Project Manager   
MA-Boston, Project Manager Project Manager A private equity firm headquartered in Boston is looking to add a Project Manager to their team. This PM will be responsible for the implementation of Lean Six Sigma programs and projects. If you would like to be considered for this position, submit your resume today! Responsibilities Collaborating with leadership to review project proposals and determining their go
          Historic equal pay settlement takes effect. Questions remain   
Press Release – Public Service Association At midnight, the historic pay equity settlement for 55,000 care and support workers will take effect, but questions around door-closing legislation and funding remain and must be addressed by the Government, says the PSA.Historic equal pay settlement takes effect but questions remain At midnight, the historic pay equity settlement […]
          Sr. Microstrategy Developer   
MA-Boston, Sr. Microstrategy Developer Senior Microstrategy Developer A private equity firm headquartered in Boston is looking to hire a Senior Microstrategy Developer to join their team. If you have experience with Microstrategy architecture, submit your resume today! Responsibilities Developing intricate dashboards and reports that are visually appealing Creating complex report objects using free form SQL
          Vista Equity takes majority stake in California online property management payment firm   
Vista Equity Partners LLC has taken a majority stake in PayLease, an online payments and billing provider for the property management and HOA industry. PayLease, which was founded in 2003 and is based in San Diego, California, serves more than 4,500 property management companies nationwide. In a statement, PayLease officials said the cash injection from Austin-based Vista Equity will support its accelerated organic growth as well as help back potential future acquisitions. The amount of Vista Equity’s…

          Vista Equity's Robert Smith featured speaker at Austin nonprofit summit   
Vista Equity Partners CEO Robert Smith will be a keynote presenter at a conference in Austin aimed at nonprofit leaders. Smith will join Social Solutions Global CEO Kristin Nimsger for a keynote fireside chat at the Impact Summit, set for Sept. 27-29 at the Omni Austin hotel. Learn more about the event here. “We are thrilled to have Robert with us. As an engineer, inventor, and software investor, he will offer attendees his unique approach to solving problems, mobilizing data, and focusing on…

          SHIELDS, Maywell d/ Feb 1839   
Frederick County, Maryland - Equity Court Records - BGF-1

Apr 1859

Samuel MOTTER vs Mary S. SHIELDS & Others
(faded in spots and difficult to read)

Maywell SHIELDS of Adams Co, PA d/ Feb 1839 intestate
widow - Mary S.

s/ Patterson McL. SHIELDS - Adams Co, PA
d/ Anna Mary SHIELDS - Adams Co, PA
d/ Jane SHIELDS - Adams Co, PA
d/ Rachel SHIELDS, a minor - Adams Co, PA
d/ Sarah SHIELDS, a minor - Adams Co, PA
s/ William SHIELDS, a minor - Adams Co, PA
s/ Maywell Bauner/Banner SHIELDS, a minor - Adams Co, PA
s/ Samuel SHIELDS, a minor - Adams Co, PA

Land - Plantation, 103 acres, inherited from Will of

Hugh PATTERSON, dec'd, Adams Co, PA (Will written 25 Apr 1831)

Plantation had previously been devised to Hugh and his
brother John PATTERSON by the Will of their father
_______(not readable) PATTERSON. Mentions
- grandson, Pertry(?) SHIELDS, for 180 acres of land in
Adams Co, PA from Henry COOK.
- Thomas(?) SHIELDS, smaller tract in Adams Co, PA
- Jefferson SHIELDS, $400
- Betsy GRAYSON(?), alias Betsy SHEILDS
- Sarah(?) HUNTER, alias Sarah(?) SHEILDS
- Eliza Ann MAGU(?)

Exec/ Maywell SHEILDS
Witnesses: Philip ______, Peter Hook(?)

Guardian was Gr___ N. GRAYSON; testimony was heard from
James(?) H. MARSHALL. (Most of the next pages were not
legible due to fading or pencil or bad ink.)

Distribution of $982.60; court costs, $175.80
- Mary S. SHIELDS, widow's dower, 1/8 or $100.85
- creditors, $663.04
- each child's 1/8 share, $5.36
Closed Jan 1860.
          John Hancock Hedged Equity & Income Fund Lowers Advisory Fee   

Click to view a price quote on MFC.

Click to research the Insurance industry.

          RS2 at new 2017 high   
Following two consecutive sessions of increases, the share index trended in negative territory today with a marginal drop to 4,697.378 points largely due to the 1.4% decline in HSBC. MIA also eased minimally lower whilst RS2, Lombard and Tigne Mall trended higher. A further four equities, including BOV and Medserv, ended the session unchanged. Trading activity slowed down on the final trading day of June with just over €255,000 worth of shares changing hands. Over the week, the local equity benchmark trended 0.3% higher, mainly due to the weekly uplifts in IHI (+3%) and RS2 (+6.2%). Today, RS2 Software trended higher for the eighth consecutive trading session with a further 1.2% increase to reach yet another 2017 high of €1.72 across 10 deals totalling 38,876 shares. New bids helped the equity of Tigne Mall partially recover this week’s earlier decline as it rebounded by 7.7% today to recapture the 98c (compared to Monday’s closing price of 90c1) albeit on a single trade of 1,000 shares. The only other positive performing equity today was Lombard Bank as the equity moved 2.8% higher to regain the €2.36,5 level on volumes of 30,090 shares. On the other hand, the share price of...
          Global equity listings up by a third, but below previous peaks   
Companies globally issued $386.8 billion of equity in the first half of this year.
          Qatar Investment Authority Acquires $2.5-B Singapore Tower   

Qatar Investment Authority Acquires $2.5-B Singapore Tower $BLK, $JLL, $GOOGL, $C The acquisition of Asian Square Tower 1 marks the largest single tower real estate transaction in Asia Pacific Sovereign wealth fund Qatar Investment Authority (QIA) has acquired a 43-story office tower in Singapore from US private equity firm BlackRock (NYSE:BLK) in a $2.45-B transaction. […]

The post Qatar Investment Authority Acquires $2.5-B Singapore Tower appeared first on Live Trading News.

          EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class Action Lawsuit Against United States Steel Corporation - X   

Rosen Law Firm, P.A.</p />
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          Announcing VanEck Vectors Equity ETF's June 2017 Distributions   

Click to view a price quote on PPH.

Click to research the Financial Services industry.

          PWC: M&A Consulting - Manager   
Competitive: PWC: About the teamOur Delivering Deal Value (DDV) team, within Consulting, assists both Corporate and Private Equity (PE) clients in a wide range of business critical operational and transformational challenges around Merger and Acquisition (M&A) activity. We London (Central)
          Correction healthy but avoid chasing momentum; Nifty may even see 9400-9200: Experts   
Harsha Upadhyaya Would avoid chasing momentum but build a portfolio that has reasonable valuations, said Harsha Upadhyaya, CIO Equity, Kotak Mutual Fund.
          Op-Ed: Staples' $6.9 billion buyout could end in the shredder   
Private equity firm Sycamore can only contribute so much to Staples' survival, says Lauren Silva Laughlin.
          Oxfam welcomes independent process to address community grievances in Uganda land dispute   

Oxfam has welcomed the announcement of an independent process to resolve complaints from communities who were evicted from their land without compensation to make way for two forestry plantations in Uganda.

The Office of the Compliance Adviser/Ombudsman (CAO) handles complaints from communities affected by investments made by the World Bank’s private sector arm, the International Finance Corporation (IFC). It has confirmed that it will launch an independent process to find a resolution to the dispute involving the UK’s New Forests Company (NFC). The IFC has invested in an agribusiness fund, Agri-Vie, which has an equity stake in and seat on the board of NFC.

Oxfam has been calling for an independent investigation since September when it published its research into the evictions in Mubende and Kiboga districts, based on extensive consultations with hundreds of individuals from the affected communities. The CAO has accepted the eligibility of the complaints that were filed by Ugandan communities and co-signed by Oxfam and the Uganda Land Alliance. This is the first step in a process which Oxfam believes could secure redress for the communities, who have lost their homes and the land they relied on for their livelihoods.

The CAO process aims to find a negotiated resolution between the complainants, the company and any others relevant to the process. NFC has already confirmed that it will participate in this process.

Oxfam Chief Executive Barbara Stocking said: “This is an important step towards giving a voice to the thousands of people left destitute. We hope it will lead to securing the redress they deserve.

“We welcome New Forests Company’s commitment to participate in this process and look forward to finding a resolution as soon as possible.”

Oxfam’s focus on this case is part of the international agency’s GROW campaign, which aims to secure a future for everyone to have enough to eat. Oxfam is concerned about the accelerated rush for land, especially in Africa, and the lack of effective international rules to protect the poorest people who depend on the land for food.

In the next stage of the CAO process, up to six months will be spent on clarifying the issues and concerns raised by the complainants and gathering information on how others involved see the situation. This will help the CAO and all relevant parties to determine whether and how they might be able to resolve the issues. The CAO will then publish a report containing its assessment of the situation, which will describe the proposed course of action that has been agreed by all.

Read more

What are land grabs and why is Oxfam trying to stop them?

Oxfam's campaign to fix the global food system

Pull quotes: 
We welcome New Forests Company’s commitment to participate in this process and look forward to finding a resolution as soon as possible.
Quotee's organisation: 
OxfamGB Chief Executive
Notes to editors: 

Complaint letters were sent to the CAO from the affected communities in Kiboga and Mubende on December 20, outlining the adverse social impacts related to the NFC operations. Both Oxfam and the Uganda Land Alliance were co-signatories. To view the letters, visit:

Contact information: 

For more information, contact Lucy Brinicombe, +44(0)1865 472192 / +44 (0)7786 110054 /

Space only: 
Regions and Countries: 
Barbara Stocking

          Investigation into Uganda “land grab” must be genuinely independent and transparent   

Oxfam concern that company continues to dismiss people’s allegations of abuse

Oxfam welcomes the World Bank’s1 call that UK-based New Forests Company (NFC) must open up to a full investigation into claims of bad practice in its Uganda forestry projects.

This follows a report by Oxfam and the Uganda Land Alliance on September 22 that said more than 20,000 people had been evicted without compensation or consent to make way for NFC plantations, in breach of international guidelines. Many of these people are now living in destitution. Some claim the evictions were violent.

NFC has stated it will investigate. However, Oxfam is concerned about the nature of the investigation because NFC continues to discredit people’s allegations. It most recently described the claims as “fictitious” and “irresponsible and one-sided propaganda.”

“The company’s remarks are ill-judged and unprofessional”, said Oxfam GROW campaign coordinator Katia Maia. “NFC continues to refer to ‘peaceful and non-violent voluntary vacations’ as fact. This makes us sceptical about the investigation that it intends to set up,” she said.

Oxfam has since asked NFC to ensure that the investigation is genuinely independent, transparent and takes into account the experiences of affected communities.

“Oxfam rigorously defends its research. We spoke with hundreds of individuals from affected communities and with government authorities. We presented NFC’s position accurately in our report. NFC can’t simply dismiss our research because it disagrees with it,” Maia said.

“Many of those evicted can no longer feed their families or send their children to school. They are living in destitution. The World Bank and NFC must ensure that any investigation will be credible and meaningful.”

Oxfam says that:

  • No-one was compensated for their loss of land, crops and belongings. Oxfam says that NFC operates under international guidelines designed to protect people’s right to adequate compensation. NFC cannot dodge its responsibilities and blame solely the government.
  • Many evictees describe violence during the evictions, of houses burnt and crops destroyed. A recent New York Times article quoted a woman who said her son died in a fire during the evictions.
  • There are still two legal suits active today that describe the evictions as violent and that outline people’s own legal claims to the land. The suits also seek compensation and damages.

NFC also claims that the International Finance Corporation (IFC, the commercial lending arm of the World Bank) and the Forestry Stewardship Council (FSC, the gold standard of forestry certification) had both passed its projects as ‘clean’. However Oxfam believes that neither organization has provided sufficient evidence to support NFC’s claims that the evictions were ‘legal, voluntary and peaceful’2.

Oxfam engaged with NFC for a number of months before publishing its report. In March, April and July Oxfam made several attempts to get the company's reaction but it refused to respond. Since August, Oxfam has engaged extensively with the company's management.

Read more

The New Forests Company and its Uganda plantations: Oxfam Case Study

Learn more about land grabs

Pull quotes: 
We presented NFC’s position accurately in our report. NFC can’t simply dismiss our research because it disagrees with it.
Quotee's organisation: 
Notes to editors: 
  1. The World Bank has a financial interest in NFC via an equity investor. The World Bank insists that its investees must operate in a responsible manner and meet certain social standards.
  2. Oxfam says that the IFC report was not an “audit” but was instead a field appraisal that only took place after the evictions. The IFC officer who undertook the appraisal did not talk to affected communities and only reviewed one of the two districts. Similarly, the FSC certification audit only reviewed one plantation, Mubende not Kiboga. And despite the legal suits and media coverage saying that there had been violence, the FSC said that disputes over tenure had been ‘resolved’ and that there were ‘no reported incidents of violence’.
Contact information: 

For more information contact:

Matt Grainger on +44 (0)1865 339128 / +44 (0)7730 680837 /, or

Lucy Brinicombe on +44 (0)01865 472192 / +44 (0)7786 110054 /

Space only: 
Regions and Countries: 

          Are free co-investments really free?    
The benefits of some private equity co-investments might be outweighed by the drawbacks.
          Sweden Wind Power Capacity, Generation, Levelized Cost of Energy - Industry Analysis, Trends, and Forecast Report 2030   

Market Research Hub

(EMAILWIRE.COM, June 30, 2017 ) Market Research Hub (MRH) has recently announced the addition of a fresh report, titled “Sweden Wind Power Market Outlook to 2030, Update 2017 - Capacity, Generation, Levelized Cost of Energy (LCOE), Investment Trends, Regulations and Company Profiles” to its report offerings. The report provides in depth analysis on global renewable power market and global wind power market with forecasts up to 2030.

Request Free Sample Report:

"Wind Power in Sweden, Market Outlook to 2030, Update 2016 - Capacity, Generation, Levelized Cost of Energy (LCOE), Investment Trends, Regulations and Company Profiles is the latest report from GlobalData, the industry analysis specialists that offer comprehensive information and understanding of the wind power market in Sweden.

The report provides in depth analysis on global renewable power market and global wind power market with forecasts up to 2030. The report analyzes the power market scenario in Sweden (includes conventional thermal, nuclear, large hydro and renewable energy sources) and provides future outlook with forecasts up to 2030. The research details renewable power market outlook in the country (includes wind, small hydro, biopower and solar PV) and provides forecasts up to 2030. The report highlights installed capacity and power generation trends from 2006 to 2030 in Sweden wind power market. A detailed coverage of renewable energy policy framework governing the market with specific policies pertaining to wind power is provided in the report. The research also provides company snapshots of some of the major market participants.

The report is built using data and information sourced from proprietary databases, secondary research and in-house analysis by GlobalDatas team of industry experts.

The report analyses global renewable power market, global wind power (Onshore and Offshore) market, Sweden power market, Sweden renewable power market and Sweden wind power market. The scope of the research includes -
- A brief introduction on global carbon emissions and global primary energy consumption.
- An overview on global renewable power market, highlighting installed capacity trends, generation trends and installed capacity split by various renewable power sources. The information is covered for the historical period 2006-2015 (unless specified) and forecast period 2015-2030.
- Renewable power sources include wind (both onshore and offshore), solar photovoltaic (PV), concentrated solar power (CSP), small hydropower (SHP), biomass, biogas and geothermal.
- Detailed overview of the global wind power market with installed capacity and generation trends, installed capacity split by major hydropower countries in 2015 and key owners information of various regions.
- Power market scenario in Sweden and provides detailed market overview, installed capacity and power generation trends by various fuel types (includes thermal conventional, nuclear, large hydro and renewable energy sources) with forecasts up to 2030.
- An overview on Sweden renewable power market, highlighting installed capacity trends (2006-2030), generation trends(2006-2030) and installed capacity split by various renewable power sources in 2015.
- Detailed overview of Sweden wind power market with installed capacity and generation trends and major active and upcoming wind projects.
- Deal analysis of Sweden wind power market. Deals are analyzed on the basis of mergers, acquisitions, partnership, asset finance, debt offering, equity offering, private equity (PE) and venture capitalists (VC).
- Key policies and regulatory framework supporting the development of renewable power sources in general and wind power in particular.
- Company snapshots of some of the major market participants in the country.

Reasons to buy
- The report will enhance your decision making capability in a more rapid and time sensitive manner.
- Identify key growth and investment opportunities in Sweden wind power market.
- Facilitate decision-making based on strong historic and forecast data for wind power market.
- Position yourself to gain the maximum advantage of the industrys growth potential.
- Develop strategies based on the latest regulatory events.
- Identify key partners and business development avenues.
- Understand and respond to your competitors business structure, strategy and prospects.

Read Full Report with TOC:

Table of Contents:

1 Table of Contents 2
1.1 List of Tables 6
1.2 List of Figures 7
2 Executive Summary 8
2.1 Government Support in Conjunction with Technology Development Driving Global Renewable Power Installations 8
2.2 Top 10 Countries Account for Over 84% of Wind Power Capacity 8
2.3 Renewable to Account for a Maximum Share of Installed Capacity by 2030 9
2.4 Wind Power to become One of the Primary Sources of Electricity in the Future 10
3 Introduction 11
3.1 Carbon Emissions, Global, 2001-2015 11
3.2 Primary Energy Consumption, Global, 2001-2025 13
3.3 Wind Power, Global, Technology Definition and Classification 15
3.4 Wind Power Market, Technology Overview 15
3.5 Wind Power Market, Turbine Components 16
3.6 Report Guidance 18
4 Renewable Power Market, Global, 2006 - 2030 19
4.1 Renewable Power Market, Global, Overview 19
4.2 Renewable Power Market, Global, Installed Capacity, 2006-2030 21
4.2.1 Renewable Power Market, Global, Cumulative Installed Capacity by Source Type, 2006-2030 21
4.2.2 Renewable Power Market, Global, Cumulative Installed Capacity Split by Source Type, 2015 and. 2030 23

Make an Enquiry:

About Market Research Hub:

Market Research Hub (MRH) is a next-generation reseller of research reports and analysis. MRH’s expansive collection of Wind Power Market Research Reports has been carefully curated to help key personnel and decision makers across industry verticals to clearly visualize their operating environment and take strategic steps.

MRH functions as an integrated platform for the following products and services: Objective and sound market forecasts, qualitative and quantitative analysis, incisive insight into defining industry trends, and market share estimates. Our reputation lies in delivering value and world-class capabilities to our clients.

Contact Details:

90 State Street,

Albany, NY 12207,

United States

Toll Free: 866-997-4948 (US-Canada)

Tel: +1-518-621-2074



Read Industry News @

Sudip S

Source: EmailWire.Com
          Sweden Hydropower Capacity, Generation, Regulations - Industry Analysis, Trends, and Forecast Report 2030   

Market Research Hub

(EMAILWIRE.COM, June 30, 2017 ) Market Research Hub (MRH) has recently announced the addition of a fresh report, titled “Sweden Hydropower Market Outlook to 2030, Update 2017 - Capacity, Generation, Regulations and Company Profiles” to its report offerings. The report provides in depth analysis on global renewable power market and global hydropower market with forecasts up to 2030.

Request Free Sample Report:

"Hydropower (Large, Small and Pumped Storage) in Sweden, Market Outlook to 2030, Update 2017 - Capacity, Generation, Regulations and Company Profiles" is the latest report from GlobalData, the industry analysis specialists that offer comprehensive information and understanding of the hydropower market in Sweden.

The report provides in depth analysis on global renewable power market and global hydropower market with forecasts up to 2030. The report analyzes the power market scenario in Sweden (includes conventional thermal, nuclear, large hydro and renewable energy sources) and provides future outlook with forecasts up to 2030. The research details renewable power market outlook in the country (includes hydro, small hydro, biopower and solar PV) and provides forecasts up to 2030. The report highlights installed capacity and power generation trends from 2006 to 2030 in Sweden hydropower market. A detailed coverage of renewable energy policy framework governing the market with specific policies pertaining to hydropower is provided in the report. The research also provides company snapshots of some of the major market participants.

The report is built using data and information sourced from proprietary databases, secondary research and in-house analysis by GlobalDatas team of industry experts.
The report analyses global renewable power market, global hydropower market, Sweden power market, Sweden renewable power market and Sweden hydropower market. The scope of the research includes -
- A brief introduction on global carbon emissions and global primary energy consumption.
- An overview on global renewable power market, highlighting installed capacity trends, generation trends and installed capacity split by various renewable power sources. The information is covered for the historical period 2006-2016 (unless specified) and forecast period 2017-2030.
- Renewable power sources include wind (both onshore and offshore), solar photovoltaic (PV), concentrated solar power (CSP), small hydropower (SHP), biomass, biogas and geothermal.
- Detailed overview of the global hydropower market with installed capacity and generation trends, installed capacity split by major hydropower countries in 2016 and key owners information of various regions.
- Power market scenario in Sweden and provides detailed market overview, installed capacity and power generation trends by various fuel types (includes thermal conventional, nuclear, large hydro and renewable energy sources) with forecasts up to 2030.
- An overview on Sweden renewable power market, highlighting installed capacity trends (2006-2030), generation trends(2006-2030) and installed capacity split by various renewable power sources in 2016.
- Detailed overview of Sweden hydropower market with installed capacity and generation trends and major active and upcoming hydro projects.
- Deal analysis of Sweden hydropower market. Deals are analyzed on the basis of mergers, acquisitions, partnership, asset finance, debt offering, equity offering, private equity (PE) and venture capitalists (VC).
- Key policies and regulatory framework supporting the development of renewable power sources in general and hydropower in particular.
- Company snapshots of some of the major market participants in the country.
Reasons to buy
- The report will enhance your decision making capability in a more rapid and time sensitive manner.
- Identify key growth and investment opportunities in Sweden hydropower market.
- Facilitate decision-making based on strong historic and forecast data for hydropower market.
- Position yourself to gain the maximum advantage of the industrys growth potential.
- Develop strategies based on the latest regulatory events.
- Identify key partners and business development avenues.
- Understand and respond to your competitors business structure, strategy and prospects.

Read Full Report with TOC:

Table of Contents:

1 Table of Contents 2
1.1 List of Tables 5
1.2 List of Figures 6
2 Executive Summary 7
2.1 Fall in OECD Countries Carbon Emission despite a Global Rise during 2010-2015 7
2.2 Technological Advancements and Government Support Driving Global Renewable Power Installations 7
2.3 Top 10 Countries Account for Over 70% of Hydropower Capacity 7
2.4 Renewable to Stock Up Maximum Installed Capacity by 2030 8
2.5 Hydropower Capacity Dominates Electricity Generation in Sweden 9
3 Introduction 10
3.1 Carbon Emissions, Global, 2001-2016 10
3.2 Primary Energy Consumption, Global, 2001-2025 12
3.3 Hydropower, Global, Technology Definition and Classification 14
3.4 Report Guidance 16
4 Renewable Power Market, Global, 2006-2030 17
4.1 Renewable Power Market, Global, Overview 17
4.2 Renewable Power Market, Global, Installed Capacity, 2006-2030 18
4.2.1 Renewable Power Market, Global, Cumulative Installed Capacity by Source Type, 2006-2030 18
4.2.2 Renewable Power Market, Global, Cumulative Installed Capacity Split by Source Type, 2016 and 2030 20
4.2.3 Renewable Power Market, Global, Net Capacity Additions by Source Type, 2016-2030 22

Make an Enquiry:

About Market Research Hub:

Market Research Hub (MRH) is a next-generation reseller of research reports and analysis. MRH’s expansive collection of market research reports has been carefully curated to help key personnel and decision makers across industry verticals to clearly visualize their operating environment and take strategic steps.

MRH functions as an integrated platform for the following products and services: Objective and sound market forecasts, qualitative and quantitative analysis, incisive insight into defining industry trends, and market share estimates. Our reputation lies in delivering value and world-class capabilities to our clients.

Contact Details:

90 State Street,

Albany, NY 12207,

United States

Toll Free: 866-997-4948 (US-Canada)

Tel: +1-518-621-2074



Read Industry News @

Sudip S

Source: EmailWire.Com
          Institutional Sales, Global Equity Derivatives - Société Générale - Canada   
We also offers an energy trading portal for our clients, giving them access to energy futures &amp; options, and OTC swaps....
From Société Générale - Wed, 14 Jun 2017 23:49:53 GMT - View all Canada jobs
          Here's how much Staples would have to pay if Sycamore's $7B deal fails   
Framingham-based Staples would be forced to pay private equity firm Sycamore Partners $171 million if the deal between the two companies falls through. That's according to a regulatory filing on Friday that outlines the consequences if the office supplies retailer fails to seal the deal with Sycamore by Dec. 22, 2017. If, on the other hand, Sycamore is forced to ditch the deal, it would pay Staples $343 million in total. The deal is subject to regulatory and stockholder approvals and is expected…

          Senior Server Side Developer - Core Java - Citi - Canada   
Understanding of financial markets and equity trading is desirable. Yes, 10 % of the Time....
From Citi - Fri, 30 Jun 2017 10:48:29 GMT - View all Canada jobs
          Agronomist - Carseland / Equity, AB - Cargill - Carseland, AB   
We help our customers compete in the global market and efficiently deliver products from origins to destinations through our marketing, sourcing, originating,...
From Cargill - Tue, 21 Mar 2017 11:33:53 GMT - View all Carseland, AB jobs
           Global stocks pressured by tough central banker talk    
US stocks finished mostly higher Friday, bucking the trend in most global equity markets as worries about tightening monetary policy pressured sentiment.The...
          KeyBank to Provide a Total of $7.3 Million in Financing for Estee Senior Apartments in Upstate NY   

KeyBank’s Community Development Lending & Investment (CDLI) team will provide a total of $7.3 million in financing to Liberty Affordable Housing, Inc. to support the new construction of 37 energy efficient affordable housing units for seniors ages 55 or older in Gloversville, NY. Specifically, KeyBank will provide a $2.6 million construction loan and up to $4.7 million in LIHTC equity financing.

“KeyBank values helping clients and communities thrive by providing quality affordable housing in neighborhoods across the country,” said Rob Likes, national manager of KeyBank’s CDLI team. “We are inspired by the opportunity to serve seniors in Gloversville, NY, by partnering with Liberty Affordable Housing, Inc. to develop new and critical housing options for seniors.”

Estee Senior Apartments will replace a blighted former school building in a central business district. Eight of the 37 units will provide rental assistance to households earning up to 50% AMI; ten units will target households earning up to 50% AMI and 19 units will target households earning up to 60% AMI. Six units will be set aside for elderly and frail individuals or individuals with disabilities who are veterans. The complex will be managed by CRM Rental Management, Inc.

“We are committed to providing all of our neighbors with excellent affordable housing options,” said Davis G. Yohe, executive director of Liberty Affordable Housing, Inc. “We are thrilled to bring Estee Senior Apartments to Gloversville through our partnership with KeyBank, and believe it will positively and meaningfully impact the neighborhood.”

Residents with special needs will have access to supportive services through the Resource Center for Independent Living, (RCIL) and Northeastern Association of the Blind at Albany, Inc. (NABA) and the Fulton County Office for Aging/Youth.

The project is one part of the Gloversville Comprehensive Plan, a significant neighborhood revitalization effort by local government that responds to housing needs among low- to moderate-income families.

“Our team is dedicated to making transformational change in the communities where we live and work,” added Lynne Callis-Wilson, senior relationship manager on KeyBank’s CDLI team who arranged the financing along with Victoria O’Brien. “We are passionate about this work, and committed to seeing through the development of new, green and affordable units here in Gloversville.”

The financing was made possible by an allocation of LIHTCs from New York State Housing and Community Renewal.

About Key Community Development Lending and Investment

KeyBank Community Development Lending and Investment (CDLI) helps fulfill Key’s purpose to help clients and communities thrive by financing projects that stabilize and revitalize communities. Experts in complex tax credit lending and investing, Key is one of a handful of affordable housing lenders in the country with a platform that brings together balance sheet, equity, and permanent loan offerings. CDLI has a substantial investment and loan portfolio worth more than $2 billion, 90% of which is Low Income Housing Tax Credit (LIHTC) projects. For its ability to lend to, invest in, and serve its communities –especially low-to-moderate income communities – KeyBank has earned eight consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.

About KeyCorp

KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $134.5 billion at March 31, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit KeyBank is Member FDIC.

About Liberty Affordable Housing Inc. (LAH)

LAH is a not-for-profit organization founded in March 2002 to acquire and develop affordable housing primarily for low income seniors and families. In addition to developing affordable housing, LAH has also assumed ownership interest in four additional properties which utilize Section 8 Housing Assistance Payment programs and other federal and state housing programs for low-income persons and families. Since inception, LAH has successfully completed 19 preservation and new construction projects (15 acquisition/rehab and 4 new construction) totaling 2,749 units. Projects range from 33 to 292 units including both family and senior projects.

          NBA's David Robinson: From professional sports to venture capitalism   
Former NBA player David Robinson, co-founder of Admiral Capital, discusses his transition into the real estate business and his work in private equity and investment.
          Taylor Wessing reports new financial performance details for 2016/17   
Taylor Wessing has released further details about its 2016/17 financials. Although the firm reported a 1.8% increase in UK revenue, the firm’s profit per equity partner (PEP) fell 6% from £512,000 to £481,000 in the UK. Global revenues rose 6% to £269.8m, while global PEP came in at £405,000.

Global net income was £99.8m, with UK profit accounting for £49.2m. UK managing partner Tim Eyles said the financial year began amid economic and political uncertainty, when clients in certain sectors reacted with increased caution. The second half of the year saw increased activity, helping to boost the firm’s financial results.

           Special Nite Cap: Catch Up on Today's Post 6/30/17   

Special Nite Cap: Catch Up on Today's Post 6/30/17
Featured Post

New school board member Kelly Gonez isn't as pro-charter as many donors to her campaign - LA Times

NEA teachers' union nixes longtime gadfly's bid to cover convention
NEA teachers' union nixes longtime gadfly's bid to cover convention : NEA teachers' union nixes longtime gadfly's bid to cover convention When the USA’s largest teachers’ union gathers in Boston this weekend for its annual business meeting, a longtime journalist and gadfly who has dutifully covered the gathering for nearly two decades won’t be there. Mike Antonucci, a Sacramento-based freelancer
CURMUDGUCATION: Why Your ESSA Plan Is Nonsense
CURMUDGUCATION: Why Your ESSA Plan Is Nonsense : Why Your ESSA Plan Is Nonsense At EdWeek, Andrew Ujifusa offers an explanation. In " Here's Why You Can't Understand Your State's New Plan for Education " he points the finger at jargon and offers some rather fun analytics for education argle-bargle. The top four bits of balonial verbage are, in descending order, stakeholder, engagement, profession
Los Angeles Times: Cheerleading for Privatization and the Trum-DeVos Agenda | Diane Ravitch's blog
Los Angeles Times: Cheerleading for Privatization and the Trum-DeVos Agenda | Diane Ravitch's blog : Los Angeles Times: Cheerleading for Privatization and the Trum-DeVos Agenda The Los Angeles Times editorial board published an editorial today chastising the California Teachers Association for resisting privatization of public education via charters. I assume that this editorial was in no way inf
Should We Be Grateful? | educarenow
Should We Be Grateful? | educarenow : Should We Be Grateful? In an odd turn of events, and with little explanation, Michigan Governor Rick Snyder has decided to return the state’s School Reform Office back to the Department of Education. Why is this odd? Well, maybe it isn’t odd. What is odd is that Snyder initially removed the SRO from the Department of Education and placed it under the control
We Lost a Dear Friend of Public Libraries and Public Schools: Joan Kramer of Los Angeles | Diane Ravitch's blog
We Lost a Dear Friend of Public Libraries and Public Schools: Joan Kramer of Los Angeles | Diane Ravitch's blog : We Lost a Dear Friend of Public Libraries and Public Schools: Joan Kramer of Los Angeles Joan Kramer, a hero of public libraries, public education, and the common good, died a few days ago. Joan was a hero to all who knew and loved her. This is a tribute from some of her friends who k
CURMUDGUCATION: Ed Reform v 6.3 Accountability Lite
CURMUDGUCATION: Ed Reform v 6.3 Accountability Lite : Ed Reform v 6.3 Accountability Lite Full disclosure-- I made the number 6.3 out of the air, because frankly I've lost track of the various versions of ed reform that we've seen. But we're definitely on to something new. The new ed reform has staked out a position against bureaucracy and paperwork. This conversation starts with a Rick Hess piec
Resisting Cultural Appropriation: A Human Response to the Inhumanity of Privilege | radical eyes for equity
Resisting Cultural Appropriation: A Human Response to the Inhumanity of Privilege | radical eyes for equity : Resisting Cultural Appropriation: A Human Response to the Inhumanity of Privilege When I posted K. Tempest Bradford’s argument “that cultural appropriation is indefensible,” the first comment I received (from a white man) suggested cultural appropriation is unavoidable, mostly discounting
Where Should Foundations Put Their Money? - The Atlantic
Where Should Foundations Put Their Money? - The Atlantic : Charitable Giving Is Only a Small Part of What Foundations Do With Their Money Most of their capital doesn’t wind up in grants, but in investments. Is the latter the key to maximum impact? Foundations make up a big part— about a sixth —of all the charitable giving that happens in the U.S. But some would argue that their biggest impact com
In The Land Of Bill Gates, A Standoff Over Money For Schools | GOOD Education
In The Land Of Bill Gates, A Standoff Over Money For Schools | GOOD Education : In The Land Of Bill Gates, A Standoff Over Money For Schools Not one of Washington State’s 13 resident billionaires pays a dime in income tax. ZACHARY WARREN SPENDS A LOT OF HIS TIME THINKING ABOUT CHAIRS. Desk chairs, to be more specific. Though there’s a range of chair sizes in the classroom where he’s taught for ye
CT Voices for Children is absolutely right about CT budget situation - Wait What?
CT Voices for Children is absolutely right about CT budget situation - Wait What? : CT Voices for Children is absolutely right about CT budget situation Statement from CT Voices June 30, 2017; Connecticut Voices for Children strongly believes that a fiscally responsible and stable state budget is the cornerstone for equitable economic growth . The only way to build a strong foundation for long-te
Student Data Deletion Day - Wouldn't That Be Great + Legislature to Pass Budget Today - Seattle Schools Community Forum
          Friday News Diane Ravitch's blog | A site to discuss better education for all   
Diane Ravitch's blog | A site to discuss better education for all:

Friday News Diane Ravitch's blog
A site to discuss better education for all

Civil Rights Activists Outraged by Trump Choice to Lead Civil Rights Division at Justice Department

The key job in the federal government in terms of civil rights enforcement is the leader of the Civil Rights Division of the Justice Department. Trump has selected Eric Dreiband, who has represented numerous clients accused of violating civil rights laws. Activists are outraged. The selection of Dreiband is in keeping with 

Los Angeles Times: Cheerleading for Privatization and the Trum-DeVos Agenda

The Los Angeles Times editorial board published an editorial today chastising the California Teachers Association for resisting privatization of public education via charters. I assume that this editorial was in no way influenced by Eli Broad, who subsidizes the Times’ education coverage, which is a blatant 

We Lost a Dear Friend of Public Libraries and Public Schools: Joan Kramer of Los Angeles

Joan Kramer, a hero of public libraries, public education, and the common good, died a few days ago. Joan was a hero to all who knew and loved her. This is a tribute from some of her friends who knew her well. Here she is testifying before 

Big Oil Sells Fossil-Fuel Love to Children in Elementary Schools

This is an alarming story, prepared by the Center for Public Integrity. . Teaching materials are being distributed by the fossil fuel industry to elementary schools. It begins: “Jennifer Merritt’s first-graders at Jefferson Elementary School in 

National Education Policy Center: New Research on Virtual Charter Schools

The National Education Policy Center has released new research on virtual charter schools that shows variation among those in different states, though all have poor academic results: Key Takeaway: Case studies from the Michigan Virtual Learning Research Institute suggest that policymakers should prioritize understanding and improving virtual school performance before permitting further growth Pre
Nancy E. Bailey: Beware! Computer Instruction is NOT Inclusion!

Nancy E. Bailey writes here about current efforts to put children with disabilities on a computer and call it “personalized learning” and “inclusion.” It is neither. “Personalized learning must not be mistaken for inclusion. The reality is that it’s student isolation! “Inclusion is generally defined as the action or state of including or of being included within a group or structure. Doing school
Montana Teacher: Questions About AP Courses

This comment by a reader called amontana Teacger continues a discussion of the value of AP courses. My observation: AP courses are a big money-maker for the College Board, which on its face is nonprofit, but aggressively pursues opportunities to generate revenues, like claiming that access to AP courses promotes equity. Other posts are here and here . Montana Teacher writes: “Thank you for all of
Tomorrow Is My Birthday!

Tomorrow I will be 79! My older sister says that it’s all downhill from here, but I’m not going anywhere, not without raising a ruckus. Carol Burris has created a giant birthday card for me. I hope you will consider signing it. This will be the first time in my life that I ever asked anyone to sign a birthday card that
Urgent Note to Mark Zuckerberg and Priscilla Chan: Hands Off Our Schools and Our Children!

Education Week reports on the plans of billionaires Mark Zuckerberg and his wife Priscilla Chan to redesign American education. They have launched something called the Chan Zuckerberg Initiative–or CZI Initiative–to carry out their plan for “personalized learning”‘( I.e., “depersonalized learning”) to remake education into whatever they think in their limited experience is best. They have hired J
June 30: Join Student Data Deletion Day!

Today is the first Student Data Deletion Day. This is a parent’s response to the obscene amounts of personal data collected about every child. Why do they do it? Because they can, and because you let them. Please open to see the many links. As usual, this is an excerpt: “Our K-12 public schools are collecting an enormous amount of data about our kids that will pre-determine whether their dream sc


Phyllis Bush: Facing Cancer Head On, with Humor and Determination

My dear friend and ally, Phyllis Bush, started a blog to write about her experience with cancer, which she insists on calling cancer schmanzer. She is feeling better . She is cleaning closets. She is ready for the fight for her life. Phyllis keeps me informed about the corporate and billionaire funded effort to destroy public education in Indiana. She is a fighter. She is a founding board member

Special Nite Cap: Catch Up on Today's Post 6/29/17
Featured Post

Introversion in a Time of Loss | radical eyes for equity

5 resources to help LGBTQ youth | EdSource
5 resources to help LGBTQ youth | EdSource : 5 resources to help LGBTQ youth Pride Month is coming to a close but creating safe and inclusive school environments for LGBTQ (Lesbian, Gay, Bisexual, Transgender and Queer/Questioning) students, and students with LGBTQ family members, is more than a single-month effort. According to a recent survey from research firm RTI International, LGBTQ students
Join us on June 30 for student data deletion day! | Parent Coalition for Student Privacy
Join us on June 30 for student data deletion day! | Parent Coalition for Student Privacy : JOIN US ON JUNE 30 FOR STUDENT DATA DELETION DAY! As a parent I was always happy that my child started out with a clean slate each year. Right now schools & their vendors collect far too much personal data — and use them in ways that are non- transparent and vulnerable to breaches. Parents are justifiably f
State Budget with Increases for Education Funding - Year 2017 (CA Dept of Education)
State Budget with Increases for Education Funding - Year 2017 (CA Dept of Education) : State Schools Chief Tom Torlakson Praises New State Budget with Increases for Education Funding SACRAMENTO—State Superintendent of Public Instruction Tom Torlakson today thanked Governor Brown for signing a 2017–18 state budget that increases funding for kindergarten through twelfth grade public schools, after
All Things Education: In Virginia primary, Democrats get a lesson: Being progressive means supporting public schools
All Things Education: In Virginia primary, Democrats get a lesson: Being progressive means supporting public schools : In Virginia primary, Democrats get a lesson: Being progressive means supporting public schools When I started my PhD program three years ago, I thought I would go on blogging and writing as I had been. However, I found it was not easy to continue the role of education blogger and
Schools Matter: IPS Ferebee Joins Billionaire Eli Broad Academy
Schools Matter: IPS Ferebee Joins Billionaire Eli Broad Academy : IPS Ferebee Joins Billionaire Eli Broad Academy A few months ago, unknown to or unreported by the Indianapolis public media, IPS supt. Lewis Ferebee joined the school reform movement in a major way, landing a fellowship at the Broad Academy founded by California billionaire Eli Broad, a former Obama supporter and close friend of th
CURMUDGUCATION: Does Zuck Want To Be The Next Gates with Personalized Learning
CURMUDGUCATION: Does Zuck Want To Be The Next Gates with Personalized Learning : Does Zuck Want To Be The Next Gates with Personalized Learning Here's lead from the EdWeek article : Pediatrician Priscilla Chan and Facebook founder and CEO Mark Zuckerberg are gearing up to invest hundreds of millions of dollars a year in a new vision of “whole-child personalized learning,” with the aim of dramatic
Joan Kramer says "Don't Shelve Librarians" to LAUSD Board of Ed - YouTube
Joan Kramer says "Don't Shelve Librarians" to LAUSD Board of Ed - YouTube : Joan Kramer says "Don't Shelve Librarians" to LAUSD Board of Ed Retired Librarian Joan Kramer speaks in defense of Libraries and Librarians. She talks about visiting the library at San Pedro Elementary where Board Member Monica Ratliff taught 5th grade, "where the entire school was involved in getting children to read". L
glen brown: Joan Kramer
glen brown: Joan Kramer : Joan Kramer -Former Teacher Librarian/Coordinating Librarian/Coordinating Field Librarian at LA Unified School District; -Studied Elementary Teaching Credential at University of California, Berkeley; Studied Library Media at Cal State Long Beach; -Studied World Literature at UC Berkeley; -Went to Hollywood High School; -Lived in Los Angeles, California; -From Washington,
Uniting the Struggles for Liberation in New Orleans | Schott Foundation for Public Education
Uniting the Struggles for Liberation in New Orleans | Schott Foundation for Public Education : Uniting the Struggles for Liberation in New Orleans BreakOUT! , a Schott partner in New Orleans dedicated to ending criminalization of LGBTQ youth, released the Vice to ICE Toolkit , a resource on organizing across intersections of identities, including race, sexual orientation, gender identity, age, co
Introversion in a Time of Loss | radical eyes for equity
Introversion in a Time of Loss | radical eyes for equity : Introversion in a Time of Loss April is the cruellest month, breeding Lilacs out of the dead land, mixing Memory and desire, stirring Dull roots with spring rain. “The Waste Land,” T.S. Eliot June, not April, has been the cruellest month this year for me—my father’s death coming less than two weeks after my mother suffered a stroke. While
The Jeff Bryant Report – Trump Is Vulnerable On Education. Do Democrats Care?

The meeting began with an introduction of the attendees and discussion of how states are connecting internally.

Money is currently available through SFSF, Race to the Top, SIG, i3, ED Tech, TIF, SLDA, and TQP. All of these run through IDEA and Title I.

The types of questions social studies councils should be seeking to answer include:

  • How do standards and assessment impact your work?
  • How can you use data to improve the work of your council?

The currently education landscape focuses on ARRA, I3, NCLB, and 21st Century Skills.

ARRA: 4 Assurances expected of those seeking to procure funding

  • Support effective teachers and school leaders
  • Improve the use of data (Data systems: fully implementing a statewide longitudinal data system, accessing and using state data, and using data to improve instruction)
  • Complete the implementation of high standards and high-quality assessments
  • Turn around persistently low-performing schools, whole-school reform, and targeted approaches to reform.

In addition, states should be focused on developing and adopting common standards, developing and implementing common, high-quality assessments, supporting transition to enhanced standards and high quality assessments.

The key is to find the intersecting nodes for standards and assessments, teacher and leadership effectiveness, support for struggling schools, and _____.

Race to the Top Funds go to state educational agencies, school improvement grants, investing in innovation funds, educational technology, teacher incentive fund, and statewide data system. As social studies councils, the focus should probably be the i3 (Investing in Innovation Fund)Funds (a part of the third phase of funding. For this grant, the interest is in improving student achievement or student growth from high-need students and promoting school readiness. Only LEAs or non-profit organizations can get this in collaboration with an LEA.

Funding focuses on three levels: development of research-based theories ($5 m award), validation (up to $30 m award), and scale-up ($50 m award).

To receive the grant, there must be 20% private sector funding, conduct independent program evaluation, cooperate with technical assistants, etc.

Other interested topics include improving early learning outcomes, supporting college access and success, assisting ELL and disabled students, serve schools in rural LEAs. If applications address these issues, they will receive preference.

All proposals should include partnerships (e.g., with other LEAs, other social studies councils).

Beth recommended the following resource for assessing higher level thinking objectives: Authentic Intellectual Work by Ken Newman (a way to look at depth of knowledge and other educational outcomes)

ARRA grants should be in the million dollar range, the grants should be pretty competitive, and they will probably be due around the spring/ summer.

Legislative Briefing

Presented by Della Cronin

Some of the concepts that appeal to Secretary Duncan are charter school and pay for performance. The interest on Capitol Hill, however, has been on health care, not education. Duncan has stated publicly that NCLB has its good and bad points and noted that we have had a narrowing of the curriculum as a result of the legislation.

There appears to be a focus on preparing children in early childhood as a way to support the overall goal of having all students graduate from high school and increase college enrollments.

There is a bill from Rockefeller that would provide funds to states to support 21st century learning. Senator Kennedy and Senator Alexander introduced a bill that would expand the sample size for the NAEP civics exam and place an emphasis on history assessments. Nothing is currently moving out of the re-authorization process.

There appear to be concerns about equity and access in education. The rural areas and inner-city schools appear to facing the brunt of America's contemporary financial status.

Make sure when coupling terms, we include citizenship (e.g., "College, Career, and Citizenship").

          Associate Technical Writer   
CT-Greenwich, Overview: Interactive Brokers Group, Inc. (NASDAQ: IBKR) is an automated electronic broker and market maker in equities, options, futures, bonds and foreign exchange around the world. With over $12 billion in market capitalization, IBKR trades 9% of the listed equity options volume worldwide, executing, clearing, settling and accounting for over one million trades per day. The Company’s brokerage
          Form D Friday: Fort Worth startup raises $7.3 million to fight vision loss   
A Forth Worth startup is raising money for a drug that protects retinas from disease; A fast-growing real estate investment firm raises funds for a project near Love Field; a private equity firm is investing in a company that builds robots to teach children with autism; and a real estate firm is betting on the boom in Princeton, Texas.

          Manager, Media & Marketing - NFL - National Football League - Ontario   
This new position, will play a critical role in supporting the growth of our fan base and in building the equity of our NFL brand....
From National Football League - Tue, 30 May 2017 17:37:42 GMT - View all Ontario jobs
          New Equity Financing Closed for $969,200 - Corporate Update   

MISSISSAUGA, ONTARIO--(Marketwired - June 30, 2017) - Smart Employee Benefits Inc. ("SEB" or the "Company") (TSX VENTURE:SEB) is pleased to provide the following corporate update.

          Summit Industrial Income REIT Announces Completion of $69.0 Million Bought Deal Equity Offering   

TORONTO, ONTARIO--(Marketwired - June 30, 2017) -

          Pure Multi-Family REIT LP Announces Closing of CDN$92.0 Million Equity Offering   

VANCOUVER, BC--(Marketwired - June 30, 2017) -


          Customer Service Representative   
MA-Millbury, Responsible for opening new accounts and servicing existing accounts, processing teller transactions, accepting, processing, and closing consumer loans, including home equity products, and processing mortgage applications. CSR will meet or exceed all assigned goals including referrals, operations, compliance, audit, training and service targets. He or she will also ensure standards are met for ove
          Report Developer - Equity Financial - Toronto, ON   
Et hteina mEq tuhiatyt dFeinliavnecrisa tlh Ter uEsntt.e rHper/isseh eB wusiilnl nesese dIn ttoe lwligoerkn cien dperpoegnradmDene tvtoley tl ohapnee dvr aq...
From Equity Financial - Fri, 30 Jun 2017 11:32:51 GMT - View all Toronto, ON jobs
          1st Equity is Ranked the #1 Fastest Growing Title Company in New York State in the Inc. 5000 list for the Third Consecutive Year   

1st Equity is Ranked the #1 Fastest Growing Title Company in New York State

(PRWeb November 03, 2015)

Read the full story at

          Historic equal pay settlement takes effect. Questions remain   
At midnight, the historic pay equity settlement for 55,000 care and support workers will take effect, but questions around door-closing legislation and funding remain and must be addressed by the Government, says the PSA.
          Global funds cut U.S. stocks, boost euro zone holdings to near 2-year high - Reuters poll   

By Claire Milhench

LONDON (Reuters) - Global investors cut exposure to U.S. stocks in June, citing caution on stretched valuations, and raised their euro zone equity holdings to their highest since September 2015, a Reuters poll showed on Friday.

The Reuters monthly asset allocation survey of 47 fund managers and chief investment officers in Europe, the United States, Britain and Japan was carried out between June 15 and 28, a month in which U.S. tech stocks sold off heavily.

The rout saw the combined market cap of the five biggest U.S. tech firms drop by $120 billion in less than a week and sparked of a global equity market reversal.

The tech-heavy Nasdaq is set to end June down 0.9 percent, bringing a seven-month winning streak to a close. It is still up 14 percent so far this year.

Around three-quarters of poll respondents who answered a special question on tech stocks said they were not overvalued, but investors have reduced their U.S. equity holdings and rotated into euro zone stocks this month.

U.S. stocks were trimmed to 39.7 percent of global equity portfolios, the lowest since November when Donald Trump was elected U.S. president. Since then the S&P 500 has rallied hard and is up 8 percent so far this year on expectations of tax cuts and increased spending.

But investors have grown increasingly sceptical that Trump can deliver on his promises.

"An unprecedented level of economic and fiscal policy uncertainty still surrounds the new U.S. administration," said Mouhammed Choukeir, chief investment officer at Kleinwort Hambros. "This could spill into financial market volatility."

He prefers Europe, where valuations are cheap and political noise has quietened since the French election in which centrist candidate Emmanuel Macron won an emphatic victory.

Investors raised their euro zone equity holdings to 19.3 percent, a near two-year high, in June.

They also showed a preference for euro zone debt over U.S. bonds, raising the former almost 1 percentage point to 27.2 percent of their global bond portfolios. In contrast, they cut their U.S. debt holdings by 2.2 percentage points to 37.9 percent, the lowest since March.


The U.S. Federal Reserve raised interest rates for the second time this year in June and set out plans to start cutting its $4.5 billion portfolio.

The move showed the Fed's willingness to look past a run of soft inflation data and signalled a determination to move ahead with policy tightening. That has driven the U.S. bond yield curve to its flattest in a decade.

Although three-quarters of poll participants who answered a special question on the U.S. economy thought it was strong enough to withstand another Fed rate rise this year, a number expressed reservations.

Jan Bopp, an asset allocation strategist at Bank J Safra Sarasin, was amongst those who thought the Fed could be making a mistake in hiking rates.

"My concern is that the U.S. economy is losing momentum," he said, citing car sales, lending surveys and manufacturing. "Despite all that the Fed seems to be very dedicated. If only to get rates high enough to have ammo for the next downturn."

The caution was also evident in broader positioning, with investors trimming their overall equity allocations to 46.5 percent, the lowest since March, and raising their bond holdings to 40.7 percent, the highest since December.

"The upswing in global growth that started in 2015 is cooling off and inflation pressures are easing. This is good for bonds but stocks may be disappointed and we are only modestly overweight," said Trevor Greetham, head of multi-asset at Royal London Asset Management (RLAM).


Investors raised their exposure to UK assets after the June general election, lifting UK equities to 9.9 percent, while UK bond holdings jumped 1.5 percentage points to 10.4 percent, the highest since January.

The election resulted in a hung parliament, weakening Prime Minister Theresa May's hand in Brexit negotiations.

As a result, three-quarters of poll respondents who answered a question on the election outcome, said it made a softer Brexit more likely, rather than the hard Brexit that May had previously promised her supporters.

"The prime minister failed to win backing for a tightly controlled Brexit process focused on cutting immigration and leaving the single market," said RLAM's Greetham, adding that opponents of a hard Brexit within both the Conservative and Labour parties would argue the public mood is one of compromise.

However, Raphael Gallardo, a strategist at Natixis Asset Management, thought it was hard to see how the supporters of a soft Brexit could unite to exert power, saying new elections would be needed for a soft Brexit majority to gain control.

(Additional reporting by Maria Pia Quaglia Regondi and Hari Kishan Editing by Jeremy Gaunt.)

          GANADO Advocates sponsors Private Equity Europe Forum in London   
The Private Equity Europe Forum, that has been organised in London between the 20th and 21st of June, is a two-day networking and peer education platform that brings together industry professionals and investors to discuss the opportunities available within the private equity market. The forum is targeted mainly at pensions, foundations, endowments, family wealth, investment [...]
          CORRECTED: Fast forward; GST set to transform face of Indian logistics industry   

(Corrects description for Ascendas-Singbridge in 19th paragraph)

By Promit Mukherjee and Sankalp Phartiyal

MUMBAI (Reuters) - India's greatest tax reform - replacing an array of provincial duties with a nationwide goods and services tax - is transforming the logistics industry in a country where moving stuff around is notoriously difficult to do, executives say.

The advent of organised retail and e-commerce began modernising warehouses in India a decade ago, but most firms still rely on musty, dilapidated "godowns", as storehouses are known colloquially.

The unified tax system is expected to bring change on a far grander scale, removing distortions created by differential taxes and duty structures imposed across India's 29 states and 7 union territories.

"When we moved from one state to the other, it felt like moving from one country to another," said Ramesh Agarwal, chairman of New Delhi-based Agarwal Packers and Movers.

From July 1, the new Goods and Services Tax, or GST, introduced by Prime Minister Narendra Modi's government, will change all that, with the biggest tax reform seen since India won independence from British colonial rule 70 years ago.

Companies that have previously based storage models on tax efficiency can move to the much more cost efficient, demand-based hub-and-spoke model used globally.

Anticipating the change, Agarwal's firm, for example, has carved India into five regions and is setting up one massive warehouse in each.

"There's no tax arbitrage to be gained. So decisions on manufacturing, warehousing and selling will be purely driven by the real costs of manufacturing and going to market, that is the single biggest advantage of GST," said R Subramanian, Managing Director at DHL Express in Mumbai.

Subramanian still anticipates bureaucratic headaches, notably from GST's e-way bill system, requiring vehicle details from pickup to delivery, which he reckons would generate 90 million entries daily for the express delivery sector alone.

But, the reform, along with the gradual shift in India’s service dominated economy toward more manufacturing, has paved the way for ultra-modern storage sites with automated conveyers, RFID-enabled tracking and IT-enabled warehousing management systems. The potential growth, and investment needed for modernisation has spurred a slew of deals between Indian firms and major global private equity players and pension funds.

In the last two years alone, as Modi made GST a priority, these investors have put $1.5 billion in the warehousing business.

"GST is not only a tax reform, it is also a business reform as a whole, and a lot of businesses are now restructuring their supply chains," said Rohit Jain, a partner with Economic Laws Practice in Mumbai.


Canada Pension Plan Investment Board last month committed to spend $500 million in a joint venture with India's IndoSpace. Other foreign firms putting money in the sector include Carlyle Group , Warbug Pincus and Fairfax India Holdings .

JSW Steel , India's biggest domestic steel producer, is also mulling a plan to bring down the number of its 20 plus warehouses across the country to five, and many more companies are following suit, said a company executive.

Reliance Retail, the retail unit of Reliance Industries , which has around 100 distribution centres across the country, also plans to "optimize some," said a company executive.

Mahindra Logistics is exploring an initial public offering, or a sale to a foreign partner, while rival Future Supply Chain Solutions is looking to do likewise, according to media reports.

With 45 percent of India's gross domestic product concentrated around seven major cities, Arif A Siddiqui at Coign Consulting, specialising in supply chain management, expected investment in warehousing to focus on Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, and New Delhi.

Singapore-based urban and real estate developer Ascendas-Singbridge has just signed a $600 million deal with Firstspace Realty, based in the south Indian city of Bengaluru, to create 14 million square feet (1.3 million square meters) of industrial warehousing space across six major Indian cities.

"Manufacturing, modern retail and the pharma sector were already driving change in Indian warehousing. GST has just fast-tracked the growth rate in logistics," said Aloke Bhuniya, Chief Executive of Ascendas-Firstspace.

He reckoned that GST has boosted the industry's annual growth rate from 12-15 percent to 20-22 percent, and saw plenty of room for a lot more modernisation.

Out of the logistics industry's 980 million square feet (91 million square meters) of captive, agri-based and cold storage warehousing, Bhuniya estimated 85 percent were old godowns and traditional structures.

"This represents a huge opportunity for modern warehousing to tap into," he said.

(Editing by Simon Cameron-Moore)

          Owl Rock launches direct lending fund with UC Regents   
Opalesque Industry Update - Alternative credit shop Owl Rock has launched a new middle market direct lending fund with the University of California Regents fund, Reuters is reporting. Both parties have each committed an initial US$100m in equity capital, according to a June 22 regulatory filing. ...
Article Link
          Should you itemize or take the standard deduction?   

Every year, tax preparation presents unique sets of problems and requires greater explanations.

One of the most perplexing decisions to make is whether you should file your return taking the standard deduction or itemize your deductions.

The standard deduction is an amount predetermined by the IRS to reduce your income in lieu of the fact that you cannot itemize your expenses.

Each category of filing presents its own deductible amount that is increased each year. Almost two-thirds of taxpayers will file their returns claiming the standard deductions.

Married couples are allowed $12,600, single and married but filing separately are given $6,300, and the heads of household amount has been increased to $9,300.

Those taxpayers who are nonresident aliens and others who are dual-status aliens must itemize their deductions, even though it might be lower than the above threshold.

You should generally list all of your expenses if the total amount is greater than the standard deduction.

Itemized deductions are filed on Schedule A and consist of an array of expenses. They reduce your income to eventually arrive at taxable income.

The Schedule A form begins with medical expenses, which include insurance, long-term care and all prescriptions.

Other medical expenses that are deductible include doctor and dentist charges, glasses, hearing aids, artificial limbs and other medically prescribed equipment.

Not to be overlooked are the travel expenses to and from medical treatments that have been reduced to 19 cents per mile for this year.

Real estate taxes that are paid, personal property tax and either state income tax or state sales tax are allowed in the next category.

Those taxpayers who have a mortgage on their property, including a second house (not rental), are allowed to deduct the interest on their bank payments.

In the event the second house is a rental property, then the interest and real estate taxes will be reported on a separate Schedule E and the profit and loss will be carried forward to be included with all other income.

Did you take out an equity loan in the past year? Chances are the interest on the repayments will be allowed to be claimed.

Donations fall in the category of cash or non-cash gifts and documents should be available for substantiation.

Canceled checks should show the name of the charity and the amount paid in addition to the date check was posted.

Any payroll deductions will be verified by a pay stub or a year-end W-2.

Receipts for a specific payment of more than $250 should be secured with a letter indicating that the gift was not for goods and services provided by the charity.

The donee is not responsible to inform the IRS of the gift, but the donor is required to obtain this document.

There is another breakdown of non-cash donations: those that are less than $500 and those that are over this threshold.

Household items contributed should be in good condition and receipts should be available.

Out of pocket expenses for charitable work are also permitted, along with mileage in this behalf.

Did you have to pay any expenses to secure a new job?

In order to qualify, your expenses must be for a job in your current line of work. If so, this can include resume writing, travel expenses and even placement fees.

One important condition: It cannot be for looking for a job for the first time.

One important note regarding the original decision: Married couples that are filing separately must make the same election. Both must itemize or take the standard deduction.

Observation: “If you tell the truth, you don’t have to remember anything.” — Mark Twain.

Edward J Loughrey, CFE, EA, LPA, can be reached at or 843-705-7258.


          JCPS Chief Equity Officer On ‘Males Of Color’ Academy, Closing Achievement Gap   

JCPS Chief Equity Officer John Marshall is tasked with taking the concept of a "males of color" academy and making it into reality.

          Lockheed Invests in Nanosatellite Company Terran Orbital   
Lockheed Martin‘s venture capital arm has made a strategic investment in Terran Orbital as both companies aim to advance development of nanosatellite technology. Lockheed said Thursday it will obtain an equity stake in Irvine, California-based Terran as part of the cash and in-kind investment deal. The two companies previously worked to support multiple Defense Department and NASA missions. […]
          Amundi says this equity market offers high yields and stability   
Singapore equities have outperformed many regional peers year-to-date, with yields of 3-3.5 percent, said Amundi.
          African Energy Partners listing on JSE   
From DION HENRICK in Cape Town CAPE TOWN, (CAJ News) – THE African drum will beat on Friday as the Johannesburg Stock Exchange celebrates the listing of African Energy Partners (AEP) Limited as a special purpose acquisition company (SPAC). The listing of the black empowerment group, on the JSE’s AltX (alternative public equity exchange for […]
          7/6/2017: Front Page: Markplek   

18 19 20 21 22 23 26 27 Fondsfokus: Absa Property Equity Fund beïndruk Eie mening: Indluplace Properties, Sibanye Woekerwys: Sasol: Herstel is op pad Simon sê: Glencore, Capital Appreciation, Sibanye, Remgro, Taste Holdings Selfdoen: Hoe om...
          7/6/2017: Mark - Plek: Genoteerde fonds presteer puik   
Wat die fondsbestuurders sê: Die Absa Property Equity Fund is geskik vir beleggers wat blootstelling aan die JSE se sektor vir genoteerde eiendom verlang. Die Absa Property Equity Fund bied ook diversifikasie van algemene ekwiteitsaandele vir...
          Mer Telemanagement Solutions Ltd. Receives Extension to Regain Compliance With NASDAQ's Minimum Stockholders' Equity Requirement   
...N.J. , June 30, 2017 /PRNewswire/ -- MTS – Mer Telemanagement Solutions Ltd. (NASDAQ Capital Market: MTSL), a global provider of telecommunications expense management and enterprise mobility management solutions and video advertising solutions for online and mobile platforms, announced today that after submitting ...

          IAMs’ allocations to alternatives are double those of PBs in Hong Kong   

Proof that private equity continues to be all the rage in Asia, independent asset managers (IAMs) in Hong Kong allocate nearly a third (32%) of their client assets to alternatives – more than double the level recommended by private banks, according to a survey by APB Mandate. APB Mandate’s bank-weighted asset allocation industry overview (based […]

The post IAMs’ allocations to alternatives are double those of PBs in Hong Kong appeared first on APB Mandate.

          Spectranetics and General Mills climb; Paychex slides   

The medical device company agreed to be bought by Dutch conglomerate Phillips for $38.50 a share, or $1.68 billion. The Wall Street Journal reported that the office supplies retailer agreed to be acquired by private equity firm Sycamore Partners.

          I was white until I came to Canada: Paradkar   

They were innovators, scientists and mathematicians.

They held a monopoly over knowledge, land ownership, intellectual professions, social institutions and political authority.

They dominated society by setting the rules for the default standards of language, of behaviour, of customs and traditions.

Sound familiar?

They are my ancestors, from where I come as a middle-class, upper-caste Indian, the creators of a system so resilient it survived centuries after centuries of invasions and colonization by the Greeks, the Mughals, the Europeans, the British.

Born in post-colonial India, I grew up with strong female role models — Hindu goddesses, warrior queens, feisty politicians, professional aunts and a mother determined not to allow my sister and me to be treated differently from our brother.

Like many women seeking to shape a modern India that was equitable, I grew up challenging traditions about our place in society, questioning norms about viewing marriage as an achievement or the deep value placed on chastity.

When I supported our domestic worker against her drunken husband, when I lectured women from nearby villages about HIV/AIDS or exhorted them to have fewer children, I based my efforts on the premise that all people needed was a little leg up to get on a level-playing field.

You could say I was a well-meaning white feminist.

Invisible to me were the barriers and mental prisons formed by the matrices of caste, skin colour, and centuries of dependency piled on top of the misogyny the women experienced.

Sometimes you notice the rug only when it is pulled from under your feet.

I moved to beautiful Canada.

Moving here had the effect of literally flying to the top of the Earth and looking at the world from a new vantage point. It gave me perspective.

Canada felt like my calm partner, and India a tempestuous ex. Life there was vibrant, full-throated, no holds barred. You shouted, you cried, you laughed out loud. Here, for a new immigrant with a job, life appeared tranquil, pleasant and for the most part predictable.

Read more: Wonder Woman must save the world, but first she has to fight it: Paradkar

I had never not belonged where I lived, and here, too, I felt included in inclusive Canada. I didn’t see the difference between the mostly white Canadians around me and myself — I thought I was essentially like them, with darker skin and a few religious rituals.

The first strike against that notion, or at least one that registered, came at a car dealership where the salesman shut me down saying he did not negotiate with Indians when I asked if that was the best price he could offer. I didn’t recognize it then but it was when my racialization began.

Over the years, came other instances of individual racism. The shoe salesman who told my visiting father every single shoe he wanted was not in stock, the woman who invited me over but whose husband didn’t show up in his own house because he didn’t like immigrants, the people who didn’t take me seriously because I sound different.

I believe everybody, no matter of what background, has experienced being put down for something in that background, some with more far-reaching repercussions than others. My exposure to colourism/shadeism in India and the systemic racism I saw here quickly made it obvious that what I faced was nothing compared to what even darker-skinned people experienced or what Black people faced. This society is centred around whiteness — proximity to whiteness brings privilege, and anti-Black racism is not a historical shame. It is a vile and vicious present-day malaise.

Then came the discovery that blindsided me. The unpeeling of layers hidden underneath Canada’s calm revealed the anguish of the Indigenous peoples of this land. I knew an ancient civilization existed here, but I had thought Canada was a benign rearranging of the cultures; adventurers came, treaties were signed and hello, 150 years.

I had thought of Indigenous people as a scattered group of what are called “tribals” in India or the orang asli in Malaysia — people of a bygone era, living on their own remote lands, untouched by modernity.

What I have learned is they have more in common with us, the millions from colonized lands who have known and felt the tragedies that the colonizers wrought on our people, reading stories and hearing them from the mouths of our parents and grandparents.

This revelation of contemporary colonialism feels like the pages from my history books have come alive, challenging me to participate now, giving me a chance to take sides this time, connecting me to the people who were once mistaken for my forefathers. This brought about a seismic shift in my understanding of where I, now a “non-white,” was situated in the social and racial landscape; if I was once white, by attitude, I was once native, too, in fact.

The pain of Indigenous and Black people doesn’t exist for my learning or betterment; only mine does. I cannot burden others to educate me. So I try to listen with an open heart and do my job, to make uncomfortable those liberal-minded Canadians whom I know to otherwise nurture a deep sense of fairness and civic duty, but whose privilege shields them from facing this morally unsustainable treatment of people.

Read more: You don't have to hate police to agree with BLM: Paradkar

When I celebrate Canada 150 it will be not for what has been accomplished but for the promise of its potential to lead the world to equity.

Here I am then, once again, poking holes in deeply rooted ideas, questioning traditions about people’s place in society, this time in Canada.

I have found my feet.

I am home.

Shree Paradkar tackles issues of race and gender. You can follow her @shreeparadkar

          Veckans hand: Vansinnet har inga gränser   

”Poker Night in America” försöker ta oss tillbaka till de gamla goda tiderna när TV-shower som ”High Stakes Poker” och ”Poker After Dark” stod på schemat.

Den håller såklart inte riktigt samma klass, men det är fortfarande en underhållande serie.

Fjärde säsongen innehåller spelare som Phil Hellmuth, Phil Laak, Cate Hall och förre världsmästaren Joe McKeehan.

En av de mest minnesvärda händerna spelades dock inte mellan någon av dem, utan mellan Alec Torelli och Blake Bohn.

Från flopp till river

Vi hoppar in i ett cashgame där blindsen ligger på $25/$50. De effektiva stackarna är mycket djupa. Båda har runt $30,000 (600bb).

Vår hjälte den här veckan är Alec Torelli som sitter i small blind med:


Actionen startar med att Asher Conniff höjer till $175, Blake John återhöjer till $375 och Phil Laak synar från knappen.

Torelli väljer att 4-betta till $1,500. Conniff foldar snabbt, men Bohn 5-bettar till $3,375. Laak foldar och Torelli synar.

Det ligger $7,750 i potten och de effektiva stackarna är $25,000 när floppen faller:


Torelli checkar, Bohn bettar $3,500 och Torelli synar. Det ligger nu $14,750 i potten och de effektiva stackarna är fortfarande över $20k.

På turn kommer:


Båda spelarna checkar och dealern lägger ut rivern:


Torelli leder ut med ett bet på $10,500. Both tänker ett tag innan han foldar:


Vilket var den bästa handen, men istället gled potten på $25k över till Alec Torelli.

Kolla på videon nedan för att se hur handen utspelade sig, den börjar vid minut 15.


Den här handen är otroligt intressant ur flera aspekter, och vi tänkte analysera den genom att kolla på de mest centrala spotsen.

Blake Bohn
Djärvt spelat av Bohn

Det är viktigt att nämna att Bohn spelade väldigt löst den här kvällen. Han 3-bettade med en vid range för att sätta press på sina motståndare.

Låt oss kolla på pre-flop spelet först, det är en kanonad av bets redan innan några kort lagts ut.

Asher Conniff öppnar med A-Qs, och hans granne Bohn 3-bettar omedelbart.

Bohn har 8 7. Det är en fin spekulativ hand, men han sitter i mittenposition, vilket inte är optimalt.

Han kan bara slänga handen här, men tar man hänsyn till hur djupa stackar spelarna har är det helt okej att återhöja en sådan hand. Den har dugliga chanser att utvecklas till ett monster och den är väl gömd.

Laak gör en löjligt lös syn med T-2s, och Torelli väljer att 4-betta med A-Qo från small blind. Hade det här varit ett ”vanligt” bord hade han kanske lagt A-Qo, men det här bordet är så löst att chanserna är goda att han har den bästa handen.

En återhöjning är det bästa valet, synar Torelli bjuder han in Conniff att squeeza. Istället hittar Conniff sig själv på fel ände om squeezen.

Standard på floppen

Helt väntat lägger sig Conniff, men Bohn vill inte ge sig ännu, så han 5-bettar till $3,375.

Alec Torelli
Torelli har pluggat sina ranges

Hade Laak inte suttit i position på honom hade han kanske synat, men nu vill han försäkra sig om att spela i position eller ta hem handen pre-flop.

Laak kastar sin hand. Torelli är däremot inte redo att slänga A-Q. Handen kan med enkelhet vara dominerad av A-K, A-A och K-K, så det betyder att Torelli vet om ett par viktiga detaljer.

Bohn är den spelartypen som kan återhöja med en mycket vidare range än A-A, K-K, Q-Q och A-K. Han kan stjäla potten ur position.

När Torelli synar landar floppen torra 9-3-3. Den hjälper ingen av spelarnas range. Bohns c-bet och Torellis syn är standard i den här spoten – Speciellt när Torelli får pottodds på 3 till 1.

Intressant turn och river

Det är på turn det blir riktigt intressant då Bohn träffar sin sjua och tar ledningen över händer som A-K och A-Q.

Blake Bohn turn
Borde fortsatt på turn

Han vet dock om att Torellis range är stark och innehåller många höga par efter floppsynen.

Därför hade det varit en bra idé att betta runt $5,000 på turn och sedan checkat bakom på river för att komma till showdown billigt.

När rivern blankar ser Torelli sin chans att bluffa. Hans motståndare visade svaghet på turn och cappade därmed sin range.

Torelli behöver bestämma om han vill försöka få mer värde ur eventuella bluffar eller försöka få en bättre hand som en nia eller A-K att folda.

Ett bet är förmodligen det bästa valet, då Bohn nästan aldrig har en stark hand, men han kan ändå lägga en hand som är bättre än Torellis.

Varför synar inte Bohn?

Rivern visar problemet som Bohns spel orsakar – han når dit med ett mellanpar, hans motståndare visar aggressivitet, och helt plötsligt har Bohn ingen aning vad han ska göra.

Alec Torelli bluff
Torelli visar klass

Men med tanke på hur glasklar Torellis range är så borde synen vara uppenbar.

Bohns equity mot A-A, T-T, A-K och A-Q är 51,6 %. Han är alltså före 32 av 62 gånger – om Torelli har exakt den här rangen.


Blake Bohn är djärv före floppen, men på river vågar han inte löpa hela linan ut.

Alec Torelli och andra sidan gör en smart bluff med en av sina sämre händer i rangen, och det betalar av sig. 


          LibVibe - 21 February 2008   
Click to listen to the seven minute newscast, anytime.
  • Pay equity dispute leads to lockout. Representatives of both sides talk with LibVibe.
  • ULC president tells LibVibe - and you - about his new report on services for immigrants.
Stories reported:
Library workers locked out (interviews, 1, 2, 3); LSSI begins labor talks; Welcome Stranger: Public Libraries Build the Global Village (interview, report); As economy struggles, more people rely on libraries; Library buys queen's death warrant (1, 2).

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own podcast/'radio programs' there.
Reach people with professional, listenable
content. Contact us to learn more.

          Grant Williams: Get Out of Equities Before Boomers Are Forced To Sell Them   

Authored by Stephen McBride via,

Last year, the first baby boomers turned 70 and that spells trouble for investors.

Speaking at the Mauldin Economics Strategic Investment Conference, Grant Williams, Co-Founder of RealVision TV, warned investors about the wave of forced selling by millions of retirees and the impact it will have on their portfolios.

Equities Make Up 70% of Boomers’ Portfolios

“Boomers are the largest generation in history to retire, and they’re doing so right now.”

In fact, according to Pew Research, 1.5 million Americans turned 70 last year and will do so every year for the next 15 years.

“When Boomers are retiring in their millions, they have 70% of their portfolios in equities… at a point in time when we are due a recession,” pointed out Grant Williams.


“And in recession, bad things happen… the average stock market drawdown in recession since 1980 is 37%.”

Just $136,000 Saved for Retirement

While boomers have their biggest allocation to equities they’ve ever had, Williams says the numbers don’t look good for them: “The reality is they don’t have enough money to retire.”

“According to BlackRock, the average Boomer has only $136,000 saved for retirement. Even with return assumptions fixed at 7%, when they’re more like 2%, you are talking an income of $9,000 a year… that’s $36,000 shy of the ideal retirement income,” adds Williams.

As such, boomers will be forced to look for income elsewhere. In the not-so-distant past, that has come from bonds.

As the below chart shows, once you hit the age of 65, you go through the most profound asset class shift since your 30s. You trim your equity positions and raise your bond exposure to lower the risk.

Source: Haver Analytics, Gluskin Sheff

However, with today’s yields, bonds won’t provide the needed income.

Even if boomers decide to stick to equities for higher yields, there’s another reason they will be forced to divest their equity holdings—one they have little choice in.

Forced to Sell 5% of Their Portfolios Every Year

Due to IRS mandatory minimum drawdown laws for retirement plans like IRAs and 401(k)s, when you turn 70 ½, you are forced to withdraw at least 5% of the value of the plan each year.

Williams thinks it will have profound implications: “Boomers started turning 70 ½ in April, this is a real problem and people don’t understand the ramifications of it.”

This forced selling will flood the market with billions worth of equities, which will push down prices.

Given that 15 million retirees will be forced to divest their equity holdings over the next decade, Grant has some thoughts on what investors like you and me should be doing today:

“Get out of equities. You might think you’re a wealthy guy… but if you have 70% of your portfolio in equities and you take a 40% haircut, you’re not a wealthy guy anymore.”

What Does This Mean for the US Economy?

For Grant’s thoughts on what the retirement crisis means for the US economy, big demographic trends, and more—watch the full interview below.

          Pensions Timebomb In America – "Global Crisis” Cometh   

Pensions Timebomb - Pensions "Are Going To Be A National Crisis"

- America’s underfunded pension system is “not a distant concern but a system already in crisis”...

- Tax may explode as governments seek to bail out insolvent pension plans

- Illinois, California, New Jersey, Connecticut, Massachusetts, Kentucky and eight other states vulnerable

- The simple mathematical mismatch at the heart of the pension crisis...

- Why the pension crisis really is “America’s silent crisis”...

- Pensions timebomb confronts Ireland, UK and most EU countries

By Brian Maher, Managing editor, The Daily Reckoning

"This is going to be a national crisis..."

“This” being America’s woefully underfunded pension liabilities, according to Karen Friedman. She’s the executive vice president of the Pension Rights Center.

(A place called the Pension Rights Center does in fact exist. We checked.)

MarketWatch columnist Jeff Reeves howls in confirmation that “collapsing pensions will fuel America’s next financial crisis.”

“This is not a distant concern,” warns he, “but a system already in crisis.”

According to data supplied by the Federal Reserve, pensions — public and private combined — were roughly 27% underfunded at the end of last year.

By some estimates, America’s public pensions alone are sunk in a $6 trillion abyss.

The issue, approached from any direction, is an impossible knot… a tar pit… a minotaur’s maze of blind alleys and dead ends.

How has the American pension come to such an estate?

Most public pension systems were built upon the sunny assumption that their investments will yield a handsome 7.5% annual return.

But consider…

The average public pension plan returned just 1.5% last year.

Last year marked the second consecutive year that plans undershot the 7.5% return rate, according to Governing magazine.

The same plans worked an average gain of 2–4% in 2015.

A highly technical term describes the foregoing if it goes on long enough... and we apologize if it sends you to the dictionary:


Briefly turn your attention to the Golden State, for example. California.

State pensions are only in funds to meet 65% of their promised benefits.

And California pins its hopes on that golden annual 7.5% return to make the shortage good.

But it’s in a devil of a fine fix if the average public pension plan only returns 1.5%.

The math is the math.

California essentially depends on returns 400% above the norm, according to financial analyst Larry Edelson.

But California is by no means alone.

We won’t run the entire roll call of shame.

But the great state of Illinois, for one, risks sinking into a $130 billion "death spiral" from its unfunded pension liabilities, as Ted Dabrowski of the Illinois Policy Institute described it.

S&P Global Ratings has even threatened to downgrade the state's credit score to "junk" status.

New Jersey, Connecticut, Massachusetts and Kentucky are also among the worst deadbeats.

But the problems run from ocean to ocean and south to north.

A report from Moody’s reads thus:

For many states and municipalities, exposure to unfunded pension liabilities is already at or near all-time highs. Since cost burdens are already expected to further increase, pension fund investment performance is critical for the credit quality of many governments.

Not even a "best case" cumulative 25% investment return on public pension plans would stanch the blood flow, according to Moody’s.

They say that best-case 25% would merely reduce pension liabilities a slender 1% through 2019 due to weak contributions and poor past investment returns.

“But I don’t have a pension,” comes your response. “This doesn’t concern me.”

Ah, but have another guess — at least if you swear off your taxes in these United States.

Is it your belief that governments will let their prized public pension plans flop?

There are votes to consider, after all.

Jilted pensioners are capable of generating a good deal of hullabaloo, hullabaloo to which the official ear is exquisitely attuned.

Besides, do you think kind Uncle Samuel will turn the politically strategic states of California and Illinois out on their ears?

As our resident income specialist Zach Scheidt argues:

Your tax bill could explode as governments around the country seek to bail out insolvent pension plans. And you know how much politicians like to use your tax money to bail out some constituent. They like to prove their “compassion” with your money!

“Expect to pay higher state and local taxes for fewer services in the years to come,” adds Larry Edelson, before mentioned.


“Don’t be surprised if authorities of all shapes and sizes — from local governments to national agencies — up the ante to get ahold of your assets any way they can.”

We would have to agree. You shouldn’t be surprised in the least.

And we can scarcely imagine the holy hell that would follow another financial crisis.

Illinois Gov. Bruce Rauner warns the state’s pension crisis is driving his beloved Land of Lincoln into "banana republic" territory.

But we suspect the good governor’s mouth ran away with him here...

Can you imagine comparing the venerable, eminently worthy banana republic... to Illinois?

The pension crisis is truly “America’s silent crisis” and indeed the world's silent crisis.

From The Daily Reckoning newsletter

Related Content

85% of Pension Funds Will Go Bust Within 30 Years

Pensions Timebomb in “Slow Motion Detonation” In U.S., EU and Internationally

Investing in Gold In Your Individual Retirement Account (IRA)

News and Commentary

Gold steady on easing dollar, stocks amid hawkish central banks (Reuters)

Technology Shares Lead Stock Rebound; Oil Gains: Markets Wrap (Bloomberg)

Nikkei dives under 20,000 as Asian markets sharply pull back (Marketwatch)

Tech Spoils Bank Party as Stocks, Dollar Slide: Markets Wrap (Bloomberg)

The Yellowstone Supervolcano Has Just Seen 878 Earthquakes in Two Weeks (Science Alert)

Source: Cape Shiller via ZeroHedge

Source: Cape Shiller via ZeroHedge

Robert Shiller: "The Index I Invented Is At Levels Last Seen In 1929 And 2000" (Zerohedge)

How owning a home in Britain became a luxury (Moneyweek)

Petrodollar wars - Gold in your custody cannot be hacked, erased, or frozen (Zerohedge)

Should you own bitcoin or gold?  That’s easy (SCH)

Lessons from ten of the greatest trades of all time (Moneyweek)

Gold Prices (LBMA AM)

30 Jun: USD 1,243.25, GBP 957.43 & EUR 1,090.83 per ounce
29 Jun: USD 1,246.60, GBP 959.88 & EUR 1,093.14 per ounce
28 Jun: USD 1,251.60, GBP 976.25 & EUR 1,101.91 per ounce
27 Jun: USD 1,250.40, GBP 980.31 & EUR 1,111.36 per ounce
26 Jun: USD 1,240.85, GBP 975.56 & EUR 1,109.32 per ounce
23 Jun: USD 1,256.30, GBP 987.70 & EUR 1,125.27 per ounce
22 Jun: USD 1,251.40, GBP 988.36 & EUR 1,120.13 per ounce

Silver Prices (LBMA)

Silver Prices (LBMA)

30 Jun: USD 16.47, GBP 12.69 & EUR 14.44 per ounce
29 Jun: USD 16.83, GBP 12.98 & EUR 14.76 per ounce
28 Jun: USD 16.78, GBP 13.08 & EUR 14.78 per ounce
27 Jun: USD 16.66, GBP 13.07 & EUR 14.79 per ounce
26 Jun: USD 16.53, GBP 12.98 & EUR 14.79 per ounce
23 Jun: USD 16.71, GBP 13.12 & EUR 14.97 per ounce
22 Jun: USD 16.58, GBP 13.09 & EUR 14.85 per ounce

Recent Market Updates

- London Property Bubble Bursting? UK In Unchartered Territory On Brexit and Election Mess
- Shrinkflation – Real Inflation Much Higher Than Reported
- Goldman, Citi Turn Positive On Gold – Despite “Mysterious” Flash Crash
- Worst Crash In Our Lifetime Coming – Jim Rogers
- Go for Gold – Win a beautiful Gold Sovereign coin
- Only Gold Lasts Forever
- Your Future Wealth Depends on what You Decide to Keep and Invest in Now
- Inflation is no longer in stealth mode
- James Rickards: Gold Will Start Heading Higher On “Dwindling” Supply
- Billionaires Invest In Gold
- Brexit and UK election impact UK housing
- In Gold we Trust: Must See Gold Charts and Research
- Pension Funds, Sovereign Wealth Funds, Central Banks “Stock Up” on Gold “Amid Uncertainty”

Important Guides

For your perusal, below are our most popular guides in 2017:

Essential Guide To Storing Gold In Switzerland

Essential Guide To Storing Gold In Singapore

Essential Guide to Tax Free Gold Sovereigns (UK)

Please share our research with family, friends and colleagues who you think would benefit from being informed by it.

          Digital platform for employee benefits Zeta invests in human capital management company ZingHR   

ZingHR’s hire-to-retire modules encompass all facets of an employee life cycle right from hiring, onboarding, time & attendance, expense claims, payroll, compliance to performance management Mumbai-based digitised employee benefits solutions company Zeta has made an equity investment in cloud-based human capital management services startup ZingHR. ZingHR will now offer its clients Zeta’s digital employee benefits solutions, such as […]

The post Digital platform for employee benefits Zeta invests in human capital management company ZingHR appeared first on e27.

          With 7-figure equity funding, aureso accelerates toward growth for its automotive-focussed CRM platform   

aureso’s bespoke CRM platform for the automotive industry aims to help dealers sell more cars; The funding will help the company expand its team and grow its operations across the region Singapore-based automitive SaaS startup aureso has announced closing a pre-series A round led by 500 Startups and Wavemaker Partners. The total amount of the […]

The post With 7-figure equity funding, aureso accelerates toward growth for its automotive-focussed CRM platform appeared first on e27.

          Medical District Campaigns to End Pedestrian Fatalities   
The Memphis Medical District Collaborative (MMDC) launched a "vision zero" campaign this week that aims to completely eliminate pedestrian fatalities in the Medical District by 2020.

Similar to other vision zero initiatives across the country, the Be Aware campaign, which is the first of its kind in the Mid-South, is built on five core principles: engineering, education, engagement, enforcement, and equity.

Program associate of MMDC Larissa Thompson says of all the core principles, equity is the most important.

“Equity is an overriding principle that informs all of our decisions about this work,” Thompson said. “We know that the pedestrians in Memphis who are at the greatest risk are mostly people of color and particularly young people.”

The Be Aware campaign comes as response to Memphis being named the ninth most dangerous metropolitan area in the county for pedestrians in a report done last year by Smart Growth America.

"Pedestrian safety is integral to creating a walkable and dynamic district,” MMDC program director Abby Miller said. “We want to create a culture here that reminds us that everyone walks at some point in his or her day. Protecting pedestrians is an issue that affects everyone and the solution will need to include everyone.”


All In Til It Drops, Forget All Warnings; The Ultimate High Risk Game

By: Doug Wakefield

I have not posted to the blog recently since week by week equity markets continue to reflect "perfect calm". Don't get me wrong, banana peels and trends are building that could shift the landscape quickly.

Yet today, what we are watching is not only "perfection" in the S&P 500 and Dow, but in South Korea's Kospi Index, India's Nifty 50, and in Argentina's MelVal Index.

Do global headlines support a time of world peace and booming economic prosperity worldwide? Do they support a "perfect calm" in global stocks?

Think with me. Don't fall asleep from the continued drone of algorithmic calm.

Look at these four charts, developed by UBS and Citigroup found in two recent articles on Zero Hedge.

The Global Credit Impulse

Credit growth has fallen off a cliff. The "perfect" stock market view is not supported by "perfect" credit growth.

Is the solution even MORE debt? The Keynesian central bankers seem determined to outrun the largest stock bubble on record by printing their way out of this conundrum.

Central Banks Buy 1.5 Trillion in Assets YTD, ValueWalk, June 10, 2017

After 8 years and over 12 trillion in asset purchases between 2009 and 2016, central banking actions continue telling the crowd, "we have your back". Yet the reality of 2000-2002 and 2007-2009 make it clear there is no such thing as a permanent bailout.

These charts by Citigroup make it clear that the era of the "assisted" stock investor is facing the reality of a severe credit contraction.

Central Banks' Response to Lack of Inflation
Credit Fuelled Asset Price Inflation
China House Prices and European Equities

There is no "the market feels"; only "the computers reacted". Without someone's computers preset to trade at specific technical lines over and over again, the "perfect calm" would not exist. A crowd of humans worldwide could never be this precise.

June 9th was a yet another major warning to global equity investors. Ignoring so many fundamental and technical warnings is only increasing more system-wide risk. When the patterns change due to extreme crowding, the big shift will not present investors with much time to mentally and financially adjust.

G3 Central Bank Balance Sheet

For 6 weeks I have been adding to my longest newsletter since starting The Investor's Mind in 2006.

It is called "Ten 'Little' Dominoes". We finished domino #8 last week, with #9 being released next week. Click here to join those reading The Investor's Mind as we monitor these world trends, and seek to prepare for what lies ahead, rather than hope in more "assistance",

Dow Weekly Chart

          O, O, O,IT´S MAGIC / SEEKING ALPHA   

O, O, O, It's Magic

by: Brad Thomas

- All triple-net REITs grow earnings by utilizing spread investing.

- The higher the multiple, the lower the costs of capital, and that translates into BIGGER MARGINS.

- The low cost of capital (high equity multiple) is the most important competitive advantage in the net lease industry.

This article is one in a sequence of articles that I refer to as “If I Had To Own Just One REIT” series. As you may recall, I recently wrote on the Healthcare REIT sector and I selected Ventas, Inc. (VTR) as my top pick. I summed up my BUY recommendation as follows:
VTR is my favorite Healthcare REIT and one of the best managed REITs overall. While I don't consider the shares anywhere near bargain-pricing levels, I consider the stock soundly valued and worthy of an entry position. For a deep value investor, I would wait on a pullback, but I have no problem recommending shares at the current price point.
I also wrote on the Shopping Center REIT sector and I explained that “after surveying the list of vetted retail REITs and considering which of the companies are worthy of ownership, I find Retail Opportunity Investments Corp. (ROIC) one of the best REITs to own.”
Given the more recent news and powerfully disruptive force in the retail sector – Amazon (AMZN), it’s critical that investors focus on QUALITY. As I explained in a recent Forbes article,
The best quality real estate with the highest sales productivity should thrive as successful retailers want to drive sales and inventory turnover..., Amazon is recognizing that to build a successful mousetrap, the blueprint must include REAL ESTATE.
In other words, it’s now more critical than ever to own Retail REITs that have the highest quality assets. There is no reason to be cute, hoping to capture outsized returns by investing a REIT like Spirit Realty (SRC) that leases to Shopko and formerly invested in a struggling grocer, Hagen. I summarized my thoughts in a recent article,
The cream always rises to the top, and today REIT investors have an opportunity to pick up shares in a stalwart REIT that has a superior low cost of capital advantage. It’s critical to always examine the underlying revenue generators of a REIT and remember that “quality is not free.
Now it’s time to continue the “If I Had To Own Just One REIT” series and today I’m writing on the Net Lease REIT sector. I’m sure you already know the company but in case you don’t here’s a clue…. O, O, O, It’s Magic.
The Basic Net Lease REIT Overview
Before I start on the discussion of Realty Income (O), let’s begin with a general overview of the Net Lease REIT sector. Net Lease REITs are different from Shopping Center REITs because their lease structure and growth drivers support a predictable revenue stream relative to other forms of retail real estate. This snapshot below compares Realty Income (and Net Lease REITs) with Shopping Center/Mall REITs:
One of the most important differentiators for Net Lease REITs is that they drive growth through acquisitions. When is the last time you saw a Mall REIT acquire a Mall? Net Lease REITs like Realty Income have a large pool to fish in – the sector is highly fragmented and there are opportunities to invest in practically every state in the U.S. (Realty Income owns properties in 49 states).
Here is a snapshot comparing Realty Income’s market capitalization with the Net Lease REIT peers:
Over the years, Realty Income has evolved into a massive Net Lease REIT with 4,980 properties located in 49 states and Puerto Rico. As you can see below, the company has a highly diversified portfolio spanning 49 states (not in HI):
It’s hard to fathom how much Realty Income has grown over the years, from one Taco Bell site to over 4,900 properties. The company now has incredible scale, well diversified by tenant, industry, geography, and to a certain extent, property type.
No tenant represents more than 6.8% of revenue as Realty Income has 250 commercial tenants, 45% are investment-grade rated (including 9 of the top 20 tenants):
As you can see, Whole Foods is not on the list of Top 20 tenants. During the first quarter, Realty Income added Kroger (NYSE:KR) to its top 20 tenants, representing 1.2% of annualized rental revenue. But more importantly, the top 15 tenants represent higher quality credit, less cyclical industries and greater diversification vs. 2009:
No industry represents more than 11.1% of rent and the company has considerable exposure to defensive industries: Top 10 industries represent strong diversification, significant exposure to non-discretionary, low price point, service-oriented industries:
Realty Income’s roots are in retail with growing exposure to mission-critical industrial properties:
Realty Income’s management team is highly experienced at sourcing deals and when the company invests in retail it seeks strong unit-level cash flow coverage (specific to each industry). The company seeks tenants with service, non-discretionary and/or low price point components to their business with favorable sales and demographic trends.
Keep in mind, there have been 13 retail bankruptcies in 2017 and 12 of them were related to apparel, electronics, and general merchandise. Realty Income has little exposure to these categories: 5 apparel BKs and O has 1.8% of ABR in apparel, 3 sporting goods BKs and O has 1.3% of ABR in sporting goods, and O has .30% exposure in electronics, 1.7% in general merchandise, and just .65% exposure in shoes (i.e. Payless BK).
Also, Realty Income has 3.67% exposure (based on ABR) to the grocery sector. The company has Wal-Mart and Kroger as Top 10 tenants. As I said earlier, it’s critical to invest in quality retail and that means avoid REITs that have exposure to weaker chains like Shopko (i.e. SRC) and Bi-Lo (i.e. WHLR).

What about Rite Aid (RAD)?
Of all of Realty Income’s tenants, Rite Aid is, in my opinion, the biggest watch list candidate. There is doubt regarding the Walgreen merger and RAD is highly leveraged (rated B by S&P). Realty Income has 69 RAD stores but I don’t consider this dire news given the fact that Realty Income has cherry-picked the real estate and the pharmacy sector is growing.
Who knows, maybe the RAD leases become Amazon leases… I’ll save that article for another day…
Realty Income remains comfortable with the momentum in the drugstore industry and continues to view the exposure favorably given the industry’s attractive demographic tailwinds, non-discretionary nature and continued growth from in-store pharmacy pickup.
Additionally, Walgreens and CVS (the top two drugstore tenants) have generated 15 consecutive quarters of positive same-store pharmacy sales growth.
Most importantly, over 90% of Realty Income’s retail portfolio has service, non-discretionary and/or low price point components. The Non-Retail-focused investments are Fortune 1000, primarily investment-grade rated companies.
The Magic Starts Right Here
All triple-net REITs grow earnings by utilizing spread investing; this simple formula is described as follows:
Cap Rate - Cost of Capital = Spread
By using this example, assume a triple-net REIT acquires standalone buildings at a 7% cap rate, and then, after subtracting the cost of capital (~5%), arrives at a spread (that's the profit margin) of ~2% (or 200 bps).
Over the years, I have been reading many articles on Seeking Alpha and other investing websites, and I'm amazed that most analysts miss the "most important thing" when it comes to net lease investing:
The Low Cost of Capital Advantage.
Let's consider the equity details related to spread investing.
To arrive at the earnings yield, one must divide the P/FFO ratio into 100. For example, a P/FFO of 21x divided by 100 is a 4.7% earnings yield. Since assuming Wall Street charges around 6.5% for equity, the earnings yield after issuance costs is .935 (100% - 6.5% = 93.5%).
So, the Nominal Cost of Equity is arrived at by dividing the 4.7% earnings yield by .935, or 5%.
With a 7% cap rate (on a purchase), the 5% NCE is equal to 2.0%. Thus, on a $100 million investment, there is $2 million in new profits for all shareholders. The same thing at 25x P/FFO equals a 4.27% NCE that translates into around $2.73 million (in profits) on a $100 million acquisition.
So, very simply, the higher the multiple, the lower the costs of capital, and that translates into BIGGER MARGINS.
AFFO yield = Annualized 2017 estimated AFFO ($3.06) divided by $56.67 stock price = 5.39%
Estimated cost of 10-year debt = 3.60%
Nominal Cost of Free Cash Flow = 0%
66% equity = 5.39% * (0.66) = 3.56%
34% debt = 3.60% * (.33) = 1.22%
WACC = 3.56% +1.22% = 4.78%
(In reality, it's actually lower than that, because O uses free cash flow instead of equity. Cash has a 0% nominal cost.)
Realty Income’s investment spreads relative to its weighted average cost of capital remained healthy in the first quarter, averaging 170 bps, which were well above the historical averages. Realty Income defined investment spreads as initial cash yield less the nominal first year weighted average cost of capital.
As illustrated below, the low cost of capital (high equity multiple) is the most important competitive advantage in the net lease industry:
Low cost of capital allows Realty Income to acquire the highest quality assets and leases in the net lease industry:
Realty Income avoids lease structures with above-market rents, which can often inflate initial cap rates:
Assuming identical real estate portfolio, consider two different lease structure scenarios...
Realty Income’s cost of capital advantage drives ability to source, fund, close on accretive M&A deals, like the ARCT transaction that closed in 2013:
Large, diversified portfolio offers capacity to absorb co-mingled portfolio opportunities, like the Inland portfolio that closed in 2014:
Realty Income’s property diversification, cost of capital, and willingness to acquire $250mm+ transactions with diverse property types provides unique growth opportunities in addition to traditional single-asset or retail sale-leaseback pipeline.
The Fortress Balance Sheet
In the first quarter, Realty Income issued approximately $800 million in common equity at an average price to investors of approximately $62 per share (trading at $53.76 now).
Realty Income has the highest credit rating in the net lease sector, the company issued $700 million in fixed rate unsecured debt with a weighted average term of 18.3 years and a yield of 4.1%.
The company’s credit spreads remain among the lowest in the REIT industry and leverage continues to decline with net debt to total market cap of approximately 26% and debt to EBITDA of approximately 5.5x. Realty Income currently has approximately $1.5 billion available on its $2 billion line of credit. This provides ample liquidity and flexibility as the company continues to grow.
The company is rated BBB+ by all three major rating agencies (Moody's, S&P, and Fitch), and is likely to become an A- rated REIT soon. Key metrics include: 93% fixed-rate debt, weighted average rate of 4.15% on debt, staggered maturities (8.1 year on average), and ample liquidity ($1.68 available on revolver (L+90bps) with $120 million (annually) of free cash flow.
O, O, O, It’s Magic
What company would copyright the name, “the monthly dividend company” if they did not intend to generate reliable monthly dividends?
As you can see, Realty Income has had Zero dividend cuts in 22 years as a public company:
The “Magic” of Rising Dividends: Yield on Cost, Dividend Payback long term, yield-oriented investors have been rewarded with consistent income. There are potential benefits to investing long term in a company that regularly increases its dividend. The longer you hold your shares, the higher the yield you will receive on your original investment, assuming dividends increase over time. Additionally, the compounding of reinvested dividends could generate increased investment returns over time.
Investors who have elected to reinvest their dividends have enjoyed the following returns over time (as of 3/31/2017):
Buy, Sell, or Hold?
Keep in mind, Realty Income’s share price (of $72.00) is down considerably over the last 11 months.
The dividend yield has compressed by 230 bps, representing a cushion for investors (Note: I had a “Trim” on shares at $72.00).
Let’s examine Realty Income’s dividend yield, compared with the peers:
Now let’s examine the AFFO Payout Ratio:
Realty Income's Payout Ratio is higher than most peers, but the company does not have considerable office exposure and the quality of the income stream justifies the low 80% ratio. Now let’s examine the P/FFO multiple:
As you see, Realty Income trades at the highest P/FFO multiple in the Net Lease REIT sector, but that does not mean shares are expensive. I would argue that shares are now “soundly” valued and that the premium valuation (relative to the peers) is warranted based on management’s skillful strategy for managing risk. Obviously, I would encourage investors to buy Realty Income if the price drops, but I consider fundamentals sound and I’m maintaining my BUY recommendation.
Although the Amazon/Whole Foods deal was a surprise last week, it should be no surprise that Realty Income has been able to successfully manage risk for more than two decades. The fact that Amazon is betting on brick and mortar serves to validate the argument that real estate is an essential asset class for delivering goods and Realty Income remains in an enviable position to be the dominant Net Lease consolidator.
In conclusion, if I had to buy just one Net Lease REIT, it would be Realty Income... O, O, O, it's magic!
AFFO per Share Forecaster (powered by FAST Graphs):
Author's note: Join me at the DIY Investor Summit where I share detailed tips on my core investment strategies, top advice for DIY investors, and specific ways I'm positioning for the second half of 2017.
Brad Thomas is a Wall Street writer, and that means he is not always right with his predictions or recommendations. That also applies to his grammar. Please excuse any typos, and be assured that he will do his best to correct any errors, if they are overlooked.
Finally, this article is free, and the sole purpose for writing it is to assist with research, while also providing a forum for second-level thinking. If you have not followed him, please take five seconds and click his name above (top of the page).
Sources: FAST Graph and O Investor Presentation.


Argentina’s 100-year bond cannot defy EM playbook forever

If the Fed is proved right on growth and inflation, then EM assets are likely to suffer

by: Jonathan Wheatley

Gauchos: saddle up. Argentina, one of the world’s most notorious serial defaulters, came to market on Monday with a 100-year sovereign bond, and investors snapped it up with all the macho bravado of the legendary horsemen of the pampas.

Really? A dollar-denominated bond that pays back 100 years from now, from a junk-rated country that has barely managed to stay solvent for more than half that time in its entire history as a creditor?

While there is certainly an investment case for taking part, several analysts warn that this issue is a classic sign of a market getting ahead of itself.

The point, though, is not the 100 years. The complexities of bond maths mean that, once maturities go beyond 30 years, the investment case barely changes. Barring default, with a yield of nearly 8 per cent, the bond will repay investors in full in about 12 years, all else (such as inflation) being equal — and that’s leaving aside its resale value. Many investors will have much shorter horizons.
In a world starved of yield, the 7.91 per cent on offer proved to be quite a pull and the bond attracted orders of $9.75bn for the $2.75bn issued. “People are looking out over the next 12 to 24 months and see a pretty positive outlook [for Argentina],” says David Robbins, head of emerging markets at TCW in New York. “Duration in high yield is something they are more comfortable with.” Argentina, he notes, is in effect selling equity in its economic recovery.

With so much else priced to perfection on global markets, this may seem to go with the territory. But others warn that we have been here before.

Sérgio Trigo Paz, head of emerging market fixed income portfolio management at BlackRock, says the rationale and the pricing are all good. But, he adds: “When you put it into perspective, it gives you a sense of déjà vu.”

Argentina’s is not the only noteworthy sale this week. Russia reportedly attracted demand of more than $6bn for 10-year and 30-year eurobonds expected to be priced later on Tuesday at yields of about 4.25 per cent and 5.25 per cent respectively.

This is happening just as the US Federal Reserve has embarked on “quantitative tightening”, raising interest rates last week for the second time this year and preparing markets for an announcement on how it will begin shrinking its supersized balance sheet later in the year.

It is not hard to see parallels between today and 2013, when the Fed announced the approaching end of quantitative easing just as investors were piling with enthusiasm into a series of high-profile eurobond issues by African governments. Some of those went badly wrong as investors fled emerging markets in the subsequent “taper tantrum”.

Investors may feel Argentina is less vulnerable this year to the dangers of “original sin” — issuing debt in dollars that must be serviced from revenues in your own, potentially weakening currency.

Last year’s dollar strength has faded and the peso has weakened against it by only about 1.5 per cent this year.

While a repeat of the taper tantrum is not expected, Mr Trigo Paz is among those warning that we are nevertheless at an inflection point.

He sees two scenarios. In one, the Fed is right about inflation and rates will continue to rise.

This would turn the Argentine bond into “a bad experience”. In the other, markets are right, US inflation and payrolls will disappoint and we will be back in a low rate environment, which will be good for the bonds — until deflation rears its head again, hurting the Argentine economy and its ability to pay.

In the meantime, he says, there is a “Goldilocks” middle ground in which investors can suck up an 8 per cent coupon. Beyond that: “It doesn’t look good either way — which is why you get an inflection point.”

Jim Barrineau, co-head of EM debt at Schroders, agrees. “Issuance like this will be the most volatile when the market cracks,” he says. “You do well until you don’t.”

At bottom, the question is whether the strong flows into EM assets this year, more than $35bn into EM bond funds alone, will continue to cushion investors from upsets down the road. It may be that the sheer quantity of money in search of yield will overpower events.

“You’re getting a ton of inflows, including passive inflows, compression of yields and compression of default risk,” says Mr Barrineau. “And people need to put money to work.”

However, he added: “History shows in EM that this type of environment doesn’t last for ever.

“This is the type of thing that when the tide turns is just poised to underperform. We’d rather pass on issues that appear to be the product of a frothy market.”

          PETER AND THE STARCATCHER Opens 7/5 at Peninsula Players Theatre   

A magical adventure is in store for audiences at Peninsula Players Theatre when its production of "Peter and the Starcatcher" by Rick Elice ("Jersey Boys," "Addams Family") opens July 5. Based on the novel by humorist David Barry and suspense novelist Ridley Pearson, "Peter and the Starcatcher" is a grown-up's prequel to Peter Pan featuring swashbuckling pirates, mischievous mermaids, spirited seafarers, a trunk full of magic starstuff and the adventures of a nameless orphan boy and his new friend Molly. This Tony Award-winning play will light up the theatre-in-a-garden with its stardust and transport audiences to a Neverland they never knew through July 23.

Lord Aster, a Victorian English gentleman and starcatcher, and his 13-year old daughter, Molly, are at a busy port about to embark on a secret mission for the Queen. A starcatcher collects dust that falls from shooting stars, a dust that possesses incredible magical properties.

The adventure begins when the trunk is loaded onto the wrong ship and Molly, an apprentice starcatcher and the story's hero, seeks the aid of three orphan boys. The new friends are chased by Black Stache, the infamous marauding, yet well-versed villain, who seeks the stardust for his own malicious use.

"The cast of 12 plays a multitude of characters with a huge amount of zest and imagination, and tells the fabulous story of how a boy became Peter Pan and how an island became the magical Neverland," said Peninsula Players Artistic Director Greg Vinkler. "When the play ends, we are right at the beginning of the J.M. Barrie's Peter Pan adventures. This magical piece of theater is filled with a great deal of humor and delightful musical numbers. All of the sound effects are performed live on stage by two musicians playing more than 40 instruments!

"There is a distinction between theater for adults and that crafted for children. Though 'Peter and the Starcatcher' is based on a series of books written for young adults, the playful nature of the story is crafted for an adult's attention span. It is brilliantly hilarious and most age groups will enjoy it. Audiences will embark on a pirate's adventures, encounter spectacular mermaids and discover the secret to eternal youth!"

Nick Vidal and Henry McGinniss are three orphan boys begin chased by pirates in rehearsal fo Peninsula Players production of "Peter and the Starcatcher." Newcomer Matt Crowle (a Joseph Jefferson Award-winner and nominated choreographer) directs the cast of 12 featuring Matt Holzfeind as Captain Robert Falcon Scott, Emma Rosenthal as Molly and Kyle Hatley as The Neverland's vicious captain, Slank. Hatley, Holzfeind and Rosenthal were recently seen in Peninsula Players world première of "The Actuary."

Crowle's directing and choreographic credits include "Singin' in the Rain," "Crazy for You" and "White Christmas." As an actor he performed in the Broadway company of "Monty Python's Spamalot" and tap danced across the country with Tommy Tune in the national tour of "Doctor Dolittle."

Also under Crowle's direction are Peninsula Players veteran performers Harter Clingman ("Alabama Story," "The Full Monty") who portrays Black Stache's First Mate, Smee, and who is also serving as associate director of the play; Jackson Evans ("The Full Monty") is Molly's very British nanny Mrs. Bumbrake; Sean Fortunato ("Lend Me a Tenor," "Chicago") portrays the terror of the seven seas, Black Stache, who is in search of a hero worthy of his villainy; Joe Foust ("The 39 Steps," "The Game's Afoot") portrays Grempkin, the scornful schoolmaster of the lost boy's orphanage; James Rank ("A Little Night Music," "Sunday in the Park with George") is cast as Molly's father, Lord Aster. Making their Peninsula Players debut are Karl Hamilton, Dan Klarer, Henry McGinniss and Nick Vidal.

Hamilton portrays Alf, an old sea dog, and the orphan boys who befriend Molly are portrayed by Klarer (Ted), McGinniss (Peter) and Vidal (Prentiss).

Bruce Newbern ("Always...Patsy Cline," "Nunsense") is the percussionist and Valerie Maze ("The Full Monty," "Cabaret") is Musical Director and keyboardist. Newbern calls Door County home and plays guitar for Bubble and Squeak, an eclectic Irish band. Maze's credits include conductor at Drury Lane Theatre, Goodman, Chicago Shakespeare and assistant conductor at Lyric Opera of Chicago.

The artistic company and creative team has numerous regional, off-Broadway and Broadway credits.

Clingman and Vidal were castmates in the first national tour of "Peter and the Starcatcher;" Hamilton's credits include off-Broadway's "Ride the Cyclone;" Klarer, a Door County performance veteran, recently performed in "Whistling in the Dark: A Sherlock Homes Adventure" with Rockford, Illinois' Artists' Ensemble; and McGinniss recently won the Best Actor in a Principal Role - Musical at the non-Equity Joseph Jefferson Awards for his portrayal of Bat Boy/Edgar in "Bat Boy the Musical."

The creative team for this production includes regional and award-winning designers crafting the world of "Peter and the Starcatcher." The team includes scenic designer James Maronek ("A Little Night Music," "Chicago," and Broadway's "Do Black Patent Leather Shoes Really Reflect Up?"); lighting designer Emil Boulous ("The Hollow," "Alabama Story"); costume designer Kärin Simonson Kopischke, ("Alabama Story," "Dial M for Murder") sound designer Christopher Kriz ("The Actuary," "The 39 Steps") and properties designer Jesse Gaffney ("Butler," "Nunsense").

Peninsula Players works with members of the Stage Directors and Choreographers Society (SDC), United Scenic Artists (USA) and Actors' Equity Association (AEA) for its productions. Peninsula Players is a member of AEA, the union of professional actors and stage managers, and employs professional actors. Company members work in regional theaters from Los Angeles to New York and internationally, as well as in film, television and radio. Many of the directors, designers and cast members are recipients of or have been nominated for Chicago's prestigious Joseph Jefferson Award and other regional theater awards.

"Peter and the Starcatcher" had its Broadway premiere on April 15, 2012 and ran for 319 performances, winning five Tony Awards and eight Lucille Lortel Awards, which recognize excellence in New York Off-Broadway theater, as well as Obie and Drama Desk awards.

"Peter and the Starcatcher" is sponsored by a Friend of the Players and True Essence Healing Arts - Margaret and Dale West.

Join Molly and the lost boys as they battle the dashing pirate Black Stache and his crew to keep their treasure safe and save the world! Discover an island where a time table is never planned and dreams are born. Witness a nameless lad be christened Peter Pan, the boy who never grew up.

"Peter and the Starcatcher" performs Tuesdays through Saturdays at 8 p.m. and Sundays at 7:30 p.m. July 5 through July 22 with a 4 p.m. matinee Sunday, July 23. Individual ticket prices range from $38 to $44. Groups of 15 or more receive a discount. For more information or to reserve tickets phone the Peninsula Players Box Office at 920-868-3287 or visit the website at

          Vista Equity takes majority stake in California online property management payment firm   
Vista Equity Partners LLC has taken a majority stake in PayLease, an online payments and billing provider for the property management and HOA industry. PayLease, which was founded in 2003 and is based in San Diego, California, serves more than 4,500 property management companies nationwide. In a statement, PayLease officials said the cash injection from Austin-based Vista Equity will support its accelerated organic growth as well as help back potential future acquisitions. The amount of Vista Equity’s…

          ​Fintech firm with ties to Charlotte acquires marketing software company for banks, credit unions   
It's the first acquisition by the company, which offers marketing analytics software and other services to banks and credit unions, since being bought by a private equity firm last year run by former Bank of America executives.

          Regina or Saskatoon Campus - University of Regina - Regina, SK   
The University welcomes applications from all qualified individuals, including individuals within the University's employment equity categories of women,... $3,344 - $4,518 a month
From University of Regina - Thu, 29 Jun 2017 01:11:39 GMT - View all Regina, SK jobs
          McMaster U addresses gender pay gap with $3,500 raises to female faculty members   

McMaster U addresses gender pay gap by giving $3,500 raises to female faculty members. 

          General Manager - Equity Residential - Berkeley, CA   
1910 Oxford Street. Working for Equity Residential means being part of a community – employees and residents – striving to provide the best in apartment living,...
From Equity Residential - Fri, 19 May 2017 23:42:36 GMT - View all Berkeley, CA jobs
          Customer Support Assistant - Equity Residential - Berkeley, CA   
The schedule for this position is Sunday-Thursday. Working for Equity Residential means being part of a community – employees and residents – striving to...
From Equity Residential - Fri, 10 Mar 2017 01:02:47 GMT - View all Berkeley, CA jobs
          PACER Plus: In whose interests?   

The government’s pursuit of free trade agreements at any cost has now turned to some of the most unique but vulnerable societies in the world – our Pacific neighbours. The government is again pushing a trade agreement that undermines the majority of people, social equity, the environment and cultural heritage. There is another reality behind […]

The post PACER Plus: In whose interests? appeared first on Blog | Green Party of Aotearoa New Zealand.

          Comment on Adani: trouble on all fronts by James Wimberley   
What is the new capital requirement of the mine and rail line? On pages 6-7 of the paper, JQ gives it at $3.3 bn. Later (Appendix) he cites IEEFA's estimate of $5.3 bn. The page 3 sentence equates the new funding requirement with an equity charge on Adani. This assumes no commercial bank lending will be forthcoming from anybody. This is argued later, but the cross-reference is missing. The Indian press report adds the picturesque detail that both Adani and Tata have offered to sell majority equity stakes in their separate Mundra plants for 1 rupee each. "Stranding" is far too genteel an image for the Pearl Harbor destruction of value in coal going on today. Tell me, Senator Canavan: if a 4 GW power station in India, designed to burn imported coal, is worth 1 rupee (with a pair going at that price), how many rupees is a new Australian mine targeting the same market worth? Wouldn't Adani's Mundra (Tata' is designed for lignite) be a good investment for the appropriately named NAIF? Commenters please don't blame me if Canavan takes up the idea.
          US STOCKS-Wall St ending bumpy week, solid first half on high note   

* Nike shares surge after results, Amazon program

* Biotech declines hold back Nasdaq

* S&P tech sector set to post first monthly loss of year

* Indexes up: Dow 0.44 pct, S&P 0.35 pct, Nasdaq 0.21 pct(Updates to late afternoon)

By Lewis Krauskopf

June 30 (Reuters) - Major U.S. stock indexes were poised onFriday to end a volatile week on a high note, boosted by Nike'swell-received quarterly report, with the S&P 500 set to post itsbest first half of the year since 2013.

Nike shares rose 11.3 percent after the world'slargest footwear maker reported a quarterly profit that toppedestimates and said it would launch a pilot online sales programwith Nike shares gave thebiggest boost to the Dow industrials and the S&P 500.

A pullback in biotech shares, which had surged oflate, limited the Nasdaq's gains.

The S&P technology index climbed 0.3 percent butwas still on track to post its first monthly loss of the year.Tech has led the S&P 500's 8.4 percent rally this year, but itsrecent pullback suggests investors may be cashing in thoseprofits to rotate to other sectors.

"Are we going to see a broadening of the rally, where yousee more of the financials and other sectors fill in some of thegaps?" said Alan Lancz, president of Alan B. Lancz & AssociatesInc., an investment advisory firm in Toledo, Ohio.

"It hasn’t been a broad encompassing rally that I thinkinvestors will have to see a little bit more conviction ratherthan just in a handful of stocks," Lancz said.

The Dow Jones Industrial Average rose 93.2 points, or0.44 percent, to 21,380.23, the S&P 500 gained 8.5points, or 0.35 percent, to 2,428.2 and the Nasdaq Compositeadded 12.76 points, or 0.21 percent, to 6,157.11.

Industrials led gains among sectors, rising 0.9percent, while financials lagged, falling 0.2 percent.

With the second quarter coming to a close, the S&P 500 wason track to record its biggest percentage first-half gain sinceclimbing 12.6 percent in the first six months of 2013.

U.S. consumer spending rose modestly in May and inflationcooled, pointing to a slow-but-steady economic expansion. TheCommerce Department data bolstered the view that the U.S.economy is rebounding in the second quarter.

Investors have been concerned about recent mixed economicdata at a time that the Federal Reserve begins lifting interestrates from very low levels.

"In the next four to six weeks we'll get another set ofeconomic data that will tell us if the Fed is justified inraising rates again this year," said Terry Sandven, chief equitystrategist at U.S. Bank Wealth Management.

Second-quarter corporate results are set to begin in earnestin the coming weeks, with S&P 500 companies expected to post an8-percent rise in earnings, according to Thomson ReutersI/B/E/S.

Advancing issues outnumbered declining ones on the NYSE by a1.90-to-1 ratio; on Nasdaq, a 1.05-to-1 ratio favored advancers.(Additional reporting by Ankur Banerjee, Anya George Tharakanand Tanya Agrawal in Bengaluru; Editing by Arun Koyyur and NickZieminski)

          US STOCKS-Nike lifts S&P, Dow; biotechs limit gains on Nasdaq   

* Nike rises to three-month high

* All three indexes on track to post weekly losses

* S&P tech sector on track to post biggest weekly drop in 6mths

* Indexes up: Dow 0.37 pct, S&P 0.25 pct, Nasdaq 0.12 pct(Updates to early afternoon)

By Ankur Banerjee and Anya George Tharakan

June 30 (Reuters) - The S&P and the Dow Jones IndustrialAverage were higher in early afternoon trading on Friday,boosted by Nike's decision to sell on Amazon, while a fall inbiotechnology stocks capped gains on the Nasdaq.

Nike shares rose as much as 9.4 percent to athree-month high, after the world's largest footwear maker saidit would launch a pilot program with to sella limited product assortment on its website.

The Nasdaq biotech index was down 0.71 percent, draggedlower by Regeneron and Celgene.

The S&P technology index was up 0.28 percent butwas still on track to post its biggest weekly loss in six monthsas worries about the sector's valuation prompted investors tobuy defensive stocks.

"Tech has gone too far too fast and was due for acorrection," said Terry Sandven, chief equity strategist at U.S.Bank Wealth Management.

"The sector's valuation is elevated but hasn't reached apoint of extreme concern because it is still a 'buy-the-dip'sector and is expected to grow further."

A fall in bank shares kept the financial sector flatwith Wells Fargo and Goldman Sachs dragging downthe S&P and the Dow.

All three indexes are on track to post weekly losses.

At 12:40 p.m. ET (1640 GMT), the Dow Jones IndustrialAverage was up 78.87 points, or 0.37 percent, at21,365.9, the S&P 500 was up 6.23 points, or 0.25percent, at 2,425.93.

The Nasdaq Composite was up 7.41 points, or 0.12percent, at 6,151.76.

The consumer discretionary index rose 0.72 percentand led the gainers among the major sectors.

With the Federal Reserve keen on further raising theinterest rates this year despite inflation remaining below their2 percent target, investors have been keeping an eye on economicdata for clues on the state of the economy.

Earlier in the day, data showed U.S. consumer spending rosemodestly in May while inflation cooled. Even so, another set ofdata showed the University of Michigan consumer sentiment indexat its lowest since November.

"In the next four to six weeks we'll get another set ofeconomic data that will tell us if the Fed is justified inraising rates again this year," said Sandven.

Towards the end of the second quarter, the market witnesseda few volatile days with the S&P 500 and the Dow recording theirworst daily percentage drop in about six weeks on Thursday.

Oil prices climbed for the seventh straight session onFriday in their longest bull run since April, but were still setfor the worst first-half performance since 1998.

Micron reversed gains to fall 4.1 percent even afterthe chipmaker forecast better-than-expected profit and revenuefor fourth quarter

Advancing issues outnumbered decliners on the NYSE by 1,690to 1,145. On the Nasdaq, 1,458 issues fell and 1,310 advanced.(Reporting by Ankur Banerjee, Anya George Tharakan and TanyaAgrawal in Bengaluru; Editing by Arun Koyyur)

          Analysis: U.S. fund managers seek consumer stocks that Amazon can't conquer   

By David Randall

NEW YORK (Reuters) - Inc's game-changing move to upend the grocery business with a surprise deal to buy Whole Foods Market Inc compounds a problem already vexing fund managers: how to play U.S. consumer spending when the Seattle-based e-commerce giant is threatening to take over retail.

Amazon's relentless growth and destruction of value among traditional retail rivals is forcing active fund managers to look for bets in areas they think Amazon can't or won't reach.

Emerging options include theme restaurant chains, recreational vehicle makers and sellers of stuff that's just too heavy to ship via Amazon's network. Meanwhile, some fund managers are increasingly convinced the only way to play consumer spending is to move away from brands and retailers and into logistics and supply chain companies, essentially betting e-commerce will render most consumer companies obsolete.

The challenge of investing in consumer companies comes a time when the category would typically shine.

Low unemployment and a solid housing market boost consumer stocks, yet companies in the category - excluding Amazon - are up just 5.2 percent for the year, or about 3 percentage points below the broad S&P 500 as a whole, according to Thomson Reuters data.

Amazon shares, by comparison, are up about 30 percent.


Amazon now accounts for about 34 percent of all U.S. online sales and should see that number grow to about 50 percent by 2021, according to a Needham research note.

Amazon's growing dominance is in some ways akin to the rise of Wal-Mart Stores Inc in the early 2000s, when its rapid growth and move to branch out into groceries raised concerns it would put other retailers out of business. Yet Amazon's greater online reach and purchase of a top-shelf grocery store chain makes it far more formidable, said Barbara Miller, a portfolio manager at Federated Kaufmann funds.

"I've been in this industry for twenty-five years and this is the biggest transformation we've seen in the consumer space," she said.

While Wal-Mart put many small mom-and-pop stores out of business, Amazon is dragging down national competitors like Target and Macy's with its combination of low prices, broad range of inventory, and speed, she said.

At the same time, Amazon is expanding its e-commerce dominance when more shoppers are online, suggesting more pain ahead for competitors. E-commerce sales grew 14.7 percent in 2016, nearly triple the 5.1-percent growth rate of traditional retailers, according to U.S. Census Bureau data.


Fund managers say Amazon's growing dominance is forcing them to shift long-held strategies, by either putting less money into consumer stocks overall or by focusing on companies that can compete alongside Amazon or may be attractive buyout targets.

The company's outsized 15.4-percent weighting, more than double the next-largest stock in the S&P 500 Consumer Discretionary index, is problematic for fund managers who typically will not hold any positions greater than 5 percent of their portfolio in order to manage risk.

Josh Cummings, a portfolio manager at Janus Henderson funds, is avoiding shares of direct competitors of Amazon, such as Target Corp, Kroger Co, and Wal-Mart, and instead focusing on companies with "idiosyncratic" attributes, he said.

Starbucks Corp, for instance, offers an experience that Amazon would find hard to match, he said, while Servicemaster Global Holdings, parent company of pest control company Terminix, is largely immune from e-commerce competition.

"Could Amazon decide they want to be in the business of spraying for bugs? It doesn't seem likely," he said.

Miller, the portfolio manager at the Federated Kaufmann funds, said she is moving away from stores that could be found in a mall, focusing instead on companies like Dave & Busters Entertainment Inc and Wingstop Inc that offer food-based experiences. She also owns shares of Camping World Holdings Inc, which sells a mix of goods and services ranging from roadside assistance to accessories to the growing recreational vehicle market.

"This is a company with a strong membership base that has the sort of scale in its niche to rival Amazon," she said.

Jeff Rottinghaus, portfolio manager of the T. Rowe Price U.S. Large-Cap Core Equity fund, said he owns Home Depot Inc shares because its stores essentially function as warehouses and much of its merchandise is too heavy or bulky to profitably ship quickly online.

Gary Bradshaw, a portfolio manager at Hodges Capital in Dallas, said he expects that portfolio holding Wal-Mart will become more aggressive in acquiring small, private companies to broaden its online reach.

The company announced a deal to buy men's wear company Bonobos for $310 million in mid-June, following purchases of outdoor gear retailer Moosejaw and online shoe store ShoeBuy. Wal-Mart acquired online retailer in a $3.3 billion deal last August.

"They're going to do whatever it takes to compete with Amazon. They may be losing the battle at the moment but that doesn't mean that they will back down," he said.

Other investors are getting their consumer exposure by focusing on behind-the-scenes companies that power the growth of e-commerce.

Laird Bieger, a portfolio manager of the Baron Discovery Fund - the top-performing small-cap growth fund year-to-date - said he is focusing on companies like CommerceHub Inc, which works with companies such as J C Penney Co and Best Buy Inc to allow them to sell more products online and ship directly from manufacturers.

Craig Richard, a co-portfolio manager of the Buffalo Emerging Opportunities fund, said he has been buying Kornit Digital Ltd, which makes textile printers that can produce t-shirt and other apparel designs on demand, helping save inventory costs.

Amazon is Kornit's largest customer and has warrants to buy up to 2.9 million Kornit shares, about 8 percent of the company, at $13.03 a share over the next five years. Shares of Kornit, up 57 percent this year, traded at $19.95 on Friday.

(Reporting by David Randall; Editing by Dan Burns and Nick Zieminski)

          US STOCKS-Nike lifts Dow, S&P; tech stocks weigh on Nasdaq   

* Nike rises to three-month high

* All three indexes on track to post weekly losses

* S&P tech sector on track to post biggest weekly drop in 6mths

* Indexes up: Dow 0.30 pct, S&P 0.19 pct, Nasdaq 0.08 pct(Adds details, changes comment, updates prices)

By Ankur Banerjee and Anya George Tharakan

June 30 (Reuters) - The S&P 500 and the Dow Jones IndustrialAverage were higher in late morning trading on Friday, boostedby Nike's decision to sell on Amazon, while the Nasdaq waslittle changed as a recovery in tech stocks sputtered.

Nike shares rose as much as 9.4 percent to athree-month high after the world's largest footwear maker saidit would launch a pilot program with to sella limited product assortment on its website.

The S&P technology index was up 0.18 percent butwas still on track to post its biggest weekly loss in six monthsas worries about the sector's valuation prompted investors tobuy defensive stocks.

"Tech has gone too far too fast and was due for acorrection," said Terry Sandven, chief equity strategist at U.S.Bank Wealth Management.

"The sector's valuation is elevated but hasn't reached apoint of extreme concern because it is still a 'buy-the-dip'sector and is expected to grow further."

A fall in bank shares also limited gains, with the financialsector down 0.1 percent.

Wells Fargo and Goldman Sachs were thebiggest drags on the S&P and the Dow.

All three indexes are on track to post weekly losses.

At 11:06 a.m. ET (1506 GMT), the Dow Jones IndustrialAverage was up 63.42 points, or 0.3 percent, at21,350.45, the S&P 500 was up 4.79 points, or 0.19percent, at 2,424.49.

The Nasdaq Composite was up 4.96 points, or 0.08percent, at 6,149.31.

With the Federal Reserve keen on further raising theinterest rates this year despite inflation remaining below their2 percent target, investors have been keeping an eye on economicdata for clues on the state of the economy.

Earlier in the day, data showed U.S. consumer spending rosemodestly in May while inflation cooled. Even so, another set ofdata showed the University of Michigan consumer sentiment indexat its lowest since November.

"In the next four to six weeks we'll get another set ofeconomic data that will tell us if the Fed is justified inraising rates again this year," said Sandven.

Towards the end of the second quarter, the market witnesseda few volatile days with the S&P 500 and the Dow recording theirworst daily percentage drop in about six weeks on Thursday.

Oil prices climbed for the seventh straight session onFriday in their longest bull run since April, but were still setfor the worst first-half performance since 1998.

Micron reversed gains to fall 4 percent even afterthe chipmaker forecast better-than-expected profit and revenuefor fourth quarter

Advancing issues outnumbered decliners on the NYSE by 1,596to 1,125. On the Nasdaq, 1,437 issues fell and 1,219 advanced.(Reporting by Ankur Banerjee, Anya George Tharakan and TanyaAgrawal in Bengaluru; Editing by Arun Koyyur)

          Chief Operating Officer - Jefferson Dental Clinics - Dallas, TX   
JDC is a premier dental company, serving patients throughout Texas for 50 years. JDC Healthcare Management, LLC is a high growth, private-equity owned business,...
From Jefferson Dental Clinics - Tue, 02 May 2017 22:20:21 GMT - View all Dallas, TX jobs
          Investors plan $500 million Mexico market listing to buy energy assets: sources   
6/29/2017 Reuters Private equity group Riverstone Holdings and Miguel Galuccio, a former chief executive of Argentine state-owned oil company YPF, aim to raise $500 million in Mexico’s first-ever stock market listing of a special purpose acquisition company, according to two people familiar with the plan. Vista Oil & Gas, the special purpose vehicle, intends to …

Continue reading Investors plan $500 million Mexico market listing to buy energy assets: sources

          Abortion Care in Nepal, 15 Years After Legalization: Gaps in Access, Equity, and Quality   

Wan-Ju Wu, Sheela Maru, Kiran Regmi, and Indira Basnett

Historical context

Reproductive rights are considered to be an inseparable part of women’s human rights and within that the right to abortion is seen to hold an important place.

—Lakshmi Dhikta v. Nepal, Supreme Court of Nepal, 20091

          Singapore wealth fund GIC in talks to buy stake in Mergermarket   
Deal with private equity owner BC Partners would value data business at £1bn
          Startup Aspida, poznat po tipkovnici Izzy, traži do 200.000 eura na Funderbeamu   

Treća hrvatska equity kampanja putem Funderbeama SEE predstavljena je jučer u prostoru HUB385, a startup koji na ovaj način želi doći do kapitala je Aspida, poznat po aplikacijama Izzy i TVizzy. Cilj Aspide je prikupiti do 200.000 eura, a sredstva su namijenjena za marketing i prodaju.

Post Startup Aspida, poznat po tipkovnici Izzy, traži do 200.000 eura na Funderbeamu je prvi puta viđen na Netokracija.

          Finatal: Finance Business Partner    
£350 per day: Finatal: The Opportunity Finatal are specialist qualified finance recruiters into private equity backed businesses. We have a strong network for CFO’s and C... London (Central), London (Greater)
          Manager - Mergers and Acquisitions Tax - Boston, MA - Deloitte (Boston, Massachusetts)   
Deloitte Tax LLP helps companies understand national, state and local, and international tax structures and align the tax function with business objectives. Position Summary: Deloitte Tax Merger & Acquisition (M&A) professionals provide corporate and private equity buyers with a broad continuum of advisory services to support mergers, acquisitions, carve-outs, investment and financing structures, disposition alternatives and post-transaction activities. Working with clients before, during and after the transaction, tax professionals work with clients across corporate functions such as finance, treasury, human resources, operations, information technology and risk management to analyze and evaluate the tax profile and to implement planning designed to help meet each organization's global goals, strategies and business objectives. We are currently seeking Managers for our M&A practice. Deloitte Tax's M&A Managers have in-depth, first-hand experience in a wide range of industries.
          Overnight Tech: Watchdog finds fraud in FCC internet subsidies | Twitter taking on fake news | Uber, SEC discussed giving drivers equity   
A GAO report found fraud in an FCC program, but some are skeptical of its results.
          Uber discussed giving drivers equity in SEC meetings   
The company's drivers are considered independent contractors and not employees, making distributing equity to them difficult.
          Renewable energy fundraising moves ahead of non-renewables    
Renewable energy fund-raising outpaced non-renewables among private equity funds through April by $2.9 billion.
          Buffett's company to become Bank of America's top shareholder   

By Jonathan Stempel and Aparajita Saxena

REUTERS - Warren Buffett's company will become the biggest shareholder in Bank of America Corp, after Berkshire Hathaway Inc on Friday invoked its right to acquire 700 million shares of the second-largest U.S. bank.

Berkshire will take a roughly 7 percent ownership stake, worth about $17 billion based on Bank of America's closing price of $24.32 on Thursday.

The transaction will make Bank of America one of Berkshire's largest equity investments, joining Apple Inc, Coca-Cola Co, Kraft Heinz Co and Wells Fargo & Co, the nation's third-largest bank.

It was made possible by Bank of America's June 28 decision to boost its quarterly dividend to 12 cents per share from 7.5 cents, after passing the Federal Reserve's latest "stress test" of its capacity to weather difficult markets.

Shares of Bank of America were up 16 cents at $24.48 in early trading on Friday.

Berkshire will exercise warrants to acquire the 700 million common shares when Charlotte, North Carolina-based Bank of America increases its dividend, expected in the third quarter.

It will swap the $5 billion of Bank of America preferred shares it bought in August 2011 for the common stock, in a cash-free exchange.

Berkshire is sitting on a roughly $12 billion paper profit, because Bank of America's stock price is more than triple the $7.14 exercise price for the warrants.

After the swap is completed, Buffett will begin collecting $336 million of annual dividends, more than the $300 million he gets from the preferred shares, which have a 6 percent dividend.

Berkshire is also the largest shareholder in Wells Fargo, which sends Buffett close to $800 million of annual dividends.

The billionaire investor's Omaha, Nebraska-based conglomerate also owns more than 90 businesses such as the Geico car insurer, Dairy Queen ice cream and BNSF railroad.

Brian Moynihan, Bank of America's chief executive, accepted Buffett's investment when many investors worried whether the lender would have enough capital.

The bank was only about midway through a multi-year process to clean up its balance sheet, litigation and regulatory probes, largely from its purchases of Countrywide Financial Corp and Merrill Lynch & Co. That process cost more than $70 billion.

Buffett has often praised Moynihan's leadership, telling CNBC in September 2015 that Moynihan resuscitated a bank that had been a "terrible mess."

Bank of America's current largest shareholder is Vanguard Group, whose 652.4 million shares give it a 6.6 percent stake, Reuters data show.

(Reporting By Aparajita Saxena in Bengaluru and Jonathan Stempel in New York; Additional reporting by Lauren Tara LaCapra; Editing by Anil D'Silva, Bernard Orr)

          Giving a voice to civil society in Education 2030    

For Camilla Croso, civil society’s active engagement at the global level should always be rooted in national activities.

As President of the Global Campaign for Education, Ms Croso has been involved in various discussions, debates and mechanisms on education, carrying civil society’s voice to the highest levels. She sat down with UNESCO to give an overview of the role civil society plays in the new global education architecture and the challenges ahead.

Education 2030 calls for the involvement of all stakeholders in the planning, implementation and monitoring of education policies and strategies. How can civil society strengthen good governance in education?

Advocating for democratic governance in education is a core priority for civil society. Although there seems to be a consensus that Civil Society Organizations’ (CSO) active participation- including that of teacher and student-led organizations- in debate, policy-making and monitoring is of fundamental importance, in practice this is still far from a reality. While we can observe progress at the international, and to some extent regional level, it is at the national level that progress most lags behind, with teachers and students’ organizations more often than not lacking space to express their opinions.

The Education 2030 Framework for Action  encourages governments to ensure the existence of institutionalized spaces and processes for education policy dialogue, decision-making and monitoring. This ensures that legal and policy frameworks, as well as practices reflect the overall orientation of the people, of collective actors and different education stakeholders. 

You are very involved at the global and UN level. How do you think civil society can influence the implementation of SDG4 at this level. In your view, what role can civil society play regarding holding stakeholders accountable at global level?

CSOs must participate actively in the global spaces that are in place, but always be sure that this action is rooted at the national level. Their role should be to both take national perspectives to the global level but also to take the global perspectives to the national level to follow up on commitments and recommendations. This constant flux between the different levels leverages CSO actions and impacts. In this sense, they must seek to engage in the development of national voluntary reports, or carry out ‘spotlight’ reports that shed light onto crucial issues for example.

At the global level, important Sustainable Development Goals follow-up and accountability mechanisms have been established that allow for State monitoring implementation of the whole SDGs set. Regarding SDG4 in particular, we have the architecture revolving around the Education 2030 Framework for Action, composed of a Steering Committee, in which civil society has permanent representation, Global Education Meetings and a Global Education Monitoring Report to keep track of progress, identify bottlenecks and tackle them. Very recently, an Education and Academia Stakeholder Group (EASG) has been established, which allows education CSOs and academia, to engage in these follow-up and monitoring processes.

Also, CSOs  should advocate for an increased effort to establish inter-sectorial dialogue in the coming years. Inter-sectorial dialogue is of crucial importance because there are issues in the 2030 Agenda that crosscut the different sectors and which must be tackled collectively.

Financing is one of the major issue regarding education. How can civil society ensure that financial resources are being used efficiently and equitably and reaching the most vulnerable populations and the least developed countries?

Resources to education should be constitutionally protected and earmarked, with countries committing towards allocating at least 6% of GDP to education and ensuring that levels are maintained even during moments of crisis.

In poorer countries, and in countries that still face significant challenges in access, quality and equity, an even greater sum may be necessary, as studies in Brazil and El Salvador have shown.

CSOs play an important role not only in advocating for appropriate levels of education investment, be it at the executive or the legislative spheres, but also in promoting debate, information-sharing, awareness-raising and capacity-building among citizens. This includes action around the entire budgetary cycle, from its definition, to its approval and execution.  Financial data must be made publicly available in a transparent and timely manner to inform debates and decision-making processes. This is critical for ensuring budgets promote equity and reach the most excluded groups. . Hand in hand with advocating towards increased levels of domestic financing for education, CSOs must engage with tax justice networks and campaigns, working in alliance and within an inter-sectorial perspective.

At the global level, CSOs must engage more in pushing for global taxation mechanisms and bodies, as has been previously attempted during the Financing for Development Conference and during the 2016 Global Action Week for Education, as a key mechanism for SDG financing.

Education is an enabling right, promoter of social, economic, human, and environmental development. It is critical for social cohesion and resilience.

The Global Campaign for Education is a civil society movement created in 1999. It is comprised of a huge variety of national, regional and international civil society organizations, teachers’ unions and child rights campaigners that aim to end the global education crisis. It is one of civil society representatives to the SDG – Education 2030 Steering Committee.

The civil society movement is a member of the Global SDG-Education 2030 Steering Committee, which convened on 29-30 June 2017 in New York. 

           We'll REJECT Any Restructuring Done By Any Northern President - Ohaneze Youths Reignite South/Northern Discordance Tune   
By Dansu Peter

Ohaneze Igbo
The discordance tune ongoing between the northern and southern youths of Nigerian has continued as the youths wing of the apex socio-cultural group of Igbos, the Ohaneze Ndigbo has said they would not accept any kind of restructuring spearheaded by any northern president, including President Muhammadu Buhari, saying it would not reflect equity and fairness.

The group rather said it would prefer a restructuring exercise to be overseen by an Igbo leader or a leader from the South but not from the North. 

According to them, any restructuring conducted by the Buhari administration would definitely favor the North, thereby leading to a continuation of the agitations. 

Secretary General of the Council, Mazi Okwu Nnabuike, who said this, explained that restructuring of Nigeria overseen by a leader from the South would definitely ensure equity and fairness to all parts of the country. 

Meanwhile, the parent body of Ohaneze Ndigbo also yesterday took a swipe at the leadership of the Indigenous People of Biafra, IPOB, for allegedly ordering that the November 18, 2017 governorship election in Anambra State should not be conducted. 

The President-General of Ohanaeze Ndigbo, Chief John Nwodo, who led other national leaders of the organization to the Anambra State House of Assembly, warned leaders of groups championing self-rule for the Igbo nation not to arrogate to themselves the supreme leadership of Igboland. 

He said though it was obvious that Ndigbo were suffering marginalization in the affairs of the country, Igbo was still part and parcel of Nigeria, adding that in seeking mitigation of the injustice being meted to Ndigbo, civilized approach should be adopted. 

He lashed out at the leader of IPOB for, according to him, making unguarded utterances that Anambra State governorship election slated for November would not hold, explaining that such utterance had already drawn the attention of the Inspector General of Police who, he stated, had deployed more police personnel to patrol Anambra State.

Kanu’s utterance, Nwodo stated, had breached the undertaking he took before him (Nwodo) when he was released from detention.

          Exclusive - Eversource shortlists bidders in generation auction   
Two private equity outfits and a distressed debt investor are understood to have been shortlisted in the auction of a 1.2 GW generation portfolio owned by Eversource Energy.
          General Manager - Equity Residential - Berkeley, CA   
1910 Oxford Street. Working for Equity Residential means being part of a community – employees and residents – striving to provide the best in apartment living,...
From Equity Residential - Fri, 19 May 2017 23:42:36 GMT - View all Berkeley, CA jobs
          Customer Support Assistant - Equity Residential - Berkeley, CA   
The schedule for this position is Sunday-Thursday. Working for Equity Residential means being part of a community – employees and residents – striving to...
From Equity Residential - Fri, 10 Mar 2017 01:02:47 GMT - View all Berkeley, CA jobs
          Carrizo to acquire Delaware basin properties for $648 millio   
E&P News
Carrizo to acquire Delaware basin properties for $648 millio OGJ Production News

Carrizo Oil & Gas Inc., Houston, has agreed to buy 16,488 net acres in Reeves and Ward counties of West Texas from Midland-based ExL Petroleum Management LLC, a portfolio company of Houston private equity firm Quantum Energy Partners, ... more ... Statistics : 1 Post || 14 Views Post by NewsPoster

          Staples is selling itself for a fraction of its former value   
Staples is selling itself to a private-equity firm in hopes of engineering a turnaround away from the scrutiny of Wall Street.
          6/30/2017: City & Finance: £400m bid to drill in oil field   
OIL and gas explorer Hurricane Energy is hoping to raise £400m to develop one of the largest untapped oil fields in the UK. The company is looking for around £231m in equity and the remainder in bonds. Hurricane, listed on London’s junior market, has...
          Are free private equity co-investments really free?    
The benefits of some private equity co-investments might be outweighed by the drawbacks.
          Fresno County Employees names 2 finalists in small-cap equity search   
Fresno County Employees' Retirement Association named Henderson Geneva Capital Management and Pacific Investment Management Co. as finalists in its search for a domestic small-cap equity manager.
          Equity Derivatives Client Service Rep   
NY-New York, This Individual will be responsible for providing superior client service to our counterparties, participate in and ensure all day to day activities are completed; ensure controls are in place and being followed; and ensure proper MIS and Reporting is in place. The role will be responsible for servicing all aspects of client servicing for the Equity Derivatives Business. Client Details Our Client
          Trade Support - Derivatives (Equities, Rates, Credit, FX)   
NY-New York, The team is recruiting a trade support associate who will have wide-ranging responsibilities in performing this role, ranging from daily control checkpoints, reconciliations and P&L investigations to accommodating ad hoc tasks from the trading desk and the other operational teams with whom we partner. Client Details Our Client is a Leading Investment Bank based in NYC. The Equity Derivatives busin
          C++ Developer   
NJ-Jersey City, RESPONSIBILITIES: Kforce has a client seeking a C+ Developer in Jersey City, New Jersey (NJ). Main Duties Day to Day: Work on pricing and risk tasks; this will include Risk reporting, VaR, PnL decomp, and Pricing library integration Other duties as assigned REQUIREMENTS: At least 5 years of development experience in VC+, C+, within Windows platforms, VS 2008 Solid understanding of equity derivativ
          Comment on Anheuser-Busch’s The High End responds to ‘independent craft’ seal by Gabe   
Completely agree about the foreign owned brands, though I can understand the distinction since those are not usually involved in ad campaigns targeted at American craft brewers. But I don't think any company that sells equity should be declared no longer independent. This isn't really about financial independence. Stockholders of SAM or private equity firms who invest in other brands can't be put on the same level as AB InBev. One group is looking for a ROI as they would with any other investment, while another is using their equity position to gain a foothold in a market that they'd previously been unable to penetrate.
          Comment on Anheuser-Busch’s The High End responds to ‘independent craft’ seal by Dave   
I guess that's my point. If beer geeks prefer that there is no outside association from "Big Beer" or otherwise then the BA needs to be kicking a lot of other brewers out of the group that they deem "independent." Being publicly traded (Sam Adams), huge investments from Private Equity (Dogfish, Stone, Oskar Blues, etc), Owned by foreign brewers (Ommegang, Boulevard, Firestone Walker). The BA's definition of independence likely does not coexist with the craft beer geek's definition of independence. Therefore, what is the label worth really worth?
          Private Equity Investor Relations SME   
My client a leading consultancy require a Private Equity Investor Relations SME.In order to be a good match you will be able to challenge status quo, within the IR team and relationships with leadership/other teams.Prior experience:* Working at (or with) private equity placement agents (ie the organisations that help PE firms ra..
          Tokyo Election Comes at a Rough Time for Abe   

Tired of the seemingly endless political drama in the US and Europe?  Try Japan.  Tokyo's metropolitan 127-seat Assembly is up for election on July 2. 

 It could not come at a worse time for Prime Minister Abe and his Liberal Democrat Party.  In some ways, Abe and the LDP are victims of their own success.  Recall that previously, there had seemed to be an almost revolving door at the head of government when the DPJ held the reins.  Abe is completing his second term, and the price of such political stability is corruption--several scandals and accusations of misconduct. 

On top of this, there has been some backlash against the way that the LDP has pushed through legislation.  Some of the legislation is controversial, as the recent conspiracy measure, and the method of passage was critical for being harsh.     The net result has been an erosion of support for the LDP-led government. 

Tokyo is such a large and important city; it has a governor rather than a mayor.  The current governor of Tokyo is a Yuriko Koike, who previously in the LDP, though not part of the inner clique, and recently bolted to taking the helm of a new Japanese political party, Tomin First no Kai (Tokyoites First), is popular and is seenas a potential successor of Abe.  Although her handling of the fish market (Tsukiji) relocation disappointed many, according to reports, her popularity remains strong.   The mayoral candidate she backed in Chiyoda won recently.  Currently, the party has six seats in the assembly and is projected to increase its representation toward 40-45 seats. 

Governor Koike's power base will grow not only because her party will be more represented, but also because it has peeled off the Komeito Party that is in a coalition with the LDP in the national government. 
Komeito has 22 seats in the current AssemblyTomin First, Komeito, and a handful of independents may be sufficient to provide a slim majority in the assembly. 

The big losers may be the LDP (57 seats in current assembly) and the DPJ (7 seats).  Reports suggest that after the Tokyo election, the DPJ may shuffle its leadership. However, it is the LDP that appears most at risk.  A reformist party governs Osaka, and a victory for Tomin First in Tokyo would be a significant blow for the LDP and Abe.     A defeat for the LDP could have far-reaching implications for policy going forward, ahead of the national parliamentary election late next year.

A loss of Tokyo for the LDP could initially weigh on Japanese equities and lift the yen.  Equity losses may be modest and short-lived as the BOJ may have pulled back on its purchases of JGBs, but it continues to buy ETFs apparently on weakness.  On the other hand,  Prime Minister Abe has demonstrated a willingness to increase fiscal stimulus. Japan.'s budget deficit last year was 5.7% of GDP.  This year's shortfall is expected to be 4.8% of GDP.  Sagging support a year ago appeared to encourage Abe to announce a JPY28 trillion economic package.  Lo and behold, Abe's approval rating recovered. 

However, the BOJ has moved away from buying JPY80 trillion of government bonds a year and now targets the 10-year yield (+/- 10 bp on either side of zero).  Fiscal stimulus may make the BOJ's strategy more difficult to implement.   Abe has taken advantage of the better growth Japan is enjoying to push for his political agenda which includes changes to the pacifist constitution to complement the recent reinterpretation.

Last year, the LDP changed their rules to allow a candidate (Abe) to head the party for three terms rather than two.  As head of the LDP, Abe would remain prime minister after next year's election, assuming the LDP wins.   There does not appear to be another candidate in the LDP that is positioning to challenge Abe next year.  And, frankly, there does not seem to be an alternative economic program to "Abenomics" which seems like the same traditional LDP medicine (but on steroids).  It includes fiscal and monetary expansion, desire for a weaker yen, and some reforms that at the end of the day (or term) have not changed the macro-fundamentals very much.  


          The rising cost of home renovations   
The rising cost of home renovations

We all know home prices have risen dramatically. Home buyers today are purchasing "renovator's dream" houses to cut costs, but renovations cost more today than in the past, too. Is it still worth renovating? While renovation costs have risen dramatically since 2012, they continue to add to the value of a home. How much is the rise in the cost of renovations? Let's take a look.

  1. Renovations are Nothing New 

  2. Renovation Costs 2010-2012

  3. Renovation Costs 2016

  4. Why Renovate?

  5. Saving Money on Renovations 

Renovations are Nothing New 

Australians have always been home renovators. According to the Australian Bureau of Statistics, in 1999, 58 percent of homeowners had carried out renovations in the past ten years. Over 2.9 million dwellings had been renovated to some degree. Houses were renovated at a faster rate than semidetached buildings and flats. As expected, older homes underwent more renovations than newer homes.

Cost of renovations 

The trend hasn't changed. In 2016, Australians spent $7.7 billion on renovations. Over 2 million of those renovations cost over $5000, but that amount of money won't buy what it would have just five to seven years ago.

Renovation Costs 2010-2012 

Let's go back in time and take a look at the cost of renovations between 2010 and 2012. According to forums and articles published in 2010: 

  • An L-shaped kitchen with polyurethane doors and a granite benchtop cost $7000 in 2010

  • A more expensive kitchen cost $16,000 and included a Caesarstone benchtop and glass splashbacks. The kitchen included 24 cabinets.

  • The average cost of a bathroom renovation was $5,800

  • A large bathroom renovation cost $16,000 with high-end fittings.

  • A bathroom/laundry renovation cost $15,000, including floor to ceiling tiling and all inclusions

  • The average cost of exterior painting was $3139

  • The average cost of a home extension in 2010 was $69,873

Renovation cost 

Two years later, in 2012, these were the average costs of renovations.

An average sized kitchen cost was between $12,000 and $16,000

  • A six metre square bathroom renovation cost was between $9000 and $12,000

  • A 12 metre square bedroom extension cost was $18,000 to $24,000

  • A nine metre square deck or patio cost was between $1620 and $8000 

These are approximate prices based on online information in 2010 and 2012. The costs are average costs unless otherwise stated. How have things changed since then? 

Renovation Costs 2016 

A look at prices in 2016 will give you an idea of how much renovation costs rose in just four years. We'll start with kitchens. In 2012, the average cost of a kitchen renovation was between $12,000 and $16,000. In 2016:

  • A budget kitchen costs as much as $22,000. On the low end of the scale, a small budget kitchen can cost only $10,000-$12,000

  • A luxury kitchen costs as much as $34,000

  • A high-end kitchen can cost $40,000+

On average, a kitchen built in 2015/2016 costs $21,356. That figure includes less expensive budget kitchens that start at around $10,000.

Bathroom renovations cost between $15,000 and $25,000 for an average renovation. High end bathroom renovations can cost well over $25,000. Just five years ago, in 2012, bathroom renovations cost between $9000 and $12,000.

Rising costs of renovations 

Today, home extensions and renovations start at $100,000 and can cost up to $300,000. An extension shell alone can cost $90,000 for just 30 square metres. If 12m/2 costs $36,000, that's $12,000 more than the high end of the scale for a 12m/2 extension in 2012. Extensions are still popular because of the high cost of moving to a larger home, but home extensions are more expensive than they were just five years ago.

In 2012, you could have a nine square metre deck built for around $1620. Today, decking is more expensive:

  • Treated pine decking costs around $200m/2 or $1800 for a 9m/2 deck

  • Hardwood decking costs $320m/2 or  $2880 for 9m/2

  • Composite decking costs $350m/2 or $3150 for 9m/2

Treated pine is the least expensive material you can use. It is only slightly higher than prices in 2012, but if you choose hardwood or composite decking, the price goes up substantially.  

Why renovate? 

Renovation costs have gone up, but not as substantially as the cost of buying a new home. Many Australians are borrowing money against the increased price of their home to finance renovations and home extensions. Our recent article, How to Finance Your Renovation covers several ways you can finance a renovation or home extension. In brief, you can: 

  • Refinance your mortgage

  • Establish an offset account

  • Take out a construction loan

  • Get a home equity loan

  • Establish a line of credit 

The article goes into more detail about these options. In many cases, your renovation loan won't raise your monthly payments substantially. For example, you can restructure your mortgage to pay slightly more, but over a longer period of time.

House extensions and major renovations cost money, but they also increase the value of your home. The inconvenience of having renovations done or having an extension added to your home is less than the inconvenience of finding a new place to live, selling your home and moving your possessions into your new home. While the cost of major renovations can be high, they may be equal to or even less than the cost of moving into a larger home.

Saving money on renovations

You may not have to pay top dollar on your renovations or home extension. For example:

Bear in mind that the money you spend on a home extension can be less than the cost of relocating. By some estimates, buying a larger home will cost up to $558,000 (including all costs), while an extension will cost up to $300,000.

Saving money on renovations 

Renovations add value to your home. You need to be careful, though. Purchasing a high-end kitchen for an average home may be more expensive than the added value to your home. In general, renovations shouldn't cost more than 5 to 10 percent of the value of your home. In this range, you can expect to profit from your renovations.

Renovations have risen in price: sometimes dramatically. However, so have home prices. You'll have to do your homework to find out how much your home extension or renovations will add to the value of your home. One good way to find out is to visit real estate agents in your area and compare the prices of homes with two, three and four bedrooms. Then get quotes from home extension builders to find out how much your extension will cost.

If you're renovating your kitchen, get quotes from several kitchen builders and ask them for costings for different materials. Remember not to over-capitalise on your kitchen. Not everyone wants granite benchtops, for instance. A granite benchtop costs far more than a laminate benchtop. Over time, it can become stained and scratched just like laminate.  

Bathrooms don't have to be all-or-nothing renovations. You may be able to clean and regrout your tiles, paint the bathroom and add new light fittings. You can even add or enlarge a window or add a skylight. If your bathtub and basin look dingy, you can replace them or have them resurfaced at a fraction of the price of buying a new bathtub and basin.  

The rise in cost of renovations and extensions can't be denied. However, when faced with the decision, they can be worth the extra cost. Renovations and extensions add value to your home and can be less expensive than selling and moving to a larger, more modern home.  

          How to Finance Your Renovation   
How to Finance Your Renovation

You need renovations, but you don't have enough cash to finance them. What can you do? There are several ways to finance your renovation, but look at each one carefully. You don't want to get in over your head and be strapped with debt. What are your options?

Finance a renovation 

  1. Using Credit Cards 

  2. Refinancing Your Mortgage

  3. What is an Offset Account?

  4. A Construction Loan

  5. Home Equity Loans

  6. What is a Line of Credit?

  7. A Redraw Facility

  8. What Type of Financing is Best for My Renovation?

Using credit cards

Using credit cards to finance your renovation is probably the worst way to go. Interest rates on credit cards are high and you may never be able to repay the amount you've borrowed. The only reason to use a credit card may be for smaller purchases that won't put too much of a dent in your card balance. For example, if you're doing DIY painting, you can use your credit card to purchase paint, rollers and other supplies.

Using credit cards for renovation 

Credit card interest rates are much higher than other ways of financing a renovation. On top of that, if you take cash advances, you will have to pay fees for the advances. Save your credit card for smaller purchases and look into more affordable ways to finance your renovation.

Refinancing your mortgage 

A better way to finance your renovation is to refinance your mortgage. Depending on the value of your home and its increased value, you may be able to finance a major renovation by refinancing your mortgage.

There are two ways to refinance. If you are paying your mortgage off comfortably, you can negotiate higher monthly payments and pay off your home more quickly. If you are struggling, you can extend your payments and pay the same or less per month.  

It's a good idea to anticipate this when you're shopping for home loans. In some cases, you may have to pay a high "break fee" to refinance. In other cases, refinancing can be the least expensive way to do a large renovation because interest rates are lower and your payments are spread out over a long period of time.  

There may be some disadvantages to refinancing:

  • You may need to take out Lenders Mortgage Insurance for larger projects
  • Fees may be involved
  • Refinancing can extend your loan period
  • You may not get a favourable rate if you have a bad credit rating
  • In some cases, refinancing can damage your credit rating
  • Weigh the advantages of refinancing against the disadvantages. In many cases refinancing can be an ideal way to finance a renovation. In other cases, it can be a mistake.  

What is an offset account? 

An offset account is another way you can refinance your mortgage. An offset account is like a savings account, but the money you borrow is "offset" daily against your loan balance. This can save you money on interest rates.  

Offset accounts are available to borrowers who have paid off a significant amount of their home loan. For example, if you had a $350,000 loan and you've paid off $50,000, that money may be available for you to borrow. An offset account can be ideal because you can dip into the account as you need the money. In some cases, you may need to pay off an offset loan in a fixed period of time. If that is the case, be sure you can pay off the loan within the fixed period.

 What is an offset account?

With an offset account, you only pay interest on your home loan. For example, if you've paid $25,000 on a $350,000 loan, you only pay interest on the $325,000 you still owe. Offset accounts also have tax advantages.

If you need to refinance your home to get an offset account, the cost of refinancing may be prohibitive. Ideally, when you're shopping for a home loan, ask if offset accounts are available. Your home loan rate may be slightly higher, so shop around and find the best home loan you can. Offset accounts are available for both variable and fixed rate mortgages.

A construction Loan 

If you're doing a major renovation, you might want to take out a construction loan. One advantage of a construction loan is that you have an amount of money you can draw on to finance your renovation, but you don't have to use all the money that is available. You also accrue interest as you use the funds. On a major project such as a home extension, this can save you money.  

The disadvantage of a construction loan is that you may need to refinance your home to qualify. Fees can be expensive, so find out what fees you will need to pay before you commit to this type of loan.  

Home equity loans 

It's no secret that property prices have been rising in Australia. This can work to your advantage if you need to finance a renovation. A home equity loan is based on the current price of your home versus the price you paid for it. To get a home equity loan, you will have to pay for a home valuer to determine the value of your home. Home valuers charge on average about $400, so it is not a major expense.  

The disadvantage of a home equity loan is that you have to prove you are capable of paying it back. This can be negotiable in some cases. For example, you may be able to extend your home loan period and pay a lower monthly rate.  

What is a line of credit? 

You may be eligible to have a line of credit issued to you for your renovations. A line of credit is like a credit card, but at a much lower interest rate. The disadvantage of a line of credit is that you need to exercise self discipline. You can use a line of credit for any purchase, but you don't want to get in over your head.  

A credit line can be risky, but if you exercise self discipline, it can be a good way to finance some renovations. One advantage of a line of credit is that if you can't make payments, you can pay the interest only, but it won't reduce your principle.  

A redraw facility 

If you have been paying more than your minimum monthly mortgage payments, you may qualify for a redraw facility. Your redraw amount is based on the extra payments you have made. Over time, this can amount to a large amount of money.  

What type of financing is best for my renovation?

What type of financing is best? 

There is no single answer for everyone. As mentioned above, use your credit card only for small purchases. Your other options will depend on:

  • How long you've owned your home
  • How much your home has increased in value
  • The nature of your existing mortgage
  • Your ability to pay off the financing for your renovation

Look at all the ways to refinance your renovation and choose the one that works best for you. You may want to extend your loan period to finance your renovation. Remember that fees may be involved and if you have to refinance, refinancing fees may be higher than you want to pay.  

You can find a way to finance your renovation. Even better, renovations can increase the value of your home. Renovating can be the best way to increase your potential wealth, but you don't want to pay more than you can afford. Be realistic about your renovations and find a way to finance your renovation that works for you.



          Bianca Del Rio, RuPaul's Drag Race Winner, Joins Mark Cortale's Town Hall Series   

Summer 2017's Town Hall series in Provincetown, produced by Mark Cortale, will kick-off with Bianca Del Rio, RuPaul's Drag Race Season 6 winner, on July 10 at 8:30pm. Three of Broadway's most popular leading ladies will follow for Broadway @ Town Hall this summer: Megan Hilty, breakout star of NBC TV's "Smash" and Broadway's "Wicked" and a Tony nominee for the recent Broadway production of "Noises Off", on August 6 at 6:30pm, with Seth Rudetsky as pianist and host; Sutton Foster, Tony Award winner for "Anything Goes" and star of the hit TV Land series "Younger" by "Sex and the City" creator Darren Star, on August 13 at 6:30pm, with Michael Rafter at piano; and Laura Benanti, Tony Award winning star of "Gypsy" and star Melania Trump impersonator on Stephen Colbert's show on September 3 at 6:30pm, with Seth Rudetsky as pianist and host.

The Town Hall series will be raising funds this year for Broadway Cares/Equity Fights AIDS. For Tickets and information, visit or call 800-838-3006.

Bianca Del Rio, the alter ego of seasoned comic Roy Haylock and season 6 winner of RuPaul's Drag Race, is a self-professed "clown in a gown." This hilariously hateful comic is known for her foul mouth and unapologetic humor, but her victims hardly have time to feel the sting before she zips on to the next topic. Besides, Bianca is quick to point out that she's the biggest joke of all. The NY Times calls her "The Joan Rivers of the Drag World," and Joan Rivers herself called Bianca's humor "So funny! So sharp!" Bianca's first standup special, Rolodex of Hate, is now available on Vimeo OnDemand, as well as her first feature film "Hurricane Bianca".She's currently touring with her new comedy show Not Today Satan to sold out audiences all over the world

About The Art House:

The Art House is Provincetown's premier entertainment venue and Cape Cod's summer home to top Broadway talent, internationally touring cabaret artists, stand-up comics and America's cutting edge drag artists. Under the leadership of Producing Artistic Director Mark Cortale, The Art House in Provincetown, MA, is the original home to the internationally acclaimed Broadway @ The Art House concert series hosted by Sirius XM radio star Seth Rudetsky, which premiered in 2011. The Broadway @ series also premiered in 2013 in New Orleans, in Australia (Sydney & Melbourne) with Megan Mullally and in London's West End with Patti LuPone at the Leicester Square Theater. The series has since travelled to Chicago @ The Steppenwolf, Beverly Hills @ The Wallis, New Orleans @ The New Orleans Center for Creative Arts (NOCCA), Fort Lauderdale @ The Parker Playhouse, San Francisco @ The Nourse Theatre, Arizona @ Scottsdale Center for the Arts, Las Vegas @ The Smith Center, and Sarasota @ The Van Wezel among other cities. Other artists who have participated in the series include Chita Rivera, Sutton Foster, Neil Patrick Harris, Sarah Jessica Parker, Matthew Broderick, Darren Criss, Megan Hilty, Cheyenne Jackson, Gavin Creel and many other stars of stage and screen. If you're looking for "what to do on Cape Cod" this summer, The Art House season is music and comedy entertainment not to be missed! Info at

          Shopper Marketing Manager - PepsiCo - Dallas, TX   
This role is critical in driving volume, sales and brand equity across the PepsiCo portfolio for brands including Pepsi, Dew, Aquafina, Lay's, Doritos, Quaker...
From PepsiCo - Thu, 01 Jun 2017 15:13:24 GMT - View all Dallas, TX jobs
          Buyouts are rising to the highest level since before the financial crisis   
The pick-up in dealmaking reflects an environment where private equity firms face fierce competition for assets, Financial Times reports.
          Highlighting the Inequity of Access to Good Bicycling Infrastructure in Milwaukee   

A new report from Rails-to-Trails Conservancy spotlights how disadvantaged neighborhoods in Milwaukee have less access to safe bicycle routes than other parts of the city.
          Marble Hill Partners: Finance Director   
Competitive basic + bonus: Marble Hill Partners: This rapidly expanding, private equity backed travel and technology business requires a Finance Director to develop, professionalise and lead the f... South West England
          Healthcare/Life Sciences, M&A Senior Analyst Or Junior Associate – Paris:   
Location: Paris Salary: Competitive base bonus Description: Pan-European focus covering subsectors such as Biotech, Medtech, Pharmaceuticals, etc. Working on a broad range of transaction types including equity raising (IPO and secondary), leveraged...
          John Hancock Hedged Equity & Income Fund Lowers Advisory Fee   

BOSTON, June 30, 2017 /PRNewswire/ -- John Hancock Hedged Equity & Income Fund (NYSE: HEQ) (the "Fund"), a John Hancock Closed-End Fund, announced today that the Board of Trustees approved a proposal to reduce the Fund's advisory fee rate, effective July 1, 2017, to 0.95%, a decrease...

          John Hancock Hedged Equity & Income Fund Required Notice To Shareholders - Sources Of Distribution Under Section 19(a)   

BOSTON, June 30, 2017 /PRNewswire/ -- John Hancock Hedged Equity & Income Fund (NYSE: HEQ) (the "Fund"), a closed-end fund managed by John Hancock Advisers, LLC (the "Adviser") and subadvised by Wellington Management Company LLP (the "Subadviser"), announced today sources of its...

          Private equity inflows remain steady this year   
This, despite squeeze in start-up funding; $946 mn Bharti Infratel deal is biggest so far this year
          Sarepta Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)   
CAMBRIDGE, Mass., June 30, 2017-- Sarepta Therapeutics, Inc., a U.S. commercial-stage biopharmaceutical company focused on the discovery and development of unique RNA-targeted therapeutics for the treatment of rare neuromuscular diseases, granted equity awards on June 26, 2017, that were approved by the Compensation Committee and the independent members of...
          Bridging Equity Gaps in Health Career Training   
Medical Book And Stethoscope

Efforts that enable community college students to devote more time to their studies can help erase ethnic/racial achievement gaps.

The post Bridging Equity Gaps in Health Career Training appeared first on PPIC.

          John Hancock Hedged Equity & Income Fund Required Notice To Shareholders - Sources Of Distribution Under Section 19(a)   
BOSTON, June 30, 2017/ PRNewswire/-- John Hancock Hedged Equity& Income Fund, a closed-end fund managed by John Hancock Advisers, LLC and subadvised by Wellington Management Company LLP, announced today sources of its quarterly distribution of $0.3760 per share paid to all shareholders of record as of June 12, 2017, pursuant to the Fund's managed distribution...
          Bill Mitchell — Employment as a human right   
As I indicated earlier this week, I will progressively add notes to the body of work that will become the manuscript for my next book (with long-time co-author Joan Muysken) on the – Future of Work. As I write bits and pieces, I will post them here for comments and feedback. The book will be published sometime in 2018. At present, I am working on the philosophical considerations that we will deploy to underpin the more prescriptive elements (policy proposals) that we will produce....
Bill Mitchell – billy blog
Employment as a human right
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
          Staples investors should take the money from private equity and run   
Mark Hulber explains why investors should be cautious about private equity’s ability to improve a company’s profitability.
          Blog Post: Platte River Closes 4th Fund With $625M   
Denver-based middle market private equity firm Platte River Equity said Thursday that it has closed its fourth fund with $625 million, exceeding its fundraising goal in less than four months, and will look to make investments in the energy, metals and chemicals industries, among others.
           U.S., European yields poised for weekly rise; oil up   
By Dion Rabouin NEW YORK (Reuters) - Bond yields in the United States and Europe were poised for big weekly gains on Friday, weighing on major equity ...
          Human Resources Generalist   
AZ-Phoenix, About our company: Apple Leisure Group (ALG) is a vertically integrated private equity portfolio company in the travel and hospitality space, focused on packaged travel and resort/brand management in Mexico and the Caribbean. ALG currently operates 6 subsidiaries, including a resort and brand management company, 2 tour operators, an online travel agency and a loyalty program. is

By Niranjanaradhya.V.P., Ph.D-Education Fellow and Programme Head
Universalisation of Equitable Quality Education Programme 
Centre for Child and the Law 
National Law School of India University 
Nagarbhavi,Bengaluru-560 242

 The Government of India has initiated the process of formulating a New National Education Policy. Initially, discussions were held at the Panchayat, block/cluster, district and state levels on the proposed New Education Policy by the Centre. However, these discussions were all stereotypical based on superficial questions that did not address the core and systemic issues in the education system. A lapse was seen throughout the process in effectively following a bottom-up approach and constructively collecting the public opinion by restricting the discussions to defined thematics. Subsequently, a committee under the able chairmanship of Mr. T.S.R. Subramaniam was constituted to come up with its recommendations and formulate a draft policy on education. Again, the Government of India lapsed in the democratic process by not sharing the report of the T.S.R.Subramaniam Committee in the public domain. Instead, the Ministry of Human Resources Development has released a document titled “Some Inputs for Draft National Education Policy 2016” and has sought observations, suggestions and recommendations from the public on the same latest by 31st July, 2016. 

In this background, the Centre for Child and the Law, National Law School of India University, which has been continuously working for universalisation of equitable quality school education for all children up to 18 years of age for the past two decades, has come up with the following observations regarding the document released by the Ministry.

ABOUT THE DOCUMENT “SOME INPUTS FOR DRAFT NATIONAL EDUCATION POLICY 2016” The inputs given by the Ministry of Human Resources Development, Government of India clearly indicate that the Government accepts that complete revamping of the existing education system is the need of the hour. While this is a much needed step, the direction in which this revamping process is to proceed and what should be the basis of the newly built system of education has been completely misplaced. The inputs not only aim to but also * By Centre for Child and the Law, National Law School of India University – Drafted by Ms. Krithika. B. S., Ms. Shruthi Raman, Research Assistants, Centre for Child and the Law, NLSIU under the guidance of Dr. Niranjanaradhya. V. P., Fellow and Programme Head, Universalisation of Equitable Quality Education Programme, Centre for Child and the Law, NLSIU. confine the entire educational goal to the development of human resource and the holistic approach to education is not made. Though there exist certain major flaws in the inputs, few measures like the implementation of ICT, revamping of teacher education, making teacher education accountable for the quality of education, inclusive education etc., are to be acclaimed. However, in the fervour to build a modernised education system accessible to all, the Ministry has unfortunately favoured privatisation, commercialisation and commodification of education to a large extent. Education as a fundamental right of all is not emphasised upon. Instead education is made a privilege by handing over the onus to private sector. The proposed inputs also deviate from the recommendations of the Education Commission of building a National Education System based on the principle of Neighbourhood School which was later reiterated in the previous National Education Policies of 1968 and 1986/92 and further re-emphasised in the Right of Children to Free and Compulsory Education Act, 2009. Neither the international commitment nor the Indian Constitutional values are seen to be adhered to in the present provisions given in the form of inputs. Hence, much needs to be changed in essence with respect to the current inputs and the proposed provisions of the National Education Policy. In this direction, the Centre for Child and the Law, would like to put forth the following observations and recommendations with respect to the Ministry‟s document “Some Inputs for Draft National Education Policy 2016”.
OBSERVATIONS AND RECOMMENDATIONS CHAPTER 1 - PREAMBLE Preamble is the introductory part of a document which explains the purpose and the underlying philosophy of the document. When it comes to an Educational Policy, the preamble to the policy should ideally state the essence of education by explaining what is education and why education is of significance with a holistic view. Later a brief account of the previous efforts made in the direction of building an education system by the Government and the challenges faced in implementing them and the gaps in those efforts which lead to the need for formulating a new policy are to be provided. The present document gravely falls short in this aspect. The Preamble to the document while gives a very good account of the past efforts of the Government in building a strong education system in the country, misleads that the present education is almost close to perfect with not much issues and problems. One may say that the issues and challenges in the current education system are dealt with in a separate chapter altogether and hence, an account of the same has been provided. Though this might be said to be true, the Preamble lacks the explanation as to what necessitated the formulation of a new education policy to replace the already existing policy, which is the very purpose of writing a preamble. All the more, the Preamble nowhere makes even a mention of the essence of education, its meaning and necessity. The need to build a system of education based on egalitarian values and in conformation to the Constitutional values is not given due importance. Instead, the Preamble misplaces facts by depicting that education has throughout been equally accessible to all strata of the society. Since the ancient era, education in India has been the privilege of elite classes, which is why the demand for a fundamental right to education for all was made an important component of freedom struggle. It is saddening that even to this day, the struggle continues as education has still not become a right of the masses in reality. In the words of Mr. J. P. Naik, “Children and youth learnt by living and participating in the activities of the home and society. It was not education for living but education through living; and there was no difference between the process of socialization and education. Gradually, as quantum of available knowledge and the need for specialized skills began to grow, some persons began to specialize. This led to apprenticeship and later on to some regular forms of non-formal education. Even today, this is the only form of education received by numerous children who never enter schools.” [Naik, JP, „Some perspectives on non-formal education‟ (Allied publishers, New Delhi, 1977) at pg 6] Issues like stratification of education system, privatisation, commercialisation and commodification of education hamper the very notion of education being a social good. Instead education is perceived as a profit-making business. Hence, to understand education in its true essence and build a system of education based on Constitutional principles to achieve the formation of an egalitarian society is exceedingly significant. This needs to be effectively reflected in the Preamble of the National Education Policy as the Preamble forms the foundation for the implementation of any policy or legislation.

CHAPTER 2 – KEY CHALLENGES IN EDUCATION SECTOR While the chapter recognises considerable number of challenges in the present education sector, few aspects seem to be either misplaced or missed out. The observations in this regard include the following: The issue of access and participation in education system does not give an account of the inequalities and discriminatory practices leading to reduced access to education system by the masses. Education still remains a privilege and has not yet become the right of the masses. While reduced GER is one aspect of the issue, retention of students is another major challenge. The document fails to identify this issue. The document assumes the existence of a full-equipped pre-school education system provided by government and wrongly states that it is not helping students to be ready for formal schooling. The Anganawadi Centres are centres of care and cannot be considered as a pre-school. The document fails to account for the failure of the Government in raising the standards of all the Government schools to that of the Schools run by the Central Government like that of Kendriya Vidyalayas etc. Various researches assert the fact that the Central Government run Schools in India are among the best educational institutions. Though the document recognises commercialisation as a major challenge persisting in the present education system, it has ignored that increasing privatisation in the sector is adversely affecting the quality of education. The document not only ignores but to a certain extent favours privatisation of education to a certain extent. The recognition of privatisation of education sector as a dangerous development and one of the key challenges is very crucial. Effort to identify and discuss the causes leading to the failure of Government flagship programmes like Operation Blackboard, SSA etc., in achieving universalisation of quality education is not made. It is imperative to identify these ensuing challenges and deal with the same. While the failure to allot the recommended budget to educational sector is recognised, the reasons behind the same are not identified and discussed. It is pertinent to recognise these challenges and make efforts to allot the necessary budget for education. In the process of recognising the failure in the fulfilment of the global commitments with respect to education, the target of universalisation of quality education is pushed further to 2030 much to the transgression of the initial Constitutional mandate of 1960 and the subsequent national as well as global commitments.

CHAPTER 3 – VISION, MISSION, GOALS AND OBJECTIVES Vision A clear cut vision is essential for the effective implementation of any policy document. The vision of the proposed National Education Policy confines education for the development of human resources and the holistic approach is mislaid. Thus, following suggestions are made: The Vision of the National Education Policy should be drawn from the core values of the Constitution of India. The Vision should be in consonance with Article 39 of the Constitution which emphasises upon the healthy development of children and their protection from exploitation. Education is the ideal way of ensuring holistic and healthy development of children under the conditions of freedom and dignity. The Vision should be in the lines of building a national education system based on the Common School System and the neighbourhood school principle as recommended by the Education Commission (1964 – 1966) and reiterated by the earlier educational policies to build an egalitarian society based on the core values enshrined in the Constitution of India and the Preamble. The vision should be such as to ensure inclusive quality education and lifelong learning to all and not limit to ensuring opportunities for the same. Mission The mission of the Policy, just like the vision, lays emphasis on acquisition of skills for improvement in employability by completely ignoring the holistic approach and the broader implications of education. It is of much significance that the mission of the National Education Policy should be to achieve the broader goals of education of building an egalitarian society based on the core principles of the Constitution. In this bearing, the Mission of the National Education Policy should be directed towards: Achieving the larger purpose of education as connoted by the UN in its 1966 report submitted under the chairmanship of Mr. Jacques Delors. According to the United Nations, the following four pillars of learning are the fundamental principles for reshaping education: i. Learning to know: to provide the cognitive tools required to better comprehend the world and its complexities, and to provide an appropriate and adequate foundation for future learning. ii. Learning to do: to provide the skills that would enable individuals to effectively participate in the global economy and society. iii. Learning to be: to provide self-analytical and social skills to enable individuals to develop to their fullest potential psycho-socially, affectively (emotionally) as well as physically, for an all-round complete person. iv. Learning to live together: to expose individuals to the values implicit within human rights, democratic principles, inter-cultural understanding and respect and peace at all levels of society and human relationships to enable individuals and societies to live in peace and harmony. Fulfilling the international commitments of India with regard to the Sustainable Development Goals, Education for All etc., and paving way for global citizenships. Building an education system that is beyond the mere development of human resources for the gain of financial benefits. Goals and Objectives The goals and objectives are set based on the vision and mission of the Policy. Just like the Vision and Mission of the National Education Policy should focus upon the holistic development of individuals, the objectives of the Policy should also be set in this direction. Accordingly, following recommendations are being put forth: The overall goal of education should be to achieve holistic development of individuals and should not be confined to the improvement of employability. Learning has to be seen as a process as opposed to defining minimum levels of learning in the form of learning outcomes. Pre-school education is to be seen as a continuum of early childhood care and education. Emphasis is to be laid on early childhood education based on the mandate of the Constitution of India under Article 45 and in lieu with the ECCE Policy, 2013. Non-formal learning modalities are to be a mere support system to the formal education and should not be a parallel system of education. It is an unhealthy practice to engage in non-formal learning by totally discounting the formal education system. Thus, cessation of the non-formal education system is to be carried out and the provision of non-formal learning to enable the avoiding of formal education is to be discouraged.

CHAPTER 4 – POLICY FRAMEWORK Pre-School Education While the prioritisation of pre-school education is a welcome measure, the reduction of age to 4 to 5 years is a contested provision. As envisaged by the ECCE Policy, 2013, the first six years of life are fundamental to the development of an individual and early childhood care and education encompasses the inseparable elements of care, health, nutrition, play and early learning within a protective and enabling environment. 0 to 6 years needs to be seen in a continuum. As recommended in the 259th Law Commission Report, with a view to prepare children above the age of three years for elementary education and to provide early childhood care and education for all children until they complete the age of six years, it is necessary to mandate the provision of free pre-school education to all children in the age group of 3 to 6 years. The pre-school education is to be integrated with the primary education and the component of care, nutrition and protection as provided by Anganawadi Centres. For this, these centres are to be located within the school premises. The option of situating them near schools should not be given. The Anganawadi Centres are to be converted into community crèches to assist the working parents in lines with the recommendations of the 259th Law Commission Report which provides that “every child under six should have an unconditional right to crèche and day care, which is provided, regulated and operated by the State”. (Point 6.19) The components of pre-school education should be in accordance with the Early Childhood Care and Education Policy, 2013 and pre-school education shall be managed in coordination with the Ministry of Women and Child Development. A time period is to be specified for the transition from Anganawadis to pre-primary school. Providing the discretion of determining the same by the State Governments will lead to confusion and ultimately result in ineffective implementation. Protection of Rights of the Child and Adolescent Education Protection of Rights of the Child A Child Protection Policy shall be formulated by all schools based on the framework and guidelines for ensuring school safety and the same is to be implemented by all schools. This shall be made a mandate for recognition and registration of schools. If subsequently any norms are flouted, stringent action shall be taken against the school authorities. A Child Rights and Security Cell is to be constituted in each school to deal with the issues within the school pertaining to protection and other rights of the children. Such Cells are also to be constituted at the District level as subsequent level. Rules and provisions relating to these Cells shall be determined. The awareness of Child Rights related laws, Acts, Rules, Regulations, etc., should be made a component in the teacher education curriculum to enable teachers to gain knowledge regarding the same in an effective manner. Adolescent Education The classification between children and adolescents is highly inappropriate and in violation to the principles of UNCRC which defines, everyone below the age of 18 years as a child. The classification corroborates the latest amendment to the CLPR Act which is facing wide-spread staunch criticism from the public. 0 to 18 years is to be seen in a continuum and the entire period is childhood as elucidated by the UNCRC. Learning Outcomes in School Education The provision for “alternate schools” is strongly contested. The concept of alternate schools not only leads to increased discrimination but is in violation of the fundamental right of all children to quality education. Instead mainstreaming of migrant children and other out of school children through additional training is to be carried out. The “No Detention Policy” is to be extended up to X standard. In other words, provision is to be made so that no child can be detained in the same class until he/she reaches X standard. The rationale behind such a provision is best explained in the document “Clarification of Provisions of Right of Children to Free and Compulsory Education Act” which states as follows: “The ‘no detention’ provision is made because examinations are often used for eliminating children who obtain poor marks. Once declared ‘fail’, children either repeat grade or leave the school altogether. Compelling a child to repeat a class is demotivating and discouraging. Repeating a class does not give the child any special resources to deal with the same syllabus requirements for yet another year. Parents and friends of such children also tend to view them as being ‘fit for failure’, thereby reinforcing the perception which the school has already used for declaring a child ‘fail’. The ‘no detention’ provision in the RTE Act does not imply abandoning procedures that assess children’s learning. The RTE Act provides for putting in place a continuous and comprehensive evaluation procedure – a procedure that will be non-threatening, releases the child from fear and trauma of failure and enables the teacher to pay individual attention to the child’s learning and performance. Such a system has the best potential to improve quality, rather than punishment, fear of failure and detention. Consistent with the arguments provided under section 13 that each child has the same potential for learning, a ‘slow’, ‘weak’ learner or a ‘failed’ child is not because of any inherent drawback in the child, but most often the inadequacy of the learning environment and the delivery system to help the child, realise his/her potential, meaning thereby that the failure is of the system, rather than of the child. This requires addressing the improvement of the quality of the system rather than punishing the child through detention. There is no study of research that suggests that the quality of the learning of the child improves if the child is failed. In fact, more often than not the child abandons school/ learning altogether.” Hence, the amendment to the RTE Act should be in the direction of extending the “No Detention Policy” up to X standard. Learning is a continuous process and connoting education to achieve desired outcomes by defining minimum levels of learning in the form of learning outcomes is in contradiction of the very notion of education. As time and again emphasised by the UNCRC and other international and national documents, education and learning are directed towards the development of an individual's personality, talents and mental and physical abilities to their fullest potential. Thus, confining education to achievement of defined learning outcomes is pitiful. School Education By making provision for merger of schools, the proposed inputs support the closure of Government schools thereby paving way for privatisation. Instead of taking a drastic step of shutting down government schools for lack of facilities, measures are to be taken for attending to the fundamental issue of infrastructure and provision of funds allotment and necessary support is to be made to improve infrastructure and other facilities in these schools. It is strongly recommended that the Policy should in no way legitimise the closure of Government schools. The amendment of RTE Act to extend Clause 12(1)(c) to government-aided minority institutions is a welcome measure. While the amendment of RTE Act to extend up to secondary education is a desired modification, it seems to be premature at this point of time owing to the poor implementation of the existing RTE Act. Thus, it is necessary to identify and address the relevant issues and cautiously implement the same. However, to make education up to secondary level a fundamental right and the mandate of the State is much needed. Proper definition of the term appropriate age in the provision to amend RTE Act to cover secondary education is to be given. Open schooling facilities to provide for non-formal education is extremely contested. Such a provision tends to increase child labour wherein more and more children get engaged in labour as they have the option of obtaining non-formal education without having to attend full-time formal schools. This defeats the very notion of universal education to all and violates the fundamental right to education of children. The provision also infringes the Constitutional values and principles of protecting children from exploitation and ensuring their overall development under the conditions of freedom and dignity. Curriculum Renewal and Examination Reforms Curriculum should be so as to achieve holistic development of children and not to attain skills and knowledge for employment. The curriculum should be designed in conformation to the National Curriculum Framework, 2005. More emphasis needs to be given to sports and games, physical education and development of life skills and moral and ethical values. The assessment of students needs to be made based on their overall development and not based on only their academic achievements. Inclusive Education and Student Support Equity and inclusiveness should be based on constitutional values. Issues like providing equal access, subsiding OoSC and improving retention cannot be achieved until the standards of government schools are improved by providing the necessary facilities. For this, the required funds are to be allotted in time. The Policy should not confine itself to quantifying the measures. Quantification of supportive measures like that provided in the document (National Fellowship Fund for 10 lakh students) can be set as a short-term goal but those are not to be made a part of the Policy document. Inclusion of children in the formal education system is to be realised in such a way that these children are not subjected to labelling either in the schools or in the society. Precautions should be taken in these directions. Skills in Education and Employability Confining education to be a mere means of securing employment is the most disastrous connotation that can be made. While employment can be said to be one of the fruits of education, it cannot be made the one and only objective. The purpose of education is to attain self-development in a holistic manner. As emphasised by the UNCRC and other international documents, education should be directed towards the development of an individual's personality, talents and mental and physical abilities to their fullest potential along with the preparation of the individual for a responsible life in a free society, in the spirit of understanding, peace, tolerance, equality of sexes, and friendship among all people, ethnic, national and religious groups and persons of indigenous origin with utmost respect to human rights and fundamental freedoms. As stated in the document Education for International Understanding, Peace, Human Rights and Fundamental Freedoms, General Recommendation, adopted on 19 November 1974 by the UNESCO General Conference, “The word „education‟ implies the entire process of social life by means of which individuals and social groups learn to develop consciously within, and for the benefit of the national and international communities, the whole of their personal capacities, attitudes, aptitudes and knowledge. The process is not limited to any specific activity.” The National Education Policy should be formulated in consonance with these principles and lay emphasis on attainment of life skills, moral and ethical values along with vocational skills in order to facilitate the overall development of the individual. Use of ICT in Education Use of ICT in education as a supportive tool for aiding and assisting teachers is a progressive measure and is supported. However, it cannot be taken as the only means for providing education and ICT alone is not the solution to all problems. Teacher Development and Management Measures like attractive salaries and benefits are to be implemented to attract the meritorious populace to the teaching profession in lieu with the system followed in Finland. Four-years integrated Teacher Education Programmes based on the Delhi model are to be developed and conducted all over the nation. Child rights and child development related concepts and the related laws and policies are to be made a component of the teacher education curriculum to enable teachers to gain knowledge regarding the same in an effective manner. More and more educational experts are to be inducted in institutes like SCERT, DSERT, DIET etc. The teacher education and training programmes are to be oriented in the direction as to achieve the goals of an ideal education system. Teacher Education Programme is to be made accountable for the success of the education system. Language and Culture in Education Mother-tongue is to be made the medium of education for primary school as reiterated by UNESCO time and again. Educationally, the child learns more quickly through it than through an unfamiliar linguistic medium. (International Opinion on Language Issues by Dr. Joga Singh, 2013) A child‟s mother tongue provides facilities for the acquisition of early cognitive skills and provides a foundation for learning. The mother tongue is the first language of the child that helps him/her formulate thoughts and give direction to action. (Amy Tsui & J. W. Tollefson, Language Policy and the Construction of National Cultural Identity Language Policy, Culture, and Identity in Asian Contexts, 2007) Learning the mother tongue properly enhances learning of other languages. Studies have shown that reading and writing in the mother tongue is beneficial to the student in acquiring other subjects and there is no bar on acquiring another language by the same student. ("Techniques for functional literacy in indigenous languages and the national language” by Sarah. C., 1967) In the modern world, education is not always in the mother tongue and this is claimed to be detrimental to the cognitive abilities of a child by various researches as this amounts to an imposition of an alien language whilst subverting the naturally acquired language. (Mother Tongue and the Right to Choose the Medium of Instruction in Primary Education: A Constitutional Basis by Suprotik Das) As opposed to the three-language formula, multi-lingual education shall be introduced by removing the barriers between different languages. NOTE – Refer Chapter 9 of the Annexure for further information on mother tongue as medium of education and multi-lingual education and the proposed policy provisions. Self-Development through Comprehensive Education Emphasis on co-scholastic activities in school education is a much desired provision. However, in this notion, encouraging public-private partnerships is strongly objected to. Co-scholastic activities are to be made part of the curriculum and should be directed towards the holistic development of children as opposed to a means of maintaining good health. School Assessment and Governance More responsibilities and powers are to be given to the School Management Committees in ensuring good quality education in the school and overseeing availability and efficient maintenance of all facilities in the school. School Management Committees should be extended to Private Schools also (both aided and unaided). Training on right to education, child rights and related topics are to be provided not only to the elected members of the SMCs but to the parents of all children studying in the school. The funds for the school are to be allocated on the basis of the School Development Plan as mandated in the RTE Act. At present however, the School Development Plan is being designed based on the funds allocated. This practice needs to be discontinued immediately. Additional school grants are to be allocated to the SMCs in order to promote more decentralised decisions with respect to finance pertaining to the school and enable intime fulfilment of needs. Financing Education The measure to allot at least 6% of GDP to education is a progressive step. However, the 6% of GDP measure was as calculated in the late 1960s and recommended by the Education Commission (1964 – 1966). This measure does not hold good for the current period. Hence, this needs to be reviewed and the allocation of funds for education needs to be drastically increased and should be way more than 6% of GDP. Inviting private sectors to invest in education leads to more and more privatisation of education. Education is the responsibility of the State and should be state-funded. It is essential that the Policy refrains from legitimising privatisation of education. Private funding of educational institutions adversely affects their accessibility. CHAPTER 5 – IMPLEMENTATION AND MONITORING Community participation in education is to be emphasised upon. More emphasis needs to be laid on the coordination and convergence of various Government departments for the effective implementation of child rights within a human rights-based framework.

GENERAL OBSERVATIONS AND RECOMMENDATIONS Privatisation, commercialisation and commodification of education is to be strictly forbidden through the National Education Policy. The Policy should provide for building a national education system based on the common school system and neighbourhood school principle. Inappropriate language like referring students as products of education, using terms like handling of cases of children with disabilities are to be avoided in the Policy document. Children are to be treated with dignity. The National Policy of Education is to provide for a system of education within a human rights based framework that enables the overall development of individuals.

CONCLUSION The National Education Policy is the fundamental document that forms the founding stone of the education system of the country. Therefore, it is of extreme significance that the Policy is based on constitutional values and aimed at building an egalitarian society within the framework of fundamental human rights. It is with this perception that the Centre for Child and the Law, National Law School of India University has put forth the above suggestions and recommendations in relation to the Policy. Also, the Centre has come up with a draft referral policy document on school education which is hereby annexed to this document. We hope that the MHRD takes into consideration the holistic development of the child and not just promote development of skills and vocations aiming to increase the GDP of the nation. We have not come to a situation where we need to increase our economic status by making our children work and by stealing their childhood. Let us be that society and Government who realise and cherish children and their childhoods in our country.

          Manu, Macaulay and Manmohan   

G. Haragopal
Member – Presidium, All India Forum for Right to Education

India is one society that has inherited one of the most iniquitous social structures that remained stubborn notwithstanding several socio-political movements including the freedom movement. Manu, the BrahmnicalHindu ideologue provided the framework and justification for not allowing all sections of the society, more sothe labouring classes and women of all communities not having access to written word. This dictum survives through thousands of years after the written word had been invented by the human species. The language of the powerful, Sanskrit, through which they wrote and communicated was their exclusive prerogative. Hinduism perhaps is the only religion that believes that human beings were born unequal and prevents equal access to God, supposedly the creator of man and woman. The denial of access to formal learning not only divided and hierarchised the society, but provided scope and space for manipulation by the propertied and the powerful. This social arrangement continued all through the medieval and colonial period.

             It was during the colonial period the English language started replacing the Sanskrit and other local languages. After the first war of independence in 1857, Macaulay advocated the introduction of English language and held that it was the only way to create a support base for the colonial rule. He thought, rightly so, that the English educated Indians would be Indian in colour and English in belief and behaviour. It was again the upper castes who took advantage of their social position and linguistic skills monopolized the opportunities in civil service, legal profession, media, teaching and so on.  The English language was as alien to the people as Sanskrit except that the Christian missionaries opened schools where the hitherto forbidden sections had an entry point. In fact they provided access to God though Church and formal learning though schools. This opening up made no qualitative difference to the basic structure of social relations, but created a class of people, as Macaulay believed, who were entrapped into colonial mind-set and continue to perpetuate it even after six decades of the so-called victory of anti-colonial freedom struggle.

         It was Phule and SavitribaiPhule realising the importance of role of education started schools, particularly for girls. Education for all as an idea entered the freedom movement in the early part of the last century and picked up momentum and by 40s is came to be accepted by the Congress party who resolved to universalise right to education within a decade after independence. Given the aspirations and promise of the freedom movement it ought to have been incorporated in the fundamental rights chapter but on the grounds of resources and Nation’s preparedness it was pushed into non-justiciable directive principles of State policy.

       The silver lining immediately after independence was that whatever or wherever schools existed or newly opened they were all publicly funded common schools resembling the ‘neighbourhood schools’ concept as all children living in the vicinity went to the same school and studied through their mother tongue as medium of instruction. The limitation was that there was no concerted effort to ensure that all children go to the school which resulted in an India that has the distinction of having the largest number of illiterates in the world. This policy, by and large, continued till 1985-86. There was a shift in the policy which instead of initiating measures to provide access and quality education to all children introduced the policy of multi-layered schools bringing in inequity and inequality that Manu and Macaulay did earlier.

     The widespread mass unrest in India on various counts including the growing inequalities compelling the rulers to take some measures and Right to Education Act of 2009 is one such step which is supposed to have encoded the right to education as a fundamental right. While this step is important in letter, the spirit of the Act is not qualitatively different from Manu, Macaulay mindset. The Act should have straight away scraped all the private schools and has gone for common school through neighbourhood schools and raising the standardsof each school to that of central school. Instead the Act talks of private-public partnership which in principals concedes the continued presence of private schools at one level and accentuates the medium of instruction divide. It talks of 25% reservation of seats to poorer children in corporate schools. One starts wondering how a fundamental right could be so dividing and discriminatory. This has led to a country-wide debate whether the right in this form can ever be treated and accepted as a fundamental right. The public-private partnership is a device of the neo-liberal model to plunder public resources for private profiteering. The corporate schools used to amassing of wealth challenged the Act in the Courts opposing the admission of poor children into their schools. Assuming that the Court in principle concedes, which is very unlikely, what happens to the other 75% of the poor children condemned to study in government schools which are poorly funded and qualitatively  inferior. Is it not the time that the nation in one voice demands that all children of this country in the age group of 0-18 have equal access to quality education though common schools though neighbourhood schools?

          The scenario in higher education is equally pitiable. There are six to eight bills waiting for parliamentary ratification. Of all the bills the most Macaulian is the Foreign Universities Bill. KapilSibal addressing the last All India Vice Chancellors conference looked concerned about only two issues: the Foreign Universities Bill and introduction of semesterisation in Delhi university as if they are the only issues afflicting higher education. Of course, during the recent visit of Manmohan Singh to the USA, one of the items that came up in the discussion with Obama was opening up of higher education for foreign investment. The Prime Minister in his Independence day address to the nation from the Red Fort made a specific reference to the urgency of educational reforms. The saddest part of higher education is the pathetic conditions of State Universities. No state government, without exception, has any interest left in higher education as the sons and daughters of the ruling classes go for private medical, engineering, legal and other professional streams of education. The most prosperous are sending their children to foreign universities and are arguing that the ‘craze’ can be met only by inviting foreign universities to the Indian soil. It is precisely this cause that led to serious cuts in grants, stopping recruitment of new staff and all forms of support of the state. In the same breath they also want to privatise accreditation, distance education, tribunalization of educational litigation, abolition of UGC and manning the new council for higher education with corporate representatives. The teaching fraternity lured by the 6th pay commission evinced no interest in the neo-liberal assault on higher education.

    It is the wake of these drastic changes in school and university education, the All India Forum for Right to Education held its national conference in Yusuf Meharelly centre near Bombay. The forum draws its membership from socialists, Lohiaites, Gandhians, leftists, radicals and democratise. They are drawn from 16 states of India and are engaged in building a nationwide movement against these undemocratic, uncalled for, anti people reforms in education. It is time that spirit of freedom struggle is retrieved and we build a movement for an equitable, humane, fair and just society. The cause of education is one of the powerful weapons to realize this goal. This would invariably be a fight against Manu-Macaulay-Manmohan mind-set. The posterity may not forgive this generation of academia. These sections are bound to carry their own battle against unjust society with or without the support of the academia.

          Where motive is profit, education takes a back seat   

Hema Ramanathan, Parvathy P. B.

Section 12 of the Right to Education Act, 2009, which enforces a private-public partnership by reserving 25 per cent seats for the economically backward living in the vicinity of a private school, is a major source of anxiety for these institutions. Private trusts and managements fret about eroding autonomy, while parents in elite schools question the high fees in institutions that have lost the right to exclude. This opposition, driven by the middle class, seeks to defend its privileged and rarefied education system from encroachments, which were the initial trigger for the private school movement in India.
Modelled on the British public schools, the early private schools of the pre-independence era, such as Bishop Cotton School and the Lawrence Schools, educated children of English officers and scions of the most privileged Indian families. Schools aided by the government were intended to produce lettered civil servants. In the decades preceding independence, prominent Indian institutions such as the Bharatiya Vidya Bhavan and the Delhi Public School Society focussed on developing leaders with an Indian ethos. Over the decades, these schools provided free India with its first bureaucrats and administrators.
Post-independence, democracy universalised education, which until then had been a privilege, signalled by increased enrolments across all demographic profiles. The exodus of the middle class from government to private schools that flourished through the 1960s and 1970s was an acknowledgement of a middle class elitism that was clearly discomfited by the blurring class and caste lines in the classroom. Largely controlled by the upper castes, these private schools were avowedly secular but reinforced caste divisions. Established by non-profit organisations mostly in metropolitan areas, they further distanced the rural-urban educational experience. The mushrooming of lower-end “budget” schools in the last two decades, accounting for 60 per cent of urban enrolment growth in primary education between 1986 and 1993, was a market response to the rising clamour for English education from an aspiring, upwardly mobile lower middle class which did not have the means to send its children to more exclusive private schools.
By default, government schools became synonymous with mass education and were increasingly apportioned to the lower castes and Dalits who aspired to be educated. By the 1980s, because of defunding and slackening civic pressure, the system had collapsed and was marked by low teacher morale, high dropout rates, and rampant absenteeism among both students and teachers.
Over the past 30 years, this deep divide between the two systems has fostered two distinctive streams of education and thereby two exclusive educational and life experiences. The alternative private schooling system has contributed to a social transformation by creating an educated middle class that values economic growth but not social cohesion; that acknowledges education as a critical resource but endorses the marginalisation of groups based on financial status; and that has a sense of entitlement but does not actively advocate universalisation of education.
While the continued existence of private schools is an indictment of the government, in that it has failed to respond to the educational needs of its children, it has also legitimated an attitude that allows the privileged to dissociate themselves from the educational needs of the larger society. With all its shortcomings, which have been extensively documented, the RtE should be commended for trying to bridge the chasm by building on the bedrock of inclusion.
The push by the RtE to re-engage with private schools and re-integrate them into the Indian educational mainstream is an acknowledgement that the market cannot be trusted to deliver education with any degree of equity. To bring in additional resources, the 2010-11 Mid-Year Plan Review advocates deletion of the crucial stipulation that only non-profit educational trusts and charities may operate private schools. More recently, some educational trusts are alleged to be fronts for ‘for-profit' organisations that siphon off the profits, ploughing back little into improving infrastructure and teacher expertise. Formally allowing ‘for-profit' institutions to operate schools, even as they enjoy land, tax and infrastructure concessions, will merely legitimise this profiteering and deepen the systemic inequity along economic fault lines. If taken to its logical end, this could well kill the spirit of the RtE and the Directive Principles enshrined in our Constitution. Experience, national and international, tells us that private players in elementary education foster neither inclusiveness nor equity.
Education is a legal, collective and moral entitlement. When the middle class undertakes to share in this responsibility and ends its apathy to mass education, it may have earned the privilege of a private schooling system. In the process, government schools, responding to a more demanding constituency, are more likely to effectively meet the needs of not just the poor and the marginalised but of society at large.
(Hema Ramanathan is Fulbright-Nehru Senior Research Scholar, 2011-12, and Associate Professor, University of West Georgia. Her email ID and Parvathy's ID is: parvathy_pb@

          Politics of Low Cost Schooling and Low Teacher Salary   
Politics of Low Cost Schooling and Low Teacher Salary
Manish Jain
Sadhana Saxena

We have been following with interest and concern the debates generated by the writings of Jain and Dholakia in (2009; 2010). For some of us, it may be difficult to engage in a meaningful dialogue with the authors as the world views seem to be fundamentally different. For instance, in Jain and Dholakia’s world view most important concerns are ‘cost effectiveness’ and ‘efficiency’ as understood in the context of market. For them, education means achieving competencies in mathematics and language. Crucial though they are, learning of social and physical sciences or the larger aims of education like issues of equality and justice are not their concerns. More importantly, from the paradigm within which proposals are made it is clear that the authors are not interested in questioning the new economic order. On the contrary, economic order is considered as given or may be desirable or inevitable and the readers are being persuaded, through mathematical maneuvering, to fit in education with in this blatantly unjust order. The order in which priorities are decided by the demands of the market, the education of the marginalized has to be squeezed in through rampant privatization and the state facilitates handing over of the public resources to the private bodies in the name of PPP. Disturbingly PPP shamelessly proposes myriads ways of entering into contracts, a system where the private contractor can get away with exploitative conditions as the state ceases to be the employer. In fact, HRD minister has made it clear that what private schools pay to the teachers is not his concern.

To understand the proposals and arguments of these writings, following questions need to be asked: From what location in contemporary politics of education and the emerging research and funding networks, do they launch these economic reflections and gain legitimacy? What are the historical and theoretical roots of these proposals and economic choices? How do they visualize education, teaching and teacher and what are their silences? What are the ramifications of their suggestions?

Parental choice, promotion of private budget schools, PPP, cost effectiveness, and thus reform of public schooling along managerial lines form key issues in global educational policy discourse and research supported by multilateral agencies like WB. International management consultants, education businesses, researchers and research networks, policy think tanks, advocacy groups, partnerships between local and global actors, corporate philanthropic and charity foundations together form a strong interest group promoting these reforms (Nambissan and Ball: forthcoming). Thus, locating this intermeshing of agencies and their policy prescriptions is critical to understand the embeddedness and circulation of the emerging ‘research’ and advocacy networks. Nambissan and Ball (forthcoming) have shown that James Tooley with a firm grounding in think tanks in USA and UK and financial support from rightwing foundations supporting the philosophy of free market and even World Bank, has been able to operate in/with a complex network of research, advocacy and funding involved in promoting discourse of parental choice and advocating private schooling. Thus, use and defense of Tooley’s work by Jain and Dholakia is not simply a matter of learning from each other. That Jain was the World Bank’s nominee in the most recent Joint Review Mission of SSA reveals more about convergence of ideas and location.

Resource crunch?
Jain and Dholakia argue that even if allocation to education in budget is raised to 6% GDP, hiring ‘permanent regular school teachers’ in government schools and paying them salary recommended by the 6th pay commission would be ‘insufficient to ensure universal school education’. Paying such salaries is possible only if budget has a fiscal deficit of 22-23% or to ‘increase the tax revenues by more than double’. Shouldn’t we be asking, even if sounds clichéd: why not tax the rich and finance school education and pay decent salaries to the qualified teachers instead of promoting budget schools run by poorly paid and unqualified teachers, and largely funded by the deprived sections ?

The budgetary calculations, economic decisions and policy choices are not neutral but political in nature. Defining and redefining the poverty line and hairsplitting debates on APL and BPL depending on the way minimum nutritional requirements for different segments of the society are defined, is a good example of statistical jugglery. To answer the repeatedly asked question- from where to generate the funds, it would be instructive to look at some of the budget figures.

In the year 2008 and 2009, the adjusted revenues foregone in the central budgets were Rs. 2,85, 052 crores and Rs. 4,18,095 crores respectively and constituted 48.16% and 68.95% of aggregate tax collected (Chandra 2010: 46). In the recent budget, ‘over Rs. 500,000 crore in write-offs, direct and indirect’ have been gifted to the corporate. In last three budgets, direct tax concessions to corporate tax payers has been of the order of Rs. 2,08,000 crores (Sainath 2010). In 2005 the Ministry of Finance estimated a loss of central taxes due to SEZs ‘at Rs. 1,02, 600 crore in the next 4-5 years against the projected investment of Rs. 1,00,000 crore’ (Chandra 2010: 46). In Tamil Nadu ‘together with subsidized land (and direct VAT reimbursements), government is estimated to have paid Nokia Rs. 645.4 crore’ (Dutta 2009). Compare this tax relief granted to the rich and powerful with Rs. 1,71,000 crores, the total estimated amount required in next five years for the implementation of the Right to Education Act (Tilak 2010).

Thus, by questioning the studied silence of the authors about the large concessions granted to the richer sections and the corporate world and calculating these since 1991 may put the arguments made by Jain and Dholakia about budget deficit and increasing tax revenues in perspective.

History, politics and location of the proposals
Jain and Dholakia propose that ‘the only remaining alternative’ is ‘public-private partnership (PPP) in which low cost providers of school education, who pay much lower salary, cover a significant part of school education’ (2009: 41, 2010: 80). They argue that private sector, NGOs and hiring of para-teachers under different programmes like the Education Guarantee Scheme (EGS), Shiksha Karmi and Alternative School/Centres under SSA have shown viability of this option.

Not just recognition but celebration of the policy of hiring teachers at low costs to justify its intensification by the duo itself indicates their agreement with the neoliberal policies pursued in education since 1990s. Decentralization of appointment of teachers and contract appointments were seen as an effective way of dealing with the teacher’s collective opposition to the reform process (Govinda and Josephine: 2005). Weakening of government school system and increasing privatization of education happened simultaneously in these reform years. Drawing from human capital and public choice theories, WB tried to promote an integrated world economy that operates by rules of market (World Bank 1995).

In the neoliberal ethos, deregulation of education and imposition of market discipline were seen as necessary to discipline the unjustifiably privileged middle class professionals like teachers and contain or reduce the educational expenditure. Concern about privileging the state employees and the high ‘compensation paid to civil servants’ was also expressed by World Bank (2003). It calculated that the ‘wages for selected categories of staff are consistently higher than they could expect to make in the private sector’. In comparison to 39 Asian countries where teacher’s salaries were 1.7 to 1 with reference to per capita GDP, in India it was 5 to 1 (World Bank 2003: 36). It was argued that ‘more emphasis needs to go to local market comparators’ (ibid: 37). Jain and Dholakia also argue that ‘the salary of a school- teacher in the private sector is almost 25% to 35% of the cost of government salary’ (2009: 41). They also calculate that primary teacher salaries in India exceed per capita GDP by seven times (2010: 79). If the GDP/teacher salary ratio in all other cited countries is taken as a norm, then the primary teacher’s monthly salary in India must range from Rs. 2129 to Rs. 4344.

In this perspective, paying this salary without benefits of security of job, pension and health related facility is not seen as exploitation but introduction of market discipline in the period of globalization. Clearly, different set of market rules apply to the CEOs of the India inc and fresh management graduates as instead of inviting concern for increasing the economic divide, their fat salary packages and raises are glorified by the media. Salaries of the upper echelons of bureaucracy also do not cause any alarm. One needs to ask when nearly 80% of the workforce in the unorganized sector earns less than Rs. 20 per day or less, who can afford the fee of Rs. 300/pm in private schools that may ‘outdo’ government schools (Jain and Dholakia 2010: 79). Clearly, free and compulsory education is not the agenda of the authors.

Education, Teachers and Teaching
Jain and Dholakia (2010: 78-79) admit Sarangapani’s (2009) criticism that Gyanshala is a model of non-formal education for three hours but stay shy of answering if such model fits well with continuation of child labour. Instead they assert that better performance of children, adherence to state/national norms of curriculum, learning environment and development opportunities result in delivery of good education ‘even with non-formal teachers’. To understand the Gyanshala model and its defence, we need to ask what connects these untrained teachers, better learning and supervision together.

With globalization, human capital theory and efficiency became predominant models to decide and evaluate the purpose, (economic) worth, processes and outcomes of education. Efficiency translated as cost effectiveness and ‘measurable student achievement’ became a key marker to define education and educational outcomes to plan, predict, measure and compare the role of education in enhancing the economic growth of different national economies. Deeper engagement in education for creating new types of citizens, for justice and equality, and education as human right are deemed economically irrelevant and thus unimportant to policy makers. Both state and non-state agencies began to measure, publish and circulate student achievements in reading and numeracy to compare private and public schools. Public choice theory and efficiency doctrine views teachers as merely a rent-seeking agent. With large labour and unemployed surplus, teachers are seen as an easily available human resource, a replaceable cog, as one input among many whose purpose is defined with reference ‘to quantifiable outputs, namely the learning achievement of students’ leading to greater workplace productivity (Welmond 2002: 41-42).

The management model of education adopted by Gyanshala treats teachers as workers in the education assembly line who perform the teaching/learning tasks decided by the management. In it, teacher lacks any training and agency to deliberate on curriculum, to conceive, plan and design teaching and learning strategies for specific groups and individuals. The curriculum supervisors break the ‘complex jobs into specified actions with specified results’. The ‘management controls both pace of work and skill’ of teachers to attain specified learning goals set for students (Apple 1995: 128-133). Thus, an attempt to look for any possibility of the personal, intellectual or professional growth of the teacher in this model that exploits teachers is bound to cause disappointment. This economic and management model and discourse inspired by neoliberal ethos has no space to conceive teacher and teaching in a holistic manner where it is not just the salaries, but also the autonomy, academic excellence/support, intellectually stimulating environment and recognition of the work that sustains interest in education and ensures quality teaching.

Gyanshala model may achieve greater success with its students in problem solving tasks, in producing citizens who are technically skilled and accept the existing social and political structure but whether it can lead to classroom discussions based on critical theories of education and pedagogy that question the neoliberal path of development remains doubtful. Art, music, drama, sports and other co-curricular activities have no space in its conception of learning tasks in three hours of education. One wonders if this minimal education to the children of the marginalized qualifies as adherence to state/national curriculum, as claimed by Jain and Dholakia.

Given the needs of first generation school goers, there is even greater need and urgency to appoint qualified teachers in government schools for reasons of equity, justice, rights and democratic citizenship. This would require intensive training inputs; rethinking on the existing models of pre-service and in-service teacher trainings; creation of work environment where teachers are part of wider deliberations on meaning and functions of education in an inegalitarian society. But would a teacher who is unskilled and low on pay as recommended by Jain and Dholakia, have the necessary qualification, confidence, self-image and motivation to undertake such effort? To paraphrase Erich Fromm, can a servile and docile teacher create independent learners. The economics of justifying state support for privatization and NGOisation of education indulged by Jain and Dholakia has serious political ramifications.
Apple, Michael W. (1995). Education and Power. New York: Routledge.
Chandra, Nirmal Kumar (2010). ‘Inclusive Growth in Neoliberal India: A Façade?’, Economic and Political Weekly, Vol. 45, No. 8, February 20, pp: 43-56.
Dutta, Madhumita (2009). ‘Nokia SEZ: Public Price of Success’, Economic and Political Weekly, Vol. 44, No. 40, October 3, pp: 23-25.
Govinda, R. and Josephine, Y. (2005). ‘Para-teachers in India: A Review’, Contemporary Education Dialogue, Vol. 2, No. 2, Spring, pp: 193-224.
Jain, Pankaj S. and Dholakia, Ravindra H. (2009). ‘Feasibility of Implementation of Right to Education Act’, Economic & Political Weekly, Vol. 44, No 25, 20th June, pp: 38-43.
Jain, Pankaj S. and Dholakia, Ravindra H. (2010). ‘Right to Education Act and Public-Private Partnership’, Economic & Political Weekly, Vol. 45, No. 8, February 20, pp: 78-80.
Nambissan, Geetha and Ball, Stephen J. (Forthcoming). Advocacy Networks, Choice, and Schooling of the Poor in India.
Sainath, P. (2010). ‘And Yet another Pro-farmer Budget’, The Hindu, 1 March.
Sarangapani, Padma (2009). ‘Quality, Feasibility and Desirability of Low Cost Private Schooling: What is the Evidence?’, Economic & Political Weekly, Vol. 44, No. 43, 24 October, pp: 67-69.
Tilak, Jandhyala B.G. (2010). ‘Education in the Union Budget’. The Hindu. March 6.
Welmond, Michel (2002). ‘Globalization Viewed from the Periphery: the Dynamics of Teachers Identity in the Republic of Benin’, Comparative Education Review, Vol. 46, No. 1, February, pp: 37-65.
World Bank (1995). Priorities and Strategies for Education: A World Bank Review. Washington, D.C.: The World Bank.
World Bank (2003). India: Sustaining Reform, Reducing Poverty. Delhi: OUP.
          Education in the Union Budget 2010   
Education in the Union budget

Jandhyala B.G. Tilak

Saturday, Mar 06, 2010
One looks forward to the Finance Minister's budget speech with a hope that it spells some new major initiatives and schemes for development, and that it might promise any major allocation of resources to any sector, besides fresh tax proposals. In the case of education sector, one might feel disappointed at the proposals made in the Union budget for 2010-11 on both counts. No new initiatives are proposed; no major reference to the importance of education is made, except referring to the enactment of the Right to Education. The proposals on allocation of resources also promise little new.

Modest increase

The total plan allocation for education sector has been raised by 15 per cent to Rs.42,000 crore, from Rs.36,400 crore proposed in the 2009-10 budget. (The revised estimate for 2009-10 is only Rs.30,600 crore.) At the current rate of inflation, the increase is very modest, if not insignificant.

The allocation for elementary education is increased from Rs. 21,700 crore in 2009-10 to Rs. 25,000 crore in current budget — a meagre 15 per cent increase in nominal terms. This includes an allocation of Rs.15,000 crore for Sarva Siksha Abhiyan (SSA), the major flagship programme for universalisation of elementary education and Rs. 9,300 crore for the national scheme of mid-day meals — together accounting for 97 per cent of the total allocation for SSA. Among others, strengthening of teachers training institutions and quality education in madrassas are the two notable budget items that account for the rest. The increases in allocation of resources to SSA, the mid-day meal scheme and the elementary education as a whole seem to be only token increases. The allocations pale further, given the context of enactment of the Right to Education legislation by Parliament only a few months ago, which promised substantial improvement in access, quality and other dimensions of elementary education and provision of quality education to every child as a fundamental right. The implementation of the Right to Education Act requires enormous resources. Conservative estimates put the requirement as Rs. 171,000 crore for a five-year period, but the government seems to have decided, as per the media reports, to provide only Rs. 32,000 crore for the remaining two years of the eleventh five year plan for SSA, which is considered the main or the only scheme for the implementation of the Act. It appears the Ministry had sought an allocation of Rs. 40,000 crore in the current budget, and the Planning Commission seemed to have indicated its willingness to allocate Rs.35,000 crore; and the Ministry of Finance has allocated finally only Rs.15,000 crore for SSA and Rs. 9,300 crore for midday meals.

In fact, two thirds of the total allocation to elementary education comes from the Prarambhik Siskha Kosh, which is essentially made of the revenues received from education cess for elementary education. Though the District Primary Education Project (DPEP) has been virtually closed, reliance on external assistance for elementary education continues. External aid for elementary education increased from Rs. 683 crore in 2004-05 to Rs. 1,584 crore in 2008-09. In the allocation made for SSA in the current budget foreign aid which is of the tune of Rs. 1,028 crore, constitutes about seven per cent; in addition, foreign aid forms 90 per cent of the Rs. 46 crore proposed for Mahila Samkhya.

On the whole, the overall allocations to elementary education may put serious question marks on the seriousness of the Union government on the implementation of the Right to Education Act, which is yet to be notified.

The allocation to secondary education was least raised — from Rs. 4,600 crore to Rs. 4,700 crore. For universalisation of secondary education, the Rashtriya Madhyamik Siksha Abhiyan (RMSA) was launched recently. While Rs. 1,354 crore was allocated to it in the last year's budget, only 40 per cent was spent as per the revised estimate. Navodaya Vidyalayas, RMSA and the scheme of setting up of 6,000 model schools at block level as a bench mark of excellence can be regarded as the three major budget items in secondary education in the current budget. Of the 6,000 model schools, 3,500 were to be set up under public-private partnerships modes which are yet to be finalised.

The National Means-cum-Merit Scholarship scheme was launched in 2008-09, according to which a scholarship of Rs. 6,000 per annum per head is awarded to meritorious students of economically weaker sections to enable them to continue their studies and complete at least senior secondary education. In 2009-10 Rs. 750 crore was allocated to the scheme. But as per the revised estimates only Rs. 253 crore was spent. One might expect such a scheme that aims at promoting equity and merit, to receive serious attention in the budget allocations. Surprisingly, the allocation to the scheme has been slashed in the current budget to Rs. 90 crore — to about one-third of the revised estimate and 12 per cent of the of the budget estimate of 2009-10.

Allocation to adult education has been more than doubled increasing it from Rs. 450 crore to Rs. 1,300 crore, the major beneficiary being the recently restructured and renamed Sakshar Bharat Programme.

For higher education

Allocations to higher education (general and technical) are also modest; they increased from the budget estimate of Rs. 9,600 crore in 2009-10 to Rs. 11,000 crore in the present budget. The total plan and non-plan allocation to technical education increased from Rs. 5,400 crore to Rs. 6,000 crore. For setting up of new IITs, again Rs. 400 crore has been allocated, like in the previous year. A significant increase in the allocation has been made for upgrading existing/setting up of new polytechnics. An allocation of Rs. 220 crore has been made for the same, compared to Rs. 45 crore in the previous budget. Non-plan allocations to the UGC, IITs and IIMs etc., have been reduced, though there is a small increase in plan allocations. This might mean that the higher educational institutions will need to either raise student fees or face a difficult situation when it comes to maintaining their infrastructure.

More importantly, the budget allocations do not indicate any major restructuring of the University Grants Commission (UGC) or the All-India Council for Technical Education (AICTE), as the total plan and non-plan allocation to the UGC remains more or less the same around Rs. 7,300 crore and that to the AICTE nearly Rs. 200 crore. There is, of course, a separate provision of Rs. 40 crore for the establishment of tribunals, accreditation authority, the National Commission on Higher Education and Research (NCHER) and National Finance Corporation. The draft bills to set up some of these bodies are believed to be at an advanced stage, getting clearance from the cabinet committee etc.

The proposed NCHER is to subsume the role of UGC, AICTE and other similar bodies. Further, in recent years organisations like the Indian Council of Social Science Research (ICSSR) were subject to a thorough review and experts have recommended major revamping of the organisation and its institutes. The somewhat stable allocation of Rs.50 crore to ICSSR and equally stable allocations to other research institutes indicate no major thinking on the development of research in social sciences in these organisations.

The only scheme that attracted a huge allocation in higher education — Rs.500 crore is the scheme of interest subsidy to educational loans. This scheme, which seems not to have taken off during the last year, is meant to provide subsidy to the students of weaker sections to the extent of interest payments for the duration of the studies. While the scheme needs to be welcomed, it also indicates the government's intention to increasingly rely on student loans as an effective method of funding higher education, rather than providing general subsidies or scholarships.

On the whole, the proposals made in case of education in the 26th Feb 2010 Union budget, to say the least, do not indicate any special significance being attached to education — neither to the Right to Education Act, nor to the recent proposals on universalisation of secondary education, nor to the reforms being discussed in higher education.

( Jandhyala B.G. Tilak is professor at the National University of Educational Planning and Administration, New Delhi. Email:

          Tennessee Consolidated commits $196 million to 3 funds   
Tennessee Consolidated Retirement System approved approximately $196 million total in private equity commitments.
          Skadden $35 Million Legal Malpractice Suit   
Creditors of a bankrupt conglomerate have sued Skadden, Arps, Slate, Meagher & Flom in New York state court, after allegations that Skadden acted unethically in failing to disclose or obtain waivers for multiple conflicts. The plaintiffs are lenders and private equity funds owed over $90 million, who forced a company, Evergreen International Aviation Inc., to file […]
          REVERSE MORTGAGES-scamarama??   
[+8] Question by farmerman on 05/27/15 5:08 PM Replies: 29 Views: 1,302
Tags: Scams, Loans, Reverse Mortgage, Equity
Last Post by hawkeye10 on 05/29/15 11:35 PM
          Is It Possible to Borrow an Unsecured Loan based on Equity in a Co-owned Home   
[+5] Question by Felixthecat23 on 05/14/14 12:25 PM Replies: 11 Views: 435
Tags: Loans
Last Post by cicerone imposter on 05/14/14 10:19 PM
          Rick Dildine to Become Artistic Director at Alabama Shakespeare Festival   

Rick Dildine, artistic and executive director of Shakespeare Festival St. Louis, will join Alabama Shakespeare Festival as Artistic Director. In his new role, Dildine will oversee an operation that produces 10 productions in two venues set in a 250-acre park with an annual budget of $8.1 million and more than 230 employees. He will assume his new responsibilities Aug. 1.

Dildine, ASF's fourth artistic director in 40 years, will be replacing Producing Artistic Director, Geoffrey Sherman, who retires this month after 12 years in that position. Once on board, Dildine will also help in the national search for the ASF's newly created position of Executive Director. The ASF is located in Montgomery, Alabama.

"St. Louis has been an incredibly wonderful home to me and a phenomenal place to make art, making this decision to depart even more difficult for me both on a professional and personal level," Dildine said. "The generous support and loyalty achieved on behalf of the Festival through the years is a testament to the passion this city has for theater and its effect on our lives, and I am honored to have been able to play a part in it."

A search committee appointed by the board will begin meeting immediately to identify Dildine's replacement. The committee's plan is to finalize the search by fall.

Since his arrival in 2009, Shakespeare Festival St. Louis has more than doubled its programming, increased attendance more than 55 percent, and garnered national exposure for its innovative programs and approach to theater making. Dildine directed two productions including Twelfth Night (2013) and A Midsummer Night's Dream (2016), and created the highly successful SHAKE38 and Shakespeare in the Streets programs. Under his tenure, the organization has received numerous awards including recognition as Arts Organization of the Year (2017) by the Missouri Arts Council, Excellence in the Arts Award (2015) from the Arts & Education Council of Greater St. Louis and the Exemplary Community Achievement Award (2012) by the Missouri Humanities Council. For six months in late 2014 through March of 2015, Dildine served as chief executive officer of Shakespeare & Co. in Lenox, MA, before returning to the Festival in St. Louis.

"Rick's innovative programming, leadership and financial acumen has catapulted the Festival into the top tier ranking of theater companies nationwide," said Penny Pennington, Board President of Shakespeare Festival St. Louis. "His ability to create art in the schools, in the streets and in the park reflects his devotion to our city and his need to continue to challenge us through Shakespeare's works. His work has provided us with a wonderful opportunity to attract the best of the best and find a candidate who can continue to build on this incredible foundation."

Recognized as a leader in civic engagement, Dildine was named 2014 "Theatre Artist of the Year" by the St. Louis Post-Dispatch, "40 Under 40" by the St. Louis Business Journal and recognized on the city's Power List of "100 People Who Are Reshaping the City." He has held leadership positions at About Face Theatre, Stephen Foster Theatre, and Brown University/Trinity Rep New Plays Festival under the direction of Pulitzer Prize winner Paula Vogel. Dildine has traveled on TCG delegations to Cuba and China and served on numerous grant panels including the National Endowment for the Arts. He has taught or served on staff for Brown University, Clark University, and Webster University, where he served as Director of the MFA Arts Management & Leadership program and currently teaches within its BFA Acting program. He is a graduate of Ouachita Baptist University and Brown University/Trinity Rep with an MFA in Acting and is a proud member of Actors' Equity Association and the Society of Directors and Choreographers.

Alabama Shakespeare Festival is the largest professional, producing theater in Alabama and one of the largest Shakespeare festivals in the world. Productions of Shakespeare are at the artistic core of the company, which also mounts Broadway musicals, children's productions, American classics and world premiers to round out its annual offerings. The ASF's $21.5 million Carolyn Blount Theatre complex houses the two theater venues (seating capacity of 792 and 262, respectively), production shops, rehearsal halls and administrative offices situated on an English-style grounds and lake that surround the building and make up the stunning core of the Wynton M. Blount Cultural Park. Founded in 1972, ASF is a member of the prestigious League of Resident Theatres (LORT), the largest professional theater association of its kind in the United States, with its 72 members located in every major market in the country, including 29 states and the District of Columbia. LORT theatres collectively issue more Equity contracts to actors than Broadway and commercial tours combined.

          GLOBAL MARKETS-U.S., European yields poised for weekly rise; oil up   
NEW YORK, June 30- Bond yields in the United States and Europe were poised for big weekly gains on Friday, weighing on major equity markets, while oil prices extended their rebound into a seventh session but were still set to post their worst first half since 1998.. Expectations for stronger economic data in Europe and rate tightening at central banks around the...
          Canadian PM Trudeau is not a friend of all God’s children   

Trudeau’s first cabinet was Africanless. Africans in Canada, from the continent and here questioned this move.  Many felt that the younger Trudeau took us for granted because his father Pierre Elliott Trudeau (October 18, 1919 – September 28, 2000) “opened” the doors for immigrants from the Caribbean and Africa. Eventually he did appoint Somali Toronto MP Ahmed Hussen to the federal cabinet as immigration minister.

Trudeau did appoint Indian-born Sikh Harjit Sajjan, MP for Vancouver South, minister of defence. Sikhs have a significantly different history in Canada than Africans.  The Sikh community is represented in all professional fields: medical, legal, technological, academic. Africans came kicking and screaming to the Western Hemisphere. Recently he has been questioned about “fibbing” about being the leader of a battle in Afghanistan. Sajjan said yearly defence spending will swell by more than 70 per cent, from $18.9 billion in 2016-17 to $32.7 billion in 2026-27. He promised $62.3 billion in new spending over 20 years.

Bardish Chagger is another India- born Canadian politician who is the current Leader of the Government in the House of Commons and Minister of Small Business and Tourism.  Chagger was elected as a Liberal member of the House of Commons of Canada in 2015.  She is the first female Leader of the Government in the House of Commons by Trudeau.

Amarjeet Sohi is an Indian-Canadian politician, currently the Member of Parliament for Edmonton and the Minister of Infrastructure and Communities in the federal cabinet. He narrowly beat out strong community advocate Nigerian-born Chinwe Okelu.

Maryam Monsef is an Afghan Canadian politician, a Liberal member the House of Commons in 2015. She was previously the Minister of Democratic Institutions and president of the Queen’s Privy Council for Canada until January 10, 2017.

Monsef has not had an easy ride. According to Wikipedia: “Monsef has been criticized for stating that she was born in Afghanistan, when in fact she was born in Iran. When this was revealed in September 2016, some commentators pointed out that this could lead to revocation of her Canadian citizenship and potential deportation, while others have criticized the absurdity of the present law or decried the importation of birtherism into Canadian politics. In an interview at that time, former MP Dean Del Mastro said that political workers in the 2014 municipal and 2015 federal campaigns knew she was not born in Afghanistan, but chose not to make an issue of it.”

Navdeep Singh Bains, the new minister of Innovation, Science and Economic Development is a Canadian born Indian.

Canada’s role in Haiti should never be forgotten. Back in the day I discussed Haiti on the Black Commentator in an article: “Canada's Crimes Against Haiti” in   the October 27, 2005 issue. After reading Yves Engler and Anthony Fenton’s  volumeCanada in Haiti’, I pointed out: “The chapter ‘Responsibility to Protect or A Made in Ottawa Coup?’ points out the coup against Aristide was actually planned on Canadian soil. From January 31-February 1, 2003, Canada’s Secretary of State for Latin America and La Francophonie, Denis Paradis, played host to a high-level roundtable meeting dubbed, The Ottawa Initiative on Haiti. Surprise, surprise, no representative of Haiti’s elected government was invited. However, Otto Reich, then President George W. Bush’s appointee as Assistant Secretary State for the Western Hemisphere, was in attendance. Paradis leaked the fact that this meeting took place to journalist Michael Vastel, who reported the meeting in the March 15, 2003 edition of L’Actualite magazine. Another chapter, ‘Using NGOs to Destroy Democracy and the Canadian Military Connection’ exposes the shameful role played by many Canadian NGOs.”

Trudeau is a self-proclaimed “feminist”. The court is still out on this matter. A recent article in the British based Guardian newspaper questioned the Canadian Prime Minister: “A slight note of exasperation crept into Justin Trudeau’s voice, suggesting that this was a topic he had broached many times before. ‘I’m going to keep saying loud and clearly that I am a feminist until it is met with a shrug,’ he declared to an audience at the United Nations in New York.”

His words sparked delight around the world. But one year on, Trudeau’s heady promises have run into the realities of government, prompting the question: has electing a self-described feminist to helm of the country translated into real change for Canadian women?

Canada’s prime minister is moving the Great White North further to the right on foreign affairs. Trudeau’s father Pierre Elliot Trudeau opened the doors to draft resisters including myself who refused to fight against the Vietnamese people. I saw Africans in America and the Vietnamese as colonial subjects. Africans in the United States were colonized by Uncle Sam and the Vietnamese by the French. Wiki pointed out: “While Canada had previously participated in military action against Iraq  in the Gulf War of 1991, it refused to declare war against Iraq without United Nations approval.

The Iraq War began with the United States-led 2003 invasion. The Government of Canada did not at any time formally declare war against Iraq, and the level and nature of this participation, which changed over time, was controversial.

Prime Minister Jean Chrétien said on 10 October 2002 that Canada would, in fact, be part of a military coalition to invade Iraq if it were sanctioned by the United Nations. However, when the United States and the United Kingdom subsequently withdrew their diplomatic efforts to gain that UN sanction, Jean Chrétien announced in Parliament on 17 March 2003 that Canada would not participate in the pending invasion.”

However, this is not the full story. The “Big White Folks” as Paul Robeson called them speak with forked tongues. “Nevertheless, he offered the US and its soldiers his moral support. However, according to classified U.S. documents released by Wikileaks, a high-ranking Canadian official may have secretly promised to clandestinely support the invasion. Two days earlier, a quarter million people in Montreal had marched against the impending war. Major anti-war demonstrations had taken place in several other Canadian cities.” Chrétien’s moves had more to do with the growing opposition to the invasion than his political morality.  

The not so great white north has a checkered history in the African continent. Canada joined the imperialists and played with the white checkers. They played a significant role in the assassinations of Patrice Lumumba, Maurice Mpolo, and Joseph Okito on January 21, 1961. Ottawa came up on the wrong side of history on the question of the Congo. Yves Engler author of the illuminating volume, Canada in Africa: 300 years of aid and exploitation, pointed out: “Siding with Washington, Ottawa promoted ONUC) and UN Secretary General Dag Hammarskjold’s controversial anti-Lumumba position. ONUC was established in July 1960 to ensure the withdrawal of Belgian forces. 1,900 Canadian troops participated in the UN mission between 1960 and 1964, making this country’s military one of its more active members. There were almost always more Canadian officers at ONUC headquarters than those of any other nationality and the Canadians were concentrated in militarily important logistical positions including chief operations officer and chief signals officer.”

Canada opposed anticolonial struggles in Africa, supported apartheid South Africa and Idi Amin’s coup against Milton Obote (December 28 1925- October 10, 2005) who had led Uganda to independence in 1962 from British colonialism. He was overthrown by Amin in 1971. Canada played a role in the ousting of Lumumba in the Congo by the CIA, Belgium and Mobutu Sese Seko Kuku Ngbendu Wa Za Banga aka Joseph Mobutu and Ghana’s Kwame Nkrumah.

The Great White North pressed African states to follow neoliberal policies, which have benefitted Canadian corporations. The Canadian International Development Perform points out: “Canada is a global mining giant and a leading player in Africa’s mining sector. 70% of the equity capital raised globally by the mining industry was raised on the Toronto (TSX) and Venture (TSXV) exchanges. Of the $10.3 billion in equity raised for mining on the TSX and TSXV in 2012 $1.9 billion or 18.5% was for projects in Latin America while another $1.7 billion or 16.5% was for projects in Africa.”   Canada played a role in the violence the Congo, Rwanda and Somali.  

Canada does have a Black Radical Tradition. However, we cannot expect Corporate Canada or the Black Misleadership Class to tell the story. That is on us on the Black Left.



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          Positive: Hawaii aims for a 21st century way to electrify rural areas   
Bringing electricity to homes, farms, and businesses in rural areas is a challenge everywhere, as the infrastructure costs of connecting buildings separated by miles easily can surpass potential revenue from those services. . . . But as Hawaii innovates to transition to 100 percent renewable energy by 2045, the state is also innovating on how to bring affordable electricity to everyone on its tropical forested islands at reasonable cost. Its state energy goals include social equity and economic justice. What happens in Hawaii could help inform electric power decisions elsewhere.
          7/1/2017: BUSINESS REVIEW: Deadline passes in Fairfax paper chase   

Neither of Fairfax’s rival private equity suitors appeared to have formalised an offer for Fairfax Media last night as a deadline to bid for the newspaper publisher passed. Fairfax Media’s future ownership remained unclear late in the evening as TPG...
          7/1/2017: BUSINESS REVIEW: Cat looks to have fallen on his feet   

Once again, it looks like Fairfax Media’s prodigal son Antony “The Cat” Catalano has fallen on his feet. With just over an hour in trading left yesterday, The Weekend Australian revealed private equity firm Hellman & Friedman looked like it was going...
          7/1/2017: BUSINESS: Dixon, KKR in $190m pub deal   
US private equity giant KKR has bought into Australia’s gastro pub boom, taking a majority stake in Melbourne-based industry consolidator Dixon Hospitality in a deal valuing the company at about $190 million. The deal, flagged by The Australian, will...
          Lula mayor reacts to defeat on service delivery with county   

Notch one for Goliath.

In a political struggle between Lula and Hall County — often portrayed by Lula City Manager Dennis Bergin as a fight between David and Goliath — Lula came out on the short end.

On Thursday, Mayor Milton Turner admitted as much when he confirmed that the county would be encroaching into what used to be Lula’s sewer service territory as a result of a revised service delivery strategy.

The document was approved by all the municipalities in the county except Lula and Gillsville.

However, Hall County spokeswoman Katie Crumley told The Times that Gillsville’s signature is pending.

Crumley said that Buford and Rest Haven added their signatures to the document Thursday. Previously signing onto the service delivery agreement were Gainesville, Clermont, Flowery Branch and Oakwood.

That left Lula out to dry.

The political defeat comes despite the city spending several thousands of dollars in newspaper ads that accused the county of wasting millions of dollars by duplicating sewer services in Lula’s service area. The ads were intended in part to sway public opinion and rally support from other smaller cities.

Turner said approval of the SDS does not undermine the basis of a potential lawsuit by Lula against Hall County. He said the possible litigation is based on a 2006 sewer agreement between Lula and the county. Lula claims the county violated that contract.

Despite the setback, Turner said Lula will forge ahead.

“It’s not the death of us,” Turner said. “There are other options we can do ... We can look at running things a different way… It’s something we will sit back and collectively and slowly make those decisions on.”

Turner said one option for Lula is to concentrate its sewer delivery efforts around the Belton Bridge area and move northward.

“That is our service district, so that’s an area we can concentrate in if we so choose,” Turner said.

Turner said the county is moving into service territory that used to be Lula’s.

“But of course, with the new service area the county says that’s theirs now,” Turner said.

A service delivery strategy is required by the Georgia Department of Community Affairs to avoid duplication of services and waste of taxpayer money by local governments. Hall County had until June 30 to submit a revised SDS or face losing state funding, grants and state permitting.

Included in the new, 10-year agreement is a $1.6 million payment from the county to the municipalities based on their property tax values. Lula residents will benefit from the tax equity as well, despite city council’s decision to not approve the SDS.

          NC State revamps community college leadership doctoral degree   

For at least the past 20 years, everyone from community college advocates to trustees has been bemoaning the increasing number of open and unfilled presidencies at two-year colleges across the country.

Even sitting presidents worry over the lack of a pipeline to replace them as they retire.

In North Carolina, for example, about half of community college presidents are expected to retire before 2019.

And that’s concerning to North Carolina State University, from which many alumni have gone on to reach the top position at one of the state’s 58 community colleges.

So this past year, NC State redesigned its three-year doctoral degree in adult and community college education to align its curriculum and standards with both the Aspen Institute’s research on community colleges and the Carnegie Project on the Education Doctorate. It's a move the university, along with a few other institutions, is making as part of a larger shift by the sector to focus not only on access and completion but postgraduation outcomes and the impacts those movements have on the presidency.

Now the program is focused more on labor market outcomes, learning, equity and completion in an effort to make future presidents more effective, said Ryan Knight, lead program associate at the university's Envisioning Excellence for Community College Leadership program.

“This is a chance to make sure courses we offer are in line with the most recent evidence-based findings of what makes today’s community college leaders most effective,” Knight said. “You can design a program today, but it’s not necessarily going to be relevant.”

NC State’s program takes the research and combines it with practical guidance about being a two-year leader, which is drawn in part from an advisory board that includes community college presidents. And it’s that practical aspect, combined with the work at Aspen, that officials at the institution hope makes NC State stand out. Currently, about 60 students are enrolled in the program.

For example, the curriculum emphasizes entrepreneurial approaches toward leadership -- an idea that current presidents have to grapple with as money from federal and state resources continue to decrease. So course work may center around looking for nontraditional funding sources or leveraging local industries and employers to invest in a college, Knight said.

There’s also some focus on how college administrators can better interact with legislators and policy makers, he said.

“Another major area we’re focusing on is equity and student success,” he said, adding that when administrators look at creating a new program and examine labor market data, they’re aware that everyone -- not just privileged groups -- should have access to equal opportunities.

The NC State program is one of what the Aspen Institute's Josh Wyner hopes is the first of many such community college leadership programs to emerge and help build a pipeline for two-year college leaders.

“They adopted the four-part framework for student success, and when you say that people think it’s just completion,” said Wyner, vice president and executive director of Aspen’s College Excellence Program. “For Aspen, it’s learning, completion, equity and labor market outcomes, and NC State has intentionally adopted that for its program as a way of framing practical education for students.”

Besides NC State, several other institutions are going through their curricula and trying to align them to the current sector needs, said Karen Stout, president and chief executive officer of Achieving the Dream. These include programs at the University of Maryland University College and National American University.

Building the Pipeline

There are more than 70 community college leadership programs across the country. The programs vary in the type of degree or certificate they award to people who are eager to reach the upper rungs of a two-year college or system, according to the National Institute of Staff and Organizational Development, which maintains a list of the programs.

However, in the past more community college leadership programs granted certifications, said Wyner, including the once-heralded graduate program at the University of Texas at Austin, which has been diminished in recent years.

“Given the enormous turnover and changing expectations of the presidency, we need a lot more and different community college leadership programs than we have right now,” he said. “The field isn’t robust enough and there isn’t enough differentiation in programs to meet the needs of community college leadership that exist across the country.”

In 2013, Aspen and Achieving the Dream estimated that more than 40 percent of the country’s 1,200 community college presidents were likely to retire over the next five years.

And for those universities that are still offering community college doctoral degrees, they’re producing very few graduates, said Terry O’Banion, chair of the graduate faculty at National American University. Much of the community college leadership program that once existed and was founded by John E. Roueche at UT Austin in 2012 moved to National American, which is a for-profit institution.

“Every decade we say there’s a leadership crisis, but it almost deserves that designation now,” O’Banion said. “The job has become too difficult. Faculty unions are in control of a lot of places. Constituencies and boards have become more active, and boards have become a real problem for some community colleges.”

But part of the challenge is that there are fewer professors at research universities who are evaluated on creating new leaders in the community college space, especially when incentives focus on research and publications, O’Banion said.

“The trickle of graduates from programs around the country is not meeting the need at all, and the need has increased extraordinarily,” he said, adding that the average tenure for a president at one of California's 114 community colleges is about three years.

The other avenue potential community college leaders commonly travel is pursuing doctoral degrees in education administration, which more often than not cater to the K-12 superintendent pipeline, O’Banion said.

Doctoral programs clearly are not the only path to becoming a community college leader. But Aspen’s 2013 report found that the curriculum in many doctoral programs preparing community college leaders wasn’t adequate. Those programs didn’t do enough work in focusing on partnering with employers and K-12 school districts or teach about the external, off-campus work presidents are expected to do today, Wyner said.

“We need many strong doctoral programs throughout the country, and they need to be, in my opinion, regional hubs,” said Stout, the ATD president. “And not just for presidents. Because of what I’m seeing in the pipeline, we need strong department chairs, deans, provosts, vice presidents of finance and administration that understand the operations of community colleges.”

And all of this is coming at a time when the range of preparedness in the presidential pool is more diverse than it has been, she said, adding that sitting presidents, deans and executives from outside academia all have been considered for presidencies.

Aspen also runs the Presidential Fellowship for Community College Excellence, in collaboration with Stanford University's Educational Leadership Initiative. Among the current 39 fellows, 12 have become presidents. Aspen’s fellowship prides itself in particular on assisting more women and people of color to move up the presidential pipeline. Of the 12 fellows who are presidents, six are people of color and seven are women.

In addition, some community college leadership programs are not tied to universities. For instance, the American Association of Community Colleges has a weeklong Future Presidents Institute.

“There is a lot of theoretical and historical knowledge doctoral programs need to teach, and there is no way Aspen can deliver a doctoral program,” Wyner said. “But by partnering with us, we hope to add to that the practical knowledge of how to lead internal change and partner for student success with outside entities.”

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          Economist - Agriculture, Statistics, Models   
MD-Silver Spring, We are a well funded 4 year startup poised to do some big things in the sustainable agriculture market and need a strong economist to work closely with our team to get us there. If you are an Economist with 3+ years of experience and want to join a startup, please read on! *Office in Silver Springs MD* Top Reasons to Work with Us *Small Team / CEO working with team *Competitive Salary *Equity (get
          Mortgage Loan Closer - Closing Department   
TX-Austin, If you are a Mortgage Loan Closer (Closing Department) with 3-5 years of mortgage related experience, please read on! Being one of the largest banks based in Texas, we are looking for an experienced Mortgage Loan Closer to join our growing closing department at our branch in Austin. Specialties Conventional Loans, Jumbo loans, FHA Loans, VA Loans, USDA, Home Improvement, Home Equity Fixed Rate Cas
          June 30, 2017: CHILDREN’S DEFENSE FUND   

The right to education, health, safety and equity.  They’re all things that all children should be entitled to. But for at risk youth getting them is not a guarantee. We caught up with the Executive Director of Children’s Defense Fund-New York, Samantha Levine, and one of the scholars who has beaten the odds, Elphram Chowdhury. Chasing the Dream: Poverty and […]

The post June 30, 2017: CHILDREN’S DEFENSE FUND appeared first on MetroFocus.

          Two key home loan lenders change rates, one hiking its one year rate, the other cutting its one year rate. Background wholesale rates rise today   

Effective Saturday, July 1, 2017, New Zealand's largest home loan lender is raising its one year fixed mortgage rate.

Their one year 'special' will rise by +6 bps to 4.55%.

It's standard one year fixed rate will rise by the same amount to 5.05%.

ANZ's 'specials' are available to customers with at least 20% equity, an ANZ transactional account with salary direct credited, plus any ANZ credit card or insurance. 'Specials' are not available with any package discount plans.

At the same time, Kiwibank has advised that it will be decreasing its one year 'special' rate by -24 bps to 4.45%.

This Kiwibank move will be effective on Monday, July 3, 2017.

These shifts mean that the Kiwibank rate will be directly rate competitive with ASB who have the same one year rate. 4.45% is a market-leading level (apart from the HSBC Premier rate).

ANZ last changed its mortgage rates eight weeks ago by raising their fixed rates. They changed on May 19, 2017, when they raised all their rates for terms from 18 months to five years. At that time, they also changed term deposit rates, putting some short term ones down and some long term ones up. They have not announced any parallel term deposit changes this time (so far).

The last time Kiwibank changed mortgage rates was on March 9, 2017.

In the wholesale money markets, rates have been low for a long time and the two year swap rate has been at broadly the same level for at least 15 weeks, with most of the slippage to the current levels happening in the first quarter of the year. But over the past few days, there have been some notable rises, even if that only takes these wholesale rates back to levels they were at six weeks ago.

See all banks' carded, or advertised, home loan interest rates here.

Here is a snapshot of the fixed-term rates on offer from the key retail banks.

below 80% LVR 6 mths  1 yr  18 mth  2 yrs   3 yrs  4 yrs  5 yrs 
  % % % % % % %
4.99 4.55 5.15 4.85 5.59 5.89 6.09
ASB 4.95 4.45 4.70 4.74 5.09 5.49 5.69
5.35 4.59 5.05 4.74 5.09 5.89 6.09
Kiwibank 4.99 4.45   4.79 5.25 5.75 5.99
Westpac 5.25 4.59 5.15 4.85 5.09 5.89 5.59
4.80 4.59 4.75 4.85 5.25 5.65 5.85
HSBC 4.85 4.09 4.09 4.29 4.89 5.29 5.59
HSBC 4.99 4.59 4.85 4.85 5.25 5.65 5.85
4.85 4.55 4.75 4.49 5.15 5.65 5.79

In addition to the above table, BNZ has a fixed seven year rate which is 6.15%.

And TSB Bank still has a ten year fixed rate of 5.99%.

          Yu Yongding says China is confronting the macroeconomic challenge of over-capacity deflation. Curbing excessive government and corporate debt which brought a credit rating downgrade is a second-rank problem deflected by a very high savings rate   

By Yu Yongding*

China’s mounting debt problem recently moved into the spotlight when Moody’s downgraded the country’s sovereign rating. But was the downgrade really warranted?

Though China’s overall debt-to-GDP ratio is not an outlier among emerging-market economies, and its levels of household and government debt are moderate, its corporate debt-to-GDP ratio, at 170%, is the highest in the world, twice as large as that of the United States. China’s corporate leverage (debt-to-equity) ratio is also very high, and rising.

A high and rising debt-to-GDP ratio, which goes hand in hand with a high and rising leverage ratio, can lead to financial crisis through three channels. The first is the deterioration of the quality of financial institutions’ assets, and the decline in the price of those assets. With institutions forced by mark-to-market accounting to write off an equal amount of equity, the leverage ratio rises, leading to a further deterioration in asset quality and decline in asset prices.

The second channel is refusal by investors, concerned about the rising leverage ratio, to roll over short-term debt. This causes the money market to seize up, forcing banks and other financial institutions to tighten credit and raise interest rates, thereby further weakening borrowers’ debt-service capacity. Defaults proliferate and the volume of nonperforming loans rises.

The third way a high debt-to-GDP ratio can lead to crisis is by driving banks and nonbank financial institutions, unable to secure sufficient capital, into bankruptcy. In this case, the public could panic and withdraw their cash, fueling a run on deposits that could lead to the collapse of the entire financial system.

But none of these scenarios seems like a real risk for China, at least not in the foreseeable future. China is, after all, a highly frugal country, with gross savings totaling 48% of GDP. As a result, loanable funds are abundant, and funding costs can be kept low. Therefore, China has more scope than other countries to maintain a high debt-to-GDP ratio.

Moreover, because China’s debt consists overwhelmingly of loans by state-owned banks to state-owned enterprises, depositors and investors feel confident (rightly or wrongly) that their assets carry an implicit government guarantee. And not only is the government’s fiscal position relatively strong; it also has $3 trillion in foreign-exchange reserves – a sum that far exceeds China’s overseas debts. China’s government could, if it so chose, bail out banks in trouble, preventing contagious bankruptcies.

Mitigating the debt risk further, China’s capital account remains largely closed, enabling the government to block capital flight and gain sufficient time to deal with unexpected financial events. It helps, too, that the People’s Bank of China stands ready to inject liquidity into the money market whenever necessary.

None of this is to say that China’s high level of corporate debt is not a cause for concern. But it does imply that deleveraging may not be as urgent as many seem to think, especially at a time when China has another, more pressing policy imperative to pursue – one that could be undermined by rapid deleveraging.

For years, China has been in the grips of overcapacity-driven deflation. The producer-price index (PPI) has declined in year-on-year terms for 54 consecutive months, while the annual rise in the consumer-price index (CPI) is hovering around 1.5%. In October 2016, PPI growth turned positive, suggesting that the debt-deflationary spiral may have been broken. But, after a few good months, the sequential growth rate of PPI has turned negative again, suggesting that now is no time to test fate on deflation.

This is all the more true at a time when the government is clamping down on runaway real-estate prices – an effort that is likely to deter investment, thereby weakening economic growth in the next six months. In this context, a wrong move could tip China back into a debt-deflationary spiral – which would pose a more acute threat to China’s economic stability than the risks stemming from the debt-to-GDP ratio.

Still, Moody’s points out, China’s debt-to-GDP ratio is a serious problem. Moreover, to justify its downgrade, it argues that the government’s efforts to maintain robust growth will result in sustained policy stimulus, which will contribute to even higher debt throughout the economy.

But this reading fails to distinguish between the long-term trend of the debt-to-GDP ratio when the economy grows at its potential rate and the real-time debt-to-GDP ratio when the economy grows at a below-potential rate. When an economy is growing at roughly its potential rate, as China’s is today, it makes no sense to lower the growth target below that rate.

To be sure, China does have reason to implement economic stimulus. The overcapacity that, until recently, dominated the Chinese economy was rooted partly in a lack of aggregate demand (and partly in wasteful overinvestment).

In an ideal world, China’s government could respond by stimulating household consumption. But, in the absence of further reforms in areas like social security, growth in consumer spending is bound to be slow. In the meantime, the government must rely on an expansionary fiscal policy to encourage infrastructure investment, even if it means raising the debt-to-GDP ratio.

Such an initiative should also entail improved financing opportunities – including lower borrowing costs – for small and medium-size enterprises. Meanwhile, the rise in the corporate debt-to-GDP ratio could be stemmed by efforts to improve capital efficiency, boost enterprise profitability, narrow the difference between credit flows and credit-financed investment, increase the share of equity finance, and align the real interest rate with the natural interest rate.

There is no doubt that China’s debts – especially its corporate debts – are a serious problem, and must be curbed. But China must balance that imperative with the more urgent need to maintain a growth rate more or less in line with potential, and prevent the economy from being tipped back into a debt-deflationary spiral. So far, China has managed to juggle these two imperatives. One hopes that it has time to address the challenges before it drops a ball.

Yu Yongding, a former president of the China Society of World Economics and director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, served on the Monetary Policy Committee of the People’s Bank of China from 2004 to 2006. Copyright: Project Syndicate, 2017, and published here with permission.

          Siah Hwee Ang on China and the US addressing their beef, the growing global population, Asia's cost challenges, the return of the conglomerate, protectionism vs 'what's appropriate', Japan steps on to the Belt Road...gingerly, and more   

Today's Top 10 is a guest post looking at the latest international business happenings from Professor Siah Hwee Ang, the BNZ Chair in Business in Asia at Victoria University.

As always, we welcome your additions in the comments below or via email to

And if you're interested in contributing the occasional Top 10 yourself, contact

See all previous Top 10s here.

1. China and US smoothing things out

China has lifted the 13-year import ban on some US beef.

Although the lift only applies to specific types of beef, the announcement represents another achievement under the Sino-US 100-day action plan to boost bilateral economic ties.

China banned imports of most US beef since 2003, after the spread of mad cow disease. Before the outbreak, the US was the largest supplier of beef for China.

China consumed 8 million tons of beef last year, and is the fastest growing consumer of beef.

The lifting of the ban represents competition for other suppliers of beef to China.

The world will be a better place if China and US can smooth things out. But there are implications for competition out there.

2. World population continues to grow

The report “World Population Prospects: The 2017 Revision” was published by the United Nations Department of Economic and Social Affairs last week. It suggests that the global population will reach 9.8 billion by the year 2050.

The revised report was a response to high rates of population growth in Africa and India.

The UN report predicts, the populations of 26 African countries will double between 2017 and 2050.

Nigeria, in particular is projected to surpass the U.S. as the third most populous country shortly before 2050.

China, the most populous country in the world for a while now, might see its population size overtaken by that of India by 2024.

The world population grows by around 83 million people each year. This in itself presents a lot of challenges around issues such as food security and sustainability.

3. Asia is attractive for expatriates, but is also starting to present cost challenges

The latest survey results on the cost of living for expatriates show that Asian cities make up 5 of the top 10 most expensive cities.

Hong Kong, Tokyo, Singapore, Seoul, and Shanghai are in the Asian cities that are becoming costly cities to live in.

The survey, conducted by HR firm Mercer, compares global prices for more than 200 items.

Three other Asian cities are in the top 25: Beijing (11), Osaka (21) and Taipei (25).

The north Asian cities of Tokyo, Seoul and Taipei have risen up the ranking significantly since the previous survey.

Asia has provided excellent employment opportunities in the last decade. In many cases with competitive salaries.

But have rising costs and newly-upskilled Asian residents brought about the end of this golden era?

The window is indeed closing for expatriates, but doors are still open for those seeking to establish employment in Asia.

4. Another milestone for China

Just last week, the MSCI Emerging Markets Index included China’s A-shares as part of its portfolio.

The index was created by Morgan Stanley Capital International (MSCI) and is designed to measure equity market performance in global emerging markets.

The agreement to admit mainland-listed stocks, thereby allowing them to be traded by foreigners, comes after China’s three failed attempts at expanding its global market influence.

Analysts have said that China’s inclusion on the Emerging Markets Index could lead to as much as US$12 billion of capital inflows. This is because many overseas investors measure the performance of their portfolios against MSCI indexes and are obliged to buy shares in them.

The China Securities Regulatory Commission stated that the inclusion demonstrates international investors’ confidence in a stable Chinese economy with better prospects and in the steadiness of China’s financial market.

MSCI said the move has “broad support” from international institutional investors and was the result of a loosening of restrictions enacted by China on foreign ownership of ‘A’ shares yuan-denominated stock in mainland China-based companies. Ownership of the shares had once been limited to mainlanders.

5. Welcome back, conglomerates

Last week, Amazon Inc. spent US$14 billion on the purchase of grocery chain Whole Foods Market Inc.

The purchase brings disruption to the US grocery chain sector.

Whole Foods’ 460 stores will run head-to-head with Wal-Mart’s 4,700 stores.

Last year, Wal-Mart bought online retailer in a move towards using e-commerce as a strategy.

The latest acquisition represents the challenge that brick-and-mortar-only and ecommerce-only companies face.

Price wars as a result of the increasing number of players and rising costs are forcing both sets of companies to look to more than one way of reaching out to customers.

This has led to heated battles between these companies.

We are bearing witness to the return of conglomerates, and high levels of intensity of rivalry as large conglomerates collide.

6. Protectionism at its prime? Or is it all about industry structure?

Airbus and Boeing have been involved in a 13-year World Trade Organisation (WTO) battle over illegal state aid.

Most recently, the WTO’s compliance panel has rejected several EU claims that the US had failed to withdraw all illegal subsidies to Boeing.

The WTO found all but one of the 29 issues highlighted by the EU to be in compliance with global trade rules.

Both sides are likely to appeal against parts of Friday’s ruling. That would take the EU case to the WTO’s appellate body, which is already considering a separate US case over state aid to Airbus.

Though there seems to be no winner from this the latest round, one can argue that it is ideal for both parties to stick to the status quo for the time being, rather than to lose a battle that could costs hundreds of millions.

Overall, Airbus maintained that illegal state support for Boeing had cost it roughly $100bn in sales over time.

These disputes raise questions over what constitutes protectionism and what’s considered appropriate as part of an industry structure.

Aircraft businesses are government-owned/linked, which also means it makes little sense to think that the owners cannot get involved. How does this differ from engagements by other state-owned or state-linked enterprises in the international business arena?

On a more fundamental level, to what extent do we allow governments to participate in business?

7. Japan starting to play on Belt Road Initiative … with conditions

Japanese Prime Minister Shinzo Abe has announced that his government is ready to cooperate with China on the Belt and Road Initiative, but only under the right conditions.

Previously Japan, along with India had indicated they were not keen to get involved in the China-initiated project.

Japan’s involvement is contingent on the projects adhering to international norms.

Abe emphasized that it is critical for infrastructure to be open to use by all, and to be developed through transparent and fair procurement. Projects must also be economically viable and the debt sustainable.

Given the strained bilateral relationship that Japan and China have had in recent times, the slight shift in Japan’s stance represents a significant move to smooth the relationship. It also shows a willingness to continue to engage with Asia more deeply, and to avoid being left behind.

8. Opening the online floodgates for foreign participation in India

Despite being a very technology savvy country, the Indian market is hardly an easy one for foreign companies.

Only since last year has the country allowed foreign companies to sell groceries directly to consumers, on the condition that the produce and processed foods are sourced locally.

Due to this limited window of opportunity, only major players have been able to enter the markets.

The latest one is Inc., who has committed to investing around US$500 million over the next five years to build a nationwide network to stock and deliver groceries.

Nonetheless, the Indian government is working on streamlining the process of foreign direct investment into the South Asian country.

Competition can be intense, and in many cases already is intense: large markets are full of strong local players seeking to defend their turf from foreign players.

9. The yuan makes another move

The renminbi weakened 6.5% against the US dollar last year, its worst year ever.

But late last year, China tightened capital controls to curb downward pressure on the currency. That effort has largely succeeded, with the renminbi appreciating 1.2% in 2017.

Late last month, China’s central bank changed the way it guides the renminbi exchange rate, a move designed to enhance the government’s ability to prevent renminbi depreciation at a time when authorities are still concerned about capital flight.

In the recently revised formula, dealers will incorporate a “counter-cyclical adjustment factor” in their quotes, according to a statement on the website of the China Foreign Exchange Trading System.

The move will hedge against pro-cyclical fluctuation in market sentiment and alleviate the potential for ‘herd behaviour’ in the foreign exchange market.

The People’s Bank of China permits the US dollar’s value against the renminbi to fluctuate by 2% above or below a so-called “central parity rate” published each morning, also known as the midpoint or fixing. The midpoint is ostensibly formulated by compiling quotes from a group of dealer banks, but the price is understood to be largely determined by the central bank.

10. Shipping is back to business

The shipping industry has been in some trouble for many years now.

Container shipping, which accounts for 95% of movements of manufactured goods, went into a state of limbo when Hanjin Shipping of South Korea went bankrupt.

Lots of cargo was stranded at sea.

Since then, the industry has consolidated.

Freight rates went down at the same time. This has led to an intensification in competition. Containers, typically 20 or 40 feet long are increasingly being used for inland activities.

A.P. Moller Maersk A/S sold 70,000 of these containers last year alone. Many such containers are used in the construction of buildings and houses.

Signs over the last few months suggest that demand is finally growing faster than capacity.

The world cannot afford for shipping industry to suffer, as the ripple effect extends to trade. It looks like we’re set for a turnaround.

          The Opening Bell: Where currencies start on Friday, June 30, 2017   

By Dan Bell

The NZDUSD opens at 0.7297 (mid-rate) this morning.

The NZD has underperformed over the past 24hrs, edging lower against all its major rivals. The AUD has been the strongest performing of the G10 currencies even managing to keep pace with the rising GBP and EUR.

The GBP and the EUR have extended their move higher on expectations of tighter monetary policy, while the AUD is benefiting from rising commodity prices and end of financial year rebalancing flows.

Overnight the BoE’s Chief Economist Haldane, who is part of the BOE’s Monetary Policy Committee fuelled speculation that the BOE are on the verge of tightening when he was quoted during a BBC interview “we need to look seriously at the possibility of raising interest rates to keep the lid on those cost of living increases."

Euro-zone economic confidence increased more than forecast with the economic sentiment index rising to 111.1 in June up from 109.2 in May. The index is now sitting at its highest level since Aug 2007.

There was further good news for the Euro-zone with Germany's consumer price inflation unexpectedly rising to 1.6% in June, up from 1.5% in May and confounding economists who had expected the rate to dip to 1.4%.

The US Commerce Department’s better than expected final reading for Q1 GDP had little effect on a softening USD. The report showed gross domestic product increased by 1.4% in Q1 a 0.2% improvement from the previously reported 1.2% increase.

Global equity markets remain mixed - Dow -0.76%, S&P 500 -0.91%, FTSE -0.51%, DAX -1.83%, CAC -1.88%, Nikkei +0.45%, Shanghai +0.47%.

Gold prices have edged lower, down 0.3% at $1,245 an ounce. .WTI Crude Oil has pushed up towards $45 a barrel currently sitting at $44.93.

Current indicative rates:

NZDUSD       0.7297      -0.2%
NZDEUR       0.6377      -0.6%
NZDGBP       0.5613      -0.7%
NZDJPY         81.76       -0.3%
NZDAUD       0.9495      -0.7%
NZDCAD       0.9484      -0.4%
GBPNZD       1.7815       0.7%

Upcoming Data releases (NZST):

  • 10:45 - Building Consents m/m

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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »

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          Less dovish comments from central banks are driving a global bond and equity sell-off, which is being led by Europe; NZD the worst performing currency, along with a soft USD, in a risk-off environment   

By Jason Wong

The coordinated, less dovish, tone of major central banks remains at the forefront of mind for investors, driving a good old-fashioned sell-off in the bond market and equities.  In the risk-off environment, the NZD is the worst performing currency, alongside a still-soft USD.

Euro area data showed rising economic confidence to its highest level in a decade, while Germany CPI data were higher than expected.  This sort of dataset supported ECB President Draghi’s speech earlier in the week, where he sowed for the seed for an eventual removal of monetary policy accommodation.  With a chorus of central banks now singing the same tune, this idea is gradually permeating through asset markets, a theme we suspect will continue in the months ahead.  No panic has set in but we are seeing global bond yields grinding higher and equity markets grinding lower. 

Following a chunky 1.3% fall in the Euro Stoxx 600, the S&P500 was down 1.4% when I started tapping away but is now down by “only” 0.9%.  The VIX index spiked up to 15, but now sits just below 13.  Losses have been driven by further rotation away from the tech sector and even as financial stocks have gained, with a more positive yield curve and the Fed’s positive bank stress tests, which open the way for increased dividend payments.

The global bond market sell-off has been led by Europe, with the UK 10-year gilt up 10bps to 1.25% and German 10-year bunds up 8bps to 0.45%.  US 10-year Treasuries have traded as high as 2.29%, but are currently 2.26%, up about 4bps from the NZ close.  The yield curve has steepened again, with the 2-year rate up less than 2bps to 1.37%.

In currency markets, the NZD is leading the charge lower with the risk-off backdrop, down against all the major currencies, and the 0.2% fall against the USD to 0.7290 moderated to the extent that the USD itself is trading weakly.  Yesterday afternoon the NZD found some support after the very positive ANZ business outlook survey, which highlighted underlying economic  support for the economy, although rising capacity constraints look to be a curb on growth and are leading to higher inflationary pressure.  The 0.7330 level the currency reached in the hour after that release proved to be the high for the day. Earlier in the week we noted the vulnerability of the NZD to the downside, given the surge in net speculative long positions to their highest level in four years.  Fast-month accounts are likely trimming those positions, with lower risk appetite the order of the day.

The AUD hasn’t suffered during this episode.  Commodity prices have been supported by the weakness in the USD, while iron ore prices continue to show a significant recovery.  They tacked on another 4% yesterday, following similar rises over the previous two days.  The AUD is up 0.5% to 0.7675, dragging NZD/AUD down below 0.95.  Both of our short-term fair value models currently show the 0.95 level to be a fair price.

Both EUR and GBP are up about 0.5% against the USD to 1.1430 and around 1.30 respectively.  The BoE’s Chief Economist Haldane told the BBC that the central bank needed to look seriously at raising rates, a repeat of his comments last week.   OIS pricing shows a growing probability of a BoE rate increase as the year progresses, but the first full hike not priced until early next year.  NZD/GBP is trading down to around 0.56, while NZD/EUR moved sub-0.64.  Our highest conviction call is for further NZD/EUR weakness, with a likely move sub-60 just being a matter of time, either later this year or early next year.

The yen remains out of favour, with the BoJ likely needing to step up its JGB purchases to keep its 10-year rate close to zero amidst the global bond sell-off.  Still, it has managed to strengthen against the USD a little, with USD/JPY back down to around 112.  NZD/JPY is 0.5% lower at 81.6.

NZ rates remain at the mercy of global trends, with even the short end of the curve being impacted by the less dovish global central banks, despite the RBNZ’s clear policy guidance of unchanged rates for some time.  The 2-year swap rate has broken out of its 2.15-2.25% range to the upside, rising 3bps to 2.2750.  The OIS curve has brought forward expectations of the first RBNZ hike.  A May 2018 hike is now within a few basis points of being fully priced. 

The NZ 10-year swap rate rose by 5bps to 3.26%.  More savage moves were seen in the bond market, with NZ’s 10-year rate rising 8.5bps to 2.875%, underperforming the US bond sell-off in the order of 5bps.

The economic calendar ahead is full. During the NZ market open, Japan CPI and China PMI data will be closely watched.  US PCE deflator data are expected to be soft, as indicated by previously released CPI data. Euro-area CPI data are likely to be higher than the now out-of-date consensus, following stronger Germany CPI data.

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BNZ Markets research is available here.

          US debit limit problems; US growth clouds; China owes the world US$4.8 tln; EU sentiment improves; Aussie power bill shock due; UST 10yr yield jumps to 2.27%; oil unchanged, gold lower; NZ$1 = 72.9 US¢, TWI-5 = 76.6   

Here's my summary of the key events from overnight that affect New Zealand, with news of a major bond market realignment underway today.

But first in Washington, which now can't seem to get anything done amid partisan politics, and a Republican Party that seems to be fracturing, progress on revising their debt limit has stopped, and the Congressional Budget Office now says they will run out of funding authority in early October. The same office is projecting sharply wider budget deficits amid static, low growth over the next ten years.

However, the final data for the American first quarter growth is out today and that saw it revised up to +1.4% from +1.2%. That was due largely to a jump in consumer spending, providing a slightly more encouraging outlook for growth this year.

But there are plenty of reasons to believe the current dynamics in the American economy don't bode well for future growth prospects.

There was Chinese balance of payments data out overnight for the March quarter of 2017. Although there were few surprises, they did note that their external liabilities now total US$4.8 tln.

In the EU people and businesses are feeling quite good again. Their economic sentiment indicator has reached its highest level in almost ten years. Consumer sentiment is leading the resurgence.

In Germany, consumer confidence rose in June to its highest level in 16 years. At the same time, data for German inflation showed a quickening pace, and now up to +1.6%.

And it looks like the US is having second thoughts about their TTIP trade deal with Europe. Maybe the TPPA can get resurrected with the US as well​.

In Australia, many businesses and households are about to get a painful surprise when their energy bills arrive in July. There are reports that some will face a tripling of prices. There will be an outcry, for sure.

In New York, the UST 10yr yield is sharply higher yet again today and now at 2.27%. Bond prices are falling as investors seem to be resetting their expectations for the end of QE, and are coming to accept that interest rates are in fact going to rise. The reset is also affecting equity prices today.

The price of oil is little changed today, settling at just under US$45 a barrel, while the Brent benchmark is now just over US$47.

The gold price has slipped again and is now at US$1,243/oz.

And the Kiwi dollar has lost ground as well from yesterday's jump, and is now at 72.9 USc. On the cross rates we are lower as well at 95 AU¢, and at 63.7 euro cents. The TWI-5 index has slipped to 76.6.

If you want to catch up with all the changes yesterday, we have an update here.

The easiest place to stay up with event risk today is by following our Economic Calendar here ».

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          Ezylet to fundraise £1.5m with Invesdor   
Proptech start-up Ezylet has announced it is partnering with Nordic equity crowdfunding firm Investor in order to fundraise £1.5m.
          Manager, Media & Marketing - NFL - National Football League - Ontario   
This new position, will play a critical role in supporting the growth of our fan base and in building the equity of our NFL brand....
From National Football League - Tue, 30 May 2017 17:37:42 GMT - View all Ontario jobs
          Pending Global Stock Market Correction Shattered Quarter Ending Window Dressing   
Here's a scorecard for nine key global equity averages.
          Three Ways Funders Delude Themselves About Equity   

No funder sets out to delude themselves, but it’s remarkably easy to do.

The post Three Ways Funders Delude Themselves About Equity appeared first on PEAK Grantmaking.

          Dealnet Announces Grant of DSUs to Independent Directors   

TORONTO, ONTARIO--(Marketwired - June 30, 2017) - Dealnet Capital Corp. ("Dealnet" or the "Company") (TSX VENTURE:DLS) announced today that it has granted 507,935 Deferred Share Units ("DSUs") to Independent Directors of the Company following the election of the directors at the Company's Annual General and Special Meeting held on June 28, 2017. The grant represents the equity portion of the Independent Directors' annual retainer as described more fully in the Company's management information circular dated May 13, 2017. The DSUs vest in 12 equal monthly instalments from the date of grant.

          Is Europe’s framework for resolving banks broken?   

IF ONE goal has animated the reform of finance since the crisis of 2007-08, it has been a desire to spare taxpayers from having to pick up the bill for bank failures. Regulators have introduced stress tests to see how banks stand up to shocks; America’s latest round of tests concluded this week (see article). They have forced banks to fund themselves with more equity and to issue layers of debt that are earmarked for losses in the event of severe trouble. They have even asked banks to draw up plans for their own dismemberment in the event of failure.

The first real tests of this post-crisis machinery were always going to happen in Europe, which has been damagingly slow to face up to the sorry state of its banks. One such trial occurred early in June, when the European Central Bank (ECB) declared that Banco Popular, a big Spanish...

          7/1/2017: BUSINESS: In brief   
No Fairfax bidding war A private equity bidding war for Fairfax Media is now unlikely after it emerged that neither Hellman & Friedman nor TPG would lodge bids by the deadline imposed by the Fairfax Media board of 5pm yesterday (Australian time). With...
          Palladium looking to raise up to $1.5bn for fifth Hispanic market-focused fund   
Palladium Equity Partners has confirmed it is out raising up to $1.5bn for its latest fund targeting deals in the fast-growing US Hispanic market.
          Private equity firm BaltCap bridging Baltic capital gap with new SME fund   
The Baltics' biggest private equity firm has launched a fund to "fill a significant gap" in the region for SMEs in desperate need of capital to fund further growth.
          KKR taps mammoth $9.3bn Asia fund for majority stake in Dixon Hospitality   
Private equity behemoth KKR has tapped its newly-closed $9.3bn Asian Fund III to buy a majority stake in Australian restaurateur Dixon Hospitality.
          “Harsh” South Africa economic conditions failing to dampen private equity rise   
South African private equity returns to investors more than doubled to ZAR18.3bn ($1.4bn) last year despite a harsh economic environment facing the country.
          Citigroup veteran named Deutsche Bank head of US Life Sciences to advise PE, public companies   
Former Citigroup investment banker Bill White has joined Deutsche Bank as head of US Life Sciences to advise on private equity and public company dealmaking.
          Scandinavian dealmaking recovery continues with FSN bakery sale to Nordic   
Scandinavian private equity firm FSN Capital has agreed a deal with Nordic Capital for the sale of premium bakery chain Lagkagehuset.
          "China Faces Its Comeuppance" - Kyle Bass Warns Of "Tectonic Shift" In US Relationship   

Hayman Capital's Kyle Bass ventured on to CNBC this morning to drop some painful truth bombs about Trump's "drastically changed Chinese diplomacy" and China's looming "come-uppance."

Bass began by highlighting what he calls a "tectonic shift" in US-China relations in the last few days, pointing to two crucial events...

1. Things changed drastically when US launched unilateral sanctions on China over North Korea...

"Xi is a control freak and he absolutely doesn't appreciate the United States acting unilaterally"

2. Things escalated when Trump sold $1.4bn in weapons to Taiwan, angering Beijing more as Bass notes:

"Taiwan was the one area which Beijing has asked Trump to stay away from during his meeting at Mar-a-Lago."


"Since the death of Otto Warmbier, any chance of meetings with North Korea are now off.. and our diplomatic relationship with China took a major step for the worse yesterday."

Bass notes that "China is trying to make marginal changes in its balance of trade with US - buying beef once again and importing a lot more crude oil from the US."

But then Bass shifts to the potentially even more precarious situation under the hood of China's economy. As Reuters reports, China's leaders want the restructuring of their massive non-performing loans problem to address financial risks while avoiding big employee lay-offs, and have instigated 'cure by committee'...

"The solution for zombie firms isn't just bankruptcy," a Shandong-based banking official told Reuters. "The impact of bankruptcy is just too big. Just think about the thousands of workers. Social stability is key."


Stability is always uppermost in the minds of Chinese leaders, and even more so this year, ahead of the five-yearly party congress this autumn, when a new generation of senior leaders will be selected.


"China is avoiding the crisis of calling in loans that can't be repaid anyway," said Paul Gillis, professor of accounting at Peking University's Guanghua School of Management. "This buys time to do things in an orderly way."

But Bass makes the crucial point that there are over 12,800 credit committees in China right now - overseeing CNY 14.5 trillion in debt for equity swaps - which is 8% of China's total non financial debt, and is over 3x the official NPL figure of 1.6%-1.9% of GDP.

His final blow to any hopes that this solution will work...

"This exceeds all the equity in the entire Chinese banking system."

However, Bass's final warning of the endgame of this credit bubble is far more ominous, because all of the new-found economic confidence and military condidence is "based upon a massive credit expansion and they're going to have a comeuppance..."

          Report Developer - Equity Financial - Toronto, ON   
Et hteina mEq tuhiatyt dFeinliavnecrisa tlh Ter uEsntt.e rHper/isseh eB wusiilnl nesese dIn ttoe lwligoerkn cien dperpoegnradmDene tvtoley tl ohapnee dvr aq...
From Equity Financial - Fri, 30 Jun 2017 11:32:51 GMT - View all Toronto, ON jobs
          Going Neutral On The Eurozone    
In this article, we provide an update on our star ratings of the European equity market.
          Race to buy $ 10 billion-valued GLP narrows down to two groups   

SINGAPORE/HONG KONG  - The race to buy Global Logistic Properties is now between a Chinese consortium backed by the company's management and a rival group led by Warburg Pincus, sources said ahead of a Friday deadline to submit bids for the $10 billion-valued firm.

An acquisition offers a chance for bidders to grab control of Asia's biggest warehouse operator which counts Amazon among its clients and is benefiting from rising demand for modern logistics facilities, driven by a boom in e-commerce business.

At current valuations, a successful transaction will rank as the largest Asian buyout by private equity groups, which are increasingly targeting bigger takeovers after raising record funds, according to Thomson Reuters data.

Singapore-listed GLP was thrust into the spotlight late last year after sovereign wealth fund GIC, which owns a 37 percent stake, nudged it to start a strategic review of its business. JPMorgan was then hired by GLP as its financial adviser.

GLP's shares have since soared nearly 50 percent to the highest in more than three years.

After months of negotiations with a special committee of GLP's independent directors, the race has narrowed to between a group led by Chinese private equity firms Hopu Investment Management and Hillhouse Capital Group, with the support of GLP CEO Ming Mei, and a rival consortium headed by Warburg Pincus and its logistics partner e-Shang Redwood, the sources said.

GLP, GIC, Warburg Pincus, Hopu and Hillhouse declined to comment when contacted by Reuters. The sources declined to be identified as they were not authorised to speak about the deal.

Hopu's founder Fang Fenglei, one of China's best known dealmakers, is a GLP board member, and Hopu, partly owns GLP's China business. The Chinese consortium has also brought in co-investors such as property developer China Vanke  and Ping An Insurance Group of China  for a bid for GLP, sources have said.

"The management group and Warburg Pincus are the most serious bidders. Some other parties are keen on picking up specific assets and not the entire company," said one source.

Concerns over the transparency of the sale process and business ties of the management-backed consortium have forced some potential bidders to re-evaluate their interest and sparked complaints to GIC, sources said.

Last week, GLP said it is in discussions with shortlisted bidders and had taken measures to alleviate potential conflicts of interest following a Financial Times report that almost all the potential bidders were dropping out due to concerns an insider bid will make other submissions pointless.

Some of the potential bidders such as Blackstone Group and Asian buyout firm RRJ Capital are unlikely to submit individual bids, sources said.

Blackstone declined to comment. RRJ did not immediately respond to an emailed request for comment.

GLP owns and operates a $41 billion portfolio of industrial assets spread across China, Japan, Brazil and the United States. It gets two-thirds of its revenue from China, where it has a dominant market position.

Around 20 lenders are working with three consortia in the hope of securing a role on the deal, IFR, a Thomson Reuters publication, reported last week.

          China M&A scrutiny to cast shadow on Asia deals volume   

HONG KONG  - China's outbound M&A volumes nearly halved in the first six months of 2017 following Beijing's crackdown on capital outflows, data showed, and its new scrutiny of acquisitive groups, including Anbang and HNA, is set to dampen Asian dealflow further.

Overseas deals by Chinese companies - the engine of M&A activity in Asia - fell 49 percent in the first half of 2017 from the year-ago period to $64.2 billion, dragging down regional deal volumes, according to Thomson Reuters data.

The total value of announced M&A activity in Asia Pacific fell 15 percent in the first half of this year to $458.4 billion from the year-ago period, the data showed. China was the top nation for both inbound and outbound deals in Asia Pacific for the half-year, attracting $28.5 billion worth of inbound deals.

A slowdown in Chinese deals, especially large-sized ones, could inflict further pressure on Asian revenues of Wall Street banks, who are already feeling the pain of growing competition from Chinese investment banks. M&A is among the few areas where Chinese banks haven't already gained a strong foothold.

Chinese firms spent a record $221 billion on assets overseas, ranging from movie studios to football clubs in 2016, but Beijing's move to prop up the yuan by restricting capital outflows has made it tougher for buyers to win deals abroad.

China's banking regulator tightened the screws further last week, ordering a group of lenders to assess their exposure to offshore acquisitions by several big companies that have been on an overseas buying spree, two people familiar with the matter said.

"The latest crackdown takes away people from the market who were very active on the M&A scene and creates a sense of uncertainty. You will see the impact on volumes," said an Asia financial institutions M&A banker at a large European bank.

The elevated regulatory hurdles for Chinese buyers to get their cash out of the country have caused delays and even withdrawals of a number of China outbound M&A transactions targeting U.S. and European assets.

"The sellside needs to ascertain the credibility of a buyer (from China). The second thing is to address any questions around certainty, in particular funding and approvals," said John Kim, head of M&A for Asia ex-Japan at Goldman Sachs.

Still, Chinese state-owned firms struck some of Asia's top deals in the first half. China Investment Corp wrote a 12.25 billion euros ($13.93 billion) cheque to acquire European warehouse firm Logicor from private equity group Blackstone , the region's largest during the first half.

But this year is unlikely to see any blockbuster deals such as last year's around $44 billion ChemChina-Syngenta tie-up. Bankers instead expect more activity to be driven by private equity firms which have plenty of capital after a busy fundraising period in 2016.

They are already heavily involved in some of Asia's most high-profile takeovers and take-private deals, including the potential sale of Singapore-listed warehouse operator Global Logistic Properties Ltd , which will likely be the region's biggest buyout this year.

($1 = 0.8793 euros)

          FilAm Honored as 'Hero' for Veterans Work   

“Kaylangan lang poh ng kohntee pahng tiyago.”(We just need a bit more patience.)

That line, uttered by the character Attorney Anna (played superbly by veteran actress Missy Maramara), always got the audience breaking into hearty laughter and applause in Tanghalang Pilipino’s “Mga Gerilya sa Powell Street.”

The play, adapted for the stage by Rody Vera and directed by Chris Millado, was based on my novel. And I must reveal now, however, that the real Attorney Anna, the Filipino American lawyer who was devoted to helping Filipino World War II veterans in San Francisco, but who was prone to mangling Tagalog, can actually speak the language fluently.

The broken Tagalog and funny accent—I made that all up. (I decided while writing the novel to honor the United States-born Pinoys who have also taken up the cause of the beteranos and of the Filipino community in general by turning Attorney Anna into a FilAm.)

In real life, Attorney Anna is Attorney Lou, as in Lourdes Santos Tancinco, who has spent nearly two decades now helping and advocating for the beteranos, many of whom hang out outside her office near the Cable Car Stop on Powell Street in downtown San Francisco.

For her service and commitment to these men and their families, Attorney Lou was recently named an “Outstanding Local Bay Area Hero” by KQED Public Television. It’s a prestigious award given to individuals who made a difference in communities in Northern California.

And Attorney Lou certainly has made a big difference.

She served as the chair and founding member of the San Francisco Veterans Equity Center which led the advocacy campaign for the beteranos in the city. She offered pro bono legal services and held free legal clinics for the beteranos and other immigrants. She also has her own TV show, “Pusong Pinoy sa Amerika,” which focuses on immigrant issues in the Filipino community in the United States.

It wouldn’t be a surprise to know that Attorney Lou was honored this year as a result of the passing of the federal bill granting benefits to the beteranos. As a result of the law, the beteranos who have long been denied the benefits granted to regular US military veterans can receive up to $15,000 in a lump sum compensation package.

Many US and Philippine lawmakers, and some community leaders, hailed the passing of the law as a major victory for Filipino World War II veterans.

But Attorney Lou doesn’t see it that way.

Yes, the beteranos and their families could surely use the money, especially in these difficult times, she said. But it simply isn’t enough. The beteranos deserve a lifetime pension and other benefits, like those received by those who served with the US military. Fifteen thousand dollars is a substantial amount, it’s true. But that’s not going to last. These old men deserve more, she said.

Otherwise, all the waiting and fighting they did over the past 60 years would have been in vain, she told me.

We had a chat in her office near the Cable Car Stop on Powell Street, near the spot where many of the old beteranos still hang out. In her office hang photographs of some of the veterans she aided, and who eventually became her friends.

Magdaleno Duenas, a hero in the Allied campaign in the Philippines, came to America hoping for a better life, but ended up being one of the veterans who fell victim to a fraud scheme that Attorney Lou helped expose.

Then there’s Ciriaco Punla, in his fake fur coat and cowboy hat, who became one of Attorney Lou’s cheerleaders in the fight for the Equity Bill and who was a beloved figure at the Powell Street hangout of the old guys. (He was my inspiration for the Ciriaco in the novel.)

Both men have passed away. But Attorney Lou continues to honor them by having their images displayed prominently in her office.

When she received her award from KQED, Attorney Lou said she had planned to simply say “Thanks,” and keep her remarks short. But many people at the event were congratulating her for the “victory.” So she decided to set the record straight and elaborate on how she really felt: That it was not a victory and the fight is not over. That these men deserve more for everything that they have done.

Attorney Lou plans to keep repeating that message in the years to come.

          The Old Man With the Helmet   
Friends at Tanghalang Pilipino in Manila remember the old man with the helmet. Wenceslao Rodriguez Sr. wore his military headgear during the gala of a play about men like him, soldiers who fought bravely for his homeland, but whose sacrifices have largely been forgotten.

Mang Wenceslao kept his helmet on for more than two hours during the premiere of “Mga Gerilya sa Powell Street.” I had missed the gala last November. But the Tanghalang Pilipino folks described it as a moving and meaningful event, and a big reason for its success was the old man with the helmet.

He was from a poor community in the University of the Philippines area, and graciously accepted Tanghalan’s invitation to attend the first performance of the play based on my novel about World War II veterans (and beautifully adapted for the stage by Rody Vera and directed by Chris Millado).

The Tanghalan folks, led by creative director Nanding Josef, later became close to Mang Wenceslao. When the equity package was recently passed by the United States government, they thought he would at last get some financial assistance for his sacrifices. Unfortunately, he ran into a problem—there was another person with the same name and that had to be sorted out.

My friend Nanding said it’s not clear if Mang Wenceslao ever received the benefit which recognizes the courage and service of thousands of Filipino veterans. One day, he and other Tanghalan staffers got a text message from Mang Wenceslao’s family. He had passed away late last month. They were inviting his new theater friends to the 40th day commemoration of his death.

Before he died, his family told the Tanghalan folks, Mang Wenceslao often talked about “the tribute given to him at the CCP”—“iyong parangal na binigay sa kanya sa CCP.”

* * *

“Mga Gerilya sa Powell Street,” which starred veteran performers such as Bembol Roco, Tommy Abuel, Joe Gruta, Dido Dela Paz, and Lou Veloso, focuses on the plight for veterans who moved to San Francisco after they were granted citizenship by the US government. But the production itself exposed me and others from Tanghalan to the broader world of the beteranos.

For while thousands of Filipino veterans took the opportunity to move to America hoping to provide a better life for their families, many more remained in the Philippines.

Some of them belonged to the Defenders of Corregidor and Bataan, whose members survived the bloody battles at those historic places. Some of the group’s leaders and members came to watch the play last year. Some of their leaders enjoyed the show so much that they invited me and other members of the Tanghalan staff to their regular luncheon. When we met they also mentioned the plight of other veterans like Mang Wenceslao, who was struggling against poverty and whose contributions have been ignored.

The Corregidor and Bataan veterans later helped bring “Mga Gerilya sa Powell Street” to the Armed Forces of the Philippines Theater last month, as a way to honor the beteranos, both those who now endure loneliness and isolation in cities such as San Francisco and Los Angeles—and also the seniors still living in the Philippines, battling illness, poverty, and in many cases neglect.

Unfortunately, I also missed that performance. But I was happy to hear that, like the run at the CCP, the show was also well received. “Crowd loved it,” my friend Maricor Baytion, director of the Ateneo Press, which published the novel, said in a text message shortly after the performance ended.

“This is a funny yet tragic, sentimental, yet soul-stirring story all rolled into a two-hour musical play that portrays the vicissitudes of the aging, sickly, dying— and dead—Filipino veterans of World War II during their final years in their Powell Street hangout in San Francisco,” former President Fidel Ramos wrote in an op-ed piece for the Manila Bulletin.

If only Mang Wenceslao had been there too for another tribute to men like him. It would have been another proud moment for the old soldier, the warrior who fought bravely for his country.

          The Filipino Veteran’s Lonely Struggle   

THE benefits package approved by the United States Congress for the thousands of Filipino World War II veterans is an important victory. For many of the old men who’ve endured years of isolation in America in order to support their loved ones in the Philippines, the money would surely be a big boost in difficult times.

But there are those who see the approved bill as a sad, tragic compromise.

One of them is photographer Rick Rocamora who has spent nearly 20 years documenting the lives and struggles of the beteranos.

“As a photographer who has captured moments in the lives of the veterans during their early days in America, the funeral services of their passing and life in between, I also look forward to the day that our heroes will be given the full recognition as equal to US veterans,” he told me in an e-mail.

“While the monetary compensation will find its way to help the surviving beteranos and their relatives, being recognized as equals is more important,” he added. “For those who died waiting, I have been waiting for them. But we must not forget that it took many years for the US Congress to recognized and correct the injustice. We must credit the collective efforts of the Filipino community in America and their supporters to finally gain justice for our heroes.”

To the elderly Pinoys often seen hanging out on Powell Street near the Cable Car stop in downtown San Francisco, Rick “Totoy” Rocamora has been a friend and ally who helped preserve the memory of their gallant, but sad mission in America.

They’ve known him as the soft-spoken heavyset man with a mop top hairdo, who seemed always to have a fancy-looking camera around his neck. Totoy told in moving, vivid pictures the journey of the thousands of Filipino World War II veterans who arrived in the United States in the 1990s.

His work has been published in many magazines and newspaper articles, and put on exhibit throughout the world. Now, Rocamora's impressive body of work has been collected in a newly-published book of photographs, “America's Second-Class Veterans.”

Rocamora's photographs helped spread the word on what has become a sad chapter in the history of US-Philippine relations. The Filipino veterans began arriving in the United States in the early 1990s after they were finally granted citizenship for fighting alongside American troops in the war against the Japanese forces in World War II. But many of the elderly men found themselves in a bind. While they fought bravely under US command during the war, they did not receive the same rights and benefits enjoyed by other American military veterans.

The beteranos came to America hoping to send money back to their families in the Philippines or to enable their loved ones to immigrate to the United States. But most of them were old and ailing. Some became vulnerable to abuse, falling victim to swindlers. Many of them lived in cramped and damp rooms in San Francisco's Tenderloin District.

Rocamora began documenting their struggles almost as soon as the first veterans began to arrive. His work helped mobilize the Filipino American community in advocating for the elderly Pinoys. A few times, when one of his beterano friends became ill, Totoy brought him sinigang and kept him company.

Totoy's photographs also helped inspire me to write my novel Mga Gerilya sa Powell Street (Guerrillas on Powell Street) which was adapted for the stage by the Cultural Center of the Philippines' Tanghalang Pilipino. His pictures also inspired prominent figures to support the fight for equity rights. One of them is Congressman Bob Filner, who has been the leading proponent for equity rights in Washington DC, and who wrote an introduction to the book.

“The photographs in Rocamora's book and the words of the veterans next to the photos will not only bring tears to your eyes but also a firm resolve in your heart," Filner writes. “Congress has officially granted the recognition as Veterans of World War II to these brave men, both living and dead.”

Totoy, Filner added, “has created a book with a powerful message, a book that should be in the homes and offices of every American.”

Totoy’s powerful images should be given even more prominence, as a reminder of the lonely struggle of the beteranos. As Totoy himself said, “Personally, I would like that my archive about the veterans will be housed appropriately in an institution where young Filipinos and Americans can look back on how much our heroes suffered waiting for full recognition.”

Copyright 2009 by Benjamin Pimentel

The Cultural Center of the Philippines’ Tanghalang Pilipino’s production of “Mga Gerilya sa Powell Street” will be staged at the AFP Theater on March 29 and 30. For more information, contact 832-3661 or 832-1125 loc. 1620 or 1621.

          The New York Times Got It Wrong About Reverse Mortgages   
Home equity is crucial for retirees in America, but misconceptions about reverse mortgages are widespread. Not only do consumers struggle with reverse mortgages, but so does the media as illustrated by a recent New York Times article that reinforced a common reverse mortgage misconception.
          This Move In Bonds And Equities Makes Sense And Is Dangerous   
The moves in equities and bonds has made sense as bonds were used as a hedge. Higher yields are a threat to equity markets here and that threat is increasing.
          Marks Sattin: Financial Planning & Analysis Assistant Manager   
£40000 - £50000 per annum: Marks Sattin: An exciting new role working for a leading private equity backed business going through an exciting period in the companies steep history. The role as FP&A Assistant Manager is newly created role to support the Head of Commercial Finance and one of it's k England, West Yorkshire, Wakefield
          06/29/2017: Who still shops at Staples?   
No health care on the show today — and very little President Trump — just some good ol' fashion corporate news up top. The office supply store Staples, has agreed to be acquired for nearly $7 billion. If the private equity deal goes through, it'll be the biggest buyout of the year to date. But it's also been a grim year for retail; sales and profits at Staples have been dropping for years. So who's buying? And why? Then: We're talking about a lot of stress tests today, not just on the nation's big banks but on energy companies.  Investors at Occidental Petroleum and Exxon Mobil voted last month for more transparency around climate change, and how it'll affect the bottom line. Plus: National Parkas and Forests make for popular camping spots over any summer, but that public campground might be privately run these days.
          New Podcast Aims to Change the Conversation About Public Transit   

(AP Photo/Janet Hostetter)

From the back seat of a Lyft to a walk in the neighborhood with an aging resident, a new podcast tags along with Twin Cities residents on their daily commutes in an attempt to illustrate how big transportation discussions play out in individuals’ lives.

Each episode of “Here to There,” by local public affairs agency Apparatus and the transportation advocates at Transit for Livable Communities and St. Paul Smart Trips (the latter two merged in January), takes on a different facet of transportation: health, sustainability, employment, accessibility and more.

Co-host Laura Monn Ginsburg says the show is driven by a simple reality. “I have to get from here to there every day. How do I do it, what are my choices, do I even really feel like I have a choice?” she asks. “If we’re talking about a topic as broad as health, as broad as equity, as broad as accessibility, how do we remember that there are individuals living these things out day to day?”

In the first half of each episode, she and co-host Leili Fatehi join a Twin Cities resident for an actual trip, and then talk to an expert or advocate for a broader perspective. For a show on transit and employment, they ride along with a Lyft driver and popular local DJ who talks about the uncertainty of making rent in the gig economy. In the second half, they speak to a transit union president about how, perhaps paradoxically, this rise of transportation gig work is coinciding with a labor shortage for more traditional transit jobs like bus drivers, despite their relatively good pay and dependable schedules.

In another — Ginsburg’s favorite episode so far, she admits — she interviews her own dad, a super commuter who has been crossing the entire Minneapolis-St. Paul metro area daily for 10 years. It’s not a perfect arrangement, he says, but he’s found ways to make the experience comfortable: exiting the highway when possible to drive through neighborhoods he describes as “relaxing” and “familiar.” And yet, though there’s no convenient transit option that would take him to work, he expresses support for public transportation.

“I think public transportation is a quality of life, and a quality of city life, that speaks to the vibrancy of your city,” he says, the rumble of his tires on the highway audible beneath him.

That nuance is too often missing, says Fatehi.

“The conversation around transportation has really been dominated by legislative controversy like funding for transit versus funding for roads,” she says. “We felt like that has dominated so much of the public face of what is the transportation conversation in Minnesota that we felt like we needed some sort of a venue to look beyond just that to what else is happening, what else matters.”

But talk of funding transit and multimodality does resurface, episode after episode. Jessica Treat, executive director of Transit for Livable Communities and St. Paul Smart Trips, sums up the issue this way: “We’re a region where, still, really car is king and seeing past that and building for the future has been challenging.” On top of that, she says, the impacts of a lacking transit system aren’t felt equally. “There’s a lot of people who can’t access jobs because the jobs are often disconnected from where low-income people and people of color are living.”

The Twin Cities assess a quarter-cent sales tax for transit, which recently funded a new light-rail line linking Minneapolis and St. Paul’s downtowns. For years, advocacy groups have been pushing to increase the sales tax, but it’s not been easy, especially now that both the state house and senate are Republican controlled.

“There’s this notion that multimodality only benefits people in the metro area, and everyone else in the state is paying for it and not reaping any benefits. And that’s just not accurate,” says Fatehi. But the perception of an urban-rural, driver-transit rider divide has fueled partisan gridlock.

Treat hopes the podcast is able to add complexity to the conversation, and demonstrate why funding transit is important for everyone — even those who mostly drive. The website for “Here to There” also hosts a survey that invites residents to share their own commuting stories. While the majority of respondents so far have said their primary mode is a private vehicle, many also report using a vast array of tools, and many of the drivers express frustration.

“Commuting in general is awful — I would rather teleport immediately to where I want to be,” says one anonymous respondent. “I absolutely hate driving a single passenger private vehicle, but have been unable to find anyone who commutes the same trip with flexible hours to accommodate my school schedule.”

Flexibility is the subject of another episode on car-sharing, and the impact on one resident when Car2Go left Minneapolis. The podcast also takes on the damaging legacy of highway construction and a project to mitigate it, the future of electric and self-driving vehicles, and the health benefits of cycling. In a future episode — Fatehi’s favorite — the hosts go on an accessibility walk with a local disability activist, navigating a supposedly pedestrian-friendly part of town in a wheelchair and wearing goggles that simulate blindness. “I really think anyone who is a planner should have to do this,” she says.

Six episodes are online already; all 10 will be up by end of July.

          "In the American South, an Inequity of Diseases"   

"In Alabama, climate change and poor infrastructure provide hospitable conditions for diseases typically found in the developing world."

Source: ,

          Sycamore Partners is buying Staples for $6.9B   
Sycamore Partners, the private equity firm that still has faith in retail, is making its biggest bet yet. On Wednesday, it agreed to acquire Staples Inc. for about $6.9 billion in one of the largest retail deals of the year, a wager that the office-supply chain can reemerge as a modern seller of business services.
          Stock Picks for US Energy Dominance   
Tom Konrad, Ph.D. CFA

Thursday night (Friday morning in Sinapore) CNBC Asia's Street Signs program must have had an interview cancellation, because they needed someone to give them 3 energy stock picks in response the Trump's "Energy Dominance" speech on last minute notice.  They sent me (and probably a bunch of other people) an email two and a half hours before air.  I did not see it until 20 minutes before the actual interview.  I warned them that I do clean energy, not fossil fuels, but apparently they had no other takers who were awake and able to give energy stock picks at 11:23pm ET on a moment's notice.

I think they found me because I was on Capital Connection Asia in late January.  

I don't think I was quite what the host, Martin Soong was looking for.  He improvised well by turning from the Trump clip saying "if you want to do something entirely different, you might invest in alternative energy..."

I'm still trying to get video, but here's my memory of the interview.

MS: How is clean energy doing under Trump?
TK:  Great.  There was a little stumble after he was elected, but then the market figured out that he's living in the 20th century while the economy has moved on to the 21st.  Clean energy has turned the corner, and is now the cheapest source of new electricity. The market is realizing that, even if Trump doesn't.

MS: Do you have stock picks?

TK:  Atlantica Yield (ABY), Covanta Holding Co (CVA), and General Cable (BGC).  
I went on to describe why I like Atlantica - you can read about that and Covanta in my last 10 Clean Energy Stocks for 2017 update.
General Cable was a last minute add for me.  I'm very nervous about the market right now, so there are not many stocks I'm enthusiastic about.  I was tempted to mention Seaspan (SSW) Preferred shares (SSW-PRG), but they'd asked for energy stocks, not efficient transportation.  You can read about Seaspan Preferred in my recent update as well.  

My picks in January had been Pattern Energy Group (PEGI), and Hannon Armstrong (HASI.) Both have gained significantly (17% and 22%) since then, and so they're still top holdings, but not the most likely to make further large gains in the near term.
I picked General Cable instead.  It's a bit of a stretch to call it an energy stock, but at least the connection between the manufacturer of electric and communication cables and the energy sector is obvious.  Given more than 20 minutes, I might have picked something else, or just stuck with the two I'm most enthusiastic about.  

Martin Soong wanted to talk about ETFs, we did not talk about Covanta or General Cable at all.

MS: What about clean energy ETFs?  I've looked at six that are up about 10% for the year.

TK: ETFs are okay if you're unwilling to pick stocks, but clean energy is such a new sector, pricing is not yet efficient, and there is a lot of room for stock pickers to get an edge.

MS: But the ETFs are up 10% for the year.  Why not just invest in those?

TK: My Green Global Equity Income Portfolio is up 17%.

MS: I have to admit, that's good performance.

And he ended the interview.

Unfortunately, I had misstated my performance.  I don't spend much time thinking about past performance: Future performance and how I can improve it is much more interesting.  For the record, my Green Global Equity Income Portfolio (GGEIP) was up 13.5% for the year to date.... not as good as I'd thought, but still ahead of the alternative energy ETFs he was looking at.  

Despite my mistake on my track record, I stick to my assertion that clean energy remains a stock picker's market.  Until clean energy investing becomes main stream, there will be a lot of room for stock pickers like me to beat the indexes.  Perhaps I should have mentioned that GGEIP was  up 30.5% in 2016, although I achieved that using options and other strategies not available in clean energy ETFs, not just stock picking.

DISCLOSURE: Tom Konrad has long positions in ABY, CVA, BGC, PEGI, HASI, and SSW-PRG, and own puts on SSW (an effective short position.)
          The direct investment flow in Lithuania continued to be positive in Q1 2017   
The Bank of Lithuania and Statistics Lithuania publish the provisional data on direct investment for Q1 2017. Direct investment statistics was supplemented with the indicators of income from equity instruments (dividends), excluding reinvestment, and income from debt instruments (interest), calculated by applying the directional principle. The latest data release indicates that:
          The direct investment flow in Lithuania continued to be positive in Q1 2017   
The Bank of Lithuania and Statistics Lithuania publish the provisional data on direct investment for Q1 2017. Direct investment statistics was supplemented with the indicators of income from equity instruments (dividends), excluding reinvestment, and income from debt instruments (interest), calculated by applying the directional principle. The latest data release indicates that:
          Currency Trading Basics   
FOREX trading means basically nothing other than direct access trading of different types of foreign currency. Foreign exchange trading was traditionally limited to institutional traders and large banks. Nowadays, it is open to many more people and small traders have flocked to take up the challenge. It is made easier by technological advances which have placed online trading platforms within reach of pretty much anyone.

World currencies are on a floating exchange rate, and are always traded in pairs. There are a few major currency pairs which constitute about 85 percent of all daily transactions. These are Eur/USD (Euro/US Dollar), USD/JPY (US Dollar/Japanese Yen), GBP/USD (Pound Sterling/US Dollar), USD/CHF (US Dollar/Swiss Franc) and EUR/CHF (Euro/Swiss Franc).

However, trading isn't restricted to these pairs. There is a healthy market in minor currency trading as well.

Each transaction in foreign currency trading is simultaneously a purchase and a sale. If you think one currency is going to appreciate against another, you buy the first currency with the second. Then, when the value of the second has fallen against the value of the first, you reverse the transaction and buy back the second currency by selling the first.

Say, for the sake of argument, one pound is currently worth one dollar.

If you think the pound is going to rise in value against the dollar, you might buy £10 for $10 (effectively, you are 'buying' pounds and 'selling' dollars in the one transaction).

Say your prediction was correct, and the pound doubles in value against the dollar, your £10 is now worth $20.

You then sell the £10 for $20 (you are effectively 'selling' pounds and 'buying' dollars in the same transaction) and you have doubled your dollar equity.

In FOREX terminology the two transactions are referred to as opening and closing a position.

In reality time frames are very short and the fluctuations in relative value are very small, but this serves to illustrate the basic principle.

These FOREX transactions are performed on your behalf by dealers at major banks or FOREX brokers. FOREX is actually a huge part of the world money market, and it is carried on around the clock around the globe 24/5 (there is little trading at the weekend.)
For more information on FOREX trading visit: currency trading basics
          Paid Notice: Deaths SMITH, DAVID L.   
SMITH--David L.,died on March 14, after a year of declining health. Visionary leader, president and chairman of the board for over 20 years of Penn South, where he led the successful fight to maintain it as a limited equity housing cooperative in ...
          Paid Notice: Deaths SMITH, DAVID L.   
SMITH--David L.,died on March 14, after a year of declining health. Visionary leader, president and chairman of the board for over 20 years of Penn South, where he led the successful fight to maintain it as a limited equity housing cooperative in ...
          Distinctly Equitable: How This Chicago School Makes Competency-Based Learning Work   
By Colleen Collins, EdSurge Count Connie Scalzetti, a middle-school teacher at CICS West Belden in Chicago, among the believers. As she puts it, competency-based learning “gives students the chance. Equity isn’t everyone getting the same thing. It’s everyone getting what they need. Allowing students to move on when they’re ready—or revisit something when they need support—is [...]
          [Sr K] As previously announced, on June 16, 2017, the Company will change its name to "...   
As previously announced, on June 16, 2017, the Company will change its name to "Altaba Inc." Beginning on June 19, 2017, shares of common stock of Altaba Inc. will begin trading under the ticker symbol "AABA".

10:14 am Yahoo! completes sale of its operating business to Verizon ( VZ) for $4,475,800,000, subject to certain pre-closing and post-closing adjustments as provided in the underlying definitive stock purchase agreement ( YHOO) :
  • Following the sale, the Company's remaining assets consist of an approximately 15% equity stake in Alibaba Group Holding Limited; an approximately 36% equity stake in Yahoo Japan Corporation; cash, cash equivalents and marketable debt securities; certain minority investments; and Excalibur IP, LLC, which owns certain patent assets that were not core to Yahoo's operating business. Its retained liabilities include the Company's 0.00% convertible senior notes due 2018; shareholder litigation; and certain liabilities relating to data breaches incurred by Yahoo.
  • The Company's headquarters have been relocated to New York City.The Company's common stock will continue to trade on the NASDAQ Global Select Market under the ticker symbol "YHOO" through June 16, 2017. Beginning on June 19, 2017, shares of common stock of Altaba Inc. will begin trading under the ticker symbol "AABA".
  • As previously announced, on June 16, 2017, the Company will change its name to "Altaba Inc."

          AUDITIONS: Superior Donuts at Lyric Arts   
Lyric Arts Main Street StageLaura Tahja JohnsonEmail/contact

Superior Donuts


By Tracy Letts
Directed by Matt McNabb

Show Information

Runs January 12-28, 2018 (11 performances).
Full performance schedule and show description found here.
First Rehearsal: November 20


Monday, July 17, 2017
6:00 to 9:00 pm
Tuesday, July 18, 2017
6:00 to 9:00 pm


Tuesday, July 25, 2017

From the Director

Tracy Letts has crafted a hilarious and moving story of friendship and redemption filled with vibrant diverse characters. We are looking for well-rounded, dynamic character actors to bring this joyful and hysterical story to life.

Audition Preparation

Please prepare a one minute contemporary comedic monologue.

Character Descriptions

Max Tarasov, Male, 49 years old, Russian. Owner of Uptown International DVD Rental. Outspoken. Poor social skills.

Officer Randy Osteen, Female, 49 years old, Irish-American. A cop with seven brothers. (All cops.) Comfortable. Pretty.

Officer James Bailey, Male, 43 years old, African-American. A good cop. A Star Trek superfan. Tough.

Lady Boyle, Female, 72 years old, Irish-American. Homeless. Usually drunk. Wise.

Arthur Przybyszewski, Male, 59 years old, Polish-American. Owner of Superior Donuts. Smart. Usually stoned. Tired. Lost. Must be in good physical condition and comfortable with intense stage combat.

Franco Wicks, Male, 21 years old, African-American. Writer and poet. Charming. Proud. Witty.

Luther Flynn, Male, 45 years old, Irish/Italian-American. A gambling bookie. Intimidating. Blunt. Must be in good physical condition and comfortable with intense stage combat.

Kevin Magee, Male, 28 years old, Irish-American. Luther’s goon. A weasel. Aggressive.

Kiril Ivakin, Male, 35 years old, Russian. Tall. Strong. Looks like Dolph Lundgren from “Rocky”. Struggles speaking English.

General Information

Actors of all races and ethnicities are strongly encouraged to audition. Lyric Arts is committed to equity, diversity, and inclusion in the casting of its productions and, therefore, encourages actors of diverse backgrounds and from underrepresented groups to audition.

  • Auditions are open to ages 18 and up.
  • Auditions are held at Lyric Arts Main Street Stage
  • Appointments are suggested, but not required. Those who arrive without an appointment will be seen as time allows. Appointments can be made by clicking here.
  • Please arrive with a calendar outlining all possible conflict dates between the first read-through and the final performance.
  • Please come prepared with a headshot (or any non-returnable current picture) and resume, if available. Each auditioner will be asked to complete an audition form, a copy of which can be found here.
  • Stipend paid



Monday, July 17MenWomenPaidAbility inclusiveColor inclusiveAuditions763-233-0801
Wednesday, July 19, 2017
          EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class Action Lawsuit Against United States Steel Corporation - X   

Rosen Law Firm, P.A. LogoNEW YORK, June 30, 2017 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of United States Steel Corporation securities (NYSE: X) from November 1, 2016 through April 25, 2017, inclusive (the "Class...

          New to AEA?    
Twin Cities Actors' Equity Liaison CommitteeGreta Grosch, ChairEmail/contact

June 29.

1. Have you recently joined Equity? Welcome! It's a big step, and we are excited for you. Send us an email so we can get you on our mailing list.

2. Some questions that have recently come up.

There is alot of improv in the Twin Cities; a lot of opportunities to do your own work; alot of corporate theatre, and comedy. How does AEA fit into all of this?

We've been getting some questions, and doing some digging. There is a possiblity that the work you're doing may be outside of Equity's jurisdiction (which means you can work without guilt...) but that doesn't mean you can't still get weeks for the work you are doing. There is a thing called the "Business Theatre MOU" (Memorandum of Understanding) - AEA has begun to make this available for actors to use to turn thier corporate theater gigs into work weeks. We are doing some research on this, and will post more detailed info soon.

National Equity News:

You’ve probably gotten the emails about this, but AEA has been in touch with us about a few issues recently. Here’s a review:

1. Equity 2020 is AEA’s vision, based on our feedback, to turn Equity into a more Aggressive, Inclusive and Responsive Union over the next three years. We will see what that means…

2. AEA has launched an *Official* Facebook group for Equity Members! The group is called “Equity’s Stage Door.” The main purpose of this group is to create a community of members to discuss issues, engage in conversation, and find out relevant Union business. This is a community intended only for Equity Members, so entry into the group is monitored.

3. The best way to get answers on individual questions like grievances, contracts and other workplace issues is by calling the appropriate business office during normal business hours. Our business rep is David Kolen in Chicago: 312.641.0393 x236


  1. We got a mention in Equity News for our efforts in April regarding potential cuts to the NEA. April 24: “Twin Cities Liaison Committee sponsors a community discussion to consider action to save the NEA at the NEA funded Mixed Blood Theatre.”
  2. Our AEA SM Subcommittee met again to discuss the upcoming SPT contract negotiations. As the ones “on the ground”, their insight and input is incredibly valuable! Their questions and concerns have been passed along to Chicago. If you are an AEA Stage Manager, or know someone who is, contact us so we can add them to this list of amazing union members!
  3. The Twin Cities Actors Consortium is still in the R and D phase. They are waiting to hear back about a number of potential funders, and then will move ahead with incorporating as a 501c3.


1.  Did you know that, generally, AEA actors have first right to audition slots?! If a theatre says that their audition slots are full, but they have Non-Union or EMC actors signed up, they may have to bump someone so you can be seen.

2. The Actors Fund is a national human services organization that helps ALL professionals – union AND none, dancers, directors -  in performing arts and entertainment. More about the Actor’s Fund:

3. The Conrad Cantzen Shoe Fund reimburses eligible performing arts and entertainment professionals up to $40.00 towards a pair of shoes costing no more than $100.00.


Twin Cities Actors' Equity:

Twitter: @tcaealiaison

Note: This is an unofficial page. As a service, and for informational purposes only, the Twin Cities AEA Liaison Committee provides information that may be of interest to AEA Members. Actors’ Equity Association is not responsible for, and does not monitor, the content or administration of this page. This page, and its content, (including but not limited to factual statements and opinions) are the sole responsibility of their creators, and do not represent, explicitly or implicitly, positions, policies or opinions of Actors’ Equity Association.

Wednesday, February 14, 2018
          Senior Process Associate / Process Associate - 18 Opening(s) at ThoughtFocus,Delhi (Delhi Job)   
Job Description:Greetings from Thought Focus!! Thought Focus is a technology partner and portfolio investment company of Blackstone, a leading private equity firm. Privately held consulting, software engineering and business process management firm wi...
          NBA's David Robinson: From professional sports to venture capitalism   

Former NBA player David Robinson, co-founder of Admiral Capital, discusses his transition into the real estate business and his work in private equity and investment.
          Harrison Street Capital Raises $1.1B For Sixth Opportunistic RE Fund   
(FINalternatives) Real estate private equity specialist Harrison Street Real Estate Capital has raised $950 million in capital commitments for its sixth U.S. opportunistic fund, handily beating its $850 million target. To read this article:
          Natixis Global AM Affiliate Mirova In Negotiations To Take Majority Stake In Althelia Ecosphere   
(FINalternatives) The responsible investing affiliate of Natixis Global Asset Management, Mirova, has reportedly entered into discussions with impact investment manager Althelia Ecosphere regarding the acquisition of a majority equity interest in the firm. To read this article:
          What are Get Out of Debt Loans?   
The first thing you should note is that there are no such things as 'Get out of Debt Loans'; there are, however, loans that can restructure your debt so that you will be able to regain control of your finances. These loans are known as Consolidation Loans.

Consolidation loans work by paying off all outstanding debt and leaving just one, more manageable, monthly payment, often meaning that your repayments will be less, although this often means that the time to repay is often extended and will probably mean that you pay more in the long run, but it does have the desired effect of relieving immediate financial problems.

Unfortunately, the world is currently dealing with a financial crisis few of us have ever witnessed before and the number of people with money troubles is increasing daily and they are all looking to try and manage their debt as best they can and to the vast majority of people a loan that would help relieve debt worries would be a financial lifeline and that is why consolidation loans are becoming more and more sought after.

There is a problem with this though; the banks and lenders are having the same money troubles as the rest of us and as a result we have the situation referred to as the 'Credit Crunch'. The credit crunch is effectively what it says it is; a clamp down on credit and lending. This in turn makes it extremely difficult for anyone who may be looking for the elusive get out of debt loans.

If you have equity, either in your property or of some other form, jewellery perhaps that you can use as collateral against a loan you stand a better chance, if not, you may have to look for assistance from a debt management company.

A debt management company will help you get the consolidation loan you need and help with setting the whole procedure up. To many who don't like dealing with financial issues they are something of a blessing but as with lenders they must be checked out thoroughly with the appropriate regulatory body.

Before you look at any option involving debt consolidation you should consider checking out methods of debt reduction that when used in conjunction with a consolidation loan could reduce the term of your debt to as little as three years!

It is ADVISABLE to find out more about these ethical, moral and legal methods that have been hidden by the banks and lending institutions by visiting Debt Consolidation Information.
          Debt Crisis: Etisalat Chairman, Hakeem Belo-Osagie resigns   

The Chairman of Etisalat Nigeria Limited, Hakeem Bello-Osagie, has resigned his position following the approval of a restructuring plan for the telecommunications firm.

A statement obtained by this newspaper confirmed the development, saying the decision followed “the approval of a restructuring plan for the telecommunications firm.”

Mr. Bello-Osagie, the one-time Chairman of the United Bank for Africa, UBA, was the surviving shareholder in the embattled mobile operator currently embroiled in a $1.2 billion (about N377.4 billion) loan repayment crisis with a consortium of 13 Nigerian banks.

He was the promoter of Emerging Markets Telecommunications Services, EMTS, which controlled 15 per cent of the equity holding of the company

His resignation followed the withdrawal, two weeks ago, of the company’s major shareholder, Emirates Telecommunications Group Company, which announced the decision to quit effective June 15, 2017.


The post Debt Crisis: Etisalat Chairman, Hakeem Belo-Osagie resigns appeared first on TheIcon.

          Regina or Saskatoon Campus - University of Regina - Regina, SK   
The University welcomes applications from all qualified individuals, including individuals within the University's employment equity categories of women,... $3,344 - $4,518 a month
From University of Regina - Thu, 29 Jun 2017 01:11:39 GMT - View all Regina, SK jobs
          Research Assistant, Health Equity - George Washington University - Foggy Bottom, MD   
This position primarily supports a Pfizer Foundation funded research and education project, a Susan G. The Institute for Patient-Centered Initiatives &amp; Health...
From George Washington University - Fri, 09 Jun 2017 20:07:00 GMT - View all Foggy Bottom, MD jobs
          Research Associate - George Washington University - Foggy Bottom, MD   
The Institute for Patient-Centered Initiatives and Health Equity (the Institute) at the GW Cancer Center was inaugurated in 2003, chartered by the university
From George Washington University - Tue, 28 Mar 2017 14:44:33 GMT - View all Foggy Bottom, MD jobs
          "Cash for trash" set to include help for homeowners   

It's 4:42 AM.

I've been up since 4:00, scouring Google News for the latest headlines on the bank bailout bill.

Here's the latest:

  • Everyone hates investment bank executives, so executive pay will get clipped in some way under the plan.
  • Mr. Paulson, the Treasury Secretary, will not get the blank check he asked for over the weekend. Rather, he will have to answer to Congress on how he spends taxpayer money.
  • The government will take debt and equity positions in banks it bails out. This means that Mr. Paulson will buy mortgage backed bonds, as well as stock and "warrants" (special equity positions with repayment protections built in). The rationale is that taxpayers stand a better chance of recovering most or all of the money put in if the banks' stock value rises after the bailout.
  • The government will require help for homeowners in junk loans.

We should know more later today, as Congress, Treasury and the Administration continue negotiations.

Here's what's still unclear:

  • How homeowners will be helped under the plan,
  • Whether the final plan will include Bankruptcy Code changes to allow the court to modify a home loan (something taken away as part of the 2005 Bankruptcy Act in a 1993 Supreme Court case), and
  • Whether the government will pay hedge-fund prices (20 cents on the dollar) or 1980s government contract prices (12,800 cents on the dollar - remember the $640 toilet seat?) or something in between for distressed bank debt and assets.

Stay tuned, folks. This should get even more interesting as the day progresses.

          A tale of two Sydneys: Social health atlas shows inequity in cancer risk between the rich and poor areas    
The maps reveal your cancer risk depending on the suburb you live in.
          Euro zone stocks, bonds appeal to global funds   
Cautious global investors cut exposure to US stocks in June, and raised their euro zone equity holdings near a two-year high.
          Praktikum Wealth Management Equity and Debt Advisory Investment Team (m/w)   
HypoVereinsbank - Member of UniCredit (München, Deutschland)
Die HypoVereinsbank ist Teil der UniCredit, einer der größten Bankengruppen Europas. Zudem zählt sie zu den größten Finanzinstituten in Deutsc
Einstieg / Level:Praktikum
Branche:Banken / Finanzdienstl.

          Podcast364: The ELL Bill of Rights - An Interview with Ruslana Westerlund   
This podcast is an interview with Ruslana Westerlund, the creator of the ELL Bill of Rights ( and the keynote speaker at the "Co-teaching and Collaboration Conference" in St Paul, Minnesota on 12 Nov 2010, at the School Community of Excellence. Ruslana is an educator originally from Ukraine, and has worked for years with English Language Learners. She is focused on educating teachers as well as students about the rights they have in the United States as ELLs. Her website is "a place where students, teachers, community members, or anyone else passionate about equity and advocacy for English learners can choose tools that send the message of empowerment. The tools you will find here will help you empower and advocate for your English Learners. These tools are great conversation starters. Engage with your community in courageous conversations! Wear a t-shirt! Start talking! Serve as a "spokesperson for the welfare of all learners in a multicultural context." In addition to sharing our interview in this podcast, I also share a poem and story which Ruslana sent to me and asked I include in this recording. Many of our classrooms are more diverse than ever, and the information about which Ruslana is passionate to share is critical for us all to understand. In becoming more aware of ELL rights and effective strategies to help second language learners, we can all become better educators for all our students.
          Uber considera dar acciones a sus conductores en mitad de su crisis más dura    


Que Uber está atravesando por uno de los momentos más duros de su historia es, como hemos comentado en otros artículos, vox populi. La empresa que hasta hace nada dirigía Travis Kalanick lleva desde hace meses inmersa en una crisis de la que parece que no es capaz de salir.

Según se ha publicado en Axios, en mitad de todo este torbellino y tras "múltiples reuniones" con la Comisión de Bolsa y Valores estadounidense, la compañía ha estado pensando en entregar acciones a sus conductores. La principal razón de por qué podrían estar considerándolo es muy simple: Uber está preocupada.

Aunque de momento no existe ningún tipo de información sobre la compensación en acciones, este movimiento podría interpretarse como una forma de intentar que los conductores se queden en la plataforma. Los conductores de Uber son falsos autónomos, no empleados (algo que ya comentamos en este artículo), y sólo trabajarán con la empresa mientras lo necesiten o les resulte rentable.

Vale la pena recordar que escándalos como los de abusos sexuales han dañado la imagen de Uber. No sólo su reputación, sino también su valor de mercado. Aquí también podríamos señalar campañas como #DeleteUber, acaecido durante el rechazo ciudadano al decreto migratorio de Trump. Este movimiento ha ido cogiendo fuerza, y los usuarios se están pasando a la competencia.

Uber ha usado el reclamo económico en el pasado para atraer a nuevos conductores a su plataforma. Algunos de estos reclamos son recompensas por completar un número determinado de viajes, por ejemplo. Si lo que Uber está planeando es algún tipo de esquema que ofrezca acciones como incentivo seguramente irá dirigido a nuevos conductores, servirá para fidelizar a los antiguos y animará a todos a completar un número X de horas de trabajo.

Vía | Axios
En Genbeta | Qué está pasando en Uber y por qué últimamente sólo le llueven críticas

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          3572ft² - •!• OLD CHARM 2-FAM *Modern Touches Exquisite Details* 6BR *3BA****   
"Invest in Real Estate and start building equity in your home today!" --D.P.🎉 Earned it! ** On a Quiet and Beautiful Tree-Lined Block in BUSHWICK ** There features a simply Amazing 3-Story 2-Family designer home ** Beautiful working Fireplaces on display throughout the House ** Beautiful renovations on all 3-floors of the house ** A pleasant surprise awaits you!
          🔊 Listen up! Elegant Brick Duplex * New Listing * Prime Location * Parking* 3BA*   
"Invest in Real Estate and start building equity in your home today!" --D.P. Come Expectant ... Leave Excited: 4br - 1254ft² - ** ELEGANT BRICK DUPLEX * NEW LISTING * PRIME LOCATION * PARKING * 3BA * ** Quiet and Beautiful Tree-Lined Block featuring a Simply Amazing Single-Family Designer Home ** Semi-Detached Solid Brick Property with Private Parking ** 4 very large Bedrooms with good Closet Space ** 3 full Bathrooms--Spacious & Stylish ** Great Character Home ** 1-Car Front Driveway ** Well Maintained Property ** Custom-designed Gourmet Kitchen ** Spacious EIK with lots of Cabinets and Countertop space ** Large Living and Formal Dining Room--Perfect for Entertaining Guests ** Full Finished Basement with lots of rooms and Private Entrances ** Conveniently positioned private Laundry Room ** Very High Ceilings throughout the House ** Location!
          3br-*** Beautiful English Tudor with Working FIREPLACE *DRIVEWAY* 3BR *3BA*   
"Invest in Real Estate and start building equity in your home today!" ** Looking for Serious Buyer ~ Everyone who could. .should own Real Estate ** Amazing English Tudor Design--Solid Brick ** 3 spacious diamond Bedrooms Duplex ** 3 Bathrooms--Spacious & Stylish ** Big Rooms with Big Closets ** Working Brick Fireplace ** Driveway 2-Car Parking ** Spacious Eat-In-Kitchen with lots of Cabinets and Countertop space ** Spacious Living Room with lots big Windows and natural light ** Big Formal Dining Room--Perfect for Entertaining Guests ** Very High Ceilings all throughout the House ** Custom-designed Granite Countertops ** Location!
          Weekly Round Up: Petya ‘ransomware’, SNES Classic & more   

Welcome to Weekly Round Up, our podcast discussing the latest tech trends, innovation and news from the last few days.
This week sees Hadlee Simons hosting Andy Walker and Stephen Timm.
Kicking off the podcast, Andy talks through the world’s latest cyber-attack. Petya, or NotPetya, reappeared in Ukraine this week after dying down last year. The attack targeted machines running Windows, and spread as far as Chernobyl, Mumbai and a chocolate factory in Tasmania.
Next up, Stephen talks of the Savca report revealing that South African private equity capital returns to investors were up 123.2% last year to R18.3-billion — up from R8.2-billion in 2015.
We then [...]

The post Weekly Round Up: Petya ‘ransomware’, SNES Classic & more appeared first on Memeburn.

          Sycamore to buy Staples for $6.9 bln   
Private equity firm Sycamore Partners said it will buy U.S. office supplies chain Staples for $6.9 billion. Fred Katayama reports.

          Executive pay disclosure requirements are complex   

Dodd-Frank executive pay disclosure rears its head

The pay-for-performance proposal is part of the Dodd-Frank law's disclosure package involving executive pay. It requires, among other things, that public companies disclose the ratio of the C-Level executives annual total compensation to the median annual total compensation of all other employees.

In a recent compliance update, the SEC's Division of Corporation Finance said registrants can use any reasonable "consistently applied compensation measure" (CACM) to identify the annual compensation of employees.

"The appropriateness of any measure will depend on the registrant's particular facts and circumstances," the SEC said, noting that, for example, total cash compensation could be a CACM unless the registrant also distributed annual equity awards widely among its employees.

CIO compensation

Salary Survey Job Descriptions IT Job Families IT Hiring Kit Interview Guide

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          Hellman & Friedman not expected to meet Fairfax bid deadline   
A private equity bidding war for Fairfax Media is now unlikely as it emerged that neither Hellman & Friedman nor TPG are likely to lodge bids by Friday afternoon (Australian time) . 
          Advocates push to ensure Minnesota's new education plan supports English Learners   

Before Be Vang became an educator, she went through the public school system as an English language learner. So when she speaks today, on behalf of the multilingual families she serves as principal at Mississippi Creative Arts School in St. Paul Public Schools, she’s able to relate to the educational barriers — including low expectations — that English Learners often face.

“I feel like for a very long time, ELs are constantly and persistently being perceived as children with deficits,” she said, adding that their lack of English skills obscures the fact that many actually come with an educational foundation.

Under the state’s expiring federal education accountability plan, English Learner (EL) students who were new to the country within the last 12 months were exempt from taking state tests measuring academic growth and proficiency. That meant that educators had no baseline data on how well these students grasped math and reading skills for an entire year.

At face value, it may seem discouraging to ask a student who still has a weak command of the English language to take a standardized test. But Vang says not collecting this data on them is actually shortsighted. “What we don’t understand is these children have gone through such more horrific things than sitting down and taking a test,” she said.

The key, she continued, is making sure these students feel well-supported. An adult can’t translate the actual test questions, she said. But they can help translate the test instructions, encourage EL students to do their best, and emphasize how their test results will be used to better inform EL programming.

“If we don’t include ELs into some of these conversations and practices, the message we’re really sending is: ‘You don’t matter,’ ” she said.

‘A different era’

Her message was well received by those at the Minnesota Department of Education, which is busy drafting the state’s new federal education accountability plan — the Every Student Succeeds Act, commonly known as ESSA. That plan is due to the U.S. Department of Education for review on Sept. 18, with implementation set for the 2018-19 school year.

Leigh Schleicher, with the state Department of Education, says Vang — along with 17 other school administrators, EL coordinators, parent liaisons and education advocates who served on the Minnesota Multilingual Equity Network — influenced policy decisions made at the state Department of Education by gathering and relaying input from the wider EL community in Minnesota.

“You’ll see it reflected in [our] ESSA plan — that the focus needs to be on growth and not just proficiency,” she said at the group’s policy brief launch event at the Amherst H. Wilder Foundation in St. Paul Wednesday evening. “Without this partnering with the community, that message would not have come across as it did.”

Bo Thao-Urabe, executive director of CAAL
MinnPost photo by Erin Hinrichs
Bo Thao-Urabe, executive director of CAAL, tweeting about the release of the policy brief.

EL advocates are largely applauding the new accountability system as an opportunity to reframe EL students as a core part of the student body, rather than a tangential group. That’s because English language proficiency scores for this student group will now be included in the state’s general accountability system — alongside proficiency and growth on standardized tests, graduation rates, and one other indicator of student success or school quality — as opposed to being captured in a separate evaluation system. But even with this paradigm shift, local advocates say there’s room to build in even more assurances that ELs are being given access to an equitable education.  

“When the federal government redrafted the ESSA, it placed strong EL — I prefer ‘Emerging Multilinguals’ — but EL and DLL [Dual Language Learner] accountability measures smack dab in the middle of the federal accountability system,” said Rep. Carlos Mariani, DFL-St. Paul, who serves as the executive director of the Minnesota Education Equity Partnership (MnEEP). “When it comes to a legal statutory federal law framework, we are in a different era, relative to EL students. And it’s up to us to be able to seize that opportunity so that we create really powerful experiences and outcomes for these students.”

Empowering families

In an effort to ensure the needs of EL students are best captured in the state’s new ESSA plan, MnEEP partnered with the Coalition of Asian American Leaders to draft a policy brief that they formally presented to members of the state Department of Education Wednesday evening.

Over the course of the past year, they’ve been meeting with members of the group’s 18-member advisory board and hosted three community events — in the St. Paul school district, the Minneapolis school district, and the Faribault school district — to gather input from nearly 100 additional parents, educators and community members most attuned to the needs of the EL student population.

“We want to make sure that families of the EL community are empowered to be part of the general education accountability conversation,” said Aara Johnson, the policy fellow for the initiative who took the lead on drafting the policy brief.

Sambath Ouk, EL coordinator at Faribault Public Schools
MinnPost photo by Erin Hinrichs
Sambath Ouk, EL coordinator at Faribault Public Schools, taking notes at the policy brief event on Wednesday.

Across the state, ELs are the fastest growing segment of the student population. Over the past two decades, this student group has increased by 300 percent. According to the state Department of Education, during the 2015-16 school year, 8.3 percent of studenl in the K-12 public school system were identified as ELs. The Twin Cities districts have the highest concentration of ELs, but a number of suburban and rural districts, like Rochester, Osseo, Elk River and Wilmar, are seeing an uptick in EL enrollment as well.

Yet state data show these students are testing far below their peers in math, reading and science. They’re also only graduating at a rate of 63 percent, compared to the statewide graduation rate of 82 percent.

While state legislators adopted the Minnesota Learning English for Academic Proficiency and Success (LEAPS) Act in 2014, a fairly comprehensive policy geared toward closing these gaps, advocates say more needs to be done. And the opportunity to align these two policies, they say, may bring some much-needed momentum to putting these supports and accountability measures into practice.

The group’s policy brief includes seven key recommendations for inclusion in the state’s ESSA plan. In addition to including baseline standardized testing data on newcomers, members of the group are also asking that the state refine policies and add resources to better support family engagement, access to native language curriculum, and more. They're also asking for the state to standardize the entry and exit criteria used to connect students with EL services, so all EL students are getting the same treatment across the state. 

“Now every school in the state serving ELLs [English Language Learners] are held accountable for their ELLs,” said Stephanie Graff, chief accountability office at the state Department of Education. “That shifts our work as educators and community members and advocates to ‘ELLs are not for ELL teachers to deal with. ELLs are all of our kids.' It’s a small shift in law, but a significant shift in opportunity.”

          Then and even now: Big Tobacco and its LGBTQ marketing   

The struggles of LGBTQ individuals in this country are unique. Throughout American history, many communities have been oppressed and disenfranchised. But uniquely, we have had to endure cultural rejection and hatred – from our families, our churches, our government and the public – simply for expressing our identities, for being who we are.

Gabriel Glissmeyer

We have needed understanding and acceptance, but have rarely found it. Today, we perhaps are better understood by others than ever before, and yet even now, LGBTQ people encounter hostility, discrimination and cruelty that should be unthinkable for any group in 2017.

But historically, there was one entity willing to give us the respect and attention we deserve. An industry that, well before we were accepted in American culture, reached out to us, saying, “We understand you, we care about you, we are your friends.”

The tobacco industry.

Among our oldest 'friends'

That’s right, the tobacco companies – killers of millions, sellers of poison to children, liars under oath – are among the oldest “friends” our communities have. (A definition: When we say tobacco, we mean commercial tobacco, not the traditional tobacco used as medicines by some groups.)

Laura Henry

Today, when gay marriage is the law of the land (for now), and transgender celebrities are cheered (by some), it’s hard to remember when nearly all LGBTQ individuals had to hide who they were. But it wasn’t that long ago. The 1980s were a time when we needed acknowledgment more than ever before in our history. AIDS was ravaging the country, and decimating gay communities as more than 100,000 contracted the disease. And yet, the decade was a time when the “Moral Majority” dominated our culture, and even the president turned a blind eye to what was killing so many American people.

But here is what Philip Morris said in 1985:

Homosexuals have made progress in changing their image in this country. Today they have become acceptable members of society. We should research this, and perhaps learn from it.

A 'dream market'

They did research it, and they did learn from it. What they learned was that LGBTQ people represented a “dream market” that was longing to be respected, valued and accepted. The tobacco industry consulted gay marketing firms who told them that we were “attention-starved and very loyal.” And they decided the way to make us feel accepted was to sell cigarettes to us.

But in order to sell to us, they had to show us how much they cared. They knew we didn’t trust them; in fact, some LGBTQ advocates had even protested Philip Morris for its support of anti-gay politicians. So they worked to undo those bad feelings. They donated money for HIV/AIDS research, and gave gifts to arts organizations. They gave advertising money to gay magazines – which at the time were too controversial for most sponsors.

It worked. By the 1990s, editors of gay publications were celebrating the industry for its inclusivity, and tobacco ads were everywhere in our communities. Big Tobacco continued giving money to us, notably by sponsoring Pride festivals through an initiative they privately (and charmingly) called “Project SCUM” (for “Sub-Cultural Urban Marketing”).

LGBTQ people gave back, too: by smoking. Boy, did we smoke! After all, those ads showed us that cigarettes could be part of our identity. Even as rates fell in the general population, we continued smoking – because, as the tobacco companies pointed out to us, who was mainstream America to tell us how to live?

Paying the price

Today, we’re still paying the price for this “friendship.” Nationwide, LGBTQ people spend $7.9 billion on tobacco products annually. Nationally and here in Minnesota, our smoking rate is 20 percent, much higher than the general population’s rate of 14 percent. A recent study found that today, more HIV patients die of diseases caused by smoking than of AIDS.

The tobacco industry is continuing to cultivate us too. Tobacco companies still advertise in LGBTQ magazines; they even place LGBTQ-targeted ads in mainstream publications today. They use social media to reach us (and to escape tobacco advertising restrictions). Unlike in the 1980s and 1990s, when their targeting was aimed mostly at gay men, today they are extremely aware of our communities’ scope, and advertise to multiple gender identifies and sexual orientations.

Remember this part of our history. The tobacco industry is no friend to LGBTQ people. They have trapped so many of us. They take advantage of us, take our money, and kill us. Today more than ever, we must be aware of their influence – and resist it.

Gabriel Glissmeyer works as the program and research assistant at the Association for Nonsmokers-MN. He has worked in tobacco control and prevention since 2008. Laura Henry works as the volunteer manager at The Aliveness Project and is interested in working toward health equity. She has worked in tobacco control in the LGBTQ community since 2015.


If you're interested in joining the discussion, add your voice to the Comment section below — or consider writing a letter or a longer-form Community Voices commentary. (For more information about Community Voices, see our Submission Guidelines.)

          2 original 'Hawaii Five-0' stars to exit show for eighth season   
Daniel Dae Kim and Grace Park, two of the original stars of the CBS television reboot “Hawaii Five-0,” are leaving the show and won’t be seen in the upcoming eighth season. Variety reports, citing sources, that Kim, who plays Chin Ho Kelly on the show, and Park, who plays Kono Kalakaua, had sought pay equity with the other two stars, Alex O’Loughlin and Scott Caan, but were unable to reach an agreement with CBS Television Studios. Variety reports that O’Loughlin, who plays Steve McGarrett…

          Required Equity RM - Sharekhan Limited - Hyderabad, Telangana   
Required urgent basis Equity RM from leading stock brooking company Advising clients with regards to their Investments in Equity Derivatives Market, place
From Indeed - Mon, 05 Jun 2017 06:11:12 GMT - View all Hyderabad, Telangana jobs
          Trading Terminal Operator - Sharekhan Franchiese - Meerut, Uttar Pradesh   
Experienced Trading Terminal Operator required for Equity, F&O, Currency and Commodities. Job Type: Full
From Indeed - Tue, 13 Jun 2017 11:33:41 GMT - View all Meerut, Uttar Pradesh jobs
          Order Administrator - Pattison Sign Group - Toronto, ON   
Pattison Sign Group offers benefits, a competitive salary and is committed to the Employment Equity program. Seeking to fill one (1) permanent full-time Order...
From Indeed - Thu, 29 Jun 2017 12:40:20 GMT - View all Toronto, ON jobs
          Looking at Equity Markets for Economic Signals is a “Mistake”   

Looking at Equity Markets for Economic Signals is a “Mistake” $DIA, $SPY, $QQQ, $VXX Volatility in stocks and bonds was part of the FOMC’s consideration for slowing interest rate increases in February. Now a Fed economist attached to the central bank’s Dallas branch says that “relying on the equity market for economic signals is a […]

The post Looking at Equity Markets for Economic Signals is a “Mistake” appeared first on Live Trading News.

          Financial Analyst   
OH-Cincinnati, GENERAL FUNCTION: Possess a completely developed set of technical valuation skills for conducting equity and business enterprise valuations and intangible asset analyses. Be fully capable of (i) conducting field investigations, completing valuation analysis, and writing reports on all types of entities and intangible assets of those entities (ii) supervising the work of others on large engagements
          RETAIL COMMERCIAL CONSTRUCTION WORKING SUPERINTENDENT - Equity Development Group, LLC dba Comet Construction - Boca Raton, FL   
RETAIL COMMERCIAL CONSTRUCTION WORKING SUPERINTENDENT*. Candidate must be willing to work nights and weekends on commercial projects....
From Indeed - Thu, 25 May 2017 15:26:46 GMT - View all Boca Raton, FL jobs
          CONSTRUCTION COST ESTIMATOR - Equity Development Group, LLC dba Comet Construction - Boca Raton, FL   
The Estimator must be proficient in estimating commercial projects, negotiating with sub-contractors, budgeting jobs, establishing and maintaining relationships...
From Indeed - Fri, 24 Mar 2017 17:29:11 GMT - View all Boca Raton, FL jobs
          Electrical Maintainer (Industrial/Construction Electrician) - Canadian Nuclear Laboratories - Whiteshell, MB   
CNL has an Employment Equity Program and encourages applications from women, Aboriginal Peoples, visible minorities and persons with disabilities....
From Canadian Nuclear Laboratories - Fri, 24 Mar 2017 15:41:31 GMT - View all Whiteshell, MB jobs
          Mechanical Maintainer - Pipefitter / Plumber - Canadian Nuclear Laboratories - Whiteshell, MB   
CNL has an Employment Equity Program and encourages applications from women, Aboriginal Peoples, visible minorities and persons with disabilities....
From Canadian Nuclear Laboratories - Thu, 25 May 2017 21:11:18 GMT - View all Whiteshell, MB jobs
          Co je swap akciového selhání?   
Swap akciového selhání je srovnatelný se swapem úvěrového selhání po stránce fungování instrumentu, i když jsou záležitosti na pozadí odlišné třeba ve směru spouštěcí události nebo při použití míry návratnosti. Investoři mohou využít řadu různých finančních derivátů, aby se ochránili před změnami cen cenných papírů, a to včetně defaultu nějaké společnosti. Relativně novou možností v tomto směru je takzvaný swap akciového selhání (v angličtině EDS = Equity Default Swap), který je navržen tak, aby poskytoval investorovi ochranu před změnami cen vybrané referenční akcie. Referenční akcií se myslí podkladová akcie, proti jejímž cenovým pohybům se chce investor ochránit. Název tohoto instrumentu nejspíše zní pro nezasvěcené čtenáře poněkud tajemně, ale v článku si vše vysvětlíme, takže se není skutečně čeho bát. Určitou podobnost lze hledat nepochybně ve známějších swapech úvěrového selhání, což jsou zástupci kreditních derivátů.
          Email Scam: [G-Spam] larry Cutting Edge Market Report   

Subject:[G-Spam] larry Cutting Edge Market Report
Message:Symbol: (BERI)
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Future Value - .94 Cents
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Disclaimer:The publisher of this newsletter will not stand for that the information consisted of within this email mentions all material realities or does not omit a material reality needed to make the declarations therein not misleading. All information provided inside this e-mail referring to investing, stocks, securities need to be understood as info provided and not investment suggestions. The publisher of this e-newsletter advises all visitors and customers to consult from a registered specialist safety and securities representative prior to making a decision to sell supplies included within this email. The author of this newsletter reveals they anticipate to get 50k bucks from a third party, not a police officer, supervisor or associate shareholder for the flow of this record


Si conclude la sesta edizione della competizione

Prima classificata la squadra Cucurbeta dell’Università degli Studi di Napoli
Federico II, Dipartimento di Scienze Economiche e Statistiche,
grazie al portafoglio con il miglior rendimento

Si è conclusa la sesta edizione della Fund Management Challenge (FMC), competizione di equity fund management istituzionale dedicata agli studenti delle università italiane organizzata da CFA Society Italy (CFASI) con il sostegno economico e tecnico di CFA Institute, FactSet, UBS ETF, Hammer Partners, Aequitax SA e Kaplan-Schweser. La competizione si è svolta dal 9 febbraio al 24 maggio 2017. Il 28 giugno si è tenuta a Milano la cerimonia di premiazione delle tre squadre con la migliore performance.
Le squadre rappresentanti di 19 università di tutta Italia ha visto la vittoria della squadra Cucurbeta dell’Università degli Studi di Napoli Federico II, Dipartimento di Scienze Economiche e Statistiche, che ha costruito il portafoglio con il migliore rendimento. I team Patavium Investments dell’Università degli Studi di Padova, Dipartimento di Scienze Statistiche e Dipartimento di Scienze Economiche ed Aziendali e Team LUISS della LUISS - Libera Università Internazionale degli Studi Sociali Guido Carli – Dipartimento di Economia e Finanza e Dipartimento di Impresa e Management, si sono classificati rispettivamente al secondo e terzo posto.
La Fund Management Challenge offre agli studenti universitari l’opportunità di gareggiare in un contesto che simula le condizioni reali tipiche dell’investimento istituzionale, permettendo ai partecipanti di sviluppare le competenze professionali individuali e di gruppo necessarie per raggiungere elevati standard di gestione. Sotto la supervisione di un docente, ogni squadra cerca di massimizzare il rendimento di un portafoglio, la cui composizione può essere modificata ogni settimana purché vengano mantenute al suo interno cinque posizioni lunghe e cinque posizioni corte equipesate. Le squadre – che possono avvalersi del supporto di un gruppo di professionisti della finanza che svolgono la funzione di mentori – hanno l’obbligo di spiegare le ragioni delle proprie scelte d’investimento e di impegnarsi ad applicare il codice di deontologia professionale promosso da CFA Institute, che rilascia la massima certificazione professionale in ambito finanziario internazionale. Un comitato di professionisti e un indice di qualità appositamente costruito valutano settimanalmente il lavoro degli studenti incoraggiandoli ad imparare e a migliorarsi durante tutta la competizione.
Cucurbeta, Università degli Studi di Napoli – Federico II: “Siamo felicissimi di questo risultato. Con questa gara abbiamo trasformato le conoscenze acquisite nel corso di Laurea in Finanza della Federico II in competenze professionali. Il supporto di CFA Society Italy, grazie agli insegnamenti di professionisti di elevato profilo etico e tecnico, ci ha permesso di maturare una esperienza professionalizzante che richiede tempi ed occasioni che non sono scontate. Al termine della gara, oltre alla soddisfazione, resta la consapevolezza critica delle tecniche di asset allocation acquisite.”
Giancarlo Sandrin, CFA, Presidente di CFASI: “Un ringraziamento particolare agli sponsor che con il loro aiuto supportano assieme a CFASI la formazione dei futuri professionisti del settore finanziario, ai professori delle 19 Università che hanno partecipato alla competizione e che stanno credendo a questo progetto, e infine un complimento agli studenti per il loro impegno in questi mesi e per aver compreso l'importanza di aggiungere la formazione al loro curriculum universitario."
Dichiarazioni dei partner
Simone Rosti, Head of Passive & ETF Specialist Sales Europe: “La collaborazione con CFA Society Italy è strategica per UBS ETF e per questo motivo per il quarto anno consecutivo abbiamo scelto di supportare la Fund Management Challenge, che ci permette di confrontarci con gli investitori del futuro. Gli elevati standard etici e di qualità che gli studenti devono applicare, il supporto di professionisti della finanza diplomati CFA e il materiale didattico utilizzato sono elementi per noi fondamentali.”.
Dorin Agache, Senior Consultant - Southern Europe IM Consulting FactSet, ha sottolineato che “FactSet è molto lieta di sostenere ed esser parte educativa di questa competizione. È sempre un piacere confrontarsi con gli studenti sull'utilizzo della nostra piattaforma che permette ai partecipanti di immergersi in analisi a livello di singola società e di settore, utilizzando gli strumenti di analisi macroeconomica, charting, stock screening e monitoring di news flow intelligente di StreetAccount al pari di un professionista d’investimento. Ringraziamo CFA Society Italy per questa opportunità e ci auguriamo che la FMC possa fare presto il salto verso l'internazionalizzazione della competizione.
For more information: -

          Financial Review - June, 2017   
June was another good month for the portfolio with small gains across the board producing a 2.07 percent increase in net assets.

For the year, the portfolio is up 10.10%. The adjusted change from when I retired in September 2013 is a 17.12% increase. Hong Kong liquidity stands at 28.0 months of estimated outgoings, well down on January's 38.6 months due to new investments + a transfer to New Zealand but ahead of last month's after I sold some investments.

Here are the details:

1. my Hong Kong equities increased. I sold my shares in COSCO Ports (HK:1199) and a very small position in China New Economy Fund (HK:80). I reinvested some of the proceeds in Kowloon Development (HK:34) which offers a higher yield (around 7% on cost) and a significant discount to NAV which may or may not improve once legal uncertainty over a property development project in Macau is resolved. While I booked a profit on COSCO Ports, the company has been a serial underperformer which has failed to meet expectations either in terms of growth or dividend levels. The Fund was ditched at a small loss after it appeared in David Webb's list of "50 stocks not to own". This is a lesson in not doing sufficient due diligence - at the time I invested, NAV was above HK$0.80 and the shares were trading ago around HK$0.24. I did check the values of the listed shares in the fund's portfolio to ensure that their values had not fallen significantly but I did not look into the merits of those shares individually. As it turns out a significant number of the Fund's investments were also on the list and plunged spectacularly wiping out a significant amount of investor value;

2. my AU/NZ equities rose slightly. I purchased additional shares in Automative Holdings (ASX: AHG), believing the market had over-reacted to a slowdown in Australian car sales + potential changes to the way car's are finance in Australia. My expected yield on purchase price is above 6%; equity ETFs were up slightly (India, Hong Kong and China) in line with the local markets;

4. my position in silver fell;

5. all tenants are paying on time and all properties are let;

6. the AUD and NZD were up against the HKD/USD;

7. my position in bonds remains small but improved this month when I purchased some 1 year notes issued by part of the Hainan Airlines group using a margin facility - this is a carry trade.

8. expenses were low with no travelling and no other non-regular domestic bills incurred;

My HK cash position rose during the month due to sales of HK equities mentioned above. I currently hold 28.0 months of expenses in HKD cash or equivalents (down from 38.6 months on 1 January).

I have revamped my spreadsheets to capture all debt (previously some accounts were entered on a net basis). Total household gearing ((debt+accruals)/assets) is 9.28% of total assets. Property prices are as at 1 January, 2017, so this overstates the gearing ratio.

I would like to make some additional investments but am struggling to find good value in the markets I follow. With expectations of further rises in interest rates muted, I was tempted by the carry trade, and purchased the Hainan Airlines notes using a margin facility.
          The Verified Complaint In Equity: The Declaration Of Independence   
It's not quite "Yes Virginia..." but here is our annual Independence Day missive on the legal angle on the Declaration. Civil Beat published a version of this post here. --------------------------------------------------------------------------------------- We know lawyers are easy targets (we enjoy lawyer jokes as much as the next person, i.e., What's the difference between a good lawyer and a great lawyer? A good lawyer knows the law; a great lawyer knows the judge.). Still, as we celebrate our independence, we note that author Thomas Jefferson and 23 other of the 56 signers of the Declaration of Independence were lawyers, and that the document was crafted and understood fundamentally as a legal pleading, and is the product of careful legal thinking. So lawyers can't be all that bad, right? As convincingly argued by historian Peter Charles Hoffer in his book The Law's Conscience: Equitable Constitutionalism in America (1990), the structure and…
          Reeve Carney and More Set for Lab of Sleepy Hollow Rock Opera HEADLESS at The Wallis   

HEADLESS - a modern gothic rock-opera ghost story that revisits author Washington Irving's The Legend of Sleepy Hollow from co-writers Bradley Bredeweg (Freeform's "The Fosters," Showtime's "Intersection," Bill Condon's Side Show on Broadway) and Brad Hooks (Freeform's "The Fosters") - will be the focus of a new work development lab that will explore the score, story and new stage technology over the course of two and a half weeks at the Wallis Annenberg Center for the Performing Arts (The Wallis) in Beverly Hills. The lab will launch on Thursday, July 6 and will culminate with closed presentations on Saturday, July 22 and Sunday, July 23 (presentations by private invitation only).

Headless' development lab cast features Ashley Argota (Freeform's "The Fosters," Broadway's The Lion King); Reeve Carney (FOX's "The Rocky Horror Picture Show,' Showtime's "Penny Dreadful," Broadway's Spider-Man Turn Off The Dark); Rob Evans (Broadway's Jekyll & Hyde), Tamyra Gray (FOX's "American Idol" and "Boston Public"); Jon Robert Hall (FOX's "Grease: Live" and "Glee," Las Vegas' Rock of Ages); Emma Hunton (Broadway's Spring Awakening, first National Tour of Wicked as Elphaba); and Scott Porter (NBC's "Friday Night Lights," CBS' "Scorpion"). Through a collaboration with Google, the development lab will also focus on the exploration of storytelling that utilizes next generation technology on stage.

"Brad and I consider ourselves so fortunate to be in such great hands at The Wallis," said Bredeweg. "The Wallis is extremely supportive and at the forefront in nurturing forward-thinking musical theater. Along with Google's generous support in developing new technologies for live theatre and this first class Broadway bound cast that we have assembled-we're kids in a theatrical candy store. We just can't wait to get into a room with such incredible talent."

"With our commitment to support LA-based artists in the three genres of theater, music and dance, we are thrilled to host Bradley, Brad and the Headless lab cast during the early stages of this exciting project," said Paul Crewes, The Wallis' Artistic Director.

Generations after the original event in Sleepy Hollow, Ichabod Crane III, a writer digging up his family's story, returns to the Hollow to find a town controlled by a tyrannical Mayor who exploits the legend of the headless Horseman to control the townspeople with fear. Ichabod's big, beating heart and his desire to uncover the truth leads him to a gorgeous young woman who might just help Ichabod on his journey to uncover what really happened to his ancestor.


Co-writers Bradley Bredeweg and his producing partner Peter Paige, collectively known as Blazing Elm Entertainment, are the Creators, Executive Producers and Showrunners of the critically-acclaimed Walt Disney Company/Freeform series "The Fosters," alongside Executive Producing partners Jennifer Lopez and JoAnna Johnson. The series, now entering its fifth season, has garnered many accolades and awards including Outstanding Drama Series at the GLAAD Awards, Emmy's Television Academy Honors Award for excellence in Television, The Television Critics Awards for Outstanding Drama Series and Teen Choice Awards Best Drama Series. Bradley recently directed "The Fosters" epic Romeo & Juliet musical episode, which went on to become a #1 selling episode on iTunes and Amazon. The soundtrack, which featured ten original songs by composer Brad Hooks, also topped the Soundtrack charts on iTunes. Bradley also recently directed "The Long Haul" episode starring television and film icons Annie Potts and Rob Morrow. Bredeweg is the co-writer of Tut starring Sir Ben Kingsley for Muse Entertainment, which premiered on Paramount/Viacom's SpikeTV in summer 2015. It has gone on to become one of the most successful mini-series in recent history. Bradley is also currently working on new drama series for Showtime, a half-hour coming of age series for Lionsgate, as well as a new animated series for DreamWorks. In the theater world, Bredeweg produced the critically acclaimed revival of Side Show on Broadway, directed by Academy Award winner Bill Condon. Bradley also produced the massively successful hit Green Day's American Idiot on London's West End. Bradley is also one of the major investors in the multi-Tony Award winning Broadway Box Office smash hit, Dear Evan Hansen at the Music Box Theatre.

Brad Hooks, recording artist and lead singer of the band The Young Romans, is the on-set music composer for the Freeform series "The Fosters." A classically trained pianist and world-touring performer, Hooks brought his piano-rock sensibilities as music director to Romeo and Juliet: Love Is A Battlefield (2015-16), a musical created by writing partner Bradley Bredeweg, which played to sold out shows for three runs in Los Angeles. Hooks is also a music producer and actor with songs and cameos in shows ranging from "American Idol," "Inside Amy Schumer" and "Animal Kingdom," to movies such as Mother's Day and Salmon Fishing in the Yemen.

Ashley Argota (Katrina) is best known for her television roles in show such as "True Jackson, VP," "Lab Rats," "How To Build A Better Boy" and "The Fosters." She starred in Disney's hit Broadway musical The Lion King as Young Nala at only 11 years old, and also became the youngest performer to ever win five times in a row at "Amateur Night at The Apollo." Over the last few years, she has balanced her time between shooting multiple films and television shows with performing on stage all around Los Angeles, most notably in Bradley Bredeweg/Rockwell Table & Stage's production of Romeo & Juliet: Love Is A Battlefield where she played Juliet. Ashley just finished filming a series regular role on "Liberty Crossing," set to premiere later this year.

Reeve Carney (Ichabod) was most recently seen as Riff Raff in the remake of "Rocky Horror Picture Show" on FOX. Before that, he appeared in Showtime's series "Penny Dreadful" as DorIan Gray. Reeve originated the role of Peter Parker/Spider-Man in the smash Broadway production Spider-Man Turn Off the Dark. Handpicked by director Julie Taymor, with the chance to perform music by U2's Bono and The Edge, Reeve found himself with a mentorship any young singer would cut a deal with the devil to get. "Reeve was everything we could have hoped for: an amazing voice and a truly charismatic presence," says Bono. Other film credits include: Gemini, The Tempest and Snow Falling on Cedars. Reeve fronts the rock band Carney, whose album Mr. Green Vol. 1 is out on DAS Label/Interscope. His debut solo album, Youth is Wasted, was released last October.

Rob Evan (Mayor) has performed in seven leading roles on the New York Stage including the original Broadway cast of Jekyll & Hyde, playing the title roles for three years and over 1,000 performances worldwide. As a vocalist and recording artist, Rob is a member of the multi-platinum-selling rock band, Trans-Siberian Orchestra. He can be heard on TSO's The Lost Christmas Eve (Certified Double Platinum) and Nightcastle, which debuted at #5 on Billboard's Top 100 (certified Platinum). He has opened for and performed with Sir Elton John, Trisha Yearwood, Phil Collins, REM, Bonnie Tyler, Joe Walsh and Usher. He was lead vocalist for Jim Steinman's The Dream Engine and has been featured with over 50 major symphonies around the world. Rob co-created, produced and starred in his Classical Rock Fusion project, ROCKTOPIA, which filmed its national PBS special at the State Hungarian Opera House in Budapest last summer. He is currently co-creating and producing a residency for NBC's "The Voice" which will open at the Hard Rock in Las Vegas next February.

Tamyra Gray (Woman in White), powerhouse singer, successful songwriter and acclaimed actress of stage and screen, is a multi-hyphenate force of nature. Whether it was debuting in the inaugural season of "American Idol," taking Broadway by storm as Mimi in RENT or writing the #1 selling single of 2004, "I Believe" for Fantasia, Tamyra has always pursued her art with passion and dedication. In 2011, she was thrilled to receive the "Best Lead Female (equity)" for the Beverly Hills / Hollywood NAACP 22nd Annual Theatre Awards (for appearing in Debbie Allen's Twist). She recently played Kate in the If/Then National Tour in 2016. Tamyra credits her family for her joie de vivre and reminding her everyday what life's about: having fun and bringing your best self to every aspect of your life.

Jon Robert Hall (Brom) began his entertainment career as a session singer. Growing up in the LA area, he sang on records for Michael Jackson, Josh Groban, P.O.D, Celine Dion, Childish Gambino, and many more. His voice can also be heard in tentpole films like Armageddon, Deep Impact, Amistad, Rock of Ages, and recently in Sing, Rogue One: A Star Wars Story, La La Land, and the new Transformers. He has also written songs for Disney and can be heard on many of their tracks. Background singing helped him segue into a successful acting career when he booked "Glee" and ended up recurring on the series for the next three years. He went on to play Stacee Jaxx in Rock of Ages (Vegas), followed by leading roles in west coast productions, a guest star role opposite Julianne Hough in Fox's "Grease Live," and many other roles on popular television shows. Jon has been collaborating with Nashville songwriters, along with Jay DeMarcus from Rascal Flatts, to release an EP sometime this later year.

Emma Hunton (Liz) recently finished the world premiere of Disney's Freaky Friday as Ellie/Katherine Blake at Signature Theater and the La Jolla Playhouse. Previous credits include the first national tour of Wicked (Elphaba), the National Tour and Broadway companies of Next To Normal (Natalie), RENT Off- Broadway at New World Stages (Maureen), and the Broadway company of Spring Awakening (Ilse) as well as numerous musical parodies at Rockwell Table & Stage.

Scott Porter (Headless) is perhaps best known for his critically-acclaimed performance on the Emmy-winning NBC drama "Friday Night Lights," on which he starred as the fallen quarterback, Jason Street. He also charmed audiences for four seasons starring as George Tucker, resident lawyer and southern gentleman, on the CW series "Hart of Dixie." Most recently, he recurred as Tim Armstrong in the popular CBS drama series, "Scorpion." Porter also had recurring roles on the CBS hit drama "The Good Wife," opposite Julianna Margulies, and on "Caprica," the prequel series to the SyFy smash hit "Battlestar Galactica." Porter can be heard as the voice of Luke in Telltale Games' "The Walking Dead: Season 2," as well as numerous other animated shows and video games. On the big screen, Porter appeared in Maggie Carey's The To Do List, alongside Aubrey Plaza and Bill Hader. He also starred in Jamie Linden's romantic comedy Ten Year, alongside Channing Tatum, Kate Mara and Rosario Dawson. Additional film credits include Dear John, directed by Lasse Hallstrom, opposite Channing Tatum and Amanda Seyfried; The Good Guy, an independent drama starring Alexis Bledel, Bryan Greenberg and Aaron Yoo; Bandslam, directed by Todd Graff also starring Lisa Kudrow and Vanessa Hudgens; Andy and Larry Wachowski's live-action Speed Racer; Prom Night; Music and Lyrics, starring Hugh Grant and Drew Barrymore. After moving to New York City in 2005, Porter starred in two off-Broadway productions: Altar Boyz as Matthew (Drama League Ensemble Cast Nominee) and the award-winning Toxic Audio (Drama Desk Award, Most Unique Theatrical Experience). Originally from Omaha, Nebraska, he considers that city, Austin and Orlando, as his homes.

For more information about Headless, like the musical on Facebook or follow on Twitter. For more information about The Wallis, visit

          Senior Copywriter at Culture Communications   
Culture Communications is an independent, creatively led advertising agency that creates strong and provocative relationships between good companies and their consumers. We are totally committed to creating contemporary; culturally relevant communication, leveraging key consumer Insight to deliver value to our clients. Our proposition is based on deep understanding of the consumer, their culture and their Environment with the aim to create disruptive yet relevant communication solutions. We work with Clients to refine their consumer engagement strategy, Via DEEP rooted understanding of the market and Consumer. This sharpens our message and strengthen the target consumer bond that is vital to strategic business success. Open, No barriers, Urbane, Healthily competitive environment with very cultured, intelligent, happy people. A place of Freedom, Equity and Creativity.
          Jobs at First Capital Trust Plc   
First Capital Trust Plc is a full service and specialized institution positioned to deliver top quality services on turn around management, corporate advisory, fund/Portfolio management, equity and debt fund raising, debt negotiation, capital restructuring and real estate.
          Sycamore to buy Staples for $6.9 bln   
Private equity firm Sycamore Partners said it will buy U.S. office supplies chain Staples for $6.9 billion. Fred Katayama reports.
          Accountant - Hopewell Residential - Equity, AB   
Hold a degree or diploma in. Administration, human resources and corporate policy planning for the five. And social fabric of the cities that Hopewell develops...
From Hopewell Residential - Wed, 14 Jun 2017 23:57:33 GMT - View all Equity, AB jobs
          Customer Service Administrator - Equity, Alberta - Cargill - Equity, AB   
You will participate and contribute to the development of administrative solutions and processes, working closely with the Farm Service Group (FSG) team, the...
From Cargill - Thu, 22 Jun 2017 06:53:38 GMT - View all Equity, AB jobs
          How to Erase Your Medical Debt   

As most of you know, the cost of healthcare in the United States is outrageous! (Sicko, anyone?) For those lucky enough to have good medical insurance, an illness or an injury does not become a financial burden. However, for those without insurance or with sub par insurance plans, a seemingly small injury can quickly turn in to an emotional and financial ordeal. Interestingly enough, one of the best-kept secrets in the healthcare industry is that there are financial and charitable aid programs available to alleviate the financial burden caused by medical expenses.

Almost every hospital has a charitable or financial aid department associated with the billing and collections office. With out getting into the particulars, the financial aid department has a “magic wand” that can erase some, if not all, of your medical bills.


Who qualifies for medical financial aid?
To qualify for 100% elimination of your medical bills, most hospitals require that your annual income does not exceed 200% of the federal poverty level. If your income exceeds set limits, you can usually qualify for reduced financial aid.

Additionally, if you earn an income well over the federal poverty level, but a medical disaster creates bills that exceed a certain percentage of your income, then the financial aid department will usually offer aid to cover some of your bills. Most hospitals set a limit of medical debt-to-income ratio of 30%. If your medical bills exceed your income by 30%, most financial aid departments will pay for the portion of your bills over 30%.

The catch with receiving aid from a hospital’s financial aid department is that you have to exhaust all other available resources. First, you must utilize your insurance, if you have any. Second, you must apply for and use any other public medical benefits. If you still have medical bills after exhausting other resources, then the hospital’s financial aid department will consider your application.


How to you apply for medical financial aid?
The easiest way to find out if your hospital has a financial aid department is to ask. Call or stop by the billing office to inquire about financial aid for your medical bill.

You will usually be required to submit proofs of income for the 12 months preceding your medical care. This is how they will calculate your “annual” income.

You will also be required to list you assets. The financial aid department will want to know whether you have money in savings, checking, a certificate of deposit (CD), Individual Retirement Accounts (IRAs), trust funds, or equity in real estate that is not your primary residence. Most hospitals will require a statement from your financial institution detailing your assets.

If you do not have a job or assets, you will need to sign an affidavit indicating this.


When should I apply for aid?
As soon as possible! Most hospitals have a relatively short time limit (6 – 12 months) for applying for aid.


This sounds difficult and like a lot of paperwork.
It may take some time to fill out the paperwork and gather all of your supporting documentation, but a few hours of work could erase thousands of dollars of medical debt. Plus, you never know until you try.

I recently had a client who had $75,000+ of medical debt. (Yes, she gave me her permission to write about her.) This client went to the hospital’s financial aid department on Monday, gathered her supporting paperwork and documentation on Tuesday, submitted her forms on Wednesday, and had her medical debt erased by the following Tuesday. With 5 total hours of work, she was able to have $75,000+ in medical debt erased. Not only was a financial burden lifted off her shoulders, but an emotional burden was lifted too.

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How to Erase Your Medical Debt

          Gold heads for first monthly loss in 2017 as rally stalls in second quarter   

By Marcy Nicholson and Jan Harvey

NEW YORK/LONDON (Reuters) - Gold eased on Friday to stay on track for its first monthly loss this year, as hints from leading central banks that the era of easy money may be coming to a close pushed bond yields higher, hurting the non-interest bearing metal.

While it is still up nearly 8 percent in the first half, gold has stalled in the second quarter after a strong start to the year, and is little changed from where it ended in March.

Spot gold was down 0.3 percent at $1,241.41 an ounce by 2:34 p.m. EDT (1834 GMT), while U.S. gold futures for August delivery settled down 0.3 percent at $1,242.30.

The futures market will trade an abbreviated session on Tuesday for the U.S. Independence Day holiday.

Spot prices have fallen around 2 percent so far in June, and are on track to fall 0.6 percent in the second quarter.

Comments from the euro zone, British and Canadian central banks this week indicated that quantitative easing programs in place since the financial crisis may be being wound up, leading to a gradual normalization of interest rates.

"The knee jerk reaction was that even as risk appetite got smoked by lower equity prices, gold didn't do great either and that is almost a direct reaction to higher yields essentially," said Bart Melek, head of commodity strategy for TD Securities in Toronto.

While the European Central Bank remains cautious on tightening monetary policy, the trend is turning more towards the hawkish side, said LBBW analyst Thorsten Proettel.

"The most important thing for the gold market is that we have monetary policy tightening in the United States, and so with a further interest rate hike the gold price has gone down."

Germany's benchmark bond yield recorded its biggest weekly jump since December 2015 as investors appeared to position for an end to the era of ultra-easy monetary policy. [GVD/EUR]

U.S. Treasury yields rose for a fourth straight day as inflation data was not seen as weak enough to delay the Federal Reserve's expected path on interest rate hikes. [US/]

Among other precious metals, silver was up 0.3 percent at $16.63 an ounce. Silver has seen the biggest fall among major precious metals this quarter, down nearly 9 percent, while palladium is the best performer, up 6.1 percent.

Palladium was down 0.5 percent at $842.93 an ounce on Friday, while platinum was down 0.05 percent at $919.50.

(Additional reporting by Vijaykumar Vedala and Nithin Prasad in Bengaluru; Editing by Mark Potter and Richard Chang)

          Fenway Health, Harlem United Provide Online Resource for Voters with Candidate Information on LGBT, HIV, and Health Equity Issues   

The campaign consists of social media, a website, and an in-depth report on the candidates and party platforms

(PRWeb October 07, 2016)

Read the full story at

          Palladium Equity closes fifth fund at $1.5 bln   
New York City-based Palladium Equity Partners, a middle-market private equity firm, has raised $1.5 billion for its fifth fund, according to an SEC filing. In April 2014, the firm closed its fourth private equity fund at $1.14 billion as previously reported by PE HUB.
          Vitruvian wraps up third fund at 2.4 bln euros   
Vitruvian Partners, a UK-based middle-market private equity firm, has closed its oversubscribed third fund at a hard cap of 2.4 billion euros. The limited partners of Vitruvian Investment Partnership III included public and corporate pension plans and family offices. Vitruvian invests in high growth European companies. Monument Group Inc, Park Hill Group LLC and Kirkland & Ellis International LLP advised Vitruvian on the fund.
          TPG-led group to invest $437 mln in S.Korean Kakao’s taxi-hailing unit: Reuters   
South Korea's largest chat app service provider Kakao Corp and TPG said on Friday a consortium led by the private equity firm agreed to invest 500 billion won ($436.88 million) in Kakao's new taxi-hailing service unit.
          Investors plan $500 million Mexico market listing to buy energy assets, say sources: Reuters   
Private equity group Riverstone Holdings and Miguel Galuccio, a former chief executive of Argentine state-owned oil company YPF, aim to raise $500 million in Mexico's first-ever stock market listing of a special purpose acquisition company, sources told Reuters.
          Hellman & Friedman did not meet bid deadline for Australia’s Fairfax Media, says source: Reuters   
San Francisco-based private equity firm Hellman & Friedman did not lodge a bid for Australia's Fairfax Media before a Friday deadline, a source told Reuters.
          Swiderski joins Cloud X   
Cloud X Partners, a portfolio company of Elm Equity Partners, said June 29 that John Swiderski has joined as head of product. Swiderski is a former senior product manager at Amazon.
          Harrison Street raises $1.15 bln for sixth U.S. opportunistic real estate fund   
Harrison Street Real Estate Capital, a real estate-focused private equity firm, has closed its sixth U.S. opportunistic real estate fund at $950 million, beating its $850 million. Also, the firm has raised $205 million in co-investment funds. Harrison Real Estate Partners VI LP has secured commitments from over 65 institutional backers. So far, the fund has committed $310 million across 34 properties and 17 states.
          Location tech startup Lynq inks $19 mln seed   
New York City-based location tech startup Lynq has secured $19 million in seed funding. Plus Eight Equity Partners led the round with participation from other investors that included ARC Angel Fund and Angel Investor Forum.
          Vista takes majority stake in PayLease   
Vista Equity Partners has acquired a majority stake in San Diego-based PayLease, a payments and billing provider for the property management and HOA industry. No financial terms were disclosed. As a result of the deal, PayLease's previous backer Francisco Partners will retain a "significant" ownership stake in the company. Raymond James was the financial adviser on the transaction.
          Covenant Review adds product development head to team   
Covenant Review, a provider of indenture and loan agreement analysis, which is part of Fulcrum Financial Data, has hired Manish Aggarwal as head of new product development. Aggarwal is co-founder of Xtract Research, a covenant analysis platform that was later acquired by MergerMarket in 2010. FFD is backed by Leeds Equity Partners LLC.
          City Capital backs ProSteel   
Provo, Utah-based ProSteel Security, a maker of safety and security products, has raised an undisclosed amount of funding. The investors included City Capital Ventures and Promus Equity Partners LLC.
          UK funds raise U.S. stocks, cut UK after June election - Reuters Poll   
LONDON (Reuters) - British fund managers raised their U.S. stock holdings in June to their highest since March but cut their UK equity holdings after June's general election, which resulted in a hung parliament and increased uncertainty over Brexit.

          Global equity listings up by a third, but below previous peaks   
LONDON (Reuters) - Global equity listings rose sharply in the first half of the year, compared with a year earlier, driven by the U.S. market as well as rights issues in Europe, Thomson Reuters data showed, but remained way off 2015's surge.

          Addictions Counsellor - Aurora Recovery Centre - Gimli, MB   
ARC is committed to employment equity, welcomes diversity, and encourages applications from all qualified individuals, however, first preference must be given...
From Indeed - Wed, 14 Jun 2017 16:53:49 GMT - View all Gimli, MB jobs
          Director of Client Care - Aurora Recovery Centre - Gimli, MB   
ARC is committed to employment equity, welcomes diversity, and encourages applications from all qualified individuals, however, first preference must be given... $125,000 a year
From Indeed - Wed, 15 Mar 2017 01:50:44 GMT - View all Gimli, MB jobs
¿QUIERES HACER DEPORTE CON NOSOTROS? ¡TE INVITAMOS A FORMAR PARTE DE NUESTRA COMPAÑÍA! DEPORTES SPARTA, importante empresa de retail deportivo, perteneciente al holding de marcas Equity Brands &...
          Real-estate Mortgage   

There has been a lot information about what is the news lately about the housing crisis. Is it impossible to get a property mortgage in these troubled times? The reply to that real no. Real estate mortgages may be tougher to acquire for a few persons using a a low credit score history, but if you have decent credit, mortgages continue to be available. This is a good plan to get credit reports from all three credit bureaus, and fasten any errors that could be present.


Using a nice deposit could also increase the likelihood of receiving a property mortgage. Greater money you have being a deposit the lower you monthly expenses will likely be. Lenders will also be more comfortable lending in the event the borrower has money dedicated to the money.

Also, don't let the temptation overtake one to deceive your lender well as over inflate your salary, job title, or any other vital information. You may be discovered throughout the loan process, and lenders will likely be less comfortable in providing you with credit.

With interest rates low, and property values down, it is really a buyers market. Homeowners desperate to sell their residence are already making drastic reductions in selling prices. This results in multiple advantages for the purchaser. The 1st advantage is that the buyer can have less overall to finance, that can enhance your probability of finding a loan. Another advantage is the fact that when the property values rise again, you will possess gained substantial equity in your property with no effort. Which means that you might have another avenue for emergent money in are a house equity loan should a dire need arise later on.

Using this type of information, you'll be able to approach a loan provider and turn into prepared to negotiate the terms of the loan. Understand that knowledge is power, so your quest so you see the process and still have so leverage within the negotiation process.
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          America’s banks pass the Federal Reserve’s tests   

OVER the years, the grumbles have got louder. Since 2011 America’s big banks have undergone annual “stress tests” overseen by the Federal Reserve, along with scrutiny of their plans for paying dividends and buying back shares. A product of the post-crisis Dodd-Frank act, the tests are intended to make sure that lenders have enough equity on hand should catastrophe strike again. But banks say they are both opaque and burdensome. And because failure can mean a block on payouts, the tests have bred caution and ire.

The time for caution seems to be over. On June 28th the Fed said it had approved the dividend and buy-back plans of all 34 banks tested this year—plans which propose handing shareholders a pile of cash. All 34 also passed the first stage, results of which were revealed six days earlier and which assume no repurchases and unchanged dividends. Even under a “severely adverse” scenario involving a nasty recession, all would keep key capital ratios above the...

          Alarm grows about over-exuberance in corporate lending   

WHEN the financial crisis was at its height in 2008, being a debtor was a dreadful experience. Banks and companies scrambled desperately to get the financing they needed.

But the balance of power in the financial markets can easily shift. In 2005 and 2006, credit had been easy to get on generous terms. Not only were loans cheap and plentiful; they also suffered from fewer restrictions. Until then, corporate loans had many covenants offering safeguards for lenders if the debtor’s financial position were to deteriorate. But 2005-06 saw the emergence of “covenant-lite” loans in which such restrictions were virtually non-existent.

The cycle has turned again. Analysis by Moody’s, a ratings agency, shows that the proportion of the loan market that is “covenant-lite” has risen from 27% in 2015 to more than two-thirds in the first quarter of this year (see chart). Some loans even contain restrictions on the lender, not just the borrower. Private-equity firms demand a veto over...

          Project Manager - Equity Financial - Toronto, ON   
Project Manager ce President, Informatio Job Location: Toronto Reports to: Vi n Technology E mployment Type: Permanent Full‐Time CE prTe oq ersu um oispd...
From Equity Financial - Fri, 30 Jun 2017 11:32:16 GMT - View all Toronto, ON jobs
          Unicef : 9 enfants marocains sur 10 victimes de violences   
Le rapport "Progress for children with equity in the Middle East and north Africa" de l’Unicef relève aussi que le Maroc réalise des progrès dans l’accès aux besoins vitaux des enfants.
          ☆6月30日 米国リート あれこれ(その44)   

↑↑ チャートは5日間であります。 右側は俺が登録した米国リート主要25

銘柄。 左側は普段監視しているアマゾン、バイオジェン、アップルなど。 

下は FTSE NAREIT U.S. Real Estate Index のセクター別指数。 ブログの内容




■DJ米国リート指数 -1.10%



■(参考指数)欧州先進国リート -0.59%

■FTSE NAREIT 米国優先リート指数 -0.20%

■10年債利回り 2.27%

S&P500の業種別11大指数は2勝9敗だ。 不動産(リート)は8番目、





ト指数が355Pを超えたのは1日のみ。 2月下旬、4月中旬と同じく355

Pが天井になった。 しかも、あっという間の350P割れじゃん。


ドイツの物価上昇が鮮明になって出口論を補強する結果を見た。 で、欧州株、


荒れるのは無理もない。 29日の米国リートはこれが全てだろう。



一方、最重要セクターの金融セクターは+0.65%で値上りトップ。 金利先

高感は願ってもないジェット気流だよ。 原油価格上昇に舞い上がったエネルギ


で、俺の監視下にある25銘柄は1勝23敗1分けだ。 全セクターがシンゴジ


ートがぼったくりバーの様相を呈した。 投資判断の変更はなかった。














目も当てられない大下げじゃん。 まさに築城3年、落城1日だな。 何でヘル

スケア系がこんなに大崩壊したのかよくわからん。 ユーロ、ポンド、スイスフ



ルスケア系だけが毎日、毎日、休みなく上昇を続けた反動が大きいと思う。 な

にしろDJ米国リート指数は355Pの地点で年初来+3%。 一方のヘルスケ

ア系リートだけならば+10%であるから完全にアウトパフォームだ。 そこを





-167.58 (-0.78%)


-49.27 (-1.48%)

+1.60 (0.55%)






-5.63 (-0.85%)

-1.97 (-2.40%)



全体としてヨコヨコじゃあるまいか。 欧州ハイ、ドル建てエマージング債は転



英リート +0.33%

仏リート -1.11%

Aリート -1.42%

30日のAリート指数は-2.96%。 モルガンスタンレーのネガティブ・レ

ポートからこっち10日間が1勝9敗じゃん。 しかも下げ幅が大きい。



*Hあり(290万口)10182円 -88円

ベンチマーク指数の-1.10%ほど悪化しなかった。 3ケタのマイナスでな



*Hあり(80万口)10155円 -269円

ベンチマーク指数のFTSE NAREIT Equity Health Care の-2.81%とほぼ同

じ値動きだ。 是非に及ばず。(←信長最後の言葉 at 本能寺)

*Hなし(20万口)11386円 -331円

朝10時のドル円も前日比マイナスになった。 是非に及ばず×10。


*Hあり(423万口)10180円 -63円

全体の6割弱を占める優先リートが前日比-0.20%も下げた。 他のファン






          Asst Professor (tenure-track) - University of British Columbia - Okanagan, BC   
UBC hires on the basis of merit and is strongly committed to equity and diversity within its community. INDIGENOUS STUDIES -Assistant Professor - Indigenous...
From University of British Columbia - Fri, 17 Mar 2017 10:56:59 GMT - View all Okanagan, BC jobs
          Production Operator - 3M Canada - Brockville, ON   
3M Canada is committed to Employment Equity and welcomes applications from women and men, including members of visible minorities, Aboriginal peoples and...
From Indeed - Mon, 12 Jun 2017 17:11:35 GMT - View all Brockville, ON jobs
          US stocks fall as valuation worries weigh   
NEW YORK: Technology shares tumbled on Thursday (Jun 29) as Wall Street stocks joined the selloff on European bourses amid worries about monetary policy in major economies and high US equity valuations. Shares of Apple, Facebook and Microsoft all fell about 1.5 per cent in a move analysts ...
          Accountant/CPA (Real Estate)   
Amazing Senior Level Accounting/CPA opportunity in an established and growing real estate / property management firm in Los Angeles!

- Salary of $85K+
- Amazing culture, atmosphere and working environment
- Great bonus structure and benefits
- Active CPA a MUST
- Real Estate / Property Management background a HUGE plus
- Experience with Multifamily and Commercial properties a HUGE plus
- Experience with Yardi and/or Datafaction a HUGE plus

One the world's premier, full-service real estate services company. Operating globally, the firm holds a leadership position in virtually all of the world's key business centers. A global presence whose clients include owners, operators, and investors in the real estate industry, ranging from small private companies to the largest private equity real estate firms in the world.

- Prepares all aspects of advanced level financial statement packages for a portfolio of corporate clients set of commercial properties, including creating and posting journal entries, general ledger review and completion of back up schedules.
- Partners with real estate facility managers to ensure financials are accurate and delivered timely, directly impacting client satisfaction and company's value proposition.
- Ensures all expenses, receipts, funding requests, and other accounting transactions for the period are accurately recorded.
- Reviews financial information to ensure compliance with established procedures and accounting principles.
- Responds to and resolves issues and requests from management teams and clients. Researches open accounting issues and recognizes potential issues and/or conflicts.
- Follows standard policies and procedures to ensure internal and external reporting requirements are consistently met.
- Participates in budget and forecasting functions for assigned client?s property portfolio.
- Provides one-on-one and/or team training on specific tasks and clients.
- Participates in the on-boarding and transition of clients.

- Bachelor?s Degree with an emphasis in Accounting, Finance, or related field plus a minimum of five years accounting or finance experience required.
- Active California CPA
- Experience with full-cycle accounting and the preparation of financial statement packages.
- Effective interpersonal, verbal and written communication skills.
- Understanding of Generally Accepted Accounting Principles (GAAP) and Financial Accounting Standards Board (FASB) regulations.
- Works effectively in a team environment through collaboration and partnership. Customer service- oriented with an aspiration to succeed with the client in mind.
- Ability to analyze and problem- solve effectively by offering solutions to resolve issues.
- Proficient in Microsoft Office Suite applications. We are an equal employment opportunity employer and will consider all qualified candidates without regard to disability or protected veteran status.
          Senior Accountant - Luxurious work environment   
This Senior Accountant Position Features:
? Luxurious work environment
? Great company
? Great Pay $85K

Immediate opening for a Senior Accountant with reconciliations to GAAP financial statements.
- Coordinate with tax teams to ensure accuracy
- Familiar with reconciliations of local statutory to GAAP financial
- Interaction with divisional personnel to resolve any issues or questions
regarding the equity reconciliations submitted

Apply today! We're hiring tomorrow!! We are an equal employment opportunity employer and will consider all qualified candidates without regard to disability or protected veteran status.
          Accountant/CPA (Real Estate)   
Amazing Senior Level Accounting/CPA opportunity in an established and growing real estate / property management firm in Los Angeles!

- Salary of $85K+
- Amazing culture, atmosphere and working environment
- Great bonus structure and benefits
- Active CPA a MUST
- Real Estate / Property Management background a HUGE plus
- Experience with Multifamily and Commercial properties a HUGE plus
- Experience with Yardi and/or Datafaction a HUGE plus

One the world's premier, full-service real estate services company. Operating globally, the firm holds a leadership position in virtually all of the world's key business centers. A global presence whose clients include owners, operators, and investors in the real estate industry, ranging from small private companies to the largest private equity real estate firms in the world.

- Prepares all aspects of advanced level financial statement packages for a portfolio of corporate clients set of commercial properties, including creating and posting journal entries, general ledger review and completion of back up schedules.
- Partners with real estate facility managers to ensure financials are accurate and delivered timely, directly impacting client satisfaction and company's value proposition.
- Ensures all expenses, receipts, funding requests, and other accounting transactions for the period are accurately recorded.
- Reviews financial information to ensure compliance with established procedures and accounting principles.
- Responds to and resolves issues and requests from management teams and clients. Researches open accounting issues and recognizes potential issues and/or conflicts.
- Follows standard policies and procedures to ensure internal and external reporting requirements are consistently met.
- Participates in budget and forecasting functions for assigned client?s property portfolio.
- Provides one-on-one and/or team training on specific tasks and clients.
- Participates in the on-boarding and transition of clients.

- Bachelor?s Degree with an emphasis in Accounting, Finance, or related field plus a minimum of five years accounting or finance experience required.
- Active California CPA
- Experience with full-cycle accounting and the preparation of financial statement packages.
- Effective interpersonal, verbal and written communication skills.
- Understanding of Generally Accepted Accounting Principles (GAAP) and Financial Accounting Standards Board (FASB) regulations.
- Works effectively in a team environment through collaboration and partnership. Customer service- oriented with an aspiration to succeed with the client in mind.
- Ability to analyze and problem- solve effectively by offering solutions to resolve issues.
- Proficient in Microsoft Office Suite applications. We are an equal employment opportunity employer and will consider all qualified candidates without regard to disability or protected veteran status.
          Financial Analyst   
Reporting to the Executive Vice President and providing support for the senior management team, the Business Analyst will prepare financial and operating analysis and reports to assist management in evaluating financial performance and business opportunities.

Primary Responsibilities:

?Create, summarize, analyze and reconcile Encounter and Clinical data for strategic analysis
?Identify drivers of medical costs and make recommendations to the CFO for the reduction of healthcare costs
?Work collaboratively with the CFO and Business Unit Managers in developing Cost/Benefit Analysis


?Bachelor's Degree in accounting, ag