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Dear Baron Energy And Resources Fund Shareholder:
In our 2014 year-end letter we characterized the year with the Dickens quote, "It was the best of times, it was the worst of times." As we look back at 2016, we would rework that quote and say that 2016 was "the worst of times and it was the BETTER of times." We do not think 2016 was the best of times because we believe that even better times are ahead for our energy and resource-related companies over the next several years. It is our view that in 2016 we saw the bottom of the energy recession that began in 2014, as well as the beginning of a potential multi-year cyclical recovery. Oil prices and equity prices bottomed in February 2016 and oilfield activity, investment, and earnings bottomed in the middle of the year. In addition, we also saw price bottoms in industrial and precious metals and a variety of other commodities during 2016, which coupled with the recovery in oil and natural gas prices, led to robust stock performance across much of the energy and resource-related landscape in 2016. We will cover our outlook in more detail later in this letter but in short: as we look into 2017, we are seeing more bullish signs for accelerating economic growth, which combined with the major policy shift enacted by OPEC in the fourth quarter, will lead to an oil market in which demand exceeds supply and inventory draw-downs create tailwinds for higher prices than we have experienced in recent years. This bullish backdrop is expected to lead to rising cash flows for energy companies and rising levels of capital investment for the first time since 2014. Investment will be most pronounced in North America, where short-cycle unconventional oil development projects will garner the lion's share of incremental investment; while international and offshore oil & gas-related investments remain challenged. This should create a more fertile operating environment for nearly any company operating in the energy value chain in North America including exploration & production companies; oilfield service, equipment and drilling companies; midstream service providers; and refining & marketing companies.
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benchmark (S&P North American Natural Resources Index) by 256 basis points for the year and 126 basis points for the fourth quarter. All of the relative underperformance is attributable to poor performance on an absolute and relative basis for virtually the entire portion of the portfolio that was NOT invested in Energy this year and this past quarter. To put a fine point on this, our energy-related investments posted a net contribution for the year of 32.23% compared to gains of 23.34% for our benchmark. However, we generated relative underperformance in Industrials, Consumer Discretionary, Alternative Energy, and especially in Materials, which was the source of the biggest negative variance. Materials stocks in general had a very good year, especially metals & mining (including precious metals and industrial metals), and construction materials. We were underweight Materials all year, which hurt when mining & metals soared in the first half and once again when construction materials stocks got a big boost after the U.S. Presidential election on the prospects of fiscal stimulus and a big infrastructure package. We also suffered from poor stock picks and poor timing in the sub-industries that make up Materials. This was particularly true with the fourth quarter performance of one of our larger holdings in this area–Flotek Industries, Inc., which declined sharply in the fourth quarter following the publication of a short report that called into question the efficacy of the company's main chemical product. Our research and analysis contradicts what was published in that report, but Flotek's price decline nevertheless had a meaningful impact on the Fund's performance in the quarter and for the year overall.
On the bright side, we are pleased with the significant success we had investing in the Energy sector in 2016. We came into the year with a substantial cash position of approximately 15%, which was a help early in the year when oil and stock prices were bottoming. The purchases that we made in the first half of the year as we worked that cash down proved to be excellent buys. For example, we established new positions in companies such as Rice Energy Inc., Encana Corp., U.S. Silica Holdings, Inc., and Targa Resources Corp., all of which were among the top 10 contributors to our Fund's performance for the year and continued to be meaningful holdings at year end. In addition to the performance of these portfolio additions, three of our top five positions throughout the year were our core investments in high quality exploration & production companies, with a focus on the Permian Basin in West Texas. These three companies were also among the most significant contributors to the Fund's performance in 2016, and we believe they continue to hold significant potential for gains over the next several years. Our investments in the Permian Basin are a reflection of our commitment to long-term investing, as we have held large stakes in Permian-based producers since the inception of this Fund and essentially since I joined Baron Capital seven and a half years ago. Our interest in the Permian Basin revolves around our view that despite being a leading source of U.S. oil production for the past 70 years, the shift toward unconventional drilling and completion technology is still nascent and the resource has a lot of room for growth. The number of economic formations and the recovery rate from each formation combined with above average expected growth rates in production over the next several years, should result in more value creation opportunities.
RSP Permian, Inc. (NYSE:RSPP) is an independent exploration and production (E&P) company focused on the Permian Basin in West Texas. Shares rose in the fourth quarter after the company raised its production guidance, delivered strong quarterly results, and acquired Silver Hill Energy Partners in the core of the Delaware sub-basin in the Permian. We believe shares will benefit from improvements in operating results and prudent cost management as the company generates peer-leading production growth and integrates the acquired Silver Hill properties in the Delaware Basin.
Encana Corp. (NYSE:ECA) is an E&P company with operations in Western Canada and Texas. The stock rose in the fourth quarter after Encana reported production guidance that beat Street expectations, a solid multi-year growth outlook, and lower cash costs. Encana has strong positions in two of the more attractive oil plays in the Permian and Eagle Ford Basins and two of the lowest cost natural gas basins in Western Canada. We believe Encana is one of the most attractively valued E&P companies with strong long-term growth and returns potential.
Halliburton Co. (NYSE:HAL) is one of the largest diversified oilfield service and equipment companies in the world. Shares increased in the fourth quarter as the company reported strong earnings on lower costs and margins in North America that beat Street expectations. Shares also rallied after OPEC's decision to cut output. We believe Halliburton has a market-leading position in North American unconventional plays and is the best positioned company to benefit from the ongoing recovery in onshore well completion activity.
Shares of Valero Energy Corporation (NYSE:VLO), the largest independent refining & marketing company in the U.S., rose on solid third quarter results driven by lower operating costs and reduced capital budget guidance. Shares also rallied on post-election sentiment that positive regulatory changes will help with rising Renewable Identification Number costs. Valero has produced strong free cash flow and returned cash to shareholders through dividends and share repurchases that we believe will result in a potentially higher share price over the next several years.
Targa Resources Corp. (NYSE:TRGP) has a prime gathering and processing footprint in low cost oil and gas basins (specifically the Permian Basin) and the Gulf Coast. Shares of this midstream energy company rose during the fourth quarter on recovering commodity prices after OPEC signed a deal to cut production. We believe this deal will translate into better visibility, volumes, and operating leverage for Targa, allowing it to stabilize its dividend and improve its coverage ratio, and explore potential avenues for growth through better utilization and footprint expansion.
Flotek Industries, Inc. (NYSE:FTK) supplies chemical additives to the global oil and gas industry. It has a proprietary product (CnF) that helps increase oil and gas shale well productivity. Shares fell in the fourth quarter following a short seller's assertion that independent consultant studies commissioned by Flotek were based on incomplete data and failed to consider key variables. After incorporating additional data, the consultant confirmed its conclusion that CnF improves well productivity. We expect shares to rebound as Flotek proves demand for CnF remains solid.
Rice Energy Inc. (NYSE:RICE) is an independent E&P company focused on the Marcellus and Utica shales in Pennsylvania and Ohio. Shares declined in the fourth quarter due to a weakening natural gas outlook and higher exposure to Appalachia in-basin pricing following Rice's acquisition of Vantage Energy. We believe Rice offers exposure to some of the best acreage and industry-leading production growth. We also think that the market underappreciates the value of Rice's midstream holdings.
Newfield Exploration Co. (NYSE:NFX) is an independent E&P company focused on shale oil fields in Oklahoma, Utah, and North Dakota. Shares fell in the fourth quarter after the company reported quarterly results that fell short of analyst expectations despite raised production guidance and increased activity in its highest return assets in Oklahoma. We like shares at these prices and believe there is more upside to resource potential and opportunities for Newfield to sell non-core assets to accelerate development of its higher return assets.
SolarEdge Technologies, Inc. (NASDAQ:SEDG) is a leading provider of DC optimizers and inverters for residential and commercial solar systems. The share price fell in the fourth quarter on investor concerns around sluggish residential market growth as a result of changing purchase behavior and slowing growth of the largest installers. New competitors are looking to penetrate the U.S. market in 2017, suggesting amplified pricing pressure above market expectations and potentially lost market share for SolarEdge. We exited our position.
Shares of specialty chemical company Kraton Corporation (NYSE:KRA) decreased in the fourth quarter as management reduced fiscal year guidance again. We believe the reduction was due to exogenous, temporary factors, leaving our long-term thesis intact. We think the company is on track to execute its plan to grow earnings through cost savings, acquisition synergies, and organic growth, while generating significant free cash to delever the balance sheet, accruing value to equity holders.
Portfolio Structure
We ended the year with 0.6% cash, which continues to reflect our desire to run the Fund at a fully invested level that reflects our optimism about the forward outlook for the industries and companies in which we invest. The Fund remains concentrated, with the top 10 holdings representing 46.5% of the Fund at year end, down slightly from the end of the third quarter. Our level of concentration is consistent with our strategy of having a high active share and being a long-term investor in the companies in which we choose to invest. Our active share at year-end 2016 was 82.05%. Our three-year average turnover ratio was still 41.6%, even though we engaged in a higher than normal amount of turnover in the Fund in the past 12 months, as we harvested losses at year-end 2015 and refocused the Fund into a more concentrated, higher conviction portfolio. We believe that our commitment to detailed company research, high active share, and low turnover could potentially lead to superior results over the long term for our investors.
At the end of the year, the portfolio breakdown in the key sub-industries was as follows:
Oil & Gas Exploration & Production: The E&P sub-industry represented 47.5% of the Fund at the end of the quarter, and continued to be focused on North American-based producers that operate primarily in developing unconventional oil & gas reservoirs. Companies that primarily operate in the Permian Basin in Texas and New Mexico are our largest focus for E&P investments, followed by companies that are focused on the Anadarko Basin in Oklahoma, the Appalachian Basin in Pennsylvania/Ohio, and the Western Canadian Sedimentary Basin. These plays are characterized by multiple pay-zones, industry-leading returns, and expanding resource potential, and stocks such as RSP Permian, Inc., Parsley Energy, Inc., Concho Resources, Inc., Encana Corp., and Newfield Exploration Co. are key investments in these plays and were key contributors to our performance this year and this quarter. We continue to be bullish on the long-term growth potential of these four plays and the companies that are the leading developers in each.
Oil & Gas Storage & Transportation: This sub-industry, which is a mix of MLPs, publicly traded general partnerships, and C-Corp structured companies that own and operate critical oil & gas processing, and storage and transportation infrastructure, is the second largest sub-industry for the Fund and it represented 18.8% of the Fund's assets at the end of the quarter. We continued to see improving conditions in this sector, particularly for storage and transmission related companies. Many companies in this sub-industry have undergone financial and strategic restructurings in the last 12 months, resulting in stronger balance sheets and streamlined corporate structures. In addition to these actions, a more positive outlook for commodity prices has also eased investor concerns about future dividend/distribution growth, enhancing the relative valuation comparison for these stocks versus other yield-oriented investments like Utilities, REITs, and Consumer Staples. As a result, investment flows into dedicated MLP/midstream funds have picked up over the past six months and the increase in investment flows has also coincided with declining capital needs as a result of slower organic growth. The reduction in capital needs along with a series of M&A transactions have reduced the supply of equity, which we view as a positive for our investments in this area.
Oil & Gas Equipment & Services & Drilling: At 16.5%, our exposure to these related sub-industries was up again in the fourth quarter due primarily to share price appreciation and some modest purchases. The equipment and service companies that we added to the portfolio in the third quarter and were referenced in last quarter's letter were all solid contributors to the Fund's performance in the past quarter. As expected, the outlook for a recovery in oilfield drilling and completion activity in North America is brightening as a result of the increase in oil prices, and even at this early stage of recovery we are beginning to see the green shoots of pricing improvement that along with activity growth should lead to accelerating earnings gains over the course of the next several years. We continue to harbor concerns about valuation and normalized earnings power in this sub-industry, but we are more comfortable that the restructuring of the past two years could result in a more positive earnings recovery than is currently embedded in consensus estimates and in consensus valuations.
Renewable Energy: Renewable or alternative energy is not a specific GICS sub-industry, but we think this is really the appropriate classification for our investments in the Utilities and Information Technology sectors, since our investments in these two areas are primarily companies involved in the construction and operation of solar and wind electricity generation assets and battery storage systems. Investments in this area accounted for 7.8% of the Fund at the end of the quarter, and performance was mixed for the quarter and for the year. Our ongoing investment in Tesla Motors, Inc. and our new purchase of Infraestructura Energetica Nova S.A.B. de C.V. were positive contributors during the fourth quarter, while our holdings in TerraForm Power, Inc. and TerraForm Global, Inc. were modest detractors and continue to be dominated by the ongoing Chapter 11 process for their parent company SunEdison. Third-party investors have expressed interest in buying part or all of both companies in recent months and a path forward for both of these entities could become significantly clearer in the next several months.
Materials: We reduced our exposure to the Materials sector as we exited our gold positions following the U.S. election and redeployed that capital in areas that we thought would be more productive. In addition, performance among our ongoing Materials investments was negatively impacted by poor performance in the quarter for companies such as Flotek Industries, Inc. and Kraton Corporation, which also reduced the size of our holdings in this sub-industry. At quarter end, Materials represented only 5.9% of the Fund.
Oil & Gas Refining & Marketing: Independent refiners represented 2.9% of Fund assets at the end of the quarter. We trimmed exposure amid concerns about margins and tax policy following the outcome of the U.S. election. Our exposure is well below the 7.4% average weight for this sub-industry in our benchmark. We are cautious in the near term that rising oil prices will hurt refiner input costs and that the net effect of potential regulatory and tax policy changes will be a net negative for the sub-industry overall, but could have a differential impact on various companies. Until we have more clarity on the direction of regulation and policy, we see better opportunities elsewhere.
With the exception of Nabors Industries Ltd., where we added to the purchases we made in the third quarter, all of our top purchase activity in the quarter were the result of initiating new positions. The largest new position initiated in the fourth quarter was our investment in WPX Energy, Inc. WPX is a U.S.-based independent E&P company that is primarily focused on growing its production in two principal plays–the Bakken shale in North Dakota and the Wolfcamp shale in the Delaware sub-basin of the greater Permian Basin. As such, our purchase of WPX added to the Fund's growing exposure to Permian-oriented E&P companies, as the company successfully entered the basin over a year ago through a well-timed acquisition in the core of the play. Our assessment of early well results indicates that WPX's position in the Delaware is one of the best in the industry. It has the potential for multiple development zones and higher-than-average rates of recovery that we think will lead to faster growth and higher returns than currently anticipated by the Street. We have also been impressed with progress and success that WPX's management team, which took over the company in 2014, has made in reshaping its asset portfolio and see additional steps that can be taken to further optimize the asset base. We view WPX as a company that has successfully repositioned itself with top-tier assets in the aforementioned plays and a capital structure that should enable it to achieve top-tier growth in oil production, cash flow, and net asset value.
Jones Energy, Inc. (NYSE:JONE) is a small-cap independent E&P company that has a proven track record of low-cost operations and development success in the western Oklahoma/Texas Panhandle region. While the company's historical asset base has generated solid returns for the company over the years, we view Jones in a similar vein as WPX in that the investment thesis revolves around the potential for a successful transition into a new play that could result in accelerating production, growth and net asset value creation. In the last year, the company bought into an acreage position in South Central Oklahoma that sits in the Anadarko Basin and lies between the two most interesting oil development plays in Oklahoma called the SCOOP and the STACK. This area between the two plays has been dubbed the "Merge" by several industry analysts and shares a similar geological makeup as portions of the SCOOP and STACK, both of which are considered to be among the most economic emerging oil shale plays in the U.S. The industry has drilled fewer wells testing the productivity of the "Merge" and Jones has not released any of its own well results yet. However, the initial data on well productivity that has been released by other operators indicate that the "Merge" could be an attractive and economic area for future development. Based on our risked analysis of Jones' current asset base and prospective opportunity in the "Merge," we think that this company offers one of the highest reward opportunities even in a flat oil price environment. However, due to the company's smaller market cap, somewhat more leveraged balance sheet, and the more exploratory nature of its asset base, we have sized this new position to reflect both the upside opportunity as well as the higher risks.
Sanchez Production Partners LP is a small-cap midstream company that principally gathers and processes oil, natural gas, and gas liquids in the Eagle Ford shale for its majority shareholder, Sanchez Energy Corp. The company has been expanding its logistics footprint through a combination of acquisitions and organic capex investment in gathering, processing, and transportation infrastructure to serve the growing production profile of its parent company better. We believe that the combination of recent acquisitions and ongoing investments will enable the company to grow its distributable cash flow and distributions to shareholders at a 6% to 10% rate over at least the next three years and a recent large acquisition by Sanchez Energy in the Eagle Ford could result in higher production growth rates that lead to additional transport and processing opportunities for this MLP and meaningfully extend the runway for future growth. In our view, the company's current valuation does not reflect any future growth in distributions and even looks inexpensive if the company maintains its current rate of distributions, which at a $1.70/share annualized, has the company yielding almost 15% compared to comparable companies that are yielding
closer to 5%. Some portion of this valuation discrepancy can be attributed to Sanchez Production Partners having higher risks and lower long-term visibility than some peer companies that are related to larger more diversified E&P companies. However, we think the current discount and the visibility on capital returns over the next several years significantly mitigates these risks and creates an opportunity for significant upside reward.
We initiated a position in Infraestructura Energetica Nova S.A.B. de C.V. (IEnova) (MEX:IENOVA) because we believe the company will continue to benefit from privatization efforts occurring in Mexico's Energy sector. IEnova, originally Sempra Energy's Mexican unit, was one of the first private companies to build and acquire natural gas pipelines following the earliest reforms in 1996. We believe this operating experience puts IEnova in a great position to partner with a growing number of energy producers as exploration projects are auctioned to global participants and with consumers seeking to build and operate renewable energy assets. IEnova's business is built upon a diverse set of assets with long-term, take-or-pay and primarily dollar-denominated contracts providing stable and predictable cash flow. We believe the company can double its asset base and cash flow over the next several years based on its current portfolio of contracts and sanctioned development projects. Longer term, the opportunities to expand by acquiring the rights to build gas pipelines, power generation and distribution assets, and storage infrastructure should provide additional opportunities for profitable growth.
Our largest net sale in the quarter was Rice Energy Inc. (NYSE:RICE). We decided to take profits and reduce the size of the position because the rapid appreciation in the shares this year brought the stock much closer to our target price and diminished the upside on an absolute and relative basis. We exited our position in SolarEdge Technologies, Inc. during the fourth quarter as the competitive risks that plagued the shares in the third quarter became even more of an imminent threat. We decided to redeploy those assets into better risk/reward opportunities as discussed above. We exited our position in Marathon Petroleum Corp. (MPC) due to growing fundamental concerns about the net effect of changes in the regulatory/policy environment post-election. However, given that Marathon subsequently became the target of activist investor Elliott Management, this proved to be a poor decision as we left money on the table. Parsley Energy, Inc. (PE) shows up on the list of top net sales for the quarter due to the fact that the Fund experienced a redemption in mid-December equal to about 7% of our AUM, prompting us to sell a portion of many of the stocks in the portfolio. Given the fact that Parsley was our largest position on average during the quarter, the redemption sales were largest in Parsley in dollar figures. Parsley remains a top position in the Fund and is an investment that we think still has an attractive risk/reward outlook over the next several years.
Our outlook for investing in Energy in 2017 remains pretty optimistic and very similar to what we wrote about last quarter. We think there are three key messages that investors should think about as it pertains to investing in Energy over the next two to three years.
- The worst Energy recession in a generation is over.
- The U.S. Energy renaissance is alive and well.
- Equity investors remain significantly underweight in their exposures to the Energy sector and, to a lesser extent, resource-related businesses.
Clearly, after a difficult start, 2016 proved to be a very good year to be invested in the Energy sector, but we believe this is just the beginning of what we think will be a new upcycle that could continue for several more years. The macro setup for Energy is pretty good. The oil market has returned to balance and OPEC is intent on accelerating a rebalancing such that inventories return to normal. Oil demand has posted stronger-than-trend growth for several years despite disappointing economic growth. Global economic policies and priorities appear to be changing with increased priority to fiscal stimulus and not just monetary stimulus. The recent rise in interest rates seems to signal a move from a deflationary environment to an inflationary environment, and we think that the lack of inflation and fears of deflation in the 2011-2015 period was a big headwind for investing in commodities in general and energy in particular. The reappearance of even modest inflation should be seen as a good sign for investors in these areas. While it is still difficult to predict what will result from the outcome of the U.S. election in terms of exact policies, it does appear that the combined effect of changes being proposed or expected in taxation and regulation will be more of a tailwind than a headwind for the Energy sector.
Energy remains a cyclical industry with pockets of secular growth, and we continue to try to position the portfolio to benefit from a combination of recovery from the brutal recession of the last two years and the key trends that will shape the industry in the next several years. Those key trends will continue to be the development of unconventional oil and natural gas in North America, growing global natural gas demand, ongoing challenges facing non-OPEC, non-North American producers in offsetting natural production declines, and budgetary shortfalls among key global oil producers inside and outside of OPEC. All of these items will factor into the shape, size, breadth, and length of the nascent recovery and present us with opportunities and challenges over the next several years.
The Energy recession is over: We believe that the energy recession is over, that oil prices bottomed in early 2016 and have more risk to the upside than the downside. We are encouraged by the fact that the oil supply/demand balance has flipped from surplus to deficit since the middle of 2016, as seen in declining global inventories, and the prospects for a more rapid decline in inventories following the fourth quarter agreements by OPEC and key non-OPEC producers to further cut supply and return inventories to more normal levels. We are also enticed by the significant restructuring that has taken place across much of the energy industry in recent years to better align supply with demand and make companies more competitive. The industry has cut costs, closed excess manufacturing plants, pared non-core assets, reduced debt, been proactive in adapting to new technologies and adopting new business practices. All of these forces are expected to lead to improved operating efficiencies, higher normalized margins, and stronger growth for those companies that lead in the recovery.
U.S. Energy renaissance is alive and well: As we look at 2017 and beyond, we continue to believe that the best opportunities to profit from the recovery lie with U.S.-based E&P companies that have leading positions in shale plays where oil is the dominant commodity being sought and produced, such as those in the Permian and Anadarko Basins, for example. We think there is still considerable opportunity for these companies to benefit from growth in the ultimate size of the recoverable resource as more zones are delineated, spacing patterns are optimized, and completion techniques are fine-tuned. As a consequence, companies in these plays should post leading production and cash flow growth over the next several years and also see increases in net asset value. There has also been significant M&A activity in the domestic oil market in the past year with a combination of asset and corporate transactions that have improved the competitive positions of many of the companies in the Fund and helped to highlight their values as well. We expect that this will continue in 2017.
The improved fortunes of U.S. shale oil and natural gas producers in 2017 will also have positive knock-on effects for those companies that benefit from the growth in E&P capital investment (oil service, drilling, and equipment companies) and those companies that also stand to benefit from the reversal of U.S. production volume from the downward trend of the past year or more to a renewed upward trend (midstream gathering, processing, and transportation companies). We foresee that the recovery in the U.S. rig count that began last summer will continue in 2017 as a result of higher industry cash flows and increased access to capital markets. The improvement in drilling and subsequent completion activity will lead to an earnings rebound for oil service, drilling, and equipment companies with exposure to the U.S., while those with businesses that are more focused offshore or overseas will likely experience a slower recovery or none at all in the next 12 months. Oil and gas gathering, processing, and transportation companies should also experience higher throughput volumes and a demand for more investments in such capacity. The growth in volume and the renewed opportunity to invest capital should boost midstream earnings and distributions and set the stage for additional growth beyond 2017. These three areas of the energy industry (E&P, oil service, and midstream) are the dominant areas for investment in our Fund and are likely to stay that way in 2017 as the expected industry recovery unfolds.
Equity investors remain significantly underweight in their exposures to the Energy sector and, to a lesser extent, resource-related businesses:
Investor surveys continue to show that while institutional investors are less skeptical about the outlook for energy and resource-related stocks, and are less underweight than last year, they are still cautiously positioned toward these areas and remain underweight relative to historical norms. We think this means that there is still a significant amount of capital remaining on the sidelines that could be put to work in the areas in which the Fund invests. Furthermore, it is possible that index weightings will get revised upward over time, adding more pressure for both active and passive investors to get involved. The Energy sector has been one of the least correlated of the major sub-sectors of the S&P 500 Index to the overall performance of the S&P 500 Index over the past five years, so an allocation to a dedicated energy and resource fund may provide a differentiated return and diversification for investors.
I am pleased to have had the opportunity to share my thoughts with you in this letter. Thank you for having the confidence to join me in investing in Baron Energy and Resources Fund.
James Stone
Portfolio Manager
The discussions of the companies herein are not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this report reflect those of the respective portfolio manager only through the end of the period stated in this report. The portfolio manager's views are not intended as recommendations or investment advice to any person reading this report and are subject to change at any time based on market and other conditions and Baron has no obligation to update them.


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Wolff sells last shares in Williams team
Mar.10 - Toto Wolff has severed his last ties to the Williams team. The Austrian entered F1 in 2009 when he bought into the British team..
Mar.10 - Toto Wolff has severed his last ties to the Williams team. The Austrian entered F1 in 2009 when he bought into the British team..
Sep.23 - Alain Prost has played down reports he is set to return to F1 as a team owner. The paddock grapevine has suggested that as Renault..
Jul.31 - Ron Dennis has only until the end of the season to take majority control of McLaren, the German publication Speed Week reports...
Jul.9 - Lawrence Stroll has a EUR 120 million cheque to spend on a formula one team, Italy's Autosprint claims. Days ago, it was rumoured..
Toto Wolff has offloaded more of his stake in the Williams F1 team. Ever since the Austrian bought into Mercedes early in 2013 and began..
Ferrari will be floated on the stock exchange next year. The Maranello outfit - the F1 team and the producer of exclusive sports cars -..
Toto Wolff is still working on offloading his stake in the Williams team. Ever since the Austrian bought into Mercedes and began working as..
Williams has a new co-owner. Ever since he bought into Mercedes and became the Brackley squad's team boss, Toto Wolff has been..
US media companies Liberty and Discovery have moved to buy a major stake in formula one from CVC, according to reports. The New York Post..
The Monza paddock began to disband late on Sunday amid the swirling rumour that Ross Brawn may be buying into the Williams team. The story..
Aabar, the Abu Dhabi state investment arm, may have withdrawn at Mercedes in order to buy into the Toro Rosso team. It emerged this week..
Mercedes-Benz has taken back total control of its formula one team by buying the 40 per cent stake held by Aabar, the Abu Dhabi investment..
F1's plans to float on the stock exchange look set to sit idle on the grid for some time. Writing in the Telegraph, business journalist..
The German bank BayernLB wants Bernie Ecclestone to repay US $400 million, the Suddeutsche Zeitung newspaper reports on Thursday. The bank..
Sep.27 (GMM) F1's stock market floatation will not take place in 2012, Bernie Ecclestone has announced Earlier this year, the sport was..
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subset: commoncrawl


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Liturgy and Interpretation
- Format: Paperback
- Copyright: 10/30/2011
- Publisher: Presbyterian Pub Corp
Note: Not guaranteed to come with supplemental materials (access cards, study guides, lab manuals, CDs, etc.)
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Kenneth Stevenson was one of the UK's leading liturgical scholars with an international reputation. Much of his work was in the borderlands of theology, worship and history. The essays in this book are worked examples of the importance of interpretation and liturgy, particularly in the light of the growing impact in recent years of reception-history, and how this interacts not only with biblical scholarship but with worship and doctrine as well. Interpretation and Liturgy is a big subject, and one that is unlikely ever to go away. It is part of the twofold movement of divine initiative and human aspiration - or to put it yet more directly, what some would immediately call the inspiration of the Holy Spirit, others would call the religious imagination, and others again would call both.


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Research Offcuts14 May 2017 08:12 pm
Mar 2016
The Book of Legendary Lands - Umberto Eco, tr. Alastair McEwen - MacLehose Press, 2015
* *
A disappointment, this. I got it because it looked pretty and I thought that Eco would have some interesting things to say about worldbuilding and its semiotic meanings. Unfortunately, he doesn't, really, contenting himself with potted histories of legendary locations such as Camelot, Thule and Atlantis which were clearly culled from his research for Foucault's Pendulum. The copious pictures are beautiful, but I got the impression that this was meant to be a coffee-table book rather than a serious work of literature.


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Britney Spears's Vegas Show Took A Scary Turn When A Fan Rushed Her Stage
And her dancers stepped up in a huge way
And her dancers stepped up in a huge way
Oh — and Beyoncé, naturally
Give her some credit, please
She's the mastermind behind big hits for Justin Bieber, Selena Gomez, and more
Look at your own risk
Um, can any of these ladies be my aunt, too?
Read the powerful letter condemning 'poisonous' legislation
Unlike us, they have a chance of actually meeting them
'Britney Ever After' reimagines the power couple's big moment
The story of the R&B group's rise and fall is music-on-TV comfort food
Sharpay is shook
Meet the 'sixth' member
'It's great because it makes you feel pretty!'
And some more 'rock bottom' moments
'It wasn't even a serious thing'
Must be someone pretty special
The taboo against lip-synching from pop stars is well past its expiration date
The Shawn Mendes knit beanie is a must-have
Tim Burton would be proud of those stockings, for sure
See all the best moments from the star-studded L.A. bash
Their new video cranks up the sex-cult vibes


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A Dog's Purpose
Starring: Josh Gad, Dennis Quaid, Peggy Lipton
A dog looks to discover his purpose in life over the course of several lifetimes and owners.
Hidden Figures
Starring: Taraji P. Henson, Octavia Spencer, Janelle Monáe
The story of a team of African-American women mathematicians who served a vital role in NASA during the early years of the US space program.
Monster Trucks
Starring: Lucas Till, Jane Levy, Thomas Lennon
In a small town, an oil company is drilling for oil. The geologist, Dowd, informs his boss, Tenneson that they detected what could be an ecosystem which could affect their drilling rights.
The Resurrection of Gavin Stone
Starring: Brett Dalton, Anjelah Johnson-Reyes, Shawn Michaels
A washed-up former child star, forced to do community service at a local megachurch, pretends to be a Christian to land the part of Jesus in their annual Passion Play, only to discover that the most important role of his life is far from Hollywood.
Starring: Matilda Anna Ingrid Lutz, Alex Roe, Johnny Galecki
A young woman finds herself on the receiving end of a terrifying curse that threatens to take her life in seven days.
Starring: James McAvoy, Anya Taylor-Joy, Haley Lu Richardson
Three girls are kidnapped by a man with a diagnosed 23 distinct personalities, they must try to escape before the apparent emergence of a frightful new 24th.
Underworld: Blood Wars
Starring: Kate Beckinsale, Theo James, Tobias Menzies
Vampire death dealer, Selene (Kate Beckinsale) fights to end the eternal war between the Lycan clan and the Vampire faction that betrayed her.
XXX: The Return of Xander Cage
Starring: Vin Diesel, Donnie Yen, Deepika Padukone
Xander Cage is left for dead after an incident, though he secretly returns to action for a new, tough assignment with his handler Augustus Gibbons.


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Blanchester Itinerary Planner
Find the best activities, restaurants and things to do in Blanchester, United States. Explore Blanchester travel guide before you plan your trip here. A gripping city on its own right, Columbus City also deserves a visit. So, ideally any vacation planner would recommend you to visit Columbus City for its bountiful attractions like Easton Town Center, Franklin Park Conservatory, Cosi on your trip to Blanchester. Tour packages of Blanchester are of 1 to 2 days duration.
Plan a trip to Blanchester
Planning a vacation on budget is one of the most crucial factors for most of us. A tool that estimates the tentative budget of your holiday plan will certainly help. TripHobo is an all-inclusive portal where you can not only plan your trip to any city worldwide, but also add and book accommodation to your plan, choose restaurants and activities to your trip plan. Consider this best itinerary builder online to plan your next holiday. Choose from any destination worldwide and let our planner create a trip for you.
Planning a trip to Blanchester can be quick and easy. You can pick the attractions that suit your taste and add them to your custom-made trip plan of the city. Kick-start by booking a flight to the city. If you've already booked one, you can add the flight details to your trip plan. With this custom trip planner, you can explore and add hotels, hostels and resorts that suit your budget. To discover the local culinary culture, you can pick authentic restaurants and add them to your plan. If you are clueless about the city and don't want to overwhelm yourself with creating a trip plan of your own, you can use the suggest feature of TripHobo and our itinerary maker will design a plan for you. Another interesting alternative to get a reliable, realistic trip plan is to browse the trip plans created by fellow travellers and users of TripHobo worldwide. Lined up with plenty of activities and tours vacation to Blanchester is sorted if you have added just the right picks to your itinerary. These tours and excursions will simply help you to understand the city's essence in a better way. To help you know of your location and its distance from other attractions, the travel map is offered to the user in the same window. If you want to check these trip plans and carry them wherever you go, you can download the triphobo app on iOs and Android. You can download, print or share this travel plan. Get, set and plan a journey with this amazing travel planner for Blanchester that shall leave you with plenty of memories at the end of your trip.


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Hotspot for industry players from all over the world. OutDoor is the world's leading trade fair for the industry, your most important community hotspot as well as a central PR tool. The exclusive focus on the outdoors maximises trade interest. In times of economic challenges and changes, OutDoor Friedrichshafen offers a unique strategic business platform, which you can also take advantage of for your company in 2016.
ON MORE THAN 85,000 m²
a total of 940 exhibitors from 41 countries exhibited the latest products and innovations from the outdoor industry and occupied the entire trade fair grounds in Friedrichshafen in 2015.
A perfect setting. The primary aim of OutDoor Friedrichshafen is to communicate news, trends and the latest products in an exciting way on an ongoing basis and to act as a think tank for the industry. The overall benefits of the trade fair are accordingly high, as is its popularity with the visitors. Whether as a Tent City, Conferences, Fashion Show or OutDoor Party – the needs of the industry are always the top priority of the diverse programms of events. The annual highlight is the OutDoor INDUSTRY AWARD, which is considered the "Oscar" of the outdoor industry due to its importance all over the world. The award and the accompanying special show effectively shine the spotlight on the products – the perfect seismograph for upcoming trends and developments.
OUTDOOR INDUSTRY AWARD The specialist jury honours 39 of the 329 products, concepts and designs with an OutDoor INDUSTRY AWARD – the coveted Gold Award has been presented nine times.
The special spirit. OutDoor Friedrichshafen is one of the most fascinating business trade fairs in the world. Working in a highly concentrated way but relaxed at the same time – this is no contradiction in terms at Friedrichshafen but rather lived reality. Take the opportunity for some downtime and relax in one of the many chillout areas before dedicating yourself to the next appointment or meeting with renewed energy. Meet like-minded people over a cool drink in the shade, to exchange information and establish contacts. Outdoor not only means business and sport, but also represents an attitude towards life. Friedrichshafen is the perfect setting to express this with its attractive location in exceptional surroundings, compact and modern trade fair grounds coupled with the highly professional team.
Working in a relaxed atmosphere - networking between the palms and the pool.
The world as your guest. In total, 21,464 industry visitors from 85 countries came to OutDoor Friedrichshafen in 2015. A slight fall from the German-speaking area was able to be compensated by growth at an international level. Over 90% of the visitors consider OutDoor to be so important that they want to visit the trade fair in 2016 again. Mark Held, general secretary of the European Outdoor Group (EOG), perfectly sums up the 22nd OutDoor 2015: "The atmosphere at this year's OutDoor was very positive. At a time in which competition is more intense than ever before, both exhibitors and industry visitors have worked very hard. They can thus ensure that they are one step ahead when it comes to yielding a profit on trends and introducing new products as well as subcategories onto a market that continues to develop at a fast pace."
Communication & media. OutDoor Friedrichshafen is at the centre of the media world's focus. A total of 1,052 journalists from 29 countries reported on the leading trade fair in the industry in 2015. On German TV alone there were more than 2.5 hours of broadcasts on OutDoor, which reached a viewing audience of more than 12 million people. The Friedrichshafen trade fair provides the media with in-depth press information, numerous photos and material for TV and radio through their in-house communication department. Of course, all outdoor subjects are also transmitted via social media channels on an ongoing basis. Special press events and media productions ensure that the outdoors remains a topic of discussion the whole year round.
Your contact persons: Stefan Reisinger Head of OutDoor Tel.: +49 7541 708-411 Fax: +49 7541 708-2411 email@example.com
Kathrin Ruf Project Coordinator, Exhibitor Service Tel.: +49 7541 708-416 Fax: +49 7541 708-2416 email@example.com
Birger Dreher Project Coordinator Key Account & Retail Service Tel.: +49 7541 708-432 Fax: +49 7541 708-2432 firstname.lastname@example.com
Dirk Heidrich Project Manager Tel.: +49 7541 708-421 Fax: +49 7541 708-2421 email@example.com
Stephanie Beiswenger Project Coordinator, Exhibitor Service Tel.: +49 7541 708-410 Fax: +49 7541 708-2410 firstname.lastname@example.com
Stephan Fischer Coordinator Visitor Service Tel.: +49 7541 708-404 Fax: +49 7541 708-2404 email@example.com
Nicole Hartmann Project Coordinator AWARD Tel.: +49 7541 708-382 Fax: +49 7541 708-2382 firstname.lastname@example.com
Frank Gauß Deputy Head of Communication Tel.: +49 7541 708-310 Fax: +49 7541 708-2310 email@example.com
Alexandra Schüttler Project Coordinator Tel.: +49 7541 708-424 Fax: +49 7541 708-2424 firstname.lastname@example.com VERANSTALTER
Event organiser:
Neue Messe 1 88046 Friedrichshafen Germany
Neue Messe 1Telefon +49 7541 Tel.:708-0 +49 7541 708-0 Telefax +49 7541 708-110 Fax: +49 7541 708-110 88046 Friedrichshafen firstname.lastname@example.com Germany firstname.lastname@example.com
In Partnerschaft Inmit der partnership with the European Outdoor Group European Outdoor Group


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First Aid Kits
Accidents always happen. Anywhere and anytime. Having a first aid kit is like having a tools in your car in case the car breaks down. First aid is the initial assistance given to any injury or illness. Keep at least one first-aid kit in your home and one in your car. Store your kits in easy-to-retrieve locations that are out of the reach of young children.
Know Your First Aid Kit:
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Bobsleigh and Skeleton World Cup
Competition Schedule:
livestream on Bobsleigh and Skeleton TV. Click here.
Friday: Women Skeleton 3am ET
Sportsnet ONE: 11am heat1 and noon heat2
Friday: 2 Women Bobsleigh 6:30am ET
Sportsnet ONE: 4pm heat1 and 5pm heat2
Saturday: Men Skeleton 3am ET
Sportnset ONE: 4:30pm Heat1 5:30pm heat2
Saturday: 2 Men Bobsleigh 6:30am ET
Sportsnet ONE 11pm heat1 midnight heat2
Sunday: 4 Men Bobsleigh 4am ET
Sportsnet ONE noon heat 1 1pm heat2


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Lace & Ribbon Wedding Invitationnext »
Filigree Lace
as low as £1.85
A tender beauty of this vintage wedding invite captivates at first sight. The gatefold cover made of light ivory cardstock is decorated with fine pattern on the deeper ivory base. The adorned folds open to show the main insert of warm ivory colour, made of shimmery design paper. The card is decorated with a ribbon, which holds the cover's folds together.
- SIZE - 14.5x15 cm
What is in the price:
- Main card
- Envelope
- Free printing of Cards
- Any language
£ 43.00
Sample: £ 2.15
Testimonials for this card:
There are no testimonials.
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Free Shipping On All BUNDLES and Orders!
Through Friday, September 29th. Lower 48 States Only
Contact us to create a bundle specifically tailored to your needs!
Your satisfaction matters most! Return any item for a refund, store credit, or exchange it for another product.
Item is In Stock and Ready To Ship!
Need Assistance? 800-783-3368
Our Price: $7,499.99
Our Price: $8,799.99
"We want to thank you for the outstanding service throughout the entire process. If there was a Nobel prize for customer service, the Kraft Music lobby would be packed with them. Can't thank you enough." - Rick, MI
"Just wanted to send a BIG THANK YOU THANK YOU THANK YOU!!! I can't believe how quickly my order got here...!!! I was blown away. And on top of it all,the bundle I got is amazing!! These headphones are phenomenal...and I love the stand and the travel bag. OH, and the keyboard is absolutely perfect! Everything I needed - but done first class...and delivered right to my door - all for a price NO ONE COULD BEAT!! Thank you for making me a happy customer!!" - Mark, TN
Exclusively at Kraft Music... Our Roland TD-50KV V-Drums Electronic Drum Set DRUM ESSENTIALS BUNDLE PLUS includes everything you'll need to go with your V-Drums electronic drum set as well as the KDA22 kick drum converter that gives your electronic an awesome look and feel. You'll receive all of the following products in this exclusive Kraft Music BUNDLE:
This exclusive Kraft Music Roland TD-50KV V-Pro Electronic Drum Set COMPLETE DRUM BUNDLE PLUS gives you the best price on this exclusive electronic drum package. Your drum set and accessories will be delivered right to your door and you'll be ready to play!
Place your order for the DRUM ESSENTIALS BUNDLE PLUS today!
Due to the weight and size, this order will be required to ship via truck (freight). You will receive an email from Kraft Music with tracking information relating to you shipment on the business day after your order leaves our facility. You will then be able to track your order and schedule a delivery date and window using the Ceva website. While scheduling a delivery online, you may be alerted that your shipment cannot be scheduled using the web tool. If this happens, the CEVA website will provide you with a special phone number and also the earliest date that you can call to schedule a delivery appointment. Please note: Deliveries typically take place on weekdays (Monday - Friday) during regular business hours.
***Please note, many of the products we sell are shipped in the manufacturer box. These boxes will often have images, model numbers, and other text that indicate the contents inside.
BASIC DELIVERY • "FREE" (You Save $140 In Shipping!)
The BASIC Delivery option is commonly referred to as "Threshold". This is a one man delivery. The driver will ensure that all packages are protected from the weather by placing them in the closest dry area. For example.....a porch, a garage or, if possible, inside an entrance of the dwelling.
PREMIUM DELIVERY • $40.00 (You Save $140 in Shipping!)
The PREMIUM Delivery option means the freight company will deliver to your home or office and place the packages in your "room of choice". This method of delivery includes up to (2) flights of stairs.
***IMPORTANT NOTE: Please test your item before getting it fully assembled. For example, with digital pianos, unpack the keyboard portion, power it on and test all the keys. It is very rare that these items arrive with defects, but it is still a good idea to test it before spending time getting it fully assembled. Use caution when unpacking your purchase from its box, as some needed parts and pieces may be packed in and amongst the packing material. Be sure to save the carton and all packing materials, in case of a needed return. Do not write on the box and do not discard!
ROLAND LIMITED WARRANTY: This product is warranted to be free from defects in material and workmanship under normal use for a period of one (1) year for parts and ninety (90) days for labor from the date of purchase.
Roland TD-50 Owner's Manual


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The must-have tee for your serious gamer!
Applies to new email subscribers only. Exclusions apply. Offer valid on your next purchase of $40 or more. You may withdraw your consent at any time. Contact UsThe Children's Place, 500 Plaza Drive, Secaucus, NJ 07094, www.childrensplace.com.


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<< Season: 2, Episode: 9
Quentin nears what could be a dead end to his problem; Eliot risks his life for his kingdom, and Margo makes a costly bargain to protect him; Julia, Kady and Penny find a possible ally.
TV & Movie information from TVDb API and The Movie Database API.
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Agua Caliente Hotel & Spa is a Hotel in Desert Hot Springs CA.Get directions and contact details of this local accommodation near 14500 Palm Drive Desert Hot Springs.
Tags: Hotels, Accommodations,
All content posted by the user in the form of Offers/Products/Company Profiles/Images etc. is the responsibility of the user and Stayin.us shall not be held liable for any such content in any way.


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The number of cryptocurrency hedge funds explodes. Last updated 08/08/2017
"Bitcoin's meteoric rise is costing some investors billions" claimed a recent Business Insider article, citing data provided by the financial analytics firm S3 Partners.
According to S3, investors betting against the shares of Nvidia and Advanced Micro Devices, which make chips used to mine bitcoin, have lost a combined $1.8 billion this year. Carlson Capital's $1 billion Black Diamond Thematic fund is one of the funds that has reported significant losses thanks to bitcoin. According to Business Insider's report, the fund lost 14.2% through July, and blamed bitcoin for this hit.
However, while some hedge funds are suffering from betting against bitcoin, bitcoin-focused hedge funds are knocking it out the park as demand for the cryptocurrency has sent the price to record highs.
As I reported at the end of June, according to hedge fund analysis firm Eurekahedge, over the 46-month period from end-June 2013, the Eurekahedge Crypto-Currency Fund Index returned a cumulative of 2152.32%. On an annualized basis, this came to 125.35% for actively managed cryptocurrency strategies, outperforming the Bitcoin Price Index by 103%.
Investors' have rushed to try and profit from this.
Number of new cryptocurrency hedge funds balloons to 70
At the end of June, the Eurekahedge Crypto-Currency Fund Index tracked the performance of only five actively managed 'Alternative-Coin' cryptocurrency Hedge Funds that carry exposure to Bitcoin, Ethereum, and other cryptocurrencies. By the beginning of July, at least 15 new hedge funds, following similar guidelines, were in the pipeline all looking to capitalize on the explosion in interest of cryptocurrencies.
And the cryptocurrency boom has only grown further in recent weeks. There are now an estimated 70 such funds in the pipeline according to information from various accounting and law firms. For example, accounting firm Arthur Bell is reportedly working with about 15 fund managers in the field and expects to take on 20 more. Meanwhile, law firm Cole-Frieman & Mallon and fund administrator MG Stover & Co have 17, and 25 cryptocurrency projects under development.
Our series on Cryptocurrency Hedge Funds hedge funds continues below. Updated: July 13.
A surge in initial coin offerings has become a byproduct of the recent spike in demand for cryptocurrencies. Initial coin offerings or ICOs for short, are in the words of Forbes contributor Laura Shin, "what you get if bitcoin and Kickstarter had a baby." These products are a crowd sale of a new crypto asset.
Between May 1 and July 9 such projects have raised over $1.2 billion worth of capital in ICOs. Even though these products may have some attractive characteristics, the recent boom has exposed investors to over inflated expectations at a time when the cryptocurrency universe is still in its relative infancy.
- How Can You Buy Bitcoin In A Rush
- The July Ethereum Price Crash And The August Fork
- Could You Live 90 Days On Bitcoin?
Still, these concerns haven't stopped cryptocurrency investors and speculators making huge returns. Forbes reports that ICOs for Ethereum, IOTA, Stratis and Spectrecoin produced gains of 82,000%, 56,000%, 44,000% and 21,000% respectively.
15 new cryptocurrency hedge funds set for launch
With such enormous profits to be made, it's no surprise that Wall Street is trying to get in on the action. Cryptocurrency focused hedge funds have outperformed their traditional peers this year, and while the universe of such funds is currently limited, there are 15 new crypto hedge funds in the pipeline looking to capitalize on industry growth.
The two most high-profile of these 15 new funds are Pantera Capital's ICO Fund and Brian Kelly Capital Management. The latter was founded by Brian Kelly, a money manager, CNBC Fast Money commentator and author of The Bitcoin Big Bang. The official opening date was July 1 with a goal of reaching $50 million in assets under management. The BKCM Digital Asset Fund will employ a three-pronged strategy: buy-and-hold for about 50% of the tokens, ICOs for 20% and the rest will be actively managed.
Pantera Capital was founded by Tiger Management alum Dan Morehead and launched its first US digital asset fund in 2013. Fundraising for the new ICO launch closes July 31 with an estimated $100 million the fund will purchase tokens via pre-sales through SAFTs (simple agreement for future tokens).
The newest fund with the largest ambitions has to be Tim Enneking's Crypto Asset Fund. Launched in June with initial assets of $10 million, the fund is targeting $400 million in assets under management. Enneking and team are planning to target cryptocurrencies across the spectrum from those with a market capitalization of more than $200 million to the "dead" coins with zero trading volume.
Jun 21, 2017, @ 12:21: Cryptocurrency Hedge Funds are a real thing and doing well but watch out as correlation is high to the bitcoin price index and the newly created Crypto-currency fund index
No matter how exotic the asset, if there are profits to be made you can be sure Wall Street will find some way of getting in on the action. That's exactly what has happened with Bitcoin and the rest of the cryptocurrency space.
The size of the cryptocurrency market has exploded during 2017 with the market reaching a total size of $100 billion on June 9 and rising to $113 billion this week. Bitcoin, which is possibly the most talked cryptocurrency accounts for 37.8% of this market and together with another currency Ethereum has a market capitalization of $77.6 billion.
While Bitcoin grabs the headlines, Ethereum, which attempts to address some of the technical shortcomings of Bitcoin, has been gaining value at an even faster rate. Ethereum may be a better substitute to Bitcoin for blockchain. According to Morgan Stanley's analysts' Bitcoin scales poorly due to increasing electricity consumption and long transaction times that can often take 10 minutes to more than an hour, and even that with no guarantee. Ethereum and others have tried to address those scaling challenges by centralizing more of the blockchain function, but increased centralization could also lead to increased hacking risk.
Cryptocurrency hedge funds generate huge returns as bitcoin price surges
To bet on a further increase in value of these cryptocurrencies, last year former Coinbase employee Olaf Carlson-Wee raised $10 million to fund Polychain Capital, a hedge fund made up of cryptocurrencies such as Bitcoin. The fund managed to secure seed funding from none other than Andreessen Horowitz among others.
Polychain might be the latest cryptocurrency hedge fund, but it certainly isn't the first. Pantera Capital and three other firms have been offering cryptocurrency hedge funds for quite some time, and hedge fund data firm Eurekahedge has been running and alternate Crypto-Currency Fund Index since 2013.
The Eurekahedge Crypto-Currency Fund Index tracks the performance of five actively managed 'Alternative-Coin' cryptocurrency Hedge Funds that carry exposure to Bitcoin, Ethereum, and other cryptocurrencies. Like traditional hedge funds, these funds employ a range of strategies seeking to maximize upside while minimizing the downside. Since inception, the performance of this index has left traditional hedge funds trailing, and returns have even eclipsed those of the vanilla Bitcoin price index. According


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In the last 90 days, 196 listings have been listed, so you'll want to check back regularly for new listings. About 17% of the listings in the Nevada are subleases, so you might be able to snag a great spot on a short term. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,340 sqft. Most properties in this market are close to 2 floors. Most buildings in this region were built in 1986 and are Class A.
Real time and historical data on commercial real estate listings in Nevada.
Get email notifications when new listings are posted that match your requirements.


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energizing experiences
empowering insight
essential resources
Georgia Nurses Association invites you to come and learn valuable College Planning Strategies when you are planning to advance your nursing career through higher education.
The seminar is FREE to attend!
Nurses are given outstanding education to offer exceptional care to patients. At the seminar learn how to prepare yourself for the next steps in obtaining your next degree.
Presented by: Indiana Wesleyan University - Official GNA Partner
Facilitator: Mrs. Christina Gottilla
Topic: Develop a College Ready Strategy to position you on the best path for success with your academic goals.
Who Should Attend? RN to BSN
What will you learn:
1) Understanding the value of selecting an accredited program
2) How to balance work, life and school
3) Understanding how to successfully attend an online program
4) Understanding how transferring credits actually work
5) Understanding how to access and apply employee tuition benefits
ALSO!!! Breakfast, Beverages and Coffee will be provided...
Your GNA...#WeCare.. Taking Care of the WHOLE Nurse .. #LearnWithIWU
Registrate here https://www.eventbrite.com/e/munch-learn-seminar-key-strategies-to-advance-your-nursing-career-tickets-36242737002
8/29/2017Enhanced Nurse Licensure Compact (eNLC) Interstate Commission Sets Implementation Date
5/8/2017Governor Deal signs Nurse Licensure Compact Bill
10/20/20172017 Continuing Nursing Education Seminar
3032 Briarcliff RoadAtlanta, GA., 30329-2655
Career CenterMeeting Space RentalLegislative Updates


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Perfect Bridal Shoes was established in 2009. With a strong history in the footwear industry, we wanted to offer bridal shoes that the industry was demanding. From our initial collection at the end of 2009, Perfect Bridal Shoes has evolved and has now become an established and popular brand to the bridal world, offering something a little different with great designs, great prices and strong customer service.
To compliment Perfect Bridal Shoes, we developed a Special Edition collection, offering a range of soft colours that pair beautifully with the blush, oyster and gold colours that have been increasing in popularity during this season. The Special Edition collection uses high quality materials, including luxury leather lining and make perfect mother of the bride or bridesmaid shoes, too!
And we haven't stopped there! Our gorgeous Occasion shoes are available in an array of colours and styles but if you can't find just the shade you're after, look no further than our Dyeable collection and choose from our 40 standard dye colours, or completely customise using our colourmatch service.
As always, this years collections continue to pay high attention to quality and detail, with floral & leather linings and padded insoles for ultimate comfort without compromising on style. The Perfect Bridal Company, solely focusing on the Bridal Industry and offering the best design and service we can.


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Bike Ride
223 ft
- Begins in:
- Hurst, TX, United States
- Created By:
- Jason Name Best Time: 1:10:00
- Description:
- This is a 11.25 mi Bike Ride in Hurst, TX, United States. The Bike Ride has a total ascent of 223.08 ft and has a maximum elevation of 621.82 ft. This route was created by nefj on 07/25/2007. View other Bike Rides that nefj has done or find similar maps in Richland Hills.
- Type:
- Bike Ride


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Documentary photographer Kenneth O Halloran won first prize for last year's Terry O'Neill Award with his series Fair Trade; a vibrantly witty yet tender portrait of Irish traveller life.
O Halloran writes:
Fairs are more than places of trade in Ireland. Women regard them as occasions worth dressing up for, often with great care, lending a kind of delicacy to the day, a femininity to counterweigh the spit-in-the-hand dealings of the men folk. There is a vibrancy of colour, red hair, freckles and a range of ensembles guaranteed, at the very least, to attract your notice.
Many of these are travelling people, part of an ancient tribe of Gaelic nomads who have never remained in one spot for very long despite numerous integration attempts by settled society. Though they lead very simple and basic lives they have a reputation for ostentation and pomp in marking certain occasions.
But there's business to be done. On days like these horses and ponies are their stocks and shares; the towns and squares of Ireland morph into their trading floors. In the aftermath of the Celtic Tiger, seen by many as a vacuous and immoral age, these old meeting grounds are flourishing arenas of openness & transparency.
Kenneth is a Dublin based freelance photographer who has worked for publications including the New York Times, the Financial Times & Le Monde. Since winning the award in 2011, Kenneth has started an MFA in Photography at the University of Ulster where he is studying under Donovan Wylie and Paul Seawright.
The deadline for submitting entries for this years award is November 22nd. You can submit your photographic series digitally via: www.oneillaward.com
Shortlisted entries and winners will be exhibited at The Strand Gallery between 18th – 31st January 2013.


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First Command Educational Foundation conducts a number of special events to raise funds to support our mission, "to educate those who serve."
"Chip-in for Education" Golf Classic
Welcome, and thanks for visiting "Chip-in" for Education. Raising funds is always a challenge, but especially so when it comes to dollars for scholarship awards. To help raise these funds, FCEF holds an annual golf tournament. Our 10th annual golf tournament will take place Friday, September 29, 2017, at The Golf Club Fossil Creek in north Fort Worth. Because this is a an anniversary event, we will host 2 flights of teams; with the first starting at 8:00 a.m. and the second starting at 1:30 p.m. The first 20 paid teams registering for each flight are guaranteed a place in that flight.
Last year we cleared over $42,000 ($272,000 total since 2008) for scholarship awards, and we plan for this year to be even more successful. We invite you to join us for this worthwhile occasion as a golfer, a sponsor, a volunteer, or a donor.
CEO Message
Please click here for a message from FCEF CEO, Vickie Coleman, concerning the 2017 "Chip-in" for Education Golf Classic.
Register to Play
Please click here for the form to register to play in the 2017 "Chip-in" for Education Golf Classic. Complete the form and send it to FCEF.
Our sponsors are vital to the success of our tournament. Thank you to all the sponsors, especially the Title Sponsor Pershing, a BNY Mellon Company, as well as the golfers, volunteers, and committee members for helping us make our 2016 event successful! Please click here to view the list of the past three years' sponsors.
Please click here for the form to register as a sponsor for the 2017 "Chip-in" for Education Golf Classic. Please complete the form and send it to FCEF.
Remember, this annual tournament is FCEF's only current scholarship fundraising event. We are looking forward to another successful tournament in 2017, and we need your donations and support to help our scholars. We hope you will join FCEF in our efforts to raise scholarship funds in 2017 and beyond.
- Please click here for the form to donate items for prizes and the raffle to be conducted at the 2017 tournament. Please complete the form and send it to FCEF.
- We always welcome donations to FCEF. To donate funds to FCEF, please click here.
The "Chip-in" for Education Golf Classic could not exist without our volunteers' hard work before the tournament, at the registration table, on the holes during the tournament, at the awards dinner, and in many other areas. To volunteer to help FCEF run a successful tournament this year, please contact us at 817-569-2940 or firstname.lastname@example.com.
THANK YOU to the volunteers who helped us make this a successful event in 2016.
|Becky Akin
|Taylor Garza
|Lisa Phillips
|David Bayless
|Dustin Goff
|Greg Pomes
|Carla Becker
|Gretchen Hale
|Melissa Quevedo
|Renee Brooks
|Vicky Harney
|Lisa Sanders
|Kim Cummings
|Amber Jones
|Kenna Sheckels
|Betsy Feroli
|Sandra King
|Josh Shirley
|Emily Fincher
|Deb Krause
|Dick Terrell
|Chris Franzoso
|Rocky Krueger
|Doris Terrell*
|Leigh Garrett
|Leah Mantooth
|Josh Walshe
|Sirrod Garrett
|Jenny Newman
|Sharon Watson
|Monette Garza
|Mark Nielsen*
|Doug Worrell*
|*FCEF Board Member
Click here for a peek at photos of past years' "Chip-in" for Education Golf Classics.
Meet our Scholarship Recipients
To give you an idea of some of the people who benefit from our scholarships program, please click here to visit out Meet our Recipients page.
Contact FCEF
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February's Featured Skater recently won one of the most prestigious awards at the 2015 Rollies! Massonkill earned herself the Most Improved Skater award this past month. Her hard work and desire to improve her skills over the past 2 seasons haven't gone unnoticed. Spearheading the amazing ParyPlanningCommittee, our party decorationsRead more →
The Niagara Roller Girls are all about family! Our derby sisters, wives, husbands and kids are a huge part of our league. To welcome in the New Year, our Skater of the Month is one of many mother/daughter skating families….KickAsh of the Midway Mayhem and Tan&Bomb of theRead more →
NRG had some volunteers wrapping gifts at the Penn Centre to raise money for Hospice Niagara. With the help of a few other groups we managed to raise $6000 during the week!Read more →
Your December skater of the month is one of the most dedicated and hard working league members rolling. Taboma has worked her butt (quite literally) off for 4 years with NRG! This year she lead one of the most successful Freshmeat intakes in NRG history, with ourRead more →
Our November Skater of the Month is The Rink Rash Rebels Assistant Captain ….Necromatrix! Necro's speed and fancy footwork keeps her ahead of the pack on the track and during Zombie apocalypse! Season 2 for the Necro has been amazing! Not only have her skills sky rocketedRead more →
As we kick off our fall season, it only makes sense to feature a skater who has worked her buns off this year to make this league as successful as it has been throughout these past few months. Meet one of NRG's hard working trainers, a stoic butRead more →
Help NRG save lives this summer by donating this upcoming weekend! It's in you to give!Read more →
Our featured skater for the month of August is also our first Junior featured skater! Nominated by her teammates, we'd love to introduce to you to KASSASSIN! An integral part of the Midway Mayhem team, Kass has gone from wobbly freshie to, with endless determination, a force to beRead more →
July's skater of the month is one of the most beloved skaters on our league, and it's only her second season! Stompkins was the recipient of our Rollergirl of the Year Award in 2014, and boy did she deserve it. Always willing to lend a hand, an ear,Read more →


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Gold settled higher in light holiday trade, as the market digested U.S. manufacturing and construction reports that painted a mixed picture of the economy ahead of the all-important nonfarm payrolls report later in the week.
Gold settled below $1,600 an ounce, as banks reopened in Cyprus for the first time in two weeks without signs of panic withdrawals, sapping demand for low-risk assets.
Gold rose 0.5 percent, snapping a three-day losing streak, as renewed euro zone worries and hopes the Federal Reserve will continue its loose monetary policy triggered bullion buying.
Gold fell for the third session in a row on Tuesday as relative calm returned to Europe and better U.S. data pointed to an improving economy.
Gold extended initial losses, hitting its lowest in ten days as investors unloaded safe-haven assets and sought equities after Cyprus struck a last-minute bailout deal with lenders.
Gold fell as investors took profits a day after the precious metal hit a one-month high, and safe-haven buying dried up as a deal between Greece and Cyprus eased fears of an escalating euro zone debt crisis.
Gold rose to a near one-month high, as safe-haven buying emerged after the European Union gave Cyprus an ultimatum to raise billions of euros it needs to clinch a bailout deal or face a likely exit from the currency zone.
Gold slipped slightly in brisk trade on Wednesday after the U.S. Federal Reserve issued its latest policy statement, repeating its accommodative stance while extending it another two years, but gains in the euro provided support for the precious metal.
Gold reversed earlier losses, hitting a 2-1/2 week high above $1,615 an ounce on renewed flight-to-safety investment before an anticipated vote by the Cyprus parliament on a bailout plan.
Gold extended earlier gains to hit its highest since late February, with some investors drawn to the precious metal's safe haven properties as a radical bailout package for Cyprus shook sentiment in the euro zone.
Gold finished higher on Friday, marking its second straight weekly gain, as the euro firmed and stocks fell.
Gold inched higher, recouping some earlier losses in line with a firmer euro and bouts of physical buying in some parts of Asia, although signs the U.S. economy is on a better footing were however curbing further gains.
Gold fell on Wednesday as a strong U.S. retail sales report boosted optimism about the U.S. economy.
Gold rose above $1,590 an ounce on Tuesday, gaining nearly one percent following comments by an ECB official that euro zone inflation pressures are abating, which was viewed as an indication of continued monetary easing.
Gold rose slightly, as mixed Chinese economic data and Italy's credit downgrade encouraged some appetite for the metal as a safe haven, but prices were held in check by a firmer dollar.
Gold traded flat, ending the week with a slight gain, after data showed improvement in the U.S. economy but not enough for the Federal Reserve to halt its stimulus, analysts said.
Gold fell after the European Central Bank and the Bank of England did not hint at more economic stimulus, and as encouraging U.S. jobless claims data fuelled optimism about the upcoming nonfarm payrolls report.
Gold was marginally higher on Wednesday, with analysts expecting the breakout in Wall Street to pressure the precious metal's safe-haven appeal.
Gold prices gave up most of Tuesday's early gains, as a rally that snapped four days of losses was not enough to sustain the precious metal.
Gold prices eased on Monday as demand waned for gold-backed exchange-traded funds and investors continued to digest the effect of wide-ranging U.S. government spending cuts on bullion.


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Chinese media to Trump: Stop the 'emotional venting' on Twitter
(CNN) US President Donald Trump should stop conducting his international diplomacy on Twitter, Chinese state media said in a widely-published editorial, syndicated across the country. "Trump is quite a personality, and he likes to tweet, however …
Trump administration is said to prepare broad trade case against ChinaCNBC
Trump Administration Is Said to Open Broad Inquiry Into China's Trade PracticesNew York Times
Trump getting ready to go after China on tradeCNNMoney
Reuters -Washington Post -The Guardian
all 186 news articles >>
Source: chinese – Google News
Sharing information is key – China News in UK. Social Commerce and Social Media Management playing a big part. Suaju Ltd


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Josh Henretig, senior director of environmental sustainability at Microsoft, discusses the company's approach to sourcing water and energy.
Clean Energy
The 12-liter engine is designed for heavy-duty trucks and can also reduce GHG methane emissions by 70 percent or more when run on renewable natural gas.
Renewable natural gas has the potential to reduce the US heavy transport sector's reliance on diesel and gasoline.
Clean Energy's nationwide network of CNG and LNG stations fuel fleets from coast-to-coast.
A Clean Energy blog answers four common questions about facility modifications to accommodate natural gas vehicles. The company has helped heavy-duty truck fleets like Kroger and transit fleets like Jacksonville Transportation Authority answer such questions and make necessary modifications. The questions include: How much does it cost? Do I have … Read more »
The global environmental industry grew 3.6 percent in 2013, generating revenues of $1.047 trillion, while the US environmental industry grew just 0.7 percent in 2013 compared to 4.5 percent in 2012, according to research from Environmental Business International. The US environmental industry's total of $344.84 billion in annual revenues represented … Read more »
Despite anticipated increases in renewable power generation in coming years, global progress towards a low-carbon energy system will remain slow, according to an analysis by Frost & Sullivan. According to the report, coal-based generation will decline rapidly in North America and Europe post-2020 and gas-fired power generation is expected to … Read more »
Green Dream Farm in Enosburg Falls, Vt., expects to lower its greenhouse gas emissions by 12,900 metric tons over the next 10 years and save $30,000 annually as the result of a partnership with ice cream maker Ben & Jerry's and NativeEnergy, a carbon offset and project development company. The … Read more »
Money saved on health care spending related to carbon emissions could be 10 times what it would cost for policy implementation, according to research conducted by Massachusetts Institute of Technology and published in Nature Climate Change. Researchers compared health care and other costs related to carbon emission-related illness to the costs of … Read more »
Arizona Public Service, a public utility that has fought for two years against solar systems – a fight that included an anti-solar campaign at the public's expense – has now asked for permission to install its own residential systems and pay rent for the rooftops, according to Bloomberg. Arizona Public … Read more »
As the US shifts its emphasis to natural gas power plants and exports its coal to other parts of the world, it may be simply moving the potential for greenhouse gas emissions to another country, according to the Associated Press. The multi-billion dollar fossil fuel trade has thrived under the Obama administration. … Read more »
Chevron is leading a lobbying and public relations campaign to weaken California's low-carbon fuel standard, a law the oil company once supported. Chevron pledged in 2007, the same year California Gov. Arnold Schwarzenegger signed the low-carbon fuel standard executive order, to develop a gasoline replacement from wood, Bloomberg reports. A … Read more »


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Sweet Collar Sewing Tutorial
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If you like this project, then you'll love the free sewing patterns featured in the eBook, 21 Easy Sewing Projects: DIY Designs and Sewing Craft Ideas. Download a copy today - it's free!
Create a fun and pretty collar to wear over any outfit with this easy sewing tutorial. Anyone can make this tie-on collar in the fabric of your choice
- Fabric
- Scissors
- Sewing machine
- Embellishments
- String
Make a mock out of another fabric. When you do it, just make sure you measure your neck circumference and incorporate it in your template.
Cut out four pieces (two of each color) giving about quarter of an inch around it.
Sew the pieces that are the same color together in the middle.
Now it the fun part – embellish it, attach your label, draw on it, whatever…
Fold two pieces together the right side in.
Take two pieces of yarn and pin then in both corners as shown. Make sure you put long parts of them inside your collar pieces so that when you turn it inside out they will be long enough.
Sew around leaving only the middle inside part open big enough to turn it inside out.
When you turn it inside out, I recommend ironing it.
Now sew the edges to give them a finished look. Start with that inside middle part that is still open.
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Mar 02, 2010
I like the collar can make it to match any outfit. I was wondering if you have a pattern for boy cut panties. ada
Mar 01, 2010
I can use this in lace and ribbon on my little girls easter dress.
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text: Top Ad Winner, Daniel Anderson of Hubbard Radio in Minneapolis, helped a local hot tub dealer to target attendees of a Home Owners show using an online-only campaign with micro-proximity targeting. The company sold more hot tubs than they had at the show in previous years. Use this idea for any business who attends ─ or used to attend ─ large conferences as part of their marketing strategy.


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Give us a call to get our secret deals 1-800-468-3578
Property Location
With a stay at Little English Guesthouse Bed and Breakfast in Tallahassee, you'll be close to Alfred B. Maclay State Gardens and The Centre of Tallahassee. This bed & breakfast is within close proximity of Theatre Tallahassee and Winthrop Park.
Stay in one of 3 guestrooms featuring flat-screen televisions. Complimentary wireless Internet access keeps you connected, and cable programming is available for your entertainment. Private bathrooms with showers feature complimentary toiletries and hair dryers. Conveniences include desks and coffee/tea makers, and housekeeping is provided on a limited basis.
Take in the views from a garden and make use of amenities such as complimentary wireless Internet access and a picnic area.
A complimentary continental breakfast is included.
Business, Other Amenities
The front desk is staffed during limited hours. Free self parking is available onsite.


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| Antigua and Barbuda
source: CIA World Factbook 1998
[Top of Page]
Location: Caribbean, islands between the Caribbean Sea and the North Atlantic Ocean, east-southeast of Puerto Rico
Geographic coordinates: 17 03 N, 61 48 W
Map references: Central America and the Caribbean
total: 440 sq km
land: 440 sq km
water: 0 sq km
note: includes Redonda
Areacomparative: 2.5 times the size of Washington, DC
Land boundaries: 0 km
Coastline: 153 km
Maritime claims:
contiguous zone: 24 nm
continental shelf: 200 nm or to the edge of the continental margin
exclusive economic zone: 200 nm
territorial sea: 12 nm
Climate: tropical marine; little seasonal temperature variation
Terrain: mostly low-lying limestone and coral islands with some higher volcanic areas
Elevation extremes:
lowest point: Caribbean Sea 0 m
highest point: Boggy Peak 402 m
Natural resources: negligible; pleasant climate fosters tourism
Land use:
arable land: 18%
permanent crops: 0%
permanent pastures: 9%
forests and woodland: 11%
other: 62% (1993 est.)
Irrigated land: NA sq km
Natural hazards: hurricanes and tropical storms (July to October); periodic droughts
Environmentcurrent issues: water managementa major concern because of limited natural fresh water resourcesis further hampered by the clearing of trees to increase crop production, causing rainfall to run off quickly
Environmentinternational agreements:
party to: Biodiversity, Climate Change, Desertification, Environmental Modification, Hazardous Wastes, Law of the Sea, Marine Dumping, Nuclear Test Ban, Ozone Layer Protection, Ship Pollution, Whaling
signed, but not ratified: Climate Change-Kyoto Protocol
[Top of Page]
Population: 64,006 (July 1998 est.)
Age structure:
0-14 years: 26% (male 8,482; female 8,200)
15-64 years: 68% (male 21,695; female 22,042)
65 years and over: 6% (male 1,548; female 2,039) (July 1998 est.)
Population growth rate: 0.39% (1998 est.)
Birth rate: 16.72 births/1,000 population (1998 est.)
Death rate: 5.87 deaths/1,000 population (1998 est.)
Net migration rate: -6.92 migrant(s)/1,000 population (1998 est.)
Sex ratio:
at birth: 1.05 male(s)/female
under 15 years: 1.03 male(s)/female
15-64 years: 0.98 male(s)/female
65 years and over: 0.76 male(s)/female (1998 est.)
Infant mortality rate: 21.35 deaths/1,000 live births (1998 est.)
Life expectancy at birth:
total population: 71.19 years
male: 68.82 years
female: 73.69 years (1998 est.)
Total fertility rate: 1.74 children born/woman (1998 est.)
noun: Antiguan(s), Barbudan(s)
adjective: Antiguan, Barbudan
Ethnic groups: black, British, Portuguese, Lebanese, Syrian
Religions: Anglican (predominant), other Protestant sects, some Roman Catholic
Languages: English (official), local dialects
definition: age 15 and over has completed five or more years of schooling
total population: 89%
male: 90%
female: 88% (1960 est.)
[Top of Page]
Country name:
conventional long form: none
conventional short form: Antigua and Barbuda
Data code: AC
Government type: parliamentary democracy
National capital: Saint John's
Administrative divisions: 6 parishes and 2 dependencies*; Barbuda*, Redonda*, Saint George, Saint John, Saint Mary, Saint Paul, Saint Peter, Saint Philip
Independence: 1 November 1981 (from UK)
National holiday: Independence Day, 1 November (1981)
Constitution: 1 November 1981
Legal system: based on English common law
Suffrage: 18 years of age; universal
Executive branch:
chief of state: Queen ELIZABETH II of the UK (since 6 February 1952), represented by Governor General James B. CARLISLE (since NA 1993)
head of government: Prime Minister Lester Bryant BIRD (since 8 March 1994)
cabinet: Council of Ministers appointed by the governor general on the advice of the prime minister
elections: none; the queen is a hereditary monarch; governor general chosen by the queen on the advice of the prime minister; prime minister appointed by the governor general
Legislative branch: bicameral Parliament consists of the Senate (17-member body
appointed by the governor general) and the House of Representatives (17 seats; members are
elected by proportional representation to serve five-year terms)
elections: House of Representativeslast held 8 March 1994 (next to be held NA 1999)
election results: percent of vote by partyNA; seats by partyALP 11, UPP 5, independent 1
Judicial branch: Eastern Caribbean Supreme Court (based in Saint Lucia), one judge of the Supreme Court is a resident of the islands and presides over the Court of Summary Jurisdiction
Political parties and leaders: Antigua Labor Party or ALP [Lester Bryant BIRD]; United Progressive Party or UPP [Baldwin SPENCER], a coalition of three opposition political partiesthe United National Democratic Party or UNDP; the Antigua Caribbean Liberation Movement or ACLM; and the Progressive Labor Movement or PLM
Political pressure groups and leaders: Antigua Trades and Labor Union or ATLU [William ROBINSON]; People's Democratic Movement or PDM [Hugh MARSHALL]
International organization participation: ACP, C, Caricom, CDB, ECLAC, FAO, G-77, IBRD, ICAO, ICFTU, ICRM, IFAD, IFC, IFRCS, ILO, IMF, IMO, Intelsat (nonsignatory user), Interpol, IOC, ISO (subscriber), ITU, NAM (observer), OAS, OECS, OPANAL, UN, UNCTAD, UNESCO, UPU, WCL, WFTU, WHO, WMO, WTrO
Diplomatic representation in the US:
chief of mission: Ambassador Lionel Alexander HURST
chancery: 3216 New Mexico Avenue NW, Washington, DC 20016
telephone: [1] (202) 362-5211
consulate(s) general: Miami
Diplomatic representation from the US: the US does not have an embassy in Antigua and Barbuda (embassy closed 30 June 1994); the US Ambassador to Barbados is accredited to Antigua and Barbuda
Flag description: red with an inverted isosceles triangle based on the top edge of the flag; the triangle contains three horizontal bands of black (top), light blue, and white with a yellow rising sun in the black band
[Top of Page]
Economyoverview: Tourism continues to be by far the dominant activity in the economy accounting directly or indirectly to more than half of GDP. Increased tourist arrivals have helped spur growth in the construction and transport sectors. The dual island nation's agricultural production is mainly directed to the domestic market; the sector is constrained by the limited water supply and labor shortages that reflect the pull of higher wages in tourism and construction. Manufacturing comprises enclave-type assembly for export with major products being bedding, handicrafts, and electronic components. Prospects for economic growth in the medium term will continue to depend on income growth in the industrialized world, especially in the US, which accounts for about half of all tourist arrivals.
GDP: purchasing power parity$470 million (1997 est.)
GDPreal growth rate: 3.3% (1997 est.)
GDPper capita: purchasing power parity$7,400 (1997 est.)
GDPcomposition by sector:
agriculture: 3.8%
industry: 18.9%
services: 77.3% (1995)
Inflation rateconsumer price index: 2.5% (1996)
Labor force:
total: 30,000
by occupation: commerce and services 82%, agriculture 11%, industry 7% (1983)
Unemployment rate: 5%-10%(1995 est.)
revenues: $107 million
expenditures: $132 million, including capital expenditures of $18 million (1995)
Industries: tourism, construction, light manufacturing (clothing, alcohol, household appliances)
Industrial production growth rate: NA%
Electricitycapacity: 26,000 kW (1995)
Electricityproduction: 95 million kWh (1995)
Electricityconsumption per capita: 1,458 kWh (1995)
Agricultureproducts: cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes, sugarcane; livestock
total value: $45 million (f.o.b., 1996 est.)
commodities: petroleum products 48%, manufactures 23%, food and live animals 4%, machinery and transport equipment 17%
partners: OECS 26%, Barbados 15%, Guyana 4%, Trinidad and Tobago 2%, US 0.3%
total value: $350.8 million (f.o.b., 1996 est.)
commodities: food and live animals, machinery and transport equipment, manufactures, chemicals, oil
partners: US 27%, UK 16%, Canada 4%, OECS 3%, other 50%
Debtexternal: $225 million (1996 est.)
Economic aid: $NA
Currency: 1 EC dollar (EC$) = 100 cents
Exchange rates: East Caribbean dollars (EC$) per US$12.7000 (fixed rate since 1976)
Fiscal year: 1 April31 March
[Top of Page]
Telephones: 6,700
Telephone system:
domestic: good automatic telephone system
international: 1 coaxial submarine cable; satellite earth station1 Intelsat (Atlantic Ocean); tropospheric scatter to Saba (Netherlands Antilles) and Guadeloupe
Radio broadcast stations: AM 4, FM 2, shortwave 2
Radios: NA
Television broadcast stations: 2
Televisions: 28,000 (1993 est.)
[Top of Page]
total: 77 km
narrow gauge: 64 km 0.760-m gauge; 13 km 0.610-m gauge (used almost exclusively for handling sugarcane)
total: 250 km (1996 est.)
paved: NA km
unpaved: NA km
Ports and harbors: Saint John's
Merchant marine:
total: 440 ships (1,000 GRT or over) totaling 2,025,920 GRT/2,690,028 DWT
ships by type: bulk 12, cargo 295, chemical tanker 6, combination bulk 1, container 89, liquefied gas tanker 2, oil tanker 4, refrigerated cargo 10, roll-on/roll-off cargo 20, vehicle carrier 1
note: a flag of convenience registry: Germany owns 11 ships, Slovenia 3, Cyprus 2, and US 1 (1997 est.)
Airports: 3 (1997 est.)
Airportswith paved runways:
total: 2
2,438 to 3,047 m: 1
under 914 m: 1 (1997 est.)
Airportswith unpaved runways:
total: 1
under 914 m: 1 (1997 est.)
[Top of Page]
Military branches: Royal Antigua and Barbuda Defense Force, Royal Antigua and Barbuda Police Force (includes the Coast Guard)
Military expendituresdollar figure: $1.4 million (FY90/91)
Military expenditurespercent of GDP: 1% (FY90/91)
[Top of Page]
Disputesinternational: none
Illicit drugs: considered a long-time but relatively minor transshipment point for narcotics bound for the US and Europe and recent transshipment point for heroin from Europe to the US; potentially more significant as a drug money-laundering center