ford's Theatre, Ahmanson Theatre, Oregon Shakespeare Festival, Sydney Festival and the Huntington, Alley and Arizona theatre Companies.

Lisa Morse* (The Woman) has appeared locally at Marin Theatre Co., Shakespeare Santa Cruz, Just Theatre, PlayGround, Playwrights Foundation. Regional credits include Missouri Rep, The Kennedy Center, Old Castle Theatre Co, and Boston Playwrights Theatre. Off Broadway work includes Lincoln Center, CSC, and P.S. 122. Recent favorite roles include Beverly Onion in Abominable, Mom in Down a Little Dirt Road, Miss Finknagle in the film "Miss Finknagle Succumbs to Chaos", and Lisa in Hella Love Oakland.

Michael Barrett Austin* (The Man) has most recently appeared in Baker Street (42nd Street Moon), Boeing Boeing (San Jose Stage), The Best of PlayGround 19 and Project Ahab (Central Works). Other credits include Red Hot Patriot with Kathleen Turner (Berkeley Repertory Theatre) and Manic Pixie Dream Girl at The New York International Fringe Festival, Bloody Bloody Andrew Jackson (SF Playhouse), Dracula (Center Rep) and The Lieutenant of Inishmore (Berkeley Rep), Michael toured Italy with Shakespeare at Stinson and the US with The National Theatre for Children.

*Actors Equity Association

DIRECTOR

Taylor Korobow is a director, producer, educator and media coach. She has produced and directed numerous theatre productions, commercials, and corporate videos. Taylor is co-founder and Artistic Director of her own theatre Production Company in San Miguel de Allende, Mexico, where she resides part-time. She has appeared on several television reality shows and has taken part in many panels and think-tanks regarding the art and profession of acting.

Sharr White (Playwright)

White's schooling and productions are rooted in the Bay Area. He was raised in Orange County, CA and attended high school in Colorado. He then attended San Francisco State and The American Conservatory Theatre, studying acting.

The Other Place had its world premiere Off-Broadway in an MCC Theater production at the Lucille Lortel Theatre in 2011. It had its West Coast premiere at the Magic Theatre in San Francisco in 2012. Directed by Loretta Greco, the cast starred Henny Russell and Donald Sage Mackay, with Carrie Paff, and Patrick Russell. The play had its Broadway premiere in the 2013 Manhattan Theatre Club production. The Other Place received an Outer Critics Circle Award nomination for Outstanding New Off-Broadway Play.

White's Annapurna premiered at the Magic Theatre in San Francisco in November 2011, with direction by Loretta Greco. It opened Off-Broadway in 2014, featuring Megan Mullally and Nick Offerman. His Sunlightpremiered at the Marin Theatre Company in 2010 and later that year in Seattle at ArtsWest. Sunlight (a National New Play Network selection) received an Edgerton Foundation New American Play Awards, 2009.

The Other Place and Alzheimer's Disease

Of The Other Place, White says, "The research [for the play] was really intense for me. I do a lot of research for plays. The research around dementia is very fascinating, especially around protein disorders such as Alzheimer's and early onset Alzheimer's."

Symmetry Theatre will dedicate the first page of the program to the names of Alzheimer's sufferers known personally by those associated with the production.

Director Taylor Korobow writes, "We have decided to devote the first page of the program to the people in your lives -- those still with you and those who are no longer with you -- who are fighting or have fought the good fight against dementia and/or Alzheimer's Disease. We want to honor these brave souls and what they mean to you by devoting this production of The Other Place at Live Oak Theater to them and/or their memory."

TIMES AND TICKETS

WHAT: The Other Place by Sharr White

WHEN: July 27 to August 13. Thurs-Fri-Sat at 8:00 pm. Sundays at 2:00 pm.

WHERE: Live Oak Theater 1301 Shattuck Avenue in Berkeley 94709

TICKETS: $20 - $30 at 415-377-0457 http://www.brownpapertickets.com/event/3010889

A Word on Symmetry Theatre Company

The mission of Symmetry Theatre is to "set the standard for gender parity in professional theatre." Founded in 2010, Symmetry one of the first companies to focus on gender parity, particularly in the representation of actors onstage. Symmetry strives to produce plays that have an equal or greater ratio of female/male roles and requires the hiring of an equal or greater ratio of female/male Equity actors.

For Calendar Editors:

The Other Place. Shar White's drama about a brilliant woman battling the onset of Alzheimer's. Directed by Taylor Korobow Produced by Symmetry Theatre Company at Live Oak Theater 1301 Shattuck Avenue in Berkeley. July 27 to August 13. Thurs-Fri-Sat at 8:00 pm. Sundays at 2:00 pm. Tickets $20-$30 at 415-377-0457 http://www.brownpapertickets.com/event/3010889

Pictured above: Robert Parsons (Ian) and Stacy Ross (Juliana). Photo credit Cheshire Isaacs.


          Mortgage Servicing Specialist - Equity Financial - Toronto, ON   
MORTGAGE SERVICING SPECIALIST Job Location: Toronto Reports to: Manager, Mortgage Servicing Department: Mortgage Servicing Employment Type: Permanent Full...
From Equity Financial - Fri, 30 Jun 2017 11:32:16 GMT - View all Toronto, ON jobs
          Poppie Johnson: Why I’m now a feminist   
OPINION: I became a feminist the day I found out I was pregnant. Up till then the term had always seemed somewhat redundant to me. I knew it meant gender equity, not some bra-burning militant faction redolent of the 1970s. I knew the theory behind it. I heard about the gender pay gap and read […]
          Former Siemens & GE execs found Securadyne, acquire SecureNet as platform for growth   
Carey Boethel and Ken Francis go into business; financial partner, Pamlico Capital, ready to fund additional acquisitions
03/01/2012
Martha Entwistle

DALLAS—Carey Boethel and Ken Francis, two well-known industry veterans, announced this morning that they’ve founded a new systems integration firm called Securadyne Systems, and acquired SecureNet,  a Dallas-based security integrator, as a platform for growth.

With backing from Pamlico Capital, the phase-one strategy for Securadyne is “to build a Southeast regional company over the next two years. Phase two would be to achieve a national footprint,” Francis told Security Systems News.

The duo plan to build a “unique solutions provider that leverages emerging IP and cloud-based technologies.”  Francis said systems integrators who focus on “strong advanced services will change the nature of the relationship between systems integrators and their enterprise customers.”

Securadyne “intends to be on forefront of this change, and the result will be stronger relationships with end users and a more profitable business,” he added.

Securadyne is actively looking for select acquisitions.
 
Boethel, president and CEO of Securadyne, was most recently head of Siemens’ Security Solutions Business Unit in the United States, and VP and Business Unit Head for Canada. Ken Francis, COO of Securadyne, has worked for ADT, AMAG, and GE Security, where he led the Integrated Systems Product Group.  Most recently, Francis was worldwide VP of Sales & Marketing for UTC’s Security Products Group.
 
Pamlico Capital is a $2 billion Charlotte, N.C.-based middle-market private equity group. Pamlico was an investor in Sonitrol, but exited when that company was sold to Stanley Works in 2008.

Stuart Christhilf, principal at Pamlico, called Sonitrol a “very successful investment for us.” He said Pamlico had spent the past 12 to 18 months “looking at a host of different companies across the space.” Pamlico does not currently have other security investments, but it is invested in several software, SaaS, hosted and managed services companies. Pamlico’s interest in those capabilities and ongoing interest in the security space “attracted us to the thesis that Carey and Ken have developed,” Christhilf said.

Christhilf characterized Pamlico as a long-term investor interested in helping Securadyne grow over the next several years. “We’re really excited to back Carey and Ken. We think they’re the best team out there to put our money behind in this space. And we think SecureNet is a great platform from which to execute their strategy and to expand from there.”

Brian Bergstrom, CEO of SecureNet, will continue to lead the SecureNet organization, which will retain its brand name. Bergstrom will join the Securadyne management team as GM of the company’s Texas and Oklahoma operations.  

Francis said SecureNet had 2011 revenues of approximately $16 million and has about 79 employees. In addition to headquarters in Dallas, it has Texas branch offices in Austin and Houston and Oklahoma branch offices in Oklahoma City and Tulsa.

Today’s deal is the result of an idea that Francis and Boethel came up with several years ago when the two were both working at Netversant. “We spent a great deal of time talking about this idea,” Francis said. “We had a business plan and we made presentations to bankers.” That was back around 2008, and it turned out the timing was not right, “so we both made career commitments, Carey to Siemens and me to GE Security … then last spring we got together and decided that in 2012 we’d like to do this.”
 


          EQUITY ALERT: Khang & Khang LLP Announces Securities Class Action Lawsuit against General Motors Company and Encourages Investors with Losses to Contact the Firm   
Khang & Khang LLP (the “Firm”) announces a securities class action lawsuit against General Motors Company (“GM” or the “Company”) (NYSE:GM). Investors who purchased or otherwise acquired shares between February 27, 2012 and May 25, 2017, inclusive (the “Class Period”), are encouraged to contact the Firm in advance of the July 26, 2017 lead plaintiff motion deadline.
          Sarepta Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)   
Sarepta Therapeutics, Inc. (NASDAQ:SRPT), a U.S. commercial-stage biopharmaceutical company focused on the discovery and development of unique RNA-targeted therapeutics for the treatment of rare neuromuscular diseases, granted equity awards on June 26, 2017, that were approved by the Compensation Committee and the independent members of its Board of Directors under Sarepta’s 2014 Employment Commencement Incentive Plan (the “Plan”), as a material inducement to employment to Douglas S. Ingram in connection with his appointment as Sarepta’s president and chief executive officer and his entry into an employment agreement with Sarepta on June 26, 2017 (“Effective Date”). The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).
          Avid Provides Update on Jetsen Equity Investment; Commercial Alliance Underway Following Successful Launch   
Companies have agreed to amend the terms of the previously announced securities purchase agreement and extend the time period for Jetsen to obtain the required Chinese regulatory approval, while the commercial agreement has proceeded well and has delivered the expected results to date
          REVIEW: "Twelfth Night" at Cannon Beach Coaster Theater Playhouse   
Cannon Beach's Coaster Theater Playhouse. Photos by Greg Zschomler.
As I told you all in an earlier post, we were moving out of SW Washington. We have. Thus we won't be reviewing the SW WA theater any longer. We are still looking for someone to take over. Meanwhile...

Here on the Oregon Coast in the little town of Cannon Beach there is a theater. 

This past week we dropped in to catch their production of Shakespeare's "Twelfth Night." And they did a fine job.


If you are ever down on the coast in the Cannon Beach/Seaside are you may want to catch a production at the cozy Coaster Theater Playhouse. The company is a non-equity, volunteer, semi-professional theater. What once was a roller skating rink has been transformed into a beautiful and functional playhouse most any company in Vancouver would be envious of. It's slightly larger than Clark College's Decker Theater.

The production values and acting were very good. The lighting for "Twelfth Night" was a tad uneven in places, but the set and costumes were marvelous. The cast played well to the entire theater and could be heard well. There was some strong veteran talent in the show and some newbies, too, that did just fine. Very nicely done!

"Twelfth Night" closes October 25. Their next production, Disney's "Beauty and the Beast," opens November 14 and runs through December 27. Showtimes are generally 7:30 p.m., Thursdays through Sundays (but there are exceptions--some shows run Wednesdays, some have only a few Sundays, and B&B has only one Thursday in its run).

Stop by if you're down out the coast or make a special trip. Next season's seven productions can be seen here.
          Trust Accountant   
IL-Chicago, RESPONSIBILITIES: Kforce has a client seeking a Trust Accountant in Chicago, Illinois (IL). Essential Functions: Asset Administration is responsible for monitoring and maintaining pools of bank loans that act as collateral for CDO/CLOs CDOs are structured finance vehicles that issue both debt and equity liabilities, with the proceeds being used to buy a portfolio of collateral Typical types of col
          ATS Medical to Participate at the Fourth Annual Noble Financial Equity Conference   
none
          Access Pharmaceuticals to Present at the Noble Financial Equity Conference   
none
          (USA-MS-Jackson) Sales - Insurance - Medicare/Cross Selling/Licensed Agents Only   

Job Description

HealthMarkets has an expansive carrier portfolio with opportunities across the individual medical, Medicare and Employer Group markets with a complementary portfolio of Supplemental, Life, Long-Term Care and related products that enables you to meet the needs of your customers. HealthMarkets is partnered with more than 200 insurance companies with thousands of plans available nationwide, so you can help more customers in the markets we serve.

Build a rewarding career

  • Full training program that prepares you to sell

  • Innovative sales tools to ensure success

  • Pre-set appointments and first-class leads

  • Freedom to make your own schedule

  • Control your future

  • Competitive Compensation Package

  • Investment Stock Ownership Plan*

    We have the winning formula to help you build a successful business by combining our innovative tools and steady support with your drive to succeed. Whether you are new to insurance, or experienced in insurance sales, you can join with a proven leader and build your own rewarding career during this incredible time of opportunity.

Insurance Sales Representative Requirements:

  • Strong ethical principles

  • Self-motivation and drive with the ability to work independently

  • Entrepreneurial expertise to run your own small business

  • Ability to communicate well and earn people’s trust

  • Excellent time-management and phone skills

  • Desire to guide your own career

  • Passion for making a difference in the community

Take the next step by applying today!

*Participation in HealthMarkets, Inc. InVest Stock Ownership Plan ("ISOP") is subject to satisfaction of eligibility requirements and plan terms and conditions. Eligible participants have the opportunity to obtain equity in HealthMarkets, Inc., the parent company of Insphere. ISOP participation entails certain risks and uncertainties including the risk that the stock price of HealthMarkets, Inc. could fall and that investors could lose some or all of their investment.

HMIA003943

Company Description

Rise to new heights. Enjoy more independence, more personal satisfaction and more income potential when you join a proven leader in HealthMarkets Insurance Agency. HealthMarkets is focused on meeting the Health, Life, Medicare, Supplemental, Long-Term Care and Retirement needs of individuals and families who are not offered group health coverage at work.

As an independent agent with HealthMarkets, receive access to a full portfolio of quality products that you can sell year-round in addition training, technology and marketing support services so that you can meet the growing insurance needs of more customers. Whether you are a professional sales person or just starting out, we believe you have the opportunity to build a prosperous business, providing you with entrepreneurial freedom, using our proven framework of success. With HealthMarkets you can make a difference and build a rewarding career without limits.

          Human Resources Consultant - NorthwesTel - Whitehorse, YT   
Northwestel values diversity in the workplace and is committed to the goals of Employment Equity. We are seeking a permanent Human Resources Consultant to...
From NorthwesTel - Wed, 21 Jun 2017 20:39:41 GMT - View all Whitehorse, YT jobs
          Product Manager, Video - NorthwesTel - Whitehorse, YT   
Northwestel values diversity in the workplace and is committed to the goals of Employment Equity. Applications are now being accepted for a temporary, 12 month,...
From NorthwesTel - Mon, 29 May 2017 23:31:57 GMT - View all Whitehorse, YT jobs
          Retail Sales Associate - NorthwesTel - Whitehorse, YT   
Northwestel values diversity in the workplace and is committed to the goals of Employment Equity. We are currently accepting resumes for the part-time Retail...
From NorthwesTel - Thu, 25 May 2017 23:20:37 GMT - View all Whitehorse, YT jobs
          Community Service Technician - NorthwesTel - Gjoa Haven, NU   
Northwestel Employee Discounts. Northwestel values diversity in the workplace and is committed to the goals of Employment Equity. If Helping Your Community &....
From NorthwesTel - Tue, 13 Jun 2017 20:32:48 GMT - View all Gjoa Haven, NU jobs
          IBEW, Group 3 Functional - Bell - Halifax, NS   
Northwestel values diversity in the workplace and is committed to the goals of Employment Equity. At Northwestel, our employees work every day to deliver...
From Bell Canada - Thu, 29 Jun 2017 20:02:47 GMT - View all Halifax, NS jobs
          Indian equities most attractive on a 5-yr basis, says CLSA MD Christopher Wood   
This year, Indian equity markets have been one of the top performers. Christopher Wood, managing director and equity strategist at CLSA, while sharing...
          Why going over the fiscal cliff could be a disaster   
After the US presidential elections, Christopher Ferrarone, global equity strategist, UBS, shared his thoughts on the implications of the elections on...
          MAIDEN MARC ASSOC LTD: Junior Headhunter at Times Top 100 Firm - OTE up to £60,000 plus Equity Opportunities   
Base of £23,000 with OTE of up to £60,000 and Equity/Share Options: MAIDEN MARC ASSOC LTD: Maiden Marc Associates are currently looking for three 2nd jobber or graduate level headhunters to join an internationally renowned firm covering s... London and Birmingham
          CNBC Million Dollar Portfolio Challenge - Bonus Bucks Trivia Answers   
Bonus bucks answers for 11/9

1. Where is CNBC’s Republican Presidential Debate being held?

ANSWER: Oakland University, Rochester, MI


2. British parliamentarians this week took the unusual step of interviewing a revenue and customs lawyer under oath over an alleged "sweetheart" tax deal with what U.S. bank?

ANSWER: Goldman Sachs


3. China's clampdown on bank lending has been a boon for banks outside China, according to Standard & Poor's Equity Research. Which Asian bank stock did the firm recently upgrade?

Answer: DBS
          Shenzhen bookmall – Shenzhen Picture   

It locates next to the equity exchange center, which makes a sense of balancing between desire and spiritual satisfaction. Image published by gaobo on 2009-03-08 17:17:49 and used under Creative Commons license. Tagged: , shenzhen , city

link: Shenzhen bookmall – Shenzhen Picture


          Project Manager - Equity Financial - Toronto, ON   
Project Manager ce President, Informatio Job Location: Toronto Reports to: Vi n Technology E mployment Type: Permanent Full‐Time CE prTe oq ersu um oispd...
From Equity Financial - Fri, 30 Jun 2017 11:32:16 GMT - View all Toronto, ON jobs
          Mortgage Servicing Specialist - Equity Financial - Toronto, ON   
MORTGAGE SERVICING SPECIALIST Job Location: Toronto Reports to: Manager, Mortgage Servicing Department: Mortgage Servicing Employment Type: Permanent Full
From Equity Financial - Fri, 30 Jun 2017 11:32:16 GMT - View all Toronto, ON jobs
          Reference Data Analyst Intern part time - Budapest munkakörbe keresünk munkatársat. | Feladatok...   
Reference Data Analyst Intern part time - Budapest munkakörbe keresünk munkatársat. | Feladatok: Research and acquire in depth knowledge of the market data content models of upstream data suppliers to MSCI for multiple financial asset classes Learn and apply business logic required to normalize set of terms and conditions data models Work closely with Senior Terms and Conditions Analysts in the implementation and maintenance of these business rules Monitor quality of terms and conditions data on a daily basis Understand the use of MSCI Risk Management Software and workflow of Terms and Conditions Data Understand new reference data requirements and work with Business and Development Groups. | Elvárások: Pursuing University program with focus on Finance, Economics, Engineering, Mathematics, Statistics or another quantitative field with strong knowledge of finance Demonstrated interest in financial markets, products and risk management Interest in market data content management ? specifically in any or all of equities, equity derivatives, domestic and international mutual funds, fixed-income govt./corporate debt, structured debt, commodity futures, commodity derivatives and credit derivatives Interest working in environment that combines finance and technology Programming experience in Visual Basic, Perl and C/C++ is a plus Knowledge of SQL and relational databases, preferably Oracle is a plus Must be willing to work in a global team environment and able to move things forward via strong communication skills Strong problem-solving skills, attention to detail Possibility to work part time 20-30 hours a week | További infó és jelentkezés itt: www.profession.hu/allas/1040675
          Pursue your Potential (PYP)- Persons with Disabilities - RBC - Ontario   
As per the Canadian Government Employment Equity definition, persons with disabilities are individuals who have long-term or recurring, persistent conditions,...
From RBC - Thu, 23 Mar 2017 04:42:44 GMT - View all Ontario jobs
          CPPIB Bets Big on Houston?   
Matt Scuffham of Reuters reports, Canada Pension Plan to buy U.S. REIT Parkway for $1.2 billion:
Canada Pension Plan Investment Board said on Friday it would buy Houston-based real estate investment trust Parkway Inc (PKY) for $1.2 billion, its second significant U.S. investment this week.

Canada's biggest public pension fund, which is one of the world's biggest real estate investors, will pay Parkway stockholders $19.05 per share and a $4 special dividend, the companies said on Friday.

Shares of Parkway were up 12.3 percent at $22.87 in morning trading. That was slightly below the $23.05-per-share deal value, which represented a 14 percent premium to the stock's average price in the past month.

"Parkway fits well with CPPIB's long-term real estate strategy to hold stable, high-quality assets in large U.S. markets," said Hilary Spann, who heads the pension fund's U.S. real estate investment arm.

Parkway, in which private equity firm TPG Capital has a 9.8 percent stake, said it owned 19 Houston properties totaling about 8.7 million square feet.

CPPIB Chief Executive Officer Mark Machin had said in November that he saw U.S. opportunities arising from President Donald Trump's election victory, citing the expectation of increased fiscal stimulus, less regulation and more economic activity.

The CPPIB, which manages Canada's national pension fund and invests on behalf of 20 million Canadians, has been diversifying from its domestic market by acquiring assets such as real estate and infrastructure around the world in addition to buying publicly traded stocks and bonds.

The pension fund is most heavily invested in the United States, which accounts for about 39 percent of its C$317 billion ($245 billion) of assets, according to its 2017 annual report. Asia is a distant second at 18 percent.

On Wednesday, CPPIB agreed to invest up to $1 billion to buy oil and gas assets in the United States in a partnership with Encino Energy Ltd.

HFF Securities LP was Parkway's financial adviser, and Hogan Lovells US LLP was its legal adviser.
Prashant Gopal and Scott Deveau of Bloomberg also report, Canada Pension Plan Agrees to Buy Parkway for $1.2 Billion:
Canada Pension Plan Investment Board agreed to buy Parkway Inc., a real estate investment trust with properties in the Houston area, for $1.2 billion.

The $23.05-a-share cash offer, which consists of $19.05 a share plus a $4 special dividend to be paid prior to the the deal’s completion, is about 13 percent more than Parkway’s closing price on June 29, the companies said in a statement today. TPG Capital and its affiliates, which own about 9.8 percent of the REIT, have agreed to vote in favor of the deal, which is expected to close in the fourth quarter.

The deal helps CPPIB, Canada’s largest pension fund, expand in Houston, where earlier this week it announced a $1.25 billion partnership with Encino Energy LLC that will focus on U.S. oil and gas acquisitions. The area’s office market was hit by the 2014 plunge in oil prices, making it sensible for a company like Parkway to go private, according to Jeffrey Langbaum, an analyst with Bloomberg Intelligence.

The pension fund won’t “have to answer to public shareholders every three months about why the stock price isn’t going up and why the market is blah,” Langbaum said in a phone interview.

Parkway has 19 office properties in the Houston area that were about 88 percent leased as of March 31, according to the statement.

CPPIB probably liked the portfolio because of its “high cap rate and low price-per-pound acquisition cost” relative to real estate in more expensive cities, John W. Guinee, an analyst with Stifel Nicolaus & Co. Inc., said in a phone interview. Cap rates, or net income divided by purchase price, are a measure of yield for property investors.

Houston Spinoff

The Houston assets were a spinoff of the merger in 2016 of Parkway Properties Inc. and Cousins Properties Inc. Shares of the new company had fallen 15 percent through yesterday since they began trading in October. They were up 12 percent to $22.86 at 11:12 a.m. New York time today.

CPPIB has been an active real estate investor for decades. Most recently, it acquired three U.S. student housing portfolios through a joint venture, Scion Student Communities, for $1.6 billion in March. In February, it bought a stake in a group of offices from Parkway in a deal that valued the portfolio at $1.04 billion.
You can read all the latest press releases from CPPIB here. These two deals total US$ 2.2 billion, which is a very significant investment even by CPPIB's standards.

So why did CPPIB make such a significant investments in Houston-based Parkway and Encino Energy?  Do its senior managers see a bottom in oil prices? While this is possible, it's also important to note that like all large pensions, CPPIB is a long-term investor with a long horizon so it doesn't need to pick the bottom in any of its investments.

On Friday, which is the last day of the quarter, oil prices are up and that is boosting energy shares. Some believe this is the beginning of another reflation trade similar to what happened in early 2016.

I'm skeptical on reflation but I do see a potential short-term tradable bottom in oil and energy (click on images):



Still, with central banks around the world increasing their hawkish tone (much to my dismay and horror), it's hard to see the beginning of a sustained rally in oil prices and energy shares.

Again, this is my short-term view and has nothing to do with CPPIB's decision to invest in Parkway and Encino Energy which is a long-term investment decision.

Some might be asking why not invest in Calgary and the answer is CPPIB (rightly) wants to diversify away from its Canadian exposure.

I can't add much more without speaking to Mark Machin or other CPPIB representatives on their view on oil prices and to get more details on these deals.

But one thing I know is Houston is a very popular and diverse city which is growing fast and it's important to note its economy has a diversified away from energy into other sectors like healthcare and manufacturing. In other words, there's a lot more to Houston than oil & gas (see the clips below).

Lastly, as we celebrate Canada 150, I was thinking of a few great Canadians that I admire most and one amazing Canadian always comes at the top of my list. 

I wish all Canadians a Happy Canada Day. We are very lucky to live in this great country. I also wish our southern neighbors a Happy 4th of July. Enjoy the long weekend.




          Caisse Cautious on London Real Estate?   
Matt Scuffham of Reuters reports, Canada's Caisse cautious on London amid Brexit fears:
Caisse de depot et placement du Quebec, one of the world's biggest real estate investors, is holding off on major investments in London real estate amid uncertainty over the impact of Britain's planned exit from the European Union.

Canada's second-biggest public pension fund has been an enthusiastic investor in Britain and earlier this year agreed to finance the expansion of London's Heathrow airport in which it is one of the biggest shareholders.

Until recently, London was one of the cities the Caisse was most committed to investing in along with New York and Shanghai.

"That is still certainly true for Shanghai, true for New York," Caisse Chief Executive Michael Sabia told Reuters in an interview on Wednesday.

However, the Caisse has turned more cautious on Britain's capital after Prime Minister Theresa May lost her majority in a parliamentary election in early June, giving her a weaker hand in negotiating Britain's exit from the EU.

"We're pretty cautious right now about making meaningful and significant investments in London real estate," Sabia said.

The Caisse has not seen any impact yet on valuations of its existing real estate portfolio in London which is primarily in high-end office buildings. However, Sabia said valuations of less desirable properties were being affected.

"The question is how far does this go, does it spread? That is why we're being careful until we have a better sense."

Sabia also said Britain's economy, which initially withstood the shock of the Brexit vote, was starting to hurt.

"I think you're going to see slowing in the UK as the reality of Brexit begins to affect decision making more, I think we're already seeing some of that."

The Caisse, which manages public pensions for retirees in Quebec, has a dual mandate both to maximise returns for depositors and support economic growth in the Canadian province.

A $1.5 billion investment in Bombardier (BA.N), headquartered in Quebec, has been slammed by U.S. rival Boeing (BA.N) as an unfair subsidy but Sabia rejected that characterisation as "absolute nonsense" on Wednesday.

KHAKI PROJECTS

Caisse is embarking this year on the construction of the world's third-biggest public transit system in its home city of Montreal, a groundbreaking project which will see the pension fund take responsibility for both the funding and construction.

The C$6 billion project, which has also received funding from the Quebec government and Canada's federal government, is seen as a test case by other pension funds which normally prefer to invest in 'brownfield' infrastructure that has already been built rather than take on the construction risk through a 'greenfield' project.

But competition for assets such as roads, bridges and tunnels that have already been built has intensified as investors look for alternatives to low-yielding government bonds and volatile equity markets.

Sabia said he believes the Caisse will have an advantage over rivals from developing the skills in-house to manage the construction of new infrastructure and wants to replicate the model in the United States and Europe if it succeeds.

He also argued that much infrastructure development falls between the two, citing Heathrow Airport, where the infrastructure is being expanded, labelling them 'khaki' projects.

"You've got to have the capacity to work across that spectrum, to have a full product offering is something that's going to differentiate yourself in the market."

The Caisse invests money on behalf of workers and retirees in the province of Quebec and Sabia admitted that there would be reputational risk if money was lost on the Montreal transit project.

"Doing things differently and some degree of innovation always comes with some risk. If those reputational issues are so big in your mind then you're condemned to live in the status quo for ever.

"In an investment world that's changing as much as we think it is changing, staying in the status quo means you're toast."
There are two parts to this article. The first deals with the effects of Brexit on the UK economy.

Swati Dhingra, Gianmarco Ottaviano, Thomas Sampson and John Van Reenen of LSE's Centre for Economic Performance published a paper, The consequences of Brexit for UK trade and living standards, which you can read here.

Their main findings are listed below (click on image):


The authors of this paper even quantified the effects of Brexit on UK livings standards under an optimistic and pessimistic scenario (click on image):


As you can see, the effects of Brexit on UK living standards are not good under both scenarios but are particularly terrible under the pessimistic scenario.

Now, these are academic studies and critics will claim they're too gloom and doom. Still, it's clear that Brexit will have an impact on trade and UK living standards, we just don't yet how this will all play out.

As far as London, the financial center of Europe, there are some diverging views among Canada's large pensions. PSP Investments, the other large pension fund in Canada, opened a London office recently which it considers its European growth hub.

However, just like Michael Sabia,  PSP's CEO André Boubonnais, is equally cautious on UK real estate and infrastructure. The latter believes London will continue to be the financial hub of Europe but he too is very cautious when it comes to making big investments in UK's private markets (PSP's main focus is on expanding private debt operations in Europe but it is looking at investments in infrastructure and real estate).

My thoughts on London? It's a global financial center just like New York and to a lesser extent Toronto. In other words, a long bear market or profound shock in the markets aren't too bullish for London, New York or Toronto.

London also houses some very large well-known hedge funds like Brevan Howard which hasn't been performing too well lately. Troubles in Hedge Fund Land don't typically bode well for commercial real estate in large financial centers but the rise of technology juggernauts has helped ease the burden of relying too much on financial firms.

Anyway, the Caisse's real estate subsidiary, Ivanhoé Cambridge, is among the biggest and best real estate investors in the world so I'm confident they know what they're doing when it comes to their decision to be more cautious in terms of London real estate.

As far as the second part of the article, it deals with Michael Sabia's baby, the C$6 billion Réseau électrique métropolitain (REM) project. I recently discussed my thoughts on this project when I went over Ontario Teachers' new infrastructure approach, stating this:
[...] this is one approach. Another approach is what the Caisse is doing now with its massive REM project, which is a purely direct greenfield project. The Caisse got a loan from the Quebec government and will receive money from the federal government too, but what Macky Tall and his team are doing in Montreal is unlike anything any large Canadian pension is doing in infrastructure.

[Note: The Caisse de dépôt et placement du Québec just received confirmation of a $1.283-billion investment, by the Government of Canada and Prime Minister Justin Trudeau, in the Réseau électrique métropolitain (REM) project.]

I just finished covering the International Pension Conference of Montreal and PSP's fiscal 2017 results where I noted that PSP's CEO André Bourbonnais is concerned about investor complacency and rightfully warned institutional investors are underestimating valuation and regulatory risks of infrastructure, mistakenly looking at these investments as a substitute for bonds.

In a private conversation with me at last year's pension conference, Leo de Bever, AIMCo's former CEO, told me he thought some of the infrastructure deals were being priced at "insane levels". I can't tell you which deals he mentioned (will let you guess), but he did add this: "what the Caisse is doing with this greenfield infrastructure project is truly innovative and can pay off in a huge way if they get it right."

I agree. There is no large pension in the world which is doing anything close to what the Caisse is doing in terms of a purely direct major greenfield infrastructure project where it controls everything from A to Z.

In order to do this project, CDPQ Infra went out and recruited people with the requisite skill-sets, people with operational experience developing and managing mammoth greenfield projects (not just MBAs and dealmakers but engineers with MBAs who worked at large construction engineering companies like SNC Lavalin and elsewhere).

This is why I was so disappointed to learn that the new Canadian Infrastructure Bank will be based in Toronto. I respect Jim Leech but in my humble opinion, Montreal, not Toronto, should have been the first and only choice as the headquarter this new federal infrastructure bank and I would have placed someone like Bruno Guilmette, PSP's former head of Infrastructure or someone else I know well as the head of this bank (I'm getting a bad feeling that this new infrastructure bank is going to be staffed by the wrong type of people).
In my opinion, Toronto was chosen as the headquarters of the new federal infrastructure bank because it is the financial epicenter of Canada and all the big pension funds are based there. Still, this decision irks me because Montreal needs a new federal Crown corporation based here (apart from the BDC) and we have plenty of infrastructure expertise that Toronto doesn't have. The Caisse's REM project is a testament to such world class expertise.

Anyway, even if it's headquartered in Toronto, hopefully they will staff this new infrastructure bank with the right people, not just a bunch of cowboy dealmakers.

[Note: A friend of mine reminded me that Toronto has the best infrastructure fund in the world, "it's called Brookfield and they are eons ahead of everyone else." Good point.]

Once again, if you have any thoughts on this comment or want to add anything, feel free to email me your thoughts at LKolivakis@gmail.com and I will be glad to post your comments.

Below, Lindsey Naylor on the macroeconomic impact of Brexit on the domestic economy, and the importance of regulatory matters in sustaining the ability of UK-based firms to face European clients.
Ms Naylor was speaking at the LSE Growth Commission’s Evidence Session on Finance and the City of London held at the Army and Navy Club on 6 December 2016. She is Partner in Oliver Wyman’s Global Corporate & Institutional Banking practice.

And on June 15, 2017, in Montreal, Prime Minister Justin Trudeau, Quebec Premier Philippe Couillard, Montreal Mayor Denis Coderre, and Michael Sabia, President and CEO of the Caisse discussed the federal government’s investment in Montreal’s Réseau électrique metropolitan (REM) light-rail network. Following the announcement, the prime minister, premier, and mayor respond to questions from reporters (in both French and English). You can watch it here.

Lastly, André Bourbonnais, president and CEO of PSP Investments, joins Bloomberg TV Canada’s Lily Jamali to discuss opportunities in the private debt market and his plans to expand globally. Listen carefully to his views on London, this is a great interview.



          Sprint-Cable Deal Would Be Mixed Picture for Industry, Consumers   
Reading Time: 3 minutesIt was reported this week Comcast and Charter are in discussions with Sprint regarding an expanded MVNO arrangement, or a possible equity stake/outright acquisition of the company. Wall Street has weighed in on the cost synergies of a deal, plus the possible stock impact on the various stakeholders. But what would this mean for the…
          Real Estate Financial Modelling Specialist - London   
Real Estate Financial Modelling Specialist required to join a Consulting company who specialise in Advising Real Estate Investment & Private Equity firms on how they can make their decision making processes more accurate and more efficient. They are looking to recruit a Real Estate specialist which could be a Finance Analyst..
          Beautiful and Spacious Condominium in Maribago Lapu-lapu City DON'T MISS IT!   
Beautiful and Spacious Condominium in Maribago Lapu-lapu City DON'T MISS IT! Beautiful and Spacious Condominium in Maribago Lapu-lapu City DON'T MISS IT! Tambuli Seaside Living is located at Buyong Road, Maribago, Mactan Island, Cebu One Bedroom Unit Tambuli Seaside Living is the first solely residential resort development in Cebu. The 11-hectare property boasts of a ready 200-meter natural beachfront blessed with fine, powdery white sand. Residents can enjoy the exclusive use of the 4-hectare amenity area inclusive of the following facilities: Modern Asian Clubhouse Gym and Wellness Center Game Room Function Hall Indoor Kids Playroom Coffee Shop Commercial Complex Convenience Store Family KTV Beauty Salon Laundry Shop Swimming Pool with Lagoon Type with Bar Lapping Pool with Kiddie Pool Resort Spa Viewing Deck by the Beach Fine Dining Restaurant, Wine & Cheese Tapas Bar Native Restaurant Asian Restaurant Gym Drop-off Area Dry Sports Facilities: Volleyball Court Basketball Court Tennis Court Water Facilities Water Sports Dive Shop 16. 24- Hour Emergency Clinic with Medical Staff and Ambulance Additional Features: Golf Carts Pond FROM TAMBULI TO Airport -9.1km 20 min. Central business district -22km (45 mins.) Nearest hospital -5.7km (15 mins) Nearest University -5.5km (15 mins) Nearest Supermarket -1.1km (5 mins.) Transport Terminal (taxi,PUJ) -800meters (5 mins.) ONE BEDROOM UNIT Floor Area : 47.50 sq. m. Kitchen Toilet & Bath Living Dining Bedroom Balcony Total Contract Price : Php 5,213,600.00 Reservation Php 30,000 20% Net Equity Php 1,012,720.00 Payable in 60months Php 16,878.67/month Other Charges : Php 232,750.00 80% Balance Payable upon turnover of unit Php 4,170,880 FOR INQUIRIES, SITE TOUR, COMPUTATION & RESERVATIONS: CALL US: 0933-9857946 0916-4982486 or 494-2578 21 QUEEN REALTY & BROKERAGE Licensed Number: 0013968 SKYPE: henedina.reyes38 Online Marketing SALES MANAGER EMAIL: henedinareyes.21queen@gmail.com will assist you 100% hassle free. Pls. click and like link below to see more houses and condos. https://www.youtube.com/my_videos?o=Uπ=1 https://www.facebook.com/pages/Affordable-Houses-and-Condominiums/217652085089105
          Westminster College Honors Student Heads to National Collegiate Honors Conference in Atlanta, GA   

Alina Clough, junior honors student at Westminster College, was accepted into the 2017 National Collegiate Honors Conference to be held in Atlanta, GA later this year. Clough will present her poster entitled “Philanthropic Cartography: Crowdmapping Rural Tanzania with OpenStreetMap (OSM).”

“I am very much looking forward to heading to Atlanta with Dr. Hicok and hope this project is able to shine a bit of light on the technological aspect of development," said Clough.

In her research project, Clough uses the Tanzania Development Trust as a case study to examine the effectiveness of crowd-sourced mapping technologies as a development tool. 

“The [Tanzania Development Trust] combines a global network of volunteer mappers with grassroots teams to work with communities in rural Tanzania,” explained Clough. “Using the maps, the Trust helps girls affected by child marriage and female genital mutilation find escape routes to safe homes where they are then provided with vocational training and family counseling.”

The theme of the conference is “Just Honors,” and will explore justice both as an academic focus and also the role honors can serve in addressing issues of access, equity, and technology in education according to www.nchchonors.org.

Clough says the emphasis on research is one of the main reasons she loves Westminster.

“All of the professors here have given me so much support to explore outside of my major through self-guided research,” added Clough.

Last year, Clough and her classmate Tyler Heintz attended the Northeast Regional Honors Council and presented their astronomy research. Clough and Heintz built a program to project sky maps over Cambridge, Massachusetts up to one million years into the future.

In the future, Clough hopes to take advantage of Westminster's Yonsei exchange semester to begin learning Korean, and would like to eventually pursue a master's in international political economy.

For more information, contact Tom Fields at fieldste@westminster.edu or 724-946-7190


           Equity release: Free up cash or squeeze finances?    
Growing numbers of older homeowners are turning to equity release plans to supplement pension income or plug an endowment shortfall when their mortgage ends.
          Senior Manager, Information Technology - Equity Financial - Toronto, ON   
Senior Manager, Information Technology Job Location: Toronto Department: IT Employment Type: Permanent Full-Time C FE ompany Overview: –al q iotne u uar
From Equity Financial - Fri, 30 Jun 2017 11:32:15 GMT - View all Toronto, ON jobs
          Homework Club Program Worker - Carlington Community Health Centre - Ottawa, ON   
Carlington CHC, 900 Merivale Rd. Carlington is committed to employment equity. Must be available two evenings per week from 4 – 6 pm.... $19.49 an hour
From CharityVillage.com - Thu, 29 Jun 2017 16:54:56 GMT - View all Ottawa, ON jobs
          After School Program Workers - Carlington Community Health Centre - Ottawa, ON   
Carlington CHC, 900 Merivale Rd. Carlington is committed to employment equity. 2 temporary part-time positions for After School Program Workers.... $16.91 an hour
From CharityVillage.com - Thu, 29 Jun 2017 16:54:53 GMT - View all Ottawa, ON jobs
          Regional Manager - Equity Lifestyle Properties - Tampa, FL   
We are currently seeking qualified candidates for a Regional Manager in West Palm Beach, Fort Lauderdale, Miami areas of Florida....
From Equity Lifestyle Properties - Wed, 21 Jun 2017 22:14:53 GMT - View all Tampa, FL jobs
          In the American South, an inequity of diseases.   
In Alabama, climate change and poor infrastructure provide hospitable conditions for diseases typically found in the developing world.
          Critical Survey: Select Energy Services   
Select Energy Services and Cypress Energy Partners, L.P. are both small-cap energy companies, but which is the superior business? We will compare the two businesses based on the strength of their valuation, earnings, dividends, risk, profitabiliy, analyst recommendations and institutional ownership. This table compares Select Energy Services and Cypress Energy Partners, L.P.'s net margins, return on equity and return on assets.
          Why demanding extreme racial equality in school suspensions does students more harm   
Via Billy

More than half of the nation's 50 largest school districts have reduced suspensions

Of the many unconstitutional, illegal and unilateral actions by President Barack Obama and his senior officials, one stood out for me: an edict instructing all public school administrators that federal law mandates that students be disciplined so as to ensure racial equity.

As someone who has spent much of my professional life litigating against race-based decision making by governments, I was outraged. Furthermore, before my wife Lis and I entered law school together, she was a public school teacher and knew—as her new book Thursday's Children reveals—that maintaining discipline in the classroom, regardless of the offending student's race, was job one.

Therefore, I asked top officials in President Trump's administration to revoke the Obama administration mandate. Their response was disappointing.

More @ Washington Examiner

          By: Wacky Mommy   
"And the inequity is increased when the richer schools have PTA auctions, etc." Totally. Then the wealthier schools justify keeping the lion's share by saying, "Our parents wouldn't donate if it wasn't staying at our school. Besides, a cut goes to the Portland Schools Foundation, and they distribute to the poor schools, so what's your problem?" The Portland Schools Foundation, as many already have figured out, does not "distribute" to the poor. They're not handing out art teachers and computer labs. They make the poor write grants (ie -- beg for it). And usually the grants don't get written, because 1) grants are a pain in the ass to write, even the easy ones and 2) who wants to beg? The rich schools don't mind begging, so much. They write grants, ask for some of their money back and get it. Double-dipping. When the poor schools do get money from the Foundation, it's usually for "parent trainings." How To Teach Your Parents to Cooperate, basically. The money cannot be used for teaching positions, playgrounds, computers... The whole thing is a mess.
          By: marcia   
"PPS has the power to distribute this money in Portland, and their open transfer policy has resulted in spending more state money in rich neighborhoods than in poor ones." And the inequity is increased when the richer schools have PTA auctions, etc. that raise thousands and thousands of dollars, which has enabled them to buy teachers and programs, while the poorer schools are scraping the bottom of the barrel and are left with nothing. This further weakens their attraction to families who want art, music, PE and counselors. With the K-8 reconfiguration, this glaring lack of programs has increased the drain from many neighborhood schools.
          By: Himself   
Ruth, thanks for the comment. Is there any political will on the board to seriously consider curtailing neighborhood-to-neighborhood transfers? If we're really talking about neighborhood funding equity, and equal access to electives, specials and extra-curricular activities in every neighborhood school, why would transfers to different neighborhood schools be necessary? I have a block about "work[ing] on creative ways to get the word out and to get young families inside our buildings to see the great things happening". It is PPS policy that encourages transfers out, and every transfer out encourages more. You can't blame the families for fleeing once the majority of the neighborhood PPS population already has, and it seems foolhardy to expend resources trying to lure them back. Open transfers have demonstrably led to segregation and neighborhood funding inequities. Ending these things is a simple matter of reversing that policy. The issue isn't really all that complex. The complex part is mustering the political will.
          Accountant - Hopewell Residential - Equity, AB   
Hold a degree or diploma in. Administration, human resources and corporate policy planning for the five. And social fabric of the cities that Hopewell develops...
From Hopewell Residential - Wed, 14 Jun 2017 23:57:33 GMT - View all Equity, AB jobs
          VP, Portfolio Manager - Global Emerging Markets Focus - GIC Investment - Tanjong Pagar   
This includes idea generation, stock buy/sell decisions, portfolio construction, portfolio monitoring, and portfolio risk management. Public Equity (EQ)....
From GIC Investment - Thu, 08 Jun 2017 12:25:26 GMT - View all Tanjong Pagar jobs
          Field Sales Executive - JustPark - Remote   
JustPark is one of London's most exciting and fast-growing startups - with a record-breaking £3.7m equity crowdfunding round under its belt, on top of...
From JustPark - Wed, 03 May 2017 23:24:19 GMT - View all Remote jobs
          Refinance Your Christian Home Loans   
Refinance your Christian home mortgage loan if you need to cash in on equity or would like to obtain a lower interest rate.

          Home Christian Equity Line Of Credit   
A home Christian equity line of credit is a pretty tasty option for those needing money for any reason and have a substantial amount of equity in the home mortgage.

          A home renovation is often better than relocation   
(NC) If the volatile real estate market has you frazzled and scared to make a move, a home renovation project may be just the right answer. With house prices on the rise, finishing a basement is the latest trend towards building even more equity in the home. A finished basement can offer a little extra room to give a growing family space to breathe – and with so many uses, a renovated basement may be the exact solution to what your home is missing. It provides additional storage space, a sound-proofed media room, craft room, guest room, or home gym. The possibilities are endless.
          Agronomist - Carseland / Equity, AB - Cargill - Carseland, AB   
Must be legally entitled to work for Cargill in Canada. Our agronomic knowledge will differentiate Cargill from our competitors, leading to stronger business...
From Cargill - Tue, 21 Mar 2017 11:33:53 GMT - View all Carseland, AB jobs
          (USA-NC-Greensboro) Vice Chancellor for Student Affairs   
## Position Summary **VICE CHANCELLOR FOR STUDENT AFFAIRS** The University of North Carolina at Greensboro (UNCG), the largest and one of the most diverse higher education institutions in the Piedmont Triad metropolitan region and the state of North Carolina, seeks a strategic, engaged, and innovative leader to serve as its next Vice Chancellor for Student Affairs. UNCG is a public, coeducational, doctoral-granting, residential university and one of the three original institutions of the University of North Carolina System. With more than 19,000 students and 2,500 faculty and staff, the University is known for its inclusive learning community with a campus-wide culture that embodies access, equity, diversity, excellence, and collaboration. It is a challenging, supportive, and engaged community joined together by a shared value: We define excellence not only by the people we attract, but by the meaningful contributions they make. As the University reaches its 125th anniversary, its Chancellor, Franklin D. Gilliam, Jr., is building an ambitious and talented team to help him drive the University forward with “Giant Steps.” Reporting to a supportive and engaged Provost and managing a talented and dedicated team of 275 staff, the next Vice Chancellor will quickly assess the Student Affairs organization, implement creative ideas and build a Division on the cutting edge of student life services and programming. This is an exciting opportunity to be a part of a transformative leadership team at a research university long recognized as relevant and responsive to community needs. The Vice Chancellor for Student Affairs will be a strategic risk taker who will shape a vision for student success in a culture of care that supports and empowers a growing, diverse student body. The ideal candidate will have a minimum of ten years of senior level experience in student affairs and a successful record of administration including strategic planning, budgeting, resource management, and program development within an environment of constant and sometimes unexpected change. A collaborative and collegial orientation is key, as are strong managerial skills and institutional savvy. A doctoral degree in higher education administration or a related field is required. **UNIVERSITY OF NORTH CAROLINA AT GREENSBORO** Established by legislative enactment in 1891, UNCG was one of the first three founding University of North Carolina campuses. Today, UNCG aims to redefine the public research university for the 21st century as a collaborative and responsive institution making a difference in the lives of students and the communities it serves. At its core is a vision of UNCG as: * A learner-centered, accessible and inclusive community fostering intellectual inquiry to prepare students for meaningful lives and engaged citizenship; * An institution offering classes on-campus, off-campus and online for degree-seeking students and life-long learners; * A research university where collaborative scholarship and creative activity enhance quality of life across the life span; * A source of innovation and leadership meeting social, economic, and environmental challenges in the Piedmont Triad, North Carolina, and beyond; and * A global university integrating intercultural and international experiences and perspectives into learning, discovery, and service. During the 2016-17 academic year, UNCG enrolled nearly 18,000 on-campus students and more than 1,700 others in extension programs. The student body is broadly diverse across any number of dimensions including gender, race, ethnicity, sexual orientation, socioeconomic status, nationality, veteran status, and age. Sixty-five percent of resident undergraduate students are female, and 27 percent of resident undergraduate students and 15 percent of graduate students are African-American. More than 40 percent of UNCG students are Pell recipients, and more than half of those students graduate within six years. The University has received national recognition for its student success initiatives aimed at improving retention and graduation rates. In February 2017 UNCG joined the “Frontier Set,” a project funded by the Bill & Melinda Gates Foundation, to identify successful strategies to improve graduation rates, especially for low-income, first generation, and students of color. In March 2017, the Education Trust’s “A Look at Black Student Success” report cited UNCG as one of the nation’s top institutions for success in graduating black students. In addition, UNCG was the only North Carolina school in the Top 15, and one of just 12 public four-year universities, to be recognized by the U.S. Department of Education for “excelling in access and success,” particularly for its efforts in increasing graduation rates among low-income students. UNCG offers 86 undergraduate programs in more than 125 areas of study, 74 masters programs and 32 doctoral programs. The University’s academic schools and programs include the College of Arts & Sciences; the Joseph M. Bryan School of Business & Economics; the School of Education; the School of Health and Human Sciences; the Joint School of Nanoscience & Nanoengineering; the College of Visual and Performing Arts (containing Schools of Art, Music, Theatre, and Dance); the School of Nursing; Continual Learning; the Graduate School; and Lloyd International Honors College. In September 2014 UNCG launched its most recent strategic planning process with the objective of creating a university-wide plan that is vision-focused and that sets a distinct direction for UNCG in the short and long term. Entitled “Giant Steps: Transforming Tomorrow through Opportunity and Excellence,” the plan fosters a steep trajectory of change as the University mobilizes its talent and resources to become a recognized research university providing a transformational education to a richly diverse student body. **DIVISION OF STUDENT AFFAIRS** Reporting to Academic Affairs, the Division of Student Affairs provides innovative, transformative, and collaborative initiatives that promote student success. Three basic assumptions guide the Division: the individual student is viewed from a holistic perspective; each student is treated as a unique individual; and the overall college experience is based on student learning both in and outside the classroom. The Division initiates learner-centered programs and services that foster a culture of care conducive to academic and personal development. The Division encompasses the services and activities provided by the following departments: * Accessibility Resources & Services * Campus Activities & Programs * Career Services Center * Dean of Students * Elliott University Center * Housing and Residence Life * Intercultural Engagement * Leadership and Service-Learning * Recreation & Wellness * Student Health Services * Veterans Resource Center A key resource to the student body and trusted partner to faculty and staff, the Division empowers students to be engaged citizens through fostering their development of lifelong skills, and by creating and supporting a rich learning environment in a community of care and mutual respect. The Division’s commitment to student learning and development is evidenced both by the intentionality and quality of the services it offers as well as its commitment to the ongoing review and refinement of its programs. In particular, Student Affairs staff use the seven student learning domains highlighted in Learning Reconsidered: A Campus Wide Focus on the Student Experience as a guiding conceptual framework, and the Division has mapped these domains to the UNCG General Education Learning Goals. The Division engages the student body in a variety of programs and services in support of students’ holistic well-being while simultaneously supporting the academic mission of the University. During the 2015-16 academic year, 1,615 students accessed counseling services at the Counseling Center while 1,213 students were supported by the Office of Accessibility Resources and Services. The Dean of Students Office offered 43 outreach activities and the Office of Health Promotion provided 114 different programs during that same time period. Students were also able to participate in 257 presentations conducted by the Career Services Center throughout 2015-16. Reporting to the Provost and Executive Vice Chancellor, the Vice Chancellor for Student Affairs is the senior officer responsible for student life, services, and development programs, the oversight and management of an experienced staff of 275 professionals, and an annual operating budget of $50 million. The Vice Chancellor provides visionary leadership to the Division of Student Affairs, carrying out its mission and working with staff to formulate goals and objectives in support of the University’s strategic plan. As UNCG’s chief student advocate and a member of the Chancellor’s and Provost’s Councils, the Vice Chancellor collaborates with offices across the University on programs and services that advance student learning and development. The Vice Chancellor also plays an important external role as a representative and spokesperson on behalf of the Division and the University, and serves as a leader in regional and national student affairs professional associations. Direct reports to the Vice Chancellor are the Associate Vice Chancellor for Student Affairs, Associate Vice Chancellor/Dean of Students, Director of Housing and Residence Life, Division Business Manager, Director of Recreation and Wellness, and Assistant to the Vice Chancellor. In carrying out these broad duties, the Vice Chancellor faces several specific opportunities and challenges, as detailed below. **Provide visionary student affairs leadership.** At this exciting time in its history, UNCG requires a Vice Chancellor with strategic vision, a thorough understanding of best practices in student affairs, and the creativity to meet the most complex and pressing challenges facing higher education today. Confronted with a wide range of emerging national issues including health and wellness, sexual assault, and compliance, along with increased focus on the integration of academic and student affairs, inclusivity, and career preparedness, the Vice Chancellor will provide innovative leadership for the Division as the field of student affairs evolves. This time of leadership transition presents the Vice Chancellor with an opportunity to assess current programs and collaboratively set a vision and strategy for the Division that provides greater intentionality in programs, systems, and community building across the institution and that ensures student life programs and services support UNCG’s educational mission. While preliminary planning in coordination with the University’s “Giant Steps” initiative is underway, the incoming Vice Chancellor will have the opportunity to lead long-range planning for the Division, guiding and advancing it in a clear and strategic direction in alignment with institutional priorities. With increasing demand for student services and programming, the need to steward limited resources and identify new opportunities for increasing revenue present an ongoing challenge. The Vice Chancellor will play a hands-on role in the budgeting process and will be innovative and thoughtful in the management of all resources. The Vice Chancellor will explore opportunities for resource generation and use data and assessment to conduct realistic evaluation of existing programs to ensure they are meeting student demand. Located at the nexus of several income streams, the next Vice Chancellor must apply a deep understanding of resource management and be creative with available funding. The Vice Chancellor also has primary responsibility for raising external financial resources and for articulating the development needs of the Division in conjunction with the long range plans of the University. **Inspire, lead, and manage a large and talented team.** Staff members in the Division of Student Affairs possess a deep commitment to the academic and personal development of all UNCG students. The new Vice Chancellor will lead this team to maintain high standards of performance and to support collaboration among the units in the office and with colleagues across the University. As an experienced manager, the Vice Chancellor will bring exemplary organizational development skills to bear in building and managing strong teams and in ensuring that the work of the Division is responsive, nimble, and supportive of the mission of the University. At the same time, the Vice Chancellor will review the current organizational structure, identifying ways to strengthen the effectiveness of the Division and enhance staff members’ capacity to serve UNCG’s diverse and growing student body. The Vice Chancellor will assess programs in collaboration with staff to discover opportunities for improvement and innovation, and galvanize a commitment to continuous professional development and improvement. **Advance UNCG’s commitment to diversity and inclusion.** As a minority-serving institution, UNCG embraces diversity in all forms, and the University is home to talented students with a variety of racial, ethnic, cultural, and socioeconomic backgrounds; religious beliefs; and racial, sexual, and gender identities. As the University continues to build a more diverse student body, the Vice Chancellor will work with colleagues to anticipate and respond to the changing social and academic needs of diverse students across the institution. The Vice Chancellor will lead inclusively and work with other senior administrators, faculty, and staff to ensure that the campus experience of all students is an equitable one and that the entire UNCG campus benefits from studying and living in a more diverse community. **Contribute to UNCG’s innovative and collaborative senior leadership team.** Chancellor Gilliam’s senior leadership team is characterized by collegiality, ambition, and creativity. To succeed at UNCG, the new Vice Chancellor must be comfortable operating in a fast-paced, collaborative environment. The Vice Chancellor will establish trusting and mutually beneficial relationships with senior University leaders across campus, particularly in Academic Affairs, Enrollment Management, Business Affairs, and University Advancement. As the University’s chief student affairs officer, the Vice Chancellor will serve as a principal advisor to the Provost and the Chancellor on decisions that influence the student experience and will engage in ongoing strategic discussions about policies, planning, and operations related to student life. In collaboration with other senior leaders, the Vice Chancellor will contribute to broader institutional strategic discussions, representing the best interests of students and the Division in leadership deliberations. In moments of crisis or conflict, the Vice Chancellor will draw on expertise and imagination to offer constructive ideas and devise effective solutions. **Raise the visibility of the Division of Student Affairs.** Despite the quality of its work, some members of the UNCG community remain unaware of the breadth and depth of the services provided by the Division of Student Affairs. The next Vice Chancellor must raise the visibility of the Division among students, faculty, and staff by building bridges across campus and focusing on internal communication. The Vice Chancellor is expected to sustain a high level of direct and visible involvement with students in curricular and co-curricular environments, earning their trust, and providing a model of engagement for other administrators. The Vice Chancellor will embrace a vibrant undergraduate, graduate, and professional student community and identify opportunities to further University identity and pride. While building rapport with students, the Vice Chancellor must also make connections with UNCG faculty and staff, educating them about the important work of the Division and coordinating initiatives across the University. While communicating more effectively with stakeholders at the University, the Vice Chancellor will also represent UNCG externally on all matters related to student life. The Vice Chancellor must be comfortable speaking to a wide range of audiences including alumni, parents, community partners, neighbors, donors, and other stakeholders. The Vice Chancellor is also expected to be a key figure in student affairs professional organizations regionally and nationally, demonstrating broad knowledge of the latest trends and issues in the field. ## Minimum Qualifications The successful candidate will be an experienced student affairs leader with a track record of achievement and innovation in a diverse higher education institution. The position requires a doctoral degree in higher education administration or other appropriate field of study as well as a minimum of ten years of senior level experience in student affairs. UNCG seeks candidates with strategic vision, strong management skills, and a successful record of administration within an environment of constant change. ## Preferred Qualifications While no one person will embody all, the successful candidate will bring many of the following professional qualifications and personal qualities: * Vision and strategic, transformational leadership skills to advance UNCG toward its aspirations and goals; the ability to be innovative and incorporate best practices in collaboration with stakeholders into University programs and services. * Proven skills as a senior manager; a demonstrated ability to lead, motivate, and supervise staff and provide successful oversight of people, budget, and space; the ability to effectively manage organizational change while working in a collaborative environment. * Deep experience and demonstrated success in the strategic deployment of a diverse resource base to achieve institutional and divisional goals, including the management of significant sums in state appropriations, student fees, auxiliary revenues, and both restricted and unrestricted gift and investment income. * A history of valuing people of all ages and understanding their developmental needs; a passion for and commitment to providing support and opportunities for students and a talent for working across institutional boundaries to develop an exceptional student experience. * A deep understanding of the educational value of a diverse community and a demonstrated track record of advancing diversity and enhancing inclusiveness. * Experience in program assessment and strategic planning. * Strong communication skills and a proven ability to create partnerships with and represent the Division to students, faculty, staff, trustees, alumni, parents, donors, and the public. * A track record of being visibly present and the inclination to be an active participant in a range of co-curricular contexts. * The commitment to engage collaboratively with faculty and respond effectively to their concerns. * Proven ability to manage through crises with discretion and a sense of responsibility and respect for students, families, and the institution; demonstrated working knowledge of legal issues and crisis/emergency management. * Involvement in professional associations including, but not limited to, regional accreditation organizations. *Recruitment Range:* Competitive and commensurate with experience and qualifications *Org #-Department:* Office of the Provost - 10101 *Job Open Date:* 06/30/2017 *For Best Consideration Date:* 07/21/2017 *Open Until Filled:* Yes *Type of Appointment:* 1.0 (Full-Time) *Time Limited?:* No *Number of Months per Year:* 12
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All candidates will be invited to participate in an online Equity Survey for the purpose of measuring diversity and to identify potential barrier to the...
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          Asst Professor (tenure-track) - University of British Columbia - Okanagan, BC   
UBC hires on the basis of merit and is strongly committed to equity and diversity within its community. INDIGENOUS STUDIES -Assistant Professor - Indigenous...
From University of British Columbia - Fri, 17 Mar 2017 10:56:59 GMT - View all Okanagan, BC jobs
          More Details - Shujog - Singapore   
Strategic initiatives (including further debt and equity raises); IIX Growth Fund....
From Shujog - Fri, 23 Jun 2017 03:28:57 GMT - View all Singapore jobs
          Events Assistant - Queen's University - Kingston, ON   
Queen’s is committed to employment equity and diversity in the workplace and welcomes applications from women, visible minorities, Aboriginal people, persons...
From Indeed - Mon, 19 Jun 2017 13:42:29 GMT - View all Kingston, ON jobs
          7/1/2017: Business Daily: SALE OF PUB STAKE FIRST STEP   

PUB baron Bruce Dixon has sold a majority stake in his company Dixon Hospitality Group to private equity firm KKR for about $200 million. His pub group is one of Australia’s largest food and beverage-focused operators with a portfolio of more than 40...
          A Barber, a Professor, and an Entrepreneur Walk into a Room: Health Equity and the Strength of Weak Ties   

A Barber, a Professor, and an Entrepreneur Walk into a Room: Health Equity and the Strength of Weak Ties

Paul Terry

Rachel Chong with Freddie Spry at the Lincoln Cottage Assembly.

Rachel Chong with Freddie Spry at the Lincoln Cottage Assembly.

Perhaps, like me, you get invitations to meetings where you’re not convinced it will be time well spent, but you acquiesce nevertheless. Minnesota nice is my excuse.

When a health futurist comes calling, the temptation to invent excuses looms larger still. And as much as I’m hard pressed to say no to collaborating on health equity, it was when Jonathan Peck, the president of the Institute for Alternative Futures, said, “you’ll be sitting where Abe Lincoln wrote the Emancipation Proclamation,” that I decided to book the flight to Washington.

With the support of the Robert Wood Johnson Foundation, 35 of us visited the Lincoln Cottage, a hilltop retreat overlooking D.C. where Lincoln found solace, but also connected more closely with people, during the Civil War. Our group was there to inaugurate a national dialogue on health equity. Later dubbed the “Lincoln Cottage Assembly,” we were welcomed by Peck at the staircase Lincoln climbed every day to write about the most vexing issue of his time.

Up we went, gripping the same handrail Abe did, to discuss equality. Peck is intent on reaching 5 million Americans by seeding conversations on equality, freedom, and justice and will be leading a bigger vision dialogue on health equity and prosperity at the University of Maryland on August 4 and 5. And you’re invited! Given that you may experience what I did, unexpected as it was, I think you, too, should overcome any reluctance and attend.

First, here’s what I expected. This first convening meeting would be seeded with inexcusably smart, unusually diverse, superbly passionate advocates for equity. Check. (I snuck into the tent due to the last attribute only.) The meeting would be shrewdly and purposefully facilitated. Check. There would be proclamations made, priorities set, and promises to keep.

Check, check, and check.

Here’s what I didn’t see coming: A big dose of health equity inspiration by the name of Federico Spry, a barber who cuts hair for about 50 people a day in Hyattsville, Maryland.

My left elbow rubbed Freddie Spry’s much of the day. To my right was a corporate medical director and researcher I’ve followed for much of my career. Beside Freddie was Dr. Stephen Thomas, the professor who dreamt up the idea that if inequity in colorectal cancer resides in the black community, then why not train hair stylists as health educators? The impact of such an approach is easily understood when you get to experience the amity and respect a barber can evoke as I did throughout the day.

You can see how Dr. Thomas’ Center for Health Equity at the University of Maryland co-mingles with Spry’s “The SHOP” on YouTube. As one of the barbers in the video says, “You say stuff in here you may not say somewhere else.” Such a place-based campaign is a hopeful approach to be sure, but certainly not the first time a School of Public Health has landed a clever peer-led research and demonstration project in the heart of a community. It was who was sitting at the table across from us who made me feel confident that this Cottage Assembly and our lofty pursuit of justice were poised to transcend proclamations.

The Strength of Weak Ties

Rachel Chong isn’t someone you would strap too much weight on at first glance but her small frame belies a mighty inner flame. That the organization she founded is called “Catchafire,” betrays aspirations that may well be as much about destroying complacency in the private sector as about her organization’s stated goal of matching talented professionals to worthy causes. But it was Chong’s business bona fides that stoked my optimism when I watched her and Freddie interact. Fast Company named Chong among their “100 Most Creative People in Business;” she’s a “NYC Venture Fellow,” a “Tribeca Disruptive Innovation Award” winner and was a “Young Global Leader” at the World Economic Forum. That’s just to name a few accolades that peg her as a business leader to watch.

I’ve written about the “Strength of Weak Ties” in the past, and I’m guessing RWJF, with their propensity to invest in public/private partnerships, has studied sociologist Mark Granovetter’s idea that some populations are more likely to be reached via weak social ties than strong. Professor Thomas is the first to concede that his community-based approach can attract grant funding where he has strong ties, but that scalability and sustainability are a reach. But for Chong, scalability is the fire she pours fuel over every day.

What happens when a barber, a professor and an entrepreneur walk into a room? I’m thinking a real chance at equity will walk out. One of the commitments I made before leaving The Cottage Assembly was to write vision and commitment statements dedicated to making progress toward health equity and prosperity.

My vision is that all workplaces will positively influence the well-being of their communities.

My commitment is to do what I can to get more Chongs and Sprys in the room together.

What’s yours?

Dr. Paul Terry is president and CEO of the Health Enhancement Research Organization (HERO), a national think tank dedicated to positively influencing the health and well-being of employees, families, and communities.


          The Surprising Positive Power of Walking   
Communities who walk reap economic opportunities, environmental improvements, and health benefits.

Many things leap to mind when someone mentions walking: fitness, fun, fresh air, relaxation, friends and maybe your most comfortable pair of shoes.  But a word that rarely arises is “power”.

That will begin to change after the 2017 National Walking Summit (held in St. Paul, Minnesota September 13-15), which is themed “Vital and Vibrant Communities—The Power of Walkability”.

Like earlier summits, this event brings together people of all backgrounds to strategize ways of making sure the advantages of walking can be shared by all, no matter what their income or where they live.

Walking advocates once focused primarily on physical health —spurred by mounting evidence that physical activity is key to preventing disease—but now are stepping up to promote social, economic and community health. Their ultimate goal is to transform towns and neighborhoods across America into better places for everyone to live.

 “The power of walking is becoming more clear all the time,” declares Kate Kraft, executive director of America Walks. “Community connections, social equity, a sense of well-being, business opportunities, affordable housing, more choices for kids and older people, a cleaner environment—these are some of the benefits of walkable places.”

Walking Boosts Health & Happiness

Streams of medical studies now document the central role physical activity plays in fending off disease and disability. Chances of depression, dementia, colon cancer, heart disease, anxiety, diabetes and other conditions drop by at least 40 percent among people engaging in moderate exercise such as walking. 

landmark study issued last year found that sedentary habits are a bigger health threat than high blood pressure or cholesterol— about the only thing more dangerous than inactivity is smoking reported the New York Times.  This followed on the heels of a Cambridge University study showing that a lack of exercise increased your risk of death twice as much as obesity. 

All the scientific data persuaded former Surgeon General Vivek H. Murthy to issue a landmark Call to Action to Promote Walking and Walkable Communities in 2015, which has been compared to the 1964 Surgeon General’s report on the dangers of smoking. “Walking helps people stay both physically and mentally healthy,” Murthy wrote, calling on us “to increase walking by working together to increase access to safe and convenient places to walk.” 

Walking stands out among all other exercise because: 1) It is free; 2) It requires no special training or equipment; 3) It can be done almost anywhere at any time; and 4) It is already Americans’ #1 favorite physical activity.  The US Department Transportation reports that Americans reported walking 14 percent more in 2012 than in 2002 (latest figures available).

Walking Advances Social Justice

“The health benefits of walking are so overwhelming that to deny access to that is a violation of fundamental human rights,” declared sociologist Robert A. Bullard, founder of the environmental justice movement, at the 2015 Walking Summit. “All communities should have a right to a safe, sustainable, healthy, just, walkable community.”

Unfortunately, that’s not the case across America today. People walking in lower-income neighborhoods are twice as likely to be killed by traffic than those in more affluent areas. African-Americans on foot are 60 percent more likely to be killed by cars than whites, while Latinos are 43 percent more likely.

“If you have walkable communities, kids will do better in school…seniors will be healthier,” said Ron Simms—a neighborhood activist from the African-American community of Seattle who later became Deputy US Secretary of Housing and Urban Development, at the 2015 Summit. 

Better walking conditions also help low-income families economically.  Surprising new research from the George Washington School of Business shows “the most walkable urban metros are also the most socially equitable. The reason for this is that low transportation costs and better access to employment offset the higher costs of housing.”

This is backed up with Federal Highway Administration data finding that families living in auto dependent communities spent 57 percent of their income on housing and transportation, compared to 41 percent in walkable communities.

This refutes widespread rumors that making a street safe for walking is a luxury important only to well-off people. Actually, low-income residents benefit the most because they travel by foot the most, especially kids.  “The fact is that we have twice as many low-income children [nationally] who are walking or biking to school than those in affluent neighborhoods, even lacking the infrastructure to protect the children,” reports Keith Benjamin, Transportation Director in Charleston, South Carolina.  

“A big thing we could do to help low-income families is to make it easier to live without a car,” says community consultant Gil Peñalosa.  “And it would help middle-class families to switch from two cars to one.” The American Automobile Association calculates the annual pricetag of owning one car at  $8,500 a year—which goes a long way toward easing household budgets.

Safe, convenient and comfortable places to walk are fundamental to the forgotten one-third of Americans who don’t drive— the young, the old, the disabled and those too poor to buy a car. These people live under a form of house arrest in many US communities, unable to do much of anything—buy groceries, see friends, go the doctor, engage in favorite activities—without begging someone to chauffeur them. Communities from San Francisco to Birmingham to rural Iowa are pulling together to eliminate the roadblocks that deter people of all ages, incomes and racial backgrounds from walking.

 Walking Expands Economic Opportunities

People on the street mean business—literally.  Neighborhood and downtown business districts thrive on foot traffic.  West Palm Beach, Florida discovered this after making a major avenue more comfortable for pedestrians, and attracting $300 million in new business investment.  Albert Lea, Minnesota—a blue-collar rural town of 18,000—found the same thing when a walk-friendly makeover of its Main Street drew 15 new businesses in two years, with $2-5 million more in investment planned.

Even companies not dependent on local customers are eager to locate in walkable districts—especially firms in the booming tech and creative fields, who realize the young talent they depend on to stay competitive want to work within walking distance of cafes, parks and cultural attractions.  “We moved from the suburbs to downtown Minneapolis to allow our employees to take advantage of the area’s many trails and to put the office in a more convenient location for commuting by pedal or foot,” explained Christine Fruechte, CEO of large advertising firm Colle + McVoy, in a newspaper op-ed. “Our employees are healthier, happier and more productive. We are attracting some of the best talents in the industry.”

Many other companies find that walkable locations pay off in lower health insurance premiums. Thomas Schmid of the Centers for Disease Control and Prevention points to Volkswagen, which built a manufacturing plant in Chattanooga only after local officials agreed to extend a popular walking-biking trail to their door.

Walking Connects People & Strengthens Communities

Eighty five percent of Americans express the desire to live somewhere walkable, making it the #1 quality they want in  a home, according to  the National Association of Realtors’ Community & Transportation Preference Survey. This is even more true for Millennials, millions of whom will be looking to buy their first home over the next few years. 

 “What makes people walk is [also] what makes great places to live,” emphasizes Harriet Tregoning, until recently a director in the Office of Community Planning at the US Department of Housing and Urban Development (HUD). “Walkability is the secret sauce that improves the performance of many other things” in our communities.

Former Surgeon General Regina Benjamin emphasizes that taking a stroll “is good for the social fabric of our communities”—creating new opportunities to connect with friends and neighbors, which is not only good for your soul but also your health. That’s why Benjamin added a walking path to the grounds of the health clinic she founded in rural Alabama.

Walking Protects Our Environment

Walking more is an important step you can take to avert climate disruption, air pollution, urban sprawl and other environmental threats. More than half the suggestions in 50 Steps Toward Carbon-Free Transportation, released last year by the Frontier Group research organization, involve walking.

Walking in the Heartland

Drawing a crowd ranging from block club organizers and grassroots advocates to elected officials and medical experts, the 2017 Walking Summit features two-and-half days of workshops, major addresses, trainings, break-out discussions, success stories and on-the-ground exploration of solutions in Minnesota communities.

Among the more than seventy sessions are:  How to Build Safe Walking Networks; Walking in Rural Communities; Creating Walkable Communities Without Displacement; You Are Where You Live and Creative Walkable Interventions.

Keynote speaker Tamika Butler—director of the Los Angeles County Bicycle Coalition—will showcase how her organization broadened their mission from sustainable transportation to social justice. “We must talk about public health, gentrification, people of color, women who feel harassed on the streets, older people, black men who fear for their lives on the street, immigrants who fear deportation,” Butler says.  “Walking for many people has everything to do with living full lives and being able to get around.”

St. Paul Mayor Chris Coleman—who launched a first-of-its-kind $42 million Vitality Fund to promote walking and other community improvements—will also speak at the conference along with racial and social justice leader Glen Harris from the Center for Social Inclusion and George Halvorson of theInstitute for InterGroup Understanding, who made strides in launching walking movement as CEO of the  Kaiser Permanente health care system.  

Participants will find specific information and inspiration to take back home by following one or more of the Summit’s six “paths” of subject matter:

Healthy Communities: People’s zip codes are as accurate as their genetic code in predicting a healthy life. That’s why it’s essential to put in place policies, programs and resources to ensure everyone has an equal chance for a healthy life.

Safe, Well-Designed Communities: Too many communities are designed for the ease of motorists with little thought of people who get around other ways. The focus here is practical approaches to provide safe, convenient transportation and affordable housing for all.

Artistic and Innovative Communities:  Creativity flourishes in places where people regularly connect face-to-face on sidewalks and in public spaces.  Discover ideas about fostering foot-friendly settings that spark community engagement, cultural diversity and imaginative energy.

Productive and Thriving Communities: Walkability is closely linked with socially and economically successful places. Here’s where to start in creating vibrant neighborhoods, equitable development, affordable housing and strong downtowns or Main Streets.

Open and Collaborative Communities: Wide-ranging collaboration explains the difference between towns, suburbs or cities that blossom and those that wither. What’s the key in getting people together for authentic conversations and effective partnerships?

Engaged and Informed Communities: Access to information and decisionmakers are two powerful tools for transforming a community. These sessions offer a detailed look at new methods to gather data, engage communities, mobilize citizens and influence local government and businesses to catalyze walking. 

This is the first Walking Summit held outside Washington, DC.  “We’re really excited to showcase some of the success we’re seeing, but also share the challenges we have in Minnesota,” says Jill Chamberlain, chair of the local host committee and a senior program manager in the Center for Prevention at Blue Cross and Blue Shield of Minnesota, a featured sponsor of the event.

The Twin Cities metropolitan area in many ways represents a microcosm of America when it comes to walking. Minneapolis and St. Paul both rank relatively high for the rate of pedestrian trips among US cities, but until recently autos were the centerpiece of all urban planning in the region. Many suburbs lack sidewalks and other basic infrastructure for pedestrians. Concentrated populations of low-income households and/or people of color are found in both suburbs and cities. But there is a growing awareness that walking is important to future prosperity and quality-of-life—and growing numbers of projects to get people back on their feet.

Mobile workshops on the first day of the conference will fan out across the  area to investigate local initiatives that illustrate the power of walking— from  a police department campaign for pedestrian safety to a residential neighborhood with a small town feel to an inner city community torn apart by a freeway, which is exploring plans to reconnect itself by building a land bridge over the road.

    

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          Weekly Round Up: Petya ‘ransomware’, SNES Classic & more   

Welcome to Weekly Round Up, our podcast discussing the latest tech trends, innovation and news from the last few days.
This week sees Hadlee Simons hosting Andy Walker and Stephen Timm.
Kicking off the podcast, Andy talks through the world’s latest cyber-attack. Petya, or NotPetya, reappeared in Ukraine this week after dying down last year. The attack targeted machines running Windows, and spread as far as Chernobyl, Mumbai and a chocolate factory in Tasmania.
Next up, Stephen talks of the Savca report revealing that South African private equity capital returns to investors were up 123.2% last year to R18.3-billion — up from R8.2-billion in 2015.
We then [...]

The post Weekly Round Up: Petya ‘ransomware’, SNES Classic & more appeared first on Memeburn.


          Warner School's Fall Scandling Lecture Addresses Diversity, Equity in Education   

Nationally-known educator, literacy expert, and author Carol Lee will present the Fall 2011 Scandling Lecture at 7:15 p.m. on Thursday, Oct. 13, in Hoyt Auditorium on the University of Rochester\'s River Campus. Her lecture, \"Every Shut Eye Ain\'t Sleep: Culture, Cognition, and Human Develop

          Market forces will drive climate change efforts as US exits Paris agreement   

·         US exit from COP21 won’t impact climate protection efforts
·         UAE opportunity to lead Middle East in growing renewable energy infrastructure
·         Berlin Green Investment Summit gathers financial, scientific and political leaders
Dubai, United Arab Emirates, 20 June 2017: Following the announcement by President Donald Trump that the United States will withdraw from the COP21 agreement, leading impact investor Jochen Wermuth, Founder and CIO of Wermuth Asset Management, has said that the move will not be detrimental to climate protection efforts. Speaking at the Berlin Green Investment Summitat the offices of the Tagesspiegel on 20 June, Wermuth said that market forces will dictate the path of climate change, following the strong growth and resulting competitiveness of renewable energy and electric vehicles.
The conditions for investment in renewable energy in the Middle East are healthy. The cost of solar energy in Dubai is now approximately USD 3 cents per kilowatt. Commitments have been made by leading Middle East countries, such as the UAE, to develop solar energy production. The Mohammed bin Rashid Al Maktoum Solar Park, for example, is a USD 13 billion project that will produce 5 gigawatts of power once completed. As a project developed in the oil-rich UAE, this is a clear example that environmental sustainability is now increasingly high on the regional economic agenda.
The global cost of energy generation from wind and solar power has continued to fall and is now offered at less than $3cent/kWh, with which oil can only compete at a price below $5/barrel. Electric vehicles are competitive, with 250 million Chinese drivers now using 100% electric cars, scooters and bikes. Meanwhile, the cost of storage is also falling rapidly. In many developed markets, renewable energy is more competitively priced than fossil fuel alternatives without the support of government subsidies, and therefore an obvious choice for forward-thinking investors.
Fossil fuel subsidies, however, remain an issue. The health costs of burning a ton of CO2 (eg. through asthma, allergies and cancer) are estimated by the IMF to be around 60/ton of CO2, with global climate change costs of around 70/ton. The total cost amounts to around 130/ton, which is what Sweden, the fastest growing OECD economy for the past 20 years, charges for CO2 emissions. According to the EU Emission Trading System (ETS), the price of CO2 emissions is as low as 5/ton, with some estimates for the price of CO2 globally as low as negative 150/ton (subsidised). In May 2017, the High Level Commission on Carbon Prices, led by Nobel Laureate Joseph Stiglitz and Lord Nicholas Stern concluded that an immediate move to CO2 prices of at least €40-€70/ton is required to limit further misallocation of capital and to have a chance of reaching the Paris agreement’s target of no more than 1.5 degrees Celsius global warming.
Jochen Wermuth commented:
“Trump’s withdrawal from the Paris agreement is not the catastrophe it seems. Mega-trends in ever cheaper renewable energy, electric mobility and storage are well established and backed by their competitiveness. As recently as a year ago, such a decision could have been detrimental, now it simply means parts of the US will be left behind. The EU and China are leading the green industrial revolution and will assume global economic leadership. The economic case for moving into renewables before the carbon bubble bursts is well understood. Market forces are now climate change’s best friends. The world of fossil fuels is slowly coming to an end, and is set to become as outdated as an unreconstructed US president attempting to extend the life of America’s coal and oil industries.”
In investment terms, major global corporates, insurers, and other institutions have shown a growing appetite, and are delivering on commitments, to divest from fossil fuels. They realize that the financial risk associated with investment in exploration for oil, coal and gas is growing. The international Divest Invest programme, which establishes commitments to investing away from fossil fuels and into environmentally-friendly alternatives, calculates that over USD 5 trillion has been withdrawn from oil, gas and coal companies by institutional and private investors globally.
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"Resource-efficient and green power companies not only contribute to the reduction of CO2 emissions, but are economically attractive and therefore offer profitable investment opportunities now and in the future. Investments in companies with established business models in the areas of resource efficiency, renewable energy and electro-mobility - whether through the purchase of shares or bonds, or private equity investments - will continue to grow in importance. In this context, growth stage private equity investment is key, as many companies in the emerging technologies space will be absent from stock markets for some time. The historical comparison is striking: the champions of the last industrial revolution - the Siemens, Rockefellers and JP Morgans - were not listed from inception, but all eventually took their place as champions, eventually replacing all but one of the constituents of the first Dow Jones Index, which had been made up mainly of steam engine railway companies. The upside potential of the green industrial revolution can therefore mainly be realised by investing in growth stage private equity, which will be of critical importance for asset allocation by institutional investors, not just for the returns it offers, but also for the strategic information new technologies and business models provide for other assets, such as bonds of oil-producing nations.”

          New Chrysler Nassau Concept Cars will be launched later this year   
According to U.S. sources the Chrysler Nassau will replace the Sebring as the next generation model (Chrysler Nassau concept cars pictured). The 2011 Chrysler Nassau will be the company's new mid-size sedan and will come on the market later this year. However, the 2011 Chrysler Nassau was not officially confirmed, nor denied for that matter. Although this name was used by the company for a 2007 concept cars , we should not expect the new 2011 Chrysler Nassau to look much like that concept.
New Chrysler Nassau Concept Cars
The Chrysler designers have been working on completely new interior for the Chrysler Nassau and Dodge Avenger. The exterior will look substantially different. The Chrysler Nassau will offer the choice of two engines - 2.4-liter four-cylinder engine or a V6 Pentastar unit produced at Chrysler Trenton South engine plant.
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The Chrysler’s Sebring is not being seen in good light of late, something that can be attributed to the sedan relying heavily on fleet and rental fleet sales with the majority of the grouse coming from the car’s interior quality which many claim is way behind what its competitors have on offer. Chrysler is of the opinion that the name ‘Sebring’ does not carry enough brand equity nor has any positive history associated with it that would make retaining the name for their all-new sedan really worthwhile.
“Chrysler bought the Nassau name when they came out with the concept, so it makes sense they would use it,” said Jim Hall, a consultant at a firm that is into advising automakers on future vehicles.
Another Chrysler Group model scheduled for replacement in the next 12 months is the Dodge Avenger. While little has been revealed on the new model (or whether it too will get a new name), previous reports suggested it would debut on a rear-wheel-drive platform as a sportier alternative to the Sebring.
That’s not all for there will also be an all-new Dodge Avenger to join the Nassau and is slated for a 2011 release with both the cars donning new interiors that Chrysler claims will match up to the best. The exteriors of the vehicles too will be a lot different so as to make them stand out as fresh new vehicles.
The Chrysler Nassau will be launched later this year. And The 2011 Chrysler Nassau price will be announced at a later date.

          Council approves ION logo   

Waterloo Region – Regional Council unanimously approved the logo for ION, the Region of Waterloo’s rapid transit service. The approved logo registered strong first impressions and word associations with all three research groups and participants said it connected most with the Region’s family of brands, including Grand River Transit (GRT) and iXpress.

“This is another great milestone for ION,” said Regional Councillor Sean Strickland. “The logo will help us with education and assist in building public awareness for the new service. I think the logo is simple, memorable and builds on the brand equity of iXpress. This is important as it will help us unite the two transit services and create a seamless and cohesive public transit network for residents with GRT.”

On April 30, Council approved ION as the brand name of the rapid transit service. Following that decision, the Region, with Quarry Integrated Communications, began the process of developing a logo for ION.

A logo is the visual identity of a product or service. It represents the brand in the minds of customers and includes all graphics, colours and typeface.

“Initially the ION logo will serve as a first impression for the service,” said Darshpreet Bhatti, Director of Rapid Transit. “Ultimately though, ION will be defined by the rapid transit system we deliver to residents. We are working hard to ensure it will be reliable, convenient and efficient for all users.”

ION will fundamentally shape Waterloo Region for the future. It will help move people, limit sprawl, encourage intensification and protect the environment. Implemented in two stages, ION features a 19 kilometre light rail transit (LRT) route from Conestoga Mall in Waterloo to Fairview Park Mall in Kitchener. Stage 1 also includes a 17 kilometre route of adapted Bus Rapid Transit (aBRT) from Fairview Park Mall to the Ainslie Street Terminal in Cambridge. The aBRT service is expected to begin operating in late-2014 or early-2015, while LRT will start in 2017. Stage 2 will convert the aBRT line to LRT, creating a seamless 37 kilometre ION system between Cambridge and Waterloo.

All three levels of government have announced funding commitments for Stage 1 of ION.

 

                                         - 30 -

For more information please contact:

Kimberly Moser, Manager, Rapid Transit Community Relations, Phone: 519-575-4757, ext. 3461

kmoser@regionofwaterloo.ca


          Asst Professor (tenure-track) - University of British Columbia - Okanagan, BC   
All candidates will be invited to participate in an online Equity Survey for the purpose of measuring diversity and to identify potential barrier to the...
From University of British Columbia - Fri, 23 Jun 2017 12:56:03 GMT - View all Okanagan, BC jobs
          Grade 6/7 Teacher - Minahik Waskahigan High School - Northern Lights School Division - Saskatchewan   
NORTHERN LIGHTS SCHOOL DIVISION #113. Northern Lights School Division #113 is an Employment Equity Employer. Salary is according to the provincial grid plus a...
From Northern Lights School Division - Thu, 29 Jun 2017 03:05:13 GMT - View all Saskatchewan jobs
          (USA-OR-Beaverton) Senior Audit Professional - Information Technology & Digital - Corporate Audit & Risk Management   
Become a Part of the NIKE, Inc. Team NIKE, Inc. does more than outfit the world's best athletes. It is a place to explore potential, obliterate boundaries and push out the edges of what can be. The company looks for people who can grow, think, dream and create. Its culture thrives by embracing diversity and rewarding imagination. The brand seeks achievers, leaders and visionaries. At Nike, it’s about each person bringing skills and passion to a challenging and constantly evolving game. Today, the opportunities for growth across Nike’s business portfolio offer more potential than ever. Nike Finance employees play a key role in that progress by identifying and capitalizing on opportunities to drive value for every Nike shareholder. They manage accounting and reporting for Nike’s multi-billion-dollar global investment portfolio, debt and equity instruments, and other Treasury activities. They strategize, forecast, audit, analyze, budget, research and lead important decisions. Across Nike’s diverse geographies and businesses, Finance employees deliver far more than just the numbers. **Description** Our Global IT & Digital Corporate Audit & Risk Management team brings its extensive experience and passion for technology to bear on helping Nike manage the many risks and opportunities associated with a large, global, IT ecosystem and a growing Digital business. As one of our Sr. Professionals, you’ll partner with management across Nike to optimize risk, manage compliance, and seek new ways to leverage technology for strategic advantage. We evaluate and provide insight to balancing management of downside risks and lost opportunity risks. You'll join a dynamic internal audit team where collaboration and innovation are celebrated. We are a group of continuous learners and creative thinkers who love to challenge the status quo every day. Audit areas may include information security, data privacy, IT governance, portfolio management, digital experience development, technology operations, large system implementation reviews, agile and devops processes, and business continuity management / disaster recovery, among others. You'll independently plan and lead complex strategic audits, manage auditors during fieldwork, review and approve other auditor’s work, provide creative and strategic business oriented recommendations, and deliver executive level verbal and written communications to a variety of stakeholders across the company. You'll also provide pragmatic consulting services to management in order to guide the implementation of audit recommendations, improve risk management capabilities, and evaluate emerging risks to technology & digital planning and operations. Your work will be highly visible to NIKE executive management and the Board of Directors Audit Committee. In this role you will be given the opportunity to learn about a wide range of Nike’s business and how technology is a fundamental element of bringing innovation and inspiration to every athlete* in the world. Global Corporate Audit partners with the business to optimize risk and help enable Nike’s potential. As a Senior Audit Professional, you’ll join this dynamic and diverse team to work on complex global projects which bring value to the business with a focus on achieving corporate strategic objectives. You will partner with Nike, Inc. management to independently and objectively evaluate efficiency/effectiveness of operations, reliability of financial and management reporting and compliance with laws and regulations. The key responsibilities include: + Managing audit projects from risk assessment and scoping through reporting results. + Leading a team of auditors on each audit project, ensuring personal development through on-the-job training and mentoring. + Communicating audit results to clients and executive management both verbally through meetings/presentations and written through executive reports. + Performing data analytics to understand and evaluate business processes. + Adhering to audit professional standards throughout each project. **Qualifications** - Bachelor's degree with an emphasis in Information Systems, Computer Science, Electrical Engineering, or Business Administration - Minimum of 7 years' combined experience in progressively responsible IT, software development, product management or information systems auditing positions - CISA or CISSP certification preferred - Working knowledge of various operating system platforms, relational database platforms and security concepts, enterprise network and systems architecture concepts and technologies, and security controls for internet facing e-commerce and social media applications - Working Knowledge of SDLC and common IT project management methodologies and approaches. - Experience auditing, implementing or operating general computing controls, including security, change management, systems development and operations, experience with SAP in these areas a plus - Working knowledge of managed service risk and control concepts for cloud-based application services, hosted infrastructure and outsourcing services - Working knowledge of information technology best practices and control frameworks - Working knowledge of information security/protection concepts (C.I.A.) - Experience with business process mapping and controls identification, design and implementation - Strong business acumen - Strong project management and team leadership skills - Excellent executive verbal and written communication skill - Ability to identify and assess business risks and work with clients to develop practical recommendations to mitigate those risks - Ability to travel up to 20% (domestic and international) - Ability to pass a 7-year background investigation Education/Certifications: + Bachelor’s degree in Business, Accounting, Finance or any other related field + MBA is highly desired (or other relevant Master degree) + Audit or Accounting certifications a plus (ex. CPA, CIA, CFE, CISA) Experience: + 6 years of experience in financial/business operations, internal auditing, or public accounting + Demonstrated experience in communicating and assessing complex business operations Required Skills: + Strong business acumen. Ability to connect strategic objectives, risk, and business process. + Well proven skills in data analysis and ability to relate data to business processes. + Strong ability to seek information, problem solve and communicate complex and/or potentially controversial topics and concepts to a wide and diverse audience. + Ability to identify and prioritize actionable solutions. + Strong understanding and application of project management and cross-team effectiveness. + Ability to travel 25% (domestic and international). NIKE, Inc. is a growth company that looks for team members to grow with it. Nike offers a generous total rewards package, casual work environment, a diverse and inclusive culture, and an electric atmosphere for professional development. No matter the location, or the role, every Nike employee shares one galvanizing mission: To bring inspiration and innovation to every athlete* in the world. NIKE, Inc. is committed to employing a diverse workforce. Qualified applicants will receive consideration without regard to race, color, religion, sex, national origin, age, sexual orientation, gender identity, gender expression, veteran status, or disability. **Job ID:** SRC062917ITCARM **Location:** United States-Oregon-Beaverton **Job Category:** Finance, Technology, Corporate Services
          (USA-OR-Portland) Manager of Global Lease Accounting Transformation   
Become a Part of the NIKE, Inc. Team NIKE, Inc. does more than outfit the world's best athletes. It is a place to explore potential, obliterate boundaries and push out the edges of what can be. The company looks for people who can grow, think, dream and create. Its culture thrives by embracing diversity and rewarding imagination. The brand seeks achievers, leaders and visionaries. At Nike, it’s about each person bringing skills and passion to a challenging and constantly evolving game. Today, the opportunities for growth across Nike’s business portfolio offer more potential than ever. Nike Finance employees play a key role in that progress by identifying and capitalizing on opportunities to drive value for every Nike shareholder. They manage accounting and reporting for Nike’s multi-billion-dollar global investment portfolio, debt and equity instruments, and other Treasury activities. They strategize, forecast, audit, analyze, budget, research and lead important decisions. Across Nike’s diverse geographies and businesses, Finance employees deliver far more than just the numbers. **Description** As the Manager of Global Lease Accounting Transformation, you’ll become a part of a high-performing team that is responsible for ensuring that, on a global basis, the organization recognizes cash spend associated with strategic and highly complex lease-related transactions in accordance with US GAAP and NIKE Accounting Policy. You will play an influential role in the modernization of lease accounting processes, as well as execution of NIKE’s conversion to the new Lease Accounting Standard. You will lead and oversee the complex implementation of a global lease accounting system to execute accounting operations across NIKE’s real estate, technology, value chain, and direct-to-consumer leasing portfolios. Through the development of best-in-class policy, process, and tools, you will be responsible for driving standardization and consistency across all NIKE Geographies and Affiliates. **Qualifications** Qualifications: + Experience with technology implementations and/or SAAS solutions is strongly preferred 4 years' experience in public accounting and corporate accounting; experience with business process consulting and/or experience within a large multinational, publically-held company highly preferred + Exposure to ERP accounting and finance systems such as SAP or Oracle is strongly preferred + Certified Public Accountant (CPA) preferred + Advanced experience with technical accounting for complex lease agreements + Excellent verbal and written communication skills; proven ability to communicate complex and/or controversial topics and concepts to a wide and diverse audience, including meeting facilitation and presentations + Proven ability to develop high profile, influential and collaborative relationships across teams, functions and layers, preferably inclusive of navigating a large corporation + Transformative, process-oriented and forward-thinking mindset + Uses best practices and knowledge of internal or external business issues to continuously improve processes and provide better information in intuitive and visual ways NIKE, Inc. is a growth company that looks for team members to grow with it. Nike offers a generous total rewards package, casual work environment, a diverse and inclusive culture, and an electric atmosphere for professional development. No matter the location, or the role, every Nike employee shares one galvanizing mission: To bring inspiration and innovation to every athlete* in the world. NIKE, Inc. is committed to employing a diverse workforce. Qualified applicants will receive consideration without regard to race, color, religion, sex, national origin, age, sexual orientation, gender identity, gender expression, veteran status, or disability. **Job ID:** SRC63017 **Location:** United States-Oregon-Portland **Job Category:** Finance, Corporate Services
          (MEX-Mexico City) Analyst, Custom Index Development   
Position Description TheRole: Custom Index Developer The Location: Mexico The Team: The Custom Index Development team is a global team with presence in New York, New Jersey, London and Mumbai. Towards end of the year it will have presence in Mexico as well. The team is responsible for creating new indices for our clients as per their custom methodologies. The Impact:Each custom index has direct revenue linked to it and thereby contributes to the overall revenue stream generated by SPDJI. The work of the index developer reflects on the reputation of S&P Dow Jones Indices. What’s in it for you: This role provides an opportunity to understand and implement the latest index products conceptualized by our clients. It offers a prospect to liaise with key stake holders in the business, internally and externally with exposure to clients and working with them while implementing new indices, Responsibilities: Preparing and calculating client custom indices. This includes performing analytical research on companies to determine the composition of the index, adjusting data in our calculation system, and adjusting the data to conform to the rules of the index. Work with clients and custom index managers to determine optimal index structure based on the client’s needs by ensuring that the structure of the index matches closely with the client’s investment goals. Provide customer service to existing custom index clients and attend client meetings Support to sales, marketing and client services – The key revenue source associated with the indices is through licensing the indices for derivative products, particularly etfs and futures. The analyst directly supports the sales and marketing efforts by (1) developing the initial index, (2) finalizing methodologies, (3) answering all questions forwarded by client services related to the indices, and (4) working with PMO to ensure the indices are produced on a timely basis. Coordinate maintenance of custom indices with operations group to ensure that the most efficient operations technology/database etc. is being utilized in the calculation of custom indices. Work with the technology group to further enhance our system capabilities by identifying deficiencies in our work flow and quality control processes. Participating in confidential client discussion to provide oversight to a wide range of indices. Deeply involved in development of new indices or other index related projects. Working with product management and index innovation on new indices Works with index operations to assure calculations are correct and timely. Must be able to manage multiple projects and deadlines. The projects involve; requirements gathering, analytical thinking, compilation of business requirements, index development, and documentation. Must be able to clearly communicate to a variety of both internal and external clients. What We’re Looking For: Basic Qualifications: Understanding of equity markets, commodities pricing, bond calculations, and home prices. Must be able to work independently on multiple projects with minimal direction or supervision. Bachelor’s Degree. Advanced degree in business, math, economics, or finance strongly preferred. Must be able to demonstrate excellent analytical and quantitative capabilities to solve original, non-routine problems in a timely and insightful manner Superior computer skills in Excel, Word and related applications Ability to learn S&P’s proprietary index calculation engines. Understanding of global financial markets Strong numerical skills Ability to assume responsibility, work with others and manage projects Ability to learn new data and calculation platforms in a limited time Requires excellent written and verbal communication skills and the ability to coordinate work done by multiple people and / or groups. Proficiency in Microsoft Office required. Experience dealing with customers in a time-sensitive demanding environment where interpretation of data has both objective and subjective components requiring persuasion and influencing skills. Preferred Qualifications: Able to use excel VBA, Matlab and Factset. AboutCompany(Global)&EEOStatements(NAOnly):Auto-populated by our ATS. Do Not Manually add this language to your job posting.
          (USA-MN-Minneapolis) Analyst, Investment Operations   
**Description:** COMPANY OVERVIEW: Nuveen is the investment management arm of TIAA. It is one of the largest global asset managers with specialist knowledge across a wide array of asset classes, including fixed income, equities and alternatives. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create outcome-focused solutions to help them secure their financial future. For more information about the firm please visit our website at www.Nuveen.com **POSITION SUMMARY:** **The Investment Operations Analyst is responsible for providing both domestic and international post-execution trade support for the equity and fixed income trading desks. Key responsibilities include working daily with confirmations to ensure proper settlement of securities, communicating security transactions to custodians and act as a liaison between the broker/dealer and custodian for all trade settlement issues.** **KEY RESPONSIBILITIES AND DUTIES:** 1. **Reconcile confirmations between DTC and the portfolio management system for assigned brokers.** 2. **Function as liaison for broker/dealers, custodians, traders and internal clients for trade settlement related issues.** 3. **This group shares a group e-mail and group phone line and all Trade Settlement Specialists are responsible to monitor those throughout the day.** 4. **Escalate issues appropriately and according to escalation policies.** 5. **Responsible for gathering data as requested.** 6. **Create and maintain documentation on policies and procedures.** 7. **Other duties, as requested.** **Qualifications:** **QUALIFICATIONS:** + **Basic understanding of investments and investment instruments.** + **Strong analytical, problem solving and organizational skills.** + **Well developed interpersonal and written and verbal communication skills.** + **Bachelors Degree in business or equivalent work experience.** + **Strong attention to detail, good communication, analytical and problem solving skills.** + **Previous international settlements experience a plus .** **Equal Employment Opportunity is not just the law, it’s our commitment. Read more about the** **Equal Employment Opportunity Law** at http://www1.eeoc.gov/employers/upload/eeoc_self_print_poster.pdf **.** **If you need assistance applying due to being visually or hearing impaired, please email** **Careers Help** **.** **We are an Equal Opportunity/Affirmative Action Employer. We will consider all qualified applicants for employment regardless of age, race, color, national origin, sex, religion, veteran status, disability, sexual orientation, gender identity, or any other legally protected status.** **Job:** **Operations** **Primary Location:** **United States** **Req ID:** **1709398**
          Gold Prices Lower On Shifting Policy Outlook- FOMC Minutes, NFP On Tap   
Gold prices were down this week with the precious metal off by 0.98% to trade at 1243 ahead of the New York close on Friday. The losses come alongside weakness in broader equity markets with all three major US indices flat / lower on the week.
          National Account Manager - Sysco Canada, Inc - Toronto, ON   
Sysco is committed to Employment Equity. Here’s a sample of the many benefits Sysco associates enjoy:. Comprehensive Flexible Benefits including Health and...
From Sysco Canada, Inc - Thu, 22 Jun 2017 17:19:52 GMT - View all Toronto, ON jobs
          Receptionist - Sysco Canada, Inc - Toronto, ON   
Sysco is committed to Employment Equity. Sysco Canada has 5,000+ people in over 30 locations across the country....
From Sysco Canada, Inc - Fri, 10 Mar 2017 18:29:14 GMT - View all Toronto, ON jobs
          Customer Service Representative - Sysco Canada, Inc - Vaughan, ON   
Sysco is committed to Employment Equity. Here’s a sample of the many benefits Sysco associates enjoy:. Sysco is the global leader in selling, marketing and...
From Sysco Canada, Inc - Fri, 30 Jun 2017 17:22:38 GMT - View all Vaughan, ON jobs
          Intercompany Sales Support - Sysco Canada, Inc - Vaughan, ON   
Sysco is committed to Employment Equity. Here’s a sample of the many benefits Sysco associates enjoy:. Sysco is the global leader in selling, marketing and...
From Sysco Canada, Inc - Wed, 28 Jun 2017 17:28:31 GMT - View all Vaughan, ON jobs
          Driver - Sysco Canada, Inc - Vaughan, ON   
Sysco is committed to Employment Equity. Sysco Fine Meats Toronto, division of Sysco Canada, is searching for a driver with experience to deliver products to...
From Sysco Canada, Inc - Thu, 22 Jun 2017 17:19:52 GMT - View all Vaughan, ON jobs
          Warehouse Associate - Sysco Canada, Inc - Vaughan, ON   
Sysco is committed to Employment Equity. Here’s a sample of the many benefits Sysco associates enjoy:. Sysco is the global leader in selling, marketing and...
From Sysco Canada, Inc - Thu, 22 Jun 2017 17:19:51 GMT - View all Vaughan, ON jobs
          Delivery Associate - AZ Driver - Sysco Canada, Inc - Mississauga, ON   
Sysco is committed to Employment Equity. Here’s a sample of the many benefits Sysco associates enjoy:. Comprehensive Flexible Benefits including Health and...
From Sysco Canada, Inc - Thu, 22 Jun 2017 17:19:52 GMT - View all Mississauga, ON jobs
          Is That Recovery We See?   

Is That Recovery We See?

This week the market seemed to like financial stocks and was buoyed on news that Pulte Homes would buy Centex to create the largest US homebuilder. And with banks having some room to adjust their writedowns as mark-to-market is modified, the market saw significant increases in the financial sector. Everywhere I keep hearing the old saw that the market predicts a recovery about six months out, so won't we see a recovery in the fourth quarter of 2009?

If you look at earnings estimates for 2009, that is what is suggested. Bloomberg reports that profits at S&P 500 companies probably fell 38% on average in the first quarter. The stretch of quarterly declines is the longest since at least the Great Depression, data compiled by S&P and Bloomberg show.

Earnings may drop 31% in the second quarter and 18% in the next before gaining 74% in the last three months of the year, analysts predict. Banks are projected to account for all of the rebound in the final quarter. Without financial companies, the gain turns into a 5% decline, the data show.

The above estimates are based on operating earnings, not as-reported earnings. Long-time readers know that operating earnings are actually earnings before interest and Bad Stuff. As-reported earnings are what companies actually report on their tax reports, and as a gauge of profitability they are much more reliable. Before the mid-'90s the difference between operating and as-reported earnings was typically quite small. Then companies found they could play the market if they played games with their operating earnings.

Operating earnings typically do not take into account one-time, nonrecurring events. The number of items which get classified as "nonrecurring" has mushroomed to the point where projected operating earnings for 2009 are more than double the estimates of as-reported earnings. Operating earnings for 2008 were almost three times actual, or as-reported, earnings. We certainly seem to have entered an era of really bad one-time events, which just keep on coming and coming. As recently as 2006, there was less than a 10% difference between the two. In some quarters it was only 5%. A far cry from today's 100%-plus.

Those Wild and Crazy Analysts

Analysts, who as a group have been egregiously bad at predicting earnings of financial stocks for the last two years, would have us believe they are due for a large rise in the 4th quarter. Let's visit those assumptions for a few minutes.

They contend that much of the bad news in the subprime-loan and housing market has been written off. And one would have to admit that a lot has been; and with the relaxation of mark-to-market, there may indeed be some truth to that suggestion. But there are still some issues that remain for housing. Take a look at the graph below. (Not sure where it is from, as it was sent to me, but I have seen the same data elsewhere.) Notice that monthly mortgage-rate resets declined markedly in 2009 from 2008, but are expected to rise again in 2010 and 2011. There is still some heartburn in the mortgage market.

The Shadow Inventory of Homes

And foreclosures keep climbing, though some point to that fact that they seem to be leveling off. However, a strange thing is happening. We are seeing what is being called a "shadow inventory" of foreclosed homes.

"We believe there are in the neighborhood of 600,000 properties nationwide that banks have repossessed but not put on the market," said Rick Sharga, vice president of RealtyTrac, which compiles nationwide statistics on foreclosures. "California probably represents 80,000 of those homes. It could be disastrous if the banks suddenly flooded the market with those distressed properties. You'd have further depreciation and carnage." (San Francisco Chronicle)

A Realty Trac survey found that only 30% of foreclosures were listed for sale in real estate listings like the MLS (Multiple Listing Service). Add in homes that people would like to sell but simply can't find buyers for, and must either hold or rent, and the unsold inventory numbers that are public are likely far below actual available homes.

Might some homes in foreclosure be held off the market because banks eventually want to negotiate with the homeowner? Possibly, but other surveys show that anywhere from 30-40% of homes in the foreclosure process in many areas are actually already vacant. There is no one with whom to negotiate.

Typically a foreclosed home sells within a few weeks, as banks take the first "reasonable" offer. But it normally takes about three months from foreclosure to when the home is put on the market -- it takes a few months to get a home ready. But surveys show it is taking a lot longer now, and many homes have not made it onto the market, even as more homes are being foreclosed each month.

The Chronicle suggests several factors may be at work. First, there is the "pig-in-the-python" problem. There are just so many homes that it is hard to get them onto the market and sold. Normally there are about 160,000 homes a year in foreclosure sales. We are now seeing 80,000 a month, or six times normal levels, and rising.

Second, lenders could be deferring sales to put off having to acknowledge the actual extent of their losses. "With banks in the stress they're in, I don't think they're anxious to show losses in assets on their balance sheets," one observer said.

Finally, banks may not want to flood the market with foreclosures, driving prices down even more. They are simply managing their assets so as to recover the most capital they can.

Given that the graph above says there will be more mortgage misery as large numbers of mortgages reset in the next two years, and given the unknowable nature of the losses, it is somewhat optimistic to think financial profits will rise by 74% in the fourth quarter. But it gets worse.

Commercial Real Estate Starts a Long, Slow Slide

We are now starting to see some real deterioration in traditional bank lending. Delinquencies on home equity loans are rising rapidly. The American Banking Association released a composite index of eight different types of consumer loans, and the delinquency rate on this 35-year-old composite jumped to a record high of 3.22%.

The above reflects 4th-quarter data. As unemployment is up 2% since then and is rising, it is more than reasonable to assume that we will see another record rise in delinquencies this quarter. With unemployment headed to over 10% and maybe 11% from today's 8.5%, delinquencies are likely to continue to rise for the entire year.

David Rosenberg reports that "The National Federation of Independent Business found in a poll that 28% of small firms said they had a line of credit or credit card limit cut back in the second half of last year; 69% stated they are facing worse terms. A new FICO study found that 11% of US consumers -- 22 million people -- have had their credit lines cut or accounts closed even though they have been paying their bills on time and retain a solid rating." This is certainly not good news for those who expect a positive 4th quarter. Cutting credit to small business, the engine of job growth in the US, is hardly a prescription for a growing economy.

Commercial mortgages are in trouble. S&P has warned they may cut ratings on $97 billion in commercial-mortgage asset-backed debt. The country's 10 biggest banks have $327.6 billion in commercial mortgages, according to regulatory filings. A projected tripling in the default rate would result in losses of about 7% of total unpaid balances, according to estimates from analysts at research firm Reis Inc. (Bloomberg)

I think, given the track record of the analysts who project a 74% rise in earnings for financial stocks in the 4th quarter of this year, that we should remain a tad skeptical. And speaking of earnings, let's go to the S&P web site and see how things are progressing.

But first, let's look at just how badly analysts blew it in estimating 2008 earnings. In the table below we see that as recently as October 15 they were estimating AS-REPORTED earnings to be $54, down from $92 when I first saw the 2008 estimates. There were only two months to go in 2008. So, what are the actual 2008 earnings? Down to $14.88!!!

Not exactly a record to inspire confidence. So, how are we doing in 2009? We see the same pattern. There is a clear deterioration in earnings estimates. Yet, even with the ever lower estimates, they are still projecting nearly a doubling from 2008. Care to make a wager as to what the estimates will look like in a few quarters? Think we will see earnings rise?

P/E Ratios Go Negative!

When we last visited the S&P web site a few weeks ago, the P/E ratio for the quarter ending September 30 was around 181. I must confess that when I looked at it today, as jaded as I am, I was shocked. You can see the numbers for yourself at http://www2.standardandpoors.com/spf/xls/index/SP500EPSEST.XLS?GXHC_gx_session_id_=5350992f205e73e4&.

The P/E ratio for the end of the second quarter is 1944 (not a typo). The losses of the 4th quarter wipe out almost all earnings for the 12 months ending June 30. But by the end of the 3rd quarter, the estimated P/E ratio has dropped to a (negative) -467. That has never happened. We have never seen negative earnings over a 12-month period since WWII. (I don't have data for the Depression era.)

Then as the negative earnings of the 4th quarter of 2008 drop off, we see the estimated P/E ratio rise back to 30, which is quite high. However, if actual earnings come in lower, as I think they will, the P/E ratio will rise and/or the market will fall as negative earnings surprises just keep on coming.

The Effect of Earnings Surprises

As William Hester of Hussman Funds writes in a recent article, the rise and fall of the stock market closely correlates with earnings surprises. Look at the following chart. (You can see the whole article at http://www.hussmanfunds.com/rsi/econsurprises.htm. I highly recommend it.)

As Hester writes, "To track the trends in economic performance, we keep an ongoing tally of how data is announced relative to expectations -- a method of analysis originally inspired by Bridgewater Advisors. Economic data that surpasses expectations gets added to a 3-month running total. Data that comes in weaker than expected gets subtracted. A rising line means that economic data is generally coming in above expectations, while a falling line means that the data has disappointed. A descending line could be the result of an economy that is not expanding as quickly as economists predict or -- like in 2008 -- it could be the result of an economy that is contracting at a faster rate than expected.

"... Much of the excitement in the stock market -- at least that is related to the current performance of the economy -- seems to be centered on an economy that is performing less badly than expected. The risks here seem to be that if the trends in data surprises change, so could investors' attitudes toward stocks that are currently overbought on a number of measures.

"... If the high correlation between stock prices and data surprises holds, the recent rally in stocks might be tested. Even if the economy has bottomed, it's very likely that the eventual recovery will prove to be uneven, causing the flow of positive surprises to be uneven. During these periods, the risks to stocks will be greatest when the market is overbought and investors have priced in high expectations of positive data surprises continuing."

The projections of many market analysts assume that we will have something that will look like a normal recovery. I have objected that that could be a very bad assumption, since we are not having a normal recession. This is already a very lengthy recession, and is just going to get longer. As I will note below, there are reasons to think we could see a mild recovery late this year, only to dip back into recession next year.

Corporate Earnings and Recovery in Recessions

Next, let's look at a very interesting chart sent to me by one of my readers, Chad Starliper of Rather and Kittrell in Knoxville, Tennessee. It shows all the cumulative drops in earnings from major peaks, along with the recovery paths. What is interesting is the divergence between the pre- and post-WWII periods. Our experience since 1945 is one of rather quick recoveries, averaging about 3-4 years until earnings rise above the old highs.

The thicker black line shows a drop of 69.2% from peak earnings since 2007. Prior to World War II, it took 12-20 years for earnings to recover. Earnings are still dropping. As I will point out in the next few e-letters, we live in a world (not just the US) that is in a deep recession. There is massive deleveraging and deflation. The recovery is going to be quite slow, and that portends a slow recovery in earnings, which suggests protracted churning in the stock market. (By the way, for those of you who print out this letter, the next graph will be hard to read if it is not in color.)

Even ignoring the disastrous 4th quarter of 2008, what if earnings drop by 80% or more, which is quite possible? That means they have to rise by 400% to get back to new highs. That could take some time. Even if they could rise at an unlikely 24% a year, it would take six years to see new highs. Look at what a mountain corporate earnings must climb.

Consumers are retrenching, and savings rates are likely to rise for at least 3-4 years, back to 7% or more, leaving consumer spending not at 70% of US GDP but closer to 63%. That will be a rather large adjustment, and will mean that a lot of productive capacity will have to be closed or allowed to lie in disuse for a long time. We just built too many strip malls and car factories and restaurants. It is going to take some adjustments.

Further, the Democratic Congress and the Obama administration are going to enact the largest tax increase in history in 2010, just as the economy is barely recovering. The Bush tax cuts go away, because the Republicans could not make them permanent when they had the chance. We are going to pay for that with a likely dip back into a recession in 2010, or at the very least a prolonged weak economy.

The Implosion in Social Security

And then there is the last piece of data I want to bring to your attention, which is the most troubling of all. Everyone knows that the government spends the Social Security surpluses on current needs, "borrowing" the money and putting it into a "Social Security Trust Fund," which is basically just US debt we owe to the trust fund. In other words, there is no trust fund with anything other than paper debt. It is accounting legerdemain.

Everyone assumed that the real problem would come sometime later next decade, when there would no longer be surpluses. In 2008, the Congressional Budget Office (CBO) projected there would be $703 billion in surpluses from 2009-18. Recently, the CBO has revised those estimates downward. It now projects surpluses to be only $83 billion. Here is a table that was sent to me from a blog by Chris Martensen. (http://www.chrismartenson.com)

Writes Chris, "In the projections for the table above, the CBO has assumed no cost of living adjustments (COLAs) in 2010, 2011, or 2012 and a return to economic growth next year. If either of those assumptions proves wrong, the table above gets smoked to the downside."

Losing $700 billion (and likely a lot more) out of your budget projections is a huge blow to the US taxpayer. That money is going to have to be borrowed, or spending reduced. But the plans are for huge increases in spending.

In one of the great ironies, the Democrats and the Obama administration are going to have to deal with the Social Security crisis, and soon. Bush tried to do so, and he got torpedoed from both sides of the aisle. Politicians just do not want to be seen doing anything to SS. Given the massive, multi-trillion-dollar deficits that are projected, the US is going to face some difficulty in borrowing to meet those deficits in the not-too-distant future. Is it 3 years? 4? 5? No one can say for certain, but that day is coming and it now appears much closer.

Let's say that US consumers do save 7%. That's almost a trillion a year. The trade deficit dropped to $26 billion last month, as imports continued to drop. That's another $300 billion that foreign central banks could recycle. The Fed could print a few trillion here or there without really pushing up inflation in today's deflationary world.

But there is a limit to continued $2-trillion deficits without the appreciable rise in interest rates that will be needed to attract buyers of Treasury bonds, which of course would increase interest-rate payments on the national debt, while also crowding out corporate and personal borrowing. This is not going to end well, and the end game is getting a lot closer.

All in all, the next few years are going to be a very difficult environment for corporate earnings. To think we are headed back to the halcyon years of 2004-06 is not very realistic. And if you expect a major bull market to develop in this climate, you are not paying attention.

The original question was "Is that recovery we see?" I think the answer is no.


          7/2/2017: Personal Finance: A chance to free up cash – or a squeeze on finances?   

GROWING numbers of older homeowners are turning to equity release plans to supplement pension income or plug an endowment shortfall when their mortgage ends. The market is expanding rapi dly. Homeowners released £ 633 million from property in the first...
          7/2/2017: Personal Finance: GET YOUR FREE MAIL ON SUNDAY EQUITY RELEASE GUIDE   

THE Mail on Sunday has produced an essential guide to equity release. Written in conjunction with equity release specialist Key Retirement, the free booklet looks at all the options available and the key issues that potential borrowers need to...
          7/2/2017: Personal Finance: Equity release plans and how they work   
LIFETIME MORTGAGE A LOAN secured against your home with interest rolling up during your lifetime. The interest and loan are repaid when the homeowner dies or goes into care and the property is sold. This is the most popular type of equity release...
          Accountant - Hopewell Residential - Equity, AB   
Hold a degree or diploma in. Administration, human resources and corporate policy planning for the five. And social fabric of the cities that Hopewell develops...
From Hopewell Residential - Wed, 14 Jun 2017 23:57:33 GMT - View all Equity, AB jobs
          Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Marks and Trends | Q2 2017   

Mercer Capital’s Portfolio Valuation: Private Equity Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
          Mercer Capital's Portfolio Valuation: Private Equity Marks and Trends | Q4 2016   

Mercer Capital’s Portfolio Valuation: Private Equity Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
          Mercer Capital's Value Focus: Medical Device Manufacturers | Q4 2016 | Pfizer Acquires Medivation   

Mercer Capital provides medical device manufacturers, related start-up enterprises, and private equity funds with valuation services, including purchase price allocation, 409a compliance, goodwill impairment testing, and other transaction and valuation advisory services. Each issue includes a segment focus, market overview, mergers and acquisitions review, and more.
          Grade 6/7 Teacher - Minahik Waskahigan High School - Northern Lights School Division - Saskatchewan   
NORTHERN LIGHTS SCHOOL DIVISION #113. Northern Lights School Division #113 is an Employment Equity Employer. Salary is according to the provincial grid plus a...
From Northern Lights School Division - Thu, 29 Jun 2017 03:05:13 GMT - View all Saskatchewan jobs
          How Hong Kong's Banks Turned Chinese   
Each morning, a white-shirted army of bankers fills the crosswalks of Hong Kong, stopping and starting in unison to the ubiquitous chirping of the city's crosswalk signals, a sound eerily reminiscent of a Las Vegas slot machine room. Twenty years ago, the traders and account managers crossing these streets were mostly expatriates and local Hong Kongers, and when they arrived to the office, much of their business was done in English. That's changed. "Actually, Hong Kong is shifting its role from Asia financial center to supporting the growth of China now," says William Hon, a trader for Liquidnet, a U.S. equity broker. Hon was born and grew up in Hong Kong, but at the office, he's finding more and more of his colleagues hail from mainland China. "More and more Chinese companies would like to list on the Hong Kong exchange, so they are all in China, and they're talking Mandarin," Hon says. "So they need more fluent Mandarin speakers in Hong Kong, or they hire people from China to work in
          CRMnext Raises Capital from Norwest Venture Partners (NVP) to Accelerate Global Reach   

Delhi, India -- (SBWIRE) -- 05/14/2014 -- CRMnext, a leading global CRM (Customer relationship Management) product company with leadership in more than nine industry verticals, today announced a strategic investment from Norwest Venture Partners (NVP). The fresh capital will be used to accelerate the company's global outreach and fuel investments into its research and innovation portfolio. This move is part of the company's vision to become one of the top five players in the global CRM space across industries changing the dynamics of the global market.

"We are focused on expanding our reach in the global market and this move will accelerate it. Even though we are a very profitable business, this funding will enable us to fuel investments into our research and innovation initiatives. All this will lead to further strengthening of our position as an enterprise class innovator in the CRM space, a space that has seen consolidation resulting in commoditization and has led to lack of real customer focused innovation" said Nishant Singh, CEO, CRMnext on the sidelines of the announcement.

CRMnext runs some of the largest CRM implementations in Asia Pacifc, Africa and Middle East regions. In India today, all the top 3 private banks such as ICICI Bank, AXIS Bank and HDFC Bank use CRMnext. In fact, it has to its credit the largest banking implementation in Asia at HDFC Bank with 40,000+ users across 3,000+ branches in 1,500+ cities. With CRMnext, these organizations have implemented global best practices in customer facing departments, thereby significantly improving their business performance.

Mohan Kumar, Executive Director, NVP India said, "We are happy and excited to be partnering with CRMnext – India's leading CRM solution provider in the BFSI space. The company has built a very strong platform – CRMnext – that helps define business strategies by making sense of big data coming from various customer touch points. Traditional CRM systems do not engage customers or make use of analytics. We believe the CRM market is evolving and next generation CRM systems will be multi-channel, more vertically focused and have a heavier emphasis on customer engagement. At NVP we have invested in a variety of verticals including retail, healthcare and education, and with CRMNext, we found a great company doing the same in the BFSI space."

CRMnext helps manage sales, marketing and customer service across the organization, enables seamless sharing of information by centralizing all customer data and processes. Other customers include thought leaders across various verticals like Pfizer, Max Life Insurance, TATA AIA, Reliance, CRISIL (S&P Co.), Fullerton Financials, Bajaj, IIFL etc.

CRMnext is the only product with a Commutable cloud TM platform, offering an extremely comprehensive private cloud solution. The platform brings flexibility, agility and automatic upgrades to the complex enterprise environments which incumbents have failed to serve. The company has been bestowed with some of the most prestigious awards such as, "Most Promising Product Company" at CIO Review Asia 2014 &"Best CRM Technology Provider of Asia 2013" by World Finance. CRMnext is the flagship product of Acidaes Solutions Pvt. Ltd. which is a specialist customer relationship management product company, providing services to customers in the global market. In this transaction, Mumbai based boutique investment bank Zanskar Advisors was the exclusive financial advisor to Acidaes Solutions Pvt. Ltd.

About Norwest Venture Partners (NVP)
Norwest Venture Partners (NVP) is a global, multi-stage venture and growth equity investment firm that has partnered with entrepreneurs to build great businesses for more than 50 years. The firm manages approximately $5 billion in capital and has funded more than 550 companies since inception. Headquartered in Palo Alto, Calif., NVP has subsidiaries in Mumbai and Bengaluru, India, and Herzelia, Israel. NVP makes early to late-stage venture and growth equity investments across a wide range of sectors including: technology, information services, business services, financial services, consumer products/services and healthcare. For more information visit: www.nvp.com.

About CRMnext
CRMnext is a leading global CRM solution. CRMnext has practice leadership in more than nine industry verticals where it works with companies to help them make most of their relationships with customers. Key vertical editions include Banking, Financial Services, Insurance, Media, Pharmaceutical, Telecom, Entertainment, Energy, Manufacturing etc. CRMnext works closely with its customers, leveraging its extensive domain expertise to enhance their business efficiency by improving processes and practices. This combination of competency and commitment to results is the key to CRMnext's success in the global market.

Acidaes Solutions
Founded in 2002, Acidaes Solutions is a specialist customer relationship management product company, providing services to customers in the global market. CRMnext is the flagship product, available on a commutable cloud model through a single code-base which provides companies with flexibility for their ownership model. The CRMnext team has a proven track record of delivering high impact CRM solutions with strong offerings in 09 verticals including Banking, Insurance, Financial Services, Pharma, Media, Telecom, Automobile, etc. It works very closely with its customers, leveraging its extensive domain expertise to enhance their business efficiency by improving processes and practices. This combination of competency and commitment to results are the key to its success in the global market. Today, CRMnext has to its credit thought leaders across verticals as its customers.

For more information on this press release visit: http://www.sbwire.com/press-releases/crmnext-raises-capital-from-norwest-venture-partners-nvp-to-accelerate-global-reach-507391.htm

Media Relations Contact

Rahul Sheth
Telephone: +91-22-42688222
Email: Click to Email Rahul Sheth
Web: http://www.crmnext.com/


          Hiring for Application-support-analyst in Mumbai, for Exp. 4 - 6 yrs at S& P Global Inc..,Mumbai (Job in Mumbai)   
Job Description:The Role: Application Support Analyst The Location: Mumbai The Team: We are seeking an Application Support Analyst to be a key player in the implementation and support of our Global Index Calculation Platforms that run major Equity and Fix...
          Area Sales Manager ( for cosmetic & OTC ) - jiolife global - Cuttack, Orissa   
Ability to handle pressure and deal with patience for setting up brand equity and market demand through OTC channels for current products.... ₹4,00,000 a year
From Indeed - Thu, 16 Mar 2017 13:10:12 GMT - View all Cuttack, Orissa jobs
          Au Financiers IPO Allotment Status Online, Au Small Bank IPO Allotment Date & Details   
Au Financiers got superb response from QIB and NII on the last day. Au Small Bank got over 50 times in QIB while over 140 times in NII. Retailers got around 3.50 times which is good but QIB and NII shown their interest in Au Financiers on last day. Super listing of Au Financiers expected around 440-460. Check out Au Financiers IPO Allotment Status online. You can check Au Small Bank Allotment via Application Number or Pan Card.

Checkout Au Smalll Bank ipo allotment dates and latest grey market premium as well.
Au Financiers IPO Allotment Date: 05/06-07-2017
Au Financiers IPO Listing Date: 10-07-2017
Au Financiers IPO Basis of Allotment: 5:2 (Approx)

Click Here
OR
Log on to: http://www.linkintime.co.in/ipo/

Note: Au Financiers IPO Allotment Status will be available when ever Registrar of IPO will put on their official sites.

Quick Links: 

Au Small Bank IPO Subscription: (Fully Subscribed)


DayQIBNIIRIIEMPTotal
Day 1 0.00 0.08 0.32 0.16 0.18
Day 2 2.47 0.70 1.07 0.44 1.36
Day 3 78.77 143.51 3.40 1.42 53.54

Au Financiers IPO Dates & Price Band:
  • IPO Open: 28-June-17
  • IPO Close: 30-June-17
  • IPO Size: Approx Rs. 1912 Crores (Approx)
  • Face Value: Rs. 10 Per Equity Share
  • Price Band: Rs. 355 to 358 Per Share
  • Listing on: BSE & NSE
Au Financiers IPO Market Lot:
  • Shares: Apply for 41 Shares (Minimum Lot Size)
  • Amount: Rs.14,678
Au Financiers IPO Allotment & Listing:
  • Basis of Allotment: 05-July-17
  • Refunds: 06-July-17
  • Credit to demat accounts: 07-July-17
  • Listing: 10-July-17

          Gautam Exim SME IPO Price Band, Market Lot & Dates Details   
Gautam Exim IPO is going to hit market on 29th June. Gautam Exim is BSE SME IPO with 3.32 crore size. Let's see how it will perform on its listing day.
Gautam Exim Review:
  • Apply for Listing Gain (Risky)
Gautam Exim IPO Dates & Price Band:
  • IPO Open: 29 June 2017
  • IPO Close: 3 Julu 2017
  • IPO Size: Approx 3.32 Crore
  • Face Value: Rs.10 Per Equity Share
  • Price Band: Rs.40 Per Equity Share
  • Listing on: BSE SME
Gautam Exim IPO Market Lot:
  • Shares: Apply for 3,000 Shares (Minimum Lot Size)
  • Amount: Rs.1,20,000
Gautam Exim IPO Grey Market Premium:
  • The grey market is around Rs.2 per share.
Company Promoters:
  • Balasubramanian Raman
  • Nagalaxmi Balasubramanian
Quick Links:
Red Herring Prospectus

IPO Registrar:
Bigshare Services Pvt. Ltd
Phone: 91-22-40430200
Fax: 91-22-2847 5207
Email: ipo@bigshareonline.com
Website: http://www.bigshareonline.com

IPO Lead Managers:
  • PANTOMATH CAPITAL ADVISORS PRIVATE LIMITED
Company Address:
Gautam Exim Ltd
C7/57 59 Mirgasir Complex,
Opp Advance Complex,
N H No-8, GIDC Vapi - 396195
Phone: +91 260 2432998
Fax: +91 260 2431988
Email: cs@gautamexim.com
Website: http://www.gautamexim.com

          Experienced Truck and Transport Mechanic - Dexter Construction Company Limited - Moncton, NB   
We are committed to employment equity and encourage applications from women, aboriginal peoples, persons with disabilities and members of visible minorities....
From Career Beacon - Fri, 30 Jun 2017 20:57:32 GMT - View all Moncton, NB jobs
          Manager, Financial Reporting - 1414 - Zymeworks Inc - Vancouver, BC   
GAAP with a focus on technical issues within the biotechnology or high-tech sectors, including equity instruments, foreign currency issues, revenue recognition,...
From Zymeworks Inc - Tue, 09 May 2017 09:25:21 GMT - View all Vancouver, BC jobs
          1672ft² - **** Fabulous English Tudor 1-Fam *Solid Brick* Garage**   
�� "Invest in Real Estate and start building equity in your home today!" ** Quiet and Beautiful Tree-Lined Block featuring a Simply Amazing 1-Family Home ** Big Spacious Living Room with Fireplace and lots Windows and natural light ** Spacious Eat-In-Kitchen with lots of Cabinets and Countertop space ** Big Formal Dining Room--Perfect for Entertaining Guests ** Custom-made Granite Designer Countertops ** 2 Beautiful Brick Working Fireplaces ** Pristine Stainless Steel Appliance ** Private Driveway and Garage ** Inspiring Designer Wood Staircase leads to the upstairs Bedrooms ** 3 Full Bathrooms--Big Spacious & Stylish ** 3 spacious diamond Bedrooms Duplex ** Big Rooms with Big Walk-in-Closets ** Very High Ceilings throughout the House ** Come SEE the biggest bathroom in Queens--amazing step up Bathtub ** Lots of Windows, Big Windows everywhere--Bright and Sunny--natural Light galore ** Large walk-in finished Basement with lots of Rooms and Private Entrance ** Nice Front and Back Yard--Great for Gardening and for Barbecuing ** Close to ALL Amenities: Transportation, Shopping, School, Etc. ** Beautiful Parquet Floor all throughout the House ** Immaculate Bathrooms and Kitchens ** TAKING ALL OFFERS ** ** Won't Last!
          1489ft² - *** Spacious And Desirable 1-Fmy E. Flatbush *Newly Updated*   
�� "Invest in Real Estate and start building equity in your home today!" Come See & Enjoy this Sweet: 3br - ** SPACIOUS & DESIRABLE 1-FMY E. FLATBUSH * FULLY UPDATED * 3BR * 3BA*** ** Large Living Room and Formal Dining Room--Perfect for Entertaining Guests ** Spacious Eat-In-Kitchen with lots of Cabinets and Countertop space ** 3 Big Spacious Bedrooms with Super-sized Closet Space ** 3 full modern Bathrooms--all Spacious and Stylish ** Prime Location with very Low Property Tax ** Very high ceilings throughout the house ** Building Square Footage: 1,489 plus ** Huge Full Finished Basement with lots of rooms (2BR, Full BA, KIT, Laundry) and Private Entrances ** Lots of Windows, Big Windows everywhere--offer an overabundance of Light and Fresh Air ** Fabulous Front, Side, and Back Yard--Great for Gardening and for Barbecuing ** Close to ALL Amenities: Transportation, Shopping, School, Etc. ** Beautiful Oak Parquet Floor throughout the house ** Immaculate Bathrooms and Kitchens ** TAKING ALL OFFERS ** ** Won't Last!
          ****✅ Tremendous English Tudor 1-Fmy * Solid Brick * Garage * 3BR * 3BA***   
"Invest in Real Estate and start building equity (wealth) in your home today!" --D.P. ** Quiet and Beautiful Tree-Lined Block in QUEENS VILLAGE ** Featuring a Simply Amazing 1 Family Home ** Front door opens to an amazing High ceiling Loft Design Living Room ** BREATHTAKING Brick Fireplace adorns the Living Room ** Big Living Room with lots Windows and natural light ** Spacious Eat-In-Kitchen with lots of Cabinets and Countertop space ** Inspiring Designer Wood Staircase leads to the upstairs Bedrooms ** Big Formal Dining Room--Perfect for Entertaining Guests ** This house has the Biggest master Bathroom in Queens ** Custom-designed Granite Countertops ** Stainless Steel Appliance ** 2 Beautiful Brick Working Fireplaces ** 3 spacious diamond Bedrooms Duplex ** Big Rooms with Big Walk-in-Closets ** 3 full Bathrooms--Spacious & Stylish ** Private Driveway and Garage ** Very High Ceilings throughout the House ** Just a beautiful house: You want it, this house got it! ** Close to ALL Amenities: Transportation, Shopping, School, Etc. ** Huge Full Finished Basement with lots of Rooms and Private Entrance ** Fabulous Front and Back Yard--Great for Gardening and for Barbecuing ** Lots of Windows, Big Windows everywhere--Bright and Sunny--natural Light galore ** Beautiful Parquet Floor throughout the House ** Immaculate Bathrooms and Kitchens ** Don't loose your opportunity!
          1489ft² - ✅Spacious And Desirable E. Flatbush * Fully Updated * 3BR * 3BA**   
"Invest in Real Estate and start building equity (wealth) in your home today!" --D.P. ** Your front door opens to a spacious illuminated high-ceiling Living Room--Perfect for Entertaining Guests ** Next is your beautiful Formal Dining Room--Great for savouring your Delicacies ** Spacious Eat-In-Kitchen with lots of Cabinets and Countertop space ** Beautiful Designer Staircase leads to the upstairs Bedrooms ** 3 Spacious Bedrooms with Super-sized Closet Space ** Full Luxury Bathroom complements the 1st floor ** 3 full Bathrooms--Spacious & Stylish ** Prime Location, Location, Location ** Very high ceilings throughout the house ** Total Building Square Footage: 1,489 plus ** Basement finished with beautiful Ceramic Tile Floors ** Walk in Finished Basement with lots of rooms (2BR, Full BA, KIT, Laundry) and Private Entrance ** Lots of Windows, Big Windows everywhere--offer an overabundance of Light and Fresh Air ** Fabulous Front, Side, and Back Yard--Great for Gardening and for Barbecuing ** Close to ALL Amenities: Transportation, Shopping, School, Etc. ** Beautiful Parquet Floor all throughout the house ** Immaculate Bathrooms and Kitchens ** Don't loose your opportunity! ** TAKING ALL OFFERS ** ** Won't Last!
          Global Equity Analyst - AGF Management Limited - Toronto, ON   
Stephen Way established our proprietary investment process in 1995 – this process remains intact and is consistently applied today.... $120,000 - $140,000 a year
From AGF Management Limited - Wed, 14 Jun 2017 05:57:46 GMT - View all Toronto, ON jobs
          Security Guard - QC – Scarlet Security Services Ltd - Pond Inlet, NU   
We thank all applicants for your interest in employment; Scarlet Security Group Ltd embraces the principles of employment equity....
From Indeed - Fri, 26 May 2017 19:33:00 GMT - View all Pond Inlet, NU jobs
          Asst Professor (tenure-track) - University of British Columbia - Okanagan, BC   
All candidates will be invited to participate in an online Equity Survey for the purpose of measuring diversity and to identify potential barrier to the...
From University of British Columbia - Fri, 23 Jun 2017 12:56:03 GMT - View all Okanagan, BC jobs
          Financials lead stocks higher   

chicago stock trader

(Reuters) - Wall Street was higher in late morning trading on Wednesday as financial and consumer stocks led a broad rally among the major sectors.

Bank stock reflected a rise in treasury yields, following a Reuters report that the market had overinterpreted chief Mario Draghi's comments that the ECB was ready to start withdrawing the emergency stimulus for the economy.

The sources clarified that Draghi intended to signal tolerance for a period of weaker inflation, not an imminent policy tightening.

The financial index's 1.16 percent rise led the gainers, with Bank of America, JPMorgan and Citigroup all up more than 1 percent.

The consumer discretionary index rose 0.9 percent, helped by a gain in Walt Disney, Comcast and Amazon.

At 10:57 a.m. ET (1457 GMT), the Dow Jones Industrial Average was up 126.57 points, or 0.59 percent, at 21,437.23, the S&P 500 was up 18.26 points, or 0.75 percent, at 2,437.64.

The Nasdaq Composite was up 54.76 points, or 0.89 percent, at 6,201.38.

With investors awaiting second-quarter corporate earnings, equity valuations have come under focus at a time when inflation remains low, recent economic data has been tepid and President Donald Trump's pro-growth policies face delays. The S&P 500 is trading at nearly 18 times forward earnings estimates, well above its long-term average of 15 times.

"Valuations are certainly a little bit elevated and they are a bit of a concern," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

"We saw valuations run up in the first quarter but then when earnings came out they were pretty solid so ultimately if earnings continue at the rate we've seen recently, then those valuations will be fine."

Federal Reserve Chair Janet Yellen said on Tuesday that by standard metrics, some asset valuations look high while Vice Chair Stanley Fischer warned that central bank must remain vigilant in monitoring financial stability risks.

San Francisco Fed head John Williams said investors may be getting overly complacent about risks and that "the stock market seems to be running pretty much on fumes."

Meanwhile, Trump administration's ability to deliver on election promises came under focus on Tuesday after a planned vote on Republican healthcare bill to dismantle the Affordable Care Act was put off to after the Senate's July 4 recess.

The healthcare legislation is the first plank of President Trump's domestic policy agenda, with investors eager for him to move onto his other plans, including tax cuts and infrastructure spending.

Oil prices rose about 1 percent but concerns remained that a three-year supply glut is far from over.

KB Home was up 3.2 percent at $23.54 after the homebuilder increased its full-year forecast.

General Mills rose 2.3 percent to $56.81 after the Cheerios maker's quarterly profit beat estimates.

Advancing issues outnumbered decliners on the NYSE by 2,263 to 516. On the Nasdaq, 2,016 issues. (Reporting by Tanya Agrawal; Editing by Arun Koyyur)

Join the conversation about this story »

NOW WATCH: 'Where is Sean?': Things got awkward when April Ryan asked Sarah Sanders why Spicer didn’t attend the WH briefing


          Don't Get Hung Up on Equity Valuations   
Market reports on equity valuations, tech stocks, circuit breakers, and the economic expansion’s longevity.

          Utility Person - Canadian Nuclear Laboratories - Whiteshell, MB   
CNL has an Employment Equity Program and encourages applications from women, Aboriginal Peoples, visible minorities and persons with disabilities....
From Canadian Nuclear Laboratories - Wed, 21 Jun 2017 18:28:30 GMT - View all Whiteshell, MB jobs
          Manager, Media & Marketing - NFL - National Football League - Ontario   
This new position, will play a critical role in supporting the growth of our fan base and in building the equity of our NFL brand....
From National Football League - Tue, 30 May 2017 17:37:42 GMT - View all Ontario jobs
          Diversity, pay equity and sustainability emerge as key proxy themes — Ernst & Young report   
none
          Nominations Invited for the American Historical Association’s Equity Awards   

The American Historical Association seeks nominations for its Equity Awards, which recognize individuals and institutions that have demonstrated an exceptional record in recruiting and retaining students and new faculty from racial and ethnic groups underrepresented within the historical profession. Nominations are due by May 15.

Deserving nominees will have records that include such achievements as mentoring, program building, fundraising initiatives, pursuing civic engagement, and enhancing department and campus culture to promote a supportive environment. The AHA gives two awards annually: one for individuals and another for academic units.

The post Nominations Invited for the American Historical Association’s Equity Awards appeared first on American Historical Association.


          Order Administrator - Pattison Sign Group - Toronto, ON   
Pattison Sign Group offers benefits, a competitive salary and is committed to the Employment Equity program. Seeking to fill one (1) permanent full-time Order...
From Indeed - Thu, 29 Jun 2017 12:40:20 GMT - View all Toronto, ON jobs
          Comment on Can TOP make 5%? by SPC   
Taking no notice DPF. I do not hate old people reliant on super for their living costs - to halve their income and collect a tax on their home equity ... It's all very well saying they could pay the tax via a reverse mortgage on their property, but they would already be using one to make up for the halving of their income to live on. They would soon be back renting, and given the beneficiary level income probably in run-down hostels or sharing with other oldies - 2 couples in rundown cheap 2 bedroom units/probably with damp or P residue. Some will top themselves, rather than die in shame and ignominy.
          Report Developer - Equity Financial - Toronto, ON   
Eo. TB he primary function of this position is to be a member of a team that develops the EnteUunsdienre tshse I ndtierlelcigtieonnc eo f( EthBeI )T peraomg...
From Equity Financial - Fri, 30 Jun 2017 11:32:51 GMT - View all Toronto, ON jobs
          Project Manager - Equity Financial - Toronto, ON   
Project Manager ce President, Informatio Job Location: Toronto Reports to: Vi n Technology E mployment Type: Permanent Full‐Time CE prTe oq ersu um oispd...
From Equity Financial - Fri, 30 Jun 2017 11:32:16 GMT - View all Toronto, ON jobs
          Jeff Awards Announces 2014 Equity Awards Recipients   
At the gala 46th Annual Equity Jeff Awards held at Drury Lane Oakbrook on Monday, October 13, awards were spread among numerous theatres honoring a season of outstanding productions. From Writers Theatre, The Dance of Death, a battle of wits between a tyrant and his manipulative wife, received the Production-Play award for a large theatre, along with its two principal actors Larry Yando and Shannon Cochran. The Normal Heart, Larry Kramers tale of the early indifference in N.Y. about the HIV/Aids crisis, presented by TimeLine Theatre Company, was honored with awards for Production-Play for a midsize theatre and for Director Nick Bowling. Read More
          Senior Retail Loan Processor - Bank of America - Las Vegas, NV   
Responsible for the timely and accurate processing of direct, indirect, wholesale, lease or real estate equity loans generated by the Consumer Bank....
From Bank of America - Wed, 28 Jun 2017 00:21:52 GMT - View all Las Vegas, NV jobs
          Comment on A few questions, looking for feeeeedback! by PrinzVonHapunkt   
1st hand if someone's thinking and not mindlessly aggro this river is a snapcall because if he's barreling, hes never firing < 3 here and if you're not happy calling 3 on such a runout I'd just raise the flop (not this turn because now you rep too strong and you're hoping he's semibluffing anyway) 2nd hand, easy turn vbet imo because now you even have more equity (and implied odds) when you're behind and lots of draws and Jx that calls another time
          Crain's publishes venture-capital and private-equity firms directories   
The alphabetical directories combined contain 68 firms with offices in the seven-county greater Chicago area.
          Agronomist - Carseland / Equity, AB - Cargill - Carseland, AB   
Must be legally entitled to work for Cargill in Canada. Our agronomic knowledge will differentiate Cargill from our competitors, leading to stronger business...
From Cargill - Tue, 21 Mar 2017 11:33:53 GMT - View all Carseland, AB jobs
          Budget raises India's capital market ambitions   

SINGAPORE  - The Indian government has unveiled its most ambitious target for public share sales so far, looking to capitalise on the robust domestic capital markets to cut its annual deficit.

In last week's federal budget, Finance Minister Arun Jaitley set a 725 billion rupees ($10.76 billion) target for divestment in the 12 months from April 1, up from a revised 455 billion rupees goal in the current fiscal year.

The government intends to raise 110 billion rupees from the listing of state-owned insurance companies, 465 billion rupees from the sale of stakes in state-owned companies on local stock exchanges and 150 billion rupees from strategic sales in 2017-18.

Analysts and investors welcomed the budget, sending stocks and bonds broadly higher on promises of tax cuts and a lower fiscal deficit. However, the statement makes it clear that the capital markets will play a far greater role in the country's finances than in previous years.

Jaitley proposed stock-market listings for three units of the state-owned Indian Railways and pledged to use more exchange traded funds to hold stakes in public-sector companies.

The government also announced a lower-than-expected recapitalisation plan for state-owned banks, putting the sector under more pressure to tap the capital markets for funds.

Including the insurance listings, the 2017-18 divestment target is more than double the 309 billion rupees raised in the current fiscal year through stake sales and buybacks in state-owned companies, including a 30 billion rupees stake in Larsen & Toubro held through the Specified Undertaking of Unit Trust of India ETF.

Rating agency Icra said the divestment target appeared high, but its achievement "would be crucial to ensure the budgeted reduction in the fiscal deficit and the lower than expected gross borrowing figure".

According to Nomura, the divestment target is optimistic and “some shortfall, as is the norm every year, is likely”.

RAIL FLOATS

The proposed listings of Indian Railway Catering and Tourism Corporation, Ircon International and Indian Railway Finance Corporation could net the government a total of 100 billion-150 billion rupees ($1.5 billion–$2.2 billion), according to early estimates of bankers.

IRCTC handles the catering, ticketing and tourism operations of state-owned Indian Railways and is the country’s largest online ticketing company. Ircon is an engineering and construction entity specialising in transport infrastructure, and IRFC is Indian Railways’ financing arm.

The spin-offs are by no means straightforward. While the budget reveals plans to list IRCTC, it has also done away with the service charge on online bookings, which contributes nearly a third of IRCTC’s revenue. In the financial year to March 31 2016, IRCTC reported a net profit of 1.8 billion rupees on revenue of 15 billion rupees.

“At this rate, the listing of IRCTC will be a non-starter,” said one ECM banker.

Bankers have said the listings of these units are a long way off as the government has to get the assets valued properly. Also, at this stage, it is unclear if the listings will be done through strategic sales or IPOs.

While India has successfully sold stakes in state-owned companies through offers for sale, it has been slow to complete IPOs. Floats announced in Hindustan Aeronautics and Rashtriya Ispat years ago have yet to be completed. Last year, it initiated plans to sell stakes in Cochin Shipyard and Housing and Urban Development Corporation for a total of $300 million through IPOs. The government's deadline for the IPOs is March 31.

INSURANCE IN VOGUE

The 110 billion rupees target for insurance sector listings builds on January's announcement of plans to sell, in stages, 25 percent stakes in each of General Insurance Corporation, National Insurance, New India Assurance, Oriental Insurance and United India Insurance. GIC and NIA are seen as the strongest candidates and expected to list first.

India's insurance regulator last year recommended that all companies under its charge should, at a certain stage of maturity, complete IPOs to improve their access to regulatory capital.

After the successful 60 billion rupees follow-on offering of the CPSE-Exchange Traded Fund in January, the government plans to set up another ETF of state-owned companies and other private-sector entities in which it owns stakes in the 2017–2018 fiscal year.

BANK CAPITAL

The federal budget allotted just 100 billion rupees for the recapitalisation of public-sector banks, potentially pushing more to tap the capital markets for regulatory capital as their asset qualities are expected to deteriorate after last November's demonetisation.

“We believe banks need three times the allotted capital if they have to make provisions and grow at around 10 percent,” said Saswata Guha, a director at Fitch Ratings.

Independent research provider CreditSights has said banks will have to raise 800 billion rupees in equity capital over the next two years to meet Basel III requirements. State-owned banks have been finding it hard to sell shares as investors have demanded steep discounts. As a result, most of these issues will involve AT1 bonds.

Some banks are already chalking out plans for AT1 offerings.

"We are planning to raise 20 billion rupees from AT1 bonds in the near term as there is appetite," said a source at state-owned Bank of Baroda.

The budget also proposed the listing and trading of security receipts (SRs), which asset reconstruction companies issued when purchasing banks' bad loans.

“If SRs can be listed, it creates more opportunities for banks to sell them off and remove the risk from their books," said Ben You Ang, research analyst at CreditSights.

POSITIVE BUDGET

The initial response to the budget statement has been positive.

Economists took comfort in the government's commitment to financial discipline, with a fiscal deficit target of 3.2 percent for 2017–18 versus 3.5 percent in 2016–17 and a new fiscal roadmap for a reduction in government debt to 60 percent of GDP from 66 percent in 2023.

Equity market participants were relieved at the absence of much-feared taxation measures on long-term capital gains and the securities transactions. The budget also did its bit for the IPO market in allowing selected non-banking finance companies to invest in IPOs under the Qualified Institutional Buyer category. Currently, only banks and insurance companies are categorised as QIBs.

Banking stocks rallied on hopes of a revival in credit growth on the back of higher spending and tax cuts for individuals and small businesses. Foreign institutional investors also welcomed the extension of the concessional 5 percent withholding tax until 2020 on sovereign rupee bonds.

"The reduced tax rate puts India more in line with other comparable government bond markets," said Teresa Kong, portfolio manager at Matthews Asia.

Kong pointed out that the government's efforts to improve transparency, digitalisation and curb black money were other positives in the budget.

The budget limited cash donations to political parties to 2,000 rupees, and proposed electoral bonds to bring bigger donations into the banking system. The details are not yet clear, but the scheme calls for individuals to make donations to political parties by buying bonds from banks, which the parties can then encash with the banks.

"I never heard of an electoral bond before," said one investment banker. "It is a novel concept."



          Mfg Controller Role: 185K + Bonus + Potential Equity + Car Allowance: Must Be Ab   
Parker Lynch - Paramus, NJ - Mfg Controller Role: 185k + Bonus + potential Equity + Car Allowance: Must be able to go to Bergen County, Bronx NY, & Queens NY every week... of these locations each week. Down the road locations may consolidate to Bergen and Queens. Perks: Equity potential Strong Bonus Plan Car...
          Media M&A Deal of the Year 2016 shortlist includes US$17bn of deals   

Six media mergers and acquisitions, worth a combined total of over US$17bn, have been shortlisted for the Media M&A Deal of the Year 2016 Award, which will be presented to media companies, private equity investors and their banking advisers at the TMT Finance World Awards Dinner 2016 in London on November 30.

(PRWeb October 14, 2016)

Read the full story at http://www.prweb.com/releases/2016/10/prweb13763329.htm


          European Cable and Software Sectors Tipped for M&A   

Speaking ahead of the TMT Finance Europe 2016 Conference, which is taking place in Munich on October 18, the sources said that increased access to US-style debt and equity financing structures and a rising number of new private funds targeting Central and Eastern Europe were also having an upward lift on telecoms and technology M&A prospects across the region.

(PRWeb July 28, 2016)

Read the full story at http://www.prweb.com/releases/2016/07/prweb13579559.htm


          TMT Finance Europe 2016 Announced for Munich to Assess Regional Telecom, Media and Tech Investment   

The internationally acclaimed event series, which gathers C level executives, investment bankers, private equity investors and advisers, will take place in Germany for the first time following 3 years in Warsaw. (http://www.tmtfinance.com/europe)

(PRWeb May 19, 2016)

Read the full story at http://www.prweb.com/releases/2016/05/prweb13425160.htm


          Coos County Health & Wellness Accreditation VISTA - AmeriCorps - Oregon   
The VISTA will also conduct research on the social determinants of health, demographic data of Coos County and health equity concepts and use those findings to...
From AmeriCorps - Fri, 12 May 2017 08:12:44 GMT - View all Oregon jobs
          Historic January?   
If the Dow closes above 13,886.46, it will be the best January percentage gain since 1989, with Josh Brown, Fusion Analytics; Sandy Lincoln, BMO Asset Management; Michael Yoshikami, Destination Wealth Management; and Joe Greco, Meridian Equity Partners.
          DMRC Consultant Recruitment 2017   
The Delhi Metro Rail Corporation ( DMRC ) Ltd, a Joint Venture company with equity participation from Govt. of India and Govt. of National Capital Territory of Delhi has been entrusted with the responsibility of implementation of the rail based Mass Rapid Transit System for Delhi. To meet with the immediate requirement of experienced personnel for
          DMRC Consultant Recruitment 2017   
The Delhi Metro Rail Corporation ( DMRC ) Ltd, a Joint Venture company with equity participation from Govt. of India and Govt. of National Capital Territory of Delhi has been entrusted with the responsibility of implementation of the rail based Mass Rapid Transit System for Delhi. To meet with the immediate requirement of experienced personnel for
          Blog Post: Real Estate Rumors: Harvard, VTS, Morguard   
Harvard is close to a deal to sell roughly $1.6 billion in real estate, private equity and venture capital assets; digital leasing tech firm VTS has reportedly reached a deal for 31,700 square feet in New York; and Canadian investor Morguard is said to be buying a Chicago apartment tower from Magellan Development Group and JP Morgan Asset Management.
          Report Developer - Equity Financial - Toronto, ON   
Eo. TB he primary function of this position is to be a member of a team that develops the EnteUunsdienre tshse I ndtierlelcigtieonnc eo f( EthBeI )T peraomg...
From Equity Financial - Fri, 30 Jun 2017 11:32:51 GMT - View all Toronto, ON jobs
          Project Manager - Equity Financial - Toronto, ON   
Project Manager ce President, Informatio Job Location: Toronto Reports to: Vi n Technology E mployment Type: Permanent Full‐Time CE prTe oq ersu um oispd...
From Equity Financial - Fri, 30 Jun 2017 11:32:16 GMT - View all Toronto, ON jobs
          HR Generalist - Cardinal Health - Mississauga, ON   
Cardinal Health Canada is currently seeking an Human Resources Generalist Consultant for a 9 months contract. Cardinal Health is committed to employment equity...
From Cardinal Health - Fri, 30 Jun 2017 01:45:35 GMT - View all Mississauga, ON jobs
          By: Kirsten Olson   
Monika, Love this, and thank you for keeping digital equity before our eyes. Always.
          Asst Professor (tenure-track) - University of British Columbia - Okanagan, BC   
All candidates will be invited to participate in an online Equity Survey for the purpose of measuring diversity and to identify potential barrier to the...
From University of British Columbia - Fri, 23 Jun 2017 12:56:03 GMT - View all Okanagan, BC jobs
          Your heart health is at stake if you haven't completed your education!   

Sydney: The importance of education has been instilled in us by the society, thereby assuring a better and brighter future.

But, who knew that education could also have a role to play in our health? Well, if a study is to be believed, high school dropouts or those with low education are at a higher risk of heart attacks in comparison to those who have completed their studies and hold a university degree.

Researchers say that heart attack risks are doubled for those people who leave school without a school certificate.

"The lower your education, the more likely you are to have a heart attack or a stroke - that's the disturbing but clear finding," said lead researcher Rosemary Korda, research fellow at the Australian National University (ANU).

The study found that in adults aged 45-64 years, heart attack rates more than doubled (nearly 150 per cent higher) among those with no educational qualifications than among people with a university degree.

The risk was around two-thirds (70 per cent) higher among those with intermediate levels of education or non-university qualifications as good education impacts long term health by influencing what type of job you have, where you live and what food choices you make.

Middle-aged adults who had not completed high school were 50 per cent and with non-university qualifications were 20 per cent more likely to have a first stroke than those with a university degree.

A similar pattern of inequality also existed between household income and cardiovascular disease events, Korda said.

The research provides an opportunity to further unpack the specific relationship between educational achievement and cardiovascular disease risk, and what can be done to reduce this risk, the researchers said.

The results were published in the International Journal for Equity in Health.

(With IANS inputs)

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Your heart health is at stake if you haven&#039;t completed your education!
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Your heart health is at stake if you haven't completed your education!

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          Blue Label seals amended binding Cell C recapitalisation agreements    
JSE-listed Blue Label Telecom’s implementation of its recapitalisation of mobile operator Cell C is scheduled for the first week of August as the final amended equity transaction agreements are signed. The amended binding Cell C recapitalisation agreements will see Blue Label narrow the mobile operator’s debt further, from an initially planned R8-billion to R6-billion.
          Security Guard - QC – Scarlet Security Services Ltd - Pond Inlet, NU   
Scarlet Security Group Ltd embraces the principles of employment equity. Scarlet Security Group Ltd is one of Canada’s leading security companies....
From Indeed - Fri, 26 May 2017 19:33:00 GMT - View all Pond Inlet, NU jobs
          Business Game Changers Radio with Sarah Westall: Equity CrowdFunding, the most Meaningful Change to Securities Law since the 1930’s?   
EpisodeThe government has passed legislation that’s been called the most meaningful change to securities law since the 1930s. Equity Crowdfunding could democratize investing and fundamentally change and accelerate business development at the grass root level. Today only accredited investors and other institutional investors are allowed to invest in startup companies. This represents 1% of the US population, a tiny fraction of the people able to contribute to the future business of our country. This ...
          Business Game Changers Radio with Sarah Westall: Private Equity Market – A behind the scenes look at a private and booming industry   
EpisodeAlthough small business ownership is in decline in the United States, the middle market, typically companies with at least 2 to 3 million dollars of revenue upwards to 100 million in revenue, are finding the future to be bright. There currently is plenty of cash right now available to the solid firms in that arena. Evaluations are historically high and those companies are enjoying easier access to capital. This show will take an inside look into the world of Private Equity. It’s a space ...
          Re: What is the “Natural Real Interest Rate”?   
JCE66 wrote:simplegift...here is my question. What implication does this hold for retirement portfolios?

In other words, for investors who have a glide path to a 60/40 or 50/50 portfolio, what should that division be, given lower bond yields in your 'natural real interest rate', in your estimation? Should a retirement portfolio be 50/50, 60/40, 70/30? I'd like to 'hear' your take on this.

Each retiree will have their own unique requirements. The prospect of a low interest rate future shouldn’t dramatically affect one’s carefully considered glide path or asset allocation in retirement, in my view. If one has a well thought out plan, consistent with one’s need to take risk, ability to take risk, and considering one’s remaining investment horizon, then why make big changes?

Low bond returns are already baked into near-term portfolio returns, given today’s low bond yields. In retirement ourselves now, the only allocation change we’ve made is to increase our equity allocation by 5% to potentially compensate for these lower bond returns — that is, we’ve gone from a 45/55 portfolio to a 50/50. This works in our case, and we still sleep well at night.
          Events Assistant - Queen's University - Kingston, ON   
Queen’s is committed to employment equity and diversity in the workplace and welcomes applications from women, visible minorities, Aboriginal people, persons...
From Indeed - Mon, 19 Jun 2017 13:42:29 GMT - View all Kingston, ON jobs
          Required Equity RM - Sharekhan Limited - Hyderabad, Telangana   
Required urgent basis Equity RM from leading stock brooking company Advising clients with regards to their Investments in Equity Derivatives Market, place
From Indeed - Mon, 05 Jun 2017 06:11:12 GMT - View all Hyderabad, Telangana jobs
          Trading Terminal Operator - Sharekhan Franchiese - Meerut, Uttar Pradesh   
Experienced Trading Terminal Operator required for Equity, F&O, Currency and Commodities. Job Type: Full
From Indeed - Tue, 13 Jun 2017 11:33:41 GMT - View all Meerut, Uttar Pradesh jobs
          Experienced Truck and Transport Mechanic - Dexter Construction Company Limited - Moncton, NB   
We are committed to employment equity and encourage applications from women, aboriginal peoples, persons with disabilities and members of visible minorities....
From Career Beacon - Fri, 30 Jun 2017 20:57:32 GMT - View all Moncton, NB jobs
          Resident Manager - Mainstreet Equity Corp - Saskatoon, SK   
Rent Collection Bonus + Leasing Bonus. Ensure timely collection and deposits of rental payments and administer damage deposits....
From Mainstreet Equity Corp - Wed, 28 Jun 2017 01:30:57 GMT - View all Saskatoon, SK jobs
          Senior Regional Residential Property Manager (NOC 0714) - Mainstreet Equity Corp. - Saskatoon, SK   
Analyze monthly financial statements and monitor monthly collections, bad debt and vacancy rates. Collaborates with VP, Operations, to deliver strategic... $60,000 - $75,000 a year
From Indeed - Mon, 26 Jun 2017 21:14:03 GMT - View all Saskatoon, SK jobs
          Manager, Financial Reporting - 1414 - Zymeworks Inc - Vancouver, BC   
GAAP with a focus on technical issues within the biotechnology or high-tech sectors, including equity instruments, foreign currency issues, revenue recognition,...
From Zymeworks Inc - Tue, 09 May 2017 09:25:21 GMT - View all Vancouver, BC jobs
          Don't Get Hung Up on Equity Valuations   
Market reports on equity valuations, tech stocks, circuit breakers, and the economic expansion’s longevity.
          Asst Professor (tenure-track) - University of British Columbia - Okanagan, BC   
All candidates will be invited to participate in an online Equity Survey for the purpose of measuring diversity and to identify potential barrier to the...
From University of British Columbia - Fri, 23 Jun 2017 12:56:03 GMT - View all Okanagan, BC jobs
          Report Developer - Equity Financial - Toronto, ON   
Eo. TB he primary function of this position is to be a member of a team that develops the EnteUunsdienre tshse I ndtierlelcigtieonnc eo f( EthBeI )T peraomg...
From Equity Financial - Fri, 30 Jun 2017 11:32:51 GMT - View all Toronto, ON jobs
          Project Manager - Equity Financial - Toronto, ON   
Project Manager ce President, Informatio Job Location: Toronto Reports to: Vi n Technology E mployment Type: Permanent Full‐Time CE prTe oq ersu um oispd...
From Equity Financial - Fri, 30 Jun 2017 11:32:16 GMT - View all Toronto, ON jobs
          Equity Point Sea Hostel, 1*   
none
          A Guide to Low-cost Home Improvement Loans   

Low-cost home improvement loans can facilitate you make the home improvement projects you would like without requiring you to acquire a lot of the expense up front and out-of-pocket. These loans usually are related to lower interest rates, in massive part thanks to the fact that they are usually secured against the equity of your home or other real estate. Additionally to helping you to get a lower interest rate, this additionally means you won’t need to provide any further collateral for your loan. Low-cost home improvement loans can be used to create repairs to your home or land, along

The post A Guide to Low-cost Home Improvement Loans appeared first on 007AJ.com Article Directory.


          Comment on Doug Wicks Acquires Equity Stake in Payze.com by WilliamSex   
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          New: Kokesh Footnote 3 Notwithstanding: The Future of the Disgorgement Penalty in SEC Cases   
Disgorgement of ill-gotten gains long has been a basic tool in the Securities and Exchange Commission’s (SEC) penalty toolkit, despite a paucity of statutory authorization. Because disgorgement lacked a statutory framework, courts have had to flesh out the sanction via interstitial rulemaking. In Kokesh v. SEC, the US Supreme Court took up the seemingly technical—but surprisingly important—question of what statute of limitations applies to SEC disgorgement actions. More important, at least for present purposes, the Court’s opinion cast into doubt the validity of the seemingly well-established disgorgement sanction. Earlier cases based the SEC’s authority to seek and the courts’ power to impose disgorgement on the claim that it is a form of equitable ancillary relief. If disgorgement is a penalty, however, courts lack that power and the SEC lacks that authority. This conclusion follows necessarily from the basic premise that there are no penalties in equity and the complete ...
          2017 Mid-Year Market Outlook – Allianz Investment Management   

Performance in the bond market in the first half of 2017 was characterized by a lack of inflation, optimism about economic growth reflected in both equity markets and credit spreads and a seemingly insatiable demand for yield.  The Fed raised […]

The post 2017 Mid-Year Market Outlook – Allianz Investment Management appeared first on ValueWalk.


          Seattle Real Estate Home for Sale. $369,000 3bd/2.25 BA. - Kowk Leung Lee of (Homes & Equity Real Estate Grp (Cevado Technologies)) $369,000   
This home needs TLC. 1 level charmer located in Beacon Hill. Home features 3 beds, 1 full, 3/4 and 1/two bathrooms, To be sold As Is. Seller to do no work order. Please see legal description.

          June 2017 – Low Cost Portfolio Scorecard   
Finally, market seemed to take a breather in June. This could be a very initial stage for a short term equity market correction in a rather long bull run. Prices were still inflated, but I would be an eager buyer if equity market was to correct by 20% or more. I received total dividends of […]
          Marks Sattin: Financial Controller    
£80000 - £90000 per annum + benefits & equity : Marks Sattin: Fantastic opportunity to be apart of an exciting growth story as Financial Controller for a high profile international hospitality business England, London
          Manager, Media & Marketing - NFL - National Football League - Ontario   
This new position, will play a critical role in supporting the growth of our fan base and in building the equity of our NFL brand....
From National Football League - Tue, 30 May 2017 17:37:42 GMT - View all Ontario jobs
          Agronomist - Carseland / Equity, AB - Cargill - Carseland, AB   
Must be legally entitled to work for Cargill in Canada. Our agronomic knowledge will differentiate Cargill from our competitors, leading to stronger business...
From Cargill - Tue, 21 Mar 2017 11:33:53 GMT - View all Carseland, AB jobs
          Senior Manager, Information Technology - Equity Financial - Toronto, ON   
Senior Manager, Information Technology Job Location: Toronto Department: IT Employment Type: Permanent Full-Time C FE ompany Overview: –al q iotne u uar
From Equity Financial - Fri, 30 Jun 2017 11:32:15 GMT - View all Toronto, ON jobs
          Experienced Truck and Transport Mechanic - Dexter Construction Company Limited - Moncton, NB   
We are committed to employment equity and encourage applications from women, aboriginal peoples, persons with disabilities and members of visible minorities....
From Career Beacon - Fri, 30 Jun 2017 20:57:32 GMT - View all Moncton, NB jobs
          Re: Cal student activist says his arrest by Berkeley police was due to racial profiling   

Judging from his previous posts, I don't think his statements about what the police did are reliable.

He has posted extensively on his public social media pages about the
need to question authority in the battle for racial equity. Last week,
he criticized the Berkeley City Council for voting to continue to participate in the controversial Urban Shield first-responder
training program, writing, “These politicians do not care about Black
and Brown bodies.… Remember, Berkeley is not a safe haven. Let’s say
this together fuck the police.”


          Orientation 2015: Starting Off on the Right Foot   
Learning. Serving. Bonding. These three words perfectly summarize the month of August for our 2015-16 cohort of VISTAs.

This year North Carolina Campus Compact welcomed twelve new members and welcomed back five returners. Read more about our members here and about this year’s projects and host sites here.

VISTAs are young professionals who have dedicated a year of service in a low income community to build the capacity of an organization meeting certain needs of that particular community. Our VISTAs are at both colleges/universities as well as community partner organizations. The members started off their year with lots of learning, from the intensive on-site orientation planned by their hosts to the various webinars and orientation we provide as supplements to equip them with what they may need for their year of service.

VISTAs at PSO 
All new members to the VISTA program must attend a Pre-Service Orientation (PSO) hosted by the Corporation of National and Community Service. Our new members attended one from August 3rd to 6th in Atlanta, GA where they spent an intensive four days of learning about poverty in the United States, familiarizing themselves with their detailed Volunteer Assignment Descriptions (VADs), and meeting many other VISTAs from all over the country. On August 5th, VISTA program coordinator Carolyn Byrne and VISTA Leader Catherine Casteel, traveled to Atlanta to meet with this enthusiastic cohort. They met during lunch and dinner, and it was the first time the entire team got a chance to meet each other, and learn more about Campus Compact and the history of civic engagement in higher education institutions. Carolyn and Catherine gave the VISTAs a chance to get to know one another and later facilitated a discussion about exploring the history of university-community relationships in the places they will be serving. The VISTAs definitely left Atlanta excited about learning and serving at their sites!

After being sworn in on August 6th, the VISTAs traveled straight back to their placements to begin their year of service on August 7th. It was also the last day of service for our outgoing VISTAs, so some of our new members were able to meet their predecessors and get some last minute, on-the-ground advice. Our returning members just rolled into their second year on the very same day. The host sites conduct their own on-site orientations that allow the VISTAs to shift from learning broader themes to and settle into their specific assignments for the year. NC Campus Compact also hosted two webinars in the weeks that followed, covering topics such as asset based community entry, performance measures and monthly reports and preparing the VISTAs for the upcoming orientation at Elon University.

This year, for the first time, Campus Compact hosted our VISTAs for a two-day training at Elon on
VISTA Natasha Vos sharing her Impact Story
August 27th to 28th. The two days were filled with workshops of different topics presented by both staff and guest speakers. The goals of having an intense two-day orientation were to allow the members ample opportunity to bond with each other as a cohort, learn more about specific topics and tools that they will need to succeed in their year, and also hear from experts in the field. Each carefully planned session was made better by the eager participation, great questions, and thoughtful reflections from all the VISTAs. August 27th started bright and early as our members drove in from all corners of North Carolina. After introductions, our five returning VISTAs shared their IMPACT stories- a summary of their year of service with both highlights and challenges and projects that they are proud of. Shannon Barr, (High Point University), Justin Brantley (Feast Down East), Meghan Engstran (Meredith College), Matthew Kauffmann (Community Empowerment Fund) and Natasha Vos (Wake Forest University) had different approaches to their presentations but each highlighted the importance of clear communication and innovation when faced with any challenges. Hearing of real experiences allowed the new members get a perspective on their year ahead and gave them the opportunity to ask questions.

Over the two days the NC Campus Compact staff led different workshop sessions that were both informative and interactive. VISTA Program Coordinator, Carolyn Byrne, led thought provoking sessions on Cultural Competency, setting goals for the year, the importance of self-reflection and revisiting the topics discussed at PSO. Chad Fogleman, NC Campus Compact Assistant Director, offered information about theories of change and logic models which led perfectly into VISTA Leader, Catherine’s session on performance measurements and the importance both numbers and narratives as they reported each month on their progress. VISTA leader, Perdita Das also led a session on project and event management on the second day to conclude the orientation. The sessions gave the VISTAs a chance to break out into their focus areas (Education, Economic Opportunity, and Healthy Futures), and have meaningful discussions and share experiences.

Workshop presenters at orientation
We were very excited to hear from an array of guest speakers over the course of the two days as well. We welcomed back three VISTA alums, Sara Acosta (2010-12), Derald Dryman (2010-13), and Mariel Steinbeiser (2010-11), to join us for lunch the first day to share their experiences. We were also excited to welcome Dr. Robert Korstad, professor of Public Policy and History at Duke University who talked about the North Carolina Fund and some statistics on the poverty in North Carolina. He was joined by Adrienne Harreveld, Program Coordinator for the Research Network on Racial and Ethnic Inequality. On August 28th, we welcomed Hudson Vaughn and George Barrett (who served as a VISTA last year) from the Marian Cheek Jackson Center in Chapel Hill, who led a fun session on creative tips and best practices of effective community partnership development. We also had Mary Morrison, Assistant Dean of Students and Director of the Kernodle Center for Service Learning and Community Engagement at Elon University, lead an energetic workshop on student volunteer recruitment, management, and recognition. Hearing from those with such extensive experience in the field gave our VISTAs knowledge and confidence as they embark on their own journey of this new experience.

Apart from these thrilling workshops, the VISTAs had an opportunity to serve together as well. On the morning of the second day, the VISTAs along with the VISTA leaders and program coordinator , had the opportunity to work on a house with Habitat for Humanity of Alamance County in Burlington.  It was a beehive of activity as they shoveled around the foundation, cut boards, picked up glass and much more. Although it was only an hour and a half, the large group of volunteers helped Habitat take care of many small assignments in one day and the VISTAs learned more about Habitat, their application process, the volunteer hours needed per house and as they reflected when they returned to Elon, they wanted to "know more" and it "made them feel more together as a cohort."

The VISTAs serving with Habitat for Humanity
The two days were long, fun, full of conversations and laughter and a great start for a great year. As the members reflected upon the orientation, they shared words like "cohort," "support," "knowledge" and "inspiration." We are inspired too and cannot wait to see what this year brings. Good luck VISTAs! 

          Grade 6/7 Teacher - Minahik Waskahigan High School - Northern Lights School Division - Saskatchewan   
NORTHERN LIGHTS SCHOOL DIVISION #113. Northern Lights School Division #113 is an Employment Equity Employer. Invites applications for the following position:....
From Northern Lights School Division - Thu, 29 Jun 2017 03:05:13 GMT - View all Saskatchewan jobs
          Grade 3 Cree Teacher - Charlebois Community School (Cumberland House) - Northern Lights School Division - Saskatchewan   
NORTHERN LIGHTS SCHOOL DIVISION #113. Northern Lights School Division #113 is an Employment Equity Employer. Invites applications for....
From Northern Lights School Division - Wed, 28 Jun 2017 21:04:36 GMT - View all Saskatchewan jobs
          Pursue your Potential (PYP)- Persons with Disabilities - RBC - Ontario   
As per the Canadian Government Employment Equity definition, persons with disabilities are individuals who have long-term or recurring, persistent conditions,...
From RBC - Thu, 23 Mar 2017 04:42:44 GMT - View all Ontario jobs
          Accounts Payable Assistant - Hensall District Co-operative - Hensall, ON   
Match A/P invoices to purchase orders and/or packing slips and supplier cheques to A/P invoices. _HDC is committed to employment equity and encourages the four...
From Indeed - Wed, 28 Jun 2017 16:56:44 GMT - View all Hensall, ON jobs
          Private equity inflows remain steady this year   
This, despite squeeze in start-up funding; $946 mn Bharti Infratel deal is biggest so far this year Private equity investments in India remained stea...
          Homework Club Program Worker - Carlington Community Health Centre - Ottawa, ON   
Carlington CHC, 900 Merivale Rd. Carlington is committed to employment equity. Must be available two evenings per week from 4 – 6 pm.... $19.49 an hour
From CharityVillage.com - Thu, 29 Jun 2017 16:54:56 GMT - View all Ottawa, ON jobs
          After School Program Workers - Carlington Community Health Centre - Ottawa, ON   
Carlington CHC, 900 Merivale Rd. Carlington is committed to employment equity. 2 temporary part-time positions for After School Program Workers.... $16.91 an hour
From CharityVillage.com - Thu, 29 Jun 2017 16:54:53 GMT - View all Ottawa, ON jobs
          Viral Photo From NYC Subway Captures America At Its Best   

A photo going viral on social media has people cheering on diversity in the U.S.

On Sunday, native New Yorker Jackie Summers posted a photo on Facebook and Twitter that appears to show a Jewish man and woman sitting on a New York City subway car next to a Muslim woman in a hijab holding a baby.

The caption Summers wrote on Facebook reads:"A Taoist (me) gives up his seat so a Hasidic couple could sit together. They scoot over so a Muslim mother could sit and nurse her baby, on Easter Sunday. This is my America: people letting people be people."

The Facebook post had garnered more than 75,000 reactions and 58,000 shares by Wednesday afternoon. People commented on the photo to celebrate the diversity that it reflects, and what that means for the country.

"THIS, is what makes America great and these days I've been struggling to find ways to feel good about America," one person wrote on Facebook. "We, the people...Thank you for restoring a little of my faith in humanity today, Jackie."

"This gives me JOY! I will always pray that we as a nation might become ONE as we embrace each other & our differences!" another person commented on Twitter. "A Beautiful Tapestry!"

Summers said the photo, which he took on the F train after leaving dim sum brunch, simply captures an everyday moment in his city and country. It's worth noting that he didn't ask the riders' permission to take or post the image, as he said that would have "felt forced and staged."

"The moment is extraordinary in its ordinariness: common courtesy as an afterthought is the NYC and the America I was raised to believe in," Summers told The Huffington Post in an email. "Given the age of divisiveness we live in, it seems people are looking at this photo as a reason to put issues like race, religion, and sex aside to focus on more important issues relevant to peaceful coexistence."

Since the election of President Donald Trump, several interactions on the New York City subway have garnered nationwide attention for highlighting diversity and division in the U.S.: In February, for example, subway riders were photographed cleaning swastikas off of a train's walls, and in March, a young Latina woman was filmed shutting down a fellow rider's xenophobic rant.

"As the grandchild of immigrants, my ancestors believed America to be a place where the possibility of equity existed," Summers said. "While it's clear we still have a long way to go to achieve that goal, I and people like me across this nation are fighting every day to see that end."

For HuffPost's #LoveTakesAction series, we're telling stories of how people are standing up to hate and supporting those most threatened. Know a story from your community? Send news tips to lovetips@huffingtonpost.com.

Also on HuffPost
11 Dolls Besides Barbie That Celebrate Diversity

          Experienced Truck and Transport Mechanic - Dexter Construction Company Limited - Moncton, NB   
We are committed to employment equity and encourage applications from women, aboriginal peoples, persons with disabilities and members of visible minorities....
From Career Beacon - Fri, 30 Jun 2017 20:57:32 GMT - View all Moncton, NB jobs
          “Strong” Jobs Report More Politics Than Economics – Ep. 185   
What a difference a week makes, or maybe and economic report The two big reports that everybody seems to focus on are the GDP numbers and the jobs numbers It seems that the weaker the economy is, as measured by GDP, the more jobs, somehow, the economy seems to create We got the jobs report for July and just a week earlier we got Q2 GDP As I spoke about on the last podcast, that number was basically half of what Wall Street had been anticipating - less than half They were looking for 2.4 or 2.6 and we got 1.2 Even worse, we went back and revised down the prior 2 quarters to below 1% That very weak number caused people to talk about the fact that the Fed can't raise rates, the economy is weaker than we thought, are we slipping back into recession?... Now fast forward a week, and we get a Non-Farm Payroll report that is higher than anticipated and now all of a sudden people are starting to talk about September rate hikes again Obviously, withe the stock market on Friday rising to a new record high, I doubt the equity traders actually believe that Friday's jobs report is going to produce a rate hike Yet it doesn't stop all the financial journalists writing about how this confirms that the recovery is on track, and the Fed can raise rates This jobs report doesn't confirm anything
          If The Markets Were Healthy Brexit Would Be A Non- Event – Ep.177   
It was Turnaround Tuesday in the global financial markets as stocks are recovering from 2 days of carnage following the surprise Brexit vote in the U.K. The Dow was up almost 270 points today, NASDAQ up about 97 But really the markets got beaten up the last couple days The smallest bounce was from the banks, which have been beaten up the most So they had the biggest drop and the smallest bounce Which really shows you how weak that sector is It couldn't even manage much of a dead cat bounce In fact, the carnage in, particularly the European banks is much bigger than it was during the financial crisis of '08 This really shows you how much more levered up the banking system must be, thanks to all these years of QE and negative interest rates And of course, how much farther behind can the American banks be from their European cousins? U.S bank stocks, too, were hitting 52-week lows yesterday I still think there's a lot of carnage coming Some banks may be in a position where they are going to have to raise equity, which means they'll have to sell stock Clearly the market is not going to like that But again, everybody is blaming this on all the uncertainty surrounding Brexit To me, if we had a healthy financial system, if the markets were sound, and prices were based on fundamentals Would it really make that much of a difference if the UK were in the EU or not? What is being revealed here is the fragility of the whole system that is being propped up artificially by the banks By cheap money, low interest rates - everybody is speculating And everybody is assuming that the powers that be, whether it is the politicians, the governments or the central banks have everything under control It's a big put out there and nothing can go wrong And then when something does go wrong, then people get nervous The wake up and say, "Wait a minute! Maybe it's not as safe as we thought!"
          How Much More Bad News Can The Markets Withstand? – Ep. 167   
The markets continue, really, to ignore all of the overwhelming bad news Bad news on the economy, bad news on the corporate earnings front, retail sales - you name it, the news is bad But the markets seem to shrug it off All the markets - the equity markets, the foreign exchange markets, bond markets, the gold and silver markets Sure, there is usually a knee-jerk reaction - you get some bad news, the gold spikes up, the dollar dumps, but then it recovers what it lost and gold surrenders its gains and we continue to stay the course, because to me the bad news isn't sinking in Yes, the stock market has been trending down, particularly the NASDAQ But it really hasn't rolled over Yes we had the big drop yesterday, the Dow was down about 200 points, but it was up 200 points the day before So over two days, we didn't go anywhere, despite the fact that we continue to get bad news I'll start with some of the bad news that came out today and then work back I think the worse news of the day was the weekly unemployment claims which is now finally started to move higher
          The ECB Rescues The Markets – Ep. 133   
The U.S. stock market ended the week with a 2-day rally, in fact the Dow Jones closed better than 200 points today, to about 1690  NASDAQ, even stronger, up 119, closing at almost back up to 4600 The rally actually began early yesterday morning, and not just in stocks Oil had a huge rally, in fact, today alone, crude was up $2.72 back above $30, at $32.25 What sparked the rally was comments made by Mario Draghi at an ECB press conference that followed their official statement that they were leaving interest rates unchanged - they are already negative Right about that time, the Dow futures were already down 100 points and it wasn't looking good for the open of the U.S. stock market But then, in Draghi's press conference, he said there was no limit to what the ECB is prepared to do to generate more inflation in Europe He strongly hinted that in the next meeting in March, they may announce additional stimulus He saw the weakness in the markets and decided to take one for the Fed, because ultimately it's the Federal Reserve who has to come out with the "Whatever it takes" comment" to shore up the markets I don't think the ECB is going to be enough, even if Japan joins the party, it won't be a real party until the Federal Reserve shows up This was enough to cause a small, short-covering rally What's interesting, though, about the Draghi comments, is that he specifically addressed the problems of low oil prices and low food prices Do you think the population of Europe worries that food is too inexpensive? Is it really so important that gas is more expensive in Europe? None of these are real concerns, and the proof is, if they really wanted the prices to be higher, they could just adjust the Value Added Tax to increase prices to exactly 2% Why print all this money, hoping that the result is higher gas prices? The truth is, the price of gas and food in Europe is not the problem - Mario Draghi knows its not the problem He wants to create inflation to prop up the equity markets But the press takes Draghi at his word, that inflation is the problem Stock prices are the prices they are worried about being too low They also want more inflation to mitigate the effect of government-mandated higher wages So the one motivating factor behind Draghi's comments was not food or gas prices Obviously lower food and gas prices help the European economy All the markets went up on the hint that the ECB is going to further stimulate the economy That proves that the only reason the stock market has rallied is because the central banks - it's not about the fundamentals The Fed will have to capitulate and acknowledge that more stimulus is coming The press is focusing on the idea that the Fed will slow down its initial goal of 4 rate hikes in 2016 But that's not enough If the Fed tightens more slowly, and the ECB and Japan are easing, then the story is still about the tighter U.S. monetary policy vs Europe and Japan, which will continue to create the global problem of a high U.S. dollar We aren't going to get drunk on Europe's liquor - we need our own bartender pouring the drinks Is it enough to get a short-covering rally? Sure. Nothing goes down in a straight line We don't know that Draghi will actually deliver stimulus in March. What if the price of oil goes up above $40/barrel before then? Mario Draghi went out of his way to praise Janet Yellen, agreeing with the Fed's December rate hike decision Ironically, the U.S. economy is doing better than Europe, but the U.S. economic data is getting worse, and in Europe it is improving By the time all the revisions are done, it is likely to come out that the first time the Fed raised rates in 8 years, we were already in a recession Thursday's weekly jobless number went up again to  293,000 vs an expected 275,000 This is the highest number of first time unemployment claims since July The 4-wk moving average is now at 285,
          Don’t Expect a Normal Reaction to an Abnormal Situation – Video Blog   
On Friday we finally got the Non-Farm Payroll numbers for July The consensus is that this reports indicates that an interest rate hike is inevitable This is the rate hike that everybody has been expecting and this report see The report is weak, relative to previous months, but slightly ahead of the consensus It seems like we are going in the wrong direction Labor Force Participation Rate is stagnant at the lowest in decades Q2 GDP was much lower than expected the Atlanta GDP Now Forecast for Q3 at 1% - a third of the official forecast If the Fed was not willing to raise rates last year, when the economy grew at 5%, why would they raise rates now? The Fed may have backed themselves into a corner where they have to raise rates If so, Yellen has already prepared the market for a tiny raise They recognize that the market is fragile It would be a more credible move for the Fed to not raise rates at all The market's reaction to the jobs data and the "certainty" that rates are going up The dollar sold off somewhat Gold rose slightly Higher interest rages are expected to be bullish for the dollar - Why didn't the dollar rise? The old adage, "Buy on the rumor, sell on the fact" If the Fed raises rates in September, it will be the most highly anticipated rate hike ever If the market buys on the anticipation of a rate hike, the actual rate hike will be the sell signal The market is telling us it has gained all that it is going to gain from any future rate hike The Fed will deliver much less in the way of rate hike than the market expects The reaction in the stock market was more interesting - The market was down again The longest losing streak in the Dow in about 4 years The fact that the U.S stock market is still falling indicates whereas the currency markets may have factored in a rate hike, the equity markets have not I have been hearing the refrain,"There is no reason to fear a rate hike!" This is a very naive to look at the market because there is no historical precedent for interest rates to stay low for so long These are not "normal" times More importantly, the market only expects a rate hike if the economy get better But now the data shows that the economy is continuing to slow down The crowd that believes a rate hike will not harm the economy should reassess their thinking Corporate earnings, already under pressure will be further weakened by an interest rate hike The consumer is barely surviving with rates at zero 2015 is probably going to be the weakest year of the entire so-called recovery If the Fed really begins to raise interest rates, what is going to happen in 2016? We will be in a bear market, the real estate market will drop and a recession will follow The Fed's only medicine at that point will be QE The truth is, the economy did not need the first round of QE and it nees QE4 even less This is going to be the mother of all money drops and all the people who have been saying,"The Fed was right!" are taking a premature victory lap Hopefully it will shock the Keynesians into abandoning central banking and central planning And finally embracing a real market recovery based on free market principles Those of us who have seen the writing on the wall will be rewarded in the investment front For having the fortitude to maintain our positions and not throw in a winning hand
          SchiffRadio Podcast Episode 6   
Episode 6 Synopsis Big downside moves in global equity markets U.S. stock market trends Gold moves upward U.S. Dollar weakness A detailed analysis of this month's FOMC minutes Share buybacks and other artificial boots to the stock market More Obamacare blowbacks against the job market and employee healthcare The straight story on misleading reports on the economy How California labor law put a vineyard out of business Interview with Paypal co-founder Peter Thiel in his new book
          Absolute Wealth   

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          Partnering Employees to Share-Ownership for Good Governance and Growth   
Article Published in "The Pakistan Accountant" July - September, 2011.

Introduction:

Savvy companies that aspire for the engagement not just of their shareholders but also of a wider circle of encompassing customers, employees, communities, suppliers, business partners and relevant nongovernmental organizations can be competitive in the short-term and more sustainable in the long-term as compared to those which focus exclusively on the financial bottom line. Good business is, by its very nature, socially responsible business. It is argued that if employees have an ownership stake they will be are more committed to the company. This leads to motivation and efforts, hence to productivity and profitability.

The question both for business and government is how to engender such participation and involvement and, specifically, whether this can be brought about through employee shareholding, when such individual shareholdings, taken separately, are insignificant in terms of the overall share capital of the enterprise? Even by pooling the voting rights – although not necessarily the actual ownership – of their shares, an employee shareholder trust could represent a significant voice.

However, some mechanism is needed to translate individual employee shareholding stakes into a collective voice that can deliver results, both in terms of representing the interests of employees and in convincing employees that their shareholding gives them a stake in the enterprise. Such a move could have important beneficial effects for corporate performance and hence economic growth. It could also have significant welfare effects in terms of enriching the experience of working life. Main reasons and issues need to be addressed before considering sharing ownership plans are:

The following are some of the reasons for having a sharing ownership plan:

Link between work and reward: If you are going to ask the most from your employees, they will expect something in return. Increasingly, pay is not enough. A plan that rewards employees with a share of the fruits of their labor draws a direct connection between work and reward.

Culture of ownership: When employees are rewarded based on their contributions to the company's success, they feel like owners. As owners, employees have more incentive to increase the company's profitability. However, this strategy will work only if a culture of understanding the company's challenges and contribute to the solutions has been created over time. Open twoway communication, flat management structure and employee involvement foster such a culture faster.

Following are the issues to be considered when creating a sharing ownership plan:

Empower employees to succeed: Employees must be able to make decisions that will have an impact on their bonus. "It [profit sharing] is not worth much, unless there's participation in decision making," says Bob Nelson, president of Nelson Motivation Inc. in San Diego, Calif., and author of 1001 Ways to Reward Employees.

Clear objectives: Before developing a partnership plan, any organization needs to have defined objectives in place; is it employee recruitment? Retention? Do you want liquidity for your equity? Do you want to boost production, or perhaps, you want a little of everything. The answers will help you choose the right plan for your company.

Know your industry: Old economy businesses may have actual profits to share. New economy enterprises may be years from that, so stock options carry more appeal. If your workforce is young and well educated, immediate stock awards provide more motivation. Older workers may be more interested in plans geared toward retirement.

Stage of business development: At the startup stage, a company may want to protect cash and offer stock options. At a rapid-growth or mature stage, when a company has become profitable, stock-option awards, cash and stock bonuses, or profit sharing become possible.

Employee participation within the workplace is generally regarded as important in generating and sustaining loyalty and commitment to the organization. Establishing and sharing a company ethos and culture is seen as a desirable outcome for organizational success. One reason for this is that attempting to secure effort from employees via supervision is at best costly and often difficult if not impossible. Incentive schemes may be impracticable where results depend on team effort. To work, incentives in this case need to go beyond simply appealing to individual calculations of the costs and benefits to the employee of deploying greater effort – since such a calculation would often result in the employee deciding rationally to “free ride” and still benefiting from the collective incentive scheme. Instead, such schemes need to be designed to engender collective trust and commitment.

Shared ownership by employees has long been the subject of corporate and public policy discussions. Given the advantages, meaningful employee participation through the particular route of ownership stakes has taken a number of forms over time and in different economies. Is participation actually enhanced by ownership? Do employee participation and employee share ownership have the same results? To be successful over the long term, companies need to innovate both in what they produce or offer and in the way in which they produce or the processes they adopt. The active participation of the workforce is seen as increasingly important in these processes, particularly in high value added sectors and in the “new economy.” On the other hand, the short-term interests of shareholders may get dividend rather than research and development and other innovative investments; the payback from which may not only be uncertain but also, at best, long term.

Cost cutting strategies and work intensification can bolster profitability in the short term, in the longer term developing participatory and representative mechanisms may prove increasingly important. While it is widely recognized that “flexible” employees are important for firms’ competitiveness, the above work found that such practices need to be complemented with adequate involvement mechanisms including reward systems and training, without which they could result simply in an increased intensification of work.

EMPLOYEE SHARE OWNERSHIP

From individual point of view, it makes more sense to hold shares in a company other than the one for which you work, otherwise, should that company go bankrupt, the individual risks losing his or her savings as well as their job. To advocate the holding of shares in the company for which the individuals actually work therefore requires two things. First, there needs to be a good reason for advocating such a decision. That is, one must be convinced that mechanisms exist to ensure that the sort of potential benefits associated with such ownership.

There must be a visible outcome in terms of company performance that follows as a result of such shareholdings. Otherwise, the employees would be better off holding shares in other different companies. Second, if the mechanisms are in place to ensure that there is a potential benefit then employees should be encouraged to take and hold on such ownership stakes, rather than taking stakes in enterprises other than the one for which they work.

POLICY IMPLICATIONS

Employee shareholder trusts could be used to solve the problem of the owners of listed companies (shareholders) who normally have no interest in the long-term success or otherwise of the firm. As far as the company is concerned, institutional shareholders come and go. An employee shareholder trust would be there for the long haul. They really would have an interest in the good governance and long-term success of the firm. The policy implications of the above discussion are twofold.

First, the tax incentives for employee shareholders could be further developed with the specific aim of encouraging employee shareholders to actively participate in trusts that provide a collective voice within the organization. Such a voice could have a positive impact on the performance of companies and thereby the economy as a whole. Without a belief that such individual collective shareholdings are contributing in a meaningful way towards a collective voice, there may not be the necessary commitment from the individual employee shareholders to hold on to those shares.

Indeed, they might in this case be better advised to sell and re-invest in some different sectors of the economy. There could be ways in which the specifics of how the tax incentives currently operate might be improved. More importantly, the reference to “approved” collective shareholdings is important. The current criteria for approving trusts could be extended so that schemes would be designed and operated in a manner that was clearly open and democratic, and whose objectives were to operate in the best interests of the company, rather than just to maximize financial returns to the individual shareholder.

Second, such schemes are only likely to develop and operate successfully if a body is established to ensure that this happens, along the lines of the existing supporter’s direct unit. The remit of such an organization would go beyond what is currently offered by the Treasury and Inland Revenue. It would allow the appropriate legal and other structures to be developed and to be then provided to any such collective employee-shareholding group. But it would also actively seek to enable each group to benefit from the experience of others in using such holdings to provide an effective collective voice at work.

EMPLOYEE SHARE SCHEME IN PAKISTAN

Section 14 Of Income Tax Ordinance, 2001 has a set of rules that an owner must obey to avoid paying hefty taxes on his or her contracts. In this section “Employee Share Scheme” means any agreement or arrangement under which a company may issue shares in the company to:

(a) An employee of the company or an employee of an associated company; or
(b) The trustee of a trust and under the trust deed the trustee may transfer the shares to an employee of the company or an employee of an associated company.

Provision of this section would apply in Employee Share Scheme as follows:

The grant is not a taxable event: The value of a right or option to acquire shares under an employee share scheme granted to an employee shall not be chargeable to tax. However, consideration received against disposal of right or option would be taxable under the head “Salary” in the year in which disposal will take place.

Taxation begins at the time of exercise: Where, in a tax year, an employee is issued with shares under an employee share scheme including as a result of the exercise of an option or right to acquire the shares, the amount chargeable to tax to the employee under the head “Salary” for that year shall include the fair market value of the shares determined at the date of issue, as reduced by any consideration given by the employee for the shares including any amount given as consideration for the grant of a right or option to acquire the shares.

For example, if an employee is granted 100 shares of Stock A at an exercise price of Rs.25, the market value of the stock at the time of exercise is Rs.50. The amount included in the salary income on the contract is Rs.2,500 (Rs.50 – Rs.25 x 100).

The sale of the security triggers another taxable event: If the employee decides to sell the shares
immediately (or less than a year from exercise), the transaction will be reported as a Capital gain (or loss) and will be subject to tax at ordinary income tax rates and vary from different holding patterns. If the employee decides to sell the shares a year after the exercise, the sale will also be reported as a capital gain (or loss) and the tax will be reduced to a maximum level or would be exempt from tax subject to certain conditions.

CONCLUSION

The philosophy to partnering employees in the business is that if the employees feel that they have a stake in the enterprise or organization in which they work, they will be more committed to work. This in turn will bring positive outcomes in terms of productivity and organizational performance. This is time-tested theory and is based upon simple logic which
every sane manager acknowledges. Partnering employees creates significant links between progressive human resource practices that promote participation and involvement, corporate performance and organizational outcomes on the one hand and getting taxation benefit of holding such participation by the employees on the other.
_____________________
About the authors:

Athar Hussain is a senior finance professional in Iran, a fellow member of the Institute, on the visiting faculty of various institutions - professional bodies and universities, lecturing in various management disciplines.

Mubeshir Ali Kazmi, M.Com, ACA is a CFO and Company Secretary in Pakistan and on the teaching faculty of a number of institutions.

The readers are welcome to contact the authors to discuss any part of this article on email:
Athar Hussain: atharhzaidi@hotmail.com,
Mubeshir Ali: mobiali@gmail.com

          Production Operator - 3M Canada - Brockville, ON   
3M Canada is committed to Employment Equity and welcomes applications from women and men, including members of visible minorities, Aboriginal peoples and...
From Indeed - Mon, 12 Jun 2017 17:11:35 GMT - View all Brockville, ON jobs
          Service Support Technician - Equity Lifestyle Properties - Tampa, FL   
Limited Technical and IMAC (Install/Move/Add/Change) support for Computer Hardware, Software and OS, Printers, PDA’s, Telecommunications equipment and circuits....
From Equity Lifestyle Properties - Mon, 26 Jun 2017 16:18:43 GMT - View all Tampa, FL jobs
          Healthcare/Life Sciences, M&A Analyst And/Or Associate – Paris   
Location: Paris Salary: Competitive base bonus Description: Pan-European focus covering subsectors such as Biotech, Medtech, Pharma, etc. Working on a broad range of transaction types including equity raising (IPO and secondary), leveraged buyouts...
          Comment on Warriors Will Re-Sign Andre Iguodala by Bad Sport   
Iggy squeezing more bucks out of Lacob's wallet. Sure he reminded ownership of the $1.5b equity position. All this really cost W's was cash in the added tax hit. The guy earned this money although that 3rd year is not ideal. It's still just money. The new arena will be a money printing machine! They keep winning titles and it's a no brainer to make signings like this with the core. Iggy is a key member of the core and the salary is reasonable for a top level 6th man.
          Private Equity Fund Accountant Management (Senior Executives) - Linium - Jersey City, NJ   
Why Work With Linium for Your Job Search? As an Equal Opportunity / Affirmative Action Employer, by choice, Linium will not discriminate in its employment...
From Linium - Sun, 11 Jun 2017 03:11:13 GMT - View all Jersey City, NJ jobs
          Senior Retail Loan Processor - Bank of America - Las Vegas, NV   
Responsible for the timely and accurate processing of direct, indirect, wholesale, lease or real estate equity loans generated by the Consumer Bank....
From Bank of America - Wed, 28 Jun 2017 00:21:52 GMT - View all Las Vegas, NV jobs
          Accountant - Hopewell Residential - Equity, AB   
Hold a degree or diploma in. Administration, human resources and corporate policy planning for the five. And social fabric of the cities that Hopewell develops...
From Hopewell Residential - Wed, 14 Jun 2017 23:57:33 GMT - View all Equity, AB jobs
          Homework Club Program Worker - Carlington Community Health Centre - Ottawa, ON   
Carlington CHC, 900 Merivale Rd. Carlington is committed to employment equity. Must be available two evenings per week from 4 – 6 pm.... $19.49 an hour
From CharityVillage.com - Thu, 29 Jun 2017 16:54:56 GMT - View all Ottawa, ON jobs
          After School Program Workers - Carlington Community Health Centre - Ottawa, ON   
Carlington CHC, 900 Merivale Rd. Carlington is committed to employment equity. 2 temporary part-time positions for After School Program Workers.... $16.91 an hour
From CharityVillage.com - Thu, 29 Jun 2017 16:54:53 GMT - View all Ottawa, ON jobs
          Fold Equity   
Chances adicionais de vitória devido à chance do adversário desistir da mão.
          Eagle Merchant Partners Acquires Second Largest Dairy Queen Franchisee in the U.S.   

Eagle Merchant Partners, an Atlanta, Ga.-based private equity firm, has acquired the second largest franchisee in the Dairy Queen system and the largest franchisee in Texas. It is the first deal for Eagle Merchant Partners, EMP, and includes 74 Dairy Queen restaurants, a majority of which are in Texas.

(PRWeb December 18, 2013)

Read the full story at http://www.prweb.com/releases/2013/12/prweb11427236.htm


          Fairfax buyout ditched, TPG and Hellman & Friedman retreat    
Fairfax Media will remain in shareholders' hands after private equity firm TPG informed the board on Sunday afternoon it was withdrawing its $2.76 billion offer to buy out the company.
          JPM, Citi Q1 numbers beat estimates   
Strength in prime services and corporate derivatives boosted numbers for equity units
          Equity collateral rule change hinges on SEC appointments   
Current rule prevents US broker dealers from pledging equities as collateral when borrowing from lending clients
          Poya Bozorgi exits Macquarie for Goldman   
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          Lenders set to tough it out as weak borrowing demand persists   
Equity loan volumes in March were down 8.5% on the same period in 2016
          Regional Manager - Equity Lifestyle Properties - Tampa, FL   
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          How the Home Flipping Industry Is Pushing Poor People Out of Their Homes   
The process is toxic.

The United States has entered a new phase of residential foreclosure. The basic narrative is shocking: House-flippers are being allowed to push troubled homeowners out of their houses. As a neighbor of mine said, succinctly, “It’s cheaper for them.” 

In an ugly way, house flipping is a sweet deal in any area where the house market has rebounded, as in metropolitan Washington, D.C., where I live, with eager buyers and reduced home inventory.

Instead of waiting for a house to come on the market and negotiating with a voluntary seller who could make decent terms for the sale, the house flippers enter the foreclosure pipeline. Once the homeowner is pushed out, the flipper gets the house for a song. The price tends to be even lower than the price of a house already foreclosed, and vacant, where the seller would be the bank. The flipping company is already in touch with the lender (see below), so the process is fairly red-tape-free, especially when the company makes hundreds of these foreclosures. Then the flippers can sell the house quickly, because they sell below market price. They still make a handsome profit. And the houses — having been lived in — tend to be in better shape than vacant properties; often there is good equity to boot, since reluctant sellers may have been living in their home for some time. Selling the houses at a below-market price then depresses local house values.

How does all this happen? In a hideous irony, house flippers are allowed into the foreclosure process as “substitute trustees.” The bank or lender holding the mortgage is often based out of state. When a homeowner falls into financial difficulties — such as job loss or medical bills — the lender may, in effect, turn the delinquent account over to an in-state firm. Whether advertising as law firms, real estate investment facilitators, “creditors’ rights” companies or foreclosure attorneys, the firms are in effect debt collectors — agencies that buy up delinquent credit-card accounts on the cheap, and then try to recoup from the small debtors.

They are also, in effect, house flippers. The national passion for “house-flipping” has been fueled by television, where it is entertainment as well as finance. (Disclosure — while I myself have not done any flipping, I support home renovation and/or home improvement, preferably keeping as much debris as possible out of landfill.) But this is a different process than going into a vacant, derelict house and fixing it up to sell.

The practice is national, with some variation by local real estate market. For me, it is also personal and local, direct from a sixtyish neighbor of mine, weeping in my living room. From a hard-working immigrant family, she has lived in her home since 1998. She has been trying to stave off foreclosure since 2014. I know her; I have seen and copied some of the legal documents; I’ve been in her house. She is the rightful owner; she has a relative who can make terms on the payments. But a house flipper wants the house, and once the bank turns over the mortgage to a “substitute trustee” there is little legal obligation for him to make terms. My neighbor is not even upside-down on her mortgage, so this flipper — if he wins in court — will get substantial equity as well as a house in a good neighborhood.

The process is toxic. 1) The homeowner gets into trouble and falls behind on payments — like my neighbor, who paid many thousands in medical bills for her late parents instead of just defaulting on the bills. 2) The bank turns the mortgage over to a real estate-flipping company as “substitute trustees.” 3) The house flippers work first with the lender and then with some too-friendly judges to push out the homeowner via court action.

It goes without saying that the substitute trustees have better access to lawyers and courts than do the troubled homeowners. Legal aid for the indigent may not be available for someone who still owns her house — ironically. Help from friends and relatives, and the occasional pro bono legal work, may well be the only options. The option offered by advocacy groups or other realtors is too often only an unwanted “short sale,” i.e. loss of the house she is trying to keep.

Yet more ironically, the trustees are supposed to be assisting the courts and thus the public; hence the term “trustee.” Instead, as said, they have a direct pecuniary interest in getting persons out of their home instead of helping them stay in it. This process can involve illegal tactics as well as borderline legalities. But when the homeowner is already troubled, there is far too little redress even for open and apparent, documented illegality. 

For the record, reducing the “foreclosure backlog” is not the same as reducing foreclosures. Cutting the Gordian knot is not always the best idea or in the public interest.

Tactics that this writer has seen and heard include posting a fake abandoned-property notice on the door of a house the owner is living in; filing fraudulent claims of ownership in courts which lack jurisdiction in foreclosure cases; getting court orders from courts which lack jurisdiction to grant foreclosure motions; and appearing in court claiming to be a third-party “intervenor” while actually a party (the house flipper) in the foreclosure.

Some foreclosure firms have become notorious, and on some there is information online. One source is attorney Neil Garfield’s website titled Living Lies (Livinglies.wordpress.com), which includes a list of known “foreclosure mills” (though somewhat outdated) by state. The non-profit Pro Publica (ProPublica.org) has also published information on foreclosure mills, as have the magazine American Prospect and the website Above the Law (AboveTheLaw.com). Some material has gone out of date, now that the immediate consequences of the 2008 mortgage-derivatives debacle are less feverish.

But the long-term consequences are still with us. One foreclosure group in Maryland is involved in hundreds of foreclosures, largely in Prince George’s County (D.C. suburbs). The county’s diverse population is officially “majority-minority” and the real estate market includes many immigrant families, first-time home buyers and members of historically excluded groups. And, as mentioned, this is a region where the real estate market is picking up and house hunters are eager to buy. All in all, it’s the perfect storm — houses easy to pick up, from a population easy to pick on, by judges who largely did not get picked by the public.

 

 

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          Comment on Lazy Saturday Reads: Trump Collusion Coming into Focus by bostonboomer   
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          Oregon House passes abortion-funding bill   

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          How to Raise Incomes and Delay the Next Recession   

Last October, mulling over the economic environment the next President would face, I sent Hillary Clinton memos on how she should provide some stimulus to sustain the current expansion and raise incomes by boosting business investment and productivity. Alas, she did not become President; but that didn’t change our current economic challenges. To be sure, President Trump’s manifold troubles may preclude Congress from doing anything meaningful until after the 2018 elections. But if that’s not the case, here’s some advice for both sides.

The White House, above all, should appreciate the stakes: Without some form of serious stimulus, the U.S. economy almost certainly will slip into recession well before 2020. From Trump’s recent statements about “priming the pump,” he already understands that the eight-year-old expansion needs a boost. The GOP plan for sweeping tax cuts won’t work here, even if it could pass Congress. To begin, it devotes most of its resources to high-income people and shareholders, who will just save most of their tax savings. More important, the plan would vastly expand federal deficits on a permanent basis. If that happens, the Federal Reserve almost certainly will hike interest rates considerably higher and faster than they now contemplate, and those rate hikes would likely end the expansion.

Washington needs to prime the pump in a way that directly supports employment over the next two years and carries no long-term costs for the deficit. As it happens, Trump and Democrats already support a reasonable way to do just that – enact a large, two-year increase in public investments in infrastructure. But the plan will attract Democratic support only if Trump gives up the idea of using tax breaks to leverage private investment in new infrastructure projects. Democrats won’t (and shouldn’t) go along, because that approach tilts the program towards infrastructure projects in high-income areas that can generate strong profits for its investors.

I assume that the President’s economic advisors also have briefed him on the recent, serious slowdown in business investment and productivity growth. Unless Trump addresses those problems as well, most Americans will make little income progress. The challenge here is to focus on changes that will boost business investment in way that strengthen productivity, and do it without raising deficits on a permanent basis.

One approach that congressional Republicans and some Democrats could support entails allowing businesses to “expense” their investments in equipment – that is, deduct the entire cost in the year they purchase the equipment. This change focuses on equipment investments, because they have the greatest impact on growth and productivity. The catch is that this approach still costs the Treasury many tens of billions of dollars per-year, especially if it covers both corporations and privately-held businesses (like the Trump Organization), as it should.

Trump could draw some support for the plan from congressional Democrats by insisting that Wall Street pay for it. First, he could deliver on his campaign promise to end the notorious “carried interest” loophole that lets the managers of private equity, venture capital and hedge funds use the capital gains tax rate to shelter most of their income from their funds. Fund managers certainly can afford to pay the regular income tax like the rest of us: In 2016, the top 25 hedge fund managers altogether earned $11 billion or an average of $440 million each.

To pay for the rest of equipment expensing, Trump should support the call by many Democrats for a small tax on financial transactions – three one-hundredths of one percent of the value of all stock, bond and derivative purchases should do it. (Stock and bond IPOs and currency transactions would be exempt.) Wall Street will howl in protest – music to most Americans’ ears – but the economics are sound. On the plus side, the tax would reduce market volatility by discouraging short-term speculation and ending most high-frequency computer trading. Moreover, today’s short-term speculators and high-frequency traders will have to invest those resources in more productive ways. The negative is that the tax would raise transaction costs and thus dampen investment on the margins. But since the tax would finance a serious reduction in the cost of business investments in equipment, the overall impact on the markets will be positive.

This plan is far from the dream agenda of either party. A Hillary Clinton presidency would have included many other measures to boost productivity and incomes, from access to tuition-free college for young people and greater access to bank loans for new businesses, to broad retraining opportunities for adults and a path to citizenship to expand job opportunities for immigrants. For their part, congressional Republicans still believe in their trinity of huge tax cuts, drastic deregulation, and deep cutbacks in Medicare, Medicaid and Obamacare benefits. But the economics of stimulating an aging expansion and restoring business investment are non-partisan, and both parties should have an interest in reviving income progress for most Americans.

For President Trump, this plan has three simple parts consistent with his positions: Increase public infrastructure investments, lower the cost of business investments, and make Wall Street pay more of its fair share. If he can cut this deal, nearly everybody will win – but if he can’t, no one will lose more than he will.

This post was originally published on Dr. Shapiro's blog.


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          Your Educational Vision for PCS?   
What is your vision for the PCSD (or public schools in general)?
This is another question that was posed to me by someone who signed my petition. My background... teaching, serving on the PCS board of education and other boards, raising three children (with my husband), reading and studying, blogging, and just living life have taught me many lessons and informed my perspective about how schools can better serve students.

  • Schools must put the students' interests first. It is easy to give lip service to how decisions are for the kids but all too often, the decisions are political. To that end, students should be surveyed annually so school officials and the public know the student perspective and so school leaders and support what is good and improve what is weak. In addition, compliance with FERPA must be elevated in importance. At the PCSD, no formal records were being kept about FERPA violations. That must change. Finally, data collection on students must become highly transparent for the public, made easily accessible to parents, and become well-understood by school officials. 
  • There must be proper funding of schools: Under current school funding methods in NYS, the wealthy are guaranteed a better education for their children. It is time for the have-nots to be given an equal opportunity. This is a civil rights issue. We can fund schools properly or we will end up funding prisons - an industry that is flourishing. "By 2007, states spent more than $44 billion on incarceration and related expenses, a 127% jump from 1987. Over this same period, spending on higher education rose just 21%." Bill Moyers. com   "Billions of dollars have gone from the public treasury into private corporations to design, build, and maintain prisons. This has happened while over 14 million children in the U.S. live in poverty." Lionheart.org   Such monies would better serve society if invested in education and problems related to poverty.
  • The role of unions in protecting middle class employees should be safeguarded: Since Pres. R. Reagan broke the air traffic controllers union, the movement to weaken unions has accelerated (think Chris Christie, Scott Walker, etc.). While union leadership can be imperfect or intransigent at times, unions are one of the last protectors of a dwindling middle class. Health insurance costs, for instance, are crippling school budgets for rural schools like the PCSD. Those in a position to negotiate need to work cooperatively to seek viable options. However, the underlying greed that is causing health care costs to be so high (thus creating sky high health insurance premiums) needs to be examined and addressed. One Blue Cross Blue Shield CEO had a base salary of $1.1 million and was given a $14.9 million bonus in 2012. She was just one among many. See: http://www.beckershospitalreview.com/compensation-issues/pay-for-blue-cross-ceos-exploded-in-2011.html
  • Voters must take the time to vote and then elect those who place education high on their priority list. Right now, only one in ten eligible voters bothers to vote in school board elections. Students deserve an engaged populace.
  •  Education Leaders and the public must be informed about the movement to privatize education (via a takeover by charters). This puts education dollars in the hands of private corporations that have no requirement to be overseen by the public. Certainly, there is a role for charter schools in NYS and elsewhere but that role is not to supplant public schools. Failing and mediocre public schools need proper financing (think Campaign for Fiscal Equity) but they need more than money - they need administrators who are insightful educational leaders, teachers who are effective, schools of education that prepare competent novice teachers, and a learning environment that that is student-friendly and student-centered.
             
  • Schools leaders must break the mold.  The old adage that if someone fell asleep for a hundred years the only things they'd recognize upon waking would be prisons and schools says much about becoming entrenched in one educational and often outmoded model. Schools are mandated to provide certain courses but, in my estimation, it is time to re-think business as usual. For instance:

  1.  Finance Courses: Students should be taught a 3-4 year sequence of courses in finance and banking. Too many, possibly most, students are graduating from high school but have little understanding of banking, interest rates, mortgages, amortization tables, IRA's, 401K's, reconciling a checking account, credit and charge cards, predatory lending practices, the importance of saving, and the lifelong consequences of onerous DEBT. They should understand what caused the economic meltdown in 2008 and  how "too big to fail" banks knowingly engaged in unethical, high-risk practices to profit themselves. They should read what Sen. Elizabeth Warren and John Bogle have written about the financial sector. Bogle said that well over 90% of what's going on on Wall Street is akin to casino gambling. Economist Anat Admati has asked, "Why do banks, even under new post-crisis rules, do business with 95% borrowed money when no other business would dream of it?" It's time for financial reform. Students should not be graduating without the information they need to protect themselves from greed-driven, predatory practices in the financial sector. 
  2. Vocational Courses: All students, from grades 7-12 should be required to take some vocational courses. They will all be called upon in their lives to have a basic understanding of electricity, plumbing, HVAC, etc. In addition, too few people are entering the trades...try finding an electrician when you need one!
  3. Stop Requiring All Students to Get a Regents Diploma: This mandate is absurd. The only way it works is to lower the bar while those supporting it claim the bar is being raised. There must be different pathways to success, different choices to accommodate students' interests, abilities. We must know what jobs are available and prepare students for those jobs. 
  4. Stop the "strangling of the curriculum with standardized tests, drill-it-to-kill-it pedagogy, loss of art, music, recess, physical education..."  
  5. Require a meaningful course in ethics before graduation. 
  6. Require internships, job shadowing, mentoring, community service for high school students. 
          
       

          Do Charter Schools Pose a Risk to Public Education?   
Should the public be worried about the expansion of charter schools? Until recently, I wasn't. I thought most of these schools were handling students who were not having success in the public school setting. However, I recently saw a PBS show (Moyers and Company) with a segment called "Public Schools for Sale." The guest, Diane Ravitch, was interviewed by Bill Moyers about charter schools. See:

http://billmoyers.com/episode/public-schools-for-sale/?utm_source=sidebar&utm_medium=banner&utm_content=public-school&utm_campaign=for-sale 

Ravitch addressed the issue of how public education monies are being targeted by those who see dollar signs in the privatization of America's public schools.
"As Rupert Murdoch put it after purchasing an education technology company, 'When it comes to K through 12 education, we see a $500 billion sector in the US alone.”' Given Murdoch's  run-ins with the British government due to the predatory invasion of people's privacy by employees of his newspaper, News of the World, and given his vast wealth and media empire, he is not someone I like to see targeting education monies in the US.  Other wealthy businessmen are also looking at this emerging market and Bill Moyers described it as a gold rush [to privatize pubic schools].

I was taken aback when I learned that Netflix's CEO, Reed Hasting, had given a speech in which he stated that within the next 20-30 years he hoped charter schools would have 90% of American (K-12) students. See:

http://www.washingtonpost.com/blogs/answer-sheet/wp/2014/03/14/netflixs-reed-hastings-has-a-big-idea-kill-elected-school-boards/

Education historian Diane Ravitch made some interesting points. She has written, "Reign of Error: The Hoax of the Privatization Movement and the Danger to America's Public Schools." 


  • Entrepreneurs are trying to profit from the public education "industry." (Ms. Ravitch said she does not look at education as an industry.)
  • Business interests want to takeover pubic schools.
  • She has changed her mind about charter schools because they started out as entities to help and work collaboratively with public schools to try different approaches with students who were not succeeding in public schools. Now she believes they have become competitors with a goal to take over.
  • Charters gained power when the federal government offered over $4 billion in competitive grants to the states. One proviso was that the states had to lift their caps on charter schools. (This drove the increase in the numbers of charter schools.)
  • Other drivers of the expansion of charter schools were the political forces of wealthy hedge fund managers who saw there was money to be made. In addition, charter money is going to political contributions so those elected  may view charter expansion in a positive light.
  • Ravitch said she believes the charter schools will take the successful students and leave public schools as a dumping ground for problem students.
  • While some claim charter schools are public schools, Ravitch pointed out that when they go to court they declare they are private corporations that have contracts with the government. In NYS, a recent court decision stated that charter schools could not be audited by the NYC Comptroller because charter schools are not a unit of the government. Thus, charter schools cannot be held accountable by the public. 
  • Charter schools are not doing a better job educating students.
  • Ravitch said education leaders should aim for equity and excellence will follow. In other words, all public schools should provide an equally strong education. 
  • The societal problems associated with poverty must be addressed in order for schools to prosper. 
  • Finally, Ravitch does not defend the status quo. She stated that there are many problems in public schools that must be addressed but said privatizing public schools will be a detriment to our democracy. She said "The public is not yet ready to relinquish its public schools to:
          ~ speculators
          ~ entrepreneurs
          ~ ideologues
          ~ snake oil salesmen
          ~ profit making businesses and
          ~ Wall Street hedge fund managers."

Maybe it's time for all of us to learn more about the potential impact of the growth of charter schools.

"Charter School Refugees," The New York Times
http://www.nytimes.com/2014/04/05/opinion/charter-school-refugees.html?emc=edit_tnt_20140404&nlid=66679958&tntemail0=y

"Protections for Charter Schools Threaten DeBlasio's Education Goals," The New York Times
http://www.nytimes.com/2014/03/31/nyregion/state-protections-for-charter-schools-threaten-de-blasios-education-goals.html?emc=edit_tnt_20140330&nlid=66679958&tntemail0=y&_r=0
          Education Bill of Rights   
What do schools owe students? James Meredith, a civil rights advocate who successfully sured for admission to the all-white U of Mississippi in the 1960's, has crafted an Education Bill of Rights.

According to Meredith (and as reported in the Washington Post) "every American public school child has the right to:"  


1.  Experienced Teachers: A school run and staffed by fully qualified professional educators and teachers; a lead classroom teacher with a minimum of a masters degree in education and three years classroom experience; a school where computer products are never used to replace teachers; and a school the leaders of society would send their own children to.



2.  Equity of Resources: A nation that sends many of its most experienced and effective teachers to help its highest-poverty and highest-needs students; strives to deliver educational equity of resources to all students; and strives to reduce the harm done to children by poverty and segregation.



3.  Involved Parents: A school that strongly encourages and helps parents to: be directly involved in their children’s education; support their children with healthy eating and daily physical activity; disconnect their children from TV and video games and read with them on a daily basis; and a school that regularly invites parents to take part in school activities.



4.  Quality Learning: A nation where educators and officials collaborate to identify the best evidence-based practices; a nation that rigorously tests classroom products and reforms before spending billions of dollars of taxpayer funds on them, including testing them versus smaller class sizes and more experienced teachers; a nation that that does not spend billions of taxpayer dollars on excessive, unreliable and low-quality standardized tests that displace and damage authentic learning; and an education with an absolute minimum of standardized tests and a maximum of high-quality, teacher-designed evaluations of student learning and progress.



5.  Effective Teachers: A school where teachers are evaluated through fair and aggressive professional peer review, not unreliable standardized test data; and a school where under-performing teachers are coached, mentored and supported, and when necessary fired, through a process of professional review and transparent, timely due process.



6.  Personalized Instruction: A school with small class sizes, similar to those enjoyed by the children of political and business leaders, so all students can receive a truly differentiated and personalized instruction, with regular, close feedback from their teachers.



7.  Full Curriculum and Services: A school system that provides universal pre-K; a strong early education based on research fundamentals, correct developmental milestones and educational play; a rich curriculum including the arts, civics, literature, history, science, field trips, and music; fully funded, effective and inclusive special education that strives to intervene early and prevent problems; and if necessary, wraparound social services and a free, healthy breakfast and lunch.



8.  Transparency: A school where records of every dollar of taxpayer money spent are available for public inspection; where personally identifiable student information is not shared with outside parties without express parental consent; where parents and teachers are involved in school management and policy; and where core public school functions are not sold off to for-profit operators.



9.  Respect for Children and Teachers: A nation that respects teachers as well as it respects other elite professions; and considers every child’s physical, mental and emotional health, happiness and well-being as critical factors for school behavior, academic achievement and national progress.



10.  Safety, Freedom and Challenge: A school and a classroom that are safe, comfortable, exciting, happy and well-disciplined; with regular quiet time and play time in the early grades; regular breaks through the school day; daily physical education and recess periods; a healthy, developmentally-appropriate and evidence-based after-school workload; and an atmosphere of low chronic stress and high productive challenge, where children are free to be children as they learn, and children are free to fail in the pursuit of success.



11.  Reform Through Rigor and Accountability: A nation that uses rigor, accountability and transparency when it comes to education reform; where any proposed major education reforms must be tested first, and based on hard evidence, independently verified, before being widely adopted and funded by taxpayers.



12.  A 21st Century Education: A school and a nation where children and teachers are supported, cherished and challenged, and where teachers are left alone to the maximum extent possible by politicians and bureaucrats to do their jobs – - which is to prepare children for life, citizenship, and careers with true 21st century skills: not by drilling them for standardized tests or forcing a culture of stress, overwork and fear upon them, but by helping them fall in love with authentic learning for the rest of their lives, inspiring them with joy, fun, passion, diligence, critical thinking and collaboration, new discoveries and excitement, and having the highest academic expectations of them.


Source:

© The Washington Post Company
          BSE to revise transaction charges on equity segment from Aug 1   
The exchange has introduced a new slab-based structure for levy of transaction fees for securities traded under group A, B and other non-exclusive scrips.
          (USA-NJ-Jackson) Store Manager, LeviasA Outlet, Jackson, NJ   
JOB DESCRIPTIONWe believe that clothes and how you make them can make a difference.Since 1853, weve been obsessed with innovation to meet peoples needs. We invented the first blue jean. And we reinvented khaki pants. We pioneered labor and environmental guidelines for our manufacturing partners. And we work to build sustainability into everything we do.A company doesnt last more than 160 years by standing still. It endures by reinventing itself, striving to delight its consumers, winning in the marketplace and by remaining true to its values.We employ thousands of people around the world to support our great brands: Levis, Dockers, Signature by Levi Strauss & Co. and Denizen. Our employees are committed to innovation, creativity and collaboration. Put simply, if youre looking for a new opportunity, this is a great place to grow your career.We are looking for a Store Manager who will bring innovation, creativity and leadership to our team. It is important to us this person has the energy and desire to help bring our fashion to the future while maintaining the integrity of our brands past.The purpose of this position is to direct and lead superior retail strategies and execute store operation functions to deliver financial growth and sustained brand equity.Key Responsibilities:Sales Drives profitable sales and meets or exceeds store financial plans through leading the store team to deliver on KPI goals (Conversion, Units Per Transaction and Sales Per Hour) Analyzes financial reports and makes adjustments to the business to increase sales and drive profitability Contributes to expense control in relation to stores P&L. Delivers results through managing payroll and controllable expenses Creates, communicates and holds team members accountable to individual sales goalsPeople Recruits, interviews and makes hiring, pay and termination decisions for all levels of store personnel including members of store management Effectively manages the training process for new hires on LS&CO culture, product knowledge, selling practices and other associate responsibilities is effective Coaches and develops staff to increase their knowledge and skill sets, providing opportunities for continued development and growth within the organization Creates succession plans by hiring, developing and retaining top talent Manages employee relations issues including performance management and holding associates accountable for following LS&CO policies and procedureOperational Excellence Accountable for operational results/expectations in store procedures, payroll management, cash handling and inventory control Achieves payroll plan through creating and overseeing store schedules, monitoring labor costs and adapting to business conditions based on weekly and monthly sales Provides effective leadership and delegates responsibilities to ensure all required store tasks are completed. Directs the store team in prioritizing responsibilities Ensures sound inventory management through an accurate receiving and sending merchandise process, completing all required paperwork and following all price change and ticketing procedures Plans and oversees all physical inventory preparation and counts Prevents loss by educating associates, monitoring daily store activity, ensuring company policies are followed and partnering with loss preventionMerchandising Responsible for executing store visual standards in accordance with visual merchandising direction, executing flawless product presentation Makes decisions about and adaptations to visual merchandising direction based on the lay out and needs of the store Ensures product is displayed in a manner which tells a story through styling and propping and is compelling to the customer Maintains appropriate levels of product on the sales floor by planning and directing floor replenishmentCustomer Experience Creates a high energy, compelling store experience for customers by engaging and modeling approp
          (USA) Investor Relations Senior / Consultant   
Eligibility Performance Review 1. All Regular Full-time employee, (i.e. Performance Review and Union), Part-time, Job Share and Temporary Performance Review Employees will be considered. 2. If you have been on a Performance Improvement Plan in the last (12) months or had active discipline, you are required to disclose this information to Talent Acquisition during the bidding process. (In accordance with Human Resources – HR-EL-PRD-0105, please refer to the 3P website.) 3. Contracts are not eligible to apply for internal listings. Please visit the external career listings. Hiring Manager: Stefanie Layton Job Grade: P06/P07 Posting Close Date:Sunday July 9th Click Here for Salary Structure2017 APS Salary Structure Responsibilities Collaborates with Director of Investor Relations to establish and execute a comprehensive, strategically driven program to attract and serve the needs of members of the investment community. Completes complex financial analysis projects; performs a variety of highly complex research studies; and prepares reports of findings and recommendations to management. Plans, writes and produces investor communications, presentations and publications. Interacts with internal and external contacts often requiring coordination between departments and/or organizations. Routinely interfaces with all levels of management and members of the investment community. Work is performed without appreciable direction. **MINIMUM REQUIREMENTS: Senior** * Bachelor's degree in finance, accounting or related field with five (5) years of experience (including financial analysis and reporting; development, design and production of communications, presentations and publications) or an equivalent combination of education and experience from which comparable knowledge, skills and abilities have been obtained. * MBA and/or CPA certification is highly desirable. * Expertise in financial and economic analysis and generally accepted accounting principles. * Excellent verbal and written communication skills. * Strong software application skills, including spreadsheets, word processing and presentation graphics (e.g., Microsoft Office Excel, Word and PowerPoint). * Solid project management skills. **MINIMUM REQUIREMENTS: Consultant** * Bachelor's degree in finance, accounting or related field with eight (8) years experience (including financial analysis and reporting; development, design and production of communications, presentations and publications) or an equivalent combination of education and experience from which comparable knowledge, skills and abilities have been obtained. * MBA and/or CPA certification is highly desirable. * Expertise in financial and economic analysis and generally accepted accounting principles. * Excellent verbal and written communication skills. * Strong software application skills, including spreadsheets, word processing and presentation graphics (e.g., Microsoft Office Excel, Word and PowerPoint). * Solid project management skills. **MAJOR ACCOUNTABILITIES:** 1) Performs a variety of highly complex analyses, compiles relevant information, makes comparisons and evaluates results and reports results with appropriate details for the intended audience. 2) Maintains an in-depth understanding of the company's financial forecasts and disclosures. 3) Maintains an understanding of financial models/methods utilized by securities analysts to identify value and make investment decisions. 4) Recognizes differences between equity and fixed income valuation and forecasting methodologies. 5) Designs, prepares and produces materials that accurately communicate complex information in an understandable manner to a variety of targeted internal and external audiences and ensures on-time delivery. 6) Develops presentations (content and graphics) to effectively deliver the Company's story to members of the investment community. 7) Develops executive presentations (content and graphics) for board and management meetings and other venues. 8) Maintains detailed knowledge of the Company's strategies, financial and operating outlook, and key accounting and tax issues impacting financial results. 9) Maintains detailed knowledge of primary issues facing the company, the industry and business in general, as well as investor relations practices and trends. 10) Designs and/or administers investor relations programs by preparing on-going analyses of specific topics. 11) In coordination with Director of Investor Relations, represents the Company as a credible spokesperson on a variety of topics in various venues, including among others, telephonic, one-on-one meetings and investor conferences. 12) Researches and prepares back-up information for senior management prior to meetings with members of the investment community. 13) Works with management, legal, finance and accounting staff to assure adherence to SEC regulations, as well as other disclosure regulations and best practices. 14) Maintains detailed knowledge of rules and practices impacting disclosure policy and procedures. 15) Coordinates activities across multiple functions and/or business units on various investor relations projects. *Job Title:* Investor Relations Senior / Consultant *Job ID:* 20170578 *Location:* Phoenix *Full/Part Time:* Full-Time *Regular/Temporary:* Regular
          (USA-NJ-East Windsor) Sales Assistant   
COMPANY SUMMARY First American Title Insurance Company, the largest subsidiary of First American Financial Corporation (NYSE: FAF), traces its history to 1889. One of the largest title insurers in the nation, the company offers title services through its direct operations and an extensive network of agents throughout the United States and abroad. First American Title provides comprehensive title insurance coverage and professional services for purchases, construction, refinances, or equity loans. The company s thorough searches, title clearance, and insurance help to produce clear property titles and enable the efficient transfer of real estate. First American was named one of FORTUNE's 100 Best Companies to Work For in 2016 and 2017. For more information, visit www.firstam.comJOB SUMMARY Do you have a knack for helping others and strong attention to detail? Do you want to work in a fun team environment?First American has an exciting opportunity for a someone who is passionate about helping others and can assist one of the leading providers of title insurance and related products and services. Join Fortune 100 Best Places to Work in 2016! At first American, we believe in People First. As a Sales Assistant, you will provide administrative support to a sales office or centralized sales function.Responsibilities also include: Support talented sales representatives and channel partners in administrative areas such as contract facilitation, order processing, sales quotes, sales information management, invoice reconciliation, and product training and financing. Assist in invoice reconciliation. Perform background research on customer accounts, prospects, competitors, and industry trends. Answer questions about the organization's products and/or services. May assist in customer service functions. Tracks transactions and prepares reports regarding information such as market conditions, forecasting, order status, sales results, leads, sales quotas and sales representative attainment. Assists in tradeshow preparation and coordination.JOB QUALIFICATIONSA successful candidate will have the following skills and experience: 2- 4 years in Real Estate/Title industry preferred. Must possess excellent interpersonal and problem solving skills Proficient/advanced technical capabilities including Microsoft Office - Excel, Word, PowerPoint, and Outlook Excellent verbal communication skills High school diploma and some college background preferred Not required, however, real estate/title background is beneficial First American invests in its employee s development and well-being, empowers them to provide superior customer service and encourages them to serve the communities where they live and work. First American is committed to diversity and inclusion. We are an equal opportunity employer. For more information about our Company and our dedication to putting People First, check out firstam.com/careers..
          Fairfax buyout ditched, TPG and Hellman & Friedman retreat    
Fairfax Media will remain in shareholders' hands after private equity firm TPG informed the board on Sunday afternoon it was withdrawing its $2.76 billion offer to buy out the company.
          Shopper Marketing Manager - PepsiCo - Dallas, TX   
This role is critical in driving volume, sales and brand equity across the PepsiCo portfolio for brands including Pepsi, Dew, Aquafina, Lay's, Doritos, Quaker...
From PepsiCo - Thu, 01 Jun 2017 15:13:24 GMT - View all Dallas, TX jobs
          HR Generalist - Cardinal Health - Mississauga, ON   
Cardinal Health Canada is currently seeking an Human Resources Generalist Consultant for a 9 months contract. Cardinal Health is committed to employment equity...
From Cardinal Health - Fri, 30 Jun 2017 01:45:35 GMT - View all Mississauga, ON jobs
          Head to Head Analysis: Spirit Realty Capital   

Lamar Advertising Company and Spirit Realty Capital are both finance companies, but which is the better investment? We will compare the two businesses based on the strength of their earnings, risk, profitabiliy, dividends, analyst recommendations, valuation and institutional ownership. This table compares Lamar Advertising Company and Spirit Realty Capital's net margins, return on equity and return on assets.


          Report Developer - Equity Financial - Toronto, ON   
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From Equity Financial - Fri, 30 Jun 2017 11:32:51 GMT - View all Toronto, ON jobs
          Natural Gas Outlook for the Week (July 03, 2017 – July 07, 2017)   
EquityPandit’s Outlook for Natural Gas for the week  (July 03, 2017 – July 07, 2017) : NATURAL GAS:     NATURAL GAS (193.80) closed the week on positive note gaining around 2.50%. As we have mentioned last week that minor resistance for the commodity lies in the zone of 191 to 193. Resistance for the commodity […]Continue reading «Natural Gas Outlook for the Week (July 03, 2017 – July 07, 2017)»
          Crude Oil Outlook for the Week (July 03, 2017 – July 07, 2017)   
EquityPandit’s Outlook for Crude Oil for the week  (July 03, 2017 – July 07, 2017) : CRUDE OIL:     CRUDE OIL (2968) closed the week on positive note gaining around 6.90%. As we have mentioned last week that resistance for the commodity lies in the zone of 2800 to 2830 where the commodity has taken […]Continue reading «Crude Oil Outlook for the Week (July 03, 2017 – July 07, 2017)»
          Aluminium Outlook for the Week (July 03, 2017 – July 07, 2017)   
EquityPandit’s Outlook for Aluminium for the week  (July 03, 2017 – July 07, 2017) : ALUMINIUM:     ALUMINIUM (123.55) closed the week on positive note gaining around 3.00%. As we have mentioned last week that support for the commodity lies in the zone of around 119 to 120 where Fibonacci levels and 200 Daily moving […]Continue reading «Aluminium Outlook for the Week (July 03, 2017 – July 07, 2017)»
          Nickel Outlook for the Week (July 03, 2017 – July 07, 2017)   
EquityPandit’s Outlook for Nickel for the week  (July 03, 2017 – July 07, 2017) : NICKEL:     NICKEL (600.60) closed the week on positive note gaining around 2.70%. As we have mentioned last week that minor support for the commodity lies in the zone of 575 to 578. Support for the commodity lies in the […]Continue reading «Nickel Outlook for the Week (July 03, 2017 – July 07, 2017)»
          Lead Outlook for the Week (July 03, 2017 – July 07, 2017)   
EquityPandit’s Outlook for Lead for the week  (July 03, 2017 – July 07, 2017) : LEAD:     LEAD (147.20) closed the week on positive note gaining around 3.00%. As we have mentioned last week that resistance for the commodity lies in the zone of 143 to 145 where medium & 200 Daily moving averages are […]Continue reading «Lead Outlook for the Week (July 03, 2017 – July 07, 2017)»
          Zinc Outlook for the Week (July 03, 2017 – July 07, 2017)   
EquityPandit’s Outlook for Zinc for the week  (July 03, 2017 – July 07, 2017) : ZINC:     ZINC (178.25) closed the week on a positive note gaining around 2.20%. As we have mentioned last week, that resistance for the commodity lies in the zone of 178 to 180 where Fibonacci levels are lying. If the […]Continue reading «Zinc Outlook for the Week (July 03, 2017 – July 07, 2017)»
          Copper Outlook for the Week (July 03, 2017 – July 07, 2017)   
EquityPandit’s Outlook for Copper for the week  (July 03, 2017 – July 07, 2017) : COPPER:     COPPER (385.20) closed the week on positive note gaining around 3.00%. As we have mentioned last week, that resistance for the commodity lies in the zone of 375 to 377 where Fibonacci levels and medium term moving averages […]Continue reading «Copper Outlook for the Week (July 03, 2017 – July 07, 2017)»
          Silver Outlook for the Week (July 03, 2017 – July 07, 2017)   
EquityPandit’s Outlook for Silver for the week  (July 03, 2017 – July 07, 2017) : SILVER:     SILVER (38344) closed the week on negative note losing around 0.40%. As we have mentioned last week that minor resistance for the commodity lies in the zone of 38800 to 39000. Resistance for the commodity lies in the […]Continue reading «Silver Outlook for the Week (July 03, 2017 – July 07, 2017)»
          Gold Outlook for the Week (July 03, 2017 – July 07, 2017)   
EquityPandit’s Outlook for Gold for the week  (July 03, 2017 – July 07, 2017) : GOLD:     GOLD (28439) closed the week on negative note losing around 1.00%. As we have mentioned last week that minor support for the commodity lies in the zone of 28500 to 28550. Support for the commodity lies in the […]Continue reading «Gold Outlook for the Week (July 03, 2017 – July 07, 2017)»
          Colgate Palmolive Outlook for the Week (July 03, 2017 – July 07, 2017)   
EquityPandit’s Outlook for Colgate Palmolive for the week  (July 03, 2017 – July 07, 2017) : COLGATE PALMOLIVE:     Colgate Palmolive closed the week on absolutely flat note. As we have mentioned last week that minor support for the stock lies in the zone of 1090 to 1100. Support for the stock lies in […]Continue reading «Colgate Palmolive Outlook for the Week (July 03, 2017 – July 07, 2017)»
          Dabur Outlook for the Week (July 03, 2017 – July 07, 2017)   
EquityPandit’s Outlook for DABUR for the week  (July 03, 2017 – July 07, 2017) : DABUR:     Dabur closed the week on positive note gaining around 0.80%. As we have mentioned last week that minor support for the stock lies in the zone of 285 to 286. Support for the stock lies in the […]Continue reading «Dabur Outlook for the Week (July 03, 2017 – July 07, 2017)»
          Hindustan Unilever Outlook for the Week (July 03, 2017 – July 07, 2017)   
EquityPandit’s Outlook for Hindustan Unilever for the week  (July 03, 2017 – July 07, 2017) : HINDUSTAN UNILEVER:     HIND Unilever closed the week on negative note losing around 1.70%. As we have mentioned last week that minor support for the stock lies in the zone of 1075 to 1085. Support for the stock […]Continue reading «Hindustan Unilever Outlook for the Week (July 03, 2017 – July 07, 2017)»
          ITC Outlook for the Week (July 03, 2017 – July 07, 2017)   
EquityPandit’s Outlook for ITC for the week  (July 03, 2017 – July 07, 2017) : ITC:     ITC closed the week on positive note gaining around 4.10%. As we have mentioned last week that minor support for the stock lies in the zone of 305 to 307. Support for the stock lies in the […]Continue reading «ITC Outlook for the Week (July 03, 2017 – July 07, 2017)»
          Cipla Outlook for the Week (July 03, 2017 – July 07, 2017)   
EquityPandit’s Outlook for Cipla for the week  (July 03, 2017 – July 07, 2017) : CIPLA:     CIPLA closed the week on positive note gaining around 2.80%. As we have mentioned last week that minor support for the stock lies in the zone of 535 to 540. Support for the stock lies in the […]Continue reading «Cipla Outlook for the Week (July 03, 2017 – July 07, 2017)»
          Dr. Reddy Outlook for the Week (July 03, 2017 – July 07, 2017)   
EquityPandit’s Outlook for Dr. Reddy for the week  (July 03, 2017 – July 07, 2017) : DR. REDDY:     Dr Reddy closed the week on positive note gaining around 1.70%. As we have mentioned last week that support for the stock lies in the zone of 2610 to 2640 where Fibonacci levels and short […]Continue reading «Dr. Reddy Outlook for the Week (July 03, 2017 – July 07, 2017)»
          Lupin Outlook for the Week (July 03, 2017 – July 07, 2017)   
EquityPandit’s Outlook for Lupin for the week  (July 03, 2017 – July 07, 2017) : LUPIN:     Lupin closed the week on absolutely flat note. As we have mentioned last week that the stock has broken down on long term charts. Virtually no support lies for the stock. Minor support for the stock lies […]Continue reading «Lupin Outlook for the Week (July 03, 2017 – July 07, 2017)»
          Sun Pharma Outlook for the Week (July 03, 2017 – July 07, 2017)   
EquityPandit’s Outlook for Sun Pharma for the week  (July 03, 2017 – July 07, 2017) : SUN PHARMA:     SUN PHARMA closed the week on positive note gaining around 2.20%. As we have mentioned last week that minor support for the stock lies in the zone of 535 to 540. Support for the stock lies […]Continue reading «Sun Pharma Outlook for the Week (July 03, 2017 – July 07, 2017)»
          Justice vs. Vengance and Efficiency   
As I was writing this post on the defendant who cold-cocked one of his jurors and whose case was mistried, I was thinking that if more people read this blog, my post would pull an indignant comment or two. It did, from Anonymous, who commented on two posts in a row.
(Anonymous' comments are in red)

Anonymous had two beefs with the outcome of Richard Glawson's first trial: First, that the mistrial appeared to reward Glawson for his bad behavior. Second, that the mistrial wasted taxpayer's money.

"I guess the esteemed "judges" weren't in law school when they taught that a person was not entitled to profit from his own wrong."
The judges probably were in law school when they were taught that there was a tree called "he who comes into equity must come with clean hands." (which is the origin of the maxim that anonymous stated in the negative) But they also learned that there is another tree called "a person is entitled to be tried on the facts of the crime of which he's accused, not on his past" and another tree called "a person is entitled to be tried on the facts of the crime of which he's accused, not on facts not having to do with the facts at trial" (those tree's nicknames are 404b and 403, respectively)
More importantly, the judges also learned about a forest called "due process" and another forest called "impartial jury"

Glawson was on trial for shooting a cop, carjacking, etc. He was not on trial for battering that juror; if he was, that would have been proper and relevant evidence, and the jurors from the first case would be witnesses, not jurors.

"It never ceases to amaze me how liberal bleeding hearts always feel sorry for criminals."
Actually, when I first read the article, my heart said, "serves that little sh>> right;" then my brain took over and realized that even dicks are entitled to a fair trial. Its also interesting to note that the "no profit from wrongdoing /clean hands" maxim is one of the maxims of equity. Equity, as in not the law, but an emotional response serving to excuse a decision not to uphold he law "It just ain't fair." (or in this case, "But look what he did!")

(Besides, if the "sleep in the bed you made" maxim really applied, Geo. Bush (FT leader), Condi Rice (a-gunner), Dick Cheney (SAW) and Don Rumsfeld (rifleman) would be patrolling Sadr City, winning hearts and minds.)

A criminal trial is not a societal determination of whether a defendant is a bad person. A criminal trial exists to determine whether a discrete bad act occurred. It is the jury's duty to determine whether that discrete act occurred, free from evidence other than the discrete bad act. Their decision must be free of things that would distract them from finding or not finding whether those discrete acts occurred. Distractions include the accused's record,(who, given his crime, likely has a record as long as my arm) his behavior, his color, his national origin, etc.
(Of course there are exceptions, but they have yet to completely swallow the rule)

It is a human tendency to judge the whole person, not the act. That's partly why the 400 series of the evidence code exists. And that's why I initially thought "Good - the little turd deserves it" That's also the reason why the mistrial was ordered; after intellectual reflection rather than emotional reaction, that was the only just result.

As for Efficiency, that's the Founding Fathers' problem. They're the ones who thought justice was more important than money. I agree. Our system is inefficient, and the only way to really make it more efficient is to make it less fair. (Remember when habeas review actually meant something?) I can think of a lot of things that are a lot more wasteful of my tax dollars than our criminal justice system. A standing army is a hell of a lot more wasteful and inefficient; but I'm not ready to give that up, either.

As for "tell that to the taxpayer who's money was wasted by a criminal" - he's not a criminal. He won't be one unless he's found guilty of a crime. (Unless we make the justice system so efficient that we can determine guilt or innocence merely by reading about something in the paper or on the internet.) Under the law, an accusation does not make you a criminal; nor does an accusation make you less truthful. For anonymous and the court of public opinion, that may be (unforunately) so; but it's not supposed to be that way in a Court of Law, which is where Glawson was.

I have no doubt Glawson will be punished, but there'll be a time and place for it. Inside the trial for a different set of events is not the right place or time. The time to be punished for hitting the juror is not in his other trial, but after trial (or plea) on a charge for assaulting the juror. Remember the Red King (verdict first! trial later!) from Alice in Wonderland? He demanded that the jury consider the verdict immediately after the reading of the charges. It was satire then, and just as wrong in reality now.

I've gone on long enough, so I'll Godwin myself here - I don't want a system where the Courts run on time; I want Courts that listen, and I want Courts whose bottom line is justice, not money. In reality, Courts end up in a balance between justice and inefficiency on one side and efficiency and injustice on the other. We sure as heck don't need any help overbalancing on the efficiency side. There are countries where the justice system is a lot more "efficient," but I wouldn't want to claim citizenship in any of them.

Jack
          Markets Are Still Dancing To The QE Two-Step...But Is the Music About To Stop?   

Authored by Chris Hamilton via Econimica blog,

Just a quick thought about what is driving the US stock market.  The chart below shows the Wilshire 5000 (representing all publicly traded US equities in red), the Federal Reserve balance sheet (black), and excess reserves held at the Federal Reserve Bank by the largest of private(?) banks (likely a majority of these reserves held by foreign banks).  What you may notice is the rise in equities since '09 correlating with the rise in the Federal Reserves balance sheet until QE ended.  Then a momentary pause in equities during 2015, and another strong leg higher since.  That strong leg higher correlates nicely to the drawdown in the excess reserves held at the FRB, particularly since 2016.

The chart below shows these dynamics since 2008.  The Federal Reserves purchase of $3.6 trillion in new "assets"...and the continual rise in excess reserves banks hold at the Fed until September, 2014.  As the reserves and QE ceased rising and were essentially flat, the market began rolling over.  However, by late 2015 banks began withdrawing those excess reserves and putting them to work...and the equity markets positively responded.

GST impact, global cues to set market trajectoryMumbai, July 2 (IANS) The impact of Goods and Services Tax (GST), coupled with global cues, are expected to determine the trajectory of key domestic stock exchanges in the upcoming week. According to market observers, key macro-economic data points released after market hours on last Friday, like the eight core industries (ECI) figures, external debt and fiscal deficit data, will heavily influence the domestic equity markets. "Markets this week will focus completely on the GST rollout and the impact of the same on the economic activity in the country," Devendra Nevgi, Chief Executive of Zyfin Advisors, told IANS.



          Manager, Media & Marketing - NFL - National Football League - Ontario   
This new position, will play a critical role in supporting the growth of our fan base and in building the equity of our NFL brand....
From National Football League - Tue, 30 May 2017 17:37:42 GMT - View all Ontario jobs
          The Canterbury at Chalkers Lane, Hurstpierpoint, Hassocks BN6   
459960
Selected homes available to buy at this development using the Government-backed Help to Buy scheme. All you need is a 5% deposit for your new home, to be combined with a 20% equity loan from the Government and a 75% mortgage. This Help to Buy...
4 rooms fitted kitchen
Fri, 30 Jun 2017 16:43:10 -0400
          Asst Professor (tenure-track) - University of British Columbia - Okanagan, BC   
All candidates will be invited to participate in an online Equity Survey for the purpose of measuring diversity and to identify potential barrier to the...
From University of British Columbia - Fri, 23 Jun 2017 12:56:03 GMT - View all Okanagan, BC jobs
          Conveyancing Fee Earner   
Conveyancing Fee Earner - Hull. Our Hull based client who have an excellent reputation for delivering a high quality service require a Conveyancing Fee Earner to join their busy department. Managing a full residential conveyancing caseload dealing with files from inception to completion including: Sale and Purchase, Freehold and Leasehold, New build, Right to buy, Shared ownership, Equity release, Re-mortgage and Unregistered titles. Ideally you will be an experienced Conveyancing Fee Earner or Licensed Conveyancer with minimum 2 years experience handling a caseload. An excellent salary and benefits package are on offer.
          Blockbuster to Shutter All Remaining U.K. Stores   
LONDON — Movie rental chain Blockbuster is to shutter its U.K. operations after it failed to attract a buyer. Private equity firm Gordon Brothers Europe, which bought Blockbuster in March, put it into administration — the U.K. equivalent to Chapter 11 — on Nov. 11. It had 264 stores, and employed 2,000 staff at that... Read more »
          GreatCall’s acquisition: a big vote for older adult-centered healthcare tech   
06/09/2017

GreatCall acquired by a private equity firm.


          Senior Administrative Assistant - George Washington University - Foggy Bottom, MD   
Facilitate repair orders and calls to IT or Xerox as needed. The Institute for Patient-Centered Initiatives &amp; Health Equity at the GW Cancer Center (the...
From George Washington University - Mon, 27 Mar 2017 20:42:22 GMT - View all Foggy Bottom, MD jobs
          RWJF Awards Grant to Support Health Equity Initiative for Webinar Series and 2018 Partnership Summit   
NewswireToday (newswire) - 2017/02/16 New York, NY United States - Robert Wood Johnson Foundation awards grant to support Health Equity Initiative for an innovative Webinar Series and 2018 Partnership Summit - HealthEquityInitiative.org
          Ротмистр: КАМАСУТРА ДЛЯ ПЕНСИОНЕРОВ   
 



 
Внимание: Изложенный ниже материал содержит в себе тематику, предназначенную для людей зрелого возраста.
Камасутра - это, как известно, древнеиндийский трактат о любви, не столько даже о любви, сколько о сексе. Хотя, говорят, секс и любовь взаимосвязаны. Не знаю, как говорил Довлатов, не думаю: в 34-ой средней киевской школе, где я учился, предмета "Sex Education"   не  было. Про Камасутру я услышал впервые уже в зрелом возрасте, будучи отцом двоих детей, и то потому, что моя сотрудница Аня Асташева очень красочно рассказывала о том, как она провезла эту книгу через

советскую таможню, возвращаясь из Индии. Саму Камасутру я никогда не видел, хотя сейчас есть уже и её русское издание.

   Камасутра, кстати, звучит на санскрите как "камасутрам" и   означает  "учебник любви" (кама - любовь, сутрам - учебник, учебное   пособие). Формально здесь собраны предписания, касающиеся любви и брака согласно хиндуистским законам.

    И вот недавно, сидя у телевизора и почти уже засыпая, я обнаружил на одном из каналов любопытную передачу. Какая-то американская матрона, изучившая, вероятно, эту самую Камасутру досконально, взялась учить неопытные пары искусству древнеиндийской любви, или другими, более простыми, словами - сексуальным позициям, описанным в трактате. Один из её уроков и был показан в передаче: где-то с десяток молодых и не очень молодых пар, будучи почти нагишом, выполняли указания матроны и принимали всевозможные головоломные (и, если можно так выразиться, ного- и руколомные) позиции, долженствующие облегчать, извиняюсь, совокупление учащихся. Матрона же строго следила за правильностью расположения соответствующих органов и просовывала какие-то подушечки между полом и отдельными, опять извиняюсь, задницами. Всё было очень увлекательно. При этом демонстрировались красочные рисунки из  Камасутры, на которых бравый индус с закрученными усами и чернявая индуска с пятном над переносицей обслуживали друг друга. Зрелище, надо вам сказать, не из эстетических. Хорошо, что жена ушла спать и я смотрел это дело один.
Но Боже мой - и я, и всё моё поколение выросли, не зная никаких сексуальных позиций! Всё давалось нам чисто эмпирическим путём, а позиции, которые мы знали, были либо военными ("На позицию девушка провожала бойца..."), либо шахматными ("Позиция Ботвинника в   отложенной партии более предпочтительна..."). Ребята, на что ушла наша   жизнь?..
Смешно рассуждать о сексе, когда тебе за семьдесят. Хотя имеется, говорят, ваягра, которая как бы продлевает молодость. Молодость она, конечно, продлевает, но действует на сердце, а согласно новейшим данным, от неё и ослепнуть можно. Кого это, впрочем, остановит?.. И что интересно: малоимущие мужчины, у которых есть Медикейд, могут, говорят, получать эту самую ваягру совершенно бесплатно. Чего нельзя сказать о тех, у кого Медикер. Вероятно, бедному человеку секс нужнее, чем человеку более или менее зажиточному. Не случайно говорится в народе: бедному жениться - ночь коротка. В том смысле, что ваяградействует всего 4 часа. Есть ещё и другие средства с красивыми названиями - сиалис и левитра, те действуют от 8 до 36 часов. Об этих двух средствах существуют разные мнения. С одной стороны - "Нет, не талес и молитва, а сиалис и   левитра!", а с другой - "Чем сиалис и левитра, лучше смалец и пол-литра!"   Поди разберись.
Так вот, посмотрел я фрагменты из древнеиндийской Камасутры и заинтересовался: а есть ли Камасутра для пенсионеров? Что вполне естественно, потому что я сам - пенсионер. Не на Медикейде, правда, а на Медикере. И, к большому своему огорчению, обнаружил, что никакой Камасутры для пенсионеров нет. Что делать? Какие позиции принимать? The Social Security Administration на эти вопросы не отвечает. Ясно, что позиции должны быть, в первую очередь, эротическими, а во вторую - соответствующими пенсионному возрасту и положению. Хотя положение я, вероятно, упомянул напрасно: какое у пенсионера положение? Незавидное. Просто мы привыкли к мысли о том, что с возрастом приходит и солидное  положение. Ничуть не бывало.Но вернёмся к Камасутре. Поскольку никаких трактатов о любви для пенсионеров нет, я решил таковой написать. Что мне - времени жалко? Всё равно его девать некуда. Однако, потом, изучив литературу и опросив своих знакомых старше 65-ти лет, понял, что никакого трактата не получится и нечего даже на него размахиваться. Статистика показывает, что имеется всего шесть приемлемых сексуальных позиций для пенсионеров. Вот они (но предварительно обозначим:
Он - пенсионер мужского пола, Она - пенсионерка женского пола):
Позиция 1-я. Он и Она раздеваются и ложатся в постель. Она тут же засыпает и похрапывает, а Он долго рассказывает ей о том, что такое Home Equity Loan.
Позиция 2-я. Она садится к нему на колени, Он слышит, что в его левом колене что-то хрустит, и просит её встать. Она встаёт и решает мыть окна, а Он ощущает большое облегчение и думает об актрисе Шерон Стоун.

 Позиция 3-я. Он и Она лежат на кровати валетом, Она на левом боку, Он - на правом, и смотрят по телевизору интервью, взятое Виктором Топаллером у Олега Газманова.
  Позиция 4-я. Она ложится на спину на мягком коврике в углу комнаты и поднимает ноги, слегка согнув их в коленях. Он становится между ног, снимает с неё туфли и относит в починку.
Позиция 5-я. Она наклоняется над кухонной раковиной, упираясь в неё руками. Он подходит сзади и просовывает в раковину шесть картофелин и небольшой ножик. Она начинает чистить картофель, а Он уходит в гостиную и читает газету "Реклама".
Позиция 6-я. Он пытается обхватить её за талию, но не может сомкнуть руки. Она кокетливо изворачивается. Обессиленный, Он плюёт на всё и падает на пол. Она набирает 911 и вызывает скорую помощь.
Думаю, что шести позиций для пенсионеров достаточно. Может быть, даже много. Судите сами - вот расписание будничного дня рядового статистического пенсионера:
7.00 - 7.30 утра. Поднялся, сходил, умылся, одел зубы.
  7.30 - 9.00 утра. Позавтракал, прослушал радио "Новая жизнь".
  9.00 - 10.00 утра. Прослушал радио "Эхо планеты".
10.00 - 12.00 утра. Перечитал русские газеты.
12.00 - 12.30 дня. Поланчевал, прослушал радио "Ланч Тайм".
12.30 - 2.00 дня. Дослушал радио "Ланч Тайм".
2.00 - 5.00 дня. Прослушал радио "Народная волна". Позвонил   пару раз на студию, чтобы высказать своё мнение относительно, например, кормления детей грудью (тематика каждый день меняется), не дозвонился. Расстроился, но быстро отошёл.
5.00 - 5.30 вечера. Отобедал, вынул и прополоскал зубы, вставил обратно.
5.30 - 5.45 вечера. Слегка задремал, потом вспомнил и включил радио "Новая жизнь". Ничего, кроме треска, не услышал. Выключил   радио. Задумался о сексе.
5.45 - 6.30 вечера. Думал о сексе, в том смысле, что хорошо бы, но где ж его взять. Позвал жену, предложил попробовать какую-нибудь позицию, но получил алюминиевой миской по голове.
  6.30 - 10.00 вечера. Прикладывал к голове лёд, грозился сообщить о жене в ассоциацию инвалидов и ветеранов, а также доктору Лукашевскому. Ужина не дождался, опять расстроился, вынул зубы и лёг спать.
  10.00 вечера - 7.00 утра. Спал с перерывами на 5-7 минут в 11.35,
  2.20, 3.40 и 4.50 ночи для отправления личных нужд.
Где в этом расписании есть место для секса? То-то же. Я даже не включал сюда времени для приёма лекарств, разговоров по телефону с обсуждением последней статьи Семёна Ицковича, походов в прачечную и натирания жены тигровой мазью. Так что шести названных мною сексуальных позиций вполне достаточно для комфортабельной и спокойной старости.
А если пенсионер примет, скажем, сиалис для всеобщего поднятия духа, то что он будет делать от 8 до 36 часов? Он обречёт себя на муки. Потому что невозможно прикладывать лёд к голове или складывать простыни после стирки в состоянии приподнятого духа. Так мне, по крайней мере, кажется. Между прочим, если бы я излагал всё это на радио, мы бы сейчас часа полтора обсуждали с вами такое состояние, но кто же пустит нас на радио с Камасутрой?..
И ещё есть интересный вопрос: а как относительно оргазма у пенсионеров? Влияет ли на это дело тот факт, какой у тебя иншуренс - Медикейд или Медикер? Думаю, что ничего уже на это дело не влияет. Новейшие медицинские исследования показали: то, что раньше считали оргазмом, оказалось бронхиальной астмой.

Пенсионером быть нелегко!
 

          Pee Stuck In My Urethra   
. 1084 Fairness newsletter with the subject of "troublemakers"


fairness newsletter of 02 January 2011 readers love and reader, are you good arrived in the new year? We hope it stays that way. And if not, that the situation improves for you. Is not it strange: the first is that a year ago as a pristine, mile-long sandy beach. And with some experience of life was raised in February, by March the feeling one; that one's time runs away. This indeed is not the time to no time, but we race through time. And as we race thus making as much in parallel, we charge so much multitasking, which is impossible to create, we will feel for the subtleties are lost. because to be fair, you have to be subtle. And does there, where one has to be fair, but it is not entirely the intruder. Today we call principal: someone who gives us feedback. This should then be packed in beautiful, pleasant to listen to and easy to digest. So no need aufzumerken to be suspicious, to be tested. But rather the other critical to look at. It is good if there are troublemakers. In companies and groups, they are not welcomed, are attacked rather unfair, because it ascribes to them an unfair attack. But we accuse our bathroom mirror, he shows us so bluntly in the morning? We propose to him, because sometimes we look so scary in it from the laundry? You see, where there are people who ascribe competence or fairness, then the move, should be trouble makers not only tolerated but also be welcome. Ungeschminkt send a reply, the thing that bugs in a group that interferes in my behavior's. A great challenge for all who consider themselves fair. One test, a litmus test. But how was that even with the messenger and the Störbotschaft? The messengers were beheaded. So it should not be in the area of fair dedicated people go. On the contrary. The mischief-maker to help it to go forward in its fairness and competence to move forward. Not the troublemaker is the theme, but what bothers him and what distinguishes the peace of the harmony setting. In this sense I wish you the trouble makers, you may suffer in order to jointly come forward. your Dr. Norbert Copray Executive Director of the Fairness Foundation PS.
Who wants to be current up to date: The Fairness Foundation and Encyclopedia. Sign up here simply as Follows: http://twitter.com/Fairness_Info

http://www.fairness-stiftung.de/_images/topNL.jpg ....................... .................


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Black sheep

If individual cases are systematic

The dioxin contamination of animal feed and thus the food: all "individual cases", the Consumer Minister Ilse Aigner. The abuses detailed in the armed forces, especially in the Navy: all "individual cases", the Defence Minister Karl-Theodor zu Guttenberg. The bullying in the Hessen police and tax office. Only "isolated cases", said the Interior Minister Boris Hessen Rhein. 30 000 mostly rich and very rich tax cheats have shown last year for fear of being discovered himself. Impellers were the CDs from Lichtenstein and Luxembourg and Switzerland, which contained the names and accounts. Tax cheats with weak nerves have since shown themselves better. All anecdotal. From when individual cases are not isolated anymore? In logic and philosophy of science is an isolated one in principle, a single case. All swans are white, you can not say if there are 1 or 10 black swans. One can say that most swans are white, but there are black swans. From how many black sheep does not know a white sheep, but rather heavily mottled or gray? And even if individual cases are isolated cases: when the body of a man is sick, is it in comparison with all other organs sometimes an isolated case. And yet it makes sense to deal not only with the single diseased organ, but to take the whole organism and the interaction of the institutions inspected. Perhaps the individual symptom carrier for the whole. Many individual cases everywhere.



The Gorch Fock is a microcosm of the armed forces, especially the Navy. At the latest since 2006, ongoing abuses, especially unfair structures, unfair behavior and unfair values of this microcosm were known. No one has acted. The events were dismissed as isolated cases. It has cost human lives. which speaks of individual cases, you should sit up. And not be satisfied so as if the organism is not itself affected. When such cases are individual system, it is about a system of unfairness



. But since someone has to come first on it, in the Navy, in the armed forces, in government, in ministries. If they are part of it, however, as they should be able to see it?
Norbert Copray Die Fairness-Stiftung twittert

optimization pressure

mistakes are inevitable

"The Logic of Failure" (Rowohlt Verlag) was his big best seller. And it still is. Dietrich Dörner, retired but still very active every day, inquiring in Bamberg is professor of psychology, fairness to the International Forum of the Fairness Foundation to Frankfurt. He is attracted by the topic: "How successful a fair dealing with errors, mistakes and failure by these continuous optimization?". And that excites even the medical professor Dr. med. Dieter Conen, president of the Foundation in Switzerland, and patient safety advisory board member of the Coalition for Patient Safety in Germany. Conen for years was chief physician at a Swiss clinic. To deal with errors, mistakes and failure is very dear to him, to just below the pressure optimization right steps to promote. Since, according to Dietrich Dörner mistakes are inevitable, it depends on how he copes with the risk of failure and to learn. The Fairness Forum 2011 promises to be exciting. Invitations are available from September. Who wants to be sure that he gets an order early to get one of the coveted places, this may send an email to kontakt@fairness-stiftung.de
signal.


telemarketing calls If it sucks






In

www.fair-telefonwerbung.de
the Fairness Foundation is a comprehensive portal to all aspects of telemarketing. With special remarks for consumers, call centers, for irritated contemporaries. There you can also leave the complaint center received a complaint that is being edited. Or register in the course of his professional or commercial activity in a B2B telemarketing calls stop-list. Legal information and judgments of the Court to complete the telephone advertising portal that under because of its quality others have linked the ARD (WiSo) and the Federal Network Agency.





Unfair practices

corruption and attacks in the construction and real estate industry

In Construction and real estate industry, it is sometimes very unfair. The temptation to corruption is running constantly and quickly has you caught in the web of unfair players. From my own experience has a personality in the industry, the deep and practical knowledge on its part, the Fairness Foundation

developed recommendations how people can protect themselves in the construction and real estate industry best practices and unfair against the corruptive baiting. The
fairness helpline
are unfair practices in strategic settings.

kontakt@fairness-stiftung.de

http://www.fairness-stiftung.de/_images/NL/0111/faire-telefonwerbung.jpg Faire future lectures and discussions

The problem of intergenerational equity: The elderly need to help the younger ones a fair chance to achieve get their life goals. And the younger ones need to develop strategies to enforce their claims against the elders fair. Every newborn child begins his life in Germany with 100,000 € debt. Young workers enjoy a worse job protection than older ones. Your company pension scheme is due to short-term contracts are often unsecured. On the other hand, the extended working lives and the cost of decent housing and care of older people often exceed their accumulated wealth. Ronneburger The circle and the Fairness Foundation invite you to a lecture followed by discussion about "intergenerational equity as a problem and their responsibility in business." It speaks Junior Professor Dr. Dr. Jörg Tremmel. It is about answers to the question of what the workplace, what can happen in business and need to make a significant contribution to intergenerational equity. What are the consequences for human resources management and sustainability of farms?

On Sunday, 3/13/2011, at 11-13 Clock in the eco-house, Hall KA ONE, Kassel St. 1, 60486 Frankfurt. Account at
. Admission is 15 € per person, members of the circle or the fairness Ronneburger network pay 10 € and students (Up to 27 years) are free. Please enter the amount with keyword "eco-house 13.3.11" be transferred to account no. 200 103 512 (BLZ: 50,050,201) of the Fairness Foundation at the Frankfurter Sparkasse.

By the way, a reference to other events where the Ronneburger circuit cooperates with the Fairness Foundation: On 2.4. Dr. Eilika Emmerlich out in the trendy hostel in Bad Homburg, a seminar on "In charge decide? with head, abdominal and conscience." During the year, Prof. Dr. Rupert Lay (Honorary Chairman of the Trustees of the Fairness Foundation and winner of the German fair price) to offer a lecture on the occasion of his new book with the theme "Our World view of man and God's image from a constructivist point of view. "And in mid-November it will be a symposium to give the topic" Ethical Management - fig leaf or true value " If you are interested in any of the events, please let us informally by mail?. know or fax. You will then view the detailed information and a registration form.



Rupert Lay

the search for meaning in a complex world

Prof. Dr. Rupert Lay, Chairman of the Board of Trustees the Fairness Foundation, 2000 to 2003 and since then its honorary chairman, and winner of the German fairness Prize in 2004, you can speak live. About "The search for meaning in a complex world, you can follow his 60-minute lecture in six parts, here on the

link of the Fairness Foundation
.



aid

There is more substance










The new book "fairness" by Norbert Copray there is now an additional band with other texts, graphics, cartoons and a full subject index and a bibliography to the book.

The book includes the following chapters:

first Instruments unfair attacks


second
differentiation unfair business practices
third

hierarchy Cross unfairness Triangle Bestellformular Fairness kompakt 4th

The Fairness case of third degree

The additional band

5th

The Fairness powerhouse

6th

fairness impulses to self-coaching

7th

register

7.1

subject index

2.7

list of Graphics

8th

literature

is available exclus