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Macro Thoughts
World Of Finance
In the modern world, don't minimize your risks - maximize your opportunities @naval
And when playing in domains with nonlinear upside, contrarians don't need to be right often. @naval
In an age of infinite leverage, judgement is the most important skill.- @naval
The Markets Are Wilding Title: Bar, Las Vegas, Nevada Artist: Robert Frank
We are at the end of a Liquidity Supernova! Nicely worded by #Bloomberg @FundiMuigai
29-NOV-2021 :: Regime Change
https://j.mp/32AZEK5
A REGIME CHANGE IS UNDERWAY [in the markets]
There is no training – classroom or otherwise.. that can prepare for trading the last third of a move, whether it's the end of a bull market or the end of a bear market.
There's typically no logic to it; irrationality reigns supreme, and no class can teach what to do during that brief, volatile reign. Paul Tudor-Jones
I have been warning
The Music has been playing for Eternity and its about to stop
https://bit.ly/2Wzp4Fg
And below captioned is my favourite musical snippet of recent times
Just played #laritournelle with @ESKAonline and some amazing musicians @southbankcentre paying tribute to the legendary #tonyallen @thenitinsawhney
https://twitter.com/thenitinsawhney/status/1459652573812695040? s=20
Tsunamis also start by receding For years now Central Banks have been enabling governments unwilling to confront structural problems by flooding economies with money. @ELuttwak
For years now Central Banks have been enabling governments unwilling to confront structural problems by flooding economies with money. But when we had deflation instead of inflation, the Krugmans told us not to worry ("different this time") Tsunamis also start by receding
Mirrors on the ceiling, The Pink champagne on ice
https://bit.ly/3Bk45Gj
Last thing I remember, I was Running for the door
@RahulGandhi was mocked for saying this. काश तब सुन लिया होता @SriniSivabalan @srinivasiyc
Home Thoughts
In the cage there is food. / Not much, but there is food. / Outside are only great stretches of freedom. Nicanor Parra @multiwhirl
Sun rise from the top @Jsundra1
Let The Music Play Photographe © Dominique Issermann @_Wild_Rose__
The lights must never go out, The music must always play September 1, 1939
Sic transit gloria mundi It has been interpreted as "Worldly things are fleeting''
Ruins of Gedi
The architecture of Porto-Novo in #Benin @omar_degan
'The object of art is not to reproduce reality, but to create a reality of the same intensity' #Giacometti
Giacometti @Hirshhorn
Political Reflections
The downfall of Evergrande foreshadows a difficult decade for China – and for Xi Jinping @NewStatesman @georgemagnus1
The long-expected default of China's second biggest property developer, Evergrande – with more than $300bn of liabilities – was called on 9 December.
The fate of the company is yet to be decided, but it will involve some sort of restructuring, ownership change and allocation of losses.
The consequences for the wider real estate sector, the economy and China's political landscape are arguably more important, including for Xi Jinping.
The Evergrande default, along with that of another developer, Kaisa Group Holdings, came and went with little fanfare.
Financial markets were more focused on the loosening of monetary policy by the People's Bank of China, as well as a communiqué from the Politburo indicating that real estate sector curbs would be eased, and that "stability is the top priority".
But economic sleuths should take note.
As I wrote in the New Statesman in September, the government faces a considerable challenge pulling off a soft landing for a sector that isn't often known for this sort of outcome.
In China, the property market is a $60trn sector – or four times GDP – which accounts for about a quarter to a third of annual growth.
It faces years of adjustment shaped by a kaleidoscope of excessive debt, rapidly ageing demographics, low marriage and fertility rates, historic overbuilding and the risk of falling prices.
In addition, the Chinese Communist Party's (CCP) obsession with stability risks making matters worse.
Dealing with capital misallocation, bad debt and asset bubbles in property markets means having to recognise and allocate losses.
The more you try to "stabilise" the market – and avoid dealing with these losses and inadvertently persist with inflating the bubble – the greater the risk of even bigger financial instability later.
Beijing's problem is precisely this. It wants to stabilise the market without paying the cost of correcting years of bad policies that produced the bubble.
China's leaders have to choose, now or very soon, between two poor options: deflate the bubble by accepting debt write-offs, bankruptcies and weak growth (or even a recession); or allow inflation to rise and thereby lower the value and burden of debt, which may be no less disruptive as it could entail financial instability, capital flight and a significant depreciation of the renminbi.
How does this all connect to Xi Jinping? Simply put, the property market might lead China to more pedestrian economic growth in the 2020s, and to getting stuck in the middle-income trap.
This is a development stage in which countries fail to make more headway in closing the gap of income per head in comparison with rich nations.
China could end up in the trap because Xi has turned his back on the liberalising reforms required to spur the productivity China needs to fulfil its goals.
For the moment, he is unassailable. He has presided triumphantly this year over the CCP's centenary celebrations, hailing China's rejuvenation.
He certainly appears to be on a mission both at home and in trying to restructure the world order.
Now, as he prepares for the 20th Party Congress in November 2022, when he is expected to be nominated for a third term (he could be leader for life), he seems purposeful rather than panicked.
He craves stability and control, at pretty much any cost, and even at the cost of growth.
This may be fortuitous, because he wants China to shift away from what Marxists call the "forces of production" (or growth and material prosperity) to the "social relations of production" (or the quality of growth, inequalities and the environment).
Insistent that the "East is rising, and the West is declining", he wants China to become dominant by the time of the centenary of the People's Republic in 2049.
Yet his "Chinese Dream", which the CCP wants to encourage foreigners to embrace, is far from assured.
It already uses language and behaves in ways that are not compatible with its strategic objectives.
Indeed, the narrative looks much less robust when judged against the growing push-back against China abroad, including by the UK, the EU, India, Japan and parts of east Asia.
To facilitate new development, Xi has revived the expression "common prosperity", which is less about European-style welfare and redistribution than control, regional inequality and socialist solutions to past capitalist problems and market excess.
It follows a steady drumbeat of rhetoric and actions to mobilise the public behind greater self-reliance and national security across a range of military and commercial activities.
Under the banner of common prosperity, the CCP has launched several political initiatives this year that put private firms in the cross hairs, including stricter regulation and a form of coercive corporate philanthropy, among other measures aiming to make the private sector comply with party goals.
This is important, because it raises a new contradiction that won't be easily resolved: the conflict between lofty economic aspirations based on productivity and innovation and the control over and approach to private firms.
The downfall of Evergrande is a symbol of Xi Jinping's ideological lurch towards taking on the excesses of capitalism and markets, which the CCP does not like.
It is also a sign of what promises to be a difficult decade for the economy.
If the consequences of these developments are poorly managed, or if they undermine Xi's China narrative, there is only one person who'll be held responsible. The yuan stops with him.
Actually I think Xi Jinping has been singularly brave and bold a la the Mellon doctrine.
Mellon advised him to "liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate. Purge the rottenness out of the system'
Mellon doctrine Territory. Mellon believed that economic recessions, such as those that had occurred in 1873 and 1907, were a necessary part of the business cycle because they purged the economy.
In his memoirs, Hoover wrote that Mellon advised him to "liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate. Purge the rottenness out of the system. High costs of living and high living will come down. ... enterprising people will pick up the wrecks from less competent people."
For years now Central Banks have been enabling governments unwilling to confront structural problems by flooding economies with money. But when we had deflation instead of inflation, the Krugmans told us not to worry (different this time) Tsunamis also
The Master Algorithm by Pedro Domingos They have stood up.
23-AUG-2021 :: Xi Jinping is on a winning streak ever since he started salami slicing his then adversary President Obama.
Most forecasts of global growth fail to account for slow or no China economic growth 2020... and beyond @Halsrethink
Xi is relying on Chinese resilience "If there is a decoupling between the two econo- mies, so be it. The Chinese people can endure more pain than the spoiled and hubristic Americans
The biggest Risk remains however
A Non Linear and exponential Virus [however] represents the greatest risk to a Control Machine in point of fact
Henri Cartier-Bresson, Cité interdite, Pékin 1948 @AngeloSiati
We exist in a Tripolar World [US China and Russia] with rapidly emerging Middle Powers.
I am not discounting Fortress Europe but one senses the Fortress is keener on a more defensive posture unlike the US [notwithstanding its withdrawal from Afghanistan], China and Russia.
There's a 'but' though: United States priority is China. This is transforming strategic calculus. @FHeisbourg
Biden has to peel off Putin to escape triangulation.
It was the first non-linear war, writes Surkov in Without Sky
.Vladimir Putin declares that Kazakhstan crisis was an attempted color revolution. @ClintEhrlich
Blames the same actors behind the revolution in Ukraine.
http://bit.ly/2BOzfb7
Andrew Korybko writes Moscow invaluably fills the much-needed niche of providing its partners there with "Democratic Security", or in other words, the cost-effective and low-commitment capabilities needed to thwart colour revolutions and resolve unconventional Wars (collectively referred to as Hybrid War).
To simplify, Russia's "political technologists" have reportedly devised bespoke solutions for confronting incipient and ongoing color revolutions, just like its private military contrac- tors (PMCs) have supposedly done the same when it comes to ending insurgencies
The Invisible Microbe has metastasized into Omicron and what we know is that COVID-19 far from becoming less virulent has become more virulent.
The transmissibility of #Omicron is not in question, it clearly has a spectacular advantage.
The Open Question is whether it is more virulent. If it is less virulent then #Omicron is breaking the Trend of increasing virulence.
The simultaneous circulation of the Delta and Omicron variants of the coronavirus is creating a "tsunami of cases" : @DrTedros
Omicron COVID case acceleration observed across all world regions at levels not seen since beginning of pandemic. @jmlukens
Minerals, Oil & Energy
World region COVID avg 2wk case/day increase
Oceania: 885%
South America: 659%
Asia: 341%
North America: 259%
Middle East: 229%
Europe: 151%
Cases globally are now 290% the earlier weekly record, while mortality stays 45% lower. @fibke
Good news, but:
Mortality has started rising again. When & where will it stop?
Will the unprecedented scale of infection globally set off more vicious variants?
Nations w/ fast COVID 2wk avg death/day increase @jmlukens
Canada: 277%
Madagascar: 190%
South Africa: 163%
Bolivia: 146%
Australia: 142%
Argentina: 118%
UK: 99%
Spain: 70%
Italy: 44%
Latvia: 34%
The Virus remains an exogenous uncertainty that is still not resolved #COVID19
19-JUL-2021 Many Folks seem to feel we are in the final Act of the COVID-19 Play. I would be limit short that particular narrative.
Currency Markets at a Glance WSJ
Euro 1.13410
Dollar Index 95.857
Japan Yen 115.2470
Swiss Franc 0.92627
Pound 1.359395
Aussie 0.718645
India Rupee 73.869
South Korea Won 1194.595
Brazil Real 5.6640
Egypt Pound 15.728700
South Africa Rand 15.68105
Dollar Index Chart INO 95.857
Euro versus the Dollar Chart 1.13410
Bitcoin drops below $40,000 for the first time since September @markets #Bitcoin 42,000.00 Last
They can never beat you if you buy the dips. @nayibbukele The 'Bukeleists' are going to be tested Regime Change
The Lotos-eaters Courage! he said, and pointed toward the land, This mounting wave will roll us shoreward soon.
https://bit.ly/3bcXcec
Bitcoin does not like bonds selling off (higher yields). @nordvig
And that should be entirely logical, given that a key argument for Bitcoin was the 'too much money' / too easy monetary policy narrative.
Crypto was a confluence of narratives - the two most relevant now are as a get-rich-quick scheme & as a hedge against easy money… the Fed signaling tightening is undermining both of those. @HayekAndKeynes
8 JAN 18 :: The Crypto Avocado Millenial Economy.
http://bit.ly/2Vb9Osl
The ''Zeitgeist'' of a time is its defining spirit or its mood. Capturing the ''zeitgeist'' of the Now is not an easy thing because we are living in a dizzyingly fluid moment.
Yeah you good traders can spot the highs and the lows pit pat piffy wing wong wang just like that and make a millino bucks sure no problem bro.
GameKyuubi posted "I AM HODLING," a drunk, semi-coherent, typo-laden rant about his poor trading skills and determination to simply hold his bitcoin from that point on.
"I type d that tyitle twice because I knew it was wrong the first time. Still wrong. w/e," he wrote in reference to the now-famous misspelling of "holding."
"WHY AM I HOLDING? I'LL TELL YOU WHY," he continued.
"It's because I'm a bad trader and I KNOW I'M A BAD TRADER. Yeah you good traders can spot the highs and the lows pit pat piffy wing wong wang just like that and make a millino bucks sure no problem bro."
He concluded that the best course was to hold, since "You only sell in a bear market if you are a good day trader or an illusioned noob. The people inbetween hold. In a zero-sum game such as this, traders can only take your money if you sell."
He then confessed he'd had some whiskey and briefly mused about the spelling of whisk(e)y. [HODL Definition | Investopedia]
Missed the f***ing bottom by 7 minutes @nayibbukele
09-MAY-2021 :: The liquidity of this complex is illusory, as the reflexivity embedded within creates a lurking shadow convexity that is vulnerable to predatory flows. @FadingRallies
It was the second wave that killed the dip buyers the most @sunchartist
Commodity Markets at a Glance WSJ
Gold INO 1806.23
Crude Oil INO 78.73
Vontobel Asset Management, says chances of Sri Lanka defaulting are higher than 50%. @moneyacademyKE
Vontobel Asset Management, says it is waiting for Sri Lanka to default in order to buy the nation's debt cheaply.
It recently made huge gains buying Ecuador's restructured bonds. It says chances of Sri Lanka defaulting are higher than 50%.
18-JUN-2018 :: So the first overarching Point, is that creditors are not Santa Claus and miscues will exact a very heavy price, Countries will be "Hambantota-ed"
http://bit.ly/2Po5MK0
Just in case anyone forgot: Sri Lanka is now governed by Gotabaya Rajapaksa, a man so sinister he used to keep a tank of sharks in his garden. Death of the Tiger @newyorker H/T @jamescrabtree
The mobile-phone video clip shows a pair of soldiers pushing a naked, blindfolded man into the frame.
His hands are tied behind his back. One soldier, dressed in the uniform of the Sri Lankan Army, forces him into a sitting position on the ground, kicks him in the back, and steps out of the way as the other soldier comes forward and shoots him in the back of the head.
The man's body jolts and flops down. Off camera, the shooter can be heard laughing giddily and exclaiming, "It's like he jumped!"
The soldiers kill two other men in similar fashion, and then dispatch a number of wounded prisoners.
The camera turns to show at least eight other bodies, including those of several half-naked women, lying in pools of blood. All of them appear to have been freshly executed
A master of battlefield innovation, Prabhakaran devised a form of execution for collaborators with the enemy: the victim was tied to a lamppost and blown to pieces with Cordex explosive fuse wire.
He didn't drink, he said, and didn't know what he had in the house. He knew only that he had a bottle of "Fonseka." Would we like a drink of that? He grinned. On the trolley was a bottle of Fonseca Bin No. 27, a brand of port
After dinner, Gotabaya led us outside. Across his lawn, by the garden's high security wall, was a huge, illuminated outdoor aquarium. Inside, several large, unmistakable shapes moved relentlessly back and forth.
"Are those sharks?" I asked him.
"Yes," he said. "Do you want to see them?"
We crossed the lawn and stood in front of the tank, which was eight feet tall and twenty feet wide. There were four sharks, each about four feet long, swimming among smaller fish.
A Cameroon fan poses with a motorbike outside the stadium before the match REUTERS/Mohamed Abd El Ghany @BateFelix
China hopes to expand East African rail network and develop ports @SCMPNews
China is proposing a grand infrastructure plan for the Horn of Africa that would involve expanding the two major railroads and developing ports on the Red Sea and the Indian Ocean.
Under the proposals, announced during last week's visit by China's foreign minister Wang Yi, the Mombasa-Nairobi Railway in Kenya will be extended to Uganda, Rwanda, South Sudan, and eventually to the Democratic Republic of Congo.
Meanwhile the line linking the Ethiopian capital Addis Ababa with Djibouti would be extended to Eritrea – but both plans will only happen in "due course".
Wang also called for faster development of the Red Sea and Indian Ocean to develop a framework of "two axes plus two coasts".
"This is part of our effort to help this part of the region to accelerate the building of industrial belts and economic belts to create more jobs," Wang said at a briefing with Kenyan counterpart Raychelle Omamo in the coastal city of Mombasa on Thursday.
Besides Kenya, Wang visited Eritrea, which occupies a strategic location on the Red Sea and signed up for the Belt and Road Initiative in November, and Comoros, an archipelago on the Indian Ocean where China has been increasing its footprint under its Maritime Silk Road, the seabourne part of the BRI.
Wang's visit may help revive plans to extend the Mombasa-Nairobi line to Malaba on the border with Uganda, which stalled after China's Export-Import Bank asked Kenya in 2018 to redo a study to prove its commercial viability.
China is making inroads into the Horn of Africa and has already invested heavily in Djibouti, which is home to its first overseas military base.
Further investment in ports in the region may prove crucial to the success of the Maritime Silk Road.
Seifudein Adem, a professor of global studies at Doshisha University in Kyoto, Japan, said a proposed rail link between Addis Ababa and Assab, a port in Eritrea, may be the winning card in China's new diplomatic strategy in the Horn.
Adem said:"Since Ethiopia is already linked to Kenya through a transnational road system, it is conceivable that the entire Eastern and Central African region would be interconnected before very long, with the other regions to follow."
Adem said the expansion of rail networks in the Horn of Africa has been one of Beijing's main strategic objectives in Africa as a way of boosting connectivity.
"Having a standard gauge railway connecting the region's coastal and inland ports (including dry ports) will be essential for the region in the medium term," said Deborah Brautigam, a professor of international political economy at Johns Hopkins University and founding director of the China Africa Research Initiative (CARI).
She said if African countries want economic integration with each other and the world, they will need to reshape their economic geography.
But Wang's comments that it will happen in "due course" suggests "it depends on African governments creating the conditions (peace, stability, realistic feasibility studies) that will allow Chinese capital to be employed productively and sustainably," Brautigam added.
Despite the renwed interest in rail investment, Yu-Shan Wu, a postdoctoral research fellow at the National Institute for the Humanities and Social Sciences at the University of Pretoria in South Africa said:"China is unlikely to commit to large infrastructure projects as it did in the past. Such projects also depend on their feasibility.
W Gyude Moore, a senior policy fellow with the Centre for Global Development and a former Liberian public works minister, said: "Morocco recently signed onto the BRI – so it seems more of an indication of China doubling down in these regions.
"On the infrastructure front, the Chinese have repeatedly baulked at financing the rest of the [Kenyan] standard gauge railway so I would adopt a wait-and-see approach here."
This was precisely what should have been done at the GETGO.
Question is around competition from Tanzania
The Indian Ocean Economy and a Port Race
Professor Felipe Fernández-Armesto explains ''The precocity of the Indian Ocean as a zone of long-range navigation and cultural exchange is one of the glaring facts of history'', made possible by the ''reversible escalator'
As we scan the Blue Economy it is worth appreciating that Maritime shipping is the lifeblood of Africa, with over 90% of the continent's imports and exports transported by sea.
Today from Massawa, Eritrea [admittedly on the Red Sea] to Djibouti, from Berbera to Mogadishu, from Lamu to Mombasa to Tanga to Bagamoyo to Dar Es Salaam, through Beira and Maputo all the way to Durban and all points in between we are witnessing a Port race of sorts as everyone seeks to get a piece of the Indian Ocean Port action.
China [The BRI initiative], the Gulf Countries [who now appear to see the Horn of Africa as their hinterland], Japan and India [to a lesser degree] are all jostling for optimal ''geo-economic'' positioning.
I am bullish on the Blue Economy and in particular the Indian Ocean Economy which is set to relive its glory days.
August 19 2013 I have no doubt that the Indian Ocean is set to regain its glory days
https://bit.ly/2NfLC9y
The Indian Ocean Region is expected to become the geostrategic center of gravity in the New Cold War @eurasia_future @AKorybko
https://j.mp/33mboAN
Abiy risks being left with no military force apart from drones - OSF cannot replace AFS-Fano-EDF - and no political base. He will be alone in the middle of nowhere. @rene_renelefort
Abiy risks being left with no military force apart from drones - OSF cannot replace AFS-Fano-EDF - and no political base. He will be alone in the middle of nowhere. Everything would then be played out directly between the 'autonomist' Oromo and the 'unitarist' Amhara-Asmara.
Abiy's Catch22: In many ways, Abiy has become marginal to what happens next. This is already happening. @RAbdiAnalyst
Abiy's Catch22: If he engages Tigray, stops hostilities, lifts siege, he inflames Amhara State, makes it almost certain Eritrea and Amhara State will have their own plans to continue the war.
In many ways, Abiy has become marginal to what happens next. This is already happening.
A fiendishly complicated task fending off the centrifugal forces which are tearing Ethiopia apart
http://bit.ly/2BaBvcu
Alternatively Maybe Abiy is just a Pawn now caught between Afawerki and his own Extremists
Clustering 17,500 images shared on Twitter related to the Ethiopian conflict. Seems I am back to work. @objetpetitm
The blood-dimmed tide is loosed, and everywhere The ceremony of innocence is drowned;
Turning and turning in the widening gyre
The falcon cannot hear the falconer;
Things fall apart; the centre cannot hold;
Mere anarchy is loosed upon the world,
The best lack all conviction, while the worst Are full of passionate intensity.
So the President & his wife have come for a two week visit of their country @rkabushenga
Turning to Africa
Africa Cannot Afford a Second Cold War @ProSyn @FofackHippolyte
More than 20,000 Africans were killed in violent conflicts in 2020, an almost tenfold increase from a decade ago.
Concurrently, and perhaps not coincidentally, Sino-American rivalry has escalated sharply.
A new cold war, this time between the United States and China, along with other regional security threats, could be disastrous for Africa's economic development and green transition.
The dramatic increase in high-intensity conflicts in Africa has coincided with two major trends: the expansion of transnational terrorist networks, sustained by a glut of itinerant foreign fighters, and the proliferation of foreign military bases amid rising Sino-American geopolitical tensions.
This global contest to project power has given rise to proxy conflicts raging across the region – including in Ethiopia, which hosts the headquarters of the African Union – as the US and China vie for control of natural resources and strategic trade routes.
As of 2019, 13 foreign countries were carrying out military operations on African soil – more than in any other region – and most have several bases across the continent.
Africa is home to at least 47 foreign outposts, with the US controlling the largest number, followed by France
Both China and Japan established their first overseas military bases since World War II in Djibouti, which is the only country in the world to host both American and Chinese outposts.
A growing number of foreign countries are influencing the outcome of local conflicts, from Central Africa and the Sahel to the Horn and Northern Africa.
The US has invited many countries in the region to join an alliance aimed at curbing China's overseas ambitions.
Unveiling a new US-Africa strategy in 2018, then-national security adviser John Bolton warned that African leaders who failed to support America diplomatically should not expect much US aid in the future.
Bolton's statement set the stage for a return to conditional development assistance, in which geopolitical considerations rather than investment returns largely determine rich countries' allocation of resources to capital-poor economies.
In the 1950s, US President Dwight Eisenhower called proxy wars "the cheapest insurance in the world," reflecting their limited political risks and human costs for sponsors. But these conflicts are tremendously costly for the countries in which they occur.
In Africa, besides causing huge loss of life, proxy wars are prolonging insecurity and locking countries into a downward spiral of intergenerational poverty.
Moreover, they drain African countries' already limited foreign-exchange reserves and shrink their equally narrow fiscal space while reversing democratic gains, reflected in the recent resurgence of military coups.
Moreover, African governments' rising military spending is absorbing a growing share of African government budgets, in contrast to a general decline in other parts of the world, further heightening the macroeconomic management challenges.
According to the Stockholm International Peace Research Institute, military spending in Africa exceeded $43 billion in 2020, up from $15 billion in the 1990s.
Defense outlays accounted for an average of 8.2% of government spending across Africa in 2020, compared to an unweighted global average of 6.5%.
The share is considerably higher in conflict-affected countries like Mali (18%) and Burkina Faso (12%).
And that is where the fastest increases in defense outlays have occurred.
According to SIPRI, three of the five African countries where military spending is rising most sharply – Mali, up 339% over the past decade, Niger (288%), and Burkina Faso (238%) – are battling terrorist networks in the Sahel, a desperately poor region stretching across the continent from Senegal to Sudan and Eritrea.
Even before the COVID-19 crisis erupted, most poor African countries already faced huge, persistent infrastructure financing gaps – and the increase in military spending has often come at the expense of investment in productive, climate-resilient projects.
These shifts in government expenditure are undermining policymakers' ability to use robust public investment to crowd in private capital and thus keep Africa on the long-run growth trajectory required to ensure global income convergence.
Growing political and conflict-related risks are also deterring investment and raising borrowing costs.
In February 2021, for example, Fitch Ratings downgraded Ethiopia's sovereign credit rating, citing among other factors the deterioration of the country's political and security environment following the outbreak of civil war and heightened regional tensions.
The scars of the Cold War – which claimed millions of African lives and was largely responsible for the lost decades that precipitated a widening income gap between Africa and the rest of the world – are still fresh, and the region cannot afford a sequel.
In addition to its enormous human and economic costs, the Cold War exacerbated political fragmentation in Africa as countries aligned themselves with either the West or the Soviet bloc.
That division sustained market segmentation, reinforced colonial borders, and undermined cross-border trade and regional integration.
A second cold war would likewise weaken ongoing efforts to deepen integration under the nascent African Continental Free Trade Area.
The subordination of growth and development objectives to security priorities can only worsen intergenerational poverty, fuel migration pressures, damage the environment, and impede climate-change mitigation and adaptation.
These risks will increase further as policymakers are compelled to divert scarce resources away from the infrastructure investment needed to diversify African countries' sources of growth and accelerate their integration into the global economy.
For centuries, colonial powers, and then superpowers, viewed Africa exclusively through the prism of their economic, security, and geopolitical interests.
This undermined long-term investment and regional integration, which sparked spectacular growth elsewhere the world.
Today, the same mentality, now fueled by US-China tensions, is perpetuating and exacerbating insecurity, ensnaring countries across Africa, especially in the Sahel, in both a "conflict trap" and "poverty trap" that keeps them in a downward spiral.
As John Maynard Keynes said, "The difficulty lies not so much in developing new ideas as in escaping from old ones."
Transcending a cold-war mindset will not be easy, especially in a changing geopolitical environment where technology diffusion reduces the direct costs borne by the sponsors of proxy wars.
But it is essential to foster Africa's future prosperity, alleviate migration pressures, combat climate change, and save innocent lives.
The speech seemed to be tailored more to the 1960s than to 2021. It was replete with references to counter revolutionary forces, revolutionary discipline, democratic centralism and the developmental state. @TC_Africa
South Africa All Share Bloomberg
Dollar versus Rand Chart INO 15.68035
Egypt Pound versus The Dollar Chart INO 15.68035
Egypt EGX30 Bloomberg
The #PMI in #Nigeria reached a two-year high in December, owing to recovering international and domestic demand. @OEAfrica
Nigeria All Share Bloomberg
Ghana Stock Exchange Composite Index Bloomberg
National Institute of Statistics Rwanda indicates that for December the deflation rate stood at 2.0% y-o-y. @OEAfrica
Tunisian govt credit default swaps around 1000bps now @toby_n
Al-Shabaab claims responsibility for attack on 2 Kenyans in #Lamu County @margotkiser
Looking like 2014 all over again… @margotkiser
https://twitter.com/margotkiser/status/1480499238056435712?s=20
Sep 2012 The Swahili Coast is a Potential TinderBox
https://bit.ly/39n6fIW
Then, last week, on the 27th of August, Aboud Rogo Mohammed was shot on the always busy Bamburi Road, not far from Pirates. This proved the spark that ignited a tinderbox
My concern remains that what appear like uncorrelated spikes and paroxysms of violence conflate, become more broad based and amplify.
Firms in #Kenya saw a further increase in output & new orders at end of 2021, which led to @IHSMarkitPMI @StanbicKE (PMI) rising from 53.0 in November to 53.7 in December. @OEAfrica
Kenyan Economy
Kenya Shilling versus The Dollar Live ForexPros
The argument about financial inclusion in Kenya is overwhelmingly anchored on the success of M-Pesa, a facility that vastly improved payments- @IEAKwame @LeoKemboi
Nairobi All Share Bloomberg
N.S.E General
Nairobi ^NSE20 Bloomberg
.@NSE_PLC Banking Sector Q3 2021 Earnings
N.S.E Equities - Finance & Investment
Every .@NSE_PLC Listed Share can be interrogated here
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text:
Making Sense of Michael Jackson
If you are famous in America, you are what your obit says you are. Usually, it's boiled down to some silly line you uttered in a commercial, your divorces or other legal problems. If you're lucky, your accomplishments are great enough to make the lead paragraph.
I'm glad I'm not writing Michael Jackson's obit.
I can't think of a more conflicting legacy than that of Michael Jackson's.
I flash back almost immediately to the memory of watching the Brady Bunch and Partridge Family in the late 60s and 70s like most every other white kid in this country, and then being absolutely knocked silly by the talents of Michael Jackson and the Jackson Five.
The dancing was unlike anything I ever saw, the music made you want to dance. And it didn't matter what race you were, it was intoxicating.
I was a senior in high school when Off the Wall came out. Three years later, in 1982, came Thriller. And if you claimed not to play both until the grooves wore thin, you were lying. We crowded around the television to see the premiere of the video on a new network called MTV.
I remember watching Michael moonwalk on the Motown special in '83 and I may as well have been watching the real moonwalk, surreal as it was.
He was in his prime, sexy, though no girlfriends in sight. Brooke Shields on his arm in one photo, Emmanuel Lewis in another. Then came the pet chimp Bubbles and the plastic surgery. He was sleeping in a hyperbaric chamber?
He was eccentric. He said he was abused as a child. He lived in an amusement park with llamas.
He was married to Lisa Marie. He wasn't married.
The plastic surgery continued. You wanted him to dance more, but he mostly grabbed his crotch. Other artists came around, many copying his.
There was the child molestation suit, a settlement and then the documentary in which he brazenly talked about sharing his bed with children. He became a father, but didn't seem interested in his kids having a mother. He named his two sons Prince, nicknamed one Blanket, then dangled the baby off a balcony in a clip that still makes me nervous to watch.
Was he a martyr or a criminal?
I was repulsed by him, didn't know what to make of him, forgot about the music.
He was indeed a pop icon. And a troubled man.
The obits will say it all.
Sadly.
Tags: Michael Jackson Michael Jackson's obit
2 Responses to "Making Sense of Michael Jackson"
Mark on June 26th, 2009 - 3:06am
Melissa,
I think you just wrote a balanced and insightful obit of MJ.
Kevin on June 26th, 2009 - 12:45pm
If the stories are true, and there seems to be no refuting them from the involved parties, Michael Jackson grew up a miserable child. At some point in life, kids who grow up in such a manner reach a crossroads and make choices. Oftentimes, those choices are numerous and made over several years' time. I am absolutely no Michael Jackson fan, but I recognize his immense talent. That talent, and the resultant money, fame and power, seemed to insulate him to the point he could not make wise, informed choices in his life. It careened out of control. He seemed to be trying to regain the reins in recent times but died before that could happen.
I have the feeling his death is going to bring about revelations surpassing those of Elvis when he passed; had Elvis' 1960s occurred in the early 2000s, his life would be as exposed to suspicion as Jackson's has been.

redpajama_set_name: RedPajamaCommonCrawl


text:
Q: SQL Server 2005 and EF4 Code first approach compatibility I developed an ASP.NET MVC3 application for a client of mine using the EF4.1 Code-First approach. I use SQL Server 2008R2 Express on Windows Server 2008R2 to store my database.
Now my client is using SQL Server 2005 on Windows Server 2003. So i installed the database, fixed the connectionstrings and hit run. Now with every database interaction i get an error:
"The entity type Deelnemer is not part of the model for the current context."

My connectionstring seems to be ok.
Is this some Code-First approach that isn't compatible with SQL Server 2005 issue? How can i fix this? Or is it something else?
Thanks for your help!
----Edit----
My DBContext as requested
 public class EFDbContext : DbContext
    {
        public DbSet<AandeelBranche> AandeelBranches { get; set; }
        public DbSet<Deelnemer> Deelnemers { get; set; }
        public DbSet<JaarlijkseInstroom> JaarlijkseInstromen { get; set; }
        public DbSet<Organisatie> Organisaties { get; set; }
        public DbSet<Scholier> Scholieren { get; set; }
        public DbSet<ScholierenPerInstroomActiviteit> ScholierenPerInstroomActiviteiten { get; set; }

        protected override void OnModelCreating(DbModelBuilder modelBuilder)
        {
            modelBuilder.Entity<JaarlijkseInstroom>()
            .ToTable("JaarlijkseInstroom");

            modelBuilder.Entity<Scholier>()
            .ToTable("Scholieren");

            modelBuilder.Entity<ScholierenPerInstroomActiviteit>()
            .ToTable("ScholierenPerInstroomActiviteit");
        }
    }

redpajama_set_name: RedPajamaStackExchange


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Where did this horrible cold come from? I cannot remember being with anyone lately who was sick. I must have touched something that someone left their germs on and now I am congested and coughing and can probably look forward to a lost week. Rats!
But people have to eat and this is my solution.
We always order the same thing – moo shu pork and Mongolian beef. It is yummy and I don't have to do anything and hopefully by not touching food I won't infect John.


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text:
Q: How to view date bug was closed in Bugzilla? We're using bugzilla and I would like to add a column to a list view to see the last timestamp when the bug's state was set to resolved or closed. Is this possible and if so, how? If not, what's the closest I can have to this?
Using Bugzilla v3.2.3.

A: It's not super pretty and easy, but this query will give you the bug ID and the timestamp for the most recent time when the bug was changed to RESOLVED.  You could adapt this for CLOSED as well, I am sure.  If you wanted access to this information from within the Bugzilla user interface, then you would need to modify the code for your Bugzilla installation to expose this information.
select bugs.bug_id, bugs_activity.bug_when as 'Resolved'
from bugs
left join bugs_activity on     bugs.bug_id = bugs_activity.bug_id
                           and bugs_activity.fieldid=9
                           and bugs_activity.added='RESOLVED'
                           and bugs_activity.bug_when = (select max(a.bug_when)
                                                         from bugs_activity a
                                                         where a.bug_id = bugs.bug_id
                                                           and a.fieldid=9
                                                           and a.added='RESOLVED')

A: Looks like the closest you can get is the "Changed" column.  Unfortunately, that updates even when comments are added.


text:
using NLog;
using System;
using System.Collections.Concurrent;
using System.Collections.Generic;
using System.Linq;
using System.Threading.Tasks;
using System.Web;
using System.Web.Mvc;

namespace my_aspnetmvc_learning.Controllers
{
    public class ParallelController : Controller
    {
        private static readonly Logger Logger = LogManager.GetCurrentClassLogger();
        // GET: Parallel
        public ActionResult Index()
        {
            var options = new ParallelOptions { MaxDegreeOfParallelism = 1 };
            //指定使用的硬件线程数为1
            Parallel.For(0, 10000, options, (i, state) =>
                    {
                        if (i == 100)
                        {
                            state.Break();
                            return;
                        }
                    });
            return View();
        }
        public ActionResult dict()
        {
            //BlockingCollection
            var list = new BlockingCollection<int>();
            Enumerable.Range(1, 999).AsParallel().ForAll(n =>
            {
                var num = n % 9;
                if (list.Count(p => p != 10) < 1)
                    list.Add(num);
            });

            //ConcurrentDictionary
            var dictParallelDays = new ConcurrentDictionary<string, string>();
            try
            {
                System.Threading.Tasks.Parallel.For(0, 35, i => dictParallelDays.TryAdd(DateTime.Now.AddDays(i).ToString("yyyy-MM-dd"), DateTime.Now.AddDays(i + 1).ToString("yyyy-MM-dd")));
            }
            catch (AggregateException ex)
            {
                foreach (var single in ex.InnerExceptions)
                {
                    //logger.Error("HanTingServiceJob AggregateException: " + ex.Message);
                }
            }
            var dictDays = dictParallelDays.AsParallel().OrderBy((data => data.Key));
            dictDays.ForEach(data =>
            {
                string key = data.Key;
                string value = data.Value;
            });
            //Parallel
            Parallel.ForEach(dictParallelDays, item =>
            {
                Logger.Info("key: " + item.Key + "  value : " + item.Value);
            });
            return Content(dictDays.Count().ToString());
        }
    }
}

redpajama_set_name: RedPajamaGithub


I love knitting, but sometimes working from vintage patterns isn't all it's cracked up to be. I have been working on and off on the lovely sweater pictured above for over a year and a half now, and was really excited to finally finish it this week. Unfortunately, the collar (i.e. the reason I picked this pattern in the first place) looks nothing whatsoever like the illustration.
What the?! What happened? I re-sized the pattern but kept all the original dimensions of the sweater. Everything fit perfectly together like a puzzle, so I know there wasn't a mistake in my calculations. But somehow the collar illustrated looks nothing like the final result. There are two points on the collar, but even after blocking it twists oddly so the bottom point disappears. Also, there is no way the collar can stand up like in the picture. Just not possible. It also sits much farther back that illustrated. So all and all, nothing like the picture.
It's quite disappointing when so much work goes into something and it turns out sub-par. Other than the odd collar, I quite like the fit of the sweater so I'm trying to come up with a way to alter it. I don't have enough yarn to knit a new collar though. Anyone have any suggestions?
I'm going to have to do a more fail-proof project next to lift my spirits. Maybe a hat?
Hey, I can totally understand you, it's really frustrating, when you put so much effort in a project and the results is not what you expected. Did you already try to iron the collar? Maybe you can also use some "ironing spray" to get it more stand up.
Although the sweater doesn't exactly look like in the picture, it really looks cute one you :) good luck with your next project!
I did try ironing it a couple times, which worked for a few minutes until it rolled up again. I don't have any "ironing spray", but I will have to keep an eye out for some. Thanks for the suggestion!
Thats what I hate about knitting. It takes so much effort to create something and along the way you can only guess what the result will be. Fixing something takes a lot of time too.
Yes, knitting is certainly time consuming. In some ways I prefer sewing to knitting. If something doesn't fit right it's usually much easier to fix when sewing. You can unpick seams, re-cut things, etc. With knitting, often if something is really wonky the only option is starting from scratch!
I'm not sure what to suggest for getting the collar to stand up, but perhaps you could put in a little stitch to hold the lower points of the collar in place against the body of the jumper? I think it still looks nice though, even if it doesn't look like the illustration. It makes me wonder what the reaction of women of the time would have been. Like, would they be disappointed as well, or were they used to the artistic impression of the finished article being a bit different to the reality? I don't have a huge amount of experience with vintage patterns; I've knitted a few that have worked out fine but also abandoned one or two that didn't seem to work at all. No problems as yet with the picture differing from the finished item though.
I've come across other vintage illustrations that seem more based on fantasy than reality. It seems to have been a common problem. I've had a couple sewing patterns from the 1920's that could not possibly look anything like the illustration.
How disappointing, they are such lovely colours together. Have you tried spray starch? I have had some success with it on wool. You can't even sew it down, can you? I had a disastrous knit recently, which is still on the needles, so annoying.
I've never used spray starch before, but I will have to look into it. Thanks for the suggestion!
I follow your blog although I've never commented before, but felt I had to say the sweater still looks really sweet, and your colour choice is lovely. I don't really knit, but I cook, and I know the frustration of realising a recipe got published without being properly tested - can't imagine how that must feel after months of work!
What a shame that collar didn't work out... :( The pattern of the body, and the colors are so lovely ~ I can see how disappointing that would be. I'm not an experienced knitter, but it looks to me like the yarn choice was the wrong variety for that part of the pattern? Like, using a roll-y jersey instead of cotton in a dress!
I did try to use a modern equivalent to the yarn suggested in the pattern. I think it rolls since it is done in stockinette without any kind of edge stitch.
how sad! if you don't know about the original pattern it actually looks quite pretty ... but i know this doesn't help - you know how it should look.
This is the curse of vintage patterns isn't it?! Sometimes you get to the end and it just isn't right, even though you knitted it to the pattern. How frustrating for you. Knitting a jumper takes so long, it is so upsetting when it isn't what you hoped for. I do rather like it as it is though. Beautifully done.
Yes, knitting is such an investment in time that it makes it much sadder when it doesn't turn out.


text:
Q: How should I find the shortest path in the graph using linked list There are n nodes and there are edges between the nodes if they are connected directly.
Each edge does not have weight and direction (If node a and b are connected, it means connected both way not one way).
Based on the graph, we can draw adjacency matrix which is two-dimensional array, A[0][0]...A[n-1][n-1]. So, the question is how to return the shortest path. If there is no path, should return empty path. And the path should return using linked list.
 |A B C D E
A|0 1 0 1 0
B|1 0 1 0 0
C|0 1 0 1 0
D|1 0 1 0 1
E|0 0 0 1 0

So, based on the Matrix above, the shortest path from C to E is [C,D,E]. And the shortest path from A to C is [A,B,C].
We should use pseudo code with O(n^2) time complexity. And I briefly guess BFS approach would be great.

A: I believe this article answers your question. This problem can be solved with Dijkstra's algorithm. In your case the weight of each edge is equal to 1 so just make the dist_between(u,v) = 1 in the pseudo code. Time complexity of the solution is O(V^2). Note that,
 previous[v]= the node previous to the vth node in the shortest path to node v from the starting node.
That means, in order to visit the vth node in the shortest possible way, you have to first come to the previous [v] node. So using this previous array, you can return the shortest path in any way you desire. If there is no path, the  dist[v] in the pseudo code will be infinity.


text:
Home » Blog » Regulations and Law » Lax Regulation (Globo, GRG) and Japanese Trust AGM
This blog gives you the latest topical news plus some informal comments on them from ShareSoc's directors and other contributors. These are the personal comments of the authors and not necessarily the considered views of ShareSoc. The writers may hold shares in the companies mentioned. You can add your own comments on the blog posts, but note that ShareSoc reserves the right to remove or edit comments where they are inappropriate or defamatory.
Lax Regulation (Globo, GRG) and Japanese Trust AGM
Globo was one of those AIM companies that turned out to be a complete fraud. Back in December 2015 the Financial Reporting Council (FRC) announced an investigation into the audits of the company by Grant Thornton (GT). Even the cash reported on the balance sheet in the consolidated accounts of the parent company proved to be non-existent (or had been stolen perhaps). I have previously complained about the slow progress and the lack of any information on this investigation.
But former shareholders need no longer hold their breath – the FRC have announced that they have dropped the investigation on the basis that there is no realistic prospect of a finding of "misconduct" by Grant Thornton UK. It would seem that GT relied on the audits of the subsidiary companies in Greece and elsewhere over which the UK authorities have no jurisdiction.
There may be on-going investigations by other bodies including a review of the activities of GT in Greece but this makes it appear that the chance of action is fading away. Not that shareholders were ever likely to recover their losses. It is disappointing that the FRC have not taken a tougher line on this matter as questions about the accounts of Globo were publicly raised a long time before it went bust, and I even spoke to some staff of Grant Thornton UK at a Globo meeting telling them they needed to examine their accounts carefully. One would have thought that they would have done a very thorough examination of the subsidiary audits, but it seems not so.
I was about to submit my comments on the Kingman "Review of the Financial Reporting Council" – all ten pages of it – but will now have to amend it to include more criticism. I'll publish it on the Roliscon web site a.s.a.p.
Another example of regulatory inaction is the announcement that the Financial Conduct Authority (FCA) will not be doing anything about the past activities of the Global Restructuring Group (GRG) at the Royal Bank of Scotland (RBS). After a review they found no evidence that RBS artificially distressed firms for their benefit (that's not what the complainants say) although they did find inappropriate treatment of customers. But the FCA decided they could do nothing because some parts of the activities of GRG were unregulated and action against the senior management had little hope of success. So the perpetrators are off the hook.
I received an interesting newsletter from White & Case, one of the leading commercial law firms, which summarised the latest report from the FCA on their enforcement activities. It was headlined "FCA Enforcement – More cases, increased costs, fewer fines" which put the report in context. The number of "open cases" has doubled in two years while the number of staff has remained the same, i.e. more work but no more resources. Enforcement action has slowed down, probably for that reason, and fines have also dropped. Only 16 fines were imposed in the last year.
JPMorgan Japan Smaller Companies Trust
Yesterday I attended the AGM of JPMorgan Japan Smaller Companies Trust (JPS) which turned out to be a more interesting meeting than I anticipated. This is one of my Brexit hedges – pound falling means any overseas investment is likely to be a good one, and I always like small cap funds.
This trust has a good track record – NAV up 27.8%, 20.8% and 12.2% in the last three years so it is well ahead of its benchmark. Not knowing much about the Japanese market the presentation from the fund managers (via video from Japan) was particularly interesting. Equity markets in Japan have been buoyed by QE activities from the Bank of Japan – apparently they have not just been buying bonds but also equities in the stock market! But the economy is facing major structural challenges from an ageing and declining population. This was one slide they presented:
However, the managers are not too concerned because they ignore "macro" trends when investing anyway. They clearly think they can still achieve good results because of a focus on specific areas of the market, e.g. healthcare, employee benefits (staff are being paid more as they become in short supply), robot appliances, etc. Also corporate governance is improving, albeit slowly, which is of benefit to minority shareholders.
The other interesting issue that arose at this AGM was the proposed new dividend policy. They changed the Articles at the meeting to allow the company to pay dividends out of capital and also proposed a resolution to adopt a new dividend policy of 1% of assets per quarter, i.e. 4% dividend yield per annum when it was nil last year. This prompted a vigorous debate among shareholder attendees with complaints about it meaning shareholders will be paying more tax, often on unwanted dividends. The retiring Chairman, Alan Clifton, said the board had proposed this because they were advised that this would help to make the company's shares more attractive to investors. The shares are currently on a persistent wide discount of about 11% and it was hoped this would close the discount. Also as most private shareholders now hold their shares in ISAs and SIPPs, there would be no tax impact on them. I pointed out direct shareholders could always sell a few shares if they wished to receive an "income" but there are obviously many small shareholders who do not understand this point or prefer to see a regular dividend payment. At least the above summarized the key points in the debate.
When it came to the show of hands vote on the resolution, it looked to me as though there were more votes AGAINST than FOR. The Chairman seemed to acknowledge this (I did not catch his exact words), but said that the proxy votes were overwhelmingly in favour. He then moved on to the other resolutions. I suggested he needed to call a poll, which of course nobody fancied because of the time required even though it would be legally the correct thing to do. So instead it was suggested that perhaps the count of hands was wrong so that vote was taken again – and narrowly passed this time. My rating as a trouble maker has no doubt risen further.
Anyway, I actually abstained on the vote on that resolution because I am in two minds on the benefit. As Alan Clifton pointed out, the impact of a similar change at International Biotechnology Trust (IBT) where he was also Chairman was very positive. My only comment to him was I thought 4% was a bit high. The board will no doubt review the impact in due course, but it seems likely that it will have a positive impact on the discount as the shares will immediately look more attractive to private investors.
In conclusion, what I expected to be a somewhat boring event turned out to be quite interesting. That is true of many AGMs. Japan might have more difficult "structural" challenges even than the UK, with or without Brexit. As regards the regulatory environment covered in the first part of this article I suggest the laws and regulations are too lax with too many loopholes. I think they need rewriting to be more focused on the customers or investors interests.
Roger Lawson (Twitter: https://twitter.com/RogerWLawson )
marben100 2nd August 2018 at 10:05 am
The proposal to pay dividends out of capital as well as income at JPS is part of a trend. I note that another J.P. Morgan Trust, JPGI (Global Growth and Income) did so a couple of years ago. The change had the effect of reducing the discount to NAV that JPGI generally traded at and it now tends to trade at a premium to NAV.
As an income investor, investments paying a good, sustainable, dividend are more attractive to me. The problem with the argument that you can generate an equivalent income by selling shares is that if you require a fixed, regular, income you will end up having to sell more shares when prices decline (and IT discounts widen), i.e. at the worst possible time. If OTOH an IT pays an income as a % of NAV, then the share price discount/premium becomes irrelevant to the income stream – only the NAV performance matters. Equally, the value obtained by an income-seeking investor from a company paying dividends as a proportion of earnings is unaffected by the vagaries of market sentiment.
When you seek to generate an income from your portfolio, pound-cost averaging works in reverse and it is preferable to generate your income from a dividend stream rather than being a forced seller at what may be unfavourable prices, dependent on market sentiment.
Mark Bentley
ShareSoc Sirius Shareholder Group (SSG)
Objections to Pay at Diploma and the Cost of Zero Carbon
Slater Investments Warns on Pay, and Flybe Bail-Out
New Year Share Tips – Are They Worth Following?
Directors' and Fund Managers' Pay is Excessive


text:
Apple iPhone 6 would reportedly feature 4.8 inch display
By Jonathan Pereira	 On Jan 23, 2014 Last updated Jan 23, 2014
Due to higher expectations, rumours of the Apple iPhone 6 have started way earlier than expected. While we have been hearing slight details about the device, analysts claim that the company has finalised on a 4.8 inch display.
According to Timothy Arcuri, an analyst with Cowen and Company, Apple has made the final call on the screen size of the iPhone 6. He claims that the company would increase the screen size from the current 4 inches to 4.8 inch. However, since this info has been availed through analysing Apple's supply chain, its credibility is questionable.
Meanwhile, noted analyst Ming-Chi Kuo of KGI Securities, who was the first to confirm that the iPhone 5S would have a fingerprint scanner embedded in the Home button, seems to have similar thoughts. According to Kuo, the iPhone 6 would have a larger screen, but will not as large as 5 inches, so that it can be operated with one hand by the average users. However, there are also rumours about a 5.7 inch Apple phablet.
Intel Education Tablet with tools for e-Learning classrooms unveiled
CyanogenMod running OnePlus One smartphone promises best 2014 flagship specs


There are two species of flying squirrel in North America, the northern flying squirrel (glaucomus sabrinus) and the southern flying squirrel (glaucomus volans), the latter of which is much more common to the central North Carolina Piedmont area around Raleigh and Durham. Both species have large wing-like flaps between their limbs that help them glide from tree branch to tree branch (or maybe your home). Contrary to their name, flying squirrels do not actually fly or have wings but simply glide on the air resistance created by their bodies (called patagium). And while they can't actually fly, flying squirrels have been recorded gliding over one hundred yards.
Flying squirrels are extremely small compared to other species of squirrel, such as grey squirrels or fox squirrels. They tend to live in medium to large (4-20) communal families with litters twice per year in sizes ranging from one to six young squirrels.
Feeding mostly on insects, nuts, fruits, seeds and berries, flying squirrels in the South will often eat deciduous trees and plants. They will cause damage when entering buildings, only needing an entrance size about the diameter of a quarter. They can cause fires by chewing on wires, damage by gnawing on wood or health hazards by accumulating urine damage.
The best defense to flying squirrels is properly blocking their entrance to the home or building with chimney caps or other obstacles to unwanted animal entry. They can be humanely removed alive in many cases to be released into the wild later.
Do not hesitate to call Critter Control of the Triangle today at (919) 382-0651 if you are seeing warning signs of flying squirrels around your lawn or home. We work in Durham, Raleigh, Cary, Chapel Hill, Apex and the surrounding areas.
Flying Squirrels can carry and spread disease to humans through direct or indirect contact.


Photo of BMW 3-series E21 62531. Image size: 1600 x 1200. Upload date: 2009-03-15.	Number of votes: 51.
(Download BMW 3-series E21 photo #62531) You can use this pic as wallpaper (poster) for desktop.
Vote for this BMW photo #62531. Current picture rating: 51 Upload date 2009-03-15.
BMW 3-series E21 gallery with 36 HQ pics updates weekly, don't forget to come back! And check other cars galleries.


Xu Nuo and Hu Xiao Gao are both university students; They met at the hospital after one of them received a kidney donation. They both share something in common, they are two men with too many promises without fulfilling. Each with a respective love. Everything changes, they begin to feel pain and only see the end of the relationship.


text:
Pièce 153 - Copy letter from J. G. Frazer to John Roscoe
Typescript copies of letters (R-Z) to Sir James George Frazer
Copy letter from J. G. Frazer to John Roscoe
Anglais » Copy letter from J. G. Frazer to John Roscoe
Add. MS b/37/153
c 1947-c 1955 (Production)
1 item; typescript copy
Frazer, Sir James George (1854-1941), knight, social anthropologist and classical scholar
Downie, Robert Angus (b 1905) biographer
(b 1905)
Hotel Lutetia, Paris. Dated 31 December 1921 - Is in Paris, where he gave a lecture at the Sorbonne in front of 700 people; is having a bust made by Bourdelle who will present it to the Museum of the Luxembourg; Lilly's translation of 'Adonis' is out and she is busy getting other books translated; has been asked to write the preface to Malinowski's Trobriand book and [C. W.] Hobley's book.
Roscoe, John (1861-1932) clergyman, anthropologist (Sujet)
Bourdelle, Émile Antoine (1861-1929) French sculptor (Sujet)
Malinowski, Bronisław Kasper (1884-1942) anthropologist (Sujet)
Hobley, Charles William (1857-1947), colonial administrator (Sujet)
Frazer, Lilly (? 1855-1941), writer and translator, wife of Sir James George Frazer (Sujet)


text:
Competition blurs top El Al profits
El Al Airlines Ltd. said Thursday it earned record profits in 2005.
By SHARON WROBEL
el al plane 298.88. (photo credit: Ariel Jerozolimski [file])
El Al Airlines Ltd. said Thursday it earned record profits in 2005 just as it gears up for fierce competition from foreign airlines that plan to increase their seat capacity by 20 percent this summer. "We are not scared of competition. We welcome competition but what we demand are conditions of fair competition," said El Al Chairman Prof. Izzy Borovich. "What we mean is that we want to receive the same benefits, for example in Europe, that foreign airlines get here." Borovich was referring, for example, to the airline's secluded and difficult check-in facilities in Frankfurt. However, industry experts pointed to the fact that Lufthansa and El Al both had identical check-in facilities at the main airport in Germany. Those facilities are requested by the Israeli Transportation Ministry for security reasons. Borovich noted that El Al also had an additional burden of $50 million in security expenses, which other airlines did not have. Borovich's comments come after the Bank of Israel, this week, said that in Israel competition was insufficient due to El Al's dominance of the airline industry. The central bank called for a second Israeli airline to be given designated carrier status, just a month after Israir was given designated carrier status on the route to New York, and on the heels of a wave of permits for additional connecting flights. Foreign airlines have increased the number of seats available on their flights this summer by 20% over 2005 levels. This week, Delta Airlines inaugurated its new route from Tel Aviv to Atlanta as part of its new spring and summer schedule. Also, Lufthansa has started increased service to Frankfurt, using the world's longest airplane, the Airbus 340-600. The new plane will increase the number of seats available to Germany by some 17%-20%. As a result, Lufthansa will operate 14 weekly flights to Frankfurt. El Al has just started flying directly to Miami twice a week and it expects heavy demand on the route. The airline on Thursday reported record revenue of $1.62 billion for 2005, up 17% from $1.38b. in 2004, fueled by a 12% increase in Ben-Gurion Airport passenger traffic in 2005 and an increase in average income per kilometer per passenger, as well as increased efficiencies of services and additions of flights and seat capacity. For 2005, El Al maintained a market share of 43%. Net income rose 94% to $64.1m. from $33.1m. in 2004. For the fourth quarter, El Al posted a net profit of $600,000 against a loss of $25.9m. in the corresponding quarter in 2004. The company said in its annual report that the global aviation sector would continue to suffer from high oil prices and the entry of low-cost airlines in 2006. El Al noted that fuel costs in 2005 were 44% higher than 2004, which represented about 24% of turnover compared with 20% in 2004, and contributed $129m. to the company's expenses. Because of increased jet fuel prices, El Al will raise its ticket prices by an average of 3% beginning April 3. El Al also noted that CEO Haim Romano was paid a salary of $2.4m. for 2005.
Teva doubles down on Mylan, despite rejection
By GLOBES, NIV ELIS
Your Investments: Three steps to financial independence
By AARON KATSMAN
Housing shortage exacerbated by offices set up in apartments
By NIV ELIS
Tech Talk: Going geek in the Negev
By ARIEL SHAPIRA
Your Taxes: Filing an annual Israeli tax return
By LEON HARRIS


text:
<?php

class SortableDataObject extends DataObjectDecorator
{

	static $sortable_classes = array();
	static $many_many_sortable_relations = array();
	static $sort_dir = "ASC";

	public static function set_sort_dir($dir)
	{
		self::$sort_dir = $dir;
	}

	public static function add_sortable_class($className)
	{
		if(!self::is_sortable_class($className)) {
  		DataObject::add_extension($className,'SortableDataObject');
  		self::$sortable_classes[] = $className;
		}
	}

	public function extraStatics()
	{
		return array (
			'db' => array (
				'SortOrder' => 'Int'
			)
		);
	}

	public static function add_sortable_classes(array $classes)
	{
		foreach($classes as $class)
			self::add_sortable_class($class);
	}

	public static function add_sortable_many_many_relation($ownerClass,$componentName)
	{

    list($parentClass, $componentClass, $parentField, $componentField, $table) = singleton($ownerClass)->many_many($componentName);
    Object::add_static_var($ownerClass,'many_many_extraFields',array(
      $componentName => array(
        'SortOrder' => 'Int'
     )));
    if(!isset(self::$many_many_sortable_relations[$componentClass]))
      self::$many_many_sortable_relations[$componentClass] = array();

    self::$many_many_sortable_relations[$componentClass][$parentClass] = $table;
    self::add_sortable_class($componentClass);
	}

	public static function remove_sortable_class($class)
	{
		Object::remove_extension($class, 'SortableDataObject');
	}

	public static function is_sortable_class($classname)
	{
		if(in_array($classname, self::$sortable_classes))
			return true;
		foreach(self::$sortable_classes as $class) {
			if(is_subclass_of($classname, $class))
				return true;
		}
		return Object::has_extension($classname, 'SortableDataObject');

	}

	public static function is_sortable_many_many($componentClass, $parentClass = null)
	{
     $map = self::$many_many_sortable_relations;
	   if($parentClass === null)
  	   return isset($map[$componentClass]);
  	 else {
  	   if(isset($map[$componentClass]))
  	     return isset($map[$componentClass][$parentClass]);
  	   return false;
    }

	}

	public static function get_join_tables($classname)
	{
	   if(isset(self::$many_many_sortable_relations[$classname]))
	     return self::$many_many_sortable_relations[$classname];
	   return false;
	}

	public function augmentSQL(SQLQuery &$query)
	{
	   if(empty($query->select) || $query->delete || in_array("COUNT(*)",$query->select) || in_array("count(*)",$query->select)) return;
	   $sort_field = false;
	   if($join_tables = self::get_join_tables($this->owner->class)) {
       foreach($query->from as $from) {
          if($sort_field) break;
          foreach($join_tables as $join_table) {
            if(stristr($from,$join_table)) {
              $sort_field = "\"$join_table\".\"SortOrder\"";
              if(isset($query->select['SortOrder'])) {
              	$query->select['SortOrder'] = "\"{$this->owner->class}\".SortOrder AS LocalSort";
              }
              break;
            }
          }
       }
	   }
	   if(!$sort_field) $sort_field = "\"SortOrder\"";

	   if(!$query->orderby || ($query->orderby == $this->owner->stat('default_sort')))
	     $query->orderby = "$sort_field " . self::$sort_dir;
	}

 	public function onBeforeWrite()
	{
		if(!$this->owner->ID) {
			if($peers = DataObject::get($this->owner->class))
				$this->owner->SortOrder = $peers->Count()+1;
		}
	}

}


text:
Aptara Merger with iEnergizer Opens Digital Publishing Doors
February 15, 2012 By Mercy Pilkington Leave a Comment
Photo property of goodereader.com
Aptara, a worldwide leader specializing in digital content solutions for the publishing industry, announced in a press release yesterday that it had been purchased by a British company, iEnergizer. The merger will increase the number of employees to just over 11,000 and afford Aptara all of the benefits of a public company with financing for future growth.
GoodEReader spoke to Aptara CEO Dev Ganesan in an interview about the merger in which the CEO expressed his utter excitement over the projects that this merger will allow, both in the immediate scope and looking towards the long term.
"While this allows us to bring some of iEnergizer's services to publishing, the combined company also provides a strong platform from which to make acquisitions and offer our customers the confidence that comes from dealing with a large public company," explained Ganesan.
"We already have in mind some very specific projects which we will launch as a combined company. For example, we can now bring an even higher level of technical and customer support. Second, iEnergizer has connections in foreign markets, including specific French-speaking markets, so we can immediately begin work in other publishing markets. They also have an amazing existing base of customers for things like enhanced telecommunications, gaming, and other areas, all of which have large volumes of content and can benefit from Aptara's interactive capabilities and operations. We will be looking at taking Aptara to interactive capabilities and operations. This merger is all about how we can cross-sell to each other's customers and how can we can grow, making us a very viable service provider to the publishing industry. Essentially, we are big enough to deliver, but small enough to provide personalized customer care."
While Aptara will continue to be a "stand alone business" and still operate under its current name and with its same leadership in place, some new faces will join the operation from iEnergizer. Sara Latham and Anil Agarwal, its founder, will join Aptara's Board of Directors. Latham has over fifteen years of communications and government relations experience, while Agarwal has promoted and managed several successful global businesses. The additional members of Aptara's board bring a wealth of experience that Ganesan finds very exciting.
"They have great people, we have great people, and there is enough room for us to grow in order to achieve more."
[ad#AFter Post Add]
Mercy Pilkington
Mercy Pilkington is a Senior Editor for Good e-Reader. She is also the CEO and founder of a hybrid publishing and consulting company.
Filed Under: Digital Publishing News, E-Book News, e-Reader News


WILLIAMSBURG, Va. January 8, 2018 - Riverside Center for Excellence in Aging and Lifelong Health (CEALH) has released the winter 2018 edition of its "Caring for You, Caring for Me" program - a weekly seminar series offering support and guidance for those who care for older adults. Online registration is now open.
Riverside's acclaimed program is sanctioned by the Rosalynn Carter Institute for Caregiving (RCI), a national organization promoting recognition and assistance to both family and professional caregivers. It has earned Best Practices Awards from both the Southern Gerontological Society and the Commonwealth Council on Aging.
"As the population of older adults continues to grow, there is a critical need to give their caregivers the help they all need to thrive," said Christine Jensen, Ph.D., CEALH's Director of Health Services Research. "Standing with RCI, Riverside CEALH is proud to offer the latest session of our 'Caring for You, Caring for Me' program, giving both professional caregivers and family members alike a unique chance to share experiences and learn valuable new approaches."
Cost: $50, including lunch and educational materials (a limited number of scholarships are available). Riverside CEALH can link caregivers with respite services for the individual receiving care, as needed, so that they can attend the sessions.
For more information and to register, visit www.excellenceinaging.org/caringforyou or contact Christine Jensen at (757) 220-4751 or christine.jensen@rivhs.com.


text:
PVAT
PVAT Home
Economic and Political Situation
Basic Respondent Information
Consumption, Income and Assets
Access to Services and Institution
Electricity, Water, Sanitation, Health
Engagement in Agriculture
Livestock and Fishery
Non-agricultural Occupations
Shocks and Coping
Climate Variability and Coping
Perceived Economic Situation and Political Influence
This section looks at household perceptions of their economic situation and the influence they have over political decision making processes
A small percentage (27.5%) of the households surveyed, most of which were from Gorkha, Jajarkot, and Sankhuwashava, believed it was easy to influence decision making processes at the local level. The percentage of households that felt it was easy to influence decision making processes at a higher level was even smaller (9.9%). Only 12.4% of the surveyed households reported an improvement in their ability to influence political decision making processes.
Just over 35% of the households reported improvements in their economic situation. Households in Sankhuwashava perceived their economic situation to be relatively poor compared to other districts with only 28% of households there reporting an improvement in the economic situation and 63% of the households reporting that there were no options available for their economic betterment.
Download the complete data for this topic from right.
Complete Data
Changes in the ability of households to influence politics during the last 12 months (PDF, 294KB)
Number of options available to households for their economic betterment (PDF, 296KB)
Change in the economic situation of households during the last 12 months (PDF, 296KB)
Households' perceived ability to influence the decision making process at the local level (PDF, 377KB)
Households' perceived ability to influence the decision making process at a higher level (PDF, 377KB)


text:
#360RAW12 has been announced for Feb 2020
Richard Watson of Leeds 360 Club and Alan Raw of BBC Introducing are proud to announce that #360RAW12, which will mark the second anniversary of their special events showcasing the emerging talent from West Yorkshire and beyond.
To mark the second anniversary of their special events showcasing the incredible talent emerging from West Yorkshire and beyond, RICHARD WATSON, promoter of the 360 Club in Leeds, and ALAN RAW, presenter of BBC Introducing in West Yorkshire and Humberside, are proud to announce that the twelfth edition will feature some of their personal favourites that have performed at the first eleven.
Taking place on FRIDAY 7 FEBRUARY 2020 – and subtitled #360RAW12 – the event will showcase four bands from Leeds who represent some of West Yorkshire's finest and most exciting emerging artists – FUDGE, SIR CURSE, THE HARRIETS and TEEFF.
Event link: https://www.fb.com/events/731965443956236/
Ticket link: https://www.crashrecords.co.uk/360raw12
As with all previous #360RAW events, the night will see Alan Raw DJ before and between the live sets, playing new music of all styles from local artists. Anybody can come along and meet the face behind BBC Introducing and bring demos which he may play on the night or consider for airplay on his shows. The ethos of #360RAW is purely about supporting emerging acts, a passion that both share, and one that sees them offer their time, their help and their advice to musicians without any hidden agenda.
FUDGE.
"… Unhinged seems to be what Fudge do best, their laddish charm and punk rock attitude instigating the chaos they need for them to feel content. This is indie-rock gone rogue; something in their generic formula went awfully wrong in the most brilliant way to create this monster …" YORKSHIRE POST
FUDGE is a young four-piece band, equal parts punk, rock and funk, who gel through their mutual love of bands such as the Red Hot Chilli Peppers, Royal Blood and Foals and their shared desire to craft music with purpose and threat and excitement. Their live show is already edging towards legendary status and, having played Leeds and Reading Festivals and Bingley Weekender in 2019, they now aim to storm their way through the 2020 Festival season. You really wouldn't back against them doing it.
SIR CURSE
"… Totally barnstorming set by the extraordinary Sir Curse. Now that's an object lesson on how to end a set; Sir Curse positively storming it at #360RAW tonight …" TOM ROBINSON | BBC 6 MUSIC
Experimenting with rock, theatre and vocals that portray a palpably sinister character, SIR CURSE is a six piece that bridge the gap between theatrics and music, who have been described as what might result if Kate Bush and System of a Down were to join the circus together. Influenced by The Brothers Grimm and American Horror Story, the band performed at Boomtown Festival this year and have now set their sights on the release of forthcoming single Graphite, which will be launched at this show.
THE HARRIETS
"… To me, their song Television sounds like a lost classic recording from CBGBs-era New York, which in my book is high praise indeed …" TOM ROBINSON | BBC 6 MUSIC
Having had airplay on BBC 6 Music and BBC Introducing, Leeds-based power pop band THE HARRIETS were recently shortlisted for Glastonbury Emerging Talent. Fronted by two singer songwriters, they deal in driving, uber melodic 70s inspired pop, adorned with distinctive vocal harmonies and jangly, melodic tunes, brought to the stage with plentiful high kicks.
TEEFF
"… Absolutely incredible …" BBC INTRODUCING
Fuzzy riffs, punchy drums and bluesy vocals from Leeds via Sheffield, bringing fuzzy, monstrous riffs influenced by the likes of Ty Segall, Thee Oh Sees and Black Sabbath, TEEFF are rapidly gaining a reputation for live shows with plenty of bite. Expect gritty guitars, plenty of hair and pretty grins. The band's latest release, The Milkman, has enjoyed a run of regional and national plays and is available now on all major streaming sites.
Esther Rose announces new album 'How Many Times'
KIM GORDON unveils video for 'Earthquake' from debut album
New Power Generation put on stunning show for fans at Manchester Ritz


USA iPad Cellular - can I use with UK Network/Sim card?
Discussion in 'iPad' started by JamesBerry, Oct 16, 2012.
A friend wants to buy an iPad in the USA and would like the 3G version to use here in the UK. If the AT&T version, say, is bought without a contract from Apple, can he just bring it to the UK and put a UK SIM card in it - or is it carrier locked to AT&T SIM cards?
Any problems with this or is it identical hardware to UK version?
iPads are not sold on contract in the US, they are purchased outright and are unlocked for use on GSM systems worldwide.
Good news! So are the AT&T and Verizon identical hardware wise? Or would my friend be better getting one or other if the intention is to use in UK?


At Unison Integrated Technology we are one of the leading UK experts in electronic security systems for the commercial and public sector.
We install all types of security systems including CCTV, Door Access Control Systems and Vehicle Barriers and require a highly skilled team.
We are looking for people with experience in the CCTV industry. The duties would include service, diagnostics and change of equipment to replace faulty items and relocation of equipment (existing). The average role will include 90% installation with some service work.
We require you to be competent at cabling and able to use ladders where necessary.
If you are based in Birmingham and are a highly skilled CCTV installer and looking for a job in security systems, then send in your CV to careers@unisoncctv.co.uk.
Currently All Job Posts have been filled, we will update the website when we have further positions available.


The Continental Giro tubular offers excellent handling with trouble-free grip under wet and dry conditions. Constructed with natural rubber and lightweight, smooth rolling, 2-ply cotton casing. The Giro is Continental's best value in tubulars. 180 TPI.


Management claims that that purposefulness liberate 42,000 businesses a total number of f40m a class in analyse fees.
Lilliputian companionship inspect and story rules are presently stricter in the UK than is essential through EU conception. The Companies Operation longing be revised to get wee assemblage canvas rules in slash with EU slightest requirements in behalf of following gathering.
In the service of median size businesses command intent elbow on EU restrictions to be haul up so that they no mortal miss their reason severally audited.
And in behalf of to a great extent mignonne vocation, with few than 10 employees, the regulation says it intent propel in behalf of exemptions to shed the qualification to create deuce sets of accounts.
The rule wish likewise take a look at quiet the scrutinise and declare rules in support of subsidiaries. It is proposing that at rest subsidiaries with progenitrix attendance guarantees could be exempted from the provision to prime and let something be known yearlong accounts. That would gain ready 23,000 slumbering companies, including those order to clutch assets or brainy paraphernalia, or in mentation on make contact with at a days year.
Absolutely owned non-financial subsidiaries with stepmother fellowship guarantees could be exempted from examine.


text:
Эрньи́ () — коммуна во Франции, регион О-де-Франс, департамент Нор, округ Валансьен, кантон Марли. Расположена в 15 км к северу от Валансьена и в 2 км от границы с Бельгией, в 12 км от автомагистрали А2, на правом берегу реки Эско (Шельда).

Население (2017) — 4 437 человек.

Экономика
Структура занятости населения:

 сельское хозяйство — 2,2 %
 промышленность — 3,9 %
 строительство — 8,3 %
 торговля, транспорт и сфера услуг — 31,5 %
 государственные и муниципальные службы — 54,1 %

Уровень безработицы (2017) — 13,7 % (Франция в целом — 13,4 %, департамент Нор — 17,6 %).
Среднегодовой доход на 1 человека, евро (2017) — 20 530 (Франция в целом — 21 110, департамент Нор — 19 490).

Демография

Администрация
Пост мэра Эрньи с 1989 года занимает член партии Республиканцы Жак Шнедер (Jacques Schneider). На муниципальных выборах 2020 года возглавляемый им список «Республиканцев» был единственным.

Знаменитые уроженцы
 Андре Стиль (1921—2004) — французский писатель, лауреат Сталинской премии второй степени.

См. также
 Коммуны департамента Нор

Ссылки
 Национальный институт статистики
 Результаты муниципальных выборов 2020 года
 Электронный справочник коммун Франции

Примечания

Города Нор — Па-де-Кале

redpajama_set_name: RedPajamaWikipedia