text:
Withholding blame, US issues harsh condemnation of Nablus-area deadly arson
Herzog: Jewish and Muslim terror should be dealt with in the same way
Netanyahu to bring case against Iran deal to N. American Jews in live webcast event
Zionist Union MK Itzik Shmuli confirms: I'm gay
Rising to a comic occasion
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Food: The continuing saga
Recipes: Time for lime
Israeli swimmers hoping to shine at worlds in Russia
Oliel stars at Euro Olympic festival
UEFA goes easy on Beitar Jerusalem punishment
Late goal boosts Kiryat Shmona's hopes
It's Getting Hot In Here: Extreme heatwave expected across Israel
Two rockets fall near Israel-Gaza border fence
Palestinian toddler's murder sparks violent clashes
Security forces deployed to quell riot near Duma
After deadly arson: Rioting, death of two Palestinians, Jerusalem disturbances
Report: IDF kills 17-year-old Palestinian, during clash near Ramallah
Euro Maccabi games marred by anti-Semitism in Berlin
Ex-hasid who committed suicide had mental issues, says family
Survivors appeal to Pope to intercede with Germany over Holocaust reparations
The expulsion of Baghdad's Jews and the unraveling of the Middle East
Jewish egg donations are hot commodity, but are they 'kosher'?
Iran's parliament has no authority over nuclear deal, Iran's top negotiator says
Netanyahu: The more one looks at the Iran accord, the worse it looks
Foreign Ministry calls Sunni Arab states 'Israel's allies'
Top US general distances himself from choice of Iran deal or war
Nusra Front abducts US-backed rebel leader, blunts efforts against ISIS
Iraqi militia leader says US not serious about fighting Islamic State
Canadian-Israeli anti-ISIS fighter: If we don't fight them there, they'll come here
My friends went on vacation and all I got was this stupid ISIS flag
Egyptian forces kill top ISIS figure, seal security pact with Saudi Arabia
Hamas leader's car fire-bombed in West Bank
Report: Osama Bin Laden's stepmother, half-sister killed in private jet crash in Britain
Albert Einstein's stupendous work: It's all relative
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Quality of Health Ministry's staff better than its image, says D-G
Knesset drops requirement for doctor's authorization for adults who want to work out in gyms
Haifa to expand air quality monitoring program
Israel's largest solar field begins flowing to the national grid
Hydrocarbons found in second wells at Golan Heights oil project
Establish commission to examine water flow to Jordan, MK says
Mark Zuckerberg: Virtual reality is Facebook's next frontier
Budget deal to give NIS 18,000 'piggy bank' to 18-year-olds
Tech talk: Cybereason takes on Operation Kofer
Israeli safety app Musketeer saves lives
Jpost Letters to Editor: Police negligence?
America's Jews – leaking at both ends?
Turkey and ISIS
Stand by your friends
Government's ignorance of the propaganda war against Israel
Take two tablets!~
Sin Offering
Lincoln and the Jews
Portrait of an assassin's wife
The light makes his life
An American-Jewish idiom
The story of the Sabena pilot hijacked en route to Israel
'We were the only ones left alive'
The Tower of David– Full speed ahead
This Week in Jerusalem
Get on the shabus
Remembering three lone soldiers
No worst, there is none
Walking the line:the Animix festival
Wandering through fascinating Florentin
Who Cares? Israel does
מִשִירֵי רָחֵל: אֶל אַרְצִי
מִתְנַדְבִים מִיִשְׂרָאֵל
שִירַת רַבִּים 3
'נְתִיבֵי יִשְׂרָאֵל'
The path to aliya- Indian style
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A historic win, but no slam dunk
Art is for everyone, everywhere
Hollywoody Gallery
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Australian Legislators and Political Advisors Visit Gaza Border Communities
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New Hadid Single Dedicated in Ben Shemen Forest
Eucalyptus Park in Beit Shean Inaugurated
Chinese Delegation Tours Negev Agriculture and Forestry
Italy's National Day at EXPO 2015
The Ambassadors' Club of Israel Tours the Galilee with KKL-JNF
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KKL-JNF Global Landscapes Seminar at Expo 2015
New Bio-filters Purify Surface Runoff Water for Reuse
Future Tour Guides Discover the Negev with KKL-JNF
The Shamir Drilling Project
$100 Million JNF Boruchin Israel Education Advocacy Center Opens
JNF Canada Pays Tribute to the Honourable John Baird
From Sunny Israel to Cold Canada
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Renewable Energies for the Future in the Arava
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An Olah Reports From Nepal
How One Oleh is Helping to Transform the Way People Drink Water
From Think Tank to Environmental Consultant
Award Winning Designer Launches Career as Wedding Dressmaker
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08.02.2015 | 17 Av, 5775
Teva doubles down on Mylan, despite rejection
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Bank Hapoalim selected as "Best Bank in Israel" By the prestigious Global Finance magazine
04/18/2012 23:35
economic outlook graph economy money 311.
(photo credit:Stockbyte)
Three categories were the main factors contributing to the 0.4 percent rise in
the Consumer Price Index (CPI) in March, according to the Central Bureau of
Statistics. The first area was fuel and motor oil, which rose 3.6%, the second
was recreation and leisure in Israel and abroad, which rose 2.7%, and the third
was apartment services, which rose 0.5%.It is possible to see in this
analysis, which is apparently technical, the story of what had been occurring in
the Israeli economy for a sustained period before the social protests.
Middle-class Israelis, that is to say those with salaries between the third and
the eighth decile, are confronted day after day by price rises, and their
expenditure is climbing. One minute gasoline, gas and electricity prices rise,
and the next minute hotels and guest houses are pushing up their prices for
Passover.From the macroeconomic point of view, you just have to look at
the monthly figures for the past year to see how the price-rise process can be
explained. A simple examination, without using any special statistical tools,
hints that the answer is in the most straightforward economics.It is not
demand and supply at play here, at least not since last summer. Where there is
protest price rises are moderate. Where there are no social protests, boycotts
or demonstrations, then price rises are relatively swifter and
stronger.Middle-class protesters demonstrated against and boycotted
cheese products, and prices fell 13.5% over the past year. Over the same period
the price of butter rose 17.6% and the price of black coffee rose 12.6% – maybe
because nobody protested. That can also explain the 10.8% rise in the price of
children's pants and the 10.6% rise in the price of building blocks.For
the average Israeli the day can be divided into two halves. During the day they
watch prices rise faster than their income. This is the half of the story of the
average Israeli, which is reflected in the CPI.At night, the average
Israeli talks with his wife about the long term and his chances and those of his
children to buy an apartment and raise a family in overcrowded conditions. The
statistics bureau's figures tell an Israeli what he already feels: that home
prices are rising 3% per year, while ongoing expenses leave less money to repay
a mortgage. It is worth remembering the simple message stemming from these dry
CPI figures.
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A team led by researchers at the University of Copenhagen has completed a proteome-wide analysis of protein-polyADP-ribosylation, or PARylation, a post-translational modification thought to play a key role in DNA damage repair.
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In Cell this week: map of human protein interactions, mutant phenotype variability in organisms of the same species from different genetic backgrounds, and more.
Critics call the Fred Hutchinson Cancer Research Center's Gary Gilliland's prediction of cancer cures within 10 years "out of touch with reality" and "irresponsible."
Ivan Oransky discusses the need for reproducibility research at The Conversation.
The San Diego Union-Tribune posts videos from Biocom's Speaker Series with Illumina's Jay Flatley, who discusses Roche's failed hostile takeover bid.
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subset: commoncrawl


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Other projects made by AllThatPatchwor:
QuiltingEcho of the Hills Bargello
Quilting2 Endless Stairs Quilts
QuiltingStitch and Slash Tote #1
Offer some kudos...
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|Here are some details about my project:
|Home Decor
|Traditional, Holiday
What are you most proud of? I like the overall look. Though the block is normally used as a border around a large quilt, I think it looks great on its own when used as a long runner like this.
I love this
01/05/2013 Flag


text:
Daily Sales Up to 70% OFF Limited-time deals start every day at 12 pm ET.
Decomax Decorating Pen
by Lekue
Medium Round Candy Mold
by Truffly Made
Ussentials Basting / Pastry Brush
by The Zeroll Co.
Heart Cookie Cups Pan
by Nordic Ware
Flower Cupcake Topper (Set of 12)
by ACME Party Box Company
Felt Ball Cake Topper (Set of 2)
by ACME Party Box Company
Mini Fairy Princess Magic Cookie Set
by Sassafras
Cupcake Mix Turns Pink
by Sassafras
6 Piece Classic Linzer Cookie Cutter Set
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I haven't tried it just yet, but I will soon. I'm pretty sure that there will be no problems. :) Pros: Durable finish, and great value- RitaMae in Ballston Spa, NY
Pastry Brush
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Rosle makes the best kitchen tools, and this pastry brush is no exception. Easy to clean, beautiful and gets the job done. Highly recommended.- Susan C in Bel Air, MD
17-Piece Icing Set
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9 Piece Cupcake Injector and Decorating Set
5 stars
Great product. Hreat price and is a great additon to my baking products. Works well. Pros: Easy decorating product Cons: None- Frank in Olathe, KS


text:
Mock meals: Feeding a family in the Depression
It was a time of making do and doing without.
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It was a time of making do and doing without.
The Great Depression forced thousands out of their jobs, but most of the burden was shouldered by the homemaker, who had to keep the family fed.
By 1933, the unemployment rate in Toronto hit 30 per cent. The poorest, those on relief, got $1.07 worth of groceries each week. A standard order included no milk, no eggs. The only protein came from a tin of salmon and a half pound each of beans and bacon.
Vegetables were limited to a tin of tomatoes.
Those who were lucky enough to have steady employment also felt the pinch, as businesses slashed wages, and certain foods – such as chicken and eggs – were rare in the city.
Dorothy Duncan's book, Canadians at Table: Food, Fellowship and Folklore, notes that popcorn became popular because it was so filling, and frugal recipes were passed around such as Economical Chicken Salad, which stretched one cup of cooked chicken into a meal for 10 people.
Still not everyone was suffering. The Royal York Hotel's dinner menu for Aug. 15, 1933, was quite extensive, offering shrimp cocktail (80 cents), grilled Lake Ontario trout (85 cents), Gaspé salmon ($1), Porterhouse steak ($2.25) and Chateaubriand for three ($4.50). The menu also warned that a "single portion (is) served to one person only."
And a February 1933 ad in The Toronto Daily Star, shows that it was possible to buy a leg of lamb (19 cents a pound), prime rib (13 cents a pound) and even halibut (18 cents a pound) from the local Atlantic and Pacific Tea Co. – the A&P – "where economy rules," as its slogan read. Butter was 24 cents a pound, while 25 cents could purchase a dozen oranges – a luxury item when a head of cabbage cost five cents.
"There was lots of talk of making do," says Duncan, an expert on Canadian culinary history who was born in Oshawa in 1927 and moved to the family farm in Pickering in 1933 when she was 6.
"There was lots of bread being used in things like stuffings and bread puddings."
The most ingenious got busy in the kitchen, where they created substitutes for the favourite foods they could not afford or couldn't find.
In 1935, the Star published a recipe for coffee "cream" that combined egg yolk, sugar and water. The Canadian Woman's Cook Book of 1939 contains six recipes for fake foods, including almonds made of croutons, a bisque with tomatoes but no shellfish, cherry pie with cranberries and raisins, and a mock sausage filled with mashed beans and bread crumbs.
One of Kraft Food's most requested recipes is Mock Apple Pie, which substitutes 36 crushed Ritz crackers for apples, baked in a pie crust along with two cups of sugar, butter, lemon, cream of tartar and cinnamon. It was introduced in 1935, one year after the Ritz cracker, according to Jean Anderson's American Century Cookbook.
Chicken was in short supply, so in the pages of the Star you could find food writer Jessie Marie De Both's recipe for Mock Chicken Legs with Grilled Tomato and Spaghetti, where pork and veal stood in for poultry, and a skewer stood in for the bone. Loblaws was selling mock chicken for five cents a leg in 1934, according to an ad in the Star. "Everyone may have a drumstick when mock chicken legs are served," the ad said.
My favourite is the recipe for mock filet mignon reproduced in Kate Aitken's Canadian Cook Book, first published in 1945. The original recipe, which predates World War II, gives instructions to cook in a "hot oven," because most wood stoves of that time didn't include a temperature gauge in Fahrenheit, unlike the electric and gas models that replaced them.
Much like mock chicken, mock filet mignon's sole purpose was to remind people they could not afford the real thing, since the dishes only vaguely resembled their namesakes and tasted nothing like them.
In tribute to the resourcefulness of the women of the '30s, the Star will publish a Depression-era recipe each day until Saturday, beginning with Mock Filet Mignon.
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16 November, 2010
Chadwick Popillion commented on the article Tell Us How You Do More With Less and You Could Win a Brand New Windows 7 Phone! (U.S. Only)
twitter I get all my news on the quick
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See all the exciting courses (including some new!) starting in August!
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Layoffs and selloffs have hit the nation's small and midsize oil and gas producers as millions are being withdrawn from 2015 projects.» Read More
From ISIS to Ebola and the general state of the global economy, the markets are on edge, but U.S. CEOs aren't, according to a YPO survey.
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Aaron Gleeman
It was a joke, not a trade: Cole Hamels' nameplate gone from Phillies' clubhouse
Jun 18, 2015, 4:19 PM EDT
Funny. Maybe.
Shaun Marcum designated for assignment by the Indians
Jun 18, 2015, 3:15 PM EDT
Two starts ago Marcum tossed seven shutout innings.
Jhoulys Chacin opts out of contract with Indians
Jun 18, 2015, 2:27 PM EDT
Chacin showed a lot of promise early in his career with the Rockies.
Cole Hamels to miss Friday start with hamstring injury
Jun 18, 2015, 12:16 PM EDT
Turns out, it can get worse in Philadelphia.
Adam Jones out of Orioles' lineup for third straight game
Jun 18, 2015, 11:44 AM EDT
Jones hurt his shoulder Monday while diving for a ball in the outfield.
Video: Kris Bryant hits first career grand slam off position player David Murphy
Jun 18, 2015, 11:19 AM EDT
He's a monster.
Almost ready: Jose Fernandez strikes out 10 in rehab start
Jun 18, 2015, 10:47 AM EDT
July 2 is the targeted return date.
Cliff Lee is still at least another month from throwing
Jun 18, 2015, 10:15 AM EDT
It's looking more and more like we've already seen Lee in a Phillies uniform for the final time.
Rockies sign No. 3 overall pick Brendan Rodgers for $5.5 million
Jun 17, 2015, 5:14 PM EDT
It's a below-slot deal.
Braves demote Mike Foltynewicz to Triple-A
Jun 17, 2015, 4:35 PM EDT
Foltynewicz had some early success, but allowed 16 runs in 16 innings this month.
Phillies place Jerome Williams on the disabled list
Jun 17, 2015, 3:30 PM EDT
Williams has been terrible this season.
Stephen Strasburg throws five innings in first rehab start
Jun 17, 2015, 1:28 PM EDT
Strasburg struck out six, walked none, and allowed four hits.
Joe Girardi says Jacoby Ellsbury returning by June 30 "is probably going to be pretty difficult"
Jun 17, 2015, 11:58 AM EDT
Ellsbury hit .324 with 14 steals and a .783 OPS in 37 games before the injury.
Josh Johnson halts comeback from Tommy John surgery due to tingling in fingers
Jun 17, 2015, 10:47 AM EDT
Another setback.
Adam Wainwright hasn't ruled out returning this season
Jun 17, 2015, 10:15 AM EDT
When is season-ending not season-ending?
Brewers claim Matt Dominguez off waivers from Astros
Jun 16, 2015, 2:48 PM EDT
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Anthony Swarzak signs with Korean team
Jun 16, 2015, 2:14 PM EDT
He began this season with the Indians.
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Jun 16, 2015, 1:40 PM EDT
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Kevin Gregg opts out of contract with the Mariners
Jun 16, 2015, 12:31 PM EDT
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Brandon Workman undergoes Tommy John surgery
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text:
Hotel Dafne - Ravenna area
This hotel has its own restaurant serving breakfast, lunch and dinner where you'll find a selection of items to try. Beach amenities include umbrellas along with on-site recreation like beach yoga. Scuba diving, boat tours and sailing are nearby. Relax in the seasonal outdoor pool and enjoy the sun loungers. Guests can also enjoy drinks as there is a bar/lounge.
The leisure facilities include a spa tub. Free WiFi is available.
Enter dates to check prices
Hotel Info: 1-844-302-2248from $498
- Standard Double or Twin Room
- Double Room Single Use
- Quadruple Room
- Triple Room
Recommended hotels
At a glance
Key facts
Hotel size
- This hotel has 40 rooms
- This hotel is arranged over 4 floors
- Check-in time 11:30 AM-11:30 PM
- Check-out time is 10 AM
- Express check-in/out
Required at check in
- Credit card or cash deposit required
- Government-issued photo ID required
Travelling with others
- Children (1 years old and younger) stay free when occupying the parent or guardian's room, using existing bedding
- Pets allowed
- Specific rooms only, restrictions apply *
- 1 per room
- Free WiFi in public areas
- Free self parking
- Shopping center shuttle *
- Theme park shuttle *
Other information
- All-inclusive rates available
In the hotel
- Free breakfast
- Restaurant
- Bar/lounge
- Coffee shop/café
- Snack bar/deli
- Coffee/tea in the lobby
- Beach umbrellas
- Outdoor seasonal pool
- Outdoor pool
- Spa tub
- Children's pool
- Pool sun loungers
- Pool umbrellas
- Conference space size (feet) - 50
- Conference space size (meters) - 5
- One meeting room
- Tours/ticket assistance
- Free newspapers in lobby
- Luggage storage
- Elevator/lift
- Garden
- Terrace
- Television in lobby
In the room
- Air conditioning
- Private bathroom
- Phone
- Connecting/adjoining rooms available
Special features
All inclusive
All-inclusive room rates at Hotel Dafne are available. These rates are higher because they include onsite food and beverages in the room rate (some restrictions may apply).
DiningOnsite venue - This restaurant specializes in Italian cuisine and serves breakfast, lunch, dinner, and light fare. Guests can enjoy drinks at the bar. A children's menu is available.
On Site
- Spa tub
- Bicycle rentals on site
- Free bicycles on site
- Mountain biking on site
- Hiking/biking trails nearby
- Sailing nearby
- Scooter/moped rentals nearby
- Scuba diving nearby
- Surfing/boogie boarding nearby
- Water skiing nearby
- Windsurfing nearby
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The property has connecting/adjoining rooms, which are subject to availability and can be requested by contacting the property using the number on the booking confirmation.
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Last time we did a Rapid Response was 'Five Days In May' when we asked you to submit pieces in response to the general election. Now that the Rapid Response is back with 'In The Red' we thought we'd gather some feedback from our team of readers that might help you with your submissions... Her...
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Memorial oaks to be remembered
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The sacrifice of troops from from North Otago who fought and died in Word War I is the focus of a new exhibition at Oamaru's Forrester Gallery.
The Memorial Oaks installation features more than 168 plaques removed or recovered from damaged tress that were once part of the North Otago Memorial Oaks scheme.
Plaques on display as part of the exhibition are now looked after by the North Otago Museum.
Forrester Gallery curator Alice Lake-Hammond says the scheme was an "inspired initiative", driven by the local community.
"In 1918 at the close of World War I the then president of the Oamaru Beautifying Society Dr Alexander Douglas proposed the North Otago Memorial Oaks scheme as a tribute to the fallen.
"The Oamaru Borough Council and Waitaki County Council implemented the scheme. When it was unveiled in 1919, 400 trees had been planted across the region.
"The plantings radiated outwards from the oak tree planted for Sergeant Donald Forrester Brown VC at the junction of Wansbeck and Severn streets."
She says over time many of the trees died or were damaged or removed to make way for roads and powerlines.
"We are privileged to be able to share these memorials, recovered from the missing oaks, with the community once again. I think they will resonate with our visitors of all ages on many levels."
North Otago Memorial Oaks scheme secretary Rob Douglas says the exhibition reflects a special part of North Otago's history.
"It highlights the memorial oaks scheme as a whole. A lot of people up to now weren't aware that the oaks were memorials or there was something special about them. We've been trying to educate people about the scheme and its importance to North Otago."
Douglas says the original crosses were made of wood and when they rotted away the brass plaques would fall to the ground.
A lot of plaques would then be damaged by lawn mowers mowing grass around the trees.
One plaque in the exhibition is unusual, according to Douglas.
It's dedicated to a Mr Tonks, who is listed as being an Australian flying officer with the Commonwealth War Graves Commission.
Douglas says it's anyone's guess how Tonk's plaque ended up in Oamaru.
The exhibition will run in the Community Gallery throughout winter as part of commemorations taking place around the world marking 100 years since the start of World War I.
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Transcript of "Risk "
1. Risk & Return of Islamic Stock Market Indexes Sam Hakim* Manochehr Rashidian** The Dow Jones Islamic market index - US (DJIMI) tracks the stocks of corporations compatible with Islamic law. A parallel and unrestricted counterpart of DJIMI is the Wilshire 5000 Index (W5000) which tracks the price performance of the largest 5000 US companies. Of that index, approximately 75% of the companies fail to meet the Islamic criteria, leaving only approximately 700 companies as potential candidates for inclusion in the DJIMI. Using cointegration techniques we place the DJIMI under analytical scrutiny and ask (1) how has this selection restriction affected the performance of Islamic investments represented by the DJIM index? (2) is the DJIM index less diversified than the DJW index? (3) if so, to what extent has the limited diversification affected its risk and return? (4) and finally, what dynamic correlation and long-term relationship exist between the two indexes over time. * Dept of Finance, Seaver College of Business, Pepperdine University, Malibu, CA and Energetix LLP, Los Angeles, CA USA. Email: firstname.lastname@example.com ** Corresponding author. Dept of Economics, California State University, Northridge, CA. Email: firstname.lastname@example.com
Risk & Return of Islamic Stock Market Indexes Background & Objective During the past decade, two trends have emerged in investment selection. First, both individual and institutional investors are placing more assets in 'socially responsible' portfolios particularly in the U.S. Between 1997 and 2000, the size of these funds almost doubled from $1.185 trillion to $2.16 trillion. Second, investors are increasingly interested in tying their assets to indexes rather than relying entirely on 'active' money management. For example, the size of pension funds tied to stock indexes in the US grew 30% between 1998 and 1999. This change was dwarfed by the spectacular increase in the assets of Islamic financial institutions which grew 40 fold since 1982 to reach over $230bn today. The search for alternatives to Western style markets has been given added impetus in Muslim countries by the turmoil in Asian financial markets in 1997, the ensuing meltdown in emerging equity markets worldwide, and more recently the 'bear' market in US and European equities since March 2000. In response, many large Western financial institutions have established their own Islamic subsidiaries and offered Islamic financial instruments targeted directly at their Islamic clientele. One such product is the Dow Jones Islamic market index – US (DJIMI) which tracks the stocks of US corporations whose business and activities are compatible with Islamic law. The index is a basket of stocks acceptable to Islamic principles (shunning unethical or highly-indebted firms, or engaged in gambling, alcohol sales and other prohibited activities). A parallel and unrestricted counterpart of the DJIMI is the Wilshire 5000 Index (W5000) which tracks the price performance of the largest 5000 US companies. Of that index, approximately 75% of the companies fail to meet the Islamic criteria, leaving only approximately 700 companies as potential candidates for inclusion in the DJIMI. Placing the DJIMI under analytical scrutiny, we ask (1) how has this selection restriction affected the performance of Islamic investments represented by the W5000 index? (2) is the DJIM index less diversified than the DJW index? (3) if so, to what extent has the limited diversification affected its risk and return? (4) and finally, what dynamic correlation and long- term relationship exist between the two indexes. 2
The existing literature on Islamic investments is virtually non-existent despite their increasing popularity. The only reference we could trace is Naughton and Naughton (2000) who argue how the development of Islamic equities market faces significant challenges. While Islamic banking, based on the prohibition of interest, is well established throughout the Muslim world, the authors point that attention has now turned towards applying Islamic principles in equity markets. They suggest that while common stocks are legitimate instruments in Islam, many of the practices associated with stock trading are not. These practices include speculation, short selling, margin trading, and equity futures and options, all of which would be either severely restricted or unlikely to be acceptable within an Islamic market. They conclude that regulatory authorities in Muslim countries will therefore find a vast array of problems in attempting to structure a trading system that will be acceptable. Against this limited research there is a vast literature (Ben Zion, 1996; Sinquefield, 1996; Bekaert and Harvey, 1997), which focuses on emerging markets (some of which with a Muslim majority population) and the diversification benefit they provide to international portfolios. For example, one line of research has investigated the efficiency and performance of stock markets in certain MENA countries (Butler and Malaikah, 1992; El-Erian and Kumar, 1995; Dahel and Laabas, 1998; Al Loughani, 1995). More recent evidence (Darrat et. al., 2000; Hakim and Neaime, 2000) has revealed an apparent segmentation from the leading stock markets in the US and Europe, consequently MENA stock markets may offer international investors diversification benefits unavailable elsewhere. All this research, however, overlooks Islamically oriented investments, the prime motive of this proposal. Data Requirements Launched in February 1999, the DJIMI presents the first Islamic equity benchmark index created by an independent provider. Previously, Islamic funds sponsors established their own internal benchmarks to measure their Islamic funds performance raising doubts about potential conflicts of interest. The DJIMI is a 'low-debt, non-financial, social-ethical index' in the broad sense. The index is aimed directly at the world 1.2 b Muslims who adhere to Islamic principles in how they 3
use and manage their investments. To become eligible for inclusion in the DJIM index, each US company must undergo three screening filters: 1. Its primary business must be halal (permissible according to Islamic law -- Shari'a), therefore companies engaged in gambling, alcohol, armaments, tobacco, pornography or pork are excluded, 2. A company must meet specific financial constraints1: • Its debt ratio must not exceed 33% • Accounts receivables to total assets must remain below 45% • Interest income should represent less than 5% of total revenue 3. Finally companies are continuously monitored according to these criteria. Whenever a company exceeds these limits, it is removed from the index and replaced by another. The data consists of daily closing of the DJIM and the W5000 indexes. The data is available from Dow Jones Inc., the publisher of the two indexes. Continuously compounded daily returns are calculated as the natural log differences in prices: LOG (Pt/Pt-1). For an exogenous variable, we use the yield on three-month Treasury securities set at their weekly auction. Their yield corresponds to the best measurement of the risk-free rate and the investment alternative to equities for cash being set aside. The interest rate data can be obtained directly from Bloomberg. Methodology and Results We propose to meet our objective using a well-designed econometric study based on time series methods supported by cointegration analysis. The econometric analysis culminates in a multivariate autoregressive model to capture the short- and long-term dynamics of the DJIMI. To that end, we begin by examining the stochastic nature of each stock index. Furthermore, Johansen and Juselius (1990) provide appropriate maximum likelihood techniques for 1 Once companies with unacceptable primary business activities have been eliminated from the universe, the remaining stocks are tested according to three "filters" designed to remove those with unacceptable financial ratios. The three filters are as follows: • Exclude companies if Total Debt divided by Trailing 12-Month Average Market Capitalization is greater than or equal to 33%. (Note: Total Debt = Short-Term Debt + Current Portion of Long-Term Debt + Long-Term Debt) • Exclude companies if the sum of Cash and Interest Bearing Securities divided by Trailing 12-Month Average Market Capitalization is greater than or equal to 33%. • Exclude companies if Accounts Receivables divided by Total Assets is greater than or equal to 45%. (Note: Accounts Receivables = Current Receivables + Long-Term Receivables) Companies that pass these screens are included in the Dow Jones Islamic Market Indexes investable universe, from which index components are selected. 4
investigating cointegration in time series models. The econometric analysis helps us to determine the degree to which the two stock indexes are integrated among themselves. Table 1 shows the descriptive statistics of the data sample. On a return basis, the 3m Tbill dominates both the Islamic index and the Wilshire 5000 as the period of the study was marked by a significant decline in equity prices worldwide. On a risk basis (measured by the annualized standard deviation), the Islamic index appears less risky than the Wilshire 5000 (22% vs. 24%). This is a somewhat surprising result to the extent that one would regard the Wilshire 5000 as a more diversified market basket of stocks than the more restrictive Islamic index. This unusual result, is confirmed by computing the respective Sharp ratio, or risk per unit of return. Here again, the Islamic index seems to outperform not only the Wilshire 5000, but, surprisingly, ranks at par with the Tbill rate, even though the period under study has witnessed a significant volatility on a historical basis (including the events of September 11). Overall, these basic statistics indicate that the risk performance of the Islamic index has been relatively competitive, given that the Wilshire 5000 exhibits diversified risks measured by a Sharp Ratio that is 64% higher (118% vs. 194%). Turning to the stochastic properties of the series, we report in Table 2 the results of a standard unit root test (Augmented Dickey Fuller). As expected the test confirms that the DJIMI in a non-stationary process, whereby the movements of the index over time are purely random and unpredictable (white noise). In the stock market literature, this is generally interpreted as a sign of market efficiency. Note that the Wilshire 5000 and the Tbill rate have been widely tested for their stochastic properties using a variety of unit root tests. Our results here simply confirm earlier results, uniformly accepted in the literature on the efficiency of the stock and interest rate markets2. For the three series, our results clearly reject the null hypothesis of unit root in the differences but not in the levels. We therefore conclude that DJIMI, W5000, and the Tbill rate become stationary after differencing them once (i.e. ~ I(1)). Having determined the stochastic properties of the series, we now turn to their links over time. The traditional approach to investigate this question is to use regression analysis where one evaluates the correlation of returns among the series. However, this approach is inappropriate here since it presumes that the time series being examined are stationary (in levels). We rely 2 See for example, Bradley and Lumpkin (1992). 5
instead on the theory of cointegration discussed in Engle and Granger (1987) and use the testing procedure developed by Johansen and Juselius (1990). We investigate the cointegrating relations between the three series in a trivariate and bivariate models using Johansen's full information maximum likelihood procedure. The systems we examine are: Trivariate: {DJIMI, W5000, Tbill} Bivariate: {DJIMI, W5000}, {W5000, Tbill}, {DJIMI, Tbill}. Since the results from cointegration tests may be sensitive to the lag structure chosen, we determine the proper lag profile on the basis of the Akaike Information Criterion (AIC) procedure, which suggests that we settle on 28 lags, or trading days. The null hypothesis of no cointegration suggests that the relationship between the series is spurious. The results are available in Table 3. In the trivariate case, it appears that there exists a single and significant cointegrating vector connecting the three series. The null hypothesis is rejected at better than 5% (the likelihood ratio is 37.3 and the 5% critical value is 34.9). Further light on this issue is provided in the pairwise tests which reject any link between the DJIMI and the W5000, or the DJIMI and the Tbill. Only the W5000 seems to exhibit a long-term stable link with the interest rate (the null hypothesis is also rejected at better than 5%, the likelihood ratio = 15.6 and the 5% critical value = 15.4). The absence of a stochastic link between the Islamic index and interest rate should not be a surprise but a natural consequence of the selection criteria of the stocks which comprise the index. Perhaps the more interesting finding is the absence of cointegration between the Islamic index and the W5000, a broad market index which incorporates all of the stocks included in the DJIMI. To elaborate on this observation, we note that while the two indexes may be temporarily correlated, the evidence suggests they are not cointegrated. To better understand this point, one can think of exogenous variables which may impact one index but not the other. Here are two examples. 1. By construction, interest rates are likely to have much less impact on the DJIMI to the extent that the latter excludes all companies which derive more than 5% of their revenue from that variable. At the same time, the interest rate is likely to have a significant effect on the W5000 based on the observation that stock prices are inversely related to the cost of capital. 2. Conversely, there are variables which may have more of an impact on the DJIMI than the W5000. For example, higher personal income for DJIMI investors is likely to lead to a 6
greater demand for stocks that fit the Islamic restriction than to stocks in general. The latter are influenced by higher personal incomes worldwide including, but not exclusively, those of Shari' a-conscientious investors. Consequently, there is a variety of factors which may lead the two indexes to move independently of each others over time, a sufficient condition for the lack of cointegration. The presence of cointegration among the three series implies3 that causality must exist among these series in at least one direction. Our test for causality helps us to determine whether changes in any series can be explained by the other two. To our knowledge, this represents the first time that the Islamic index has been subjected to a similar causal investigation. To explain the test briefly, we note that if ∆Y and ∆X are two stationary series, the causality tests is equivalent to the question of whether the current ∆X is linearly informative about the future of ∆ Y, in which case X is said to 'cause' Y. This would require that the lagged values of ∆X help in the forecast of the current value of ∆Y. In effect, the test boils down to the statistical significance of the lagged values of ∆X used as independent variables in a regression where ∆Y is the dependent variable. To conduct the causality test, each series is represented as a vector autoregression and regressed on its own lags and the lags of other variables. To examine the causal linkages among these cointegrated markets, we specify and estimate a vector error-correction model (VECM) of the form (the subscript t and higher order lags on the right hand side are omitted for convenience): (1) ∆(DJIMI) = a0 + a1 L ∆(DJIMI) + a2 L ∆(W5000) + a3 L ∆(Tbill) + a4 L EC + e1 (2) ∆(W5000) = b0 + b1 L ∆(DJIMI) + b2 L ∆(W5000) + b3 L ∆(Tbill) + b4 L EC + e2 (3) ∆(Tbill) = c0 + c1 L ∆(DJIMI) + c2 L ∆(W5000) + c3 L ∆(Tbill) + c4 L EC + e3 where L is the lag operator (i.e. LZ = Zt-1), EC is the error-correction term from Johansen's efficient estimations, e's are disturbance terms, and ∆ denote first-differences required to induce stationarity for the corresponding variables. One advantage of specifying and estimating the above VECM is that two sources of causality can be identified. First, there is the traditional channel of causality through the lagged 3 See Granger's Representation Theorem (1991). 7
independent variables (representing short-run causality) and there is also additional causality through the error-correction channel (representing long-run causality). Table 4 reports the t-statistics we obtain from estimating the preceding VECM [equations (1)-(2)]. For simplicity, we only report the results of the first two equations since we are not trying to explain the movements of the US Tbill rate over time. For consistency we use the same number of lags as before. For simplicity, we only report the t-statistics of the significant exogenous variables (the detail of the complete lag results are available from the authors upon request). The results indicate that neither the Wilshire 5000 nor the 3m Tbill are significant in explaining the changes in the Islamic index. The same is true for the error correction term (EC) representing the impact of the cointegrating equation on the daily change in the Islamic index. However, a completely different picture emerges for the Wilshire 5000. Specifically, the null hypothesis that the Tbill rate does not cause significant changes in the Wilshire 5000 is soundly rejected at better than the 5% level of significance (for lags 7, 13, and 22, the t stats = -2.59, - 2.12, and -2.70 respectively; the critical 5% value = -1.96). A similar verdict is revealed for the impact of the cointegrating vector which captures the adjustment in the Wilshire 5000 to its long- term relation with the Tbill rate (t-stat = 2.89; the critical 5% value = -1.96). Taken together, the VECM results suggest that, despite a 100% composition of US stocks, the Islamic index has no apparent stable link with the broad US stock market or the Tbill rate (a proxy for the risk-free rate). It is interesting to note that Dow Jones Inc., the publisher of the Islamic index boasts a 92% to 94% statistical correlation between the index and the rest of the market. Based on the evidence we have, whatever correlation may exist between the index and the Wilshire 5000 (and the risk-free rate for that matter) must be spurious and not stable in nature. One would have to conclude that the index is influenced by entirely independent factors. Significance One important implication of the preceding econometric analysis is that, because the two indexes are not cointegrated, there is an additional diversification benefit that Muslim investors reap by placing their funds in the DJIMI as it is likely to change independently of the broad market index and interest rates. 8
Gains from stock index diversification is generally predicated on the belief that there exists low correlation among the returns of different stock indexes. These correlations are generally assumed to vary inversely with the level of differential social and economic factors which affect each stock index. The wide array of mutual funds is testimony that sector-specific stocks (technology, banks, commodity) are influenced by different variables. The existing empirical evidence has shown that significant linkages between stock indexes limit the potential benefits from diversification (Sinquefield, 1996; Ben Zion et al., 1996), Theoretically, the absence of cointegration among stock market indexes implies differential risk premia. That is, because the DJIM and W5000 indexes are independent from each other in the long-term, then the risks associated with each index bear different prices. This is evident from Table 1 where the risk per unit of return on the broader Wilshire 5000 index is markedly higher than on the Islamic index. Clearly, despite its diversification, the Islamic index is presenting investors with unique characteristics reflected in risk-return tradeoffs that are not available in a broad market basket of stocks. Based on the limited observation period we have since its recent introduction to the market, it appears that investors in the DJIMI have been relatively more immune from the turmoil in the equity markets. Conclusion Introduced in 1999, the Dow Jones Islamic Market Index - US, has rapidly gained a large response from Muslim investors worldwide. The index caters to the needs of investors seeking Shari'a-compliant stocks. At the same time, the index gives investors a benchmark to judge how their Islamic funds/portfolios perform against an Islamic Index, where better-performing managers are rewarded (new money coming in) and under-performing managers are penalized (redemptions). As such, the index should be perceived as further step in the maturity process of Islamic financial markets estimated today at US$ 230 billion. Yet, despite its appeal, the stochastic properties of the DJIMI remain unexplored, primarily due to the absence of academic research. Hence, the objective of this study. To construct the Islamic market index, any industry group deemed incompatible with Islamic lines of business are excluded. Companies classified in other industry groups also may be excluded if they are deemed to have a material ownership in or revenues from prohibited business activities. Once companies with unacceptable primary business activities have been 9
eliminated from the universe, the remaining stocks are tested according to three "filters" designed to remove those with unacceptable financial ratios. This paper examined the added cost / benefit that investors had to bear for these filters. We began by examining the stochastic properties of the Islamic index and determined that, like other indexes, its movements over time are purely random. We then turned to investigate the relation between the DJIMI and the broad stock market represented by the Wilshire 5000 index. Using cointegration analysis, we found no discernible link between the two indexes over time. The same conclusion also applied when we focused our attention on the relation between the DJIMI and the risk-free rate proxied by the 3-m Tbill. By contrast, the same rate has a strong stochastic impact on the Wilshire 5000 as documented in a large number of studies on the US equity market, a result we were easily able to replicate in this study. To elaborate on the cointegration analysis, we examined the causality between the Islamic index, the Wilshire 5000 and the Tbill rate. Our results indicate that the Islamic index is influenced by factors independent from the broad market or interest rates. This finding provides a different perspective to the claim by Dow Jones Inc., the publisher of DJIMI, that the index exhibits significant high correlation with the broad market. Our evidence suggests that such correlation is merely temporary and spurious. However, our findings also suggest that the Islamic index presents unique risk-return characteristics, an observation reflected in a risk profile significantly different from the Wilshire 5000. This result is even more important given the fact that the Wilshire 5000 index is considerably more diversified than the Islamic index. It appears however that the filtering criteria adopted to eliminate Shari'a-non-compliant companies has resulted in a subset of unique companies and have not adversely affected the performance of the Islamic index in relation to the broad equity market. Three immediate implications emerge from our study. Our findings (1) help investors evaluate the performance of the most popular Islamic index available today vs. the rest of the market, (2) motivate money managers to look beyond interest rates and the broad market in an attempt to identify the drivers for the fluctuations in the Islamic index, and (3) reveal that on a risk-return basis, there is no loss from the restriction criteria that the Muslim index requires. Consequently, Muslim investors are no worse off investing in an Islamic basket of stocks than a much larger basket of stocks. 10
Table 1 - Descriptive Statistics DJ Islamic Mkt Index Wilshire 5000 3m Tbill Annualized Mean -19% -12% -0.01% Annualized Median -7% -4% 0.00% Daily Maximum 10.3% 5.2% 0.01% Daily Minimum -9.5% -6.7% -0.01% Annualized Std. Dev. 22% 24% 0.02% Sharp Ratio -118% -194% -194% Number of Obs. 702 702 702 Table 2 Tests for Unit Roots Period: 10/12/1999 - 9/4/2002, N=674, 28 lags ADF Test Statistic levels 1st-differences 5% Critical Value 10% Critical Value -0.022 -2.866 -2.569 DJIMI -12.619 W5000 -0.572 -2.866 -2.569 -12.404 Tbill 0.453 -2.866 -2.569 -14.468 *MacKinnon critical values for rejection of hypothesis of a unit root. 11
Table 3 Tests for Cointegration Period: 10/12/1999 - 9/4/2002, N=674, 28 lags H0=Number of Cointegrating Vectors Trace Stat 95% CV Cointegrating System: {DJIMI, W5000, Tbill} None * 37.35 34.91 At most 1 18.24 19.96 At most 2 3.23 9.24 Cointegrating System: {DJIMI, W5000} None 7.14 12.53 At most 1 1.69 3.84 Cointegrating System: {DJIMI, Tbill} None 4.37 12.53 At most 1 0.85 3.84 Cointegrating System: {W5000, Tbill} None * 15.57 15.41 At most 1 0.03 3.76 Table 4 VECM and Test of Causality Period: 10/12/1999 - 9/4/2002, N=674, 28 lags t-stats reported for each variable Cointegration Equation: DJIMI = -125.8 + 0.148*(W5000) + 5.6*(Tbill) Variable D(DJIMI) D(W5000) Coint Equation -0.8 -2.88 D(Tbill(-7)) -1.58 -2.59 D(Tbill(-13)) -1.26 -2.12 D(Tbill(-22)) -1.68 -2.7 12
Bibliography Al Loughani N.E.: Random Walk in Thinly Traded Stock Markets: The Case of Kuwait, Arab Journal of Administrative Sciences, 3, pp 189-209, 1995. Ben Zion, U.: The price linkages between country funds and national stock markets: evidence from cointegration and causality tests of Germany, Japan, and UK funds. Journal of Banking & Finance 1996. Bradley, M. G. and Lumpkin S.A.: The Treasury Yield Curve as a Cointegrated System. Journal of Financial & Quantitative Analysis, 27(3) (Sept 1992). Butler, K.C., Malaikah, S.J.: Efficiency and inefficiency in thinly traded stock markets: Kuwait and Saudi Arabia. Journal of Banking & Finance, Feb 1992 vol. 16 n 1, p.197. Dahel R. and Laabas B.: The Behavior of Stock Prices in the GCC Markets. Economic Research Forum, 5th Annual Conference, Tunis, Tunisia 1998. Darrat, A F, Elkhal K., and Hakim, S R: On the Integration of Emerging Stock Markets in the Middle East. Journal of Economic Development, Fall 2000. El-Erian, M.A., and M.S. Kumar, "Emerging Equity Markets in Middle Eastern Countries" IMF Staff Papers 42 (June 1995): 313-343. Engle, R. T. and C. W. J. Granger (1987), "Cointegration and Error Correction: Representation, Estimation and Testing." Econometrica 55, 251-276. Granger, C. W. J. (1988), "Some Recent Development in the Concept of Causality." Journal of Econometrics 16, 199-211. ________ (1991), "Developments in the Study of Cointegrated Economic Variables." in Long- Run Economic Relationships: Readings in Cointegration, edited by R. F. Engle and C. W. J. Granger. New York: Oxford University Press. Hakim S R, and Neaime S: Prospects on the Integration of Financial Markets in the MENA Region, Global Financial Markets & Development, APF Press, Toronto, Canada, 2000, pp. 202-217. Hakim S R, and Neaime S: Mean-Reversion Across MENA Stock Markets: Implications for Portfolio Allocations, International Journal of Business, forthcoming 2002. Johansen, S. and K. Juselius (1990), "Maximum Likelihood Estimation and Inference on Cointegration with Application tot he Demand for Money."Oxford Bulletin of Economics and Statistics 52, 169-210. Korajczyk, Robert: A measure of stock market integration for developed and emerging markets: The World Bank Economic Review Vol 10, No. 2 May 1996. MEED: Allied Asset Advisors Funds. Middle East Economic Digest, Sept 1, 2000 v44 i35 p21. Naughton Shahnaz and Tony Naughton: Religion, Ethics and Stock Trading: The Case of an Islamic Equities Market. Journal of Business Ethics, Jan 2000 vol 23 No. 2 p145 (15). Sinquefield Rex: Where are the gains from international diversification? Financial Analysts Journal Vol 52, No.1, Jan 1996. 13


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Former champions Rangers were ejected from the Scottish Premier League (SPL) when rival teams voted to exclude the Glasgow club following its financial crisis.
The vote breaks the stranglehold on the Scottish game long exercised by Rangers along wth bitter "Old Firm" rivals Celtic. It also risks hurting other SPL teams financially.
Rangers chief executive Charles Green said the club, champions a record 54 times, would apply for a place in the Scottish Football League (SFL) which oversees the lower tiers of the game.
"If our application were to be accepted, Rangers will play in whichever division the SFL sees fit and we will move forward from there," said Green, who leads a consortium that took over the club last month.
It is not clear whether Rangers will have to relaunch from the lowly fourth tier of the Scottish game or will get a place in the first division, just below the SPL. That is likely to be decided in a vote on July 12.
"The Club hopes that the supporters, who have been absolutely tremendous since the Club went into administration on February 14, will continue to support the Club and make Rangers a success once again," added Green.
Rangers have attendances in excess of 45,000 at their Ibrox stadium, making them one of the best supported teams in the British game.
However, they have been losing their top players. Striker Steven Naismith joined English Premier League club Everton this week after he rejected a deal with the new Rangers owners.
The club went into administration over unpaid taxes of about 9 million pounds ($14 million) and also faced a much heftier bill in a separate tax dispute relating to how they paid their players over the past decade.
In a stance likely to be noted by other cash-strapped British clubs, the tax authorities refused to accept a settlement and pushed the club's parent into liquidation.
That forced the reformed Rangers to reapply for admission to the SPL and they needed the backing of seven of the 12 teams to succeed.
However, their fate was effectively sealed last week when a number of clubs said they would oppose the move, arguing that sporting integrity was more important than the financial benefits of keeping Rangers in their ranks.
The expulsion of Rangers is likely to see BSkyB and ESPN seek to cut the rate of its TV contract, which stipulated a minimum of four Glasgow derbies per season.
The often bitter rivalry between Rangers and fellow Glasgow club Celtic is central to the Scottish game.
The two "Old Firm" clubs have lifted the league title every year since Aberdeen won it in 1985 under Alex Ferguson.
It is not yet known which side will take the place of Rangers in the SPL. It could be Dunfermline Athletic, relegated at the end of last season, or Scottish first division runners-up Dundee.
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Artist Spotlight: Rowan Mersh
BY Christopher Harrity
September 03 2011 4:00 AM ET
Abstract fabric sculpture, commissioned by Dickson Russell Art Management for the atrium of Pricewaterhouse Coopers. Untitled 07 measures 15 meters in length when fully extended and is constructed from knitted stretch jersey and wooden discs.
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Amirflg's Buenos Aires, Argentina
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Puerto Madero
Rosario Vera Penaloza
"A nice place to hang around and dine"
An interesting area along the old dockside. This is the modern part of BA. The docksides were reno...
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El Ateneo Grand Splendid
Av Santa Fe 1860
"This is a real gem"
I love book stores – and this is the magnificent that I've ever seen. An entire theatre was converte...
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Museum of Latin American Art of Buenos Aires (MALBA)
Av Figueroa Alcorta 3415
"Very nice"
Not a too large museum (which is a great plus from my point of view), It is very nice to see Latin A...
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La Boca
Avda Almirante Brown
"A tourist trap"
Went during the weekend - the area (Caminito) was packed with tourists - The small streets with the ...
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San Telmo
Carlos Calvo
"The San Telmo fair is a must"
Went on a Sunday, a lovely local fair. It doesn't have the feeling of a tourist trap - most of visi...
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Estadio Alberto J. Armando (La Bombonera)
Brandsen 805
"A must for football fans, and also for open-minded travellers"
This was a great experience. I used the services of LandingPadBA for a Boca match. All was very wel...
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Duque Hotel Boutique & Spa
Guatemala 4364
"A wonderfull hotel next to a great area"
I stayed 3 nights in this wonderful boutique hotel. Location is great - 2 blocks from the fantastic...
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Palermo Soho
Rua Honduras
"A very different area - don't miss it"
Stayed in a hotel nearby (Duque hotel), and loved the area. Very cool, relaxed, great designer shop...
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InterContinental Hotel Buenos Aires
Moreno 809
"Good hotel - nothing special"
I stayed at this hotel for 5 nights. The location is good - right between the center and San Telmo ...
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Junin y Guido
"Recoleta summay - waste of time"
I understand the importance of the place to the Argentinian people - however, I find the cemetery bo...
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Mathematica's health policy experts discuss the rationale for collecting data on physicians and their practices.Read more
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Diane Herz, vice president and managing director of survey research, discusses Mathematica's approach to paradata and the paradata dashboard.
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text:
I"LL be flying back from Atlanta's new International Terminal for the first time in a few weeks. Does anyone know if there is a business lounge which one can pay to use on the day?
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Atlanta Airport
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Have you tried Google?
It will all depend on where you are in this very large airport.
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OP said he was in terminal F (new international terminal) and there is indeed a Delta Sky Club there, on the mezzanine. OP can get a one-day pass at https://www.delta.com/skyclub/purchasemembership_performRequest.action?odp=true
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THANKS for that, though $50 seems a bit steep. Think we only paid $25 each at Logan last year. Still, might be worth it. Thank you again.
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The Delta Sky Club is quite nice, wifi, snacks, all kinds of drink both adult beverages and simple soda, etc. I have only been there twice but both times it was crowded. You can get a pass on ebay from
this seller email@example.com for 20 bucks he also has all kinds of other lounge pass's
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Personally, I wouldn't spend $50 on a lounge pass. I'd take the money and spend it on food and drinks at One Flew South.
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DECIDED to shell out $50 each for the Sky Club as we had rather a long wait for our flight. It's a pleasant enough lounge but the snacks were a bit disappointing and one has to pay for 'premium' drinks. Staff were very friendly.
Just to add, the international terminal is a very welcome addition to Atlanta Airport: spacious, bright, airy and uncrowded, at least when we were there. It actually felt like one of the better airports in the Far East in design and atmosphere.
Arriving from the UK there was no queue at US immigration and our bags came off the belt remarkably quickly. Probably the best all-round experience I've had at any US airport thus far.
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The delta lounge is great however it is crowded. there is a guy on ebay who sells the lounge pass's sometimes they are 15 sometimes 20.
his email is: firstname.lastname@example.com ask for current cupon list
this was the price last month:
$20 – Pass to Delta Airlines / Northwest Airlines Sky Club 12/31/14 Expiration
He has several airlines, starbucks you name it
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