text:
"The future of the ESM" - speech by Klaus Regling
Klaus Regling, ESM Managing Director
"The future of the ESM"
Financial market meeting of the CDU Economic Council
Berlin, 14. March 2018
(Please check against delivery)
I'm happy to be with the Economic Council again. One could almost think that the organizers had political insider information, when they decided to hold the Financial Market meeting 2018 on this day several months ago. The election of the Chancellor today ends an unusually long political transitional period, which followed the parliamentary election in September. It's hard to imagine a better day than today to speak about financial markets and Europe.
The rest of Europe followed the long coalition negotiations with both anticipation and concern. Because Germany is not only considered to be an economic, but also a political anchor of stability. I am certain that the country will now play both roles again.
Important tasks lie ahead of us in Europe. Last December, the heads of government agreed to concentrate on two topics concerning the deepening of the monetary union in the period until their summit in June: completing the banking union and strengthening the ESM.
The organizers have asked me to speak about the future of the ESM and how the ESM promotes stability, growth and investment in Europe. First, I'd like to sketch out how we overcame the past crises and what role the ESM plays in strengthening the monetary union. I'll then explain how the monetary union could be made even more robust.
Over the past decade, Europe has had to master two crises at the same time: first we had to overcome the effects of the global financial crisis. Then came a home-grown crisis, the European debt crisis.
Ill-advised economic policies, with wages and salaries rising much faster than productivity, had led to a significant loss of competitiveness in some countries. As a result, current account deficits became unsustainably large. There were also real estate bubbles in some countries. Some countries had to provide guarantees to struggling banks, others had already had too high budget deficits for a long time and therefore high levels of debt. Investors became nervous.
As a consequence, first Greece and then Ireland and Portugal lost market access. Suddenly the break-up of the euro area was a real risk.
Europe responded to this existential challenge with a comprehensive package of measures. I'm emphasizing the word 'package', because I am convinced that the measures were so successful only because of their combination. This package consisted of five parts.
First, reforms at the national level, especially in those countries, which had to ask for loans from the rescue funds: Ireland, Portugal, Greece, Spain and Cyprus. Salaries and pensions were cut drastically, state spending was reduced, budgets were balanced, pension systems were reformed, politically difficult structural reforms were carried out, competitiveness was regained.
Second, economic and budgetary coordination at the European level was intensified and broadened.
Third, the ECB played a crucial role in combating the crisis with its unconventional monetary policy.
Fourth, the banking union is a crucial building block of Europe's strategy against the crisis, with the Single Supervisory Mechanism (SSM) for the 130 biggest system relevant banks and the Single Resolution Board (SRB) for the orderly resolution of such systemic banks.
The fifth and final point in the overall strategy against the crisis was the development of the two rescue funds, which I manage. In 2010 the then 17 euro area states founded the European Financial Stability Facility, EFSF, as a temporary rescue fund. In October 2010 the now 19 euro are states founded the European Stability Mechanism or ESM.
The EFSF and ESM fill a gap in the initial institutional architecture of the currency union. They provide euro area countries that lose market access, with emergency loans. We are thus the lender of last resort for states in the euro area. This function did not exist when the monetary union was set up. As our emergency loans are always combined with tough economic reforms, the causes that plunged these countries into crisis are simultaneously addressed.
Since 2011, the EFSF and the ESM have provided loans to five countries: Greece, Ireland, Portugal, Spain and Cyprus. We have paid out a total of €273 billion in loans.
The ESM does not use taxpayer money for its loans. Rather, we raise money on the capital markets. The rescue funds are among the largest bond issuers in the euro market. The 19 ESM shareholders, the euro countries, have provided the ESM with capital totalling €700 billion, of which €81 billion are paid-in. This capital serves as security for our investors and is the reason for our good credit ratings from the rating agencies. For this reason we can also raise money at low interest rates. The EFSF is also covered by member state guarantees.
The interest payments programme countries make to the ESM are the same as those we pay in the market. They are well below what the countries would be charged by investors. This results in substantial budget savings for the countries in question. For instance in the case of Greece, we estimate that this saves the country almost €10 billion. That's the equivalent of 5.6 percent of its GDP.
These loans are, of course, tied to very strict conditions. What this means is that countries must reduce their public deficits, repair the banking sector and implement meaningful structural reforms. The objective is to restore competitiveness and sustainability to their economies. Today, four out of five programme countries are clear success stories, with the highest growth rates in Europe and rapidly sinking unemployment.
Greece is the sole remaining ESM programme country. Nowhere else was the extent of the problems so large and the public administration so weak. This is also reflected in the fact that the ESM has had to pay out €182 billion in funds and is therefore Greece's biggest creditor by far.
Nevertheless, I'd like to underline the fact that Greece is also making good progress in implementing the reforms that it committed to in 2015 as part of its current ESM programme. The reform efforts of the Greeks – in terms of salary and pension cuts or the reduction of employees in the public sector, for example – are not always appreciated enough in Germany.
If Greece continues to implement the reforms, I am optimistic that the country can become our fifth success story, when the programme ends this August. If the government stays on course, it should be able to regularly refinance itself independently on the market.
The euro area countries have promised to continue to stand by Greece's side, if this is necessary and the country remains on the course of reform. The euro finance ministers have raised the prospect of considering further debt relief at the end of a successful completion of the programme. This could involve additional EFSF maturity extensions or the transfer of profits made from the purchasing of Greek bonds on the secondary market by the cenbtral bank. An additional haircut will certainly not be necessary.
Ladies and gentlemen, the creation of the rescue funds, along with the other elements of the strategy against the crisis, contributed to the fact that the monetary union is working better today than it did before the crisis, and that Europe is doing well again. Trust was created, which encouraged investment. The economy is currently expanding at a rapid pace. Growth is almost twice as high as potential growth. All euro area countries are experiencing a broad-based economic upswing. Growth should remain strong both this and next year. And while the upturn we are currently experiencing is of course, also cyclical, the foundations of the region's growth are now much stronger. In addition we see the disappearance of current account deficits and the healthier state of public finances.
Nevertheless, we continue to face challenges in Europe. Just to mention a few key points: high unemployment in some countries, especially among young people, low potential growth, the integration of migrants. We also need to make progress in the banking sector. Another few key points in this regard are: the high number of banks or bank branches in some countries, the lack of sustainable business models, the still high proportion of non-performing loans in some banks and banking systems.
There will always be crises now and again in our economic system. I therefore recommend making the monetary union more robust, in order to be prepared when the next crisis comes.
Since the end of last year, the euro finance ministers have been working to deepen the monetary union, in particular by completing the banking union and the further development of the ESM.
Two further steps are needed to complete the Banking Union. The Single Resolution Fund needs a backstop to make sure that it has sufficient cash available, even in major crises. There is a broad consensus that the ESM should assume this role. I will come back to this topic in a moment.
The euro finance ministers are also in agreement that monetary union and the banking union need a common deposit insurance. This would virtually eliminate the risk of a bank run, when savers panic and withdraw their deposits. If bank customers know that not only their government, but the entire European banking system protects their savings, they will feel much safer.
I know that many of you are sceptical. But a deposit insurance is also in the German interest. There are several reasons for this: for example, the size of rescue packages would have been much smaller in the last eight years if a deposit insurance had already been in place. In all EFSF and ESM programmes, the recapitalization of banks has taken up a significant portion of the loan sums, as worried savers withdrew their money during the crisis. Had there been a credible deposit insurance, it would not have come to such withdrawals. A common deposit insurance would also help reduce the current fragmentation of the European financial and capital markets. This could allow the ECB to steer towards higher interest rates and would also reduce the TARGET imbalances.
Before we can put a common European deposit insurance in place, we need to take care of legacy issues in some banks. Above all, non-performing loans in banks in some European countries need to be reduced. National deposit guarantee schemes need to be more closely aligned and the volume of government bonds in bank balance sheets should be reduced.
In addition, the capital markets union should be implemented in parallel to the completion of the banking union. This requires some harmonization of insolvency, tax and corporate law in the member states and would facilitate cross-border equity investments.
Strengthening the ESM would also help make monetary union even more robust and crisis-proof. The first of the new tasks of the ESM would be to provide a backstop for the Single Resolution Fund (SRF), which I've already mentioned.
The ESM could also play a more important role in future rescue programmes. The role of the IMF in the programmes has become significantly smaller since 2010. At the same time, the role of the ESM has increased. Today, the ESM has its own know-how and the necessary financial firepower. Since the ESM programme for Greece, the ESM has not only paid out money, but has increasingly been involved in the preparation and review of the programme.
The development of adjustment programmes – their design, negotiation and monitoring – could become a joint task of the Commission and the ESM. It is clear that the competences assigned to the Commission in the EU Treaty must be respected. The ESM would do complementary work, focusing on its own strengths and, for example, analyse issues related to debt sustainability, financial stability and market access.
The ESM could also manage new facilities, e.g. for macroeconomic stabilisation. This could take the form of short-term ESM loans, which would have to be repaid within a business cycle, and which would have lighter conditionality than our regular programmes.
I know that there is great scepticism in Germany. But I think that such a financial facility would be in the German interest. For it is better to stabilize individual euro area countries via a smaller short-term emergency loan, than to wait until a system-threatening crisis breaks out and a full adjustment programme with larger loans is needed.
The ESM could also play a role in debt restructuring. The aim would be to create a predictable framework for debt restructuring negotiations with private creditors. The ESM, which has experience in debt sustainability and is also very active in the market, could take on the role of a neutral moderator within the context of such a predictable framework.
However, I find it important to emphasize the word 'negotiation'. I am sceptical about the proposal to automatically extend maturities. I'm afraid that the prospect of automatic maturity extensions would have a pro-cyclical effect and accelerate a crisis, which could have otherwise perhaps been avoided.
As a last point on the ESM, let me say that I am fully in favour of integrating it into the EU Treaty. I would advocate that the ESM be introduced into the EU Treaty in the same way as the European Investment Bank (EIB). The EIB is an institution with its own capital and a board in which the shareholders are represented. This solution would require changes to primary law, and therefore changes to the EU treaty and, of course, the ESM treaty. The final decision would remain with the member states and the participation rights of the Bundestag and other parliaments would be respected.
Finally, there is a wide range of ideas on the fiscal side. However, so far there is no consensus in this area. They involve an annual budget for European public goods, like the protection of our borders and common defense, and a euro area budget. A euro area budget for investments or a revolving fund to provide loans to individual countries in order to tackle asymmetric shocks have also been proposed. Another idea is simplifying the rules on fiscal surveillance, because the rules governing the Stability and Growth Pact have become so complicated that few people understand them.
Ladies and gentlemen, let me summarize. Europe's strategy against the crisis has worked. Europe has exited the euro crisis in better shape than many expected. The successful work of the ESM promotes stability, growth and investment in Europe. It has had a positive effect on current economic conditions. We should use this situation to further deepen the monetary union and make it even more robust against future crises. Compared to what we built during the last crisis years, the work that remains is relatively modest.
I thank you for your attention.
Photo credit: J. Schicke
Further information and related content
German version (PDF), 222.49 KB


text:
Aug 1, 2015, 1PM
BlackStar Film Festival
BlackStar Film Festival is a celebration of cinema focused on work by and about people of African descent in a global context. BlackStar highlights films that are often overlooked from emerging, established, and mid-career directors, writers, and producers working in narrative, documentary, experimental, and music video filmmaking.
BlackStar Film Festival logo (2015)
Panel: Behind the Scenes
Filmmaking is a team effort, but often the only people to get recognized are the directors and actors. This panel is intended for tweens, teens and young adults to get an insider's view on careers behind the camera. Hear from cinematographer, designer and editor Hans Charles (MOTHER OF GEORGE, MIDDLE OF NOWHERE, PARIAH); set designer Ola Ronke (SHAFT, HAMLET, STATE OF AFFAIRS); producer NJ Frank (LIFE'S ESSENTIALS WITH RUBY DEE), and writer/director Nijla Mu'min (DREAM). The panel will be moderated by Olivia Haynes, one of the creators of the video NOT YOUR MAMA'S DRAMA, produced in collaboration with the Pulitzer Center for Crisis Reporting and Scribe's Documentary Youth History Project.
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THE ART OF AMA ATA AIDOO, directed by Yaba Badoe (Ghana/UK, 2014, 78 min), explores the artistic contribution of one of Africa's foremost woman writers, a trailblazer for an entire generation of exciting new talent. The film charts Ama Ata Aidoo's creative journey over a life that spans seven decades, from the early years in colonial Ghana and the tumultuous era of independence to a more sober present-day Africa where nurturing women's creative talent remains as important as ever. Over the course of a year, the film follows Aidoo as she returns home to her ancestral village in the Central Region of Ghana, launches her latest collection of short stories in Accra, and travels to the University of California, Santa Barbara to attend the premier of her seminal play about the slave trade, Anowa. With contributions from Carole Boyce Davies, Nana Wilson- Tagoe and Vincent Odamtten, The Art of Ama Ata Aidoo gives a fascinating insight into the life of a feminist poet and novelist and brings Aidoo's writing to new audiences. The Art of Ama Ata Aidoo celebrates an acclaimed Pan-African feminist, poet, playwright and novelist and provides a fascinating insight into her life.

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text:
\section*{Synthesis and Characterization}

The LCO bulk sample, A, was synthesized
using a standard solid state reaction \cite{lstrk99}. Stoichiometric amounts
of $\rm La_2O_3$ and $\rm Co_3O_4$ were ground together thoroughly and fired for
8 hours. This process was repeated five times, with firing temperatures
between 850$^\circ$C to 1050$^\circ$C.

LCO nanoparticles were synthesized using the amorphous
heteronuclear complex DTPA.~\cite{ftyjyc00, jbsbamz09}
A 1.0 M NaOH solution was added by drops to an aqueous solution of
$\rm La(NO_3)_3 \cdot 6H_2O$ and $\rm Co(NO_3)_3 \cdot 6H_2O$
to prepare hydroxides.
A stoichiometric amount of NaOH was used for sample D, and
excess Na ions were removed via dialysis over
24 hours. This resulted in significant $\rm Co_3O_4$
phase, likely as some La ions were removed along with the Na.
Only a 12.5$\%$ stoichiometric amount
of NaOH was added to samples B and C,
and no dialysis was undertaken, resulting in less $\rm Co_3O_4$.
For all cases, equimolar amounts of DTPA were then added to the metal hydroxides,
and the resulting complex precursor was stirred while heated
to 80$^\circ$C. The resulting transparent solution was vaporized slowly at 80$^\circ$C
until a dark purple resin-like gel formed, which was decomposed in air at 350$^\circ$C
for 1.5 hours. The ash-like
material was then calcined for 4 hours at 620$^\circ$C for samples
C and D and 1000$^\circ$C for sample B.

X-ray scattering data for characterization were taken using a Rigaku
SmartLab powder diffractometer equipped with a copper x-ray tube
($\lambda$ (Cu K$_\alpha$) = 1.54056 $\rm \AA$,
tube energy 44 mA / 40 kV). The samples were analyzed with a
scan rate of 3.0 $^\circ$/min with a step size of 0.02 $^\circ$.
Scans showed that all samples were
predominantly LCO phase, and contained varying amounts of the
$\rm Co_3O_4$ phase; the latter were further quantified in the neutron
scattering measurements.
Samples C and D were also examined using small angle x-ray scattering (SAXS) on
the same x-ray diffractometer. The nanoparticles
were placed in between two layers of scotch tape, and transmission SAXS
was performed. Particle size and distribution data were analyzed
using the NANO-solver software included with the diffractometer.

The particles in A and B were too large for size determinations using either
neutron or x-ray scattering. We estimate an average size of 500 nm for A and
between 100 and 400 nm for B based on TEM measurements on a bulk powder and a
similar $\rm La_{1-x}Sr_xCoO_3$ nanoparticle powder with a calcination
temperature of 1000$^\circ$C, respectively.

Standard Scherrer analysis
of x-ray diffraction data for sample D
yielded average crystallite sizes of 22 nm. SAXS measurements on the
same sample yielded an average particle size of 65 nm,
suggesting the agglomeration of LCO nanoparticle crystallites during growth.
Scherrer analysis for sample C gave an average crystallite size of
18 nm, and the SAXS gave an average agglomerate size of 53 nm.

\begin{figure}
\includegraphics[height=5.3in, angle=0]{graph_fullprof.ps}
\caption
{Neutron diffraction intensity vs $2\theta$ for $T=10$~K
with FullProf refinements
using the R$\overline{3}$c perovskite structure as well as the
difference between the fit and calculation (lower curve)
for samples A, B, C, and D.
The upper row of triangles in panel C indicates calculated peak positions
for LCO and the lower row of inverted triangles indicates peak positions for $\rm Co_3O_4$.
The down arrows indicate observed $\rm Co_3O_4$ structural peaks and the
up arrows indicate $\rm Co_3O_4$ magnetic peaks.  The filled dot indicates
the magnetic peak position for $\rm CoO$.
\label{fig:LCOnanobulk_refine}
}
\end{figure}

\begin{table}
\caption{Synthesis characterizations for samples A, B, C, and D.
The methods are described in the text for the bulk (1), nanoparticle (2),
and nanoparticle with dialysis (3). $T_{form}$ is the temperature at which
the particles formed.  The determinations of the particle sizes and $\rm Co_3O_4$
weight percentages are described in the text.
}
\begin{tabular}{l*{6}{c}}
\hline
&Method&$T_{form}(^\circ$C)&Size (nm)&&\%$\rm Co_3O_4$ \\
\hline
A & 1 & 850-1050 & $\approx$500 && 4.5 \\
B & 2 & 1000 & 100-400 && 0 \\
C & 2 & 620  & 18 && 11 \\
D & 3 & 620  & 22 && 28 \\
\hline
\end{tabular}
\label{table:character}
\end{table}

\section*{Neutron Diffraction}

Figure~\ref{fig:LCOnanobulk_refine} shows the neutron
powder diffraction intensity vs $2\theta$
at $T = 10$~K from the WAND instrument at ORNL,
along with FullProf refinements~\cite{r90} done
using the R$\overline3$c symmetry for LCO.
The distribution of small, non-spherical particles makes
nanoparticle refinements more challenging. Bulk and nanoparticle powders
exhibit small $\rm Co_3O_4$ and $\rm CoO$ phase peaks
with $\rm F\overline{4}3m$ and $\rm Fm3m$ symmetries, respectively.
The $\rm Co_3O_4$ structural and magnetic peaks were of high enough
intensity to be refined by FullProf; the calculated weight percentages
are shown in Table \ref{table:character}. The relatively sharp
Bragg peaks seen for this phase indicate that the $\rm Co_3O_4$
forms crystallites, which are likely interspersed within the
LCO nanoparticles and bulk. As only the $\rm CoO$
high intensity magnetic peak could be seen, refinements
were not possible on this phase. It is therefore
unlikely that there is a significant amount of $\rm CoO$
in these samples; in addition to the neutron scattering data,
no indication is given in the magnetometry data of a
significant $\rm CoO$ magnetic moment as was seen in the
samples of Fita \textit{et al}.~\cite{fmmpwtvhvg08}

\begin{figure}
\includegraphics[width=2.2in,angle=270]{graph_a.ps}
\caption
{Lattice parameter $a(T)$ vs T for A, B, C and D.
The inset shows $\delta y$ vs $\gamma$ for the same samples
at $T=30$~K.
\label{fig:LCO_a}
}
\end{figure}

The bulk (A) average lattice parameter $a(T)$,
shown in Fig.\ \ref{fig:LCO_a}, is significantly
smaller than that of the nanoparticles (B, C and D).
For $T>T_o$, A and B show significant
curvature, whereas C shows only slight curvature and
D shows no significant curvature.
The inset of Fig.\ \ref{fig:LCO_a} shows the $T=30$~K
values of $\gamma(T)$ (the Co-O-Co bond angle) and
$\delta y(T)= \frac{d}{a}\cos (\gamma /2)$, where $d$ is the Co-O bond length.
The parameter $\delta y(T)$ characterizes the rhombohedral distortion
of the lattice~\cite{rkfk99,dbbycfb13,mkfoiyk99,lh13}.
The parameters $\gamma$ and $\delta y$ are nearly proportional
because $d$ varies by less than 0.4 \% across the samples at low $T$.

The lattice parameter $a(T)$ for samples A, B and C, was fitted using

\begin{equation}
	a(T) = a_0(1 + \alpha T)  \quad \quad (T<T_o)
\label{eq:linear}
\end{equation}
and
\begin{equation}
	a(T) = a(T_o) + K_a\bigg(\frac{T - T_o}{T_o}\bigg)^\sigma \quad \quad (T>T_o),
\label{eq:power}
\end{equation}

{\noindent with the parameters in Table \ref{table:lattice_fit}.
The temperature $T_o$ is the crossover point for the linear and power law
behaviors, and has previously been suggested as the critical
temperature for a collective phase transition in bulk LCO.~\cite{Durand}
Although more data are needed in the vicinity of the transition to ascertain
the true value of $T_o$ in the B and C nanoparticle samples, we note that
the data are in qualitative agreement with the bulk LCO results. The data
shown in Fig.~\ref{fig:LCO_a} were fit with values of $T_o$ ranging from
33 to 42 K. The sharp change in slope at $T_o$ is also observed in
the lattice parameter $c(T)$ for A, B, and C. Sample D is better fit
to Eq.\ \ref{eq:linear} over the entire $T$ range.

\section*{Magnetometry}

\begin{table}
\caption{Fit parameters using Eq.\ \ref{eq:linear} and \ref{eq:power} with fixed exponent
$\sigma =0.8$. Errors in $\alpha$ and $K_a$ are similar for all samples.
}
\begin{tabular}{l*{7}{c}}
\hline
& A && B && C && D \\
\hline
$a_0$(\AA)        &  5.396(1) && 5.409(1) && 5.406(1) && 5.407(1) \\
$T_o (K)$               & 42(2) && 33(2) && 38(2) && - \\
$\alpha$        &  3.0(5) $\times 10^{-6}$ && 3.0 $\times 10^{-6}$ && 3.0 $\times 10^{-6}$ && 5.5 $\times 10^{-5}$ \\
$K_a$         & 4.97(2) $\times 10^{-3}$ && 5.10 $\times 10^{-3}$ && 3.27 $\times 10^{-3}$ && - \\
\hline
\end{tabular}
\label{table:lattice_fit}
\end{table}

The behavior of the magnetization in LCO has long been considered
unusual and yet no adequate model of it below room temperature
has been developed.  Local Co spin-state models predict a nonmagnetic
ground state because there are no moments when the spins
are paired in the lowest energy state.  Moments are then thought to
develop as spins are thermally excited near $T=90$~K.
However, our data indicate that the ground state for material away from the
interfaces and particle surfaces
clearly has magnetic moments at low temperature, though they do not order.
Regions close to the interfaces or surfaces develop
ferromagnetic order at low temperature.
Recent work has shown the importance of extended
states~\cite{lh13} in LCO bulk particles, a FM
phase transition in LCO at $T_c \approx 87$~K, and
another transition near $ T_o \approx 40$~K.~\cite{dbbycfb13} These behaviors,
as well as others reported for bulk and nanoparticle powders and
thin films,~\cite{yzg04_a,httski07,fapssl08,prkkmsfw09}
are consistent with a particle core-interface model
that includes, for particles larger than $\approx$ 20 nm, a core region exhibiting a
crossover between two types of paramagnetism
near $T_o$, and an interface region located near
surfaces or interfaces with impurity phases. Tensile stress,
either from the lattice mismatch between the
interfaces and the core, or between the particle surface and the core,
can induce a FM transition in the interface region below $T_c$.~\cite{fapssl08,fdaeaeksgl09}

Figures \ref{fig:LCO_multi} and \ref{fig:LCO_multi_inv} show
$M/H$ and $H/M$ vs $T$, respectively,
for the $\rm LaCoO_3$ bulk and nanoparticle powders upon
field cooling. Comprehensive fits using
a simple superposition of FM and AFM
behaviors were not successful. Instead, samples A, B and D
were successfully fit using a superposition of two different Curie-Weiss-like (CW)
paramagnetic behaviors and one power-law FM behavior,

\begin{equation}
\begin{split}
\frac{M}{H}(T) =  \bigg(d + \frac{E_a}{T+t_a}\bigg)S(T) + \bigg(\frac{E_b}{T+t_b}\bigg) \\
+ M_n\bigg(\frac{T_c-T}{T_c}\bigg)^\beta(S(T) + L(1-S(T))) ,
\end{split}
\label{eq:abd_fit}
\end{equation}

\noindent {for $T \le T_C$ and

\begin{equation}
\frac{M}{H}(T) =  \bigg(d + \frac{E_a}{T+t_a}\bigg)S(T) + \bigg(\frac{E_b}{T+t_b}\bigg)
\label{eq:abd_fit_high}
\end{equation}

\noindent{for $T \ge T_C$,
where the subscript $n$ indicates the field in Oe. Each term is modified by a sigmoid,
centered at temperature $T_S$ with a width $1/W$,

\begin{equation}
S(T) = \frac{1}{1 + \exp(W(T_S-T))} .
\label{eq:sigmoid}
\end{equation}

\noindent{This expression for $\frac{M}{H}(T)$ captures a crossover in the paramagnetic
behavior at high $T$ (with parameters $E_a$ and $t_a$)
to a low $T$  behavior ($E_b$ and $t_b$) as $T$ decreases.
While the Curie-Weiss fits work well over the limited $T$ range used, the
$E$ and $t$ parameters differ from high $T$ fits over the wide range $170<T<300$~K
for the bulk.~\cite{dbbycfb13} The parameters cannot be directly interpreted
as yielding the moment and interaction strength because the usual interpretation
of the Curie-Weiss expression presumes weakly interacting moments.
For sample C, which shows no evidence for a crossover or sharp
transition to ferromagnetic order, but significant
variation above $T_c$, data were fit to
\begin{equation}
	\frac{M}{H}(T) =  d_n + \frac{E_a}{T+t_a} + M_n\bigg(\frac{T_c-T}{T_c}\bigg)^\beta ,
\label{eq:c_fit}
\end{equation}
\noindent{where the exponent for the power law is $\beta = 1.5$.  For this sample, the
	parameter $d$ varied with the field.  For the fit to the data
	for sample D, $t_a$ and $t_b$ were set equal.

\begin{figure}
\includegraphics[width=3.1in,angle=0]{graph_multi_b.ps}
\caption
{$M/H$ vs.\ $T$ for samples A, B, C and D for
fields $20<H<60000$~Oe along with fits described in
the text.
Note the different vertical scales for each data set.
\label{fig:LCO_multi}
}
\end{figure}

\begin{figure}
\includegraphics[width=3.1in,angle=0]{graph_multi_inv_b.ps}
\caption
{$H/M$ vs.\ $T$ for the same data and fits shown in Fig.\ \ref{fig:LCO_multi}.
\label{fig:LCO_multi_inv}
}
\end{figure}

\begin{table}
	\caption{Fit parameters for samples A, B, C, and D using
          Eq.\ \ref{eq:abd_fit} and \ref{eq:c_fit} with fixed value $\beta=0.63$.
          The parameter $d$ varies with $H$ only for sample C, for which values are listed in
	  the last row.  The $M$ and $d$ subscripts refer to the applied field in Oe.
	}
	\begin{tabular}{l*{5}{l}}
		\hline
		&A&B&C&D \\
		\hline
		$T_C$(K) & 89.5(5) & 87.5(5) & 75(2) & 82(5) \\
		$T_S$(K) & 49(2) & 47(2) & 50(10) & 80(20) \\
		$W$(1/K) & 0.09(1) & 0.09 & 0.09 & 0.05 \\
		$t_a$(K) &180(20)&70(5)&40(5)&80(20) \\
		$t_b$(K) &11.5(5)& 5(1)&-&80(20) \\
		$E_a$(erg K/mol Oe) &0.60(2)&0.15(5)&0.73(5)&0.88(5) \\
		$E_b$(erg K/mol Oe) &0.094(1)&0.077(1)&-&1.5(1) \\
		$L$ &1.2(2)&1.15(2)&1&1.4 \\
		$d$(erg/mol Oe)&0.0019(2)&0.0036(1)&-&0.0004(1) \\
		$M_{20}$(erg/mol Oe) &0.106(3)&0.11(1)&0.31(1)&1.61(2) \\
		$M_{50}$ &-&0.063(2)&-&-\\
		$M_{100}$&-&0.039(2)&0.29(1)&-\\
		$M_{200}$&0.022(2)&0.022(2)&0.23(1)&-\\
		$M_{500}$&0.0092(3)&0.0092(5)&-&-\\
		$M_{1000}$&-&0.0043(1)&-&-\\
		$M_{2000}$&0.0018(2)&0.0017(1)&0.052(1)&-\\
		$M_{5000}$&0.0000(1)&0.00006(5)&0.023(1)&-\\
		$M_{60000}$&-&-&-&0\\
		\hline
	\end{tabular}
	\begin{tabular}{l*{9}{l}}
		        $d_{20}$&&$d_{100}$&&$d_{200}$&&$d_{2000}$&&$d_{5000}$\\
		0.0115(1)&&0.0046(1)&&0.0033(1)&&0.0007(1)&&0.00036(1) \\
		\hline
	\end{tabular}
	\label{table:mag_fit}

\end{table}

Despite the large number of parameters, shown in Table \ref{table:mag_fit}
at a given $H$, the fits are strongly
constrained because only $M$ was allowed to
vary with $H$ for samples A, B and D, and only $M$ and
$d$ were allowed to vary for sample C.  The $H$-dependent parameters
characterize the FM contributions. AFM contributions, associated
with the CW functions, are expected to be insensitive
to $H$ and dominate for large $H$. They are most apparent for $H/M$ vs $T$
in Fig.\ \ref{fig:LCO_multi_inv}.  The FM
power law is most dominant at small $H$ and is best seen
in Fig.\ \ref{fig:LCO_multi}.  The FM fixed point is
at $H=0$, so the power law behavior for $M/H$ vs $T$ is stronger and sharper
as $H$ decreases.

\section*{Discussion}

In several previous studies, FM in LCO nanoparticles has been
attributed to FM ordering of the surface,~\cite{yzg04_a,httski07}
surface-induced lattice strain,~\cite{fmmpwtvhvg08} and unit-cell
expansion.~\cite{wzwf12,zhzgzs09}
Yan \textit{et al.}~\cite{yzg04_a} found that the magnetic
susceptibility of their
bulk particles increased as the surface-to-volume ratio increased;
as all of the samples were from the same single crystal sample, this
indicates that surface effects increase FM in LCO.
Harada \textit{et al.}~\cite{httski07} and Fita
\textit{et al.}~\cite{fmmpwtvhvg08} found that a decrease in particle
size correlates with an increase the net moment.
These studies are consistent with a surface-induced
tensile stress resulting from lattice expansion of the surface
regions, and with tensile stress in thin films
induced by substrates~\cite{fapssl08,lszzgwh13,pbsskzwld11,hrsd09}.

To interpret the results of the fits to the magnetization and lattice
parameters, we employ a core-interface model with two regions distinguished
by the character of the magnetic interactions and the proximity to surfaces
or interfaces.  The core region of the particles, far from any surface or
interface, is particularly
significant in the larger particles.  In this
region, the dominant interaction is AFM. However,
the peak seen near $T = 30$~K in the $H/M$ data for samples A and B
is broad, not sharp as would be expected in the case of long-range
AFM order. We thus conclude that the core region does not order
antiferromagnetically.

The AFM correlations
vary with $\gamma$ (or, equivalently, $\delta y$),
which crosses a critical value at $T_o \approx 40$~K.
The high $T$ AFM correlations
in the core region disappear below $T_o$, and the Curie-Weiss parameters
$E_b$ and $t_b$ are smaller in this temperature range.

While it might be reasonable to interpret this as a paramagnetic
behavior with weaker moments and interactions, it was found~\cite{Durand}
in the bulk particles that the extrapolation of the
low $T$ Curie-Weiss expression to $T=0$ nearly coincides with
the extrapolation to $T=0$ of the Curie-Weiss fit in the range
$170<T<300$~K.  This could indicate that the moments and
antiferromagnetic interactions remain the same and the
correlations are short-ranged in both temperature regions.
This, in turn, would imply that the system is highly
frustrated for $T<T_o$.
The core region has a large volume in samples A and B and is responsible for
most of the antiferromagnetic contribution to $H/M$ for large $H$.
However, the $T=0$ value of $H/M$ is significantly smaller in
powder B.  This would be consistent with a smaller
volume of the core region in B because moments are all near interfaces or
surfaces.
In the interface region, $\gamma$ never crosses the critical value as a
result of tensile strain, and thus remains large enough to sustain
long-range ferromagnetic order.~\cite{fapssl08}
Interfaces with other phases, as well as the mismatch in lattice parameters
of the core and interface regions, can be sources of tensile strain
that can induce long-range ferromagnetic order.

In the bulk particles of sample A, core region volumes are large
and peaks in $H/M$ vs $T$ for large $H$ near $T_o$
occur as the high $T$ antiferromagnetic paramagnetism
gives way to low $T$ paramagnetism with weaker
antiferromagnetic correlations.
It was shown~\cite{Durand} that the standard procedure
of growing bulk particles in ambient atmosphere
results in unreacted $\rm Co_3O_4$ remaining in the sample.
Bulk sample A has about 4.5 \% $\rm Co_3O_4$ by weight, which
could allow for LCO-$\rm Co_3O_4$ crystallite interfaces.
In addition to the impurity phase interfaces,
the weak ferromagnetic power law
behavior is consistent with the relatively small volume
of the interface region near particle surfaces. This power law
behavior for all $H$ is followed quite well for $T_o<T<T_C$,
but the ferromagnetic contribution to the
magnetization at small $H$ falls significantly below the power law
for $T<T_o$ (see Fig.~\ref{fig:LCO_multi}(A)).
Notably, muon depolarization~\cite{gtpbwl06}
peaks in the temperature region $T_o<T<T_C$, are
consistent with a decrease in correlations below $T_o$.

The exponent $\beta = 0.63$ describes
the power law behavior near $T_C$ well, but is inconsistent with
expected bulk ferromagnetic long-range ordering, for which
$\beta << \frac {1}{2}$. However, Binder and Hohenberg (BH)~\cite{bh72,bh74}
have predicted an exponent, $\beta=0.65$, for surface critical behavior
which is consistent with our fits and, in turn,
with the ferromagnetism being associated primarily with
LCO surfaces and interfaces. Notably, BH surface magnetism
is assisted by the bulk ordering and would normally
be difficult to observe against the ordering moment of the bulk.
For LCO, it is primarily the surface that orders ferromagnetically, making
it possible to observe the weak 2D ferromagnetic ordering.
Seo \textit{et al.}~\cite{spd12} suggest that the ferromagnetic moment near
surfaces is a result of spin canting.  If so,
moments near the surface must also order antiferromagnetically
and the BH surface ordering mechanism would be associated
with 2D antiferromagnetic ordering at the surface
and 3D antiferromagnetism further away from the surface.
The weakening of the antiferromagnetism in the core region
and the concomitant weakening of the ferromagnetism
below $T_o$ indicates they may be related, i.e.
the core region plays a role in supporting the surface magnetism.  The weak ferromagnetic
ordering in the bulk particles has yet to be observed using
neutron scattering, so it is not surprising that weak
antiferromagnetic ordering has also not yet been observed.
LCO single crystals show behavior similar to the
bulk particles, despite a small proportion of surface area~\cite{yzg04_a}.
This may be due to significant twinning and defects
that serve a similar role as free surfaces,
resulting in similar submicron structures.

The large nanoparticles of sample B show remarkably similar,
but not identical, magnetic behavior to the bulk. This suggests
that the relative proportions of the core and interface regions, are similar.
Although the amount of $\rm Co_3O_4$ is less in the large nanoparticles,
the smaller size of the particles results in more particle surface area, which can
have a similar effect.

Remarkable features of the small nanoparticles in
sample C include the lack of a clear crossover of the
antiferromagnetic behavior and a relatively weak
structural signature of the transition near $T_o$.
This suggests that core region moments occupy a
relatively minor part of the sample; nearly
all of the moments are close to the surface in the interface region.
With the large surface area, one might expect the overall
magnetic moment to be much larger than that of samples
A and B.  However, without strain from a mismatch of
core and interface region, ferromagnetic long-range order
generated by the particle surfaces
is greatly reduced in the interface region.

Powder D differs primarily from C in the amount of $\rm Co_3O_4$,
which is nearly three times larger in D.
Apparently, the magnetic moment can be made much larger with
the introduction of strain from $\rm Co_3O_4$.
The particles in C and D are similar in size,
but the introduction of $\rm Co_3O_4$
results in even less core region volume than sample C.
The lack of any apparent transition
in the lattice parameters near $T_o$, the CW fits
using the same temperature at large and small $T$, and
the close tracking of the magnetization to
the power law to low $T$ are consistent
with insignificant core region volume.
It has been shown that, in bulk
particles,~\cite{Durand} the LCO/$\rm Co_3O_4$
interfaces cause significant ferromagnetism,
presumably because they introduce tensile strain into
the LCO lattice. The particles in D are nearly all
in the interface region and, with the introduction of tensile strain
from $\rm Co_3O_4$,
the ferromagnetic moment is an order of
magnitude stronger than in any of the other
powders.

We have shown that the various magnetic behaviors of
LCO powders are consistent with the presence of
two kinds of magnetic regions, the interior
core region of the larger particles
and the interface region near surfaces or interfaces with other phases.
The literature has examples of nanoparticle LCO,
some showing phase transitions and others not.~\cite{zhzgzs09,wzwf12}
In our model, these differences would reflect the density of
interfaces with phases such as $\rm Co_3O_4$.
This may explain, for example, the surprising
results of Wei \textit{et al.}~\cite{wzwf12} which
show a decrease in magnetization and $T_C$ with
decreasing nanoparticle size. These are in contrast to the
results by Fita \textit{et al.} and Yan \textit{et al.},
which show the opposite effect.~\cite{fmmpwtvhvg08, yzg04_a}

This model will help in the interpretation of the
magnetic behavior of large LCO crystals, which
typically show large amounts of twinning, and LCO films
grown on substrates.  It will be useful in comparing
band structure simulations with magnetic and structural
data.  Most importantly, it will aid the search for materials
with switchable ferromagnetism that are
suitable for making spintronic devices that operate
above room temperature.

We thank F. Bridges,
A. Elvin, B. Harmon, J. Howe, A. P. Ramirez, and N. Sundaram for
helpful discussions and$/$or assistance with measurements.

The work at the High Flux Isotope Reactor at ORNL was supported by
the DOE BES Office of Scientific User Facilities.
Work at Lawrence Berkeley National Laboratory was
supported by the Director, Office of Science (OS),
Office of Basic Energy Sciences (OBES), of the U.S. Department of
Energy (DOE) under Contract No. DE-AC02-05CH11231.
Some X-ray data in this work were recorded on an instrument
supported by the NSF Major Research Instrumentation (MRI)
Program under Grant DMR-1126845.

redpajama_set_name: RedPajamaArXiv


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text:
Judge to issue written decision on union stay case
Van Hollen asks for quick action
Posted: September 19, 2012 3:26 PM
MADISON, Wis. — The Wisconsin judge who overturned key parts of Gov. Scott Walker's restrictions on collective bargaining says he will issue a written decision on a request to put that ruling on hold.
Attorney General J.B. Van Hollen on Tuesday filed a motion asking Dane County Circuit Judge Juan Colas to put the decision on hold pending an appeal.
Colas on Friday ruled that the law was unconstitutional as it applied to school and local government workers.
The law barred collective bargaining for most public workers over anything other than wage increases no greater than inflation.
Colas gave attorneys who challenged the law until Monday to file briefs. Van Hollen has until Sept. 26 to respond.
Colas didn't say when he would issue his decision. Van Hollen asked him to act quickly.


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text:
Q: Angular error during binding json to table I am trying to bind simple json to my html table as below:

 0">

          {{d.Name}}

          {{d.Status}}

Below is my component:
  ngOnInit () {
    this.appService.getAllData().subscribe((data: any[]) => {
      this.arrData = data;
    });
  }

And below is my service:
 getAllData(): Observable<{} | any[]> {
    return this.httpClient.get('/assets/data.json');
  }

I get the error in my console:
ERROR
▶HttpErrorResponse {headers: {…}, status: 200, statusText: "OK", url: "https://angular-pkjqkh.stackblitz.io/assets/data.json"…}
▶error: Object
▶headers: HttpHeaders
 message: "Http failure during parsing for https://angular-pkjqkh.stackblitz.io/assets/data.json"
 name: "HttpErrorResponse"

Below is my stackblitz demo:
https://stackblitz.com/edit/angular-pkjqkh

A: Move your data.json to a folder named assets at the level of app folder inside src.

A: I think this could help you out:
html

    Name
    Status

      {{d.Name}}

      {{d.Status}}

app.component.ts
import { Component } from '@angular/core';
import { HttpClient } from '@angular/common/http';
import { HttpErrorResponse } from '@angular/common/http';
import { AppService } from './app.service';
import { Observable } from 'rxjs'

@Component({
   selector: 'my-app',
   templateUrl: './app.component.html',
   styleUrls: [ './app.component.css' ]
})
export class AppComponent  {
   name = 'Angular';
   arrData: Observable<any>;

   constructor (private appService: AppService) { }

   ngOnInit () {
     this.arrData = this.appService.getAllData();
   }
}

This will help to solve your issue, solution based on your https://stackblitz.com/edit/angular-pkjqkh. Happy coding!

redpajama_set_name: RedPajamaStackExchange


text:
Finland, 1950's
"A808" in brass and steel covered in leather.
The lamp was designed for the National Pensions Institute in Helsinki in 1955.
Finnish architect Alvar Aalto (1898–1976) studied at Helsinki University of Technology, today known as Aalto University. His work include the University of Jyväskylä, House of Culture in Helsinki and Finlandia Hall, as well as lighting, furniture often made of birch, laminated wood and plywood, and glassware such as the iconic Savoy vase.
Aalto's early works followed the tenets of Nordic Classicism, the predominant style at that time, but from the late 1930s onwards, the architectural expression of Aalto's buildings became enriched by the use of organic forms, natural materials and increasing freedom in the handling of space.It was characteristic of Aalto to treat each building as a complete work of art – right down to the furniture and light fittings.
In 1935, Artek was formed to promote the growing production and sales of Aalto furniture. The design of his furniture combined practicality and aesthetics with series production, following the main Artek idea of encouraging a more beautiful everyday life in the home.
H 137 x Ø 31 cm
Archive, Table & Floor Lamps


Cuba's vibrant capital city is famous for its sizzling nightlife, filled with music, dance and excitement. "Afar" travel magazine suggests five wonderful night time experiences that will help you appreciate and discover Havana's essence, from sipping a frozen daiquiri at El Floridita bar to simply sitting by the Malecon seawall taking in the city's spirit.
Among the most dynamic and vibrant spots in the region, Havana pulsates with all the art, music, tropical sensuality and bustle that befits the largest capital city in the Caribbean. Its nightlife is thriving and the choice of venues - especially for live music - will keep you moving and grooving every night of your holiday if you wish. In order to serve travellers with a helpful guide, Afar magazine recently published five things to do after dark in Havana.
Afar is a travel publication focused on experiential travel based in the United States. It was launched in 2009 by Greg Sullivan and Joseph Diaz after a 6-week trip to India and has received awards in the travel writing and journalism industry. In this recent article, they suggest some of the best things to do in Havana as well as the top spots to drink, dance and simply observe Havana's constant movement during the night.
El Floridita bar, set right at the heart of Old Havana, gave birth to one of world's most renowned cocktails in 1914: the frozen daiquiri. Sipping one of these delicious and refreshing drinks at this legendary bar is an experience you will truly treasure. Absorb the enchanting ambiance knowing it was once the favourite venue of writers like Ernest Hemingway, Graham Green and Ezra Pound.
Who doesn't love a good movie night? The city's much less sophisticated system makes you travel back in time as you search for the film listings in a newspaper. Choose any of Havana's cinemas, including Riviera, Tearto America and Yara for everything from action blockbusters to the latest Palme d'Or winner from Cannes. If you're not certain of your Spanish skills, choose the Chaplin cinema which specializes in throwback American films in original version.
Set within a magnificent mansion built in the 1920's, Casa de la Amistad is a lovely restaurant that hosts excellent concerts on weekends. Though there may be some Cuban music playing, performance usually include 90's rock music with wonderful impressions of Kurt Cobain, Bono and Sting. You can order drinks right at the bar, or do things the Cuban way by showing up with bottle of Havana Club rum and mixing it with coke as you dance along to animated tunes, like no one's watching.
One of the hottest venues to experience Havana's night music scene, the Fabrica de Arte Cubano (FAC) is not just a night club; it's a venue like no other that integrates all art forms into one unique experience. Walk around this immense facility and appreciate photography, sculpture, film, and art exhibits before dancing to live music. Be sure to arrive early, around 9 pm before the line gets too long.
No one can say they have truly lived a Havana night without sitting on the beautiful seawall all locals refer to as "El Malecon" for a couple of hours. Bustling with people of all ages on weekends, this is a truly magical spot where locals meet with a bottle of rum and either blast out music from their mobile phones or play some jams on their guitars. Simply sit back as you watch the waves crashing on the wall with a drink or a Cuban cigar in hand and feel the breeze as you absorb Havana's enchanting atmosphere.
These five tips to experience Cuba to the fullest are only the tip of the iceberg for those who really wish to capture its spirit. The best way to truly get to know this captivating Caribbean island is letting yourself and go and being unafraid to spontaneously wander off to whichever places inspire you the most. Embrace the heat and the scorching sun, dance away to the sounds of salsa, discover pieces of history as you walk through the streets and interact with the friendly Cuban people who will most certainly make an impression on you.


text:
Зулкарна́й (Зулхарна́й) Алдамжа́рович Алдамжа́р (Алдамжа́ров) (; ) — советский и казахстанский . Доктор исторических наук (1986), профессор, академик Академии высшей школы Республики Казахстан.

Биография
В 1962 году окончил Казахский государственный университет имени С. М. Кирова.

В 1980—1989 годы — проректор по научной работе Атырауского педагогического института.

В 1989—2001 годах —  Костанайского педагогического института, а затем Костанайского государственного университета. По его инициативе Костанайский педагогический институт был преобразован в Костанайский государственный университет.

В мае 2001 года создал «Инновационный центр», где продолжал свою деятельность по разработке и внедрению нового подхода в сфере образования, науки, технологии производства, подготовки научных кадров.

В 1999 годы Алдамжар Зулхарнай Алдамжарулы создал Костанайскую социальную академию, затем переименованную в Костанайский социально-технический университет, который осуществляет подготовку специалистов по техническим, педагогическим, экономическим и юридическим направлениям. В этом же году основан Костанайский социально-экономический колледж, переименованный в Костанайский социально-технический колледж.

Научная деятельность
В 1974 году в Институте истории, археологии и этнографии имени Ч. Ч. Валиханова АН КазССР защитил диссертацию на соискание учёной степени кандидата исторических наук по теме «Проблемы истории социалистической революции в Казахстане в советской историографии. (Октябрь 1917—1940 гг.)» (специальность 07.00.09 — Историография, источниковедение и методы исторического исследования).

В 1984 году защитил диссертацию на соискание учёной степени доктора исторических наук по теме «Советская историография установления и упрочения Советской власти в Казахстане» (специальность 07.00.09 — Историография, источниковедение и методы исторического исследования).

Автор более чем 300 публикаций.

Избранные труды
 Алдамжаров З. А. Победа Великой Октябрьской социалистической революции в Казахстане : (Историография проблемы). — Алма-Ата: Казахстан, 1983. — 175 с.
 Алдамжаров З. А. Проблемы истории социалистической революции в Казахстане в советской историографии. (Октябрь 1917—1940 гг.): Автореф. дис. … канд. истор. наук (07.00.09) / АН Каз ССР. Ин-т истории, археологии и этнографии им. Ч. Ч. Валиханова. — Алма-Ата : [б. и.], 1974. — 28 с.
 Алдамжаров З. А. Советская историография установления и упрочения Советской власти в Казахстане : дис. … д-ра истор. наук : 07.00.09. — М., 1984. — 422 с.
 Тарих: пайым мен тағылым (2003)
 История: размышление и суждения (2006)

Награды
 Почётный гражданин города Костаная (15.07.2005)
 Орден Парасат.
 Заслуженный деятель Республики Казахстан
Почетный гражданин штата Техаса

Примечания

Ссылки
 Костанайский государственный университет

Персоналии:Атырау
Почётные граждане Костаная
Депутаты Верховного Совета Республики Казахстан XIII созыва

redpajama_set_name: RedPajamaWikipedia


text:
World-first LR-approved LNG-fuelled Bulk Carrier Delivered
February 22, 2018 | South Korea, Ulsan
Hyundai Mipo Dockyard (HMD) and Ilshin Logistics have successfully delivered the world's first LNG-fuelled bulk carrier under the dual-class of Lloyd's Register (LR) and Korean Register. Fitted with a MAN ME-GI main engine, the 50,000 dwt bulk carrier has also been verified to be in compliance with the International Gas Fuel (IGF) Code.
The vessel, named the Green Iris, is the result of a collaboration project, announced in July 2016, to develop the first in a new generation of environmentally-friendly LNG-fuelled bulk carriers. It has been delivered to Ilshin Shipping Co. by HMD after construction at the latter's Ulsan shipyard. LNG fuel will be supplied by KOGAS using TTS delivery (Truck-to-Ship). The Green Iris undertook its first commercial voyage in January, transporting bulk limestone from Donghae.
The ship has a Type 'C' LNG fuel tank with a capacity of 500m³, made of austenitic high manganese steel and located on the aft mooring deck. The material, newly developed by POSCO, has a high manganese content (approximately 26%) and is specially designed for cryogenic LNG and liquefied gas storage applications. The properties and characteristics of the high-manganese steel, as well as the required welding technology and fuel tank design, have been proven suitable for cryogenics with the support, certification and approval of LR.
The construction of the Green Iris had the support of the South Korean government, being selected for funding as part of the 'Coastal Modernization Secondary Conservation project. It also received support through tax incentives and port facility exemption.
Mr. Seung-hwan Seo, head of the Marine Policy Division at the Ministry of Maritime Affairs and Fisheries, said, "The Green Iris, the propulsion line created by or technology, is the first step toward successfully exploiting the upcoming LNG propulsion era. With the successful operation of the Green Iris, I will do my best to help spread it."
LR undertook a comprehensive approach in supporting POSCO and ILSHIN LOGISTICS by providing certification of High Manganese Steel Welding Consumables, Welding Procedure Approval and Material Approval after concluding extensive development and testing. LR certification was officially issued in July 2017.
JT Lee, LR's Chief Representative & Marine Manager for Korea, commented: "I am very excited and proud to see the successful delivery of the world's first 50,000 dwt LNG-fuelled bulk carrier with contribution from LR for the certification and approval. This outstanding achievement is also attributed to a concerted effort between industry partners, with their pioneering spirit and tenacity. The successful delivery of the vessel should be a significant indication to the market of a reasonable and solid solution to the preparation for emission compliant eco-friendly designs."
Source: Lloyd's Register
Kongsberg Fuel System for First Korean Built LNG-Fuelled Bulk Carrier
Build Contract Signed for Largest LNG-fuelled Bulk Carrier
Categories: Asia, Liquefied Natural Gas (LNG), Maritime, Market Developments - Tags: Liquefied natural gas, LNG, Marine


text:
Bundy Rum's special flood recovery efforts
20th Feb 2013 1:50 PM
The names of Bundaberg's flooded streets and roads will be recognised and honoured as the Bundaberg Distilling Company throws their support behind the community to help get Bundaberg back on its feet.
THE names of Bundaberg's flooded streets and roads will be recognised and honoured as the Bundaberg Distilling Company throws their support behind the community to help get Bundaberg back on its feet.
Announcing their Road to Recovery program this morning, Bundaberg Distilling Company site manager Graham Wrigglesworth said the limited edition rum would bear the names of those affected streets and names across the region when released at a special event on March 16.
"The company has been part of the community for 125 years and has a really proud history of giving back to this community," Mr Wrigglesworth said.
"On March 16 the special event will give families a well earned break from the massive clean-up task and also encourage tourists to visit the city."
Mr Wigglesworth is confident sales on the day would raise a significant amount which would be donated to Bundaberg's flood recovery efforts.
"We will raise $250, 000," he said.
"The Road to Recovery Rum will be sold for $60 and all proceeds going to the flood recovery."
"We will also be giving away one bottle to each flood affected household on the day.
Mr Wrigglesworth said he hoped they could attract between 2000-3000 people to the special event.
Bundy's own ghost town after flood levels drop
bundy rum flooding


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Fialho's farewell
Outgoing city manager on Pleasanton's evolution during tenure, the decision to step down and what's next for him
by Jeremy Walsh / Pleasanton Weekly
Uploaded: Sun, Nov 28, 2021, 4:30 pm 0
Time to read: about 6 minutes
City Manager Nelson Fialho, seen here in the heart of downtown Pleasanton, is nearing his last day on the job next week. He sat down with the Weekly this month to reflect on his 17 years leading the city and his plans for life and career ahead. (Photo by Cierra Bailey)
Walking into the Pleasanton city manager's office this month presented quite a different scene from prior years in Nelson Fialho's administration. The walls were mostly bare, save the nails on which photographs and plaques once hung; no large piles of paper on the desk; fewer mementos and books on the shelves.
Nelson Fialho. (Photo by Jeremy Walsh)
The chapter is closing for Pleasanton's longest-serving city manager. Fialho is stepping down next Tuesday after 17 years leading the city government and more than three decades working in civic service overall.
"I feel like I should have a better reason, but the reality is 25 years is a long time in one city," Fialho told the Weekly during a sitdown interview on Nov. 12. "I've been in local government for 31 years, and I feel in light of everything in regards to the pandemic and entering into a new calendar year that now is the right time to make a transition."
"I was 100% all-in to this community, and I always put the community's best interests at the forefront all the time. Some would argue sometimes maybe not in my best interests, but I felt strongly that that's how we should lead and guide," the 53-year-old said as he approached a retirement from public employment that is not necessarily a retirement from "working" -- and certainly not one from community service.
"I'm going to still be involved in some way in the community, just in a different way ... And I'll still be here in Pleasanton living; you'll see me on Main Street, at Peet's, hiking, enjoying the amenities that we have here in town."
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A San Leandro native educated at Cal State East Bay, Fialho arrived in Pleasanton in his late 20s with work experience from the cities of Hayward, San Dimas and Campbell under his belt.
He began as assistant to the city manager, followed by promotions to director of human resources and labor relations and deputy city manager before he competed for and earned the city manager position in 2004.
Reflecting on the breadth between those bookends, Fialho viewed the biggest difference for the city from 17 years ago to today as lying with housing and development.
"I would say that what was central back then was a mindset, a very strong mindset and rightly so, of slower development. That was sort of the political philosophy of the time, which is to try to figure out a way to preserve the small-town feel and to ensure that development didn't outpace our infrastructure's ability to support and sustain it," he said.
"Housing was a concern 17 years ago, but now housing remains a concern but a different kind of concern," he added. "No. 1, I think every city including Pleasanton is struggling with affordable housing and how to produce it and how to do it the right way ... now, we're trying to maybe not slow it but try to find a way to do it right and do it so that it can be impactful for those who need it."
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The second key factor now at play in the housing debate, in Fialho's mind, is "17 years ago we didn't have state intrusion into local control."
"All the legislation that really incentivizes housing production for the purposes of creating housing, and some affordable housing, and that's a challenge that wasn't as significant as it is today," he said. "Not only the volume that we have to accommodate, but also the erosion of local control that's occurred over the years because of state legislation."
Fialho also pointed to the community's shift demographically during his tenure -- "I think that's probably a source of strength of Pleasanton; it was less diverse 17 years ago."
Pressed to pore over his nearly two decades leading Pleasanton and select a single proudest professional accomplishment, Fialho barely hesitated.
"If I look back on my legacy, it's going to be the people that we've employed here at the city, that we've trained and developed, that we've promoted over time and at the end of the day those individuals build the culture and build the capacity for us to do a lot of things as a city," he said, adding:
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"We're Pleasanton because of the people who work here and support not only the city manager, but the mayor and the council and the community. That to me is what I'm really proud of, and that's what I'm going to miss most."
Picking a favorite project came after more of a pause, with Fialho framing it as "the most interesting project" he worked on -- the city-owned Callippe Preserve Golf Course.
"Because it's so much more than just a golf course. It's an open space preserve, it's a residential development project, it's a golf course, it's a trail," he said. "It was done partly to create a golf course amenity for our community, but it was also designed to stop future development beyond Pleasanton's urban growth boundary for the area that we call Happy Valley."
"When people go out there, they see a golf course. But I see a lot more to it," Fialho said.
Other memorable "interesting" projects off the top of his head included the Firehouse Arts Center, Patelco Sports Complex in Bernal Community Park and the Castleridge land acquisition.
City Manager Nelson Fialho will step away from the city on Nov. 30. (Photo by Cierra Bailey)
"Financially, we're in a great spot," he added. "Our philosophy of not relying on debt, accelerating the payoff of our obligations like PERS and OPEB, and putting money aside for our reserves really put us in a good position to not cut services during the height of the pandemic or cut staff like police and fire and public works."
The coronavirus pandemic was front-of-mind for Fialho too when discussing the tough moments at the helm.
"If you had asked me this question 18 months ago, I would have said my biggest challenge was navigating the housing cap lawsuit and getting to the point that we had resolution," Fialho said. "We had to fast-track that effort ... We were very intentional and accelerated in our actions."
"We were dealing with things like a voter-approved housing cap that got undone by a court, and we had to not only fix it but we also had to educate the community about why we had to undo it and blow through, for planning purposes, what the housing cap suggested we would never do as a community," he continued:
"We were dismantling the holy grail of Pleasanton urban planning. That was hard, on multiple fronts: politically, legally, community-wide, organizationally."
... "But the pandemic has been the hardest thing."
"There was nothing that we could look to for guidance," Fialho said looking back on those early months of the COVID-19 pandemic last year. "Everything was changing by the day, weekly. We were responding real-time on social media and with information on our website. We went from 500 people here daily, to most of them being at home."
"And so pivoting to a virtual environment, keeping the lights on and the lawns mowed during the height of the pandemic was a surreal experience, but we've gotten through it and we're coming out of it," he added.
Perhaps the only bit of unfinished business as he departs, he said -- "the full reopening and restoration of city services is the work that still needs to be done."
Nelson Fialho poses in the conference room outside of the city council chambers at the Pleasanton Civic Center. (Photo by Jeremy Walsh)
Fialho addressed head-on some of the speculation out there from people wondering why he'd step away from the city manager post at his age.
"Well, I'm not leaving because of state intrusion. I have the capacity to get through all of that if I wanted to," he said. "I'm not leaving because there's a change in the political majority of the City Council. That is the environment that good city managers expect. You don't pick your council members, the community does, and you're expected to transition through that over time."
"I'm leaving because 25 years is a long time, and 17 years as a city manager is a long time," Fialho added. "And I think I have an opportunity, while I'm still young, to take a short break -- which I'm going to do -- and then pursue some other interests in the community but also professionally."
The options he's actively considering include lending his expertise to local nonprofits, pursuing teaching opportunities at the college level and private consulting either on his own or by joining an established firm.
"I'm treating this as: I'm taking December and January off, and then come February I'll reassess and decide what I want to do," Fialho said.
As for the future of the city government, council members have tapped assistant city manager Brian Dolan to lead on an interim basis until they complete a nationwide recruitment for a permanent city manager during the next four to six months with the help of a consultant firm.
"Brian Dolan is a fantastic administrator. He's going to be able to steer the ship in partnership with the mayor and council in a very good way," Fialho said. "He's also supported by a great group of department heads who are experts."
"Given what we're going to be dealing with -- like the Housing Element, the Climate Action Plan, district elections -- he's in the best position to navigate that while the council does the recruitment," Fialho said of Dolan. "I have 100% confidence in him."
And now that the final chapter is all but written, how should Nelson Fialho's 17-year tenure as Pleasanton city manager be judged?
"That's hard for me. To say anything else sounds egotistical, right?" he said before obliging.
"I think it's been wildly successful. I mean, if you look at the metrics, we've done really well. We're on a bunch of recognition lists and our surveys consistently come out well. We've had stability administratively, and even politically. Our infrastructure is good. Our park amenities are great. And it's like one of the darlings of the Bay Area. But I also think that others might be more objective if you ask them that question," Fialho added, finishing with a grin.
"I walk out feeling pretty good."
Nelson Fialho is in his final week as city manager, stepping down next Tuesday after 17 years leading the Pleasanton city government. (Photo by Cierra Bailey)
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Uploaded: Sun, Nov 28, 2021, 4:30 pm
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