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It all started in 1984 when Congress cut off funding for the Nicaraguan resistance
Ron Odom
Washington D.C. is still as corrupt, maybe more so, as what is described in the article below. Media is still suppressing news about these activities, i.e. Barack Obama creating ISIS.
The MSM is Hostile to Americans.
It is time to stop trusting Government & Media and it is time that we fully engage in politics or America will be lost forever.
Drain The Swamp from within!
Ron Odom
Updated, September 22nd, 1998, Read the response Senator Mazxine Walters received from the CIA regarding Barry Seal
What I am about to share with you should cause you great concern because this is an example of the sort of thing that goes on in Washington.
On October 5, 1986 in Nicaragua, a CK123 Cargo plane, with weapons and CIA employees on board crashed. This was the beginning of what links what I am about to tell you together. This was the start of the Iran-Contra affair. It was proven that the weapons were supplied by the CIA and destined for the Nicaraguan Contras in of the Congressional Poland amendments. Special prosecutor Lawrence Walsh spent six years determining who in the Reagan administration was involved in the operation. Among those that were involved in this operation were George Bush, Oliver North, Dewey Clarridge, John Pointdexter and Caspar Weinberger.
However, let's go to Mena, Arkansas during this time. The training of pilots and loading of weapons and drugs was taking place. Who was the governor of Arkansas at the time and why is is that Kenneth Starr would not touch this area. That governor at the time is now our President.
In July 1994, in the Arkansas Crime Inc. paper, an editorial linked Clinton to Iran-Contra. In October, 1994 Clinton denied any knowledge of the operation at Mena. Shortly afterwards evidence started to surface that documented Clinton's link to Iran-Contra. People began coming forward and alleging under sworn statements that that Clinton profited from the operation at Mena by laundering money through the newly created Arkansas Development Finance Authority. That was just the tip of the iceberg regarding what was really going on at Mena. A larger number of people testified under oath that the airplanes returning from Central America were loaded with cocaine, which was then dropped over Arkansas for distribution to larger U.S. cities.
During 1995, mounting documented evidence continued to support the Mena claims. A KGB spy talks about his knowledge of Mena. The picture of the Mena operation became more clear. In July 1995, new information and evidence confirms drug smuggling is going on at Mena. Why? Because a State Trooper L.D. Brown and a Arkansas National Guardsmen, who were also pilots flying the planes put Clinton in the loop by testifying. In July 1995, Clinton responded to L.D. Brown's account with denial. We've heard that before. In October, 1995 in formal hearings, now a former State Trooper, L.D. Brown elaborates in great detail, on his flights to Central America in the service of the CIA, on Clinton's link to the CIA. He also details the negative treatment he received from the American press. In August, 1996, Noriega attacks George Bush on Contra Drug dealing. And who is Barry Seal? ( read the article by Daniel Hopsicker for Washington Weekly ) How could this go on for years without detection? In February, 1995, the Washington Post is accused of a grand scale political coverup of the Mena affair. However, a statement issued by Arkansas Supreme Court Justice Jim Johnson at this time reveals government efforts to block investigations of the Mena affair and investigations of Clinton's fraudulent Whitewater loans, and explains how business interests, news media, politicians, and courts in Arkansas manage to block the truth from coming out. Who is Terry Reed? Terry Reed describes how CNN concocted an interview with him, misquoting him all over place. In June, 1995, the Washington Post suppresses another story about the Mena investigations. In November, 1996, Caspar Weinberger is accused of participation in the Iran-Contra affair. However, prior to that in December, 1995, documents prove that the U.S. Government pressured Costa Rica to keep the Mena operations secret. Who Is Richard Ben-Veniste?
During this time, a Democrat Panel on money laundering, indicts brother of Mike Espy for money laundering. And the State Department accuses Noreiga of taking drug money.
This is where Terry Reed comes into the picture I mentioned earlier. Terry Reed testifies. Terry Reed is a pilot and a subcontractor who worked for the CIA Iran-Contra operation. When he discovered that drugs were shipped to the U.S., ( the MENA operators) he left the operation in disgust. He soon found himself and his family the target of a retaliation lawsuit claiming insurance fraud. However, the Reed family was cleared of the allegations in federal court in Wichita, Kansas. Shortly thereafter, the Reed family filed a civil suit against those who had brought the wrongful suit against them. And here folks is where it gets really interesting. Two employees of Bill Clinton, Buddy Young and Tommy Baker were charged with fabrication of evidence and other civil rights violations against the Reed's. Now this is where is gets even more interesting. In September, 1995 Buddy Young is linked to the Iran-Contra/Mena operation. Clinton's former security chief, now a defendant in Reed's Mena trial, appears to have been more involved than previously known. After years of a legal circus, the lawsuit by the Reed family finally began in earnest in late1995. Depositions were taken from a number of people and they all told the same story under oath. They also revealed that U.S. senators (both parties) tried to block investigations into money laundering at Mena. All of these witnesses have sufferedharassment and intimidation because of their explosive testimony. In early 1996, the judge in the case ruled to suppress all evidence relating to Mena, CIA, and the Clintons from the trial. Reed discouraged at this point, gave up and dropped the trial. One honest policeman, Russell Welch supplied much of the material and proof of the Mena case, he too has suffered harassment and intimidation. Who is Julius "Doc" Delaughter. It is December, 1995. Delaughter appears on a British Mena documentary, telling about the whole Mena operation, however it is banned from distribution in the U.S. Remember Barry Seal, ( read the article by Daniel Hopsicker for Washington Weekly ), he comes out of the closet too. Also a certain lady is found in Florida connecting all this. In April, 1996, there is a massive Anthrax poisoning case in Mena and in August, 1996, State Trooper L.D. Brown is ordered to assassinate Terry Reed. And the CIA begins an investigation, (interesting, they are investigating their own operation?) of the Mena operation. The White House is asked about it, and they deny everything. At this same time, Reed drops the lawsuit and the murder of two teenage boys, Don Henry and Kevin Ives occurs in Benton, a town near Mena. Due to persistent parents and a few honest Arkansas policemen, their murders are traced back to the drug smuggling operations at Mena. A British documentary exposes the murders and the link to Mena. No U.S. major news network picks this story up.
It is now July, 1996, Kenneth Starr begins asking questions about Mena. He follows the trail of facts, but suddenly announces that Mena is outside his brief and scope of just the Whitewater investigation of Clinton.
In the fall of 1995, several committees in the House of Representatives began considering holding hearings about the Mena operation and started interviewing witnesses. To this date, this hearing has never finished and they have not called any more witnesses.
Remember Dan Lasater above, he testifies in May, 1996 before the Whitewater Committee about his the Whitewater/Clinton mess. Now, during this time we have the Bosnia war going on and the CIA is backing and sending guns there. Is this a repeat of the Iran-Contra affair with drugs? In the fall of 1996, events took an amazing turn. The San Jose Mercury News reported on a drug trial in Los Angeles where informants testified that they had sold drugs to LA street gangs in order to finance the CIA-backed Contra war in Nicaragua in the 1980s. The drugs came from the Mena, Arkansas operations they testified. The story grabbed the headlines and incited the black community. It was soon realized that what was seen in Los Angeles was just another tentacle of what had already been uncovered in Mena, Arkansas. Now the CIA, the Justice Department, Congress and the White House were all asked for explanations. Mushrooming beyond control, the Mena scandal had finally reached the headlines of the mainstream media a decade after the events took place. September, 1996 CIA Director Deutch resigns. Also there are reports of the U.S. Government involved with Bolivian cocaine lab. There are a string of murders of Americans surrounding the lab in Bolivia. Senator Barbara Boxer, California, writes a letter to CIA Director John Deutch demanding all truth of events. He responds negatively. Senator Diane Feinstein write a letter tp Attorney General Janet Reno requesting a full investigation and Senator Mazxine Waters
( read the response she received back ) request for hearings to Chairman Henry Hyde. This was September, 1996 folks and to date, nothing has been done regarding this matter. Why? Because I believe this has been the greatest government cover-up that has ever occurred. The reason, both parties are up to their ears with the Mena affair and Clinton. When you contact any of the elected officials about this, they have no comment.
I've supplied the information to you folks, which I bet you did not know. If you don't believe me, make a few phone calls to Washington and see how quickly the doors are shut on you concerning the Mena affair. I wonder how many will start to inquire about this with their elected officials? NO ONE WANTS TO TALK ABOUT IT! And why? Both parties have a great deal to hide. And why hasn't Hyde done anything more about the hearings since 1995? Hoping it will just go away. And Hyde is the current Chairman of the House Judiciary Committee? What I believe is so ironic is we have a President of the United States being investigated, but who is investigating the investigators? Personally, I have lost not only all trust in President Clinton, but also our elected body in Washington. There is more than one politician here that is lieing! We have had not only a witch hunt attacking Clinton, the attackers have a great deal to hide themselves. And I strongly believe that there is more to this whole affair than any of us will ever know. There will be those that will say I am trying to darken the waters, attack Clinton on another issue. That is not the case. I am presenting this to you to show you that we better start asking more questions and not only demanding the answers from our elected officials in Washington but getting them. Who works for whom here? Are they not suppose to be working for us? Sure seem its' the other way around. Anyway folks, here is it, another shocker! By the way, witnesses have been mysteriously dying off.
Click here to read letter from Attorney General of Louisiana, William J. Guste Jr. to U.S. Attorney General, Ed Messe, March 3rd, 1986, asking for a full investigation into the Barry Seal matter after Barry Seal's murder. Mr. Guste asked for the transcript of Seal's sworn testimony be released to the general public to settle his envolvment in the Mena operation. This request was ignored and to this date all futher attempts to get Seal's testimony released has been ignored by many requests from many government officials, including U.S. Senators and Congressmen. What is the government hiding?
In case you want to email the networks as to why they are not reporting about Mena, here are the email addresses: you can also just click on the names
ABC News - firstname.lastname@example.com
NBC News- email@example.com
CBS News - email@example.com
Dateline at NBC - firstname.lastname@example.com
Ted Koppel at ABC - email@example.com
CNN - email@example.com
Dan Rather at CBS - firstname.lastname@example.com
See the results of the should Clinton resign poll.
POSTSCRIPT: Sunday, September 20th, 1998
before the video tape is released on Monday.
I have received hundreds of emails asking me what my position is on the various issues surrounding Clinton. These are my opinions, you can agree or disagree with them
The one thing that I have observed from when this story first broke regarding Lewinsky, is not only a lack of what I term prudent intelligence from all sources but a severe lack of human compassion. This includes the media, Starr, The White House, members of Congress, and we, the American people. There is a very simple right and wrong of things, especially with it comes to lieing, however, none of us living upon this earth have lived a "perfect" life, I certainly haven't. What I have not understood about this is the need to totally use what I term unscrupulous tactics to not only dig up whatever you can on someone to bring them down, but then to further destroy them is another matter. I wrote the column above about the Reagan, Bush Clinton drug connection, not to try and destroy Clinton further, but if anything to show that those in Washington who are pointing the fingers do not have their lilly white sleeves "clean" either. Both parties have hidden and tried to hide things for years. Therefore enough is enough. Kenneth Starr, by the means that he used, has not hurt Clinton, he has hurt America in more ways than be counted, and also has placed a mark of distrust on the office of the Presidency that will take along time for Americans to ever believe in another President. I said at the beginning that if Clinton had told the truth about his relationship, he may have lost the Paula Jones case, but he certainly would not have gone through the "hell" that he and his family have been through, regardless of what he did with Lewinsky. No one has the right to do that to another human being, especially in America. We are suppose to be a God loving nation, my God is a loving God, not a destroyer of human lives. Our Congress for many selfish political reasons took the path of further destruction and my opinion in the long term, both parties will suffer from the decisions they have been making, especially in releasing the video tape of Clinton's testimony. I don't need to see him on video, the man has admitted his error, however he hasn't admitted he lied, and because of that is where he lost my trust in him. I've read and heard enough of this whole affair and I had hoped that two things would have happened. That President Clinton would have seen that the right thing to do would be to have resigned, and Congress would have put an end to this disgrace of our nation and moved on. The numbers that I am seeing not only from the poll that has been conducted on my site but other polls as well has told me one thing. This is a not only a test of the moral fabric of our society, ( and I am not talking about religious views or teachings, i.e. adultery ), but that Americans had a very difficult time at first in finding their conscious with this. But what I am concerned about is how long it took for Americans to decide their thoughts on it. And I believe that a big part of this indecision was, that in each of us, we know that we are not without "sin", doing something wrong in our life. Therefore it is hard to judge someone for the same thing that probably many have done, "lied about sex". However, there is a simple right and wrong as I said, and maybe, just maybe, Americans are finally starting to regain that within their conscious, but my question is, what about the heart, the act of forgiveness, and when you forgive, do you continue to destroy? Instead, Congress, and we are letting them do it I believe for those reasons I explained, have decided to continue "waving in the air" more dirty laundry for the world to see and further destroying the meaning of what America stands for. I thought she stood for freedom, liberty and the pursuit of happiness. It is sad how everyone it appears in this whole mess has forgotten the meaning of those words all because of a insecure young woman who seduced a man, (the man participated and let her seduce him) and the man then lied about it. I wonder what George Washington would be thinking about all of this? Or would he even be a better judge to judge? It truly is not a matter of judging, it is a matter of simply standing up for what is right, forgiving, and then moving on. However, this is not to say that a price does not have to paid. Not only has Clinton paid a price, but our nation has paid a hefty one. All because of a "lie" and then the lack of true forgiveness. Hopefully, we have all learned from this.
I would like to end this column with a plea to the people and my readers in all countries. I call upon the loving grace of whatever you term is "GOD" in your life. Please use that grace to stop all the inhumane acts that are being done everywhere. That includes the rapes and murders in Indonesia. The bombings in Ireland. I call upon the Mothers of the world. Don't you realize the power you hold in which you could stop this all. Have we not grown into an uncivilized form of humanity who preach their different religions, but hardly practice them. What happen to the one similar teaching and law among all the religions, "LOVE THY NEIGHBOR". Or is that simply to hard for humans to do? God help us what another intelligent life form may think of us.
~ David Lawrence Dewey ~
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JotForm is a free online form builder which helps you create online forms without writing a single line of code. No sign-up required.
At JotForm, we want to make sure that you're getting the online form builder help that you need. Our friendly customer support team is available 24/7.
We believe that if one user has a question, there could be more users who may have the same question. This is why many of our support forum threads are public and available to be searched and viewed. If you'd like help immediately, feel free to search for a similar question, or submit your question or concern.
Unable to view embedded form completely on Android Tablet with ChromeAsked by Habidex313 on April 02, 2015 at 06:21 PM
I have used the iframe embed on my site, and it works perfectly on a pc, and my ipad, but won't work on an Android tablet running chrome.
It displays only the first 20 lines or so, then there is no way to scroll down or see the rest of the form. (which is quite long).
JotForm Support
Could you try following this guide on how to make your form responsive: http://www.jotform.com/help/311-How-to-make-forms-Mobile-Responsive. I know you have enabled it in the "Preferences" setting, but could you also enable the option found in the Form Designer. See if that resolves the problem.
Kind regards.

subset: commoncrawl


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Overload MSOB
The full featured version of our Overload Pack.
The OVERLOAD MSOB features our Overload pack, plus a 900 cu-in Daypack lid, a quick-releasable yoke, and a Mystery Cinch. This pack gives you the ability to secure sniper and crew-served weapons between the pack and frame without decreasing capacity for mission essentials or sustainment gear.
- 500D CORDURA® fabric and YKK® zippers
- Equipped with Daypack Lid, Mystery Cinch, and MRQR Yoke
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- PALS webbing accommodates MOLLE accessories
- Bolstered Ventilation and Stability (BVS) system increases stability of the pack over armor
- OVERLOAD™ feature allows for securing of a rifle between the frame and the bag
- MRQR Yoke allows for quick release of harnessing
- NSN#: Coyote 8465-01-610-5634
- Volume: 3000 cu in (49 L)
- Weight: 8.3 lbs (3.8 kg)
- Dimensions: 26.5"x13"x8.5" (67x33x21.5cm)
- Frame System: NICE Frame
- Country Of Manufacture: USA
- Intended Use: Extended Missions, Weapons Carry
Frequently Asked Questions
We're moving to a kitted system so that we can design and build packs and frames that are optimized for integration based on the function of the product. There are some cool new things in the works. In the meantime, we may be able to accommodate pack only orders based on available inventory - contact MR Customer Service or call 406-585-1428
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We are not set up to perform custom work on individual orders and no, we cannot build a pack for you in a custom color. If your concern is in regards to sizing please give us a call at 406-585-1428.
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First, start by washing your pack with hot water in the shower. Use a mild detergent like Dawn to get minor dirt and grime out of your pack. Dry the pack out of direct sunlight. DO NOT USE HARSH CHEMICALS TO CLEAN YOUR PACK. If you need to get odors/blood out of your hunting pack, please use Atsko Sport-Wash Laundry Detergent
We always recommend that you size down for the waist belt. If you fall in-between sizes on the yoke, we recommend that you size up.
Mystery Ranch accepts returns for a refund within 60 days of the original purchase date. Items must be returned in brand new, unused condition, and shipping charges are non-refundable. Please give us a call at 406-585-1428, and we can get you set up with a Return Authorization (RA#).
If you are in need of a different size yoke or waist belt, please give us a call at 406-585-1428.
Why did you add production facilities in the Philippines and Vietnam?
MYSTERY RANCH added these facilities because of the increased demand for our product. We needed the additional facilities to build for customers who don't require (Berry Compliant) US production and / or don't want to pay a premium price for products built in the U.S.A. With these additional offshore facilities, we are able to focus our domestic facilities on the Berry Compliant orders.
How do I know if the pack I want is made in the US, PH, or VN?
It will be noted on the product page on our website and you are always welcome to call us and ask if you don't see the "US" or "world" icons that denote production location.
Is the quality of the packs the same?
Yes, absolutely! We carefully select the highest quality materials and ensure that all production facilities adopt our quality standards and techniques to deliver products consistent with the MYSTERY RANCH legacy. Our distributors who have received product from the US, PH, or VN are unable to tell the difference without looking at the label.
How do you ensure consistent quality?
Our factory resources use the protocol defined by our team in our production packages in order to deliver consistent quality gear. Upon introduction of new products, our product engineers visit our factory resources to work with them to develop new styles. As the product goes to production, our QA and QC teams will then visit our US, PH, and VN factories to ensure the finished goods meet our MYSTERY RANCH standards.
For more information please contact MR Customer Service or call 406-585-1428


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IBobserver is the first specialized newspaper in Ukraine and CIS region, devoted to the international trade development
February-March 2011 / www.ibcontacts.com.ua / ?2 International trade development Any business activity outcome Despite the crisis and redistri- The land market uncertainties is predetermined by country bution of the domestic IT mar- and problems of Ukrainian ru- TRADE FINANCE risks. ?But that?s not fair!?- ket, the computer technologies ral regions significantly impair you will say. Unfair, but it is segment is vigorously develop- competitiveness of the domes- Under Umbrella of the State reality. On the other hand, ing, lagging behind the global tic agricultural sector. had there been no risks, there trends only in terms of sales Comments: ICC, KredEx, would be nothing to insure. volumes. 4 9 10 EXIMBANKA SR, KUKE 1 Credit Curtain or Just a Cover-Up? Comments: EXIMBANKA SR, EKF, EDC, Finnvera, UNDER UMBRELLA ONDD, SACE 4 Euler Hermes: International Trade Development Forecast OF THE STATE Difficulties of 2011 will not pre- vent trade finance market gen- The global liquidity crisis became a serious argument in favor of an export credit eral growth agency establishment in Ukraine. In the current environment, when exporters, 5 apart from being obliged to deliver quality products, need to grant financing Exclusive Interview with EBRD terms, businesses will be unable to succeed without national ECA. Chief Economist Erik Berglöf Trade finance volume is going to The material was prepared jointly with the Ministry of increase Economic Development and Trade of Ukraine 6 Today, Ukrainian exporters more than age to obtain more favorable export terms. FINANCIAL ever count on more active support from the Establishment of a national export credit government, because the market turmoil agency (ECA) would strengthen Ukrain- REPORTS resulted in significant tightening of trade ian companies? positions on global markets finance terms and conditions. The banks and boost exports from Ukraine. ?The role of raised their interest rates, demand collaterals ECA for Ukrainian exporters is difficult to over- Find Ten Dierences of higher values, reduced the payment defer- estimate. Establishment of such national agency Key dierences between national ral terms and are reluctant to lend in general. in Ukraine could significantly accelerate develop- All this happens on the background of gen- ment of national economy and banking sector on and international nancial reporting eral noncompetitiveness of Ukrainian com- the whole, since ECA-supported lending schemes standards 8 panies on international trade markets. will engage not just a buyer and a seller, but also Since the first years of Ukraine?s inde- a bank in the seller?s country. The first and fore- pendence and up to now, ferrous metals and most objective of ECA is the support of the na- MARKETS AND their products have represented a lion?s share tional producers, large and medium businesses, of Ukrainian exports (41.3% in 2001 and which are the backbone of our economy, and such TRENDS 34.9% for the first ten months of the past year, activity would undoubtedly become economic respectively). However, the metal prices fell growth driver, leading to expansion of the range of three times during the past several years and, products exported, creation of new jobs, existing Resetting Underway with the foreign companies installing new production capacities upgrade, exports geography production capacities, Ukrainian export- expansion, and international image of Ukraine Crisis helped Ukrainian IT market ers are becoming less and less competitive. improvement?, ? told IBOBSERVER Mr. Kon- Comments: Asus, Everest, Moreover, the lack of adequate state regula- stantin Kamarali, Head of Trade Finance and transparent mechanism of Ukrainian producers K-Trade, Navigator tory and financial support to Ukraine?s tre- Documentary operations Department of the 9 support?. mendous scientific and industrial potential First Ukrainian International Bank (PUMB). Until a national ECA is established, the prevents its promotion in the global markets. ?Besides, ? said Mrs. Natalia Neumeicheva, only thing Ukrainian companies can count Hurdle Racing on the Market The above mentioned resulted in visible Head of Department of Trade Finance of on is recurrent assistance on the part of other Ukrainian agricultural market in reduction of exports from Ukraine to the SwedBank, ? none of Ukrainian insurers is pre- governments.For example, in April 2009, standby mode European Union, which is a major global pared to cover the domestic banks? risks inherent Ukrainian industrial goods (steel, in particu- trade market that just five years from now to financing investment projects, accepting the lar) exporters had hopes to obtain funds from Comments: ?Myronivsky Khlibo- consumed some 40% of total national exports risks of foreign banks in connection with Ukrain- the G20 countries, which promised to contin- product?, ?Ukrzernoprom? 10 (now reduced 4 times). And this trend will ian products import. And the existing preferences ue trade finance provision to the companies 2 aggravate unless Ukrainian exporters man- granted by the state can hardly be viewed as a from the developing markets. ner of the international forum held ment in Ukraine which has been Dear partners, to discuss trade financing in Eura- the point of concern of the market sia. players for many years. In our edition, we focus on the IBOBSERVER is published bi- IBCONTACTS is proud to pre- prospects of trade relations devel- monthly and distributed by courier sent you the next issue of IBOB- opment between Ukrainian entities service/mail among top managers SERVER newspaper, which is the and their foreign partners, discuss of trade companies from Ukraine only periodical within the territory trade finance issues, analyze risks, and CIS countries and among sub- of Ukraine dedicated to the issues credit insurance matters, specific scribers of ?Kontrakty? business of international trade develop- legal issues, and other topical as- weekly. The newspaper circulation ment. pects of the international trade. is 25,000 copies. All materials of this newspaper Reading IBOBSERVER, you can We will be happy to receive your are prepared by IBCONTACTS ex- also find out how to realize inter- suggestions and comments on our perts in collaboration with Minis- national projects, conduct nego- tries, international organizations, publications. tiations with foreign partners to foreign export agencies, banks, as obtain the best possible contract well as large exporters and import- terms and conditions, to attract ers. trade finance both abroad and in IBOBSERVER has become the Ukraine, prepare required project first and the only professional Regards, and financial documentation, as ground that united main interna- well as what international stand- tional trade relations players in ards you should seek to comply Ukraine and abroad enabling them with in order to expanding your to discuss critical issues of cooper- trade customer base. ation and search for common solu- Kateryna S. Barabash, This issue is primarily dedi- tions. Managing Director of cated to the discussion of aspects In addition, in 2011 IBOBSERVER of export credit agency establish- has become an official media part- IBCONTACTS 2 TRADE FINA NCE ¹2 / February-March 2011 / IBOBSERVER / www.ibcontacts.com.ua 1 We would like to remind that then the G20 Mr. Aleksei Mostovoi, Head of Credit De- governments allocated 250 billion US Dollars partment and Board Member of ING Bank Ministry of Economic for distribution among developing countries Ukraine Oleksiy Mostovyi. Indeed, Ukraine?s (including Ukraine) via European Bank for share in the total output of machine building Reconstruction and Development (EBRD), and metal processing industry of the former International Financial Corporation (IFC), USSR was 35-40%, while today it shrank to Development and Trade and foreign ECAs. Besides, in the opinion the tiny 16-17%. And, despite exports of ma- of the experts of the World Bank Institution, chine building industry products and services the decline of the trade finance transactions growth, the lack of state support to export ac- volume accounts for 10-15% of the global eco- tivity via loans, insurance and guarantees is of Ukraine nomic downturn. ?I think that the trade facilita- the major factor hindering development of the tion programs implemented by the EBRD and the machine building industry. Deputy Minister of Economy of IFC are good alternative to a national ECA. Within The first attempts to establish a Ukrainian Ukraine, Valeriy Muntian, has offi- the scope of such programs authorized banks can export credit agency date back to 2000, when cially advised IBOBSERVER that ?fa- confirm importers? banks export letters of credit in respective initiative was articulated in the Mes- cilitation of realization of Ukraine?s favor of Ukrainian manufacturers or even provide sage of the President to the Verkhovna Rada export potential is one of the funda- required financing?, ? confirmed to our cor- (Parliament) of Ukraine titled ?Ukraine. Enter- mental elements of the state industrial respondent Mr. Vitaliy Kislenko, Director of ing the XXI century. Strategy of economic and and structural policy. To that end, the Department of State Sector and Trade Finance. social policy for 2000-2004?. That document government takes steps to establish in for the first time officially recognized the ne- WTO Makes Ukraine an integral and efficient sys- cessity to support exports of high-technology tem of support of domestic exporters? Advances to Exporters products via implementation of export incen- operations on the international com- According to expert assessments, govern- tives program based on mechanisms of grant- modities markets. The specialists of ments of the developed countries allocate ing export loans and their insurance. Later on, to finance export support programs on the in 2005, 2008 and 2009 three other draft laws the Ministry of Economy have made average 0.35% of their GDPs. The experts of on establishment of an ECA in Ukraine were an in-depth analysis of the systems the Organization for Economic Cooperation published. Each such draft law envisaged of state support to national exporters and Development believe that direct foreign establishment of a state joint stock company implemented in different countries investments have a two-fold impact on the (?Ukrainian Company of Export Insurance?). (in particular, the experience accumu- economy, while in the developing countries The mission of such institution was to arrange lated by export development agencies) this indicator may be even higher. In other credit facilities for exporters and their custom- and initiated a project of establishment words, the state support significantly contrib- ers, to facilitate insurance and reinsurance of of a system of state financial support utes to the efficiency of business. export credits, to guarantee tender proposals of export of Ukrainian goods similar In Ukraine, the national export support is- of Ukrainian exporters, and to ensure partial to those existing in the WTO member- sues are managed by the Ministry of Econo- compensation of interest payable on the ex- countries. my. The government assists the exporters in port loans. None of the above draft laws was Within the scope of the project, the following areas: financial aid, organization ever enacted as they did not provide clear cut the Ministry prepared a draft law of of expositions, introduction of trade restric- procedures of ECA operation. Ukraine ?On State Support of Export tions (distribution of export/import quotas), ?Among the other main obstacles to the estab- Activity? that envisages creation of a technical barriers (registration, testing and lishment of an ECA in Ukraine I would mention favorable environment and new op- support of domestic export is feasible chemical agents approval in accordance with the lack of internationally recognized approach portunities for domestic enterprises, subject to adoption of special Law that REACH system), bringing Ukrainian econ- and framework of risks, ratings, group, terms, and protection of Ukrainian exporters from would provide for respective financ- omy in compliance with the requirements of limits evaluation lack of market players confidence, the Kyoto Protocol and the WTO treaties. risks of default and financial losses, ing from the State Budget. According insufficient state guarantees with regard to respec- It is a known fact that the government was and tive terms and risk limits, as well as absence of a raising competitiveness of Ukrain- to preliminary estimates, such a Law exceptionally active in supporting Ukrain- procedure for review and processing of applications ian goods on the global markets. The will, if effective, make it possible to ian exporters in the period of Ukraine?s ac- from importing countries on long-term financing draft law provides adoption of new increase the exports by domestic pro- cedence to the WTO. The same measures are from Ukrainian banks and, of course, the continu- regulatory approaches to the organiza- ducers on the average by 3% per an- currently taken by Ukraine as a WTO member ing devaluation of hryvna and exchange rates vola- tion of state support of export transac- num thanks to introduction of systems (since May 2008) to meet the WTO?s require- tility?, ? told Mr. Kislenko IBOBSERVER rep- tions based on insurance, lending and of insurance, lending and export guar- ments. Today, Ukraine faces the challenge resentative. granting guarantees to exporters, first antees, reduction of financing costs of preferences and exemptions abolishment As of today, the state agencies are guided of all ? via establishment of respective and, as a consequence, to expand sales introduced with regard to certain industries. in their activity by the provisions of the new agency. market for Ukrainian goods, as well The WTO officials believe that state guaran- draft law ?On the State Financial Support to The international experience shows as increase revenues for domestic pro- tees will ensure maximum benefit if they are Export Activity? submitted to Verkhovna that introduction of the system of state ducers and create of new jobs?. granted for the purposes of transactions of ex- Rada in 2010. The draft law envisages the porters optimization (especially those of high- sufficient financial support to the exporters tech products), rather than on facilitation of comprising some UAH 650 million (0.2% of their dumping operations conflicting with fair total exports in value terms). Furthermore, competition rules. In addition, the only state according to the draft law, the contingent export support mechanism approved by the losses in case of customer default is to be re- WTO is the financing, insurance and render- imbursed by the state or based on the guar- ing of guarantees at the cost of the state budget antee of the foreign customer which will be (through export credit agencies). recognized against the state revenues and These are export credit agencies, predomi- will help balance budget expenditures. The nantly state-owned, that support exporters draft law authors expect national manu- in all European countries covering their risks facturers? exports to grow on the average arising from transactions with foreign coun- 3%, or 1.2 billion US Dollars, per year. Such terparts. ECAs? mission is to insure and cover growth rates will be achieved thanks to the export credit facilities to successfully promote system of insurance, trade finance and guar- domestic products on international markets antees of exports implementation, credit as well as to support foreign investments. The costs reduction, higher revenues of domes- largest European export credit agencies are tic manufacturers, working positions crea- Euler Hermes Kreditfersischerung (Germa- tion and markets for Ukrainian goods ex- ny), Coface (France), GIEK (the Netherlands), pansion through active participation in the CESCE (Spain), KUKE (Poland), and some international tenders. others. ECAs are operating in compliance ?I think it is necessary to revise the existing with the international rules and principles ap- regulatory documents, in particular, currency proved by the Consensus of the OECD coun- transactions regulation legislation. In addi- tries and respective agreements of the Berne tion, considering the fact that the largest share Union, also known as The International Union of Ukrainian exports fall on the CIS countries of Credit & Investment Insurers. and countries with high political and economic Loans against ECA guarantee are granted risks, one should clearly understand the extent to applying two scenarios. The first scheme en- which the government would be ready to insure visages a loan to a domestic bank with a view the risks of importing countries (at the expense to financing the contract of the national export- of budgetary funds), accepting direct liability of er, under the second option, loan is given to commercial, political and economic risks of such the exporter by a foreign lending bank against countries?, ? said Natalia Neumeicheva. the guarantees of a domestic bank. The option Establishment of a national ECA will selected depends on the level of confidence of become possible only upon enactment of the lending bank/the ECA in the bank or ex- legislative framework understandable and porter in question. acceptable to all market players. Special at- In Ukraine, the state supports national tention should be paid to financing high-tech exporters via state-owned Ukreximbank. Ini- development products, whose production tially, the bank performed functions similar and sales are a crucial driver of economic to those of the Western banks specializing in growth in any country. ?To prepare forecasts foreign trade financing, including lending to regarding establishment of ECA in Ukraine, exporters. In practice, however, Ukreximbank one should be able to influence the process, and is operating as a universal financial institution. there should be demand for such agency services among market players. Therefore, in my opinion, Moving on market leaders should discuss the practicability of establishing such ECA in general and, if such the Winding Route project finds support, submit respective propos- ?Establishment of Ukrainian ECA requires a als to the working group in charge of national clear program and legislative base, as well transpar- projects and to the Committee for economic re- ent and sufficient sources of its financing. I believe forms under the jurisdiction of the President of that support on the part of an export credit agency Ukraine?, ? added Vitaliy Kyslenko. In his would significantly accelerate the development of, turn, Mr. Kamarali emphasized that, even in first of all, domestic machine building sector (in- case a clear and transparent state program cluding basic engineering industry, instrument of ECA establishing is approved such agen- making industry, car-building, and power engi- cy will be able to launch its activities only in neering industry)?, ? told our correspondent 2 to 5 years. ¹2 / February-Marc h 2011 / IBOBSERVER / www.ibcontacts.com.ua TRADE FINANCE 3 COMMENTS: As such, the implementation of export EXIMBANKA SR, risks insurance practices will facilitate the traders? efficiency. Another problem Slovakia is that many strong Ukrainian companies apply versatile tax optimization schemes under which deals are made via friendly Concerning to Ms. Denisa Petríková, had negative foreign trade balance for companies incorporated in the countries Director of International Relations De- the first 10 month of 2010 in the amount with preferential tax legislation which partment of the Slovakian Eximbank of EUR 68.5 mil. Therefore, we consider eliminates the risk of default for Ukrain- ?Ukraine has established its Export the increase of our exports as crucial and ian exporters on the part of their coun- Credit Agency ? Export-Import Bank of we believe that your IB Observer could terparts from such countries. Ukraine (UKREXIMBANK) in 1992. The help us to accomplish this goal. Furthermore, financial support of ex- agency is a member of the Berne Un- We are convinced that the main role port operations has to be just one com- ion Prague Club. EXIMBANKA SR has of the national export credit agency is to ponent of a comprehensive complex of signed the Agreement on Cooperation support exports with the aim to increase measures including both economic di- with UKREXIMBANK in 2003. competitiveness of the country adhering plomacy and assistance in organizing The export from Slovakia to Ukraine to the international rules and principles business forums, expositions, etc. grew on year to year basis (2009/2010) in this field. The activities of an ECA Of course, when attempting to estab- by 21.2%, followed by the increase of should also have positive impact on the lish an ECA, we will not avoid numer- import by 73%. Based on the informa- employment rate of the country?. ous difficulties, primarily those of ?po- tion from our Statistical Office Slovakia litical? nature. Such structure will be in charge of great financial resources man- agement; therefore, even the question of its subordination to any governmental body will be the subject of heated dis- KredEx cussions: although it is quite logical that such structure should be accountable to Krediidikindlustus AS, the Ministry of Economy, the Ministry of Ukrainian National Estonia Finance and the State Committee of Fi- nancial Services can also pretend to have Committee of the control over such agency. On the other side, according to vari- Mr. Mariko Rukholm, Member of supported international trade. Without International Cham- ous expert evaluations, up to 10% of total Board considers that ?For the compa- their involvement quite many transac- ber of Commerce insurance claims are paid in Ukraine to nies, who are exporting or willing to tions would have not taken place. fraudsters, not mentioning the situations export, the challenge is always higher During financial crises the ECAs when it will be necessary to indemnify than for companies who are trading on have role to stabilize the market. In Es- Mr. Volodymyr Shchelkunov, The losses or realize the subrogation rights, domestic market. On the export markets tonia for example 2008 all private credit President of the Chamber commented for example, in the Equatorial Africa we have to adopt habits and customs, insurers limited strongly its activity by on the establishment of the national ECA countries. Unfortunately, there is always which are common there and at the reducing credit limits for Estonian com- as follows: National Export and Credit a great deal of persons wishing to ar- same time also meet high competition. panies. As result several companies suf- Agency establishment is more than ur- range fraudulent schemes. One major challenge for companies fered under liquidity problems as their gent issue for Ukraine. Indeed, it is ex- In our opinion, fraud risk may be mit- is to provide to potential customers fa- financing depended on credit insurance. tremely difficult for us to compete with igated by way of business circles? repre- vorable payment terms. Good product Unfortunately some of the international the leaders of global economy in high- sentatives delegation to the supervisory or service is not always enough; the credit insurers also closed their doors tech products market segment in the board or another body that will oversee deal can be decided based on financ- for time being. In such situation ECAs developed countries. On the other hand, such structure, as well as by special by- ing terms. And here the ECAs have have opportunity to extend their activ- the markets of Africa, Middle East and laws on the risks underwriting proce- great role to play. As they provide cover ity. Southern America also represent high dures enactment. for credit risk, they help companies to Thus, the establishment of the na- potential for Ukrainian producers, pri- Nevertheless, although exports risks sell so that the risk of getting money is tional export credit agency in Ukraine marily thanks to the still existing trading insurance is vital for exporters, there still hedged. If we speak about longer pay- would be definitely a positive step: as relations of the former USSR with these exists uncertainty as regards relations ment terms then also banks would be ECAs are networking, having a partner regions and our readiness to trade in of businesses with the new structure. involved in providing favorable financ- organization in Ukraine has a huge val- ?uncivilized? environments. At the same In fact, if risks are insured on an arm?s ing terms for buyer. Data of Berne Un- ue for information exchange?. time, in doing so we should be prepared length basis, the interested companies ion show in which extent ECAs have to take respective business risks. Many will encounter difficulties as reputation of these countries are very peculiar, and, of the national financial sector has been as such, a correctly organized activity of far from perfect in the period of the re- ECA may become one of the fundamen- cent global market turmoil. Hardly any tal drivers of our exports growth. enterprise will agree to ship its goods It is enough to mention KUKE and against ECA?s guarantee, as, in case of KUKE S.A, MEHIB to realize that the former social- losses and default of the insurer, such Poland ist camp countries have already success- enterprise would have to engage into fully mastered this technique. Moreover, litigation with a state-owned entity. even in the post-Soviet regions there are In our opinion, in order to test this examples of export insurance companies technology, it will be most appropriate Ms. Anna Pavlak, Head of Insur- ucts without financing for the importer. establishment, such as those operating to launch a pilot project, under which ance Department and State Guarantees Therefore, the presence of a national in Kazakhstan and Belarus, and ? since the government will authorize an eligi- considers that ?The national ECAs play export credit agency strengthens the po- recently ? in Russia. ble company: important role in developed economies. sition of domestic companies on inter- The country?s top leaders are also 1) to maintain relations with foreign They support and stimulate exports national trade market, especially those aware of this issue ? to support this state- credit rating agencies to underwrite for- through credit insurance and guaran- companies which export goods and ser- ment, it will be enough to mention that eign customers? risks; tees (pure cover providers) as well as vices normally purchased with the use the list of the national security priorities 2) to transact with 3 to 5 authorized through direct financing (eximbanks). of medium and long term export credits. approved by the Decree of the President insurers, selected on a competitive basis, Almost all OECD member countries Most of the countries from the former of Ukraine of 10 December 2010 includes which will be reimbursed a portion of established their national ECAs many Eastern Bloc have already set up their ?implementation of measures to facili- costs incurred in this type of activity and years ago. ECAs fill the gap on the mar- national export credit agencies. In ear- tate organization in 2011 of a system of a share of potential losses. ket which cannot be filled by commer- ly 90-ies such agencies appeared i.a. in export crediting and insurance, includ- The above scheme will make it possi- cial insurers. This was particularly vis- Poland, Czech Republic, Hungary and ing state support of the schemes of cred- ble to take advantage of the established ible during the recent global economic Slovenia. Later on many other coun- it and export risks insurance?. customer relations and to prevent many crisis when many private insurers and tries decided to create their own ECAs, On the other side, resolution of this fraudulent acts, as the private entities are reinsures limited their appetite for risk including Balkan states, Kazakhstan, issue via establishing a state-owned ex- well known to keep a wary eye on every or sometimes even stopped extending Uzbekistan and even Belarus. It would port insurance company has a number of penny expended. coverage for new transactions. When be important for players of the interna- weak points. In any case, it is required to perform the capacity of commercial players on tional trade market to know that they The major part of Ukrainian exports a scrupulous quantitative analysis of all the credit insurance market shrinks, the can rely on support from a specialized is represented by products of low level alternative options of solving the issue of ECA may step in and continue stimula- Ukrainian export-oriented institution processing. Given the specifics of these financial support to export and econom- tion of trade flows. with state mandate. It is important not products markets, many metallurgical ic result of such options, including the When the country shifts from export- only for exporters from Ukraine, but and chemical enterprises, accounting for scenario of the costs of letters of credit/ ing raw materials and semi-products to also for their partners in other countries more than half of the national exports, guarantees reimbursement/guarantees, more sophisticated goods and services and for banks involved in international either have well-established trade rela- and respective financial risks insurance. (machinery, construction services etc) trade financing. Also, for the community tions with major foreign resellers, or Another type of problems to address the role of ECA?s support growths. of ECAs it would be helpful to have a re- have established their own trade houses is represented by organizational issues. Buyers of investment goods expect and liable export credit insurer counterparty abroad and, therefore, they hardly need Insurance of export risks, both in terms require longer tenor credits form their in Ukraine, considering it being one of ECA?s services. of underwriting and settlement of claims, suppliers and/or banks. Longer tenors the biggest markets in Eastern Europe. Alternatively, agricultural sector com- is quite peculiar and requires involving in turn are less acceptable for private The existence of the ECA in a country panies do need the ECA services: traders highly qualified personnel. Ukraine has credit insurers, so this is the area where is one of the signs of development of the are very active in these markets but, hav- neither such experts nor even clear un- sometimes ECA is the only available country and its openness for the world. ing feasible business plans, are often un- derstanding of the legislation required insurer. Suppliers who offer to their Establishment of the national export able to arrange trade financing through for such risks insurance. The explana- clients not only goods/services but also credit agency shows that the country?s bank guarantees or letters of credit as all tion is very simple ? none of Ukraine?s adequate long term financial package authorities recognize the importance of they can secure purchased goods with is markets leaders has ever employed such get competitive advantage over those exports to the national economy?. their office equipment. type of insurance. suppliers who try to sell their prod- 4 TRADE FINA NCE ¹2 / February-March 2011 / IBOBSERVER / www.ibcontacts.com.ua CREDIT CURTAIN OR JUST A COVER-UP? Any business activity outcome is predetermined by country risks. ?But that?s not fair!?- you will say. Unfair, but it is reality. On the other hand, had there been no risks, there would be nothing to insure. Kateryna S. Barabash, Specialist on Trade Finance,Managing Director of IBCONTACTS The credit rating of the country where the borrower operates is the first thing ana- lyzed by foreign financial and insurance organizations when determining credit- worthiness of potential customers. Indeed, should one confide in a company from a state characterized by political instability, corruption and growing external debt?! For example, the experts of Coface, a French ECA, believe the above risks are ?traditional? for Ukraine and other CIS countries. Coface representatives empha- sized this in their presentation made dur- ing the Country Risk 2011 Conference re- cently held in Paris. All these factors affect Ukraine?s credit ratings within the systems of different tions and attract significant foreign trade So, the question is how could a Ukrain- which we intend to discuss in more detail ECAs. For example, during the global cri- finance at reasonable interest rates. The ian entity open this credit curtain and ob- in the next issue of IBOBSERVER, is anoth- sis period, taking into account a number of primary obstacle is non-transparency of tain required limit and payment deferral er decisive factor for Euler Hermes. factors and risks, ly virtually all credit agen- Ukrainian companies? financial activities terms in the situation when country?s rat- There are, however, other equally im- cies significantly downgraded Ukraine?s which is believed to be another risk tradi- ing is rather low? portant aspects. For example, HeitmanMr. rating which was below satisfactory level tional for our region. The answer to this question is, in the Jens Heitmann, Head of Department, Fi- even before the market collapse. ?Before the crisis, we insured a great first place, in efficiency and performance nancial. Sector and Key Account Risks of While Russia?s rating was upgraded as deal of loans which resulted in significant of the interested Ukrainian company it- Euler Hermes, said that ?feasibility of any early as in January of 2010, and the rat- growth of Ukrainian companies? external self, availability of international referrals long-term trade finance project within the ing of Kazakhstan was not reduced at all, debt and, as as consequence, in failure of and solid payment discipline. For example, scope of an ECA-guaranteed interbank Ukraine?s reputation suffered the most. the whole system?, ? admitted Yves Zlo- when evaluating potential projects of trade agreement, is greatly dependent on the rat- Our national rating began to increase mod- towsky, Cofas France Chief Economist. Mr. finance provision trade finance from Hol- ing of Ukrainian bank participating in the erately only in the second half of 2010 re- Zlotowsky emphasized that one of the main land, the underwriters of the state owned arrangement and acceptance of its guar- sulting in higher volumes of insurance of factors critical for Ukraine?s rating was the Atradius agency primarily consider the antees by foreign insurance and financial trade transactions with Ukrainian compa- inefficient state governance system affect- size of the borrower and the amount of its institutions?. nies. ing the image of Ukraine in the eyes of for- profits in Euros or US Dollars. Therefore, foreign trade finance projects, The increase of Ukraine?s rating was eign investors in the long-term perspective. At the same time, when assessing the guaranteed by ECAs, are both favorable driven by a number of factors, the first and Still, it should be pointed out that some level of confidence in a potential Ukrain- and cost-effective for Ukrainian importers. foremost of them being the political stabili- improvements in the system have been in- ian importer, the experts of Euler Hermes, But such schemes will succeed only under zation in the country. However, there is a troduced already in the second half of 2010 a German ECA, rely upon the applicant?s the condition of all interested parties? (i.e. variety of aspects preventing upgrades of in comparison with the situation observed corporate rights analysis which includes buyers, suppliers, ECA, banks and under- Ukraine?s rating to an estimable level that in 2009. Furthermore, the volumes of direct review of its ownership structure and pe- writers) activities clear cut coordinationall would allow Ukrainian traders to obtain foreign investments in Ukraine have also riod of holding its shares by the same per- interested parties (i.e. buyers, suppliers, more favorable contract terms and condi- been increasing gradually lately. sons. The analysis of corporate cash flows, ECA, banks and underwriters). COMMENTS: position is scheduled for review in Q1 with the specification of tasks in the eco- ing the development in Ukraine and Export Development 2011. nomic area by 2010 (e.g. review of the the rest of the region closely. After the In terms of Ukraine?s country risk tax code) is highly appreciated by part- crisis hit Ukraine and other CIS coun- Canada rating, as you may be aware, the OECD ner economies. Ukrainian government tries we have adjusted our cover policy Expert Group is meeting next week to published its long-term forecast of key towards the country. We have become (EDC), review and discuss a potential upgrade economic indicators. The GDP growth more concerned about deteriorating Canada to Ukraine?s country risk rating. EDC in 2012-2013 is expected at the level credit quality as well as currency mis- will be represented at these meeting by 6.5% and the inflation should decrease match than before the crisis. We have Mr. John M. Place, Chief Representa- one of our economists, who will also be to 6.2% in 2013. Tax, social and economy also implemented a stricter approached tive, Russian Federation & CIS has un- meeting with the IMF to discuss their reforms should form the basis for such towards the banking sector, especially derlined that ?Canada has a well estab- programme in Ukraine. Upon her re- positive perspective. We consider as smaller banks with weak ownership. lished trade relationship with Ukraine turn at the end of January, I would be positive sign the signed IMF Stand-by We hope to see improved economic which has been an important market in pleased to share further information agreement, which represents a guaran- stability, and believe that Ukraine has the past for Canadian agricultural and from our Economics group and would tee of financial stability, in case Ukraine great potential, but we believe that agri-food products, agricultural equip- be pleased to pass on any questions you will fulfill the criteria set by the IMF, e.g. fulfilling the potential will depend on ment, oil and gas equipment and servic- may have to that group concerning their restructuring of the banking sector and whether fundamental structural re- es, transportation, and information and findings and the upcoming decision by strengthening of the financial sector le- forms will be implement timely and communication technologies. EDC is of the OECD. gal framework. Therefore, we are open correctly. Whether this will happen or the view that the economy of Ukraine is At such time that EDC fully re-opens to cover both short-term and medium- not is still a question. Among the areas increasingly showing signs of sustain- our country position in Ukraine, we and long-term Ukrainian risks primar- of concern is the high level of corrup- able recovery and that, in the long term, anticipate substantial opportunities ily based on a good creditworthiness tion, lack of political predictability, in- following stabilization at the macroeco- for support of Canadian exporters and of debtors. Main problems remain the creasing sovereign debt, external bal- nomic level, the Ukrainian market will Ukrainian buyers?. privatization process, the protection of ance, diversification of the economy, again provide highly attractive oppor- foreign investments and increase of the commercial climate (including legal tunities for Canadian companies and law enforcements?. system, political regulation, bureau- an important role for EDC in support cracy, corruption), access to reliable of Canadian exporters and Ukrainian information, financial regulation and buyers. As of the present date, however, Eksport Kredit Fond- more. given Ukraine?s current and recent mac- Improvement in the macro econ- EXIMBANKA SR, ro-economic challenges, EDC has cer- en (EKF), omy including but not limited to ex- tain restriction on its ability to provide Slovakia ternal balances, debt position, foreign support across our product areas. EDC Concerning to Ms. Denisa Petríková, Denmark reserves and public budget as well as will consider support in Ukraine on a Director of International Relations De- Ms. Anne Andreassen, Analyst improvement in the commercial cli- case-by-case basis where we are able to partment of the Slovakian Eximbank Countries & Bank Risk emphasizes that mate. Political commitment to adopt mitigate country-related risks in a sub- ?Adoption of a long-term economic re- ?The Evaluation scheme of EKF was and implement structural reforms is stantive manner. Our current country form program for the period 2010-2014 not changed. However, EKF is follow- an important issue as well?. ¹2 / February-Marc h 2011 / IBOBSERVER / www.ibcontacts.com.ua TRADE FINANCE 5 COMMENTS: When Insurance Finnvera, Finland Event Occurs Mr. Raija Rissanen, Finnvera Director to improve the transparency of the legal and egory to each classified country. This cat- informed our newspaper that ?Finnvera did As it is known, both private and state- business environment for foreign investors egory implies the minimum premium rate not introduce any changes to our risk evalu- and financiers. owned insurers are operating on the interna- to be charged on export guarantees (with ation scheme. We paid special attention to tional credit risks insurance market. Export As an official export credit agency we fol- maturity longer than two years). The ba- the banking sector credit agencies (ECAs), established by the ?s perfomance in certain low the OECD rules on export credits. There sic elements of the assesment method are countries, among which are the CIS coun- is a group of country risk experts within the governments, are distinguished by more com- a) economic development of the country tries. As a conclusion of that we restricted OECD assessing risks and setting classifica- (GDP growth, economic policy), b) exter- plicated and bureaucratic decision making risk taking of banks. We have reliefed most tions for countries. Normally each country nal situation (debt, debt service, reserves), procedures, although this allows them to more of the restrictions by now. But we still en- is classified once a year. The purpose of the c) strength of the financial (banking) sector efficiently overcome crisis situations ensuring courage the Ukrainian authorities to work assessment is to determine a premium cat- and d) overall business environment?. protection both for governments and borrow- ing entities. Indeed, in case of insurance event, private insurers cover losses out of their own funds, while state insurance companies obtain SACE, Italy required funds from the state budget. Fundamental for such cases is the nature of Mr. Marco Minoretti, CIS Risk Analyst exposure has increased in 2009-2010 as com- but there are other very critical issues to be ad- insurance event, e.g. bankruptcy of the buyer, for SACE said IBOBSERVER that ?The in- pared with the previous years. dressed in order to allow a real mitigation of or indemnification to the supplier in case of ternational financial turmoil had a relevant There are positive factors that can be the the country risk. First of all, the restructuring borrower potential default. For instance, if the impact on the already vulnerable economic base for the recovery (although a very slow of the banking system will be key to a better company is an active market player and its system and the unstable political situation in and difficult one): the increase in steel prices, business climate and to a real stabilization of arrears in payment was caused by the crisis Ukraine. The deterioration of the macroeco- the IMF program, a relatively low public debt the whole area: in some CIS countries, the in- that affected all market participants, it will be nomic context (recession, lower exports, in- and a satisfactory level of foreign exchange terbank market is nowadays virtually frozen, the case of supplier?s protection from market creased private and sovereign debt, pressure reserves. The 2010 presidential elections have and the cost of funding has hence risen. In crash. In such situations, ECAs are rather loyal on the exchange rate) and the fragility of the finally opened the way to a greater political Ukraine, Fifteen banks have come under the to borrowers (buyers), provided, however, the banking system (double-digit increase in non- stability. Nevertheless, the persisting fragili- temporary administration of the State and the following conditions are met: perfoming loans and losses) led SACE to keep ties of the country led SACE to stick to a H2 costs of recapitalization of the banking sector excellent payment discipline and credit his- Ukraine under special observation and down- risk rating for Ukraine, with a stable outlook: is very high. The adoption of anti-corruption tory of the buyer. The above condition is criti- grade the country risk level from H1 in 2007 to the high external debt and fiscal deficit, the and transparency policies will also be crucial cal for the decision of the ECA. In addition, the H2 in 2008. In spite of the adoption of a more growing contingent liabilities and, last but not to lay the basis for an efficient business envi- agency will take into account company?s effi- cautious approach in the last years, SACE has least, the already mentioned weaknesses of ronment throughout the CIS area. ciency in terms of compliance with its contrac- not changed its terms of cover in Ukraine and the banking system. For Ukraine in particular, the respect of the tual obligations to other foreign counterparts in kept on assessing all transactions on a case by The destiny of many CIS countries is commitments undertaken with the IMF will the past. For instance, ECA experts will inquire case basis. linked to commodities prices and the Europe- play a fundamental role to reassure interna- whether its accounts receivable were renegoti- As an evidence of its commitment, SACE?s an recovery, which is likely to be very lengthy, tional investors?. ated and settled. The share of company?s credit lines that gave rise to the insurance events in the total credit lines opened for the company (both in Ukraine and abroad) will also be con- ONDD, Belgium sidered. the time lapsed after the occurrence of insur- Mr. Nabil Jijakli, ONDD Secretary Gener- over the next quarters. developing a com- ance event is to be at least six month, preferably al commented that ?As it became clear rather While the most pressing dangers have prehensive strate- ? one year. Such fact will evidence importer?s quickly that Ukraine was among those coun- abated since in Ukraine, the country is still gy for the troubled operation stability. tries the hardest hit by the global financial and burdened with several issues that will most banking sector, There is a number of other factors influ- economic turmoil, ONDD introduced some likely prevent the country from a smooth re- where a clear view on asset quality is lacking. encing the decision on renewal of credit lines, specific temporary crisis measures in its cover covery. The eventual stabilization of the po- Also, the amount of external debt falling which depend on the specific character of the policy regarding Ukraine. As commercial risk, litical scene lured the IMF back to the country due is set to remain high for years to come. As borrower?s operations and its financial and the risk resulting from the deterioration of a and allowed the country to mend relations of next year especially, when redemption of business performance. debtor?s financial situation, mounted, it was with neighbouring Russia and conclude a the IMF support starts, this could create new decided to suspend cover for this type of risks welcome gas agreement. Little progress has problems for the country. In other words, the All in all, life does not end with insurance and only grant cover for political risk, which been made though in the field of long over- country has moved out of intensive care but event. is the risk resulting from a force majeure in a due structural reforms like tackling energy in- it is still far from cured. For Ukraine to see a particular country. This rather restrictive stip- efficiency in Ukraine?s industry, the country?s fundamental upgrade by ONDD, the issues Department of trade projects ulation was gradually withdrawn as the eco- notoriously complicated tax system, making touched upon above will have to be dealt with nomic circumstances in Ukraine improved headway with fiscal sustainability and finally first?. Company IBCONTACTS Euler Hermes: International Trade Development Forecast for 2011 Although threatened, the global economic recovery is likely to win through tries that have benefited least from the re- rate insolvencies will remain at a high covery. level Euler Hermes? Global Insolvencies corporate insolvencies will continue to decline in 2011 All in all, Euler Hermes estimates that, Index fell by 4% in 2010 compared with after reaching 4% in 2010, growth in the an initial forecast of 3%. After record in- Credit insurer Euler Hermes expects the each of the past six quarters and a signifi- world economy will drop back to a mod- creases in 2008 and 2009, with the Global global economic recovery to be confirmed cant rebound in most of the main global erate 3.0% in 2011 before picking up again Insolvencies Index rising by 28% in each out to 2012. It will, however, remain very indicators, such as industrial production, to 3.3% in 2012. The slowdown forecast for of those years, corporate insolvencies be- uneven from one geographic region to international trade, etc. 2011 will be more pronounced for OECD gan to decline again in many countries in another in 2011, with a slight slowdown ?We believe there will be a global recov- countries. Trends in world trade are ex- 2010. More than half the countries sur- overall. After 4% in 2010, world growth ery out to 2012,? says Wilfried Verstraete. pected to be similar, with growth drop- veyed reported a smaller number of cor- will drop back to 3% in 2011 before ris- ?However, some risks and uncertainties ping from 14% in 2010 to 8% in 2011 before porate insolvencies in 2010 than in 2009. ing again to 3.3% in 2012. After making persist, particularly for 2011. To begin moving up to 9% in 2012. The decline was stronger in Asia (12%) good the 2009 slump in 2010, world trade with, growth in Asian countries, which, and the Americas (8%) than in Europe, is forecast to grow by around 8% in both excluding Japan, have already largely Europe will lag behind where the situation of businesses remains 2011 and 2012. erased the impact of the crisis, will un- more difficult in some countries, such as The 2011 slowdown will be more pro- doubtedly drop back to a more balanced, After growing by 1.7% in 2010, the Greece, Portugal, Italy and Ireland. nounced for OECD countries than for and therefore more moderate, pace. Also, Although less robust in 2011, the euro-zone economy is forecast to grow emerging regions. the major fiscal consolidation measures gradual recovery in the world economy by 1.3% in 2011 and by 1.5% in 2012. This ?The euro zone has lost out in the pre- adopted by developed countries whose should pave the way for a drop in corpo- sluggish growth reflects the persistently sent global recovery, with GDP not ex- public finances have deteriorated signifi- rate insolvencies (forecast at 5% in 2011) weak demand in Europe under the impact pected to return to its 2008 level until the cantly as a result of the crisis and of the in a larger number of countries. The de- of unemployment - which has increased in end of 2012, due in particular to the fis- stimulus packages implemented are likely crease will not, however, manage to wipe all countries except Germany - wage mod- cal consolidation measures,? points out to hamper growth.? out the record rises in corporate insolven- W eration and the fiscal austerity measures ilfried Verstraete, Chairman of Euler Euler Hermes estimates that growth in cies recorded in 2008 and 2009. Hermes? Group Management Board. Asia will announced by several major countries slow by more than 1 percentage ?Having made use of most of the le- Against this backdrop, the decline in and which will continue out to 2013-2014: point of GDP to around 7% in 2011 after vers available to them, particularly in savings of ?100 billion for France and of corporate insolvencies is expected to con- 8.5% in 2010, in line with the slowdown terms of costs, businesses, especially Eu- ?80 billion for Germany. ?These consoli- tinue, down by 5% in 2011 after falling by expected in China, where growth is ex- ropean ones, have learnt from the crisis dation plans are a major effort for all the 4% in 2010. Corporate insolvencies will pected to drop from 10% in 2010 to 8.8% in and are now better structured,? com- economies concerned. However, the aus- nonetheless remain at very high levels 2011 and in 2012. The outlook for 2012 re- ments Michel Mollard, member of Eu- terity measures called for are proportion- next year. mains good for the region as a whole with ler Hermes? Group Management Board. ally tougher for those countries that have growth of 7.4%. ?They will still have to get through 2011 A benefited least from the recovery, such as t the same time, after rebounding to before they can benefit fully from the re- Ireland and Greece,? underlines Karine 2.8% in 2010, US economic growth is set World economy: the slow- covery in 2012. Given the overall weak- Berger, Euler Hermes Chief Economist to slow slightly to 2.2% in 2011 given the down forecast for 2011 does ness of demand in Europe, they are still and Group Head of Market Management inadequate recovery in private sector em- faced with significant risks. The general not jeopardise the recovery and Strategic Marketing. Economic recov- ployment. However, the pace of recovery trend is, however, more positive than it ery is expected to remain weak in France is expected to pick up to 2.4% in 2012. The was a few months ago,? concludes Michel The global economic recovery initiated with growth of 1.3% en 2011, after 1.5% in trend is likely to be similar in Europe, Mollard. in the spring of 2009 has gradually been where 2010, before rebounding to 1.8% in 2012. fiscal consolidation will limit the confirmed with growth in world GDP in Although expected to decline, corpo- rebound in 2011, particularly in the coun- 6 TRADE FINA NCE ¹2 / February-March 2011 / IBOBSERVER / www.ibcontacts.com.ua TRADE FINANCE VOLUME IS GOING TO In the end of 2010, the European Bank for Reconstruction and Development issued a ?Transition Report 2010?. Simi- lar presentations are held by representatives of EBRD in INCREASE Kyiv annually. The EBRD is active in Ukraine since 2003, and today the country is in so-called area of bank opera- tions (29 countries in Central and Eastern Europe, CIS and Central Asia). Today the EBRD is the largest investor in the country that provides financial institutions and domestic agricultural companies with loan funds, as well as invests in projects in the field of real estate, production, electric- ity transmission, development of infrastructure and metal- lurgy. grown by 30 percent in 2010 due to good tinues to face significant institutional tries. Small and medium sized compa- harvest of sunflower seeds. Agricultural and structural challenges. Despite recent nies with low credit rating find it in- exports would have been even higher, if improvements, it ranks low among its creasingly difficult to obtain financial it were not for grain export quotas in- international peers in global surveys of support to conduct their international troduced by the authorities to prevent business environment and governance. business. In less developed countries shortages and contain local price in- Significant hurdles remain in the areas local banks are noticeably restrictive creases. of competition policy, setting up new in their business activity. This is com- Imports also picked up after a steep businesses and bankruptcy procedures, pounded by the tendency of many drop in 2009, but relatively subdued while business governance standards Western commercial banks to reduce or domestic demand and slow recovery remain weak. Businesses face difficul- close their trade finance lines for many of bank credit has helped to limit the ties when accessing land, which remains banks in EBRD?s region. This is particu- widening of the trade deficit so far. The largely non-tradable. Sector specific larly the case in Ukraine and Kazakh- April gas deal with Russia has helped to transition gaps also tend to be large. The stan where the banking sector suffered keep import costs down. Staring in Oc- authorities? reform agenda, unveiled in enormously as a result of defaults dur- tober 2010, import growth accelerated June 2010, includes a comprehensive ac- ing the crisis but also in smaller CIS due to increase of gas imports. Based on tion plan in all key structural areas and, countries where the risk of doing busi- the preliminary information published if implemented both letter and spirit, ness is still regarded as too high. Bar- This time the report was presented by the National Bank of Ukraine, we es- should help institutional and infrastruc- ring very rapid economic recovery in by EBRD Chief Economist Erik Berglöf timate the current account deficit in 2010 ture reforms over the medium term the region, we expect that pick up of that came from the London office of at about 2 percent of GDP. It is expected trade finance to the levels experienced the bank. In an exclusive interview to to widen to around 4-5 percent of GDP What are your forecasts for 2011 con- before the crisis would take some time IBOBSERVER Mr. Berglöf spoke about in 2012 as steel prices are expected to cerning financing of international to materialise. the prospects and specific character of either stabilise or grow only modestly, trade? trade finance market in Ukraine and an- and recovery of the domestic consumer EBRD?s involvement in trade financ- nounced the EBRD forecasts with regard and investment demand picks up. The beginning of 2010 was charac- ing during and after the crisis to international trade in the nearest fu- terised by the legacy of the 2008/2009 ture. What needs to be done to strengthen trade finance crisis in the EBRD region To partly mitigate the reduction of What is the current situation in the Ukrainian export market? caused by a decline in risk-taking ca- the private sector?s ability to finance Ukrainian export market, influence of pacity and liquidity available to finance trade transactions during the crisis, the crisis and expected post-crisis de- Although Ukraine?s exports are less trade through banks, export credit the EBRD expanded its trade facilita- velopment? energy and resource dependent than agencies, private insurance underwrit- tion programme (TFP) launched in in some neighbouring countries, the ers and investment funds. Furthermore, 1999. The programme can guarantee Compared to other countries in the share of high-value added manufactur- low levels of commodity prices, export any genuine trade transaction to, from region, Ukraine?s exports are relatively ing remains low. At the same time, past revenues, together with a devaluation and within the countries of operation. well diversified in terms of products growth drivers have faded: unit labour of local currencies and the slowdown of 114 issuing banks in 21 countries of and markets. Its share of world exports costs increased, average external tariffs domestic economic growth contributed operations currently participate in the doubled during the decade before the are now lower than they were during to reduce demand for imported goods. programme with limits exceeding ? 2 financial crisis. However, high reliance the previous decade and medium-term However by the end of the first quar- billion, as well as more than 700 con- on commodities and goods with low growth in the main trading partners is ter of 2010 the situation in the region be- firming banks throughout the world. value added and high energy intensity expected to be slower than before the gan to change. Resource-rich countries Since 1999 TFP has facilitated more (e.g., scrap metal, steel products and crisis. To facilitate growth and further such as Armenia, Kazakhstan, Mongolia than 10,000 foreign trade transactions chemicals) made the economy vulner- diversify its export product basket and and Russia benefited from the rebound in the total amount of ? 6bn. A good able to changes in external environment. advance its content, the authorities in commodity prices, while countries example of the value of TFP during This risk materialised during the crisis need to create conditions for improv- with a heavy concentration on the ex- the crisis is a guarantee transaction in as international prices and external de- ing competitiveness of Ukraine goods port of machinery such as the Czech Ukraine, which supported import and mand collapsed. The impact of the crisis (both price and costs competitiveness). and Slovak Republics, Hungary and distribution of agricultural machin- was amplified by the deterioration of It is unlikely that Ukraine?s dependence Poland benefited from a rebound of the ery. This guarantee covered a letter of Ukraine?s terms-of-trade as it had to pay on several low value added and energy cyclical demand. Imports increased as credit issued by a bank in Ukraine and higher gas import prices. intensive export sectors would fall over consumer confidence about future earn- confirmed by a bank in Germany. The After falling by around 40 percent in time without attracting large scale qual- ings recovered, resulting in an increased original agreement predated the cri- dollar terms in 2009, exports of goods ity investments. domestic demand for consumer goods. sis and was concluded without EBRD are estimated to have grown strongly In Transition Report 2010 (available As a result, latest indicators?includ- support, but in order for shipments in 2010, supported by a recovery of ex- this year in both English and Russian ing statistics on short term trade credit of equipment to continue throughout ternal demand (in particular, from the language versions), we have analysed insurance and intensity of trade-related 2009, EBRD was asked to guarantee EU and Russia) and higher global steel the question of how to invigorate export SWIFT messages collected by the Berne payments under this contract up to an and other commodity prices. Export of growth. In the cross-country analysis Union?point to a tentative recovery of aggregate value of ? 50 million. TFP steel and steel products, machinery and of determinants of exports, corrup- trade finance volumes. programme remained in high demand equipment, energy and chemical prod- tion, weak rule of law and customs are However, the generally favourable in 2010, with support provided to 1,286 ucts grew particularly fast. Export of ag- among main factors that subtract from picture masks differences in access to foreign trade transactions for the total ricultural products is estimated to have export growth in Ukraine. Ukraine con- trade finance across sectors and coun- amount of ? 778 million. ¹2 / February-Marc h 2011 / IBOBSERVER / www.ibcontacts.com.ua 7 8 FINANCIAL R EPORTS ¹2 / February-March 2011 / IBOBSERVER / www.ibcontacts.com.ua FIND TEN DIFFERENCES The understanding of the key differences between the national and the international financial reporting standards will help Ukrainian companies prepare their IFRS financial statements more efficiently and faster. Any company intending to prepare its methods: straight-line method, reducing the financial covenants of their loan agree- financial statements according to the In- balance method, accelerated depreciation ments well before the end of the reporting Preparation of consolidated ternationa


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As many as 79% of consumers plan to purchase the new chocolate Reese's Snack Mix, Instantly Shelf Score found.
Popsicle has grown its brand to include a line of treats that contain nonfat yogurt.
Stop & Shop has teamed up with Unilever to support the hunger relief efforts of Feeding America and its local member food banks.
A new set of sweet treats from Unilever brands Breyers, Popsicle and Klondike is making its way to the frozen food aisle this summer.


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Could You Use The Extra Money?
The Greatest Transfer Of Wealth
Do you remember some years back, when the government deregulated the telecom industry? Consumers had more choices for long distance and phone service. But more importantly, the opportunity was provided for entreprenuers to participate in that billion dollar industry! It created 10,000 millionaires,were you one them? Don't worry, you have another chance to get your piece of the pie.
Well, that same deregulation has now been done in the energy industry!...And we ALL can take part in this trillion dollar a year industry in one of a couple of ways!


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How to tell if a girl really likes you or doesn't. If a girl normally calls/text back, but doesn't a couple times, what does that mean?
When it comes to calling/texting?
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Do you usually initiate the text/ call? If not, how soon do you text/ call her back? Cause if you don't do it soon, she might think you're not interested in her and thought she's bothering you and hence, stop calling/ texting. Try calling her and ask her if she wants to go for coffee sometime. She might start texting you again if she knows you like her as well..00|00|0
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Its possible, but does she text or call you to tell you good night? And how often does she call/text you?00|00|0
Not real often, since we just recently met.
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"Gastric blockage"
About: West Cumberland Hospital West Cumberland Hospital Whitehaven CA28 8JG
Posted by Anonymous
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I cannot fault the help and support I received during my recent emergency admittance into the west Cumberland hospital. Following my admittance through A&E I was transferred onto overwater 1 ward where I spent 2 nights in hospital. The doctors and nurses where absolutely fantastic. I cannot in anyway fault the care and professionalism shown to me during my stay. Special thanks to the doctors.
Response from West Cumberland Hospital 3 years ago
Thank you for taking the trouble to write about your experiences of care at West Cumberland Hospital. Our staff always endeavour to deliver high standards of care for their patients and we are pleased that you felt they helped and supported you on your recent emergency attendance.
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I am trying to use Crystal Reports v14 with Timeslips 2011. When i try and create a new report Tmeslips does not appear as an option in the Database Expert and i cannot connect to the Timeslips main db file by going through the Database Files folder. When i try and access it through Database Files i get an error saying no database connector has been specified.
As far as i know i have installed everything correctly. I have installed the crystal add on in timeslips and Crystal reports appears as an option in the timeslips reports menu, but i cannot get them to work together.
Can anyone help?
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Delmar Nurse's Drug Handbook Application – Lite Version
By Cengage Learning
Open iTunes to buy and download apps.
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- Updated: 08 August 2012
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- Developer: Cengage Learning, Inc.
- © 2012 Delmar Cengage Learning
Compatibility: Requires iOS 3.0 or later. Compatible with iPhone, iPad and iPod touch.


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Question: In 1879 A A Michelson measured the velocity of light in
In 1879, A.A. Michelson measured the velocity of light in air using a modification of a method proposed by the French physicist Foucault. Twenty of these measurements are in table 6E.27 (the value reported is in kilometers per second and has 299,000 subtracted from it). Use these data to set up individuals and moving range control charts. Is there some evidence that the measurements of the velocity of light are normally distributed? O the measurements exhibit statistical control? Revise the control limits if necessary.
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Answer to relevant QuestionsThe data shown in Table 6E.2 are x and R values for 24 samples of size n = 5 taken from a process producing bearings. The measurements are made on the inside diameter of the bearing, with only the last three decimals ...Reconsider the hardness measurements in Exercise 6.62. Construct an individuals control chart using the median of the span-two moving ranges to estimate variability. Compare this control chart to the one constructed in ...In the semiconductor industry, the production of microcircuits involves many steps. The wafer fabrication process typically builds these microcircuits on silicon wafers, and there are many microcircuits per wafer. Each ...A control chart for the number of nonconforming piston rings is maintained on a forging process with np = 16.0. A sample of size 100 is taken each day and analyzed. (a) What is the probability that a shift in the process ...(a) A control chart for the number nonconforming is to be established, based on samples of size 400. To start the control chart, 30 samples were selected and the number nonconforming in each sample determined, yielding. (b) ...
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Case Conclusion Date: 12.07.2007
Practice Area: Business
Outcome: $34,000+ default judgment for my client
Description: Small business commercial landlord sued business tenant for delinquent rent and other violations of the lease.
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The A America Bar and Game Room Low Back Parson Stool is available in the Altoona, PA area from Fiore Furniture Company. Not all items are kept in stock, special order may be necessary.
Actual Weight: 23.1
Wood Species: Asian Hardwood. Wood Tone: Medium. Distressing: No. Color: Cashmere. Material: Solid Wood. Upholstery Material: PU Leather.
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Fiore Furniture
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text: All About My Career And College! Diana L. 9th GradeMay 2, 2014 AVID IMrs. EdwardsHunt High SchoolProject Purpose: Become more familiar with Mental Health Counselling at Western Carolina that allows me to get a Masters Degree in psychology.Sources: cfnc.org vacareer https://encrypted-tbn3.gstatic.com/images?q=tbn:ANd9GcSRc8_UjKVOYBWMExVEi852TtkrjBxm5tmUD_jC1cd05DfL8n6WhA Western Carolina University Tuition: on campus- $10,575off campus- $3,397 3 Colleges That Offer A Masters Degree In Psychology 1. ECU2. A&T3. Fayetteville State *It takes 6-7 years to reach this goal.* Requirements *High School Chemistry is not required*Chemistry will be required to get this degree*Minimum High School GPA: 3.5 Classes To Take In High School1. AP Psychology 2. Sociology 3. AP History 4. Stats5. AP Biology Ratio Of Undergraduates To Teachers 13:1 Salary Beginning: $25,430Highest: $67,020Average: $40,580 Plan B. 1. Nursing2. Social3. Elementary Education