text:
Aetiology of Zimbabwe Banking Crisis 2003-4
Aetiology of Zimbabwe Banking Crisis 2003-04
Dr T. A. Makoni
Executive Summary
As a prelude to my research project on entrepreneurship in the Zimbabwean
banking industry for the period 1995 –2005, I review the aetiology of the
financial crisis in the light of other crises worldwide. The Reserve Bank of
Zimbabwe (RBZ) has placed the blame for the crisis on entrepreneurial bankers
while these blame the macroeconomic policies of the government. Others blame
the crisis on political interests or personal vendettas.Entrepreneurship in
financial services suffered a huge shock from a banking
crisis that started in December 2003. A number of indigenous banks collapsed as
a result. After an extensive analysis I argue that the fragility in the
Zimbabwean financial services was a result of mistakes (not criminal activity)
by all three stakeholders, namely borrowers, bankers and regulators, as they
navigated the uncharted waters of financial deregulation and liberalisation.
However the real cause and trigger of the banking crisis lies squarely at the
feet of the regulator. 1 BackgroundThe deregulation of the financial services
in the late 1990s resulted in an explosion of entrepreneurial activity leading
to the formation of banking institutions. This sector was hailed as the beacon
of Zimbabwean entrepreneurship and the glory of the nation in tough times. It
proved to be
highly profitable, with exponential market growth. However after a new governor
was appointed in December 2003, a change in the monetary policy stance
precipitated a banking crisis that resulted in bank collapses and closures. As
at 31 December 2003 there were forty banking institutions but a year later the
number had declined to twenty nine, comprising eleven commercial banks, five
merchant banks, five discount houses, four finance houses and four building
societies. The collapsed banks included nine institutions placed under
curatorship and three that were placed under final liquidation. This has
resulted in blame shifting between the affected bankers and the regulatory
authorities as to what triggered the crisis.Dermirg-Kunt et al (2000) define a
banking crisis as a period in which significant segments of the banking system
become illiquid and/ or insolvent. This is normally characterised by:
Bank failuresEnactment of emergency measures by regulatory authorities
significant deposit flights to perceived safer banks
High levels of non-performing loans andHuge bail out costs.After the December
2003 Monetary Policy Statement, and for the greater part of 2004, these signs
of a banking crisis were evident in Zimbabwe.Banking crises are not as
infrequent as may first appear. For example Glick et al (1999) carried out a
survey on ninety (90) banking and currency crises in both industrial and
developing countries from 1975 to 1997. In another paper (Beim, 2001) it is
noted that researchers from the World Bank have reported 113 banking crises in
93 countries for the period 1975-1999. That implies an average of five banking
crises per year over that time period. Numerous
research projects have been carried out in an attempt to identify the causes or
triggers of banking crises.2 Reserve Bank of Zimbabwe Attribution of CausesThe
RBZ argues that the key reasons for the crisis in the banking sector
are:Extensive diversion of management's attention to other commercial
activities, rather than running their institutionsHigh prevalence of insider
loansFailure to diversify shareholding structures leading to undue influence by
owner managers Evasion of core banking business and engaging in speculative
activitiesInvolvement in parallel foreign currency dealings Poor corporate
governance epitomised by: inadequate or virtually non-functional board
oversight, and with weak controlsInadequate or poor risk management
systemsAbuse of holding and associate company structures to evade regulation
and channel depositors' funds into non-registered entities e.g. asset
managersRapid and ill-planned expansion drives that overstretched their limited
resources and Misrepresentation and creative accounting.(RBZ, 2003, RBZ, 2004b:
37-42, and Zimbabwe Independent, 2005:B31)The affected bankers and analysts
have doubted this explanation as the main cause of the crisis. It should be
noted that there is an asymmetry of information as the central bank has access
to all media platforms while it has put a gag order on bankers speaking to the
press. From a purely theoretical perspective, causes of banking crises should
be both macroeconomic and microeconomic in nature.The one sided nature of the
blame attribution makes a case for the researcher to analyse other crises to
objectively establish possible causes.
3 The Framework of AnalysisBeim (2001:5)
posits that banks fail only when one or more major sources of funding are
withdrawn. He hypothesises that there are two phases to banking
crises and four sets of agents, namely depositors, government as guarantor,
private external lenders and intergovernmental financial institutions e.g. the
International Monetary Fund and World Bank. He labels the phases as:
Phase One:
The silent phase when vulnerability emerges. In this phase economic value is
destroyed due to numerous factors but this is not acknowledged and
hence quietly builds up eroding the banks' capital. The phase is characterised
by increased non-performing loans (NPL).
Phase Two: In this critical stage it is
publicly acknowledged that banks are insolvent and the various agents attempt
to take action to remedy the situation. It is this stage that converts to a
full blown banking crisis.He uses the framework to review 113 systemic banking
crises originally identified by Caprio and Klingebiel (1999). Beim (ibid:2)
disagrees with Honohan (1997), who categorises causes of crises into
macroeconomic factors, microeconomic factors and factors endemic to government
dominated banking systems. He contends that these factors often occur in
combination and seem to provide little theoretical traction. I will base my
analysis of the aetiology of the Zimbabwean financial crisis on this
3.1 Phase OneThis phase has both macroeconomic and microeconomic
causes. It does not constitute a banking crisis but refers to factors that
create vulnerability and fragility in the sector. At this time there is no
public acknowledgement of the potential crisis.3.1.1 Macroeconomic factors
Honohan (1997:9) is sceptical that macroeconomic factors cause banking crises
since even countries whose macroeconomic fundamentals were strong, e.g. Brazil
and Malaysia, still had banking crises while others whose macro-fundamentals
were weak did not suffer any banking crises. However it can be argued that
these do create vulnerabilities in the sector.Market-oriented economic reforms
accompanied by financial liberalisation have been positively correlated to
banking crises, as they tend to result in an excessive build up of bank credit
and a lending boom, leading to asset price bubbles. (Burdisso et al, 2002,
Corsetti et al, 1999:24).
Zimbabwe has been through a structural economic
reform program since the early 1990s at the insistence of multi-lateral
lenders. It has been reported that financial liberalisation and deregulation
resulted in financial fragility due to inadequate bank regulation and
supervision in Asian Crisis (1997), and Mexican Crisis (1994). Deregulation
increased new entries into the banking sector and thus spread the available
pool of skilled bankers too thinly. This was compounded by the massive brain
drain as professionals emigrated to countries where salaries were more
competitive. Naturally this affects the risk assessment capability of the banks
as well as the managerial competences.
It should not surprise the regulators
when the quality of loan books deteriorates. Hawkins and Mihaljek (n.d., page
3) observe that deregulation reduces sources of cheap funds and thus reduce
profit margins, thereby straining the banks' margin of safety that is generally
slim within a hyperinflationary environment.Hyperinflationary environments tend
to increase bank vulnerabilities to crises. Boyd et al (2000:12) argue that
inflation lowers the real rates of return resulting in a smaller pool of
savings while increasing the potential pool of borrowers. This happens because
lower real rates of return reduce the attractiveness of savings while
increasing the attractiveness of borrowing. Entrepreneurial bankers
aggressively promoted borrowing to fund consumer and corporate expenditure due
to the negative real interest rates in Zimbabwe between 1998 and 2003. This
increased the exposure of the banks as the creditworthiness of borrowers
declined and yet, due to strong competitive rivalry, aggressive lending was one
way of retaining market share. However, with lower savings and cheaper sources
of funds dissipated, the banks had to source expensive money to fund the
borrowings. Naturally investors and lenders started demanding higher rates of
return closer to the inflation rate. This meant bankers had to invest in high
risk, high return investments to meet the customer demand and also be able to
mobilise resources.
I therefore argue that the speculative investments engaged
in by the bankers was a reflection of market realities and also necessary for
the banks' survival. These market realities were not caused by the bankers but
by macroeconomic policy makers. Hyperinflation lowers the real return on a
variety of assets e.g. deposits, treasury bills and equities. Consequently the
value of the banks' equity capital is eroded by inflation.
When Zimbabwean
regulatory authorities in response increased the statutory reserves of banks in
this hyperinflationary environment, they reduced the real return to banks and
this was passed on as lower returns on deposits as well as increase in service
charges for previously "free services". The Reserve Bank subsequently accused
the banks of extortion and directed that banks to remove the service charges as
well as increase the interests on deposits. This action further
exacerbated the vulnerability of banks by reducing their profit margin.
Burdisso (2002:18) contends that high inflation signals poor macroeconomic
and/or large fiscal imbalances. Yet the monetary authorities in Zimbabwe were
blaming the bankers for fuelling inflation.Corsetti et al (1999:8) found that
countries with huge current account deficits/imbalances based on balance of
payments develop an external competitiveness problem leading to a currency
crisis. They further argue that a currency depreciation and external imbalances
imply a causative role of current account problems in the banking crises.
Zimbabwe's economy has been contracting for six successive years. The GDP
growth for years 2002-2004 was
negative. (RBZ, 2004). The country's total external debt has been rising
annually due to failure to service it. For example the total external debt
increased from US$3.86 billion in 2003 to US$4.3 billion in 2004. (RBZ,
2004:27). Zimbabwe was in a CGP (Currency, Growth, Debt) trap where currency is
overvalued, growth is faltering and debt servicing is a challenge.
De la this
trap also adversely affected the Zimbabwean financial sector.For the six years
prior to December 2003, the Reserve Bank maintained a fixed rate of exchange
and yet there was an acute shortage of foreign currency. This resulted in
increased parallel market trading by banks with the complicity of the Reserve
Bank. Most of the country's economic activities, including fuel and energy
procurement, parastatal requirements and the 2000 Election, were funded through
parallel market funding in which the RBZ played an active part.
However the RBZ used market players, mainly the commercial and merchant banks,
as agents in sourcing the foreign currency for them. Cunningly, the RBZ let the
banks carry the risk for foreign currency dealings and in some cases did not
repay the banks the foreign currency on time, leading to unnecessary exposure.
Even in 2005 the current governor of the RBZ resorted to the
parallel market to source funds for the reimbursement of the IMF loans. Given
the role of the RBZ in the parallel market, it can be argued that there was
tacit approval of this activity, and hence entrepreneurial bankers exploited
this and maintained large open foreign currency positions. It is hypocritical
to accuse bankers for trading on the "illegal" parallel market when it was the
only market available then. I argue that the whole economy at that stage was at
that stage could be viewed as a patriotic.
Then as now, government policy had virtually driven many aspects of the economy onto the parallel market.Some
bankers hedged against inflation through speculative foreign currency trading.
The fixing of the exchange rate in a hyperinflationary economy created huge
vulnerabilities for the banking sector. However the major adverse impact of
both inflation and poor exchange rate management systems by2 the
central bank was the immediate erosion of the capital value of the banks, which
led to under-capitalisation. prudential regulations and bank supervision, as
well as insufficient expertise in the regulatory institutions, increase the
probability of banking crises. As
has been noted in a previous paper, Zimbabwe did not have sufficient banking
regulations and expertise at bank supervision. The new Banking Act was enacted
in 1998 and subsequently reviewed about thrice since then. Prior to this a 1965
Banking Act governed the banking sector. The banking supervision department was
introduced in 1985 at RBZ and from then until 2000 it relied on
prudential guidelines and moral suasion to promote prudent risk taking within
banking sector. Basically the RBZ had no teeth and was learning the ropes along
the way. There is evidence to show that until the outbreak of the crisis,
banking supervision and surveillance were lax. As one banker said, "With the
frequent reports from banks, how was it possible for the the regulators in this
crisis." It is thus evident that compliance and enforcement of official
prudential requirements, once these were legislated around 2000, were low.
3.1.2 Microeconomic factors
Due to the liberalisation of the economy there was
an excessive optimism about lending to rapidly expanding indigenous companies
and speculative property developers whose booming output and rapidly rising
collateral values gave
banks a false sense of security. Firms became highly geared. Bankers formed
self-fulfilling views of the creditworthiness of nvestments in the property and
equity markets. This led to a boom in lending and an increased demand of the
products, which resulted in an asset price bubble. However this credit
expansion was based on unrealistic prices and price trends of the assets, which
could be reversed by any macroeconomic downturn that would cause the asset
bubble bursting. Retrospectively, it is evident that banks riding on the wave
of optimism over-lend to projects with no long term prospects, increasing their
vulnerability. Of course we are all wiser in
retrospect, and hence it is easy to criticise these actions now. It is noted
that all economic players were praising the bankers in 2002-2003 as having kept
the economy vibrant. How fickle can market sentiment be?Honogan (1997:10)
argues that bankers "hunt in herds" and therefore adopt market norms to avoid
criticisms from shareholders, regulators and analysts for not exploiting
In mid-2003 a number of the conservative banks, especially
Commercial Bank of Zimbabwe (CBZ), came under fire from shareholders and
analysts for comparatively poor performance against the aggressive indigenous
banks. At the same time the foreign banks also came under the political
spotlight for their reluctance to lend money to the booming indigenous sector.
It follows that the banks that were conservative in lending to the indigenous
sector and taking low return investments, felt the need to conform in order to
avoid censure from stakeholders.The aggressive competition for market share
also led to excessive lending. Many bankers felt that if they lost this battle
they would become unviable. This competition reduced the stringent lending
regulations, increasing the
incidence of non-performing loans.The 1994 Mexican Crisis was partially
attributed to poor quality loans financing investments of dubious profitability
or speculative purchases of existing financial assets. The net result was a
high presence of non-
performing loans characterised by a high proportion of bad loans, excessive
exposure to the property sector and overly optimistic estimates of loans'
collateral. (Corsetti et al 1999:28). It is evident that in the last quarter of
2003 that there were significant speculative investments in land, property,
vehicles, stock at the ZSE and take-over of companies. However at that stage
this was a response to market demands for high return and high risk
investments. Inflation was galloping towards 600% and investors demanded above
or near inflation returns. The market cheered them on. It can be argued that at
this stage the level of non-performing loans was still low and the banks were
merely vulnerable but there was no crisis.In the Latvian Crisis it was observed
that some banks were created not primarily to service the banking needs of the
public and establish solid business relationships that could serve the long run
interests of the bank, but as a rent-seeking activity of oner mangers who
sought to maximise their wealth quickly. The loose legal and supervisory
framework governing the banking sector encouraged this. (Fleming and Talley,
1996). In some cases this
was also evident in the Zimbabwean. However from an entrepreneurial perspective
is it wrong to set up a business for wealth creation purposes? If there is no
value for the creators of the business then it eliminates one of the critical
incentives for entrepreneurial activity – the profit motive. Since when did
rent-seeking behaviour from entrepreneurs become criminal? Entrepreneurs by
nature seek to exploit loopholes to maximise the returns on their
investments.Similarly some banks were formed with the primary purpose of
providing cheaper sources of funds for the entrepreneurs' other business
activities. This per se is neither criminal nor unethical as long as proper
procedures are followed. As Honohan (1997) argues concerning self-lending, "who
would not want to benefit from the asset price boom?" onogan (ibid:11)
describes a psychological phenomenon called "disaster myopia" as the tendency
to ignore potentially catastrophic events that have a small probability of
occurring and hence no contingency plans are crafted to minimise their adverse
impact. It does appear as if Zimbabwean bankers suffered from this syndrome.
It is difficult to imagine that few took steps to plan for the the consequences
of high risk investments in an unstable economy, especially considering that
the multi-national banks at the same time were downsizing, selling off non-
profitable branches and pursuing very conservative lending policies. They were
also moving away from high cost erve cash and reduce expenditure. Scenario
planning could have helped entrepreneurial bankers appreciate the weak
threatening signals from the environment.
Recklessness and fraud have also been
identified as factors that increase the vulnerability of the banking sector.
This is evident where adequate controls on risk and appropriate rewarding
structures are lacking. For example if but no meaningful penalties when they
are unsuccessful, then risk-preferring behaviour is noted. The same applies if
loan officers are rewarded for volumes of loans generated rather than loans
repaid. Inappropriate managerial incentives also cause vulnerability e.g. when
top managers are unduly concerned about growing the bank's asset base. The
Z$200 billion to Z$800 billion, seems to fit into this category. It is also
noted that Trust lost a significant amount of money to internal fraud in late
2003, which made it vulnerable to the harsh economic environment. The twin
desires for growth and parochial self-interest of loan officers would lead to
insufficiently diversified loan book and poor credit assessment. The slim
skills base in the rapidly expanding banking sector further exacerbates this.
Consequently inexperienced bankers were now trusted with brokering huge deals,
thereby exposing the banks. An example of inappropriate reward and inadequate
control systems is how one dealer sank Baring Bank in 1995.Strangely, the
regulators did not seem concerned about the excessive growth of Trust Bank and
ENG Capital and yet reporters were questioning their exponential growth. The
wait and see laissez faire attitude of the central
bank is possibly responsible for increased financial fragility. Preventive
measures could have been taken earlier and the crisis might then have been
avoided. The factors in this phase did not of themselves cause the banking
crisis. They Fragility in the banking sector, like in Latvia, involved joint
vulnerabilities and joint liabilities of the industry stakeholders. Within the
stakeholders, namely the borrowers, the enterprising bankers and the
regulators, were all prone to mistakes and hence are jointly liable for the
banking crisis. Due to increased competition, the borrowers had easier access
to credit and consequently invested funds in speculative and non-productive
economic when their projects failed they exposed the banks as well. The
depositors demanded high returns from the banks, which encouraged banks to
engage in high return and high risk investments. Consequently they were also
assuming the risk in their investment prtfolios. Characteristically, many
depositors in 2003 avoided conservative banks and preferred the high interest
paying asset managers, micro-finance institutions and indigenous banks.The
bankers made their own mistakes, due to pressure from the increased
competition, shareholders, analysts as well as a poor skills base, that led to
poor lending and investment decisions resulting in more non-performing loans.
Banking supervisors and regulators were also learning their trade along the way
and consequently made their own mistakes. Indications of corruption from
banking supervision department were rampant at that time. In the Latvian
Crisis, poor surveillance and supervision by Central Bank led to the
resignation of the head of banking supervision, however in Zimbabwe the then
head of banking supervision was promoted to head a newly formed bank. This is
indicative of the way the Central Bank is biased in its view of the causes of
the banking crisis.A study of banking system failures in emerging economies by
Honohan (1997) concludes that for a banking crisis to occur there has to
be:errors in macroeconomic and monetary policy management and microeconomic
deficiencies in bank behaviour.It is therefore my considered view that the RBZ
view is partisan and a correct attribution of the causes of the banking crisis
includes all the banking sector stakeholders. Honohan (ibid:12) categorically
contends that a widespread banking crisis that is attributed to poor bank
management may as well be attributed to poor supervision and enforcement. This
view has been confirmed by legal precedence set in the Bank of Credit and
Commerce International (BCCI) case whereby in March 2001 the House of Lords in
the UK granted leave to its liquidators to sue the regulators, the Bank of
England, for up to GBP1 billion, for negligence, regulatory laxity and failure
to monitor BCCI effectively, leading to the crisis. This case confirms my
argument that the regulators and the bankers should be considered jointly
liable since they both made mistakes. However as Beim (2001) states, a banking
crisis occurs when one or more major sources of funding are withdrawn. As at
November 2003 there was no such activity in Zimbabwe and hence there was no
banking crisis but just a fragile financial sector. This was thus a silent
phase, which resulted in increased non-performing loans. So what triggered or
caused the banking crisis in Zimbabwe?3.2 Phase Two (The Crisis)
Beim (2001:5) contends that a banking crisis is triggered by an event that can
point. Malaysia had a solid financial sector and a strong economy that had been
expanding for the eight years prior to the crisis. However it was affected by
the currency crisis of the Thai baht and yet there were no apparent linkages
between these two economies. The trigger, however, was that major investors in
the alaysian economy where the same as in the Thailand economy so when the Thai
economy fell, these investors withdrew their funds and speculation increased.
The result was a massive depositor flight, leading to a banking crisis. In
Argentina, although the economy was robust and the banking sector was solid and
conformed to the Basle recommendations of prudential regulations, a banking
crisis erupted when the government, which had huge debt holdings, failed to pay
its debts and depositor flight resulted Depositors are content to leave their
money in banks if they have the security their investments are at risk, a bank
run occurs. In December 2003 the incoming governor introduced a stringent
monetary policy statement and intimated that the banking sector was in trouble.
He also clearly spelt out that some banks would fail and this led to panic in
the market. In a bid to be confidentiality and exposed the market to
information which it was not primed to process. As a result there was a massive
bank run on indigenous banks. A nder pressure for immediate registration with
stringent regulations. This arguable led to the collapse of ENG Capital and a
bank run as the market interpreted the governor's statement to mean that
indigenous banks were not safe. A similar scenario occurred in Latvia when the
Central Bank insisted on audited financial statements from all financial
institutions in 1995, after a period of lax supervision. The largest bank,
subsequently led to its collapse and the resultant contagion effect. (Fleming
and Talley, 1996)The government, through the Reserve Bank, is the guarantor and
banker of last resort. However the governor withdrew the overnight
accommodation window and failed to assure the nation as guarantor. This exposed
the banks. The governor then directed banks to unwind their positions overnight
lest they find themselves in a liquidity crisis with high punitive
accommodation rates offered by the Reserve Bank backed by tough conditions.
Corporate accounts where withdrawn from entrepreneurial banks immediately and
a "flight to quality" was observed as money was moved to foreign owned banks
which were perceived as being safer. Access to the interbank market for the
affected banks was closed, as other banks feared a contagion effect and the RBZ
threatened to ring-fence the affected banks.
Intergovernmental lenders, e.g. the IMF and World Bank, and private external
lenders had given Zimbabwe a wide berth due to its skewed economic policies and
hence were not available as sources of funds.According to this model the
banking crisis was triggered by the massive depositor flight and the withdrawal
of the government as sources of funds,.Beim (2001) argues that a change in
leadership is one of the major triggers of banking crises. In most cases this
refers to change in political leadership. owever in the Zimbabwean scenario, I
argue that the change of leadership at the central bank was the trigger of the
banking crisis. The new leaders
observed the fragility of the industry and publicly acknowledgd and aimed to
clean up the pre-existing problem. In this way the new governor sought
political credit for solving the problem and hence avoided being blamed for
creating it. There have been unconfirmed reports that his motivation was to
create a platform for higher political office by solving the economic crisis
the country was going through. His sudden zeal and desire for unprecedented
transparency as to the financial crisis can be understood in this light.However
his good intentions seem to have ignored the interlinkages of the banking
sector as a system and hence led to what he was trying to prevent. In the next
section I analyse the steps taken by the new governor and their implications
for the ensuing banking crisis.3.2.1 Possible Aetiological Factors Underlying
Bank CrisisThe Central Bank accused bankers of speculative activities and
unethical behaviour and directed them to unwind their positions overnight. A
punitive overnight central bank accommodation at 400% p.a. was introduced.
However once the market players had been forced to unwind their positions
overnight, the offloading of their investments e.g. properties, land, vehicles,
stock exchange holdings, flooded the market leading to a crash of the stock
exchange and the property market. Economists call this an asset price burst.
This action has the following consequences, which are detrimental to banks'
health:Bankers sought to withdraw their investments with asset managers,
leading to the collapse of ENG and the other asset managers. The ensuing market
panic further increased the exposure of the banks.The value of collateral that
bankers held collapsed while the inflationary push and interest rate hike
increased their indebtedness. An asset-liability mismatch resulted. It can be
argued that until this stage there was minimal asset-liability mismatch in the
industry.The bankers had to withdraw credit or call in loans. However borrowers
were subject to the vagaries of a run away economy and most had no means to
either immediately repay the loans or increase their collateral. This
automatically increased the incidence of NPL (non-performing loans). Prior to
this action, the servicing of these loans had not been a problem.The credit
squeeze imposed by the governor led to a credit crunch, further
reducing the banks' earning capacity.The resultant massive depositor flight
further worsened the banks' liquidity
positions as no bank would have a near 100% liquidity cover.To survive the
liquidity crisis, the banks had no choice ut to resort to the
exorbitant central bank accommodation. The conditions for accessing this fund
of securities further reuced their earning capacity and hence compromised their
ability to pay back the loans. The forced departure of CEOs sent a wrong signal
to the market. How then could the bank mobilise deposits when messages were
being sent out by the regulator to say they were unsafe? How does a lender of
last resort claim to be trying to save a bank which has an liquidity crisis by
imposing harsher repayment terms than the market?
The Central Bank hiked interest rates resulting in commerce having difficulty
to obtain financing from commercial banks since an increase in the RBZ repo
rate translates into an across the board rate hike in the financial system. In
effect, it increases the cost of funds to bankers. Simultaneously the RBZ
offered the Productive Sector Financing at concessionary rates to industry at
30% p.a. compared to 400% p.a. from commercial banks. Consequently the central
bank became a competitor to the banks. The banks lost their best customers, the
corporate customers, to the RBZ and yet they had to survive the squeeze.
Consumer spending was restricted, with the net result that the banks' income
windled. liquidity. (RBZ, 2003a:16). This statutory reserves means that one is
reducing the amount of depositor's funds that the bank can invest profitably
since statutory reserves are monies surrendered to the reserve bank at zero
interest. This amounts to a significant withdrawal of funds from the financial
system during a liquidity crisis. Worse still, the Central Bank was getting
this money from banks at zero interest and robbing them of an earning capacity,
then lending it back to them as overnight accommodation at punitive rates of
400% p.a., or else using it as a competitive tool against the banks by lending
it to corporate customers as productive sector facility. This surely is
unethical. The higher the statutory reserves, the higher the percentage of
depositors' funds that is unproductive, consequently banks are forced to lower
the interest rates on deposits and hence sabotage the deposit mobilisation
exercise that would improve their liquidity. Paradoxically, the Governor was at
the same time making noises about banks not passing on the profits from trading
to the
customers. This resulted in unnecessary losses being incurred by already
struggling banks. By forcing banks to lower their lending rates while
increasing the repo rate, the RBZ was actually narrowing the profit margins of
already constrained banks. equated to a significant erosion of the banks'
capitalisation. Consequently the governor increased the banks' minimum capital
requirements. This put a further strain on the struggling banks. The governor
directed that there be a re-classification of non-performing loans from six
monhs to three months. This takes away the breathing space from borrowers and
has an adverse impact on their ability to pay back the
loans. Banks were simultaneously further burdened by the implementation of
effect reduces profitability for banks as well as increasing the burden on
commerce.The RBZ, citing international best practice, issued stringent
corporate governance directives that forced owner managers out of their
businesses despite the controversies, contradictions and lack of consensus that
fill the literature on corporate governance. Barth et al (2001:3), after
empirical research on bank regulation and supervision, categorically
state, "There is no evidence that the best practice currently being advocated
by international agencies are best, or even better than alternative standards,
in every country". In simple language, best practice is not generalisable.
Worldwide there are numerous examples of banks with owner managers e.g. Sandy
Weil was a major shareholder and CEO of Citicorp, with strong managerial
control, for
years. Locally the RBZ itself has the Governor as both CEO and Board Chairman.
Currently the Board of Directors of the RBZ (RBZ, 2004) comprises four
executive directors (the governor and his three deputies) and four independent
directors. How then can the RBZ be modelling corporate governance to the
financial services to which they direct that good corporate governance requires
a preponderance of independent directors and a non-executive chairman of the
board? The RBZ has on numerous occasions violated issues of corporate
governance, e.g. by violating the laid down procedures for the Troubled Bank
Act, by not adhering to the schemes of meetings required before taking over
banks etcIn the Zimbabwe Allied Banking Group (ZABG) which was formed under the
auspices of the RBZ and appears to be basically controlled by it, corporate
governance issues are breached with impunity e.g. the RBZ directed that no one
involved in a failed bank should occupy a senior managerial role in the
financial services and yet about five top executives of ZABG, including the
CEO, were involved in so called failed banks. There are reports of directors of
ZABG who have or had running contracts with the bank, in contravention of the
guidelines on corporate governance. The heavy involvement of the governor in
ZABG when he represents the major shareholder is akin to the heavy
managerial control of owner managers that he deplores at indigenous banks.The
governor insisted on banks focusing on core business and issued stringent
guidelines. However Barth et al (1999:6-12), after carrying out an extensive
securities activities e.g.
real estate, insurance and securities, of commercial banks, have a higher
probability of suffering a major banking crisisThere were no beneficial effects
observed from restricting the mixing of banking and commerce. In actual fact,
forbidding this is associated with a
greater financial fragility and bank instability.Restricting banks to core
business raises the net interest margin, resulting in negative bank
efficiencies.In summary, it appears to me that the real trigger for the banking
crisis in Zimbabwe was the overzealous actions of the newly installed RBZ
governor. There have been allegations of personal agendas underlying his
motives. It's
not easy to discount this when one considers the issues of unfair treatment of
banks in similar situations e.g. Metropolitan Bank has been implicated in
corporate governance failure and fraudulent activities through GMB bills but
nothing has happened to it. CFX was allowed to continue trading even though it
was under a curator. The formation of ZABG under the supervision of the
governor himself has been fraught with violations of the law and corporate
governance issues.I argue that, although the financial sector was fragile, it
would not have had to go through the crisis the way it did had the new governor
used a different approach. Unfortunately, he appeared to have been on a
warpath. For example in Malaysia and Norway the bad debts were ring-fenced and
acquired by a state
agency, which enabled the banks to survive and be re-capitalised. I further
contend that one does not help a wounded friend by offering an extortionary
loan that violates the laws of the land e.g. the prescribed rate of interest
and the in duplum rule.The regulatory authorities in Zimbabwe caused a
depositor flight, refused to accommodate banks, issued stringent regulations
and directives, which weakened the banks' profit margins as well as restricting
their ability to mobilise resources. Theyfurther plunged the financial services
sector into chaos by withdrawing huge amounts of funds from the financial
market during a tight liquidity crisis, further worsening the situation. In
Zimbabwean jurisprudence the burden of proof lies with the prosecutor and not
the prosecuted i.e. people are assumed innocent until proven guilty. However
the RBZ approach has been to assume, before they were tried, that the owner
managers were guilty of fraud.. The RBZ acted in bad faith by penalising people
who were not proven guilty. Interestingly, since the first alleged bank fraud
involving United Merchant Bank (UMB) in 1995, there has been no successful
prosecution of any alleged managerial abuse in the banking sector.4 Summary
>From the above analysis, it seems that the financial fragility in Zimbabwe was
brought about by failure of all three stakeholders, namely borrowers, bankers
and regulators, who were learning the rules of the game as they went along, in
managing a transition. Unfortunately the regulators have attempted to absolve
themselves and penalise only the bankers.
The trigger of the financial crisis was arguably the change of leadership and
the way the new governor tried to clean up the mess without regard to the
interlinkages of the financial system and due process. I argue that an approach
that acknowledged the mistakes of all stakeholders and called on prevented the
crisis and limited the loss to the national economy.
…………………The End …………………….Citations
Reserve Bank of Zimbabwe, (1998) Annual Report and Statement of Accounts.
Harare, RBZ
Reserve Bank of Zimbabwe, (2000). Annual Report 2000. Harare, RBZ
Reserve Bank of Zimbabwe, (2001). Annual Report 2001. Harare, RBZ
Reserve Bank of Zimbabwe, (2002). Annual Report 2002. Harare, RBZ
Reserve Bank of Zimbabwe, (2003) Monetary Policy Statement, December 2003.
Harare, RBZ.
Reserve Bank of Zimbabwe, (2003). Annual Report 2003. Harare, RBZ
Reserve Bank of Zimbabwe, (2004). Annual Report 2004. Harare, RBZ
Reserve Bank of Zimbabwe. (2003b) Banking Supervision Annual Report. Harare,
Reserve Bank of Zimbabwe. (2004b) Banking Supervision Annual Report. Harare,
Zimbabwe Independent Newspaper, (2002). Banks and Banking 2002 Survey. Harare,
Zimbabwe Independent Supplement, 9 August, 2002.
Zimbabwe Independent Newspaper, (2003). Banks and Banking 2003 Survey. Harare,
Zimbabwe Independent Supplement, 31 October, 2003.
Zimbabwe Independent Newspaper, (2005). Banks and Banking 2005 Survey. Harare,
Zimbabwe Independent Supplement, 14 October, 2005.


text:
NewswireToday - /newswire/ -
Nashville, TN, United States, 2013/06/25 - PerleVIEW 2.1 supports the large scale deployment of Perle Ethernet Extenders to securely configure, monitor and manage long range Ethernet communication links - Perle.com.
Perle Systems, a global provider of advanced Ethernet over fiber and secure device networking solutions, releases PerleVIEW 2.1 for enterprise-grade central management of Perle Ethernet Copper Extenders. This multi-user, Windows server-based centralized management package simplifies the configuration, administration, monitoring and troubleshooting of Perle Managed Ethernet Extenders and Fiber Media Converters in medium to large-scale deployments.
PerleVIEW 2.1 solves efficiency and network security issues in environments where large numbers of Ethernet Extenders or Media Converters are deployed to extend a LAN beyond 10,000 feet.
To manage 10s, 100s or thousands of deployed devices efficiently you need to do it from a centralized server, says Al Davies, Director of Product Marketing at Perle Systems. That is why Perle continues to invest in the development of PerleVIEW as a platform with built in functionality to ensure network security and reliability.
PerleVIEW is the only enterprise-grade device management system that provides a multi-user, server-based solution for managing large scale deployments of Perle Managed Media Converters and Ethernet Extenders.
Customers can download full function copies of PerleVIEW for a free 30-day evaluation period from the Perle Systems website.
About Perle Systems
Perle Systems (perle.com) is a leading developer, manufacturer and vendor of high-reliability and richly featured connectivity and device networking products. These products are used to connect remote users reliably and securely to central servers for a wide variety of business applications. Product lines include Console Servers, Terminal Servers, Device Servers, Media Converters, Ethernet Copper Extenders, Ethernet I/O, Serial Cards, Parallel Cards, Remote Power Switches and Multimodem Cards. Since 1976, Perle has distinguished itself through extensive networking technology, depth of experience in major real-world network environments and long-term distribution and VAR channel relationships in major world markets. Perle has offices in 9 countries in North America, Europe and Asia and sells its products through distribution and OEM/ODE channels worldwide.
Written by / Agency / Source: Perle Systems
Availability: All Regions (Including Int'l)
Traffic Booster: [/] Quick Newswire Today Visibility Checker
Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

subset: commoncrawl


text:
GILLSVILLE - Firefighters from Banks and Hall counties responded to a poultry house fire at 153 Parks Road, Gillsville, Monday afternoon.
Interim Banks County Fire Chief Robert Wilkins said the fire was discovered when firefighters investigated a report of smoke in the area.
Wilkins said at the scene that Banks County responded with two engines and two med units, though one of the ambulances was released from the scene quickly. Hall County responded with an engine, a tanker, an ambulance and a battalion chief. Lee Arrendale State Prison Fire Department responded with personnel.
No one was hurt, but the building - which was housing chickens at the time of the blaze - was destroyed, Wilkins said.
Parks Road is located off West County Line Road (Georgia Highway 52).


text:
Are you a student trying to take a class? Click here...
Email AddressPassword
Forgot your logon info?
By entering J. J. Keller® Training on Demand service,
you agree to the Terms of Use.
Tablet & Mobile Capable
Material Code:
Register now
(it's free) and you can start to access all the powerful tools on Training on Demand: Pay Per View video-based training, Video On Demand Video Subscription Service, Online Training and our free Recordkeeping tools.
Pay Per View Options (3 Full Days of Access):
Basic -
50 Points
| Premium -
Not Available for this Topic
Click the "Training Materials" tab below for more info on Basic and Premium Pay Per View.
After you register, you will also have the option to subscribe to the Video on Demand portion of this site for even bigger savings! You'll get premium access to all videos for one year AND the ability to conduct remote classroom viewings!
Wind! - Extreme Seven-Minute Solutions
Running Time: 10:24
Advises drivers how to control their vehicles in extremely windy conditions. With the longer "sail" surface on 53-foot trailers, and with newer trailers being built lighter, rollovers can occur more easily in extreme conditions - even when at a standstill.
Click here to go to www.jjkeller.com.
About Us | Terms of Use | Privacy and Security | FAQ's | Contact Us
Copyright 2017 J. J. Keller & Associates, Inc.
Visit www.jjkeller.com for other products and services. (Web-P08)
Access to this function has been disabled by your Training Coordinator. If you have questions, please contact:


text:
KARACHI, Aug 18: The Sindh High Court on Friday issued notices to the federal and provincial finance authorities and other respondents in a contempt case while hearing an application filed against non-compliance of the court's order regarding the salaries and allowances of judicial staff.
A division bench headed by Chief Justice Mushir Alam issued the notices on the application moved by Advocate Muhammed Ali Hakoo on behalf of his clients and put off the hearing to a date to be fixed later by the court office.
In May last year, the court had directed the Sindh government to pay special judicial allowance equal to three times the initial of the substantive pay scale to judicial officers and employees of the district judiciary with effect from March 2010.
The direction had come on petitions of Amanullah Khan Yousufzai, Mohammad Farooq Rehmani, Mohammad Ali Ansari, Bachal Bhatti and others seeking enhancement of pay and judicial allowance at par with judicial officers as well as employees of the district judiciary establishment and the attorney-general and advocate-general offices of the other provinces.
On Aug 8, 2012 a special secretary of the provincial finance department present in the court assured the court that additional salary for the successive months had been paid regularly without any default with effect from Sept 1, 2012.
The government law officer and the petitioners' counsel agreed that a notification for the release of additional salary for the month of August would be issued within three days.
On Aug 10, the court was informed that the finance department agreed to pay the arrears of March 2010 to June 2011 by way of monthly instalments in addition to the monthly salary with effect from Sept 1, 2012 and till such time the entire arrears would be totally set off.
On Friday, a joint secretary of the finance division informed the court that identical petitions were also filed in the Lahore High Court. He submitted that as regards the SHC judgment of May 24 in the instant petitions, the matter was being examined in consultation with the law division and a taking a final decision would take four to six weeks time.
On May 24, 2011, the SHC had also ordered the provincial and federal government "to take steps and initiate legislative measures as may be necessary to empower the SHC to fix and determine the pay scales of members of Sindh Judicial Service including judicial officers and employees in consonance with the Article 203 and other enabling Articles of the Constitution".
According to the petitioners, they were not being paid the judicial and utility allowances at the enhanced rates as were being received by employees of the Lahore and Peshawar high courts.
They submitted that as the working of the staff members of the three high courts — SHC, LHC and PHC — was similar, the SHC staff were also entitled to the facility of the judicial allowance and utility allowance at the enhanced rates.
They stated that the National Judicial (policymaking) Committee at its meeting on Nov 10, 2007 had approved the rate of allowances for judicial officers and staff of the subordinate courts in all the four provinces.
The petitioners submitted that judicial officers of the district judiciary, courts and tribunal established under the relevant federal and provincial legislation working under the control of the Sindh High Court, including its employees, were being discriminated against vis-a-vis persons similarly placed in the other provinces.
They submitted that withholding of the judicial and utility allowances in the case of SHC employees was in violation of Article 9 of the constitution.
The petitioners' counsel argued that the state was bound to discourage, inter alia, provincial prejudices among citizens of Pakistan under Article 33 of the constitution.
He submitted that the state was obliged to remove the disparity in the income and earnings of individuals, including those in government service, under Article 38 (e) of the constitution.
Issuing notices to the respondents, the SHC directed them to explain the position of non-implementation of court directions regarding the salaries of judicial officers.


text:
|New Threads Only:
|New Threads & Replies:
Forum List » Business News and Headlines
SEC Filings, Earing Reports, Press Releases
Goto: Forum List•Message List•New Topic•Search•Log In
U.S. Bancorp (USB) Vice Chairman Pamela A Joseph sells 50,000 Shares
Posted by: insider (IP Logged)
Date: July 24, 2012 04:21PM
Vice Chairman of U.S. Bancorp (USB) Pamela A Joseph sells 50,000 shares of USB on 07/24/2012 at an average price of $33.47 a share.
U.s. Bancorp has a market cap of $63.65 billion; its shares were traded at around $33.465 with a P/E ratio of 12.6 and P/S ratio of 3. The dividend yield of U.s. Bancorp stocks is 2.3%. U.s. Bancorp had an annual average earning growth of 0.7% over the past 10 years.
CEO Recent Trades:
CFO Recent Trades:
Directors and Officers Recent Trades:
For the complete insider trading history of USB, click here.
Stocks Discussed: USB,
Goto: Forum List•Message List•Search•Log In
Sorry, only registered users may post in this forum.
Please Login if you have an account or Create a Free Account if you don't
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
GF Chat


text:
Now Viewing:
You Pay: $15.79
The black Hand Strap from B-Grip adds another dimension to your B-Grip system. The Hand Strap is all rubber and contains memory foam to hold its shape. To use it, simply remove the B-Grip Plate on the B-Grip Holder and replace it with the red mat on the strap. The clever flip out platform allows you to place your camera and lens on a table without either touching the surface. The value of the hand strap is functionality. Having your camera right in your hand means you're always in shooting position. It also provides an additional measure of security since the camera is held firmly in your hand and not dangling from a strap.
|Rubber with memory foam
|Attachment Method
|Screw and also threads into camera's strap lugs
|Packaging Infowqzzvzuxezrqtawexudr
|Package Weight
|0.18 lb
|Box Dimensions (LxWxH)
|8.2 x 3.8 x 1.1"


text:
Only hours after our ENQUIRER world exclusive hit newsstands today reporting the bombshell news that CATHERINE ZETA -JONES had stayed at a Connecticut psychiatric hospital, reps for the 41-year-old Oscar winner confirmed she's been treated.
In a statement, her rep said: "After dealing with the stress of the past year, Catherine made the decision to check in to a mental health facility for a brief stay to treat her Bipolar II Disorder. She's feeling great and looking forward to starting work this week on her two upcoming films."
In our exclusive cover story in the new issue of The ENQUIRER, we report that the wife of Michael Douglas was admitted to Silver Hill Hospital in New Canaan, Ct., on April 6.
A source told The ENQUIRER: "Catherine checked into rehab under the alias of Terrie Kirny. Michael was with her when she was dropped off."
Multiple sources said she was admitted in a dextox ward with drug addicts and alcoholics.
"Catherine was in the detox center with 10 to 15 other people," said a source.
We reported exclusively that she left the facility after five days – on April 11, getting picked up in a white Porsche SUV.
Silver Hill Hospital – an alcohol, drug and psychiatric rehab facility founded in 1931 – has treated many other celebrities, including Diana Ross, Tatum O'Neal, Nick Nolte, Liza Minnelli, Joan Kennedy, Billy Joel, Michael Jackson AND Mariah Carey.
We reported that family sources said Catherine's past year was "hell" because of Michael's battle with throat cancer, which he announced on August 16.
The Wall Street star underwent chemo and radiation treatment and lost 30 pounds before saying recently that the treatment was successful.
For more EXCLUSIVE details of this story, pick up the NEW issue of The ENQUIRER at newsstands everywhere!


text:
CONTACT US | MOBILE APP | VISIT OUR BLOG | Find Us On:
36 holes of world class golf are right outside your door. Designed by David Graham and Gary Panks, world renowned golf architects. Built amidst our 1500 acres of oaks, pine and dogwood covered hills, the courses provide a blaze of color and assure the golfers they are in the Carolinas, America's heartland of golf. Share stunning panoramas with the deer and fox in this golfer's paradise.


text:
Draghi's Forceful Talk Isn't Cheap for European Markets
The European Central Bank is talking the talk, sending stocks soaring and Spanish and Italian bond yields sharply lower. But will it walk the walk?
While ECB President Mario Draghi and Austrian National Bank governor Ewald Nowotny have raised expectations that the ECB will muscle in to ease the sovereign-debt crisis, there still are big hurdles to action.
Mr. Draghi said Thursday the ECB would do whatever it takes, within its...


text:
JOHANNESBURG, So. Africa (Dec. 14)
A resolution deploring the United Nations decision providing for the internationalization of Jerusalem was adopted here last night by the South African Zionist Federation and the South African Board of Jewish Deputies. The resolution also voiced the thanks of the Jewish community here for the South African delegation's vote against the internationalization plan.


text:
Waiting (live) guitar, bass, and drum tabs (by Green Day)
Instruments: All | Guitar
Here is a list of guitar, bass, and drum tabs for Waiting (live) by Green Day
Green Day
Waiting (live)
- Guitar tab by americanidiot46; Rating: ; 4.5 out of 5. Rated 2 times.
- Guitar tab by americanidiot07; Rating: ; 3 out of 5. Rated 1 times.
- Waiting (live)


text:
Is the use of an assessment code (e.g. 0, 1, 2, 3, 4, 5 or N, B, P, S, M, A) without the wording of the assessment category (e.g. Negative, Benign, etc.) sufficient to satisfy the reporting requirement?
No. The wording of the assigned assessment category, chosen from one of the following; Negative, Benign, Probably Benign, Suspicious, Highly Suggestive of Malignancy, and Incomplete: Need additional imaging evaluation, must appear on the report.
Back to Contents of Records and Reports


text:
Located a few blocks from the downtown historic touristy area of St. Augustine sits a little hidden gem called The Present Moment Cafe. A true Vegan and Raw restaurant, the place is quaint, eclectic and very artsy. As we walked in we were invited to seat ourselves at one of the few tables inside.
The menu is not very large but there is a wide variety of items to suit any Vegan. We started with A Middle East Peace Hummus which was described as a no bean hummus made with cashews and drizzled with a mint oil. Served with fresh veggies and corn chips, you would have no idea this was beanless. It was creamy and hearty and I loved the mint oil dribbled around the plate. Such a tasty combination. I would never miss real hummus if I had this around all the time.
Chad ordered the Sunlight Burger– basically a "walnut, sunflower, almond, and carrot zucchini burger" topped with caramelized onions, tomato and cashew "provolone cheese." I absolutely loved it and as usual immediately wished that is what I had ordered. It was strange to have it served cold as we were thinking the patty would be hot like other places that serve veggie "burgers" but it sure had tons of flavor. (Keep in mind this was our first visit to a raw restaurant so we were not too sure what to expect but we loved it.)
I couldn't decide between two salads so our server suggested I just order each salad as a side. I am so glad I did. The first salad I got was the Crown of Caesar– Romaine lettuce with rosemary flax croutons, leaf dulse (a sea vegetable), pine nut "Parmesan" and tossed with a Vegan Caeser dressing. There was no way that I would be able to tell the difference between this Raw Vegan version and a salad served anywhere else. It was delicious.
The other salad I got was the Kale Avocado ala Present Moment. Massaged kale, red pepper, avocado, tomato, lemon garlic-olive oil and topped with candied pecans. What is "massaged" kale? Glad you asked. When you "massage" kale, literally rubbing the leaves together, the kale transforms from a bitter green to a softer and sweeter wilted leaf. I have been on a little bit of a kale salad kick lately and this is just yet another great salad I loved. It is hard to believe that there are so many ways to make kale so delicious.
I also had to try a side of the sea veggies– it was very much like a side of seaweed. It could have been seaweed for all I know though it was not as slimy as the seaweed salad I would have in a Japanese restaurant. Whatever it was it was delicious.
One other thing I had to try since I was there was the organic Blue Sky Cola– no caffeine, no high-fructose corn syrup, no preservatives and GMO free. I was almost expecting a bitter tasting version of a Pepsi but this actually quite sweet and very different from a mass market soda. It tasted as natural as it sounded.
We will definitely be visiting here any time we are ever in St. Augustine. There are more things we want and need to try on the menu.
The Present Moment Cafe website


text:
Swisher couple realize dream of owning apple orchard, raising bees
Since buying Honey Creek Acres three years ago, Mike and Sherry Pilarczyk have had a crash course in running an orchard, growing pumpkins and making honey.
This is their first experience with all three ventures.
�We never even had a garden,� Mike, 41, said. �We couldn�t even grow a tomato plant. We�re still learning.�
The couple always wanted to own a business, but it wasn�t until Sherry saw a man in the back of a truck eating an apple in Minnesota that they decided to pursue an apple orchard.
�It was a five-minute �that would be cool� � then, we realized it wouldn�t happen,� Sherry, 40, said.
They called various Eastern Iowa orchards but had no luck. Eventually, the Honey Creek deal materialized, and the Pilarczyks began their journey into the unknown.
Along with tending to 30 acres of apple trees at the orchard just outside Swisher, they planted a couple of acres of pumpkins and reopened the store that had closed in 1997. They have also planted some plum trees and new apple trees.
Last year, they planted 420 trees, and another 385 this year. About 35 varieties of apples grow in the orchard, including Lodi, Summer Treat, Paula Red, Wealthy, McIntosh and Red Delicious.
Mike credits Iowa State University Extension experts and his customers with helping him learn the ropes.
�A lot of people say they came here 20 years ago,� he said. �We both grew up here and didn�t know it existed.�
Before they owned the orchard, the Pilarczyks had never worked with bees either. Now, 1.5 million to 2 million honey bees are busy there, making honey. Rick and Brenda Handler work with the bees, and the honey is sold in the orchard�s store.
The learning doesn�t stop there.
�Next year, we�re going to fire up the bakery and make turnovers and doughnuts,� Mike said.
They sell apples to Sutliff Cider Co. in Lisbon, but would like to make their own cider.
�We�re coming up with all this as we go,� he said. �Every year, we�re learning new things and getting better.�
With polka music playing in the store and trees laden with juicy apples thriving on the beautiful hillside, the Pilarczyks have no regrets.
�We�re loving every single second of it,� Mike said. �It�s a lot of work, but it�s really rewarding.�
Mike holds down a full-time job as a certified public accountant at ACT in Iowa City while Sherry runs the orchard. He hopes the orchard will be going strong when their three children get older.�The goal is to give the kids options other than just go to school and work somewhere for 40 years,� he said.
|LIVE UPDATES: Thursday's Iowa Ideas conf ...
|Woman who triggered Amber Alert arrested ...
|Alec Ross: Data will power industries of ...


text: Hi All, Can anybody help? My A6 Avant has recently developed an intermittent fault with the indicators. They will be working normally and then just stop. It doesn't happen every time but is very annoying. Is this a common fault? Is it easy to fix? if so - any ideas? Thanks


text:
As we have said before we are firm believers in accessorizing on your wedding day, at your boudoir shoot, pretty much anywhere. Simply by adding a hair accessory or a simple sash, is often the finishing piece to your already striking ensemble. If you are on the prowl for that perfect accessory to finish off your look, be sure to peruse one of our favorite accessory and now dress designers Tessa Kim. Her looks are refined, gorgeous and unique.
Jon Duenas Photography took a few pieces from her newest collection and photographed them in Olympia, WA. The ladies were styled to perfection by Petalos, and is the perfect inspiration for your up and coming boudoir session. See way more prettiness in the full gallery here.
From Tessa Kim:I created these accessories with the vintage inspired bride in mind. From the headpieces to the dress sashes, every accessory entails vintage millinery accents ranging from the 1920s-1960s. For this photo shoot I wanted create ornate accessories that would make a statement for any wedding day. I used very soft and romantic fabrics such as silk, satin, velvet and cotton to compliment the more ornate details such as the crystals, rhinestones, glass pearls and detailed vintage lace.From Stephanie of Petalos:I wanted to take an unconventional approach to styling this shoot. It was important to me to capture the architectural integrity of each individual piece and focus on the intricate details Tessa is phenomenal in creating. Rather than put the models in bridal attire, I envisioned the styling to encompass a bare and sensual aesthetic to compliment the beauty of each piece.
Photographer: Jon Duenas Photography Makeup & Hair: Christine Shields accessories: Tessa Kim wardrobe stylist: Petalos models: Mia Allen (Option), Nicole Cooper (Option) & LUXE Model Management Vs Andrea S photo lab: PhotoVision [photographers note: Tessa did the hair accessories and veil, but also the sashes, which I felt didn't fit under the "Veil or Hair Accessories" category above


text:
Fall Vacation Package: The Cozy Moose Searching for Bullwinkle A romantic lake fall getaway adventure package that is sure to please. The ultimate fall getaway including romantic sunsets, cozy cabin lodging and a moose country adventure. This New England fall vacation package for 2 people includes a 2 or 3 night stay in our lovely vacation cabin rentals on Moosehead Lake. Enjoy a peaceful lake setting offering amazing fall mountain and lake views. This fall vacation package includes a 3.5 hour Private guided Moose Country vehicle tour that departs from your cabins with a local expert registered Maine Guide.
Fall vacation package at The Cozy Moose Cabins in ME. Feature amazing fall landscape tours and lodging starting at $985 9/15/17 through 10/15/17. This fall package is for 2 people for a 3 night lakeside lodging stay with a king bed and a private guided moose safari tour for 2 people. Starting price of $650 begins 10/17/16 for 2 nights of lakeside lodging including your tour. Price does not include gratuity or lodging tax. Offer subject to availability. Minimum stays vary 3 to 4 nights in cabin rentals during moderate to high color weeks.
The Cozy Moose Fall Vacation Rentals are available nightly for fall travel guests touring New England Fall colors. We suggest fall guests reserve at least 4 nights to take in all of the beauty Moosehead Lake has to offer. Rent weekly and take advantage of weekly fall lodging discounts offered. The Moosehead Lake area offers beautiful New England Maine Fall Foliage . For assistance in fall trip planning email us
For Maine Fall Vacation Rental Reservations, Call The Cozy Moose at 207-695-0242
Related Content:


text:
Sponge Mop Head Refill, Polyvinyl Alcohol, 12" Wide, BlueItem#: YYAZ-RCPG781 | Model#: G78112
Currently Out Of Stock!
Rubbermaid® Commercial PVA Sponge Mop Re Product Details
Manufactured by: Rubbermaid
Warranty provided by: Rubbermaid
UPC No: 041301112153
Mfg Part No: G78112
Box Size:
( Length:11, Width:10, Depth:10)
Shipping Weight: 7.0000 pound(s)
Click here for full warranty and support information
- Rubbermaid logos are registered trademarks of Rubbermaid. All others trademarks and copyrights mentioned herein are the property of their respective owners.


text:
Sidi Vertigo Mega (Wide Size) Rain Boots
Features of all Vertigo Models:
- The patented and trademarked Vertebra System protects the rider's Achilles tendon
- Replaceable thermoplastic resin ankle ball protection cup
- Bolt on (no Velcro!) replaceable, adjustable and aerodynamic nylon scuff pads on the toe
- Nylon inner sole with removable arch support pad
- Replaceable nylon shin deflector plate
- Technomicro is used as a base material
- Double stitched in all high stress areas
- All bolt on parts are replaceable
- An elastic panel adjacent to the entry zipper allows a bind free zip and improved fit
- Dual compound sole
- Cambrelle lining
- DuPont polymer toe shift pad
- Perforated Teflon treated nylon lining
- Shock absorbing heel cup
- Techno VR adjustable calf system
- Mega version offers an EE width as well as increased room all around the arch area
- Membrane equipped to add a waterproof yet slightly breathable barrier between the elements and the rider's feet
- Trockenfuss quality liner for quick sweat evaporation
Note: This feature list is condensed. For complete details, take a minute to browse through Sidi's information pages.
Please Note: We can ship Sidi products to US, US territory or APO/FPO addresses only (per manufacturer's restrictions).
Check out these similar products:
Sizing Information
Attention people with wide feet and those that have big calves, we've got your boots! Mega in the name of this boot denotes a wide foot size. Sidi is saying EE. I've tried them on and they are noticeably wider than the standard Sidi boots or any other standard width race boot we carry.
Visit our Sidi Sizing Information page for complete size conversion info (ladies can use the chart at the bottom of the page).
The calf adjustment capability on these boots is very effective and has a WIDE adjustment range, so if you have big calves, this is your boot!
Our Two Cents
Wow, this is one heavy duty boot! See my comments above about fit…that's what this boot is all about. It's about a wide foot bed and a highly adjustable calf size to accommodate those with wide feet and large calves. And you get the fit in the "do it all" package of a Vertigo race boot with a waterproof liner built in.
We sell the Vertigo boot for men and women and have a complete review for you on it, which you can see by following the link below. Between the "regular" Vertigo and this Mega version, Sidi can fit up to anywhere between US women's 6 1/2 regular to a men's 14 1/2 EE. Wow!


text:
NetWellness is a global, community service providing quality, unbiased health information from our partner university faculty. NetWellness is commercial-free and does not accept advertising.
Monday, September 25, 2017
Breast Cancer
Fibrocystic breasts
How common or uncommon is it for a 60 year old to develop cysts or fibronomas or fibrocystic disease when she has only had a couple of cysts when younger. I thought as a woman ages her breasts become smooth. Is that true. Do fibrocystic disease hurt or is there no pain.
Fibrocystic tissue of the breasts may hurt - but it doesn't have to. Once a woman goes through menopause, the fibrocystic tissue usually starts to improve (less lumpy, less pain) unless the person takes hormone replacement therapy such as premarin or prempro. Taking hormone pills or using hormone cream or patches causes the fibrocystic tissue to continue to develop. Postmenopausal women on hormones can get cysts and fibroadenomas.
Jean T Stevenson, MD, FACS
Associate Professor of Surgery
School of Medicine
Case Western Reserve University


text: Chris, Can you give me "The Idiots Guide to ..." version. You lost me at the first paragraph, and later had me wondering if I was a hermaphrodite, or someone in need of gender realignment. (Maybe that would improve my technical writing?) For a moment I thought your book on I Ching was subtitled "Vague Language" rather than "The Language of the Vague". Still, your posting prompts me to ask: Were I to buy your book, would I understand it? I have a PhD from the 1980s, when precision was all the rage; so I may have trouble with your post-modernistic, gender-drenched abstractionism. Would a Bertrand-Russell-Alfred-Ayer mindset like mine get to within a cooee of your juicy continental truths? Anyway I would probably be irreversibly distracted by the sort of thinking -- symmetric, asymmetric, parasymmetric or whatever -- that has me realigning my education to accept that bosons and fermions (once considered classes of sub-atomic particles) were really statistics. But then again you probably assumed that the austechwriter audience, being masters of quantum physics, would know that you were really talking about the statistics EXHIBITED BY bosons and fermions, and not the bosons and fermions themselves ... ... which leads me to restate my earlier request that we strive, on this list, for clarity and precision in our postings, lest some madman, like me, reads more into a posting than was originally there. And I'm assuming there was something there. Analyse me, Dr Lofting. Let's leave Christine alone for a while. Drowning, not flaming. Cheers Geoffrey Marnell Principal Consultant Abelard Consulting Pty Ltd T: +61 3 9596 3456 F: +61 3 9596 3625 W: www.abelard.com.au > ;-) the truth of the matter is that typologies such as the MBTI etc DO WORK but at the level of our SPECIES nature; just as in other social species we have our 'alpha males/females', our 'workers', our 'warriors' etc but in a far more refined form than other species. WITHOUT the use of consciousness to transcend such typologies and so bring out INDIVIDUAL differences rather than specialist collective samenesses our species will fall into the 'routine' of working to type and reflect symmetric styles of thinking - there is a natural, energy-conserving, laziness present ;-) The male/female differences in PRECISION in thinking tie directly to the influence of sex hormones on brain development just prior to birth. We can in fact change such precision post birth by giving females testosterone and males oestrogen - http://www.gendercentre.org.au/oestrogen1.htm (common practice in sex change issues). The differences ARE very clear and cover point precision of testosterone vs more diffuse, field precision (pattern matching etc) of oestrogen (these then lead into competitive vs cooperative natures that can span collectives). There are also differences in memory management (oestrogen maintains/improves such - understandable in that symmetry covers the establishment of rich associative memory capabilities and so pattern matching etc). The symmetric element moves into an aspectual form of analysis, identifying things by what they are NOT, LOTS of prose/discussion and 'beating-around-the-bush' to attempt to flush out 'the point' - the issue is that symmetry lacks a sense of direction such that 'coming to the point' is difficult (where such 'point' precision is grounded in rigid hierarchy, syntax focus leading to the 'correct' result/point etc and so is rigid and not into relativities). Aspectual analysis means all points are considered/re-considered/over-considered etc etc etc - often the 'talk' is qualitative, there are no conclusions reached, but the social gathering elicited some sense of 'value' treated with equal status as any 'fact'. Symmetric thinking covers a type of statistical approach reflected in such Bose-Einstein statistics (bosons) where all elements under consideration have an EQUAL probability of expression (this then covers a focus on metaphors and their interchangability). Anti-symmetric thinking covers an approach of Dirac-Fermi statistics (fermions) where we get more 'normal' distributions. When we move to asymmetry out pops Boltzmann-Maxwell Statistical Mechanics. The above does not mean 'all males are manic sensation seekers' or 'all females are manic identity seekers', but it does introduce biases in behaviours across ALL to skew distributions and to show differences in styles of reasoning (males being more risk focused, as are SOME females, but compare ALL and the biases emerge). WE note here that a symmetric mindset will contain a set of rules/hypotheses etc about reality and make DEDUCTIONS from such (general to particular) whereas the anti-symmetric/asymmetric mindsets focus more on induction/abduction - this is creative but can also lead to 'reinventing the wheel' - abduction working to resolve such that a 'due diligence' search through existing hypotheses to see if some particular pattern etc is already described. Education and the feedback of consciousness through development and use of languages aids in resolving some of these 'firmware' coded biases but with consciousness there is also a psychic dynamic present. Thus an excess in complexity (asymmetry/anti-symmetry) can elicit a response of an increase in a focus on symmetry (dumb-down, simplification for the sake of ease in communications etc) The overall dynamics of the SPECIES will flow across establishments of different classes of socio-economic behaviours so one can 'go with the flow' (as Ms Kent seems to be doing) or break from that flow to create some different path/perspective. IOW as CONSCIOUS beings we are each in a position to 'escape' the mindless drive of species dynamics or to exploit such. (see such as "Sexing the Brain" - http://search.barnesandnoble.com/Sexing-the-Brain/Lesley-J-Rogers/e/97802311 20104 where cultural, psychic, dynamics can modify behaviours considered 'male' or 'female' etc etc etc ) Understanding these general patterns aids in interpreting local dynamics. Chris http://www.emotionaliching.com ************************************************** To view the austechwriter archives, go to www.freelists.org/archives/austechwriter To unsubscribe, send a message to austechwriter-request@xxxxxxxxxxxxx with "unsubscribe" in the Subject field (without quotes). To manage your subscription (e.g., set and unset DIGEST and VACATION modes) go to www.freelists.org/list/austechwriter To contact the list administrator, send a message to austechwriter-admins@xxxxxxxxxxxxx ************************************************** ************************************************** To view the austechwriter archives, go to www.freelists.org/archives/austechwriter To unsubscribe, send a message to austechwriter-request@xxxxxxxxxxxxx with "unsubscribe" in the Subject field (without quotes). To manage your subscription (e.g., set and unset DIGEST and VACATION modes) go to www.freelists.org/list/austechwriter To contact the list administrator, send a message to austechwriter-admins@xxxxxxxxxxxxx **************************************************


text:
Research Topics
Suzanne Crowe
Affiliation: Macfarlane Burnet Institute for Medical Research and Public Health
Country: Australia
Detail Information
- Monitoring of human immunodeficiency virus infection in resource-constrained countriesSuzanne Crowe
Macfarlane Burnet Institute for Medical Research and Public Health, National Centre for HIV Virology Research, Monash University, Melbourne, Victoria, Australia
Clin Infect Dis 37:S25-35. 2003..Other surrogate markers, such as beta2-microglobulin, are not suitable for routine monitoring of HIV infection. This review discusses the above assays and their role in addition to clinical monitoring in resource-constrained countries...
- Macrophages and residual HIV infectionSuzanne M Crowe
Burnet Institute and Department of Medicine, Monash University, Melbourne, Victoria, Australia
Curr Opin HIV AIDS 1:129-33. 2006..This review provides recent information relating to how monocytes and macrophages contribute to persistence of HIV-1 in individuals with highly active antiretroviral therapy-induced viral suppression...
- Age-associated changes in monocyte and innate immune activation markers occur more rapidly in HIV infected womenGenevieve E Martin
Centre for Virology, Burnet Institute, Melbourne, Australia
PLoS ONE 8:e55279. 2013..Whilst sex differences in innate immunity are recognized, little research into innate immune aging has been performed on women...
- Differential expression of CD163 on monocyte subsets in healthy and HIV-1 infected individualsEmma Tippett
Centre for Virology, The Macfarlane Burnet Institute for Medical Research and Public Health, Melbourne, Victoria, Australia
PLoS ONE 6:e19968. 2011..Levels of CD163 expression on monocytes may be a potential biomarker reflecting efforts by the immune system to resolve immune activation and inflammation in HIV-infected individuals...
- Pathogenicity and immunogenicity of attenuated, nef-deleted HIV-1 strains in vivoPaul R Gorry
Macfarlane Burnet Institute for Medical Research and Public Health, Melbourne, Victoria, Australia
Retrovirology 4:66. 2007....
- The contribution of monocyte infection and trafficking to viral persistence, and maintenance of the viral reservoir in HIV infectionSuzanne Crowe
AIDS Pathogenesis and Clinical Research Programme, The Macfarlane Burnet Institute for Medical Research nad Public Health, Melbourne, Australia
J Leukoc Biol 74:635-41. 2003..This review provides an evaluation of the contribution of monocytes to HIV-1 persistence and the HIV-1 reservoir, essential for the effective design of therapeutic eradication strategies...
- The macrophage: the intersection between HIV infection and atherosclerosisSuzanne M Crowe
Centre for Virology, Macfarlane Burnet Institute for Medical Research and Public Health, Melbourne 3004, Australia
J Leukoc Biol 87:589-98. 2010..In this review, the central role of monocytes/macrophages in HIV-related CAD and the importance of inflammation and cholesterol metabolism are discussed...
- Biological determinants of immune reconstitution in HIV-infected patients receiving antiretroviral therapy: the role of interleukin 7 and interleukin 7 receptor α and microbial translocationReena Rajasuriar
Department of Medicine, Monash University, Burnet Institute, University of Melbourne, Melbourne, Australia
J Infect Dis 202:1254-64. 2010..We hypothesized that residual immune activation and polymorphisms in the interleukin 7 (IL-7) receptor α (IL-7Rα) gene were important for immune recovery...
- The raft-promoting property of virion-associated cholesterol, but not the presence of virion-associated Brij 98 rafts, is a determinant of human immunodeficiency virus type 1 infectivityShahan Campbell
Macfarlane Burnet Institute for Medical Research and Public Health, Cnr Punt and Commercial Roads, Melbourne 3004, Victoria, Australia
J Virol 78:10556-65. 2004..Our data provide the first direct assessment of virion-associated Brij 98 rafts in retroviral replication and illustrate the importance of the raft-promoting property of virion-associated cholesterol in HIV-1 replication...
- Culture of HIV in monocytes and macrophagesSuzanne Crowe
Macfarlane Burnet Institute for Medical Research and Monash University, Melbourne, Australia
Curr Protoc Immunol . 2004..The unit also provides methods for expanding M-tropic primary isolates of HIV and determining the 50% tissue culture infectious dose (TCID50) of HIV stocks...
- Prevalence and characterization of lamivudine-resistant hepatitis B virus mutations in HIV-HBV co-infected individualsLouise Cooley
Victorian Infectious Diseases Reference Laboratory, North Melbourne, Victoria, Australia
- Limited evolution of HIV antiretroviral drug resistance-associated mutations during the performance of drug resistance testingChris Birch
Victorian Infectioud Diseases Reference Laboratory, North Melbourne, Australia
J Acquir Immune Defic Syndr 32:57-61. 2003..02), however. In general, our results suggest that patients should continue current therapy until test results are available. A few patients would be expected to gain ARV drug-associated resistance mutations during this time, however...
- An inexpensive, simple, and manual method of CD4 T-cell quantitation in HIV-infected individuals for use in developing countriesPachamuthu Balakrishnan
YRG Centre for AIDS Research and Education, Voluntary Health Services, Taramani, Chennai, India
J Acquir Immune Defic Syndr 36:1006-10. 2004..Hence, the cytosphere assay can be an alternate to flow cytometry for the estimation of CD4+ T-lymphocyte counts, especially in resource-poor settings of developing countries, for monitoring HIV progression and response to therapy...


text:
Baseball fans won't have to brown bag it to the Union High School games after all.
The board of education Wednesday voted 6-0 to spend up to $125,000 on a concession stand at the new baseball/softball field at the high school.
Board member Karen Tucker was absent.
The 1,000-square-foot concession stand and restroom facility will be built by Union maintenance staff, which will cut the cost dramatically from a bid of about $250,000 ATG Sports had submitted a proposal in August.
The building will be a frame construction with a brick veneer that will match the rest of the campus buildings and athletic facilities.
ATG is constructing the field, bleachers, MLB netting, backstop, foul poles, bullpen, removable pitcher's mound, dugouts and drainage system.
The ball field project is expected to cost around $422,000.
Funding for the entire facility, including the concession building, will come from the district's capital improvement fund.
The facility is expected to be completed by the spring season.


text:
Custom Spraying Solutions
Custom Solutions Bulletin 015
Application #041756
Industry: Petroleum Processing
Application: Foam Control
Product Description: MaxiPass (MP) Nozzle Array
PDF version of this Bulletin (87 KB)
Situation: A customer had process condensate wastewater in a petroleum processing facility. The wastewater was in a square tank that measured 10' x 11' by 9' (3m x 3.4m x 2.7m) deep. As the wastewater entered the tank, foam was being generated which was undesirable in this process. The customer had about 25 gpm (94.6 L/min) available to use to control the foam. In addition, the customer was looking for a turnkey system that could be installed as soon as it arrived on site.
BETE's Solution: BETE Applications Engineers first determined that a 3 x 3 array of BETE MP187M nozzles operating at 10 PSI (0.69 bar) would give the desired flow of 25 gpm total and knock down the foam that was being generated. The next step was to review the customer's piping specifications in order to come up with both a nozzle header design and a feed header design. Using one feed header and three nozzles headers, the customer simply had to bolt and gasket the flanges, hook the inlet up to a water source and they would be ready to go!
To discuss your fluid-related challenge, please contact BETE Applications Engineering at 413-772-0846 or firstname.lastname@example.com.


text:
Amazon to open 3 new centers in Poland, hire 6,000 employees
SEATTLE - Amazon.com Inc. announced plans to open three new distribution centers in Poland and hire 6,000 permanent employees.
According to Bloomberg, the new centers will allow the Seattle-based e-commerce company to expand its European operations in the future.
Two of the centers are scheduled to open next August and the third is slated for mid-2015.
Amazon also said it would hire an additional 9,000 employees to man the centers during some of the busier times of the year.
You can read the full story from Bloomberg here.


text:
While governments in Asia and Africa are major players in driving human development, civil society organizations have an equally critical role in ensuring development is equitable, sustainable, responsive and innovative.
AKFC partners with local civil society organizations to equip them with skills to improve their effectiveness, governance and standards, and to foster positive relationships with government, their communities and the private sector.
Every country needs leaders who are equipped with the tools, knowledge and confidence to build a solid foundation for development.
To improve the quality of education, AKFC supports programs which ensure better care and learning environments for the next generation, by investing in education systems and the training of teachers across the spectrum of learning - from early childhood to primary, secondary, and advanced education - and increasing community involvement in the planning and administration of schools and education.
Despite unprecedented advances in global health, citizens of the developing world continue to suffer from lack of access to high-quality, dependable medical treatment and the spread of preventable diseases.
AKFC supports a broad range of health initiatives that enhance healthcare institutions and services, train and equip professionals with the skills to provide better quality care, and improve the health of both women and men – with special attention to maternal and child health.
Reducing poverty in remote, resource-poor or degraded environments is central to AKFC's rural development programs. At the heart of this strategy are village development organizations, which AKFC supports in identifying development priorities, mobilizing local resources and implementing village development plans.
This approach began more than 30 years ago as an experiment in the isolated valleys of northern Pakistan - the Aga Khan Rural Support Programme - which was rooted in a simple but potent idea: social mobilization. It has since helped transform the lives of more than a million men and women and is now used as a model around the world, from the coastal villages of northern Mozambique to the mountains and valleys of Afghanistan.
AKFC engages Canadians on critical global issues and strengthens Canada's contributions to the developing world – through relationships with government, leading academic and civil society institutions, and the corporate and non-profit sectors.
Canadians participate through a variety of channels, such as events, seminars, exhibitions, and work and volunteer opportunities in Canada and overseas.
AKFC's fundraising campaigns, including the World Partnership Walk events and World Partnership Golf tournaments, raise millions of dollars every year to support the work of AKFC and the AKDN.


text:
Make Up For Ever HD Foundation Invisible Cover Foundation Reviews
Make up for ever and ever and everI love this foundation. It gives me a great coverage and blends well. It never looks cakey or heavy even though it does provide a nice amount of coverage. And I am able to get a perfect match to my skin tone which I love! — 6 years, 6 months agobeautynewbie8 | 4 reviews
Great New FoundationThis foundation is a thin layer of primer, foundation, and "magic" all in one. It is hard to explain the exact quality of this product without sounding "space-agey," but it is really a "better mask" of you. — 6 years, 6 months agoNeutralPeach | 4 reviews
This review is: Helpful | Not helpful | Inappropriate | 1 of 2 people said helpful
Love it!!I have tried many many and many foundations...this one is by far the best! I love the coverage and makes my face look super flawless. I use the whole HD line (primer and powder) and just love the results. I have not tried this w/pictures so I dont know how it would look as far as that. The coverage is really good but not a full coverage which is nice. It stays on quite a long time and since I...read more have oily skin, I do have to touch up w/powder maybe once during my work day. It does not settle into lines or wrinkles, I dont have any but I have issues w/under my eyes being a little cakey at times w/other foundations. I will definitely be purchasing again when I run out. Its worth the $40 a bottle!!!!!!!!! — 6 years, 6 months agoprncss042304 | 68 reviews
Great coverage, stays on all day!I picked up a bottle of this stuff from a local department store a few months ago after hearing that it was life changing from a fellow make-up addict. I wouldn't go that far but this foundation is definitely a winner! While the shade I purchased (115) is slightly too dark for my fair skin, this foundation is wonderful! I'm searching for a store that carries the lighter shades as so far, I haven'...read moret been able to match my skin with any of the options available. I have sensitive skin which often breaksout when I wear liquid foundation but I haven't had a problem with this product despite daily use. My favorite thing about this founndation is it's natural finish and GREAT coverage. This is the closest I've found to perfect skin in a bottle and I highly recommend it! TIP: Mix with a primer or light lotion/mosturizer to make a wonderful tinted moisturizer for days you don't need as much coverage. This product mixes beautifully and lasts all day! — 6 years, 6 months agoVisualEdge | 8 reviews
The Best FoundationI decided on a wim to stop using mineral foundation and go back to a liquid. After reading many good reviews about the HD foundation I took the plunge and bought a bottle. OMG . . . this is the best ever. I have very dry mature skin that is hormonally challenged. This foundation not only covers every imperfection but my fine lines have all but disapeared and my face is so happy. my only complaint is it's hard to get every drop out of the bottle. — 6 years, 6 months agobellawares | 5 reviews
This review is: Helpful | Not helpful | Inappropriate | 2 of 2 people said helpful
good coverage with a non oily finishI am 42 and have used a lot of foundation products. This foundation leaves your face with a nice matte finish without being too heavy. I would recommend it. — 6 years, 6 months agoslball | 1 reviews
Surprised and PleasedI have sensitive skin and a terrible time finding foundation that matches my skintone and does not breakout my skin. I used this for the first time for my engagement photos specifically because of the reviews MUAs that I have read, this foundation is good for photos. They were RIGHT! The amount of different shades of foundation is a plus, the coverage is a plus and the high definition as it claims is true. I am a MUFE fan for life! — 6 years, 6 months agoalexismae | 1 reviews
This review is: Helpful | Not helpful | Inappropriate | 1 of 2 people said helpful
Best HD Foundation out thereIt took me a little while to fall in love with it because I was using the wrong shade. It wasn't until my normal shade (118) was out of stock that I had to go a shade lighter (117). WOW! Instant change! It covered perfectly! I blend it with my middle finger instead of a wedge or a brush--I've found that I get a smoother coverage. Covers freckles and blemishes amazingly! I don't like primers so I use Eucerin spf 30 for sensitive skin lotion as a base first. Get ready to look flawless! — 6 years, 6 months agomissheatherface | 4 reviews
Average, nothing special...i expected more from this particular product. it doesnt do anything that would make me want to buy this again. it does make my skin look good but its a light cover and i still have to use concealor. i wish that it was matte too. not worth $40. — 6 years, 6 months agoesto4life | 12 reviews
This review is: Helpful | Not helpful | Inappropriate | 2 of 2 people said helpful
My Holy Grail FoundationI cannot live without this foundation!!! I use this all the time because you can use it for a matte, dewy, satin, natural or any other look that you can imagine. I use a pump or two with my MAC 109 brush and it is absolutely perfect. It comes in such a great variety of colors as well. I'd have to say that you should at least go to Sephora or the MUFE Boutique and try it. It's what converted me over to MUFE foundations! — 6 years, 6 months agoscandalousbeauty | 84 reviews
This review is: Helpful | Not helpful | Inappropriate | 6 of 6 people said helpful
to top
My Reasons for Reporting This


text:
Growing up in Arizona without spending much thought on the proper care of protecting my skin has left my skin with many fine & deep wrinkles. Add smoking and genetics & I am looking much older than my 39 years. After much deliberation, I have decided to go thru with the expensive & lengthy recovery process of a phenol peel. After 6 hours I would describe my rating as undecided. There was an extreme burning sensation & quite a lot of swelling. Cold wet compresses & assurances from my surgeon that the burning would ease up by the evening (along with Percocet) are the only things to get me thru this so far. I was put under with general anesthesia for the surgery and had no problems with that, there are some bruises from where the locals were also given.
Thankfully, other than my skin felling afire, I haven't felt additional pain or nausea.
24 hours: I am awake with severe swelling, but not much pain at all. The doctor told me the swelling will peak at 48-72 hours then subside. It will be very scary to have my eyes swollen shut, but am prepared. I got to wash my face for the 1st time and was scared it was going to hurt. It didn't hurt, but didn't offer much relief in this awkwardness of feeling huge & "oozy" either. My teenagers are a little frightened of me , but told them I would get worse before I was better. My husband is being a trooper, but this is pretty disgusting. I can't wait for the swelling to subside! I have been told to apply Vaseline every chance I could & it is EVERYWHERE! Will post my progress again when I can see. Still undecided, but hopeful!


text:
As we do on Fridays, let's talk about what we want to see the Redskins accomplish against the Falcons. Sure, we know you want them to win, but how do you think they can be successful? What's it going to take?
For me, they've got to get their best game of the season from the secondary. There's no completely shutting down Roddy White, Julio Jones – who is expected to play – and Tony Gonzalez. But DeAngelo Hall and Josh Wilson had their moments in coverage last week, both good and bad. They were effective against Vincent Jackson much of the time, so it's not completely out of the realm of possibility that they can handle the Falcons wide receivers. It'll take some deep help from the safeties, who might also work against Gonzalez at times. But more than anything, a strong pass rush would set things in motion for the Redskins' defense. The Falcons allowed Matt Ryan to be sacked seven times last week. Half of that would be a good day for the Redskins.
Offensively, keep doing what they've been doing. Ride Alfred Morris, and let that set up play action, bootlegs and creative plays for Robert Griffin III to connect with his best pass-catchers.
I know I probably hogged the two most basic theories this side of 'avoid turnovers,' so you might have to be creative with yours in the comments, but we'd love to hear them.


text:
Hi, I'm using postgresql 8.4 I need to install multiple postgresql dbs on one server but I have some questions: -Is there any problems (performance wise or other) if I have 10 to 15 DBs on the same server? -Each DB needs 10 tablespaces, so if I create 10 different tablespaces for each DB I will have 100 to 150 table space on the same server. So can this also cause any problems? Thanks
Next: From: Richard Huxton Date: 2010-02-26 11:44:09 Subject: Re: Multiple data base on same server Previous: From: Greg Smith Date: 2010-02-26 09:24:05 Subject: Re: bgwriter, checkpoints, curious (seeing delays)


text:
Effect of the LIVESTRONG at the YMCA Exercise Program on Cancer Related Outcomes in Cancer Survivors
This study has been completed.
Yale University
Information provided by (Responsible Party):
Yale University
ClinicalTrials.gov Identifier:
First received: April 9, 2014
Last updated: July 11, 2016
Last verified: July 2016
- Full Text View
- Tabular View
- No Study Results Posted
- Disclaimer
- How to Read a Study Record
No Study Results Posted on ClinicalTrials.gov for this Study
|Study Status:
|This study has been completed.
|Study Completion Date:
|December 2015
|Primary Completion Date:
|December 2015 (Final data collection date for primary outcome measure)


text:
So the guy on this video says he has reliable sources....but does not tell who they are...and says that he was told by them that:
1. COD will be 720p on both X1 and PS4 due to the fact that the network will be in the crapper for both systems....but will run native 1080p on the WiiU
2. The reason the X1 network is in shammbles is b/c they had to rework it and basically build it from the ground up again after they decided to change the DRM feature
3. The PS4's network will be in the same boat b/c they apparently were going to have a DRM feature like MS but after they saw the outcry from gamers when MS released the info about theirs....they kept it under wraps and acted like they were the hero. And now...they are basicaly building it from the ground up b/c of the same thing.
Also...the feature that the Day 1 patch will disable is the DRM feature
The specifics might not be exact but basically thats what the guy said. Frankly....I don't care. I'm getting a PS4 b/c Sony STILL seems to be the one that tries to create original games and has more of a variety of them when compared to MS/Xbox.
Sorry if this is old or if this has been disproven or anything like that.....just figured it was decent news and some of you would want to hear about it.


text:
NAGOYA – Officials involved with the operation of Legoland theme parks have sought the support of Nagoya Mayor Takashi Kawamura for a bid to open in 2016 the toy maker's first play land in Japan.
Kjeld Kirk Kristiansen, chairman of Kirkbi A/S, the largest shareholder of Lego A/S, told a meeting Wednesday at City Hall that Lego hopes by "early August or autumn" to officially select Nagoya as the site.
"We'll cooperate in the construction," Kawamura said. The Lego officials later visited a 10-hectare candidate site near the port of Nagoya. City officials said Lego plans to fill the theme park with miniatures, built with its plastic blocks, of notable sites in Japan and elsewhere, as well as rides, shops and accommodations facilities.