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Dorothy Neufeld
This infographic is available as a poster.
5 Trends for Investors to Watch Amid a COVID-19 Recovery
If history tells us anything, crisis forges change.
Like other pandemics throughout history, COVID-19 led to tectonic shifts in society, markets, and government policy. People and businesses are rethinking traditional work structures, while inflation concerns are rising amid trillions in stimulus injections. But what impact does this have on investors?
To answer this question, this infographic from New York Life Investments pinpoints five trends to watch amid a COVID-19 recovery.
1. Inflation
Today, investors are closely watching inflation. Core factors that influence inflation include:
Increasing money supply
Rising raw materials costs
Between 2020 and 2021, the money supply in the U.S. rose over 28%. Meanwhile, building materials and supplies, as shown through the producer price index, have jumped 44% between May 2020 and May 2021.
In fact, as of May 2021, inflation has seen its greatest rise in over a decade, with year-over-year figures increasing 5%.
To hedge against potential inflation risk, investors can consider the following asset classes:
Treasury inflation-protected securities (TIPS)
How companies navigate digital disruption will likely affect their revenues and future operations. Notably, during COVID-19, companies that adopted new technologies saw higher revenues than their peers, according to one survey.
Companies that reported over 25% revenue growth
First to experiment with new technologies during the crisis 72%
Not the first to experiment with new technologies during the crisis 33%
Invested more in digital-related expenditures 67%
Did not invest more in digital-related expenditures 31%
*Responses from 899 C-level executives and senior managers representing the full range of regions, industries, company sizes, and functional specialties. Compared to industry peers, time period is over three years.
Source: McKinsey, 10/05/20
Frontier technologies have the potential to reshape markets and productivity both during and after a COVID-19 recovery. Here are among a few examples:
Solar photovoltaic (PV)
3. ESG
Environmental, social, and governance (ESG) investing continues to break records, attracting nearly $2 trillion in assets as of Q1 2021.
Global ESG assets
Global ESG fund flows
Global ESG funds
Q1 2020 $841.5B $45.7B 3,297
Q1 2021 $1.9T $185.3B 4,524
Sources: Morningstar 04/30/21, Reuters 01/28/21
Within the sustainable investment landscape, three particular segments may be poised for potential growth: green bonds, solar PV, and transition finance.
Green Bonds: In the last year, green bond issuance has quadrupled to $131 billion globally.
Global sustainable bond growth
Number of issues
Q1 2015 $6B 22
Q1 2016 $14B 30
Q1 2019 $39B 123
Q1 2021 $131B 314
Source: Refinitiv 04/23/21
Solar photovoltaic (PV) installations: Global solar PV installations are set to rise roughly 28% over two years.
PV installations (conservative)
PV installations (optimistic)
2020e 129 145
2021p 151 194
Source: Bloomberg NEF 03/01/21
Transitional finance: These are financing tools designed for big carbon polluters to adopt greener alternatives. In the future, these types of vehicles could accelerate. For instance, bonds whose interest rates would likely increase if sustainability targets aren't met.
4. Future of Work
Since COVID-19, job markets have faced a historic change. One study shows that 22% of the U.S. workforce are projected to be working remotely by 2025, equal to roughly 36 million Americans.
Employees who would prefer to work from home 42%
Percent of the workforce projected to work from home by 2025 22%
Would maintain traditional working-at-the-office schedules 10%
Sources: Center for the Digital Future 08/26/20, Upwork 12/15/20
As traditional work models shift, key industries could be impacted, for instance:
Video conferencing: Global market size is projected to jump from $9.2 billion in 2021 to $22.5 billion in 2025.
Office space: Future office space preferences are changing. According to one study, here is how CEOs view their office space needs going forward.
76% less office space is needed
18% no change
6% more office space needed
Interestingly, it is estimated that one-third of power, utilities, and renewables companies are looking to add more office space going forward.
5. Healthcare
Health costs related to the pandemic are set to reach a staggering $2.6 trillion.
At the same time, digital healthcare investment hit record levels last year:
2020: $21.6 billion
Especially as behavior shifts to digital platforms, the demand for healthcare innovation is likely to expand. Here are three segments of health expenditures, and their potential to be virtualized:
Urgent care visits: 34%
Office visits: 24%
Home health visits: 20%
One estimate suggests that 20% of all healthcare spending in the U.S. could be conducted virtually, worth $250 billion.
COVID-19 Recovery: The Next Stage
New and powerful trends—from AI to ESG investing—have the potential to structurally change systems and industries.
At the same time, many of these trends aim to solve complex problems. How investors adapt could have lasting effects on their portfolios. Thanks to these underlying shifts, new opportunities for investors are underway amid a COVID-19 recovery.
Related Topics:ESG investingfuture of office spacefuture of workgreen bondshealthcare costsinflationinnovationsolar energytrends for the futureworking from home
How Dominant is the U.S. Dollar?
Can Foreign Currencies Act as an Inflation Hedge?
Which Asset Classes Hedge Against Inflation?
Visualizing the History of U.S. Inflation Over 100 Years
Jenna Ross
The U.S. government is putting a focus on infrastructure investment. For years, the country's infrastructure—critical structures and facilities like roads, power supplies, and internet access—has been in poor condition.
Now, the government is pledging billions of dollars in funding. In this graphic from New York Life Investments, we explore how this public commitment translates into six potential infrastructure investment opportunities.
Breaking Down the Infrastructure Investment and Jobs Act
The Infrastructure Investment and Jobs Act was signed into law in November 2021. It includes nearly $550 billion in new investments.
Investment Amount
Transportation $283.8B
Broadband $65.0B
Energy & Power $65.0B
Water $63.3B
Climate & Cybersecurity Resiliency $47.2B
Environmental Remediation $21.0B
Based on these commitments, here are the six categories that present potential infrastructure investment opportunities.
52.0% of new government funding
Because infrastructure has been underfunded for some time, transportation systems are in a state of disrepair.
43% of roads are in poor or mediocre condition
231,000 of the country's 617,000 bridges are in need of repair or preservation work
New government funding will enable the expansion and repair of transportation infrastructure.
The infrastructure investment opportunity: Funding could increase revenue and provide stable long-term contracts to engineering, materials, and construction companies.
2. Broadband
Millions of Americans don't have access to broadband (high speed) internet, and the number of people who don't use it is even higher due to affordability issues.
People without access: 14.5 million
People who don't use broadband: 120.4 million
New government funding will increase access and help reduce prices.
The infrastructure investment opportunity: Funding could boost the customer base and revenue of internet service providers.
3. Energy & Power
The U.S. has set a goal to have net zero emissions by 2050, yet the country gets most of its energy with fossil fuels.
Percent of U.S. Energy Consumption in 2020
Petroleum 34.7%
Natural Gas 34.0%
Renewables 12.5%
Coal 9.9%
Nuclear 8.9%
New government funding will help build electric power transmission lines and facilitate clean energy technology.
The infrastructure investment opportunity: Funding could boost the revenue of utility, manufacturing, and renewable energy companies.
U.S. water infrastructure is aging, with 14-18% of potable water lost through leaks. The annual costs of wasting this treated water is projected to increase from $7.6 billion in 2019 to $16.7 billion in 2039.
New government funding will modernize water infrastructure, invest in water storage and recycling, and remove lead pipes.
The infrastructure investment opportunity: Funding could boost the revenue of engineering firms and companies that build, install, and repair water pipes.
5. Climate & Cybersecurity Resiliency
8.7% of new government funding
Climate disasters and cyber attacks are leading to increased costs & destruction of infrastructure. In 2020, there were 22 U.S. climate disasters that each cost over $1 billion in damage—with a total cost of $100 billion.
Type of Disaster
Cost in 2020
Tropical Cyclone $57.5B
Severe Storm $35.5B
Wildfire $17.3B
Drought $4.7B
New government funding will invest in protection against cyber attacks, floods, droughts, and other climate disasters.
The infrastructure investment opportunity: Funding could boost the revenue of companies involved in cybersecurity, weatherization, environmental consultation, and construction.
6. Environmental Remediation
Contaminated sites are causing environmental harm or hindering land reuse, and there are more than 450,000 of them across the country. New government funding will clean up contaminated land, reclaim abandoned land mines, and plug orphaned oil and gas wells.
The infrastructure investment opportunity: Funding could boost the revenue and long-term contracts of environmental remediation companies.
Public Funding, Private Infrastructure Investment Opportunities
A boost in government funding is likely to create increased activity in private infrastructure-related areas:
Clean Energy Tech
Environmental Consultation
By paying attention to where the money is going, investors can consider a variety of categories that provide critical services—and capitalize on upcoming trends.
Marcus Lu
Today's definition of retirement is much different than before.
It's no longer a postscript to career, but instead a time to enjoy freedom. This could be the freedom to learn new hobbies, the freedom to travel, or the freedom to start an online business. Unfortunately, this freedom is proving to be difficult to achieve for most.
In this infographic from New York Life Investments, we discuss the retirement gap—what it is, why it exists, and how advisors can help reduce it.
What is the Retirement Gap?
New York Life Investments partnered with AARP to survey over 3,000 Americans about their retirement plans. They uncovered that across all ages, there was a gap between i) people's perceived importance of retirement planning, and ii) their actual preparedness.
Perceived importance of preparing for retirement
Actual preparedness
20s 77% 45%
70-74 84% 70%
Based on a survey of 3,025 Americans aged 20-74.
These results suggest that the status quo around retirement planning isn't working for most people. This is further supported by other survey findings. For example, 65% of respondents said they didn't feel optimistic about retirement.
What Barriers do Americans Face?
The survey determined that Americans are struggling to overcome five retirement barriers. Let's hear from survey respondents to learn more about them.
#1: Managing multiple priorities
Juggling between retirement savings and more immediate needs such as childcare can lead to emotional overwhelm.
"It's difficult to put substantial money in a 401 or IRA while also paying off debt at the same time."
– Alex B. (20s)
#2: Figuring out how much is enough
Uncertainty about how much savings is needed causes many people to avoid retirement planning altogether. The problem can simply feel too large to tackle.
"Retirement and aging are not things I look forward to, mainly because of the lack of preparation and fear of the unknown." – Janet F. (50s)
#3: The complexity of resources
Many Americans find retirement resources are too difficult to understand. This issue is related to a lack of financial literacy, which happens to be a growing problem in the United States.
"They don't break it down into where you can understand it." – Amy E. (40s)
#4: Lack of representation in the marketplace
People feel that available resources are not speaking to them, or are not relevant to their life circumstances. This type of "alienation" can discourage people from seeking professional advice.
"I don't see people who are anything like me. I see representations of upper management people…and I know that won't be my reality. – Penni B. (60s)
#5: Don't know who to trust
People feel that the financial industry does not have their best interests in mind. They often seek information from sources who seem more like "them."
"I avoid professionals because I hear so many stories of financial planners who cheated people in their investments. I believe in some of the people I follow on YouTube more." – Dino M. (50s)
Altogether, these barriers highlight a disconnect between who the market is targeting, and who is most in need of help. Financially advisors have the power to bridge this gap by doing two things.
The first is to view investors as "customers for life". Large firms often push advisors to work with clients who have a greater level of assets—typically those in their 40s or older. This could create a major challenge for younger generations who hope to one day retire.
For example, survey data shows that people's expected retirement age increases as they grow older. This suggests that young adults are struggling to develop the right financial plan for their needs.
Age of respondent
Expected retirement age
20s 55.7
By viewing investors as "customers for life", advisors have the opportunity to steer people onto the right path at an earlier age. This can help them create positive impact in their communities, as well as grow their business through word-of-mouth marketing.
The second thing advisors can do is reach out to underserved communities. Data shows that Black and Hispanic Americans are less likely to have retirement savings, while those that do feel much less confident.
Have retirement savings
Perceive retirement savings as being on track
White 80% 42%
Black 63% 23%
Hispanic 58% 22%
Asian 85% 47%
Source: Statista (2021)
Up to this point we've focused on the financial aspect of retirement, but what about health & wellness?
Redefining Retirement: Health, Wealth, and Self
The rising importance of personal health has been a major phenomenon of the COVID-19 pandemic. According to McKinsey, 48% of Americans increased their prioritization of wellness compared to 2-3 years ago.
This shift in thinking must also be reflected by retirement plans. One way to do this is to integrate health & wellness considerations alongside wealth.
For example, poor physical health can significantly drive up the costs of retirement. In fact, the average American aged 65-84 already spends nearly $17,000 per year on healthcare.
Mental health, on the other hand, can be severely affected by money-related stress. Symptoms include a loss of sleep, high blood pressure, and a negative impact on personal relationships.
Perhaps most interesting is that the relationship between health and wealth goes both ways. In other words, wealth can be a driver of better emotional and physical health. The following table shows how individuals with greater income felt better about their wellbeing.
Consider themselves to be emotionally healthy
Physically healthy
Under $40K 50% 47%
$40K - $75K 63% 56%
$75K - $100K 68% 63%
Over $100K 73% 68%
To develop a more holistic retirement plan for their clients, advisors must transform from financially focused representatives to holistic life coaches.
Barriers are Meant to be Broken
With the concept of retirement, many Americans feel like they are on the outside looking in. They suffer from a lack of representation, a mistrust for the financial industry, and have few resources that are catered to them.
What's needed is a democratization of retirement planning.
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The Ultimate Guide For Startups on How to Successfully Navigate Their Partnership Agreement
The Right Strategy and Tools for Your Partnership Agreement to Keep You in Control of Your Business
In the ever-growing world of entrepreneurship, we can find a legal institute that many times is not really understood: The Partners Agreement or Shareholders Agreement.
It is a classic in Corporate Law, but it has developed and become extremely popular in the field of startups and alternative financing.
Today it is a must for entry, at least seriously and lastingly, in Accelerators, Incubators, Equity Crowdfunding Platforms or Crowdlending Platforms. But do entrepreneurs and Startups understand this agreement? Do they know its implications and objectives?
Usually startups are involved in a whole series of necessary documentation to obtain funding. They are required to have specifics articles of association, a Partners Agreement with specific contents, etc. However, the entrepreneurs who are behind the Startup do not usually understand all this.
What is a Partnership or Shareholder Agreement?
Starting with the basics, a Partnership Agreement is a private contract or agreement. Something that at first sight has many legal implications. It is an agreement between certain parties through which a relationship is intended to be regulated, and which a priori will only be binding on the parties that sign it.
Traditionally, the Partners Agreement was a figure dedicated to large companies, mainly multinationals. These companies usually have a complex and international corporate and management structure, so it is very difficult to regulate the relationship between the top management and the statutes or legislation of any country. An agreement between this leadership that determines everything that the law does not do, or does it in a different way than the law, has all the logic of the world, and is from the legal point of view the most recommendable.
Is the management structure of a startup that complex? Well certainly not, at least in most cases. But there is something complex: the clash between the interests of the founding partners and the form of funding proposed by the investing partners. A Startup is characterized by a financial input based on the entry of investment partners, which may be the Accelerators or Incubators themselves, mentors, private investors, micro-investors derived from crowdfunding, etc.
Local legislation will depend on each country where the Startup is incorporated, but usually protects the interests of the company. This can be a problem for the financial ecosystem that has been generated around the Startups. Accelerators do not usually want to be part of a company indefinitely, but to increase its value and then leave the company and obtain the returns on their investment. This is a goal that is also pursued by regular investors who come to these accelerators. However, it is necessary a sale of shares to leave a company and obtain the financial returns. The sale of shares in startups is a risk and can lead to the loss of value of the company, something that would harm the startup itself. Faced with legislation that could choose to protect the interests of the company in these cases, the way to protect the interests of investors has been precisely to conclude a shareholders' agreement.
Not everything is black and white, and since the use of the shareholders' agreement began in the startup ecosystem there has been a great evolution of this legal institution. Currently, the agreement is aimed to protect the interests of founders and investors. But we must always keep in mind the origin of the institution.
Are there several types of Partnership Agreements?
It is not a figure regulated in a specific law, so talking about typology does not make much sense. But it is true that depending on the time when the agreement is concluded, it usually has one content or another.
We may find ourselves at first with the uncommon Future Partners Agreement. This would be an agreement between the members who have the idea that will lead to the future Startup, and that regulate their relationship and the fruits of this until the time of the constitution of the Startup. Using the word partners is meaningless, while the team members can be significantly altered until it is possible to define those who will be the founders. It is certainly the least common, although it could be one of the most relevant. On the way from having the idea and start in their work, until you decide to go to funding and finally form a company, many things can happen, flight of partners, creation of a parallel project, personal empowerment of means of production or assets of the project, etc. Circumstances that can be perfectly regulated in this pact, but that, due to ignorance and lack of means, are not usually even considered.
In a second moment, which is usually immediately before the constitution, or immediately after, we would find the Founding Partners Agreement. It is the most relevant covenant for the accelerators or incubators, practically an indispensable requirement to establish a long term relationship with them. It is an agreement between those who will be the founding partners of the Startup, and through which they will regulate matters of vital importance such as the Intellectual Property developed to date, capital participation, positions, remuneration, permanence, ways of dealing with the entry of new partners, exit etc.
Finally, we distinguish a third type after the incorporation of the company, and characterized by the entry of new partners in the Startup—the Shareholders' Agreement itself.
As we have mentioned, the Partnership Agreement only binds the signatories, so that the Founders Members Agreement, if it exists, would only bind the founding partners, and new investors are usually interested in signing a new covenant that modifies the previous one or adds new clauses. This New Partners Agreement usually occurs, in the field of Startups, with the Accelerators, Incubators, mentors or different investors who close funding rounds with the Startup.
How do I conclude a Partnership Agreement?
So, when it comes to the celebration of a Partners' Agreement, we can go to the written, oral, private or public way, indistinctly. The usual and most recommended form is the private (without notarization) and written.
The only legal specialty is the aforementioned Article 29, which states that for a Partners' Agreement to be binding on the company, it must be known by the company. Basically, this implies that the Partners' Agreements that intend to oppose the corporation must be included in its bylaws -as expressly allowed by Article 28- or must be signed by the corporation jointly with the partners. In the rest of the legal systems we can imagine, the requirements will be the same: freedom of form, but knowledge and express consent of those who may be linked. This is a basic principle in matters of contracts that we find in all countries.
What should my Partnership Agreement include?
The content is the most delicate, complex and important part of a Partnership Agreement. So, we going to analyze the structure first. The structure of a Partners' Agreement will be the usual one in private contracts:
A heading where the parties, the place and date of signature of the contract will be determined.
A statement specifying the objective of the agreement, its scope of application, and recognizing the legal capacity of the parties.
A stipulation that includes all the terms and conditions that will govern the agreement.
What are the usual clauses in a Partnership Agreement?
In analyzing the content of this agreement, we will distinguish the clauses according to the subjects they regulate.
Capital share and partners' contributions:
The first clause usually refers to the capital of the company and the specific contributions of each partner.
In the case of Startups, it is quite common to take steps prior to incorporation consisting of registering web domains, trademarks, hiring web and technological tools development services, hosting, e-mail, etc. Since it is something before the incorporation, we find that these rights are owned by the partners in a personal capacity, separately or jointly. It can be wanted that they become ownership of the society, or not. Any option is valid, and the founders must choose one in their Founders' Agreement. However, please note that Accelerators and Incubators usually require all Intellectual Property to be owned by the company.
This clause will also establish the percentage of participation of each partner, and their consequent control of the share capital and decision making.
Economic Rights:
These clauses usually establish salary guidelines for management roles, remuneration of the CEO or Board of Directors, conditions for the distribution of dividends, etc.
Political Rights:
The content of these clauses is aimed at the assignment of roles or management positions, the access conditions, duration, substitutions, etc.
Furthermore, two key points will be regulated: Voting Rights and Veto Rights.
In Spain, since the law regulates when a partner has the right to vote and when not, voting rights seek to determine the necessary majorities for relevant decisions (going to investment rounds, crowdfunding platforms, admitting new partners with a certain percentage of participation, total or partial sale of the Startup, etc.). Although it also admits the possibility of setting up non-voting shares.
Veto rights are especially relevant. They are usually granted to the founders and will allow for greater control over share capital regardless of their percentage of ownership.
Permanence and Talent Retention:
These clauses are closely related to economic rights. We are talking about Vesting, Stock Options, Phantom Shares, Liquidation Preferences, etc.
The Vesting clause can be understood as a permanence obligation of the founder, binding him by means of an economic penalty. By means of this clause, a period of time or Cliff is usually established (normally 1 year) as a requirement for the founder member to take possession of his percentage of shares in the capital stock. After this Cliff, a period of extra time begins (normally 4 years) in which the founding partner must remain in the company to assert the total of his shares. If the founder leaves the Startup before the Cliff, he will lose all his shares, if he leaves after the Cliff, but before the time of permanence, he will lose the proportional part of his shares.
The Stock Options clause is not at all common in Spain due to its unattractive tax configuration. Its implications would be the participation of the employees of the Startup in the share capital, meaning that the employees become capitalist partners. To do so, they acquire shares at a price below the market price, forcing themselves to meet certain objectives or timescales in order to be able to sell them later. In this sense, the increase in the value of these shares or participations is encouraged, which is a consequence of the better operation and performance of the Startup and its employees.
An alternative clause, which is more successful in Spain, is the Phantom Shares. For economic purposes it would work like the previous one. The employees acquire shares in the capital, but fictitiously, that is, they never become capitalist partners and therefore do not have political rights, but instead acquire economic rights. These rights are usually enforced in times of liquidity (financing rounds, capital increases, total or partial sale of the company, etc.) and subject to objectives and deadlines. Again, the economic incentive is in the increase in value of the Startup, which will be a consequence of its better operation and performance.
The Liquidation Preferences clause is of particular interest to investors, especially those who invest significant amounts. It is an insurance in case of loss. If an investor invests a certain amount in the Startup, and suddenly this Startup is sold for less than the value it had at the time of investment, the investing partner will have lost money. The way to avoid this is through this clause, which allows the investor in the case of sale to recover what he has invested and then proceed to the corresponding distribution according to the percentages of participation. It is common to find clauses that even allow the recovery of double the amount invested, a way of ensuring a profit.
Beyond these extremely common clauses, we find other specific (and no less important) clauses of non-competition, confidentiality, exclusivity, etc.
Here we find the most important and problematic clauses of the shareholder agreements in the field of Startups. The clauses relating to the entry and exit of investors. These are stipulations that are intended to protect the interests of the parties, either of the investors (most commonly), of the founders, or of the Startup itself. It is worth going carefully through the most common.
Clause Drag Along: undoubtedly the most controversial, is a clause to drag the rest of the partners. It is the most common clause in the world of Startups, an indispensable basic for the more traditional investors who have adapted to alternative investment (banks and financial institutions that go to Accelerators). This clause allows a partner who wants to sell, if certain conditions are met, to force the other partners to sell along with him. Basically, it allows to empty the Startup of its founders.
Many times entrepreneurs are deluded into believing that the interest of the Startup is being looked after, while the investor has to look after his own interests. The continuity of the Startup may not be in the interest of the investor if a very valuable purchase offer is made (for example, a competitor company wants to buy the Startup to shut it down). It is a clause that involves a great risk, but opens the door to higher funding. Everything depends on the wording of these conditions that will allow the application of the clause.
Clause Tag Along: meant for the defense of the founders It is impossible to permanently limit the transaction capacity of the partners with their participations. In the case of Spain, the partners will have preference in the acquisition of the shares of another partner who wishes to sell, but this does not mean that they will have the liquidity to do so. If a partner wants to sell his or her shares, and the rest of the partners or the company cannot acquire them, there is a serious risk that another new partner with different ideas may enter and seriously harm the Startup. Clearly, we are talking about partners with a high percentage or majority control of the Startup, which usually coincides with the founders. One way to make this situation difficult or to mitigate possible damage is the Tag Along clause. This clause allows the other partners to condition the sale of the partner concerned that they can also sell their proportional share.
In defense of the Startup itself, the clause Lock-upestablish a way to block the attempt of speculation with the capital of the Startup by their own partners. In times of liquidity such as the sale of the Startup (especially upward), capital increases, closing of financing rounds, etc., the temptation arises to sell shares at a value well above the market, to speculate with the share capital. This can have very harmful consequences for the Startup depending on the time it occurs. With the Lock-up clause a time frame can be determined (e.g. 5 years), in which the partners will not be able to sell their shares after these liquidity events.
Finally, among the most common clauses we find that of Non-Dilution. This is a clause that plays in favor of one or several partners to the detriment of the others. The entry of investors and Startups are inseparable elements, which implies an increase in capital, which implies a redistribution of shares. All this translates into the dissolution of the existing shares in the new share capital (decrease of the percentage of participation). There are only two ways to avoid this, on the one hand, the partner who does not want to see his participation diluted can invest again in the company to maintain his percentage of participation, on the other hand, he can demand a non-dilution clause. This clause will mean that in the event of an increase in capital, the benefiting partner will not see his percentage of participation reduced, something which is mathematically impossible, and which is resolved with a greater dissolution of the participations of the other partners.
While these are the most common and complex clauses, there are many others created ad hoc, or more classic. It is extremely important to understand what is being pursued with each clause, what interest is actually being defended, and to what point it can be understood as beneficial to accept these conditions.
Applicable law and jurisdiction:
We will normally find in the Partner Agreements a clause regarding competent jurisdiction (of which country will be the courts to resolve a conflict if any) and applicable law (of which country will be the law applicable to the conflict for its resolution).
How long does a Partnership Agreement last?
A Partners' Agreement does not usually contain clauses that determine its duration, because by its very nature, its duration will be indefinite. However, if the parties agree, the agreement can be terminated, modified, renewed, etc. at any time.
Lawyers and Partnership Agreements
We have already commented above how unusual it is for Startups to turn to professional legal services to deal with the whole range of legal issues that may arise in their early days. And is that in terms of a Partnership Agreement, is even less common, because as we said, the first pact that really raises the Startups is the Founding Members Agreement. At this time it is very common to be in contact with an accelerator or incubator, which is usually the one who begins to require the existence of this covenant, along with the incorporation of the company if it had not yet been carried out. From this point on there are three possible paths: go to the accelerator or the incubator which will offer their own legal team, do it themselves without legal advice, or seek the assistance of an independent lawyer.
As usual, hiring a lawyer is the least common thing when it comes to startups. The Accelerators or Incubators themselves can offer templates of Partner Agreements and even make recommendations and take care of their drafting, as well as provide support and advice with their legal team. In addition, there are many templates of these Partnership Agreements on the Internet.
The first way might seem ideal if not because, as we mentioned at the beginning, Partnership Agreements in the Startups are born to defend the interests of investors who come to the acceleratorsand mainly these entities, which also acquire the status of investment partner in the Startups they help, defend interests that may not be entirely aligned with the Startup and its founders, at least in the long term.
The use of Internet templates is undoubtedly the least advisable and the most risky, there are already many technical and legal elements to be taken into account in this type of agreement, and the use of generic templates often causes serious problems that are difficult to solve in the future.
Again, the attorney route is often not selected because it is too costly, or too expensive for a startup that is at an early stage of its activity. In addition, for the entry of new partners, the Startup is usually already very involved in the system of its Accelerator, and the legal team of the same deals with the new agreements. However, an independent lawyer guarantees the necessary autonomy from the interests of the Accelerator and the investors, and protects the interests of the founding partners from the very beginning, preparing the Startup for its future growth.
How can Gowper help you?
For us there is nothing more important than promoting the use of the legal practitioner as a genuine way of defending the client's interests.
Here, it is important that the Startups and founders, when dealing with the Shareholders Agreement, take the necessary time to reflect on who the lawyer who is handling the agreement represents, the Accelerator, the Incubator, the mentors, the investors, or the founders?
At Gowper we want to put our independent professionals at the service of entrepreneurs. We do this by adapting our services and budgets to the real needs of the client and their financial resources. The growth of a Startup is a success for their lawyer, in an economic, professional and ethical perspective. So that, by actually supporting the founders of the companies of the future, we can lay the foundations for a framework of maximum legal certainty that fosters endless creativity.
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Machine Learning: What Should You Be Aware Of – Legally Speaking
The Music Copyright and Streaming Platforms
LLC vs Corporation

redpajama_set_name: RedPajamaCommonCrawl


Surf Air's Santa Ana-to-Hawthorne helicopter shuttle lets you fly over the 405 traffic in 10 minutes.
Surf Air has made its service more appealing to residents of California's Orange County. The all-you-can-fly membership airline recently added a helicopter shuttle between John Wayne Airport in Santa Ana and Hawthorne Airport near Los Angeles, where you can catch Surf Air flights to destinations throughout California.
The helicopter ride, provided by the aircraft charter service Blade, takes about 10 minutes, flying over the 35 miles of traffic on the 405. Passengers can arrive 15 minutes before the helicopter takes off. The price is $199 per person each way. The flights, which can carry six passengers, run Monday and Thursday mornings and evenings and Friday evenings.
Surf Air, which operates as many as 90 flights a day to a total of 11 California destinations and Las Vegas, was founded in 2013 and is headquartered in Santa Monica. Last year, it began operating in Europe, and it expanded into Texas by acquiring Rise, a similar all-you-can-fly membership airline.
In California, an individual membership fee starts at just under $2,000 a month. Membership allows you to fly an unlimited number of flights aboard a Pilatus PC-12NG on such routes as Oakland to L.A. and San Diego to the San Francisco Bay Area. The PC-12NG is a turboprop that carries eight passengers and has a cruising speed of about 320 mph.
In addition to the helicopter shuttle, Surf Air recently introduced Surf Anywhere and Surf Air Escapes. The latter is a California membership program that, for an annual fee of $2,500, lets you book weekend flights aboard Surf Air flights for $600 or $750 per person each way depending on the destination. Surf Air services such getaway destinations as Lake Tahoe, Monterey, Napa Valley, and Palm Springs, as well as Las Vegas.
Surf Anywhere is an on-demand charter service through which you can arrange a private flight to any destination aboard a choice of aircraft that ranges from a Pilatus PC-12NG to a Gulfstream IV. The price depends on the length of the flight and the type of aircraft. If you book a flight through Surf Anywhere, you receive a complimentary year-long membership to Surf Air Escapes—that is, the company waives the $2,500 fee.


Tonight I completed my fourth week of a group called Beauty for Ashes (BforA). BforA is a group offered by my church for the survivors of sexual abuse. I was molested when I was a child and in college I was raped by a boyfriend and sexually harassed by a professor. Yes, I have issues. I have been aware of my issues for quite some time; the consequences of others actions in my life. What really, completely, dawned on me tonight was the lies that are in my life. There is an almost constant stream of negative thoughts running through my mind that push me to be the over-achieving, perfectionist that I am. One of the ladies in my group this evening told me that I was kind-hearted, smart, pretty, the whole package. I didn't believe her, I still don't believe her. I've never really believed any positive thing about myself. That is the realization that I came to this evening. I know there has to be something positive about me because I am God's creation. So the walls that I have so carefully built over the years are starting to crumble; it's a slow crumble but they are still crumbling. And as painful as that it, it's a good thing.
So, my prayer this evening is that I will continue to let the walls crumble, that I will continue to let God heal me, as painful as it may be.


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100 days to shake the world
Emily Beament
| 23rd July 2021 |
Alok Sharma addressing a full house at GREAT reception hosted by the British High Commissioner to India Dominic Asquith in New Delhi, Monday 25 July 2016.
British High Commission, New Delhi
The COP26 international climate conference opens in Glasgow in 100 days. Britain is far from ready.
This starts by ripping up plans for the new Cambo oil project in the North Sea.
The UK is being urged to ramp up its domestic climate action and diplomacy with only 100 days to go to crucial international Cop26 talks in Glasgow.
As hosts of the UN summit in November, the UK is pushing countries to accelerate the "green transition" to cleaner economies and avert dangerous climate change – but campaigners warn more needs to be done.
The talks are being seen as the most important since the Paris Agreement – the world's first comprehensive treaty on tackling climate change – was secured at talks in France in 2015.
Paris committed all countries to curb temperature rises to 2C above pre-industrial levels and pursue a tougher 1.5C target – now seen as a threshold beyond which the worst impacts of global warming will be felt.
But the action they have pledged leaves the world well off track to meet the goal.
Climate-driven killer heatwaves, floods and wildfires are gripping parts of the world as the 100-day milestone is reached, with warnings that the crisis will worsen without urgent efforts to slash emissions.
Cop26 is being described by the talks' president, Alok Sharma (pictured), as the "last best chance" to keep alive a 1.5C warming limit – which requires the world to slash carbon by 45 percent by 2030 on the road to reaching zero emissions overall, or net zero, by mid-century.
It also needs to deliver on a long-promised 100 billion US dollars (£73 billion) a year to help developing countries deal with climate change, ensure a green recovery from the pandemic and address issues around delivering the Paris Agreement.
Mr Sharma said: "Cop26 is our last best hope of avoiding the worst effects of climate change, and we cannot afford to fail.
"Over the next 100 days, we need all governments to accelerate the green transition, so that we leave Glasgow with a clear plan to limit global warming to 1.5C.
"This will set the course of this decisive decade for our planet and future generations."
He said he would be urging countries over the next 100 days to put the planet on a path to net-zero emissions by mid-century, to protect people and nature from the impacts of climate change, to work together to ensure the negotiations are a success, and to get finance flowing.
In recent days, developing countries have called on leading economies to increase efforts to cut emissions, deliver on climate finance – with a commitment to direct 50 percent to help them adapt to climate change – and to address the loss and damage being experienced by vulnerable nations.
And US special envoy for climate John Kerry has said that, by Cop26, major economies needed to bring forward ambitious action and plans to deliver it.
Domestically, the UK Government is being warned it needs to maximise its diplomatic efforts as hosts, led by the Prime Minister, to ensure the summit is a success.
And it faces calls for concrete action and funding to cut pollution – and to halt plans for new oil and gas exploration in the North Sea, after the International Energy Agency (IEA) said investment in new fossil fuel schemes was not needed.
Campaigners are accusing Boris Johnson and Chancellor Rishi Sunak of being "missing in action", as they stage a protest in Parliament Square to mark 100 days to the conference, and ahead of a gathering of ministers in London to discuss plans for the summit.
The Climate Coalition, an alliance of organisations ranging from the National Trust to Oxfam and the RSPB, is calling for urgent restoration of the natural world, green jobs, unlocking money from wealthier countries to support poorer nations, and no new fossil fuel projects.
Ben Margolis, interim director of The Climate Coalition, said time was quickly running down to the UN climate talks – the biggest diplomatic event in the UK for decades and essential to limiting warming to 1.5C or less.
"The Prime Minister has pledged that the UK will show global leadership on climate change.
"Yet despite this, Boris Johnson and Rishi Sunak are most noticeable for being missing in action and failing to deliver real, concrete progress to tackle the nature and climate emergencies.
"In order to deliver on that pledge, every arm of government needs to step up," he urged.
Shadow business secretary Ed Miliband said: "This summit is the last best chance we've got to deliver the drastic cuts in emissions we need this decisive decade, and as hosts, our Government should be flexing every diplomatic muscle it's got to make it a success.
"It must not be reduced to yet another photo op for Boris Johnson's vacuous boosterism.
"It must instead be a moment in which a high-ambition coalition of developed and developing nations is built to stop big polluters being let off the hook."
Nick Mabey, chief executive of climate think tank E3G, warned that without Cop26 producing the right direction, the recovery from the pandemic starting in Europe, the US and China would not be green and in line with the Paris deal.
"So Glasgow is a key economic moment, not just a diplomatic moment," he said.
Jeopardise
Greenpeace UK's policy director, Doug Parr, said that as hosts of the talks, the UK needed to get its own house in order.
"This starts by ripping up plans for the new Cambo oil project in the North Sea, along with a commitment to end all new fossil fuel projects immediately and support workers to transition.
"Rolling out a nationwide energy efficiency programme and plans to decarbonise home heating must swiftly follow."
He said that anything less and the UK's targets for cutting emissions, by 68 percent by 2030 on the road to 100 percent cuts by 2050, "will remain blatantly hollow and jeopardise the talks altogether".
This Author
Emily Beament is the PA environment correspondent.
Johnson has just one year to commit on climate
| 18th December 2019
Boris Johnson warned by Government's advisory Committee on Climate Change (CCC) chairman to get his act together on climate before COP26 in Glasgow
COP26 and the future of capitalism
Simon Hannah
| 8th December 2021
The failure of the COP26 climate conference reminds us that capitalism is the driver of ecological breakdown. But what does that mean for environmental activists?
An advert for oblivion
Andrew Simms
| 25th November 2021
The COP26 conference came to Glasgow and went again - and there is already evidence from the Scottish city that it will have little or no legacy.
Landowners paid to 'restore nature'
| 7th January 2022
Environment charities warn rewilding and restoration policy lacks detail - and urgency.
The cost of climate inaction
Christian Aid reports climate storms caused death and displacement around the world - as well as financial costs.
Boris 'must implement Glasgow Pact'
Leaders from union organisations, green NGOs and business groups call on PM to implement the Glasgow Climate Pact.
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RUSADA director general warns Russian sport heading into "abyss" after data tampering claims
By Liam Morgan
Russian Anti-Doping Agency (RUSADA) director general Yury Ganus has claimed the organisation has been "betrayed" and warned sport in the country was heading for the "abyss" after the World Anti-Doping Agency (WADA) found data from the Moscow Laboratory may have been manipulated.
In an open letter, Ganus said those behind the alleged tampering had "brought Russian sport to such an unacceptable point in the doping crisis" and had "discredited" sport in the scandal-plagued nation.
WADA is investigating whether the data, which Russia handed over in January, has been manipulated and has given RUSADA and the Russian Sports Ministry until October 9 to explain the "inconsistencies" it has uncovered.
They will have to address the differences between the Laboratory Information Management System database provided by a whistleblower in October 2017 and the version WADA extracted from the facility earlier this year.
WADA has opened a compliance procedure against RUSADA, which could lead to Russia being banned from next year's Olympic Games.
Stricter rules for non-compliance are available to WADA under the new standards, including preventing countries from participating at major events.
Compliance Review Committee chairman Jonathan Taylor said a team of forensic experts, who analysed the data, could find no "innocent reason" for the inconsistencies, thought to include the deletion of positive test results.
"We have been betrayed, we have had the right to be on the side of truth taken away from us," Ganus wrote.
"Today, Russia's sports organisations are no longer on the edge of the abyss, we are flying into an abyss, the depth of which is difficult to predict.
IOC President Thomas Bach said the organisation would take a "fresh look" at the new doping claims against Russia ©Getty Images
"It's finally time to understand who's working in the interests of the state, and who is destroying the state authorities' reputation.
"And the individuals whose actions have brought Russian sport to such an unacceptable point in the doping crisis have discredited sport, but they are also discrediting Russia's system of state authorities, where there are many honest state employees serving."
Ganus insisted no-one at RUSADA had interfered with the data.
"The new RUSADA never had, does not and will not have any relation to the formation, protection, and even more so to the change of the electronic database of the Moscow Laboratory, which was supposed to be a secure and closed IT perimeter, but did not become one because of the will of those responsible way out of the doping crisis in Russia," he added.
Russian officials have reacted with concern to the latest development.
Stanislav Pozdnyakov, President of the Russian Olympic Committee, admitted the nation's participation at Tokyo 2020 was "under threat" following the revelations.
WADA has the power to ban Russia from next year's Olympic Games but the final decision rests with its Executive Committee, half of which comprises representatives from the sports movement and the International Olympic Committee (IOC).
IOC President Thomas Bach said last week the organisation would take a "fresh look" at the new claims against Russia.
September 2019: Bach pledges that IOC will take "fresh look" at Russian doping claims
September 2019: Liam Morgan: Data manipulation should spark severe punishment for Russia - but don't expect an Olympic ban
September 2019: Russian Olympic chief fears Tokyo 2020 ban over data tampering claims
September 2019: WADA open compliance procedure against RUSADA over "inconsistent" Moscow Laboratory data
September 2019: Russia could have suspension reimposed by WADA after claims country manipulated Moscow Laboratory data
Liam Morgan Chief Senior Reporter
Follow @LMorgan21
Since joining insidethegames.biz in 2015, Liam Morgan has reported on location from several international multi-sport events, including the 2018 Winter Olympic Games in Pyeongchang, the 2018 Commonwealth Games in Gold Coast and three Youth Olympic Games.
Liam covers the International Olympic Committee Executive Board meetings and Sessions, and has also provided coverage on several International Federation elections and Congresses, including FIFA and ANOC.
Contact Liam
Read more of Liam's articles
Follow @LMorgan21 on Twitter
Russian Anti-Doping Agency Russia World Anti-Doping Agency Yury Ganus


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Twitter Stock Is a Bad Bet Whether Musk Buys or Not
For a company that's supposed to be bought out, Twitter (NYSE:TWTR) stock surely doesn't trade like that's the case.
In fact, TWTR stock is 26.5% below its deal price. Currently trading below $40, the stock is below the pre-takeover rumors that sent it bursting higher in April.
Last month, we reported on the possibility that Tesla's (NASDAQ:TSLA) Elon Musk could walk away from the takeover deal.
As a refresh, the company originally balked at Musk's deal, seemingly intent on not accepting it simply because of who was making the offer. Keep in mind, Twitter tried to sell itself once before, but the bids evaporated and the company stayed independent.
The company hired Goldman Sachs to advise it on the takeover attempt by Musk. Interestingly, the firm advised Twitter not to accept the deal.
Its M&A team and equity-analyst team obviously have a wall between them. The equity team had a sell rating and $22 price target on TWTR stock. Yet, the $54.20 all-cash takeover offer from Musk apparently undervalued Twitter according to the M&A team.
After plenty of back-and-forth, Twitter agreed to a deal with Musk at $54.20 a share. Only we're a long way from that level now.
A Closer Look at TWTR
A few weeks ago, we reported on Hindenburg Research's short position, which has since been closed out. The thesis was that Elon Musk only faces a $1 billion breakup fee if he walks from the deal.
As for "why" he may walk, it was because shortly after the deal was announced, Twitter confirmed in an earnings report that it had misstated its users for roughly three years.
Ensuing spats — on Twitter, of course — between Musk and Twitter CEO Parag Agrawal have only added to the drama.
Hindenburg's thesis argued that Musk may walk from the deal over the misstated user numbers and concern on how many users are actually bots.
Further, Musk has leverage. If he walks and has to eat the $1 billion breakup fee, he could always come back and make another offer knowing that TWTR stock will crater if he walks from the deal.
So will he? That has yet to be determined.
TWTR Stock Lacks Catalysts
Unfortunately for investors, TWTR stock is locked in a binary event. Either Musk doesn't go through with the deal and the stock price falls or he does and it soars toward $54.20.
I personally don't care for binary events. It works for some investors and some arbitrage investors can really snuff out some value.
However, these black-or-white scenarios lack the gray area that many investors perform better in. For Twitter, a lot hinges on this deal. Even though Twitter stock has fallen in recent weeks as doubts linger over the deal, it's held up better than many social media stocks.
In fact, TWTR stock is down just 8.8% so far this year. That easily outperforms Meta (NASDAQ:FB), Pinterest (NYSE:PINS) and Snap (NYSE:SNAP). The best in that group is Meta, down 42%.
That said, Twitter's business is improving. Analysts expect earnings to grow 16% this year and 21.5% in 2023. Estimates call for earnings of $1.66 per share this year too.
Therein lies the problem, though.
While that leaves shares trading at 23 times estimates, it's considerably more expensive than Meta, which trades at roughly 16 times this year's earnings.
It's also more expensive than Pinterest, which has a lower valuation (20 times earnings) and better revenue growth forecasts (18.4% in 2022 and 23% in 2023). Both Pinterest and Meta have considerably better margins, as well.
Put it all together and it's hard to make the non-acquisition, fundamental case for TWTR stock. Its short-term destiny seems to hinge completely on whether Musk will go through with the deal or not. That's not something I'm looking for as an investor.
On the date of publication, Bret Kenwell held a long position in PINS. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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File #: Res 1105-2011 Version: * Name: Enable the spouse of someone enrolled in the SCRIE Program to continue receiving SCRIE benefits when the enrolled spouse dies, and the widow/widower is within 5 years of the age requirement for receipt of SCRIE.
Committee: Committee on Aging
Title: Resolution urging the New York State Legislature to pass and the Governor to sign legislation that would enable the spouse of someone enrolled in the Senior Citizen Rent Increase Exemption Program (SCRIE) to continue receiving SCRIE benefits when the enrolled spouse dies, and the widow/widower is within 5 years of the age requirement for receipt of SCRIE.
Sponsors: James G. Van Bramer, Margaret S. Chin, Inez E. Dickens, Mathieu Eugene, Lewis A. Fidler, Vincent J. Gentile, Letitia James, G. Oliver Koppell, Brad S. Lander, Rosie Mendez, Domenic M. Recchia, Jr., Deborah L. Rose, Albert Vann, Jumaane D. Williams, Ydanis A. Rodriguez, Daniel Dromm , Melissa Mark-Viverito, Eric A. Ulrich
12/31/2013 * James G. Van Bramer City Council Filed (End of Session) Action details Meeting details Not available
11/3/2011 * James G. Van Bramer City Council Introduced by Council Action details Meeting details Not available
11/3/2011 * James G. Van Bramer City Council Referred to Comm by Council Action details Meeting details Not available
Resolution urging the New York State Legislature to pass and the Governor to sign legislation that would enable the spouse of someone enrolled in the Senior Citizen Rent Increase Exemption Program (SCRIE) to continue receiving SCRIE benefits when the enrolled spouse dies, and the widow/widower is within 5 years of the age requirement for receipt of SCRIE.
By Council Members Van Bramer, Chin, Dickens, Eugene, Fidler, Gentile, James, Koppell, Lander, Mendez, Recchia, Rose, Vann, Williams, Rodriguez, Dromm, Mark-Viverito and Ulrich
Whereas, The Senior Citizen Rent Increase Exemption (SCRIE) program offers eligible tenants an exemption from rent increases; and
Whereas, New York City tenants are eligible for the SCRIE program if the tenant or his or her spouse is 62 years of age or over, they live in a rent regulated apartment, have a combined household income at or below $29,000 per year, and are paying at least one third of their income toward their rent; and
Whereas, Additionally, owners of buildings that house SCRIE recipients receive a credit against their real estate taxes from the City of New York; and
Whereas, Currently, according to the New York City Department of Finance (DOF), more than 47,000 New York City tenants rely on the SCRIE program, which is administered by DOF; and
Whereas, In New York State the number of adults age 60 and older is projected to grow by 50 percent over the next twenty years, from 2.7 million in 2011 to 3.9 million in 2030; and
Whereas, When a tenant who is enrolled in the SCRIE program dies, the owner of the building is responsible for notifying DOF so benefits are terminated the first day of the month following the date of death; and
Whereas, A surviving household member who meets the eligibility requirements may apply for a transfer of SCRIE benefits by simply sending a letter of request to DOF, along with a copy of the Certificate of Death, and proof of birth; and
Whereas, If the transfer of benefits is denied due to age eligibility, the widow/widower will likely be forced to either generate a significant amount of new income to continue paying the rent or seek other housing options; and
Whereas, Generating new income may be difficult because adults 55 years and older face significant challenges to finding employment; and
Whereas, By the end of 2010, 11.2 percent of those who are unemployed nationwide are people 55-64 years old, and it takes them on average 52.7 weeks to obtain employment, compared to 36.5 weeks for people under 55; and
Whereas, Even when reemployed, studies show that between 1996 and 2007, displaced men age 50 to 61 saw their median hourly wage fall 20 percent below the median wage of their former job; and
Whereas, There is a lack of affordable housing in New York City, which also makes finding a new housing option difficult; and
Whereas, It is necessary to ensure that low income New Yorkers who will soon become eligible for the SCRIE program are not displaced as a result of the death of a spouse; now, therefore, be it
Resolved, That the Council of the City of New York urges the New York State Legislature to pass and the Governor to sign legislation that would enable the spouse of someone enrolled in the Senior Citizen Rent Increase Exemption Program (SCRIE) to continue receiving SCRIE benefits when the enrolled spouse dies, and the widow/widower is within 5 years of the age requirement for receipt of SCRIE.


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Bowl for Kids' Sake raises more than $55,000
By Randolph T. Holhut and Jeff Potter/The Commons
The first Saturday in April brought the 34th annual Bowl for Kids' Sake, a community-wide Youth Services event at Brattleboro Bowl that raises money for its Windham County Big Brothers Big Sisters (BBBS) program.
More than 500 individuals of all ages participated in the event, which is the primary fundraiser for BBBS. According to organizers, Bowl for Kids' Sake attracted people from all walks of life; ranging from friends and colleagues who formed teams to entire families and many area businesses. Teams from local schools made an impressive sight, filling 20 lanes throughout the day.
Last year, the event took in about $60,000. This year, they had raised more than half of the $55,000 goal just in the first hour, and surpassed it by the end of the day.
Bill Penniman (a Big Brother) and Linda Thurber were the top two individual fundraisers of the day, raising more than $1,100 each from friends and colleagues in pledges, followed by David Twombly (also a Big Brother) who has raised more than $800 to date. All three are residents of Brattleboro.
About 100 children in Windham County and nearby New Hampshire benefit from the program each year and are matched with a Big Brother or Big Sister. A similar number of youngsters, from all towns in the county, are eagerly waiting to be matched with an adult mentor.
The raffles and silent auction at Bowl for Kids' Sake raised more than $1,000 for the program's coffers, thanks to donations from many local businesses.
Big Brothers Big Sisters is still collecting donations. Learn how you can get involved by calling Youth Services at 802-257-0361, or donate by visiting www.firstgiving.com/youthservices/bowl-for-kids-sake-2015 or by stopping by their office on 32 Walnut St. in Brattleboro.
Spring gymnastics classes
• The Brattleboro Recreation & Parks Department starts its next session of gymnastics classes on the week of April 13 at the Gibson Aiken Canter, 207 Main St.
Classes will run for a six weeks and end on May 30. The cost of the six-week program will be $49 for Brattleboro residents and $64 for non-residents. Late registrations will be pro-rated. Classes are run Mondays through Saturdays for ages 18 months and up. Pick up a copy of the current brochure for a complete listing of class times.
Amanda Montgomery will direct the gymnastics program. There is also an Open Gym time available on Tuesdays and Thursdays for ages 1-5 with parent for $4, or Saturdays for ages 6 and up for $7. For more information, or if any special needs are required, call the Recreation & Parks Department at 802-254-5808.
Seen any bears?
• Now that it's April, it's time to keep an eye out for black bears coming out of their winter dens in search of an early spring meal.
The Vermont Fish & Wildlife Department recommends taking down your bird feeders now, for bears are attracted to suet and sunflower seed this time of year.
Bird feeders are just one of the things that can attract hungry bears. Other sources of food that bears love to get into include pet food, barbecue grills, garbage, household trash containers, open dumpsters, and campsites with accessible food and food wastes.
Vermont law states that residents must take reasonable measures to protect their property from bears before lethal force can be taken.
Some of these measures include keeping chickens and honeybees secure within an electric fence or other bear-proof enclosure, never feeding bears, deliberately or accidentally (purposely feeding bears is illegal, and bad for the bears), feeding your pets indoors, and storing trash in a secure place.
More information on how to peacefully coexist with bears can be found at www.vtfishandwildlife.com/wildlife_living_with_bears.cfm.
Derby Damez roll into another season
• The Elm City Derby Damez take on the Upper Valley Vixens in their first roller derby bout of the season on Saturday, April 18, at Withington Rink at Living Memorial Park. Doors open at 5:30 p.m.. First whistle at 6 p/m. Admission is by donation.
Women's roller derby is a full contact, aggressive, competitive sport played on traditional quad skates. The Elm City Derby Damez is a skater-owned and operated roller derby league formed in Keene, N.H. in 2009.
The Damez say they are devoted "to making a positive impact in our community and skaters through outreach and participation in local events and activities as well as promoting the sport of roller derby," and "to advance our organization through sisterhood, dedication, and the common desire to advance the skills and talents of all our skaters."
For more information about the Damez, visit www.elmcityderby.com or check out their Facebook page at www.facebook.com/ElmCityDerbyDamez.
State parks present Venture Vermont Outdoor Challenge
• The Vermont State Parks invite you to participate in their 2015 Venture Vermont Outdoor Challenge, which will run through Oct. 15. The program involves an outdoor scavenger hunt for children and adults alike, and includes activities such as identifying amphibians, mapping GPS coordinates, and making camp supplies out of found materials.
Participants will rack up points by completing activities, marking them on a scorecard, and taking photographs. Those who reach 250 points will win day entry free of charge into all Vermont State Parks for the rest of the 2015 season and the entire 2016 season, as well as a VIP Gold Medal.
For more information, visit www.vtstateparks.com/venturevermont.
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Originally published in The Commons issue #300 (Wednesday, April 8, 2015). This story appeared on page E4.
More by Randolph T. Holhut and Jeff Potter


23 August 1945. General Ho Ying-chin, supreme commander of Chinese government forces, orders Japanese generals in northern and eastern China to hold and defend all areas they occupy pending arrival of Nationalist forces.
23 August 1945. After a comprehensive examination of the international and domestic situations, a meeting of an enlarged CCP politburo concludes that immediate civil war is unlikely. It thus adjusts its strategic slogan to 'peace, democracy and unification'. Based on this decision, Mao soon confirms he will accept Chiang's invitation to discuss China's political future in Chungking.
23 August 1945. Upon securing the prized ports of Dairen and Port Arthur, the Soviets announce the end of Japanese resistance. In a two-week campaign, Japan has suffered its worst military defeat, with over 80,000 troops killed and more than 600,000 taken prisoner. Most of these will be sent to Siberia. The Soviets will delay their withdrawal from Manchuria until May 1946. In this period, they will strip Manchuria of much of its industrial base, shipping this back to the Soviet Union. The two ports will remain under joint Soviet and Chinese Communist control until 1955.
23 August 1945. General MacArthur orders the release of all Filipinos interned by the U.S. Army, stating that his right to detain them has ended with the conclusion of the war. Most of these internees are collaborator suspects. Whether they are guilty or not should now be determined by Philippine courts, but some of those to be freed feel they are absolved.
23 August 1945. Reversing the sequence in Hanoi four days earlier, Viet Minh leaders in the royal capital first send groups to occupy public buildings and Civil Guard barracks and then follow up with a mass meeting in the late afternoon. People notice that many lesser members of the royal family are participating. Moreover, ICP squads hunt down and arrest specific 'traitors', including the former premier Pham Quynh, as well as the former minister Ngo Dinh Khoi and his son, who are brother and nephew of the prominent nationalist (and future South Vietnamese president), Ngo Dinh Diem. No attempt is made to enter the royal palace itself but an ultimatum is delivered that Bao Dai cede power to the Viet Minh. The emperor accepts and next day issues an edict of abdication.


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Tupý J., Louda O., Zima J. (2012) Malus, cv. Orion, ÚEB AV ČR, Plant variety right/Šlechtitelské osvědčení UA 110596.
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Yellow flames on evergreen leaves are a striking feature of Elaeagnus pungens 'Maculata'. This large shrub best employed in larger scaled gardens in mixed plantings and as a naturalistic screening plant. Fragrant flowers are not showy and hardly seen but their presence is made known in September and October with a powerfully sweet fragrance. The undersides of the leaves are silver and the brown stems are covered with silver scales as well. It is easy to grow and superb in flower arrangements in any season but particularly fine in winter floral bouquets. It is very long lasting when cut. Plant it with Camellia x williamsii 'Donation', witchhazels and red-stemmed dogwoods along with hellebores and cyclamen in mass. It can be grown on a large scale as an impenetrable hedge to secure a property boundary.
This tough and adaptable shrub will grow in full sun to deep shade in well-drained soils, although it will tolerate sandy or clay soils if they are not waterlogged. Once established it is drought tolerant, but in competitive situations it appreciates occasional watering during the driest weather. If all-green leaves appear prune out the branch to keep the variegation uniform. In dappled and deep shade it rarely flowers. In sunny locations pruning is best in winter, early spring and early summer to keep from removing flower buds. It is resistant to damage from salt-laden air.


text:
Ever since I saw U2 at the 200-seat Graham Chapel at Washington University in St. Louis in 1980 I have been a fan. It wasn't until 1990 or so when I realized that they were the world's biggest religious-rock band, putting acts like Pat Boone, Cliff Richard and the redoubtable Stryper to shame.
Bono and company have been preaching the gospel in so many words in almost every one of their songs. "Mysterious Ways" is of course about the Virgin Mary; "I Will Follow" about JC; "Elevation" – religious salvation or the resurrection itself. I could go on. It's all subliminal (or subliminable, as some would say) lyrics under a barrage of usually sensationally creative music and structure.
The beauty of the lyrics is that they can be interpreted in different ways. One person's heavenly elevation is another person's acid trip, and the "she" in "Mysterious Ways" could well be about a high school crush. U2 understands that to keep fans and evangelize newcomers you have to be subtle, and let ambiguity take its course. Even the band's name is ambiguous: a high-flying spy-plane, or maybe "you too" can join the team.
I don't really care; I just like the music.
But I wonder whether there has ever been any subliminal messaging in pipe music. Has a band ever tried to sway judges by enveloping in its medley musical directions to give them the benefit of the doubt? Are there any instances of using a single tune to win a prize because of the tune's non-musical significance?
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"Imagine that you wake up with the first brightness of dawn and hear your son who comes running to your bedside to kiss you goodmorning. It is a tender kiss, as sweet as it is ephemeral, a brief moment of affection, endearing, soft and light. That kiss is Arbequino.
Later, you pay a little visit to your mother, who welcomes you with great joy and another kiss. But this kiss is different from the morning one. It may not be so sweet, but it is accompanied by an intimate hug that transmits her love with more intensity. That is a Cornicabra or Hojiblanco.
When night approaches, you see how the love of your life comes down the street, smiling. She is not yet with you, when you already notice her intoxicating aroma, which seduces you. Then she looks into your eyes and, without saying anything, comes close to your lips. Notice how your heart speeds up, you close your eyes and then, you kiss. But it's not just any kiss, as my daughter Emma would call it, it is a cinematic kiss. That kiss…is Picual.
Like the kisses, each variety has its moment, its meaning and its emotion, and I would not renounce any of them".
WHY IS OUR OLIVE OIL UNIQUE?
Our olives are cultivated in the middle of Sierra Andujar where even though the field is almost in its 30% full of olive trees, the rest has a unique flora and fauna. The key factor: integrated production which takes care of the crop and the environment at the same time.
We really help the environment because we are one with it, not something apart from it.
The mixture of small quantities of other olive varieties in our countryside gives our Picual variety olive oil a superior taste and such a great character.
It is really good for your heart because of the presence of acids.
It is a great antioxidant, thanks to the presence of vitamin E: a powerful anti-aging element.
It has a very high number of polyphenols, which prevent degenerative diseases such as Alzheimer´s and it is also responsible for preventing the formation of cancer cells.
Extra virgin olive oil contains monosaturated fats which reduce the level of bad cholesterol and balance the pH of the body.
It reduces heartburn and prevents the appearance of ulcers.
It prevents diabetes because it lowers blood sugar.
It helps to preserve the bones, preventing the loss of bone density and osteoporosis.
Help control the pressure; its consumption has a direct impact on the control of blood pressure.
It combats breast cancer due to the presence of oleic acid and other antioxidants in the oil which decrease the carcinogenic activity and stimulate the death of the cells that form tumors in the breast.
It has been shown that its consumption reduces the risk of cerebrovascular accidents.
It relieves pain, as it has been proven that olive oil has its own analgesic action.