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Satellite Servicing
Robotic Refueling
RRM Refueling
Q: What is "on-orbit satellite servicing"?
A: "On-Orbit Satellite Servicing" brings the practical options of repair, refueling, and assembly to space-based exploration and commercial space ventures. It allows one to fix mistakes, upgrade quickly and extend operational life when needed.
Q: What can satellite servicing do for America's capabilities in space?
A: Like a reliable toolkit, satellite-servicing capabilities help humans build, repair, and maintain critical space assets. They can be used to extend the lifespan of existent satellites, support the assembly of large structures on orbit, and mitigate orbital debris. These advances can make spaceflight more efficient, sustainable, and cost effective.
Q: Why service satellites in geosynchronous Earth orbit, or "GEO"?
A: Located 22,236 miles (35,786 kilometers) above the Earth, GEO is one of the busiest highways in our solar system. More than 100 government-owned spacecraft and 360 commercial communication satellites commute on it each day, making it a prime location to offer repair, refueling, and tow-truck services. Having the capability to refuel and repair satellites at this orbit could make GEO more sustainable and help mitigate orbital debris problems.
Q: Why would NASA use robots instead of humans to refuel and repair satellites?
A: Two factors: distance and time. A robotic mission would put "refueling and repair" in NASA's toolkit within several years. Sending astronauts to destinations more distant than low Earth orbit remains a goal, but the infrastructure that would support human travel beyond low Earth orbit is still in development. GEO's heightened radiation is especially challenging for astronauts, and the lift capacity of existing human-rated spacecraft is insufficient to carry a crew to this orbit yet.
Q: What would it take to "robotically refuel" a satellite in space?
A: A servicer satellite with a couple of essential components. First, the servicer would need an autonomous rendezvous and docking system-the capability that would allow it to locate, meet, and dock with customer satellites. It would also need robotic refueling technology, which would include a fluid transfer system and robotic tools to access the satellite's fill/drain valve.
Q: How long has NASA been servicing satellites in space?
A: For almost 40 years. NASA's first space station, Skylab, was repaired in space in 1973. The 1980's brought the development of NASA's space shuttle, which enabled the successful repair of Solar Maximum in 1984 as well as the on-orbit retrieval of Palapa B2 and Westar 6, which were subsequently repaired on Earth and re-launched. NASA went on to service Syncon IV on orbit in 1985, to repair the Compton Gamma Ray Observatory immediately after launch in 1991, and to service Intelsat 6 in 1992. The 1990's heralded the immensely successful Hubble Space Telescope Servicing Missions, which supplied new instruments to keep Hubble operating above its designed condition throughout its 20-plus year lifespan. Human and robotic servicing capabilities have contributed to the assembly, upkeep and repair of the International Space Station. From 2011, NASA has been using the International Space Station's unique capabilities to demonstrate robotic satellite-servicing technologies for future Notional Robotic Servicing Mission.
Q: Why does NASA do technology demonstrations?
A: On-orbit technology demonstrations, or "demos," test and prove flight hardware, on-orbit techniques, software, and systems before they are launched on a full-scale mission. Demos reveal whether a technology is feasible, functional, and ready to endure the rigorous environment of space. Specifically, NASA uses the "Technology Readiness Level," or TRL method to assess the maturity of evolving technologies before they are incorporated. SSCO's Robotic Refueling Mission, an International Space Station demonstration, will elevate robotic refueling technology from a TRL 6 to a TRL 7-from a "representative model or prototype system tested in a relevant environment, such as a high fidelity laboratory environment or a simulated operational environment" (TRL 6) to "the demonstration of an actual system prototype in an operational environment, such as in an aircraft, vehicle or space" (TRL 7).
Q: Why is NASA advancing robotic servicing technologies, tools, and techniques?
A: Satellite servicing allows satellites to work longer in space. Every year, functional satellites providing weather data, communications and other essential services are retired because they reach the end of their fuel supply or encounter an unexpected problem. As old or ailing satellites are moved to the "graveyard orbit," new models are financed, designed, built and launched-a process that can be costly and time consuming for satellite owners and the consumers.
NASA developed the Robotic Refueling Mission (RRM) and an accompanying ground-based technology development campaign to advance robotic servicing capabilities so that satellites can live longer. Through RRM, NASA is proving the reliability of its robotic servicing technologies, eliminating potential issues through on-orbit testing, and bolstering the foundation for future Notional Robotic Servicing Missions.
Q: What are the greatest challenges to satellite servicing?
A: With the exception of the Hubble Space Telescope http://www.nasa.gov/mission_pages/hubble/servicing/ and the International Space Station, http://www.nasa.gov/mission_pages/station/main/index.html no satellites to date have been built with satellite servicing in mind. They therefore lack key features that would make them readily accessible to servicing. Advances in critical technologies-such as robotic arms, autonomous rendezvous and docking systems, advanced avionics, sensors, algorithms, and robotic refueling systems-are needed to make satellite servicing a routine and reliable practice.
Q: What is NASA doing to overcome these challenges?
A: NASA launched the Robotic Refueling Mission to the International Space Station in 2011 to demonstrate robotic refueling and spacecraft repair technology. On the ground and in the air, SSCO has been conducting a technology development campaign to advance satellite-servicing capabilities. The Argon http://ssco.gsfc.nasa.gov/argon.html autonomous rendezvous and docking ground test is part of this campaign.
Q: What is "Autonomous Rendezvous and Docking" (AR&D) and how does NASA use it?
A: An AR&D system is a satellite's "autopilot" as it rendezvouses and docks with another spacecraft. Cameras, sensors, and advanced computer algorithms allow a satellite to detect another spacecraft's relative position, speed, and direction and successfully navigate to a smooth docking.
AR&D is an important control and safety measure. During a satellite servicing mission, human operators would turn over control of a spacecraft's "flight" to advanced autonomous algorithms during situations when humans would not be able to react quickly enough-such as close-proximity operations with another spacecraft. NASA's Argon test is helping to advance autonomous rendezvous and docking technology.
Q: What is NASA's Robotic Refueling Mission, or RRM?
A: The Robotic Refueling Mission (RRM) is an external International Space Station experiment that demonstrates the tools, technologies and techniques needed to robotically refuel and repair satellites not designed to be serviced in space. RRM is a joint effort with the Canadian Space Agency.
Through RRM, NASA is proving the reliability of its robotic servicing technologies, eliminating potential issues through on-orbit testing, and bolstering the foundation for future Notional Robotic Servicing Missions.
Q: What is NASA learning about robotic refueling and servicing through RRM?
A: Starting with tests and simulations on the ground and continuing with on-orbit demonstrations, RRM is delivering NASA valuable lessons that NASA is applying to develop even more advanced robotic satellite-servicing capabilities. The exercise of developing and operating RRM refined NASA's concepts and designs for innovative tools, robotic procedures, and state-of-the-art servicing technologies for future missions. With RRM operational in space, NASA can now study how the space environment-with all of its challenging factors, including zero gravity, no air pressure, extreme temperature swings, and harsh lighting conditions-affect the capabilities it developed.
Q: Has robotic refueling been demonstrated before in space? What makes RRM unique?
A: While robotic refueling has been performed on orbit, each of these demonstrations was between cooperative objects. That is, the "refueler" and the "recipient" were designed to interact with each other as two halves of one system. RRM is the first demonstration to test the tools, technologies and techniques needed to refuel satellites that are not cooperative (that were not designed with servicing in mind).
Q: Why is NASA using the International Space Station to demonstrate robotic refueling and repair tasks?
A: The International Space Station's accessibility, unique location and well-established capabilities make it an ideal test bed for demonstrating satellite-servicing technologies. RRM will take advantage of Station's power, communications infrastructure, and robotic Dextre arm to demonstrate RRM's functions. Dextre will use RRM tools to perform refueling and repair tasks on the module's components and activity boards.
Q: Is RRM going to refuel satellites from the International Space Station?
A: No. As a technology demonstration on the International Space Station, RRM will never refuel or service a satellite itself. But by using the Canadian Dextre robot, stand-in satellite parts, innovative tools, a fluid transfer system, and about half a gallon of ethanol, RRM will demonstrate that remotely controlled robots could refuel satellites in geosynchronous Earth orbit and other space destinations.
Q: What are the components covering the Robotic Refueling Mission (RRM) box?
A: RRM is covered with the piece-parts of satellites, including a triple-sealed fuel valve identical to the type that many existing satellites have in orbit now. In addition, RRM's exterior includes multilayer insulation that can be cut and pulled back, door latches, and electrical power and signal receptacles. RRM also features wire to be cut and a host of screws, nuts, and caps that can be unfastened, captured, or resealed.
Q: The Robotic Refueling Mission uses the International Space Station's "Dextre" robot. What was Dextre built to do?
A: "Dextre," http://www.asc-csa.gc.ca/eng/iss/dextre/ the International Space Station's twin-armed Canadian robotic "handyman," was developed by the Canadian Space Agency to perform delicate assembly and maintenance tasks on the station's exterior. Dextre serves as an extension of station's 57-foot-long (17.6 meter) robotic arm, Canadarm2.
Q: How did NASA decide on RRM's tasks?
A: RRM is designed to demonstrate the tasks necessary to refuel and repair a satellite that wasn't built with servicing in mind. Think of all the steps you take to refuel your car. It's simple enough on the ground, but much more complex when you're performing the same sort of tasks by remote control in space-using a lengthy robotic arm, peering through small cameras, and dealing with harsh on-orbit lighting on a cap that is triple-wired shut. RRM lets NASA practice servicing activities in space before they would be done "for real" on a potential future Notional Robotic Servicing Mission. It also gives NASA an opportunity to practice other general robotic servicing operations.
Q: What are RRM's dimensions and weight?
A: The RRM module is about the size of a washing machine and weighs approximately 550 pounds, with dimensions of 33" by 43" by 45". RRM includes 0.45 gallon (1.7 liters) of ethanol that will be used to demonstrate fluid transfer on orbit.
Q: Where are RRM operations being controlled?
A: RRM operations are entirely remote controlled by flight controllers at NASA's Goddard Space Flight Center in Greenbelt, Md., Johnson Space Center in Houston, Marshall Space Flight Center in Huntsville, Ala., and the Canadian Space Agency's control center in St. Hubert, Quebec.
Q: How does RRM demonstrate robotic satellite refueling?
A: During refueling operations, http://ssco.gsfc.nasa.gov/rrm_refueling_task.html NASA and CSA direct the completely remote-controlled Dextre robot to pick up RRM tools and use them to:
Q: How does RRM's fluid transfer system work?
A: RRM's fluid transfer system, or FTS, is equipped with a series of valves and pumps that precisely move ethanol fluid - representing satellite fuel - from the FTS tanks, through the RRM Nozzle Tool hose, across the seal that the Nozzle Tool creates with the fuel valve, in a closed loop, and eventually out a vent. RRM also contains a tank of nitrogen that is used to maintain the necessary pressure of the system during operations.
Q: Does RRM transfer real fuel?
A: No. It is not necessary to use real fuel, which can be hazardous, to meet RRM's objectives. Instead the team uses ethanol, which is safer and less costly.
Q: What tools does Dextre use during the refueling demonstration?
A: Dextre uses all four RRM tools during the refueling demo: the Wire Cutter Tool, the Multi-Function Tool, the Safety Cap Tool, and the Nozzle Tool. See the "RRM Refueling Play by Play" for a breakdown of how each tool is used during the refueling demonstration.
Q: How does the RRM Nozzle Tool work?
A: The RRM Nozzle Tool is an innovative problem solver equipped with two drives - one to thread itself onto the fuel valve on RRM, the other to open up the valve. A motorized socket in Dextre's "hand" turns the drives in different directions to accomplish these tasks. Once the Nozzle Tool threads on and opens the fuel valve, the RRM fluid transfer system pushes ethanol up a hose connected to the tool; through the newly formed, sealed interface; and then into the satellite valve and back into the FTS. Once complete, Dextre's socket turns the tool drives again and disconnects the tool.
Q: Why does NASA use multiple tools to demonstrate robotic refueling?
A: NASA uses four tools because there are many steps to the refueling process. Each tool was designed for optimum functionality and
Q: Is it safe to robotically refuel a satellite in space?
A: Robotically refueling a satellite is a multi-step process that demands the right tools, technologies and techniques to be performed safely. To develop the most reliable capabilities, NASA is taking deliberate steps on Earth and on orbit to test and advance robotic satellite servicing. RRM is allowing NASA to practice robotic refueling in the space environment, discover potential hurdles and challenges, and develop solutions applicable to real servicing missions.
Q: Why are satellites' fuel valves so hard to access?
A: Satellite fuel is extremely toxic and combustible. If any were to leak during launch or operations, the people in the surrounding area and the entire spacecraft would be at risk. To prevent any leaks, satellites' fuel valves are triple sealed while the satellites are still on the ground. RRM is demonstrating how a remote-controlled robot could safely access these fuel valves during an on-orbit servicing mission.
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Although the weekend's top ten grosses- totalling around $65 million--were a nice boost from last weekend's disastrous $45 million, they still represent a drop of more than 25% from the same weekend last year. Much of the difference comes from this year's 3-D Disney reissue falling short of last year's, but studios and theaters have reason to wonder when business is going to return to steadier levels.
Two different Paul Anderson are dominating the weekend. Paul W.S. Anderson is heading towards his 4th #1 weekend gross with "Resident Evil: Retribution," and even more impressively, achieving this over three different decades. Paul Thomas Anderson meantime is scoring a huge opening with "The Master," with the best ever (non-inflation adjusted) specialized platform PSA ($146,000) opening in five theaters for a three-day total of $730,000 (more details in Arthouse Audit).
Insurgent Utah-based Rocky Mountain Pictures fell out of the top 10, with its two releases, the ongoing "2016 Obama's America" and the new "Last Ounce of Courage" both grossing around $2 million for the weekend, both in over 1,000 theaters.
The weak total is attributable more to the lack of strong new films over the last two weeks than the later holdovers. Several films declined far less than normal, suggesting that there is still a movie-hungry audience waiting to go out.
1. Resident Evil: Retribution (Sony) - NEW; Metacritic score: 46
$21,100,000 in 3,012 theaters; PSA: $7,005; Cumulative: $21,100,000
How many fifth entries of a series have been #1 for their opening weekend? Not that many. For genre films (horror, raunchy comedies), #5 often goes straight to DVD or cable. But not this franchise. Now in its 11th year, it's back for one more swing at bat, and so far, so good. The 20% decline from the opening weekend of "Resident Evil: Afterlife" two years ago is in line with fall-offs for a late entry.
The first four films have grossed nearly $700 million worldwide on combined production budgets under $175 million, a solid return although at the higher end for Screen Gems (Sony's genre production unit). #4 ("Afterlife") like "Retribution" was in 3-D, and by itself accounted for nearly more than 40% of the series' total previous grosses, primarily from foreign takings. The budget for this is reported to be around $60 million.
This is yet another #1 weekend for Paul W.S. Anderson, a capable director who despite a number of interesting films in various genres ("Event Horizon," "Mortal Kombat," "Alien vs. Predator" -- his biggest success, the most recent "The Three Musketeers" as well as now three "Resident Evil" titles) never has been perceived as an "A" lister. He never has made a $100 million domestic grosser, and works mainly in less critic-friendly genres, but he delivers the goods consistently. His continued success is notable in an era when often studios hire a first-time director with video or other non-theatrical credits who work for far less and are given much less freedom. Many of these soon disappear from the scene, while Anderson keeps returning with another hit.
For lead Mila Jovovich, this is her 5th #1 film (all "Resident Evil" films plus "The Fifth Element") as lead actress, which places her ahead of most of her contemporaries.
What comes next: Most foreign territories also opened this weekend (although several major European countries and Mexico will add on over the next few weeks), so this could be in profit very soon. And it seems likely this will not be the last in the series.
2. Finding Nemo 3D (Buena Vista) - NEW (reissue)
$17,504,000 in 2,904 theaters; PSA (per screen average): $6,028; Cumulative: $17,504,000
Disney should easily make back the expense of converting this Oscar-winning Pixar classic to 3-D this weekend, and a nice profit above marketing costs with the rest of the run and worldwide. However, these conversions seem to be bringing diminishing returns. "The Lion King" in 3-D had an opening weekend gross of over $30 million a year ago, and "Beauty and the Beast" did $17,750,000 in January. Pre-weekend estimates indicated this would end up #1 for the weekend, with this now looking like it will fall somewhat short.
What comes next: "Ratatouille" will follow in 3-D.

subset: commoncrawl


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Creating Fall-Inspired Leaf Patterns and Brushes
Using just a plain image of a fall-colored leaf, Dave shows you how to turn it into a pattern and a brush that can be used in multiple different ways!
Problems viewing this video? Try opening it in a new window.
Related Tags: brushes, custom brushes, patterns


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Rachel Crow – I Can't Get No Satisfaction – The X Factor
Rachel Crow sang 'I Can't Get No Satisfaction' on The X Factor
Not as good as last week. Watch the video and listen to the MP3 here:
LA Reid: Can you sell records and tickets… yes.
Nicole Scherzinger: That was a perfect song choice.
Paula Abdul: You are one of my favorites.
Simon Cowell: I can see you winning the show.
Download MP3 here (Right-Click Save Target As…)
Watch the video here:
Latest News on Rachel Crow
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English, PDF, 873kb
This paper assesses the achievements and challenges of the WTO-led Aid for Trade initiative. After outlining the achievements, the paper discusses where to put the emphasis, how to expand partnerships, how to enhance effectiveness; and, most importantly, how to retain interest in using aid to make trade work for the poor.
Money remitted by international migrants is a major source of income for many countries. Yet individual migrants and their families are often amongst the most vulnerable people in society, and many face significant barriers to the access and use of appropriate financial products. This paper looks at key challenges and how governments can take measures to support migrant workers and their families and improve their financial literacy.
Embracing green growth can secure strong, stable and sustainable development. An increasing number of developing countries have formulated and/or implemented innovative policies to pursue green growth, notably in Africa. Zambia, in particular, is committed to drawing up an Inclusive Green Growth Strategy (IGGS) that builds upon a nationally-defined and comprehensive definition of green growth.
OECD Development Center, Working Paper No. 325 - This paper proposes ways in which the OECD well-being framework used for the Better Life Initiative can be adapted to specific development contexts and thereby made more universal. The dimensions of the Better Life Initiative are relevant to emerging and developing countries, but they can be redefined in ways that better match the availability of data and the priorities and critical...
English, PDF, 744kb
Paper on Targeting ODA towards countries in greatest need, for the 13 May 2014 DAC meeting
Anglais, Excel, 208kb
Agenda de l'atelier renforcer la relation Migration-Développement à travers l'amélioration de la cohérence institutionnelle et des politiques publiques
English, PDF, 1,406kb
This paper seeks to analyse the patterns of capital flow bonanzas and identify such episodes by defining them relative to global capital flows, instead of relative to past experience as is done in most of the literature. This approach therefore emphasises the relevance of the attractiveness of a country vis-à-vis other destinations instead of the relevance of past flows in experiencing bonanzas.
English, PDF, 1,460kb
This working paper contributes to the debate around the financing of higher education and calls for a fair distribution of the costs of higher education between the private sector (including students and their families) and the public sector, allocated according to the ratio of private and public benefits and externalities that it generates.
English, PDF, 2,442kb
Fiscal policy plays an essential role in reducing income inequality in OECD countries while this effect tends to be lower in Latin American economies. This paper adds to the discussion by looking at the issue from a tax-benefit analysis perspective; namely by estimating the impact of the welfare system on the different income groups in Chile and Mexico.
How do global value chains (GVCs) impact employment markets in developing countries? This paper reviews the literature on the subject, focusing on the labour market impacts of three processes that lie at the core of GVC development: importing, exporting, and foreign direct investment (FDI). Two case studies are presented


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Malone J-Hoops Kayak Wall Storage System
|Eligible for Free Shipping on Orders $39 or More! (see promotion details)
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Product Details
Safely store your sit-inside or sit-on-top kayak with the Malone® J-Hoops kayak wall storage system. Crafted from powder-coated steel tubing and covered with a thick layer of protective foam, it's ideal for outdoor or indoor use.
- Holds one sit-inside or sit-on-top kayak
- Crafted from powder-coated steel tubing
- Covered with protective foam
- Mounts to the wall with included stainless steel hardware
- For outdoor or indoor use
- Capacity: 150 lbs
- Lifetime manufacturer's warranty
- Made in China
Product Recommendations
Product Reviews
Reviewed by 2 customers
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- Easy to install
- Firm And Stable
Best Uses
- Any Size Kayak
Comments about Malone Racks Malone J-Hoops Kayak Wall Storage System:
Easy to install, sturdy once it is. Can hold a 14.5-foot-80lb. tandem. Depending how low or high you put on your wall, the trick to placing a long and heavy kayak is to slide it from one side to the other, rather than lifting it over the hooks.
- Was this a gift?:
- No
- Easty To Install
Best Uses
- Great Storage
Comments about Malone Racks Malone J-Hoops Kayak Wall Storage System:
Was able to easily install into a wall stud and it keeps the kayak off the floor and out of the way. I placed the J hooks high enough that when I want to use the kayak I can just flip the kayak onto the car rack. This eliminates lifting off, down and back up again.
- Was this a gift?:
- No


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A real beginning point for balance bikes. Two wide wheels makes this a good choice for twos. We liked that it actually steers (most bikes for toddlers no longer have turning capability) and we also gave high marks for making it a gender-neutral red. Some of our 2s had legs that were too long - so as with any ride-on vehicles, we recommend that you bring your child to the store before you buy. Marked 18 months & up, but as we noted really depends on your child. We still LOVE this company's Plasmacar.
Age: Toddlers. Review Published: 2012-09-08 21:23:04. Click here to purchase the product on Amazon.com.
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Products reviewed by the Oppenheim Toy Portfolio are provided by the manufacturer at their cost. The Oppenheim Toy Portfolio does not require or accept fees for reviewing products.


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Vinod Keni
It is no secret! Entrepreneurs need cash, and invariably, they end up approaching the 3Fs - friends, family & fools! The amount raised is small, typically less than Rs. 50 lakhs. Angel investors sometimes invest at this stage too. This will help the entrepreneur develop the business plan and test the concept on a limited basis.
Angel investments in India are evolving, and the number of members joining the major angel groups, Indian Angel Network (the author is a member of IAN) and Mumbai Angels is increasing rapidly. In addition, informal angel investment groups have spawned all over India, including the Tier II cities.
These investors have been backing startups, providing advice, and helping these companies scale and grow. The big question facing any entrepreneur is this: "Should I raise capital from an angel investor or from a venture capital fund"?
Angel investors are the bridge from the self-funded stage of the business to the point that the business needs the level of funding that a venture capitalist would offer. Funding estimates vary, and it is rare to find an angel investing more than Rs.1 crore in a company. The most effective Angels help entrepreneurs shape business models, create business plans and connect to resources - but without stepping into a controlling or operating role. Often Angels are entrepreneurs who have successfully built companies, or have spent a part of their career coaching young companies. Before approaching an angel investor or an angel investment group, it is important to know the difference between angel and venture capital investor.
• Angel Investors
o Typically HNIs who have been successful entrepreneurs, businessmen who invest individually or as a group
o Invest their own money
o Invest lesser amounts of money; rare to find angels investing more than Rs. 1 crore in a company
o Quick decision making with regard to investments
o Degree of involvement varies from active involvement to a hands-off approach
o Real world advice and assistance to entrepreneurs
o Simpler deal terms and sometimes, more generous valuation of companies
o Will tend to invest very early – pre-seed/seed stage, and fund proof of concept
• Venture Capital Funds
o Venture capitalists are institutional investors; they manage institutional and group funds and invest in companies as a business. They are answerable and responsible to their investors or LPs.
o Typically make larger size investments, though in recent times, there are several early stage funds that are smaller and emulate the characteristics of angel investment groups.
o Longer time to make a decision with a lengthy due diligence process
o In a better position to provide multiple rounds of funding as company grows.
o Will invariably insist of certain members of the management team being individuals chosen or approved by them; will have to give up a greater degree of control to the VC.
o Most venture funds will expect the proof of concept to be completed successfully.
Angel investors unlike venture funds tend to be low profile and not easily recognizable. Though the number of angel investors has swelled in recent times, and there are several stories about them in the media, it is still challenging. The organized groups like IAN & Mumbai Angels have websites that list their members, and several also have individual websites as well. They have had had considerable exposure to early stage companies from both the entrepreneur and the investor vantage points. They are attracted to the challenge of startup companies that offer promising growth opportunity and in which they can contribute their experience and knowledge. They all share one common element and that is the desire to invest in new ventures.
Now the million dollar question! How do you find an angel investor?
Network, Network, Network!
Angels are not always easy to locate. To reach a number of them, and be successful you need to do a lot of business networking. Make it a habit of getting your name and your face out there and meet as many business people as you can. Many business owners have experienced the same challenges you are facing and may want to help. Consider all of them potential angel investors and even if they aren't, they may know one. Getting the word out in your community and business network maximizes your chance of getting an investor referral.
Look for Angel Groups
There are several formal and informal angel groups functioning in India. They have websites and are present in conferences and networking events. Their members attend conferences and speak and write in journals and magazines. There are also several accelerators and advisory groups that work with entrepreneurs and early stage companies. Approach them and ask for help. Most will gladly help.
While there are some angel investors who invest entirely on their own, many operate as part of an informal network or syndicate where they can pool their resources and share the risks.
Identify and approach domain experts in your field
Domain experts in the field of your enterprise or idea will know other experts and investors. Typically, angels tend to invest in industries and domains in which they have expertise, experience or are familiar. While this represents your best opportunity for funding, Angels have been known to invest in opportunities outside their knowledge base. When you find an investor do some research to determine what their interests are and how you should approach them.
Know the preferred investment range
Most angels have a preferred investment range. Why is this important? It saves you from now wasting your time or the investor's time when the amount you are trying to raise is above or well below the angel's comfort zone.
Begin your search close to home
Angels for the most part are very territorial and prefer to invest close to home. Unless they are investing in a group, and a couple of the members of the group are local. Investors are not only investing in a concept or a business, they are also investing in its people. Most investors have an interest in knowing who the principals of the company are and prefer being close enough to meet face to face with the principals when needed. Another compelling reason is that many angel investors like to play an active role in the business they invest in, so the closer they are to the business the better.
And - go where they go!
Active or serious angel investors interested in finding good companies, will attend most events where they believe good companies will be represented. So to find them ... go where they go. You should make the effort to attend local business networking events. There are a lot of entrepreneurial organizations like TiE, NASSCOM where entrepreneurs meet others and network. These types of events are of particular interest to Investors. Chamber events and industry trade shows, technology shows and venture capital events that highlight specific angel investor sessions are always a good idea. Make it a habit of attending these various events and you may find an angel investor or meet someone who knows an angel investor.
So, the key to raising capital from angel investors is to establish a relationship with one or more angel investors so the angel investor can become a champion with other angel investors he or she knows. I know this is easy for me to say and very hard to do when a young company is trying to survive for up to a year while establishing these relationships. But, those who are able to do this, who have dynamite business opportunities, management with experience and business plans that are believable can raise capital from angel investors.
It would be unusual to secure an angel investor in one meeting. These are savvy business people who will work to their own schedule. Assuming that you grab their interest, they will hear your pitch, take away and scrutinize your business plan, return with questions, check facts and references and then, decide whether to give you the money you want at the terms you want. The key to raising money is building investor trust. There is a formula for doing so. The entrepreneurs that succeed in raising capital for their business know the formula for crafting a compelling story that earns the trust and investment of angel investors.
Vinod Keni is a serial entrepreneur, angel investor and the CFO of Aavishkaar Venture Management, an early stage venture fund. He is also the founder/Chairman of Aquarian Group & Peachtree Capital Partners. He is a mentor to several early and growth stage companies and member of the Indian Angel Network. As an entrepreneur, he has started, grown and exited from companies in technology, services, retail and manufacturing. As CFO, he has led companies through public listings, M&A and buyouts. His prior experience includes working with companies such as E&Y, Intel, Harvard Pilgrim, VerticalOne, HeadHunter and TDW. Follow him on twitter.
This is my Story
Ajay Malhotra
Ajay Malhotra, co-founder, Innercover.com.


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Welcome to EuroTransBio
EuroTransBio (ETB) is an international funding initiative supported by European program owners. It has established itself as the preferred funding instrument for small and medium sized enterprises (SMEs), collaborating in the area of modern biotechnology.
Since 2006, ETB has been launching annual calls for innovative research proposals. ETB operates under the ERA-NET scheme since 2004 and will develop to an international funding initiative in 2013. Also in the future, ETB will continue to launch annual calls.
The mission of ETB is to foster the competitiveness of the European biotechnology industry by supporting research intensive SMEs and their strategic partner with the aim of achieving a thriving European biotechnology industry.
11th ETB Joint Call
The 11th joint call for trans-national projects of the EuroTransBio (ETB) initiative closed
on the 29th of January, 2016.The overall budget allocated for this call is at least 17 million €.
The following countries / regions participate in the 11th ETB Call:
Austria, Flanders and Wallonia (Belgium), Finland, Alsace region (France), Germany, Italy, and Russia.
10th ETB Joint Call | Results
19 proposals were submitted to the 10th ETB joint call. The overall budget allocated for this call is of 16 million €.
After evaluation of the proposals by a panel of internationally recognized experts from different fields of biotechnology, 9 high quality trasnational projects have been recommended for funding.
Funding has been offered to innovative industrial R&D&I projects in the fields of health (78%) and industrial (22%) biotechnologies. 19 SMEs and 11 research organizations from 6 European Countries/Regions are involved in the projects and raise a global budget of 12,8 million €.
The following countries / regions participated in the 10th ETB call:
Austria - Flanders and Wallonia (Belgium) - Finland - Alsace (France) - Germany - Italy - Basque Country (Spain) - Russia


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Speaker Mark Ackerman
Affiliation University of Michigan, School of Information
Duration 01:20:33
Date recorded 10 August 2010
Over the last 20 years, Computer-Supported Cooperative Work (CSCW) has identified a base set of findings. These findings are taken almost as assumptions within the field. In summary, they argue that human activity is highly flexible, nuanced, and contextualized and that computational entities such as information transfer, roles, and policies need to be similarly flexible, nuanced, and contextualized. However, current systems cannot fully support the social world uncovered by these findings. This talk argues there is an inherent gap between social requirements and technical mechanisms: The social-technical gap is the divide between what we know we must support socially and what we can support technically. Exploring, understanding, and hopefully ameliorating this social-technical gap is the central challenge for CSCW and social computing as intellectual endeavors, and it is also one of the central problems for Human-Computer Interaction in general. The talk also considers CSCW (and social computing) as a potential Simonian science of the artificial, so as to uncover potential ways around the gap.
©2010 Microsoft Corporation. All rights reserved.


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In cinematic terms, the Ninja offers a great excuse for plenty of action, adventure, stunt doubling, esoteric and elaborate weapons, along with sometimes supernatural skills while clad in black pyjamas! The 'Ninja' craze of the mid 80's launched a whole cinematic sub genre, the 'Ninja Movie' and recently the Ninja Warrior has begun to appear onscreen again, in such projects as the big budget Ninja Assassin, Michael Bay's recently announced live action reboot of the Teenage Mutant Ninja Turtles with Megan Fox, and smaller movies including Isaac Florentine's Ninja, the sequel of which just wrapped in Thailand, and the cut and paste fun of Ninja the Mission Force which returns for a second season this month and more…
Force's of Geek's Great White Ninja himself, Big Mike Leeder takes a look at some essential slices of Ninja action from the big and small screens of both Asia & America.
NINJAS on the Screen
忍者You Only Live Twice
Most peoples first introduction to the world of the 'Ninja' came through the classic Japan set James Bond adventure 1967's You Only Live Twice, with Bond teaming up with the Ninja clan led by Tiger Tanaka, to thwart the plans of a certain Ernst Stavro Blofeld, who is hijacking Russian & American spaceships to play the two super powers off against each other. It's a classic slice of Sean Connery era Bond, and along with such highlights as the 'Little Nellie' autogyro scene, and the sheer genius of Sean Connery going undercover as a Japanese fisherman! The film does feature a nice first introduction to the world of Ninja's & Ninjitsu, with a sequence filmed at the real Ninja Castle in Japan showing the Ninjas training and the finale where the entire Ninja force storms Blofeld's volcano lair.
While the Japanese set scenes featured a wide variety of real life Japanese martial artists, for the finale shot at Pinewood studios, various British stunt performers including Vic Armstrong fill out the Ninja ranks. It's still one of the best Bond movies, with Lewis Gilbert's version of the film being far removed from the original novel by Ian Fleming, and Gilbert later borrowing several elements from the film for two of his later James Bond movies with Roger Moore, The Spy Who Loved Me and Moonraker, with nuclear submarines and Space Shuttles replacing the hijacked spaceships.
Shaolin Challenges Ninja (also known as Heroes of the East)
Imagine Kramer vs. Kramer with added Kung Fu, Karate & Ninjitsu and you get an idea of what Director Lau was trying to deliver.
A hirsute Gordon Liu battles all manner of opponents from both the empty hand and weapons based schools before a final face off with a Ninja master played by the great Yasauki Kurata.
Five Element Ninja
The legendary Shaw Brothers' director Chang Cheh pits several of his favourite action actors against the Ninja in this 1982 classic, also known as Chinese Super Ninjas.
The film tells a violent tale of vengeance, betrayal and ambition interwoven with impressive Ninja skills thanks to supreme Ninja Cheng Yun and his Five Element Ninjas (Gold, Wood, Water, Fire & Earth). Lo Meng & Chan Wai-man are amongst the Shaw Brothers' heroes who must use their ingenuity and martial skills against these seemingly supernaturally power shadow warriors.
Ninja In The Dragon's Den
Directed and choreographed to the max by Corey Yuen (Yuen Kwai) and introducing the man who could have been King, Conan Lee (Roy Hutchinson) as the Chinese hero drawn into battle against a vengeance seeking Ninja (Hiriyuki Sanada from The Last Samurai, Twilight Samurai and Roaring Fire!), only to uncover the motivation behind his foe's mission. After one hell of a face off they join forces to defeat the real villains including Korean superkicker Hwang Jan-lee, who ends up bested by the power of boobies! (Hey watch the movie, we're not making this up!)
The Octagon
Norris plays a man haunted by his past, he received intensive training as a Ninja but while he chose one path, his martial arts brother chose the dark path and has become a master of evil, running a Ninja assassination squad and training school for terrorists to be schooled in the way of the Shadow warrior.
Norris is forced to face his personal demons and his brother within the confines of The Octagon.
Of the first big three Chuck Norris movies that really started making his name alongside Good Guys Wear Black and Forces of One, this film really stands up as Norris lets loose with a wide variety of techniques including impressive handwork, slick kicks, takedowns and grappling long before anyone had even heard of MMA and plenty of weapons work.
There's a pretty slick DVD release of the film out in the UK with plenty of extras including a making of documentary and more. (Norris revisited the world of the Ninja for an impressive dream sequence in Sidekicks alongside the late Jonathan Brandis)
Enter the Ninja
With the release of Enter the Ninja in 1981, Cannon Films not only kickstarted the whole 80's Western ninja genre, but also launched the career of a man who would become the original Ninja star as far as most people were concerned, the great Sho Kosugi.
Directed by Menahem Golan himself, the film began life as a project named Dance of Death, with American Karate legend Mike Stone as both the lead actor and fight choreographer.
But 'creative differences' flared during the early stages of filming, and Golan stepped in to replace the director, and when filming recommenced it was journeyman actor Franco Nero (the original Django!) playing the Ninja lead (artfully doubled by Mike Stone who stayed on as fight choreographer/stunt double and consultant) alongside Susan George, Christopher George and a young Japanese martial artist whose name would soon become immediately identified with 'Ninja', Sho Kosugi who played the villainous Black Ninja.
The film opens with a great title sequence showcasing the skills and weapons of the Ninja before a blistering action scene that is revealed to be Franco Nero's final test before achieving his Ninja status, sadly the film goes downhill somewhat after a strong opening as Nero heads to Manilla to visit an old friend and his new wife, who have fallen foul of a corrupt businessman and his strange retinue which includes an effete British butler/assistant/assassin and a hook handed Nazi! The film ends with Nero donning his white Ninja outfit one last time to battle Kosugi in the ring.
The film really kickstarted the whole Western Ninja genre which we count as a good thing, but also gave us one of the most worrying moments ever when Franco Nero demonstrates his ahem mastery of the Nunchuku....to this day we still ask why lord why?
Classic Dialogue:
"My friend, a ninja doesn't kill. He eliminates and only for defensive purposes. Although, there ARE exceptions (winks at camera)."
The film did very well, and Kosugi would return as Cannon's Ninja of choice in the Salt Lake City lensed Revenge of the Ninja which also introduced his eldest son Kane Kosugi to audiences around the world. The film sees Kosugi as a former Ninja turned Japanese doll trader who is forced to return to his black clad ways when his business partner Arthur Roberts is revealed to be a Ninja druglord smuggling drugs into the country in Kosugi's dolls.
The film which also features Keith Vitali from Wheels on Meals and No Retreat No Surrender 3: Blood Brothers as well as the lovely and deliciously named Ashley Ferrare features plenty of solid action sequences including a chase between Kosugi and a speeding van, and a finale which seems to feature every ninja weapon from the archive as the two ninja's fight their way across the Salt Lake skyline.
Classic Dialogue:
"Only a Ninja can stop a Ninja!"
Kosugi's final Ninja adventure for Cannon was Ninja 3: The Domination which combined elements of The Exorcist with Ninjas and Breakdance starlet Lucinda Dickey, as a telephone repair woman and funky aerobics/dance instructor who is possessed by an evil Ninja spirit and proceeds to wreak mayhem across Los Angeles until Kosugi intervenes. (Shout Factory will be giving the film the Blu-Ray treatment it deserves later this year, we're hoping for ideally interviews and commentary featuring Director Sam Firstenberg and Cannon's first lady of leotards dance fu and ninja fu, Lucinda Dickey!)
Now the less said about Kosugi's 9 Deaths of the Ninja the better, but his final ninja hurrah for glory (until Ninja Assassin) would be his finest hour.
Pray for Death
In its uncut form, Pray for Death is one hell of an action movie.
When Kosugi's family are brutally attacked, he is forced to dig into his wardrobe for his black outfit and tabi boots, along with a funky chainmail hood and plenty of bladed weapons to take the battle to Booth and his associates.
Heavily edited for it's initial UK and American release, the uncut version makes compelling viewing while you're often left confused especially in the harshly edited BBFC approved release from the late 80's.
American Ninja Series
Originally developed and announced as a potential project for Chuck Norris and then briefly with Sho Kosugi attached, Sam Firstenberg took the helm for American Ninja or American Warrior as it was strangely called for its UK theatrical release. The movie made a B-movie hero out of both Michael Dudikoff who played the title character, and his partner in crime Jackson, played by the late great Steve James.
The movie introduced the concept of an Occidental Ninja, with Dudikoff playing a character raised by a mysterious Ninja master who's mundane military service is disrupted by the activities of Tadashi Yamashita and his Ninja warriors who are making mayhem in Manilla.
Dudikoff and James returned for the South African lensed sequel American Ninja 2: The Confrontation which saw Mike Stone returning to the fold to play the main Ninja nemesis, Dudikoff does well while the sight of Steve James unleashing double Butterfly swords always get a strong fan reaction in the finale.
The third film American Ninja 3: Blood Hunt was Dudikoff-less and introduced a new American Ninja in the shape of the high kicking David Bradley.
Steve James returned for his final Ninja outing and gets to wear the awesome Shalom y'all T-shirt in his introductory scene. The film has it's moments but doesn't quite gel, and by the time a fourth film rolled around, Steve James had stepped away from the franchise and Bradley was joined by a returning Dudikoff, for an even more madcap martial arts and mayhem filled adventure which would have made a fitting finale.
But they decided to add the American Ninja 5 title to a very bizarre David Bradley/Pt Morita Ninja-ish adventure that was the final nail in the saga….
The Cannon American Ninja saga never seems sure if it's trying to be deadly serious or poking fun at the idea of the 'Ninja', but the majority of the films in the series are great entertainment with some of the martial artistry and ideas still holding up nearly 25 years after the first chapter hit the screen!
Taiwanese Ninja: Alexander Lou
Meanwhile in Taiwan, former Shaw Brothers actor/action director Robert Tai was hard at work with his own Ninja Production line, churning out all manner of Ninja movie both traditional and modern day, many of which starred his protégé Alexander Lou (Lou Wei).
Taiwanese Ninja's also frequently donned colourful Ninja suits and got to unleash mystical skills along with their martial artistry.
Mafia Vs Ninja German trailer:
Ninja the Final Duel:
The Master Ninja:
The Ninja craze even hit prime TV in the United States with the short lived series The Master/Master Ninja starring Lee Van Cleef, Timothy Van Patten and the one and only Sho Kosugi.
The series followed Van Cleef's character, the first occidental Ninja as he turns his back on his Ninja brethren to return to America in search of his long lost daughter, helping him is Van Patten as his newest student, while Kosugi pops up each episode as Van Cleef's former protégé charged with the job of unleashing Ninja justice upon his former master! (the show was originally pitched as a potential vehicle for James Coburn who was a former student of Bruce Lee, before Van Cleef took the role)
The show rightfully has a cult following and could best be described as a mix of Kung Fu meets The A-Team via way of The Fugitive, as Van Cleef and Van Patten drove their big black van from town to town, helping the helpless and fighting treacherous lawmen, terrorists, corrupt property developers and Ninjas! The series features cameo appearances by everyone from Demi Moore and Anthony Delongis, to former Bond George Lazenby and David McCallum from The Man From U.N.C.L.E. turning up as spies in one episode! The show offers plenty of action, with Van Cleef being doubled for the majority of his action by various bald cap wearing stuntmen, while Kosugi pops in and out of the show unleashing his stylish slices of swordplay and martial artistry. The shows music might also seem very familiar to anyone who listened to Bill Conti's themes for a certain 007 in For Your Eyes Only, with the Master theme being a riff on his own work.
The show was great fun even if its sometimes for many of the wrong reasons, and fun to see how the network tried marketing Van Patten as a teen heart-throb, he is of course now better known as an award winning director for Boardwalk Empire amongst other shows. The series was released on VHS arpund the world as The Master Ninja, but as yet no official DVD release although bootlegs are quite easily found.
The show should have been a bigger hit, and a few short years later with the most minor tweeks it became the basis for a very similar themed series The Raven, starring Jeffrey Meek and Lee Majors which managed to get a bit more life from the idea.
The more spiritual side of Ninjitsu was the theme for another proposed Ninja series, The Last Ninja, starring Michael Beck from The Warriors and perennial favourite Mako, with Mike Stone as technical and martial arts advisor. The pilot offered a Die Hard style hostage situation being resolved by Beck's Ninja, but while production values and philosophical moments were great, the show could have done with some action!
The prolific but not very happy ninja: Richard Harrison
Probably the most prolific Ninja actor of all time, even if he might not have realised just how prolific he was when he was making the films, was former Spaghetti western actor Richard Harrison.
A few years later Harrison found himself in Hong Kong again, initially headlining such movies as Challenge of the Tiger with Bruce Le, when he was reacquainted with Ho and asked to star in a couple of movies for Hong Kong's own version of Roger Corman, Joseph Lai and IFD Films & Arts.
Harrison starred in such classics as Majestic Thunderbolt, before being asked to don the Ninja hood and frequently a headband that said 'Ninja' on it for a seemingly endless series of Ninja cut and paste movies including Ninja Terminator, Ninja Hunt, The Ninja Squad, Ninja Operation: Licensed to Terminate and many more!
Harrison might feel that he was exploited with regards to just how many films he was making, and his thoughts on the films are chronicled in Gods of Spandex, but at the same time he claims to have written the scripts for the majority of the films he did in Asia, while at the same time lamenting how bad the scripts were, adding Nude tennis scenes to movies for fun, discussing how every female he encountered seemed to want to have sexual congress with him, passing judgement on most of the co-stars and crew in ways that doesn't really make him very sympathetic. But anyway Richard, enough about you and yes, while often the plots of these cut and paste ninja movies are hard to follow, they are great fun!
As newly shot Ninja action choreographed by everyone from Phillip Ko to Ridley Tsui and featuring Harrison along with IFD's Gwailo repertory company which included Mike Abbot, Bruce Baron, Stuart Smith, Louis Roth, Pierre Tremblay & Bruce Stallion! (Actually Paulo Tocha from Bloodsport) as various Ninja assassins doubled by some of Hong Kong's best stuntmen, intercut with mad action scenes from Korea, the Philippines, Taiwan and more featuring everyone from Hwang Jan-lee in a fetching Blonde Wig to Wong Tao, to roller-skating Ninjas and beyond!
The films may not be high art by any ranking, but they are still fun if somewhat mad to say the least with plots, ninjas, actors, bad dubbing and more inter-connecting in ways understood only by Joseph Lai and company. This riff on a scene from Ninja Terminator sums it up;
Ninja The Mission Force
Recently the spirit of IFD's Ninja maniacs has been recreated with an affectionate approach from Ed Glaser and the team behind the incredible Ninja the Mission Force, the series which debuted to great response online and just hit official DVD release, features newly created scenes of Ninja madness that rival anything that Joseph Lai and co. could have dreamed of, and newly dubbed scenes featuring everyone from Orson Welles, Brandon Lee & Ernest Borgnine! The saga continues with added Sho Kosugi as Ninja the Mission Force Season 2 hits the screen in late March 2013.
But by the early 90's the Ninja seemed to have lost his cinematic appeal and stepped back into the shadows, with only occasional appearances in film and TV. But 2009 saw Ninjas starting their comeback in a big way, Stephen Sommers' GI Joe: Rise of the Cobra had rival ninja's Storm Shadow & Snake Eyes battling with style
Both characters return for the upcoming sequel which also promises more Ninja action and features dayglo Ninjas on bungee chords battling on a mountainside…and that moment has us buying a ticket just for that!
While Korean pop sensation Rain made his full blooded action debut in Warner Brother's big budget Ninja Assassin, playing a Ninja trying to turn his back on the life he was trained for, but having to face his entire Ninja clan and their nefarious Ninja Master, played by the one and only Sho Kosugi!
While British action hero Scott Adkins (Undisputed 2 & 3, Universal Soldier: Day of Reckoning) dons the Ninja cowl for Director Isaac Florentine in two projects, Ninja and its sequel Ninja 2 which just wrapped in Thailand and features Kane Kosugi, son of Sho playing the nemesis to Adkins character.
Two very different takes on the Ninja movie shot through European eyes are Matt Helge's infamous The Ninja Mission, an ultra violent Ninja tale which has the Ninja in the employ of the CIA, unleashing ahurikens, katanas, machine guns and chemical weapons to battle the Russians!
While the true story of WWII shadowclad action against the Nazi's is chronicled in Thomas Cappelen Malling's Norwegian Ninja! an action comedy of how Commander Anrne Treholt and his Ninja force saved Norway
Now before anyone can say what about all the Japanese Ninja movies?
There are so many cool Japanese Ninja movies and TV shows to look at, that a subsequent article will be focusing purely on the Japanese vision of Ninjitsu for the big and small screen….


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When I served a parish in Ashtabula, Ohio, I had the opportunity to be part of a bond issue campaign for the school system. Those of you who have served in a similar capacity know the bruising intensity of local school politics. The French Revolution pales in comparison.
On our first try the bond issue failed by a narrow margin. On our second try we had our heads handed to us. We decided to hire a consultant.
At a strategy meeting the consultant asked us what we thought was the one thing we needed to do in order to pass the bond issue. We had all kinds of ideas: better campaign literature, more radio ads, more coverage in the local paper, compelling photos of adorable but underserved children, puppies. The consultant listened until we ran out of ideas. "No," he said. "The one thing you need to do to pass the bond issue is to have one more vote than the opposition."
The main thing is the main thing.
All of the ideas we had come up with (well, maybe not the puppies) were means to pass the bond issue. If advertising or publicity became our primary focus we would be distracted from our goal. Stating the simple fact that all we needed to do was to get one more vote than the opposition brought clarity to the campaign.
We do many wonderful and important things together as the ELCA. We alleviate hunger, we're stopping malaria, we give voice to the most vulnerable in our society, we shelter the homeless, we heal the sick, we rebuild communities after disaster strikes, we work for justice. I am not suggesting that we stop doing any of this. But we must be clear that we are church first. We aren't a non-governmental organization. We aren't the government. We aren't the American Cancer Society.
Baptism makes a difference and makes us different. We are in Christ. Baptism means the death of our old self. This implies sacrifice. It should also mean that we as church do not fit in with the surrounding culture. There are many socially conscious, kindhearted, generous, morally upright, compassionate atheists in the world. How are we distinguishable from them? If our life together consists primarily of being affirmed by God's unconditional love and doing works of justice and charity without understanding that God has brought about the transformation of justified sinners through the costly grace of the crucified Christ, then we are not church.
The rest of this article is only available to subscribers.
© 2016 Augsburg Fortress, Publishers


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Overnight Market Summary: All Eyes On Jobs
While the skeleton crew of market participants are still digesting yesterday's uber-dovish, "forward guidance" conversion by the BOE and ECB, driven in response to the Fed's increasingly tight (at least relatively) monetary policy, they now have month's biggest economic and market catalyst to look forward to. In a day which promises to be rife with illiquidity as the bulk of US market participants are within 100 feet of a sandy beach, we are about to get the number that will shape the market's mood for the next month: will the Fed's tapering planes be strengthened in response to strong NFP, or not. As Deutsche accurately points out, the curveball to throw in is that June-August numbers have tended to be seasonally weak over the whole period we have data (back 70+ years) and again over the last 10 years. Today's number is therefore going to be fascinating. A number between 150-200k is unlikely to change anyone's opinion on the Fed whereas a number below might start to build a case for a taper delay. Above 200k and the September taper momentum will build. Such a high number (especially in a weak seasonal period) is unlikely to be great for markets but the ECB/BoE might have cushioned some of the hawkish blow for now. For the record the market is expecting 165k on payrolls and 7.5% (DB same) for unemployment. A full NFP preview post is coming shortly.
So while the NFP will dominate the news, earlier today we got the latest LTRO repayment news from Europe, where we learned that on 10 July 2013 a whopping EUR 0.00 billion will be repaid under the first LTRO, and EUR 2.1 billion in the second by 8 counterparties. So promises of easing with one hand, while banks continue to voluntarily remove liquidity from the market with the other? We got some additional bad news out of Europe when German factory orders tumbled -1.3% in May on expectations of a +1.2% increase, but the ECB's dovishness is already to be expected. Perhaps the most curious European news of the day came from the Cyprus government which believes that ECB Executive Board Member Joerg Asmussen threatened Cyprus with stopping financial aid, Die Welt reported, without saying where it obtained the information. Asmussen threat came after Cyprus asked repeatedly for softening of agreed-on reforms, Welt reports. The reason is that Cyprus wants more liquidity support for Bank of Cyprus, among others concessions. Keep an eye on that alongside the deteriorating situation in Portugal.
Key markets summary:
- S&P 500 futures up 0.9% to 1623.9
- Stoxx 600 down 0% to 292.1
- US 10Yr yield up 4bps to 2.54%
- German 10Yr yield up 1bps to 1.66%
- MSCI Asia Pacific up 1.1% to 132.1
- Gold spot down 1.2% to $1234.9/oz
More on the key overnight news in bulletin format from Bloomberg:
- Treasuries fall before report forecast to show U.S. added 165k jobs in June with unemployment rate falling to 7.5% from 7.6%.
- EUR and GBP fall vs USD after BoE's Carney and ECB's Draghi each indicated they will keep interest rates low for longer than investors expect
- BoE said recent increase in rates was "not warranted by recent developments in the domestic economy"; Draghi said ECB was injecting a "downward bias in interest rates for the foreseeable future"
- Fed policy makers are ready to start tapering bond purchases in September after Bernanke shocked markets by announcing a conditional timetable, said former Fed Governor Laurence Meyer
- German factory orders declined 1.3% in May vs expectations for 1.2% gain; April revised to -2.2%
- China suspended the release of industry-specific data from a monthly survey of manufacturing purchasing managers, with an official saying there's limited time to analyze the large volume of responses
- Japanese investors sold JPY10.6t of foreign debt in the first half of 2013, the most since at least 2001, according to Ministry of Finance data
- Egypt's Muslim Brotherhood called for nationwide protests in the first major trial of strength with the military- appointed government after the ouster of Islamist Mohamed Mursi as president
- Sovereign yields mixed. Nikkei gains 2.1%, leading Asian markets higher; Europe equity indexes mixed after yesterday's rally. U.S. index futures higher. WTI crude,gold and copper lower
Economic Data
- 8:30am: Change in Nonfarm Payrolls, June., est. 165k (prior 175k)
- Change in Private Payrolls, June, est. 175k (prior 178k)
- Change in Manufacturing Payrolls, June., est. 0k (prior -8k)
- Unemployment Rate, June, est. 7.5% (prior 7.6%)
- Average Hourly Earning M/m, June, est. 0.2% (prior 0.0%)
- Average Hourly Earning Y/y, June, est. 1.9% (prior 2%)
- Average Weekly Hours, June, est. 34.5 (prior 34.5)
- Change in Household Employment, June (prior 319k)
- Underemployment Rate (U6), June (prior 13.8%) Central Banks
- Fed deadline for U.S. bank stress test results
DB has much more on the overnight events as well as what to expect today:
The BoE and the ECB (more details below) made a great effort yesterday to stress that they are nowhere near as hawkish as the Fed - t least on a relative basis. Before we get excited it's worth noting that the Fed are still injecting $85bn a month of liquidity into markets whereas the BoE and ECB are currently on hold with regards unconventional policy. In fact the ECB balance sheet has been slowly shrinking this year. Nevertheless that the ECB broke with 14 years of protocol to give any guidance on future rate policy is a notable step. The BoE by issuing a statement suggesting that the recent rise in yields was not consistent with the weak recovery and low inflation was also significant. They also hinted in their statement that they may be more specific on their commitments to keep rates low for longer at their August meeting. So Carney is making his mark and I'm glad I got my Euros before the meeting. Sterling fell 0.7% and 1.4% against the Euro and Dollar yesterday and the Euro was down 0.7% against the Dollar.
Given the Fed's recent statement and yesterday's news, the sensible trade seems to be long Euro/UK rates vs US and to be long the Dollar against the Euro and Sterling. Indeed our rates and fx strategists have been in favour of this bias in their recent notes. While we would agree with this in the near-term we can't help but think that the Fed will become more dovish as the year progresses and that such trades have a shelf-life of weeks not several months. This won't be an overnight change from the Fed but will evolve with the data and from market signals. Ever since the financial crisis started we've been of the opinion that once money printing started it would be very difficult to reverse the process and that balance sheets around the world will eventually be a decent size bigger than they are even today and that unconventional policy will probably last well into the second half of the decade across many parts of the globe. Whether it's the right thing to do is irrelevant but with very low nominal growth and with very high and still growing total debt, such an outcome seems inevitable to us. A 1-handle on 10 year Treasuries again at some point before year-end wouldn't surprise us even if there's volatility first.
Especially as in the near-term the Fed are minded to start tapering in September and until persuaded otherwise will likely do so even if we think this is an unnecessary risk to take given the fragile global economy. However their actions will depend on numbers like today's payroll/unemployment print. The curveball to throw in is that June-August numbers have tended to be seasonally weak over the whole period we have data (back 70+ years) and again over the last 10 years. Today's number is therefore going to be fascinating. A number between 150-200k is unlikely to change anyone's opinion on the Fed whereas a number below might start to build a case for a taper delay. Above 200k and the September taper momentum will build. Such a high number (especially in a weak seasonal period) is unlikely to be great for markets but the ECB/BoE might have cushioned some of the hawkish blow for now. For the record the market is expecting 165k (DB at 145k) on payrolls and 7.5% (DB same) for unemployment. We should note however, that recent market estimates in the last 24 hours have been in the 175k to 180k range.
Turning to Asia, yesterday's positive reaction to Draghi's "lower for longer" rate guidance has largely carried through to Asian markets. As we type, the Hang Seng, Nikkei and Shanghai Comp are all sitting on gains of 1.5%, 1.6% and 0.3% respectively with banking stocks generally outperforming across the region. The S&P 500 futures is trading relatively flat this morning at 1624 after adding a percent yesterday in European trading - including a 0.5% gain after Draghi's press conference started. In credit markets, the Asia and Australian IG indices are both trading 3-4bp firmer but overall liquidity with many participants content to take a wait-and-see approach ahead of tonight's NFP. Chinese interbank rates continue to ease (7-day repo rate down -2.36% today to 3.8%) after reports that the PBoC had injected funds into a select number of banks to ease liquidity (Bloomberg). Staying in China, in a sign of the stresses in the shipbuilding sector, shares in Rongsheng Heavy which at one stage was the world's 6th largest shipyard, are down 14% overnight after it reported that many shipowners have delayed, renegotiated or defaulted on payments to builders and that it is actively seeking financial support from the government.
Elsewhere overnight, the EUR (-0.1%) and GBP (-0.2%) are losing further ground against the USD but some of the losses have been pared this morning. US treasuries have reopened a touch weaker across the board with the 10yr yield up 2bp this morning at 2.52% versus Wednesday's close of 2.50%. This is contrast to European rates which yesterday fell almost universally across the core and periphery markets on the back of Draghi's rate guidance. Ten year German, Italian and Spanish bond yields fell 1bp, 10bp and 13bp. Indeed the yield differential between 10yr USTs and Bunds has widened to 0.87% which is the widest level in more than 2 years. Portuguese yields fell by 16bp to 7.05%, helped by signs that the PM and CDS party had reached an agreement to hold the coalition together.
Returning to the ECB's comment yesterday, DB's Moec and Wall described Draghi's forward guidance as the best way to reconcile i) the split between improving real economy data and stubbornly weak credit figures; ii) pressure on intra-Eurozone spreads partly triggered by Fed communication on tapering; iii) perturbations in the forward money market rates under pressure from early LTRO repayments. Stating that the Council expects "the key ECB interest rates to remain at present or lower levels for an extended period of time" addresses ii) and iii). Meanwhile, the message to the money market is strong: negative deposit rates, which had been seemingly downplayed last month, are back on the table. Draghi insisted several times that "all key rates" could be lower. For now, DB maintain their call for unchanged policy rates until 2015, as the latest communication makes an implicit easing bias more explicit but does not reveal a substantially different view.
Looking at today's calendar, ahead of the payrolls print, we have a number of European data releases including Spanish industrial output, German factory orders and the French trade balance for the month of May. But all eyes will on US payrolls which will likely set the tone for markets in the days and weeks to come.
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From SocGen:
The introduction of forward guidance on interest rates by the ECB, and the likelihood that the BoE will formally do the same in August after hinting as much yesterday, lifted risk sentiment and caused the EUR to drop 0.7% and GBP 1.3% vs the USD. The jury will be out on recent moves in rates and FX until after the release of US non-farm payrolls data today, as investors gauge the probability of Fed tapering after the summer. A number below 150k or above 200k is probably needed to push the market out of the comfort zone. UST yields will lead FX and equities.
The 'heavy lifting' is now supposedly being done by the ECB and BoE in terms of keeping policy accommodation intact but whether in 12 months time this will be sufficient enough to fill the void left by a Fed exiting QE is difficult to say. Moreover, although the announcements yesterday by the ECB and BoE put both central banks on exactly the same footing as the Fed where short-term rates are concerned, remember the Fed is still adding liquidity to the tune of $85bn a month. So in actual fact most of the lifting is still being done by the Fed (and BoJ), not this side of the Atlantic in the eurozone or Britain, even though the long end of the yield curve would tell you otherwise. US/EU and US/UK 10y spreads widened a couple of bps yesterday ie the gap between borrowing/funding costs for the UK and EU cheapened relative to the US. The Eurostoxx-50 and FTSE-100 indices have now returned to pre-FOMC levels, but whether the 6% rally since 24 June is a dead cat bounce or forms the base for a summer rally will partially be answered by the US labour market report at 14:30 CET.
Labour market anecdotes from the US ISM surveys for this month were conflicting in that services employment gained and manufacturing fell, but our economists calculate the composite ISM employment gauge rose by almost four points to a four-month high. With ADP and ISM composite anecdotes at the highest level since February (payrolls +332k), the bar for a positive surprise today would appear to be quite low. A number between 150k and 200k will not shift the needle with respect to the timing of Fed tapering (we still think September). On a number above 225k, the Street may talk up the possibility of Fed tapering immediately on 31 July by $10bn to $25bn.
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It's been 5 years.......NOW we're gonna look at jobs?
With Obamacare coming?
Sure.....what the hell ever.
Yup jobs data is so terribly important: jobs data bad the markets soar, jobs data good the markets soar.
It's no fun being a legal American.
Boss says I can keep my job if I write him a check for $5000.00.
That's only if amnesty passes however. Wait, I mean comprehensive immigration reform....same damn thing.
Welcome to Forward Full Retard.
Equities up, USD up, Oil Up......guess its time to start drinking.
I thought the bulk of US participants now were the so-called vacuum tubes?
Jobs? This has been the propaganda for 5 years already.
It's impossible to have good jobs if crude oil at about $90 for 2 years and interest rates at zero, impossible.
You want jobs? Sure
- overnight interest rate at 3-5%
- crude oil at $50/barrell
Otherwise: Eat grass
The whole thing hangs up on a White House order, as a conclusion of a civil war inside government of forces for QE and forces against QE.
It is this simple
a bit simplified, isn't it? you do touch a true and thorny issue, but to put it stupidly there were jobs before oil became important
and big cities, and horse-drawn vehicles. I'm also reminded that the WWII German army was mostly horse-drawn, if you believe it. some four million of military horses at the begin of the war, if I remember correctly, and very few tanks and planes. troops walked to the front when not railed
just a thought, without any attempt to detract from your message - just that TEOFTWAYKI or however it is spelled could be... surprisingly mundane, peaceful and innovative
I usually get a lot of junks - without any explanation - for asking from time to time why big chunks of the US truck fleet are not switching to NatGas, for example. I still don't understand it
on the interest rates, you hit the nail on the head - not sustainable, ergo will not be so forever
There are safety issues with nat gas powered trucks when in an accident.
That is my understanding
pardon my French, but since when did safety issues ever stop America? or potential accidents when a buck can be made? but I read on the NYT that a federal excise tax might be an issue. though not a show stopper, and safety is, as other countries can attest, not really an issue
"All Eyes on Jobs"
How about an eye on what kind of jobs, how many hours worked on average, and what kind of pay?
More important is the true unemployment number.
And does the unemployment number include the soldiers serving overseas? Because they should be included in that figure.
And does the unemployment number include the ever increasing number of workers pushed onto disability payments? Because they should also be included in that figure.
And does the unemployment rate include all those people who had their hours reduced to below 30 hours so as to avoid the great Obama Care solution? Because they should be included in that figure as well.
And does it include most of the people working at the NSA? Because most of them should to the degree that they spend their time spying on innocent Americans but fail to stop terror attacks, fail to produce telephone conversations between Corzine and friends etc.
If crude oil is financialized and not allowed to lift the economy, human beings are needed to attempt to replace the energy lacking from oil, hence low paying jobs
"How about an eye on what kind of jobs, how many hours worked on average, and what kind of pay?"
Exactly. The only statistic that matters in the end for a government is tax revenue.
"BoE said recent increase in rates was "not warranted by recent developments in the domestic economy""
More easy money for longer....
Japanese style QE for the UK?
well, thankfully the criminal fed has been pumping futures since the holiday, so even if the jobs report was to not go there way, the fall would not be so bad.
these assholes are addicted to printing, and as many people have said, they will never stop. they panic when the market falls 2 percent, sending out a bunch of douchebag fed members to spew us bullshit about what bernanke really meant. u think they will just stop purchasing all together?
that is why we all love physical on this site, because we all know they will never actually stop printing whether they say they will or not
Much less incentive to work these days...with entitlements greater then entrance wages who wants to work?
Even those with higher degrees. The kid next door (still supported by his father) has an MBA and refuses job offers for $65k a year saying, "I'm worth more then that."
Good luck. Western culture is in deep wasser.
It doesn't help that employers are choosing to screw workers over by using staffing agencies, contractors, and offshore labor (as well as other forms of temporary, second-class labor) against those who want to work. Not only is the compensation not competitive against government assistance, the freedoms of the worker are sacrificed for the freedom of the employer.
Why would someone work if they're considered a second-class citizen despite giving top-quality contributions? Perhaps if temporary labor had to be a conscious choice over better forms of employment, as opposed to being one of desperation, default, or dodging of benefit, then its existence can be justified.
the issue is Steve Jobs or Odd Jobs; the guy with a bowler in Goldfinger.
THe one outsources jobs that the other wants to bring back, and is prepared to break your neck or your back to achieve that.
Either you work for Steve in China or for Odd in Walmart at reduced rates and can be "pink slipped" at the drop of his bowler hat!


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