text:
Economy: Malaysia Illicit Outflow & Debt - Sinking deeper and deeper
Thread: Economy: Malaysia Illicit Outflow & Debt - Sinking deeper and deeper
16th October 2013, 01:55 PM #31
M'sia feeds fiscal elephant in the room: its civil service
10:13AM Oct 16, 2013
From unwinding subsidies for food and fuel to imposing a new sales tax, Prime Minister Najib Abdul Razak has plenty to do to rescue Malaysia from a possible credit rating downgrade when he presents his government's annual budget this month.
One thing Najib won't dare risk is upsetting the country's majority ethnic Malays by downsizing a bloated civil service, despite its heavy impact on a fiscal deficit that is the biggest in emerging Asia after India.
Though the next election is only due by 2018, the ruling BN coalition is already looking nervously to the future after a contentious victory last May, and Najib cannot take for granted that his own party, Umno, won't jettison him before his term is up.
"If the BN institutes policies that make the Malays or the government servants unhappy, a 2-3 percent swing next time to the opposition will spell defeat," said Ibrahim Suffian, director at the respected pollster Merdeka Centre.
Dominated by Malays, the civil service, with its jobs for life and access to cheap loans, serves as part of a decades-old affirmative action policy. At RM60 billion its wage bill is the single largest budget item, accounting for a third of total spending.
The fiscal burden, along with a shrinking current account surplus, renders Malaysia vulnerable to foreign capital outflows at a time when investors are eyeing emerging markets with growing caution due to expectations that the US Federal Reserve call time on years of easy money in the coming months.
But, mindful of preserving stability, policy makers often make ethnic considerations a priority in this nation of 29 million people, made up mostly of Malays, Chinese and Indians.
It was the Malay vote that helped the BN, which comprises parties from each ethnic group, scrape back into power, despite losing the popular vote for the first time in 56 years since independence from British colonial rule.
Umno holds elections on Saturday for senior party positions, and with conservatives circling, the more liberal-minded Najib will be keen to shore up support, though he is not facing re-election himself as party chairperson.
"Now, he has to really take care of the Malays," said an ethnic Malay clerk, whose civil service unions have asked for a two-and-a-half month bonus to be included in the budget.
Faced with these compulsions, Najib is likely to make cuts elsewhere when he unveils the budget on Oct 25.
"Food and fuel subsidies will be the easiest expenditure for Najib to cut after the elections, but not the civil service," said Chua Hak Bin, a Singapore-based economist with Bank of America Merrill Lynch. "That is out of the question, for now."
Instead, Najib is expanding the public service, a vital source of support for Umno. Some 200,000 people have joined the civil service since he became prime minister.
At 1.4 million people, the civil service accounts for 10 per cent of the labour force, and by that measure is the largest in Southeast Asia. The hiring isn't over. This year there are plans to add 80,000 employees, double last year's intake.
Unemployment is not particularly high at 3 percent, but young Malays often struggle to find work in the private sector. Nine out of 10 unemployed graduates are Malay, raising a fear in Umno that first-time voters in youthful Malaysia could turn against the party at the next election, unless they have jobs.
Cut or be cut
In reaction to the unconvincing election victory, Fitch Ratings warned in July that deteriorating public finances or a current account swing into deficit, along with other concerns, could lead to a cut in Malaysia's credit rating, though it is comfortably lodged in investment grade.
Currently, the government receives nearly half its revenues from Petronas, the state oil and gas giant.
"There may be efforts to increase the revenue base with the goods and services tax and other tax increases, but this amounts to little if government efficiency does not improve and the bureaucracy keeps on growing," said Chua.
Deputy human resources minister Ismail Abu Muttalib said the size of the civil service was not a worry as employees would find jobs in the private sector as Malaysia develops more.
"The situation will resolve itself," he told Reuters.
"For now these government servants are needed to deliver the government's social programmes to the wider public."
13th December 2013, 10:34 AM #32
M'sia still bleeding billions in dirty money
Steven Gan
8:32AM Dec 12, 2013
EXCLUSIVE Crime, corruption and tax evasion - the hemorrhaging of billions of ringgit in dirty money from Malaysia, one of the world's top countries in illicit capital flight, continues unabated.
A total of RM173.84 billion (US$54.18 billion) was siphoned out of Malaysia in 2011, Washington-based financial watchdog Global Financial Integrity (GFI) says in its latest annual report that tracks capital flight.
Having catapulted into second position last year when close to RM200 billion of dirty money was siphoned out of Malaysia in 2010, putting the country just under Asian economic powerhouse China in global capital flight. Malaysia is ranked No 4 in this year's GFI report.
GFI has yet to obtain data for 2012 and 2013, but these will be included in future reports.
For 2011, Malaysia is behind giants Russia (US$191.14 billion), China (US$151.35 billion) and India (US$84.93 billion). Still, the level of illicit cash flowing out of Malaysia is second highest in the past decade.
This is despite Bank Negara Malaysia (BNM) having set up a task force in 2010 to implement measures to put a plug on illicit funds leaving the country.
However, BNM has taken pains to stress that the estimates by GFI are essentially 'unrecorded financial flows', which are not necessarily synonymous with 'illicit financial flows'.
The central bank also pointed out that, among others, the data does not take into account goods that are exported via re-export hubs.
"After taking into account Malaysia's trade that is exported via Singapore and Hong Kong (re-export hubs), the estimate of trade mispricing between Malaysia and its top 10 trading partners were reduced significantly by about 70 percent," BNM said in a statement in March.
"Since the estimates in the report of trade mispricing do not take into consideration such discrepancies in trade statistics, the estimates of illicit flows are overstated."
The 'Hong Kong effect'
GFI chief economist Dev Kar, who authored the 2013 GFI report with junior economist Brian LeBlanc, said the financial watchdog had taken cognisant of the re-exporting issue and this was addressed in its latest report.
"We adjusted for the 'Hong Kong effect' in estimating trade misinvoicing by Malaysian traders. Essentially, the revised methodology involves taking account of disaggregated re-exports data published by the Hong Kong Census and Statistics Department that breaks down re-exports to and from Hong Kong by destination and source countries, including Malaysia," Kar toldMalaysiakini.
"Because such a detailed breakdown of re-exports data are not published by Singapore, a similar adjustment of Malaysian exports and imports involving Singapore could not be made.
"However, please note that the adjustment involving Singapore would be far smaller (due to the fact that Hong Kong eclipses Singapore as a trade entrepot, i.e., the volume of re-exports) and are unlikely to impact the misinvoicing estimates significantly."
BNM has also argued that the entire errors and omissions (E&O) figure could not be attributable to illicit activities, as it also includes genuine statistical errors from the compilation of statistics of external trade and cross-border financial transactions.
Kar (left) said BNM was correct that the net errors and omissions (NEOs) reflect both statistical errors and unrecorded capital flows.
"Economists have for decades used the NEOs as a proxy for illegal capital flight provided two conditions are met - (i) they are persistently negative and (ii) they are sizable.
"Both these conditions are met in the case of Malaysia whose reported balance of payments statistics are basically reliable (due to the fact that they average around 2 percent of total trade).
"We therefore feel that persistently negative NEOs under conditions of overall statistical reliability, provides prima facie evidence of illegal capital flight."
Kar nevertheless commented Malaysia's central bank for the formation of the task force following publications of GFI reports.
"At a minimum, such governmental actions convey to the public that it is serious in addressing governance issues and that it will take action against corruption wherever such actions are warranted."
Tax haven secrecy
GFI's latest report released today - 'Illicit Financial Flows from Developing Countries: 2002-2011' - is its 2013 annual update on the amount of illicit capital flowing out of developing economies, and it is the first of GFI's reports to include data for 2011.
"Anonymous shell companies, tax haven secrecy, and trade-based money laundering techniques drained nearly a trillion dollars from the world's poorest in 2011, at a time when rich and poor nations alike are struggling to spur economic growth," said GFI president Raymond Baker.
"While global momentum has been building over the past year to curtail this problem, more must be done. This study should serve as a wake-up call to world leaders: the time to act is now."
The report incorporated for the first time trade data on re-exports from Hong Kong and the first to integrate bilateral trade data for those countries which report it - making this report the most accurate analysis of illicit financial outflows produced by GFI to date.
"We're constantly striving to improve the accuracy of our estimates. We determined that by omitting data from the use of Hong Kong as a trade intermediary, the previous methodology - which was accepted by most economists studying trade misinvoicing - had the potential to overstate illicit outflows from many Asian countries," said Kar.
Correcting for this 'Hong Kong effect' sharply reduces the share of outflows from Asia.
"Nevertheless, Asia still has the largest share of illicit flows among the regions, and six of the top 15 exporters of illicit capital are Asian countries (China, Malaysia, India, Indonesia, Thailand, and the Philippines)," said Kar.
"The estimates provided by our new methodology are still likely to be extremely conservative as they do not include trade misinvoicing in services, same-invoice trade misinvoicing, hawala transactions, and dealings conducted in bulk cash," added Kar, who served as a senior economist at the International Monetary Fund (IMF) before joining GFI in January 2008.
"This means that much of the proceeds of drug trafficking, human smuggling, and other criminal activities, which are often settled in cash, are not included in these estimates."
The US$946.7 billion of illicit outflows lost in 2011 is a 13.7 percent increase from 2010 - which saw developing countries hemorrhage US$832.4 billion - and a dramatic increase from 2002, when illicit outflows totaled just US$270.3 billion.
The GFI study estimates the developing world lost a total of US$5.9 trillion over the decade spanning 2002 through 2011.
"It's extremely troubling to note just how fast illicit flows are growing," said Kar.
"Over the past decade, illicit outflows from developing countries increased by 10.2 percent each year in real terms - significantly outpacing GDP growth. This underscores the urgency with which policymakers should address illicit financial flows."
Meanwhile, Baker hailed the effort by some countries to increase the transparency in the international financial system as a means to curtail the illicit flow of money.
"Much progress has also been made in targeting anonymous shell companies over the past year, with the United Kingdom announcing in October that they would be creating the world's first central public registry of corporate beneficial ownership information," he said.
"(British Prime Minister) David Cameron should be commended for his courage, but the rest of the world must now move to follow suit - making public registries of beneficial ownership information the global standard."
Cameron was spurred to action following a global investigationcoordinated by Washington-based International Confederation of Investigative Journalists (ICIJ) in April this year, which included a team from Malaysiakini.
Don't believe Putrajaya's propaganda. The economy is not doing well, a CRISIS may hit in 2015
Written by Sam Chee Kong
If any of you can remember for the past few months our government has been engaging on a propaganda spree claiming that our economy is doing excellent and our budget deficit is on track hitting the 3% target.
In addition it is also reported that our household sector is supported by sustained income growth and hence consumption. Our high level of international reserves, current account surplus, resilient domestic financial system and low level of external debt helps reinforce the strength of our economy. Bank Negara even forecast a GDP growth between 5.0 to 5.5% for fiscal 2015? Is our economy really that resilient and solid?
This article aims to dissect the reported facts above and also at the same time gauge the performance of the Malaysian economy.
External Debt.
From 1990 to 2013, Malaysia's external debt averages about RM 43 billion but somehow as of the 2nd quarter of 2014 it exploded to RM 740 billion (Chart shown below). This represents an astonishing further 17x leverage in the past year. I do not know have the breakdown on where are those funds headed to but I suspect some might have gone to 1MDB or One Malaysia Development Berhad, another Malaysia Sovereign Wealth Fund. Getting highly geared during such challenging economic times is not only unwise but suicidal especially when you are on the wrong side of the fence. This is because our Ringgit has been depreciating sharply recently. I shall go into details next on why we are in trouble when leveraged with foreign money no matter what currency it is denominated in.
Due to the near zero interest rate policy in the West and the excess supply of funds available, naturally money will always go to the place where it is best treated. Hence as a result there was a frantic search for a higher yield debt market. There is no better place than Asia because Asia offers one of the safer and higher yield market. Consequently, there was a huge inflow of funds especially from Europe to Asia since 2009. This can be shown by the following chart.
As seen, the emerging market corporate debt market has grown more than 400% since 2008 and is still growing. One reason for the massive increase is the growth of the corporate bond market. Instead of relying on the traditional bank financing, more corporations are looking into non-bank financing options which also offers a cheaper solution. As a result the corporate bond market in Asia has grown tremendously in recent years. This can be demonstrated by the following graph. Total outstanding debts in bond are worth about USD 2.6 trillion. This is huge and a time bomb waiting to explode.
So how big is Malaysia's Bond market? The following chart best depicts the size of our bond market. Malaysia's bond market is one of the biggest in Asia (about 50% to GDP) due to the fact that Malaysia can be said to be the center for issuing and trading Islamic bonds.
So what are the risks of having a large portion of debts denominated in bonds? Firstly since bond is a form of debt and any debts that are leverage to the hilt always poses a danger. If the bonds are denominated in USD then there is always the danger of exposing to the risk of 'Foreign Exchange Exposure'. Foreign exchange exposure refers to a situation where you are exposed to the ups and down (volatility) of the foreign currency the loan is denominated.
For example, if a corporate had raised USD 10 million from the bond market in 2012 with the prevailing exchange rate of 3.10. Putting aside the interest rate, total debt payable converted to Malaysian Ringgit shall be RM 31 million. What happens when our Ringgit depreciates against the Dollar like what is happening now? With the current exchange rate of 3.46, the principal amount payable will increase to RM 34.6 million. Hence, there is a foreign exchange loss of RM 3.6 million. However, this risk can be reduced through hedging using tools like Currency Options, Currency Futures or Currency Forward Contracts. However I doubt it if there are many corporate borrowers hedged their foreign currency exposures due to the high costs associated with it.
What happen when the bonds are denominated in local currency or Ringgit? Well foreign bond holders will be on the losing side. This is because when they exit the bond market they will be getting less USD when they convert their Ringgit to the USD. To ensure the bondholders do not exit at the same time, interest rates will have to increase as a form of compensation. This is because the price of bonds relates inversely with the yield. When they start selling, the price of bonds will go down but the yield will go up. The risk is when every bondholders start rushing for the exit, this will cause a meltdown in the bond market.
Depreciating Ringgit
As we have known our Ringgit has been on the downtrend since last year only recuperating some losses beginning of this year. However the slide begins again and it looks like we are yet to see the worse. The following chart denotes the exchange rate between the USD and our Ringgit. As can be seen it is now fast approaching the 3.70 level that was set back in 2009 during the Global Financial Crisis.
USD/MYR chart
Similar to the Bank of Indonesia's intervention into the Rupiah on 17/12/2014 to prevent it from sliding below the 2008 level, Bank Negara Malaysia has also been involve in the intervention of the Malaysian Ringgit through open market operation by selling the Dollar to prevent further slide of the Ringgit. This can be shown by the sharp decline of our Foreign Exchange Reserves in the following chart.
From the chart above, our Foreign Exchange Reserves peaked at $155 billion in August 2011 but has since been declining rapidly. In October our Foreign Reserves stood at $134 billion, a drop of $21 billion from the peak. We have been recording Balance of Payment surplus for the past many years and by right the excess Dollars should be added into the Foreign Exchange Reserves. Yet we are seeing dwindling reserves and one explanation will be some of the reserves are being used for open market operations to support the Ringgit.
Similar to a fall in oil price, a fall in the Ringgit will have both negative and positive effects. Positive effects includes more exports hence more foreign currency receipts and negative effects include higher import costs and hence higher inflation.
As already mentioned above, one of the major side effects of the appreciation of the Dollar will be exiting by foreign bondholders and hence the repatriation of the Dollar. The Federal Reserve has already started tapering and eventually this will lead to a Dollar liquidity crunch. To overcome this imbalance, funds will have to be redirected from elsewhere. The Dollar Liquidity Crunch caused by tapering will ultimately lead to an interest rate hike soon. When interest rates are hike, it will attract more Dollars from abroad and this will further strengthen the Dollar. In a way this will cause a feedback loop whereby the faster the U.S economy recovers then the higher the U.S Dollar appreciates. This spells trouble for countries sitting on the wrong side of the fence (having huge foreign debts). The following Dollar index chart shows how fast the Dollar appreciates in the last few months.
Notice that the Dollar started to appreciate in July when it moved above the Moving Average 50 and 200 days. Not only that if you take a look at the Brent Crude Oil chart below, the price of crude oil also started to drop n July. What this tells us is that there exist a correlation between the price of oil and the Dollar. As I have indicated above, the Dollar is expected to keep strengthening due to the Dollar liquidity crunch and interest rate hike. This means that the price of oil will have problem moving higher as long as the value of the Dollar remains high.
But the peculiar thing is that even when our Ringgit is falling, our exports volume declined as compared to import volume recently. Why is this happening? I will try to address the problem below on why our exports are declining.
Declining competitiveness
Balance of Trade or trade balance is the difference between a country's exports and imports. A country is experiencing a deficit when imports exceed exports. Likewise a surplus will be the reverse. Malaysia recorded a trade surplus of only RM 1.186 billion in the month of October 2014. This represents a sharp decline as compared to a surplus of RM8.23 billion in October 2013. This has due to the increased in import by 9.1% and a fall in exports by 3.1% (RM 67.19 billion in Oct 2013 and RM 65.1 billion in Oct 2014) during that period of time.
From below our current trade balance has recorded one of the worst readings for the past 10 years. Again from the Currency chart above, even when our ringgit was trading at the lowest (USD/MYR = 3.70) in 2009, we recorded one of the highest positive trade balance of RM 16 billion. So what caused our exports to decline?
Historical Data Chart
There are two reasons attributed to this conundrum. One might be that our Ringgit has not been depreciated as drastically as other currencies. For example the Indonesian Rupiah depreciated to a low of 12,725 to the Dollar on 14/12/2014 which was lower than the level set back in 2008. Thus, this made Indonesian exports like Rubber, Palm oil and other commodities cheaper than Malaysia, hence contributed to our decline in exports.
The other more important factor is our declining level of competitiveness. Although our authorities claimed that our country is getting more competitive in the international arena but statistically it proved otherwise. A good statistical tool to demonstrate the competitiveness of a country will be the Current Account (CA) to GDP. If a country exhibits a strong CA/GDP then it is consider very competitive because of its strong exports. Likewise if a country is experiencing a low CA/GDP reading then its competitiveness is deteriorating due to declining exports.
As shown above Malaysia's CA/GDP has been on the decline since 2008 and recently recorded the lowest for the past 10 years. In 2013, our economy recorded a 4.7% reading in the ratio. So what are we going to do to reverse the trend? I reckon it is best to leave it to our experts in the government.
Declining Oil Revenue
Malaysia has been experiencing a steady decline in its crude oil production. Production peaked in October 2004 with 790,000 barrels per day. This can be shown by the chart below.
The price of crude oil has been holding above the $100 for about 43 months before it began to slide downwards in July this year. The recent fast and huge decline in oil price is also known as the Mega Oil Price Crash. This extent of the carnage can be shown by the chart below.
What are ramifications to our economy when oil price crashed?
Less oil revenue received. Based from the above data, we can calculate the approximate loss of revenue from our oil exports. With the following assumption.
July pricing = $110 per barrel
December pricing = $ 61.38
Daily Oil Output = 550,000 barrels a day. Averaged from Jan – Dec 2014.
USD/MYR as of December 19 2014 = 3.476
Revenue as per July 2014.
550,000 barrels/day x $110 = $60.5 million per day
Revenue as per December 2014
550,000 barrels/day x $61.38 = $33.75 million per day
So, the loss of revenue per day = $69.75m - $33.75m = $26.75m
Per year loss of revenue = $26.75 x 365 = $9.763 billion x 3,476 = RM 33.94 billion.
Even with the recent complete removal of fuel subsidies which amounts to about 2.3% of GDP, it still not enough to cover the loss in revenue.
Malaysia cannot expect to use its oil revenue to balance its budget due to its high budget deficit and also being a relatively small oil exporter. According to the chart below, we needed more than $200 in oil price to balance our budget.
According to IEA the price of oil should be trading between $60 to $70 from 2015 to 2016 due to demand weakness plus additional fresh supply of 2.5 million barrels per day coming from the Gorgon field in Australia, Kashagan field in Kazakhstan and also the Angolan and Columbian fields in 2016.
Apart from the shale boom in the U.S, other factors affecting the demand for oil is not only the advancement battery technologies but also increased financial commitment by Governments to develop EV technologies. Germany and China has both $Billions to jumpstart their research and development transition into EVs or Electric Vehicles.
Dramatic development in battery technology resulted in higher efficiency, has been made possible by companies like SeeO and Sakhti. Another recent breakthrough in battery technology using titanium was developed by the Nanyang Technology University of Singapore. The battery is made from titanium dioxide and can last up to 20 years. This enables ultra-fast charging for batteries, recharging up to 70% in 2 minutes. Electric vehicles can now be charged within minutes and can go faster and further due to the lesser weight of the batteries. So with all these developments, it will be a challenge for oil price to remain above $70 in the future.
Further to this, there is no rush for OPEC to cut production and risked losing customers because they can now afford lower price to balance their budget. To show you how they can now afford lower prices to balance their public budget, I shall use Nigeria as an example. As from the above Nigeria needed about $100 to balance its public budget will now only need about $88. This is because the USD has appreciated more than 12% since July 2014. Thus, if the USD continues to rise then oil exporting countries can live with lower oil price because any revenue loss from lower price will be compensated by the gain in the USD.
Balancing Budget
Malaysian Prime Minister Najib Razak said that we are on track to shrink our budget deficit down to 3% from the current 3.9%. Can he do it? Looking at the global economic scenario developing at the moment I reckon it is very difficult if not impossible to achieve the target.
Firstly Malaysia is an oil exporter nation and hence its oil revenue will be subjected to the volatility of the global oil price. When oil price was above $100 it is very likely we can achieve the deficit target given the recent complete fuel subsidy removal and the intended implementation of GST April next year. Given the recent mega oil price crash that has taken everyone by surprise, the equation on balancing budget has certainly changed. Below is the table that shows the impact of a $10 reduction in oil price on GDP growth.
Source : Business Insider
As can be seen from above, a $10 reduction in oil price will slice of 0.2% from Malaysia's GDP growth. If the current oil price stays at around $60 - $70, then our next GDP growth next year will be reduced by at least 0.6%.
Secondly, balancing a budget requires more than cutting down government expenses and increasing income as can be shown below. For a full picture we need to bring in the Balance of Payment because of its relationship with the national income or GDP. Thus,
GDP or the National Income (Y) can be defined as follows.
GDP = Y = C + I + G + (X - M)
C = Consumption
I = Investment
G = Government Expenditure
X = Exports
M = Imports
When we introduce savings into the equation then it will be different picture. Savings can be defined as the amount left from the National Income and Consumption and Taxes. Hence,
S = Y – (C – T) or can be written as below
S = C + I + G + (X – M) – (C – T)
Now from Balance of Payment definition (X – M) = BCA (Balance of Current Account)
After netting off the Consumption or C, the equation can be re-written as follows.
(S – I) + (T – G) = (X – M) = BCA
(T – G) = (X – M) – (S – I)
Thus from above we can see that for the budget deficit (T – G) to reduce, either (S – I) or (X – M) has to increase. The following shows our savings rate which have been on the decline since 2002.
Malaysia Savings Rate
Thus by assembling all the data above we can derive the performance of the different economic indicators and the results can be summarized as follows.
↑ M , ↓ X , ↑M and ↓ S
So how can we reduce our budget deficit when our economic indicators moved in different directions? One way to do it is to massively increase the taxation income and drastically cut back on government spending. Unfortunately both are not the best option at the moment.
In wrapping, from above and going through the complete cycle you notice that not all is about oil, it has much more to do with the USD. The current turmoil in the oil market has benefited the USD by regaining some relevance as the reserve and trading currency.
According to the IEA, currently there exists an excess supply of about 2 million barrels a day that caused the current dampening oil prices. The funny thing is that if there exist an oversupply for years, why has the oil price managed to stay above the $100 level for more than 43 months.
Another argument is that oil price can resume back above $100 in no time if the American Government decides to soak up the extra supply into its strategic reserve. By adding the extra 2 million barrels a day to its strategic stockpile, it only cost the American Government about $77 million a day ($100-$61.38 x 2 million barrels). That works out to be about $23.1 billion in a month. What is $2.3 billion when compared to the monthly injection of $85 billion into the economy?
Hence, the BIG picture is all about the USD. It is the main threat to the emerging markets as their exposure to external debts amounts to $5.7 trillion. Out of that $3.1 trillion are in bank loans and $2.6 trillion in bonds. If the U.S continues to pursue Exchange Rate Stability then the rise in the USD will certainly increase the risk of credit default in emerging markets.
The question is how long can the emerging markets sustain their pain threshold? If there is another black swan event causing Western lenders to recall their loans and exiting the door at the same time, then emerging markets currency will faced meltdown and hence causing another Financial Crisis. - Malaysia Chronicle
28th May 2015, 10:58 AM #34
Only bitter reforms left to jump-start stalling Malaysian economy, FT says
Financial Times says circumstances now have caused Malaysia, Thailand and Indonesia's emerging markets to bleed even as the rest of the world recovers. ― File picKUALA LUMPUR, May 27 ― Malaysia has few options beyond painful structural reforms in order to reignite the country's economic growth now stalling due to a decoupling from the global recovery, according to the Financial Times.
The London-based paper said that while export-dependent countries such as Malaysia, Thailand and Indonesia had once been able to take heart as the world economy improves, circumstances now have caused these emerging markets to bleed even as the rest of the world recovers.
Exacerbating Malaysia's case is its high debt levels ― both the government's and consumers ― that discourage more aggressive fiscal policies while declining oil prices that have benefitted most nations have cut deeply into the oil-exporting nation's coffers.
"The way forward, of course, is structural reform," said the FT.
"Across most of the EM (emerging markets) world, there is significant scope for further supply-side reform, including reducing bureaucracy, improving education, deregulation and privatisation," the paper wrote in its opinion column.
High among the list of reforms demanded by Malaysia's critics is the removal of the pro-Bumiputera New Economic Policy (NEP) that is condemned for blunting the country's competitiveness.
Beyond the direct effect on Malaysia's edge, the NEP and other programmes in its vein have also been blamed for driving the country's non-Malays to find an exit, with neighbouring rival Singapore being the destination of choice for geographic and cultural reasons.
Upon taking office in 2009, Prime Minister Datuk Seri Najib Razak announced an ambitious plan to do away with race-based affirmative action from the NEP and replace this with merit-based aid in what he then called the New Economic Model (NEM).
But the plan was short-lived as conservative Malay groups baulked at the idea, forcing Najib to not only abandon his proposal but to also increase aid for the dominant Bumiputera community.
Despite its prescription for such substantive reforms, however, the FT acknowledged their improbability in the current climate of stuttering economic performance.
"But this (reforms) is difficult stuff and twice as difficult to do when growth is already falling," it said.
Still, it pointed out that Malaysia and other countries in the same dilemma may have little choice if they hope to revive their economies.
"Most EMs sharply reduced interest rates during (and following) the crisis, so there is not much more they can do to make their currencies more competitive or to stimulate domestic consumption," it said.
Bank Negara Malaysia kept the key Overnight Policy Rate (OPR) at 3.25 per cent this month ― nearly a year since it last made a change ― even as a new Goods and Services Tax (GST) introduced in April 1 depressed consumer spending.
The central bank is particularly wary of encouraging Malaysians to take on more debt, with households having already piled on the equivalent of 86 per cent of the country's gross domestic product in borrowings.
The sharp depreciation of the ringgit ― Asia's second-worst performing currency ― also compounded the decline in oil prices that forced Putrajaya to tinker with its Budget for 2015 in January, just two months after it tabled the original.
Low oil prices continue to plague Putrajaya's biggest source of revenue; five days ago state oil company Petronas announced a 38 per cent drop in its profit and expected poor earnings throughout 2015.
Malaysia's exports fell 9.7 per cent in February from a year earlier, the biggest drop since September 2009, due to a slump in oil prices and a weakening Chinese economy that cut demand for commodity shipments.
Malaysia's economy likely grew at a slightly slower pace in the first quarter due to weaker exports, but a surge in factory output and private consumption in March prior to the implementation of a new consumption tax may offer support.
First quarter gross domestic product (GDP) was estimated to have risen 5.5 per cent from a year earlier, according to the median forecast of a Reuters poll, slower than 5.8 per cent in the fourth quarter. The forecasts ranged from 5.0 to 6 per cent.
Full-year growth is expected to come in at 5.0 per cent according to the latest poll, compared with 6.0 per cent in 2014.
Quick Navigation Top Posts Top
« Finance: The US Debt Crisis from the Founder's Perspective, Stratfor | Beware of Greeks Bearing Bonds »
malaysian debt
malaysia debts
malaysia national debt 2011
how much malaysia debt
malaysia debt deficit 2011
how much is malaysia debt
malaysia debt
malaysia internal debt
statistical data of Malaysia contribution in economics and associations
hutang negara malaysia 2012
Does Malaysian economy sinking
malaysia national debt
what will happen to amanah saham malaysia if barisan nasional lose
domestic borrowing malaysia 2011
malaysia national deficit
explain the malaysian national debt
forum malaysia debt 2011
malaysia buys rm5 billion of imported chicken feed annually wastage
federal government debt malaysia 2011
malaysia domestic debt 2011
sources of public borrowing in malaysia 2011
domestic debt of malaysia
why malaysia debt
hutang kerajaan malaysia
statistik perbelanjaan subsidi di malaysia
1malaysia, blog, bureaucrats, change, china, corruption, default, economics, economy, elections, gold, greece, health, india, investment, isa, macc, malaysia, malaysia-today, media, politics, public transport, race, savings, umno


Large sunny 5BR bedroom 2Bathroom single family home on Allston/Brighton Center line. The house has 3 floors, 2 full bathrooms, a living room, dining room, 5 bedrooms, a back yard, a large outdoor deck, and a full basement. The living room, dining room furniture, and 55" TV are included in the rental. The back deck is large with table, chairs, and BBQ. The back yard has a fire pit and chairs. There are hardwood oak floors in common areas and also in the available bedroom. There is free use of washer/dryer in the basement along with storage for bikes and personal belongings. Boston Landing Commuter Rail station is less than a 5 minute walk from the house. At the top of the street in walking distance, there are restaurants, nightlife, Stop & Shop, pharmacy, and more. 5 free parking spots included. One year lease required from 9/1/19 to 8/31/20. First, last, and security deposit required.
The information in this listing was gathered from third party resources including the seller and public records. Listing information provided courtesy of Kurt Jackson of Kurt Jackson. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations or warranties as to the accuracy of this information.


This shrubby salvia is reported to be a cultivar of Salvia splendens and is a very valuable plant, which flowers almost all year in a warm temperate climate. It has relatively large, tubular maroon flowers, held in a dark calyx. The plant grows to about 1m tall and as wide, and tolerates some shade. Sometimes it self-seeds, giving rise to slight variations in colour. It is quite frost sensitive; in colder areas prone to frost it would be best grown with overhead shelter from tall trees. As it flowers almost continuously (seeming to have a rest in mid-summer in my garden), it can be pruned progressively, by removing one woody stem on a regular basis through the year. Alternatively, it can be hard-pruned along with most of the shrubby salvias in late winter: it will quickly regrow. It looks particularly effective with blue flowers, such as Agapanthus cultivars, annual browallia (Browallia americana) and perennial asters; silver or plum foliage also combine well with the hue of its blooms. It can be grown in a large pot. It can get quite woody after a few years - replace with a cutting occasionally.
Recently, I acquired a form of this plant with a scattering of yellow spots on its leaves. It grows quite well in shade and can look effective grown nearby yellow Abutilon or yellow-flowered bromeliads. There is also a variant named 'Alan's Maroon' with more clustered flowers of a more intense and vibrant colour, which is always in bloom.
Flowers in February, March, April, May, June, July, August, October, November, December.


text:
package com.haulmont.cuba.desktop.sys;

import com.google.common.base.Splitter;
import com.haulmont.cuba.core.global.*;
import com.haulmont.cuba.core.sys.AbstractAppContextLoader;
import com.haulmont.cuba.core.sys.AppComponents;
import com.haulmont.cuba.core.sys.AppContext;
import com.haulmont.cuba.core.sys.SingleSecurityContextHolder;
import com.haulmont.cuba.gui.AppConfig;
import org.apache.commons.io.IOUtils;
import org.apache.commons.lang3.StringUtils;
import org.apache.commons.text.StringTokenizer;
import org.apache.commons.text.TextStringBuilder;
import org.slf4j.Logger;
import org.slf4j.LoggerFactory;

import java.io.*;
import java.nio.charset.StandardCharsets;
import java.util.ArrayList;
import java.util.Collections;
import java.util.List;
import java.util.Properties;
import java.util.regex.Pattern;

/**
 * {@link AppContext} loader of the desktop client application.
 *
 */
public class DesktopAppContextLoader extends AbstractAppContextLoader {

    public static final String HOME_DIR_SYS_PROP = "cuba.desktop.home";

    public static final Pattern SEPARATOR_PATTERN = Pattern.compile("\\s");

    public static final String APP_COMPONENTS_SYS_PROP = "cuba.appComponents";

    public static final String APP_PROPERTIES_CONFIG_SYS_PROP = "cuba.appPropertiesConfig";

    private String defaultAppComponents;
    private String defaultAppPropertiesConfig;
    private String[] args;

    private static final Logger log = LoggerFactory.getLogger(DesktopAppContextLoader.class);

    public DesktopAppContextLoader(String defaultAppComponents, String defaultAppPropertiesConfig, String[] args) {
        this.defaultAppComponents = defaultAppComponents;
        this.defaultAppPropertiesConfig = defaultAppPropertiesConfig;
        this.args = args;
    }

    @Override
    protected String getBlock() {
        return "desktop";
    }

    public void load() {
        AppContext.Internals.setSecurityContextHolder(new SingleSecurityContextHolder());

        initAppComponents();
        initAppProperties();
        afterInitAppProperties();

        beforeInitAppContext();
        initAppContext();
        afterInitAppContext();

        initEnvironment();

        AppContext.Internals.startContext();
        log.info("AppContext started");
    }

    protected void initEnvironment() {
        Configuration configuration = AppBeans.get(Configuration.NAME);
        String tempPath = configuration.getConfig(GlobalConfig.class).getTempDir();
        File tempDir = new File(tempPath);
        if (!tempDir.exists()) {
            try {
                boolean result = tempDir.mkdirs();
                if (!result)
                    throw new FileStorageException(FileStorageException.Type.IO_EXCEPTION, tempPath);
            } catch (Exception ex) {
                throw new RuntimeException(ex);
            }
        }
    }

    private void initAppComponents() {
        String block = getBlock();

        String appComponentsProp = System.getProperty(APP_COMPONENTS_SYS_PROP);
        if (StringUtils.isBlank(appComponentsProp))
            appComponentsProp = defaultAppComponents;

        AppComponents appComponents;
        if (StringUtils.isEmpty(appComponentsProp)) {
            appComponents = new AppComponents(block);
        } else {
            List<String> compNames = Splitter.on(SEPARATOR_PATTERN).omitEmptyStrings().splitToList(appComponentsProp);
            appComponents = new AppComponents(compNames, block);
        }
        AppContext.Internals.setAppComponents(appComponents);
    }

    protected void initAppProperties() {
        AppContext.setProperty(AppConfig.CLIENT_TYPE_PROP, ClientType.DESKTOP.toString());

        String appPropertiesConfig = System.getProperty(APP_PROPERTIES_CONFIG_SYS_PROP);
        if (StringUtils.isBlank(appPropertiesConfig))
            appPropertiesConfig = defaultAppPropertiesConfig;

        final Properties properties = new Properties();

        StringTokenizer tokenizer = new StringTokenizer(appPropertiesConfig);
        for (String str : tokenizer.getTokenArray()) {
            InputStream stream = null;
            try {
                stream = getClass().getResourceAsStream(str);
                if (stream != null) {
                    Reader reader = new InputStreamReader(stream, StandardCharsets.UTF_8.name());
                    properties.load(reader);
                }
            } catch (IOException e) {
                throw new RuntimeException(e);
            } finally {
                IOUtils.closeQuietly(stream);
            }
        }

        for (String arg : args) {
            arg = arg.trim();
            int pos = arg.indexOf('=');
            if (pos > 0) {
                String key = arg.substring(0, pos);
                String value = arg.substring(pos + 1);
                properties.setProperty(key, value);
            }
        }

        for (Object key : properties.keySet()) {
            AppContext.setProperty((String) key, properties.getProperty((String) key).trim());
        }

        List<String> list = new ArrayList<>();
        for (String key : AppContext.getPropertyNames()) {
            list.add(key + "=" + AppContext.getProperty(key));
        }
        Collections.sort(list);
        log.info(new TextStringBuilder("AppProperties:\n").appendWithSeparators(list, "\n").toString());
    }
}

redpajama_set_name: RedPajamaGithub


text:
Home News Daily Gossip FIBA invites six federations to a meeting regarding international future
FIBA invites six federations to a meeting regarding international future
FIBA Secretary General Patrick Baumann has sent a letter directed to the basketball federations of Greece, Italy, Russia, Spain, Turkey, and Germany, inviting players to represent each country in a meeting held in October to discuss the future of the international game.
The six aforementioned nations recently jointly signed a letter to EuroLeague Basketball, calling for them to change their season schedule to allow players to compete in international competition.
The letter is as follows (The pictures and joint statement is not featured in this article).
Dear Presidents, Friends,
Allow me to thank on behalf also of our president Mr Muratore for your participation in today's meeting at the house of Basketball and for the strong solidarity you have shown to each other and to the unanimous support to move forward all united in accordance with decisions taken over the years by al the FIBA family for the good of basketball and for the good of all European Basketball Federations.
I believe this format of meeting is very useful to exchange and learn from each other and I would repeat this at regular intervals in the future, maybe once or twice per year, and include also other important National Federations from other continents. Certainly today we've learned a lot more about the position of ECA in each country and we are at your disposal to help you in any way possible.
In the meantime, as discussed and agreed this morning, we would suggest 5 October 2017 for a get-together with player representatives from your countries. Kindly inform them and confirm to us that they would be able to attend a meeting at FIBA as of 10 am on that day. Of course, we welcome a representative of your National Federation to accompany them. As you usual, we will provide the appropriate support for hotel accommodations and transport in Geneva. We would appreciate receiving a confirmation by Wednesday 27 September in order to plan and confirm all the arrangements.
Finally, pleased finally enclosed two pictures of this morning as well as a scanned copy of the Joint Statement and the talking points for you to remember when facing the media. I would also suggest to all of you all be active with the media and send the same messages we prepared in the statement as often as possible. If you wish to have more feedback to certain questions please let me know and I will ensure that our communications team will provide you those immediately.
Once again, I thank you for participating in this important meeting. It is a delicate but important moment for the future of European basketball. Your presence and support make it even more valuable. In my humble opinion, we are on the right path and once the dust will settle over these matters it will be a bright future for all the National federations, national teams, and clubs.
With kind personal regards
Patrick Baumann"
Previous articleFernando San Emeterio stays with Valencia until 2019
Next articleOmer Asik treated for Crohn's disease
Andrew Bogut fined by FIBA for angry comments during World Cup
Jordi Bertomeu critical of FIBA and its calendar
FIBA's World Cup failure
FIBA extends the 2020 domestic league playoffs calendar
FIBA revealed 11 top basketball personalities for the 2019 Class of Hall Fame
FIBA announced the eight pots for Saturday's World Cup Draw
LeBron James on Markelle Fultz: "He's confident in himself.."
Dwight Howard shooting 3-pointers after the Lakers loss to the Magic
DeAndre Ayton becomes youngest player in Phoenix Suns history with a...
Derrick Rose lobs off the glass for Andre Drummond slam
Royce O'Neale signs extension with Jazz
Daily Gossip, Wednesday 7/1/15
Daily Gossip, Sunday 1/6/14
Daily Gossip, Friday 1/8/14
Aug 2, 2014 9:48

redpajama_set_name: RedPajamaCommonCrawl


text:
package migrations

import "github.com/BurntSushi/migration"

func AddCompositeUniqueConstraintToVolumes(tx migration.LimitedTx) error {
	_, err := tx.Exec(`
    ALTER TABLE volumes DROP CONSTRAINT volumes_handle_key;
	`)
	if err != nil {
		return err
	}

	_, err = tx.Exec(`
    ALTER TABLE volumes ADD UNIQUE (worker_name, handle);
	`)

	return err
}


text:
Year 9650 9614 9530 9279 9252 9239 9233 9212 9155 9139 9079 9000 8911 8903 8884 8874 8809 8772 8751 8721 8456 8332 8322 8249 8209 8155 8103 8084 8057 8005 7985 7945 7941 7895 7852 7849 7837 7717 7654 7566 7337 7315 7260 6862 6861 6610 6523 6503 6443 6343 6316 6169 6138 6018 5971 5965 5943 5921 5856 5829 5817 5737 5098 5097 4162 3759 2529 2408 2124 2076 2057 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1971 1970 1969 1968 1967 1966 1965 1964 1963 1962 1961 1960 1959 1958 1957 1956 1955 1954 1953 1952 1951 1950 1949 1948 1947 1946 1945 1944 1943 1942 1941 1940 1939 1938 1937 1936 1935 1934 1933 1932 1931 1930 1929 1928 1927 1926 1925 1924 1923 1922 1921 1920 1919 1918 1917 1916 1915 1914 1913 1912 1911 1909 1906 1905 1904 1902 1898 1880 1685 1681 1390 1313 1290 1288 1220 1142 1085 1051 1046 1041 1031 1030 1015 1002 958 0 Genre Action Adult Adventure Animation Biography Comedy Crime Documentary Drama Family Fantasy Film-Noir Game-Show History Horror Music Musical Mystery News Reality-TV Romance Sci-Fi See more Short Sport Talk-Show Thriller War Western Country Afghanistan Albania Algeria Andorra Argentina Argentina,Canada,China,Nepal,USA Armenia Aruba Australia Australia,UK Austria Azerbaijan Bahamas Belarus Belgium Bosnia and Herzegovina Botswana Brazil Bulgaria Cambodia Cameroon Canada Canada,France,USA,Germany Chile China Colombia Costa Rica Croatia Cyprus Czech Republic Czechoslovakia Democratic Republic of the Congo Denmark Dominican Republic East Germany Ecuador Egypt Estonia Ethiopia Federal Republic of Yugoslavia Fiji Finland France France,UK Georgia Germany Germany,UK,South Africa Ghana Greece Guatemala Hong Kong Hungary Iceland India Indonesia Iran Ireland Israel Italy Jamaica Japan Kazakhstan Kenya Korea Kosovo Kyrgyzstan Latvia Lebanon Libya Lithuania Luxembourg Macau Malaysia Malta Mauritius Mexico Monaco Mongolia Morocco Nepal Netherlands Netherlands Antilles New Zealand Nigeria North Korea Norway Occupied Palestinian Territory Occupied Palestinian Territory,Israel Pakistan Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Republic of Macedonia Romania Russia Saudi Arabia Senegal Serbia Singapore Slovakia Slovenia Somalia South Africa South Korea Soviet Union Spain Sweden Switzerland Syria Taiwan Thailand Trinidad and Tobago Turkey U.S. Virgin Islands UK UK,Ireland Ukraine United Arab Emirates Uruguay USA USA,China,Germany USA,UK,Poland Venezuela Vietnam West Germany Yugoslavia
Download Last Three Days 2020 movie
Action / Crime / Mystery / Thriller
IMDB Rating:
Enjoy watching the full movie Last Three Days online after the simple registration!
After getting mixed up with a dangerous crime syndicate, an undercover cop wakes up to discover he is missing his partner, his wife, and three days of his life.
Last Three Days movie on:
VIEW TRAILERVIEW TRAILER SOUNDTRACKSOUNDTRACK
DOWNLOAD Last Three Days 2020
Watch online Last Three Days 2020
Open full cast
Robert Palmer Watkins
Deborah Lee Smith
Roy Huang
Gina Hiraizumi
Clint Jung
Holly Hawkins
Dr. Patty Robinson
Matthew Jay Cwern
Stacey Hinnen
Yuki Matsuzaki
Takeshi
Carson Nicely
Octavio Rodriguez
Jay Pennick
Mr.Robinson
Jasmin Bristow
Exotic Dancer
Todd Foster
Prajna Hitman 5
Stephan Goldbach
McNair
Grace Gordon
Cocktail Waitress
Megumi Kabe
Japanese Waitress
Eden Knodel
Mark Krenik
Kento Matsunami
Ashley Samuels
User opinions Post comment!
See more Action, Crime, Mystery, Thriller movies
Nine noble families fight for control over the mythical lands of Westeros, while an ancient enemy returns after being dormant...
Cast: Stephen Dillane ...
Download Game of Thrones
Buy Game of Thrones
The story of Easy Company of the U.S. Army 101st Airborne Division, and their mission in World War II Europe, from Operation...
Cast: Damian Lewis ...
Download Band of Brothers
Buy Band of Brothers
In this British costume drama, the turbulent transition from Roman republic to autocratic empire, which changed world history...
Cast: Kevin McKidd ...
Download Rome
Buy Rome
Ash vs Evil Dead (2015)
30 years after the events of Evil Dead, Ash is a loner, living a dull existence, still not able to come to grips with the...
Director: Michael Hurst Cast: Bruce Campbell ...
Download Ash vs Evil Dead
Buy Ash vs Evil Dead
Avatar: The Last Airbender (2005)
The world is divided into four elemental nations: The Northern and Southern Water Tribes, the Earth Kingdom, the Fire Nation,...
Cast: Dante Basco ...
Download Avatar: The Last Airbender
Buy Avatar: The Last Airbender
The most successful of the "Dark Deco" animated series of the 1990's. This series features the adventures of the Dark Knight of...
Download Batman
Buy Batman
Power Rangers R.P.M. (2009)
In the near future, the mysterious and sinister Venjix Computer Network is attempting to conquer and lay ruin to the entire...
Download Power Rangers R.P.M.
Buy Power Rangers R.P.M.
Fullmetal Alchemist Brotherhood (2009)
An official announcement of the new anime series of Fullmetal Alchemist was made on the cover notes of the original manga...
Download Fullmetal Alchemist Brotherhood
Buy Fullmetal Alchemist Brotherhood
Dragon Ball Z: Doragon boru zetto (1989)
Five years after the end of "Dragonball", Son Gokû reunites with his friends, bringing along his four-year old son Gohan. Gohan...
Director: Minoru Okazaki Cast: Jôji Yanami ...
Download Dragon Ball Z: Doragon boru zetto
Buy Dragon Ball Z: Doragon boru zetto
Cowboy Bebop (2001)
Spike Spiegel is a bounty hunter in the far future with an easy going attitude and some deadly skill at martial arts. Together...
Download Cowboy Bebop
Buy Cowboy Bebop
See more 2020 movies
The Forgotten Carols (2020)
Uncle John recounts the story of Christ's birth to Connie Lou through story and song. See Connie Lou discover what the world...
Download The Forgotten Carols
Buy The Forgotten Carols
Crock of Gold (2020)
A celebration of Irish punk poet Shane MacGowan, composer and lead singer with The Pogues, combining unpublished archive...
Download Crock of Gold
Buy Crock of Gold
Born to Be (2020)
BORN TO BE follows the work of Dr. Jess Ting at the groundbreaking Mount Sinai Center for Transgender Medicine and Surgery in...
Download Born to Be
Buy Born to Be
Pikwik Pack (2020)
Pikwik Pack follows four adorable animal friends as they work together to deliver magical surprises to the kind citizens of...
Download Pikwik Pack
Buy Pikwik Pack
Adventure Time: Distant Lands (2020)
Adventure Time has a sequel with new adventures around other worlds.
Download Adventure Time: Distant Lands
Buy Adventure Time: Distant Lands
Download The Outsider
Buy The Outsider
Collective (2020)
Director Alexander Nanau follows a crack team of investigators at the Romanian newspaper Gazeta Sporturilor as they try to...
Download Collective
Buy Collective
Maxxx (2020)
Brand New Sitcom that centres around formerly famous boyband star turned drug-shamed tabloid laughing stock Maxxx. He's...
Download Maxxx
Buy Maxxx
Follows Marianne and Connell, from different backgrounds but the same small town in Ireland, as they weave in and out of each...
Download Normal People
Buy Normal People
My Hero Academia the Movie: Heroes Rising (2020)
A group of youths aspiring to become professional superheroes, fight in a world full of people with abilities, also known as...
Download My Hero Academia the Movie: Heroes Rising
Buy My Hero Academia the Movie: Heroes Rising
© 2009 - 2021 Movieberry.com All rights reserved
Incorrect login or password
Enter opinion
A+ B+ C+ D+ E+ F+
If you have any questions about the quality of the movie or some technical problems, please contact our technical support team. The comments unrelated to your opinion about the movies will be removed by the Administration.
Cancel Login Signup
Sorry, but we couldn't charge your credit card to prolong your MEGABERRY subscription. Please, check your credit card balance and try again or use another one for payment.
Cancel your
Try another credit card


text:
Understanding the PCA and its Effect on Bullets or Ballots
written by A'lexus Patton
Bullets or Ballots (1936)[1] by William Keighley, starring Edward G. Robinson, Joan Blondell, Barton Maclane, and Humphrey Bogart was a film that essentially was not completely about entertainment. First and foremost, upon watching the film it is about detective Johnny Blake who goes undercover to uncover a racketeering crime ring. According to the treatment sent to Joseph Breen on November 25, 1935, the film was created in an effort to inform the public of the dangers of racketeering and racketeers.[2] This is significant because racketeering was an issue in the 1930s, as a result of the elimination of prohibition mobsters turned to racketeering among other things since they could no longer make money trafficking alcohol. As well as gangster films like this were on the rise during the 30s due to the overwhelming popularity of films like Little Caesar[3] and Scarface.[4] Gangster films are characterized as a subgenre of crime films that typically deal with gangs, criminals, and organized crime. Bullets or Ballots was created in hopes to arouse public indignation and to stop the support of racketeering. Despite the film's moral compass, the Production Code Administration (PCA) still worried about the film being too much like a gangster film. Which was strictly forbidden under the Production Code also known as the Hays Code. However, in spite of its controversiality among the PCA, the film was given a chance to prove itself. In order for the film to be fully accepted, Joseph Breen stated that it needed to not fit into the category of a "gangster picture,".[5] Furthermore, the studio was encouraged to focus more on racketeering and less on general stereotypical violent gangster activity. Ultimately, under the Production Code, violence was heavily censored in this film.
To fully understand the effect the Production Code had we must first understand what the Production Code is and its origin. The Production Code was a document written by Martin J. Quigley in 1929 as a way to settle the public uproar about violent and suggestive movies.[6] This document was adopted by the Motion Picture Producers and Distributors of America (MPPDA) also known as the Motion Picture Association of America (MPAA) circa 1945. Soon after this, Will H. Hays was appointed as the president of this association. It is worthy to note that previous to Quigley's version of the Production Code, Hays created the Studio Relations Committee (SRC) with Jason Joy. The committee studied all kinds of deletions made by regional censors in order to compile a list of the most common.[7] However, despite their efforts, it wasn't secure enough to constrain censor action and it soon failed not long after it was created. A few years later the guidelines written by Quigley were put into action as they were put into an efficient system of industrial censorship enforced by the Production Code Administration.[8] Furthermore, as discussed by Jerold Simmons, "Because the studio corporations that composed the MPPDA owned the nation's most lucrative theaters, the financial success of a film depended on it receiving the coveted PCA seal."[9] Ultimately, the MPPDA controlled the American film market and the PCA became the censor that everyone in Hollywood would use.
Moreover, the Production Code was a moral document utilized as a way to create sensible content that people of all ages could watch. Geoffrey Shurlock further discusses this in The Annals of the American Academy of Political and Social Science. In his section entitled "The Motion Picture Production Code,'' he states that the Production Code, "Enumerates certain rules which must be followed to ensure that moral values shall not become confused where antisocial or criminal conduct is essential to the telling of a story.''[10] Overall, the core of the Production Code was meant to secure values. And this was done by making specific rules based on three general principles. These general principles being: No picture shall be produced that will lower the moral standards of those who see it. Meaning the sympathy of the audience should never be thrown to the side of crime. Next, the correct standards of life, subject only to the requirements of drama and entertainment, shall be presented. Lastly, law, natural or human, shall not be ridiculed, nor shall sympathy be created for its violation.[11] These general principles created censors that shaped an entire period of films.
Bullets or Ballots is quite calm given the nature of the storyline of the film as are many films that were made under the influence of the Production Code. In light of the many restrictions presented under the Production Code, films often hinted at things instead of addressing anything directly. This was so filmmakers could explore taboo subjects while having a certain level of credible deniability when they were being heavily restricted by censors. And because of this, stories like Bullets or Ballots were affected in, arguably, a negative way. The PCA, in many ways, hindered Bullets or Ballots from portraying an authentic idea of violence during that time, which worked against the film's moral agenda.
In the Production Code specifically for Bullets or Ballots it focuses heavily on the idea that this film seems too much like a "gangster picture.'' Thus, many censors were put in place to avoid this. The first censor dealt with criminals in the film looking too much like gangsters and that the criminals should look more suave, well-educated, and well-dressed. Essentially, they wanted them to look more business-like rather than gangster-like. Especially, if said criminals were engaged in the hugely profitable "rackets.''[12] Despite the PCA's positive intentions, this could be viewed as the first hindrance displayed in the Production Code review file. This is because if the film was intended to inform the public about racketeers and racketeering, how are the public supposed to know what potential racketeers could look like in real life if they are all dressed up in the film to look like professional business people? In this way, the PCA worked against Bullets or Ballots.
Another example of these censors is in the scene when Humphrey Bogart's character kills the publisher. In this scene, the publisher, Ward Bryant, is walking into a building where Fenner, Humphrey Bogart, is waiting for him so that he can shoot him. When the publisher gets shot it is, arguably, very unrealistic. As the publisher is shot, we see no gunfire, no blood, or bullet wound. Additionally, the publisher falls to the floor, but he doesn't necessarily look like he's in pain or sounds in pain after just getting shot. As he falls to the floor, he stays silent the entire time.[13] This is due to the censor in the Production Code that opposed the idea of showing guns and anything too graphic or gruesome.[14] The intentions of the film and the PCA were to be moral and to stop the audience from viewing this crime in a positive light. However, the rules of the PCA prevented the film from showing how horrific and violent racketeering can be. Which may have not worked in their favor because the audience might have gotten the idea that racketeering wasn't as violent as they thought it was.
A document that further discusses the rules within the Production Code is Richard Maltby's Documents on the Genesis of the Production Code. Maltby goes into detail about the general principles of the Production Code and he discusses the "dos'' and "don'ts" of the Code. Such as, "Evil is not presented alluringly,"[15] This idea is present in the PCA file for Bullets or Ballots as changes were made to cancel the idea of gruesome violence. Possibly in fear that violence would be made to seem "attractive." With this, it could be inferred that this is why they wanted the original ending to be changed because, if the criminals were seen successfully killing Johnny, then it would seem like they were glorifying evil by having criminals succeed.[16] In contrast to that, it could also be inferred that if they did change the ending it wouldn't show the true extent to what could happen if someone were to get involved with a crime ring.
Furthermore, to surpass these "don'ts", directors could have been using symbolism to convey a deeper meaning that maybe they couldn't get across because of the censors. For example, the film noticeably has various characters smoking tobacco in practically every scene of the film. Which possibly could have symbolized something more "gangster" or perhaps it could be a nod to the fact that, during that time, racketeering could've been happening anywhere at any time. An additional example of this is the cops in Bullets or Ballots, the cops in this film are utilized as a way to depict "gangster-like'' activity since the PCA was heavily against producing gangster films. This example is shown through the character, Johnny because he displayed gangster-like activity in order to keep his identity a secret when he was undercover. This served as a loophole because using cops to depict criminal-like activity was an efficient way for the filmmakers to incorporate aspects of crime into their films. Which helped to somewhat keep the integrity of their films and it made it easier to convey a message that the PCA tended to interfere with.
Although the production code was meant to create family-friendly unimpressionable content, it tended to work against itself when a film was working to send a message or to inform the public. Withholding showing violence does not help to fully inform anyone because they aren't getting all of the information. This is why many challenged the Production Code and its extensive number of taboos that caused many to want the production code to be liberated or at the very least modernized. In today's films, you can visibly see the liberation of the production code through the amount of authenticity it provides, especially when a moral agenda is at play.
[1] Bullets or Ballots (A First National picture, 1936).
[2] Maoewen, Walter. Letter to Joseph A. Breen. Nov. 25, 1935. Bullets or Ballots file. MPAA Production Code Administration Files. Reel 11, Microfilm Collection, History of Cinema, Series 1: Hollywood and the Production
Code, Oakland University, Michigan.
[3] Little Caesar, Directed by Mervyn LeRoy. 1931.
[4] Scarface, Directed by Howard Hawks. 1932.
[5] Breen, Joseph. Letter to Mr. Warner. Nov. 30, 1935. Bullets or Ballots file. MPAA Production Code Administration Files. Reel 11, Microfilm Collection, History of Cinema, Series 1: Hollywood and the Production Code, Oakland University, Michigan.
[6] Jerold Simmons, "A Damned Nuisance: The Production Code and the Profanity Amendment of 1954," Journal of Popular Film and Television 25, no. 2 (1997): pp. 76-82, https://doi.org/10.1080/01956059709602753.
[7] Stephen Prince, Classical Film Violence: Designing and Regulating Brutality in Hollywood Cinema, 1930-1968 (New Brunswick (N.J.), New York: Rutgers University Press, 2003).
[8] Simmons, Jerold. "A Damned Nuisance: The Production Code and the Profanity Amendment of 1954.'' 1997.
[9] Simmons, Jerold. "A Damned Nuisance: The Production Code and the Profanity Amendment of 1954.'' 1997
[10] Geoffrey Shurlock, "The Motion Picture Production Code – Geoffrey Shurlock, 1947," SAGE Journals, November 1, 1947, https://journals.sagepub.com/doi/pdf/10.1177/000271624725400122.
[11] Michael Brooke, "The Hays Code," BFI Screenonline: The Hays Code, accessed December 13, 2020, http://www.screenonline.org.uk/film/id/592022/.
[12] Breen, Joseph. Letter to Mr. Warner. Bullets or Ballots file. Dec. 20, 1935.
[13]Bullets or Ballots (A First National picture, 1936).
[15] Richard Maltby (1995) The genesis of the production code, Quarterly Review of Film and Video, 15:4, 5-32, DOI: 10.1080/10509209509361445
[16] Breen, Joseph. Memorandum. Jan. 8, 1936. Bullets or Ballots file. MPAA Production Code Administration Files. Reel 11, Microfilm Collection, History of Cinema, Series 1: Hollywood and the Production Code, Oakland University, Michigan.
Previous PostAmerican Cinema and Political Expression
Next PostMTV: The First Decade


Pattern: You ought to clean that flat. – It's time you cleaned that flat.
1. She should get her hair cut.
2. We ought to have a holiday.
3. You need to cut the grass.
4. You ought to wash that sweater.
5. You ought to stop smoking.
6. He ought to grow up.
7. We ought to paint the kitchen.
8. He needs a new car.
9. This team hasn't won a match for ages.


Ted Blitgen provided these tips for his Kentlands neighbors in Gaithersburg, MD.
If you've ever been victimized by neighborhood pranksters or vandalism, you've likely had your car egged. While discovering an egged car is nerve racking, trying to remove the egg and yolk creates further irritation. The key is to remove the egg stain shortly after the incident. However, if the egging occurred overnight, or while you were out of town, the yolk will crust, making removal twice and hard. Here are a few tips for removing egg from cars, without ruining the paint.
Step 1: If possible, do not allow the egg to sit on the car for an extended period, especially in the sun. Every second counts. As soon as you discover the mess, begin steps to clean the vehicle.
Step 2: Using your hand, remove all traces of the egg shell from the car.
Step 3: Once pieces of the egg shell are removed, clean the egg and yolk from the car using a soft towel. It is important to remove all traces of the egg shell. This way, you avoid scratching the surface of the car.
Step 4: Create a mixture using 1 part water and 1 part vinegar.
Step 5: Soak a towel in the mixture, and place it on the egg stain. You may also spray the mixture onto the car using a spray bottle. Allow the towel to sit for at least 15 minutes.
Step 6: Remove the towel. Dry the area using a different towel.
Step 7: If necessary, repeat steps 5 and 6.
Unfortunately, if the egg was not immediately removed, there may be damaged to the car's paint. Review your insurance policy or vehicle warranty to see whether car egging is covered. If not, be prepared to pay a hefty price to have portions of the vehicle re-painted.
Good morning Roy! Great advice for those who cannot park in a garage! Enjoy your day!
Hi Roy. Great tips. It is so important to get the egg off your paint quickly.
I certainly hope all the ghouls keep to themselves tonight and don't go around egging cars.
Thank you for the great tips. I did not know that eggs can cause damage to the paint.
Luckily, this is something I haven't yet had to endure, Roy. And, hopefully never will.
HI Roy, this is great information, especially on a day when this is more likely to happen!
Roy: A good tip that hopefully no one needs to use. My vehicles get the garage treatment so no worries here.
Good morning Roy. Your tips are good but it is sad that there are those who commit this type of vandalism. Love the flower.
Good morning Roy. I had it happen once, what a pain, wish I had your tips at that time. It would have been much easier to clean up the mess.
Great tips for tonight, many stores had signs will not sell eggs to minors.
Thank you very much for your comments. This is good information to share.
This is good information Roy. I will be reblogging it tomorrow.
Oh my, this brings back memories, I havent thought of egging in years, I mean being egged!
Luckily I have never had to do this, but these are great tips for people that have been hit by pranksters!
Your comments are always appreciated. I have some personal experience in removing eggs from paint and I is not an easy job.
Thank you very much for your re-blog of this information. I hope that others will also share these tips.
I wish kids would give up this egging Roy. A waste of a good omelet too.
A timely post! I had this happen to me when I was in College, I was lucky no damage!
Roy, Cars which have been egged is a huge problem for the owners. This post of how to remove the egg is excellent advice and hopefully none of us have to worry about this situation. Thanks for the post.
Thanks again, for your comments. I hope your cars and your home are not egged.
Thanks for this post, Roy. My first thought when I read your Q&A on this was to use vinegar and water but I wondered if that could hurt the paint or finish. Now I know it's OK!
I hope you do not need to use the advice in this blog but you can be sure that some cars will be egged on Halloween.
Roy, this is good information to have especially for tonight.
Great information on the most important night of the year for needing it!
I hope you will not be needing the tips in this blog.
Roy, it's amazing how an egg can do so much damage to the paint of a car. Thanks for the clean up tips, hopefully, we won't have to use them.
Now you've got me thinking that maybe I should put my car in the garage tonight. Your advice is very timely considering the nature of Halloween.
Hi Roy Kelley , Thanks for the information. Hopefully, I will never have to use it.
I guess some people think its funny but it really is only vandalism! Good information!
Thanks, again, for your comments. Have a great Sunday.
Vandals who throw eggs at vehicles and buildings can cause serious damage.
Roy - Thanks for sharing this information in your post. My car has been egged in the past, and it is very true that you need to remove the egg and yolk from the car as soon as possible, or it will ruin your paint.


Catch Software is an award-winning software company based in Auckland, New Zealand. We make test management, execution, and integration tools that help QA professionals get more out of their testing effort.
Our flagship product, Enterprise Tester, is a test management platform which was released in early 2009 and is now used by QA teams globally, including teams at Intel, Cox Communications, eBay, Sony, Sky TV, Air New Zealand, and the US Navy. Built by QA professionals for QA professionals, Enterprise Tester provides testers with easy management of test plans, execution sets, requirements, and incidents. We have no sales people - our products are free to try, our pricing is published online, and we release a new version of Enterprise Tester every 6-8 weeks, so are quick to respond to customer feedback and requests.
Rover enables Enterprise Tester users to run tests and log defects offline and on the go, and sync your results back to your ET server later. With Rover, you are able to run without an internet connection, on any modern Windows device (PC, Laptop, tablet). It is a mobile plugin for Enterprise Tester which gives users the flexibility to test anywhere. With Rover, users will be able to access Enterprise Testers's core features whether you're working offsite or all the way in outer space.
This release is a major for Catch Cloud customers. The release also delivers goodness in the form of Okta to SAML 2.0 integration, as well as other less major improvements and fixes. This time round, we've focused on usability and security.
Additional security features for Catch Cloud Premium customers include options for encryption of data at rest, real time virus scanning of attachment uploads, and High Availability services. Okta Single Sign On via SAML 2.0, extends enterprise-grade identity and mobility management for all your apps, users and devices and runs in the cloud on a secure, reliable platform integrating deeply with on-premises applications, directories, and identity management systems. This is good.
A new version of Enterprise Tester is available to your organisation from today (Ed. make it Empire not org].
This release combines business and pleasure - substantive improvements to permissions functions on the one hand, handsome looking charts on the other.
New drilldown to TQL data directly from dashboard reports.
Existing graphs refreshed and improved.


text:
Author: ssaradmin
Activations / Fundraising/Donations / Project Lifesaver Saskatoon / PSAR (Preventative Search and Rescue) / SSAR Training
by ssaradmin · Published December 5, 2022 · Last modified December 31, 2022
2022 was a busy year for Saskatoon Search and Rescue after a couple of quieter ones due to the pandemic. The hours we spent searching for missing persons was more than two times that of our next highest year and we had several multi-day searches. Training new searchers, re-certifying and upgrading our own skills, finding ways to be more efficient and effective, and fundraising to be able to do it all kept the team highly engaged. These are just a few of the highlights in our 2022 Year in Review. Enjoy!
by ssaradmin · Published January 1, 2022
The second year in a global pandemic is behind us. What will come in 2022? 2021 was another quiet year but Saskatoon Search and Rescue was busy training and maintaining our "search-ready" status. This year in review was put together by the team and looks back over our challenges and triumphs in 2021. Thank you for your interest and support of SSAR! 2021- A Year in Review
While 2020 was a quieter year for Saskatoon Search and Rescue in terms of activations, we were kept busy putting the final touches on the new truck and taking on the challenge of alternative training methods for both current members and a class of new searchers, and navigating the process of keeping our members safe during a pandemic. It's all detailed in our year in review. Enjoy!
by ssaradmin · Published July 27, 2020
Media Release – July 27, 2020
Search and Rescue Truck Project Completed Saskatoon Search and Rescue (SSAR) is very excited to announce the completion of the SSAR Truck Project. "Having a dedicated search and rescue vehicle means that we can better serve the community and our agencies of jurisdiction when a person goes missing," says SSAR President, Jonathan Dean. "From improved response times, expanding capabilities, to contributing to the safety of our members and all involved in an activation, the SSAR truck is an important addition to our resources." The media are invited to join us on Tuesday, July 28 at 1:30 pm at Rotary Park, 200...
by ssaradmin · Published January 1, 2020 · Last modified January 5, 2020
It was another busy year for Saskatoon Search and Rescue! Another new record for activations, 42 Project Lifesaver clients at year-end, so many ways that we became more efficient in what we do, and a new truck to look forward to in 2020. These are just a few of the highlights in our year in review. Enjoy!


text:
Q: How to write it better way? What's better and right way to write it in ruby?
I need to create something like a matrix.
def suggest_by_area_and_price area_range, price_range
    broker_level = case area_range
                       when 0..100
                           return case price_range
                                      when 0..25000
                                          :intern_broker
                                      when 25001..Float::INFINITY
                                          :junior_broker
                                  end
                       when 101..200
                           return case price_range
                                      when 0..18000
                                          :intern_broker
                                      when 18001..30000
                                          :junior_broker
                                      when 30000..Float::INFINITY
                                          :broker
                                  end

                       #....

                       when 1500..Float::INFINITY
                           :senior_broker
                       else
                           :junior_broker
                   end
end

A: map = {
  (1..5) => {
    (100..200) => :foo,
    (201..300) => :bar
  },
  (6..10) => {
    (100..200) => :baz,
    (201..300) => :boo
  }
}
map.find{|k,_| k === 3}.last.find{|k,_| k === 250}.last
# => :bar

But, as I said in the comment, I would put this map elsewhere.

redpajama_set_name: RedPajamaStackExchange


We offer wide range of Kids Swimming Pool.
We are offering Kids Swimming Pool to our clients.
We are also dealing with Kids Pool. Pools can be built into the ground (in-ground pools) or built above ground.
Intex Kids Swimming Pool will provide your family with a whole lot of fun. It is a compact swimming pool that will fit in any garden. This compactswimming pool by Intex is great fun. A valve is fitted at the bottom of the pool so that it can be emptied easily.


text:
Home Toyota 2023 Toyota RAV4 Will Get Minor Cosmetic Changes
2023 Toyota RAV4 Will Get Minor Cosmetic Changes
If you're looking for an SUV that has a quiet interior and comfortable ride quality, then don't forget to check out the upcoming 2023 Toyota RAV4. As far as we know, RAV4 is likely to receive some small upgrades regarding styling for 2023.
In case you didn't know, this model is one of the best-selling SUVs on the market. The pinnacle on offer is definitively a new extra off-road capability of the TRD Off-Road trim. Unlike the regular variant, the RAV4 TRD Off-Road trim offers enhanced off-road capabilities, all-terrain tires, and special suspension alterations.
Will Toyota RAV4 Be Redesigned in 2023?
There's a good chance that the 2023 Toyota RAV4 will receive some small upgrades that should make it more attractive. The last generation of the RAV4 was debuted in 2019, and so far, this SUV has dominated in the segment with its look. From information that we got, the forthcoming Toyota RAV4 will continue to wear the same front fascia with an attractive grille.
The manufacturer could make some changes making headlights more thinner, similar to the one that we saw on the latest Toyota bZ4x model. However, don't expect significant changes and upgrades at all. Anyway, the Toyota RAV4 is still great SUV that's standing side by side with rivals such as the Honda CR-V, Mazda CX-5 and Nissan Rogue.
More Comfort
The 2023 Toyota RAV4 will keep the same interior design as the current model. Of course, we can expect some refreshments including a cleaned dashboard with minimal lines and straightforward controls. The infotainment screen of 8-inch sits atop the dashboard, while you could see an even bigger one in the RAV4 Hybrid version.
Other available features include Amazon Alexa, Android Auto, Apple CarPlay, a USB port, Bluetooth, and six audio speakers. Safety is extremely important to Toyota, and the RAV4 comes with a very long list of standard driver assistance features. It includes features such as forward-collision warning, adaptive cruise control, pedestrian detection, and automatic high-beam headlights.
2023 Toyota RAV4 Engine Options
Beneath the hood, the 2023 Toyota RAV4 offers a few engine options. Basically, you can choose a base model that uses a fuel-conscious 2.5-liter 4-cylinder with a reasonable blend of power and economics. On the other hand, Toyota also takes advantage compared to its rivals of offering both hybrid and plug-in hybrid variants.
The RAV4 Prime is the best option that provides around 40 miles of electric driving range and the total combined output of 302-horsepower. Unfortunately, we don't believe that a turbocharged engine will be added to the range to compete with the Mazda CX-50.
2023 Toyota RAV4 Release Date, Price
We expect the new 2023 Toyota RAV4 to arrive later this year without major upgrades and changes. The starting price of this compact SUV is approximately $27,000. The mid-range model will cost between $30,000 to $35,000, while the rugged-looking TRD Off-Road starts at about $36,000.
Compared to rivals in the same subcompact segment, the RAV4's pricing is in line with models such as the Volkswagen Tiguan, Kia Sportage, and Ford Bronco Sport.
Previous article2023 BMW X5: Everything We Know So Far
Next article2023 Land Rover Range Rover Sport Gets Some Styling Tweaks, New Tech, and More Powerful Powertrains
2024 Toyota Corolla Preview, Hatchback, SE, GR, Facelift, Price


Looking for deals in Melíkia?
Located in Melíkia, Sun 'n Chill offers accommodations with free WiFi and flat-screen TV, as well as barbecue facilities and a garden. A shared outdoor pool is also available. From the moment we arrived Christos made us feel like part of his family. The apartment was immaculate, had all you could need, and the surroundings were beautiful. Christos couldn't have been more helpful, with advice on local attractions etc. And to top it all off, the perfect private beach just at the end of the lush grounds. I can not recommend a stay here enough, it was so relaxing and peaceful, we didn't want to leave.
Located in Melíkia, Studio Savvas features free WiFi and units equipped with a kitchen and balcony. A fridge and stovetop are also provided, as well as an electric tea pot. The apartment has a... Our hosts were fantastic. We had an extended stay here, and we found our hosts to be friendly, fun, kind, helpful and generous. We enjoyed the rural ambiance in an olive grove, and thoroughly enjoyed swimming at the nearby beach with the locals, watching the cruise ships and ferries pass by on the Ionian Sea. There were several beaches within easy reach which were very enjoyable. This is a great place to stay if you want to get to know the real people of Corfu.
Villa Lefka is a self-catering accommodations located in Melíkia, right in front of a sandy beach. Free WiFi access is available.
Set amid a well-tended garden in Melikia of Corfu, Villa Evanna is a modernly decorated villa with a private outdoor pool and a sun terrace with sun loungers. The hosts was amazing as well as the villa had anything we needed and more. From well equiped kitchen to an amazing garden with a great clean pool.
Boasting air-conditioned accommodations with a terrace, Villa Rosa is located in Potámion and 328 feet from the city center. Bouka beach is 0.9 mi away. Beautiful and quiet private area 2 min walk to restaurants.
E.M.A is located in Potámion. The property is 27 miles from Corfu. Glyfada is 29 miles from the vacation home, while Agios Gordios is 21 miles from the property.
Providing garden views, Alefkimo Homes in Lefkimmi has accommodations and barbecue facilities. Complimentary WiFi is provided.
Offering free WiFi and sea views, Antonia Beachfront Villa is an accommodations set in Lefkímmi. This holiday home offers a garden. The holiday home has a satellite flat-screen TV and 2 bedrooms.


ClaimsFiler, a FREE shareholder information service, reminds investors that they have until February 4, 2019 to file lead plaintiff applications in a securities class action lawsuit against Loma Negra Compania Industrial Argentina Sociedad Anonima (NYSE: LOMA), if they purchased the Companys American Depositary Shares (ADS) in connection with the Companys November 2017 initial public stock offering (the IPO). This action is pending in the United States District Court for the Southern District of New York.
Loma Negra and certain of its executives are charged with failing to disclose material information in registration statements issued for its IPO, violating federal securities laws, specifically (i) the extent of exposure to a corruption scandal involving its majority owner; (ii) true demand for products and growth potential; (iii) risks forecasted had actually occurred by the time of the IPO; and (iv) as a result, Loma Negras financial statements were materially false and misleading at all relevant times.


text:
Boycott the New Yorker Festival…
Garth Risk Hallberg October 3, 2007 | 3 2 min read
…is what I will again be forced to do this year, my darling, barring some eleventh-hour issuing of press credentials or a sudden reduction in ticket prices.
For a while now, you – the greatest magazine in the history of American magazines – have tantalized me annually with your Festival's smorgasbord of literary talent. And yet, as much as the word-hungry reader in me would love to see, e.g., Lorrie Moore in conversation with Jeffrey Eugenides, the starving artist in me rebels.
To be frank, your $25 cover charges cheapen you, New Yorker. After all, in this city which not to look upon would be like death, any given night already offers the discerning gentleman a bevy of comely talent reading for no charge. A nd then, several times per year, events like the PEN World Voices festival present stimulating citywide literary programming for free or at a nominal price.
Indeed, with the notable exception of events like your dance party or your gastronomic tour with Calvin Trillin, your Festival strikes this correspondent as a way of charging the public for a publicity junket. And, at current ticket prices, the Festival highlights your worst feature, dearest: your habit of reaffirming the upper class's satisfaction with its own refined sensibility and unimpeachable taste. I mean, who else can afford to get in the door?
New Yorker, don't you know you're at your best when you're challenging the status quo from your perch within it? Wouldn't it be subversive to take Conde Nast's money and put on these readings for free, so that any old philistine could attend? I love you, New Yorker, more than you'll probably ever know, but I can't support your Festival. I can't afford to. Why would I buy your cow when I can enjoy your milk for the low, low price of $52 per year?
Garth Risk Hallberg is the author of City on Fire and A Field Guide to the North American Family. In 2017, he was named one of Granta's Best Young American Novelists.
Yardley's year in books
C. Max Magee December 4, 2004
My favorite book critic, Jonathan Yardley of the Washington Post, has put out his list of the year's best books. He also takes the opportunity to make some comments about the National Book Awards controversy.My own view is that the literary judgment of the National Book Award panelists was clouded by their desire to Make a Statement (as, for that matter, was the judgment of their compatriots on the nonfiction panel), but it's just my opinion and is worth no more than the paper it's printed on, if that.He self-aware enough to note that books he has chosen are "by men, and mostly men of a certain age, which as it happens is an age pretty close to my own." I'm not sure if the other litbloggers – who went to great lengths to defend the five NBA finalists – will jump on Yardley because he seems to say that the five women are not worthy, but my feeling is that he, at least, makes it clear that these choices are about opinions, and his opinion happens to differ from the opinions of the judges. Now, on to his book choices: An Unfinished Season by Ward Just, The Plot Against America by Philip Roth (excerpt), Nothing Lost by John Gregory Dunne (excerpt), Roads of the Heart by Christopher Tilghman (excerpt), and Human Capital by Stephen Amidon (excerpt). Yardley also lists his non-fiction picks in the column.Also out: 100 Notable Books of the Year from the New York Times.
C. Max Magee
C. Max Magee January 13, 2004
Plagiarism: maybe not so bad?
C. Max Magee November 15, 2004
Awkward Solutions to Real-Life Problems
C. Max Magee October 27, 2007
jjocarbone says:
Hi–You might be interested in the Brattleboro (VT) Literary Festival. We have just completed our sixth year and all readings and other events are free and open to the public. Please check out the offerings for this year at http://www.brattleboroliteraryfestival.org..
birdie says:
I too love the New Yorker and won't be attending the Festival either. However, chances are, our beloved magazine, like all print publications, has come upon difficult times. Believe it or not, and I don't have access to their books, but I really suspect that they NEED THE MONEY. When everyone happily reads from the web for free, when subway riders grab Metro and AM for free, all those newspapers, journals and magazines, even our most cherished, will unfortunately find themselves to be a part of history. For that matter, what will happen to our newsstands? Oh well, I guess candy and lotto tickets will never go out of fashion.
dogstar says:
Maybe if you had a MacArthur grant you'd get credentials :-)
Short Story Week: And May We Also Recommend
Patrick Brown February 22, 2008 | 2 min read
Fishing With Linkbait
C. Max Magee June 1, 2006 | 3
Just as I (and several others) suspected! The New York Times piece on the best novels of the last 25 years was just a ploy to get mentioned on blogs. By way of proof, check out what I found in the traffic logs for The Millions today:Time/Date: Thu_Jun__1_13:09:16_2006_DSTVisitor IP: nytgate05.nytimes.comReferred by: www.technorati.com/search/www.nytimes.com/2006/05/21/books/fiction-25-years.htmlSeriously, I think it's great that folks at the Times read blogs, and I'm glad they care that bloggers read the Times, but it seems like a lot of trouble to go to just to get mentioned by us.(For those of you unfamiliar with traffic logs, the above basically means that someone at the Times arrived at The Millions after checking Technorati to see which blogs referenced its 25 best books story.)Update: Well, I figured out why the Times was wondering what I wrote about their list. They were putting together this page. So kudos to the Times for acknowledging that this list was the start of a conversation and not a decree and for being willing to host some of the resulting conversation on its site. I'd love to see more of this in the future.
C. Max Magee | 3
Deep in a Book
C. Max Magee January 22, 2004 | 2 min read
I'm in the middle of the most recent National Book Award winner The Great Fire by Shirley Hazzard. It's an oppressive book both in style and content. Each description comes with an aside or a qualification. When one character, a young Australian soldier, relieves himself on the side of the road during a break in a drive across the Japanese countryside, Hazzard describes it this way: "The young driver, profiting from the hiatus, had meanwhile peed behind bushes." Everywhere there are these odd little inclusions like "profiting from the hiatus." The book is about the occupation of a shattered, destroyed, and conquered place, specifically the Allied occupation of post-war Japan. There is still everywhere the lingering hysteria of war, which Hazzard, like the occupiers she describes, tries to forget or ignore by imposing a false civility on the situation. The interplay of the conquered and the conquerors thus leads to dense language and curious juxtaposition. The Great Fire reminds me a lot of what was probably the first truly difficult book I ever read, Graham Greene's, The Power and the Glory. In that book, the "civilized" is a priest and the uncivilized is the tropical criminality of Mexico. Luis Bunuel once suggested to Alvaro Mutis, purveyor of his own brand of magical realism and author of the incomparable The Adventures and Misadventures of Maqroll, that it is not possible to write a gothic novel that is set in the tropics. Mutis supposedly refuted this by writing The Mansion & Other Stories, though I can't comment because (as of yet) I have been unable to lay my hands on that book. So, at this point, I would have to agree with Bunuel. In order to invoke the tropics one must also invoke the oppressiveness of the conditions there; content dictates style, which brings me back to The Great Fire. Though the book is not set in the tropics, its setting is oppressive, and thus so is the writing. And though I'm only a little ways into the book, it doesn't seem like this is a bad thing.
C. Max Magee | 2 min read
Wordy questions
C. Max Magee March 16, 2006
Did you ever wonder: "What is the longest English word?" "Are there any English words containing the same letter three times in a row?" "Are there any words that rhyme with orange?" "How many words are there in the English language?" "What is the longest one-syllable English word?" The answers to these questions and more can be found at the Oxford Dictionary FAQ.


The Creative Doll: Love is in the Air....on Valetine's Day!
February is a month of romance. Save your romantic moments in miniature. Do you still have your prom mementos, a favorite birthday, your wedding, maybe your mom's? Re-create your favorite memories in miniature and seal them within a watch case. This would be a fabulous present as well. These watchcases contain a comb and brush set, flowers, gloves, photographs, dance card or bundle of old love letters, and tiny pearl necklaces. You do not have to limit yourself, the world of miniatures is complete. If you need it, it's out there. Do you want your own picture, use a contact print. Save babies birth informat ion and bracelet, add some miniature rattles, a tiny silver cup and a real lock of hair. What moment do you want saved?
Custom watch cases in gold or silver starting at $50.00. Contact Kathi Mendenhall, 2008@minipatterns.com. Empty watch cases are available on minidolls.com: emptywatchcase, Kathi also had available other ideas in the form of patterns if you get stuck: watch case ideas. The watchcase to the left Michelle made using a tiny porcelain doll.