Admir Cavalic is the founder and director of "Multi," the pioneer and largest libertarian association in Bosnia and Herzegovina. Cavalic is a PhD student at the Faculty of Economics in Tuzla and an active lecturer at this and other faculties in the country. He is a director of the OPEN festival, the largest libertarian festival in Europe.
Damir Becirovic is a professor and director of International Business Information Academy - IPIA in Tuzla. He will finish his Ph.D. studies in February 2019. on the topic "Strategies for improving the competitive capability of marginal capital markets", at Faculty of Economics, University in Tuzla. Before his academic carrier, he worked as a loans officer in the banking sector and regional sales manager in the pharmacy industry. Damir Becirovic is the author of different scientific paper on topics that relate to finance and banking, but also the implementation of new technologies in business sectors.
Amela Beslagic was born on June 20, 1987. After finishing high school, she enrolled at the Faculty of Economics Tuzla she she received the award of University of Tuzla for her outstanding success during her studies. At the same faculty, she completed successfully her postgraduate studies by acquiring the title of Master of Economics. She began her career in 2010 as a teaching assistant at the Faculty of Economics at the University of Tuzla, Department of Marketing. After 4 years, she continues her career at International Business-Information academy Tuzla as a lecturer at the Department of Market communications. Since 2018 she has been employed in the Taxes Bureau of Federation of Bosnia and Herzegovina as taxes advisor. As a (co)author she wrote many scientific papers in national and international publications. Interests: consumer behavior, marketing communication, consumer ethnocentrism.
Voucher system of education implies the use of vouchers as instruments of financing public and private education. Unlike the traditional ways of financing education, the voucher system creates the assumptions for increasing the freedom of choice regarding educational programs within different levels of education. Paper will use scientific methods of systematization and analysis of existing literature regarding school vouchers, in order to give a critical review of the influence of vouchers on increasing the competitiveness of education. The paper will also present the results of the research of student and parental attitudes about towards voucherization of education. Research sample includes respondents from Bosnia and Herzegovina, Republic of Croatia and Republic of Serbia. Along with the conclusion, the paper also offers some recommendations regarding the use of vouchers for the improvement of local education systems.
1. Arenas, Alberto. 2004. Privatization and vouchers in Colombia and Chile. International Review of Education 50: 370 - 395.
3. Campbell E. David., Martin R. West., and Paul E. Peterson. 2005. Participation in a National, Means - Tested School Voucher Program. Journal of Policy Analysis and Management 24 (3): 523 - 541.
4. Chakrabarti, Rajashri. 2008. Can increasing private school participation and monetary loss in a Voucher program affect public school performance? Evidence from Milwaukee. Journal of Public Economics 92 (5 - 6): 1371 - 1393.
5. Dynarski, Mark. 2016. On negative effects of vouchers. Evidence Speaks Reports 1 (18): 1 - 5.
7. Epple, Dennis., Romano, E. Richard., Urquiola, Miguel. 2017. School Vouchers: A Survey of the Economics Literature. Journal of Economic Literature 55 (2): 441 - 492.
9. Hoxby, Caroline. 2000. Peer Effects in the Classroom: Learning from Gender and Race Variation. NBER WP 7867: 1 - 62.
10. Hsieh Chang.Tai., and Miguel Urquiola. 2006. The effects of generalized school choice on achievement and stratification: Evidence from Chile's voucher program Journal of Public Economics 90: 1477 - 1503.
11. Melnik, Stefan., and Sascha Tamm. 2008. Liberal Readings on Education, Berlin: Friedrich Nauman Stiftung.
12. Morgan Claire., Petrosino Anthony., and Fronius Trevor. 2015. The impact of school vouchers in developing countries: A systematic review International Journal of Educational Research 72: 70 - 79.
16. Stanojevi?, Ivan. 2014. Ekonomska logika osnovnog obrazovanja u Srbiji. Politi?ke perspektive 4 (2): 23 - 38.
19. Whitehurst, Grover., and Sara Whitfield. 2013. School Choice and School Performance in the New York City Public Schools - Will the Past be Prologue?. https://www.brookings.edu/wp - content/uploads/2016/06/School - Choice - and - School - Performance - in - NYC - Public - Schools.pdf Accessed September 18, 2018.


Former British Prime Minister Tony Blair made his long-awaited appearance Friday before a British government inquiry to defend his decision to go to war in Iraq.
Mr. Blair said the regime of the late Iraqi leader Saddam Hussein was "appalling" and that "we couldn't risk" such a regime developing weapons of mass destruction. The former prime minister added that the U.S. and British assessment of the risk posed by Saddam changed drastically after the September 11th attacks on the U.S..
Mr. Blair was prime minister in 2003 when he joined forces with former U.S. President George W. Bush to lead the Iraq invasion.
Both leaders firmly believed the late Iraqi leader Saddam Hussein had weapons of mass destruction. The weapons were never found and many critics are questioning whether the war was legal.
Mr. Blair told the inquiry that the only commitment he made in talks with Mr. Bush was "a commitment to deal with Saddam."
The former prime minister's decision to send thousands of British troops to Iraq was one of the most controversial of his time in office, provoking accusations he had deceived the public about the justification for war.
An audience seated in a London convention center for the inquiry included family members of soldiers and civilians killed or missing in Iraq.
Mr. Blair arrived at the inquiry early and entered through a rear entrance, dodging protesters in the front of the building.
The former prime minister has appeared at previous inquiries, but Friday's appearance is the first time he has been questioned with the public watching.


text:
require('./angular-locale_ks-in');
module.exports = 'ngLocale';

redpajama_set_name: RedPajamaGithub


text:
<?php

defined('BASEPATH') OR exit('No direct script access allowed');

class Pages extends CI_Controller
{

    /**
     * Index Page for this controller.
     *
     * Maps to the following URL
     *      http://example.com/index.php/welcome
     *  - or -
     *  http://example.com/index.php/welcome/index
     *  - or -
     * Since this controller is set as the default controller in
     * config/routes.php, it's displayed at http://example.com/
     *
     * So any other public methods not prefixed with an underscore will
     * map to /index.php/welcome/<method_name>
     * @see https://codeigniter.com/user_guide/general/urls.html
     */
    public function __construct()  {

        parent::__construct();
        $this->load->model('User_model');
        $this->load->model('HomePageForms_Model');
        $this->load->model('Admin_model');

    }

    public function index($id) {

    }

    public function page($page) {

        $pageData = $this->User_model->pageData($page);
        $data['pageTitle'] = $pageData['title'];
        $data['pages'] = $this->HomePageForms_Model->homePageData();
        $data['seoContent'] = $this->User_model->seoContent($pageData['id']);
        $data['header_menu'] = $this->User_model->headerMenus();
        $data['footer_menu'] = $this->User_model->footerMenus();
        $data['google_analytics']=$this->User_model->googleAnalytics();
        $data['footer_content']=$this->Admin_model->autoFilledFooterContent();
        $data['website_settings']=$this->Admin_model->websiteSettings();
        $data['language']=$this->Admin_model->getLangauge();
        $data['page'] = $pageData;
        $this->load->view('includes/register_login_header', $data);
        $this->load->view('auth/page', $data);
        $this->load->view('includes/login_footer', $data);
    }
}


text:
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★★★★★ Star-kissed:
Evita returns to the Edinburgh Playhouse with more than a little starryness about the turns, to match the starry nature of Tim Rice and Andrew Lloyd Webber's musical.
February 8, 2017 | By Thom Dibdin	| 2 Replies More
Evita – review
✭✭✭✩✩ Force & Frailty
A real sense of human frailty pervades the latest touring revival of Tim Rice and Andrew Lloyd Webber's late-seventies hit Evita to arrive at the Edinburgh Playhouse.
February 3, 2014 | By Thom Dibdin	| 1 Reply More
Musical Review – Evita
* * * George Watson's College By Thom Dibdin There is a genuine tune-hummer of a production of Evita up at George Watson's College this week, one which is strong and forceful where it needs to be – but is also fully-rounded on the musical front. Minimal and unfussy staging makes good use of side-projected […]
June 16, 2010 | By Thom Dibdin	| Reply More
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redpajama_set_name: RedPajamaCommonCrawl


It is now the company with second biggest market cap on the country's stock market.
Vinhomes JSC, the residential property developer of Vietnam's biggest conglomerate Vingroup, saw its share price rise 20 percent from VND92,100 to VND110,500 ($4.85) per share in its first trading session after it was officially listed on the Ho Chi Minh Stock Exchange (HoSE) on Thursday morning.
The company put 2.68 billion shares on Vietnam's main bourse HoSE, and by Thursday afternoon, its market cap jumped to more than VND296 trillion ($12.9 billion).
This means Vinhomes is now the company with second biggest market cap on the country's stock market, standing behind its parent Vingroup, which is currently valued at VND333 trillion.
An initial equity offering of Vinhomes JSC, the residential property development unit of Vingroup JSC, raised about $1.35 billion in Vietnam's biggest ever issue, sources told Reuters earlier this month.
Existing Vinhomes investors were selling about 268 million shares, or 10 percent of the firm's equity capital, at VND114,700 ($5.03) each, versus an indicative range of VND110,500-114,700, said the sources, who are familiar with the matter but did not want to be named as terms of the pricing were confidential.
This eclipsed an equity offering from Vietnam Technological and Commercial Joint Stock Bank, or Techcombank, which raised about $920 million last month.
Vingroup JSC has been looking to raise as much as $2 billion from the listing of Vinhomes.
Last month, Singapore wealth fund GIC came in as a pre-IPO investor and took a 5.74 percent stake in Vinhomes for about $853 million by buying shares from Vingroup and other shareholders, sources said.
Vinhomes' first-quarter net profit jumped five times from the same period last year to VND3.99 trillion, and revenue surged three times to VND10.54 trillion, its financial statements showed.


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text:
Could Lions rookie Miles Killebrew start at safety?
A fourth-round pick out of Southern Utah, Killebrew is trying to overcome a steep learning curve
Could Lions rookie Miles Killebrew start at safety? A fourth-round pick out of Southern Utah, Killebrew is trying to overcome a steep learning curve Check out this story on Freep.com: http://on.freep.com/28RbFtm
Dave Birkett, Detroit Free Press Published 8:14 a.m. ET June 24, 2016 | Updated 10:56 p.m. ET June 24, 2016
Lions rookies at Heads Up Football Clinic
Detroit Lions rookie defensive tackle A'Shawn Robinson coaches Elijah Reilly during the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Detroit Lions' rookie offensive lineman Taylor Decker, center, defensive lineman Anthony Zettel, left, show kids the a football stance during the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Detroit Lions' Director of Football Education Chris Fritzsching leads the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Detroit Lions rookies hold the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Detroit Lions' rookie defensive lineman Anthony Zettel demonstrates the proper stance to young football players during the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Detroit Lions rookie quarterback Jake Rudock participates in the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Detroit Lions rookie defensive tackle A'Shawn Robinson participates in the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Clarence Wilson Jr., 13, of Detroit runs drills with Detroit Lions rookies during the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Calvin Starling, 13, of Detroit works with Detroit Lions rookie defensive tackle A'Shawn Robinson on a drill during the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Detroit Lions rookie defensive tackle A'Shawn Robinson gives direction to young football players during the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Chaney Willis jr., 12, of Hamtramck sets to throw, while Detroit Lions rookie quarterback Jake Rudock looks on during the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Detroit Lions rookie wide receiver Quinshad Davis, center, pulls the group together for a huddle while participating in the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Lions safety Miles Killebrew participates in the Heads Up Football Clinic at Detroit Renaissance High School on June 23, 2016. Kimberly P. Mitchell, DFP
Detroit Lions rookie quarterback Jake Rudock works with kids while participating in the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Detroit Lions rookie wide receiver Jay Lee runs drills with the kids during the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Detroit Lions rookie wide receiver Quinshad Davis watches as Jessie Brown, 13, of Oak Park participates in the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Detroit Lions rookie A'Shawn Robinson talks with young football players about playing as a team during the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Detroit Lions' rookie offensive tackle Taylor Decker works Clarence Wilson Jr., 13, of Detroit during a drill at the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Detroit Lions's first round draft pick Taylor Decker talks with kids during a break at the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Detroit Lions rookie quarterback Jake Rudock gives directions to the youth during the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Detroit Lions rookie defensive back Charles Washington celebrates with Jessie Brown, 13, of Oak Park after making a one-handed catch during the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Carrington Lindsay, 13, of Detroit makes a catches a kicked ball during the Heads Up Football Clinic with Detroit Lions Rookies at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Detroit Lions rookie quarterback Jake Rudock, left, and Lions rookie safety Miles Killebrew, right, try to block Chaney Willis jr., 12, of Hamtramck, as he returns a kicked ball during the Heads Up Football Clinic at Detroit Renaissance High School on Thursday, June 23, 2016. Kimberly P. Mitchell, DFP
Lions safety Miles Killebrew participates in the Heads Up Football Clinic at Detroit Renaissance High School on June 23, 2016.(Photo: Kimberly P. Mitchell, DFP)
When Bob Quinn singled out strong safety as one of the most up-for-grabs positions in a radio interview earlier this week, the Detroit Lions general manager mentioned one surprising name among the four candidates for the starting job: Miles Killebrew.
A fourth-round pick out of Southern Utah, Killebrew worked sparingly with the first-team defense this spring and was thought to be more of a developmental project than a first-year impact player.
"Where he's going to fit in, I'm not quite sure at this point because he's got probably a steeper learning curve than some of the others in terms of playing against a caliber of football player that he sees play in and play out here," Lions defensive coordinator Teryl Austin said during Organized Team Activities. "But I think he's very smart, he's very conscientious. He's got the ability that we saw on tape, so now it just becomes a matter of how fast he can translate that to us."
Killebrew started four seasons at Southern Utah and topped 100 tackles each of the last two years.
He was known as a big hitter in college, and fellow safety Don Carey said Killebrew was the player he was most looking forward to seeing in pads come training camp.
Killebrew the hardest hitter in 2016 NFL draft
"He has a knack for lining guys up," Carey said earlier this spring.
Killebrew said Thursday that he's not sure how realistic it is for him to win the starting safety opposite Glover Quin.
Free agent addition Rafael Bush is the favorite for the job, and Quinn also mentioned Tavon Wilson and Isaiah Johnson as candidates.
But Killebrew said he's "going to do whatever it takes to put myself in the best position to play."
"I'm just trying to learn," he said. "I'm just trying to learn and put myself in the best possibility to play, whatever that looks like. I can't be too much more specific than that right now just because we're quite a ways away. But where I'm at is I'm just trying to learn."
Lions rookies learn life skills in seminars, help with local clinic
Coach Killebrew? After helping run Thursday's football clinic for Detroit area youths, Killebrew was one of several Lions who said he can see himself as a coach after his playing career.
"I think it runs through every player's head," Killebrew said. "I think that at one point every player thinks about, 'Man, how can I give back?' And with everything that we've learned, everything that we've been exposed to, an obvious choice is reaching out to kids and sharing our knowledge with them."
Taylor Decker, the Lions' first-round pick, said he wouldn't mind getting into coaching years from now.
"I have thought a little bit about it," Decker said. "Obviously, I've played football since I was in first or second grade, something I've always been around my whole life. And I've got a bunch of nieces and nephews, so I've been around kids a lot. So, I enjoy being around them, trying to make a difference for them."
Briefly: The NFL this year ditched the rookie symposium it held annually in Aurora, Ohio, and instead had every team run its own rookie development program.
Dr. Galen Duncan, the Lions' senior director of player development, said that was a positive change overall, though there was one drawback to not bringing every drafted rookie together in one place.
"The only thing I think is the camaraderie that these guys get an opportunity to have with other guys from the league," Duncan said. "We spent the time with the whole NFC last year and the last nine or 10 years that I've been doing it. And they get to see guys they went to school with, guys they played against and things like that.
"So, that would be a drawback, but I think that from a standpoint of what we're trying to do here, it allows us to get closer and closer to each other, to learn more about each other and get all the education out there for all the guys."
Contact Dave Birkett: dbirkett@freepress.com. Follow him on Twitter @davebirkett.Download our Lions Xtra app for free on Apple and Android!
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Often times, projects can spiral out of control, becoming larger and larger as you realize the full possibilities that lie before you. Suddenly, adding an in-ground pool behind the house also means that you want to create an outdoor kitchen and patio area. Then, you find that of course you need to upgrade the exterior lighting, and you'd like to add an all-weather stereo system as well. However, integrating all of these fantastic ideas can be a challenge, and many people might find it beyond themselves to manage it all. Fortunately, you can receive training in maximizing the results from these efforts with home improvement project management training, and you can even make a career out of it.
Getting an education in home improvement project management is a fantastic way to learn how to optimize the logistics of your own project, as well as giving you the skills necessary to make some money with it on the side. The most basic tenant of home improvement project management is to follow a particular process for designing and creating the additions. This process allows home owners to neatly organize their projects, giving them an idea about the estimated completion time and cost of the project, as well as letting them sift through contractors and materials.
If you're drawing up a home improvement project plan, then you need to follow the management process that has allowed millions of projects to be completed without any problems flaring up. Firstly, define what it is exactly you want to do with the renovation, and set a budget. Depending on the size and complexity of the project, you may also want to hire out a contractor, so you'll need to screen through them and compare their quotes. After this point, you'll need to finalize your budget and finance it, either with your own funds or through a loan of some type. The final phase involves the actual construction and any inspections that are required by law. As you can see, home improvement project management isn't decidedly difficult, but it is a great asset towards a successful project.
Unfortunately, many people underestimate the cost of a project or how much time it will take. Others forget to take into account inspections or hiring contractors, which will add additional time and money onto the project. Home improvement project management is essential for larger projects so that you don't get overwhelmed with the complexity of the project. After all, wouldn't you hate to spend $10,000 on a new garage only to find out too late that it doesn't meet the building codes for your area? If you want worry-free additions for your home, then home improvement project management is key.


text:
  # Die#sides: # of sides
  # Die#roll: randomly selected element from array of labels
  # Die.new with empty array --> raise ArgumentError
# Steps:
  # for initialize: if labels = an empty array, raise an ArgumentError
  # sides method: output # of sides (length of labels array)
  # roll method: randomly select element from labels array

# Initial Solution

# class Die
#   def initialize(labels)
#     @labels = labels
#     if labels == []
#       raise ArgumentError.new("You tryna make an invisible die??")
#     end
#   end

#   def sides
#     p labels.length
#   end

#   def roll
#     p labels.sample
#   end
# end

# Refactored Solution

class Die
  def initialize(labels)
    @labels = labels
    if labels == []
      raise ArgumentError.new("You tryna make an invisible die??")
    end
  end

  def sides
    p @labels.length
  end

  def roll
    p @labels.sample
  end
end

# empty_die = Die.new([])

die = Die.new(["A", "B", "C", "D", "E"])
die.sides
die.roll

# Reflection

# What were the main differences between this die class and the last one you created in terms of implementation? Did you need to change much logic to get this to work?
    # The only difference pertained to the input. The first die class's input was an integer, and all other outputs for its methods were integers as well. This new die class' input was an array so .length and .sample were used (.rand cannot be used on non-integer values)
# What does this exercise teach you about making code that is easily changeable or modifiable?
    # By using a class, it makes it much easier to modify methods. Everything is encapsulated in one entity
# What new methods did you learn when working on this challenge, if any?
    # I learned about .sample which selects a random element from array
# What concepts about classes were you able to solidify in this challenge?
    # Changing the initial input of a class, adjusting subsequent methods based on that input


text:
Life + Outdoors » Field Notes
The Sound Guys: Edison and Berliner
By Barry Evans
Public domain Emile Berliner (1851-1929) with a pair of his inventions, including the 1888 Gramophone (on right), circa 1920.
Fifty years after the world's first surviving photograph was taken by Nicéphore Niépce in 1827, Thomas Edison did for sound what the French experimenter had done for light: capture it. Edison made his first recording "Mary had a Little Lamb" in December of 1877 and — like Niépce's original photo — it was crude, imperfect, yet brimming with possibility.
The summer of 1877 saw Edison trying to build a machine that could transcribe the Morse code of telegraph messages into grooves on paraffin paper. By that fall, he realized that the same basic system might be able to record sound. He wrapped tinfoil around a cylinder which he rotated while a stylus scribed a groove into the foil; the louder the sound, the deeper the groove. The stylus was attached to a diaphragm that responded to sounds focused by a conical horn. Somewhat to his amazement, he was able to record his own voice and play it back by reversing the process. "I was never so taken aback in my life. I was always afraid of things that worked the first time," he told a reporter.
Edison envisioned that his machine might be useful for dictation in a business setting, not realizing that the future of sound recording would be music. Today, of course, we take for granted the ability to listen to a Beethoven string quartet or Beyoncé's latest at the touch of a button, but before the invention of sound recording, you might have heard a favorite symphony or concerto just three or four times in your lifetime. That's assuming you lived near a concert hall and could afford to attend a performance. Clearly, Edison's tinfoil (later, wax) cylinders weren't going to take music to the masses; they couldn't be reproduced, they were short and the quality was terrible. What was needed for commercial success was a way of capturing several minutes' worth of music with reasonable accuracy, then making unlimited copies of the original without losing quality.
German American inventor Emile Berliner rose to the challenge. While Edison went on to improve the telephone and develop a viable electric light bulb, Berliner devised the flat disc with grooves cut laterally (unlike Edison's vertically-cut cylinder) for sound reproduction, a format virtually unchanged for the next 60 years. Berliner's system required separate machines to record (left in photo) and play back (right), unlike Edison's original cylinder instrument that did both. Berliner's real breakthrough was figuring out how to create a sturdy master disc from which copies could be made. Starting in 1886, he invented a method by which a stylus, following the wiggles of a moving diaphragm, etched a spiral line upon a zinc disc coated with a thin layer of wax. After the wax was dissolved in acid, the inscribed line on bare metal became a playable groove. It was then a matter of "pressing," i.e. converting the original into a durable master disc (the groove mirrored as a raised line) from which faithful copies — records — could be made.
While Berliner's basic design was to last until Columbia Records introduced the vinyl hi-fi LP (long playing) record in 1948, the man himself turned his talents in other directions. After losing a series of lawsuits, including a patent battle with Edison, he found ways to improve cloth looms and acoustic tiles before embracing the young science of aircraft design. Specifically helicopters: Berliner introduced the use of the lightweight rotary engine (instead of a heavy in-line arrangement) and experimented with a vertically mounted tail rotor to counteract the main rotor's torque.
So next time you see an orange Coast Guard chopper out over the bay, note the tail rotor and give an nod to Emile Berliner. But know that his real claim to fame is that he pretty much invented the recording industry.
Barry Evans (barryevans9@yahoo.com) now knows why the "Grammy Awards" are called that.
Field Notes inventions Recording music


text:
Company Stock Buyback|Safe Harbor Rule Updated
Travis Sanford / February 8, 2010
WASHINGTON (CN) - The Securities and Exchange Commission plans to amend its rule that provides a safe harbor against claims of price manipulation to companies repurchasing their own common stock.
The changes to Rule 10b-18 are meant to recognize technological advancements made since the rule was adopted in 1982.
The commission proposes to eliminate the general exclusion rule under which any purchase of its own common stock by an issuer falls out of the safe harbor if the purchase violates any one of four manner, timing, price, and volume conditions specified in the rule. The speed of electronic markets have made it possible for a purchase order to be entered into the system that is within the safe harbor provisions to fall out by the time the order is actually executed. Under the proposed changes, the commission would look at the conditions just before the trade was executed, and as it was executed, to determine the propriety of the trade.
The commission states that its most important concern is the effect of automatic volume weighted average price systems (VWAP), which buy and sell a particular stock based on the price of each transaction multiplied by the number of shares traded in each transaction divided by the total number of shares traded in a day. The buy and sell price are programmed into the trading system without respect to the quoted price of a stock at the time of execution and may violate the price and volume constraints of Rule 10b-18. The commission requests input from the public on VWAPs and application of the rule to VWAP trades.
The rule currently forbids an issuer from entering the opening bid for its common stock in the principal market in which it is traded. The rule does not account for pre-and post-market electronic auctions, or secondary trading on other exchanges. The commission proposes to extend the opening bid exclusion to all pre-, post, and secondary markets.
The price restriction under the rule requires an issuer to buy its stock at a price that is no higher than the highest independent bid or last independent transaction price, whichever is higher. This effectively precludes VWAP transactions, which ignore the chronology of price in their calculations. The commission's proposal would allow VWAP transactions if the automated "buy" price is set before the regular trading session begins and the price is based on a full day of trading volume. In addition, only stock qualifying under Regulation M-which sets certain minimum market capitalizations, trade volumes and float value of actively traded stocks-could be traded by a VWAP system and retain protection under the safe harbor.
All public comments on the proposed Rule 10b-18 changes must be received by March 1.
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