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A man from Cornwall has won his fight to have a government inspector's decision to grant planning permission for a wind turbine quashed.
Daniel Mageean, of Redland Farm, St Ive, Liskeard, brought the case after a planning inspector overruled Cornwall Council's decision to refuse permission.
Judge Robinson ruled the inspector's decision-making was flawed.
The proposal for the turbine at High Down must be reconsidered.


Having just watched Robots (2005) for the first time, I'm amazed I didn't go see when it came out. I don't know what I was thinking, but now I know I'd have enjoyed it thoroughly.
The plotline sounds familiar: a small-town boy goes to the big city and makes good, in spite of all odds. But as we all know, it's not the yarn, it's how you spin it that makes it interesting. This story is told in a quirky, entertaining way that makes it worth our time. The boy is a robot, who goes to the big city to follow a dream, and in the process, saves all Robot World from certain disaster while instilling hope in the hearts of countless other robots.
That big metal world is brought to life on-screen, and although we're constantly reminded the characters are robots, we personify and identify with them. A wonderful benefit of the robotic nature of the characters is the ability to pull countless gags, which is where the screenwriters leave no stone unturned. Fender, played by Robin Williams, is the main go-to character for gags, and he delivers on every one. Although Robin Williams' riffs and improvisations are too much in real life, they're perfect for voice-overs. He was great in all of Disney's Aladdin movies, he was great in Happy Feet (2006) and he's great in this movie as well.
Mel Brooks fit into the role of Bigweld surprisingly well. But other than him, I had a hard time recognizing the voices of the other famous actors employed for the voice over work. And that begs the question, other than the bragging rights, why hire famous actors for all of the major roles in a movie like this? It's probably more expensive, and there are plenty of voice talents waiting in the wings who'd welcome the chance to shine.


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» Special Report | Timeline | Faces of September 11 | Fighting Terror
Cheney recalls taking charge from bunker
Cheney in the White House underground bunker
WASHINGTON (CNN) -- As horrified Americans watched the terror attacks of September 11, 2001, unfold on their television sets, Vice President Dick Cheney directed the U.S. government's response from an emergency bunker.
The actions included moving key members of Congress to a secure location and having the Secret Service bring his wife, Lynn, to the bunker.
Cheney was in his West Wing office when he received word that a plane had struck the World Trade Center. He watched TV and hoped that his instincts were wrong.
"It was a clear day, there were no weather problems, and then we saw the second airplane hit in real time," Cheney told CNN's John King in an interview in the vice president's office.
"At that moment, you knew this was a deliberate act. This was a terrorist act."
He called President Bush in Florida and spoke with top aides. Then his door burst open.
"My [Secret Service] agent all of a sudden materialized right beside me and said, 'Sir, we have to leave now.' He grabbed me and propelled me out of my office, down the hall, and into the underground shelter in the White House," Cheney said.
In White House terminology, it is the PEOC, short for the Presidential Emergency Operations Center.
CNN NewsPass Video
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• President Bush's remarks on September 11, 2002
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• Honoring those who 'did not die in vain'
• New York marks anniversary of tragedy
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• 'America is grateful' to Flight 93 heroes
• Garrick Utley: Did 9/11 change everything?
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• Gallery: America remembers 9/11
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• Gallery: U.S. troops pause to remember 9/11
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• Gallery: Honoring the heroes of Flight 93
• Gallery: Remembrance around the world
• President Bush on 9/11 anniversary
• Transcript: President's remarks at Pentagon ceremony
• In-Depth: America Remembers
• Schedule: CNN TV, live streaming video
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• Time.com: September 11: A Nation Remembers
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• Ground Zero
• Remembering 9/11
"I didn't know that it existed until I was actually down there, and I'm sure I could find my way back there to this day," said Mary Matalin, a counselor to the vice president.
A relic of the Cold War, the deep underground bunker became the vice president's base of operations on the first day of a new war.
After the planes struck the twin towers, a third took a chunk out of the Pentagon. Cheney then heard a report that a plane over Pennsylvania was heading for Washington. A military assistant asked Cheney twice for authority to shoot it down.
"The vice president said yes again," remembered Josh Bolton, deputy White House chief of staff. "And the aide then asked a third time. He said, 'Just confirming, sir, authority to engage?' And the vice president -- his voice got a little annoyed then -- said, 'I said yes.'"
It was a rare flash of anger from a man who knew he was setting the tone at a White House in crisis.
"I think there was an undertone of anger there. But it's more a matter of determination. You don't want to let your anger overwhelm your judgment in a moment like this," Cheney said.
Word came that Flight 93 crashed in Pennsylvania. Aides frantically called the White House to find out whether a military jet had shot it down.
"The vice president was a little bit ahead of us," said Eric Edelman, Cheney's national security advisor. "He said sort of softly and to nobody in particular, 'I think an act of heroism just took place on that plane.'"
Cheney and staffers watched in horror as the first tower of the World Trade Center collapsed. Matalin remembered the moment.
"Oddly everything just stopped. Not for long, but it did stop totally at that moment," she said. "[Cheney] emoted in a way that he emotes, which was to stop."
After the brief lull, Cheney and the White House staffers got back to business, which included checking the tail numbers of the last airplanes unaccounted for when national air traffic was ordered to halt.
"It was about 12:15 or 12:20 [p.m. ET] when I said to the vice president, 'Mr. Vice President, all the planes are down, and he said, 'Great, thank you very much,'" Edelman said.
Some aides suggested that Cheney was a possible target and should not stay at the White House. He said no.
"I had communications with the president, communications with the Pentagon, Secret Service and so forth. And we could continue to operate there, and if I left, I'd lose all that," Cheney said.
Lynn Cheney was a constant presence. She leaned in at one point to tell the vice president that their daughters were fine.
"It's something you think about, but again, it's not so much a personal consideration at that point. It may have been for people who didn't have anything to do," Cheney said.
It was the bunker's first test in an actual emergency, a day of crisis with some hitches.
Cheney wanted to track TV reports of the devastation and listen in on communications with the Pentagon.
"You can have sound on one or the other and he found that technically imperfect," Matalin recalled.
Cheney returns to the White House by helicopter from a secure undisclosed location on September 12, 2001.
The vice president had a few words with the president just before the latter's address to the nation. CIA Director George Tenet watched from the bunker, waiting for Bush to convene a late-night meeting of the National Security Council.
"I guess the thing I was struck by was the extent to which he had begun to grapple with these problems and to make decisions, that we were in a war on terror," Cheney said.
Cheney spoke once more to the president, and then took a nighttime ride past the Pentagon, heavily damaged in the attacks.
"I recall watching the vice president, who was staring out the window at the Pentagon, and wondering what he may be thinking about, the responsibilities he would have in the future. A pretty sobering moment," said Lewis Libby, Cheney's chief of staff.
It is a memory that Cheney said has shaped every day since then.
"As we lifted off and headed up the Potomac [River], you could look out and see the Pentagon, see that black hole where it'd been hit. A lot of lights on the building, smoke rising from the Pentagon," he said.
"And you know, it really helped to bring home the impact of hat had happened, that we had in fact been attacked."
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Midlothian Heating and Cooling Service | Daniel's Heating & Refrigeration Corp.
Can you recall the last time you had your home's furnace and air conditioner serviced? If not, you probably aren't alone, but you may be accidentally shortening the lifespan of your HVAC system and increasing the possibility of serious problems down the road.
Even the most expensive furnaces and AC units aren't immune from problems when they're neglected. Like vehicles, computers, and other complicated machinery, a little bit of preventative maintenance now goes a long way towards preventing problems later on.
Not all HVAC service is created equal, however. Here at Daniel's Heating & Refrigeration Corp. of Midlothian, we have years and years of experience inspecting, maintaining, and replacing units of all shapes and sizes in a large variety of situations. Paired with our tremendous training and customer support, our technicians have all the tools they need to spot issues before they turn into big problems. An investment in your home's HVAC system is an investment in your comfort, so be sure you're working with the right team when you need to perform preventative maintenance.
Of course, years of ignored service (or perhaps just a bit of bad luck) might mean running into in a situation where you need your HVAC system fixed immediately. Though that's obviously not the best situation, our team of technicians is here to help quickly identify and solve the problem. Whether you find yourself with a broken furnace in the dead of winter or an AC unit on the verge of breakdown in the heat of summer, don't be afraid to give us a call at ! We'll ask a few basic questions and quickly dispatch someone to help fix your problem.
Unfortunately, even the best furnaces and air conditioners will need to be replaced eventually. (Some will last longer than others.) When that happens, there's no one better to contact than Daniel's Heating & Refrigeration Corp.. There's a reason so many people in Midlothian use us! Our industry-leading warranties back up our diverse catalog of ENERGY STAR certified products designed to meet all needs. Just let us know what you're looking for and we'll help you find what you're looking for.
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1. Team chasing is fast and furious — perhaps not for the faint-hearted but provides any adrenaline junkie with the ultimate fix.
2. The courses cross about two miles of countryside over approximately 25 exciting obstacles — hedges, rails and sometimes water.
3. You can do it alongside your friends by putting together a team of three or four — a much more exciting way of socialising than sitting in a pub on a Saturday afternoon.
5. There is a team chase every weekend throughout both the autumn and spring seasons — so you can scrap the gym for exercise and go team chasing instead.
6. Team chases take place all over the country from Somerset (Taunton vale) to Derbyshire (Meynell & S. Staffs) and Suffolk (Essex & Suffolk).
7. It is probably one of the most affordable equestrian disciplines — for a team member prices range from £15-25.
8. Forget dressage training — event riders known to be team chasing fans once the curtain closes on the eventing season include Phoebe Buckley, Tom McEwen, Lissa Green, Rodney Powell, Ludwig Svennerstal, Ruth Edge and Piggy French.
9. The sport is a haven for former point-to-pointers and ex-racehorses — 2008 Cheltenham Gold Cup winner Denman has enjoyed popping round team chases in his retirement.
10. The spring season culminates in an exhilarating National Championships in April — not only exciting for the brave jockeys but the spectators too, with fences climbing to well over the minimum of 3'6 — eeek!
Team chasing was the brainchild of the master of Hickstead, the late Douglas Bunn. He invented the concept in 1974 after deciding the Hickstead Easter Showjumping International needed something thrilling to accompany it to keep television viewers happy. Riders were invited to take part and it was televised live on Good Friday.


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Nowaky () – wieś na Ukrainie, w obwodzie połtawskim, w rejonie łubieńskim, w hromadzie Łubny. W 2001 liczyła 1068 mieszkańców, spośród których 1045 wskazało jako ojczysty język ukraiński, 18 rosyjski, 2 białoruski, 1 romski, a 2 inny.

Przypisy

Wsie w obwodzie połtawskim

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Пиллар-фон-Пилькау — фамилия:

 Пиллар-фон-Пилькау, Густав Фёдорович — Георгиевский кавалер; полковник; № 4544; 11 сентября 1831.
 Пиллар-фон-Пилькау, Карл Фёдорович — Георгиевский кавалер; генерал-майор; № 4528; 19 апреля 1831.
 Пиллар-фон-Пилькау, Фёдор Густавович — Георгиевский кавалер; поручик; № 9885; 14 декабря 1855.


3d ed. of "An introduction to physical anthropology.".
Find and Load Ebook An introduction to physical anthropology.
The Find Books service executes searching for the e-book "An introduction to physical anthropology." to provide you with the opportunity to download it for free. Click the appropriate button to start searching the book to get it in the format you are interested in.


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Montréal Will Face Toronto Without Price
Austin Urch
The starting goaltender for the Montréal Canadiens, #31 Carey Price, will not be making the trip to Toronto for Wednesday's game. But that might not be as bad as it seems at first glance. When we consider how the Canadiens have been playing and their opposition in recent contests, they might be able to grab both points.
The Canadiens are eight points above the fifth and sixth place teams in the standings. Currently, both the Vancouver Canucks and Calgary Flames have 35 points. So, it is not looking like either side will overtake the Canadiens anytime soon. Additionally, this break for Price gives him some time to heal from his undisclosed injury, and hopefully return to Montréal, ready for the playoffs.
Montréal's Recent Form
After an overtime win against the Edmonton Oilers on Monday, in five contests, the Canadiens have limited #97 Connor McDavid to zero goals and just two assists. That is a testament to Montréal's strong defense. You can have good goaltending, but if your defense is lacking, it certainly shows up on the scoreboard.
Over their last 15 games, the Canadiens have given up four or more goals just four times. Two of those were in overtime losses and one was during a shootout win. The Montréal Canadiens are able to lock things down defensively while still putting up goals 178 feet away. In seven of their last eight matchups, they have lit the lamp three or more times, averaging 3.6 goals per game across that span.
Taking a Look at Toronto
Through their previous three meetings this year, Montréal has a record of 1-1-1. But the Toronto Maple Leafs are one of the hottest teams in the NHL, especially with #34 Auston Matthews' return to form. Grabbing 15 of 16 possible points in their last eight games, Toronto will be ready to play. As hot as they have been, they could still be looking to add more talent before the trade deadline.
There is also a goaltending situation in the home team's locker room. #36 Jack Campbell has been a strong anchor in between the pipes as of late. He currently has an undefeated record this season with nine wins. His save percentage (.944) ranks him the highest in the NHL among goalies with more than five games this season. His goals against average (1.53) has him seated second by the same stipulation.
Could Canadiens fans be in for some more heroics from their newly acquired centerman, #21 Eric Staal? Or will Campbell continue to demonstrate his ability to be a top goaltender? Wednesday's matchup will have all the answers.
Related TopicsCanadiensFeaturedNHLVancouver
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✈ NEW YORK BOUND. pic.twitter.com/a8zGEQYo5E — New York Rangers (@NYRangers) July 30, 2021 ...
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The International Council of Shopping Centres (ICSC) has announced that its annual trade show RECon will stay in Las Vegas for two more years at least.
ICSC's new contract begins in 2018 and has the option for a three-year extension, which would see the trade show hosted in Las Vegas until 2022.
Tim McGuinness, vice president of global trade expositions at ICSC said: "We are excited to keep RECon in Las Vegas, where it has been every year since 1986. We look forward to continuing to work with the LVCVA to ensure that our members and attendees have the greatest conference experience possible."
Rossi Ralenkotter, CEO of the Las Vegas Convention and Visitors Authority, said: "This was a very competitive process and Las Vegas rose to the challenge with our resort partners working together to show why we are the number one trade show destination in North America, and how we intend to stay on top through continual reinvention and the development of the Las Vegas Global Business District."
The 2015 RECon show will be held on 17-20 May at the Las Vegas Convention Centre. Future shows will likely be held in the new exhibit halls of the Las Vegas Global Business District.


Finding an all-around-good tradie who is reliable can be a tough job. Good tradies can help you complete any project smoothly on time without producing much friction. But, as we said earlier that it could be difficult to find the best ones. So, here we are giving you a few tips that can help your research in finding tradies in your area.
Taking up personal recommendations from your family, friends and business colleagues is the first thing to do. Believe it or not but it is your network that can help you get in touch with the best quality leads. Also, while looking around for tradies keep your mind clear about your requisitions and specifications (if any) to tap on the right source. Tapping your network with clear mind will surely help you find the best trades in the market.
Nowadays there are many websites that are solely dedicated to rating the performance of the tradies from across the various industries. So, you can also jump online and look around for the tradies to find the most trusted and reliable tradies. If researched well then you can even find about their work permit license, their past record of performance etc.
Once you have shortlisted all your prospective license, next important thing to do is to check their license and insurance cover. Looking out for both the things is very important as it keeps you safe in every legal case. A diligent check of all papers ensures that you are working ethically correct to make your any project accomplish successfully.
Once you have found trusted tradies who you know can stand by your side on your site can be no less than any relief. So, if you too have to find tradies in your area of your choice make sure to maintain a good tradies relationship with them so as to keep your working equation going.


When I first read about MEF (Managed Extensibility Framework), I thought it was a great concept to create plugin-based applications, allowing customers to customize some behavior of the application for instance. Putting the whole concept into reality is something different, so in this article I will give a brief overview of the steps to take to get started with MEF.
This code will load the assemblies that have classes which have been marked with the MEF export attributes. In order to get this working, you will need to build your implementing assembly and paste it into the bin directory of your console application as the MEF container will be looking in that directory.
Note: for now do this only for one implementing assembly, not both (this is also a possibility in MEF to load multiple assemblies but that's out of scope here).
If this line doesn't crash, try the method that your interface defines. If that works too, you are there! Congratulations, you just got your first steps in the world of MEF! Now remove the implementing assembly from the bin directory and replace it by the DLL from the other one and restart your console application. If you have done everything right, you should get another result. That is just a very basic example so please note that MEF is much more stronger. It is possible to inject parameters and load multiple assemblies for instance. I understand that this technology can be somewhat confusing or daunting at first, but once you get the hang of it, it is really not that hard. That's why I deliberately didn't go into too much detail as I have had the same struggle before, and I'm happy to have played around with it for some time now.


In our facility, we also have a dog grooming salon where experienced dog groomers care our doggie friends. Regular grooming is very important not only in terms of hygiene but also for their healthcare. By brushing their coat, cleaning their ears, we sometimes detect their health problems in different parts which are usually overlooked in daily life.
All our dog trainers are licensed dog groomers. We try our best to care with least stress possible.
We also offer trimming course for those breed which need regular hair cut. Please see out photo gallery of the pooches we styled.
After having so many activities and enjoyed their playtime, we recommend to have them take a bath and refresh before going home.


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Foresight Series
The First Decade of Marketplace Lending: from Zopa to Square Capital
Issue 1, January 2018
Kodak.
Remember Kodak, before it became a crypto currency high flyer?
Kodak thought it was in the business of selling film. They were wrong. Their customers just wanted the pictures and as soon as they could get them digitally, they stopped buying film, suddenly and completely.
Banks…Savings and Loans… thought they were in the community branch business.
Bricks and mortar, a safe, and the occasional free toaster.
But their customers just want high rates on deposits and low rates on loans. They can now get both, online, digitally.
Get the picture?
The Birth of Marketplace Lending
Consumers could not understand why they were paying 13-17% APRs (Annualized Percentage Rates) on their credit cards to banks like Citi or Chase, only to receive sub-1% on their deposits from those same institutions.
It was those frustrations — and a serendipitous confluence of circumstances — that gave rise to marketplace lending and legitimized the first business plans designed to disrupt the banks by changing the pipes that connected borrowers looking for capital and savers looking for a return on capital.
The catalysts for the disruption — the confluence of events — was a combination of factors including:
Technology (especially mobile tech)
Changes in online social behavior
The trifecta was cemented after the great financial crisis and provided the foundation for the rise of digital finance.
Consumer credit marketplaces led the way, and the digital finance revolution was underway. Business plans and models quickly emerged aiming at other serious challenges, namely providing access to financing in sectors of the economy that had been abandoned by traditional banks, such as small business lending, or neglected wholesale, such as microfinance.
Many of these models were not so much disruptors as they were enablers. As banks pushed up minimum loan size, swaths of small and micro businesses in the developed world were abandoned by one of their only sources of growth capital: Bank debt.
How Marketplace Lending Works
Generally, the marketplace or platform model involves a borrower, an investor, and a platform.
The platform originates the loans to the borrower and sells that loan to the investor. After finding prospective borrowers, the platforms underwrite them and accept only a handful (5-15% of total applicants) to sell to investors.
In addition to front-end borrower origination and underwriting, the platforms service loans for the investors who bought them.
While most platforms have adopted this agency business model, a few platforms issue loans on balance sheet and either hold all of them for their own account, or sell some of the loans to investors and keep the rest.
Platforms typically charge borrowers a one-time origination fee (e.g., 2%-5%) that gets amortized into the APR, and they charge investors a recurring servicing fee as a function of asset balance at the platform (e.g., 1%/year). Some platforms sell loans at par, while others charge a premium to par.
Different Ways for Investors to Participate
The investor profile in the sector has evolved from the early days to include institutional investors, retail investors, and even banks buying for their balance sheets. Investors can elect one or more ways to participate in the sector.
Buy loans directly from a platform or work with a third-party manager
Some platforms offer direct access to loans
Several managers have already built significant followings and strong track records
Buy loans on an active basis or a passive basis or a mix of both
Active: The investor selects which loans to purchase
Passive: The investor buys a basket that mirrors a platform's origination profile
Buy securitized debt, backed by loans
Several platforms and investors have placed marketplace bonds in the ABS ("Asset Backed Securities") market
Buy shares of listed funds that purchase loans
US: A few 40-Act Interval funds have launched since 2015
UK: Investment trusts
Get indirect exposure by investing through a non-dedicated private investment fund that has made an allocation to the sector
Other considerations for investors include:
Desiring access to a single sector or to multiple sectors
Desiring access to a single platform or multiple platforms
Notable Advantages and Disadvantages
Low correlation to listed securities (held to maturity, short duration)
Low volatility (short duration, private, non-listed)
Visibility, since the loans have fixed contractual rents with insight to loss behavior
Liquidity, since performing loans have high cash generation from principal amortization and cash interest
Duration tends to be short
Headline risk for space at both the platform or manager level
Competition from well-capitalized entrants
Short duration means high capital recycling into potentially lower coupon assets
Limited history
Risks and returns
Broadly speaking, investors may realize attractive risk-adjusted returns on a consistent basis if they understand the challenges. These include picking the right platforms, selecting the best credits from those platforms, and understanding the underlying loan's parameters. For example, prospective investors often mistake headline gross yields for prospective IRRs, which may lead to a gap in expected versus realized returns. In most cases, marketplace loans are sinking balance with principal amortizing at a fast rate (regular way and prepayment). Loan losses is another area that investors sometimes overlook or miscalculate.
Return drivers include:
Gross yield: generally, marketplace loans are fixed rate
Default/Charge-off rates: Dynamic
Servicing fees paid to the originator: Fixed rate
Prepayment rates and reinvestment pace: Dynamic
For a levered approach, add:
Leverage levels
Cost of leverage
Some risks include:
Existential risk: Risk that the originator winds down and there is either no backup servicing strategy or the backup servicing strategy fails
Charge-off rates end up being materially higher than expected
Asset/liability mismatch for levered structures
Manager risk, primarily conflicts of interest
Main Participants
Thousands of marketplace lenders have sprung up over the years, and, as is the case with early participants in many new industries, most of these startups will not survive once VC funding dries up. The rationalization process started in early 2016, with several smaller platforms closing shop or selling to larger, better capitalized competitors.
Future leaders in this industry will likely share several essential attributes. For example, they may:
be well-capitalized or have a clear path to profitability
demonstrate consistent underwriting prowess
consolidate their leadership positions
A potential short list of winners and future leaders would include:
Source: Company Websites, Crunchbase; data through December 2017, unless otherwise noted.
Zopa: Marketplace lending has its roots in the UK, with the founding in 2005 of Zopa, a consumer only marketplace lender. Zopa has raised about $110 million in venture capital from several firms including Bessemer, Benchmark, Balderton, Wellington, Augmentum, Wadhawan, and Northzone[1].
Prosper: In 2005, Prosper, a U.S. "peer-to-peer" consumer lending platform closed its $7.5 million Series A round led by Accel. Since then, Prosper has raised $412 million in venture capital from marquee investors, including Fidelity, Meritech, QED, Omidyar, DraperFisher, Crosslink, Sequoia, Francisco Partners, Credit Suisse, Target Global and FinEx Asia[2]. From inception through December 2017, Prosper has originated over $10 billion in consumer loans[3].
OnDeck: In 2006, OnDeck Capital was founded in New York City. Unlike Zopa and Prosper, the firm makes loans exclusively to small businesses. From its Series A through to its last pre-IPO round, OnDeck raised about $190 million in venture capital and growth equity from RRE Ventures, First Round Capital, IVP, and Tiger Global.[4] The company completed its IPO in December 2014, raising $200 million. From inception to December 2017, OnDeck originated over $7 billion in small business loans.[5] OnDeck is one of the established leaders in small business digital loans.
GreenSky: Founded in 2006, Greensky's platform was launched to make it easy for businesses of all sizes to offer credit to customers with a paperless point-of-sale solution. The company raised $350 million in equity capital from venture investors and banks including Fifth Third Bank, TPG, DST Global, QED Investors, Iconiq Capital and Wellington Management.[6] Since inception through December 2017, the company has originated over $10 billion.[7]
CreditEase: In 2006, CreditEase was founded and today is one of the leading Fintech conglomerates in China specializing in finance and wealth management. In 2012, CreditEase launched Yirendai which has grown into one of China's leading online consumer finance marketplaces. Since its founding and including Yirendai's 2015 IPO, CreditEase has raised $95 million in equity capital including venture investors KPCB and IDG Capital Partners.[8] From inception through September 2017, CreditEase / Yirendai has originated over RMB 60.5 billion (at September 2017 fx, this is over $9.1 billion).[9]
LendingClub: In May 2007, Prosper's main competitor was born with a $2 million angel round. LendingClub proceeded to raise almost $400 million in venture capital and growth equity from another list of marquee investors, including Norwest, Canaan, Morgenthaler, Foundation, Union Square Ventures, KPCB, Google, DST, Blackrock, Sands Capital, and T. Rowe Price.[10] LendingClub completed its IPO in December 2014, raising $860 million.[11] As with Zopa and Prosper, LendingClub's platform business is built around unsecured consumer loans, but in 2014 LendingClub launched a small business loan product and in 3Q16 LendingClub announced the launch of an auto refinancing loan product. From inception through September 30, 2017, LendingClub has originated over $30 billion in loans, most of them consumer[12], making them the de facto marketplace leader, even though they were not the first to launch.
Auxmoney: In 2007, Auxmoney was founded to match borrowers with private savers and institutional investors across Europe, with a focus on Germany. Since its series A round, Auxmoney has raised $242 million in equity capital from well-known investors such as Aegon, Index Ventures, Union Square Ventures, Foundation Capital, Partech Ventures, Seven Ventures and Crosslantic Capital.[13] From inception through December 2017, Auxmoney has originated nearly EUR $600 million (at Dec 2017 fx, this is over $700 million).[14]
Kabbage: In 2009, Kabbage was founded to provide a new and automated way to lend money to small businesses. The company has raised $489 million in venture capital and growth equity from marquee investors SoftBank, BlueRun Ventures, Mohr Davidow Ventures, Thomvest Ventures, Reverence Capital Partners, the UPS Strategic Enterprise Fund, ING, Santander InnoVentures, Scotiabank and TCW/Craton.[15] Since inception through December 2017, the company has originated over $4 billion in small businesses loans.[16]
RateSetter: In 2010, RateSetter was founded in the UK to provide a consumer platform to match borrowers and savers. In 2014, RateSetter expanded to Australia building on its success in the UK. Since its founding, the company has raised $65 million in growth equity from investment fund managers including Woodford Investment Management, Artemis and Five V Capital.[17] Since inception through December 2017, the company has originated over $3 billion in consumer loans globally (mainly in the UK and Australia).[18]
FundingCircle: Founded in 2011, FundingCircle has established itself as the go-to small business marketplace lender in the UK and an important competitor in the US. The company has raised $373 million in venture capital and growth equity from marquee investors Index, Accel, Union Square Ventures, DST, Temasek, and Blackrock.[19] Since inception through December 2017, the company has originated over $5 billion in small business loans globally (mainly in the UK and the US).[20]
SoFi: In August 2011, another future giant was born. SoFi was founded to facilitate peer-to-peer student loans, and has raised a total of ~$2 billion in venture capital from Baseline, Discovery Capital, Third Point Ventures, Silver Lake and Softbank ($1 billion in September 2015).[21] The company has started to offer other products, including consumer loans, to its ecosystem of borrowers. From inception through December 2017, SoFi has originated over $25 billion[22], most of which are student loans.
SocietyOne: In 2011, SocietyOne began as one of the pioneers of P2P lending in Australia, aiming to provide consumers with better loan options than banks and attractive returns for savers. Since its founding, SocietyOne has raised $55 million in equity capital from investors such as Beyond Bank, News Corp, Seven West Media, Consolidated Press Holdings, Reinventure Group and Global Founders Capital.[23] From inception through December 2017, SocietyOne has originated over AUD $350 million (at Dec 2017 fx, this is over $260 million).[24]
CommonBond: Founded in 2011, CommonBond began with the goal of using marketplace lending to lower the cost education financing. Since its founding, CommonBond has raised $79 million in equity capital from investors such as Neuberger Berman, Social Capital, Tribeca Venture Partners, Victory Park Capital, August Capital and Nelnet.[25] From inception through October 2017, CommonBond has originated over $1 billion.[26]
LendingHome: LendingHome was founded in 2013 to service the "fix-to-flip" residential mortgage sector, a niche abandoned by the banks post Dodd-Frank. The company has raised about $160 million in venture capital from Ribbit, Foundation, First Round Capital, and Renren.[27] From inception through December 2017, the company has originated over $1.75 billion in secured residential mortgages.[28] LendingHome is the de facto leader in the digital real estate lending sector.
Square Capital: Square Capital is an offshoot of Square, Inc, the publicly-listed payment processor. Born as a pilot project in 2014, Square Capital is quickly becoming a market leader in unsecured small business digital loans. Per Square's 3Q17 conference call, annual run rate originations are estimated to be $1.2 billion.[29]
The primary global platforms listed in the prior table have originated an aggregate $112 billion in consumer, small business, and real estate loans since inception.[30] While a staggering sum for an industry that was born ten years ago, in the context of market share, this number is still small. The total US household credit stack is approximately $13 trillion broken down into $9.5 trillion of housing debt, $1 trillion of revolving consumer credit, $1+ trillion auto, and $1.5 trillion student loans.[31] Small business debt is estimated at $1.5 trillion.[32]
We believe there is still a long way to go.
We believe that the trend toward digitalization is inevitable and that most, if not all, loans will ultimately be digitalized. We are already seeing further inroads to both massive markets, such as student loans, and tertiary segments like litigation finance.
In the case of Kodak, film was an unnecessary and very expensive layer between the photographer and the images they wanted to produce. There are still many, many layers of intermediaries and institutions living off the aforementioned $13 trillion. Digitalization, enabled by further generations of technology and encouraged by accelerated global regulation will continue to erode those layers.
(Since many of our younger readers may in fact not remember Kodak, we offer this: Once the dominant player in film and photography, Kodak was an American institution. "A Kodak Moment" was the commonly accepted phrase for a special event that deserved to be recorded. Slow to adapt to the inevitable shift to digital photography, the company, founded in 1888, filed for Chapter 11 bankruptcy protection in 2012.)
HCG has been a pioneer in digital finance investing since 2012. We believe that foresight, the ability to look ahead at critical issues around evolving fintech, credit underwriting, regulation and financing markets, is essential to effectively navigating the challenges and opportunities of this nascent industry.
[1] Crunchbase
[3] Prosper website. www.prosper.com
[5] OnDeck website. www.ondeck.com
[7] Greensky website. www.greenskycredit.com
[9] PR Newswire
[10] Crunchbase
[11] Bloomberg
[12] LC 3Q17 earnings release, SEC 8-K
[14] Auxmoney website. www.auxmoney.com
[16] Kabbage website. www.kabbage.com
[18] RateSetter website. www.ratesetter.com
[20] FundingCircle website. www.fundingcircle.com
[22] SoFi website. www.sofi.com
[24] SocietyOne website. www.societyone.com.au
[26] CommonBond website. www.commonbond.com
[28] LendingHome website. www.lendinghome.com
[29] SQ 3Q17 earnings release, SEC 8-K
[30] Company websites
[31] Federal Reserve Bank of New York
[32] Paynet, Inc.
The information contained herein represents the views and opinions of HCG. It is intended solely for informational purposes and is not intended to constitute investment, legal, tax or accounting advice. The views about market trends and digital loan investing expressed herein reflect those of HCG management as of 2019 and are a reflection of our best judgment at the time. They are subject to change based on market and other conditions, and we have no obligation to update them. Some of our comments are "forward looking statements." Actual results, however, may prove to be different from our expectations.
An investment in the notes is appropriate only for financially sophisticated investors capable of analyzing and assessing the associated risks fully disclosed in the Private Placement Memorandum. Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The Private Placement Memorandum contains this and other information about the Fund. A prospective investor should have no need for liquidity with respect to its investment and should view it as long-term and not a trading vehicle. Additional risks are disclosed in the Private Placement Memorandum including, lack of registration, dependence on HCG's principals, and short operating history.
Foresight: An occasional look down the road and around the corner at what is coming in the world of digital finance investing
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Information on this page is for informational purposes only and is not an offer or solicitation with respect to the purchase or sale of any security. Please see here for important additional information.


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Electric Car Speed Battle – Tesla Model S vs Porsche Taycan
November 5, 2019 Freddy Blackmon Auto
Speed – it matters
Gear ran drag races with the Tesla Model S Performance against the new Porsche Taycan Turbo S and the Taycan outperformed the Tesla Model S in every category.
Image Credit: Top Gear YouTube Screenshot
Elon Musk is no fan of Top Gear. He even tried to sue Top Gear with claims of libel against his Tesla Roadster. That was a non-starter, but Musk has taken to social media to voice his criticism of Top Gear's latest drag race against the Porsche Taycan.
Drag Race Times analysis is correct. Also, there's a software upgrade for Model S coming out that increases peak power by 50HP, so Model S should beat Porsche Taycan Turbo S by a wider margin in 0 to 60 & 1/4 mile races.
— Elon Musk (@elonmusk) October 31, 2019
The drag race times that Top Gear posted were identical to the race times from a previous race between the Tesla Model S and the Mercedes-Benz AMG E63 S in 2017. In that set of races, the Tesla Model S posted some seriously fast times, but those weren't the exact stats from the races against the Porsche Taycan.
What about the 2019 Tesla Model S Performance? Top Gear insists that it ran 5 drag races against the Porsche Taycan and every time the Porsche won. On paper, it should have been the other way around. In this press release, Top Gear clarified the results of the race.
According to Top Gear, the Tesla Model S did have ludicrous mode engaged and the batteries of both vehicles had about the same amount of charge before the first race. In the statement, Top Gear posted the actual times from the races.
2019 Tesla Model S Performance
0 to 60 – 2.83 seconds
2019 Porsche Taycan S Turbo
0 – 100 – 6.64 seconds
Quarter Mile – 11.23s @ 123.2mph
Those were the actual results, but Top Gear chose to post the fastest times that they had previously recorded in a Tesla Model S Performance, even though those were achieved in the 2017 model. Either way, it seems that the new Taycan from Porsche has outperformed the Tesla.
Here's the original video from Top Gear:
Now, the results of this drag race don't necessarily mean that the Porsche Taycan is a better vehicle. As Dominic Toretto from The Fast and The Furious points out – it's all about the driver not the car. So, maybe a different driver could have beat the Taycan.
Related: The Tesla Model Y Makes All-Electric Mainstream
The Tesla might be a better choice if you're looking for an all-electric vehicle. For starters, it's much cheaper than the Porsche Taycan and it has a larger network of charging stations. The Porsche Taycan might just be a better performance vehicle with better steering and handling.
The 2019 Porsche Taycan is the newcomer to the all-electric vehicle category, but it has the pedigree of an automaker that has excelled for decades at racing. So, let's look at what else the 2019 Porsche Taycan has going for it.
A Closer Look at the 2019 Porsche Taycan Turbo S
There's no getting around the price tag of the 2019 Porsche Taycan Turbo S. It has an MSRP of $185,000. That's before you get persuaded to add-on another $50,000 worth of additional features. Porsches are one of the most customizable vehicles on the market.
The Turbo S Taycan comes with a feature called Launch Control. This ups all the power of the vehicle. With Launch Control the Taycan Turbo S can go from 0 to 60 in 2.6 seconds. That's the manufacturer's statistic and as Top Gear proved, the Taycan Turbo S can hit those numbers.
The Taycan has a maximum horsepower of 562 and maximum torque of 479 lb. ft. It has a top track speed of 155 miles per hour. When it comes to charging the electric battery bank, it takes about 10 hours using AC and 22 minutes for an 80% charge using the max charging DC outlets.
All that power and speed means that other areas must be compromised. Don't expect to haul lots of luggage in the Taycan. It has a paltry 14.3 cubic feet of cargo space in the rear trunk compartment. What the Taycan lacks in storage space it makes up for in style. Instead of following Tesla's overly minimalistic design language, the Taycan looks like a Porsche. It's got those silky body lines and curves that you would come to expect from a Porsche.
The front end looks like a 911 while the profile and rear pay homage to the Cayman and Panamera. The only slight against the exterior of the Taycan is the rear of the vehicle. It's rather diminutive, even for a Porsche. Also, the rear window is so small that it's sure to impede outward vision.
Staying in the rear, the rear bench is especially cramped. It would be hard for two full grown adults to fit in the rear seats comfortably. So, there's a nod to the Tesla Model S. It has more rear head and leg room. Otherwise, the materials in the Taycan Turbo S are more refined.
Tesla is the king of autonomous driving features, but you won't find anything on par with that on the Taycan Turbo S. It does have some advanced safety features though like parking sensors and adaptive cruise control. There is a system of onboard cameras and sensors, as well.
At the Finish Line
Competition is a good thing. It keeps automakers innovative and honest. The Tesla Model S Performance might not have had much time to rest on its laurels before it was dethroned, but it still holds dominance in the all-electric niche. It has a greater market share even though the Porsche Taycan Turbo S blew its doors off on the track.
The Porsche Taycan Turbo S is a marvel of automotive engineering. It's a beautiful vehicle that can turn out some serious electric speed. Yes, it's expensive, but what do you expect from a Porsche? The Taycan is close to perfection and Elon Musk is just going to have to grip those sour grapes.
Porcsche
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