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Why bond owners will get burned
Investors are buying 'safe haven' British bonds, but the UK's IOUs are ticking time-bombs!
There's no way I'd buy UK government bonds right now. Here's why...
What is a bond?
A bond is an IOU: a debt issued by a country, company or other organisation to help fund its needs.
When an investor buys its debt, a bond issuer agrees to pay the buyer 'coupons' -- a fixed income throughout a bond's life. When a bond 'matures' -- after, say, 10 years -- investors are paid the bond's original issue price (known as 'par value'). Bonds are fixed-income investments, because their regular coupons are fixed during their existence.
Read more in Why gilts matter.
The name's bond
Although the US is the biggest bond issuer, the UK is a sizeable player. In March, the total value of outstanding UK bonds (known as 'gilts') was £1,164 billion, with most of this debt issued in the past four years.
Since the global crash of 2007/09, investors have increasingly viewed gilts as a safe haven in the financial storm. Due to this constant buying pressure, gilt prices have soared. As their income is fixed, rising gilt prices cause their yields (their effective interest rates) to fall.
Read more in Bonds smash shares.
The lowest yields ever
To show you how amazingly low gilt yields are, here's a table of leading countries' 10-year bond yields, sorted from lowest to highest:
Country |
10-year yield |
Switzerland |
0.56% |
Japan |
0.83% |
Germany |
1.28% |
1.64% |
1.66% |
France |
2.38% |
Italy |
6.02% |
Spain |
6.63% |
Portugal |
12.25% |
Greece |
29.86% |
Source: FT.com, 31/05/12
Today, the UK can borrow money for a decade in return at a fixed rate of 1.66% a year. This is the lowest yield in 309 years, since the Bank of England started monitoring bonds in 1703.
This means that British bonds are regarded as among the safest bets in the world, together with Japanese bonds, German Bunds and US Treasurys. That's because the UK enjoys the world's highest credit rating: AAA.
At the other end of the scale are bonds paying 'danger money', such those from Greece (30% a year), Portugal (over 12%) and Spain (nearly 7%). These high yields indicate struggling economies and the increased chance that these governments could default on their debts.
Four gilt-y secrets
Though many investors regard UK gilts as a safe haven, I disagree, because these bonds have several drawbacks that make them truly terrible long-term investments.
Here are four reasons why I wouldn't buy gilts today:
1. Ludicrously low yields
Buying a 10-year gilt is like lending money to our government for a decade for a fixed yearly return below 1.7%. This is an insane price to pay for safety, given the generous incomes available elsewhere.
For instance, I can earn over 5% a year from the cash dividends paid by shares in Britain's strongest companies, such as drug giant GlaxoSmithKline (which I already own). Likewise, I can earn over 5% a year by buying corporate bonds issued by strong businesses such as mega-bank HSBC. I'd much rather bank these incomes than the pathetic payments on offer from gilts.
2. Interest rates: the only way is up
When interest rates rise, bond prices fall. This is because bond coupons are fixed, so when general rates start to rise, bond prices fall. This pushes up bond yields in line with the wider market.
Since March 2009, the Bank of England's base rate has been stuck at 0.5% a year -- its lowest level since the Bank was formed in 1694. Eventually, the base rate will start rising in the coming years, pushing up general interest rates. As a result, bond yields will rise and gilt prices will plummet.
Thus, unless gilt owners hold these until maturity, they will face big losses in the years ahead.
3. Above-target inflation
High inflation (when the cost of living is rising steeply) is bad news for bondholders. As bond coupons are fixed, high inflation undermines the future buying power of these payments, making them less attractive.
The latest inflation figure, based on the CPI (Consumer Prices Index), was 3% in April, versus 3.5% in March. Although UK inflation is coming down, it remains a full percentage point above the Bank of England's CPI target of 2% a year.
This above-target inflation means that gilt buyers earning a fixed 1.66% a year are guaranteed to lose out in 'real' terms, after accounting for inflation). Furthermore, I suspect this losing streak will continue for a while, giving gilts a negative real income.
4. Rising credit risk
The thing bondholders fear most is default, when a bond issuer fails to pay coupons or doesn't return the principal (the bond's value on maturity) in full.
In more than three centuries, the UK has never defaulted on its debts and is highly unlikely to do so in the coming decade. However, with our national debt rising rapidly, the risk increases that Britain will one day fail its bondholders. Indeed, I strongly believe that this could happen in my lifetime (I am 44).
Meanwhile, one thing is certain to happen before 2022: the UK will lose its prized AAA s credit rating. This happened to the US last August, when its rating was cut to AA+. Our turn is coming and, when this happens, gilt prices will fall, pushing up yields and increasing our debt interest.
In summary, while owners of UK gilts have had a fantastic five years of rising prices and falling yields, this winning streak will end. When it does, I wouldn't want to own UK gilts at today's prices, because bondholders will get badly burned.
Finally, one French fund manager, quoted by news agency Reuters, said recently, "The UK is running a first-class act. They are stealing 2% a year from investors". I agree, mon ami!
More: Start saving tax-free in an ISA | How to buy gilts | Who owns your bank or building society?


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What is normally two rival schools competing against each other will become two uniting for a common cause - fighting heart disease. Unioto and Adena high schools will host a Red Out at their February 8th basketball game.
The Red Out encourages all event attendees to wear red to raise awareness of the nation's No. 1 killer - heart disease. The schools are selling red t-shirts, prior to and at the game, for $10 each to raise money to fund the fight against this deadly disease. The red out event is being organized by each school's National Honor Society student group. The NHS students are serving in leadership roles to plan the red out event as part of their service to the community.
This year, local high schools throughout Central Ohio are hosting Red Out events to spread the importance of heart-health awareness while encouraging students to fundraise and recognize the importance of community service. Twenty events are scheduled to take place this school year in the Central Ohio area and these events are goaled to raise $30,000. All funds raised are dedicated to research, community education and advocacy efforts. For more information call 1-800-309-3466 or

subset: commoncrawl


text:
Jerry Buss through the years
The longtime Lakers owner who turned the game of basketball into "Showtime" and won 10 NBA championships at the helm, has died. He was 80. Full story
Image 5 of 26
Coach Mike Brown and Jerry Buss( Kevork Djansezian / Getty Images / May 31, 2011 )
Mike Brown, left, the new head coach of the Los Angeles Lakers, laughs with team owner Jerry Buss after Brown's introductory news conference at the team's training facility on May 31, 2011 in El Segundo. Brown replaced coach Phil Jackson, who retired at the end of the season.
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Vikram S. Pandit | Portman Square Capital LLP |
CEO's On the Move
Upcoming Board Meetings
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text:
Lisähenkilöistä saatetaan periä maksu, joka saattaa vaihdella hotellikohtaisesti.
Sisäänkirjautumisen yhteydessä vaaditaan virallinen kuvallinen henkilöllisyystodistus ja luottokortti tai käteistalletus mahdollisten lisämaksujen takia.
Erityisvaatimusten saatavuus varmistetaan sisäänkirjautumisen yhteydessä ja niistä saatetaan periä lisämaksuja. Erityisvaatimusten täyttymistä ei voida taata.
Tämä hotelli ei tarjoa mitään esteettömän kulun palveluita. Valitse jokin toinen hotelli, jos tarvitset huoneen, joka on esteetön.
Seuraavat aktiviteetit ovat saatavilla joko hotellissa tai sen lähistöllä, ja ne saattavat olla maksullisia.
Lisähenkilöistä saatetaan periä maksu, joka saattaa vaihdella hotellikohtaisesti.
Sisäänkirjautumisen yhteydessä vaaditaan virallinen kuvallinen henkilöllisyystodistus ja luottokortti tai käteistalletus mahdollisten lisämaksujen takia.
Erityisvaatimusten saatavuus varmistetaan sisäänkirjautumisen yhteydessä ja niistä saatetaan periä lisämaksuja. Erityisvaatimusten täyttymistä ei voida taata.
They did not reservation so I had to get a double bed room instead of a single...the staff seemed overwhelmed that night, but receptionist was better in the morning...it was downtown in the middle of major streets, but room was quiet at least...luckily I got a microwave because soom rooms did not have any even tough they shouldAito Hotels.comin asiakkaan arvostelu
"Near Freeway"
I have stayed here several times. I noticed that my room on the third floor was a more up-to-date bed and furniture than what I found a month ago in my room on the first floor. The carpet in the common areas could be more clean, but in general, I am satisfied with the staff and with my stay.Aito Hotels.comin asiakkaan arvostelu
"Convenient location but needs an update"
I was disappointed in the condition of the hotel. I is old and has the feeling and smell of being old. The furniture is very worn. The staff were helpful and friendly but the hotel did not meet up with my expectations for hotel chain. It was in a location close to an exit off of the hwy.Aito Hotels.comin asiakkaan arvostelu
"good value"
We got a good night's sleep. The lack of an elevator did make it difficult with the luggage, but we would prefer not to have someone above us for peace and quiet. Breakfast being included and free parking makes this a good choice for a tight budget.Aito Hotels.comin asiakkaan arvostelu
"Good Location for WWU"
Clean and comfortable. Nothing fancy. Lots of noise from the other rooms. Functional and lower priced so for a quick visit to your student at WWU a decent choiceAito Hotels.comin asiakkaan arvostelu
"Very convenient location"
pretty good for the price. Beds weren't the most comfortableAito Hotels.comin asiakkaan arvostelu
"Very convenient"
Great location. Close to bus stops, fast food, supermarkets, and downtown.Aito Hotels.comin asiakkaan arvostelu
"Not returning"
The door to our room was stuck shut and my husband had to throw a shoulder to get it open (should have been clue #1). The bathroom was dirty, had to constantly adjust the hot water for a shower, filth in all of the light switches & electrical outlets, dirty walls & chipped paint, carpet stains, unpleasant odour, thin walls; overall - ew. We will not […] be returning. LisätietojaAito Hotels.comin asiakkaan arvostelu
"Very good"
Over all good for the moneyAito Hotels.comin asiakkaan arvostelu
NO ELEVATOR IN THE HOTEL AND BAD BREAKFAST! PRICE IS REASONABLE.Aito Expedian asiakkaan arvostelu
"A Great stay the was almost Excellent"
The staff at the days inn in bellingham are incredibly helpful and professional. The hotel was maintained to the highest levels of cleanliness, the room felt like I was the first person to ever stay in it. My only complaint is the quality of the intercontinental breakfast, but hey free food is free food right? Even if its bad OJ and cold waffles.Aito Hotels.comin asiakkaan arvostelu
"Was not ver clean and pool was cold and dirty"
We will not be staying here again the staff were fabulous but our room and pool were not clean :(Aito Expedian asiakkaan arvostelu
"Not a bad place to stay a few nights stay"
You average motel in fair condition. Great value for the price.Aito Hotels.comin asiakkaan arvostelu
"Don't go there"
My previous experiences at Days Inn are much better. Some how I felt checking into a no star motel.Aito Hotels.comin asiakkaan arvostelu
"Clean room. Friendly service"
We picked this hotel as it was close to the college. Upon arrival it was nothing fancy. Friendly front end staff. We reserved the executive queen room. Very happy with the size. Clean room. Bathroom sink looked like it need to be replaced but everything functioning. Ordered a roll away bed that I actually slept on and was very comfortable. Decent breakfast […] selection. Outside pool but warm enough that kids enjoyed it for over an hour. Overall very nice stay, little noise, comfortable beds and great air conditioner. LisätietojaAito Hotels.comin asiakkaan arvostelu
"well located of highway I 5 older construction bu"
Older hotel from the 60's but clean and has friendly staff close to exit on I -5 and downtown. Very good value for the priceAito Expedian asiakkaan arvostelu
"Convenient Location"
The stay was good - it was located rite off of I-5, WWUniversity, and the price. My complaints would be that the towel hook on the bathroom door was placed almost to the top of the door - it wouldve been fine if I was 6'5 tall; no hand towel rack; and the sink faucet handle was difficult to adjust - it was either 'on' at full blast or 'off' ...Aito Hotels.comin asiakkaan arvostelu
"Worth the money."
We were pleasantly surprised with the accommodations in Bellingham. They are doing a good job and look like they are working on improvements.Aito Expedian asiakkaan arvostelu
"Nice, clean and safe"
Got a good deal through Expedia and booked right away. Checked in by a lovely young lady who was very helpful. Gave me whAt I felt to be the safest room since I was a woman traveling alone. Upon getting to my room I received a call from her checking if everything was ok. The room was a nice set up. Fridge,, microwave, hair dryer, coffee maker. Just […] about everything you would need for a short stay. Room was clean and bed was very comfortable. The area was fairly quiet I even slept with the windows open and slept like a baby. The next morning I checked out the free breakfast which was very good. I have already booked for October when we go back to WWU for parents weekend. I would recommend this hotel anyone who needs a safe, clean place to stay. LisätietojaAito Expedian asiakkaan arvostelu
"Thought we were going to be closer to Bellis Fair"
Overall it was pretty good, the room, breakfast, staff. The roof top area looked like there had been a party and they forgot to clean up. The garbage can overflowing with bottles and beer cans, cigarette buts etc.Aito Hotels.comin asiakkaan arvostelu
"Great if you are visiting WWU"
Room was ok but I ran out of hot water at 6am for my showerAito Expedian asiakkaan arvostelu
"Hdqtrs hotel for RSVP cycle event"
With trepidation, we booked this hotel despite some of the on-line marginal reviews. We were pleasantly surprised at the rooms, the comfort and the service. Despite it being the hdqtrs for the ride, there was little noise. Very convenient. Front desk staff went out of their way to be helpful. Can definitely recommend it for basic rooms.Aito Hotels.comin asiakkaan arvostelu
"Good spot."
We did not know Bellingham but the area worked pretty well for the Bellis Fair Mall and other shopping areas the we were looking at checking out.Aito Expedian asiakkaan arvostelu
This hotel is very old - not like "vintage" old. More like "70's" old. Outdated. We noticed it when we walked into the lobby. And when we entered the room, the first thing we smelled was bleach. Strong bleach. Although the bedding was clean, the TV was not a flat screen and the bathroom needed a lot of help. The mirror was worn, the vanity top was cracked […] and old. And the tile in the shower as disgusting. There appeared to be mold in the grout. Probably explains the smell of the bleach. And then the next morning I turned the shower on and found only luke-warm water. When I called the front desk (after my shower), I was told that they needed to "flip a switch" to get me some hot water. Ugh. With all the different hotel options in Bellingham WA, you can bet I will not be staying here again. LisätietojaAito Hotels.comin asiakkaan arvostelu
"It was clean and had wi-fi"
I literally didn't feel safe here. I took my daughter to orientation at WWU and she stayed with me the first night and I was by myself the second night. I didn't allow maid service while I was there as I was working in the room and had a lot of electronics. For some reason there were big trucks in the parking lot every day/evening and men running around. […] I got what I paid for..... LisätietojaAito Expedian asiakkaan arvostelu
"Ok for the deal."
The room was alright, clean but a bit in need of some updating. The breakfast was a bit sad and could of used some bagels, fresher fruit and yogurt. I will probably go again, since I will be visiting Bellingham more often, but it wasn't the nicest of hotels.Aito Expedian asiakkaan arvostelu
"Good hotel for a couple of nights"
It's a 2-star hotel so if you go there with 3 or 4 star expectations, you will be disappointed. It's an older building and there is not an elevator so keep that in mind if you have a bad back. I started out listing all the things that were wrong with the room, and there were several, and I could tell you what they are but I don't want to ruin your surprise. […] It's always an adventure for us when we book through expedia and get a 2-star hotel, but that's part of the fun. Sometimes it's best to spend less on a room that you're only going to sleep in and use the money you save for other stuff. I do want to say that all the staff we encountered were very nice and friendly and accommodating. There were 5 of us and we were comfortable and had all the pillows, shampoos, etc that we needed. The pool guy was out every day cleaning and caring for the pool and was a really nice guy. The breakfast was pretty good, with waffles that you had to toast, cereal, two juices, good hot coffee, English muffins, hard boiled eggs, and blueberry bagels - way better than the 2-star in Vancouver, BC that we stayed in. Also, I was very very pleased that the rooms had real coffee cups for the coffee and glass cups for water, etc. That was really nice. Also, there was a microwave and a fridge, not just a fridge like the other hotel we stayed at. And again, the staff were great. Oh, and my daughter and husband liked the pool - they're the only ones who used it. The location was good too. LisätietojaAito Expedian asiakkaan arvostelu
"Last minute stay,"
They only had a smoking room left. That was the worst of it. Hotel clerk gave me a bottle of freebries At my request and I used 2/3 of the bottle. They I went to dinner and came back and it was better. I don't think I will stay there again.Aito Expedian asiakkaan arvostelu
"Close to WWU"
Hotel was clean, breakfast was more than adequate and proximity to Western is excellent. This is a great location if you are taking kids to university and want to stay close!Aito Hotels.comin asiakkaan arvostelu
"Needs work"
It was an acceptable place to stay, but I was surprised how many small repairs or malfunctions there were in just my room. There was a constant drip inside the toilet so that I had to shut the bathroom door and stuff a towel underneath to get away from the irritating noise. None of the lamps in the room were working - until I realized that none of them […] were plugged in! And plugging them in was not at all easy as there were far too few plugs available in the room. Small irritations each one - but added up to a feeling of dissatisfaction. LisätietojaAito Hotels.comin asiakkaan arvostelu
"nice experience"
nice and comfortable. reasonable for the price. complimentary breakfast was greatAito Expedian asiakkaan arvostelu
"Great rates for home base shopping"
Great stay! Enjoyed the continental breakfast provided before going and hitting up tourist attractions and shopping. Staff were helpful in suggesting places to go and provided us with whatever amenity we needed. A dip in the outside pool was great after a long day out. And the rooms were clean and air conditioning was awesome!Aito Hotels.comin asiakkaan arvostelu
"Perfectly acceptable"
Came in late, had a third floor king bedroom room. Hotel was a little outdated and smelled strongly of smoke (enough so that I had to reassure my girlfriend that we indeed had a nonsmoking room as we went down the hall). However, our room was quiet (facing away from the street), the air conditioning quickly lowered the temperature down, and we got a […] good night's sleep. LisätietojaAito Expedian asiakkaan arvostelu
"No expectation."
Disappointing! The carpet of room and the hallway, stairwell need to be cleaned and washed.Aito Expedian asiakkaan arvostelu
"ok stay"
easy to find, ok price....ScAito Hotels.comin asiakkaan arvostelu
"Not good for Older Folk"
there are no elevators so if you have luggage it is really inconvenient.Aito Expedian asiakkaan arvostelu
"Average older hotel, nothing special."
We checked in at 10pm, parked the in back... parking there puts you even with the second floor making baggage moving more convenient. There were 5 of us guys and were fairly lout and never had a complaint or heard anyone else in the building. Its a bit run down but definitely on the more economical of hotels. In a bit of a rough area, saw two guys at […] the "motel" next door get into a yelling match at 8am. Wouldn't recommend going out at night either, watched some shady characters from the front window. Overall I would recommend it to someone catching a few ZzZ for the night. Don't go in with high expectations, although everything "worked" which is more than I can say for the next hotel we stayed in, in Vegas. Only 7km from the airport. LisätietojaAito Expedian asiakkaan arvostelu
"What a GREAT town!"
Came in for Independance Day festivities, and so impressed with Bellingham! Friendly and clean city... All topped by a good stay! Room a tad small, and a hair ball was missed prior to our arrival, but just being picky. Some renos underway, but staff did a great job working around them! WONDERFUL staff, they are! Parking areas and pool area very clean! […] Must be one of the best Inns to be had! Would go back tomorrow if we had longer vacation! LisätietojaAito Expedian asiakkaan arvostelu
"July 4th"
We stayed 5 nights to visit family- We were just just there for sleeping and then gone for day and evening. Otherwise I would recommend somewhere else to stay.Aito Expedian asiakkaan arvostelu
"Not worth the money"
While the staff were pleasant and friendly, that is the only plus about this hotel. I was very disappointed. It was not clean - I had to disinfect the toilet seat as clearly it was dirty. The shower curtain rod was ready to fall off and also prevented the bathroom door from closing. The tub was all chipped up. There was dirt on the walls and the carpeting […] was worth and dirty. There were missing light bulbs throughout. I would not recommend until they have a complete facelift. Furniture is also old and falling apart. LisätietojaAito Hotels.comin asiakkaan arvostelu
Pleasant stay for one night. Convenient location. Very helpful staff.Aito Hotels.comin asiakkaan arvostelu
"Red Bell Rider"
We booked a non-smoking room only to get a room *without* a non-smoking sign on the door and inside, a sad little plastic sign saying "No Smoking". This was very much a smoking room - it wreaked of cigarettes. The hotel was booked out so we couldn't change rooms.Aito Expedian asiakkaan arvostelu
"one nighter"
Good place to stay overnight. Quiet and near good places to eat. Reasonable rates.Aito Expedian asiakkaan arvostelu
"A bit run down."
I have stayed in this hotel once before and the room seemed a bit more run down than before. The bed was very uncomfortable and the bathroom could have been cleaner(there was mold on the ceiling). The main reason I stayed here was the affordable room rate.Aito Expedian asiakkaan arvostelu
"Surprisingly great"
The first impression of the hotel is a bit sketchy but the rooms are amazing; clean, comfortable, and updated. Would definitely stay again.Aito Hotels.comin asiakkaan arvostelu
"Old hotel."
It's a run down motel, but I just needed a night and the price was right. Desk people were very nice and helpful. Room was clean.Aito Hotels.comin asiakkaan arvostelu
"Close by WWU"
Conveniently located close by WWU. Staff was very pleasant.Aito Expedian asiakkaan arvostelu
"Cool stay"
Friendly Staff. Allowed us to tailgate in the back. Internet was a little dull howeverAito Expedian asiakkaan arvostelu
"Stop before flight to Vegas"
The Hotel really needs some TLC badly. Simple maintenance like the tightening of loose screws on tap heads are not done. Flapper valve on the toilet had a slow leak such that it would kick into refill mode every 30 min and wake you up. Entire Hotel needs a revamp not only as a way to take care of it's tired look but to also take care of major structural […] problems.....one of the balconies on the front has had it's floor joists rot out and is now being held up by a couple of doubled up 2x4's. I don't think the night staff are doing regular patrols of the hotel either in or out as the first night we stayed there there were people partying on the 2nd and 3rd floors till well after 2:30 in the morn and being very loud. they partied in the hotel rooms, hall, and in the parking lot at the back of the hotel. When I look at this hotel and realize it it is a Wyndham resort it concerns me greatly of what the rest of the Wyndham resorts are like close up. LisätietojaAito Hotels.comin asiakkaan arvostelu
"Nice Bellingham Motel"
It's a nice motel, nothing fancy, older place, pleasant/friendly staff, plenty of parking. It's fine if all you need is a clean quite room. I would stay there again.Aito Expedian asiakkaan arvostelu
Näillä sivuilla olevat arvostelut ovat niiden kirjoittajien henkilökohtaisia mielipiteitä. Ne eivät edusta Hotels.comin virallista kantaa. Hotels.com ja arvostelujen sisällön tuottamiseen osallistuneet toimijat eivät ole vastuussa mistään arvostelujen käytöstä johtuvista vahingoista.


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CALGARY - Calgary police say they will consult with the Crown on whether they can get involved in a two-year dispute between an Alberta pensioner and the man she says has claimed her rental property as a sovereign "embassy."
Rebekah Caverhill says she has been billed for renovations the man did inside the home and that he had a lien placed on the property.
Caverhill says the man calls himself a "Freemen-on-the-Land," is only paying about half the rent, and has already ignored one eviction notice.
Police initially referred Caverhill to the civil courts, but Acting Insp. Julien Gagne now says officers are consulting with Crown prosecutors to see if there are any criminal charges that can be laid.
He says it is unlikely charges will be laid, but investigators want to make sure.
Gagne says so-called sovereign citizens haven't been as serious a problem in Canada as they have been in the United States, but he does note there is a mandatory training course about the movement that all Calgary police officers are required to take.


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Another severe storm is walloping New York, sending numerous vehicles sliding off icy roads from Buffalo to Albany, forcing scores of schools to close and giving winter-weary upstate residents more snow to clear.
The National Weather Service has issued winter storm warnings for much of the upstate region, where up to 8 inches of snow has fallen by Friday morning. Forecasters say areas outside Albany could get 12 to 16 inches.
The western half of the state has 5 to 7 inches, with winds gusting to 30 mph in some areas along Lake Erie.
Police report numerous accidents, mostly fender-benders.
Many school districts are on winter break this week, but scores of others from the Southern Tier to the Hudson Valley have canceled classes or delayed starts.
It was an easy commute for early risers today, but as the day wore on driving conditions have deteriorated. The number of calls to Onondaga County's 911 Center continues to rise for stuck or disabled vehicles, and accidents. So far there are no reports of any serious injuries.
You can take a look at the conditions at area roads by going to this web site of the New York State Department of Transportation.
The following counties have issued travel warnings or advisories:
Madison County Chenango County Lewis County - expired at 6:30pm Seneca County - expired at 7pm Cortland County - expired at 6pm Steuben County - expired at 5pm The City of Utica has also issued a snow emergency, effective from 10:00 Friday night until 10:00 Saturday morning. Police say all vehicles must be off the streets by 10:00 p.m.
State Police say they have investigated more than 35 car crashes in Broome County alone over the past five days, and warn motorists to use caution and slow down when traveling in adverse weather conditions. Police say you should give yourself plenty of time to travel, leave enough space between vehicles, clean your vehicle off completely, and postpone travel when possible.
If you are traveling by air remember to call your airline before heading to the airport for the latest information on your flight. The FAA is reporting that flights to and from Hancock Airport are being affected by weather at other airports.
As the storm continues and you see something interesting to photograph in your neighborhood, send us the photo to firstname.lastname@example.com or upload it to our MyCNYcentral page by clicking here. Also, please leave a comment below and let everyone know how the roads are where you live!
Information from the Associated Press was used in this report.


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Research & Resources
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Current energy dialogue in the U.S. is centered on the solutions that reduce energy costs as well as the carbon pollution from the electricity and transportation sectors. However, a third sector is missing from this dialogue: the thermal energy that is used for heating and cooling applications.
SEIA's guiding principles for a net metering policy.
Solar plays a critical role in making the military's energy supply more secure, distributed, affordable and independent. The DoD has committed to meet 25% of its energy needs with renewable energy by 2025.
The tremendous success of the ITC for solar energy projects exemplifies the importance of stable policy for the private sector and reveals a high return on public investment in solar energy in terms of economic benefits, domestic job creation, energy security and lower costs for consumers.
As of early 2013, there are more than 130 megawatts (MW) of solar photovoltaic (PV) energy systems powering Navy, Army and Air Force bases in at least 31 states and the District of Columbia. See what states have the most solar installed on our interactive map.
In 2013, the Solar Energy Industries Association is working at the federal and state levels to expand markets, remove market barriers, and increase available financing for solar projects.
Renewable Portfolio Standards (RPSs) are a policy tool enacted by many states to stimulate growth of the renewable energy industry. They require utilities to generate or purchase a certain amount of their electricity from renewable energy within a specified time frame. If a utility does not meet this goal, they are often subject to a penalty known as an Alternative Compliance Payment (ACP). Renewable Energy Credits (RECs) are tradable credits which represent the electricity generated from a renewable resource that utilities can purchase to meet their RPS goal. Solar Renewable Energy Credits (SRECs) are a form of RECS that represent electricity generated from a solar system. RECs are subject to market dynamics with the set ACP effectively functioning as a price floor. RPSs are different in every state.


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