In busines, lawsuit is almost inevitable as long as a company operates. Usually, lawsuits in business result from conflicts during the persuit of the company goals, especially when its objectives are threatened. The companies seek legal intervention to protect their interests and those of their workers. In a legal pursuit, the best procedure is that the complainant (plaintiff) files a case against the offendor (defendant). The defendant is then summoned to appear in court on a given date for the comcement of hearings. In addition, the plaintiff and defendent have the freedom to hire an experienced lawyer to present them in the entire case.
In this case, the selected lawsuit is Grouse v. Group Health Plan Incorporation (1981). Grouse was the plaintiff while Group Health Plans Inc., was the defendant. The plaintiff accepted a job offer in the company (defendant) and left the job that he was doing (Bloomberg Law, 2012). After quitting his (plaintiff) previous work, the company (defendant) rescinded the job offer, rendering him jobless. The act made it impossible for the plaintiff to secure a similar job, thus he filed a lawsuit to seek compensation for the loss he suffered due to the action of the company ("Bloomberg Law", 2012).
Initially, Grouse (plaintiff) was employed as a rental pharmacist and worked at Richter Company. Group Health Plan Inc. (defendant) announced a vacancy for the position of a clinical pharmacist that Grouse applied because of his qualification and experience ("Bloomberg Law", 2012). He was interviewed then offered the job. He asked the company to give him an opportunity to issue two weeks' notice to his employer (Richter), after which he tendered his resignation to the company. In the process, he got another job offer in a different company, but declined it in favor of the position that he had been offered at Group Health ("Bloomberg Law", 2012). Once he was through with his previous employer and was ready to start this new assignment, he realized that the company (defendant) had employed a different person to fill the position he was initially offered.
The plaintiff was granted compensation for the damages, which he suffered following the company's decision and action. In this case, the legal principle of 'promissory estoppel' was used by the court to compensate the plaintiff for the damages that he suffered by resigning from his current employment, declining another similar offer from a different company and being barred from assuming his new position at Group Health Inc., even before he had an opportunity to start working there ("Bloomberg Law", 2012). Apparently, the presiding judge understood that Group Health Plan Inc could not accept Grouse to be employed before resigning from his previous job ("Bloomberg Law", 2012). Since Grouse promptly and appropriately gave notice to the former employer, informed Group Health Plan Inc that he was through and ready to start the new job, he was in order and deserved due consideration for employment in the company. Under these situations, it was unjust for the company to reject its promise, meaning that Grouse deserved due compensation for the damage (Gillette, 2006).
Some of the administrative practices, which could have been done in terms of risk management to have prevented the events that lead to the lawsuit include adherence to the terms of the contract and promise, upholding ethics and the rule of law (Gillette, 2006). The plaintiff acted with due diligence to inform the previous employer of his intention to quit employment in the company. He went further to serve the company with resignation letter to indicate that he wanted to follow the due procedure of leaving office. There was no law that Group Health Plan Inc., followed when altering its position about the initial job that it had offered the successful applicant. Besides, the company had conducted a competitive interview and called to inform him of the offer, thus did not have justification for shifting its position on the matter.
In this case, the ethical considerations reflected in the laws applicable to this case is based on the code of conduct of Grouse (the plaintiff) and those expressed by Health Group Plan Inc. (the defendant). First, it was ethical for the plaintiff to notify his employer about the intention to quit the company (Markarian, 2006). He compounded this by officially delivering a resignation letter to the former employer as law requires. In addition, he was guided by the intrinsic ethical principle to reject the second job offer that he received, because he had accepted the position at Group Health Plan Inc. This act showed his dedication and commitment to fulfill his desire of serving the company without conflict.
On the other hand, the management of Group Health Plan Inc., did not have any reason for changing the goal post, yet the person had done an interview, passed and accorded the job (Markarian, 2006). Therefore, terminating the offer prior to the applicant assuming the new employment was ill adviced and done in an unethical way. This position could be supported by the fact that the plaintiff had rejected a similar offer in anticipation of the new job, thus suffered double tragedy.
Baisally, legal environment of a business is usually administered by the particular state, country and appropriate international laws. The sources of law that are relevant in this case include Statutotory Law, Common Law (Case Law), Administrative Law, Constitutional Law, and Court Rules (Taylor, 2011). Therefore, the above laws provide the basis of authority for government to regulate business. The civil suits such as simple cases of contract breaches to internationa business mulpractices and bad competition involving complex fraud practices and exposing the competitor's trade secrets (Taylor, 2011). Apparently, the laws governing such mulpractices ought to apply in this case. Some of the examples of business litigations relevant to this case include breaking contracts, non-compete trade and non-solicitation agreements, misrepresentation and fraud, neglegence, misuse of trade secrets, defamation,tortious interference, and unfair business conspiracy (Taylor, 2011).
The legal suit could be supported by the case law between Gunderson vs. Professionals, Inc. (2001). In this case, Gunderson (plaintiff) wanted to quit his job against the Alliance of Computer Professionals Inc. (defendant) intent policy to provide job security, thus being able to keep an employee for long (Anderson et al., 2012). The defendant lost because it did not have the obligation retain any of its employees. The employee has the exclusive right to leave employment at will and could not be obliged or forced to serve the company even if he was not comfortable to do so.
Considering this case, the management can leverage knowledge of those sources to prevent similar instances in the future by formulating binding laws and stiffer penalties, which bar business practitioners from engaging in abuse of work agreements (Taylor, 2011). The court's management system should play its roles actively in taking punitive action that eliminates such practices such as carrying out thorough investigation to ascertain the truth and making sure taht the aggrieved party is duly compentated for damages. In fact, this may act as a deterrent measure to curb similar occurences in future.
In this case, it is recommended that the management might be able to pursue alternate resolutions (outside of court) include the following: binding arbiteration, negotiation, mediated arbiteration, and fact-finding.
The plaintiff and the defendant could be given time to discuss and resolve the stalemate out of court,then report their joint resolution for documentation in the court (Alamdari, 2001). This gives the aggrieved parties time to negotiate for faorable terms, which appeal to both parties. Such decisions normally meet the satisfaction of the plaintiff and the defendant without necessitating a court process, because the latter usually takes long.
The aggrieved parties might start a fresh negotiation to amend the terms of reference so that neither of them considers one-self shortchanged (Alamdari, 2001). Since law requires evidence to prove a claim, all the negotiations should be documented and duly signed. Moreover, the negotiation might happen between the two parties only or in the presence of a third party if they choose to have one. This third party must be always non-partial so that the verdict can be satisfactory to the plaintiff and defendant.
The negotiations outside court should be conducted in the presence of a third party who will act as a witness if the agreement is not honored by either partner (Alamdari, 2001). Indeed, this makes the case easier to determine. Mediated arbiterations usually varry based on the schedule of the plaintiff and defendant. Once the case reaches 'impasse', the arbiterator is allowed to issue his or her impartial, but binding opinion according to the information that emanates from the two parties.


LG Mosquito Away TVs recently went on sale in India, all set to make similar head-way in Srilanka and Philippines.
In effort to fight Zika, dengue and malaria, South Korean conglomerate, LG has released the "LG 32LG52D" TV with 'Mosquito Away Technology'. With the launch of a TV incorporating technology that 'effectively drives away mosquitoes', there is a buzz seen in the Indian market and the Indian arm of South Korean LG TV is set to reap the benefits.
These IPS screen equipped TV sets use a technology called 'Mosquito Away' which uses ultrasonic sound waves to repel these blood sucking pests. According LG TV India, "The TV's "Mosquito Away Technology" uses ultrasonic waves that are inaudible to humans but cause mosquitoes to fly away, according to the company. The same technology, which was certified as effective by an independent laboratory near Chennai, India, has been used by LG in air conditioners and washing machines".
Helping Indian end users make the most of the entertainment available on their new LG Mosquito Away TVs, these LG Mosquito Away TVs are much more standard slim and stylish TVs.The technology, which also functions when the TV is switched off, is available in two models, priced at Rs. 26,500 and Rs 47,500. The new Mosquito-repellent LG TV is targeted for the Indian families with low income who live in mosquito hit area and have no remedy to keep them away except temporarily.
In near future, the Mosquito-repellent LG TV will also make its head-way in the similar markets of Philippines and Sri Lanka.
LG had begun to develop such TV set before the outbreak of the Zika virus in Latin America, which had fuelled concern over safety at the Olympic Games set to begin in August in Rio de Janeiro. In May, the World Health Organisation (WHO) warned that the virus was likely to come to Europe this summer, with France being one of the most at-risk countries among those given a "moderate" risk rating.
However, LG spokesperson issued a clarifying note that, "These TV sets are not intended to replace other mosquito-deterrent devices".


Saroja is inspired by the 1993 Hollywood film Judgement Night, starring Emilio Estevez and Cuba Gooding Jr, and directed by Stephen Hopkins. The original English film was a chilling crime drama and Saroja is a thrilling Indianised version.
Saroja is a story of four ordinary people, who by a conspiracy of circumstances, become heroes by rescuing a kidnapped girl.
Saroja(Vega), daughter of Industrialist Vishwanth 9 Prakash Raj) is kidnapped by a group of criminals and demand a ransom of Rs 10 Crores. Police Commissioner Ravi (Srihari) takes up the case and is busy planning the rescue of the girl.
In a separate track, a group of four friends in Chennai – Ramaswamy (Vaibhav), Rangaswamy (SP Charan), Ganesh (Premji) and Ajay (Siva) leave for Hyderabad to watch an Indo-Pak Cricket match. An accident takes place on the highway, when a tanker collides and blocks the traffic and they are forced to take a short cut to Hyderabad so that they will be in time to watch the cricket match.
As the group of friends journey through a forest, they come across the hide-out of the gang that kidnapped Saroja. The rest of the story deals with how they rescue the girl culminating in an unexpected climax.
Srihari gives a convincing and competent performance. Prakash Raj is his usual thespian self. Vaibhav, SP Charan, Premji and Siva are quite adequate in their roles. Kajal Agarwal adds a bit of glamour quotient. The rest of the supporting actors just go through the motions.
Venkat Prabhu, who charmed everyone with an original story in Chennai 600028, disappoints with Saroja. His adaptation of Judgement Night is without screen logic and his attempts to bring in nativity is a drag on the narration. Only those scenes which are copied from the original look a bit interesting. The attempt to tag-in some humour falls flat.
Camera work and editing have nothing much to rave about. The music of Yuvan Shankar Raja is the only redeeming feature.
Saroja is a perfect example of mediocrtity and can conveniently be avoided, unless someone is paying for the ticket, popcorn and soft drink.


This entry was posted in Heart matters, home, marriage and tagged about us, Cape Town, communication, friendship, in-laws, love, marriage, planning, relationship advice, relationships, Three Years. Bookmark the permalink.
Thanks so much and Amen!!
May God bestow His goodness & blessings on the 2 of you as you celebrate another year of marriage. I also hope & pray that you 2 grow closer to each other as you draw closer to God. May the Lord bless you,keep you&make His face to shine upon you. Amen.


text:
In the New "Borat" Film, The Title Character Attempts to Give His Daughter to Who?
"Borat" was a complete phenomenon when it came out in 2006. It's had fans quoting it for literally fourteen years. Sacha Baron Cohen revealed a few months ago that a sequel was finally complete after being announced in 2007, so looks like quarantine has been treating his creative processes well. The title of the film, "The Borat Subsequent Moviefilm: Delivery of Prodigious Bribe to American Regime for Make Benefit Once Glorious Nation of Kazakhstan," is set to premiere on Amazon Prime on October 23rd.
The film has a sort of "Pretty Woman" plotline. Borat returns to America with the mission to deliver his daughter to Vice President Mike Pence, but not before he gives her a makeover. In a (gross) twist, Borat's daughter is also pregnant - and Borat is the father. Not right, we know. And then the pandemic hits...
Borat doesn't understand why everyone is quarantining, so when the reason is explained to him, he asks to stay with a random stranger. However, his views on social distancing aren't exactly the same as everyone else's. He hopes quarantine never ends! The trailer ends with Borat actually getting to Mike Pence - but he's disguised as Donald Trump. Turns out, this actually happened in real life. Cohen did this stunt back in February. Shows how dedicated he is to his craft. You can watch the entire film at the end of the month, and you better believe you're in for a whirlwind.

redpajama_set_name: RedPajamaCommonCrawl


text:
Beyond the Qumran Community (Collins): The Sectarian Movement of the Dead Sea Scrolls / January 01, 2010
Prod ID: Collins-Beyond Qumran / Pub. Wm. B. Eerdmans / Author:
John J. Collins;
A systematic analysis of the Essene Sect that argues a surprising claim
With the full publication of the Dead Sea Scrolls, fresh analysis of the evidence presented can be — and indeed, should be — made. Beyond the Qumran Community does just that, reaching a surprising conclusion: the sect described in the Dead Sea Scrolls developed later than has usually been supposed and was never confined to the site of Qumran.
John J. Collins here deconstructs "the Qumran community" and shows that the sectarian documents actually come from a text spread throughout the land. He first examines the Community Rule or Yahad, and then considers the Teacher of Righteousness, a pivotal figure in the Essene movement, discovering that he was probably active in the first century bce rather than in the Maccabean era. After examining the available evidence, Collins concludes that it is, in fact, overwhelmingly likely that the site of Qumran housed merely a single settlement of this widespread movement.
Authors: John J. Collins
Publisher: Wm. B. Eerdmans
IVP: Pocket History of the Church
OT Library: Jewish Wisdom in the Hellenistic Age
History of Israel, A
A Brief History of Old Testament Criticism: From Benedict Spinoza to Brevard Childs
IVP: Pocket History of Theology
Beyond the Qumran Community (Collins) is included with the following packages
Be the first to review "Beyond the Qumran Community (Collins)" Cancel reply


Keep your #charmgame strong with our zipper pull charms. Attach these lollipops to the zipper of your jacket, purse, or backpack to give it that extra flair. You can even fasten them to your necklace or charm bracelet, the possibilities are endless! All you need are these cute rainbow LGBT lollipop zipper pull charm gift set to get you started.
♥ Measures approximately 2.25 inches long including the clasp.
♥ Hand rolled clay zipper pull charm.
♥ silver metal lobster claw style clasp.
♥ Ships in pink packaging on our exclusive Rad Girl card in clear plastic casing.
♥ Flat rate shipping available at $3.00 or less, US residents only.


This is a placeholder page for Dana Askew, which means this person is not currently on this site. We do suggest using the tools below to find Dana Askew.
You are visiting the placeholder page for Dana Askew. This page is here because someone used our placeholder utility to look for Dana Askew. We created this page automatically in hopes Dana Askew would find it. If you are not Dana Askew, but are an alumni of Stockbridge High School Stockbridge, GA, register on this site for free now.


Drs. Dale and Platt and the Gladstone hygiene team have found that dental sealants are an excellent tool to use in the prevention of tooth decay in children. Dental sealants are applied to teeth, especially molars with large crevices where bacteria can accumulate and cause cavities. The sealant fills in the crevices forming a barrier to protect the tooth surface.
When the use of sealants are accompanied by an oral health regimen that includes regular dental exams and cleanings, fluoride, healthy diet and good at-home dental care, we can greatly reduce and/or prevent the number of cavities experienced by our young patients.


text:
Die Ilchane oder Il-Chane (auch Ilkhane und Īlḫāne, , [dem Großchan untergeordnete] Teilherrscher, "Provinzfürsten") waren eine mongolische, im späten 13. Jahrhundert zum Islam übergetretene Dynastie, die 1256–1335 über ein Reich herrschte, das zeitweise ganz Persien, Mesopotamien sowie große Teile Zentralasiens und Anatoliens umfasste. Gegründet wurde das Ilchanat mit der Hauptstadt Täbris durch den Feldherrn Hülegü, einen Enkel Dschingis Khans.

Geschichte
Schon seit der Eroberung des Reichs der Choresm-Schahs durch Dschingis Khan um 1220 standen praktisch ganz Chorasan und der nördliche Iran unter der Herrschaft der Mongolen. Nach 1241 begannen sich diese unter Baidschu in Aserbaidschan festzusetzen und auch den westlichen Iran zu erobern. Dem stand nach dem Sieg über die Rum-Seldschuken in der Schlacht vom Köse Dağ/Sivas kein wesentlicher Widerstand mehr entgegen.

In einem Reich zusammengefasst wurde die Herrschaft der Mongolen in Persien aber erst 1256, als Hülegü (reg. 1256–65) die Dynastie der Ilchane begründete. Der Großteil Persiens wurde ohne größere Kämpfe unterworfen, da vor allem in Südpersien die meisten Fürsten die Oberhoheit der Ilchane anerkannten. Bagdad brachten die Mongolen jedoch 1258 nach kurzer Belagerung gewaltsam unter ihre Herrschaft, nachdem Kalif al-Mustasim die Unterwerfung verweigert hatte. Damit endete schließlich auch das Kalifat der Abbasiden in Bagdad.
Syrien konnte infolge einer Niederlage gegen die Mamluken von Ägypten in der Schlacht bei ʿAin Dschālūt (1260) hingegen nicht erobert werden, so dass der Euphrat fortan die Grenze zum – sich auch in Zukunft erfolgreich behauptenden – Mamlukensultanat bildete und das Ilchanat seine größte Ausdehnung erreicht hatte.
Neben den gescheiterten Versuchen, Syrien zu erobern, mussten sich die Ilchane vor allem mit der Goldenen Horde in der südrussischen Steppe auseinandersetzen. Diese beanspruchte die Herrschaft über den Kaukasus und Aserbaidschan, da sie bis 1256 die Oberhoheit über die dort operierenden Mongolen besessen hatte. Der Konflikt wurde noch dadurch verschärft, dass sich die Goldene Horde mit den Mamluken von Ägypten verbündete. Auch mit den Tschagatai-Chanen in Transoxanien gab es mehrere Auseinandersetzungen, doch konnten die Ilchane bis zu ihrem Untergang sowohl die Kaukasusgebiete als auch Chorasan erfolgreich gegen fremde Ansprüche verteidigen.

Zu einer ersten internen Krise der Dynastie kam es unter dem Ilchan Tegüder (reg. 1282–84), der als erster Mongolenherrscher zum Islam übertrat und den Namen Ahmad annahm. Dies führte zum Widerstand der mongolischen Oberschicht, die weiterhin der traditionellen Stammesreligion anhing. 1284 wurde Ahmad Tegüder deshalb durch Arghun (reg. 1284–91) gestürzt, unter welchem nun eine verstärkte Förderung des Buddhismus stattfand. Die unter Arghun beginnende Vernachlässigung der Verwaltung und des Steuersystems wurde erst unter Ghazan (reg. 1295–1304) gestoppt; dieser leitete eine erfolgreiche Reorganisation des Staates ein. Seine Herrschaft wird als Höhepunkt der Dynastie angesehen. Unter ihm erfolgte auch der Übertritt der mongolischen Oberschicht zum sunnitischen Islam und die Zurückdrängung von Juden, Christen und Buddhisten in der Verwaltung.

Ghazans Nachfolger vernachlässigten die Verwaltung des Reichs erneut. Als Abu Said (reg. 1316–35) minderjährig an die Macht kam, verschärften sich interne Machtkämpfe. Dennoch konnte u. a. die Oberhoheit über Anatolien weiter behauptet und der Kaukasus und Chorasan erfolgreich verteidigt werden. Erst nach Abu Saids Tod kam es zum Zusammenbruch des Reiches in Persien. Zwar erhoben sich in den folgenden Jahren noch einige Fürsten zu Ilchanen, doch beherrschten sie bestenfalls noch die Hauptstadt Täbris. Die Provinzen machten sich dagegen unter eigenen Dynastien selbständig, von denen die bedeutendsten die Tschobaniden (im persischen Irak und Aserbaidschan), die Dschalairiden (im arabischen Irak), die Kartiden (im östlichen Chorasan), die Muzaffariden (in Südpersien) und die Sarbadaren (im westlichen Chorasan) waren.

Die heutigen Hazara in Afghanistan gelten als direkte Nachkommen der Ilchane und ihrer Gefolgsleute.

Wirtschaftliche und kulturelle Entwicklungen unter den Ilchanen
Wirtschaftlich führte die Herrschaft der Ilchane zu einer Blütezeit des Landes, da durch die Sicherung der Handelswege nach Mittelasien und in den Fernen Osten sowohl der Handel als auch die Industrie und das Handwerk einen bedeutenden Aufschwung erfuhren. Allerdings bezog sich dieser nicht auf die Landwirtschaft, deren weiteren Niedergang auch die Ilchane nicht aufhalten konnten. Grund hierfür war neben kriegsbedingten Zerstörungen (vor allem im nördlichen Persien) auch die verstärkte Einwanderung von Nomaden, welche sich nur schwer in die persische Gesellschaft und die Wirtschaft der sesshaften Bauernbevölkerung integrieren ließen.

Infolge der Förderung durch die Ilchane kam es auch wieder zu einem kulturellen Aufschwung, wobei sich besonders Täbris als Hauptstadt des Reichs zu einem bedeutenden Kulturzentrum entwickelte: Besonders in der Architektur und der Buchmalerei kam es zu einer schnellen Entwicklung, wobei gerade letztere hervorzuheben ist, da der Islam die bildliche Darstellung eigentlich untersagt. Auch die Wissenschaft wurde stark gefördert. So wurde in Täbris die Akademie "Dar asch-Schifa" gegründet, an der zeitweise 7000 Studenten ausgebildet wurden. Außerdem wirkten unter den Ilchanen so bedeutende Gelehrte wie der Wesir Raschid ad-Din.

Ilchan als Titel im Iran des 19.–20. Jahrhunderts
Der Titel Ilchan wurde im 19. Jahrhundert vom Führer der Kaschgai im südlichen Iran wieder aufgegriffen. Dschan Mohammad Khan trug den Titel seit 1818/19 ebenso wie alle anderen Führer der Kaschgaiföderation nach ihm. Der letzte Ilchan war Nasir Khan, der aber 1954 von der Regierung des Schahs Mohammad Reza Pahlavi ins Exil gedrängt wurde und auch nach seiner Rückkehr im Jahre 1979 nie wieder die alte Rolle erlangte. Nach seinem Tode 1984 gibt es keinen Träger dieses Titels mehr.

Herrscherliste
Siehe Liste der Ilchane

Siehe auch
 Mongolisches Reich

Literatur
 Ömer Diler: Ilkhans. Coinage of the Persian Mongols. Turkuaz Kitapçılık Yayıncılık, Istanbul 2006, ISBN 994-455291-7.
 Dorothea Krawulsky: Das Reich der Īlḫāne. Eine topographisch-historische Studie (= Beihefte zum Tübinger Atlas des Vorderen Orients. B/17). Wiesbaden 1978.
 Dorothea Krawulsky: Mongolen und Ilkhâne – Ideologie und Geschichte. 5 Studien. Verlag für Islamische Studien, Beirut 1989.
 George Lane: The Mongols. I.B. Tauris, London/New York 2018, S. 98ff.
 Bertold Spuler: Die Mongolen in Iran. Politik, Verwaltung und Kultur der Ilchanzeit 1220–1350. 4. verbesserte und erweiterte Auflage. E. J. Brill, Leiden 1985, ISBN 90-04-07099-0 (Zugleich: Göttingen, Univ., Habil.-Schr., 1938).

Weblinks

Anmerkungen

Dynastie (Iran)

redpajama_set_name: RedPajamaWikipedia


text:
The Bitcoin ETF Gets Rejected, This Is Why It Doesn't Matter
Here Is Why This SEC Commissioner is Pro-Bitcoin ETF
No, SEC isn't Approving a Bitcoin ETF This Month, Don't Get Too Excited
Why No ETFs are Happening This year
Hope is Still There, Only For 2020
We've detected unusual activity from your computer network
Hester M. Peirce was the only commissioner of the US Securities and Exchange Commission who voted against the decision to reject a bitcoin-based exchange traded fund (ETF) proposal by crypto investors Cameron and Tyler Winklevoss.
She explains her position in a separate statement (below is the full text.)
Dissent of Commissioner Hester M. Peirce to Release No. 34-83723; File No. SR-BatsBZX-2020-30
Hester M. Peirce. Source: The SEC
I respectfully dissent from the Commission's order disapproving a proposed rule change, as amended, to list and trade shares of the Winklevoss Bitcoin Trust on Bats BZX Exchange, Inc. ("BZX").[1] As the order notes, in reviewing such a proposed rule change, the Commission considers whether the proposed change is consistent with the Securities Exchange Act of 1934 ("Exchange Act") and the rules and regulations thereunder.[2] Contrary to the Commission's determination, I believe that the proposed rule change satisfies the statutory standard and that we should permit BZX to list and trade this bitcoin-based exchange-traded product ("ETP"). Accordingly, I would set aside the action the staff took by delegated authority in this matter and approve the proposed rule change.
In addition, I am concerned that the Commission's approach undermines investor protection by precluding greater institutionalization of the bitcoin market. More institutional participation would ameliorate many of the Commission's concerns with the bitcoin market that underlie its disapproval order. More generally, the Commission's interpretation and application of the statutory standard sends a strong signal that innovation is unwelcome in our markets, a signal that may have effects far beyond the fate of bitcoin ETPs. I will discuss each of these issues in turn.
I. The Proposed Rule Change Satisfies the Requirements of Exchange Act Section 6(b)
The Commission is disapproving BZX's proposed rule change because it finds the proposed rule inconsistent with Section 6(b)(5) of the Act, which requires, in part, that the rules of a national securities exchange be "designed to prevent fraudulent and manipulative acts and practices [and] to protect investors and the public interest." The Commission focuses its decision not on the ETP shares to be listed on the exchange but on the underlying bitcoin spot market. It rejects BZX's argument that the underlying bitcoin market is resistant to manipulation and, contending that BZX does not have surveillance-sharing agreements with one or more regulated markets of significant size in the bitcoin spot market, finds that the proposed rule does not comply with Section 6(b)(5).
The Commission erroneously reads the requirements of Section 6(b)(5). The disapproval order focuses on the characteristics of the spot market for bitcoin, rather than on the ability of BZX—pursuant to its own rules—to surveil trading of and to deter manipulation in the ETP shares listed and traded on BZX. Section 6(b)(5), however, instructs the Commission to determine whether "[t]he rules of the exchange" are, among other things, "designed to prevent fraudulent and manipulative acts and practices [and] to promote just and equitable principles of trade," and "are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers."[3] It says nothing about looking at underlying markets, as the Commission often has done in its orders.
I am persuaded that the rules of the exchange satisfy the Section 6(b)(5) standard. As detailed in the exchange's proposed rule filing, the shares of the Winklevoss Bitcoin Trust ("Trust") would trade under BZX Rule 14.11(e)(4), which governs the listing and trading of Commodity-Based Trust Shares.[4] This rule would require the ETP shares to meet initial and continued listing standards.[5] It also would impose obligations on registered market makers in the shares intended to deter market manipulation and other misconduct, including limitations on certain trading activities and a requirement to make available to BZX certain records of transactions by such market makers.[6] BZX would have the ability to halt trading in the ETP shares, including in response to market conditions that are inconsistent with the maintenance of a fair and orderly market.[7] These requirements together convince me that BZX's proposal to list the ETP shares under its rules is consistent with Section 6(b)(5).
Because the disapproval order focuses on the bitcoin spot market, it does not give adequate weight to the important function that exchanges, as self-regulatory organizations ("SROs"), perform under our regulatory framework. BZX should, and would, play a central role in monitoring trading in shares of the Trust. In performing that function, BZX would exercise the responsibilities entrusted to it as an SRO and would be subject to Commission oversight. In exercising these responsibilities, BZX would have powerful regulatory and business incentives to ensure the integrity of the products that it lists for trading. Nothing in the record suggests that BZX is unwilling or unable to fulfill its responsibilities under the Exchange Act.
Approval of this order would demonstrate our commitment to acting within the scope of our limited role in regulating the securities markets. The Commission's mission historically has been, and should continue to be, to ensure that investors have the information they need to make intelligent investment decisions and that the rules of the exchange are designed to provide transparency and prevent manipulation as market participants interact with each other.
The Commission steps beyond this limited role when it focuses instead on the quality and characteristics of the markets underlying a product that an exchange seeks to list. As today's disapproval order states, many previous orders approving other ETPs have noted the existence of surveillance-sharing agreements between the ETP-listing exchange and regulated exchanges that trade in the underlying product. It is not clear that these agreements were essential to the Commission's prior decisions to approve other ETPs. Even if they were determinative in prior decisions, I do not believe that an analysis of such agreements or of the nature of the underlying market was ever appropriate under Section 6(b)(5).[8]
The concerns underlying the disapproval order go to the merits of bitcoin—and thus the bitcoin-based ETP at issue here—as an investment. The order raises concerns about potential future actions of potential large holders of bitcoin,[9] academic speculation about past manipulation in the market,[10] and the lack of regulation of the spot market.[11] Indeed, if the disapproval order's rigorous standard were applied consistently, many commodity-based ETPs would be in peril, as rumors of manipulation plague many commodity markets,[12] and surveillance-sharing agreements with regulated markets cannot eliminate the sometimes messy nature of the commodities markets. Moreover, because it opines at length about the quality of the bitcoin spot market, the disapproval order suggests that, when we do finally approve an ETP on bitcoin (or any other product traded in a non-traditional market), investors may reasonably—but incorrectly—conclude that the investment carries with it the SEC's imprimatur because the Commission has performed due diligence on the underlying market and, through its approval, is certifying the quality of that market.
For all of these reasons, I would limit review of BZX's rule filing to a consideration of whether the exchange's rules governing the trading of the ETP shares are consistent with Exchange Act Section 6(b)(5). Based on the record before the Commission, I find that they are consistent and would approve the rule filing.
Even if I accepted the majority's approach and focused on the underlying bitcoin markets, I would reach the same conclusion. As an initial matter, I am not convinced that the Commission's emphasis in recent orders on whether there is a "regulated market of significant size" for the underlier, as that phrase is interpreted by the Commission in the disapproval order, is the appropriate test under our prior approval orders.[13] It is well established that privately generated regulation can be effective at achieving well-functioning markets even absent government regulation.[14] In any case, the relevant market for purposes of this proposed listing, the Gemini Exchange, is in fact regulated by the New York State Department of Financial Services.[15] Moreover, BZX has entered into a surveillance-sharing agreement with the Gemini Exchange, the closing auction price of which would be used to calculate the net asset value of the ETP.[16]
II. The Disapproval Order Inhibits Institutionalization
In disapproving the proposed listing, the Commission points to problems in the bitcoin market that I believe would be mitigated by institutionalizing the market—a phenomenon that bitcoin ETPs would foster. For example, the order points to the price disparities across bitcoin markets.[17] While I contend that the markets are already better connected by active arbitrageurs than the Commission's order suggests, the establishment of an ETP would invite more price arbitrage and thus better connections among markets. Because authorized participants could compose their baskets with bitcoin obtained from any source, the availability of the ETP would bring prices at different exchanges closer together. Greater participation by institutional investors in the bitcoin market would help to pressure exchanges to bolster their defenses against theft, encourage greater investment in custody solutions in the bitcoin space, and make it more difficult for market manipulators to escape the notice of their fellow market participants.
The disapproval order discourages new institutional participants from entering this market. Worse, it suggests that approval for bitcoin ETPs will come only when bitcoin spot and derivatives markets have matured substantially,[18] yet, at the same time, contributes to further delay in their maturation, as potential institutional investors may reasonably conclude that the Commission will continue to repress market forces for the foreseeable future. As long as these investors decline to enter the bitcoin market because there is no efficient vehicle that would reduce the costs of entry, the features of the bitcoin market that cause the Commission concern are likely to persist.
The disapproval order therefore unintentionally undermines investor protection. It precludes investors from accessing bitcoin through an exchange-listed avenue that offers predictability, transparency, and ease of entry and exit. Investors who want to diversify their portfolios by adding a bitcoin component will be relegated to the spot market, which will not benefit from the increased institutional discipline that approval of this product would bring.[19] These investors also will not have access to the types of disclosures that a listed ETP would provide (and that our regulations are intended to promote).
To maximize investor choice, foster competition, and avoid unnecessarily depriving investors of protections available under the Exchange Act and BZX's rules, I would approve this order and welcome the Commission's consideration of other bitcoin-based ETPs that offer different pricing mechanisms, are pegged to bitcoin futures markets, seek to be registered under the Investment Company Act of 1940, or otherwise differ from the ETP at issue here. Investors would benefit from having multiple, competing options for gaining exposure to bitcoin. It is also important that we not give one sponsor a monopoly in providing bitcoin ETPs.
Investors, of course, might conclude, based on the disclosures required in connection with listing the ETP shares, that neither direct nor indirect exposure to bitcoin is appropriate for them. Investors who determine that bitcoin is an appropriate investment may determine that one or more of these ETPs are inconsistent with their needs or are poorly designed to accommodate the unique characteristics of bitcoin. Even if all the ETPs we approve fail to generate investor interest, approval of such products would further the Exchange Act objective of "remov[ing] impediments to . . . a free and open market"[20] and empower them to make their own decisions about the merits of these products. The majority's disapproval erects impediments and disempowers investors.
III. The Disapproval Order Dampens Innovation
More generally, the disapproval order demonstrates a skeptical view of innovation, which may have an adverse effect on investor protection, efficiency, competition, and capital formation well beyond this particular product. The disapproval order's broad interpretation of the Commission's statutory mandate signals that the Commission reserves for itself the authority to judge when an innovation is ripe enough, respectable enough, or regulated enough to be worthy of the securities markets. By suggesting that bitcoin, as a novel financial product based on a novel technology that is traded on a non-traditional market,[21] cannot be the basis of an ETP, the Commission signals an aversion to innovation that may convince entrepreneurs that they should take their ingenuity to other sectors of our economy, or to foreign markets, where their talents will be welcomed with more enthusiasm.
By withholding approval of a bitcoin-based ETP because the underlying market insufficiently resembles the markets for other commodities, we set ourselves up as the gatekeepers of innovation. Securities regulators are ill-equipped to fill this particular role.[22] It is telling that the disapproval order's analysis shows little consideration of the relatively advanced features of this still nascent market. For example, trading in bitcoin is electronic, which facilitates competition and price transparency.[23] Bitcoin are interchangeable, so that a purchaser is sure to get exactly the same thing no matter where she purchases it.[24] In addition, bitcoin mining is not geographically limited (except to the extent it migrates to places with cheap electricity), so it is not subject to geopolitical threats that plague other commodity markets.[25] Rather than considering the unique opportunity that these innovative characteristics of the bitcoin market present to investors, the order analyzes the ETPs through a legal and regulatory framework derived from prior approval orders for commodities with very different characteristics.
In sum, I would rather we err on the side of approving products so that investors, who are generally better judges about these things than we are, can form their own views about a particular innovation and act on those views in the market.[26]
By precluding approval of cryptocurrency-based ETPs for the foreseeable future, the Commission is engaging in merit regulation. Bitcoin is a new phenomenon, and its long-term viability is uncertain. It may succeed; it may fail. The Commission, however, is not well positioned to assess the likelihood of either outcome, for bitcoin or any other asset. Many investors have expressed an interest in gaining exposure to bitcoin, and a subset of these investors would prefer to gain exposure without owning bitcoin directly. An ETP based on bitcoin would offer investors indirect exposure to bitcoin through a product that trades on a regulated securities market and in a manner that eliminates some of the frictions and worries of buying and holding bitcoin directly. If we were to approve the ETP at issue here, investors could choose whether to buy it or avoid it. The Commission's action today deprives investors of this choice. I reject the role of gatekeeper of innovation—a role very different from (and, indeed, inconsistent with) our mission of protecting investors, fostering capital formation, and facilitating fair, orderly, and efficient markets. Accordingly, I dissent.
Hester M. Peirce, Commissioner
[1] See Exchange Act Release No. 79183 (Oct. 28, 2020), 81 FR 76650 (Nov.3, 2020) (amending, and replacing, original rule filing in its entirety).
[2] See Exchange Act Release No. 34-83723 at Section I.
[3] 15 U.S.C. 78f(b)(5) (emphasis added). This interpretation comports with the Commission's view, articulated in a disapproval order issued shortly after the statute's enactment, that the legislative history of Section 6(b)(5) indicates that this provision was intended to limit the authority of exchanges to impose rules on their members. See In the Matter of New York Stock Exchange, Inc., Exchange Act Release No. 12737, 1976 SEC LEXIS 984, 37-39 (Aug. 25, 1976) (SR-NYSE-76-7; SR-NYSE-76-8) ("In the Matter of New York Stock Exchange"). In that order, which disapproved certain proposed rule changes by the New York Stock Exchange, the Commission further noted that "Section 6(b)(5) underlines that the purpose of the Act in providing for self-regulatory organizations has always been to minimize regulation of the securities markets by providing an opportunity for the industry to regulate itself and, in turn, to promote the efficient functioning of the securities markets by providing the maximum opportunity for private initiatives and innovative experimentation." Id. at 38-39 (emphasis added).
[4] See supra note 1, at 76651.
[5] See id. at 76667.
[6] See id. at 76666-67.
[7] See id. at 76667-68. BZX also proposes to provide relevant information about the ETP to its members via an Information Circular, including suitability requirements for members recommending the ETP shares to customers, the risks of trading the ETP shares, the methods by which pricing information will be disseminated, and prospectus delivery requirements. See id. at 76668.
[8] One comment letter on another proposed rule change suggests considering what a parallel inquiry by the Commission for equity securities might look like. See Letter from Joseph A. Hall, Partner, Davis Polk & Wardwell LLP, to Brent J. Fields, Secretary, Securities and Exchange Commission, at 2-3 (Sep. 12, 2020) (on file at https://www.sec.gov/comments/sr-nysearca-2020-06/nysearca202006-2436861-161053.pdf). The commenter suggests that the rationale of the initial disapproval order in this matter and another bitcoin-related product also might lead the Commission to assess risks common in an issuer's industry prior to permitting an equity security to be listed, in addition to requiring listed companies to provide disclosures to investors purchasing their shares on an exchange. See id. at 3. If the Commission determined that a particular industry was susceptible to certain types of misconduct, the rationale set forth in the disapproval order could justify requiring, for example, information-sharing agreements with regulators or other authorities responsible for policing such risks or enforcing relevant legal requirements. See id. The merit-based nature of such an approach would be immediately apparent.
[9] See supra note 2, at Section III.B.1.(b)(i) (stating that "a market participant with a dominant ownership position would not find it prohibitively expensive to overcome the liquidity supplied by arbitrageurs and could use a dominant market share to engage in manipulation").
[10] See id. (stating that "recent academic papers suggest that the price of bitcoin can be, and has been, manipulated through activity on bitcoin trading venues").
[11] See id. at Section III.C.2 (stating that "a substantial majority of bitcoin trading occurs outside the United States, and even within the United States, there is no comprehensive federal oversight of bitcoin spot markets").
[12] See, e.g., Craig Pirrong, The Economics of Commodity Market Manipulation: A Survey (2020) (explaining that "[t]he subject of market manipulation has bedeviled commodity markets since the dawn of futures trading"). Even apart from manipulation, commodity prices are subject to influences well beyond the ability of any exchange selling a commodity-based ETP to control. See, e.g., Joe Weisenthal and Tracy Alloway, This is how the chocolate market actually works (June 4, 2020), https://www.bloomberg.com/news/articles/2020-06-04/this-is-how-the-chocolate-market-actually-works (explaining that the price of cocoa responds to factors such as weather, politics, people, and regulation).
[13] Reliance on the presence of significant, regulated markets has been more prominent in the Commission's approval orders for commodity-based ETPs since 2020. See Exchange Act Release No. 82593 (Jan. 26, 2020), 83 FR 4718, 4719 (Feb. 1, 2020) (SR-NYSEArca-2020-140) (discussing surveillance arrangements for listing of gold-based ETP); Exchange Act Release No. 82448 (Jan. 5, 2020), 83 FR 1428, 1436 (Jan. 11, 2020) (SR-NYSEArca-2020-131) (same for gold- and silver-based ETP); Exchange Act Release No. 81918 (Oct. 23, 2020), 82 FR 49884, 49885 (Oct. 27, 2020) (SR-NYSEArca-2020-98) (same for gold-based ETP); Exchange Act Release No. 81077 (July 5, 2020), 82 FR 32024, 32025 (July 11, 2020) (SR-NYSEArca-2020-55) (same for gold-based ETP); Exchange Act Release No. 80319 (Mar. 28, 2020), 82 FR 16247, 16254 (Apr.3, 2020) (SR-NYSEArca-2020-101) (same for bitcoin-based ETP). On the other hand, approval orders for ETPs prior to 2020 seem to place less explicit emphasis on the presence of an agreement with a "significant, regulated market." See, e.g., Exchange Act Release No. 68973 (Feb. 22, 2020), 78 FR 13726, 13739-40 (Feb. 28, 2020) (discussing surveillance arrangements in connection with listing of copper-based ETP); Exchange Act Release No. 59895 (May 8, 2009), 74 FR 22993 (May 15, 2009) (SR-NYSEArca-2009-40) (approval order for listing of gold-based ETP); Exchange Act Release No. 50603 (Oct. 28, 2004), 69 FR 64614, 64618) (Nov. 5, 2004) (discussing surveillance arrangements for listing of gold-based ETP); Exchange Act Release No. 35518 (Mar. 21, 1995), 60 FR 15804 (Mar. 27, 1995) (SR-Amex-94-30) (approval order for commodity-linked notes, noting that listing exchange had "entered into certain surveillance sharing agreements with each of the futures exchanges upon which the underlying designated futures contracts trade").
[14] See, e.g., Edward Peter Stringham, Private Governance: Creating Order in Economic and Social Life chs. 4-6 (2020) (describing the private regulation of early stock markets).
[15] See supra note 1, at 76651-52 (stating that "Gemini Trust Company, LLC will be the custodian of the Trust (the 'Custodian')" and that "[t]he Custodian is a New York State-chartered limited liability trust company that operates under the direct supervision and regulatory authority of the NYSDFS"). See also Press Release, New York State Department of Financial Services, NYDFS Grants Charter to "Gemini" Bitcoin Exchange Founded by Cameron and Tyler Winklevoss (Oct.5, 2020) (available at https://www.dfs.ny.gov/about/press/pr1510051.htm) (noting that "Gemini applied to NYDFS for a charter to operate as a trust under that process for virtual currency exchanges in July 2020"; that "NYDFS conducted a rigorous review of that application, including but not limited to the company's anti-money laundering, capitalization, consumer protection, and cyber security standards"; and that "[a]s a chartered limited purpose trust company with fiduciary powers under the Banking Law, Gemini can begin operating immediately and is subject to ongoing supervision by the NYDFS").
[16] See supra note 1, at 76668 (noting that BZX "has entered into a comprehensive surveillance sharing agreement with Gemini Exchange"). Cf. supra note 2 at Section III.D.2.(a) (noting prior approval order where "the listing exchange had entered into surveillance-sharing agreements with each of the futures markets on which pricing of the [product] would be based").
[17] See supra note 2, at Section III.B.1.(b)(i) (expressing skepticism regarding "the actual effectiveness of arbitrage in the bitcoin spot market, either in terms of how closely prices are aligned across different bitcoin trading venues or how quickly price disparities are arbitraged away").
[18] See, e.g., id. at Section III.D.2.(b) (noting that "[f]oreign currency derivatives traded on national securities exchanges for decades before the Commission approved currency-trust ETPs") (emphasis added); id. at Section III.G (explaining that "the market for bitcoin-based derivatives is not yet well developed" in contrast to the platinum and palladium markets, "where futures products on those metals had been trading for several decades before commodity-trust ETPs were launched") (emphasis added); id. at Section III.E.3.(a) (noting that bitcoin futures started trading only in late 2020 and that the Commission lacks information about how these markets may develop).
[19] See Letter from Craig M. Lewis, Professor of Finance, Vanderbilt University, "SolidX Bitcoin Trust: A Bitcoin Exchange Traded Product" (Feb. 13, 2020) (on file at https://www.sec.gov/comments/sr-nysearca-2020-101/nysearca2020101-1579480-131874.pdf) (describing potential benefits that a bitcoin-based ETP could bring to the market and the opportunity such a product would provide investors to diversify their investment portfolios). Admittedly, the recently established bitcoin futures markets may help foster institutional participation in the market for bitcoin.
[20] 15 U.S.C. 78k-1(b)(1).
[21] See supra note 18.
[22] See Shira Ovide and James Oberman, Flashback to Apple's 1980 IPO, Wall St. J. (Oct. 6, 2020) (https://blogs.wsj.com/deals/2020/10/06/flashback-to-apples-1980-ipo/) (discussing how Massachusetts regulators decided that Apple's IPO was too risky for the state's residents). See also In the Matter of New York Stock Exchange, supra note 3, at 38-39 (noting the purpose of providing for SROs in our regulatory framework as "always having been to minimize regulation of the securities markets…and, in turn, to promote the efficient functioning of the securities markets by providing the maximum opportunity for private initiatives and innovative experimentation").
[23] Bitcoin by definition does not involve physical delivery; by contrast, ETPs referencing physical commodities traded in spot markets may still involve authorized participants in taking delivery of the commodity, which may be a time-consuming, labor-intensive process. See Exchange Act Release No. 68440 (Dec. 14, 2020), 77 FR 75468, 75474 n.83 (Dec. 20, 2020) (SR-NYSEArca-2020-28) (approving ETP based on physical copper, which would involve "an authorized participant taking delivery of copper from an LME warehouse," requiring the authorized participant "to wait in the queues described by [a commenter], just like other owners withdrawing metal from that warehouse").
[24] Cf. Exchange Act Release No. 59895 (May 8, 2009), 74 FR 22993, 22994 (May 15, 2009) (SR-NYSEArca-2009-40) (noting market standards to help ensure generally uniform standards of purity and other characteristics of gold bars used in trading in the spot markets).
[25] Cf. Exchange Act Release No. 60971 (Nov. 9, 2009), 74 FR 59283, 59284 (Nov. 17, 2009) (noting that South Africa and Russia together "accounted for 78% of total platinum group metals supply in 2008").
[26] I acknowledge the concerns about potential retail investor harm arising from easier access to bitcoin. However, any increased risk must be weighed against the increased protections described in Part II above and the liberty interest that investors have in making their own choices, regardless of whether a regulator would make those same choices.
Many investors and traders have started to anticipate the next deadline of Bitcoin exchange-traded fund (ETF) filings with the US Securities and Exchange Commission (SEC). But, it is highly unlikely for the SEC to approve the first Bitcoin ETF in US markets within the next two months.
Earlier this week, publications reported that the deadline for the rule changes initiated by GraniteShares and Proshares Bitcoin ETFs, which were rejected by the SEC in August, is Oct. 26. This date is also the deadline for the public to submit statements in favor or opposition against the ETFs.
Due to the objection of SEC Commissioner Hester Peirce, the nine rejected Bitcoin ETFs were given the chance to file rule changes with the SEC to potentially overturn the commission's decision. However, the ETFs of GraniteShares and Proshares will not be approved or declined by the end of October and the deadline of the SEC to provide a decision on the ETFs is in November.
Government enforcement defense and securities litigation attorney of Kobre and Kim LLC, Jake Chervinsky explained that the process of receiving the final decision by the SEC for the nine ETFs will take significantly longer than the expectations of investors in the market.
"The deadline is for the public to submit statements of support or opposition, not for the SEC to finish its review (& the deadline is Nov. 5, not Oct. 26). The SEC will then review the statements & write an order. Could be a while."
Previously, subsequent to the SEC's announcement to review the nine ETFs again, Chervinsky emphasized that under existing regulations, any commissioner can request the SEC to re-evaluate ETF filings.
"Don't get too excited, folks. Under Rule 431 of the SEC's Rules of Practice, it only takes a single Commissioner to order a review like this. Hester Peirce deserves credit & respect for putting up a fight, but there's no reason to think yesterday's rejections will be reversed.
Hence, it is likely that in November, the SEC will echo its sentiment that the Bitcoin futures market is simply not mature enough to support an ETF.
Last month, the SEC rejected the ETF filings of nine institutions because they based the price of ETFs on the Bitcoin futures markets operated by CME Group and Chicago Board Options Exchange (Cboe). The SEC stated that the futures market of Bitcoin is not of sufficient size to handle large demand from investors in the traditional finance market.
In the past two months, the futures market of Bitcoin has not changed in terms of structure, volume, and infrastructure. ErisX has announced the launch of the first multi-cryptocurrency futures market with the support of $30 billion brokerage giant TD Ameritrade but it is still months away.
As such, if the ETFs still rely on the futures market as the base price of Bitcoin, then the SEC will deny the ETFs once again by the end of this year.
The official document released by the SEC released on Aug. 22 read:
"[The ETFs have not met the requirement that a national securities exchange's rules be designed to prevent fraudulent and manipulative acts and practices. Among other things, the Exchange has offered no record evidence to demonstrate that bitcoin futures markets are 'markets of significant size.'"
VanEck and Cboe Bitcoin ETFs are said to have the highest probability of being approved by the SEC. Both institutions have decades of a track record of compliance, security, and trust in the traditional finance sector, and the two ETFs are insured, protected, and audited.
The final deadlines of the two ETFs are in early 2020 and thus, the first Bitcoin ETF is not likely to be approved by the commission until early 2020.
To continue, please click the box below to let us know you're not a robot.
Where do traders store money
Zetipay.com Review Scam Payment System! Linked With Scam Stores
Why Binary Option Robot is Better Than Forex Trading
ZoomTrader Minimum Deposit


The value of an Angel group is increasingly being recognized by Angels, who primarily join an Angel group to mitigate risk, save time, and attract better opportunities. Angel groups are collaborative by nature, with Angels bringing specific sector expertise that can be shared within the group. While each Angel makes their own investment decisions, often a group of Angels will invest in a single opportunity and select a lead investor with specific industry knowledge or skills that can best be applied in a mentoring role.


text:
Monterey City Councilman Pleads Guilty To Assaulting Girlfriend
Updated: 1:32 AM PDT Sep 28, 2011
A Monterey city councilman pleaded guilty in court Wednesday morning to assaulting his live-in girlfriend in their Monterey home.Jeff Haferman, 46, pleaded guilty to spousal battery as part of a plea deal with prosecutors. The plea deal allowed Haferman to dodge a potential one year jail sentence.A judge ordered the city councilman to three years probation. He must also attend domestic violence classes, pay a $500 fine, refrain from harming his girlfriend, and not own any guns. PHOTOS: City Councilman Jeff Haferman On July 31, Haferman's girlfriend, Nicole Fuqua, went to the police station and told police that a violent fight had just happened with her boyfriend. Police arrested Haferman and he was booked into the Monterey County Jail.A week later, during Haferman's first court appearance, Fuqua tried to take back her accusations and defended Haferman."We've been living together again for the past week now just fine and peacefully," Fuqua told the judge. "I saw a counselor the day after the incident."The legal system, however, does not allow domestic violence victims to drop charges on their own."Once the case gets filed, we have to evaluate it and make that ultimate decision," Monterey County Deputy District Attorney Charles T. Olvis said.Prosecutors said they had more than enough evidence to convict Haferman, even without cooperation from their prime witness. The district attorney went forward with charging the city councilman.Haferman has served on the Monterey City Council for nearly seven years and is also the vice mayor.He works at the Naval Postgraduate School as the Director of Research Computing in Monterey and has a Ph.D. in mechanical engineering, according to his LinkedIn profile.Since his arrest, Haferman has continued serving on the Monterey City Council and attending meetings.
MONTEREY, Calif. —
A Monterey city councilman pleaded guilty in court Wednesday morning to assaulting his live-in girlfriend in their Monterey home.
Jeff Haferman, 46, pleaded guilty to spousal battery as part of a plea deal with prosecutors. The plea deal allowed Haferman to dodge a potential one year jail sentence.
A judge ordered the city councilman to three years probation. He must also attend domestic violence classes, pay a $500 fine, refrain from harming his girlfriend, and not own any guns.
PHOTOS: City Councilman Jeff Haferman
On July 31, Haferman's girlfriend, Nicole Fuqua, went to the police station and told police that a violent fight had just happened with her boyfriend. Police arrested Haferman and he was booked into the Monterey County Jail.
A week later, during Haferman's first court appearance, Fuqua tried to take back her accusations and defended Haferman.
"We've been living together again for the past week now just fine and peacefully," Fuqua told the judge. "I saw a counselor the day after the incident."
The legal system, however, does not allow domestic violence victims to drop charges on their own.
"Once the case gets filed, we have to evaluate it and make that ultimate decision," Monterey County Deputy District Attorney Charles T. Olvis said.
Prosecutors said they had more than enough evidence to convict Haferman, even without cooperation from their prime witness. The district attorney went forward with charging the city councilman.
Haferman has served on the Monterey City Council for nearly seven years and is also the vice mayor.
He works at the Naval Postgraduate School as the Director of Research Computing in Monterey and has a Ph.D. in mechanical engineering, according to his LinkedIn profile.
Since his arrest, Haferman has continued serving on the Monterey City Council and attending meetings.


text:
For 'Ultimate Survival Alaska' star James Sweeney, mixed feelings about reality TV fame
By Michelle Theriault Boots
Updated: June 1, 2016 Published: February 8, 2015
If you've watched the reality TV show "Ultimate Survival Alaska," you know James Sweeney.
In a field of mild, mostly upbeat competitors, he stands out as a hot-blooded mountaineer curmudgeon, frequently out of harmony with his hippie teammates.
As the third season of the show airs (filmed in summer 2014), Sweeney is learning something known by reality show villains since David "Puck" Rainey of MTV's "The Real World" and "The Apprentice's" Omarosa Stallworth: The bad guy is the only one people remember.
"I'd never get this much attention if I was boring," Sweeney said.
Sweeney, a 58-year-old mountaineer and writer who lives in the Turnagain Arm community of Hope, says he's OK, for the most part, with how he's being portrayed on the show. But he says he's no bully.
"And I'm not rude," he said. "I have meticulous manners. I'm a very 'please,' 'thank you' kind of guy."
From the beginning, when producers from the National Geographic Channel approached him about being on the show, he had an inkling he'd be cast in an unflattering light.
"I don't think they actually picked me to be a bad guy," he said. "They're picking me to be the hard-ass."
He says he did the show for two reasons.
First, he wanted to sell his book. Sweeney, a mountaineer with long experience in Alaska, also has one of the state's most famous survival stories.
In 1989, Sweeney and a climbing partner were knocked from an ice wall in the Alaska range and spent eight days stranded, badly injured and pounded by seven avalanches. An attempt to rescue the pair by plane was thwarted when the pilot's landing gear was damaged.
Both survived and the story was told and retold in newspapers and magazines. In 2006, the Discovery Channel aired an hour-long documentary on the ordeal, "I Shouldn't Be Alive: Alaskan Avalanche."
Sweeney wrote a book about it, originally called "Marine Life Solidarity Expedition" but renamed "A Thousand Prayers."
It hasn't sold well in the Lower 48, he said.
Reality TV, he figured, might give him the exposure he needed.
"I'm just a little guy in Alaska without a big publisher," he said. "I want to be on the best-seller list. I want a movie deal."
The second reason he did the show: He was unattached.
"My dog had died," he said. "I would never have left her to do the show."
Sweeney can't give away details of how his tenure on the show turns out, according his contract with the National Geographic Channel.
He says he liked the cameramen -- "they were studs" -- and harbors no ill will toward his teammates, even "Cluck," the North Carolina whitewater kayaker with no alpine experience he is often shown in conflict with.
"The tension with Cluck was real. I regret we didn't get along. It would have been a lot more fun. But I don't know any other way around it."
Cluck, whose real name is Scott McCleskey, is less equivocal. He called Sweeney a "nasty, disrespectful old man," in a December interview with his hometown newspaper in Asheville, N.C.
What he's most unhappy about is what he says was the behavior of producers, who he claims tried to scrape nasty gossip about him from people in his hometown of Hope.
"The producers -- yeah, I don't really like 'em," he said. "If you come into my town, talking shit about me, I'm going to bring it up in the paper."
Chad Sandhas, a Washington, D.C.-based spokesman for the show, said he couldn't comment other than to say Sweeney's "story arc on the show takes an interesting turn in the coming weeks."
Sweeney fractured his femur in a fall on ice in Hope in January. He crawled, soaked and shivering, to a cabin where he spent an excruciating night before a friend arrived to take him to the hospital.
While laid-up and recovering, Sweeney has been paying particular attention to online conversations about the show, sometimes jumping on message board threads and Facebook discussions to talk back at commenters.
"I told one guy little girls up here could kick his a--. He said, 'You're throwing down on Facebook?' "
Sure, why not? He's trying to seize the moment for all its worth, he said.
"I have their attention. Now I have to make them love me."
Alaska Dispatch Publishing


text:
Stocktake
Stocktake: Sandton City launches iconic luxury brands into SA
As Massmart reports losses for 2021, it reopens looted Game stores; Sandton City launches iconic luxury global brands; and informal traders in Africa receive banking solutions.
As Massmart reports losses for 2021, it reopens looted Game stores; informal traders in Africa receive banking solutions; Sandton City launches iconic luxury global brands; a software partnership aims to reduce retail fraud; and international retail news.
Massmart reports estimated annual loss of R1.6 billion
South Africa's Massmart retail group, of which Walmart owns the majority shareholding, expects its 2021 headline losses to be up to R1.6 billion ($106 million). This is after it previously reported that earnings and headline earnings had been negatively impacted by the asset losses and loss of trading income suffered as result of the looting, coupled with the timing differences relating to the recognition of business interruption insurance recoveries. This is 60% to 70% higher than the loss of R924 million in 2020 after hard lockdowns, due to the pandemic in South Africa. The current loss statement excludes food businesses currently held for sale, such as Cambridge and Rhino stores.
Solving the stock needs of Africa's underbanked informal traders
The informal economy in sub-Saharan Africa accounts for 38% of the region's GDP. What's more, according to the International Labour Organization, retail and wholesale is the second biggest employer across the region after agriculture. However, informal retail Micro, Small, Medium-sized Enterprises (MSMEs) are largely underserved and underbanked. With informal retailers typically generating 80-85% of their revenue through the sale of fast-moving consumer goods (FMCG), a collaborative partnership between Nestlé Eastern and Southern African Region, Nomanini and Standard Bank, is providing MSMEs with access to working capital via Trader Assist, a digital finance solution that enables retailers to sufficiently stock up their shops. Since launching the solution, Standard Bank has been able to onboard more than 20 merchants per week per branch with minimal back-office staff. More than 70% of retailers who were onboarded were eligible for credit after the initial 30-day period; and over 80% of those retail merchants which used credit once, went on to become repeat borrowers. Vahid Monadjem, CEO and founder of Nomanini, says, "Access to finance has been a major obstacle for MSMEs in Africa. Trader Assist connects the informal retail ecosystem by integrating payments, working capital, and data analytics to help ensure small retailers continue to thrive."
Iconic new stores for Sandton City
Sandton City has opened an array of new stores with international luxury and iconic brands, many of which are making their debut in South Africa. Following a booming festive season, the centre continues to outperform the industry with a 98.3% occupancy. Shoppers now have access to more of the world's top brands as the centre has added flagship stores and new concept stores to its variety. Despite what was a turbulent year, Sandton City exceeded 2020 foot traffic volumes with 1.7 million visitors to the centre in December 2021, delivering a 22.3% increase on the previous year. In a first for Johannesburg, Chanel has opened a flagship fragrance and beauty boutique, which also hosts the brand's deluxe sunglass collection. The newly opened Dior Emporium takes the luxury brand's presence in the centre further, now giving Sandton shoppers access to a broader assortment of its sought-after skincare, fragrance and make up ranges. The Armani Exchange boutique was created by Giorgio Armani for street fashion lovers and those living a metropolitan life. The centre has also welcomed ARC, South Africa's first ever luxury beauty destination hosting an unparalleled selection of exclusive cosmetic brands. Additionally, Sandton City also now boasts the first global 'Mercedes-Benz experience'; the Adidas first Halo store concept in SA; and luxury fashion house, Alexander McQueen will soon unveil its new boutique.
Retail fraud analytics available
In an effort to address retail fraud, made worse by increasing digitisation and cybercrime, retail software specialist RedPanda Software has partnered with IntelliQ to bring cutting-edge fraud analytics to more retailers. Retail shrinkage, or loss of inventory, can be attributed to many factors, such as employee theft, shoplifting, administrative error, vendor fraud, cybercrime, damage and cashier error. The end result means a loss of profits for retail businesses. TransUnion research just last year found that a year into the pandemic, 37% of South African consumers had been targeted by digital fraud. Organised crime syndicates don't just target consumers. TransUnion also found that 17.5% of all global e-commerce transactions and 7.8% of South African transactions between Black Friday last year and the next Tuesday were potentially fraudulent. Gerhard Nortje, redPanda Software MD says: "This partnership enables us to provide retailers with many years' experience in shrinkage reduction through the deployment of the IntelliQ fraud analytics solution."
Game Soweto reopens
Following the period of unrest in July, which affected 10 of its stores, African retailer Game began revamping some of its best-performing affected stores in line with its overall turnaround strategy: Retail Reimagined. Jabulani Mall in Soweto and Chris Hani Crossing Mall in Vosloorus, are the first of the looted Game stores to boast upgrades, including a modernised look-and-feel and an improved store layout, including an interactive wellness area. "The concept of 'Retail Reimagined' is about transforming and improving the customer experience. These specific stores are important to their respective communities and continue to attract increased foot traffic, which is why they are the first of 68 stores that we plan to revamp this year," explains Andrew Stein, Game VP. "As we continue to move forward with our turnaround strategy, we will be officially re-opening a number of our affected stores in the coming months – including Empangeni, Pietermaritzburg CBD and Pinetown."
Kohl's Corp is adding Sephora beauty shops to 400 additional department stores, the company announced last week. The 400 stores will span 36 states, eight of which are new homes to Sephora at Kohl's. They will bring the Sephora at Kohl's locations total to 600, putting the partnership on track to meet its goal of 850 stores by 2023.
Walmart and Amazon.com both said last week that they will no longer require vaccinated employees to wear masks while working in their facilities. In an internal memo to employees, Amazon said vaccinated employees in the U.S. have the option to work without masks beginning February 11, where permitted by local regulations. *Additional sources: Total Retail Report, Google.
This week in numbers
According to a recent Wunderman Thompson poll, 50% of respondents said they'd be prepared to pay a premium for goods delivered from space if it meant goods arriving faster. If that's not reason enough, 56% of respondents believe space commerce is a real possibility – with 31% saying they are excited by the prospect, and 31% saying they believe space commerce has the ability to benefit them personally. And then there's the 47% of consumers who said they'd be happy to apply for a job away from Earth! Second, the likes of Amazon's Blue Origin already have nanosatellites beaming in digital services; and SpaceX, Virgin Galactic and others are already playing in the 'space'. Source: New frontiers: To boldly go where no retailer has gone before by Kirsty Bisset, HaveYouHeard Durban MD.
"Consumers want hyper-personalised experiences and seamless interventions that fit naturally into their daily lives," said John Watling, Accenture Africa retail business managing director, on Retailing Africa.
Nedbank IMC 2022 is presented in association with the Marketing Association of South Africa; and the conference is endorsed by the IAB SA. Retailing Africa is a media partner. Book now at http://www.imcconference.com.
Main image credit: Sandton City.
*Stocktake is a weekly roundup of current FMCG retailing and brand news, curated and edited by Retailing Africa Publisher & Editor, Louise Burgers. Keep the industry updated and send your announcements and news to: news@retailingafrica.com.
Personal Branding: CMOs plan to do more of it
By Donovan Neale-May, CMO Council Executive Director. More CMOs are investing in their personal brands to increase their...
#OnShelf: New launches from homegrown brands
#OnShelf: From cider lite to fizzy fun
More Branding
NEXT: Africa's fully immersive virtual mall set to launch in October
TF Virtual unpacks its virtual mall concept that will be going live in October with luxury and bespoke brands....
NEXT: Your CX success kit
NEXT: How WhatsApp works for retail in 2020
More NEXT
Michelle Cavé.
#HOPE: Brand empathy aids stressed consumers
By Michelle Cavé, Brandfundi MD. Brands have the power to step up and be the 'hero', offering consumers hope during the...
More Michelle Cavé.


If you're not sleeping well, everything suffers – your energy levels, your mood, and your health. While many things affect the way you sleep at night, if you're suffering from sleep issues, it might be something you're doing before bed. Many people make mistakes unintentionally when preparing for bed that sabotages their sleep. Ready to start enjoying a more restful night of sleep? Here are five things you shouldn't be doing right before you go to bed.
Using electronic devices, such as tablets, smartphones, and e-readers can end up disrupting your sleep. The blue light given off by electronics can suppress the production of melatonin, which helps your body become sleepy. If you must use your devices, turn down screen brightness and keep devices a minimum of 14 inches away from your face to prevent sleep issues.
Chocolate seems like a great indulgence before bed, but it's a sneaky source of caffeine, which can keep you awake at night. Dark chocolate is especially high in caffeine, so make sure you indulge well before bedtime.
Keeping up with work is important, but don't wait until bedtime to check your work emails. Not only does the blue light of your device mess with melatonin production, checking work emails late at night can make you agitate and nervous, making it difficult for you to sleep. Studies have shown that using your smartphone for work after 9 pm can result in you being more unfocused and tired the next day.
Many people think that a drink of alcohol will help them sleep better. Alcohol does make you feel drowsy, and it can make you fall asleep quickly. However, as alcohol is metabolized by the body, your REM sleep is disturbed, so you may wake up feeling tired. You may also find that alcohol keeps you up going to the bathroom throughout the night since it's a diuretic as well. It may be okay to have a drink at dinner but skip the alcohol within the last couple hours before bedtime.
Sure, it's important to stay hydrated, but it's not the best idea to start chugging water at bedtime. Start chugging water before you head to bed and you'll spend half the night heading to the bathroom. It's a better idea to drink water throughout your day and then taper off the water before you go to bed.