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Financial Stability Review – March 2012 Developments in the Financial System Architecture
In FSR March 2012
Box A: Foreign-owned Bank Activity in Australia
Box B: Home Mortgage Debt: Recent Insights from the HILDA Survey
Box C: Global Systemically Important Banks
Box D: A Closer Look at the Shadow Banking System in Australia
Copyright and Disclaimer Notices
Addressing the risks posed by systemically important financial institutions (SIFIs) has continued to be a priority of the international regulatory reform agenda. The G-20 recently endorsed a policy framework for SIFIs, with the focus initially being on the large global banks. The framework includes higher capital requirements for these banks as well as improved resolution regimes. Work is underway to extend the framework to other SIFIs, including banks that are systemically important in a domestic context. The Financial Stability Board (FSB) is continuing to lead work on shadow banking: it recently developed a framework for strengthening the oversight and regulation of shadow banking systems, which includes an annual global monitoring exercise.
Reform of over-the-counter (OTC) derivatives markets is continuing as jurisdictions work to meet the G-20 commitment that all standardised OTC derivative contracts be centrally cleared by the end of 2012. The FSB has intensified its monitoring and coordination of developments in this area in order to accelerate national efforts and promote adequate safeguards for the use of central counterparties across borders. In Australia, the Council of Financial Regulators (CFR) continued to develop policy proposals on the regulation of OTC derivatives markets. The CFR has also reviewed aspects of the regulatory arrangements for financial market infrastructures. The CFR agencies are preparing for an International Monetary Fund (IMF) Financial Sector Assessment Program (FSAP) review that Australia has agreed to undergo in 2012.
The Australian Prudential Regulation Authority (APRA) has been engaging with authorised deposit-taking institutions (ADIs) on the implementation of the Basel III capital and liquidity standards in Australia, which are due to be phased in over the coming years. Associated with this, the Bank has provided further detail on the Committed Liquidity Facility it will provide as part of Australia's implementation of the Basel III liquidity reforms. Along with other countries, Australia's implementation of the Basel III capital reforms will eventually be reviewed by the Basel Committee on Banking Supervision (BCBS) under its recently established assessment framework. This framework is aimed at ensuring timely and consistent implementation of the Basel capital framework across jurisdictions.
International Regulatory Agenda and Australia
Systemically important financial institutions (SIFIs)
At their November 2011 Summit, the G-20 Leaders endorsed a policy framework for SIFIs developed by the FSB. Some specific measures focus on institutions that are systemically important in a global context (so-called G-SIFIs) to reflect the greater risks these institutions pose to the global financial system. This is a key part of the international policy response to the crisis, aimed at addressing the moral hazard and externalities associated with financial institutions that are perceived to be 'too-big-to-fail'.
The policy framework comprises:
a new international standard setting out the responsibilities, instruments and powers that all national resolution regimes should have, to enable authorities to resolve failing financial firms in an orderly manner and without exposing the taxpayer to the risk of loss;
requirements to develop resolvability assessments and for recovery and resolution planning for G-SIFIs, as well as institution-specific cross-border cooperation arrangements so that home and host authorities of G-SIFIs are better prepared to deal with crises;
requirements that global systemically important banks (so-called G-SIBs) have additional loss absorption capacity above the Basel III minimum; and
recommendations for more intensive and effective supervision of all SIFIs, including through stronger supervisory mandates, resources and powers, and higher supervisory expectations for risk management functions, data reporting capabilities, risk governance and internal controls.
To support this policy framework, the BCBS recently finalised a methodology to identify G-SIBs, along with a graduated system of capital requirements (above Basel III) that will apply to them (see 'Box C: Global Systemically Important Banks'). An initial list of 29 G-SIBs based on the methodology was published by the FSB in November. The higher capital requirements for G-SIBs aim to reduce the probability of their failure and provide incentives for them to become less globally systemic.
The new international standard on resolution regimes, Key Attributes of Effective Resolution Regimes for Financial Institutions (Key Attributes), was released by the FSB in November. It aims to improve the capacity of authorities to restructure and resolve troubled SIFIs in an orderly and effective manner. The final version of the Key Attributes is broadly the same as the consultation version described in the previous Review.
The key elements are:
ensuring a designated resolution authority has a broad range of powers and tools to intervene and resolve a financial institution that is no longer viable;
removing any impediments to cross-border cooperation between resolution authorities and providing authorities with incentives, statutory mandates and powers to share information across borders to help facilitate cross-border resolutions;
ensuring that all G-SIFIs have recovery and resolution plans ('living wills'), which are regularly reviewed and updated and are informed by rigorous annual resolvability assessments of each firm; and
establishing crisis management groups for all G-SIFIs, comprising home and key host resolution authorities and underpinned by cooperation agreements.
The G-20 and the FSB have called on countries to undertake the reforms, including any legislative changes, needed to conform to the Key Attributes. Together with the IMF and other standard-setting bodies, the FSB is developing a methodology to assess jurisdictions' compliance with the Key Attributes. In due course, the FSB will use this methodology to undertake a peer review of all member jurisdictions. The FSB is also establishing a Peer Review Council to monitor the implementation of the G-SIFI policy measures and associated changes to national resolution regimes. Resolvability assessments, recovery and resolution plans, and cross-border cooperation agreements are required for all G-SIBs by the end of 2012.
FSB members were recently asked to provide a self-assessment of how their national resolution regimes compared to the Key Attributes and their plans to address any gaps. Significant parts of the Key Attributes do not apply to Australia as no Australian-owned banks are identified as G-SIBs and Australia is not a key host jurisdiction for any G-SIBs. Furthermore, Australian law and resolution arrangements do not distinguish between SIFIs and other prudentially regulated entities. Nonetheless, Australia's response to the FSB noted that the domestic resolution regime for financial institutions was largely compliant with the Key Attributes, reflecting the substantial legislative and administrative steps that had been taken in recent years to strengthen the resolution framework.
Even though they are only required of G-SIBs at this stage, APRA has begun preliminary work on living wills in Australia, focusing initially on recovery planning in the ADI industry. In 2011, APRA established a pilot program on recovery planning for a number of the larger ADIs. This requires the ADIs to prepare a comprehensive recovery plan that sets out the specific actions they would take to restore themselves to a sound financial position in the face of a major depletion of their capital and associated liquidity pressures. APRA is currently reviewing the draft plans that the ADIs submitted late last year; the finalised plans are to be signed off by the ADIs' boards by mid 2012. Drawing on the results of the pilot program, APRA intends to extend the recovery planning to a wider set of ADIs in 2012/13, and will be considering the appropriate extension of recovery planning to general and life insurance companies in due course.
Given the significant presence of Australian banks in New Zealand, the CFR agencies and their New Zealand counterparts have long recognised the need for effective cooperation and coordination on crisis resolution while recognising that each country has its sovereign interests to protect. Through the Trans-Tasman Council on Banking Supervision, a number of steps have been taken in recent years to strengthen the cross-border crisis management framework. The authorities from both countries recently conducted a cross-border crisis simulation exercise to test the framework and determine the scope for further refinements to the crisis management arrangements.
Beyond the elements of the SIFI policy framework described above, there are further measures being developed to address the risks posed by SIFIs other than G-SIBs. The International Association of Insurance Supervisors (IAIS) is expected to finalise a methodology for identifying global systemically important insurers and associated policy measures during 2012. The broad indicators being considered by the IAIS to judge the global systemic importance of insurers are similar to the G-SIB approach, including measures of size, global activity, substitutability and interconnectedness. Measures of non-traditional insurance business are also likely to play a key role: the IAIS considers that insurers engaged in non-traditional activities, such as credit default swap transactions for non-hedging purposes, are more likely to contribute to systemic risk. The FSB, in consultation with the International Organization of Securities Commissions (IOSCO), is separately looking at developing a framework for identifying the systemic importance of other non-bank financial institutions such as securities firms. The Committee on Payment and Settlement Systems (CPSS) and IOSCO are continuing their work on systemically important market infrastructures and are close to finalising a stronger set of international standards for these entities aimed at minimising the risk of their failure and reducing contagion risks if participants fail. As discussed in the March 2011 Review, these standards will apply to all systemically important market infrastructures including payment and settlement systems and central counterparties.
Now that the design of the international framework for G-SIBs is largely completed, the FSB and BCBS have recently begun work, at the request of the G-20, to consider how to extend it to domestic systemically important banks (so-called D-SIBs). The two bodies are scheduled to deliver a progress report on this work to the G-20 Finance Ministers and Central Bank Governors in April. The Bank and APRA have been contributing to the BCBS workstream developing the D-SIB framework. This work will have implications for a broader range of countries than the G-SIB framework. Unlike the G-SIB framework, the D-SIB framework is currently envisaged as taking the form of a set of guiding principles for national authorities. Given the large differences in jurisdictions' financial structures and the fact that D-SIBs have, by definition, mainly domestic impacts, there is a strong case for a high degree of national discretion and flexibility in how D-SIBs are identified and their risks addressed.
Indeed, a number of jurisdictions are already developing their own approaches for identifying SIFIs and associated policy responses. Identification methodologies vary from those based on single indicators, such as size, to those that more closely resemble the multiple-indicator approach used to identify G-SIBs. Some of these jurisdictions, including China, the Netherlands, Sweden, Switzerland and the United Kingdom, have also announced, but not necessarily formalised, additional loss absorbency requirements for their D-SIBs.
In the United States, the Financial Stability Oversight Council recently released its methodology for identifying systemic non-bank financial companies. This includes an initial filter comprising several quantitative thresholds, to be followed by a more detailed analysis of individual firms where this is warranted. This builds on the measures for systemic banks prescribed in the 2010 Dodd-Frank Act, where any US bank holding company with US$50 billion or more in total consolidated assets is to be subject to enhanced prudential standards and supervision by the US Federal Reserve. The proposed prudential standards for systemic institutions include stronger risk-based capital, leverage and liquidity standards, and more intensive stress-testing. US regulatory agencies have also recently released detailed guidance on the implementation of the so-called Volcker Rule, which prohibits banks in the United States carrying out proprietary trading and from having an ownership interest in hedge funds and private equity funds. The draft rules define which activities are prohibited and specify a compliance regime and reporting requirements.
Assessing implementation of Basel III
As noted in the previous Review, many countries, including Australia, are in the process of implementing the Basel III standards. To help ensure full, timely and consistent implementation, the BCBS has recently established a framework to monitor and review its members' adoption of the globally agreed Basel capital rules. As part of this process, each BCBS member has committed to undergo a peer review of its implementation of all components of the Basel capital framework, including Basel II, Basel 2.5 (the July 2009 enhancements on market risk and securitisations) and Basel III. These peer reviews will assess the compliance of members' domestic rules or regulations with the international minimum standards in order to identify differences that could raise prudential or level playing field concerns. The BCBS will also review how risk-weighted assets are measured, to ensure practices are consistent across jurisdictions. Initial peer reviews are assessing implementation in the European Union (EU), Japan and the United States, with other BCBS members to be assessed in due course. A senior official from APRA is leading the peer review of the EU. Australia is well placed in its implementation of the Basel capital framework: APRA has fully implemented the Basel II and 2.5 reforms and is in the process of consulting with the ADI industry on the implementation of the Basel III reforms.
Supervisory principles
Two international standard-setting bodies recently issued for consultation revised supervisory principles relating to financial institutions. In December, the BCBS issued its revised Core Principles for Effective Banking Supervision for consultation. Updating the 2006 version, the revised principles build on the lessons of the recent financial crisis by enhancing supervisory practices and supervisory expectations relating to risk management within banks. For similar reasons, they also recognise the need for greater supervisory intensity and resources to deal effectively with systemically important banks; the importance of applying a system-wide, macro perspective to the supervision of banks to assist in the control of systemic risk; and the increasing focus on effective crisis management, recovery and resolution measures in reducing both the probability and impact of a bank failure.
The Joint Forum (comprising the BCBS, IAIS and IOSCO) released a consultation paper on a revised set of Principles for the Supervision of Financial Conglomerates. The principles are designed to support consistent and effective supervision of financial conglomerates, particularly those that are active across borders. They also address risks arising from unregulated financial activities and entities, including the complexities and gaps resulting from cross-sectoral activities.
The consultation for both sets of principles closed in March, and they are expected to be finalised in coming months.
The IAIS revised its 2003 Insurance Core Principles, Standards, Guidance and Assessment Methodology, which provides a globally accepted framework for the supervision of the insurance sector. This revised framework, which came into effect in October 2011, incorporates recent developments in insurance markets and supervision, as well as recommendations from the G-20 and the FSB. Like the BCBS, the IAIS has increased the focus on systemic stability, as evidenced by the inclusion of a new principle in the area of macroprudential surveillance, which aims to identify and mitigate systemic risk within the insurance sector.
FSB peer review process
The FSB has continued with its program of 'thematic' and country peer reviews, as part of its efforts to strengthen adherence to international standards. As foreshadowed in the previous Review, a country peer review of Australia was published in September 2011. The report concluded that the Australian financial system had weathered the financial crisis well, largely reflecting strong macroeconomic fundamentals supported by a sound regulatory and supervisory framework. It also concluded that Australia had made significant progress in addressing key recommendations from the 2005/06 IMF Financial Sector Assessment Program report.
The FSB also recently published a second thematic cross-country review on financial sector compensation practices and one on deposit insurance systems. In 2012, the FSB is intending to undertake peer reviews on risk governance of financial institutions and on resolution regimes. The latter will evaluate the resolution regimes of FSB member jurisdictions against the FSB's Key Attributes, as discussed earlier. Based on a recommendation of an earlier thematic review of mortgage underwriting and origination practices, the FSB has developed draft Principles for Sound Residential Mortgage Underwriting Practices, which was subject to a consultation process late last year and which will be finalised shortly. The Bank was represented on the group that developed these principles.
The FSB has been continuing its work on strengthening the oversight and regulation of shadow banking systems. In October 2011, it published a report that contained high-level principles for monitoring shadow banking systems, and more detailed guidance on monitoring the risks within individual shadow banking entities and activities. Drawing on this enhanced monitoring framework, the FSB is aiming to strengthen its assessment of global trends and risks in shadow banking, with the results to be reported to the FSB Plenary and G-20 each year. The FSB report also identified a number of areas where further work on regulatory measures may be warranted to address risks posed by shadow banking systems. A number of international workstreams have subsequently been established, led by relevant standard-setting bodies or the FSB itself, to assess the case for additional regulatory action in several areas: banks' interactions with shadow banking entities; money market funds; securitisation; securities lending and repos; and other shadow banking entities such as finance companies and hedge funds. These groups are expected to provide policy recommendations in the second half of the year. The Bank is involved in some of these workstreams, and has been keen to ensure that any regulatory response to shadow banks is proportionate to the risks they pose. Institutions that could be considered part of the shadow banking system account for a small and declining share of the financial system in Australia (see 'Box D: A Closer Look at the Shadow Banking System in Australia').
OTC derivatives markets
The FSB is continuing to coordinate and monitor implementation of reforms to OTC derivatives markets. Recently the FSB expressed concern that while there had been some progress, few FSB members have the legislation or regulations in place to implement the G-20 commitment that all standardised OTC derivative contracts are to be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties (CCPs) by the end of 2012. A number of smaller jurisdictions have been waiting for regimes in the United States and EU (the two largest OTC derivative markets) to be finalised before putting their own in place, especially in the area of central clearing. Further clarity is emerging on both the US and EU regimes. In the United States, regulators are well advanced in implementing the Dodd-Frank Act requirements on central clearing of OTC derivatives, with the rules likely to take effect in the second half of 2012. In the EU, new rules on OTC derivatives regulation were issued in February as part of the broader European Market Infrastructure Regulation and European regulators have begun consultation on their implementation.
The FSB recently established a new group comprising the chairs of relevant standard-setting bodies, to ensure closer coordination of the different international OTC workstreams. Its initial focus will be on establishing adequate regulatory safeguards for a global CCP framework. To the extent that smaller markets, such as Australia, may be reliant on CCPs in offshore jurisdictions, it will be important that the FSB's work in this area addresses the potential risks associated with an increasing global reliance on a small number of large CCPs. Australian agencies are also working to ensure satisfactory outcomes are reached internationally on issues such as membership of, and criteria for access to, offshore CCPs as well as information sharing, which are particularly relevant for smaller markets.
Domestically, the Council of Financial Regulators (CFR) has continued to consider how best to implement reforms to the regulation of OTC derivatives markets in Australia, following its consultation with industry during the second half of 2011. The CFR's conclusions will be published shortly.
Domestic Regulatory Developments
Implementation of Basel III capital and liquidity reforms
As discussed in the previous Review, APRA is in the process of consulting with the ADI industry on the implementation of the Basel III capital reforms in Australia. APRA issued a consultation paper in September 2011, and following consideration of submissions received during this consultation, will issue draft prudential standards for industry consultation in the near future.
Separately, APRA issued a consultation paper late last year on how it intends to implement the Basel III liquidity reforms in Australia. APRA is proposing to introduce the two new quantitative liquidity standards – the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) – broadly in line with the Basel III recommendations. These standards will apply to the larger, more complex Australian ADIs which already use scenario analysis for their liquidity requirements. The smaller ADIs will continue to be subject to APRA's simpler minimum liquidity holdings regime. APRA is proposing to follow the BCBS timetable for introducing the new global liquidity standards: the LCR requirement will become effective from 1 January 2015 and the NSFR requirement from 1 January 2018. APRA's liquidity reforms will also incorporate enhanced qualitative requirements, which are broadly consistent with the BCBS' 2008 Principles for Sound Liquidity Risk Management and Supervision. These will apply to all ADIs in Australia once APRA publishes its final liquidity prudential standard, expected around the middle of 2012.
In conjunction with APRA's liquidity consultation paper, the Bank published further detail on the Committed Liquidity Facility (CLF) it will provide as part of Australia's implementation of the Basel III liquidity reforms. As was discussed in the March 2011 Review, this facility is required because of the limited amount of government debt in Australia, which means there are insufficient high-quality liquid assets for ADIs to meet their LCR requirement by holding these assets alone. Under the CLF, participating ADIs will be able to access a pre-specified amount of liquidity by entering into repurchase agreements of eligible securities outside the Bank's normal market operations. The Bank's commitment to provide the liquidity will be contingent on the ADI having positive net worth in the opinion of the Bank, having consulted with APRA. The facility will commence from 1 January 2015, concurrently with APRA's implementation of the LCR. A commitment fee of 15 basis points will be charged for the facility, applying to both drawn and undrawn amounts. All securities eligible for the Bank's normal market operations will be able to be used for the facility as well as certain related-party assets issued by bankruptcy remote vehicles, such as self-securitised residential mortgage-backed securities. This reflects a desire from a systemic risk perspective to avoid promoting excessive cross-holdings of bank-issued instruments. Should a participating ADI lack a sufficient quantity of residential mortgages, other self-securitised assets may be considered, with eligibility assessed on a case-by-case basis. APRA will be reviewing each ADI's liquidity risk management framework as the basis for approving the amount of the facility that can be recognised for LCR purposes.
At a recent meeting, the BCBS reviewed aspects of the LCR standard and confirmed that liquid assets accumulated in normal times are intended to be used in times of stress, so that banks can temporarily fall below the minimum 100 per cent LCR requirement if necessary. This was motivated by the concern that if the 100 per cent LCR was a 'hard floor', then banks would have to hold additional liquid assets above this requirement as a buffer against unexpected events. The BCBS is also intending to provide additional guidance on the circumstances that would justify the use of the pool of high-quality liquid assets, and to examine how central banks interact with banks during periods of stress so that the workings of the LCR do not hinder or conflict with central bank policies.
Other prudential standards
In late September, APRA released a discussion paper on its proposals for prudential standards for superannuation funds. This follows a decision of the Australian Government, as part of its 'Stronger Super' reforms, to enable APRA to make and enforce prudential standards for the superannuation entities it regulates. APRA intends to introduce prudential standards covering matters common to other APRA-regulated industries, such as governance and risk management, as well as superannuation-specific matters such as conflicts of interest, insurance in superannuation and defined benefit fund solvency. The standards will not detract from trustees' responsibility for prudent management of superannuation funds. Submissions on the discussion paper closed in December and APRA is now considering the feedback received and will be issuing draft standards for consultation in the near future.
APRA also released a discussion paper outlining its proposals to introduce a new prudential standard relating to the issuance of covered bonds by ADIs. As discussed in the previous Review, this follows legislative changes in late 2011 which allowed such issuance. As noted in the chapter on 'The Australian Financial System', the large Australian banks have issued a sizeable amount of covered bonds in the past few months.[1] APRA's proposed prudential standard aims to ensure that ADIs adopt prudent practices when issuing covered bonds and carefully manage the risks associated with their exposures to covered bond special purpose vehicles. The discussion paper also proposes changes to APRA's prudential standards on securitisation, including clarifying the capital treatment of ADIs' holdings of subordinated tranches of securitisations where they are not the originator of the loans. APRA envisages these prudential standards will take effect in the first half of 2012.
APRA has also continued consultation on its proposals for revising the capital standards for general and life insurers, releasing a response paper and draft prudential standards for consultation in December. Submissions on this consultation closed in late February and APRA expects to release final revised capital standards in May 2012. The new capital framework will be effective from 1 January 2013.
Financial market infrastructures
As discussed in the previous Review, the CFR was asked by the Australian Government in April 2011 to consider possible changes to the regulation of financial market infrastructures(FMIs) to strengthen regulators' ability to provide effective oversight and manage risks to stability and market integrity. The CFR issued a consultation paper in October 2011 with various proposals to enhance the regulation of FMIs. Since the CFR considered that FMIs are as systemically important as many ADIs, several of the recommendations were developed with reference to APRA's powers in respect of ADIs. The recommendations most relevant to financial stability were:
introduction of 'step-in' powers to enable regulators to intervene in the event of a domestic FMI experiencing substantial difficulties;
introduction of powers to require certain systemically important FMIs to have key aspects of their operations located in Australia and overseen by 'fit and proper' persons; and
strengthening of regulators' directions-giving powers and sanctions in respect of FMIs.
Since the consultation process, the CFR has developed policy recommendations that are expected to be published shortly. As flagged in the consultation paper, work is ongoing on issues relating to competition in clearing and settlement systems and the segregation and portability of customer accounts of participants of CCPs.
Financial Claims Scheme
Following an announcement by the Australian Government in September 2011, coverage under the Financial Claims Scheme (FCS) was lowered from $1 million to $250,000 per depositor, per ADI from 1 February 2012 (with grandfathering arrangements in place for term deposits existing as at 10 September). This is still at the higher end of the range of deposit insurance caps – relative to per capita GDP – in other countries.[2] The change in cap has not had any discernible impact on ADI deposit flows. A number of initiatives are now underway to improve public awareness of the FCS, including the introduction of a government-guaranteed deposits seal and updating website material on the FCS. In the meantime, APRA has been continuing to develop its pre-positioning requirements for the FCS. It recently introduced a prudential standard that, among other measures, requires all locally incorporated ADIs to be able to produce a 'single customer view' that aggregates the balances of all FCS-eligible deposit accounts held by each customer.
Financial Sector Assessment Program (FSAP) review of Australia
The Australian Government has agreed to undergo an IMF FSAP in 2012. This will be a follow-up from Australia's first FSAP conducted in 2005/06 (discussed in the September 2006 Review) and is consistent with a recent commitment of FSB members to undergo an FSAP every five years. The focus of FSAP assessments is on the stability of the financial sector and the quality of financial supervisory and crisis management arrangements. The CFR agencies have begun initial work for the FSAP, including preparing background material for the IMF on Australia's financial regulatory framework, financial crisis management arrangements and financial stability policy framework. APRA and the Australian Securities and Investments Commission are also in the process of completing detailed self-assessments of their banking, insurance and financial market supervisory arrangements against international standards. The FSAP is also expected to focus on a financial stability assessment in which the Bank is likely to be heavily involved. Stress testing is another key element of the FSAP process: APRA is currently undertaking one of its regular stress tests of the ADI industry, the results of which are likely to be examined as part of the FSAP.
For more information, see also RBA (2012) 'Box D: Covered Bond Issuance by Australian Banks', Statement on Monetary Policy , February, pp 57–58. [1]
For more information, see Turner G (2011), 'Depositor Protection in Australia', RBA Bulletin , December, pp 45–55. [2]


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Major Shipping Company Maersk to Launch Cargo Airline
Popular Danish shipping company Maersk is to launch its own cargo airline by the second half of 2022 in an attempt to explore another freight area.
Maersk announced its plans in a statement on Friday. The new carrier will be based in Billund, Denmark.
Transport by sea, land, and…air?
Maersk Air Cargo is the company's most recent venture and it aims to strengthen end-to-end logistics for the Danish company.
Active in ocean and inland freight transportation and associated services, such as supply chain management and port operation, Maersk has already made a name for itself as a world-renowned shipping giant. Impressively, the Danish business conglomerate was the largest container shipping line and vessel operator in the world from 1996 until recently in 2021.
The shipping company will undoubtedly wish to increase its operations and levels of expertise, and its decision to venture into air transportation isn't surprising given the company's 2021 acquisition of Senator International, an shipping and air freight forwarder. Last December, the company purchased two Boeing 777Fs.
And the successful company is not entirely new to the aviation sector. They own Star Air, a Danish air cargo airline that operates a fleet of 14 Boeing 767F cargo aircraft. However, it is clear that they now wish to make a greater mark in the air cargo sector with its name at the forefront.
Star Air is headquartered in Dragør, Denmark. | © Flickr
Maersk Air Cargo will take over operations from Star Air.
By 2024, Maersk Air Cargo intends to add two new 777Fs and lease three 767-300Fs from its complete launch in 2024. These aircraft will run alongside Star Air's current capacity. In regards to flights between the U.S and China, Maersk is planning to contract three 767-300Ds from another firm – further details have yet to be shared.
Maersk emphasises the reliability of Maersk Air Cargo on its website and its ability to overcome typical air cargo challenges and disruptions. | © Maersk.com
In a statement the Global Head of Logistics and Services at Maersk, Aymeric Chandavoine said:
"Air freight is a crucial enabler of flexibility and agility in global supply chains as it allows our customers to tackle time-critical supply chain challenges and provides transport mode options for high-value cargo. We strongly believe in working closely with our customers."
Chandavoine's comments carry weight, especially as the demand for cargo and air freight has increased significantly since the start of the COVID-19 pandemic in March 2020. Amid current supply chain shortages due to a host of reasons (one being the Russian invasion of Ukraine increasing costs), it makes sense that shipping giant Maersk wishes to take advantage of the budding opportunity in front of them.
Given the matter in which plans are progressing, it is likely that Maersk Air Cargo's first flight is only months away.
Let us know what you think of Maersk's expansion to air cargo in the comments below!
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redpajama_set_name: RedPajamaCommonCrawl


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Bradley Carnegie Thorn (born 3 February 1975) is a rugby union coach and former rugby league and rugby union footballer. Born in New Zealand, he represented Australia in rugby league and New Zealand in rugby union in a 22-season career as a player. He is currently the head coach of the Queensland Reds and their second longest coach in history.

Thorn played rugby league for the Brisbane Broncos in the National Rugby League competition for a total of ten seasons in two spells, and represented Queensland in the State of Origin series. He played eight times for Australia - five for the Kangaroos, and three games for the Super League Australia team. His preferred position in rugby league was in the , though he was equally effective as a . In 2000 Thorn was awarded the Australian Sports Medal for his contribution to Australia's international standing in rugby league.

He first moved to rugby union in 2001 and, over two spells in the sport, became one of the most successful rugby union players.
A lock, he was the first player to win a World Cup, a Super Rugby title and the Heineken Cup, despite only moving to the sport in his mid-twenties. He won 59 international caps for New Zealand, and was part of the team that won the 2011 World Cup.

After retiring in 2015, he became a coach, and was appointed head coach of the Reds in October 2017.

Early life
Having relocated with his family from New Zealand to Australia at age eight, Thorn's junior football was rugby league played in Queensland with Aspley and Wests Arana. He was signed as a junior with the Brisbane Broncos in 1994 and that same year represented Australia in the Junior Kangaroos side.

Playing career

Rugby league (1994–2000)
Thorn made his first grade debut in the NSWRL for the Brisbane Broncos, who were then defending premiers, in the 1994 Winfield Cup season's 12th round against the Canterbury-Bankstown Bulldogs. At season's end he was awarded the club's rookie of the year award.

At the outbreak of the Super League war in 1995 Thorn, along with the rest of his Broncos teammates and players of several other clubs, was aligned with Super League and so ineligible for selection in the Australian Rugby League's 1995 State of Origin series or post-season 1995 Rugby League World Cup. The following year, when all players were again allowed to be selected for representative football, Thorn's debut for the Queensland Maroons came in Game I of the 1996 State of Origin series. He held his place at second-row forward for all three games of that series.

In the 1997 Super League season Thorn played in all three games for Queensland in that year's Super League Tri-series. He also made his international debut for Australia against New Zealand. Thorn won his first premiership with the Broncos when they defeated the Cronulla-Sutherland Sharks in the 1997 Super League grand final in Brisbane. In the 1997 post season, Thorn was selected to travel to England and play for Australia at prop forward in all three matches of the Super League Test series against Great Britain, scoring a try in the third and deciding test victory. It was on this tour that his front-row partner Jason Stevens helped convince Thorn to convert to Christianity.

Following the sport's re-unification under the National Rugby League, Thorn was selected in Game II of the 1998 State of Origin series. He also continued to represent Australia in all three Tests of the 1998 international series against New Zealand. Thorn also played at second-row forward in the Broncos' victory at the 1998 NRL Grand Final, winning his second premiership ring.

Thorn was selected to play for Queensland again in Game III of 1999 State of Origin series and all three matches of the 2000 State of Origin series. He then played at second-row forward for the Broncos in their 2000 NRL Grand Final win over the Sydney Roosters, claiming a third premiership.

Rugby union (2001–04)
In 2001 Thorn moved to New Zealand and switched to rugby union, playing for the Crusaders in the Super 12 and Canterbury in the National Provincial Championship. He was part of the Canterbury squad that won the NPC in 2001. He had initially been picked for the end of year All Black tour in 2001 but he pulled out due to his own uncertainty of commitment to the 15-man game. In 2003, Thorn went on to play for New Zealand's All Blacks, appearing in 12 tests, including the 2003 Rugby Union World Cup. He thus became a dual rugby-code international, the second man in history (after Bill Hardcastle) to have represented Australia in league and New Zealand in union. In 2004 Thorn won the NPC with Canterbury. He also won the Tri-Nations with NZ in 2003.

Rugby league (2005–07)
In 2005 Thorn moved back to Brisbane and the National Rugby League, again playing with the Broncos for another three years. He enjoyed further representative selection for Queensland in all three games of the 2005 State of Origin series, scoring a try in Game II.

Thorn claimed another premiership ring when he played at second-row in the Broncos' 2006 NRL Grand Final victory over the Melbourne Storm.  As 2006 NRL Premiers, the Broncos travelled to England to face 2006 Super League champions, St Helens in the 2007 World Club Challenge. Thorn played at second-row forward in the Broncos' 14–18 loss.

During the 2007 NRL season at the Broncos' 20-year anniversary celebration, the club announced a list of the 20 best players to play for them to date which included Thorn. At the close of the 2007 NRL season Thorn switched codes once again, moving back to New Zealand to continue his rugby union career.

Rugby union (2008–15)

Thorn signed with Tasman Rugby Union in October, 2007, making him again eligible for the Crusaders. He won the Super 14 competition with the Crusaders in 2008 against the Waratahs in superb style with a 20–12 win. He thus became the second person to win both a Super Rugby title and an NRL title. This feat was first achieved by Peter Ryan for the Brisbane Broncos in 1998 and the Brumbies in 2001, and since Thorn, only by former Crusaders teammate Sonny Bill Williams and Queensland Reds/Melbourne Storm player Will Chambers in 2012. After his contribution to the Crusaders, Thorn was selected for the All Blacks to play the first test of 2008 against Ireland in Wellington. He won a second Tri-Nations with New Zealand in 2008 and a third in 2010.

During the 2011 Super Rugby season, Thorn signed a deal to join Japanese club Fukuoka Sanix Blues in the Japanese Top League after the Rugby World Cup. On 23 October 2011, Thorn was part of the All Blacks team which won the Rugby World Cup 2011, beating France 8–7 in the Final.

In March 2012, during the Japanese off season, Thorn signed a 3-month short-term contract with European champions Leinster.
Leinster went on to win the 2012 Heineken Cup and Thorn started at lock in the final. Achieving this title meant Thorn was the first player to win a World Cup, a Super Rugby title and the Heineken Cup. He has since been joined in this feat by Bakkies Botha, Danie Rossouw and Bryan Habana.

In October 2012, it was reported that Thorn has agreed in principle to join the Highlanders Super rugby franchise for the 2013 season. Thorn would be joining the Dunedin-based franchise with incoming World Cup final teammates Ma'a Nonu and Tony Woodcock both of whom were joining from the Blues in Auckland.

On 4 May 2013 against the Sharks in Dunedin Thorn played his 100th Super rugby game.

In 2014 a bicep injury which required surgery ended his season and called into question whether Thorn would be able to reach his stated goal of playing rugby union professionally until age 40. However, in August 2014, Thorn decided to extend his career once again, signing a deal with English club Leicester Tigers.

On 8 April 2015, Thorn announced that he would retire at the end of the 2014–15 season.

In 2016, Thorn came out of retirement, aged 41, and played for Queensland Country in Australia's National Rugby Championship.

Playing longevity
Thorn's extended playing career - 22 seasons as a professional - has been attributed to his professional approach, including focuses on stretching, listening to his body, and doing only light weights when he felt that was right for him. Thorn is known for his strength and his dedication to weight training throughout his career.

Coaching career
On 12 May 2015, Thorn was announced as the Queensland Reds Elite Development Squad forwards coach for the next three seasons, starting in November 2015. He surprised observers at his first media appearance as a member of the Reds coaching staff, stating he would happily play for the Reds the next season if needed, "There's always an urge – I actually said at the time I didn't retire, I'm just playing less now", Thorn also said "If things were on dire straits I'm happy to help out,".

Thorn was appointed as an assistant coach of Queensland Country for the 2016 National Rugby Championship and was made head coach of the team for the 2017 season.

In October 2017 he was appointed head coach of the Reds, following the firing of Nick Stiles.

He coached the Reds to a Super Rugby AU Title in 2021.

The Queensland Reds personnel records show that Thorn is now the second longest Queensland Reds coach in history.

Honours

Rugby league
Brisbane Broncos
 Super League title 1997
 1997 World Club Championship
 NRL titles in 1998, 2000, and 2006
State of Origin
 14 appearances for Queensland
 State of Origin titles with Queensland, 1998 and 1999
Kangaroos
 Eight Tests Matches for Australia

Rugby union
Canterbury
 NPC titles 2001 and 2004
 Ranfurly Shield holder
Crusaders
 2008 Super Rugby title
 Combined 100 Super Rugby appearances with the Crusaders and Highlanders
New Zealand
 Bledisloe Cup 2003, 2008, 2009, 2010 and 2011
 Tri-Nations titles 2003, 2008 and 2010 (Undefeated in 2003 and 2010)
 Grand Slam 2008 and 2010
 2011 Rugby World Cup champion
 59 Test Matches for the All Blacks with a winning ratio of 86.44%
Leinster
 2012 Heineken Cup title

Awards
 Brisbane Broncos, 1994 Rookie of the Year
 Brisbane Broncos award for Best Forward, 1997, 2000 and 2006
 Brisbane Broncos award for Most Consistent, 2005
 Brisbane Broncos award for Defence Play of the Year, 2007
 Identified as one of the Broncos' 20 best players to play for the club
 Australian Sports Medal for his contribution to Australia's international standing in rugby league
 Nominee for the 2010 New Zealand Rugby Player of the Year (the Kelvin R Tremain Memorial Trophy)

References

Sources
 Andrews, Malcolm (2006) The ABC of Rugby League Austn Broadcasting Corpn, Sydney
 Big League's 25 Years of Origin Collectors' Edition, News Magazines, Surry Hills, Sydney
 Whiticker, Alan  & Hudson, Glen (2006) The Encyclopedia of Rugby League Players, Gavin Allen Publishing, Sydney

External links

Queensland Country profile

Brad Thorn at rugbymuseum.co.nz
Brad Thorn at rugbyfiles

1975 births
Australia national rugby league team players
Australian Christians
Australian rugby league players
Barbarian F.C. players
Brisbane Broncos players
Canterbury rugby union players
Crusaders (rugby union) players
Dual-code rugby internationals
Highlanders (rugby union) players
Leicester Tigers players
Leinster Rugby players
Living people
New Zealand emigrants to Australia
New Zealand international rugby union players
New Zealand rugby union players
New Zealand rugby union coaches
People from Mosgiel
Queensland Rugby League State of Origin players
Rugby league props
Rugby league second-rows
Rugby union locks
Tasman rugby union players

redpajama_set_name: RedPajamaWikipedia


text:
В список бронетехники СССР Второй мировой войны вошла бронетехника СССР, произведённая не только в период Второй мировой войны, но и в предвоенное время, которая использовалась на ранней стадии войны. Опытные и не вошедшие в серийное производство образцы не вошли в список.

Танкетки

Малые и лёгкие танки

Средние танки

Тяжёлые танки

Огнемётные танки

Эрзац-танки (бронетракторы)

Лёгкие САУ

Средние САУ

Тяжёлые штурмовые самоходные орудия

Эрзац-САУ

Зенитные самоходные установки

Реактивные системы залпового огня

Бронеавтомобили

Аэросани

Артиллерийские тягачи

Танки, полученные от союзников по ленд-лизу

См. также
 Список бронетехники Италии Второй мировой войны
 Список бронетехники Швеции Второй мировой войны

Примечания

Бронетехника Второй мировой войны
Бронетехника СССР периода Второй мировой войны
Списки:СССР
Списки военной техники Второй мировой войны


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Chances are, you haven't heard of Tubi TV, but it's well worth adding to your streaming repertoire. Like Netflix, it features a simple user interface to search and browse. It has a deeper library of titles than services like Crackle. And it plays nice with just about all of your devices. The only catch is Tubi TV is ad-supported, so short commercials are interspersed while you watch. But it's also 100% free, so it's easy enough to take for a test drive.
If you're raising young children, you've likely wrestled with when and how to introduce them to their first smartphone or tablet. On the one hand, these devices can help keep your children connected to you and other family members at all times, as well as connect them to an incredible world of inspiration and information. On the other hand, it can be incredibly difficult to control what kids see and do on the internet.
With the official first day of summer on its way (and the good weather rolling in even sooner), it might be time to start thinking about that annual vacation or getaway you've been putting off for too many years.
Stop for a moment and think: How many digital screens do you use in a typical day? How many hours each day do you spend staring at your smartphone, tablet, computer, and TV screens?


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Coming hard on the heels of Dialog's acquisition of Atmel and Western Digital acquiring SanDisk, Microsemi wants to acquire PMC-Sierra in a $2.4bn deal that highlights the accelerating consolidation in the embedded industry.
This consolidation is somewhat hidden by the tech bubble involving software and apps, but highlights the change in the semiconductor cycle into a downturn. The industry avoided taking too much of a hit in 2008 as the semiconductor cycle was at its peak, but the current cycle is set to coincide with the bursting of the tech bubble.
," said Microsemi. This deal in particular is a sign of the peak of the cycle, as PMC-Sierra was set to acquire Skyworks, and the current deal aims to change that.
This is the same kind of deal that happened at the peak of the property market in the UK, where a buyer comes in with a higher offer, called gazumping.
The PMC deal is valued at $11.50 per PMC share, representing a premium of approximately 50 percent to the closing price on October 5th, 2015, the last trading day prior to the announcement of PMC's proposed acquisition with Skyworks. Microsemi believes its $2.4bn cash and stock proposal would provide PMC shareholders with a substantial premium and immediate cash value, as well as the opportunity to participate in the significant upside potential of a global analogue and mixed-signal leader with a highly diversified platform for growth and profitability.
"Based on extensive discussions with PMC over the past 18 months and comprehensive analysis, we believe this transaction offers compelling strategic and financial benefits for the shareholders of both Microsemi and PMC," said James J. Peterson, Microsemi's chairman and CEO. "This acquisition will provide Microsemi with a leading position in high performance and scalable storage solutions targeted for data center and cloud applications, while also adding a complementary portfolio of high-value communications products.Microsemi has a strong track record of integrating acquisitions and driving profitability, and we will benefit from increased scale, industry-leading margins, diversified market exposure, consolidated infrastructure and substantial cost savings in a combination with PMC."
The transaction with Microsemi will only be subject to domestic regulatory approvals (as opposed to approvals by foreign government entities including China, which is required under the Skyworks merger agreement and likely to result in additional uncertainty and delays) and customary closing conditions, as well as the approval of PMC's shareholders.
This comes as Qualcomm absorbs Cambridge Silicon Radio (CSR) after last years acquisition, Dialog bids to acquire Atmel for $4.6bn and Western Digital looks to take over SanDisk. The $19bn SanDisk deal allows WD to use the silicon and embedded software for solid state disk drives, particularly for the data centre. This comes hot on the heels of the $67bn acquisition of enterprise drive supplier EMC by Dell.
AMD is making another move into the embedded market with its latest Merlin Falcon system on chip. This time the company has integrated the south bridge into the chip to include all the I/O support and reduce the footprint in embedded designs.
The company has also paid attention to security, adding an ARM Cortex A50 processor with ARM's TrustZone technology to provide the start of a secure chain for connecting to the Internet. It is also qualifying parts for the higher temperature range needed for embedded and industrial applications.
The Embedded R-Series SOC processors include third generation Radeon graphics processor units (GPUs), aiming at small form factor boards for graphic-intensive and video applications, particularly in commercial gaming systems and medial applications. The GPUs allow a hardware-enabled H.265 (HEVC) decoder and DirectX 12 to be used for 4K video.
The family uses newest AMD 64-bit x86 CPU core, called Excavator, along with a new approach to power management for reduced energy consumption. This allows the processor to 'move' functions between the GPUs and the processor to keep the device within a specified power envelope. This envelope is between 12W and 35W in 1W steps to keep the cost of thermal management to a minimum.
The ARM core supports a secure boot with AMD Hardware Validated Boot (HVB) and initiates trusted boot environment before starting the x86 cores.
The device is also designed for the industry's unified memory architecture that shares the memory between the CPU and GPUs, making application development (and the power management) easier. The devices have the first Heterogeneous Systems Architecture (HSA) 1.0 certification, and support for the latest dual channel ECC DDR4-2400 memory as well as existing DDR3-2133 designs so that sysems can be easily upgraded for higher performance in the future.
Customers in several industries such as machine learning, medical imaging and digital signage often need to execute compute intensive, parallel processing algorithms, and HSA is a standardized platform design that allows the GPU to be used as a parallel compute engine. This allows developers to more easily and efficiently apply the hardware resources in today's SoCs, enabling applications to run faster and at lower power across a range of computing platforms.
"With so much momentum around immersive experiences, especially for visual and parallel computing, the embedded industry needs a high-performance, low-power and efficient architecture with superior graphics and compute capabilities," said Scott Aylor, corporate vice president and general manager, AMD Embedded Solutions. "The Embedded R-Series SOC is a strong match for these needs in a variety of industries including digital signage, retail signage, medical imaging, electronic gaming machines, media storage, and communications and networking."
The R-Series SOCs offer 22 percent improved GPU performance over the second generation AMD Embedded R-Series APU and AMD claims to have a 58 percent advantage against the Intel's Broadwell Core i7 when running graphics-intensive benchmarks.
AMD will support the Embedded R-Series SOC through the next ten years, and the processors support Microsoft Windows 7, Windows Embedded 7 and 8 Standard, Windows 8.1, Windows 10, and AMD's all-open Linux driver including Mentor Embedded Linux from Mentor Graphics and their Sourcery CodeBench IDE development tools. Developers can also use the Yocto Linux project versions.


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redpajama_set_name: RedPajamaGithub


There are many homeowners who try to handle plumbing issues on their own, but little do they know that a slow-moving drain isn't always something that is easy to fix. This is especially the case if there is a serious issue with the sewer line. The fact is, these types of problems are worrisome for several reasons and, in some cases, it's an expensive fix, is very inconvenient, and may leave the sewer system out of commission.
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text:
Home » Our Voice » Statements » Chair » V20 Chair's Opening Statement at the V20 2nd Ministerial Dialogue
Chair, Our Voice, Statements
V20 Chair's Opening Statement at the V20 2nd Ministerial Dialogue
Posted by Chair Editor
H.E. Mr. Cesar Purisima
Hon. Secretary of Finance of the Philippines (V20 Chair)
Photo caption: H.E. Mr. Cesar Purisima, Hon. Secretary of Finance of the Philippines delivering the Philippines CVF Chair opening statement at the V20 2nd Ministerial Dialogue at the 2016 Spring Meetings of the International Monetary Fund and the World Bank Group, Board Room, World Bank Main Complex, Washington DC (14 April 2016); Source: CVF/UNDP; Licence: CC
Opening Statement of the V20 Chair at the V20 2nd Ministerial Dialogue
H.E. Mr. Cesar Purisima, Hon. Secretary of Finance of the Philippines (V20 Chair)
Second Ministerial Dialogue Vulnerable Twenty (V20) Group at the 2016 Spring Meetings of the IMF and World Bank Group
14 April 2016, 12:15 pm –2 pm Washington, DC, USA
Excellencies, Partners, Colleagues, Ladies and Gentlemen, good afternoon!
Last year was a landmark year for our planet and people. Four documents were adopted internationally, identifying plans of action and setting commitments to address complex issues on development. The Addis Ababa Action Agenda Document under the Financing for Development and the 2030 Sustainable Development Agenda set targets and courses for action to achieve sustainable development over a 15-year period. The Sendai Framework 2015-2030 renewed our efforts on disaster risk reduction and resiliency. And before the year has ended, the world witnessed the historic adoption of the Paris Agreement under the United Nations Framework Convention on Climate Change (UNFCCC).
Thus, the launch of the Vulnerable 20 last year could not have happened under a better backdrop. Our membership represents the world's most urgent rationale for action, with some facing down the threat of extinction with rising global temperatures. Be that as it may, last year's developments gave us our best hope yet, that we could still unite and work towards climate change mitigation and adaptation.
Today, we meet again to manifest our commitment and pick up the pace of the progress we made on the advocacies we first set during the V20 launch in Lima last October 2015. The commitments we have made during our first Ministerial meeting in Lima and the goals we pushed for in Paris – the temperature goal, the financial goal, and other non-financial commitments – were all borne out of dire existential threats the lives and livelihoods of our people face. Indeed, the very creation of this grouping was such that vulnerable, developing nations—often at the margins, and who far too often go unheard—can band together to voice a clear demand and vision for global climate action, with financing as an integral part of the solution.
While the adoption of the climate agreement in Paris was by all accounts historic, we recognize that this is merely a modest beginning towards securing a sustainable future for our world. The climate agreement retained the less than 2 degrees Celsius target for top emitters while recognizing the importance of working towards a global temperature below 1.5 degrees Celsius. Let us be unequivocal about this: we need to achieve and undertake more ambitious targets, especially for top emitters. We will continue to advocate for a below-1.5 degrees Celsius target, as agreed in Lima last year. This is a matter of survival; settling for less ambitious goals means some of us, our people and our lands, would be wiped off the face of the earth by the ravaging effects of global warming.
If we do not push for stronger measures to arrest dangers, the estimated US$45 billion annual loss of GDP potential since 2010 is expected to increase to close to US$400 billion in the next 20 years, which means an annual loss of at least 2.5% of our GDP potential per year will be escalated. We would experience a sea level rise that will partially or completely submerge the island nations of Kiribati, Maldives, and Tuvalu, displacing at least 500,000 people. The inundation of approximately 17 percent of land areas and the displacement of about 18 million people by 2050 in the case of Bangladesh will be made more likely.
We know that significant levels of finance, including US$90 trillion in infrastructure investments by 2030, are a requirement. Current estimates argue for more investments for climate action. In a 2014 joint report of the UN Office for the Coordination of Humanitarian Affairs and DARA, the ever increasing funding requirement to finance climate actions have led to a "global deficit in the operational and financial capacities" of governments and non-government humanitarian organizations, to respond to climate-induced problems, especially in the vulnerable countries.[1]
Thus in Lima, we agreed to scale-up and accelerate the rapid mobilization of climate finance. We acknowledged the internationally recognized commitments on climate finance, in particular the US$100 billion per year from 2020 joint mobilization target of developed countries to support developing countries in responding to climate change. The Paris Agreement has also stressed the goal of US$100 billion per year by 2025 and as a floor thereafter.
Our members appreciate the considerable progress achieved as developed nations strive to deliver on the joint 2020 mobilization commitment of US$100 billion per year for global climate action. According to a recent OECD report in 2014 however, mobilization levels were still US$38 billion short of this figure, underscoring just how much remains to be accomplished in the next 5 years. The V20 Group is convinced closing the outstanding gap to US$100 billion is not only achievable, but that it may even be surpassed prior to 2020 in order to secure fast-tracked climate protection and benefits for all—if we keep up the healthy amount of pressure for progress for the sake of the most vulnerable of our populations.
We are encouraged that developed countries have scaled up financial and non-financial resources through announced commitments and pledges of contributions. We will count on developed countries to fulfill their commitments towards providing "public and grant-based resources for adaptation" and achieving the balanced funding for adaptation and mitigation, focusing on "particularly vulnerable" countries with significant capacity constraints from the Least Developed Countries and Small Island Developing States.[2] The formulation of a clear, concrete road map for support is crucial in the delivery of these commitments. We need more clarity on how the US$100 billion will exactly be mobilized.
The V20 has set in place an ambitious goal of mobilizing US$20 billion per year by 2020 to address country determined priorities to support the implementation of INDCs [Intended Nationally Determined Contributions] [3] as well as plans consistent with low emissions and climate-resilient development. We continue to call on partners and financial mechanisms to achieve simplified and efficient application and approval procedures of accessing climate finance, and through continued readiness support to developing country Parties, including the least developed countries and small island developing States, both for the period before and after 2025.
As the fight for our survival and future continues, we welcome into our V20 Group our new 23 member countries (member countries of our sister initiative, the Climate Vulnerable Forum, inducted in December 2015). Our growing number strengthens collective advocacy by assembling more voices and more hands towards global climate financing solutions. Our growing membership should not dilute our focus nor keep us from serving the core needs of our most vulnerable members.
As we look towards COP22 in Morocco, our shared view in setting strong and innovative policies should translate to more accessible policy, financial, and technical resources. Our Group will be relentless in continuing to pursue transformative solutions for our shared climate-resilient future.
I hope today will turn out to be a productive Ministerial meeting. May we have a meaningful discussion and work to agree on the targeted outputs and deliverables this afternoon.
I look forward to building on our progress today.
[1] UN OCHA and DARA (2014). Saving Lives Today and Tomorrow. Managing the Risk of Humanitarian Crises.
[2] As contained in COP 21 decision text 1/CP.21 and Article 4 of the Paris Agreement.
[3] World Resources Institute presentation material on Climate Finance Accounting during the 2nd Working Group Meeting of V20 on March 29-30, 2016
The statement (English, Pdf, 0.2mb)
climate change, Climate Vulnerable Forum, IMF, SprMtg2016, V20, V20 Meeting, World Bank Group


text:
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'The Bachelor': Is Melissa Rycroft Engaged or Married Now?
by Connie Liou linkedin | More Articles: Celebrity
On Monday, Aug. 10, The Bachelor: The Greatest Seasons — Ever! will recap Jason Mesnick's journey from start to finish, and fans are getting ready to relive the reality star's uncomfortable breakup with Melissa Rycroft. The split is one of the most dramatic moments of the franchise. But while most viewers know how things ended for Mesnick, many don't know what happened to his final pick. So is Rycroft engaged or married after The Bachelor? Here's how the former Dallas Cowboys cheerleader is doing now.
What happened to Melissa Rycroft on Jason Mesnick's season of 'The Bachelor'?
A post shared by Melissa Rycroft Strickland (@melrystrick)
In The Bachelor Season 13, which originally aired on ABC in 2009, Mesnick picked Rycroft over Molly Malaney. But shortly after the engagement, Mesnick and Rycroft broke up during the After the Final Rose special. Meanwhile, Mesnick went after — and later married — his runner-up.
Later, Rycroft admitted her relationship with Mesnick fell apart before filming the live special. Though she wished her then-fiancé told her about his feelings for Malaney at the time.
"To say that we went into that After the Final Rose in an absolutely perfect place is a lie," Rycroft told Us Weekly in 2017. "[But] had we completely severed ties and broken up? No. I wasn't expecting him to be like, 'Oh, yeah, peace out. I have feelings for Molly, I've been talking to her and I've been seeing her. That was when I was humiliated."
Melissa Rycroft is married to Tye Strickland now
Tye Strickland and Melissa Rycroft | Laura Cavanaugh/FilmMagic
Following The Bachelor Season 13, Rycroft went on to other projects, such as Dancing with the Stars and Bachelor Pad. She also moved on with her personal life.
According to People, Rycroft reconnected with her ex-boyfriend, insurance agent Tye Strickland, in January 2009. They originally met in their hometown, Dallas, Texas.
"Tye and I picked right back up," Rycroft said at the time. "He's my best friend."
Then in March 2009, Rycroft announced her engagement to Strickland.
"Sometimes, the stars align and the clouds part and everything works out the way it should," Rycroft said on Good Morning America, per ABC.
Nine months after the engagement announcement, Rycroft and Strickland got married in Mexico. Now, the couple is still together and they have three children — a girl named Ava Grace and two boys named Cayson Jack and Beckett Thomas.
How does Melissa Rycroft feel about 'The Bachelor' franchise today?
The Most Controversial 'Bachelor' Moments of All Time
Clearly, Rycroft has moved on from Mesnick and The Bachelor franchise. In a recent Instagram post ahead of The Greatest Seasons special on Aug. 10, Rycroft confirmed she doesn't hold anything against Mesnick or Malaney.
"Over a decade later, we're both married, both have beautiful families, so why still be upset?" Rycroft wrote. "We all moved on from the situation so long ago, that having to relive it again almost feels like watching other people go through it! So please be kind. Jason and Molly are great people who have created a beautiful life together."
Then in a separate Instagram post, Rycroft confirmed she's still grateful for the experience on The Bachelor, particularly because it led her to Strickland.
"Considering what is about to air tomorrow, let me just say: I am SOOO glad that it happened – all of it," Rycroft wrote. "I wouldn't be with this guy, I wouldn't have my babies, I wouldn't have my career, and I wouldn't be who I am today if it hadn't happened – even the way it happened."
She added, "It was totally embarrassing, but totally worth it."
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Many New Jersey residents decided to prepay property tax bills late last year in response to a new federal law that for the first time ever capped a popular write-off for state and local taxes. By doing so, they hoped it will let them enjoy, at least for one more year, a major federal tax benefit.
But even as the federal government is allowing the prepayments to count as a credit on 2017 federal tax returns, New Jersey's own tax laws treat those payments differently, complicating matters for residents who are now starting to do their taxes.
The New Jersey Society of Certified Public Accountants issued a notice earlier this month that warned of the discrepancy between how the state and federal governments are treating the property-tax prepayments, and now one of the state's newest lawmakers is proposing legislation to try to reconcile that difference.
Assemblyman Roy Freiman (D-Somerset) is planning to introduce a measure early next week that would change state law be to allow residents who prepaid a portion of their 2018 property tax bills to get a credit on their 2017 state tax returns, just as they will on their federal returns.
Freiman's proposal is just the latest to emerge in response to the major tax-code overhaul that President Donald Trump and the Republican Congress enacted late last year. While some New Jersey residents may see modest tax benefits from lower income-tax rates and an increased standard deduction, many others are facing a sizable tax increase thanks to a new, $10,000 cap that was placed on the federal write-off for state and local taxes known as SALT.
In its notice, the CPA organization highlighted that while the $10,000 cap on state and local taxes is a new provision of the federal tax code, New Jersey has capped how much property taxes can be deducted from state income taxes going back to 1996. So, even if the state allowed for the prepayments to count on 2017 state tax returns, they would be capped at $10,000 for state purposes.
In addition to seeking to clear up the disagreement between the federal and state rules when it comes to the treatment of the property-tax prepayments, Freiman's bill would also double for one year the state's own $10,000 limit on how much property taxes can be deducted from state income taxes.
"We're reacting to an environment coming out of Washington that's not favorable to New Jersey," Freiman said yesterday in an interview with NJ Spotlight.
In response to the federal tax changes, Gov. Phil Murphy, a Democrat, has threatened to join with governors from other high-tax states in a lawsuit against the federal government. He's also embraced a "workaround" proposal put forward by two Democratic congressmen from New Jersey that would encourage municipalities to create special charitable funds that could be used to help lower property-tax bills to help ease the loss of the full federal write-off.
Many New Jersey residents decided to prepay some of their 2018 property-tax bills before the end of 2017. Since property taxes average more than $8,500 alone in New Jersey, that enabled them to benefit from the unlimited SALT write off-one last time when they file their 2017 tax returns.
That's because, under IRS rules, the prepayments can be deducted on 2017 returns if the bills were assessed in 2017. In New Jersey, most towns had already assessed and made bills available for property taxes covering the first two quarters of 2018 by the time the federal tax changes were passed in late December.
Under current state tax law, the New Jersey income tax write-off for property taxes is allowed only in the year that the property taxes are due. That means any prepayments that New Jersey residents made late last year to take advantage of the unlimited federal write-off will only be credited on 2018 state tax returns.
The difference between how the federal and state governments are treating the prepayments may not be widely known, and the state CPA organization tried to spread the word by issuing the notice earlier this month.
"Homeowners may be in for shock when they discover that their end-of-year planning to increase their 2017 federal property tax deduction will have no impact on their 2017 New Jersey income tax return," said Ralph Albert Thomas, the organization's executive director and chief executive.
Freiman's bill would ensure as a matter of law that the prepayments could be credited on 2017 state tax returns, and it would also increase the state deduction limit to $20,000 for the 2017 tax year.
Freiman said he doesn't know how much a doubling of the state's deduction limit would impact the current fiscal-year budget, but he suggested a fiscal note would eventually be prepared by the nonpartisan Office of Legislative Services. Under the $34.7 billion spending plan that former Gov. Chris Christie signed into law in early July, a loss of $460 million in income-tax revenue is assumed under the current cap of $10,000.
And while some lawmakers in Trenton have begun to talk about doing away altogether with the state deduction cap after the federal government has now enacted one of its own, Freiman said he would eventually like to see more substantial changes made to the entire property-tax system in New Jersey to bring residents more relief.
"We can't continue to do the same thing over and over again," he said.


The Grand Island, Neb., Indepedent, a newspaper, has been on Twitter since November 2007. But the paper's Twitter presence blossomed when the web editor disabled the twitter feed and began hyping headlines in a person-to-person style. Check this post on the blog Graphicdesignr. I do get sick of receiving any and all headlines from news sources. In the world of PR, I think we can do it both ways, using RSS to twitter our headlines, but also to highlight stories conversationally.


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Q: Usage of inherited button subclass with a click-event-method and its syntax in python tkinter The program aims to finally become a calculator where the Entry box displays the letter/number which the button represents. There is always the brute force way of defining every button's parameters. I want a customized button class that has certain properties defined so that I don't need to redefine for every button. So I inherit the Button class to make a subclass. I decide to put the click-event-method inside the class which is shown below. But it seems to throw an error when I click the button when the main window is displayed. Can you please help me figure out what is wrong. The complete code is below.
import tkinter as tk
import tkinter.font as tkFont

root = tk.Tk()
root.title("Simple Calculator")
myFont = tkFont.Font(family='Helvetica', size=19, weight='bold')

e = tk.Entry(root, width = 20,font=myFont)
e.grid(column=0,row=0,columnspan=4)

class calc_button(tk.Button):
    def __init__(self, parent, *args, **kwargs):
        tk.Button.__init__(self, parent, *args, **kwargs)
        self.parent = parent
        self["height"]=1
        self["width"]=6
        self["font"]=myFont
    def ClickMe(self):
        print(f'The text is {self["text"]} ')

button1 = calc_button(root,text="1",command=calc_button.ClickMe)
button1.grid(row=4,column=1)

root.mainloop()

Error is as shown below :
Exception in Tkinter callback
Traceback (most recent call last):
  File "C:\Users\subramaniantr\AppData\Local\Programs\Python\Python38-32\lib\tkinter\__init__.py", line 1883, in __call__
    return self.func(*args)
TypeError: ClickMe() missing 1 required positional argument: 'self'

A: When you do command=calc_button.ClickMe you're calling the method on a class, not an instance of the class. You need to be creating an instance.
Since you're using a class so that you don't need to redefine the same property for every instance, you can define the command method inside the __init__, like so:
class calc_button(tk.Button):
    def __init__(self, parent, *args, **kwargs):
        tk.Button.__init__(self, parent, *args, **kwargs)
        ...
        self["command"]=self.ClickMe

If you wish to define the command outside of the __init__, like you are currently trying to do, it will require two steps since you can't reference the button before it is created:
button1 = calc_button(root,text="1")
button1.configure(,command=button1.ClickMe)

Unrelated to the question being asked, your code will be easier for others to comprehend if you stick to PEP8 naming standards. For example, class names should always begin with an uppercase, and function names should always begin with a lowercase.

redpajama_set_name: RedPajamaStackExchange


text:
Buffalo & Erie County Public Library
True Crime Reads
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The Red Garden
by Alice Hoffman
The Red Garden introduces us to the luminous and haunting world of Blackwell, Massachusetts, capturing the unexpected turns in its history and in our own lives.
In exquisite prose, Hoffman offers a transforming glimpse of small-town America, presenting us with some three hundred years of passion, dark secrets, loyalty, and redemption in a web of tales where characters' lives are intertwined by fate and by their own actions.
From the town's founder, a brave young woman from England who has no fear of blizzards or bears, to the young man who runs away to New York City with only his dog for company, the characters in The Red Garden are extraordinary and vivid: a young wounded Civil War soldier who is saved by a passionate neighbor, a woman who meets a fiercely human historical character, a poet who falls in love with a blind man, a mysterious traveler who comes to town in the year when summer never arrives.
At the center of everyone's life is a mysterious garden where only red plants can grow, and where the truth can be found by those who dare to look.
Beautifully crafted, shimmering with magic, The Red Garden is as unforgettable as it is moving.
Publisher: Crown/Archetype
Fiction African American Fiction Mythology Historical Fiction
Alice Hoffman - Author
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