text:
Victory against the disease
"The Lord is my light and my salvation-whom shall I fear? The LORD is the strength of my life of whom shall I be afraid? "Psalm 27: 1.
It all started with the preparation of my mission trip to Cameroon for evangelization in Douala and Yagoua in northern Cameroon in October 2012. It seemed that the enemy was bent over me with a violence that I had not yet experienced in this form there. It is first of Pastor Dick Dominique who was to join me in this mission I received the bad news first: while returning to their home in the vessel that drove home in Pointe a Pitre Guadeloupe, the boat moved abruptly and his wife had a bad fall; as she poorly dragged down, she had a fracture of the spine with emergency hospitalization in Martinique, hold for a few weeks, then home care bed in Guadeloupe for months. Consequently, pastor Dominique Dick could not accompany me in Africa for evangelization.
Then two sisters in Christ from our Church had offered to accompany me. Two weeks after the bad news of Pastor Dick, they informed me that they did not feel spiritually ready for this mission ... But still, God's plans were on for this mission and two very committed Christian, my neighbors, a young couple, proposed to join me in this mission.
The first attack I was only aware later, was miscarriage the lady had just before joining me in Cameroon. Then I learned that my daughter who was five months pregnant had to be admitted to the hospital because she was losing water. A month later she lost her daughter while I was still in evangelism and while we kept praying that the Lord preserve her life and that of her baby.
Once back in France in December, I did not feel well and I told my cardiologist with whom I had an appointment early in January of my concerns about my health. Then she ordered me some medical tests and asked me to present the results to my GP. Thus began my fight against an "invisible" disease. I presented the results to the doctor who gave me to understand that there was probably a little problem with kidney failure, but it could be because I do a lot of sport. He asked me to stop so my sport for a week and repeat the same analysis he ordered me to turn. This was done, but the results were the same. Then he sent me to get an ultrasound of the kidneys with a radiology downtown. I made an appointment with the radiologist and the day of the ultrasound he tells me that there was a small hyperechoic nodular formation with abnormal contour on my right kidney and the fact that it did not appear to the last ultrasound he practiced two years before on the same kidney prompted him to recommend further investigations, including a CT scan. He sent me back to my doctor. From there I realized that I probably had cancer of the kidney. But I decided not to tell anyone until further tests confirm.
When I presented the results to the general practitioner, he clumsily began by telling me that I had a tumor in the right kidney, then corrected himself and called it a "nodule" which requires further investigations. Then again awkwardly, as if to minimize the situation, he told me a lot of people live with one kidney and that this was common. It was then that I decided to talk to my daughter who lost her baby in November asking her to pray for me and not tell anything to anyone until it is confirmed by other tests. She told me at that time that the baby she had lost was just a matter of right kidney: she actually did not have any... I was convinced that this was a diabolical attack. I decided to inform some brothers and sisters in Christ so that they join us to pray for me. Thus, apart from my eldest daughter, two couples friends knew and prayed for me. I harbored a secret hope that the following tests refute the diagnosis of cancer. I did not want to unnecessarily worry my wife the more so because I did not find it appropriate to disturb the girls in their studies with this problem, especially if it turned out that it was not cancer. I had similar experiences as a board member of the association of parents of girls' school and I knew the consequences of this on the labor of children involved and I wanted to avoid that to my daughters, at least as long as the nature of the illness was not confirmed.
So I had to take the folowing exam at Paul Strauss, a Reserch Center against cancer in Strasbourg.
For me the word "tumor" rhymed (in French) with the phrase "you die". Since the doctor had pronounced the word, it was eating me inside and I was even more disturbed in my inner, all the more that I could not talk about with anyone yet. It was very heavy to carry it almost alone every day the Lord has made, because this situation was constantly in my thought. But the evangelist that I am remembered the Master's words echoing in me as an encouragement: "I will be with you every day unto the end of the world. " Matthew 28: 20. After all, I told myself, I am the servant of the Living God and everything is under His control. This illness is not for the dead, I was convinced that even a man of God from the U.S. who visited our church in Strasbourg prophesied over me that I would not die of disease, or lying quietly in bed, but in the action in service to Christ! Hallelujah! Therefore the enemy could attack me on that ground, I will not fear him (Psalm 27: 1) knowing that the Lord is my Shepherd (Psalm 23), I was then ready to face the disease.
On March 15, when I was leaving the Paul Strauss Reserch Centre, I became convinced that it was time for me to talk to my family. I then gathered Marie-Hélène and girls in the evening to tell them the news. But before that, I expressly left hanging Paul Strauss Centre folder on the table so that they could see it and have an idea of what was goin on and make it easier for me to make this announcement. As on the folder one could clearly read "Research Centre against cancer," I said to myself that my wife who is always curious to read all the medical documents I bring home would certainly fall over it. And this was the case.
After dinner, we went up to our room and that's where I announced the news to all three fo them. As I expected, my wife had seen the folder and she had some doubts. The reaction of the girls was less catastrophic than what I could expect, which was an encouragement to me. They seemed not even have measured the extent of the situation. After this I also informed the church and the people of God. They brought us in prayer, my family and myself. Churches that have received us in Cameroon, were in daily prayer as well as all Christian organizations to which we belong. It was good for us to feel surrounded by God's people. The family of God has no borders. What a grace!
The GP sent me to a urologist of good reputation in this field. It hapenned that he is the one whom I got a surgical operation on my prostate nine years before with. So I took an appointment with him and he decided to perform the surgery on April 14. He explained with diagrams on the computer, how he would proceed. And assured me he would necessary preserve the diseased kidney making only partial resection, that he called "partial nephrectomy of the right kidney". He told me he was going to do with "lumbotomy", that is to say, by making an incision on the right side to reach the kidney and I will be therefore lying on the left side. He strove to reassure me about the process of the surgery. I had confidence because the first surgery (on prostate) went well as he had explained to me and I was released from the hospital two days later; two weeks after I was evangelizing in Cameroon in an International Bible Camp. Praise God!
My testimony:
The day before my surgery, my younger brother, who had especially come from Cameroon, and my wife accompanied me to the hospital where I was admitted late Sunday afternoon. While we were in the process of discussing a very relaxed way, I received a visit from an anesthetist who came to prepare me for the next day surgery. His remarks turned the atmosphere that was relaxed a few minutes before. According to him, I had to expect a total removal of my right kidney, which were about the complete opposite of the words of the surgeon who promised me to preserve the diseased kidney. I retorted that it was not at all what I was told by the surgeon. He replied that there has often been surprises between what shows imaging and what they discover when they open the patient, and therefore, we had to expect the worst. I took it very bad and started to panic until I finaly got a grip on myself and I took authority in the precious Name of Jesus, once this prophet of doom was out of my room, and I proclaimed, "get away from me Satan, you have nothing to do with me!" Then I could sleep quietly!
The next morning, when the porter came to pick me up and put me in the wheelchair, I had an extraordinary vision to the sight of the cross, which was above the exit door: Jesus was sitting on His Throne and sent His Angel treat me. He gave him a pair of tweezers that seemed out of the liquid nitrogen in his right hand, and one that seemed to come from a fiery furnace in the left hand. The angel came down to me and to my surprise, he opened my stomach, not as the surgeon had told me he would, but below the last rib on the right side. He took the kidney out and just pinched it with the cold tweezers and only removed the tumor. When the blood began to spurt out, he took the incandescent tweezers and put it on the wound and blood stopped flowing. At the moment, the kidney resumed its normal appearance and shone as if there had never been anything. It seemed brand new! Then the angel departed.
Great joy flooded me and I was totally relaxed when I arrived in the operating room. The porter handed me over to the care of a nurse anesthetist who strove to reassure me. At one point I could not restrain myself and I bursted into laughing. She asked me why I was laughing and I told her that it was she who needed to be reassured, because I already was, for my "boss" had already done the work. Then told her the vision that I had when going out of my room. Curiously, she did not seem surprised and left me and joined the team in the theater block. I nolonger saw her until another nurse came to take me to the block. Once in the block, I was lying on my back on the operating table. At that time I received a visit from a priest who introduced himself to me as "priest anesthetist." He said he had learned that I was a man of God and he had to look after me. I told him that I was happy, but the "Boss" was already in charge of the operation. At that moment, I heard a discussion between the surgeon and his assistant she noted that the surgeon had planned the operation by lumbotomy and was wondering if they should not rather put me on my side. I heard the surgeon saying they should let the patient fall asleep first; then nothing ...
When I regained consciousness in the recovery room, I saw the surgeon leaned over me, telling me that everything was fine as I had expected. I then imagined that the nurse anesthetist had told them my vision. In addition, I came to realize that I had been operated not by lumbotomy as the surgeon had explained to me during the preoperative interview, but just as the angel had done: by a subcostal incision.
The days that followed were really painful for me. I never suffered that much physically in my life. I never imagined how it could be painful. But that's another story…
I left the hospital ten days after my surgery, I had an appointment six weeks after, for a first inspection in the office of the urologist. On test day, when the surgeon began the ultrasound of my right kidney, he suddenly called me and asked me to watch the monitor of the ultrasound: - there is not even a trace of a scar, it your kidney is like new! He told me. Of course, I am not able to distinguish an anomaly, a scar or anything else on an ultrasound imaging and frankly I could not see anything. But I knew one thing: in my vision, I saw that my kidney had become new, no scar after the intervention of the angel, shiny as if there had been nothing and this is the confirmation expected. May the Lord be glorified!
Despite the uncertainty of the disease and postoperative consequences, I received the conviction to maintain some activities: the Global Day of Prayer and Lifeline Expedition Reconciliation Mission in Guadeloupe and Martinique. For the first, the Lord had provided. A friend and brother in Christ with all my heart could replace me and help me in the organization. Other people were involved and the program could take place. For the second, my strength had been miraculously renewed when I put my feet in Martinique. I returned in excellent shape from this mission so that when the ENT specialist examined me, he found that I was able to withstand a second operation: the one of tonsils and soft palate on which another problem also arose. Two months after the the kidney surgery, I went back on the operating table. This time it was even more painful than the first and I hope it will be the last. I resumed my work and I am convinced that it is in the consecration to the Lord that I will find the renewal of my health, and the fullness of my ability.
"He forgives all my sins and heals all my diseases. He keeps me from the grave and blesses me with love and mercy. He fills my life with good things so that I stay young and strong like an eagle." Psams 103 v. 35
My main prayer request:
I'm presently preparing three major international meetings:
- The Diaspora Consultation for the evangelization in Europe Amsterdam in late September
- The March in "chains and yokes", a prophetic walk for the reconciliation of peoples affected by the triangular trade in Haiti in November
- The evangelization in Douala and Northern Cameroon campaign in December.
May the Lord renew my strength!


text:
Marco Rubio 2016: Latest Polls, News and Updates on Presidential Campaign
Scott Olson/Getty Images
ByMiles Surrey
In the first national poll of 2016, Florida Sen. Marco Rubio still holds the third-most votes among candidates for the Republican Party's nomination. He has a lot of ground to gain to compete with frontrunner Donald Trump, but he is just 5 points behind Texas Sen. Ted Cruz, according to a NBC News/SurveyMonkey poll released Tuesday.
Of likely American voters who support Rubio, 26% of them said their support was already set in stone, while 49% said there was a "large chance" they'd wind up voting him, according to the poll. Trump, by contrast, had 51% of his voters saying they were certain to vote for him, with 33% believing they will probably do so.
However, only 11% of those surveyed said they believed Rubio would win the GOP nomination, compared to 49% and 22% to Trump and Cruz, respectively.
Rubio penned an op-ed proposing to restore limited government. On Wednesday, Rubio wrote an op-ed piece USA Today, highlighting his vision as president to "promote a convention of states to amend the Constitution and restore limited government." Rubio said he wants to impose "term limits on Congress and the Supreme Court" and force "fiscal responsibility through a balanced budget requirement."
A convention of states is also a notion that has never been invoked in American constitutional history. For these reasons, Washington Post political blogger Jennifer Rubin noted, the concept could potentially backfire with the ideals of his party.
"Gay marriage, which Rubio opposes, is now supported by most Americans," Rubin said. "At a convention it would be concretized in the Constitution. Liberals would be delighted with all these moves, but conservatives would not."
Rubio's boots have been stealing the show on the campaign trail. Rubio toed the line with national media throughout the week, as he was shown rocking a shiny pair of high-heeled boots by New York Times reporter Michael Barbaro on Monday.
It didn't take long for the boots — made for walking, and it's likely that's what they'll do — to draw cheeky remarks from Republican rivals, with former Hewlett-Packard CEO Carly Fiorina and Kentucky Sen. Rand Paul taking jabs at Rubio's footwear.
Additionally, New York magazine's Jessica Roy favorably compared the boots to those of One Direction singer Harry Styles.
"The boots — which we think are either these Giorgio Brutini boots or these Margiela ones — looks a lot like a pair favored by Styles, albeit with slightly less pilgrim flair," Roy said.

redpajama_set_name: RedPajamaCommonCrawl


text:
Let's start defining what's a _Framework_?

Definition by [Technopedia](https://www.techopedia.com/definition/14384/software-framework):

> A software framework is a concrete or conceptual platform where common code with generic functionality can be selectively specialized or overridden by developers or users.

Using a framework is a very recommended option to create almost any software application. We have a bunch of options for a lot of languages. In specific, a CSS framework is a collection of style rules written (usually comes with some JavaScript code) ready to be imported into the HTML and start styling your website. In this case we are going to show you some options you have to build your website:

* [Bootstrap](https://getbootstrap.com/)
* [Foundation](https://foundation.zurb.com/)
* [Bulma](https://bulma.io/)
* [Tailwind CSS](https://tailwindcss.com/docs/what-is-tailwind/)
* [Semantic UI](https://semantic-ui.com/)

Any of these frameworks above can make you more effective on creating a website. We are going to teach you how to layout your website using Bootstrap. You are going to be able to understand how a CSS framework is imported and how to use it.

Layouting your website could be one of the most complex task to understand and do at first when you are learning to create websites.

## Bootstrap

Let's talk about Bootstrap! This framework is currently in the version 4. You can see this framework as a couple of files: one CSS and the other is a JavaScript file, where there are lot of css rules already written and you can use with the usage of classes. Also there are some components already created, ready to be used and interact with them with minimal or sometimes none code.

As we mention before, we will go over the layout part, which means that we only going to need the css file. To start using bootstrap let's import the css file into our html file. We don't need to download the file, we are going to use a CDN (Content Delivery Network) by adding the reference to the resource into our html:

```html
<!DOCTYPE html>
<html>
    <head>
        <link rel="stylesheet" href="https://stackpath.bootstrapcdn.com/bootstrap/4.1.0/css/bootstrap.min.css">
    </head>
    <body>

    </body>
</html>
```

And we are ready to begin with this! The first thing you need is a design of the user interface or a clear idea of what you want to create. In our case we will do again our twitter layout using bootstrap and one of the advantages is that your page will be almost full responsive using the classes of the framework.

With bootstrap we have some breakpoints, which means that we can define rules for 5 different window sizes, remember this table because you will need in the future:

        <576px
        Extra small

        ≥576px
        Small

        ≥768px
        Medium

        ≥992px
        Large

        ≥1200px
        Extra large

The main element need to know is the `container`. This is the most basic and the main to start our layout using the grid system. There are a couple of containers: the normal container and the container-fluid. The normal container will wrap you elements with margins on both sides, while the container-fluid covers the entire window.

![](http://www.codescratcher.com/wp-content/uploads/2015/03/Fixed-and-Fluid-Layout-in-Bootstrap-Output.gif)

You shouldn't use a container inside other container!

The following element we have is the `row`, which represents a row in our layout, like tables! Remember? it's the same, and do you remember what do we have inside the rows in the tables? columns! here it's the same. Let's say I want a couple of rows, one with two columns and a second row with three columns, this is the code to do that:

```html
<div class="container">
    <div class="row">
        <div class="col"></div>
        <div class="col"></div>
    </div>
    <div class="row">
        <div class="col"></div>
        <div class="col"></div>
        <div class="col"></div>
    </div>
</div>
```

This assures me that I will have always 2 and 3 columns in all devices. But what if I want to show every column in their own row when you open this on mobile? Here you need to be more specific and be explicit on how you want to display every column on every device width.

Do you remember the table above with the breakpoints? Well, for specify rules per every device you need to add some suffix to the columns classes:

        <576px
        Extra small
        -xs

        ≥576px
        Small
        -sm

        ≥768px
        Medium
        -md

        ≥992px
        Large
        -lg

        ≥1200px
        Extra large
        -xl

And the grid system is based on a twelve columns layout, so you need to specify how wide will the column be using that numbers. In our case, as we want to display one column per row when is on extra small devices and out of that we will display as two columns in the same row we need to add the classes `col-xs-12` and `col-sm-6` to the column. And for the second row, we want to display one column per row when it's xs and three column per row out of that wide, then we add the classes: `col-xs-12` and `col-sm-4` to every column in the second row.

```html
<div class="container">
    <div class="row">
        <div class="col-xs-12 col-sm-6"></div>
        <div class="col-xs-12 col-sm-6"></div>
    </div>
    <div class="row">
        <div class="col-xs-12 col-sm-4"></div>
        <div class="col-xs-12 col-sm-4"></div>
        <div class="col-xs-12 col-sm-4"></div>
    </div>
</div>
```

![](http://www.antetype.com/blog/wp-content/uploads/2013/04/layout-12-grid-wide.png)

redpajama_set_name: RedPajamaGithub


The oldest record of church in Halikko is dated back to the year 1352. The wooden church was replaced probably approximately 1440. Original, two-aisle church was dedicated to St. Birgit. During the Reformation old chalk paintings were overpainted and church was left to dilapidate. Too small and dicky church was renovated and expanded in 1799 and again in 1813-1815. The old sacristy, weapons room and the tomb of famous noble family Horn were dismantled then. New tombs for Horns and another famous noble family Armfelt were added to the church.
According the legend, Henrik Olafsson the Graf of Åminne manor financed the construction of the Halikko Church, the Pertteli Church and the Chapel of Salo to pay the sins of his family. His father-in-law had murdered his wife and the seen a vision in which Jesus said that he must pay his sins.
Paikka joka on rauhallinen ja turvallinen isän käden alla.
Perhaps not as big as St. Peter's Basilica in Rome or as beautiful as Sagrada Família of Barcelona, but it is a pretty small medieval church in its own right. I got married there, and we're still happily married, so I'm inclined to give it five stars.


text:
Home World Depicted As "Hooligans": Gucci Heirs Threaten Lawsuit Over Film
Depicted As "Hooligans": Gucci Heirs Threaten Lawsuit Over Film
The Ridley Scott movie has already been picking up an Oscar buzz.
Rome:
The heirs of Italian fashion house Gucci on Monday threatened to take legal action over Ridley Scott's new film "House of Gucci" for depicting members of the family as "hooligans".
The movie, which is already picking up an Oscar buzz, stars Lady Gaga as Patrizia Reggiani, who was convicted of having fashion heir Maurizio Gucci (played by Adam Driver) assassinated in the 1990s.
"The Gucci family reserve the right to take every initiative to protect their name and image, and those of their loved ones," said a letter signed by founder Aldo Gucci's heirs, published by Italy's ANSA news agency.
The film is directed by British director Ridley Scott, who has created some of the most iconic movies of the past 40 years, including "Blade Runner", "Alien", "Gladiator" and "Thelma and Louise".
The letter said the family was particularly offended by the depiction of Reggiani, "a woman definitively convicted of ordering the murder of Maurizio Gucci… as a victim".
And it complained that Aldo Gucci and relatives were portrayed as "hooligans, ignorant and insensitive to the world around them".
The Gucci family has not been involved with the fashion house since the 1990s. The luxury brand is currently owned by the French group Kering.
The film premiered in Britain earlier in November, and will be released in Italy on December 16.
Previous article'Omicron may already be in India, need to ramp up genome sequencing': Dr Gagandeep Kang
Next articleTravel bans cannot curb spread of Omicron: Experts
US Authorises Additional $200 Million In Security Aid To Ukraine Amid Russian Invasion Fears
No Evidence That Healthy Kids Need Covid Boosters, Says WHO Chief...


They'll tell you it's not real, but they're lying. They're lying to protect themselves, to protect their stranglehold on power. They know Q-space is real. They know it can be done, they've seen the test films, they've read the data. Vega is ten hours away. Vega.
But they'll never let it get out. They'll never let it get built, because they know: it's wealth thrown away, it's never coming back. You might as well drop it all into the sun. Nobody with legs that long is gonna stay in a shithole like Earth, and the establishment can't bear the idea.


text:
Steven C. Rubinow
"Clearly one of the most innovative and transformational CIOs ever"
The New Macroeconomics of Consumer Surplus, (September 27, 2017), SSRN (Social Science Research Network) SSRN: https://ssrn.com/abstract=3042915
A CEO's Guide to Managing and Leveraging Enterprise Data Assets, (June 14, 2017), insideBIGDATA. https://insidebigdata.com/2017/06/14/ceos-guide-managing-leveraging-enterprise-data-assets/
Today's Brilliant Ideas are Tomorrow's Legacy, (August 3, 2016), Media and Entertainment Tech Outlook. http://www.mediaentertainmenttechoutlook.com/cxoinsights/today-s-brilliant-ideas-are-tomorrow-s-legacy–nid-85.html
How IT Can Be an Agent of Business Transformation, (2008), Books24x7.
Time Management Strategies for CTOs: Strategies to Prioritize and Accomplish Goals, (2006), Aspatore Books.
The Top Five Security Risks, (2006), Aspatore Books.
CTO Leadership Case Studies: Four Strategies for Technology Implementation that Impact the Company's Bottom Line, (2006), Aspatore Books.
When Technology Fails: Strategies to Make the Most of a Situation and Stage a Successful Turnaround, (2005), Aspatore Books.
A Roadmap to Success as a Technologist in Inside the Minds: IT Roadmaps for Success, (2005), Aspatore Books.
Using Oracle Express as a Multi-Purpose Information Server. (1997) Select 4(4), 52.
Forecasting Demand for Manufacturing and Deployment: An Expert System Enhanced Approach, in Handbook of Expert Systems in Manufacturing, (1991), McGraw-Hill.
The Heme Environment of Cytochrome c' (1985) Ph.D. Dissertation, University of Illinois.
Cytochromes c' in Their Reaction with Ethyl Isocyanide. (1984) Biochemistry 23, 2590.
Binding of Ethyl Isocyanide to Cytochrome c' from Chromatium vinosum (1983) Biochimica et Biophysica Acta 743, 195.
Marketing Decision Support at the Quaker Oats Company. (1990) DSS-90 Transactions.
Expert-Respondents Synthesis for International Advertising Research. (1981) Journal of Advertising Research 21, 9.
Comparative Solvent and Thermal Perturbation of Cytochromes c' (1980) Federation Proceedings 39, 2149
A Bayesian Approach to the Linear Synthesis of Experts / Small Sample Estimates: Theory and Application. (1979) Working Paper 79-22 College of Business Administration, University of Illinois at Chicago.
Molecular Model of Cytochrome c' (ExPASy proteomics server of the Swiss Institute of Bioinformatics)


We stopped by the Carver Gallery on the downtown Kalamazoo Mall towards the end of the day on a cool Saturday in November. He was there chatting with some folks who had also stopped in. I wasn't sure what to expect, but Norm was friendly and showed us some of the photographs of the homes he has designed around West Michigan, as well as in places like Palm Springs, California. He agreed to meet me at his gallery the following Wednesday (after his morning tennis game) to chat about his work as an architect and photographer.
Norm was born in 1928 in Kalamazoo. His design of the Carver Center and Parish Theatre (next door to the Kalamazoo Institute of Arts) reflects his family's involvement in the Kalamazoo Civic Theatre.
He graduated from the Yale University School of Architecture and was awarded a Fulbright scholarship to study and photograph Japanese architecture, resulting in his book Form and Space in Japanese Architecture. A second Fulbright scholarship took him back to Japan, and to India in 1964. In all, Carver has written ten books about architecture around the world, from Japanese Folkhouses Italian Hilltowns to Silent Cities of Mexico and the Maya to Angkor, as recently as 2011. His design for a married student complex at Western Michigan University reflected his love of the Italian hill towns. Carver has lectured and taught at Yale, Harvard, MIT, Princeton, Michigan State University and was visiting professor at King Faisal University in Saudia Arabia.
Carver's residential designs are found predominantly in Kalamazoo, Michigan. However that doesn't tell the whole story. Carver designed the US Embassy in Seoul, Korea in 1955 (JW King Associate Architects) as well as homes along the lakeshore, in Ohio, New York, New Jersey, Virginia and California.Three of Norman Carver's homes made Architectural Record House of the year in 1959, 1960 and 1961. Another house, designed for Mary and James Thorne, became the only home in Kalamazoo County besides the Frank Lloyd Wright Parkwyn Village homes to make it into the Buildings of the United States, Michigan volume in 1995.
You can find Carver homes in several areas in Kalamazoo, for example on the cul-de-sac Memory Lane, in his own development Carver Street where he rode horses as a boy, and near the Frank Lloyd Wright houses of Parkwyn Village, which he worked on as a young student. WMM will be featuring more stories about Carver's residential designs in future issues.


text:
Christian Works : Book of Cerne
Christian Works

The Book of Cerne is a composite manuscript. The central section, part II (fols 2-99), is a ninth-century prayerbook written in principally in Latin with some glosses in Old English. It contains a selection of extracts from the gospels, prayers and hymns probably assembled for private devotion. It is believed to have been composed in the Anglo-Saxon kingdom of Mercia (which broadly corresponds to the modern West Midlands). At some later point, possibly as late as the sixteenth century, this ninth-century manuscript was bound together with two other collections of texts assembled at Cerne Abbey in Dorset (parts I (fols i-xxvi) and III (fols i-xxviii). It is from this that the manuscript takes its name, although there is no evidence to associate the Anglo-Saxon portion of the manuscript with Cerne.

The Book of Cerne is stylistically associated with a group of eighth- and ninth-century prayerbooks produced in southern England known as the Tiberius or Canterbury group. Surviving members of the group are London, British Library, MSS Harley 7653 (known as the Harley prayerbook), Harley 2965 (known as the Book of Nunnaminster) and Royal 2.A.xx.

 The Book of Cerne is on display in the British Library exhibition Anglo-Saxon Kingdoms: Art, Word, War until 19 February 2019.


text:
Aridis Pharmaceuticals to Host Investor Day Showcasing APEX™ Technology Platform and Key Opinion Leader Panels on Cystic Fibrosis and Pneumonia
SAN JOSE, Calif., Feb. 18, 2020 /PRNewswire/ -- Aridis Pharmaceuticals, Inc. (Nasdaq: ARDS), a biopharmaceutical company focused on the discovery and development of novel anti-infective therapies to treat life-threatening bacterial infections, announced today that it will host an Investor Day on Thursday, March 12th, 2020 in New York City from 12:00PM-2:00PM EST.
The event will provide development updates on the Company's key clinical programs and feature key opinion leader (KOL) panels moderated by leading healthcare analysts, Louise Chen of Cantor Fitzgerald and Jason McCarthy from Maxim Group. Participating experts include Dr. Steven Opal of Brown University and Dr. Lisa Saiman of Columbia University who will provide insights on the acute pneumonia and cystic fibrosis indications and the current therapeutic landscape. Medical reimbursement will also be discussed.
In addition to the KOL panel discussion, the forum is intended to provide investors and analysts with a comprehensive profile of APEX™, the Company's cutting-edge antibody discovery and production platform along with an update on lead programs AR-301 for the treatment of ventilator associated pneumonia (VAP) and AR-501, an inhalable therapy for chronic lung infections in cystic fibrosis patients. Aridis is advancing AR-301 in a global clinical trial which remains on track to report top line data in 1H 2021, and enrolling AR-501's Phase 1/2a clinical trial with top-line data expected in 1H 2020 (healthy subjects), and in 2H 2021 (cystic fibrosis subjects).
To learn more about the event or to register for attendance, please email RSVP@aridispharma.com.
Aridis Pharmaceuticals, Inc. discovers and develops anti-infectives to be used as add-on treatments to standard-of-care antibiotics. The Company is utilizing its proprietary APEX™ and MabIgX® technology platforms to rapidly identify rare, potent antibody-producing B-cells from patients who have successfully overcome an infection, and to manufacture mAbs for therapeutic treatment of critical infections. These mAbs are already of human origin and functionally optimized for high potency by the donor's immune system; hence, they do not require genetic engineering or further optimization to achieve full functionality.
The Company has generated multiple clinical stage mAbs targeting bacteria that cause life-threatening infections such as VAP and HAP. The use of mAbs as anti-infective treatments represents an innovative therapeutic approach that harnesses the human immune system to fight infections and is designed to overcome the deficiencies associated with the current standard of care which is broad spectrum antibiotics. Such deficiencies include, but are not limited to, increasing drug resistance, short duration of efficacy, disruption of the normal flora of the human microbiome and lack of differentiation among current treatments. The mAb portfolio is complemented by a non-antibiotic novel mechanism small molecule anti-infective candidate being developed to treat lung infections in cystic fibrosis patients. The company's pipeline is highlighted below:
AR-301 (VAP). AR-301 is a fully human immunoglobulin 1, or IgG1, mAb currently in Phase 3 clinical development targeting gram-positive S. aureus alpha-toxin in VAP patients.
AR-101 (HAP). AR-101 is a fully human immunoglobulin M, or IgM, mAb targeting P. aeruginosa liposaccharides serotype O11, which accounts for approximately 22% of all P. aeruginosa hospital acquired pneumonia cases worldwide.
AR-501 (cystic fibrosis). AR-501 is an inhaled formulation of gallium citrate with broad-spectrum anti-infective activity being developed to treat chronic lung infections in cystic fibrosis patients. This program is currently in a Phase 1/2a clinical study in healthy volunteers and CF patients.
AR-201 (RSV infection). AR-201 is a fully human IgG1 mAb preclinical program aimed at neutralizing diverse clinical isolates of respiratory syncytial virus (RSV).
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. These statements may be identified by the use of words such as "anticipate," "believe," "forecast," "estimated" and "intend" or other similar terms or expressions that concern Aridis' expectations, strategy, plans or intentions. These forward-looking statements are based on Aridis' current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, the timing of regulatory submissions, Aridis' ability to obtain and maintain regulatory approval of its existing product candidates and any other product candidates it may develop, approvals for clinical trials may be delayed or withheld by regulatory agencies, risks relating to the timing and costs of clinical trials, risks associated with obtaining funding from third parties, management and employee operations and execution risks, loss of key personnel, competition, risks related to market acceptance of products, intellectual property risks, risks associated with the uncertainty of future financial results, Aridis' ability to attract collaborators and partners and risks associated with Aridis' reliance on third party organizations. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Actual results could differ materially from those described or implied by such forward-looking statements as a result of various important factors, including, without limitation, market conditions and the factors described under the caption "Risk Factors" in Aridis' 10-K for the year ended December 31, 2018 and Aridis' other filings made with the Securities and Exchange Commission. Forward-looking statements included herein are made as of the date hereof, and Aridis does not undertake any obligation to update publicly such statements to reflect subsequent events or circumstances.
Blueprint Life Science Group
jwong@bplifescience.com


text:
Mid & HeavyNew cars
Home Mid & Heavy Here is the Mercedes X-Class, the luxury utility vehicle for farmers cultivating panda gold-plated fuzz buds
Mercedes has just invented the luxury pick-up. Why have they done it? Because they could and because they plan on selling volumes of such "useful" vehicles worldwide, from this moment on. Have you sensed the irony in the name? A… luxury pick-up (lorry)? That comes after we have been caught in a snare for the past 20 years and we've allowed ourselves to be deluded by the car makers that we necessarily need SUVs – for traveling by an off-roader in the city…
Written by: Cătălin Șoloc
Still, it is a marketing study. Mercedes knows you are a supercilious and that you, a farmer or a forestry engineer, want to have full access to the parcels that you administrate at the end of some rural dirt roads, by a premium vehicle, so that all your neighbours know that you have arrived. You cannot tow a 3.5-ton agricultural vehicle or load in the truck's bed 1.1 tons of construction material (or maybe veggies), unless you do it in style, in alligator-leather cowboy boots, with a gold watch, casually supporting his adorned wrist against the finest leather and resting his behind in a massaging seat. How would you not take your delight with the finest of woods and with the big-sized TFT display that decorates the dashboard, tiredly crushing, in one corner of the mouth, an (ebony) toothpick, while the building materials store boy loads the bags of cement into your truck bed? Pfff, how were you ever able to survive without all these?!? How could even supervise your flocks from inside a wretched Toyota?!? There comes the Mercedes to spare you the shame.
Putting jokes and pamphlet aside, the target of the new Mercedes X-Class is by no means the one displayed above. As the target group for the SUVs hasn't been one made of hunters, fishermen, mountain rescuers or border guards for a long time. The luxury SUV has become a symbol of the social statute, as the luxury pick-up has turned into the exact same thing. Actually, in North and South America and even in the Arab world, the stately pick-ups made in the U.S.A. have long been the symbol of financial power and of the determination held by those who overcome any obstacle on the road to victory, no matter what victory may mean. Whether we like it or not, this is how things are… this is what we are! And Mercedes knows it, it has reckoned and the aftermath was on their side. The world needs a luxury pick-up, because there is a promising market break-through, that must be harnessed. Especially because this (utility) vehicle category is skyrocketing – by 20% per year – and brings fabulous profit to the manufacturers.
It is so that the German manufacturer has satisfyingly announced that it has just given birth to a new segment, with the presentation of the two variants of the X-Class concept – the Stylish Explorer and the Powerful Adventurer. The main markets the new pick-up targets are Brazil, Argentina, Australia, New Zeeland and South Africa. The X-Class will also go on sale across Europe, where it is expected to enforce a new tendency, but, ironically, not in the United States, where there is a stinging market of 25% imported pick-up trucks. Naturally, at a certain time, Mercedes might decide to populate this serious opponent for Ford, Chrysler and GM, manufacturing it in the company's US-based plants. And I predict that it shall happen.
At the launch event, the Mercedes Chairman, Dieter Zetsche, stated that the X-Class fills one of the final gaps in the German manufacturer's portofolio and that it is aiming to provide customers with vehicles that cater for their specific needs. The X-Class – he added – shall set a new standard in this ever-growing segment.
Is that clear enough for you? It is for me: customers felt the need to have a luxury pick-up and now Mercedes is providing it. Haven't I told you it is not an adventure in an uncharted territory, but well made-marketing study?!?
But let's though tell of the vehicle, which is pretty, elegant, high-tech, imposing (too bad it's got a bed) and very cool… that's if you are a millionaire surfer or an Emirates-based sheikh, fed up with getting of a Maybach again and again to play among sand dunes in a Nissan Navara. But wait a minute! Sheikh, you will still be playing in a kind of Navara, it is just that it bears the Mercedes logo and it shall be waaaay more luxurious. Because the Teuton pick-up is underpinned by the Nissan Navara platform and manufactured in the Nissan plant in Spain. Or maybe I should say that it is built on the technical platform of the Renault Alaskan, in the Renault plant in Argentina. In fact, both statements are valid.
Apart from its popular siblings, the Mercedes shall bring top equipment lines, generous space for 5 adults, a V6 turbodiesel engine that has been widely announced as the new segment benchmark (technical data not yet announced), 22-inch wheels and permanent 4MATIC permanent all-wheel drive coupled with a high-end traction control system. As previously suggested in the beginning of the article, the towing capacity of the X-Class is of 3.5 tons and the bed loading capacity is of 1.1 tons.
My take on it is that it shall mostly tow motor boats and shall feature golf club loads, because such is the "freight" of the potential customers. Congratulations, Mercedes, for a new bewitching and – I am sure of it – historical automobile! I am 100% sure that it shall sell like hot cakes worldwide, because the market for it has been correctly singled out. My prediction is that shortly opponents from BMW, Audi etc. will see the light of day…
For a extensive photo gallery, head over to Motor Test!
Tags : luxury pick-up, Mercedes pick-up, pick-up
Ever safer – Daimler Buses increase active safety with new light tech
Mercedes-Benz EQE: Electric E-Class comes in 2022 with 600 km range
Oraan Marculescu, September 26, 2014
First glimpse: Mercedes-AMG GT Edition 1 prepared for 2014 Paris Motorshow
Live from Paris – The new Mercedes-Benz EQC
Elena Luchian, January 23, 2020
Every Mercedes-Benz model scheduled for 2020 revealed
Elena Luchian, November 16, 2018
The new B-Class enters series production in Rastatt, Germany
Get the Mercedes 190E 2.5-16 Evolution II of your dreams
He never learns – Lewis Hamilton thinks tiger is a lap cat
MercedesBLOG


text:
Духо́вное управле́ние мусульма́н Респу́блики Адыге́я и Краснода́рского кра́я (сокр. ДУМ РА и КК) — региональная организация мусульман (муфтият) Республики Адыгеи и Краснодарского края. Входит в Координационный центр мусульман Северного Кавказа.

История
ДУМ РА И КК было создано 20 апреля 1991 года на первом Съезде мусульман, который состоялся в Адыгее, в ауле Адамий. Место было избрано в знак того, что последний официальный Съезд мусульман региона состоялся в 1927 года в этом же ауле.

В работе съезда участвовали делегаты из всех населённых пунктов Республики Адыгея и Краснодарского края, с компактным проживанием мусульман. И на нём был избран первый муфтий духовного управления — Мос Чениб, черкес-репатриант из Иордании.

13 марта 1993 года на очередном съезде мусульман Республики Адыгея и Краснодарского края был принят Устав ДУМ РА и КК.

25 апреля 1998 года, 20 ноября 2002 года, 24 ноября 2004 года и 12 ноября 2008 года устав дополнялся, утверждениями Съезда ДУМ РА и КК.

Деятельность
ДУМ РА и КК ведёт свою деятельность, в целях совместного исповедания и распространения Ислама на территории Республики Адыгея и Краснодарского края, согласно Уставу, принятому на Съезде мусульман.

Согласно Уставу ДУМ РА и КК проводит следующие мероприятия:
 обучение основам Ислама и арабского языка при мечетях Республики Адыгея и Краснодарского края;
 участие в различных мероприятиях по духовно-нравственному воспитанию граждан Республики Адыгея и Краснодарского края;
 регулярное проведения работ Исполкома и Совета, а также Съезда мусульман.
 проведение встреч с мусульманами в населённых пунктах Республики Адыгея и Краснодарского края;
 проведение семинаров, конференций и т.д.;
 издание исламской литературы;
 выступления в различных СМИ;

В настоящее время в Духовное управление мусульман Республики Адыгея и Краснодарского края (ДУМ РА и КК) входят 12 районных и 3 городских религиозных организаций мусульман, которым подведомственны 40 общин в Республике Адыгея и 7 общин на территории Краснодарского края.

Председатели (муфтии)
 Мос Чениб: 1991—1995 года.
 Саид Хуако: 1995—1997 года.
 Евтых Аслан Цикузиевич: 1997—1998 года.
 Хачемизов, Аскарбий Хаджимосович: 1998—2000 года.
 Шумафов Энвер Мишаустович: 2000—2002 года.
 Емиж Нурбий Моссович: 2002—2013 года.
 Карданов, Аскарбий Хаджибиевич: с 24 ноября 2012 года — по настоящее время.

Издания
При ДУМ РА и КК выпускается ежемесячная газета — «Свет», а также выпускается телепередача — «Азан».

ДУМ РА и КК выпущены книги — «Неугасимый свет Ислама» и «Взгляд на Ислам через призму наук».

См. также
 Ислам в России
 Религия в России

Примечания

Ссылки
 Официальный сайт ДУМ РА и КК

Духовные управления мусульман России
Религиозные группы и организации по алфавиту
Ислам на Кавказе
Религия в Краснодарском крае
Ислам в Адыгее

redpajama_set_name: RedPajamaWikipedia


text:
Favre says Kap will hit 'hero status' like Tillman
Panthers choose Reich over Wilks as new coach
1dRyan Hockensmith
Brett Favre thinks Colin Kaepernick will be lauded as hero like Pat Tillman
Harry Edwards: Goodell should hire Kaepernick as an assistant (1:33)
Civil rights activist Dr. Harry Edwards says Colin Kaepernick deserves another opportunity in the NFL and should be nominated for a Nobel Peace Prize. (1:33)
Hall of Fame quarterback Brett Favre thinks Colin Kaepernick will reach a "hero status" in football similar to that of Pat Tillman.
In a video from TMZ Sports published Sunday, Favre was asked whether he thinks Kaepernick has reached the stature of a figure such as Jackie Robinson or Muhammad Ali and whether he belongs in the Hall of Fame based on his work on and off the field.
Lynn: 'Crazy' not to have Kap on workout lists
3yLindsey Thiry
Goodell: I 'encourage' a team to sign Kaepernick
"I can only think of -- right off the top of my head -- Pat Tillman's another guy who did something similar, and we regard him as a hero," Favre said. "So I'd assume that hero status will be stamped with Kaepernick as well."
Tillman, a safety for the Arizona Cardinals, chose to leave the NFL for the U.S. Army in the wake of the Sept. 11 terrorist attacks. He was killed in 2004 by friendly fire while deployed in Afghanistan.
Kaepernick, 32, spent six seasons with the San Francisco 49ers but has not played in the NFL since 2016, when he started kneeling during the national anthem to protest police brutality and racial injustice in the United States.
"... It's not easy for a guy his age, black or white, Hispanic, whatever, to stop something that you've always dreamed of doing and put it on hold -- maybe forever -- for something that you believe in," Favre said.
Favre clarified his comments to TMZ on Monday, writing: "Including Pat Tillman's name in the interview on Colin Kaepernick was not a comparison of the two, but a recognition that they both sidelined their football dreams in pursuit of a cause. Pat tragically lost his life, making the ultimate sacrifice, and deserves the highest honor."
Kaepernick, who has continued to express a desire to return to the NFL, reached a settlement with the league concerning a collusion grievance last year.
Favre said Kaepernick was a dynamic player in his prime and, considering his age, deserves another shot in the league.
"I think from a football sense, I can't imagine him being that far out of shape or that far out of touch with football that he doesn't deserve a shot," the Green Bay Packers legend said. "... And he's still young and hasn't been hit in several years, so there's no reason to think that he's lost that much of a step."


V3Solar hopes, that due to reduced physical footprint of the solar cones, the total cost of ownership of solar farms might be also reduced, thus making more projects economically profitable.
They are spinning, beautiful and highly efficient. These spinning solar cells are generating 20 times more green electricity compared with traditional Panels.
These fancy-looking spinning solar cells are actually more efficient than flat cells. Photovoltaic cells (PVs) are arranged in an angular array to form a conical shape.
This allows maximum exposure to sunlight at any angle during any time of the year.
V3Solar embodied an unusual solar panel design in its photovoltaic Spin Cell cones. The current prototype has recently been verified as capable of generating over 20 times more electricity than a static flat panel.
The one meter-diameter cones feature a layer of hundreds of triangular photovoltaic cells positioned at an angle of 56 degrees, put in a static hermetically-sealed outer lens concentrator.
The photovoltaic cone spins due to part of its own solar-generated power, which feeds a Maglev system intended to reduce the noise generated by the cones. V3 has also devised a "Power Pole," to hold 10 Spin Cells, or 10KWp, in a footprint of 10 SF: this creates great power density, eliminates threat of floods and lessens environmental impact.
The company hopes, that due to reduced physical footprint of the solar cones, the total cost of ownership of solar farms might be also reduced, thus making more projects economically profitable. The V3 Spin Cell is now being improved by Nectar Design, industrial design team.
The V3 Spin Cell was created in collaboration with industrial design team Nectar Design. The company believes that the Spin Cell could be a game-changer in its market.
Additionally, V3 hopes these spinning solar cells with dramatically reduce the physical footprint of the solar PV.
Cells are cheaper than lenses and bearings and all the other garbage associated with this design. V3's installed cost-per-watt will be higher than 'standard' solar, and the maintenance costs will be vastly increased.


text:
@implementation UITextView (FGStylable)

- (void)styleWithColor:(UIColor *)color
{
    self.textColor = color;
}

- (void)styleWithFontSize:(NSNumber *)fontSize
{
    self.font = [self.font fontWithSize: [fontSize floatValue]];
}

- (void)styleWithTextAlign:(NSTextAlignment)textAlign
{
    self.textAlignment = textAlign;
}

- (void) styleWithLineHeight: (CGFloat)lineHeight
{
    if (self.attributedText == nil) {
        NSMutableParagraphStyle *style = [[NSMutableParagraphStyle alloc] init];
        style.minimumLineHeight = lineHeight;
        style.maximumLineHeight = lineHeight;
        self.attributedText = [[NSAttributedString alloc] initWithString:self.text attributes:@{NSParagraphStyleAttributeName: style}];
    }else{
        NSRange currentRange;
        NSParagraphStyle * style = [self.attributedText attribute:NSParagraphStyleAttributeName atIndex:0 longestEffectiveRange:&currentRange inRange:NSMakeRange(0, self.attributedText.length)];
        if(style == nil || style.minimumLineHeight != lineHeight || style.maximumLineHeight != lineHeight || currentRange.location != 0 || currentRange.length != self.attributedText.length){
            NSMutableParagraphStyle *style = [[NSMutableParagraphStyle alloc] init];
            style.minimumLineHeight = lineHeight;
            style.maximumLineHeight = lineHeight;
            NSMutableAttributedString *str = [[NSMutableAttributedString alloc] initWithAttributedString:self.attributedText];
            [str addAttribute:NSParagraphStyleAttributeName value:style range:NSMakeRange(0, self.attributedText.length)];
            self.attributedText = str;
        }
    }
}

@end


I was asked recently about starting a career in stock photography. My advice, as always lately, was to get a law degree, then become a photographer. Other than that, I have some ideas on what it takes to make it in stock photography. I've been modestly successful as a stock shooter since the late eighties, and I personally know a lot of others, so from my perspective this is what you need to know.
* You'll need to be an outstanding photographer to succeed. This is true in any aspect of photography, incl weddings. In fact, this is true in all aspects of life. Whatever you do you must do well to succeed. Half-assed is half-assed no matter what you do, nobody wants mediocre anything.
Bill Tomlin, a local wedding & portrait (retail studio) photographer, on the street, or in the alley that connects our places (we're around the corner from each other), or in the bank, wherever. He's NEVER seen me without my camera and he comments on it constantly. I keep saying, and it's true, you never know what you're going to see. All the images accompanying this post were serendipitous sightings, would've been lost if I hadn't had my camera.
Of course, everything can't be submitted to an archive, but a lot of what I encounter serendipitously can be submitted to an archive, especially when presented in series as a body of work. One picture from a farmers market doesn't say much, even if it's a great image. Spend an entire summer browsing farmers markets and you arrive in October with several hundred outstanding images of fruit... you look very good to the archive's editor. But you need to have your camera with you. You never know when you'll pass a roadside stand.
* Pay attention! You never know what you'll see, but you won't see unless you're looking!! keep notes, write stuff down, your memory will fail when you need it most.
* Production value counts big-time!! Can't say that enough. Produce your shoots. Light them, prop them, get wardrobe, H&M, hire a stylist.
* You MUST establish a business relationship with both an accountant and an attorney. They need not specialize in photography but you can't use your dad's accountant or a cousin or whatever. SPEND MONEY* and hire people you trust, people who treat you like a professional rather than you're their little sister. This is key.
When I first started I had my taxes done by my dad's accountant. He didn't take me seriously, probably hoped I'd "come to my senses" and open a chain of dry cleaning stores or something. I got no advice, just tax prep. No guidance, I wasn't paying him, I was a favor done for my dad.
My older brother was my attorney. That's great fee-wise but my biz issues were grist for conversation at family dinners.
When I finally wised-up and hired an accountant the guy showed me how to organize my bookkeeping, told me what is and is not deductible, went back and amended five years of previous tax returns (I got money back!!), etc, etc. My attorney keeps my business confidential... priceless on Sunday evenings.
* Spend money. You can't start a good business by being undercapitalized. I know, I tried it. I went into business on a shoestring, bumped along unsuccessfully for a few years. Why? No budget.
Finally got *lucky* and landed a few BIG jobs. Took the money and started over: bought all new equipment, computers, advertising and promotion, portfolios. If you need to, take a small business loan, get some money behind you and DO IT RIGHT. Been humming along ever since.
Shoot, shoot, shoot. You're not a photographer if you're not making pictures!! Get out of the chair, turn off the computer and go out and make pictures. Hire an assistant or get an intern to handle your post-production. You need to do what photographers do: make pictures!!


text:
Academy of Accounting and Financial Studies Journal (Print ISSN: 1096-3685; Online ISSN: 1528-2635)
Research Article: 2019 Vol: 23 Issue: 2
Working Capital Management and Financial Performance: Evidence from Listed Food and Beverage Companies in South Africa
Patricia Lindelwa Makoni, University of South Africa
Ndonwabile Zimasa Mabandla, University of South Africa
This study aimed to investigate the nexus between working capital management and the financial performance of firms. We used a sample of 12 listed food and beverage companies in South Africa during the period 2007 to 2016. This study collected secondary data from the iress McGregor databases for the Johannesburg Stock Exchange (JSE) listed companies. Using various econometric techniques, we found a positive relationship between the inventory conversion period (ICP) and profitability of firms. In addition, the study found a negative relationship between the average collection period (ACP) and profitability. Furthermore, the study found a positive relationship between the average payment period (APP) and profitability. The findings of this article suggest that financial managers of firms need to adopt aggressive working capital management policies in order to create shareholder wealth through enhancing the financial performance of the firm.
Working Capital Management, Profitability, Return on Assets, Financial Performance.
The management of short-term assets and short-term liabilities available to a company for financing the daily operations of the business is gaining incremental interest (Karankye & Adarquah, 2013). It is vital to managing working capital well, as it has a generous influence on the financial performance of a company (Deloof, 2003). Failing to manage working capital efficiently may lead to the failure of the business.
The most commonly used measure of short-term assets and liabilities is the cash conversion cycle (CCC). It refers to the time span between the expenditure on the acquisition of the raw materials and the collection from the sales of accomplished goods (Charituo et al., 2012; Omesa et al., 2013). We used CCC elements such as inventory conversion period (ICP), average collection period (ACP) and average payment period (APP) as proxies of working capital management, consistent with the above-mentioned studies. Deloof (2003) claimed that the longer the time lag, the more the investment in short-term assets and short-term liabilities, and an extensive CCC might increase profitability as it leads to more sales. Yet, Deloof (2003) found that profitability might weaken with the CCC if the cost of greater investment in working capital improved quicker than the benefits of holding more inventories or giving customers more trade credits.
Financial performance measurement on the other hand mostly focuses on the types of financial ratios attained from the financial statements of companies. These measures comprise of profitability ratios, liquidity ratios, activity ratios and debt ratios (Ismaila, 2011). We used profitability as a proxy for financial performance, specifically, return on assets (ROA). Padachi (2006) defined ROA as the ratio of earnings before taxes gauged to total assets, and narrates a company's profitability to its assets base.
It is essential to manage short-term assets and liabilities adequately as it has a direct impact on both profitability and liquidity of the company (Deloof, 2003). Mathuva (2010) asserted that if a company has substantial sales due to a lenient credit policy, this eventually improves the cash cycle. Hence, an extensive CCC, in this case, may result in a growth in the company's profitability. Yet, the traditional view of the association between the CCC and profitability is that a longer cycle can damage the profitability of the company (Deloof, 2003). There are many studies that have been conducted internationally on the relationship between working capital management and financial performance (Gill et al., 2010; Afrifa et al., 2014; Atlaf & Shan, 2017; Shivastava et al., 2017 & Singhania & Mehta, 2017).
While a significant number of studies have been conducted on working capital management and financial performance internationally, and in East and West African countries, there is a dearth of studies that considered this relationship in Southern Africa, and particularly in South Africa. The purpose of this study is therefore to investigate the relationship between working capital management and the financial performance of listed food and beverage companies in South Africa, as they trade in fast moving consumer goods (FMCG) and perishable goods. It is important to management working capital efficiently as this has a direct effect on both liquidity and profitability of the company (Deloof, 2003). Mavutha (2010) argues that if a company has significant sales owing to a soft credit policy, this ultimately increases the cash cycle. Thus, a long CCC in this regard may lead to an increase in the company's profitability. However, the traditional view of the relationship between the CCC and profitability is that a longer cycle can harm the profitability of the company (Deloof, 2003). On this basis, it is important for financial managers of these companies to manage short-term assets and liabilities properly with the aim of enhancing their company's financial performance, to avoid suffering financial losses emanating from spoilt goods, a problem generic to the sector. At the same time, financial managers are constantly battling between pursuing the wealth maximisation objective of the firm vis-à-vis the profit maximisation objective.
This study contributes to the existing empirical literature on the relationship between working capital management and the financial performance of firms, specifically those engaged in the trade of fast moving consumer goods, using data drawn from listed food and beverages in South Africa specifically, as the working capital management policies of these FMCGs differs vastly from those of other economic sectors such as retail or mining. These South African companies are deemed important given their significant role in the economy of the country as food and beverage manufacturers and processors, at a time when the country is undergoing radical economic transformation which could threaten the sector and food security. The FMCGs' ability to provide basic necessities such as food at reasonable costs to both them and the end consumer, requires the financial managers to do so effectively and efficiently while also ensuring financial sustainability of the companies. Our study hence validates some of the findings of earlier empirical work. The rest of this article is structured as follows: the next section presents a review of the existing literature on the relationship between working capital management and financial performance of firms. This is followed by the methodology in which we detail our econometric model. The results are presented and subsequently discussed, and the paper winds up with a conclusion and recommendations.
The assertion that the management of short-term assets and short-term liabilities has an influence on the company's profitability and risk is gaining considerable attention (Banos- Caballero et al., 2012). In pioneering research, Smith (1980), suggested that managing short-term assets and liabilities is essential since it has an impact on companies' profitability and risk, and eventually the value. In the process of managing a firm, an asset-liability mismatch may arise leading to an increase in profitability in the short run, but endangering liquidity. Theories on working capital management were intensely discussed by Gitman & Zutter (2014) when they highlighted the risk and return trade-offs inherent in different working capital strategies. Excessive working capital results in cash being tied up in accumulated inventory potentially leading to waste and theft, complacency of management efficiency and consequent loss of profits. On the other hand, inadequate working capital leads to stagnated growth, increased operating inefficiencies, and thus reduced profitability. (Pandey, 2005). Precisely, a greater aggressive working capital strategy that has low investment in working capital is related with a higher return and risk; whereas a conservative strategy which deals with high investment in working capital has lower return and risk (Gitman & Zutter, 2014). Overall, shortening the cash conversion cycle could improve profitability.
Gill et al. (2010) examined the relationship between working capital management and profitability using a sample of 88 American companies listed on the New York Stock Exchange over the period 2005 to 2007. They used CCC to measure working capital management and gross operating profit (GOP) to measure profitability. Their study found a positive and significant relationship between CCC elements and profitability: the greater the CCC, the greater the profitability of the company (Gill et al., 2010). They concluded that if companies manage their working capital properly, profitability could increase.
On the other hand, Afrifa et al. (2014) investigated the working capital management and company performance relationship using a sample of 1128 listed small medium enterprises (SMEs) in the United Kingdom over the period 2007 to 2014. They used a panel data regression analysis to analyse data. CCC components such as inventory holding period (IHP), accounts receivable period (ARP) and accounts payable period (APP) were used to measure working capital, while Tobin's q ratio (QRATIO) was used to measure performance. They found a concave relationship between the QRATIO and IHP, ARP and APP, respectively.
Altaf & Shah (2017) examined the relationship between working capital management, company performance and financial constraints using a sample of 437 non-financial Indian companies. They used the two-step generalised method of moments (GMM) technique to analyse data. Their paper found an inverted U-shape relationship between working capital management and company performance. Furthermore, they also asserted that the firms that are likely to be extra financially constrained have inferior optimal working capital levels.
Shrivastava et al. (2017) conducted a study on the impact of working capital on profitability in Indian corporate entities during the period 2003 to 2012. The classical panel data and Bayesian techniques were used to analyse data. The findings of their study indicate that a longer CCC has a negative influence on profitability. They argue that financial accuracy indicators play a significant role in determining profitability. Furthermore, Shrivastava et al. (2017) revealed that larger companies seem to be more profitable and significant as per the Bayesian approach.
Similary et al. (2017) investigated the working capital management link using a sample of different listed non-financial companies in emerging Asian countries. ROA was used to measure profitability while the CCC was used to measure working capital management. They used the panel data model to control for the endogeneity problem. Singhinia & Mehta (2017) found that lower levels of working capital are positively associated with high profitability for companies in countries like India, Sri Lanka, Indonesia, Malaysia and Singapore. On the other hand, for companies in China, Pakistan, Bangladesh, Hong Kong and South Korea, a higher level of working capital is positively associated with profitability. Furthermore, Singhia & Mehta (2017) found that companies in countries like Thailand, Taiwan and Vietnam do not embrace a U shape or an inverted U shaped link between working capital and profitability. For instance, the results of their study revealed that profitability is positively linked to working capital for Taiwan and Vietnam, but is negative for Thailand.
In Africa, most research on working capital management and profitability has been conducted in West and East African countries, with relatively few studies done in Southern Africa. Uremadu et al. (2012) conducted a study on the effect of working capital and liquidity on listed corporates' profitability in Nigeria over the period 2005 to 2006. They found a positive relationship between the inventory conversion period, debtor's collection period and return on assets. In addition, the study also found a negative relationship between the cash conversion period and the ROA (profitability).
Korankye & Adarquah (2013) conducted a study on working capital management and its impact on profitability in Ghana between 2004 and 2011. They employed the working capital cycle (WCC) to measure profitability and gross operating profit (GOP) to measure profitability. Their study concluded a negative but significant influence between working capital and profitability. In addition, their study also found a negative relationship between individual elements of the cash conversion cycle; inventory turnover period, APP and profitability. Furthermore, their study revealed a significant negative relationship between leverage and profitability, while liquidity measures of interest cover and the current ratio yielded significantly positive relationships with profitability.
Kasozi (2017) studied the effect of working capital management on profitability using a sample of 69 listed manufacturing firms in South Africa during the period 2007 to 2016. His study found that ACP and APP have negative but significant effects on profitability as proxied by the return on assets. In addition, Kasozi (2017) also found that a number of days in inventory, as proxy of working capital management, has a positive significant effect on profitability.
Emerging trends from the review of earlier scholarly work reveals that although numerous studies on the relationship between working capital management and profitability have been done, there is still ambiguity and no consensus on the appropriate variables to use as proxies for working management capital. This has to some extent resulted in differences in country studies on this topic. The next section presents the methodological aspect of our paper.
Data and Variables
In this, paper, we examine the relationship between working capital management and financial performance of firms using a sample of 12 listed food and beverage companies in South Africa from 2007 to 2016. We used audited financial statement data from the iress McGregor database to calculate financial ratios. The sample was drawn from a population of 18 food and beverage companies listed on the Johannesburg Stock Exchange (JSE) in South Africa, based on the availability of complete data for the period under review.
In line with the literature and earlier empirical studies, in Table 1 below we show the expected sign from regressing the independent variables against our dependent variable. The return on assets (ROA) was employed as a measure of financial performance and the dependent variable. ROA is defined as the ratio of earnings before interest and tax over the total assets (Agha & Mphil, 2014). Our independent variables include inventory conversion period (ICP), average collection period (ACP), average payment period (APP) and control variables such as the size of the company (proxied by total assets), the current ratio (CAR), and the GDP. The selection of our variables is based on earlier scholarly work in the field (Deloof, 2003; Garcia- Teruel & Martinez-Solano, 2007; Makori & Jagongo, 2013).
Table 1: Variables And Predicted Relationship With Roa
PREDICTED SIGN
ICP Inventory conversion period +/-
ACP Accounts collection period +/-
APP Accounts payment period +/-
CCC Cash conversion cycle +/-
Since the objective of this study is to examine the relationship between working capital management and financial performance of listed food and beverage companies in South Africa, we hypothesise the following, based on the three aspects that make up the cash conversion cycle which is a measure of efficient working capital management.
Hypothesis 1:
H0: there is a positive relationship between ICP and profitability of firms.
Ha: there is a negative relationship between ICP and profitability of firms.
H0: there is a positive relationship between ACP and profitability of firms.
Ha: there is a negative relationship between ACP and profitability of firms.
H0: there is a positive relationship between APP and profitability of firms.
Ha: there is a negative relationship between APP and profitability of firms.
Econometric Model
We adopted a panel data methodology similar to that of Deloof (2003), Abuzayed (2012), and Afrifa & Padachi (2016), to test the relationship between working capital management and profitability of listed food and beverage companies in South Africa.
Where i denotes the cross-section and t denotes time-series dimension, while is the beta coefficient, and εit indicates the error term. The ROA represents return on assets measured by EBIT ÷ Total Assets, ICP is the inventory conversion period, while ACP indicates the average collection period. APP denotes the average payment period. The control variables include the current assets ratio (CAR) measured by current assets ÷ current liabilities, size of the firm calculated as the natural logarithm of total assets (TA), and the size of the economy proxied by GDP. The next section presents the results of the regression analysis.
Results and Data Analysis
A summary of the descriptive statistics of measures employed in the estimations for the sample of 12 listed food and beverage firms in this paper is presented in Table 2 below.
Table 2: Summary Of Descriptive Statistics
Minimun
ROA 120 0.1483754 0.912689 - 0.0697364 0.5009896
ICP 120 76.62488 75.57057 8.264296 377.6299
ACP 120 82.24973 62.71593 32.38038 348.2824
APP 120 66.76958 53.89306 -318.259 293.8481
CAR 120 1.890464 1.014991 0.2752075 7.012863
GDP 120 2807246 617954.3 1857779 3795141
TA 120 7234298 6278701 355510 3.02E+07
For the measure of profitability, the mean value of ROA under review was 0.15, with a standard deviation of 0.09. The minimum of ROA was 7%, while the maximum was 50%. The mean for (ICP) was 76.62 days. This means that firms in the sample on average required 76.62 days to sell their inventory. The standard deviation of ICP was 75.57 days, while the ICP had a minimum of 8.62 days and a maximum of 377.63 days.
The mean for ACP was 82.22 days for the sampled firms. This implied that during the account receivables period, firms in the sample waited 82.25 days on average to collect cash from credit sales. The standard deviation of ACP was 62.72 days while the minimum of ICP was 32.38 and a maximum of 348.28 days. The mean of APP as a proxy for working capital management was 66.77 days, with a standard deviation of 53.89 days. The CAR as the control variable had a mean value of 1.89, with a minimum value of 0.28% and the maximum value of 7.01%. These percentages are observed as good performance indicators since the firms surveyed are in the fast moving consumer goods sector of the economy. The average size of these firms under review listed on the JSE as approximated by the natural logarithm of total assets was R7.2 million, with a standard deviation of R6.2 million. The maximum size of these firms under review was R3.02 billion.
A correlation of matrix was used to scrutinise our variables for any multicollinearity and between them (Tables 3 and 4).
Table 3: Correlation Coefficients (At 5% Level Of Significance)
ROA 1.0000
ICP -0.2877* 1.0000
ACP -0.2852* 0.2972* 1.0000
APP 0.0637 0.2339 0.0453 1.0000
TA -0.1449 -0.0796 0.0065 -0.0272 1.0000
CAR 0.0134 -0.0564 0.05551* -0.1393 0.0870
GDP -0.2740* 0.0312 0.0063 0.0122 0.3967*
CAR GDP
CAR 1.000
GDP -0.0476 1.000
Standard errors in parentheses
Source: Authors own computations
Table 4: Regression Results
Differenced
LSDVC
L. ROA 0.581*** 0.148 0.581*** -0.400** 0.575*** 0.301**
-0.12 -0.135 -0.14 -0.0954 -0.0703 -0.109
ICP -0.0000761 0.000379 -0.0000761 -0.00072 -0.00002 0.000141
-0.0000829 -0.000471 -0.000104 -0.000711 -0.0000664 -0.000502
ACP -0.000321* -0.000215 -0.000321* 0.000356 -0.000513*** -0.00014
-0.000132 -0.00041 -0.000147 -0.000298 -0.000112 -0.000342
APP 0.0000699 0.0000512* 0.0000699 7.41E-06 0.0000672 0.0000496
-0.0000789 -0.0000172 -0.0000537 -0.0000671 -0.000047 -0.000126
TA -0.0310* -0.104 -0.031 0.0613 -0.0459*** -0.0897***
-0.015 -0.0879 -0.0186 -0.132 -0.0125 -0.0131
CAR 0.0185** 0.0112 0.0185*** 0.00212 0.0164** 0.0124
-0.00681 -0.00574 -0.00532 -0.0116 -0.00553 -0.00789
GDP -0.00243 -0.0399 -0.00243 -0.262 0.0433 -0.00988
-0.0815 -0.15 -0.0833 -0.297 -0.0378 -0.0353
_cons 0.271 1.035 0.271 0.0877
-0.463 -0.704 -0.489 -0.237
N 108 108 108 96 108 108
R2 0.602 0.252
Standard errors in parentheses; * p < 0.05, ** p < 0.01, *** p < 0.001
Source: Authors' own computations.
According to Table 3 above, none of the variables was correlated at the 5% level of significance.
The R2 shows that 60% of the variation in ROA was driven by the regressors. The F-stat on the fixed effects model was 6.63, and significant, meaning that the model was properly specified and unbiased (Table 5).
Table 5: Diagnostic Statistics - Roa
Fixed effects
Diff GMM
Observations 108 108 108 96 108 108
Groups 12 12 12 12 12 12
F-stats/Wald Chi2 25.61 6.63 621.79 31.01 337.43
Prob>F/Prob>Wald Chi2 0.0000 0.0031 0.0000 0.0000 0.0000
Hausman (Chi2) 24.49 24.49
Prob>Chi2 0.0004 0.0004
Within 0.2521 0.1594
Between 0.0517 0.9257
Overall 0.6017 0.0834 0.6017
rho 0.7554 0.000
Arellano-Bond AR(1) 0.21
Prob>z 0.836
Arellano-Bond AR(2) -1.72
Sargan test of overid 7.80
Prob>Chi2 0.168
Hansen test of overid 3.16
Prob>Chi2
Instruments 12
A number of estimation techniques were used. These include the pooled OLS, Least squares dummy variable (LSDV) corrected for Kiviet bias (Kiviet, 1995), Fixed effects (FE) model, Random effects (RE) model, Generalized Method of Moments (GMM) model, and the generalized least squares (GLS) primarily as a means for rigorous testing (robustness).
Econometric modelling of panel data is based on two principal estimation techniques, i.e. fixed effects and random effects models. To determine the most appropriate estimation technique between the two approaches, we employed the Hausman (1978) specification test. The p-value of 0.0004 for the Hausman test indicates that there is evidence that the random effects estimates are invalid, thereby making the fixed effects model more efficient than the fixed effects model for this study. The Hausman test results with a chi-square of 24.49 and a probability of 0.0004 suggest that we should reject the null hypothesis, that the unobservable, country-specific effects and the regressors are statistically independent (orthogonal). As such, the fixed effects estimation approach results are discussed in the next section.
Discussion Of Findings
The results indicate that there was a positive association between ROA and ICP, meaning that there is a high sales turnover between assets and goods of the sampled firms. A variation in the inventory turnover can significantly impact profitability, hence due attention should be paid to the firm's inventory policy. This finding is reaffirmation of those of Uremadu et al. (2012), Mathuva (2010), Makori & Jagongo (2013) and Kasozi (2017). In addition, we found a significant but positive association between APP and ROA, implying that the more time the firms in our study take to pay their bills, the more they become profitable. Kaddumi & Ramadan (2012) argued that a positive association between ROA and APP could be that profitable firms have, on average fairly, extensive payment periods than firms that are not performing as a result of their credit reputation. Lastly, we also found a negative relationship between ACP and ROA meaning that these FMCG firms have a shorter time to collect money from their customers. This was expected in line with the nature of business and perishable goods that they trade in. Further, this is consistent with the aggressive working capital management theory, which suggests that high levels of non-current assets and low investment in working capital are related with a higher return and risk (Smith, 1980; Deloof, 2003).
With regard to the control variables, we found a positive but insignificant association between the current ratio (CAR) and ROA. This is consistent with the study by Pais & Gama (2015), who also found a positive association between CAR and ROA. Also it emerged that there is a negative but insignificant association between the size of the firm (TA) and ROA, implying that larger firms are at a greater advantage as they are able to employ the full use of their assets to generate income.
Conclusions And Policy Recommendations
The primary objective of this study was to investigate the relationship between working capital management and financial performance of the listed food and beverage firms in South Africa from 2007 to 2016. In addressing the objectives of this study, we used return on assets (ROA) as a measure for profitability, gauged against different elements of working capital and control variables. With regard to our hypotheses, we conclude that we fail to reject hypothesis 1 as it emerged that there is indeed a positive relationship between the inventory conversion period (ICP) and financial performance, confirming that due to the nature of business trade, there is a high sales turnover potential between assets and goods of firms in the listed food and beverage sector of South Africa. With respect to hypothesis 2, we reject the null hypothesis as we found a negative association between the average collection period (ACP) and ROA. Lastly, we fail to reject hypothesis 3 as it emerged that there is indeed a positive relationship between the average payment period (APP) and financial performance, confirming that the longer our firms take to pay their bills, the more they become profitable.
Our empirical findings support the aggressive working capital management theory. Smith (1980) argued that working capital management is essential since it has an impact on firms' profitability and risk, and eventually the value. A greater aggressive working capital strategy that has low investment in working capital is related with a higher return and risk, whereas conservative strategy which deals with high investment in working capital with lower return and risk.
Based on the above results, the following recommendations are anticipated to financial managers of food and beverage firms in South Africa. While these firms could improve ICP by increasing the cost of sales, this may result in a decline in sales, leading to a reduction in a firm's profitability. In this instance, we recommend that financial managers condense their ICP by cutting selling prices in order to enhance sales revenue, thus strengthening firm profitability. Furthermore, we suggest that financial managers should increase investment in working capital by extending the days in the time for APP so that they can also improve the profitability of the firms. Financial managers should strive to achieve an optimal working capital which balances costs and benefits, while maximizing profitability, and by default, shareholder wealth. Limitations of this study are that it relied on only one measure of financial performance, the return on assets; giving the findings limited generalisability and comparability to other studies that have applied other measures such as gross operating profit or return on equity for example. However, future research could consider a comparison of other industrial sectors to assess the effect of working capital management on profitability by extending the dependent variables to include different measures of financial performance.
Abuzayed, B. (2012). Working capital management and firm's performance in emerging markets: The case of Jordan. International Journal of Managerial Finance, 8(2), 155-179.
Afrifa, G.A, Tauringana, V., & Tingbani, I. (2014). Working capital management and performance of listed SMEs. Journal of Small Business and Entrepreneurship, 27(6), 57-578.
Agha, H., & Mphil, M. (2014). Impact of working capital management on profitability. European Scientifically Journal, 10(1), 374-381.
Altaf, N., & Shah, F. (2017). Working capital management, firm performance and financial constraints: Empirical evidence from India. Asia-Pacific Journal of Business Administration, 9(3), 206-219.
Bans-Caballero, S, Garcia-Teruel, P.J., & Martinez-Solano, P. (2012). How does working capital management affect the profitability of Spanish SMEs? Small Business Economics, 39(2), 517-529.
Charitou, M.S., Elfani, M.E., & Lois, P.L. (2012). The effect of working capital management on firms' profitability: Empirical evidence for an emerging market. Journal of Business and Economics Research, 14(3), 839-848.
Deloof, M. (2003). Does working capital management affect the profitability of Belgian firms? Journal of Business Finance and Accounting, 30(3-4), 573-587.
Gill, A., Biger, N., & Mathur, N. (2010). The relationship between working capital management and profitability: Evidence from the United States. Journal of Business Management and Economics, 10, 1-9.
Gitman, L.J., & Zutter, C.J. (2014). Principles of Managerial Finance. South Africa, Pearson.
Gujarati, D.N., & Porter, D. (2009). Basic econometrics. USA, McGraw-Hill International Edition.
Ismaila, B. (2011). Financial performance measurement of manufacturing small and medium enterprises in Pretoria; Multiple exploratory case studies, Master's dissertation, University of South Africa, South Africa.
Kaddumi, T.A., & Ramadan, I.Z. (2012). Profitability and working capital management: The Jordanian case. International Journal of Economics and Finance, 4, 217-226.
Korankye, T., & Adarquah, R.S. (2013). Empirical analysis of working capital management and its impact on the profitability of listed manufacturing firms in Ghana. Research Journal of Finance and Accounting, 4(1), 124-132.
Makori, D.M., & Jagongo, A. (2013). Working capital management and firms' profitability: Empirical evidence from manufacturing and construction firms listed on Nairobi securities exchange in Kenya. International Journal of Accounting and Taxation, 1, 1-14.
Omesa, N.W., Maniagi, G.M., Musiega, D., & Mokori, G.A. (2013). Working capital management and corporate performance: Special reference to manufacturing firms on Nairobi Securities Exchange. International Journal of Innovative Research and Development, 9, 177-183.
Pais, M.A., & Gama, P.M. (2015). Working capital management and SMEs profitability: Portuguese evidence. International Journal of Managerial Finance, 11(3), 341-358.
Padachi, K. (2006). Trends in working capital management and its impact on the firm's performance. Analysis of Mauritian small manufacturing firm's. International Review of Business Research Papers, 2(2), 45-58.
Shrivastava, A Kumar, N., & Kumar, K.P. (2017). Bayesian analysis of working capital management on corporate profitability: Evidence from India. Journal of Economic Studies, 44(4), 568-584.
Singhania, M., & Mehta, P. (2017). Working capital management and firm's profitability: Evidence from emerging Asian countries, South Asian Journal of Business Studies, 6(1), 80-97.
Smith, K. (1980). Profitability versus liquidity trade-offs in working capital management. In K.V. Smith (ed.), Readings on the management of working capital, pp. 549-562, St. Paul, MN, West Publishing.
Uremadu, S.O., Egbide, B.C., & Enyi, P.E. (2012). Working capital management, liquidity and corporate profitability among quoted firms in Nigeria: Evidence from the productive sector. International Journal of Academic Research in Accounting, Finance and Management Sciences, 2(1), 80-97.


Win a Connor duvet cover & pillowcases | FreebieFinder UK | Freebies, Samples, & Other Free Stuff.
Enter Julian Charles' competition on Facebook to be in with the chance to win a Connor duvet cover and matching pillowcase.
To be in with a chance to win this wonderful bed set, simply tag a friend who would love the prized design and make sure you are following Julian Charles on Facebook.


text:
Alternative YouCancerConditionsMen's HealthProstate Cancer
Magic Mushroom: Is this humble fungus a cancer fighter?
What Doctors Don't Tell You1 min read
The healing powers of the humble mushroom have been well known in China and Japan for hundreds of years. Now its time may finally have come in the West after a mushroom extract was used to successfully treat three cases of prostate cancer.
One swallow doesn't make a summer, and three cases don't add up to a proven treatment, but it does offer genuine hope in the fight against the most intransigent of cancers.
All three cases used an extract of the maitake (Grifola frondosa) mushroom called Maitake D-fraction, believed to be a strong stimulant of the immune system.
The men were each given 30 drops orally of D-fraction every day with 2000 mg vitamin C. The PSA (prostate-specific antigen) rating of one of the men, a 68-year-old, had risen over the previous two years, which suggested his cancer was spreading. However, his PSA dropped significantly within three months of his starting the D-fraction/vitamin C combination therapy.
A similar pattern was seen in the second case, of a 72-year-old man, and again the combination therapy dramatically reduced the PSA level within three months, and stabilized it at the new low level. In the third case, of a 65-year-old man, the PSA level rose after surgery and, again, the therapy lowered and stabilized it.
For men who want to reduce their risk of prostate cancer, it's recommended to take 5 drops of Maitake D-fraction three times a day, or 20 drops a day for early-stage prostate. Cancer sufferers could also supplement this with 2000 mg of vitamin C daily, say researchers. Source: Townsend Letter for Doctors and Patients, December 2002, pages 96-100.
Many other breakthrough cancer treatments can be found in the WDDTY Cancer Handbook. To order your copy, visit: http://www.wddty.co.uk/shop/details.asp?product=8
Tagged asanti-cancer remedyGrifola frondosaherbal remediesimmune system boosterMaitake D-fractionMushroomspreventative medicineprostate cancer treatmentsprostate-specific antigenPSA levelsWhat Doctors Don't Tell You
A Field Guide to Stress
Tom Ferguson MD
What Doctors Don't Tell You is one of the few publications in the world that can justifiably claim to solve people's health problems - and even save lives. Our monthly newsletter gives you the...
I Cured My Glaucoma with Herbs
Worry Yourself Sick, Think Yourself Well!
BREAST CANCER AND THE PILL: Does genetics have a part to play?
Aromatase inhibitors for breast cancer
Written by	What Doctors Don't Tell You
`KANGAROO CARE' BETTER FOR NEWBORNS
Beyond Insomnia: Your Favorite Sleep Hormone Is Now Used in Cancer Therapy


Členové Discus Societyof Malaysia pořádali počátkem roku soutěžní výstavu terčovců a poslali nám fotografie výtězných ryb.
Attached is all the winning fish for the MIPE-DSM International discus show. All together 200 tanks was contested in 9 categories, namely ; Solid Red, Solid Blue, Solid Yellow, Spotted/Leopard, Spotted/Leopard Snake Skin, Pattern Brown, Pattern Yellow, Snake Skin and Open Class. All photos are labeled with the file name by category and by placing accordingly. Example, SolidRed1.jpg means 1st prize in SOlid red category, SolidRed2.jpg means 2nd prize in the category.
Also attached show hall and also tanks photo.


text:
Q: Random variables and sum Consider a sequence of random variable $(S_k)$ as sum of random variables $F_k$ I want to compute: $P(\pi_m =k+s)= \sum_j P(\S_k=s)P(F_k=k+j)$, where $\pi_m=m+F_m$

A: I write here as best an explanation as I can, even if it is difficult to discuss this without figures. I hope in any case my explanation can give some ideas to think.
Let $X_i,i=1,..$ be i.i.d. random integer $\ge 0$ variables.
Let $Y_k=\sum_{i=1}^k X_i$
Let $T_m=min_{t\ge1}\{t \ | \ Y_t+m =t\}$
Than it holds:

$P(T_m=m+n)=\sum_{j=1}^{n} P(Y_m=j)P(T_j=n) , \  m,n \ge 1$

Let's call $S_{k,m}=Y_k+m, m\ge 1$ the shifted process. Note that: $T_m=min_{t\ge1}\{t \ | \ S_{k,m}=t\}$.
We can say more:

*

*$S_{k,m}=Y_k+m \ge m$ [1];

*$T_m \ge m$ [2];

(why?)
Now let's consider the event $A=\{ T_m=m+n \}$. We have $S_{m,m} \ge m$ in general because of [1]. Further, since on $A$ the hitting time is $m+n$ we must have $S_{m,m} \le m+n$, because otherwise the hitting time could not happen at $m+n$. This implies that on $A$ we have $1 \le Y_m \le n$. We condition than on the possible values of $S_{m,m}=m+j$:
$P(T_m=m+n)=\sum_{j=1}^n P(S_{m,m}=m+j)P(T_m=m+n|S_{m,m}=m+j)$ [3]
Since the process is shift invariant, we have that the probability starting at $m+j$ at time equal to $m$ and hit for the first time the diagonal at $m+n$ is exactly to the probability of starting at $j$ at $t=1$ and hit the diagonal at time $n$:
$P(T_m=m+n|S_{m,m}=m+j)=P(T_j=n)$ [4]
Putting together [3], [4] and changing $S$ with $Y$ we get the thesis.

redpajama_set_name: RedPajamaStackExchange