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Retirement 3 MIN READ
Five common pitfalls in estate planning
Learning from the mistakes of others can help us do a better job at leaving a legacy for the people we care about.
August 26, 2022 By Anthony O. Alcantara
Who doesn't want to leave their loved ones happy when the grim reaper calls?
Our legacy is the only thing that will comfort those we leave behind. And part of that legacy is our estate, which, if we plan well, will benefit our loved ones according to our wishes.
Wanda Beltran, Metrobank's Head of Account Management, who's been taking care of the financial affairs of many shrewd and hard-to-please high-net-worth individuals, lists some common pitfalls.
1. Focus on the beneficiary and tax.
There's just no way to escape taxes even when we pass on. And because we don't want to pay more than we must, some of us may seek to avoid taxes, especially since we want our beneficiaries to get more from our estate.
Beltran said that some people do fall into this trap by transferring ownership of their assets to their beneficiaries too soon. One manifestation of this is when business owners decide to convey most of their shares to the next generation, thinking that their children will continue to honor them as the heads of their companies.
"That may not always be the case. There is nothing that will stop the children–who are now majority owners of the company–from booting out their parents if they want to," said Beltran.
Another example is when parents buy properties and put them under the names of their children.
"But what if the children marry and the marriages don't work out?" said Beltran. "It would have been better if the property was given after the children got married, because the property would be theirs even if their marriages failed."
2. Focus on death.
Others focus on death, such that they only want their assets to be transferred when they die. Perhaps they subscribe to this improvident idea that what happens after they are gone is of no consequence to them.
After all, they won't be around to witness the repercussions of their action or inaction.
There are certainly those who find it hard to let go. And with the TRAIN (Tax Reform for Acceleration and Inclusion) law now setting both the estate and donor's tax at 6 percent, it may seem that there is no benefit to transferring assets within one's lifetime.
What people fail to realize is that paying 6 percent for donor's tax today is better than paying a 6-percent estate tax for property that would likely have gone up in value, such as real estate.
"Now for those who don't care, they only need to read about the horror stories involving the dissipation of estates due to litigious family disputes," she said.
3. Failure to consider present needs.
Sometimes we opt for what is convenient rather than what is appropriate. Beltran cited as an example the practice of using the "or" for certain joint bank accounts.
What if the person who put in most of the money gets sick or suffers from a stroke? The other joint account holder will be able to get all the money easily. When the patient wakes up, he is left with an empty bank account.
"It's sad that people don't think of their present needs without considering the risks," said Beltran.
4. No further accumulation of wealth.
"If you plan to leave something behind to your heirs, shouldn't you be concerned about the proper management of these assets?" asked Beltran.
Take the case of the husband who left a huge sum of money to his wife when he passed away, owing to a generous insurance policy. But then the wife had zero knowledge of investment. Soon the money was all gone, and nothing was left even for the education of the children.
If the family has no expectation of accumulating wealth or having a reliable income stream, there has got to be some plan to manage the assets.
5. Resort to tax evasion schemes.
There is a need to stamp out this mindset of tax evasion among some people. Perhaps it was because estate taxes were once as high as 15 percent. If you had a PHP 50-million estate, that would have been PHP 7.5 million in estate tax.
"Recently, however, people have become more compliant and law-abiding because of the TRAIN law," said Beltran.
Knowing these pitfalls when planning for your estate is one thing; doing something about them is another.
If you want to do estate planning right, talk to your financial services provider, and start that conversation.
ANTHONY O. ALCANTARA is the editor-in-chief of Wealth Insights. He has over 20 years of experience in corporate communications and has a master's degree in technology management from the University of the Philippines. When not at work, he goes out on epic adventures with his family, practices Aikido, and sings in a church choir.
Rates & Bonds 3 MIN READ
Should you buy the new 5.5-year retail bonds?
With the "flattening" of the peso yield curve, it may be time to consider the new retail treasury bonds offered by the Bureau of the Treasury.
August 25, 2022 By Patty Membrebe
This article is exclusive to Metrobank preferred clients.
(UPDATE: Since its first day of trading in the secondary market, the yield of RTB 5-16 has traded higher from its coupon of 5.75% to 6.345% now, based on the indicative offer yield as of Sept. 14, 2022. This is as investors sold off the 5.5-year bond to trim risk positions in this tenor bucket, in anticipation of even bigger rate hikes by the BSP, and in turn, higher yields. With the yield pick-up of over 50 basis points in one week, we think that RTB 5-16 is a good buy at current levels, particularly at 6.30% or better.)
The government recently offered retail treasury bonds called RTB 5-16. With a tenor of 5.5 years and a coupon rate of 5.750%, these bonds may be a good addition to your portfolio.
RTB 5-16 versus shorter-term bonds
As the Bangko Sentral ng Pilipinas (BSP) has signaled further rate hikes for the year, we continue to expect a "flattening" of the peso yield curve. This means the yields of short-term bonds are becoming much closer to the yields of long-term bonds.
This is not usually the case because when you tie up your money for a longer time in an investment, the yield or return is us
Stock Market Weekly: Market may pull back
The market is expected to pull back this week as overbought conditions become apparent.
August 22, 2022 By First Metro Securities Research
WHAT HAPPENED LAST WEEK
The Philippine Stock Exchange index (PSEi) continued its upward trend, rising by 164.2pts (up 2.45% week-on-week) to close at 6,863.86. The market enjoyed five straight days of foreign net buying amid the better-than-expected OFW remittances and the widely expected 50-basis-point rate hike of the Bangko Sentral ng Pilipinas. The market was bought up in four out of five trading days last week, correcting only on Wednesday following overbought signals.
Top index performers were Alliance Global Group Inc. (AGI) which was up 10.7%, BDO Unibank up 9.3%, and Megaworld Corporation (MEG) up 8.2%. Index laggards were PLDT (TEL) down 2.2%, San Miguel Corporation (SMC) down 1.9%, and Jollibee Foods Corporation (JFC) down -1.7%. The index breadth was positive with 20 gainers versus 10 losers. The average daily turnover value was PHP 6.5 billion. Foreigners were net buyers by PHP 3.2 billion.
WHAT TO EXPECT THIS WEEK
The market may pull back this week, as its relative strengthe index (RSI), a momentum indicator, continues to trade above 70, indicating overbought conditions. After consecutive weeks of price rollbacks, fuel prices are also projected to increase by over PHP 2 per liter for diesel and kerosene and around PHP 0.40 to PHP 0.70 per liter for gasoline. Meanwhile, investors are expected to feel some relief over sugar prices as leading groceries and supermarkets in Metro Manila agreed to the suggested retail price of PHP 70/kg of sugar.
STOCK PICKS FOR THE WEEK
Jollibee Foods Corp. (JFC) — BUY
Despite cost pressures, earnings recovery appears to be sustainable and continues to gain traction. We expect JFC will be able to deliver a 19.8% revenue compounded annual growth rate (CAGR) for 2022 to 2023, amid the further unwinding of COVID mobility restrictions and with JFC's markets so far able to absorb price increases year-to-date. Accumulate on pullbacks until PHP 225.00. Set cut loss below PHP 208.00 and take profit at PHP 250.00/ PHP 260.00.
Robinsons Retail Holdings, Inc. (RRHI) — BUY
Amid a rising inflation environment, we turn to retailers, given their ability to pass on costs to their mid- to high-income target market. RRHI is best positioned to leverage on the wallet share shift and return of mobility amid further economic reopening. Despite the Omicron impact and post adjustments to margins, we retain our forecasts for RRHI, as our outlook for the mall-based retailer remains largely intact amid: (i) favorable mobility trends and shifting wallet allocation conducive for RRHI's growth; and (ii) Strong balance sheet position. Accumulating once RRHI pulls back to PHP 60.00 is advisable. Set stop limit orders below PHP 57.50 and take profit at around PHP 68.00/PHP 70.00.
Universal Robina Corp. (URC) — BUY
URC formed a "megaphone bottom pattern" – a long-term bullish pattern. URC broke above the said pattern due to the broader market rebound amid easing commodity prices. According to Technical Insight, our automated chart pattern recognition program, the measured price target after URC broke out of its megaphone bottom pattern is PHP 150.00 – PHP 156.00. As for fundamentals, we are constructive on the stock and view the current levels as good entry points. We expect margins to recover strongly next year. As commodity prices continue to ease, price increases are likely to remain sticky, and the Philippine peso is likely to stabilize. For 2023, we expect URC to be able to deliver 21%/16% growth in EBIT/net earnings amid the full-year impact of the said factors. Accumulating URC at current levels is advisable. Set stop limit orders below PHP 112.00. Take profit at around PHP 140.00/PHP 150.00.
PSEi TECHNICAL ANALYSIS
Resistance: 6,800
Support: 6,400 to 6,180
The PSEi sustained its rally last week and is poised to retest the 200-day moving average (MA) for the first time since April 2022. The technical indicator moving average convergence divergence (MACD) confirms the bullish momentum, trading at its highest since July 2021. However, the market is now trading at overbought levels with RSI at 73.97.
Accumulate once the PSEi pulls back to around 6,800 to 6,600. Set tight stops below 6,400.
KEY DATA RELEASES
– US S&P Global preliminary manufacturing purchasing managers' index (PMI)
– US second reading of annualized GDP quarter-on-quarter (consensus estimate: -0.9%, 1st reading: -0.9%)
– Philippine bank lending net of reverse repurchase rate (RRPs) year-on-year (12% in July 2022)
Economy 3 MIN READ
Are you ready for the second round?
Second-round effects have led to heightened inflation in recent months for the Philippines. These effects may drive inflation up in the coming months, putting pressure on the Bangko Sentral ng Pilipinas (BSP) to adopt an aggressive policy stance.
August 19, 2022 By Anna Isabelle "Bea" Lejano
At the beginning of the year, Russia's conflict with Ukraine led to sanctions on the former, one of which was the banning of its oil and gas exports to the United States and the European Union, among others (see our article here which highlights the EU's dependence on Russia for energy).
Russia exported the greatest amount of oil globally before the invasion, and was the second biggest in terms of exporting crude oil, next to Saudi Arabia. Moreover, as the US and Saudi Arabia were the top two producers of oil, Russia followed suit.
The conflict between Russia and Ukraine led to supply chain bottlenecks especially for energy commodities, which translated to higher prices globally because of limited supply relative to demand. The rise in energy prices which directly affected the prices paid by households or individuals for their energy consumption can be described as the first-round effect of inflation.
Second-round effects come into play when markets adjust from supply side pressures like rising energy prices. This happens when firms implement higher prices and pass on the higher energy costs to consumers, even for non-energy goods or services such as food, retail products, transport, etc. which use energy commodities as inputs.
For instance, higher energy costs may elevate transportation costs of goods and inputs needed by businesses, which in turn result in higher prices of their products. Workers may also demand higher wages to compensate for the higher consumer prices stemming from price shocks brought about by energy commodities.
In the Philippine context, second-round effects have manifested largely during the second quarter of this year. For instance, transport groups have already filed a petition for an increase in minimum fares.
Meanwhile, higher minimum wages already took effect in 17 regions in July. In addition, prices of food and non-alcoholic beverages have been accelerating faster every month, especially during the second quarter.
The year-on-year growth of the Consumer Price Index (CPI) or inflation rate of the food and non-alcoholic beverages and transport groups, which are among the top three highest contributors to inflation since March 2022, have significantly intensified from the pre-supply shock period of February 2022 when the inflation rate was at the lowest since November 2020. (Source: Philippine Statistics Authority)
As seen above, the CPI of electricity, gas, and other fuels substantially climbed year-on-year by 17.4% in March (from 12.8% in February) after Russia's invasion of Ukraine in February. Moreover, while the CPI of electricity, gas, and other fuels started to decline y-o-y in May 2022, the CPI growth of the food and non-alcoholic beverages and transport groups maintained an upward trend.
This can be attributed to second-round effects, as the higher energy prices in previous months were passed on to the prices of non-energy goods and services consisting of food and transport, among others, which use these energy commodities as inputs.
Should price pressures from the supply side persist (i.e., higher energy prices), second-round effects may be sustained, leading to further increases in wages and transport costs, which in turn would spill over to the rest of a consumer's basket of goods and services, not only limited to energy and food products.
In addition, elevated inflation expectations in the coming months may lead to requests for bigger wage hikes, and in turn, businesses may impose higher prices for their goods and services to cover for these higher wages, which may lead to a dangerous upward spiral in inflation.
Thus, second-round effects as well as heightened inflation expectations may elevate inflation even more in the near term, and this may put pressure on the BSP to stay hawkish in the coming months to stabilize prices.
ANNA ISABELLE "BEA" LEJANO is a Research & Business Analytics Officer at Metrobank, in charge of the bank's research on the macroeconomy and the banking industry. She obtained her Bachelor's degree in Business Economics from the University of the Philippines School of Economics and is currently taking up her Master's in Economics degree at the Ateneo de Manila University. She cannot function without coffee.
August 2022 Updates: Further policy tightening expected
Higher inflation prints, along with the recently released GDP data as well as expectations of further BSP rate hikes, called for the revision of Metrobank's macroeconomic forecasts.
August 18, 2022 By Metrobank Research
With the July 2022 inflation rate of 6.4%, the highest since October 2018, higher inflation expectations are prompting further tightening of policy rates as signaled by the Bangko Sentral ng Pilipinas (BSP) in their recent statements.
Considering further rate hikes on the horizon to support the peso and given heightened inflation expectations, along with the recently released 7.4% GDP growth for the second quarter, we have revised our forecasts:
For more information, please download our full report here.
Stock Market Weekly: Upward momentum expected to continue
The market is expected to continue its upward momentum amid investors' growing optimism. However, investors will still be closely monitoring the interest rate decision of the BSP.
The Philippine Stock Exchange index (PSEi) enjoyed an upbeat week, surging 4.6% week-on-week to close at 6,699.66 (up 249.16 pts). The market rallied for five straight days amid generally improving market sentiment following better-than-expected US consumer price index (CPI) at 8.5% — signaling a potential slower pace of US Fed rate hikes. Moreover, Fitch Solutions has raised its gross domestic product (GDP) growth forecast for the Philippines to 6.6% for 2022 from 6.1% previously, further lifting investor sentiment.
Top index performers were Globe Telecom (GLO) up 11.4%, GT Capital (GTCAP) up 10.9%, and Wilcon Depot (WLCON) up 10.7%, while index laggards were Converge (CNVRG) down 4.1%, AC Energy (ACEN) down 1.8%, and Bank of the Philippine Islands (BPI) down 0.5%. The index breadth was positive with 27 gainers versus 3 losers. The average daily turnover value was PHP 6.2 billion. Foreigners were net sellers by PHP 11 billion.
The market is expected to continue its upward momentum at the earlier part of the week amid investors' growing optimism. However, investors will still be closely monitoring the Bangko Sentral ng Pilipinas' (BSP's) interest rate decision that will be announced on Thursday, August 18, 2022. The market has been expecting another 50-basis-point rate hike, even before last week's announcements involving the inflation slowdown in the US and the lower-than-expected Philippine GDP.
D&L Industries, Inc. (DNL) — BUY
The significant growth in DNL's first half 2022 sales (up 17% year-on-year) reflected the company's ability to pass on higher costs to its customers. The high-margin specialty products segment is seen to recover amid the absence of quarantine measures and the easing of selling prices of commodities (i.e., coconut oil and palm oil). Moving forward, the completion of DNL's Batangas plant in January 2023 will support the company's growing export business in the food and oleochemicals segment. Accumulating DNL once it breaks above PHP 7.40 is advisable. Those more conservative can accumulate once DNL breaks above PHP 8.00. Set stop limit orders below 5%-7% of the average cost. Take profit at around PHP 9.00
Bloomberry Resorts Corp. (BLOOM) — BUY
Casinos, especially BLOOM, are poised to benefit from the policy to allow vaccinated foreigners to enter the Philippines as well as the reopening of borders across Asia. Similarly, the Philippine government's stance of not implementing lockdowns moving forward allows BLOOM to resume its activities to full capacity, which will further improve the company's mass table and electronic gaming machine (EGM) volume. Accumulating once BLOOM breaks above PHP 7.20 is advisable. Set stop limit orders below PHP 6.80. Take profit at around PHP 8.20 to PHP 9.00.
DMCI Holdings, Inc. (DMC) — BUY
On the daily chart, DMC is still on a clear uptrend and bullish momentum is prevalent. Looking at fundamentals, for SCC, DMCI Power, and DMCI Mining, these companies are expected to sustain their earnings growth this year as coal sales volume and energy prices remain elevated due to the ongoing global supply disruptions and surge in demand. For DMCI Homes, management expects sales to improve and cancellations to taper as the economy recovers. Accumulate at current levels after the stock breaks above PHP 9.85. Set cut loss below PHP 9.35 and take profit at PHP 11.30/PHP 12.50.
The PSEi sharply rallied last week on above average volume, confirming the break above 6,400. The PSEi is also trading above both the 50-day and 100-day moving averages (MAs) for the first time since February 2022. However, the market is currently trading near overbought levels with the relative strength index (RSI) indicator at 69.86.
Accumulate once the PSEi pulls back to around from 6,600 to 6,500. Set tight stops below 6,180.
– Corporate Earnings: GT Capital Holdings, Inc. (GTCAP)
– overseas Filipino (OF) remittances year-on-year for June 2022 (consensus estimate: 2.8%, actual: 1.8% in May 2022)
– Corporate Earnings: Security Bank (SECB)
– BSP interest rate decision (BSP estimate: +50 bps)
– Overall balance of payments (BOP) position
– Corporate Earnings: Jollibee Foods Corp. (JFC)
Inflation story: Winter is coming
As Europe enters winter this year, it will have to increasingly switch to coal and liquid natural gas as substitutes to Russian natural gas. This adds pressure to the already rising global demand for these energy commodities, heating up inflation even more.
August 10, 2022 By Ina Calabio
The Russia-Ukraine conflict has brought to light the European Union's (EU's) dependence on Russia for energy. In 2020, 29% of extra-EU's crude oil, 43% of natural gas, and 54 % of solid fossil fuel imports were sourced from Russia. With the sanctions imposed on Russia and the end of the war still far from sight, the EU's energy crisis has triggered volatility in the energy market, pushing up global energy commodity prices.
So far, the EU has shifted to liquefied natural gas (LNG), increasing its imports to compensate for the Russian supply. Meanwhile, Germany is set to revive its coal plants, while other European countries have started boosting their coal imports in preparation for winter, adding to the demand of coal-dependent countries like us.
We already know the drill: a rise in demand will pull up market prices if supply can't keep up. The EU currently sources coal from Australia, South America, Colombia, and South Africa, while the Philippines mainly imports from Indonesia (98% of coal imports in 2021). Nonetheless, the EU's entry into the group of countries needing coal and LNG, apart from the supply chain issues faced globally, tightens the global market, leading to higher prices.
This is why, despite efforts to minimize energy consumption, a typical Meralco bill this month might still be the same, or probably be even higher. Coal covers 33% of Meralco's Power Distribution Utility Fuel Mix (as of 2021) next to natural gas at 49%. But based on statistical analysis, Meralco's generation charge is more sensitive to coal prices than natural gas.
Natural gas and coal make up more than four-fifths of Meralco's power distribution utility fuel mix, though the price of electricity generated is more sensitive to the price of coal.
The price of Indonesian coal, which is the country's primary coal source, has been on the rise since last year (see chart above). On top of that, unlike natural gas, coal is paid in dollars, so there's also the impact of peso depreciation.
In Meralco's June 2022 generation cost computation, the average generation cost per kilowatt-hour (kWh) from three coal plants has gone up by 71% compared to last year, pushing up the generation charge for the month. Therefore, as the EU warms up for winter, the Philippines should brace for higher energy prices, especially if a colder winter is forthcoming.
Transition to LNG
While the EU shifts back to coal and pursues other energy sources in preparation for winter, the Philippines faces its own energy problems. With the Malampaya service contract set to expire in 2024 and its natural gas supply to be completely exhausted by 2027, it is a critical time for the country to find other sources to cater to the rising energy demand of Luzon, especially amid rising coal prices.
The good news is, at least in the short run, the Philippines is set to import LNG as the country's first LNG terminal begins operations this year, and construction of other terminals is underway. The bad news is, the Philippines will likely enter the LNG market at a time when prices are still high as prompted by the EU's shift to LNG. Moreover, dependence on imports puts the country in a vulnerable position, especially in periods of volatility. Nonetheless, this is the solution for now.
In the long term, there are plans to build new power plants and tap renewable energy sources to improve the country's energy mix to increase production and meet rapidly increasing demand. It is high time to source for sufficient financing and private sector investment not only to meet current demand but also to push for energy independence.
INA CALABIO is a Research & Business Analytics Officer at Metrobank in charge of the bank's research on industries. She loves OPM and you'll occasionally find her at the front row at the gigs of her favorite bands.
Stock Market Weekly: Sideways trading amid slew of reports
The index isn't expected to move much this week, and investors will need to evaluate a lot of reports scheduled for release.
August 8, 2022 By First Metro Securities Research
The Philippine Stock Exchange index (PSEi) rose by 89.57 points (up 1.42% week-on-week) to close at 6,405.50. The market initially fell on Monday as investors assessed the country's lower manufacturing Purchasing Managers' Index (PMI) at 50.8 for July 2022 (from June 2022's 53.8).
The benchmark index rose in the days that followed amid the following factors:
(i) Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla's comment that the Consumer Price Index (CPI) may have peaked in July as well as his reiteration of a 25- to 50-basis-point (bp) rate hike in August;
(ii) partial easing of geopolitical uncertainty after US House Speaker Nancy Pelosi left Taiwan; and
(iii) some rosy second quarter 2022 earnings results.
However, the PSEi fell again on Friday after the faster-than-expected July 2022 inflation print at 6.4% (consensus estimate: 6.1%; BSP estimate: 5.6% to 6.4%).
Top index performers were Ayala Corporation (AC) which was up 12.4%, Monde Nissin (MONDE) up 11.0%, and Universal Robina Corporation (URC) up 6.5%. Index laggards were Security Bank (SECB) which was down 9.4%, Meralco (MER) down 7.1%, and Alliance Global Inc. (AGI) down 5.9%. The index breadth was positive with 17 gainers versus 13 losers. The average daily turnover value was PHP 6.7 billion. Foreigners were net buyers by PHP 747 million.
The PSEi is expected to trade sideways as investors await more earnings results as well as the slew of local data releases including the much awaited second quarter 2022 GDP reading. BSP Governor Felipe Medalla has also signaled the higher likelihood of a 50-bp rate hike rather than 25 bps for August after the higher-than-expected July 2022 inflation rate. In addition, major fuel price rollbacks expected this week may partly lift investor sentiment.
Bank of the Philippine Islands (BPI) — BUY
We see room for BPI's loan growth to catch up amid the country's sustained reopening, encouraging demand for corporate loans, and continued usage of credit cards among clients. As for higher asset yields, management said it is confident that a 25-bp rate hike can be fully passed on to corporate borrowers, with other customers able to absorb higher rates of up to a 100-bp increase. Accumulate once the stock breaks above PHP 95.60. Set cut loss below PHP 90.00 and take profit at PHP 106.00.
Metro Pacific Investments Corp. (MPI) — BUY
For Manila Electric Co. (MER), we expect the company's energy sales to reach pre-pandemic levels as power demand continues to recover with the reopening of the economy. For the toll segment, management said that revenge travel during the summer months was able to offset the impact of rising fuel prices. Management added that the return to on-site work and face-to-face classes will further boost the toll road segment's volume recovery. As for the light rail business, the segment is expected to further pare its losses as operating capacity is now at 100% since March 2022. Accumulating MPI once it breaks above PHP 4.00 is advisable. Set cut loss below PHP 3.65. Take profit at around PHP 4.50/ PHP 4.60.
Semirara Mining and Power Corp. (SCC) — SET TRAILING STOPS
SCC's guidance for the next quarters is less optimistic. It said that the first half of 2022 will be anemic because of market volatility and unfavorable weather conditions. Coal shipments are also expected to normalize as China shifts to cheaper Russian coal. Given that SCC has rallied by 88.5% year-to-date, profit taking can quickly occur especially given the volatile market environment. Take profit once SCC trades below its 8-day/9-day EMAs, or Exponential Moving Averages, (~below P40.50). The next support levels are PHP 37.00/PHP 36.10
Resistance: 6,400 / 50-day moving average price (MA)
Support: 5,700 / 6,180
For the first time since March 2022, the PSEi has broken above the 50-day Moving Average (MA) price. The market is also now trading above 6,400. The MACD, or Moving Average Convergence Divergence, is also trading above both the zero and signal lines for the first time since February 2022. The PSEi must stay above 6,400 and the 50-day MA for the rebound to be sustained.
Slowly accumulate as the PSEi stays above the 50-day MA. Set tight stops below, 6,180.
– Philippine unemployment rate for June 2022 (6.0% in May2022)
– Philippine exports for June 2022 (consensus estimate: 4.4%, 6.2% in May 2022)
– Philippine imports for June 2022 (consensus estimate: 24%, 31.4% in May2022)
– Philippine second quarter 2022 GDP (consensus estimate: 8.2%, 8.3% in 1Q 2022)
– Corporate Earnings: AC Energy Corp. (ACEN)
– US CPI year-on-year for July 2022 (consensus estimate: 8.8%, 9.1% in June 2022)
– Corporate Earnings: Monde Nissin Corp. (MONDE)
– Corporate Earnings: Robinsons Land Corp. (RLC)
– Corporate Earnings: Emperador Inc. (EMI)
– Corporate Earnings: Megaworld Corp. (MEG)
– Corporate Earnings: Converge Information and Communications Technology Solutions, Inc. (CNVRG)
– Corporate Earnings: Globe Telecom, Inc. (GLO)
– Corporate Earnings: Ayala Corporation (AC)
– Corporate Earnings: Alliance Global Group, Inc. (AGI)
– Corporate Earnings: LT Group, Inc. (LTG)
Investment Tips 4 MIN READ
What do you do with your portfolio when inflation is soaring?
There are a few things you can do to preserve your wealth in these times: Be patient. Don't panic. Consider your time horizon
August 5, 2022 By Anthony O. Alcantara
It's normal to feel panic when prices are galloping, the markets are in disarray, and your investment portfolio is in dire need of resuscitation.
For Don Carlo P. Hernandez, Metrobank's Portfolio Strategy and Advisory Division Head, it is best to quell that panic first and make a little effort to understand what's happening.
How inflation affects portfolios
He said inflation affects your investments in two ways. On a general level, it affects your purchasing power and your minimum goal for investing.
"As inflation goes faster, you will have less purchasing power. And when you talk about investments, at the very minimum, they should beat inflation. Otherwise, your investments will lose value over time. High inflation increases your hurdle rate," he said.
On a more technical level, which affects the financial markets, inflation is a welcome thing. It indicates economic growth as long as it is managed between the targets set by the Bangko Sentral ng Pilipinas (BSP).
"Inflation is a precursor for growth," said Hernandez. "If inflation is within the BSP's target of 2-4%, then financial markets should be neutral about it."
Higher inflation is signaling the central bank to hike interest rates to give citizens an incentive to save their money instead of spending it. This tempers inflation by reining in demand for non-essential goods and services. For fixed income instruments such as bonds, this means yields will increase over time.
Inflation will also affect equities because the valuation of companies is based on computations that use interest rates to determine how much the company is worth. An unexpected swift rise in interest rates, therefore, affects these computations toward stock price declines.
Finding the right strategy
Risk events, or those unexpected events that affect financial markets, such as Russia's invasion of Ukraine, are priced in by financial market participants, reflecting risk sentiment towards investment assets.
These events pushing inflation higher are perhaps priced in, according to Hernandez. But uncertainties remain, and there may be room for further increases.
You have the option of choosing between two types of portfolio management: active or passive. With the volatile environment that we have, it is best to be passive, said Hernandez.
Active portfolio management refers to intraday buying and selling, short-term buying and selling, and specific stock selection. Buy low, sell high is the mantra.
"This type of portfolio management is probably not the best one right now. Some academic literature shows that less than 10 percent of active managers actually get it right in highly volatile markets. Only a few people do so," said Hernandez.
"The recommendation in high volatility markets is to stay passive and just track the index. Don't do anything fancy, especially if the time dedicated for investment research and market trading is limited," he added.
"At the start of the year—of course, this is already hindsight—it would have been better if you stayed in cash. But right now, after the markets have fallen, the recommendation is to go for fixed income, more than equities. Some yields are becoming attractive, especially for those who depend on interest from investments," said Hernandez.
"To be honest, if you are not comfortable with volatility, then you might as well stay nearer the conservative side of things. Stay with fixed income and money market investments, then fight the battle when you are already comfortable. However, if you are invested already, just be patient," he said.
One consideration is your time horizon.
If, say, you started with PHP 500,000 and it was whittled down to PHP 300,000, ask yourself, "Do I need this money by next year?"
If the answer is yes, Hernandez said it is best to keep it in cash and put it in a time deposit. If the answer is no, and you have a longer time horizon, say, five years, then you can be more aggressive in holding on to your investments until recovery, and in hunting for undervalued assets.
You could also consider tranche investing or cost averaging, said Hernandez. Divide your funds into tranches, then invest the first tranche when the market falls, the second tranche when it falls again, and so on.
He cautioned, however, that you should be prepared to stomach the volatility given current market conditions.
"If you have a longer time horizon and you want to bet on equities, go ahead. I'm very positive about the long-term returns when you're invested in equities," he said.
Final tips and recap
"Many are asking what to do to preserve their wealth. To be honest, just be patient. It is all about patience at this point," he said.
"If you need cash next year, just stay in more conservative investments. If you are invested, be patient. Don't buy and sell like crazy. If you're invested in equities, just watch the index. As long as you can handle the volatility and you have a longer time period to invest, that's OK," he said.
One final tip: consult your investment specialist. Everybody can benefit from the experience and perspective of a trusted investment professional.
Which financial asset is suitable for you?
From savings accounts and bonds to UITFs and derivatives, there are options for specific types of investors.
August 3, 2022 By Anna Cudia
There are various asset classes nowadays, but which of these actually fits your overall profile?
This starter kit can guide you when you talk with your investment specialist. But first things first, what type of investor are you, really?
The Risk Averse
If you want to preserve your principal at all times and can only take the least possible risk, then look no further, because you belong to the risk-averse cohort. Risk-averse investors just park their money for emergency purposes so they can withdraw it anytime. Given the short investment horizon, the potential gain is also capped at a minimal level. Risk-averse investors are typically familiar with and have opened savings accounts. For better yields, time deposits are also a viable option given that they are insured by the Philippine Deposit Insurance Corporation (PDIC) up to a given amount.
The Conservative
If your goal is to preserve your capital but you can deal with a little more risk compared to risk-averse investors while staying in low-risk investments, then you can be considered a conservative investor. This type of investor usually has liquidity requirements and needs a regular payout. While conservative investors usually have time deposit placements, they may also have peso government securities such as Retail Treasury Bonds (RTBs), given that these have higher returns if held until maturity. RTBs are also virtually risk-free assets backed by the National Government.
The Moderate
If you can forego some capital preservation in lieu of capital growth, do not require regular withdrawal, and only save for some future expenditure, then you are a moderate investor. This type of investor withdraws funds only when necessary, and is knowledgeable and experienced in investing in government securities and corporate bonds and notes. Other suitable products that can provide higher returns but with some issuer credit risk are investment-grade foreign-currency bonds or notes, vanilla derivatives such as forwards and swaps for hedging purposes, and asset swaps with underlying investment-grade securities.
The Aggressive or Sophisticated
If you are open to having exposure to high-risk assets and potential capital loss in the short-run, in exchange for higher long-term gains, then you are an aggressive or sophisticated investor. Aggressive investors' primary goal is to enhance their wealth. Thus, they are willing to wait for years until they reach their desired yields. These investors have prior knowledge and experience in equities, mutual funds, Unit Investment Trust Funds (UITFs), real estate, derivatives, and regulatory capital instruments. Worth a second look are additional investment vehicles with the highest returns and maximum capital growth, but with volatility, credit, market, and regulatory risks such as foreign currency bonds or notes, asset swaps, and Tier 2 capital instruments.
If your profile does not match the asset that you want to invest in, fret not, as there is a thing called a waiver. Ask your investment specialist or relationship manager today for more information.
ANNA DOMINIQUE CUDIA, CSS, is the Head of Markets Research and Strategy at Metrobank's Trust Banking Group, spearheading the generation and presentation of financial markets insights to internal and external clients. She used to be with Metrobank's Investor Relations, where she brought in international awards and took part in various multi-billion peso and dollar capital raising activities. She has a Bachelor of Science in Business Administration degree, cum laude, from the University of the Philippines. She is also a CFA Level I exam passer, a Certified Securities Specialist, and a Global MBA (Finance) candidate at the University of London. She is a naturally curious person and likes to travel here and abroad.
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John Bostock ist der Name folgender Personen:

* John Bostock (Mediziner) (1773–1846), britischer Mediziner und Geologe
 John Bostock (Sportschütze), britischer Sportschütze
 John Bostock (Komponist) (* 1954), israelischer Komponist
 John Bostock (Fußballspieler) (* 1992), englischer Fußballspieler

redpajama_set_name: RedPajamaWikipedia


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Student Engagement & Leadership Office
11066 Auke Lake Way
Juneau, Alaska 99801
Mailstop: MO 1
mlnash2@alaska.edu
Monday–Friday, 9 a.m.–4 p.m.
Juneteenth, also known as Freedom Day, Jubilee Day or Emancipation Day, is the celebration of the emancipation of slavery and the 13th amendment.
Film recreation of early Juneteenth Celebrations
UAS's Jennifer Gross helps us educate, celebrate and share
The Emancipation Proclamation was signed on January 1, 1863, but it took another two and a half years for the news of freedom to reach nearly 250,000 enslaved people in Texas.
Early Celebrations
Formerly enslaved people in Texas celebrated after the announcement, and the following year freedmen and freedwomen organized the first annual celebration of Jubilee Day. The African American community was barred from the use of public spaces so they often celebrated by rivers and creeks.
In 1872 black leaders purchased 10 acres of land to celebrate Juneteenth, which is known today as Emancipation Park in Houston Texas.
Dress was the most important element in early Juneteenth celebrations. Formerly enslaved people were prohibited from dressing nicely, so on Juneteenth they threw their ragged garments into the creeks and rivers and wore adorn clothing.
Strawberry pop became a popular drink at barbecues to represent the blood that was shed during slavery and resilence.
Modern Juneteeth Celebrations and Food
Juneteenth today is a day of outdoor celebration, barbecues, family and filled with black joy. Food of these celebrations are traditionally red-themed. Red foods such as beans, watermelon, red velvet cake and drinks like punch are commonly consumed during the festivities.
Other foods such as black-eyed peas and cornbread are staples, which have cultural significance to the African American community.
Support and Celebrate Today
Although African Americans celebrate their freedom on Juneteenth, there is no denying the systems of racial injustice that still exist and are upheld in this country. Juneteenth in 2020 seems to be more of a day of self reflection, due to the spotlight on the BLM movement with recent events. Food and celebration are fantastic and much needed, however, there will never be true freedom in this country until everyone is free. The following are a few ways you can get involved in today's Human Rights Movement:
Continue your self-education
Sign petitions online, send texts, make phone calls, attend local events
Help register and educate voters
Continue to amplify melanated voices
Support black owned businesses
Ongoing monthly donations to an organization (Black Lives Matter, NAACP, ACLU, YMCA, etc)
Learn More About Juneteenth
12 Things You Might Not Know About Juneteenth
The June 19 announcement came more than two and a half years after Abraham Lincoln issued the Emancipation Proclamation on January 1, 1863.
A Look Back At The 150-Year History Of Juneteenth In Texas
Friday marks the 150th anniversary of the day that brought freedom to 250,000 African-Americans from slavery in Texas, commonly known as Juneteenth. While President Lincoln's Emancipation Proclamation in 1863 is recognized as the declaration that freed U.S. slaves, Confederate states didn't recognize the Union decree.
History of Juneteenth
Juneteenth is the oldest nationally celebrated commemoration of the ending of slavery in the United States. Dating back to 1865, it was on June 19th that the Union soldiers, led by Major General Gordon Granger, landed at Galveston, Texas with news that the war had ended and that the enslaved were now free.
Juneteenth Independence Holiday: Here's What You Need to Know
Juneteenth celebrates the anniversary of the day in 1865 when a general read out Abraham Lincoln's emancipation proclamation in Texas, freeing slaves in a portion of the last un-emancipated state.

redpajama_set_name: RedPajamaCommonCrawl


My last day in the office pre-sabbatical was on Friday (there was a great lunch and a party), so I've actually been on sabbatical for a few days already. I really haven't done much, though, and it still hasn't totally sunken in yet. I don't have any real plans until next week, but I still thought I'd do more than just sit around the house until then. The only thing I've really done that I don't normally do on a weekend is go up to New Haven for lunch.
New Haven is a bit out of the way though, and it does have one of my favorite restaurants, Miya's Sushi. They make mostly non-traditional sushi and have a lot of vegetarian options, my favorites are the Hot-Headed Cowgirl (coconut-covered roll of cucumber, avocado, cream cheese, canteloupe, burdock, and hot peppers) and the Voompa (spicy, crunchy eggplant seasoned with Persian ghormeh sabzi herbs, goat cheese, avocado, and scallions) rolls. They also have their own infused sakes, I'm partial to the Dragon Lady (ginger, lemongrass, honey). They can get busy on weekends, so when I'm off from work I like to swing by for lunch midweek.


The southernmost capital city in the World, Wellington is known for its windy days, and for the beautiful wild waters of Cook Strait just outside the harbour.
Early in the day, before sun-up, get yourself stationed ready to greet the day. Perhaps at Te Ahumairangi Lookout, which offers fantastic views of the city and south to the coast. Mt Victoria is also a very popular spot to view the city, harbour and the activity of the ferries bound to Picton in the South Island, so getting there early in the day makes sense. Another good spot is the headland near the Ataturk Memorial and the memorial to those who died in the 1968 Wahine disaster and gives you views of the harbour entrance.
For a true kiwi breakfast head to the Chocolate Fish Kaimoana Café. They offer Kiwiana on a plate, with New Zealand flavours such as a Feijoa Smoothie, Kiwi Chia Breakfast Bowl, and the ever-faithful Seafood Chowder. This is your chance to try a Paua Pattie, Whitebait fritter, or a Crayfish fritter. There is even a kid-sized Marmite and cheese sandwich. Many other options available as well.
On your way back into the city, you will pass the Weta Cave, and this shop and mini-museum is a must see for any movie fans. An informative display of props and film-making techniques that are sure to impress. Since this is the capital city of New Zealand, take the opportunity to tour the Parliament Buildings. There is the choice of a 30 or 60-minute tour of the best of the four buildings that make up the seat of power in this country. The Beehive is only the icon; visit Bowen House and Parliament House as well and learn how the government is run. Or you may prefer to check out the National War Memorial exhibits. Together with the Tomb of the Unknown Soldier, and the Hall of Memories is a Carillon, which is a huge musical instrument containing 49 bells. There is also a statue of a Man with a Donkey, commemorating medical personnel and stretcher bearers who gave so much during the wars. Also, here is the Great War Memorial, with exhibitions of life in WWI, so lifelike that you see the hardship suffered by those who fought then. Along the waterfront is Te Papa, New Zealand's National Museum. There is so much to see here, you will not have time to fit it all in. Highlights might include the skeleton of a pygmy blue whale or the corpse of a giant squid. Meet a moa, or see Phar Lap's skeleton, learn about Maori culture, and see a marae. The Gallipoli exhibition, finishing in 2019, is getting rave reviews, so catch it while you can. Do note if you do not have time to see Te Papa now, there is the option of a 45-minute Twilight tour at 5pm to see the highlights that are on offer.
Looking for authentic Kiwi meals in New Zealand, these restaurants have some items on their menus to tempt your palate. Whitebait lives up to its name and serves whitebait in a number of their menu choices and supports them with oysters, Waikanae crab, scallops, and clams, all from the sea locally. Eel is available, smoked and Hapuka, Sole Lamb and Beef can be found in the Mains. Feijoas also appear on the desserts, in a supporting role. Unlike a number of local restaurants, their cheese board offers New Zealand cheeses. Surprisingly, a Chinese restaurant, Grand Century, has the most interesting Kiwi dessert of caramelized kumara. The Crab Shack impresses with its options of seafood scoops, that are then served with a choice of three sauces. Seafood to scoop include Green Tipped Mussels, Tua-tua and Cloudy Bay Clams. Mains include Raw Fish, Clam & Mussel Fritters and Kiwi Pepper Lamb. The Crab Shack also has discounted days, such as half price Mussels on Monday. Giddy-Ups Mussel Bar has a Taniwha Pate (Eel base) as well as offering mussels in a range of ways from natural to chowder and fritter. They also have a Pavlova for dessert.
Catch the famous Wellington Cable Car, stopping for a quick look at the Cable Car museum, and then getting out at the top of Kelburn Lookout to admire the views. Then stop in at Zealandia to be introduced to a range of New Zealand's beautiful bird population. The massive Takahe, the lovely Tui, the friendly Kereru, and of course, the Kiwi. See the size of the giant Weta, and meet a Tuatara, the living dinosaur. The native plants of New Zealand are, in the main, not found anywhere else, so find some time to appreciate them as well. The beautiful yellow Kowhai, the delicate Rewarewa flowers, the famous Silver Fern. Meet the Finally wander back down to the city through the Botanical Gardens. Enjoy the Rose Gardens, the Poppy Fields, and learn about the Joy Fountain and the Peace Garden.
See Glow worms at Botanic Gardens, return to Te Papa, try a night tour at Zealandia to see the nocturnal birds in action, especially the national bird, the Kiwi.


From 5th January until 25th January Mercury is regressive and Scorpio should have a keen eye on business matters. If you are confronted with contract negotiations, scrutinise generously. Best advice would be to hold out and give your signature after 25th January. After all it would be verified most precisely and your doubts may be disappeared.
Correct now your mistake of the past – it's too late to complain. Now it's the perfect time to take care not repeating them! You should get success when you perform great care. After 25th January a calmer period may be expected and consequently fine results will be achieved. Venus enters in the sign of Sagittarius on 23rd January - this represents a neutral position – accompanied by tranquil emotion with regressive intensity of affection.From 24th September Venus will have entered into the sign of Capricorn – and immediately the intensity of passion will return - Scorpio is pleased.
Mars enters his own sign on 3rd January and brings Scorpio a lot of energy and vigour – henceforth Scorpios gain a flourishing. Sports men and sporting fellows most likely participate in ski races and probably they will win the trophy – caused by their enthusiasm. Lucky Jupiter stays still in the sign of Virgo, but that means advantage for Scorpios. The period rests until mid-September – one by one, the birthday children will be filled with a sense of happiness. Jupiter represents sublime ideals – the divine order - as it were.Those who are interested in such topics like Philosophy or higher education will experience profound knowledge.
Now the time has come for juridical affairs – and Scorpio finally seizing the chance to obtain justice. A helpful hand or advice is passed – on the medical sector you could be confronted with a doctor that gives you the inquired response - or you improve a diet. Or you will experience a diet or similar measures show positive results. If you are involved in a healing or recovery process, this process will be accelerated. Maybe you are on a journey – a journey is always a process of initiation – you will gain a lasting experience that offers you a strong and permanent change of your perception and attitude towards the world or at least a distinct point of view. This is the way Jupiter works. All these things are the invaluable gifts that are offered by Jupiter.If Jupiter has the will to support you, you are one of the chosen ones to win the lottery - you make the game! The sky's the limit. Thanks to Jupiter.
On professional level a satisfying period occurs until mid-February- to 13th Mercury is still standing in the sign of Capricorn and makes it comfortable for Scorpio by a harmonious sextile. After a square is created and this constellation spells difficulties and hesitation – it is continuing to 5th March. A fine period of time is starting soon – optimum benefit can be achieved on professional level.
Confident love life is arriving – thanks to Venus in the sign of Capricorn.
Venus enters in the sign of Capricorn – a beneficial gift is given by Venus before she creates a square passing 17th February.Venus is not amused – she is withdrawing into a sulk – and Scorpio gets to know! Love on the back burner – following the general tendency… It' getting better from 12th March when Venus enters in the sign of Pisces – afterwards Scorpio will gain her first emotional high spot of the year.
Time to pull out trees!
Sports is a good medium - aimed at defusing tensions and so energy could be redirected to wiser and meaningful activity.
Naturally you cannot always be controlled – but chose an adequate opportunity to get rid of negative emotional state of mind. Doing some sports is always a good solution to get rid unwanted side-effects, of course. In conclusion it can be said: another month with marked and impressive influences for Scorpio has passed.
The professional situation actually improves after 13th June – by the end of Mercury's Opposition.
On 5th March, when Mercury enters into the sign of Pisces the first high spot on professional level begins. On 22nd March Mercury forms a beneficial trigon, what means things and procedures run almost automatically. Those, who are diligent, are achieving their goals. A fine time for love matters. After 12th March Venus stays in the sign of Pisces where a helpful trigon is created and a fine time for romance now may happen.
Sunny outlook: Zest for life and optimism.
The sun mainly stays in the sign of Pisces – hence it is brought lots of joy and confidence to Scorpio. On 6th March Mars leaves its beneficial position and its vigour alternates the sphere of the stars and planets. Jupiter favours Scorpio in an exceptional way thus Scorpio receives many presents. Those of you dear Scorpio, who might be full of awareness, will discover the most. If you pursue your happiness you might find an interesting topic, which gains you a lot of experiences.
On 22nd March Mercury enters into the sign of Aries, where it stays until 5th April – after a phase of good professional development now the time changes to period that works in an unagitated way. Dear Scorpio, make the best of it!
Mercury makes Scorpio nervous and gives her an irritated mood.
On 6th April Mercury changes to the opposition, which makes facing most difficulties. Those conditions make Scorpio short –tempered, touchy, unapproachable and obstinate. Now there is not the period for renewals or cooperation – and it is no reason for travelling. On 28th April the phase of regressiveness of Mercury starts and therefore extreme caution should be taken. Be patient – patience is the key to gain your goals, by the way now the time prepares no advantage in the field of commercial interaction. The regressive phase of mercury comes to an end on 22nd May, but the square disappears only on 12th June. Be patient – patience is the key to gain your goals, by the way now the time prepares no advantage in the field of commercial interaction.
Scorpio, take the active part in your love life.
Romantic High spots continue on until 5th April. Take your time for romance and for the following five days it's your topic. Those, who are in search of a partner, could get succeed – you are confronted with the first-class opportunity to find one. On 5th April Venus changes to the sign of Aries and, however, the fabulous constellation is gone and Scorpio must do some more on her own, if she wants to become truly lucky in love. It is to perform a convincing effort. Jupiter remains faithful and confident towards Scorpio – a series of acts and presents are given. Heartfelt thanks to Jupiter!
On 22nd May the regressiveness of Mercury is finished and there is still an opposition to be found: a period of time full of hesitation, doubt, misunderstanding and difficulties is on stage. Scorpio starts afresh on 13th June with new spirit into normal conditions. As we know Scorpios are masters of making the best of it and apart from it Scorpio never decides to give up his plans and imaginations – remaining true to her tradition. After it is getting better again…Venus enters in the sign of Taurus and creates an opposition, but it does not rest for such a long period of time – in contrary to the phase of Mercury's Opposition.
You can really looking forward to welcoming romance once again.
On 24th May Venus changes to the sign of Gemini and then Venus reaches the neutral position what brings on refreshment to love matters. It is not yet the perfect time and moment for passion and tempestuous love, but there is now a time for soft romance and tenderness, isn't it a nice idea? On 27th May Mars reenters into the sign of Scorpio and Scorpio get along with all that energy and grace. Scorpio always needs it…By the way Scorpios get assistance by Jupiter the time has come for success and unexpected surprise – maybe on professional level or elsewhere, who does it know?
The professional situation actually improves after 13th June – by the end of Mercury's opposition: Promising flourishing development. Not yet a spectacular promise is given – but no impressive offerings and gifts are made at the moment. Mercury let you do your daily work without molestation. Better promises might have passed your way – but soon they will return.
Perfect time to meet your soul mate, your new partner naturally!
Love matters improve after 17th June – because Venus enters into the sign of Cancer – and Cancer is generally similar to Scorpio what helps to make things becoming much better… Another fine moment of love and passion is arriving and keeps its presence until 12th July. The perfect time has come to seize your chance to make some changes now to find the partner for a life time. Those, who strive for the perfect partner, could be successful. Scorpios are inspiring and like to go on a journey – that is always a fine way to gain some experience. Dear Scorpios: Wishing you the very best for the time of breath-taking romance! Regarding romance and wedding vows the best time has entered now – maybe it works for you, dear Scorpio. For old lovers it could be offered a chance to mutual awareness once again – maybe unexpectedly.
July – another fine and promising starting point is given for your career this year. Roll up your sleeves and start doing – take your chance within the next fortnight. July – realize your chances and opportunities. After Mercury enters in the sign of Leo and structures a square towards Scorpio, by the way, it promises difficulties as it generally known. Until 5th August these exceptional circumstances continue on – accompanying by hot and cold shower.
At the beginning of the month Venus has a perfect position – it is kept until 12th July. After a square is formed and Scorpio sense her dependence given by Venus. You gain nothing for free on emotional level... lovers, spouse - who are you? Characters, characteristics – what about your both sides, now? Find out – time is on your side until 5th August…after it is getting better again. Tempers are changing. Pleasant high and low – determine the final sense.
On professional level the conditions are improving after 31st July, when Mercury will have passed the square. Mercury stays in the sign of Virgo and a beneficial sextile is on its way… This promising period on occupational level rests until 7th October. Get succeed now! Those, who agree with all that might gain success and would be rewarded. Venus returns and brings back amiability and kindness. After 6th August Venus and Mercury create the beneficial sextile to give support and assistance. Venus gives all its kindness to Scorpio up to the end of the month.
Venus gives all its graciousness to Scorpios.
If the weather in those summer days shouldn't be fine – the tempers run high by passionate imaginations and flights of fancy. Mars is leaving now its first class pool position on 2nd August and Scorpio could calm down for a while – well done, but this type of intensified sensation would have been lost. A good advice, if it is required: Keep your resiliences in balance. It is the last time for Scorpio to get some advice and benefit by Jupiter – hence on 10th September Jupiter leaves its beneficial position towards Scorpio. Last order! Be aware of its farewell presents, its parting gifts... Thanks to Jupiter.
Mercury stays still the sign of Virgo – on professional level a good position and is followed by a regressive phase, which starts again on 30th August and continues on to 22nd September. Regressiveness is still the warning light, so please, avoid making some mistakes! The sensitive topic in these days is communication and mediation – the field where Mercury takes its effect.
If there should have been made some mistakes in the past, now the time has come to correct them - under quite difficult circumstances. It sounds easy, but could be rather complicated. Be cautious and avoid some mistakes. After 23rd September business runs as usual – and success is on its way to you now! Venus enters in the sign of Libra and stays there until 22nd September. Here comes a time without passion and molestation. But it does not last for long, because on 23rd September consequently Scorpio enters into her own sign. During that period it does not run smoothly for Scorpio, because the partner might be overextended with regard to sexual desires of Scorpio. Be sensitive towards your partner. On 27th September Mars enters into the sign of Capricorn – this has vigorous effect on Scorpio.
Jupiter is leaving on 9th September after it changes into the sign of Libra and gives its support from now on to other zodiac signs. In those days there might be much more to be expected. However, thanks a lot for your support, Jupiter during the course of the last thirteen months!
Followed by a period continues on until 21st November where Scorpio may catch the attention and is now taking centre stage. Scorpios is supported by the sun and can celebrate their birthdays with lots of joy and vividness, fantastic optimism – Scorpio receives the most of it. Cordial congratulations to Scorpio!
Could you expect the new professional challenge?
November follows a similar trend like the month before – you can feel pleased. On professional level the high spots continue on. Mercury keeps still its promising position for Scorpio after leaving it changes to the sign of Sagittarius what means still a fine period to continue your tasks with success.
Venus stays in the sign of Sagittarius until 12th November what represents corresponding response to Scorpios Love life and passion – tranquil and without any molestation. After Venus changes to the sign of Capricorn, caused by this constellation passion and Scorpio's proper passionate state of mind returns and becomes equally obvious. Mars remains in its strong position up to 9th November after it is leaving its favourable location and Scorpio might lose some vigour or at least has to fight against misguided energy.
December 2016 – gracious Mars appears.
On professional level the promising and prosperous phase continues. On 2nd December Mercury enters in the sign of Capricorn and created a beneficial sextile, which brings beneficial results on each level. On 19th Mercury's regressiveness reappears for the fourth time this year and it has to be announced to act calmly and with caution.
On emotional level a fine period is performed – it stays up to 7th December – as long as Venus rests in the sign of Capricorn. Venus is changing her attitude and behaviour towards Scorpio the times are not bright any more – those, who have actually a very intuitive sense, refuse the impact of roughness, miss the most the cordiality. But, however, in December no higher emotional level might be expected – cooling off within the cold season. Scorpio becomes reclusive for a while – she dislikes showing her sentiments in public as it is – but you can't escape her keen sense and her watching eyes... Such a period of repose – concerning passion, romance and all that, makes her thinking over mistakes and could bring on her spiritual journey of cognition and self-knowledge. After all Scorpio is renewed and well-balanced – much more than before and passionate times for romance will come up soon.
Mars – the red planet – offers precious energy during the pre-Christmas obligations.
Through the Advent Season - from 4th up to 19th December Mars gives finally a large quantity of vitality, therefore it is seen Scorpio does easily the Christmas shopping. During the Christmas season and the turn of the year Scorpio maintains the enviable situation of being full of inspiration and vitality.


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Bob Odenkirk Says He's 'Going To Be Ok'
Matt Singer Published: July 30, 2021
For the first time since he collapsed on the set of Better Call Saul three days ago, Bob Odenkirk has posted an update on his health. Writing on his Twitter account, Odenkirk sent out a heartfelt "thank you" to his "family and friends who have surrounded me this week" and for "the outpouring of love from everyone who expressed concern and care."
"It's overwhelming," Odenkirk wrote. "But I feel the love and it means so much.
The first statement from Odenkirk's representatives about his condidtions claimed he had a "heart-related incident." In another tweet, Odenkirk revealed he had "a small heart attack" but that he's "going to be ok" thanks to his doctors who were able to "fix the blockage without surgery."
Better Call Saul premiered in 2015 as a spinoff and prequel to Breaking Bad, and quickly became one of AMC's most popular shows. As the series grew, so has Odenkirk's popularity. Previously thought of as a comic writer and actor thanks to his work on shows like Saturday Night Live and Mr. Show, he emerged as a more dramatic presence and then a leading man through his work as Saul Goodman in Breaking Bad and Better Call Saul. Earlier this year, he headlined his own action movie, Nobody, which played off his average joe persona by casting him as a former assassin who has settled into an ordinary life but then gets dragged by into the criminal underworld. Odenkirk has also made recent appearances in Incredibles 2, Dolemite Is My Name, Little Women, and the animated series Undone.
Better Call Saul's sixth and final season is expected to premiere on AMC in 2022.
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Source: Bob Odenkirk Says He's 'Going To Be Ok'
Filed Under: Better Call Saul, Bob Odenkirk
Categories: News, TV and Movies
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Fianna Fáil TD for Dublin Mid-West, John Curran has called on the Minister for Housing, Eoghan Murphy to amend existing legislation to allow for complaints of a neighbours anti-social or troubling behaviour to be lodged to the Residential Tenancies Board by a third party.
Deputy Curran raised the issue in Dáil Éireann last week and said, "Existing legislation regarding residential disputes linked to anti-social behaviour states that only a person who is directly and adversely affected by such behaviour can lodge a complaint to the Residential Tenancies Board. What's more, their identity as the complainant will be made known.
"That makes an already perverse situation even more difficult to manage or contain particularly for those that are genuinely afraid to submit a complaint in the first place. We cannot operate a system for complaints on the basis that all neighbours are considerate of other residents, obliging or pleasant.
"I have dealt with a number of serious cases on behalf of constituents who have been too fearful to make a complaint knowing that they will be identifiable. Yet they are all too aware that in the absence of a complaint, nothing can be done to address the ongoing anti-social behaviour.
"The Minister must consider amending this element of the bill so that a person other than the individual who is adversely affected – an advocate, public representative or third party – can make it on his or her behalf.
"The fear of backlash or being targeted for reporting their neighbour's disruptive behaviour is deterring tenants from trying to rectify the situation because often times it's safer to try endure the hassle caused. By amending legislation to allow for a third party to make the complaint on their behalf, it acts as a kind of middle ground.
"People's quality of life can be deeply affected. Families are being forced to put up with a great deal of noise and disruption sometimes related to criminality or domestic problems. Nevertheless, in the interest of public safety and ensuring that the matter is peacefully resolved it makes total sense to allow for a third party to lodge a complaint on someone's behalf," he concluded.


Published 04/20/2019 03:04:33 pm at 04/20/2019 03:04:33 pm in Seamless Tile.
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En théorie des graphes, un graphe de permutation est un graphe non orienté dont les sommets représentent les éléments d'une permutation, et dont les arêtes relient les paires de sommets qui sont inversés dans la permutation. On peut aussi définir les graphes de permutations de manière géométrique : ce sont les graphes d'intersections de segments dont les extrémités sont sur deux droites parallèles.

Définitions et caractérisations

On définit les graphes de permutation de la manière suivante. Les sommets représentent les éléments d'une permutation, et les arêtes relient les paires de sommets dont les éléments sont inversés dans la permutation.

Autre caractérisations :

 les graphes de permutation sont les graphes d'intersection de segments dont les extrémités sont disposés sur deux droites parallèles.
 les graphes de permutation sont les graphes qui sont des graphes de comparabilité et dont le complémentaire est aussi de comparabilité.

Relations avec d'autres classes

La classe des graphes de permutation est incluse dans les graphes de comparabilité, dans les , et dans les .

Les cographes sont des graphes de permutation.

Notes et références

Liens externes

Graphe géométrique
Famille de graphes


Cultivated according to ancestral rites, this TWG Tea, like Pu-Erh, is famous for its beneficial qualities. The beautiful leaves, tender and elegant, release a caramelised perfume that is reminiscent of hazelnuts and spices. Boasting a distinguished savour – a balance of force and smoothness – this tea remains deeply present in the mouth. A truly sophisticated tea.


text:
Fahmida Riaz
Fahmida Riaz Famous Poet
Fahmida Riaz is a well known Progressive Urdu writer, poet, and feminist of Pakistan. Along with Zehra Nigah, Parveen Shakir, and Kishwar Naheed, Riaz is amongst the most prominent female Urdu poets in Pakistan. She is author of Godaavari, Khatt-e Marmuz, and Khana e Aab O Gil, the first translation of the Masnavi of Maulana Jalaluddin Rumi from Farsi into Urdu. She has also translated the works of Shah Abdul Latif Bhitai and Shaikh Ayaz from Sindhi to Urdu.
Fahmida Riaz was born on July 28, 1946 in a literary family of Meerut, UP, India. Her father, Riaz-ud-Din Ahmed, was an educationist, who had a great influence in mapping and establishing the modern education system for Sindh. Her family settled in Hyderabad following her father's transfer to Sindh. Fahmida learnt about Urdu and Sindhi literature in childhood, and later learnt Persian.
Her early life was marked by the loss of her father when she was just 4 years old. She had already been writing poetry at this young age. Her mother, Husna Begum, supported the family through entrepreneurial efforts until Fahmida entered college, when she started work as a newscaster for Radio Pakistan. Fahmida's first poetry collection was written at this time.
Family and work
Riaz was persuaded by her family to enter into an arranged marriage after graduation from college, and spent a few years in the UK with her first husband before returning to Pakistan after a divorce. During this time she worked with the BBC Urdu service (Radio) and got a degree in film making. She has one daughter from this marriage.
She worked in an advertising agency in Karachi before starting her own Urdu publication Awaz. She met and married Zafar Ali Ujan, a leftist political worker and had two children with him. The liberal and politically charged content of Awaz drew the attention of the Zia regime and both Fahmida and Zafar were charged with multiple cases—the magazine shut down and Zafar was thrown in jail. Fahmida was bailed out by a fan of her works before she could be taken to jail and fled to India with her two small children and sister on the excuse of a Mushaira invitation. She had relatives in India and her husband later joined her there after his release from jail. The family spent almost seven years in exile before returning to Pakistan on the eve of Benazir Bhutto's wedding reception. During this time Fahmida had been poet in residence for a university in Dehli.
She was appointed MD of the National Book Foundation during Benazir Bhutto's first tenure and was later persecuted by the first Nawaz Sharif government, labelled an Indian agent and made virtually unemployable because of this threat. She worked three simultaneous jobs to support the needs of her growing children at this time. In the second tenure of Benazir's government, she was given a post at the Quaed e Azam Academy. When Benazir's government toppled a second time, Fahmida was again persona non grata for Islamabad.
Fahmida lost her son Kabeer in October 2007. He drowned while swimming with friends on a picnic. This was soon after Fahmida had translated fifty of Rumi's poems from Persian into Urdu, dedicated to Shams Tabriz. She was MD on the Urdu Dictionary Board from 2000-2011.
As an activist
Fahmida took part in social and political activities during her academic life. She got involved in student politics when she was student of M.A. in Sindh University. She spoke and wrote against the University Ordinance and the ban on the students' union during the Ayub Khan regime.
She spent many years in exile in India in the 1980s during the dictatorship of General Zia ul Haq, living in Delhi and teaching at Jamia Millia Islamia. She enjoyed the patronage of the Indian Government. Her husband, an activist of Sindhi nationalism, had also accompanied her to India. They returned to Pakistan quite disillusioned. Fahmida expressed the reasons for her disillusionment with the rise of Hindu nationalism in India in the following poem:
Naya Bharat (New India)
"Tum bilkul hum jaisey nikley Aab tak Kahan chupay thay bhai Voh moorkhta, voh ghaamarpan jis mai hum nay sadian gawaeen Aakhir pahunchi dua tumhaari Aray badhai bahut badhai
You turned out to be just like us; Similarly stupid, wallowing in the past, You've reached the same doorstep at last. Congratulations, many congratulations.
Preyt dharm ka naach rahaa hai Qaim Hindu raj karo gay Saarey ultey kaj karogay apna chaman taraj karogay Tum bhee baithey karogey sochaa Kaun hai Hindu, kaun naheen hai Tum Bhi Karo gay Fatway Jari
Ek jaap saa kartey jao Barham Bar Yehi Dorhao Kitna veer mahaan tha Bharat Kaisa Alishaan tha Bharat"
Your demon [of] religion dances like a clown, Whatever you do will be upside down. You too will sit deep in thought and ponder, Who is Hindu, who is not. You too will issue Fatwas Keep repeating the mantra like a parrot, India was like the land of the brave"
Her work is remarkable for its emotionally charged references to social and political injustice. She has been a prominent voice in the feminist struggle in Pakistan, where her poems both directly and insidiously erode at the foundations of male dominance. She has also published several gender equal stories, feminist translations, and some deconstruction of the criticism of feminist work.
Fahmida Riaz Pictures
Fahmida Riaz Videos


A Septic tank is typically installed underground, or partially in the ground, in which sewage is collected and allowed to decompose naturally before draining by means of a soakaway. Septic tanks collect and treat wastewater at a property that is not connected to the mains sewer system. The tank is a chamber typically made of concrete, fibreglass, PVC or plastic. It is usually made up of two chambers or compartments and receives wastewater from an inlet pipe.
Wastewater from your toilet, bath, kitchen and laundry flows into the tank entering the first chamber and separates over time. Solids settle at the bottom, oils form a layer at the top, and a layer of clear water remains in the middle. The clarified wastewater enters the second chamber, exiting into a septic drain field such as a Soakaway. The remaining solids are broken down by naturally occurring bacteria and should be removed professionally. How often it needs emptying depends on a range of factors. This can vary from the size of the tank to the amount of waste that is added to the tank. Some Septic Tanks need emptying every couple of years, while others can go for decades before needing to be emptied. If the solids are not removed, they will accumulate and eventually overflow into the drain field, which can cause extensive damage.
To extend the life of your Septic Tank we provide ongoing maintenance to ensure your tank is continually well maintained. We recommend you never lift the lid of a septic tank yourself, the gases and bacteria in the tank are dangerous if inhaled. It is advised that no sanitary items, wet wipes, food waste, fat, grease or anything aside from excretion is flushed down the toilet. This could result in blockages that can cause flooding.
All our Septic Tank instillation's comply with Environment Agency Binding Rules. With over 15 years in the gardening and sewage industry, we're a name you can trust. We will ensure your Septic Tank is installed and maintained with the highest levels of skill and professionalism. We are the the go-to supplier and installer of for Septic Tanks in Norfolk.
Find out how Soakaways can work alongside your Septic Tank.


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Q: JS dropdown filter with tables I've found dropdown filter for html tables for 2 different options, but i need 4 options, so Ive upgraded it, added 2 more options and copypasted js code which was for option 1 and 2 and created for option 3 and 4 same code, but it doesn't work now, Where is the problem ?

<select class="cl_type" id="ddlType">
    <option value="all">Select option </option>
    <option value="Rest">Rest</option>
    <option value="Excursion">Excursion</option>
    <option value="Shoping">Shoping</option>
</select>

<select class="cl_price" id="ddlPrice">
    <option value="all">Select option </option>
    <option value="500">500</option>
    <option value="1000">1000</option>
    <option value="3000">3000</option>
</select>

<select class="cl_amount" id="ddlAmount">
  <option value="all">Select option </option>
  <option value="2">2</option>
  <option value="3">3</option>
  <option value="4">4</option>
</select>

<select class="cl_star" id="ddlStar">
  <option value="all">Select option </option>
  <option value="3">3</option>
  <option value="4">4</option>
  <option value="5">5</option>
</select>

        Type
        Description
        Price
        Amount of persons
        Type of hotel

        REST
        Description
        500
        2
        3

      REST
      Description
      3000
      3
      5

      SHOPING
      Description
      500
      2

      SHOPING
      Description
      1000
      3

      EXCURSION
      Description
      500
      2

      EXCURSION
      Description
      1000
      4

Im bad at js, so can you please show where is mistake.
Found this code here: code

A: The logic you have applied assumes that you only have an "ALL" and another option. To differentiate between different options, you need to implement a different logic. For this purpose I created a local variable called show and we have a logic that translates as follows:
If it matches the type, price, amount and star criteria, then we show it.
Matching a criteria is computed by checking whether it looks good so far (show is still true) and the criteria is either all or the row's corresponding cell matches the given text.

<select class="cl_type" id="ddlType">
    <option value="all">Select option </option>
    <option value="Rest">Rest</option>
    <option value="Excursion">Excursion</option>
    <option value="Shoping">Shoping</option>
</select>

<select class="cl_price" id="ddlPrice">
    <option value="all">Select option </option>
    <option value="500">500</option>
    <option value="1000">1000</option>
    <option value="3000">3000</option>
</select>

<select class="cl_amount" id="ddlAmount">
  <option value="all">Select option </option>
  <option value="2">2</option>
  <option value="3">3</option>
  <option value="4">4</option>
</select>

<select class="cl_star" id="ddlStar">
  <option value="all">Select option </option>
  <option value="3">3</option>
  <option value="4">4</option>
  <option value="5">5</option>
</select>

        Type
        Description
        Price
        Amount of persons
        Type of hotel

        REST
        Description
        500
        2
        3

      REST
      Description
      3000
      3
      5

      SHOPING
      Description
      500
      2

      SHOPING
      Description
      1000
      3

      EXCURSION
      Description
      500
      2

      EXCURSION
      Description
      1000
      4

redpajama_set_name: RedPajamaStackExchange


Romelu Menama Lukaku Bolingoli (born 13 May 1993) is a Belgian professional footballer who plays as a striker for Premier League club Manchester United and the Belgium national team. He is one of only five players to score 50 Premier League goals before his 23rd birthday, and the fourth player (and first foreigner) to score 80 before his 24th birthday.
Lukaku was born in Antwerp, a city in northern Belgium, to Congolese parents. His father, Roger Lukaku, played professional football and was capped at international level by Zaire. He has a younger brother named Jordan, who has progressed through the youth academy at Anderlecht and currently plays for SS Lazio in Italy. His cousin Boli Bolingoli-Mbombo plays for Club Brugge.
Lukaku was the subject of a television documentary series called De School Van Lukaku (Lukaku's School) shown on the Dutch-speaking Eén network. The reality show followed the teenage Lukaku and his classmates during the course of a year at the Saint-Guidon Institute, a school in Brussels, where the footballer was based while with the Anderlecht youth team. In 2009, the series followed the school as it made a field trip to London visiting Chelsea's Stamford Bridge ground. Lukaku said at the time "What a stadium. If one day in my life I will cry, it will be the day I play here. I love Chelsea." In addition to his native French and Dutch, Lukaku can speak fluent English, Portuguese, Spanish, and a Congolese Swahili dialect, and can also understand German.
Lukaku has stated that his childhood hero and biggest idol was Didier Drogba.
Lukaku started his career with local side Rupel Boom, before joining Lierse, where he earned a move to Anderlecht of the Belgian Pro League in 2006. Lukaku made his professional debut while still at school at the age of 16, and became the 2009–10 top scorer in Belgium as Anderlecht won the Belgian championship. He also won the Belgian Ebony Shoe in 2011. In the 2011 summer transfer window, Lukaku joined Premier League club Chelsea. He did not appear regularly in his first season there, and spent the following two seasons on loan at West Bromwich Albion and Everton respectively, signing permanently for the latter for a club record £28 million in 2014. Three years later, Lukaku signed for Manchester United.
Lukaku made his senior international debut for Belgium in 2010, and has since earned over 50 caps. He has also represented the country at the 2014 FIFA World Cup and UEFA Euro 2016.
A goal in a 3–1 win for Everton against Burnley F.C. on 15 April meant that Lukaku was the first Everton player since Bob Latchford to score 25 goals in two consecutive seasons in all competitions, and the first player since the legendary Dixie Dean to score in nine consecutive matches at Goodison Park.
On 20 April 2017, Lukaku was named in the PFA Team of the Year for the first time. He was also included in the six player shortlists for the PFA Player of the Year and PFA Young Player of the Year awards.
Lukaku joined Manchester United on 10 July 2017, signing a five-year contract with the option of a further year. Although the fee was officially undisclosed, it was reported to be worth an initial £75 million, plus £15 million in add-ons. Lukaku's signing came a day after former Manchester United captain Wayne Rooney left the club to return to Everton, his boyhood club. Ahead of the 2017–18 season, Lukaku asked the permission of Zlatan Ibrahimović, who left the club during the summer, if he could take over from the Swede as Manchester United's number 9. Lukaku was confirmed to have been given the number on 14 July.
Lukaku is a practising Christian. In July 2017, he was misidentified as a Muslim by several British tabloid newspapers, including The Sun, Daily Mail, Daily Express and Daily Mirror, who claimed that he had been overlooked as a candidate for man of the match awards on Manchester United's pre-season tour of the United States on the basis that he would be unable to collect the alcoholic prizes on offer.


Roladin is the largest chain of high quality bakeries and coffee shops in Israel, comprising of 81 branches throughout the country.
The manufacturing facility is situated in Kadima in the Sharon area.
The peak demands for Roladin products are before Holidays where Roladin produce a new range of confectionary that is suitable for the Holidays, the "famous" Roladin doughnuts for Chanuka, range of Hamantashen for Purim , collection of "Kosher for Passover" cakes and more.
Much effort and creativity has been invested in the Roladin coffee shop menu in combining the catering and confectionery worlds. The menu, is reviewed annually .The majority of the items on the menu are from the bakery. Customers can eat breakfast with a selection of breads ,savory items, sweet confectionery baked on the premises, sandwiches from breads backed on the premises etc.
Even today with 63 branches spread from the north to the south, the high standard that Roladin prides itself in are due to the love of creativity, products that are hand made ,and the pedantry quality in every pastry that comes out of the oven.
Roladin initiates to produce at least 50 new confectionery products annually, upholding the quality and creativity unique to the ownership of Roladin.
Roladin started in 1987 as a dream of two brothers Kobi Hakak and Avi Keinan. Home made cakes were prepared by hand and sold from door to door .In 1989 the two brothers opened a shop in Ramat Hasharon .Their father ,Menashe built the counters and the shelves. Their sister-in-law brought recipes from her mother, Cakes were made using a hand mixer. They also collected successful recipes from Aunt's and neighbors.
As demand and turnover increased, there customer base began to expand.
Additional branches in the centre of the country were opened. The vast majority of these branches were franchised ,but some of these remained with the family.