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Window treatments aren't just pretty. If hung properly, they can make your room and window appear bigger and more spacious. Learn exactly how to measure for the right length and width of curtains, where to install your rod for maximum visual appeal, and even work around problems like arched windows or heating elements.
DESIGN + STYLE | Updated January 24, 2024
Curtains serve a crucial role in the design and function of your home.
They offer privacy, block harsh sunlight, and keep out drafts on cold winter days. From a design perspective, drapes also add style, texture, color, and warmth while completing the look of your space.
But if the curtains aren't the right size or are hung improperly, they will visually have a negative effect on your overall room design making your ceilings appear shorter and your windows seem smaller.
With so many options and things to consider, choosing the right curtains can feel overwhelming. But here are a few rules of thumb to guide you about what size curtains to buy and the proper location to hang them around your window frame.
Why Should You Care How You Hang Your Curtains?
- Properly hung drapes can trick the eye into thinking windows are larger and ceilings are taller than they actually are.
- More light streams into your space when the curtains are pushed back away from the glass.
- Long stretches of empty wall on the sides of your window can be broken up with curtains.
- Small, ordinary windows can become impressive focal points.
- Your space looks more polished and professional.
Studio McGee @studiomcgee
In the bedroom where you need privacy and light control, consider pairing blinds along with curtains like Shea did here. Opening and closing drapes over a long window can be a pain, but shades can be pulled down easily when you need to block out the light and view inside.
Measuring to Find the Right Size Curtain Panels
Before shopping for actual window treatments, you must figure out the length and width of the curtains panels you'll need for your window and what size curtain rod to buy.
No. 1: HOW LONG SHOULD YOUR CURTAIN ROD BE?
For maximum effect, curtain rods should be installed 4 to 10 inches beyond the edge of the window frame on both sides. This allows extra rod space for the curtains to cover the walls and not the window when pushed open giving the illusion of a bigger window with as much light streaming in as possible. Your drapes should only cover the very edge of the window when they are fully open.
A good rule of thumb to help you determine the best rod length is to know that a curtain rod should be no more than 1/3 wider than the width for the window. For example, if your window is 48 inches wide, you'll want a rod that is 16" longer (48" x 1/3 = 16", meaning 8 inches on each side.) The total length of rod for this window should be no more than 64" (48" + 16" = 64").
If your windows are right next to a wall, hang the rod as wide as you can with even spacing on both sides of the window.
When the rod is mounted, add one curtain clip to the outside of the hardware with the remaining clips on inside to prevent your curtain from being pulled all the way to the middle of window.
No. 2: HOW WIDE SHOULD YOUR CURTAIN PANELS BE?
For an elevated look, the total width of your panels should be about two times the width of the window you are trying to cover. You want your curtains to feel full and luxurious. Even if you aren't going to be closing the window treatments, they should be wide enough to theoretically cover the windows with fabric to spare if you did.
For most windows, you'll be choosing one panel for each side of the window and each panel should equal the width of your window.
If your windows are extra-large, you may need to buy two panels for each side to ensure that the window treatments don't look disproportionate next to the grand window. You can either have a tailor or dry cleaner sew them together (or do it yourself) or just hang the individual panels as they are. Since they are so full, you likely won't see the separation.
This rule applies to drapery that you'll be hanging with curtain hooks, tab tops, rod pockets or grommets. Here are a few more specifics:
- If you are hanging sheer curtains, buy triple (rather than double) the width of your window for luxe appearance and better light control.
- For lace curtains, add just 12"-24" to the width of your window. You want less fabric with these curtains so the lace pattern will show clearly.
- Pinch pleated drapes do not need the drapery fullness that other drapery requires. Add 12 inches to your window's width to find the curtain size you need.
No. 3: HOW HIGH DO YOU WANT YOUR ROD TO HANG?
The eye naturally stops at the highest element in the room ignoring the space above it. By installing a curtain rod too low or right around your window frame, you essentially make the height of your ceilings appear lower than it really is.
To give the appearance of taller ceilings and a more spacious room overall, aim to hang your curtain rod at least 4 to 6 inches above your window frame or even 8 to 12 inches if you have very high ceilings.
If your ceilings are extremely low (like 8-foot), hang the rod just under the ceiling to draw your eye up as far as it can go giving the illusion of more height.
No. 4: HOW DO YOU WANT YOUR CURTAINS TO HANG?
The length of your curtain panels is determined by how far you want them to be from the floor or puddle. Before measuring, you'll first need to determine how you want your curtains to hang.
For today's modern home, you likely want your curtains to reach or almost reach the floor rather than ending just under your window frame.
KISS THE FLOOR: For the ideal length, your curtains should just brush the floor, hovering 1/8 to 1/4 of an inch away. This is the most custom and professional looking method, but is the hardest length to pull off. You need to be incredibly accurate in your measurements to get it right. The best way to hang at this length is to order curtains longer than you need, install your rod and hang them, then pin the curtains while they are hanging to find an exact length that they'll need tailored to.
FLOATING: If you don't like the idea of your curtains touching the floor or you don't think you can be accurate enough when measuring, opt for hanging them about 1/2 inch from the floor instead. The look is still extremely clean and slightly less formal. Try not to go any more than 1/2 inch from the floor or your drapes will start looking like it was a mistake in measuring. This is the best option if you are opening and closing the drapes regularly.
PUDDLE: You may like the more dramatic look of your drapes gathered on the floor. The amount of puddling you want will determine how long your drapes need to be. Keep in mind that the more you have resting on the ground, the more dust they will collect and often can become a tripping hazard.
- Break Puddle: In this option, add 1/2" to 1" to the length from your rod to the floor. This length casually adds just a slight break when the panel hits the floor so that the panel doesn't hang straight and adds a bit of interest. You need enough extra length so that it looks intentional and doesn't just cut off when it hits the floor. This hanging method gives a more lived-in, laid-back vibe to your drapery.
- Medium Puddle: A medium puddle adds drama, dimension, and personality and is a happy medium between the Break Puddle and a True Puddle. By adding an extra 2" to 4" to your curtain panel, the fabric will collect underneath itself rather than fanning out over the floor.
- True Puddle: Add between 6" to 16" of extra fabric to the bottom of your drapes for an elegant, sophisticated train that fans out onto the floor like a wedding dress would.
You don't want to spend all the time hanging your curtain rod and panels (and possibly tailoring them) only to have the curtains shrink in the wash and then not be long enough!
No. 5: DECIDE ON YOUR CURTAIN'S LENGTH
Finally, now that you know how you want your curtains to fall from the rod, you can figure out the length of panels you'll need to buy.
Measure from the floor to the rod where the panels will hang. Then subtract the distance you want them to be away from the floor (anywhere from 1/8" to 1/2") or add how much of a puddle you want them to have.
- If you are using drapery clips, remember the curtains will hang a short distance away from the rod. You'll need to measure the space between the bottom of your rod and where the clip will attach to the curtain to see how much longer the panel will hang.
- Grommets are likely set 1" away from the top of a curtain, so they'll hang about 1 1/4" shorter than the curtain length.
Premade window treatments come in common lengths like 84", 96", and 108". The standard 84" is normally too short, even in a low-ceiling home. Choose the length closest to your measurement erring on the side of a few inches longer rather than shorter, then have them hemmed to the right length.
If it is in your budget, custom drapery is an option where they can be made to fit the exact dimensions you need.
If you are planning on hemming your curtains to the right length yourself, fold and sew the bottom end without cutting the fabric off. If you find the panels are too short after you alter them, you can always grab a seam ripper and start over. But if you cut the panels and hem them too short, you'll have to buy new panels.
Haley Weidenbaum @haleyweidenbaum
If you are placing a bed or other piece of furniture right next to the window, you may not have space to adequately hang drapery on both sides. In Haley's bedroom, she hung a single wide panel pushed to one side. This still provides the same texture and light control, while keeping the curtains from behind the bedframe and giving wall space to hang artwork.
If you have electric baseboard heating, it is likely installed right underneath your windows making it difficult to have curtains hang to the floor. Putting the panels too close to the top of the heaters can cause a fire risk.
Some possible solutions to this problem are:
- Purchase adjustable curtain brackets that allow you to extend the curtain rod further from the wall, keeping the back of the drapes at least 2" to 3" away from the heater. Make sure that you keep a 1" clearance between the bottom of the panel and the floor to allow for adequate air circulation and to prevent it from getting too hot.
- If the baseboard heater doesn't extend past the window frame, use a double rod system for curtains you need to open and close. You can hang your decorative curtains at an appropriate length on the front rod and shorter blackout curtains on the back rod. They will be hidden until you need to pull them closed and won't interfere with your heating element.
- Another option is to hang curtains on the sides of your window frame and install a blind to pull down for privacy.
- For more tips, check out this post on Houzz about covering windows over radiators.
Curtain rods tend to sag if they are extended to their limits. There are two solutions to this problem:
- For large windows, install a third bracket in the middle so that the rod has extra support ensuring it doesn't bow.
- Posh Pennies gives a great tip sliding a firm piece of plastic into the gap between the two rods to straighten it out. You can read more about that here.
If you live in an older home with uneven ceilings, it is possible your rod may appear crooked even if you use a level. In this case, skip the level and use the ceiling as your straight edge. This way, the rod will appear straight next to the crooked ceiling. Depending on the difference in slope, you may need to alter the hem of the curtains at slightly different lengths to ensure that both panels hang the same distance from the floor.
Treat the window as if it is a typical rectangular window and hang the curtains here at a height similar to the rest of the windows in your home measuring from the top of the arch.
If you have a set of arched windows at different heights, treat the area as one large window and hang the rod 8" to 12" above the tallest arch.
Jenna Sue Design Co. @jennasuedesign
To break up a long expanse of windows, consider hanging individual panels between them on a single long rod like Jenna did in her living room, instead of just one section of drapery on each side.
Hanging your curtains a little higher and wider has a dramatic effect on the overall feel and style of your space. Following these tips will help you achieve that professionally designed look all on your own!
CONTINUE READING THESE POSTS IF YOU'RE INTERESTED IN THE STYLING SECRETS SERIES: A collection of posts helping you to understand how to decorate your home.


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Remembering John Lewis: SNCC at 50
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FEATURING CONGRESSMAN JOHN LEWIS -On July 17th, long-time Congressman and civil rights icon John Lewis passed away at the age of 80. The revered lawmaker represented Georgia's 5th district for over 3 decades. Lewis cut his activist teeth in the Student Nonviolent Coordinating Committee (SNCC) in the 1960s and was a leading participant in the 1965 Voting Rights march in Selma, Alabama where he and others were beaten by state troopers on the Edmund Pettus Bridge in what came to be known as "Bloody Sunday."
Perhaps it is fitting that President Donald Trump, the most prominent white supremacist in the nation who has relentlessly attacked voting rights of people of color, battled with Lewis on social media accusing him of overseeing a "crime infested" district and accusing him of "all talk-talk-talk," and "no action or results." Trump refused to attend Lewis's funeral.
In a New York Times op-ed published posthumously, Lewis left readers with some advice: "Ordinary people with extraordinary vision can redeem the soul of America by getting in what I call good trouble, necessary trouble."
On July 30th Congressman Lewis was finally laid to rest in a funeral that featured eulogies by 3 past presidents, Barack Obama, George W. Bush, and Bill Clinton. Clinton was excoriated for saying that SNCC went "too far" toward the more radical politics of Stokely Carmichael aka Kwame Ture, "but in the end, John Lewis prevailed."
In 2010, on the 50th anniversary of SNCC, Congressman Lewis spoke at an event where he began by paying his respects to Carmichael and other leaders in a speech we will feature on our show today. This recording is courtesy of the Pacifica Radio Archives.
Congressman John Lewis (1940-2020), Pacifica Radio Archives recording of 2010 speech.

subset: commoncrawl


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A new terminology has become very popular. It's called a "hack." It's slang for a workaround that is a quick job and produces what is needed. It's really a shortcut to a specific result. Many of these hacks are simple, practical hacks. Such as how to easily move the stem of a strawberry, how to get a drink to be freezing cold in 15 minutes, how to remove crumbs from your keyboard, etc.
Hacks make great shortcuts for getting things done. They don't make great shortcuts for self-development. The reason is that when it comes to developing ourselves, shortcuts are long cuts. Nothing can replace the grind, the experience, the challenge and most importantly, the work. We develop into quality people when we take on the challenges before us and work through them.
This is why when we experience the classic emotion of fear, we shouldn't work around the fear, we should step into the fear. Stepping in is working through and that is where all development takes place. If someone is offering to teach you how to hack your way around, it will come back to haunt you. When we sweep things under the rug, they don't go away. They only reappear on their own time, which is usually a very bad time for us.
When we sweep things under the rug, they don't go away. They only reappear on their own time, which is usually a very bad time for us. When we work through things on our time, it's difficult, but on our time and with more of our terms.
Simply remember that shortcuts are good for things, not for people.


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Information and inspiration
Read our blog for information and to learn more about Lamelli's innovative building techniques, technologies and design ideas.
Whether you're looking for a new home or a prefab home, there are a few things you need to keep in mind. First, you'll want to find out if you can get a mortgage for one. Then, you'll want to find out whether you'll have to hire a contractor to build it. Finally, you'll need to think about the safety of your new home.
READ >>Building a custom home is often more affordable and desirable than buying one that is already built. However, the upfront costs of home construction can be overwhelming. Fortunately, there are options such as growing homes and draw mortgages to help you get started.
READ >>If you're planning on building a custom home on a given piece of land, a site analysis is an essential planning step. Read this article to learn what an architectural site analysis is, what it consists of and how it can be used to inform land and home design decisions.
READ >>Building homes that can withstand harsh winters is certainly doable, but can it be done sustainably too? The answer is yes with Lamelli's prefab home technologies that create comfortable and beautiful homes that are also energy efficient and durable.
READ >>When it comes to insulating your home, there are lots of options. However, insulating materials are not created equal when it comes to their efficacy and environmental impact. Keep reading to discover why Lamelli has chosen polyurethane foam insulation.
READ >>Insulation plays an integral role in keeping your home comfortable, energy efficient and economical. R Values are a way of measuring the thermal efficiency of insulation. Learn more about R values, what R values you need for your home and the best insulation options.
READ >>Prefab homes require maintenance just like conventional homes. However, Lamelli's innovative technologies, construction methods, materials and efficient designs greatly reduce wear and tear while a centralized home infrastructure makes repairs easy.
READ >>If you are building a custom home, you'll want it to stand the test of time. Prefab homes can last as long, or even longer, than traditional homes. Discover how factors such as materials, structure, maintenance and the building envelope affect the lifespan of prefab homes.
READ >>Is prefab the solution to the affordable housing crisis? Conventional construction methods are outdated and inflate the costs of home ownership across a home's lifespan. Innovative prefab homes solve many of the inefficiencies of outdated construction.
READ >>Are you planning on building a custom home but are unable to pay for the complete build all at once? A home builder's mortgage can help you make your vision a reality and prefabricated building technologies can make your build more efficient and affordable.
READ >>Prefab laneway homes are a creative and affordable way to address the housing crisis and gain additional revenue and living space. Modular construction is a solution to many of the issues associated with constructing accessory dwellings in your backyard.
READ >>Build for today and tomorrow with Lamelli's agile designs. Our growing homes evolve as your needs change over time. Learn more about Lamelli's innovative phased construction strategy and how it can increase the ROI on your prefab home.
READ >>Selecting the right piece of land is one of the most important decisions you will make when building a custom home. While the price of raw land may appear cheaper up front, there are hidden costs and considerations that come into play. Learn more about the benefits of undeveloped vs. developed land, qualifying a building site and how Lamelli's technologies can help you build what you want wherever you want.
READ >>Prefabricated building techniques can be used to build everything from commercial offices to indoor office spaces. Whether you are looking to build a detached office building, backyard office, dedicated office space or flexible workspace in a tiny prefab home, Lamelli's modular home building technologies and expertise will give you the perfect work environment.
READ >>The prefabricated homes of the past have had a very boxy, mail-order look to them. Nowadays, prefab home building, technologies and customizations have gone far beyond those of their predecessors, though they vary greatly from company to company. At Lamelli, we have brought together the best materials, construction techniques and advanced technologies into a single solution.
READ >>Discover how Lamelli creates elegant, efficient and cost-effective homes. Live in harmony with nature with our sustainable designs. Watch a short video to learn more about Lamelli's sustainable, elegant home design.
READ >>Building prefabricated housing comes with many advantages. Discover how Lamelli's thoughtfully chosen home building materials, technologies and designs can save you time and money without any compromise on the luxuries of modern day living.
READ >>When considering home ventilation strategies, it important to balance efficiency and affordability with occupant comfort and health.
READ >>Radiant heating is the most comfortable, natural- feeling, versatile, and energy-efficient heating method available. Discover superior Lamelli houses comfort , energy savings, and design flexibility with premium radiant heating solutions.
READ >>Before deciding on interior layout, consider the following questions: Which are the most frequently used rooms? What are the lighting needs for each room? What is the external shading situation?
READ >>Appropriate insulation can mitigate heat loss (or gain), while eliminating the uncomfortable effects of unwanted radiant energy from warm surfaces in summer or cold surfaces in winter.
READ >>Appropriate insulation can mitigate heat loss (or gain), while also eliminating the uncomfortable effects of unwanted radiant energy from warm surfaces in summer or cold surfaces in winter.


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This is one of those lovely cakes you can whip up quickly at the last minute and it's always nice to have recipes like that in your repertoire. It's a one-layer cake without any frosting, but don't let its simplicity fool you; it's fantastic. It's moist and tender, with just a bit of tang from the buttermilk and lots of apple goodness. I wouldn't skip the sprinkling of raw sugar and cinnamon on top of the batter just before the cake goes in the oven. I loved the extra cinnamon flavor and the slight crust the sugar formed as it baked. For me, the cake was best just slightly warm (straight from the oven or after 10-15 seconds in the microwave), but I think it'd be equally as good at room temperature with a dollop of whipped cream. It's a definite repeat here this fall, especially since I still have a ton of apples to use!
By Tracey
Apple Cinnamon Buttermilk Cake
Adapted from Gourmet
- 1 cup all-purpose flour
- 1/2 teaspoon baking powder
- 1/2 teaspoon cinnamon
- 1/2 teaspoon baking soda
- 1/4 teaspoon salt
- 4 tablespoons unsalted butter (1/2 stick), at room temperature
- 2/3 cup sugar
- 1 teaspoon vanilla extract
- 1 large egg, at room temperature
- 1/2 cup buttermilk
- 1 cup peeled and chopped apple (I used one medium Cortland)
- heaping tablespoon of turbinado sugar
- extra cinnamon for sprinkling
Preheat oven to 400 F. Spray an 8-inch round cake pan with cooking spray (specifically, the kind with flour in it) or butter and flour the pan.
In a medium bowl, whisk together the flour, baking soda, baking powder, cinnamon, and salt. In the bowl of a stand mixer fitted with the paddle attachment, cream the butter and sugar until pale and fluffy, about 2 minutes. Add the vanilla and egg to the mixer and beat well. With the mixer on low, alternately add the dry ingredients and buttermilk in 3 additions, starting and ending with the dry ingredients (so dry, buttermilk, dry, buttermilk, dry). Beat only until just combined. Scrape the batter into the cake pan, smoothing the top with a rubber spatula. Scatter the apple pieces evenly over the top of the cake batter then sprinkle evenly with raw sugar. Finally, sprinkle lightly with cinnamon.
Bake for 25-30 minutes, or until the cake is golden and a toothpick inserted in the center comes out clean. Let the cake cool in the pan for ten minutes, then turn it onto a wire rack to cool.
Food , Recipes


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The Google I/O is easily the biggest annual festival of software developers and tech innovators. "Innovation in the Open" reflects the open-source nature of the projects that Google showcases during the conference, with each of the past ones being heavily about the android, Google's biggest yet software venture. This year, however, the glare is off the Android N, the latest version of the mobile OS, as Google released the developer preview a good two months before the I/O. Nevertheless, as far as developers are concerned, the bulk of announcements and releases are going to be based around the open source OS.
Jason Titus, VP — Developer product Group at Google, in his keynote speech at the I/O 2015, had shaped his speech around three phases of the lifecycle of development of a product — develop, engage and earn. Assuming, rather safely, that these are the core areas that will continue to shape and direct Google's efforts to enable developers, here's what we can expect from the upcoming I/O at the Shoreline Amphitheatre, Mountain View, California.
1) Android N — Along with naming the latest version of Android, there will be a session on the latest APIs, functionalities and performance. The blueprint of evolution of the Android, in the span of next one year, will form the cornerstone of Google's plan to capture the "next billion". Google's next step to make Android more accessible will be making it 'offline ready'. The development kits may receive an upgrade too, with a rather unrealistic expectation being the inclusion of more languages in the Native Development Kit.
2) Google Polymer — Google's shiny new developer tool hasn't yet garnered much popularity and adoption, but like with all its products, Google will be trying to promote it at the I/O. Come I/O, Google will be ready with a sleek product, built from the scratch using Polymer, to show off its utility.
3) Firebase — The cloud services provider, currently under Alphabet Inc., is bound to get a persuasive pitch. As with other tools, Google will try to put it forward through a finished product that uses Firebase.
4) Android Auto — Android Auto substantially increases the time frame of interaction between the user and the developer, through applications, and now more so, as Google is joining hands with nearly all major auto manufacturers. The I/O can see some new and more powerful APIs being released.
5) Espresso — The Espresso is an automated UI testing tool by Google. Still, at a relatively nascent stage, the tool would no doubt be reintroduced with the latest modifications.
6) Expert session on ADT — An expert session on Android Development Tools is scheduled on the second day of the I/O, and needless to say, Tor Norbye is one of the speakers.
In addition, Google will be unraveling the latest libraries and tools for building progressive web apps, which it has been working on. At a first sight, there appears much overlap with the session on Polymer.
At I/O 2015, Google had broadened the platform for Cloud Messaging to include iOS, apart from Android and Chrome, introduced 'subscribing to topics' functionality, and enabled adding frequently visited sites to the home screen. Another powerful metric that Google had placed at the developer's disposal was that of user-stats — developers can now see how many people visited their apps along with the number of people who installed them. It created a definite and effective feedback mechanism for developers to refer to.
This time around, we can expect some addition to Google Play. There is a session titled "Games: The Google Advantage" that touches on the way professional developers are using Google Play Games Services to improve their games. The session also includes a talk by Ina Fuchs, of YouTube Gaming, on how YouTube helps grow audiences.
With a talk on quite an interesting application of Firebase, Googler Mark Mandel promises to demonstrate the potential of Firebase Realtime Database in implementing multiplayer games, with functionalities such as keeping track of online players, synchronizing game states across multiple connections, create chat rooms, and match players together for gameplay.
With the aim of enhancing user experience, "A Window into Transitions" will provide an in-depth tutorial on Android's transition APIs, focusing on content and shared element transitions.
"Principles of Mobile App Design: Delight Users and Drive Conversions" addresses the basic heuristics behind app building, backed by research. Overall, coming up with novel and effective ways to engage users, has always been the most effortless and natural on Google's part, given the magnitude of data on users that it has access to.
This part is basically going to be about app advertising. It is difficult to predict what exact changes Google is going to bring about in-app advertising, yet judging by last year's I/O it is most probably going to be a better stat-based prediction of user behavior.
There are rumors, however, of Google launching the Google Play in China, which would give developers access to an additional billion users. Continuing with rumors, there are faint hopes of Google merging the Chrome OS with Android, which would no doubt create the need for a more diverse pool of apps, further expanding the market for developers.
Apart from the possibilities stemming from the mobile platform, there are Google's Project Tango and Android Wear, both of which are yet to be explored anywhere close to their fullest potential, and both of which pose a different challenge for developers.
From among Google's ultra-futuristic array of pet projects, however, only Virtual Reality (VR) finds a mention in the schedule. It is a big-time disappointment to not see Project Ara, Google Echo, and Driverless cars on the list.
An invitation to the conference is lottery-based and not everyone may find the right combination of time, energy, and luck to end up there in person. But then, you can still be a part of it through Google I/O extended. To stay updated on the events, download the Google I/O App.
Google's Virtual Reality Cardboard found one million users just within a year of its launch. In the last I/O, Google furthered the project with the introduction of Expedition and Jump, with Jump being the beginning of the collaboration between Google and GoPro. I am excited to see how Google unfolds the VR story further in collaboration with GoPro while keeping the equipment affordable and relevant to the real world. With all possibility, Jump, built from a rig of 16 off-the-shelf cameras, was but just a glimpse into Google's arsenal of ideas for virtual reality.
Comment below to let us know your favorite bit of the I/O 2016.
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Doval To Remain NSA With Cabinet Rank
The Government of India on Monday reappointed Doval as NSA and upgraded his position from Minister of State (MoS) rank to a Cabinet in recognition of his contribution over the last five years in the security of the country.
The order issued by Appointments Committee of Cabinet dated June 2 said, "The Appointments Committee of Cabinet has approved the appointment of Ajit Doval IPS (Retd) as National Security Advisor with effect from 31.05.219. His appointment will co-terminus with the term of the Prime Minister or until further orders, whichever is earlier. During the term of his office, he will be assigned the rank of Cabinet Minister in the Table of Precedence."
Doval's appointment will be for five years, they added.
In 2014, Doval, who was appointed as India's fifth NSA, played a crucial role in ensuring the secure return of 46 Indian nurses who were trapped in a hospital in Iraq.
Doval was widely credited along with the then Foreign Secretary S. Jaishankar and Indian Ambassador to China Vijay Keshav Gokhale, for resolving Doklam Standoff through diplomatic channels and negotiations.
In October 2018, he was appointed as the Chairman of the Strategic Policy Group (SPG), which is the first tier of a three-tier structure at the National Security Council and forms the nucleus of its decision-making apparatus.
It is being said that Doval also played a crucial role during Balakot airstrikes and release of Wing Commander Abhinandan Varthaman held in Pakistani custody. (ANI)


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Netmarble had the difficult task of bringing Blade & Soul to mobile devices in Blade & Soul: Revolution. While this new iteration meets the basic auto MMORPG needs, the PC version still stands out as a better experience. A larger conversation needs to be had about major PC or console titles successfully making mobile versions since there have only been a few to accomplish that. Regardless, this mobile port doesn't drop out of the fight too easily.
Blade & Soul: Revolution's main campaign is practically identical in the mobile version. So if you haven't played the original all the way to the end game, now's your chance. The story revolves around your player character, a student at Hongmoon School learning and mastering martial arts. One day, an evil group decides to attack and massacre your entire class, including your master. Out for revenge, you set out into the world. But not without completing a ton of quests from random NPCs around the world first.
I know many players want to quickly grind out the main storyline to grab all the best equipment they can to get to the world boss fights and PVP. However, you may miss out on some decent world-building. If you decide to go the non-auto route, you'll be happy to know navigating is a lot easier in Blade & Soul: Revolution compared to other mobile MMORPGs thanks to an apparent and visible arrow under your character's feet to show you where your next quest or sidequest is.
Trying both auto and non-auto options during my time playing felt disjointed. When I put my phone down for about 15 minutes with the autoplay function, I came back to find what essentially felt like 500 notifications of new items, skill level-ups, etc. This would normally be exciting, but the UI was so cluttered.
It became difficult to navigate the screen, which seemed to be always have something in the way. Crazy menu's aside, the game looks great. I'll even say it looks a bit better on mobile. Given that the game came out in 2012, things can look choppy on the PC version.
Combat is standard fare when it comes to these action MMORPGs. You can use basic attacks and various skills available to your created character. The chosen skills can combine into new ones to continue your combos on opponents. However, battles can feel like a handout due to low difficulty.
There isn't any strategy for a majority of fights aside from the occasional boss. In those cases, you will need to dodge roll and pick optimal skills that require a lot of damage or crowd control, depending on the situation you're in. You could try to auto-fight bosses, but I've found the AI can't always be trusted.
There are some random quick-time events (which I'm not entirely sure how to make happen) that create additional damage or crowd control opportunities. I like that I'm allowed to move around my opponent while performing basic attacks instead of being locked into one position. I'm still able to do damage while maintaining a safe distance.
Aside from your main quest, some PVP/PVE options feel more involved than other games in the genre. When the original Blade & Soul was first released, everyone was very hyped about the PVP. It was skill-oriented, and that remains in the mobile version.
As soon as I enter my first match against another player, I noticed how decked out in gear he was. He almost looked like a dungeon boss from Dark Souls. He quickly chunked my health from 100% to 60% in only a few attacks. I'm not sure how matchmaking works, but if I'm allowed to enter at level 25, the system should have done a better job to find me an opponent around the same power as me.
I don't know if that player just bought a bunch of stuff from the beginning with real money or has just powered through to the end game in a matter of a few days. Either way, I shouldn't have been paired with someone that was barely tickled by my attacks.
Blade & Soul: Revolution features some pretty fun dungeon raids and clan/faction-based modes, which can get pretty hectic. The only issue I had was finding an active clan who was willing to participate in the events or anyone who would let me join their party for various PVE fights. So if you can, invite a couple of friends to play with you and start your own clan.
While the main story can be played without a strategy, you're going to have to really think about your next move in all the PVP/PVE modes. If you decide to go the free-to-play route, don't expect to dominate any leaderboards. Drops for better equipment are insanely rare. Standard gear pales in comparison to what you can buy right off the bat out of your wallet.
Blade & Soul: Revolution isn't here to replace Blade & Soul on PC. The mobile offerings are commendable but provide very little above what you'd expect to find in an auto-battle MMORPG. The PVP and PVE offerings are there for players willing to go a few more rounds, but it borders on pay-to-win. While playing Blade & Soul on the go was fun, it sadly isn't revolutionary.


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2020 is a year of challenges and risk – and it is a year of adaption and experimentation. Facing the circumstances brought by the COVID-19 health crisis, the organizers of the AR&PA Iberian Biennial of Cultural Heritage – the Junta de Castilla y León – dared the leap of transforming the long established meeting point and discussion forum into a fully digital edition.
Featuring the theme "Resilience of Cultural Heritage", AR&PA 2.0 was launched on 26 November 2020 and opened its virtual doors for three days.
Well-known elements of AR&PA such as AR&PA Fair, AR&PA Forum, AR&PA Innovation and AR&PA Prizes could be incorporated into the new formate.
The success speaks for itself: More than 3.000 unique visitors contributed to more than 40.000 site visits, explored more than 120 exhibition stands and followed more than 50 presentations. With more than 1.500 registered professionals, AR&PA 2.0 was able to maintain its position as a networking hub and reflection forum in the field of management of cultural heritage.
The Junta de Castilla y León arranged for a presence of TRANSROMANICA on the exhibition grounds with a great fair appearance to be explored by the professional and public visitors.
The Rota do Românico was not only represented through an exhibition stand at the AR&PA Fair including own workshops and presentations; its director Dr. Rosário Machado was also one of the 70 speakers in several interventions of the AR&PA Forum.


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f type concept 1
The idea of the Jaguar F-type is to produce an XK120 or XKE type two-seater sports car that will take on the likes of the Porsche Boxster, Mercedes SLK and BMW Z roadsters. The go ahead for the F-type project is being credited to a one billion pound investment from parent company Tata. "We have a new momentum. There is so much potential," said Jaguar Land Rover chairman Ralf Speth. "A new sports car is coming." The question now is when will we see it, what will be under the bonnet and where will it tip the price scales at.
Bottom line—British sports car aficionados around the world are sitting on pins and needles to see the new direction of Jaguar (under the supervision of Tata) will live up to the past heritage and be reliable to boot.
[Source: Auto Express]


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About Immigration Law
A immigration lawyer focuses specifically on the area of law which deals with the movement of people in and out of the United States, especially as it relates to visas and residency. Immigration law is a practice area that is governed by federal law, so whomever you choose to represent you does not need to live in the same state where you reside. Yet, you probably know that United States Immigration law is not only complex, but it can also change quickly depending on the political climate.
In most travel visa situations, you may not need an immigration attorney to represent you. Yet, in cases which involve temporary or permanent residency or citizenship in your state, hiring an immigration lawyer can save you from costly mistakes and help you more successfully navigate whichever process you need to complete.
When Do You Need an Immigration Attorney?
Most immigration attorneys in offer free consultations or a minimal fee to evaluate your case. When in doubt, it's in your best interest to schedule a consultation. Some common scenarios which typically require the expertise of skilled immigration attorney include:
- You are fleeing your home country and seeking asylum, which requires you to build a case to demonstrate to immigration officials that you have suffered persecution or will suffer persecution in your nation of origin.
- You completed an application for a specific type of visa and it was denied.
- You need to change the status of your visa, wish to apply for a Green Card, or wish to apply for U.S. Citizenship.
- You have overstayed your visa and want to avoid deportation or removal.
- You are unsure or confused about which type of application and additional forms you must complete to stay in the United States.
- You have been deported from the United States and want to return.
- You have received a notification to appear for removal proceedings to determine your eligibility for relief under the Immigration and Nationality Act (INA).
- You have committed a crime and wish to enter the United States or prevent deportation because of your actions.
- You have a job in the United States, but your employer has not sponsored you for entry.
- You are a business owner who wishes to employ foreign nationals.
- You are sponsoring another family member in an effort to bring them to the United States.
- You have some sort of immigration emergency requiring legal guidance.
- You are a foreign national marrying a U.S. citizen, or you are a U.S. citizen marrying a foreign national, and you wish to live in the United States.
Why You Should Hire an Immigration Attorney?
Immigration attorneys spend years learning how U.S. immigration law applies to different cases, which can provide you with valuable knowledge to help you with your immigration issue. Additionally, immigration lawyers understand the forms and associated deadlines with each, ensuring your application won't be denied because missing a deadline or some other dubious technicality. Finally, dealing with U.S. immigration procedures can be overwhelming, lonely, and frustrating. Your immigration attorney can help alleviate the stress and frustration you might be experiencing.


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ST. LOUIS, August 17, 2020 — FleishmanHillard has been selected to PRNews' first-ever Agency Elite Top 100, a list that highlights the most innovative and strategic PR firms in the U.S.
Agencies were evaluated based on more than a dozen criteria, including agency products, services and expertise.
FleishmanHillard received recognition for its Top Client Growth Accelerator program, evolved Intelligence Engine and Authentic Executive offerings.
Learn more about the Agency Elite Top 100 list here.


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New features in cryptocurrency privacy. This article was originally released on September 20, 2019.
What are shielded tokens?
Shielded tokens are a set of secondary layer operations on the Bismuth blockchain that focus on privacy and are the pilot in the Epitax privacy research program of Bismuth. They are not like any other existing privacy cryptocurrency.
How does it work?
You can imagine shielded tokens as password-protected assets. They are a continuation of the group key concept. Passwords are what sets apart those who have access to all transactions from those who have access to no transactions of a given shielded token.
These transactions can also be sent and received unencrypted, but without password, such transactions are unverifiable, which means that the final receiving party must confirm legitimity. This is possible because transactions can exist without verification on the secondary layer, unlike in the primary layer. Those are to be known as ambiguous transactions, formerly referred to as slave key transactions.
To the network, a shielded token transaction looks like the sender is sending some encrypted data to themselves. Recipients can start looking up transactions by identifying signals, of which every asset has a certain amount available. Those transactions must then be decrypted with password of the given token.
- Complete anonymity of recipients, senders, amounts, name
- Ambiguous transfers can be made without knowledge of a password
- No trusted setup
- No group signatures
- No range proofs
- No security threat for the primary layer
- Minimal computational power requirements
- Consistency
- Conditional deniability
- No interference with privacy classification of the main chain
- Compromised password leads to revelation of recipients, senders, amounts, name
- Password bribery attack vector


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Dive Brief:
- Yahoo revealed Wednesday the company suffered a separate data breach in August 2013, compromising the data of more than one billion user accounts.
- In November, law enforcement provided Yahoo with files a third-party claimed were its user data. Yahoo verified the data was authentic, but was unable to "identify the intrusion associated with this theft," said Bob Lord, CISO of Yahoo, in a blog post. Yahoo believes the incident is "distinct" from the data breach it disclosed in September, bringing the total number of breached accounts to as many as 1.5 billion.
- "Based on the ongoing investigation, we believe an unauthorized third party accessed our proprietary code to learn how to forge cookies," Lord said. "The outside forensic experts have identified user accounts for which they believe forged cookies were taken or used. We are notifying the affected account holders, and have invalidated the forged cookies."
Dive Insight:
Yahoo said it has connected some of the malicious activity to what it believes was a state-sponsored actor responsible for the previously disclosed breach. To protect users, Yahoo said it was requiring password changes and "invalidated unencrypted security questions and answers so that they cannot be used to access an account," according to the post.
The scale of Yahoo's data breaches is enormous. It is standard practice for breaches with a few million targeted accounts to make headlines, but Yahoo is on another plane entirely. To put it in perspective, the hack at the Office of Personnel Management impacted 21.5 million people, and that was one of the biggest revealed hacks of 2015. Granted, that information was far more sensitive than that breached in the Yahoo hacks, but prevalence of password reuse means many Yahoo users could be negatively affected.
As it stands, Yahoo is in trouble. The company is in the midst of acquisition by Verizon, which reportedly was looking for a $1 billion discount. Legislators are also calling for SEC investigations into how the company handled the disclosure of the original hack revealed in September.


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Trans-Europen Division Again Affirms Women in Church Leadership
The Trans-European Division of Seventh-day Adventists (TED) has issued a statement of support and affirmation for women leaders of the church during the division's Year-end Meeting. The division reported that "TED Union Presidents unitedly, regardless of practice in their own Union, wanted to send a strong message of support and affirmation to all women, whether in a local church leadership position, working as a Bible worker or pastor, or serving in an administrative capacity."
Given varying sentiments concerning women ministers in TED territories from Scandinavia and Holland to the Balkans, Baltics and Britain, the division determined to focus on leadership rather than the more divisive issue of ordination.
The division called its statement a "practical rather than theological document," and drew from "1 Thessalonians 5:12-18, affirming recognition of those who 'labour among you, and are over you in the Lord', to 'esteem them very highly in love for their work's sake.'"
The Trans-European Division's statement, "Affirming Women in Church Leadership," follows in its entirety:
The October 2015 Annual Council of the General Conference of Seventh-day Adventists recorded the following statement on behalf of its Administration:
"The vote taken in San Antonio does not change the Church's understanding of the role of women in the life, mission and practice of the Church as supported by the Church Manual and outlined in General Conference and Division working policies."
This statement gave assurance to women – in particular ministers and elders – who are called, gifted and committed to the service of our Church. It was also intended to discourage those who exploit the vote to hurt people and polarise the Church.
Leaders of the Trans-European Division affirm that:
We celebrate the tapestry of people in our territory, whose customs, culture and understanding, though diverse, have been woven throughout the Bible and Christian history, towards an appreciation of God's inclusive grace.
We acknowledge that God appoints women and men to minister according to their spiritual gifts and education. He does this to fulfil His mission to share the 'Good News' to every nation, kindred, tongue and people.
We encourage women to prepare for Church leadership and pastoral ministry.
We will create openings and opportunities, where women's giftedness is valued, to the benefit of the whole Church.
We applaud the courage and dignity which women display in fulfilling their calling despite those who undermine them.
Furthermore, personal abuse and disruptive behaviour are un-Christian, and unacceptable, and will not be tolerated by Church leaders, who owe a duty of care to those who have been appointed to serve.
To this end:
Leaders of the Trans-European Division are committed to resolving differences through mutual respect, dialogue, thoughtful listening, heartfelt understanding, and submission to the guidance of the Holy Spirit who unites us.
We pray that we will be humbled to hear God's voice in those through whom He speaks.
"Thanks be to God who always leads us in triumph in Christ, and through us diffuses the fragrance of His knowledge in every place. For we are to God the fragrance of Christ among those who are being saved and among those who are perishing." 2 Corinthians 2:14-15
If you respond to this article, please:
Make sure your comments are germane to the topic; be concise in your reply; demonstrate respect for people and ideas whether you agree or disagree with them; and limit yourself to one comment per article, unless the author of the article directly engages you in further conversation. Comments that meet these criteria are welcome on the Spectrum Website. Comments that fail to meet these criteria will be removed.


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Energy companies and other industries are now taking part in workplace COVID-19 testing schemes which – following calls from Energy UK on behalf of its members – were expanded to include the option for home testing.
Energy companies including Octopus and RWE participated in successful pilot schemes at their offices, control rooms and power plants, and others have been able to register their interest with the Department for Health and Social Care (DHSC), who run the scheme.
Regular testing of asymptomatic staff (and visitors) with lateral flow antigen tests, which provide rapid results within 30 minutes, means affected staff can isolate immediately, curbing the inadvertent spread of infection and so helping limit the impact of the virus on workforces and operations.
Energy UK has liaised closely with the DHSC throughout and after relaying calls from members for the schemes to include home testing, the scheme was expanded to include provision for staff to receive kits and carry out tests at home ('workplace collect'). This helps employees out in the field, like installers and engineers, and extends the industry's ongoing efforts to protect its workforce and provide confidence to its customers.
Since the start of the pandemic, companies right across the sector have quickly adapted their operations to ensure the welfare of their staff and customers while keeping the delivery of an essential service uninterrupted.
Health Minister Lord Bethell said:
"With around one in three positive COVID cases not showing symptoms, we know regular, rapid testing of employees is going to be pivotal to our journey out of this pandemic.
"I am delighted to see energy companies like Octopus and RWE leading the way in demonstrating how regular testing, including workplace testing, will help drive this virus into retreat and safely reopen parts of our economy and society in the weeks ahead."
Greg Jackson, CEO and Founder of Octopus Energy, said:
"I'm so glad that we took the chance and set up COVID-19 testing in our offices when the government first approached us in December last year. The response from our team has been overwhelmingly positive, and today everyone who comes into the office also takes a test.
"Workplace testing plays an essential role in tackling the pandemic and bringing us back on the road to normality, and I encourage every company to follow our path and offer regular testing to their employees so together we can help stop the spread."
Lisa Curlett-Harrison, Security Partner at RWE, said:
"RWE is committed to ensuring the health and wellbeing of all its employees and has implemented key preventative measures for all workers on our sites. The COVID-19 workplace testing has provided an additional layer of protection for those colleagues who need to be in the workplace. People have engaged well with the programme and this has provided additional reassurance to our colleagues that their workplace is COVID-19 secure. The company also see that this could enable a more active return to the workplace as restrictions ease."
Notes to editors
- The deadline to apply for the workplace testing scheme was 12 April 2021 but employees can access rapid lateral flow tests to do at home.


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Are you searching for trusted Bathtub to shower services in Placentia, California for your bathroom remodeling project? DURACARE Baths is the best place for your bath fitter needs.
DURACARE Baths is here to help you if you want your bathtub changed and a shower is what you want for your bathroom. All we want is for the customers to get the bathroom specifications that they want.
Mr. Cabinet Care has been in the game of remodeling kitchens from cabinets to flooring since 1987. DURACARE Baths is one of its companies that promises to give the same service Mr. Cabinet Care does.
With these being said, we can make sure that our Placentia customers when it comes to their bathroom needs because we have been one of the most trusted brands in Placentia, California.
DURACARE Baths offers a wide extension of services to Placentia, CA residents. Some of our remarkable services are listed below, and these are:
We guarantee our Placentia, CA customers that we only use top-notch acrylic that is durable, impact, and chemical resistant. And because we love our customers so much, we offer convenient and affordable service to our Placentia, CA customers in bathroom remodeling.
We only need one to two days to refurnish the bathroom. Whether tub-to-shower conversions, tub and shower replacements, or even liners on tubs and showers, DURACARE Baths can surely flush the old bathroom away into a new one.
Having a bathtub is exhilarating, especially after a day of hard work and that is why more and more people plan to convert their showers to bathtubs. If you plan to have a bathtub instead of a shower, DURACARE Baths is the perfect fit. If you have little kids in your house, you'll most likely want to have a bathtub instead of a shower.
There might be other companies that offer the same bathtub to each customer they have, but in DURACARE Baths, we make sure that you have lots of choices available. And unlike other services, DURACARE Baths only need one day to convert your shower to a bathtub.
Others plan to convert their bathtubs to showers instead. This is because showers give a more modern look to bathrooms than bathtubs. Another reason why people convert from tubs to showers is because of safety. Slip and fall accidents occur more when using tubs because as we age, we may find it difficult to go in and out of the tub because of its tube sides.
Like our bathtub conversion, shower conversions also take short periods of time. We only need to have the exact measurements of your bathroom, and our team will do the rest. At DURACARE Baths, we use nothing but acrylic shower systems that are strong but still aesthetically pleasing. And unlike other shower systems, acrylic ones are mildew resistant and more long-lasting.
Best Kitchen and Bathroom Remodeling Company in Orange County for 13 times and two Best Houzz Awards for Excellent Customer Service are some of our achievements through the years.
These recognitions are not given to us for no reason; it is a symbol of our dedication to our service for Placentia residents. Despite the awards, we think that the best achievement for us is the happiness of Placentia residents.
So, what are you waiting for? Get a free quote now from the best Bathtub to shower remodeling company in California today!


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Libor Transition Impact on Portfolio Pricing: A Comparative Study with and without the published Bloomberg Spread Adjustments
Everybody these days seems to ask the same question: On D-Day when LIBOR will cease to exist and pricing will rely solely on risk-free reference rates like SOFR or SONIA and the Spread Adjustments published by Bloomberg, what will the impact on portfolio pricing be?
The mechanics of pricing a single USD interest rate swap with and without the ISDA-Bloomberg fallback rules has been described in utmost detail in my recent post titled Libor Cessation: Price and Risk of existing Vanilla Interest Rate Swaps by applying the ISDA Fallback Protocol.
The mechanics of calculating the price and risk of a portfolio consisting of various types of interest rate swaps was laid out in my previous post titled Pricing and Risk Management in Excel of Inhomogeneous Trading Book containing Different Types of USD Interest Rate Swaps.
Today, I will revisit the swap portfolio of the above post and reprice it using the exact same market data, but this time considering the fact that all USD LIBOR rates will be eventually replaced by fallback rates that are defined to equal the sum of corresponding SOFR term rates and appropriate spread adjustments.
To be specific, in terms of LIBOR dependence, the portfolio references only the 3M and 6M LIBOR tenors, which are known to last until Friday, 30 June 2023. Rather than pretending that my valuation date is the next business day of Monday, 3 July 2023 – which will be the first day when non-LIBOR-based portfolio valuation MUST take place (!) -, I will stick with the valuation date of 21 October 2021 I used in my previous post because I have the actual market data as of that date, including the Spread Adjustments as calculated and published by Bloomberg on that same date.
Doing so, I can arrive at a more realistic comparison than if I had assumed a future valuation date where the Bloomberg Spread Adjustments would not be known.
Table Of Contents
Recommended for Deriscope starters: The Overview and Quick Guide pages.
Get a free Deriscope activation code that enables you to run the accompanied spreadsheet!
Overall Structure
The portfolio consists of 13 USD interest rate swaps that bear exposure to the following four indices:
The precise details of these swaps are discussed in my previous post mentioned above.
The project here will be accomplished be means of the following three downloadable Excel workbooks. The first two are the same as those used in my previous post.
Contains only the raw data that define the 13 swaps in the format in which they are delivered by the IT system of the hosting financial institution.
Contains only the discount factors of all relevant curves for all the calendar days between the valuation date and the maturity of the longest swap.
Contains the Deriscope formulas that read the data supplied in the two workbooks above and return the price, cash flows and risk of the portfolio with and without the Fallback assumption.
Structure of the Pricing Workbook IntRateSwapPfolioInhomFallback.xlsx
Most parts of this workbook are identical with the workbook IntRateSwapPfolioInhom.xlsx that I used to price the portfolio without the Fallback assumption in my previous post.
The first three Deri- prefixed sheets named Deri-Tradable, Deri-Market and Deri-Model are the same as in the previous workbook and build the corresponding Deriscope prerequisite objects.
Then follows a new sheet named Fallback, which contains all objects pertaining to Fallback calculations. This sheet will be described below in some detail, although its objects have been fully analyzed in my above-mentioned post that deals with the application of the ISDA Fallback Protocol.
The three old workbook sheets named Pricing, CF, Risk are here as well, but they now also include the results of the Fallback treatment.
Finally, an extra sheet named CF-Fallback has been added so that the cash flows of the portfolio under the Fallback assumption can be also viewed.
Setup of the Fallback sheet
The first and foremost object that needs to be created is the one shown below in cell C4:
The red-colored cells contain the Deriscope formulas. Details on the meaning of the shown colors and the syntax of the Deriscope spreadsheet formulas can be found in this introductory post about the spreadsheet Deriscope function.
As you see, the &FbackModel.1 object is of type Fallback Model and is essentially just a package of two other objects, the &FbackSpreads.1 and &FbackConvs.1 created respectively in cells C14 and C26.
The latter two objects are of types Fallback Ibor Oi Mkt and Fallback Ibor Oi Table respectively. They are much smaller than their counterparts used in my earlier post because they are now made to include information pertaining exclusively to the two LIBOR rates encountered in my current portfolio, namely the USD LIBOR 1M and 3M. There is no reason to include information about other IBOR indices that are not referenced by any of the swaps in my portfolio.
The #Tenor value in cell D32 is left unspecified intentionally because I want the displayed conventions to apply to all LIBOR rates regardless of their tenor. This is ok because my portfolio does not reference the LIBOR tenors of 1W and 2M, which are the only rates that cease after the earlier date of 31 December 2021.
The values 0.26161 and 0.42826 in cells E20 and E21 respectively have been read from Bloomberg on 21 October 2021 using the Bloomberg codes YUS0003M and YUS0006M. They are the Spread Adjustments for the 3M and 6M LIBORs and represent the median spread between IBOR and adjusted reference rate over a five-year historical period as calculated by Bloomberg.
The job of the &FbackModel.1 object is to tell Deriscope to check all encountered interest rates and convert them – if applicable – to corresponding fallback rates using the rules conveyed by that object. Such conversions will occur "on the fly", as needed during the execution of the portfolio pricing algorithm. The usage of that object is critical in pricing very big portfolios containing thousands of swaps because the pricing can proceed on the original portfolio without the need of a prior creation of an "equivalent" portfolio consisting of converted swaps. Nevertheless, I will demonstrate both approaches below as a proof of their mutual consistency.
As I did in my previous post, I intend here to do three things:
- 1.Calculate the price of the portfolio and its constituents.
- 2.Display the cash flows.
- 3.Calculate the flat DV01 portfolio exposures on the referenced curves.
In my earlier post, each of these jobs required the input of at least one Model object that supplied the various definitions and assumptions. Now, I can carry all these jobs using the same input, albeit enhanced with the presence of the new object &FbackModel.1.
Rather than passing the various Model objects one-by-one to the various formulas, I create below special objects of type Model Set that represent collections of the required objects. These objects are appropriately named for easy reference.
Below is the pricing result in sheet Pricing:
For expositional clarity, I display the blue dependency arrows only for the formulas in row 5 that return the Portfolio Price.
The formula in cell H5 returns 19,527,020 based on the input object &Result Orig.1 created in cell C4 out of the data shown in the upper left box. This the NPV in USD of the original portfolio &TrdPfolio.1 as of 21 October 2021 as calculated in the traditional way, without any explicit consideration on the forthcoming LIBOR transition.
The formula in cell I5 returns 19,568,877 based on the input object &Result Fback.1 created in cell C16 out of the data shown in the mid left box. This the NPV in USD of the original portfolio &TrdPfolio.1 as of 21 October 2021 as calculated by assuming that the 3M and 6M LIBOR rates that set after 30 June 2023 are replaced dynamically during pricing by the corresponding fallback rates in accordance with the Bloomberg Spread Adjustments of 0.26161 and 0.42826 respectively, as mentioned above.
The single material difference between the two input sets appearing respectively in the upper left and mid left boxes concerns the value associated with the key Models=. While the upper left box contains the pair Models= &CrvChoice.1, the mid left box contains the pair Models= &FbackMdlCol.1.
The formula in cell J5 returns the exact same value of 19,568,877, which this time is based on the input object &Result Fback Conv.1 created in cell C28 out of the data shown in the lower left box. This the NPV in USD of the converted portfolio &FbackPfolio.1 as of 21 October 2021, as indicated by the pair Object= &FbackPfolio.1 in row 29. The converted portfolio has been created further below in cell C36 by the Fallback function. Note the pair Models= &CrvChoice.1 in row 32 indicates that the converted portfolio is priced in the traditional way without any explicit fallback assumption.
Underneath the box with the portfolio prices lies the Portfolio Breakdown box where the itemized prices of the constituent swaps are displayed. In terms of dependencies, the analysis above applies here as well.
Understanding the Pricing Result
At first glance, given the fact that the two prices 19,527,020 and 19,568,877 have been produced on the basis of very different assumptions regarding the floating cash flows, it is almost miraculous they are so close to each other differing by only 41,858 USD!
Clearly, the achieved proximity is due to the used values 0.26161% and 0.42826% of the Bloomberg Spread Adjustments for the 3M and 6m LIBORs. If these spreads were only 10 basis points higher, i.e. 0.36161% and 0.52826% respectively, the fallback price would have become 20,293,009, giving rise to a much bigger discrepancy of 765,990 USD.
But, why aren't these two prices exactly equal?
The main reason is the following:
The value 0.26161% has been calculated by Bloomberg as the median spread between the 3M LIBOR and SOFR over a five-year historical period. Similarly for the value 0.42826%. These two values change every day because the five-year historical period always ends with today's date and therefore changes every day. Most importantly, they are not the values that will actually apply when the extinct LIBOR rates will need to be replaced in the future! If the LIBOR cessation date had occurred before the current valuation date of 21 October 2021, these two values would have been instead constant over time and would have also equalled the actual values being used in future times for LIBOR replacement. The market right now prices the swaps by implicitly assuming effective forward Spread Adjustments that are time dependent and differ from these Bloomberg values.
For a deeper understanding of the meaning and significance of the Bloomberg Spread Adjustments you may want to read my analysis at the bottom of my earlier Libor Cessation article.
Viewing the Cash Flows
The CF sheet displays the cash flows as calculated with the currently conventional treatment, whereby the LIBOR never expires. Details are provided in the previous post.
The CF-Fallback sheet displays the cash flows generated with the help of the &FbackCFMdlCol.1 object, which – as we have seen – contains the special object of type Fallback Model. Below is the formula that does the job:
The output is quite large and spans more than 1,000 rows. The interesting region is the one surrounding the LIBOR transition date of 30 June 2023 and is shown below, with several less important columns being hidden:
With yellow is marked the very last LIBOR flow, which hinges on a 6M LIBOR rate set on 29 June 2023, which is the last rate lucky enough to survive the coming cessation. The two green-marked rows underneath appear as being of Overnight Composite type, but in reality are ex 3M LIBOR converted rates. The corresponding spread in cell AC214 appears as 0.26161%, which is the supplied Bloomberg Spread Adjustment. The cell AC213 contains 0.26042% because the original swap had a spread of -0.0012%, which makes the final spread equal to -0.0012% + 0.26161% = 0.26042%.
It will be instructive to present these three rows below the corresponding rows of the non- Fallback pricing:
Now the conversion details of the LIBOR flows can be seen by comparing the respective green rows. In particular, the index period dates in the lower section are produced according to the ISDA-Bloomberg conversion rules.
Viewing the Flat DV01 Risk
The Risk sheet displays the flat DV01 exposure of the whole portfolio and its constituent swaps on the four curves. Here same comments apply as in my earlier post about the risk of a single swap under the Fallback assumption. Below is the sheet's screenshot:
Click on IntRateSwapPfolioInhomFallback.xlsx to download the spreadsheet produced with the above steps.
You would also need the following two supporting workbooks:
Feel free to contact me if you want to share any thoughts with regard to this product or if you want to request any particular features. Contact info and social media links are available at my web site https://www.deriscope.com


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A sampling of all things Egypt.
The Ministry of Antiquities plans to turn over dozens of rare book seized two days ago at Cairo International Airport to the National Archives, officials said. On Sunday, the Seized Antiquities Unit at Cairo International Airport impounded a collection of rare Islamic books destined for Qatar, on suspicion that they were illegally acquired. Customs officers at Cairo airport seized 43 boxes ofbooks and manuscripts, which appeared to be rare books that fall under the protection of Egypt's antiquities laws. A committee led by Ahmed Al-Rawi, head of the Seized Antiquities Department at the Ministry of Antiquities, determined that some of the seized books and manuscripts were authentic and not permitted to leave the country. El-Rawi told Ahram Online on Tuesday that the seized volumes pertain to Islam and the Hadith (sayings) of the Prophet Mohammed. Some bear stamps fromthe Al-Azhar University library, he added. After conducting a review of the material, El-Rawi said, the committee confirmed the authenticity of 66 rare volumes, finding out that some of the books date back to the early printing age. The seized material will be sent tothe Egyptian National Library and Archives, according to Egyptian law. A set of 45 volumes bearing the Al-Azhar library stamp will be returned to the university, El-Rawi said, while the rest of the collection is not covered by laws. http://english.ahram.org.eg/News/251047.aspx
-- Sent from my Linux system.


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A fountain pen is a fancy and elegant pen, which always gives the feeling that the writer in it is a respectable person. The fountain pen is a pen with a nail and a container of ink. The ink comes from an ink tank and from there to the nail of the pen when the writing operation is performed on it.
There are very expensive fountain pens used by well-known people to sign important documents. There are also professionals who prefer to make a good impression when signing contracts and therefore use luxury fountain pens. There are also cheaper pens that are used for everyday needs.
Collecting fountain pens is a prestigious hobby, and there are fountain pens that come out in limited editions. The price of a pen due to a special edition may reach tens of thousands of Dollars.
The history of Fountain Pen Day
Going back to the beginning of the history of writing, these days humans would use chisels to mark on stone, ink on papyrus to mark shapes and pieces of charcoal to mark words on shells and leaves.
The ink was eventually invented, using various types of plant material, animals, and eventually iron and acetic acid. The ink was required for a new tool, and this tool was initially a goose feather with a carefully cut nail that was dipped in ink to pick it up and transfer it to paper.
It was such an amazing innovation that it stayed for a long time, but in the end a new piece was needed that did not require constant dipping, and constant cutting of the nail.
Then in 1636 a German inventor named Daniel Schwenter developed a new pen made of two pens. One pen served as an ink reservoir inside the other pen. The ink is sealed inside the pen with a stopper. The ink is pressed through a small hole to the writing point. It was a milestone that contributed to the invention of the fountain pen.
In 1809 Frederick Fölsch registered a patent in England for a pen with an ink reservoir. This happened in the wake of the Industrial Revolution in England which resulted in more people being able to read and write.
It is common to mark the year 1884 as the year in which the fountain pen was invented. Lewis Edson Waterman this year filed an effective patent for a non-liquid ink supply device. Waterman was an insurance agent who is said to have lost a large life insurance deal due to a leak of an ink pen on the policy. Waterman was motivated to develop a new non-liquid pen and founded the luxury pen company Waterman, which to this day is one of the leading pen companies in the world. Over the years it has become clear that the story of the insurance deal that was missed is an urban legend invented by the company's public relations people, and apparently the invention of the resulting pen belonged to another person, it is not known who.
The fountain pen is the writing tool chosen for those who prefer a traditional, elegant and beautiful writing method. It has the advantage that it produces a cleaner and more consistent line than a few others.
The Fountain Pen Day honors this writing tool with this long and glorious history.
How to celebrate Fountain Pen Day?
One of the nicest ways to celebrate Fountain Pen Day is to buy yourself your own fountain pen. The price range of fountain pens can range from ten to tens of thousands Dollars. Once you start writing with a fountain pen instead of your simple pen, you will find how much more pleasant it is to look at your handwriting. You may want to start collecting well-designed and impressive fountain pens. This can be an exciting new addiction because through the pens you will learn a lot about the history of the world. What pens were used to sign the U.S. Declaration of Independence? And with what will the new President of the United States sign his documents?


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By Rabi Sankar Bosu, Indian freelance contributor to Chinese media outlets
A blood donation camp, "CRI-Gateway to China," was organized on April 23, 2017 at Hara South village (Haripal) in Hooghly district - West Bengal, India, which was organized by the New Horizon Radio Listeners' Club of China Radio International (CRI).
Chinese Consul General in Kolkata, Mr. Ma Zhanwu inaugurated it by lighting a lamp as chief guest. Consul Mrs. Wang Mei, Vice Consul Mr. Shi Lijun, Assistant on Consular Affairs Mr.Tong Chunsheng, Senior Assistant for Political and Media Affairs of Chinese Consulate office, Ms.Yashi Surana and Mr. Becharam Manna, Member of the Legislative Assembly (MLA) of West Bengal were all present as well.
Approximately 700 people attended, which also offered a free health checkup camp. 65 villagers along with Mr. Debsankar Charaborty, Assistant Secretary of the club and Miss Manisha Charaborty, Cultural Secretary of the club along with other members donated blood.
Ma said he was deeply touched with blood donors for their pious acts to save lives.
He added the New Horizon Radio Listeners' Club is promoting China-India friendship, while the two countries have shared interests that far outweigh their differences.
The two sides should work closer together to expand cooperation and bridge a better future for the two peoples and the world at large.
Ma greeted blood donors by presenting them with Towels, T-shirts, water cooler bottles, many Chinese films on Chinese culture, history, scenic spots, documentary films on China-India relations, a special documentary film under title-"Ethereal Bridge" made on my radio life and my role for China, numerous books China Tibet, Beijing Review and some sweets.
The Chinese Consul General and other diplomats visited our club room. They appreciated our works, since the Listeners' Club has been promoting CRI and India-China culture exchanges and friendship for over 32 years. Ma gave a cash donation to the development of our club to encourage a stronger China-India friendship on the grassroots level.
Ma said, "I am very much impressed to see your love and work for China Radio International and China. I appreciate you for all that you have done for the cause of China-India friendship. I cordially wish you and your club could influence more locals and play a pivotal role in bridging China-India friendship."
The Consul General's visit stands as a remarkable event in our club's history. We never thought a high-profile Chinese Government official would come to our obscure village.
Locals felt overwhelmed to welcome Chinese dignitaries for the first time in our village. We were all happy to take photos and getting autographs from the Consul General and his high-level colleagues.
Chinese officials have won over the hearts and minds of our radio club members. We don't know whether he will visitour rural village again, but we will cherish our photos with him on our club wall.
The visit of Chinese Consul General in Kolkata, Ma Zhanwu to our radio club to attend our social upliftment program for the cause of humanity under the banner of China Radio International promises better ties between the people of the two countries.
Rabi Sankar Bosu, Secretary of CRI's New Horizon Radio Listeners' Club, based in West Bengal, India.
(The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com)
Panview offers a new window of understanding the world as well as China through the views, opinions, and analysis of experts. We also welcome outside submissions, so feel free to send in your own editorials to "email@example.com" for consideration.


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You have set up your SSO already and receive this error message: "Error: app_not_configured_for_user" when attempting to log in:
If you are a user for &frankly, you'll need to create a ticket internally with your own IT department as the configurations are not handled through &frankly itself but rather through the SSO solution connecting your company's credentials with &frankly.
If you are in IT and do not see any errors in the configurations, you should know this issue normally occurs due to one of the following reasons:
- The user has not been granted permission to the app. If you created a group with users for this app on the SSO Admin Console, please make sure the user is inside this group. If there is no group, check directly on the user's profile to ensure the app permission is granted for them.
- If it is not a permission issue, then it's likely that the email address returned by the SSO is not matching the one registered in &frankly. So ensure the email address registered in &frankly is the primary email address on your SSO, so not alternate emails or userid, username, etc.