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THE EFFICIENT PRICING POLICY OF A PORT CONTAINER TERMINAL (P.C.T.): THE CASE STUDY OF THE PORT OF PIRAEUS
ΑVIATION ECONOMICS MANAGMENT
THE EFFICIENT PRICING POLICY OF…
INTERNATIONAL ASSOCIATION OF MARITIME ECONOMISTS
1996 International Conference Vancouver, B.C., Canada June 26 – 28 1996
THE EFFICIENT PRICING POLICY OF A PORT CONTAINER TERMINAL (P.C.T.): THE CASE STUDY OF THE PORT OF PIRAEUS BY Y.S. LAINOS AND A. PARDALIS
UNIVERSITY OF PIRAEUS. DEPARTMENT OF MARITIME STUDIES
The participation of the authors at the conference was financially supported by the Research Center of the University of Piraeus
Due to rapid technological change, the cost of a container terminal infrastructure has today dramatically increased and it covers a substantial part of the total operational cost. The subject related to that cost and the pricing policy applied by the port authorities, affects not only the microeconomic index of the port's profitability, but also simultaneously the macroeconomic indices.
Moreover it affects the cost of container terminal services for the domestic customers (users) and the port's international competitiveness. The question "who will pay" arises nowdays as a crucial one. The Port of Piraeus (P.O.P.) is a "comprehensive port" and one of the major ports of the Eastern Mediterranean. Its container terminal (C.T.) traffic covers today 76% of the total container traffic in Greek ports. This traffic gives the port a monopolistic position for its hinterland market. The remaining 24% of its traffic concerns the competitive Mediterranean market of transhipment. The construction of P.O.P.C.T. (Ikonion) started basicaly in 1981 and its extension is still under construction.
The period of our study, therefore, starts in 1981 and terminates in 1994; it is the period for which the Port Authorities provide data. Up to 1994 and according to its published balance sheet, P.O.P. was profitable. Its investments were self financed.
However, our research detected an irrational cost structure and a pricing policy which does not corresponds to the cost.
The authors' contribution is :
The investigation whether the implemented pricing policy fulfilled the objectives of the P.O.P.C.T. based on "the economic principle".
The approach with regard to the cost of the P.O.P.C.T., although there is no cost accounting system at P.O.P.
The proposals for a P.O.P.C.T. pricing policy orientated towards an efficient fulfilment of the objectives under the existing conditions.
Our proposals can be used accordingly by any Container Terminal which faces similar problems as those of the P.O.P.C.T.
Pricing policy is one of the management's tools for an efficient fulfilling of the objectives of the business plan. According to the theory, the price strategies are distinguished into two main categories (1 – 9) (Figure 1):
1) Those which are based on demand. These are subdivided to:
Competition pricing. The port prices are formed equal to or lower than the competitive port(s). These prices are based on the demand price elasticity.
Users benefits.
The ability of users to pay.
2) Those which are based on cost. These are subdevised to the:
Average long term cost. It is applied when the objective of the port is the revenue-expenses equalization.
Marginal cost. When the objective of the port's management is the maximization of the profits, then the price is equalized with the marginal revenue. When the objective of the port is the optimum allocation of the productive factors, then the marginal cost is equalized with the price.
Average variable cost.
Congestion cost.
Our research is orientated:
to the examination whether the applied pricing policy, fulfilled efficiently the objectives of the P.O.P.C.T.,
to the determination of the relationship between the applied pricing policy and the cost of production of the container terminal services – especially taking into account the infrastructure's share in the total cost.
to the presentation of an efficient pricing policy in a port container terminal like the major Greek port of Piraeus.
Although one of the main objectives of the pricing policy applied by the P.O.P., was the port's investments self financing, during our investigation it was found that the depreciation of the investments for the quay, berths and buildings especially those of the container terminal, are not included in the official P.O.P.'s accounting data.
Another element that affects the objectivity of the P.O.P.'s financial position is that its profits have been exempted from taxation by law. It is obvious that this choice is an indirect state subsidization of the P.O.P. According to international bibliography, subsidization is not desirable any more, mainly for two reasons: "The first is that it involves emloying a nation's resources where their marginal social productivity is lower instead of where it is higher, and second is that an unknown part of the benefits will go to people who live elsewhere".(10,11,12)
The lack of a cost accounting system at P.O.P. must be pointed out.
2.Port of Piraeus. The existing situation.
2.1 Ownership status.
The Port of Piraeus (P.O.P.) is basically a "comprehensive port" (13,14 ) and one of the major ports of the Eastern Mediterranean. It consists of three zones: the main port (passengers and grains), the commercial port (general cargo) and the container terminal. As an individual organization, the P.O.P. has been established by law since 1930 and it is subject to the control of the Ministry of shipping. Its administration and management has been exclusively assigned to the Piraeus Port Authorities.
The president and the general manager are appointed by the government. The composition of the members of the Board of Directors includes representatives from the Ministry of Finance, the Ministry of shipping, the users, the Athens and Piraeus Chambers of Commerce and Industry, the shippers, the shipowners, the Piraeus Unions Council, the employees of the port, the chief of the Piraeus Port Police etc.
The composition of the P.O.P.'s Board of Directors gives finally to the government, the privilege of controlling the management of the port.
2.2 A Brief approach to the Financial Position.
2.2.1 Results.
For a wider understanding of P.O.P.C.T.'s pricing policy, we consider that a brief approach to it's financial position is necessary. According to the official annual reports (1981-1994), P.O.P. is permanent profitable.
However it must be underlined that during our investigation it was found that :
according to the established law, P.O.P. has been exempted from the income taxes.
the depreciation of the investments for the quays, berths and buildings mainly of the container terminal, are not included even in the published P.O.P.'s accounting data.
The aforementioned choices give a financial position of the port quite different than the official one. We calculated that if taxes and nfrastructure's depreciation were included in the P.O.P.'s official annual financial results, then the decrease of these results fluctuates from 16. 8% to 1,855%.
Since 1993, a decrease in the P.O.P.'s annual revenues appears. This is due to the loss of a great portion of warehouse revenues for goods imported from the European Union (E.U.) due to the complete abolition of tariffs between Greece and E.U. That decrease of P.O.P.'s revenues has not been substituted so far. (Figure 2)
2.2.2 Own and total capital
The relationship between own and total capital of P.O.P. shows a port's level of dependence on its creditors, the degree of healthiness of its capital structure. During the period studied, that relationship fluctuates from 81% to
87% which is a quite satisfactory level
2.2.3 Return on Capital.
According to the P.O.P.'s published balance sheet, the capital return was fluctuated from 22% to 0.3 % following a declining trend. If, however, the infrastructure's depreciation were included in these results, then the return on capital would fluctuate from 18.50% to 5.31% following a declining trend. Furthermore, if the proper taxes were included in these results, then the return on capital would fluctuate from 9.43 % to 5.31 %
Primarily, the main cause of the aforementioned low level and declining trend of capital return, is due to the absence of the applied pricing policy the objective of maximization of return on capital.
2.3 Source of investment's financing.
Up to 1994, the financing sources for the port's investments, were:
a port's reserve account in the Greek Central Bank. In this account which was established by law in 1954 and 1955, the Piraeus port authorirties are still obliged to deposit a percentage of the port's annual revenues. The exclusive purpose of this account is financing the port's investments. It must be pointed out that, up to 1987, this account was legally kept by the Central Bank without any interest. This regulation caused a substantial loss to the port of Piraeus.
Since 1987, interest accrued from the port's deposits in the Greek Central Bank.
the port's annual profits.
Port of Piraeus's Container Terminal (P.O.P.C.T.)
3.1. Demand – Supply. Market structure.
3.1.1 Demand.
From 1981 to 1994, the container traffic of P.O.P.C.T. has increased by 275%. This impressive increase had been achieved from 1986 to 1992. Then, a stability appeared. A first cause of this stability is the intergration of the conversion of the conventional general cargo to containerized cargo. A second cause is the stability of the Greek economy (stability of imports and exports).
In 1994, a 80% of its traffic, concerns the country's imports-exports volume. The remaining 20% of this traffic concerns the competitive international market of transhipment.
Today, the P.O.P.C.T. traffic covers a 76% of the total container traffic of Greece. The remaining 24% is covered by Salonika's port.That traffic gives the P.O.P.C.T. a monopolistic position in its hinterland market
3.1.2 Supply.
3.1.2.1. P.O.P.C.T.'s infrastructure.
Up to 1994 the container traffic at P.O.P. was covered by two different terminals located at two different areas. The older one, called "Vassiliadis" terminal, was located at the central port and was well organized. It was covering a 25% of the total P.O.P.'s container traffic with almost 100% occupancy of its infrastructure capacity.
But its inadequate depth and it's inefficient connection with the land transport network, forced the port authorities, in 1994, to transfer this terminal to "Ikonion" area where the second -under expansion- new terminal is located.
3.1.2.2.Dimensions.
The construction of the new P.O.P.C.T. (Ikonion) started basically at 1981 and it is still under expansion. This is the reason that the period of our research started in 1981.Today, the dimensions of the Piraeus port containers terminal are:
a) quays length 700 meters
b) depth 5 – 16.5 meters
b) total area 700,000 square meters
c) covered area 20,000 square meters
d) gantry cranes 6
e) straddle carriers 50
Number and age of cranes
1 22 years old
2 7 years old
4 expected in 1996 post panamax)
All are 40 tones Cranes
With the commencement of the first discussions in the early 70's, the problem which arised for the Port Authorities with regard to their orientation, was whether the P.O.P. container terminal development would be extensive or intensive. The basic consideration and the final choice of the P.O.P. authorities (members of P.O.P.'s board of directors including the represenatives of some users) was the extensive instead of intensive developement. It is obvious that the invesments for the land, berths, quays, cranes, surface transportation media and necessary personnel were orientated and planned according to that option.
The argument of the port authorirties for their choice was that P.O.P.C.T. needed to have an adequate infrastructure even for ships of the fifth generation (16.5 meters depth) to attract transhipment traffic from the other Mediterranean ports. It must be pointed out that such ships have never approached as yet P.O.P.C.T.
The P.O.P.C.T.'s occupancy has fluctuated (1981-1994) from 38% to 72%.
3.2. Brief approach to P.O.P.C.T. cost.
An elementary P.O.P.'s cost analysis was carried out in 1973. Since then, a cost accounting system (cost centers, cost allocation methods etc.). has not been introduced as yet. Consequently, there is no official cost accounting data available for the container terminal. Under these circumstances and for the approach with regard to the cost accounting of the container terminal, we constructed an adequate cost accounting system based on the existing financial accounting data. Our cost allocation methods are based on the existing operational structure and activities of the container terminal, as they have been recorded by the authors' research.
3.2.1. Cost structure.
3.2.1.1. Labour cost.
The labour cost covers the greater portion of the total terminal's cost.
It fluctuates from 45.73% to 67.35% of the total terminal's annual cost. This higt share of labour cost is due to the high cost of dockers and to the inefficient organization and management systems, that forces the port authorities to employ more employees and workers than needed.
The high cost of the dockers is due to the existing institutional framework which is based on labour relations of the past, when dockers were paid according to the weight they carried. That weight now is basically carried by the cranes although the number of the dockers per crane and per shift remains almost stable, nine dockers and two foremen.
The proportion of the employees and dockers to the total number of personnel was 45% and 55% respectively in 1981, and 56% and 44% respectively in 1994. The total number of employees and workers has decreased by 48.74%. This is due to a decrease in the number of employees by 37% when the number of the dockers decreased by 59%.
The ratio between the average yearly expenses per docker and per clerk is two to one (2:1) with an increasing trend,
An authors questionnaire among the P.O.P.C.T. employees showed that only a 5% of them believe that the job qualification is objective
3.2.1.2. Depreciation cost
As mentioned above, the depreciation of the P.O.P.'s infrastructure (mainly that of the container terminal) is not included in the official balance sheet. The authors calculated this depreciation cost and included it in the terminal's cost. The share of depreciation (including the terminal's infrastructure as it was calculated by the authors) in the total annual cost of the container terminal was fluctuated from 21.72% to 37.78%
3.2.1.3. Overhead cost
The share of overhead expenses to the total annual cost of the container terminal was fluctuated from 1.18% to 10.28%
3.2.1.4. Maintenance and overhaul
The share of maintenance and overhaul to the total annual cost of the container terminal was fluctuated from 6.35% to 10.39%
3.3. P.O.P.C.T. cost – revenue – results.
Although our study period starts from 1981, the P.O.P.C.T. cost – revenue – results comparison starts from 1987, because there are no revenues data available from 1981 to 1986.
From 1987 to 1994 the terminal's cost increased by 432%, the revenues were increased by 444% and the results (profits) by 170%. The declining trend of the profits is due to an increasing trend of the cost and an decreasing trend of the revenues since 1993
The share of the annual cost of the containers terminal (as it has been elaborated and calculated by the authors) to the total port's annual cost has fluctuated from 19.4% to 36.8% (Figure 10).
The share of the annual revenues from the containers terminal to the total port's revenues has fluctuated from 18.6% to 46.6%. From the aforementioned Figures, it is obvious that, in general, the container terminal
subsidizes the other activities of the port,
3.4. Source of financing
As mentioned above, the P.O.P.'s investments were self financed until 1994. But in 1995, due to the high level of the container's terminal investments and the declining trend of its revenues, the port authorities decided to have a loan of about US$ 60 million, which means that, from 1996, there will be an additional cost for paying out the loan's annual interests. In this respect, two crucial problems arise for the port authorities:
Firstly, the cost of financing the investments for the container's terminal infrastructure.
Secondly, "who will pay" for the cost of the container's terminal infrastructure.
The problem of the method as well as the duration for the depreciation of the infrastructure is included here. The solution that the Piraeus Port Authorirties will choose has now become a crucial one, because it directly affects the cost of the imported and exported products of the country (hinterland) and, generally, it affects the port's containers terminal competitivenes in the wider area.
3.5. The pricing policy implemented.
The pricing policy implemented was not based on a P.O.P.'s actual cost analysis, since a cost accounting system has not been as yet introduced. The applied pricing policy was based on the budgetary estimated increase of the annual cost. The annual increase of the prices was calculated with the aim of covering this increase.
It is obvious that the applied policy in the P.O.P. container terminal was based partly on the average long term cost with the exception of taxes and the depreciation of the quays and the buildings.
The applied by the P.O.P.C.T.'s authorities pricing policy for the period 1981-1994 had the following objectives:
to support the country's exports (support the development of the national economy);
to atract transhipment traffic;
to have the port's investment self financed;
to support employment in the area and contribute to the area's development.
The final annual increase of the prices of the P.O.P.C.T. services is subject to the approval of the State "Income and Prices" Committee. This Committee argues that it controls the increases of the prices in order to protect the National Economy from an undesirable increase in the inflation rate.
The applied pricing policy of P.O.P.C.T. during the period 1981-1994 is a differentiated one. The differentiation criteria used are:
imported containers;
exported containers;
loaded containers;
empty containers;
20 TEU'S, 40 TEU'S container;
In order to support the country's export commerce (support the national economy's development), the Port Authorities give discounts of about 35% to exported containers. In order attract an adequate transhipement traffic for sufficient occupancy of the existing investments, a discriminating pricing policy is implemented with regard to transhipment containers, through discounts from 30% to 60% according to the traffic volume per company.
It is obvious that the implemented pricing policy for both the aforementioned cases is below the cost. The loss, however, that is caused to the terminal from this undercosting pricing policy with regard to the exported containers is not substantial, because the share of export to the total traffic volume of P.O.P.C.T. is small.
On the contrary, the loss that is caused from the under cost pricing policy with regard to transhipment containers, can be considered as substantial, because the transhipment traffic volume fluctuates at more than 20% of the P.O.P.C.T. total traffic volume.
Despite the undercost pricing policy implemented in transhipment, the objective of the Port Authorities for attracting adequate transhipment traffic for a satisfactory occupancy of the infrastructure is not achieved. The reason for this is that the main criteria of the liner companies for selecting a port for their mother ships in the Mediterranean sea is not the prices of the port services but the distance of the particular port from their main routing. Piraeus Port is 175 km far from the main Mediterranean routing when Damietta, Algeciras and Malta lies on the main routing. This is the reason why the greater portion (up to 90%) of their traffic is transhipment (16)
It is obvious that – concerning the P.O.P.- the deviation cost for the fourh and fifth generation container ships is greater than any benefit coming from the port's pricing policy implemented (discounts). In order to cover the losses from the under cost pricing policy at the transhipement, the Port Authorities relied on the port's monopolistic position, applied an over cost pricing policy burden the imported containers and through them the Greek consumers of the particular goods.
3.6. P.O.P.C.T. Competitiveness.
3.6.1. Level of prices.
Despite its operational weaknesses, through its aforementioned great discounts the P.O.P.C.T. has achieved to become one of the cheapest terminals in the Mediterranean market of transhipment.
3.6.2. Productivity.
The average productivity of the P.O.P.C.T. fluctuates at about 140 containers per shift per crane. This level of productivity classifies the P.O.P.C.T. in the second position together with four other ports, among the twelve Mediterranean ports examined.
3.6.3. Quality of services.
The users evaluate the quality of the services rendered by the P.O.P.C.T. as unsatisfactory. Their complaints are mainly centered on the delays. The main causes for the delays are the bureaucracy and the inadequate maintenance and overhaul of the cranes due to which they are often out of order.
Conclusions.
1) The Port of Piraeus has not applied any cost accounting system (cost centers, cost allocation methods etc.). Consequently, the Port Authorities cannot have any information about cost per operational activity or organizational unit. This ignorance prevents the Port Authorities from elaborating an effective pricing policy.
2) The Port Authorities argue that the pricing policy implemented with regard to the containers terminal, is based on the average long-term cost. Our research proved that the annual depreciation of the container terminal infrastructure is not included in the official annual cost. Moreover, if the Port Authorities decide to depreciate these investments according to the Greek law, then the P.O.P.C.T.'s average annual cost will appear substantially increased.
Furthermore, the P.O.P.'s profits have been exempted from taxation, which is an indirect state subsidy. It is obvious that, besides its monopolistic position, the P.O.P.C.T. applies a under cost pricing policy to the benefit of the users of the P.O.P.C.T. and the consumers of the particular goods.
3) The P.O.P.C.T. cost is burdened by the high labour cost due to the high cost of dockers and to the inefficient management which forces the Port Authorities to employ more clerks and dockers than needed.
4) The implementation of a pricing policy relied basically, on average cost (with the exception of taxation and infrastructures depreciation) combined with the absence of decision-making control mechanisms, burden the users with the cost of any decisions, efficient or not, taken by the port administration. The efforts of the top executives appointed by the government are not completely orientated to the port's affairs but, at the same time, the executives are interested in their political career. This orientation affects the efficiency of their decisions on the developement of the Port.
5) The orientation of the Port Authorities, investment policy, is determined by the fact that they consider the P.O.P. can be transformed into a great transhipment center in the Eastern Mediterranean. However, the adaption of P.O.P.C.T. infrastructure to standards of fourth and fifth generation ships, does not correspond to any present or future demand, because of the port's long distance from the main Mediterranean route from Gibraltar to Suez. Consequently, this orientation in the P.O.P.C.T. development, caused a substantial increase in its operational cost in all sectors (land, berths, quays, cranes, etc.) due to over-invesment. This cost is allocated to the present users of the terminal's services (feeder ships) through a higher level of prices.
6) Finally, the pricing policy implemented in the P.O.P.C.T. is not effective since its objectives were not achieved:
Despite the great discounts to the prices, the transhipment traffic has not -and, we think, cannot be- increased substantially, because the main motive for the mother ships, is not the level of the prices, but the port's distance from their main routing. Through the discounts applied by the port Authorities, the Greek consumer subsidizes the liner shipping and the consumers in the countries of the final destination of the transhipment containers.
The discounts concerning the exports do not have a substantial effect on their increase due to the monopolistic position of the port and the very low share of the transportation to the total cost.
The surplus clerks and highly paid dockers adsord sosial resources ineffectively.
Pricing policy is one of the tools of the management for the achievement of the objectives of the business plan.
Efficient port pricing policy is the one that fulfills these objectives based on the economic principle. However a pricing policy cannot be efficient if it is based on an ineffective operation as a result of ineffective management, or when it is called to achieve arbitrary objectives and targets.
Consequently the necessary presupposition for an efficient pricing policy of the P.O.P.C.T. is it's efficient operation. We present below the necessary measures for an effective operational framework of the P.O.P.C.T.
The objectives of P.O.P.C.T. are determined by the ownership status and the monopolistic position to the hinderland (76% of the total Greek traffic).
Since the quality of P.O.P.C.T. management is directly affected by it's ownership status, it could be argued that the change of this status is a neccesary presupposition for implementation of an effective management and for achieve efficient operation of the terminal.
Efficient operation of the terminal is when the objectives and targets of it's business plan are achieved within certain time limits based on the economic principle.
A necessary presupposition for the achievement of the efficient operation of the P.O.P.C.T. avoiding the weaknesses of the traditional port, is it's operational and managerial independence from the P.O.P. It could be P.O.P.'s affiliated company.
The question arose is which ownership status can achieve effective management and efficient operation of the P.O.P.C.T. Both ownership status, the existing state monopoly and the private monopoly have weaknesses and strengths. We consider that the total privatization of the P.O.P.C.T. will have a positive affection on the effectiveness of terminal's management. Simultaneusly however it will provoke the known undesirable negative results of the private monopoly because of the port's monopolistic position to the hinderland. We think that the most effective ownership status for the P.O.P.C.T. is an interim.
If we want to avoid labour turbulances, effective management can be introduced at the P.O.P.C.T. escalated.
Under the existing ownership status is necessary the change of the institutional framework to be orientated to the:
Implementation of an efficient cost accounting system,
Implementation of Managerial Information System,
The evaluation of the members of the board of directors and the other managerial structure has to be relied on achievement of the objectives and targets. The appointment of a person to a managerial position has to be based on his qualifications according to the job description,
Introduction and implementation of mechanisms and procedures for evaluation of the efficiency of the choices of the board of Directors and of the Directors.
For avoiding arbitrariness and subjective approaches of the terminals operation by the board of directors, the objectives of the port must be determined by a body in which the main participants would be the government the users and the employees.
Rationalization of organizational structure adopting it to the operational needs of the P.O.P.C.T..
Introduction and implementation of effective human resources management system based on Total Quality Management including the proper motivation system.
Introduction of a flexible labour relations network. Decrease the number of dockers per crane and per shift (to 4 instead of 11 per crane per shift they are now).
Adoption of the P.O.P.C.T. infrastructure investments to the estimated traffic (according to the market research and not to the arbitrary estimations).
Intensive and not extensive development' s orientation.
Revision of pricing policy adopting it to the efficient achievement of the objectives and targets of the terminal.
An efficient however pricing policy has to be subject to the following restrictions:
The objectives and targets must relied on the knowledge of the strengths and weaknesses of the port, and on the conclusions of the market research.
Cross subsidization among Port's facilities are not accepted because it transfers the cost of a certain facility to the user of another.
Direct or indirect state subsidization to the Port's facilities are not accepted because it employs social resources in sectors of which the productivity is lower than another sector they could be used.
Consequently efficient pricing policy of a container terminal is the one which is mainly based on it's cost production.
Under the existing circumstances of the terminal operation, we think that the immediate introduction of all the aforementioned changes simultaneously will be not possible.
In order to achieve an accelerated introduction of the changes, the private sector will have the possibility to be assigned the management of those terminal's operations that it can supply them under better conditions (lower cost higher quality).
The main criteria of the success of the management will be the level of fulfillment of the mutual agreed objectives based on the economic principle, into the agreed time limits.
Bennathan E., Walters A.A,(1979) " Port Pricing and Investment Policy for Developing Countries", Oxford University Press.
Down T.J and Fleming D.,K. (1994) "Port Pricing" Maritime Policy and Management, Vol 21, No 1,p. 29-36
Frankel E.. (1987) "Port Planning and Development" , p.57-80, Jon Wiley and Sons, New York.
Goulielmos A. (1991) "Port Pricing Policies" Piraeus, (In Greek).
Jansson O. J. and Shneerson D.,(1982) "Port Economics", England.
Talley W. K., (1994) "Port pricing: a coct axiomatic approach". Maritime Policy and Management, Vol 21, No 1 p.61-76
Wilking D.,(1991), " Port tariff structure and pricing", Port Management Textbook Volume 3 p,191 -212 , ISL, Bremen.
World Bank, (1980), "Port Pricing: Principles and Practical Guidelines" Transportation, Water and Telecommunications Dept. memo.
Heaver T.D., (1995), " The implications of increased competition among ports for port policy and management", Maritime Policy and Management" Vol 22, No 2 p.125
Goss R.O.,(1986) "Seaports should not be subsidized" Maritime Policy and Management" Vol 13, No 2 p.83
Graillot A. (1986) "Public subsidy of seaports" Maritime Policy and Management", Vol 13, No 2 p.155.
Klaassen L.H.,(1986) " Subsidies to seaports" Maritime Policy and Management", Vol 13, No 2 p.169.
Farrell S., (1986) "The subsidization of seaports: an alternative approach" Maritime Policy and Management", Vol 13, No 2 p.177.
Goss R. (1990) "Economic Policies and Seaports 2: The diversity of Port Policies ", Maritime Policy and Management, Vol 17, No 3, p 221- 234.
Goss R. (1990) "Economic Policies and Seaports 3: Are port Authorities necessary?" Maritime Policy and Management, Vol 17, No 4, p 257-271.
P.O.P Tariffs (1992)
Pardali-Lainou A. (1996), "Container traffic and port competition in the Mediterranean: The case of transhipment", 1st Conference on Combined Transport and Transit Flows of Southeast Europe. Thessaloniki, Greece.
Category: ΑVIATION ECONOMICS MANAGMENTBy pkan 20/09/2020
Author: pkan
https://yiannislainos.gr
PreviousPrevious post:International Conference on the "Modernisation of Railway and Airway transport. The impact of Liberalisation" May 1994 Democritus University of Thrace. Xanthi. Η επίδραση της προσφοράς και της ζήτησης Αεροπορικών υπηρεσιών ¬ στην εμφάνιση της τρέχουσας κρίσης στη διεθνή εμπορική αεροπορική βιομηχανίαNextNext post:ΔΙΕΘΝΕΣ ΣΥΝΕΔΡΙΟ ΓΙΑ ΤΙΣ ΑΕΡΟΜΕΤΑΦΟΡΕΣ ΚΑΙ ΤΑ ΑΕΡΟΔΡΟΜΙΑ. ΕΞΕΛΙΞΕΙΣ ΣΤΟΝ 21Ο ΑΙΩΝΑ Πανεπιστήμιο Πατρών Σπουδαστήριο Τεχνικής Μεταφορών και Κυκλοφορίας.
INTERNATIONAL SCIENTIFIC CONVENTION 1997 "TOURISM AT INSULAR AREAS AND SPECIAL DESTINATIONS"
ΔΙΕΘΝΕΣ ΣΥΝΕΔΡΙΟ ΓΙΑ ΤΙΣ ΑΕΡΟΜΕΤΑΦΟΡΕΣ ΚΑΙ ΤΑ ΑΕΡΟΔΡΟΜΙΑ. ΕΞΕΛΙΞΕΙΣ ΣΤΟΝ 21Ο ΑΙΩΝΑ Πανεπιστήμιο Πατρών Σπουδαστήριο Τεχνικής Μεταφορών και Κυκλοφορίας.
International Conference on the "Modernisation of Railway and Airway transport. The impact of Liberalisation" May 1994 Democritus University of Thrace. Xanthi. Η επίδραση της προσφοράς και της ζήτησης Αεροπορικών υπηρεσιών ¬ στην εμφάνιση της τρέχουσας κρίσης στη διεθνή εμπορική αεροπορική βιομηχανία
The considerations of a South-eastern European Airline aircraft engineers regarding the incentives applied by the corporate top management and those required by them
The airline's corporate and social environment, as a basic parameter of the efficiency and the effectiveness, of the incentives, applied by the airline's top management. The case study of a Southeastern European Airline's cabin crewmembers
Presuppositions for upgrading the reliability and the comparability of the accident reports in order to upgrade aviation's safety level
The flight crew motivation at a scheduled air carrier in a Liberalise International Institutional Environment The case study of the Greek flag carrier the Olympic Airways S.A.
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Q: React.js -- How to pass properties object to child component? I have a component called tileGroup that has a property that is a collection(array) of other properties.
The parent component(tileGroup) renders a list of child components by using each set of properties in the collection to create a new component.
Right now I am individually mapping each property from the set to the child component but this will become cumbersome if the property count for a component increases and I'm sure there is a cleaner, simpler way to do it...
How can I pass the full set of properties on to the child component without remapping each property?
Example code:
tileGroupData = {someProperty: 'something', someOtherProperty:'something',
                tiles: [{vsize:1, hsize:2, etc...}, {vsize:2,hsize:3,title:'whatever'}]};

and then component creation..
var tileGroup = React.createClass({
    render: function() {
       var thechildren = this.props.tiles.map(function(tile)
       {
           //this is what I DON'T want to be doing.
           return <tileSimple vsize = {tile.vsize} hsize = {tile.hsize} content = {tile.content}/>;

           //what I DO want to be doing
           return <tileSimple allTheProps = {tile}/>;
       });

A: You can actually just do the following in your render
return this.transferPropsTo(<tileSimple />);

A: For those use cases, the easiest thing is to fallback to the JS API instead of JSX.
return tileSimple(tile);

To understand why it works, look at the generated version of the version you want using the JSX Compiler tool ( http://facebook.github.io/react/jsx-compiler.html )
<tileSimple vsize = {tile.vsize} hsize = {tile.hsize} content = {tile.content}/>;
tileSimple( {vsize:  tile.vsize, hsize:  tile.hsize, content:  tile.content});

A: Apparently transferPropsTo is being deprecated. With recent versions of React you can use JSX spread attributes:
return <tileSimple {...tile} />;

More info about this here: Deprecating transferPropsTo

A: What you propose doing,
return <tileSimple allTheProps={tile} />;

works just fine.
Within the tileSimple component you should then be able to access the properties using syntax like,
var vsize = this.props.allTheProps.vsize;
var hsize = this.props.allTheProps.hsize;

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text:
Tag Archives: Anna Paquin
7/26/15 (Part Two): Run to the Light
Anna Paquin, auteur theory, Carles Cases, cinema, Craig Stevenson, darkness, dead children, dysfunctional family, father-son relationships, Fele Martínez, Fermí Reixach, Fernando de Felipe, Film auteurs, film reviews, filmed in Spain, films, Giancarlo Giannini, haunted houses, horror, horror films, human sacrifice, Huntington's Disease, husband-wife relationship, Iain Glen, isolated estates, Jaume Balagueró, Lena Olin, Luis de la Madrid, Miguel Tejada-Flores, missing children, mother-daughter relationships, Movies, multiple writers, possession, set in Spain, sins of the fathers, sins of the past, solar eclipse, Spanish-American films, Stephan Enquist, The Nameless, writer-director, Xavi Giménez, [REC], [REC] 2, [REC] 4
Back in 2007, before found-footage/first-person-POV horror films had become as standard a fixture in the industry as zombies were before them, Spanish writer-director Jaume Balagueró unleashed a feral little film known as [REC] (2007) on a largely unwitting populace. While the film would go on to produce three sequels (two of which were also directed by Balagueró) and an awful American remake (Quarantine (2008) is, without a doubt, one of the most unrelentingly shitty films I've personally sat through), I was taken enough with Balagueró's style to check out his entire filmography.
Beginning with his feature-length debut, The Nameless (1999), and continuing through Fragile (2005), his short film To Let (2006) and the [REC] series, Balagueró's films have been darkly stylish, atmospheric fables that combine the stresses of familial interaction with the traditional tropes of haunted house films. In Balagueró's hands, the sins of the parents always come home to roost on their children, every dark, sinister room holds a secret and mysterious figures have an alarming tendency to slink around while the hapless protagonists are looking in the other direction. In many ways, Darkness (2002) is a synthesis of his myriad themes and influences, all top-lined by an all-star cast that includes Anna Paquin, Lena Olin, Iain Glen and Craig Stevenson. Primo Balagueró? For better and worse: absolutely.
Darkness details the adventures of a small family of American ex-pats who've been uprooted from their home and moved back to the father's childhood stomping grounds in Spain. As horror movie families are wont to be, our happy clan is more than a little dysfunctional: father Mark (Iain Glen) suffers from Huntington's Disease and has a tendency to either fly into manic episodes or collapse into painful-looking seizures; mother Maria (Lena Olin) seems distracted to the point of completely ignoring her children; teenaged Regina (Anna Paquin) is as overjoyed as any kid would be who has to leave all of their friends behind and move to a foreign country just as she's about to begin her senior year of school; and young Paul (Stephan Enquist) keeps getting his colored pencils stolen by spooky ghost children. You know…the usual stuff.
As their new home, a sprawling, isolated country manor that practically screams "Here there be ghosts" begins to reveal certain creepy, sinister happenings at an alarming rate, Mark begins to channel ol' Jack Torrance, leading Regina to fear for the safety of her brother, especially after he begins to develop unexplained bruises and injuries. While investigating the convoluted history of her family's new abode with her new friend, Carlos (Fele Martínez), Regina begins to unravel a strange story that spans back 40 years and involves her father, his father (Giancarlo Giannini), a complete solar eclipse, insane cult members, murdered children and the end of the world. Will Regina be able to save her family from the grip of ultimate evil or will all of her best efforts, inadvertently, bring about the very apocalypse that she so desperately wants to avoid?
When Balagueró eases back on the narrative clutter, needless back-and-forth and pointless quick-cut editing, Darkness is actually a pretty decent "old dark house" film, albeit one with a "twist" that puts it firmly in the camp of someone like Adrian Garcia Bogliano (there are more than a few similarities to his Penumbra (2011), not the least of which is the eclipse element). The problem, as it turns out, is that the writer-director over-seasons this particular dish something fierce: the final 20 minutes are so cluttered, confusing, noisy and melodramatic as to be almost completely off-putting, despite the genuinely intriguing core story.
There's just too much of everything: too much explanation, too much confusion, too many vague motivations, too much unrealistic interaction, too many noisy jump-scares and musical cues…stripped of all its bulky "clothing," Darkness would be a much scrawnier film, to be sure, but it would also be one that could stand better on its own two feet. As it is, the narrative (and film) is too overladen to ever move far in any direction. It's difficult to get fully invested in a story where new elements seem to pop up at random (the bit about the snake and the egg makes no sense, no matter how I try), while old standards like "characterization" leave and return like a wandering sleepwalker.
Lest I heap too much abuse on the cluttered narrative and stylistic issues (when the quick-cut editing falls by the wayside, cinematographer Xavi Giménez produces some suitably attractive, evocative images), Darkness is also plagued by some seriously odd, uneven performances. While Paquin has a few moments that strain credibility (her occasionally halting line delivery is a real head-scratcher), Glen is all over the place and Olin, despite her legendary status, is almost completely worthless. The character of Maria never makes a lot of sense, to begin with, but Olin's totally "checked-out" performance does no one any favors. Each and every moment of her screentime is painful (for various reasons) and I never could see through to her character's actual motivations: was Maria crazy? Did she hate her kids? Her husband? Did she actually care about any of it? Each and every reaction and bit of dialogue is so laissez-faire and noncommittal that Maria always seems superfluous to the larger story.
Glen, for his part, goes the full "Nicholson" here (as we all know, you never, ever go full Nicholson), which turns the film's back-half into something of a poverty-row re-imagining of The Shining (1980): as Mark bellows, huffs, screams, rages and attacks doors with aplomb, in frantic pursuit of his wife and young son, it's hard not to think back on the far-superior older film. Glen has moments that are nicely realized (unlike poor Olin) but he's never a particularly believable character, which really hurts any identification we might have with him. On a lesser note, Mark's Huntington's Disease never seems to function as anything more than a plot device, leading him to act in whatever manner the narrative calls for at that time. For all the difference it makes, Mark could have been a recovering alcoholic, a schizophrenic or just really angry…like many of the film's elements, the disease seems as arbitrary as anything else.
Despite my frustrations with Darkness, it's still impossible to deny that Balagueró has some genuine skill, both as a writer and a director (here, he co-scripts with Fernando de Felipe). When the film is allowed to work on its own merits, there's some undeniable power to be found: amidst the chaos and noise of the film's climax, there's some really interesting observations about familial duty, fate, the nature of reality and weird dooms-day cults. More's the pity, then, that the whole thing collapses into a soggy mess of evil doppelgängers, frantic action, ridiculous proclamations ("Regina is in her house…in Hell!!!") and haunted house conceits that would have been moldy decades ago (the scene where a character is pursued down a hallway by extinguishing lights is so well-worn that it's threadbare).
As it stands, Darkness is an interesting enough part of Balagueró's oeuvre, even if it never comes close to either its predecessor or the [REC] films that would follow. Think of it as a transitional film, a bridge between his more atmospheric chillers and the action-packed fare that would follow, that first tentative moment where one transitions from walking to running. While his future ended up suitably bright, there will always be a little Darkness in Balagueró's rear-view mirror, for better or worse.
4/2/15: Uncle Scam
9/11/01, Alexis Rodney, Anna Paquin, anti-authority, army base, bad soldiers, based on a book, betrayal, Brian Delate, British films, Buffalo Soldiers, Catch-22, cinema, Cold War, conscription, dark comedies, David Holmes, Dean Stockwell, drug dealers, Ed Harris, Elizabeth McGovern, film reviews, films, Gabriel Mann, gallows' humor, Glenn Fitzgerald, Gregor Jordan, Idris Elba, Joaquin Phoenix, Leon Robinson, M.A.S.H., Michael Pena, Movies, multiple writers, Ned Kelly, Oliver Stapleton, rivalry, Robert O'Connor, Scott Glenn, September 11 2001, set in 1980s, set in West Germany, Sheik Mahmud-Bey, The Longest Yard, war profiteers, writer-director
Sometimes, movies (like people) can be in the wrong place at the wrong time. Take Australian writer-director Gregor Jordan's Buffalo Soldiers (2001), for example. This smart, pointed and pitch-black comedy about U.S. soldiers behaving badly in Cold War-era West Germany opened at the Toronto Film Festival on September 9, 2001. Two days later, of course, the United States would be faced with September 11th, an event which would make anything even vaguely "anti-American" absolutely verboten for some time afterward. A film about greedy, avaricious, drug-dealing GIs running rough-shod (literally) over a foreign country? Buffalo Soldiers had about as much chance of receiving U.S. distribution as it did sprouting wings and flying to Saturn.
Which, as it turns out, is a real shame: not only is Buffalo Soldiers the furthest thing from an anti-American screed but it's also one of the funniest, most cutting war satires since the glory days of M.A.S.H. (1970) and Catch-22 (1970). The soldiers depicted here might be reprehensible, violent and debauched con-men but they're also fascinating characters, brought to vivid life by an outstanding cast. The script is smart, the film is full of surprising left twists and there's a gleeful sense of abandon to the proceedings that make it easy to get lost in the bad behavior. Had the film come out a month (or even a few weeks) earlier, it would probably be heralded as a minor classic, along the lines of Barry Levinson's Wag the Dog (1997). As it stands, however, Buffalo Soldiers is a largely unknown gem, waiting for modern audiences to give it the fair shot it never got the first time around.
The film takes place in the waning hours of the Cold War, in 1989, at Theodore Roosevelt Army Base in Stuttgart, West Germany. Our "hero" (such as he is), Ray Elwood (Joaquin Phoenix), is a conscripted ne'er-do-well who chose a stint in the armed forces over a stiff prison sentence and has regretted it ever since. Ray may be many things (a black marketeer, a philanderer, a hopeless screw-up and a perpetual con-man) but he's definitely not a soldier, regardless of what his uniform, rifle and salute might indicate. Lucky for him, Teddy R Army Base is a veritable Garden of Eden for screw-ups and wasteoids, with a cast of quirky characters who would all fit right in with the idiots of Police Academy (1984): Ray may not be "the best that he can be" but at least he's got plenty of good (bad?) company.
Commanding officer Colonel Berman (Ed Harris) is a soft-headed simpleton who's as clueless about Elwood's criminal activities as he is about his wife, Liz's ( Elizabeth McGovern), on-going affair with the procurement specialist. Sergeant Saad (Sheik Mahmud-Bey), the brutal leader of the base's MPs, deals heroin on the side and eagerly patrols the grounds with his men, enthusiastically beating any white soldiers who are unlucky enough to cross the base's invisible color-line. Meanwhile, Ellwood's fellow soldiers, Hicks (Glenn Fitzgerald), Garcia (Michael Pena) and Stoney (Leon Robinson), are all permafried and given to reprehensible behavior like getting completely fucked up and driving their tank through the middle of a quaint German town: it's all fun and games until they accidentally barbecue two of their own, bringing a terrible sense of literalness to the term "friendly fire."
As with all good criminals, Elwood is really just looking for that one, big haul that will let him retire into the lap of luxury and ease. Thanks to Hicks, Garcia and Stoney's misadventures in the tank, opportunity drops into Elwood's greedy hands when he steals the dead soldiers' supply trucks, which just happen to be laden with millions of dollars worth of weaponry. Elwood turns around and sells the weapons to a dubious outside source and receives a king's ransom in uncut smack for his troubles. Working around the clock, Elwood and his crew need to turn the pure heroin into pure profit, engaging in the kind of massive drug cook that would make Walt and Jesse misty.
Things get complicated, however, when the base receives its new "top," Sergeant Robert E. Lee (Scott Glenn). Lee is a complete hard-ass who has no time for foolishness and instantly marks Elwood as a problem to be eradicated, similar to a roach infestation. As the two men feint around each other, probing for weakness, each thinks he's found the other's Achilles heel: Elwood is determined to "stick it" to Sergeant Lee by (literally) sticking it to his rebellious daughter, Robyn (Anna Paquin), while Lee is determined to make Elwood's life a living hell via a million tiny indignities, along with the occasional ass-whipping. As the mortal enemies gradually ramp up their campaigns, Lee becomes increasingly violent while Elwood, ironically, finds himself falling for Robyn, despite his most cavalier intentions.
As the conflict gets more intense, everything is brought to a head when Colonel Berman challenges a rival colonel to an exceedingly unfriendly round of "friendly" war games. With Saad, Lee and his various illicit contacts bearing down, Elwood must figure out how to keep his ill-gotten gains, his girl and his head, all while running the scam of his life. Welcome to Theodore Roosevelt Army Base, where the Commies are the least of your worries.
Based on Robert O'Connor's well-received 1993 debut novel of the same name, Buffalo Soldiers is a quality production from top to bottom. Almost ridiculously stylish and vibrant (the early shot of the soldiers marching across the flag-painted asphalt is a real eye-popper), there's more than a hint of magical-realism to the proceedings, which helps to play up the many inherently fantastic elements, such as the riotous tank scene. Although the screenplay is credited to three writers (director Jordan, along with Eric Weiss and Nora Maccoby), the film never feels overly cluttered or disjointed: there's a remarkable sense of cohesion, here, that belies Buffalo Soldiers' split-authorship and speaks volumes towards the production's structural integrity.
When you have a cast this good, there's always a danger of "unnecessary cameo disorder (patent pending)" but this has more the feel of a gifted ensemble than anything more calculating. Phoenix is dependably good as the roguish Ellwood, although it's nothing we haven't seen from him in the past. Much better (and more surprising) are Harris and Glenn as, respectively, the Colonel and the Sergeant. Usually known as the craggiest thing in whatever production he happens to be in, Harris does a complete 360, here, and gives us the closest thing to a complete bumpkin that I think he's ever done. Berman is a complete idiot, no two ways about it, but Harris brings just enough low-level cunning and pathos to the character to prevent him from being a completely silly, stock stereotype.
Glenn, for his part, is a complete force of nature as the cheerfully dastardly Sergeant Lee: one minute, he's all stiff, starched and by-the-book. The next, he's gleefully extolling the bad behavior that he, himself, got up to in Vietnam, insinuating that it would make Ellwood's "adventures" seem like schoolboy pranks. It's a great role and a great performance: there's never a point where Glenn ever feels any less than 1000% invested in the role and his enthusiasm is absolutely infectious.
The supporting cast aren't slouches, either: Mahmud-Bey is convincingly terrifying as the casually sadistic MP, while Pena, Robinson and Fitzgerald get great mileage out of their bumbling soldiers. While the female characters don't get quite as much to do, they're never just background detail, either. McGovern makes the most of her screen-time by positing Liz as an avaricious, status-climber who possesses the brains (and balls) that her simpering husband doesn't, while Paquin serves as a good foil for Phoenix: no one will mistake their courtship as "star-crossed love" but it works within the context of the story and continually pushes the plot into thorny new territories. Throw in some smaller (but no less impressive) appearances by Dean Stockwell, Idris Elba and Gabriel Mann and you've got a film with more than ample star-power in the tank.
Despite being unaware of the film on its first go-around, I was completely taken with it on this viewing: there's enough energy and invention here for five films, to be honest. When Buffalo Soldiers is locked-in and firing on all cylinders, it's practically unbeatable: the combination of coal-black humor, social commentary and detailed characterization make the film the furthest thing from "disposable" that you can get. As funny as it is, however (and it's often incredibly funny), Buffalo Soldiers also never shies away from violence, death and grit, which really puts it into the same vaunted company as Altman's M.A.S.H: they're both films about the immense absurdity of the human condition and violent death is as much a part of that as breathing is.
When the film is at its horrifying best (the uproarious tank rampage that gets ugly quick…the bracing scene where a pair of higher-than-kite soldiers repeatedly stab each other, while grinning from ear to ear), it's impossible to look away. While Jordan would go on to more successful projects like the Heath Ledger-starring Ned Kelly (2003) and Unthinkable (2010), I don't think he's ever quite scaled the same heights that he does here. Nearly 15 years after its initial (limited) release, I think it's way past time for Buffalo Soldiers to get some of the attention it so richly deserves.
10/31/14 (Part Four): All Hail the Pumpkin King!
31 Days of Halloween, A Christmas Story, Alberto Ghisi, Anna Paquin, anthology films, Brett Kelly, Brian Cox, Britt McKillip, cinema, Connor Levins, cult classic, cult films, Dylan Baker, father-son relationships, favorite films, feature-film debut, film reviews, films, Glen MacPherson, Halloween, Halloween night, Halloween traditions, holiday classics, horror, horror films, Isabelle Deluce, Jean-Luc Bilodeau, kids in peril, Lauren Lee Smith, Leslie Bibb, long-delayed films, Mark Freeborn, Michael Dougherty, Moneca Delain, Monsters, Movies, Peter Greenaway, Pulp Fiction, Quinn Lord, Rochelle Aytes, Sam, Samm Todd, serial killers, Tahmoh Penikett, Tony Wohlgemuth, Trick 'r Treat, werewolves, Wes Anderson, writer-director, zombies
What is the true meaning of Halloween? I don't mean the historical origins, mind you: we could sit and debate pagan ceremonies, harvest festivals, etc…til the cows come home and still not get any closer to the actual answer. As we should all know by now, holidays have a way of shedding their original meanings over time, of morphing into decidedly different entities than they once were. Just as the concept of Christmas has, over time, become more secular/commercial and increasingly divorced from its religious origins, so, too, has the concept of Halloween lost much of its pagan origins and become something much more universal.
But none of this answers the original question: what, exactly, is the true meaning of Halloween? If I may be so bold, I think that I have the answer. Halloween is ghosts and curses, trick or treating and costumes. It's parties, pranks, candy, the color orange and the long, slow death of Fall. Halloween is the one time of the year where everyone in the world, horror fans and neophytes alike, relish every possible opportunity to scare themselves senseless. Halloween is about ancient traditions, scary movies and jack-o'-lanterns. It's about becoming someone/thing other than what you are, if only for a night. Halloween is all about having fun…but it's also about the realization that death is only ever a stone's throw away, hiding off in the shadows to pounce on the unwary. What is Halloween? Halloween is writer-director Michael Dougherty's flawless Trick 'r Treat (2007), a film that manages to encompass everything great and terrible about the holiday into one neat little package. Think of Trick 'r Treat as the equivalent to A Christmas Story (1983), one of those films that just sums up a time of year so perfectly that you can't imagine celebrating without it.
Structurally, Trick 'r Treat is an anthology film, albeit one more like Pulp Fiction (1994) than Creepshow (1982): rather than feature several separate stories, one after the other, all of the tales in Trick 'r Treat are interwoven together. Characters from one story appear in the periphery of other segments: incidents seen from one angle are given a 360-view once we're privy to all the details. The effect, quite frankly, is stunning: Dougherty creates such a unified vision that Trick 'r Treat ends up being one of the most three-dimensional horror films ever…we really get to know the characters involved because we see so many different facets of them. The one constant that unites it all? The ever-present specter of Halloween and the diminutive, instantly classic presence of Sam, one of the greatest modern horror creations in recent memory.
Sam, clad in what appears to be a scarecrow's garb, complete with burlap-sack mask, flits into and out of each of the film's various stories. The stories themselves, ranging from a young woman's (Anna Paquin) sexual awakening to the tragic story of a school bus full of drowned children, are familiar but are all given unique twists and turns courtesy of Dougherty's exceptional script. Sam, the very embodiment of the holiday, serves a variety of roles throughout the film: avenging angel, detached observer, gleeful participant, mischievous prankster, cold-blooded killer. We never know quite when or where he'll pop up next but pop up, he always does, ready with a rakish tilt of the head and that terrifying lollipop-knife of his.
I mentioned earlier that Trick 'r Treat is a flawless film and I stand by that bold admission: there's absolutely nothing about the film that ever takes me out of it for even a moment and each viewing ends with the desire to start the whole thing over. The acting…the filmmaking…the script…even the opening credits, styled like an old EC Comic, ala Creepshow…are all absolutely perfect. It's quite handily become one of my favorite films and is one of the few movies that I can unequivocally recommend to anyone, regardless of individual tastes: if you like movies, you will like Trick 'r Treat…I guarantee it, as Justin Wilson used to say.
From a filmmaking standpoint, Trick 'r Treat is absolutely gorgeous and brilliantly made: the production design and art direction (by Mark Freeborn and Tony Wohlgemuth) are simply stunning, especially in eye-popping scenes like the yard full of jack-o'-lanterns or the ridiculously creepy scene where the kids find the half-submerged school bus. Glen MacPherson's cinematography is nothing less than beautiful, giving the film a feel that's pitched halfway between Wes Anderson and Sam Raimi. Truth be told, Trick 'r Treat's entire mis en scene reminds me of Anderson's work (or, perhaps, even the work of legendary filmmaker Peter Greenaway): every scene and shot is so immaculately composed that it almost feels as if one has stepped into a perfect, miniature diorama.
Ultimately, there's not a whole lot more for me to say about the film: I love it unconditionally and that's pretty much all there is to it. Prior to seeing Trick 'r Treat (which was inexplicably dumped straight-to-DVD after being delayed for years), I had always considered Carpenter's classic Halloween (1974) to be the perfect representation of the season. There's so much care and craft in Dougherty's feature-debut, however, such a complete and genuine love for all things Halloween, that it's impossible not to see Trick 'r Treat as the ultimate Halloween film, bar none.
What is Halloween? Quite simply, Halloween is Michael Dougherty's Trick 'r Treat: all hail the Pumpkin King and long may He reign!


Section 91. (a) The term ''Recovery High School'' shall mean a public school or collaborative program for students diagnosed with substance use disorder or dependency, as defined by the Diagnostic and Statistical Manual of Mental Disorders IV?TR, that provides: (1) a comprehensive 4?year high school education, and (2) a structured plan of recovery.
(b) A school district shall transfer the state average foundation budget per pupil to a Recovery High School for a student meeting the following criteria: (1) the student is currently enrolled in the district or currently resides in the municipality in which the district is located; (2) the student is considered by a clinician, as defined by 105 CMR 164.006, to be clinically appropriate, using the criteria for Substance Use Disorders as defined in the Diagnostic and Statistical Manual of Mental Disorders IV?TR; and (3) the student meets all matriculation criteria as outlined by the sending district and the department of elementary and secondary education, with determination of academic eligibility based on existing documentation provided by the district. The district and the Recovery High School shall arrange to confer a diploma when a student completes state and district-mandated graduation requirements.
(c) A Recovery High School shall submit to the board of elementary and secondary education data considered necessary by the board to provide information regarding each student's academic performance. A Recovery High School shall also submit to the department of public health data regarding each student's recovery.
(d) The board of elementary and secondary education, in consultation with the department of public health and the department of mental health, shall promulgate rules and regulations, as necessary to implement this section.
(e) Failure by a school district to transfer funds to a Recovery High School as required in subsection (b) shall result in a deduction of the amount therein from the home school district's chapter 70 per pupil allotment for the following fiscal year.


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Digest: page 5
Saxo Bank: Oil firm after realpolitik trumps rivalry in Vienna
Crude oil held steady after Opec and Russia showed unity and extended production cuts until the end of 2018, Ole Hansen, head of commodity strategy at Saxo Bank, told Trend Dec. 4. Gold's November trading range was the tightest since 1999 while industrial metals retraced on ...
October 23, 2017/ 08:31
Russian defense ministry's logistics company participates in northern city's LNG complex project
Arkhangelsk. The Oboronlogistika Company, working under jurisdiction of the Russian Defense Ministry, participates in the feasibility studies of a project on an LNG (liquified natural gas) complex in Novodvinsk - a mono-industrial city in the northern Arkhangelsk region. The complex's ...
Any new sanctions a challenge to Iran's energy sector
Following Trump's speech where he announced his new Iran strategy, any new sanctions will very probably come as a challenge to Iran's energy sector, Omid Shokri Kalehsar, an energy analyst based in Washington DC, has told Trend. "Iran holds the world's fourth-largest ...
Oil Back Above $50 as Supply Glut Shows Signs of Wearing Down
Oil surged following signals that the world's biggest crude exporters may extend or deepen supply cuts. Futures advanced 2. 7 percent in New York for the biggest gain in two weeks. OPEC Secretary-General Mohammad Barkindo said more nations may join production limits the group hammered ...
Former Yukos shareholders give up claims on Russia's assets in France
Russia's Justice Ministry confirms that former shareholders of the now defunct Yukos oil giant have given up their claims on Russia's assets in France, Justice Minister Alexander Konovalov said on Tuesday. "The Yukos shareholders have withdrawn all the claims on the ...
"Green" transport: why Arctic fleet should prefer gas fuel to diesel
The diesel-fueled vessels, which work in the northern seas and ruin the Arctic's fragile ecology system, should switch to using ecology-friendly gas fuel. Experts told TASS, by doing so the water pollution in development of the Northern Sea Route may reduce. However, specialists say, ...
September 27, 2017/ 12:37
Oil Pares Losses as Industry Data Showed Unexpected Crude Draw
Oil pared losses after an industry report was said to have shown an unexpected decline in crude inventories. Prices were little changed in post-settlement trading after the American Petroleum Institute was said to report on Tuesday that U. S. crude stockpiles slid by 761, 000 barrels last ...
Scoring an Invite to Oil Trading's Hottest Parties Gets Tougher
Liveried Sikh doormen have welcomed royalty, literary giants and the deep of pocket to Singapore's Raffles Hotel for decades. And for one night in September they let in the global oil trading community for the industry's social highlight of the year. But in 2017, renovations ...
Big Oil Becomes Greener With Progress in Cutting Pollution
It's no secret that oil majors are among the biggest corporate emitters of pollution. What may be surprising is that they're reducing their greenhouse-gas footprints every year, actively participating in a trend that's swept up most corporate behemoths. Sixty-two of the ...
Expert says renewable energy is important for Russian Arctic
Helsinki. Renewable energy sources may be an important resource of energy supplies to distanced villages in the Russian Arctic regions, head of the Climate and Energy program of the World Wildlife Fund (WWF) Alexei Kokorin said at the three-day Arctic Energy Summit, which opened on Monday in ...
New China Energy Star Unsated After $9 Billion Rosneft Deal
A $9 billion stake in one of the world's biggest oil companies may not be enough for CEFC China Energy Co. A week after China's largest private energy company struck a deal for a chunk of Rosneft PJSC, it's been pegged as a possible investor in a Russian metals and power ...
Oil Giant Drafts Libya Vet Amid Italian Olive Grove Skirmish
Eni SpA has been adept at producing oil in some of the world's most hostile environments, from the deserts of North Africa to the Arctic Ocean. It's proving less sure-footed at keeping the crude flowing in the olive groves of its own backyard in southern Italy. Val d'Agri ...
Oil Firms That Cheered Regulatory Rollback Are Quaking on Nafta
The Trump administration is easing environmental regulations and opening up territory for drilling as part of the president's bid to unleash the "vast energy wealth" of the U. S. Yet Donald Trump's push to rewrite the North American Free Trade Agreement could have the ...
August 30, 2017/ 12:15
Abrupt surge in Iran's exports to Turkey, oil plays a key role
The value of Turkey's total imports form Iran has witnessed a considerable surge over the first half of the current year, amid a sharp hike in oil imports. According to the latest figures by Turkish Statistical Institute, the value of the country's total imports from Iran in the ...
Turkmenistan still has an option to direct its gas westward
Enormous quantities of natural gas are concentrated in one limited (Caspian) region. The nations that own it – Russia, Iran, Turkmenistan, Uzbekistan, Azerbaijan – each has its market to sell the gas, but all of them would willingly diversify their gas export in order not to ...
Oil Tumbles as Rising Shale Output Risks Mounting Supplies
Oil skidded to its lowest level in more than a week as rising U. S. production stirred worries of persistent brimming supplies. Futures settled 1. 1 percent lower in New York, reversing an earlier creep toward $50 a barrel during the session. While a decline in U. S. inventories and a rise ...
Press review: US consular cuts to cause visa delays and Gazprom's partners fear sanctions
Kommersant: US embassy staff cuts to slow down visa issuance for Russians The sanctions imposed by Russian authorities against the US Embassy might lead to negative repercussions for Russian citizens since the US Embassy in Moscow admits that Russians may face greater hurdles in obtaining US ...
July 28, 2017/ 13:43
Austria's OMV, Voestalpine planning to adhere to agreements with Russia on Nord Stream 2
Vienna. OMV and Voestalpine, Austria's biggest companies involved in the Nord Stream 2 project on construction of the natural gas pipeline, are closely monitoring the situation around potential introduction of new US sanctions against Russia and plan to adhere to their agreements with ...
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Binaca MacDonald hugs her son Kyan Wednesday in the doorway of a cabin built for Kyan as a wish granted by the Make-A-Wish Foundation of Maine.
... impact of a wish to children battling life-threatening medical conditions in your community. For more information on Walk for Wishes, visit wish.org.
Kyan, his family, and the Make-a-Wish foundation in front of Kyan's Kabin.
Children look for hidden chocolate eggs and other prizes in the 2015 Easter Egg Hunt. This year's egg hunt is on Saturday.
Children's Wish Foundation makes local boys dream come true | CHAT News Today!
The LaurentPatrick Dream Team, celebrating Katherine and Oli,'s special day. We wish you both a wonderful life together!
One wish,One Dream,One fantasy,One direction added a new photo.
Michael McCartney, centre, who has been granted his final wish of a box seat at Aberdeen's game with Dundee.
My family and I want to thank everyone that made this dream a reality. We spent 3 days between Disneyland and California adventures.
As we come to an end of our project, children of Faith Kindergarten warmly wishes Singapore to remain united and treasure the ties we have with one another.


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Panagarh is one of the main towns in Bardhaman District. It is the place where the largest Air Force installation in the eastern region is located. The Indian Air Force station is also here.
The main attraction is the 12th century Panagarh Fort. Randiha is a nearby picnic spot. The National Highway 2 at Panagarh links the Panagarh-Mourigram road. Panagarh railway station connects the town with major cities and towns of the state.


Short breaks are delivered in a variety of ways at St. Rose's and St Martin's. We aim to be as flexible as we can in order to meet individual and specific needs.
Short breaks include the provision of day, evening, overnight and weekend activities both during term time and during part of the holidays. There is full access to extensive in-house equipment and facilities and the local community. Staff work with the students to help them to use their time purposefully in a relaxed and caring environment. We encourage the students to develop their interests and make good use of their leisure time.
As staff know the children and students well, they are able to support them with therapy programmes and learning targets during the evening and weekend.
Often it is the first time that the students have stayed away from home and we work closely with families to ensure that they are confident that their children are happy and enjoy their residential experience.
We also provide activity breaks with one of our partners, Active Impact, to deliver 48 hour residential stays for students from St. Rose's and the wider Gloucestershire community. They are themed and include an exciting programme, aiming to push boundaries and provide new opportunities and experiences. These breaks are supported by experienced, specalist staff, thus giving families the reassurance that their children are well looked after by specialist staff who understand their needs. They take place in the community where we access mainstream facilities and activities and we aim to bring together young people with and without disabilities to share unusual and enjoyable experiences. It is a great opportunity to meet new people and develop friendships. Events include 'Horsing Around' – a must for animal lovers, 'Need for Speed' when we carry out exciting activities such as quad biking and skiing and attending a music festival.
We have extremely positive feedback from both the students families who recognise that their children are well looked after by people who understand their needs.


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Fed Watch: Anything and Everything is On The Table
Tim Duy tries to sort out Fed policy in light of recent events:
Anything and Everything is On The Table, by Tim Duy: The collapse of Bear Sterns begins a new stage for the financial crisis. As is well known at this point, the Fed has effectively opened the discount window to securities dealers, cut the discount rate 25bp, and provided $30 billion in financing to support the J.P. Morgan buyout of Bear Sterns, taking shaky assets as collateral. Market participants have moved beyond the expectations for a 50bp rate cut tomorrow to 75bp or even a full 100bp cut today. At this point, it is impossible to rule anything out, although the safe bet is on the more aggressive side.
Sunday's moves are likely a precursor to a more aggressive Fed policy to take on more failing mortgage backed securities as collateral. There is of course a risk that the Fed will take losses on such assets, and thus the taxpayer will take a loss. What I think most likely is that the Fed and Treasury will come to an understanding by which such losses would be monetized. Do not forget the advice that Fed Chairman Ben Bernanke gave to the Japanese in 2003:
My thesis here is that cooperation between the monetary and fiscal authorities in Japan could help solve the problems that each policymaker faces on its own. Consider for example a tax cut for households and businesses that is explicitly coupled with incremental BOJ purchases of government debt--so that the tax cut is in effect financed by money creation. Moreover, assume that the Bank of Japan has made a commitment, by announcing a price-level target, to reflate the economy, so that much or all of the increase in the money stock is viewed as permanent.
I myself see my differences between the US and Japan situations, but the necessity of a bank bailout is almost certainly similar. And someone will have to pay for it; monetization might seem like the least painful choice. And the Fed may ultimately conclude that the easiest way to reduce the household debt burden is to inflate it away. Thinking that outright monetization and high inflation may become the best policy choice reveals my grim mood tonight.
But a more immediate question comes to mind – why just a 25bp cut in the discount rate? Do any of us believe that is a meaningful policy action? To be sure, the expanded discount window borrowing is significant, as is the loan to J.P. Morgan. But it seems silly to cut the discount rate a meager 25bp on Sunday only to deliver a massive cut in the fed funds rate Monday morning.
I can think of two answers.
The first is that the Fed believed their non-discount rate actions would bring a quick halt to the global financial panic that was sure to ensue once the world realized a small but venerable US investment bank was worth just $2 a share. They were once again hoping that a seemingly bold action would put an end to the panic. Moreover, they are probably still stinging from criticism that their 75bp emergency cut in January was engineered to prop up equity markets.
Even if that strategy works, however, it works in part because market participants are expecting a full 100bp cut in the fed funds rate as a follow up. If you don't deliver that cut, the market would collapse on Tuesday, completely undoing the Sunday policy initiatives. Moreover, as of 9:00pm Pacific Time, the Fed's efforts to stop a global panic are failing, with Asian markets and the Dollar in free fall. So it looks like the Fed will have to deliver more policy easing Monday after all. Why not just have an emergency FOMC teleconference and get it over with Sunday?
The answer would be my second possible reason for the meager discount rate cut: Growing concern that an aggressive Fed easing at this point will trigger a Dollar collapse. The Wall Street Journal's Greg Ip suggested this weekend that future policy must take into account the Greenback:
As the Federal Reserve meets for a crucial meeting Tuesday, more than just the credit markets are weighing on its decision: In recent weeks, the dollar also has joined its worry list. But it isn't clear whether that argues in favor of a smaller or larger cut in interest rates….
Up to a point, a lower dollar helps the Fed because it boosts exports at a time when consumers are under siege and business investment could be weakening. That is as long as there is no disorderly decline. But if the dollar feeds an impression the Fed is complacent and pushes up expected inflation, it could limit the Fed's ability to cut rates to support the economy…
As for interest-rate policy, Mr. Truman said that on the one hand, it might nudge the Fed toward a smaller rather than larger cut to show concern about the dollar. But, he said, it isn't that simple. If that meant the Fed took inadequate action against the credit crunch, the economy could ultimately end up far weaker, requiring lower interest rates and a far weaker dollar. "The Europeans are busy complaining about dollar weakness, [but] do they want the Federal Reserve to ignore the U.S. economy in the name of supporting the dollar? The answer is also no."
Ted Truman hits the central point – policy may soon be dangerously close to the having to choose between a collapse of the Dollar and a more generalized banking crisis. Another description of this tradeoff comes from Fed Chairman Ben Bernanke in a 1995 paper, The Macroeconomics of the Great Depression: A Comparative Approach:
A particularly destabilizing aspect of this process was the tendency of fears about the soundness of banks and expectations of exchange-rate devaluation to reinforce each other (Bernanke and James 1991; Temin 1993). An element that the two types of crises had in common was the so-called "hot money," short-term deposits held by foreigners in domestic banks. On one hand, expectations of devaluation induced outflows of the hot-money deposits (as well as flight by domestic depositors), which threatened to trigger general bank runs. On the other hand, a fall in confidence in a domestic banking system (arising, for example, from the failure of a major bank) often led to a flight of short-term capital from the country, draining international reserves and threatening convertibility. Other than abandoning the parity altogether, central banks could do little in the face of combined banking and exchange-rate crises, as the former seemed to demand easy money policies while the latter required monetary tightening.
To be sure, Bernanke is describing the Fed's tradeoff during the Great Depression, when it was constrained by gold standard. Still, the basic problem remains. Tight policy would accelerate and intensify the pain in the banking system, but loose policy could destabilize the Dollar, causing capital to flee the US and also undermining the banking system. And, to make matters worse, a collapse in the banking system due to tight money could then trigger a currency collapse.
I think it is safe to describe this as a no-win situation, which means an ugly choice has to be made. And, with this in mind, perhaps the Fed only offered 25bp on the discount rate in hopes they could avoid a greater than 25bp cut in the Fed Funds rates. At this point, that does not look like an acceptable domestic policy choice, and if they ultimate cut 50bp or more, they have accepted the risk of destabilizing the Dollar.
I have to imagine that global central banks are ready to intervene at the drop of a hat, and would not be surprised by some action when New York opens Monday. If there is an intervention, it will be interesting to see if the Fed participates. Could the Fed credibly buy the Dollar one day while cutting rates 75bp or more the next? And what are the odds of a successful intervention if the monetization option looks increasingly viable in the weeks ahead?
There is nothing but tough policy questions at this juncture. We can only hope that Yves Smith's contact is misinformed:
The Fed is badly out of its depth. Not that this is a surprise, since its actions have looked desperate for a while (was it Barry Ritholtz who said "75 is the new 25"?). This confirmation comes from a hedgie reader:
A last note on the Fed. A friend who's got very good contacts told me today that they're completely at sea here, not understanding what's going on, flying by the seat of their pants, and making policy completely on an ad hoc basis. Not precisely what one would hope for in this situation.
Bottom Line: An aggressive cut in the Fed Funds rate seems likely, with 100bp certainly on the table. Still, one has to ponder why this was not part of the Sunday policy package. Could it really be as simple as not being able to contact enough FOMC members to have a teleconference? Or was it hope that a bigger than 25bp Fed Funds rate cut might not actually be necessary? Or has the Fed come to believe that their policy actions might trigger a destabilizing fall in the Dollar? At this point, I anticipate a cut larger than 50bp, with even odds on 75 and 100. The greater the cut, the more the Fed is willing to risk a Dollar collapse. [Note: RSS feed for Fed Watch posts][Tim has an update here.]
Posted by Mark Thoma on Monday, March 17, 2008 at 12:15 AM in Economics, Fed Watch, Monetary Policy | Permalink TrackBack (0) Comments (14)
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