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domingo, septiembre 02, 2018
THE BIG FLAW: AUDITING IN CRISIS / THE FINANCIAL TIMES OP EDITORIAL
| Etiquetas: Auditing Companies, Credit Bubbles
The big flaw: auditing in crisis
FT series: with a cabal of auditors dominating the market and chiefs making most of the system of 'fair value', what can the industry do to raise standards?
Jonathan Ford and Madison Marriage in London
© Bill Butcher
A decade ago, as the financial crisis gathered momentum, two giants of the US investment landscape, Goldman Sachs and the insurer American International Group, were locked in an arcane but high-stakes accounting dispute.
AIG's fast-growing, London-based financial products arm had written billions of dollars' worth of insurance in the form of credit derivatives against a mountain of the investment bank's packaged-up mortgage loans. As credit conditions deteriorated in late 2007 and these mortgage-related securities started to buckle, the value of this insurance policy became central to the financial health of both businesses.
The bank wanted to recognise the mushrooming gain it was making on its derivative position, based on a probabilistic estimate of the underlying loans defaulting. By its calculation, AIG owed $5.1bn on its outstanding swap positions, a large chunk of that to Goldman Sachs. Unsurprisingly, AIG took a very different view. The insurer estimated its liability was no more than $1.5bn, a sum that helpfully allowed it to continue posting quarterly profits.
Both sides sought the acquiescence of their auditors for these treatments. Coincidentally, in this case that meant the same firm: PricewaterhouseCoopers. And despite the iron logic that one side's gain in a zero-sum trade should mirror the other's losses, the same firm allowed these divergent — and mutually beneficial — approaches.
Only months later, with markets still frozen, did PwC toughen its line and force its insurance client to take a substantial writedown. In the event, even this proved wildly insufficient. AIG's derivative positions ultimately forced it to cough up tens of billions of dollars in 2008 — a sum it could only pay because the US government had by then bailed it out.
AIG was forced to pay out tens of billions of dollars on its derivative positions in 2008 after it had been bailed out by the US government © Bloomberg
The word audit means to survey or check. Ferreting after facts was once the auditors' main vocation: certifying information to assure investors that a company's numbers were "true and fair". But in AIG's row with Goldman, it is striking how little was verifiable. There were few credible market prices, let alone transactions, to support the key valuations. Speciously precise profits and losses were written, not on the basis of concrete observation, but mathematical calculations derived from computer models.
As to the logic of such contradictory valuations, Warren Buffett's investment partner Charlie Munger spoke for many when he observed in a 2009 interview that they "violated the most elemental principles of common sense".
"Accounts have always contained estimates; think of the provisions companies make against foreseeable future losses," says Sharon Bowles, former chair of the European Parliament's economic and monetary affairs committee. "But the un-anchoring of auditing from verifiable fact has become endemic."
In the UK in the past three decades, standards setters have progressively dismantled the system of historical cost accounting, replacing it with one based on the idea that the primary purpose of accounts is to present information that is "useful to users". The process allows managers to pull forward anticipated profits and unrealised gains, and write them up as today's surpluses.
More recently, it is behind a string of accounting scandals involving overstatements of profit, including at the UK supermarket chain Tesco and the software company Quindell. It hangs over the insolvency of the UK outsourcing group Carillion, where sudden contract restatements in 2017 erased the previous six years of dividend-bearing profits. In the US, the conglomerate GE is under investigation over the way it accounts for its contracts.
These events have fuelled concerns about the auditing market, and whether the Big Four accountancy firms— KPMG, Deloitte, EY and PwC — are too big to fail, too profit-driven and excessively compliant to managers' wishes. Britain has started an investigation into the effectiveness of its auditing regulator, the Financial Reporting Council.
But this may be looking at the symptoms rather than the cause of the problem. That may lie in the accounting standards themselves.
Carillion had only impaired less than 10 per cent of the goodwill on its balance sheet when it collapsed © Bloomberg
Modern auditing in Britain sprang from a great failure: the collapse in 1878 of the City of Glasgow Bank. Stung by the demise of this unlimited liability institution, whose losses hit the city's middle classes, more banks became limited liability ventures. With that privilege came responsibilities, including the need to conduct independent audits.
Their purpose was to assure investors that companies' capital was not being abused by over-optimistic or fraudulent managers. "At their heart, audits are about protecting capital, and thereby ensuring responsible stewardship of capital," says Natasha Landell-Mills, head of stewardship at the asset manager Sarasin & Partners.
Behind this stood a system of accounting that vaunted prudence. The principle that assets were valued at the lower of cost or net realisable value (or the price at which it was thought they could be sold) did not rule out estimates. But they only came into play when values had fallen. It was not possible for managers to conjure up unrealised gains and profits and present these as fact.
The idea that accounts should be primarily "useful" springs from the same source as the so-called efficient markets hypothesis. Indeed, it is an adjunct to that now somewhat discredited theory.
From the 1960s, academics such as William Beaver at Stanford University advanced the notion that for markets to channel capital efficiently to the most productive outlet, accounts needed to give traders of securities a clearer understanding of the current valuation of a company.
$134bn Combined revenues of the 'Big Four' auditors. They employ 945,000 people
$2.9tn Total goodwill on balance sheets of S&P 500 companies in 2016, up from $1.8tn in 2007 6
60% Remuneration based on equity for CEOs at S&P 500 groups in 2014, up from 25% in 1992
That meant abandoning inconvenient notions such as prudence and conservatism; instead, accounts had to be "neutral" and use more up-to-date values for balance sheet items.
This was radical. Fair value accounting had been firmly shunned by the US Securities and Exchange Commission for contributing to the losses of the 1929 crash. Yet contemporary events gave the hypothesis respectability. Soaring inflation in the 1970s made historical cost balance sheets seem misleadingly out of whack with property values, leading to asset stripping. America's savings and loan crisis in the 1980s was partly blamed on these institutions having out-of-date books.
From the 1990s, fair values started to supplant historical cost numbers in the balance sheet, first in the US and then, with the advent of IFRS accounting standards in 2005, across the EU. Banking assets held for trading started to be reassessed regularly at market valuations. Contracts were increasingly valued as discounted streams of income, stretching seamlessly into the future.
This was also a time when managers' pay, especially in the US, was rising through the use of market-linked incentives. Between 1992 and 2014, equity-based pay at S&P 500 firms rose from 25 to 60 per cent of their total remuneration, according to database ExecuComp.
It did not take long for bosses to perceive the pecuniary possibilities of their ability to influence fair values. Between 1995 and 1999, for instance, Enron's stock underperformed the S&P 500 index. Yet in 2000, when the US energy company's accounting chicanery started to kick in, its shares wildly outperformed the benchmark. In the 10 months before its collapse, the company paid out $340m to executives.
With accounting chicaery helping its shares wildly outperform the S&P500, Enron paid out $340m to executives in the 10 months before its collapse in October 2001 © Reuters
"The problem with fair value accounting is that it's very hard to differentiate between mark-to-market, mark-to-model and mark-to-myth," says one investor who is on the board of an audit firm.
In theory, fair value should not preclude sound audits. But it does make it harder. The greater latitude given to bonus-hungry management by looser evidential standards increases the pressure on auditors.
There is, however, little evidence of auditors rising to the challenge.Take goodwill, an accounting item that measures the difference between the purchase price paid for an acquisition and the net value of the assets actually acquired.
Until the turn of the century there was a general convention that when one company bought another, goodwill was an effective cost of the transaction that needed to be amortised — or written down annually against group profits. Not to do so, while also counting the additional profits from the purchased assets, was a form of double counting that inflated the benefits of an M&A deal. According to Karthik Ramanna, professor of business and public policy at Oxford university's Blavatnik School of Government, "it violates the basic premise of traditional accounting".
A cheque from the City of Glasgow Bank, whose collapse in 1878 prompted tighter accounting requirements © AllyD/Wikicommons
Yet egged on by Wall Street, standards setters softened the rules on goodwill in 2000. This could be recognised in the balance sheet permanently, and only reduced if there was evidence that the discounted future cash flows from the underlying asset had fallen sufficiently to warrant impairment.
Puzzlingly, given the hit and miss nature of most takeovers, this evidence has proved remarkably elusive. Since 2007, the total goodwill on the balance sheets of S&P 500 companies had rocketed from $1.8tn to $2.9tn by 2016, much of it used to collateralise acquisition debt.
When Carillion collapsed in January, the group had only impaired £134m of the £1.5bn of goodwill on its balance sheet, even though at least one large acquisition had negative net assets of nearly £200m and was only solvent because of explicit support from the parent group.
There may be little evidence of auditors getting tougher, but they have reacted in other ways to the challenges posed by fair value accounting: principally huddling together and seeking ways to limit their liability.
From a Big Eight in 1987, the industry consolidated to a Big Five by 1998. With the collapse of Arthur Andersen in 2002, their number shrank to four. These firms entirely dominate the markets for auditing quoted companies in the UK and the US. Many observers accept this lack of choice makes the industry difficult to regulate. "It makes the Big Four too big to fail," says Guy Jubb, an honorary professor at the University of Edinburgh and a corporate governance expert.
Last year the quartet had combined revenues of about $134bn, employing almost 945,000 people, according to Statista. Scale makes the Big Four much more of a target for shareholder litigation, especially in the US.
To counter this and reduce the scope for actions, auditing firms have used their lobbying power to erase ever more of the discretion and judgment involved in what they do. Hence the explosion of "tick box" rules designed to achieve mechanistic "neutral" outcomes. It is a process, says Prof Ramanna, that is tantamount to a stealthy "socialisation or collectivisation of the risks of audit".
Into the void have stepped self-interested managers, who acquire ever more influence over the presentation of the numbers. Take the practice of accounting for the zero-interest credit cards that UK banks issue in the hope of making money when the customer comes to the end of the interest-free period and starts paying a high rate.
"Realistic" accounting practices allow companies to recognise revenue up front based on their estimates of the amount of time beyond the expiry of the free period. The more optimistic a manager's views on customer retention, the higher the asset values. Given the incentives on bosses, it is hardly surprising that the result has been ballooning zero-interest credit card balances, and growing concern at the Bank of England that a bubble may be inflating.
Observers perceive the problem, but worry that the rules now preclude auditorial judgment. "How do you deal with it when you get into a face-off with management and they say, 'This is how we want to present it and it is all within the rules'? Ultimately, it is very hard to argue against," says the investor who is also an audit firm non-executive.
There is also the perception that the dominant Big Four, which are now profit-hungry professional services conglomerates, are not that worried about audit quality anyway. "They have been able to do better with low quality than with high quality work," says Erik Gordon, a professor at the University of Michigan Ross School of Business. "It is less expensive and clients, who actually are company management, not the shareholders, seem happy with audits that don't challenge their view of how well they are performing."
Some at the largest accounting firms do recognise that trust in audit has plummeted. "There are some legitimate reasons for that," says a senior figure at one of the Big Four firms. "If there was nothing [wrong] we would not be having this debate. It would not be getting so many column inches if, at its core, something wasn't working."
There is ultimately a tension between accounts that are prudent and those that are "useful to users". Despite the searing experience of 2008, the accounting profession has plumped for the latter. In 2010, in a groundbreaking conceptual paper, both America's Financial Accounting Standards Board and the International Accounting Standards Board scrapped "reliability" or the need for factual verification in favour of relying on "faithful representation", which means little more than an educated guess.
"It's an indication of how standards setters, divorced from public accountability and coddled by corporate special interests, can manufacture their own reality," says Prof Ramanna.
This has opened a gap between the standards and UK company law, which says the accounts of a company should present a "true and fair" picture of its financial position and earnings.
Critics of fair value worry that standards have diverged too far from this legal requirement. Many of the recent changes have been stealthy, driven by international harmonisation, or a result of the "useful for users" agenda. Ms Landell-Mills worries that investors have not absorbed the consequences for the public interest.
"In the extreme," she says, "fair value accounting that treats upward revaluations as legitimate profits, and ignores future foreseeable losses, can facilitate Ponzi schemes where more and more illusory profits permit executives and existing shareholders to extract cash through bonuses and dividends. It won't be long before you come unstuck."
WHY THE LARGEST GROUP OF AMERICAN CORPORATE BONDS IS A NOTCH ABOVE JUNK / THE ECONOMIST
| Etiquetas: Bond Markets, Corporate Debt, Investment Strategies
Buttonwood
Why the largest group of American corporate bonds is a notch above junk
We're watching a triple-B movie
BY HIS own account Christopher Hitchens, an author who died in 2011, was a poor student. He left Oxford with a third-class degree. This was not for want of ability. Hitchens would become a prolific essayist and fearsome debater. Rather, it was a choice. His tutors warned him about neglecting his studies. But he preferred to divide his time between his social life, political protests, books (other than the prescribed ones) and lively debates with other thinkers.
As Hitchens's counterexample demonstrates, it is possible to regret the opportunities missed while striving for top grades. It is a lesson that many of America's biggest companies have grasped. At one time, the sort of company that could tap the bond market for capital would be given an A-grade as a matter of course. These days the typical corporate-bond issuer has a credit-rating of BBB, only a notch above a junk rating (see chart).
That might seem to imply that business has become less efficient or lucrative. Yet profits have never been higher as a share of GDP. In fact, for much of corporate America a BBB rating is the consequence of a financial strategy. Many established firms have chosen to load up on debt to buy back their own shares in order to boost shareholder returns or, more recently, to pay for mergers.
To understand why, it helps to start with a bit of textbook finance that says share buy-backs are pointless. According to a theory proposed in 1958 by Franco Modigliani and Merton Miller, a firm's capital structure—its mix of equity and debt finance—has no effect on its value. Debt has first call on profits; shareholders get what is left over. Debt is thus less risky for investors and a cheaper form of finance for companies. The more debt a firm has, the more volatile are its equity returns. Investors dislike volatility. So a firm's share price should in principle decline as it takes on more debt, leaving its overall financial value (the sum of its debt and equity) unchanged.
Grade deflation
The theory simplifies reality to illustrate a truth—a firm's worth is ultimately its cashflows. In the real world, there are benefits to using debt. A big one is that interest costs are tax-deductible. This tax shield is in effect a subsidy to debt finance. Debt also has costs. A high interest burden can lead to missed opportunities or a damaging bankruptcy. Each firm has to make a trade-off between the costs and benefits. Capital-goods firms may plump for low debts and a solid credit rating to show they will be around to honour their warranties. Telecom companies, which have more stable earnings, are more likely to gear up.
As the corporate-bond market has expanded, new categories of firms have been able to take advantage of cheap debt finance. The taboo on issuing lower-grade debt became weaker in the 1980s after "corporate raiders" used junk bonds to finance leveraged buy-outs of listed companies. Since the financial crisis corporate-debt issuance has accelerated, says Adam Richmond, an analyst at Morgan Stanley. Low yields on government bonds as a result of quantitative easing have drawn investors into riskier sorts of paper. Companies have seized on this demand as a further subsidy to debt. The number of firms issuing bonds has increased by two-thirds in the past decade, according to PIMCO, a fund manager.
No doubt some firms will discover they have issued too much. It is of some comfort that the ratio of corporate debt to GDP is barely higher than its previous cyclical peaks, in 2000 and 2008. Bond finance has in part displaced bank finance. But if banks are less exposed, investors are more so. For now, strong GDP growth is a balm. A recent report by S&P Global, a credit-rating agency, plays down the risk of a rash of downgrades to junk. Firms might simply choose to buy fewer of their shares back to preserve their BBB rating.
Even so, a recession will come sooner or later. The profits of leveraged firms will be damaged, which will in turn hurt confidence. Downgrades and defaults will follow, as they always do. The process will be more drawn-out than usual if, as seems likely, there proves to be a shortage of buyers for a fresh supply of junk.
For now the market is stable. But corporate credit is an asset class to be wary of in a maturing economic cycle. In good times there seems little prospect that buyers might dry up. But they will. The best time to buy corporate bonds is early in an economic recovery, when downgrades and defaults are still under way. There are likely to be more bargains than usual next time. If companies no longer need to strive for an A-grade, all the more reason for investors to do their homework.
THE NEVER-ENDING SUMMER: IS GERMANY´S HEAT WAVE A PREVIEW OF THE FUTURE? / DER SPIEGEL
| Etiquetas: Climate Change, Europe Economic and Political, Germany, Solar Energy
The Never-Ending Summer
Is Germany's Heat Wave a Preview of the Future?
Germany is currently experiencing a state of meteorological emergency. Although many are enjoying the scorching summer, the heat wave has left others with health problems and also led to a drought. Is this a preview of how climate change may soon change our lives? By DER SPIEGEL Staff
It's early August in Germany, and the country is worried, cantankerous and uncharacteristically sluggish.
The country's recent dramatic heatwave has seen the water authority in Chemnitz impose a ban on pumping water out of ponds or other urban waters, with the Chemnitz River only 25 centimeters deep in some places. Those caught taking water can be slapped with fines of up to 50,000 euros.
In Gotteszell in Bavaria, a regional railway line had to be shut down because the tracks warped in the heat.
And in the city of Bochum, beer brewer Moritz Fiege had to appeal to customers to return their used bottles because he had run out of bottles and crates.
Meanwhile, at the Berlin Zoo, zookeepers are freezing fish, apples and carrots, so they can provide polar bears with chilled food. And in Hamburg, the Hagenbecks Tierpark zoo has installed lawn sprinklers for its alpacas.
Germany in the summer of 2018, feels a bit like a country under a hair dryer. A golden, shimmering summer, as disturbing and strange as it is enjoyable. The sun has been beating down relentlessly and has caused a drought. So, what is this? Is it finally a summer worthy of the name or are we already in the middle of climate change? Is this what the future is going to feel like?
In the city of Kassel, two of the three lanes on the A7 motorway had to be closed because the material began melting in the asphalt joints. In Achim near Bremen, burglars stole ice cream worth 170 euros from a delivery service's freezer. In Hamburg, some indoor swimming pools have been closed so that the staff can be deployed at outdoor swimming pools.
Some are celebrating. The Association of the German Confectionery Industry (BDSI) notes that ice cream sales are up 11 percent over the previous year. As are brewers and operators of solar power plants, which are periodically producing more electricity than 20 nuclear power plants.
Many Questions, But Few Answers
A whole country is decelerating into an almost Mediterranean atmosphere. Much that was important has receded into the background, and people seem mostly interested in weather news, weather tips and weather experts. There are many questions, but surprisingly few answers. The summer is so big and our knowledge about the climate still so limited.
In the meantime, the price of potatoes is climbing on the commodity futures exchange. Temperatures are so hot in the state of Schleswig-Holstein that police are no longer being required to wear their official caps until at least Aug. 10. The drought has meant fewer mosquitoes and fewer weeds because even weeds need water. Electricity is getting more expensive because power plants aren't feeding the warm cooling water into the heated rivers.
All in all, it's unbelievable.
When public broadcaster ARD ran a special on the heat last week, airing just after the usual evening news broadcast, it attracted 4.35 million people. The dry season has turned many of us into victims and all of us into witnesses to history in the making.
Germany this August is a country that is slowing down voluntarily in many places, but also coming to an involuntary halt in others. It's a country that is now finding time for the essentials: Time to enjoy things and time to reflect. But is this unusual summer a foretaste of what lies ahead?
Not entirely surprisingly, the science currently available doesn't offer a clear answer to those questions. The climate is a complex thing -- there's more to it than just weather. The climate is a mixture of politics and science, good intentions and scaremongering. Those looking for them can detect patterns everywhere, where others at most observe circumstantial evidence.
Weather, weather experts say, has much to do with psychology. As with earlier disastrous winters, earlier summers of the century are dramatized, romanticized or simply wiped from our memories. In fact, contrary to the perception of many people, the summer of 2018 hasn't even set a new record for a heat wave. Indeed, it has only been since mid-July that temperatures in large parts of Germany have been above 30 degrees Celsius (86 degrees Fahrenheit).
'Somebody Is Always Complaining'
It is true that the Germans are sweating, but it is also true that there have been times when it was even hotter. During the 2006 World Cup, when the Germans were on a high as hosts of the event, their "summer fairy tale," July was 2 degrees Celsius warmer than it has been this year. And rather than complain about it, people celebrated. Whether temperatures are perceived as invigorating or distressing is highly subjective.
"Somebody is always complaining", says Jörg Kachelmann, Germany's best-known meteorologist. "For some, summer only starts at 35 degrees in the shade, but others consider that to be Saharan heat." In Kachelmann's mind, it's "sheer nonsense." Typically, summers in Germany are known for their capriciousness, and the rollercoaster weather that the tabloids love to report on is perfectly normal.
What makes summer 2018 an exception is the unusually long period of heat. Such a persistent period of fine weather, with lots of sunshine and little rain, occurs on average once every 10 years at most in the country. And given the lack of rain, it's not the heat that's the problem, but the drought -- especially in northern and eastern Germany, where there has been virtually no rainfall in some places since May.
This may be due to climate change, but it may also be unrelated. Germany has also experienced extreme droughts in previous years. In 1992, for example, when wheat withered away in the fields, wells dried up and priests prayed for rain at church services. Or in 1971, when forest fires flared up in many places across the country. Or in 1947, when even drinking water became scarce.
What we do know is this: The reason for this endless summer is a so-called Omega Block. Usually, a strong high-pressure area has already formed by the spring, which is wedged between low pressure areas (the formation gets its name from the fact that it resembles the Greek letter Omega). For months, an omega layer barely moves from the spot. In the manner of a bellows, it temporarily weakens and then quickly rebuilds itself.
This year this stable weather situation arose over Scandinavia. With the sun shining all day long, the dry mainland air has heated up continuously, even in northern Europe. The huge high-pressure cell directs the warm air as far as Germany. On its way south, the warm Scandinavian air hardly barely cools and, as such, forms a heat dome over Germany.
Hotter than Rome
Bernburg in Saxony-Anhalt was the hottest spot in Germany last week. The German Weather Service (DWD) measured 39.5 degrees Celsius on Tuesday: hotter than Rome.
Matthias Hirsekorn is the head of the Ameos Hospital in Bernburg. It provides care for people who are unable to cope with the heat. Senior physician Claudia Schmidt works in the Department of Internal Medicine at the Bernburg facility. She has seen how people have literally been dragging themselves to the emergency room in the last few days. Elderly people who have had too little to drink, young people who thought that even in this heat they could go jogging.
The treatment is almost always the same. Schmidt runs tests in order to check electrolyte levels. If necessary, infusions and drinks are administered and the patient is kept in a reasonably cool room. But even that is getting difficult to find. The emergency rooms and operating rooms are, of course, air-conditioned. But the standard patient rooms aren't. There are roller shutters on the windows. In the internal medicine department, they've also installed fans in the corridors. And at night, the nurses become ventilation managers: All the windows have to be opened and then closed again at sunrise.
Typical patients these days include a cyclist riding along the Saale River with little shade, a man who harvested potatoes in the midday heat or people who've drunk beer in the sun and forgotten their hats. Most are treated as outpatients. And drinks and infusions are often enough to get them back on their feet.
Hospital staff can even order special summer uniforms with thinner fabric. They're also provided with free beverages. Hospital director Hirsekorn personally walked through the departments and delivered ice cream to the staff.
Emergency physicians see heat fatigue on a daily basis in midsummer, as well as sunstroke and potentially lethal heat strokes -- often diagnosed in people who have passed out. If a person loses too much salt through sweating, that can also cause a seizure. Joggers, mountain bikers or Nordic walkers are particularly at risk if they continue exercising even when the asphalt is melting outside.
With these temperatures, most emergency calls are placed from retirement homes. A common problem is that there aren't enough caregivers to ensure that the elderly get as much water as they need. The mineral water provided in old people's homes and social services, is often also low in sodium. Tea, coffee and fruit juices are also of little use unless salt is added by other means.
The consequences can be cardiovascular problems, kidney failure and even cardiac arrest. There's a lower risk for most healthy adults in Europe, but the higher temperatures do present a risk, especially in people with pre-exisiting conditions who are over 70. More than 40,000 people died in Western Europe during the last major heat wave in 2003. In Germany alone, 7,000 people died. The victims were mostly elderly, but the heat also killed poor people, homeless, small children and also a large number of people suffering from chronic illness.
Doctors have an unsentimental technical term for the phenomenon: Temperature-related excess mortality.
People taking medication are also at greater risk. Dehydrating drugs, for example for people with heart problems, can cause patients to get dehydrated more quickly. Anti-convulsants and antidepressants can also affect the heat balance. Antihypertensive drugs for lowering blood pressure can also increase the risk of harmful effects from the heat.
The body has a sophisticated system that can withstand even extreme heat. It emits a lot of heat through evaporation, a process better known to us as sweating. Humans have around 2 million sweat glands and can release more than two liters of sweat per hour through them. The less a person replaces the liquids that have been expelled through sweat, the less sweat that person produces.
Are We Peeking at the Future?
Drought affects well-being, but also changes public space: It transforms the landscape from green to yellow and it also causes people to relax their attire and their behavior. The Roman historian Tacitus, who was very familiar with high temperatures, once wrote of the Germans: "Heat and thirst they cannot in the least endure."
The summer of 2018 provides a hint of what the future might feel like for us Germans, for us Europeans, indeed humanity in general -- on an earth that is one and a half, two or even three degrees warmer than it is today, in which extreme weather conditions are no longer perceived as extreme, but as normal. The heat is also hitting a country that has become sensitive. A country that has suddenly begun worrying about general weather conditions, about the probability of rain and about the medium-term and long-term forecasts. A country that is eagerly awaiting the harvest report for the first time in years because a surprising number of things are dependent on the 2018 harvest: the price of milk and the size of french fries, the quality of wine vintages and the availability of everyday produce: bread and beans, potatoes and peas.
Germans are learning new terms in these weeks: Emergency aid and emergency harvests, "blow-ups" (when the asphalt buckles), apple sunburns and low water situations, the term used by inland waterway operators to describe low water levels that endanger river navigation.
Suddenly, people are showing an interest in niche issues, from barbecue tips and sunblock factor levels to legal questions ("can you lie naked on the balcony?") -- all united in the feeling of experiencing something historic, the beginning of something new, unknown and perhaps even sinister.
In Westerrade, located 25 kilometers northwest of Lübeck, Dietrich Pritschau, 57, stands on his paddock staring at withered sugar beet leaves lying on the ground. For at least six generations, the family has made its living through farming. He runs the business together with his wife Cathrin, his brother Klaus and his son Tyll. "I've never seen anything like this before," says Pritschau. "It all looks so sad the way it is lying there."
Pritschau holds a degree in agricultural engineering. He cultivates more than 1,300 hectares with the help of 14 employees and 2 trainees. He farms 75 hectares near Westerrade, and the rest of his property is located in the eastern state of Mecklenburg-Western Pomerania.
These days, his staff are harvesting the last fields about three weeks earlier than usual. The corn stands in the sun with bright, rolled up leaves, they have the pale color of cacti, not the rich, northern German green. On some fields, Pritschau has already treated the stubble, a kind of weed control with tractor and disc harrow. While working, the tractors drew a cloud of dust behind them.
Pritschau grows nine fruits, five of which he has already harvested. In the barley sector, this year's crop failed by 28 percent compared to the average of the past five years. The figure was 26 percent for rapeseed, 45 percent for rye and 47 percent for wheat.
For him, this dream of a summer has turned into a nightmare. "It's the weakest harvest of my life", says Pritschau, who has been in business for 31 years.
Last year was already a disappointing year for grain farmers in northern Germany. After months of rain, the water in many fields was still so high that many farmers were unable to get their planting done before the frost arrived. But without cold stimulus, winter wheat doesn't bear any fruit. This is why summer wheat -- a variety that yields one-fifth less than its cold-dependent twin -- only got planted in many fields in February.
The German Farmers' Association (DBV) is forecasting harvests of 6 tons per hectare of winter wheat due to the drought, or 20 percent lower than 2017 yields. That's the bad news. The good news for farmers is that prices have also risen 20 percent in the past four weeks alone.
But questions still persist. Is what we are experiencing this summer really evidence of climate change, every sunburn and every hot and sweaty night? Is this summer the final, irrefutable proof that the planet is heating up?
Relentless Summer
This much is clear: The summer's relentless sunshine matches climate observations of the last 138 years and predictions for upcoming decades with astonishing precision. The planet's average temperature is set to climb by two degrees or more. As a result, there will likely be more droughts, heat waves and heavy rainfall - extreme weather that used to be rare. For the time being, the dry summer of 2003 and the blazing hot summer of 2015 remain unsurpassed in Germany since records began. But if the planet heats up by two degrees, they could become the norm in our latitudes.
Yet it does not mean that all of Germany and indeed the rest of the world will become uniformly hotter and drier. Change will vary from region to region and season to season. Nor does it mean that next summer will necessarily be as hot and dry as this one.
The weather is unpredictable. Sometimes it rains, sometimes it snows. It can be windy. It can be calm. The climate, however, describes the average of these erratic conditions over a long period of time.
In short, this standout summer fits neatly into the 21st century's long-term climate trend. But it is dangerous to read too much into one-off weather occurrences. A single cold, wet summer does not disprove the long-term global warming trend. These exceptions are subsumed into the statistical average.
For this reason, one must be careful not to rush to conclusions and to assume that the current drought is the inevitable consequence of climate change.
'Fewer Extremely Cold Winters'
Nevertheless, the endless summer of 2018 provides a glimpse of what could be in store for the planet, and what life in 50 or 70 years might look like. By 2100, it will perhaps have become perfectly normal. The global temperature will have risen by at least two degrees, and most likely even more.
That, at least, is beyond doubt. Weather records began in Germany in 1881, and already show a rise in average temperature of 1.4 degrees Celsius - not, however, across the entire year but mainly in winter and spring. The temperature exceeds 30 degrees more often and falls below zero less often.
"There will be fewer extremely cold winters in the future,", says Gerhard Lux of the German Meteorological Service (DWD). "But this doesn't mean that winter will be more pleasant. There will be increased rainfall, so less snow and more rain." And that's bad news for winter sports regions, and also for our streets and roads, especially in mountainous areas. Melting permafrost will result in more frequent rockslides.
One positive effect is a reduced likelihood that rivers such as the Rhine will overflow as a result of spring snowmelt. Floods in Cologne, for example, will become less common.
"Spring will arrive earlier than we are used to, as happened this year," explains Lux. "The wine harvest will be earlier and the grape pickers will be wearing t-shirts rather than anoraks."
Lux is concerned less by the heat this summer than the drought, caused by the prolonged high temperatures in Scandinavia. A persistent weather system, such as the one currently keeping temperatures locked above the average, could become more common. It could also have the opposite effect, as evidenced by the heavy rain of summer 2017, which saw sewer systems in northern Germany overflow and cellars flooded.
Persistent weather fronts are made more likely by the fact that it is warming up in the high latitudes more than it is in the lower latitudes. Temperature differences between the Equator and Poland are narrowing. This results in the fast-flowing air currents circulating in the atmosphere, known as jet streams, meandering and causing atmospheric "blocking." In other words, the engine in the atmosphere that ensures constantly changing weather conditions could start to sputter out and slow down.
"When a weather system has become anchored, then there could be rain occurring on one trough axis and persistent drought a thousand kilometers away on the other side," says Lux. "One region will get too much rain and another too little. It's bad news for both."
Lux is aware that many effects of climate change might seem surprising to laypersons. Summers will tend to be hotter but there will also be a slight increase in aggregate rainfall, due to winters becoming damper.
A study conducted by the Climate Service Center Germany in Hamburg suggests that arid summers like the one currently gripping Germany may become more common by the end of the 21st century. The northeast, the southwest, the south of the country and the Alps in particular look set to see dramatically less rain in the summer months.
Germany To Be Spared Worst
Germany, situated relatively far north, will in fact be spared the worst. Mediterranean countries such as Spain are expected to see as much as a three-fold increase in their dry seasons, which would then last for more than five months of the year. Parts of Spain, Italy and Greece would then transform into deserts.
Based as they are on extremely broad-based data, these regional forecasts are not 100 percent reliable. London or Paris, Amsterdam or Aachen? Climate modeling isn't an exact science. Precise coordinates don't tend to be factored in.
Which climate model is the right one? Most scientists use as much forecasting as possible, gradually figuring out the various models' respective strengths and weaknesses. The range of climate predictions is therefore wide, but by no means random. Despite the variety of climate models, there is a consensus -- and the summer of 2018 fits into the picture perfectly.
Germany would in fact be able to cope with an increased frequency of dry periods, although this does not prevent associations, lobbyists and parliamentarians from championing their own causes.
For example, the aridity has just been quantified. Joachim Rukwied, president of the German Farmers' Association, has asked for 1 billion euros in special aid to compensate for drought damage. It would go to any farms whose harvests are down by at least 30 percent compared to their recent averages, due to the drought and heatwave.
Farmers Struggling
One-billion euros. That's more or less the amount the government has pledged to spend on its emergency program to boost old-age care over the next four years. But then, the farmers' association has always had the ear of the conservative Christian Democrats, the government's senior coalition partner, and specifically that of its parliamentary group.
Volker Kauder, the conservatives' parliamentary group leader, took a clear stance on the issue, proclaiming "we should not be stingy." A was a remarkable response, not least given that Julia Klöckner, a member of the Christian Democrats and agriculture minister, had only just sought to distance herself from the farmer lobby's demands. Before paying out 1 billion euros, she said, it was worth waiting for the ministry's own harvest report, due in late August. It now seems doubtful that she will succeed in fighting her corner even within her own party.
Friedhelm Taube, an agricultural scientist based in Kiel and a member of the Agriculture Ministry's scientific advisory board, is among those who believe the farmers are not yet dealing with an emergency, despite the association's protestations to the contrary. The fruit harvest was disastrous last year, he points out, but by winter, the farmers' complaints had completely subsided. Substantial price hikes had compensated for their modest yields.
From land leasing costs, Taube can tell that value creation has flourished in agriculture in the last decade. They rose by more than 50 percent in some regions, and farmers could still afford them. For Germany as a whole, the added value of farmland based on purchase price development was around 100 billion euros. "Anyone who gets into existential difficulties after one bad year has been inefficient," he says.
Werner Schwarz, president of the farmers' association in the state of Schleswig-Holstein, takes a different view. Sure, dairy farmers have gotten back on their feet in the last 18 months, after a long period of struggle, "but not enough to create reserves." The shortage of animal feed due to parched fields means more and more farmers are having to slaughter their herds. In July, 20 percent more animals were slaughtered than usual.
Lobbyist Schwarz also cautions against a scattergun approach. He himself is a pig farmer, his business is doing fine. But a crop farmer doesn't have a pigsty or an apple orchard to make up for losses. Some of his colleagues are seeing a 70 percent drop in their harvests. Without aid, they could find themselves facing bankruptcy.
But Germany would need the EU to sign off on any aid package. The first condition would be that the emergency was a nationwide one. Drought is rarely a nationwide problem. Even in the exceptionally dry summer of 2003, federal and state governments "only" paid out 72 million euros in aid to farms struggling to survive.
The Green Party, meanwhile, has voiced deep-seated criticism of an aid package. With every instance of drought and flooding, the party sees itself vindicated in its conviction that a climate catastrophe is just around the corner. And party leader Annalena Baerbock doesn't buy Klöckner's reservations. "If she's serious, then she wouldn't be blocking agricultural reform, which is urgently needed, at the European level," she says. The European Commission, she points out, only recently proposed that the criteria for agricultural subsidies should be sustainable farming practices rather than farm size. Baerbock thinks it is regrettable that Klöckner rejects this approach.
Good News for Vintners
Unfortunately, the chorus of complaints has somewhat drowned out the fact that not all farmers have been equally hard hit by the dry weather. Asparagus and strawberry farmers, for example, had a good year. And wine-growers could be looking at record harvests.
The south-facing Knipser Himmelsrech Dirmsteiner Mandelpfad vineyard is ideally located to soak up the sun. Wearing shorts, Stephan Knipser, 42, is standing among rows of vines. Here on the edge of the Rhine Valley he grows cabernet sauvignon, a grape that used to be associated mainly with the Bordeaux region.
But Knipser has even had to shield the cabernet sauvignon against excessive heat. The vintner has thinned out the foliage in the middle and is giving the leaves at the top longer to grow. "The grape canopy gets enough air," says Knipser, "but we let the foliage at the top grow so it provides the grapes with shade." Excessive heat can break down acid in the grape, so the wine ends up less fresh and long-lasting.
And if there is not enough water, the leaves' stomata will close and the grapes would stop growing. This can easily happen with young vines on sandy soil. Old vines have much deeper roots, and are therefore far less likely to dry up in hot weather.
"So far we have been very lucky with the weather," says Stephan Knipser, notwithstanding a hailstorm in spring. "Plentiful sunshine means riper grapes and more sugar and therefore more alcohol."
Thirty years ago, Knipser's father was one of the first to start growing sun-worshiping grapes. He came in for a lot of ridicule at the time. These days, he's seen as something of a visionary. "With climate change, these grape varieties are now flourishing here," he says. Knipser even grows Yellow Orleans, believed to have been the favorite tipple of Charlemagne. It long ago disappeared from German vineyards because it rarely ripened in time. But in recent years grapes are ripening earlier in Germany, which according to Knipser, is indicative of climate change.
Stephan Knipser, for one, is a happy man. But what does the scorching hot summer of 2018 mean for everyone else? What's in store for Germany in the next few weeks?
The heat will start to subside, mainly because the days are getting shorter and the nights longer. So the sun has less time to heat up the atmosphere. According to the European Center for Medium-Range Weather Forecasts, based in Reading, England, the drought could continue, and not just for one or two weeks but for the whole of August and possibly even into September.
'A Quiet Revolution'
Medium-range forecasts are not necessarily completely accurate, of course. How could they be? "It's an experimental product," says meteorologist Kachelmann. "But the best one in the world and very alarming."
So, it will be less hot, but the drought will remain? That's not what farmers, doctors, energy utility providers and fire services want to hear.
But there is a silver lining. Weather and climate research has advanced in leaps and bounds in recent decades. News of extreme heat claiming lives or heavy rainfall causing flooding tends to overshadow the quiet, dogged advances being made in weather modeling, day in, day out, by trial and error. These advances go largely unnoticed. All we ever do is moan whenever a storm strikes an hour later than predicted. Disasters shout, whereas progress whispers.
"We are witnessing a quiet revolution in weather and climate prediction," says Peter Bauer, deputy director of the EZMW's research department. "We've been seeing steady progress for decades. Every 10 years we've been able to add a day to the weather forecast."
These are busy times at the European Center for Medium-Range Weather Forecasts in Reading. Bauer sometimes ties together over 50 variations of a weather model into one. There is a constant stream of new datasets. The efficient linking of forecasts in the southern and northern hemispheres with the help of satellite data that allow for a systematic overview of the entire planet massively boosted accuracy. Weather prediction is now so reliable that it can help the planet adapt to climate change.
Many ways it can adapt are simple and already tried and tested. Protective grids and windows against hailstorms, the greening of rooftops - as recommended by the Federal Environment Agency. Urban planners must find ways of guarding against flooding in the event of heavy rain. White roof surfaces reflect sunlight and deflect heat. Parks provide shade when the sun shines and absorb moisture like a sponge when it rains.
Farmers also need to adjust. Mixed farming is less vulnerable to extreme weather. Genetically modified crops that can withstand hot, dry weather must also become more acceptable to consumers.
For many people, the summer of 2018 will be one to remember. It's been intense -- a pleasure for some, a nightmare for others. But first and foremost, it has been a wake-up call. We need to start preparing ourselves for warmer times to come, and the advantages and disadvantages they will bring.
By Melanie Amann, Annette Bruhns, Anna Clauß, Hauke Goos, Dietmar Hipp, Ann-Katrin Müller, Martin U. Müller, Timofey Neshitov, Christopher Piltz, Hilmar Schmundt, Olaf Stampf and Steffen Winter
VANGUARD WARNS OF WORSENING ODDS FOR THE ECONOMY AND MARKETS / THE NEW YORK TIMES
| Etiquetas: Investment Strategies, Recession, U.S. Economic And Political
Vanguard Warns of Worsening Odds for the Economy and Markets
By Jeff Sommer
CreditMinh Uong/The New York Times
The chances of a recession by the end of 2020 are mounting. And the prospects for the American stock market in the next decade have worsened appreciably.
Those are prognoses, not facts. But they're not just offhand projections, either. They are the sober assessments of Vanguard, the $5 trillion asset management firm. And they suggest that the current good times may amount to a reprieve: an opportunity to make sure that you are prepared for a storm.
Vanguard, known for its caution, emphasizes that this is a general forecast. "We don't make any actual predictions about where things are going next month or, in the markets, next year," Greg Davis, the company's chief investment officer, told me. "The stock market could rise a lot, short-term. We don't know."
The United States economy could well turn in another series of strong quarters, with the annualized growth rate of gross domestic product above 4 percent, and the unemployment rate below it. Those are statistics for the second quarter, and just may be surpassed over the next year.
But in the Vanguard view, the odds have increased sharply that more challenging times are coming. It is likely, Vanguard says, that the long stretches of sizzling stock markets since 2009 — bouts that have made investing a winner's game for those lucky enough to afford a seat at the table — will become much rarer.
Vanguard tracks data to predict the likelihood of a recession at certain points in the future. In recent years, the company has put the probability of a recession six months out at close to 10 percent. Now, Vanguard says the chances of one by late 2020 are between 30 and 40 percent. That's Vanguard's highest-ever estimate for that time frame, Mr. Davis said. (A six-month forecast reported a greater than 40 percent probability before the recession that started in December 2007.)
The recession projection is based largely on interest rate expectations using two criteria, according to Freddy Martino, a Vanguard spokesman. One is what economists refer to as a flattening yield curve, with the Federal Reserve expected to raise shorter-term rates faster than longer-term ones. The other is rising credit risk for below-investment-grade bonds.
If the facts change — with, say, the Federal Reserve delaying anticipated interest-rate hikes in response to a weaker economy — the recession forecast will change, too, Mr. Davis said. To be clear, Vanguard isn't predicting a recession; it is merely saying that the odds of one have risen.
"You could also say the chance of a recession not occurring by the end of 2020 are 60 to 70 percent," said Fran Kinniry, a principal in Vanguard's investment strategy group. "You want to be prepared for a downturn," he said, without becoming so risk-averse that you fail to benefit if investments rise.
The forecast suggests opportunities, not just problems, Mr. Davis said. The 10-year outlook, for example, includes lower projected annualized returns, but still positive ones, for these two stock categories:
■ United States stocks, an expected 10-year return of 3.9 percent, annualized, down from a projection of an 8 percent annualized return, made in March 2013;
■ Stocks from markets outside the United States, 6.5 percent, annualized, down from 8.7 percent in 2013.
Non-United States stocks are more attractive for equity investors, on a relative basis, than they were five years ago. (That is partly a reflection of the out-performance of domestic stocks, making them far pricier than they were before.) What's more, Vanguard projects improved 10-year annualized returns for these asset classes:
■ A diversified portfolio of United States bonds, 3.3 percent, annualized, up from 1.7 percent in March 2013;
■ Bonds from outside the United States, 2.9 percent, up from 1.8 percent;
■ Commodities, 5.9 percent, up from 4.2 percent;
■ United States Treasury bonds, 3 percent, up from 1.3 percent;
■ And cash, held in United States money market funds, savings accounts or other instruments, 2.9 percent, up from 1.5 percent. Short-term cash is becoming more attractive — with greater liquidity and, often, lower risk — compared with holding bonds.
Experienced investors who are "sophisticated enough to focus on these numbers and act on them themselves" can benefit by making their own adjustments, Mr. Davis said. Tried-and true investments like balanced funds and target date funds (which become more conservative as a given date nears) can make basic adjustments for you. Advisers can do this as well.
Tweaking investments can make it easier to live with them — and not panic — if markets fall, Mr. Kinniry said. At the moment, though, many Americans appear to be setting themselves up for trouble.
By the start of this year, the stock portion of investment portfolios swelled to 63 percent, the highest level in decades, according to a Vanguard analysis. That reflects the rising value of stocks after one of the greatest bull markets in history.
American portfolios had the same high proportion of stocks in September 2007. People bailed out as the market crashed a decade ago — taking huge losses after prices had already fallen — and reducing the equity proportion of their portfolios to only 38 percent in January 2009.
Yet in March 2009, stocks began rising. It would have been better to have held more stocks in early 2009, and to have reduced them when stock prices were high, as they are now. "You don't want to panic and sell after the market falls," Mr. Kinniry said, "but that's what a lot of people did."
Dividing a portfolio between stocks and bonds is a personal decision. If you can afford to ride out a major stock market decline, and truly don't need to touch your money for a decade or two, you might be fine with a broadly diversified portfolio that holds only stocks, Mr. Kinniry said.
After all, he said, it took only 3 years for such a portfolio to recover all of its losses after the roughly 50 percent stock market decline of the last crash. But withstanding losses like those without selling any holdings took extreme fortitude. That's why it was easier to live with a broadly diversified portfolio, with 50 percent stocks and 50 percent bonds. Such a portfolio recovered all of its losses in just one year, not three, according to data provided by Mr. Kinniry.
Doing a serious gut check and realistically assessing how you will behave if a major downturn occurs can prevent a lot of pain later. "You don't want to find out that you don't have enough car insurance or home insurance until after an accident happens," Mr. Kinniry said. "You're better off if you do the inventory now."
And if the markets do turn out to provide lower returns in the next decade than in the last one, it may be possible to compensate by taking measures that you can at least partly control, perhaps by working more, increasing savings or reducing spending.
The odds have worsened. Surely it's better to be prepared.
THE BIG FLAW: AUDITING IN CRISIS / THE FINANCIAL T...
WHY THE LARGEST GROUP OF AMERICAN CORPORATE BONDS ...
THE NEVER-ENDING SUMMER: IS GERMANY´S HEAT WAVE A ...
VANGUARD WARNS OF WORSENING ODDS FOR THE ECONOMY A...


Home > About > News > Annual Bazaar - photos here!
The 2018 Bazaar them 'Hawaiian Hillside', was a big hit! Girls took part in many fun activities; face painting, fish pond, the ever so popular and classic 'haunted house,' and this year's crowd pleasing 'tea room'.
The much-loved Annual Bazaar is one of the oldest traditions at The Study, dating all the way back to 1941! Ever since, the Bazaar has been one of the most fun and most successful school-wide student driven fundraising event!
The funds from this year's event were donated to Tyndale St Georges.
Special thanks to go to our Bazaar Co-Chairs Éloise and Eliana (both '19) for all of their hard work during the event and to all those who donated raffle items and delicious baked goods.


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Tag Archives: Nots
Nots have punk locked up with "We Are Nots"
Slow songs are overrated. Any band that says they're punk but then tries to sneak in a "slow" song — imposters. Stick with the real thing.
If you're looking for that authenticity, that brazen punk, Nots have it.
There's a bold intensity to the quartet's latest, "We Are Nots," — a passion fueled by youth's abandon and bravery. That lack of fear is what drives young music and ideas, and what keeps real punk music alive.
If you listen to "Dust Red" from the band's earlier 7"— their sound was even more garage and muffled in its darkness and desolateness. It's good to hear that with this full-length debut, they've been polished up a bit from that extreme lo-fi scuzz-dust.
With the blazing opener, "Insect Eyes," they've already announced their signature sound, although they sometimes veer off with indie-rock bass melodies as on "Strange Rage."
Besides strong showings by bassist Madison Farmer and guitarist Natalie Hoffmann, Charlotte Watson's drumming is delivered machine-gun style, and Alexandra Eastburn's synth keeps up that creature-feature blackness that gets stuffed into your head with a pneumatic drill.
The bonus on "We Are Nots" is that they're mostly full-length songs– most are more than 2 minutes. "Reactor" is nearly 4 minutes—eons for a punk song, but no worries—it's not overdone, just damn fun.
It's so refreshing to hear four Memphis women blasting up such a hardcore sound from the underground. It's like a breath of fresh air— heavy, strong, rank air, laden with sex and sweat, that you just can't get enough of.
"We Are Nots" was out Nov. 11 on Goner Records.
Filed under Garage Punk, Garage rock, Hardcore punk, New Music, Noise Punk, Post-punk, Protopunk, Punk, Review
Tagged as Nots

redpajama_set_name: RedPajamaCommonCrawl


Recording and Slides of Non-Profit Tax Reform Webinar held on February 19, 2018. | Thomas, Judy and Tucker, P.A.
We have posted links below to the recorded tax reform webinar held on February 19th and the associated power point slides. Please feel free to contact Kristen Hoyle if you have any questions about the material presented.


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Phoenix Browser 4.8.2.2350 Update is Now Available for Download (Improved File Manager)
Apps, News / By Chris Malverie
Phoenix Browser is renowned in the Android community for providing a premium user experience. This is all thanks to the fact that the mobile browser is updated on a regular basis with software improvements and new features that are aiming to boost its software performances. In fact, a new update has started rolling out earlier this morning.
As previously noted, a brand-new update has been made available for download a couple of hours ago. The update sports the 4.8.2.2350 version number and it is rolling out via OTA (over the air) channels. Without any further ado, let's go ahead and check out what are the improvements that the update introduces.
Phoenix Browser 4.8.2.2350 Update
Since the update is rolling out via OTA (over the air) channels, then the only thing that Phoenix Browser fans are required to do in order to access it is to keep their smartphones connected to a stable Wi-Fi network. This is a high-priority update and we are advising all Phoenix Browser fans to get it as soon as possible.
Here are all the improvements that the update introduces to Phoenix Browser:
Files are fully upgraded, with a new and improved file cleaner and recent documents for easy access.
Addition of useful file tools, such as unzip files, phone wallpaper, phone ringtones, etc.
Previously visited websites can be restored after an unexpected exit.
Set reminder to restore web pages that cannot be opened while offline.
Optimized experience and UI of the notification bar.
★Super Downloader
Phoenix Browser can automatically detect downloadable videos with the smart detection function while you browse the web, which allows you to download and save online videos from almost every website. You can also download through BitTorrent and Magnet.
With a download icon on the website, Phoenix Browser will inform the user whether there are online videos that the user can download or not. It's very simple to download videos by using the smart download function.
★Powerful File Manager
Easily WhatsApp status saving and powerful file manager. Support more than 50 file formats, such as word, excel, ppt, pdf, etc.
★Incognito Browsing
Incognito tab makes your browsing experience perfectly private without leaving any history, cookies, cache, etc.
★Ad Block
Ad Block blocks various forms of annoying ads, pop-ups and banners to make your browsing comfortable. It not only speeds up the page loading speed but also reduces Internet data usage.
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Jordan Coombes is an Actor and Stunt Performer based in Dublin. She graduated from the Gaiety School of Acting's full time programme in 2012 and from Bow Street Academy's full time screen acting programme in 2014. Combined, both courses have provided her with extensive training in both Theatre and Screen performance. Jordan has a lot of experience in the film and Television industry appearing in shows such as Penny Dreadful, Vikings and Reign as well as lead roles in many independent features. She is also a member of Stunt Register Ireland with skills ranging from scuba diving and sword fighting to gymnastics and horse-riding. She is currently creating her own work in her spare time, having just finished a show in Smock Alley which she co-wrote and performed, she is also writing screenplays.
'The Programme' Screen Acting Course at The Factory.
Gaiety School of Acting (Two year full time Actor Training Course).


If you are looking for a way to make a difference in your local community, there are few better ways than by becoming a school governor.
If you are looking for a way to make a difference in your local community, there are few better ways than by becoming a school governor. Education is such a fundamental way for us all to invest in our future, through the development of our young people. As a school governor, you can help to shape education in your community, benefitting local children, teachers and schools.
Anyone can become a school governor; you do not need a knowledge of schools or education, just the ability and willingness to learn and develop new skills, a strong commitment to improving outcomes for children, and good inter-personal skills. As a governor, you will be part of the group ensuring clarity of vision, ethos and strategic direction in the school, playing an important role both in the school and its wider community.
Governors attend regular meetings (usually approximately twelve per year), and be offered continuing professional development provided free by the Governor Development Service.
Sefton Park Infant and Junior Schools are currently recruiting from the local community for governors with a wide range of interests and backgrounds including law, finance, budgeting, HR, local authority, safeguarding, community inclusion, business, environment, science, the arts . . . etc.


After a few minutes, the power was back and I tried to open the same IP in my computer. But it wouldn't open. The login page never showed up ! How unfortunate !
I have inlcuded some screenshots as well of the admin panel that I got access to.


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redpajama_set_name: RedPajamaGithub


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English Literature with Gender, BA (Hons), with or without a Year Abroad
Our English and Gender degree will give you an in-depth understanding of how gender plays a critical role in the lives of women and men, helping you develop a range of transferable skills which are valued by employers.
You will explore literature that influences the cultural and social construction of gender, through the experiences and contributions of women and men to society.
You will be taught by experienced writers whose works have been widely published, broadcast and performed, as well as academic staff internationally recognized for their research.
You can also spend a semester studying in the USA, Canada, China, Hong Kong or Singapore
WHY ENGLISH LITERATURE WITH GENDER AT SWANSEA?
Based on our stunning Singleton Park campus, in parkland overlooking Swansea Bay on the edge of the Gower Peninsula, English at Swansea is ranked:
2nd for graduate prospects (The Guardian University Guide 2016)
7th in the UK for research excellence (REF 2014)
Top-15 for graduate prospects (The Times and Sunday Times and Good University Guide 2018)
Swansea is the birthplace of Dylan Thomas, one of the 20th century's most influential lyrical poets, and you will have the opportunity to be involved with projects with the Dylan Thomas Centre and the National Theatre Wales.
You will also have the option of a semester in the USA, Canada, China, Hong Kong or Singapore, further improving your student experience and career prospects.
YOUR ENGLISH LITERATURE WITH GENDER EXPERIENCE
You can tailor your degree to your own interests, and you will be taught by experienced writers with established reputations whose works have been widely published, broadcast and performed and by academic staff internationally recognized for their research.
You will also have an academic mentor for any pastoral and academic support you may need, and the English Student Society at Swansea organises a range of literary, social and cultural events.
ENGLISH LITERATURE WITH GENDER EMPLOYMENT OPPORTUNITIES
Over 97% of our English Single and Joint Honours graduates are in work and/or further study six months after graduation (97.4% – HESA Performance Indicator sourced from the DLHE survey 2013/14) and English Literature at Swansea is ranked 2nd for graduate prospects (The Guardian University Guide 2016).
Students on this course typically develop excellent oral and writing skills and you will learn to present your ideas in a range of formats, along with strong research, analytical and problem-solving skills.
Our graduates enter careers in a wide range of sectors including:
Project administration
UCAS code: Q3L3
Czas trwania: 3 years
Kampus: Singleton Park Campus
Data rozpoczęcia: wrzesień 2019
Czesne: £ 9,000


Also available in Light Floral, Vintage Floral and Spotted Pink in leatherette and Cornflower Blue in linen.
This planner is like nothing I've ever used before… it covers so many key areas along with additional tools to really get you thinking and breaking down what you wish to succeed in. It's an all in one planner so there's no need to multiple books which I love and the sketch pages are my favorite. Thank you for creating something so beautiful and inspiring.
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Love the products, the process to purchase was smooth and easy. I love To do lists so I really appreciate the daily top 3 to do portion of the planner.


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Modi govt starts showing results, bans terror outfit Jamaat-ul-Mujahideen Bangladesh
New Delhi, First Published May 24, 2019, 7:29 PM IST
According to the ministry of home affairs, the JMB and its formations like Jamaat-ul-Mujahideen India or Jamaat-ul-Mujahideen Hindustan and their manifestations have committed acts of terrorism
New Delhi: Within 24 hours of victory in general elections, Narendra Modi-led government has banned terror outfit Jamaat-ul-Mujahideen Bangladesh (JMB) and its all affiliates.
According to the ministry of home affairs, the JMB and its formations like Jamaat-ul-Mujahideen India or Jamaat-ul-Mujahideen Hindustan and their manifestations have committed acts of terrorism, promoted acts of terrorism and have engaged in radicalisation and recruitment of young people for terrorist activities in India. The ministry also said that the organisation is involved in multiple terror incidents.
"Investigations have also revealed JMB's plan of making permanent bases within ten kilometers. along the Indo-Bangladesh border in the districts of States of West Bengal, Assam and Tripura and plans of spreading its network in South India with an overarching motive to establish Caliphate in the Indian subcontinent," the MHA said.
Also read: Watch: BJP's payback to TMC
The ministry in a gazette notification further said, "Now, therefore, in exercise of the powers conferred by clause (a) of sub-section (1) of section 35 of the Unlawful Activities (Prevention) Act, 1967, the Central Government hereby makes the following further amendments in the First Schedule to the said Act, namely:- In the First Schedule to the said Act, after serial number 41 and the entries relating thereto, the following serial number and entries shall be inserted, namely:- "42. Jamaat-ul-Mujahideen Bangladesh or Jamaat-ul-Mujahideen India or Jamaat-ul-Mujahideen Hindustan and all its manifestations"
What is JMB?
The Jamaat-ul-Mujahideen Bangladesh came into existence in the year 1998 with the objective of establishing a Caliphate through Jihad.
The terror organisation was engaged in recruitment and raising funds for terrorist activities, procurement of explosives/chemicals and assembling of Improvised Explosives Devices (IED).
The MHA added in the notification, "Involvement of JMB cadre has been established by the Investigation agency in the Burdwan bomb blast (2nd October 2014) and Bodh Gaya Blast (19 January 2018)."
Moreover, the Assam Police have found involvement of JMB in five cases registered by them and a total of fifty-six accused belonging to JMB were arrested.
Last Updated May 24, 2019, 7:29 PM IST
Jamaat-ul-Mujahideen Bangladesh
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As a newbie on my farming journey one of the first things I was excited to do was to start flowers from seeds. It amazes me that you can hold these tiny items in your hand and they contain... well... life. In knowing that, I take it very, very personally when I start seeds and they don't come to any fruition (read: die). To me they are my babies (I know I am speaking to the heart of most — if not all — farmers here.)!
So when my first journey into seed starting didn't really end too well I dried my tears (yes, I cried), planted what I could, and consulted an expert. My expert is Katey Wietor of Good Omen Farm in Bealeton, Virginia. I met Katie — where else?! — at a farming expo just this year, and felt an immediate connection to her. Maybe because we both love flowers, or maybe because we have the same initials, I don't know why — it's just cosmic that way. Regardless, she has been a tremendous resource on my journey. When I knew I needed help I jumped at the chance to pick her brain.
Photo property of Kelly White.
"Make sure you have adequate lights." She suggested bright shop lights with fluorescent bulbs, but noted others have used LED or lights specific to growing plants with success also. An additional tip on lights: "Make sure you keep the lights close to the plants as they germinate, or you run the risk of stretching your transplants."
What struck me the most about Katey's tips (besides her limitless knowledge) is how clearly she cares for her plants like the living, breathing creatures that they are. It really speaks to her as a person, that she is a true steward of the Earth and loves what she does.
I could go on and on about her and her beautiful herbs and flowers, but if you'd like to learn more about her farm, visit Good Omen's website. Katey learned her craft at the Organic Farmer Training Program at Michigan State University, and has further developed it with lots of care and practice.
If you visit the Northern Virginia region you can find Katey at the Leesburg Wednesday Farmers Market at the Virginia Village shopping center in Leesburg, VA, and on Saturdays at the Reston Farmers Market at Lake Anne Plaza. She also supplies flowers for three stand-alone markets: Brassicas Farm Fresh Market and Café in Aldie, VA; Market Salamander in Middleburg, VA; and Messick's Farm Market in Bealeton, VA.


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During one of the most painful, darkest moments in her life, Kelly Spencer found herself crying out in desperation to God for help. In a dream, she saw herself in a bathtub covered with water up to her neck. From her belly radiated a beam of light that caused the water to shimmer and the entire room to be illuminated. In the dream, she said, "God this is wonderful!" He immediately spoke to her saying, "Out of your belly shall flow rivers of living water." She woke up from the dream startled and began to research those words in the Bible. She stumbled on John 7:38 and found those exact words!
The call of God came for her preach the Gospel in 1991. After years of running from the call, she finally surrendered and enrolled in Bible College. Kelly received a Diploma in Ministry Development from Light Christian Institute of Ministry, a Bachelor of Arts in Theology from Calvary Theological Seminary, a Bachelors of Science in Human Services from Springfield College, a Master of Arts in Christian Counseling and a Doctorate in Theology from Cornerstone University.
Her book "Sisterella at the Well: What Happens When a Woman's Well Runs Dry" was released in 2007. This book talks very candidly about how singles can be delivered from the bondage of sex and walk in victory. It features other areas in women's lives that can be painful, frustrating and devastating such as divorce, sickness, and insecurity.
In 2021, she released "Triple Delight Birthday." This book is an excellent read for young children and adults. It teaches character building by emphasizing the importance of accepting situations that cannot be controlled, which also helps to teach acceptance of others. In addition, it reinforces that it is okay to be different and model empathy and compassion.
When asked what is her ministerial purpose Kelly will always tell you, "God has commissioned me to empower youth and singles (particularly women) who have experienced pain, rejection, and abuse through the practical teaching of God's Word. Prayerfully, this teaching will guide them to their God-given purpose and destiny in life and ultimately reach healing and deliverance so that they can minister the same healing and deliverance to others that they may come in contact with."
Click on Video to See More About Kelly
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Q: Block-scoped declaration let const function class not yet supported outside strict mode in kriasoft react boiler plate I am a starter in react and ES6. I started with the boilerplate "https://github.com/kriasoft/react-static-boilerplate"
As mentioned in the docs, i Did npm install->node run. But I am getting an error
as "Block-scoped declaration(let, const, hunciton, class) not yet supported outside strict mode."
I tried to put "use strict" at top of the run file, but shows another  error "process.argv.includes is not a function"
I am using node version : 4.3.0, npm : 4.0.2. Does this cause the issue.
Do the version matter to support the es6 variables or is this any other issue.
Thanks.

A: node v4.x uses an older version of V8 (4.5) which did not fully support all scenarios for block-scoped variable declarations in sloppy (non-strict) mode. If you upgrade to a newer version of node, such as node v6.x, you won't have a problem because of the newer version of V8 used there (5.1).
Similarly, Array.prototype.includes was available behind a flag (--harmony_array_includes) in older versions of V8 (including the version used in node v4.x). However, since node v6.x, you can use it without a harmony flag.
For more ECMAScript compatibility information, check http://node.green.

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You are here: Home / Fillet Knife / What's the Best Pocket Knife for Fishing?
What's the Best Pocket Knife for Fishing?
We all love a day spent with a rod and reel. However, when your flies are taking up occupancy in every tree branch within a quarter mile, your lures are hooking your earlobes (or worse, your cheek), or your line is tangled in one of the guides on your surfcasting pole, that relaxation you so covet just ain't happening.
In those situations, or when you need to dress and fillet your catch, you need a good fishing knife to help address the worst of problems on the water (and the best of situations as well, as you need a good fishing knife for filleting).
In this article, I'm going to break down what qualities are essential in a strong fishing knife. Later, I'll go into depth in recommending five top fishing knives that will help you have the best day possible on the water.
Below, please feel free to use the interactive table to compare and contrast the best fishing knives currently available on the market.
What Makes a Good Fishing Knife?
First, the materials used in making the knife blade are critical. If the knife blade is not worth using, then the knife, overall, is not worth using. Second, the materials used in making the handle (often referred to as the scales) are important. If the handle is slippery when gripped in the rain or a sweaty hand, then the knife becomes dangerous to use.
A fishing knife blade should ride the line between being sharp enough to fillet a fish yet also resistant to corrosion. Many knife manufacturers sacrifice edge quality for corrosion resistance.
As the top five list below shows, manufacturers do not need to sacrifice a quality blade to ensure that the blade is resistant to rust.
When fishing, it goes without saying that your hands will get wet, either due to the weather, sweat, or fish guts. A good fishing knife needs to be slip-proof under such conditions, so you do not accidentally cut yourself trying to get a fish off the line.
For the most part, a good fishing blade is long and thin. The stocky blades that work well in the forest or in a tactical environment are not well suited to filleting a fish. In fact, many who fish will have a special fillet knife and then a general utility knife. Choosing to go with one all purpose knife may not be possible given the types of fishing one does. For fillet knives, the blade should be flexible, long, and, generally, possess either a straight back or trailing point design.. These design features allow for the knife to get as close as possible to the rib cage and spine during the carving process. Getting as close to the bone as possible means that you harvest as much meat as possible.
For fishing utility knives, such as ones used to cut away tangles or remove hooks, the blade need not be flexible, but still must be corrosion resistant. It also should be safe to use in rough waters, if you plan on ever fishing from a boat.
What are the best fishing knives?
While no one knife can be considered "perfect" for all of your fishing needs, the following five knives are outstanding examples that should be in your tackle box.
About this knife: One of two folding fillet knives on this list, the CRKT Clark Fork fillet knife is made of 5Cr13MoV steel alloy and has a glass-filled nylon and plastic handle. To save space in a tackle box, the knife folds, with one part of the handle swinging around once the blade is opened to rest behind it and lock the blade in place.
Pros: CRKT has used a high-quality steel alloy to make this lightweight and flexible fishing knife, and the knife is durable enough even to be used for dressing game. Additionally, as seen in this video, one can access – and clean – every part of the knife; there are no hidden nooks and crannies for bacteria to hide.
Cons: This knife, as seen in the linked video, has two hinges, one where the blade attaches to the handle, and a second hinge where part of the handle folds inside of itself and locks the blade in place (the linked video includes a depiction of the two hinges). Multiple hinges mean multiple possible points of failure, as wear and tear can break down either hinge.
About this knife: I imagine that this is the knife carried in the pocket of Norman Maclean or Ernest Hemingway while they went fishing. The Case Fishing Knife has two principal components, a long clip point knife, which could be a suitable substitute for a fish fillet knife, and a descaler/hook remover.
It is a good all-in-one option for when you do not want to carry multiple knives out to the lake. It would not work well as a fillet knife for grouper or salmon, but it would suffice for smaller lake fish.
Pros: The Case Fishing Knife addresses multiple needs, something few fishing knives do. It is also arguably the most aesthetically pleasing knife on this list.
Cons: The danger of trying to be decent at doing everything is that one ends up doing nothing exceptionally well. Beyond casual lake or river fishing, this is not the sort of knife that stands up to rigorous use on the water. Additionally, the blade is made of a proprietary Tru-Sharp Stainless Steel, which knife aficionados believe to be comparable to low quality 420 alloy steel.
About this knife: There are two versions of this knife worth considering: a folding version, to compete with the CRKT Clark Fork (above), and a fixed-blade version that comes with a sturdy plastic sheath (there is also a Silver Creek Bait Knife that would serve one well as a utility blade).
Pros: This is an incredibly sharp, flexible knife blade, and fits the traditional bill of what a fillet knife should be.
Cons: Those who are used to paying less than $20.00 for a fillet knife will find the price of the Silver Creek (MSRP of $48.00) to be high. The blade is made of somewhat low-quality 420J steel but is reported to hold its edge very well.
About this knife: Like the Case Fishing Knife, the Opinel No. 12 has a classic design. While this knife is definitely experiencing a "hipster" resurgence, it is undeniable that it is an excellent knife for the cost. The Slimline No. 12 has a 4.7-inch stainless steel blade and a beechwood handle. While the carbon steel blades are more durable than the stainless steel blades used by Opinel, the stainless steel blades are more corrosion resistant, making them a better fit for fishing.
Pros: The thin blade of the Slimline No. 12 is a good general purpose blade, able to work as both a fillet knife and as a utility knife. Additionally, the low cost of Opinel knives means that it is perfectly reasonable to have a few blades stashed away.
About this knife: While many of the knives discussed here have strong connections to the past, the Spyderco Atlantic Salt is definitely a knife that was designed to be forward-looking. Designed with a sheep's foot blade for safety (when using a knife onboard a ship that is pitching around in rough seas, a sheep's foot blade is not likely to stab a foot if dropped).
Additionally, its maritime yellow fiberglass-reinforced nylon handle is specially designed to be slip proof (and has a lanyard point to ensure that a knife will not go into the drink if dropped). Spyderco makes the Atlantic Salt from a non-carbon steel alloy, which makes it exceptionally corrosion resistant.
Pros: The serrated blade is perfect for handling fishing line and rope, and this also doubles as one of the best rescue knives on the market. The high visibility handle makes it possible to retrieve the Atlantic Salt if dropped.
Cons: This is definitely a utility knife, and would be horrible for filleting or cleaning a fish, even if it is one of the best folding knives for sale. Some may find the price of this knife to be much higher than what they are used to for fishing knives.


Let's compare 2012 to 2013.
From 4th quarter 2011 to 4thQ-2012, real GDP rose $294 billion. During that time, capital income fell $225 billion, while labor income grew $519 billion.
From 4thQ-2012 to 4thQ-2013, real GDP rose $432 billion. During that time, capital income grew $444 billion while labor income fell $12 billion.
Granted there was a big spike in labor income at the end of 2012, but we now see the spike going in the other direction, toward capital income. From 3rdQ-2013 to 4thQ-2013, capital income rose $113 billion, while labor income only rose $11 billion.
Looks like there were very small Christmas bonuses this year.
At the end of 2012, the strategy was to take personal income before the tax changes of 2013. The strategy this year seems to be boost earnings for some buybacks. We already see a buyback here from Apple.
Non-financial corporations are hoarding about $2 trillion in cash or cash equivalents (earning enough for capital preservation) and banks are hoarding another over $2 trillion in excess reserves. So, there's a lot of idle capital, along with idle labor.
A higher minimum wage will replace some labor with capital, because capital becomes relatively cheaper. However, better jobs are created, because capital expenditures increase and workers create, build, ship, install, improve, maintain, operate, and manage those machines.
Currently, in the U.S., there's an overabundance of capital and an education boom.
There are too many overeducated workers in low-skilled jobs.
Of course, some jobs cannot be replaced with capital equipment. However, capital equipment can raise labor productivity.
I think the cash hoarding may have another source. Recall that during late 2008 the credit markets essentially shut down, with short term commercial paper being hard to sell. As a result CFO's IMHO have decided that they need more cushion in case they can't borrow short term if another event like Lehman happens. They have decided that they need to be able to go some period without borrowing at all. Thus the need of a larger cash cushion.
Essentially the post Lehman crisis taught folks that the old idea of if your a healthy corporation you can borrow whenever you need to is not valid, thus leading to a decision to keep more cushion to allow the corporation to go longer without borrowing without going into chap 11.
Thank you… That is a good observation.
Lyle, I agree, that's true to some extent. Also, large corporations believe government bailouts will be tougher, and major banks can't rely on "too-big-to fail" (also, there are tougher regulations and higher standards, along with more oversight). So, there's more risk-aversion. And, there's more uncertainty, because of the deep depression, since June 2009 (when the Bush recession ended).
Here's a relevant article by Paul Krugman how the economy has changed, particularly since 2000, although it doesn't explain why banks are holding over $2 trillion in excess reserves.
"Economies do change over time, and sometimes in fundamental ways.
"…the growing importance of monopoly rents: profits that don't represent returns on investment, but instead reflect the value of market dominance.
…consider the differences between the iconic companies of two different eras: General Motors in the 1950s and 1960s, and Apple today.
G.M. in its heyday had a lot of market power. Nonetheless, the company's value came largely from its productive capacity: it owned hundreds of factories and employed around 1 percent of the total nonfarm work force.
Apple, by contrast…employs less than 0.05 percent of our workers. To some extent, that's because it has outsourced almost all its production overseas. But the truth is that the Chinese aren't making that much money from Apple sales either. To a large extent, the price you pay for an iWhatever is disconnected from the cost of producing the gadget. Apple simply charges what the traffic will bear, and given the strength of its market position, the traffic will bear a lot.
…the economy is affected…when profits increasingly reflect market power rather than production.
Since around 2000, the big story has been one of a sharp shift in the distribution of income away from wages in general, and toward profits. But here's the puzzle: Since profits are high while borrowing costs are low, why aren't we seeing a boom in business investment?
Well, there's no puzzle here if rising profits reflect rents, not returns on investment. A monopolist can, after all, be highly profitable yet see no good reason to expand its productive capacity.
And Apple again provides a case in point: It is hugely profitable, yet it's sitting on a giant pile of cash, which it evidently sees no need to reinvest in its business.
People forget how tapped out capital was after the Y2K/90's boom. IMO they spent a decade+ building up savings and after 2008, went even further.
Notice for all the talk about national income diverted to capital in 2013, more investment was taking place. The spending spree has begun again.
Thank you for that article and highlights. Very good.


It's a 'simple carnival' ride with the 70's radio sensibilities of the Aliens EP. The Simple Carnival is the pop brainchild by Pittsburgh-based musician Jeff Boller, who solely plays all the instruments in this EP; 'Aliens' is a sampler of his 2008 album, "Girls Aliens Food".
In the mood for a throwback? We've got the damsel for you. Taking a share of the delicious musical pie is newcomer Bonnie Bordeaux (even her name sounds super gorgeous), who's bringing her own iteration of pop by tastefully concocting it with 40′s style of jazz and soul. The result? A stunning 7-track debut masterpiece that we'll simply refer to as The Damsel Diaries.


Tools like Google Analytics have revolutionized how we track and monitor user activity on websites. However, analytics tools for tracking use of mobile applications have lagged behind. How do you derive insights from interactions with your mobile apps with as much precision as you can track interactions with your website?
You don't have to look far. A Google offering called Google Analytics for Firebase has mobile reporting tools that can bring your app analytics up to speed. With similar functionality to Google Analytics, Firebase is a viable option if you are looking for a mobile analytics tool.
Firebase is one of the best options because it is available in the Google suite of products and it is compatible with both the iOS and Android mobile platforms. With Firebase, you can harness tracking capabilities for your mobile app that are similar to the capabilities you already employ with Google Analytics for your website.
However, Analytics for Firebase gathers metrics that are specific to mobile app behavior, rather than website-centric metrics like session and page-view numbers. Moreover, Firebase provides data from your apps in real time, offering metrics such as the number of active users within the past 30 minutes. This is essential for gathering mobile-specific insights, so you can produce data that will help you market your application better.
Firebase also provides reporting for up to 500 different events, including top conversion events. Additionally, it allows you to customize the conversion-tracking functionality, so you can get reports on custom events that are unique to your organization. You can create unlimited reports and produce custom metrics to glean important insights from your app. Firebase even offers a crash reporting feature that helps you improve the reliability of your mobile application.
Finally, Google Analytics for Firebase is completely free. You will only pay to deploy it if you choose to hire a third party to set it up.
Implementation often presents a challenge for organizations. You must determine whether Firebase is a fit for your mobile application and then decide how you would like to implement the tool — internally with your own team, or with the help of an external analytics partner. Fortunately, Google offers good documentation for Firebase. If you decide to deploy it with your in-house team of developers and engineers, you will find the documentation and implementation steps outlined on Google's Firebase website. Reviewing those steps after implementation is also helpful, because you may need to make adjustments as your reporting requirements adapt and change.
Still, you may not have the time or the in-house expertise to deploy Firebase yourself. In that case, it may be reasonable to partner with an analytics expert. Outside consultants can help you outline a strategy and provide documentation that fits your business and application, and they will work alongside your developers so they learn as the project goes along. Your team will be trained in Firebase maintenance and execution to ensure that you are getting the most out of it.
Is Firebase Right for You?
Most businesses that have developed mobile applications can benefit from Firebase analytics. Consider what Google Analytics has enabled you to learn about your website. Because Firebase is offered within the same suite of Google products, if you are comfortable with Google Analytics, you should be able to use Firebase tools to bring your app analytics and tracking up to the level of your web analytics.
Ultimately, you must consider the time and resources available to you. Decide whether it is more prudent to outsource the implementation and training or deploy Firebase with your team. Because Firebase is free, the real cost is associated with installation of the platform.
Firebase can change the way you track and report on your mobile application's performance. It is tailored to mobile platforms and offers mobile-centric metrics, such as crash reporting, that will allow you to make decisions in real time. Consider the benefits and the resources it will take to get started, and begin to map out the implementation strategy that works best for you.
Wesley brings over 15 years of experience in application development and digital analytics to MaassMedia, where he is Senior Analytics Developer. Having worked in both in corporate and consulting analytics roles, Wesley is a staunch advocate for standards and governance.


Circular Polariser filters are a near indispensable filter accessory for photographers. It's one of the lens filters that simply cannot be replaced with a digital filter in photoshop, aperture, light-room or any other photo editor… Without the REAL filter, your camera just doesn't capture the information in the glare at all, so there's nothing to recover in post-processing, it's GONE!
The MagFilter CPL is new, and it's the solution for using polarising filters on compact cameras without filter threads on their lenses.
The 36mm Polarizer MagFilter works with smaller compact cameras like the Olympus XZ-1, Canon S95 & S100, & the 42mm CPL Magfilter for cameras like the Sony HX9V, Sony HX20V, Sony HX30V & the new and already much gushed about Sony RX100.
"With the advent of Digital photography, filters are not often used. The look of many different lens filters can be easily duplicated through image editing software, however there is one filter that Digital Photo or Digital Video has not been able to replace: The Polarizer.
High end compact cameras like the Sony RX100 or Canon S100 (above) with built in telescoping lenses can capture amazing quality images, but they could still benefit greatly from the use of filters such as Polarizers or Neutral Density Filters. Unfortunately, there has never been a simple, clean, and effective solution to mounting filters on these high end compact cameras – until now.
The revolutionary Carry Speed MagFilters provide the most innovative and unobtrusive filter solution to high end compact cameras. A very thin metal ring is first adhered to the front of the camera lens and still allows the lens to expand and retract back into the camera body.


Ben Jelf once again improved his speed on Coniston Water this morning.
The 18 year old has been running a F2 Molgaard hull on the lake during Coniston Records Week, today the weather took a turn for the worse with gusts of wind and rain.
However, the inclement weather didn't hinder Jelf's progress and he posted a new personal best speed of 124.27mph.
With the event due to wrap before Friday lunchtime, it's going to be fascinating to see how much more speed the teenager can 'wring out' of the Danish built and designed hull.