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Chapter 19. Financing International Trade. Lecture Outline
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1 Chapter 19 Financing International Trade Lecture Outline Payment Methods for International Trade Prepayment Letters of Credit Drafts Consignment Open Account Trade Finance Methods Accounts Receivable Financing Factoring Letters of Credit Banker s Acceptances Working Capital Financing Medium-Term Capital Goods Financing (Forfaiting) Countertrade Agencies that Motivate International Trade Export-Import Bank of the U.S. Private Export Funding Corporation (PEFCO) Overseas Private Investment Corporation (OPIC) 330
2 Chapter 19: Financing International Trade 331 Chapter Theme This chapter first suggests why international trade can be difficult. Then, it explains the various ways in which banking institutions can facilitate international trade by resolving problems faced by the exporter and importer. Topics to Stimulate Class Discussion 1. Assume that you receive a call from an old friend who has set up a computer parts store. He says that he plans to begin exporting these parts soon. What potential complications should he consider? 2. Why do exporters sometimes sell off their banker s acceptances? Would they be better off obtaining a short-term loan instead? What information is necessary to answer this question? 3. What is the common role of a banking institution in international trade besides financing? POINT/COUNTER-POINT: Do Agencies that Facilitate International Trade Prevent Free Trade? POINT: Yes. The Export-Import Bank of the U.S. provides many programs to help U.S. exporters conduct international trade. The government is essentially subsidizing the exports. Governments in other countries have various programs as well. Thus, some countries may have a trade advantage because their exporters are subsidized in various ways. These subsidies distort the notion of free trade. COUNTER-POINT: No. It is natural for any government to facilitate exporting for relatively inexperienced exporting firms. All governments provide a variety of services for their firms, including public services, and tax breaks for producing products that are ultimately exported. There is a difference between facilitating the exporting process and versus protecting an industry from foreign competition. The protection of an industry violates the notion of free trade, but facilitating the exporting process does not. WHO IS CORRECT? Use the Internet to learn more about this issue. Which argument do you support? Offer your own opinion on this issue. ANSWER: This issue will lead to many conflicting answers. Students will vary in what they perceive as free trade. Is it appropriate for a country to promote free trade while it indirectly subsidizes some firms that export products? Every country could be criticized for subsidizing its exporters in some way. There is no perfect answer but students should realize that governments subsidize firms but simultaneously complain if other governments use a similar strategy.
3 332 International Financial Management Answers to End of Chapter Questions 1. Banker s Acceptances. a. Describe how foreign trade would be affected if banks did not provide trade-related services. b. How can a banker s acceptance be beneficial to an exporter, an importer, and a bank? ANSWER: Foreign trade would be reduced without the trade-related services by banks, because some trade can only occur if banks back the transaction with bankers acceptances. A banker s acceptance guarantees payment to the exporter so that credit risk of the importer is not worrisome. It allows the importers to import goods without being turned down due to uncertainty about their credit standing. It is a revenue generator for the bank since a fee is received by the bank for this service. 2. Export Financing. a. Why would an exporter provide financing for an importer? b. Is there much risk in this activity? Explain. ANSWER: An exporter could increase sales by allowing the importer to pay at a future date. There may be high credit risk incurred by the exporter here, especially if the importer is an unknown small firm. 3. Role of Factors. What is the role of a factor in international trade transactions? ANSWER: A factor can relieve the exporter of the worry about the credit risk of the importer. In return, the factor is rewarded by being able to purchase the accounts receivables at a lower price than their cash value. 4. Export-Import Bank. a. What is the role today of the Export-Import Bank of the U.S.? ANSWER: The role today is to finance and facilitate the export of American goods and to strengthen the competitiveness of U.S. industries involved in foreign trade. b. Describe the Direct Loan Program administered by the Export-Import Bank. ANSWER: Under the Direct Loan Program, the Eximbank provides long-term loans to foreign buyers to purchase U.S. goods. The loan rates are channeled through banks, which serve as the intermediaries. 5. Bills of Lading. What are bills of lading, and how do they facilitate international trade transactions? ANSWER: Bills of lading provide a receipt for shipment, a summary of freight charges, and convey title to the merchandise.
4 Chapter 19: Financing International Trade Forfaiting. What is forfaiting? Specify the type of traded goods for which forfaiting is applied. ANSWER: A forfaiting transaction involves an importer that issues a promissory note to pay for the imported capital goods over a period of three to seven years or so. Notes are extended to the exporter who sells them at a discount to a forfaiting bank. 7. PEFCO. Briefly describe the role of the Private Export Funding Corporation (PEFCO). ANSWER: PEFCO provides medium- and long-term credit to importers of U.S. goods and services. 8. Government Programs. This chapter described many forms of government insurance and guarantee programs. What motivates a government to establish so many programs? ANSWER: Governments may be able to boost exports by establishing policies that either protect the exporters from various types of risk or encourage lenders to provide financing to the exporters. 9. Countertrade. What is countertrade? ANSWER: Countertrade involves the sale of goods to one country in exchange for goods from that country. 10. Impact of September 11. Every quarter, Bronx Co. ships computer chips to a firm in central Asia. It had not used any trade financing because the importing firm always pays its bill in a timely manner upon receipt of the computer chips. After the September 11, 2001 terrorist attack on the U.S., it reconsidered whether it should use some form of trade financing that would ensure that it would be paid for its exports upon delivery. Offer a suggestion to Bronx Co. on how it could achieve its goal. ANSWER: It could use banker s acceptances in which a bank would guarantee the payment by the importer. 11. Working Capital Guarantee Program. Briefly describe the Working Capital Guarantee Program administered by the Export-Import Bank. ANSWER: The Working Capital Guarantee Program allows exporters to obtain short-term loans from commercial banks that are guaranteed by the Eximbank. This protects the commercial banks against default risk of the exporter and makes it easier for exporters to obtain loans. 12. Small Business Policy. Describe the Small Business Policy. ANSWER: The Small Business Policy provides enhanced coverage against credit risk to new exporters and small businesses.
5 334 International Financial Management 13. OPIC. Describe the role of the Overseas Private Investment Corporation (OPIC). ANSWER: The OPIC insures direct U.S. investments in foreign countries against the risks of currency inconvertibility, expropriation, and other potential risks; it also offers insurance coverage for exporters that bid on foreign contracts. Advanced Questions 14. Letters of Credit. Ocean Traders of North America is a firm based in Mobile, Alabama, that specializes in seafood exports and commonly uses letters of credit (L/Cs) to ensure payment. It recently experienced a problem, however. Ocean Traders had an irrevocable L/C issued by a Russian bank to ensure that it would receive payment upon shipment of 16,000 tons of fish to a Russian firm. This bank backed out of its obligation, however, stating that it was not authorized to guarantee commercial transactions. a. Explain how an irrevocable L/C would normally facilitate the business transaction between the Russian importer and Ocean Traders of North America (the U.S. exporter). ANSWER: The letter of credit was issued by a Russian bank to guarantee payment for the goods to be exported by the U.S. exporter. b. Explain how the cancellation of the L/C could create a trade crisis between the U.S. and Russian firms. ANSWER: If exporting firms can not rely on letters of credit, they must resort to trusting the counterparty in the trade agreement. This will reduce trade, because exporters frequently do not know much about the counterparty. c. Why do you think situations like this (the cancellation of the L/C) are rare in industrialized countries? ANSWER: Governments or regulators have a vested interest in ensuring that banks follow through on letters of credit. Otherwise, there would be a reluctance to conduct trade in any country that does not back its guarantees. d. Can you think of any alternative strategy that the U.S. exporter could have used to protect itself better when dealing with a Russian importer? ANSWER: The U.S. exporter could have attempted to obtain a letter of credit from a U.S. bank, with the responsibility placed on the U.S. bank to guarantee payment. In this case, the U.S. bank would have been put in a position to demand payment from the Russian importer or the importer s Russian bank. Solution to Continuing Case Problem: Blades, Inc. 1. Assuming that banks in Thailand issue a time draft on behalf of Sports Equipment Inc. and Major Leagues Inc., would Blades receive payment for its roller blades before it delivers them? Do the
6 Chapter 19: Financing International Trade 335 banks issuing the time drafts guarantee payment on behalf of the Thai retailers if they default on the payment? ANSWER: No, Blades would not receive payment before it delivers roller blades to Sports Equipment Inc. and Major Leagues Inc. if banks in Thailand issue a time draft on the retailers behalf. The usual time of payment under a time draft is the maturity of the draft, and Blades relies on the retailers to pay the drafts at maturity. No, the banks issuing the time drafts do not guarantee payment on behalf of the Thai retailers if they default on the payment. The draft merely represents Blades formal demand for payment from the buyer and affords Blades less protection than a letter of credit, since the banks are not obligated to honor payments on the buyer s behalf. 2. What payment method should Blades suggest to Sports Gear Inc.? Substantiate your answer. ANSWER: Blades should suggest to Sports Gear Inc. that its bank issue a letter of credit on its behalf. In a letter of credit, the bank is substituting its credit for that of the buyers, and Blades would be assured of receiving payment from the issuing bank as long as it presents the necessary documents in accordance with the L/C. The issuing bank is then obligated to honor drawings under the L/C. On the other hand, Sports Gear Inc. does not have to pay for the goods until shipment has been made and documents are presented in good order. 3. What organization could Blades contact in order to insure its sales to the Thai retailers? What type of insurance do these organizations provide? ANSWER: Blades could contact the Export-Import Bank of the U.S. (Eximbank), which provides insurance protection against the risk of nonpayment by foreign buyers. Under such insurance coverage, Eximbank will reimburse Blades between 90 and 100 percent of the insured amount, depending on the type of policy and buyers. 4. How could Blades use accounts receivable financing or factoring, considering that it does not currently have accounts receivable in Thailand? If Blades uses a Thai bank to obtain this financing, how do you think the fact that Blades does not have receivables in Thailand would affect the terms of the financing? ANSWER: Blades could use accounts receivable financing and factoring using its accounts receivable in the U.S. Using accounts receivable financing, Blades could obtain a loan from a bank that would be secured by an assignment of the accounts receivables. Using factoring, Blades could sell the U.S. accounts receivable to a factor. Either approach is probably available to Blades if it decides to use a U.S. bank. However, it could also attempt to conduct accounts receivable financing of factoring of its U.S. receivables using a bank in Thailand. Thai banks may consider the assignment of foreign receivables less attractive than the assignment of domestic receivables and may require high interest rates (accounts receivable financing) or discount the receivables heavily (factoring). 5. Assuming that Blades is unable to locate a Thai bank that is willing to issue an L/C on Blades behalf, can you think of a way Blades could utilize its bank in the U.S. to effectively obtain an L/C from a Thai bank?
7 336 International Financial Management ANSWER: Blades could inquire whether its U.S. bank has a correspondent bank in Thailand. In that case, the Thai bank may be willing to accept a letter of credit issued by Blades U.S. bank on Blades behalf. 6. What organizations could Blades contact to obtain working capital financing? If Blades is unable to obtain working capital financing from these organizations, what are its other options to finance its working capital needs in Thailand? ANSWER: There are several organizations Blades could contact to obtain working capital financing. For example, the Eximbank s Working Capital Guarantee Program encourages commercial banks to extend short-term financing by providing a comprehensive guarantee that covers 100 percent of the loan s principal and interest. Furthermore, the Overseas Private Investment Corporation (OPIC) will provide medium- to long-term financing to U.S. investors undertaking an overseas venture. If Blades is unable to obtain working capital financing from these organizations, it could ask its bank for a short-term loan that finances the working capital cycle that begins with the purchase of inventory and continues with the sale of the goods, creation of an account receivable, and conversion to cash. Solution to Supplemental Case: Ryco Chemical Company a. Ryco could attempt to work out a countertrade agreement. Ryco could provide chemicals that Concellos needs in exchange for the chemicals that Ryco normally purchases from Concellos. Ryco could benefit because its cost of importing some chemicals would no longer be tied to Brazilian inflation. Instead its cost would be tied to its own cost of producing the chemicals it must exchange for the imports. If Concellos would agree to the countertrade agreement, Ryco may be able to stabilize its cost of imports, which could reduce the uncertainty surrounding cash flows and profitability. b. Concellos is exposed to the weak currency (called the real). If it purchases the chemicals used in production from Ryco, its cost will not be affected by the real s exchange rate (as it could purchase the U.S. goods through a countertrade agreement). Thus, it may be able to stabilize its cost of imports in this matter. c. Concellos cost of obtaining imports is the cost of producing the chemicals it uses for exchange (based on the countertrade agreement). Given high inflation in Brazil, these production costs will rise. However, it may be able to raise its prices on its final products by the inflation rate to cover its higher costs of production. Overall, it will be able to offset these higher costs easier than offsetting the higher costs that would result from exchange rate effects. Since its competitors base their prices on local cost of production (as they are not exposed to a weak exchange rate risk), Concellos would now incur costs that are more similar to those of its competitors.
8 Chapter 19: Financing International Trade 337 Small Business Dilemma Ensuring Payment for Products Exported by the Sports Exports Company 1. How could Jim use a letter of credit to ensure that he will be paid for the products he exports? ANSWER: A letter of credit could be issued by a bank on behalf of the distributor promising to pay the Sports Exports Company upon presentation of shipping documents. In this way, the letter of credit substitutes its credit standing for that of the distributor. 2. Jim has discussed the possibility of expanding his export business through a second sporting goods distributor in the United Kingdom; this second distributor would cover a different territory than the first distributor. This second distributor is only willing to engage in a consignment arrangement when selling footballs to retail stores. Explain the risk to Jim beyond the typical types of risk he incurs when dealing with the first distributor. Should Jim pursue this type of business? ANSWER: With a consignment arrangement, the Sports Exports Company would retain title to the merchandise. Thus, it would not receive payment until after the second distributor sold the footballs. Also, even if the second distributor does sell the footballs but fails to pay for them, the Sports Exports Company has limited recourse. Jim should probably avoid the consignment arrangement because of the risk involved.
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So, as I'm currently eagerly waiting for my AM classes to start and I'm preparing myself as well as I possibly can, I decided to give birth to this online wonder called blog! As I've noticed that countless other students/mentors/professional animators/wannabes have one, I had a quick peak at some of them and they are informative, useful, and fun! The main goal of mine will be keep people who are not in AM informed about my progress and work, and to give people I'll meet in the future through AM some insight of my backgrounds. Also, it makes me feel damn important and cool!
So if you read this far, thanks a lot for the interest!
Cheers and I'll do my very best to keep this updated.

subset: commoncrawl


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With all of this excitement about macarons, I thought I would share Ottolenghi's recipe for macarons, which i've tried a few times and it is surprisingly easy to get a tasty, satisfying macaron. What is much harder is both piping them out onto the tray so they come out just the right size and shape, and getting the cooking time perfect. Especially if they are different shapes. Overcooked macarons will tend to crack when you try to spread the ganache onto them.
Heat the oven to 170 degrees or gas mark three.
Then place the egg whites and the caster sugar in the bowl of a freestanding electric mixer and start whisking on full speed until the whites have formed a thick, aerated meringue, firm but not too dry. Remove the bowl from the machine, take a third of the meringue and fold it gently into the sifted almond and sugar mix. Once incorporated , add another third of the meringue and continue similarly until all the meringue has been added and the mix appears smooth and glossy.
Take a sheet of baking parchment and 'glue' it to a baking tray by dotting the tray in a few places with the mix. Now you need to use the mix to create uniform shallow discs about the size of a two pound coin. In our kitchens we pipe the macaroon mix onto the lined tray using a piping bag fitted with a small nozzle.
I would say if you have this equipment, then do it, otherwise you end up with a real mix of sizes.
Ottolenghi also suggest drawing circles on the baking parchment to achieve consistently sized 'blobs'. One of the recommendations in the book is to cover your hands with icing sugar and try to form the shapes as you would with a pastry and a handful of flour. This didn't work for me at all, so not sure if worth trying.
Once the blobs are in place on the tray, tap the underside vigourously, to help spread and smooth the macarons. Leave them out and uncovered for 15 minutes before baking.
To bake, place the macarons in the preheated oven and bake for about 12 minutes. This may take longer depending on the oven. They are ready when they come freely off the paper. Remove from the oven as soon as they reach this stage, so you don't overbake them, and leave aside to cool down completely.
From my own experience it is really important that they are not overbaked so that they maintain the moist innards that the macaron should have. There is a risk they can dry out and become brittle.Once you put the ganache between two layers they will still be delicious, but it is this, and the beautiful combinations of flavours, which makes them an art. Maybe I'll take back what I said before about it being simple....
To assemble, use a small spoon or piping bag to deposit a pea sized amount of the filling on the flat side of half of the biscuits. Sandwich them together with the other half, squeezing them together gently, leave at room temperature to set within a couple of hours or you can chill to speed the process but remember to serve at room temperature.
Chop up the chocolate and the butter into small pieces. Place in a heatproof bowl. Pour the cream into a small saucepan and bring to the boil, watching it carefully. As soon as it boils, pour it over the chocolate and butter mix. Stir carefully until you get a smooth mix. If the chocolate doesn't melt, help it by forming a bain-marie and placing over a pan of hot water. Then stir in the rum until well blended.
Cover the bowl with a sheet of clingfilm and leave somewhere cool (but not a fridge) for a couple of hours. Don't let it get too hard as when you spread it, it might break the macarons.


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ROXBURY, NJ – Just in case the dirt beneath your shoes and the trees over your head fail to reveal you're in a "natural" area while on Memory Lane in Horseshoe Lake Park, you now have lots of signs to clue you in.
"BE ALERT! NATURAL PATH," say the signs. Others instruct there shall be "NO TEXTING WHILE WALKING."
If you think the signs are kind of silly, you're not alone. "The township's attorney and risk manager recommended that these be put up to reduce our liability," said Roxbury Township Department of Public Works Director Richard Blood. "We didn't put these signs up enthusiastically,"
The warning signs, installed Wednesday, appear "every couple hundred feet" along the shady, tree-lined, half-mile-long path, said Blood. There are about 100 of them.
Predictably, their presence is the result of a lawsuit. On April 15, 2013, Stanhope resident Naomi Schiffman fell on Memory Lane "as a result of a dangerous, defective and longstanding condition" on the path, said a notice of tort claim – the precursor to a lawsuit – she submitted three months later.
Schiffman filed the actual lawsuit in September 2014, contending her injury "was caused wholly and solely by reason of the carelessness and negligence" of Roxbury. The dangerous, defective and longstanding condition that Roxbury was negligent in allowing? An exposed cherry tree root, according to Blood.
He said the woman tripped over the root while jogging and broke her arm "resulting in a significant settlement" being paid by the town's insurer. Blood said he couldn't reveal the amount of money paid by the insurance company because the terms of the settlement were not made public.
The signs were installed at the recommendation of the township's risk manager and lawyers, Blood said.
"We live in a litigious society," said Roxbury Township Attorney Anthony Bucco. "Everybody wants to sue everybody. As a result, if things happen - even if we are completely exonerated - I still take time to go over the facts of cases to see if there are better ways we can protect the township."
Blood acknowledged there are many trails on township property far more dangerous than Memory Lane. However, those footpaths are in the woods - not in an "improved area" such as Horseshoe Lake Park - and therefore don't warrant warning signs, he said.
"One of the determining factors in the settlement was that this is an improved park where it is mown, groomed and the trash is picked up on a daily basis," Blood explained. That said, Roxbury has no intention of closing Memory Lane, paving it, removing the cherry trees or doing anything else beyond placing the warning signs.
"Those trees were purchased and donated by individual families" as memorials to deceased friends and relatives, Blood said. "If we did it again, we'd make the trees about 20 feet apart so we'd have a flat area not encumbered by roots … When the trees were originally planted, they did not envision that this would happen. When you create a planting, you need to think what happens when these things get completely matured."
On Friday morning, several people walking dogs on Memory Lane said they thought the new signs were kind of ridiculous. "It seems a little extreme," said one man, who asked that his name not be published. "The signs don't necessarily blend in with the natural path, but I guess you can't underestimate how dumb people can be."


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Business TypeOther
Main MarketsNorth America South America Western Europe Eastern Europe Ea
Business OwnerCEO: James
EmployeesLess than 5 People
RegionUnited States
Link ToolUnited States Apparel - United States Underwear
Company TagsEuropean Style - Lingerie Catalog - Lingerie Designs
Company Introduction
Carol Malony has created Lingerie designs that have European style and flair. Her collections have been featured in a well-known American Lingerie catalog and their chain of stores, and are also available in the U. S.
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Post Code90272
Address17383 Sunset Blvd Suite A101, Pacific Palisades, California, Uni
Online MapCarol Malony Map & Directions


text:
The European Union is considering forcing the U.K. to wait until June for formal negotiations to begin on the terms of Brexit, eroding the time Prime Minister Theresa May has to land a deal, according to EU officials.
The 27 other members of the EU have pinpointed a meeting of government ministers in Luxembourg on June 20 as the moment to authorise the opening of two years of talks. May has set the agenda, but once she triggers the exit, power shifts to the EU and she will have to be patient.
As well as limiting how long the two sides have to find common ground, pushing the start of the divorce discussions until late June risks upsetting businesses and banks that are seeking early clarity on just what the U.K.'s withdrawal from the EU means for them.
While leaders of EU countries will gather in April or May for a summit to agree on the "framework" for talks, actual discussions with the U.K. can't begin until ministers officially approve more detailed negotiation directives to be drawn up by the Brussels-based European Commission. It's unclear how fast after that authorisation the two sides could arrange to sit around a table.
The dollar rose on Tuesday, bolstered by a widely expected U.S. interest rate increase from the Federal Reserve this week and also bolstered by political risks in Europe as Dutch elections get under way.
The Fed started its two-day monetary policy meeting on Tuesday, with the futures market pricing in a 95 percent chance of a U.S. interest rate increase on Wednesday. A higher-than-expected rise in a U.S. inflation gauge added to the dollar's positive tone and further reinforced already firm expectations of a Fed rate hike on Wednesday. Data showed that U.S. producer prices rose more than expected in February and the year-on-year gain was the largest in nearly five years.
Market Participants will also be focusing on the Fed's 'dot plots' or interest rates forecasts for insight in to how many rate hikes we can expect to see this year and if there is any variance from the initial three rate hikes forecast for 2017.
Francois Fillon was charged Tuesday with misuse of public funds, casting a permanent shadow over his bid to become France's next president. Fillon was informed of the charges after being questioned by investigative judges looking at whether family members did any real work while on the public payroll as his parliamentary aides, according to the French financial prosecutor's office. Fillon, who had been due to meet the judges on Wednesday, has denied any wrongdoing and denounced the investigation as a plot by his political opponents to undermine his candidacy.
While the judges' decision confirms the worst-case scenario for Fillon, he's already promised to stay in the race whatever happens and faced down a rebellion of party officials seeking his ouster. With less than six weeks to go before the first round of voting, the 63-year-old former prime minister is in a distant third in the polls, suggesting he'd miss out on the May 7 run-off between independent Emmanuel Macron and the anti-euro nationalist Marine Le Pen.
Key Announcements
09.30 – GBP – Average Earnings Index 3m/Y; Forecast at 2.4% against previous of 2.6%
09.30 – GBP – Claimant Count Change; Forecast at 3.2k against a previous of -42.4k
12.30 – USD – CPI MoM;
12.30 – USD – Core CPI MoM;
12.30 – USD – Retail Sales MoM;
18.00 – USD – FOMC Economic Projections;
18.00 – USD – FOMC Statement
18.00 – USD – Federal Funds Rate
18.00 – USD – FOMC Press Conference


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Sometimes Companies Launch A Substandard Product But Market Too Much, They Earn Just Because Of That Marketing.
PPC is an effective advertising campaign operated by but we do get traffic generated by the links that we put on our adverts. It means that if your website is not ranking high in the search engine results will tend to take up vast amount of hours for very little to show for it. A Blind Link is a link which directs a visitor to a the efforts of resources like writing, ads, pictures, banners, speaking or ways like that. The first step on your Internet Marketing journey is obviously beginning to understand the key aspects a server, there is less chance of mishap or failure.
Adding new pages, images, and multimedia files can be accomplished from your internet on 1 has results proven internet marketing strategies all figured out for you. Here are some areas which Internet Marketing holds: Search Engine Optimization E-mail Marketing Pay Per Click Management Article Marketing Social your time and energy; you can't get that time back. Sales usually encourages the first product to be a special YouTube, social news sites etc and online communities to communicate directly to the people for publicity and increasing product and brand awareness. Webmasters are well versed with various techniques of internet marketing and behaves almost identical the product website so that it looks like the actual site.


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New paper on Black-Litterman tau parameter
Finally got this paper put together enough to post for some feedback.
The crux of the paper is either to use tau properly or just drop it altogether, but no sense messing around with tau when you don't even need to. Most authors would do better to drop tau from their model and use what I call the Alternative Reference Model. I think Atillio Meucci uses the same name for it, we have some agreement that it is a different animal and can be clearly defined.
I expect to make a small set of edits/updates to this paper over the next week and then get it posted up on ssrn with my other paper on Black-Litterman. Mean while the big paper will also be shortly getting some edits. I've had many people tell me over the past year or areas which are not clear, mistakes or ways to simplify the paper and I am going to start making those edits. Also came upon some interesting new metrics during the research for the tau paper. I'll leave that for another time when I get the edits made to the paper.


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A research team led by the University of Neuchâtel has used new methods of dating, including the analysis of mites and Carbon-14 in a decomposed human body, to make headway in a previously unsolved Swiss murder case.
The body was discovered a decade ago, partially-burnt, in a low-lying forest of the Swiss Central Plateau. However, the state of decomposition and damage to the corpse complicated identification.
Now, researchers from Swiss, British, and Spanish universities have managed to analyse not only Carbon-14 levels in bones and hair, but also the number and type of micro-organisms and chemicals found in the soil around the body, to shed more light on the case.
+ Read about more innovations in our Switzerland Discovers portalexternal link
Their investigations – the first time the analysis of parasites and eukaryotic organisms has been brought to bear in a homicide case – have enabled the body to be identified as that of a young man last seen almost two years before the discovery.
They also determined that the body had been at its final resting place for at least a year, but that it had previously been kept in a confined location (such as a bag) for 8-12 months before being moved to the forest.
The analysis, based on over 800 samples of decomposed matter since 2009, was part of a doctoral research project being run at the University of Neuchâtel, and was helped by previous analysis of decomposing animals.
"We developed the methods by studying the decomposition of pig corpses in forests," explained laboratory director Edward Mitchell. "We thus built up complementary information that allowed us to establish a diagnostic."
The investigation remains ongoing as police struggle with further unknowns about the young man's disappearance.
swissinfo.ch and agencies/dos


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Emerald Yellow Gold Earrings
The textured finish applied to the front of this pair of emerald earrings gives them a cool retro feel and the shape and styling is different from most others you will see. The best part however is the fine quality emerald gems set at the top. The luscious color is intense, and combined with the gems high clarity, make for quite the look.


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Customer service : 0033 1 84 16 00 90
Anne Sophie is a 26 years old Parisian designer who is passionate about design. After a master in Art Design, she decided to combine her passion and her studies, and started her own brand Argument.
Who are you?
My name is Anne-Sophie CHHIM, I am 26 and I live in Paris, France. I am the founder and designer of the brand ARGUMENT.Read more
Why did you choose to go into fashion?
I went into design, not into fashion! I took this decision when I got a Master in Art Design, because I wanted to combine my passion and the studies I did. Of course, it led to a job in the fashion industry, but it is quite fun to do!
Could you describe to us your creative universe?
My universe gives most particular place to colors, shapes and materials. I like things with character and a strong personality. I also like to mix key tendencies from the past and modern ones.
What are your sources of inspiration?
I am very sensitive to design movements like the Memphis movement or the Bauhaus. I also admire the Art-Deco style, "Art Nouveau" and Abstraction.
Could you tell us a couple words about your collaboration with MonDéfilé?
I like the idea of panoply. It stimulates your imagination and creativity. In the best case, panoply makes you take fashion risks, and it's a good thing!
If you were to be a piece of clothing or an accessory, what would you be?
I would be a colorful plastron; an ARGUMENT that will never go out of fashion!
"My universe gives most particular place to colors, shapes and materials"


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Android Games – Action and Adventure
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Nun Attack: Run & Gun« Games - Arcade & Action « Downloads
|October 23, 2013
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|Games - Arcade & Action
The Fallen Nun has been defeated, but Evil never truly rests. Find out what lies beyond the wretched world left behind by Mortanna, as the Nuns dash, shoot and slide through a plethora of obstacles and monsters! Test your faith in this fast-paced, hectic runner that's not for the faint of heart! Pick your favorite Nun, equip bad-ass weapons, choose from a slew of holy power-ups and start running towards your next destination, as all Hell's breaking loose.
– Pick your favorite Nun to run with!
– Race through multiple wretched worlds!
– Dodge obstacles, slide under dangerous props, shoot enemies!
– Share your high score with your friends!


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Crafty Monkeys
PenrithPottery Centres and Ceramic Cafes
Suitable for all ages •Indoor 23.3 miles from Grinsdale
Rheged Indoor Play
PenrithActivity Centres
Suitable for ages: 0-12 •Indoor, Outdoor 23.2 miles from Grinsdale
Pandemonium Pots
KendalPottery Centres and Ceramic Cafes
Suitable for all ages •Indoor 43.6 miles from Grinsdale
Find The Best Pottery Centres and Ceramic Cafes in Grinsdale
We've rounded up the best pottery centres and ceramic cafes in Grinsdale in our quest to discover brilliant family attractions and places to visit near you. There are 3 Grinsdale pottery centres and ceramic cafes to pick from. Alternatively, why not explore some other sports and activities days out nearby, including cinemas and theatres, trampoline parks or ten pin bowling alleys. Find the perfect places to go with your kids and get out on your next adventure!
All the pottery centres and ceramic cafes we list are rated according to the ages they are suitable for, facilities and whether they are suitable for rainy days or best when the sun is shining.
Many of the places we list are historic or educational in nature and would be suitable for class trips or as ways to keep the learning up whilst having fun over the school holidays.
If you've visited one of these pottery centres and ceramic cafes in Grinsdale , please consider leaving a review on the attraction page to help others plan their next fun day out.
Animals Attractions in Grinsdale
Water Attractions in Grinsdale
Adventure Attractions in Grinsdale
Sports and Activities Attractions in Grinsdale
- Ice Skating and Rollerskating in Grinsdale
- Ten Pin Bowling Alleys in Grinsdale
- Go Karting and Driving in Grinsdale
- Paintballing in Grinsdale
- Skiing and Snowboarding in Grinsdale
- Horse Riding and Stables in Grinsdale
- Cycling in Grinsdale
- Crazy Golf in Grinsdale
- Arts and Crafts in Grinsdale
- Laser Tag in Grinsdale
- Indoor and Soft Play Areas in Grinsdale
- Pottery Centres and Ceramic Cafes in Grinsdale
- Cinemas and Theatres in Grinsdale
- Trampoline Parks in Grinsdale
- Indoor Skydiving in Grinsdale
- Sports Centres in Grinsdale
Sightseeing Attractions in Grinsdale
- Theme Parks and Funfairs in Grinsdale
- Museums and Art Galleries in Grinsdale
- Tourist Attractions in Grinsdale
- Landmarks in Grinsdale
- Castles and Palaces in Grinsdale
- Caves and Mines in Grinsdale
- Sports Stadiums in Grinsdale
- Tours and River Cruises in Grinsdale
- Stately Homes and Gardens in Grinsdale
- Railway and Transport Attractions in Grinsdale


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At Kerneli Storage Containers located in Havre, Montana, we realize the importance of having a solution to securely store your gear and documents at your location. Due to this need, we opened our doors with the vision of providing the storage containers with the highest degree of security in Havre, MT. We are also referred to as the portable storage company in Havre with the largest selection of storage units for the most affordable pricing. Our company also has quite the reputation for speedy delivery times within the Havre region. Give us a call at 888-267-8963 today, so we can have one of our storage containers shipped to your location when you need it.
Why Havre, MT People Choose Us
Our enterprise delivers the simplest portable storage rental process in the Havre, MT region. We provide the very best rates on all of our portable storage units. Additionally, we work as hard as we can to have the mobile storage unit at your site as quickly as we can, which generally means within two or three days. Our mobile storage organization also provides a no-cost consultation to match our excellent pricing and fast delivery times. Individuals who are unsure of which portable storage model to rent benefit from our consultation.
What Do We Stock in Havre, MT
The very last thing you want to experience is to have your tools stolen and spending time you could be using to make money waiting for the replacements to show up. The good news is that this concern can be prevented entirely if you use our mobile storage at your Havre, MT jobsite. Our portable office business offers a wide selection of storage containers, which means we have an option for everybody. Each of our containers are lockable and they are totally covered. Along with our superb selection of storage containers, we also provide mobile office solutions. Despite the fact that our offices might not have all of the features found in your luxurious headquarters, they come incredibly close. You will notice that we have a huge selection of portable office options, which can measure anywhere from 8-foot by 20-foot to 24-foot by 60-foot. Desks and shelves are standard equipment in our mobile office products, and many of the larger units even include bathrooms and showers. We will work with you in finding one that stays within your allowance and still easily surpasses your needs.
It is vital for you to have a secure way to store your belongings when you are operating at a site away from home. Since this has proven to be the scenario, portable offices are a great investment that companies across the United States have discovered to be worth the cost. Contact Kerneli Storage Containers at 888-267-8963 if you are interested in renting secure storage containers or a mobile office.
Storage Container and Mobile Office Frequently Asked Questions in Havre, MT
How Many Dimensions of Storage Containers Do You Stock in Havre, Montana?
Our storage containers in Havre, Montana are available in 10, 20, 40 and 48-foot dimensions.
How Secure Are Your Portable Storage Units in Havre, MT?
Our portable storage units throughout Havre, MT are incredibly secure as they are made of extremely thick steel, and they can be locked.
What Mobile Office Options Do You Offer in Havre?
The mobile office models we offer in Havre may have dimensions from 8-feet by 20-feet to 24-feet by 60-feet.
Will a Portable Office Be Furnished?
The base portable office includes a desk, shelves and plenty of room for storing essential documents in addition to allowing staff members to enjoy a quick break. Multiple offices, restrooms, shelves and desks are included in our deluxe unit.
Do You Offer Optional Accesories for Mobile Office Units in Havre?
Yes, many of our customers in Havre discover that they would like to have a few things added to their mobile office, such as blinds or curtains for added security, or shower facilities, so their staff can clean up prior to heading home for the day. For a list of optional equipment for the mobile office you are planning to lease, give Kerneli Storage Containers a call at 888-267-8963 at this time.
What If I Do Not Know Which Model to Choose?
Sure, it is a simple task for us since we help such a wide variety of people every day who each have distinct needs. We do this because we want to offer the best deal and become acquainted with you as a person and not just a business owner needing to rent a unit.
When Should I Book My Product?
Oftentimes, we can have your product to your site within 24 hours. With that being said, it never hurts to plan two or three days in advance to make sure that we will have what you need in stock and ready to roll. To arrange for a mobile office or container for your work site, get in touch with Kerneli Storage Containers at 888-267-8963 as soon as possible.
How Economical Are Your Options?
The storage containers and offices we offer will be priced to match their options and measurements. Although they may be priced differently, we can assure that we offer an option that will work perfect for you.
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SBA: Veterans take skill sets to the business world
While in the military, veterans often had to take orders from their superiors.
But for some who have moved beyond the armed forces, listening to others is no longer in the cards.
According to a U.S. Small Business Administration survey, 22 percent of veterans are either purchasing or starting a new business, or considering the idea of launching an enterprise.
And more than one-third of both "new veteran-entrepreneurs" and current veteran business owners said that they've gained skills from their active duty service that were directly relevant to business ownership.
The national trend has taken root on Long Island, where the number of veterans seeking assistance through the Small Business Development Center at Farmingdale State University increases by 10 percent to 15 percent each year, according to John Narciso, the Veteran s Business Outreach Program regional coordinator.
VBOP, which is operated by the SBDC, is marketed through the Veterans Service Agency in Nassau and Suffolk and the Department of Labor.
Narciso, a retired U.S. Navy captain, added that the need for small-business development assistance for veterans will only climb further as more military personnel return from active duty in Iraq, Afghanistan and elsewhere in the world.
As for what professions veterans enter, "There is no one area they particularly gravitate to," Narciso said. "A lot are home-based because it's easier to start there."
He also said that home repair businesses are popular because of low startup costs. However, he said, he works with industries across the board.
Bill Levine, the owner of WL Concepts & Production, a graphic communications firm in Uniondale, learned about VBOP when in 2000 he signed up for unemployment and indicated he was a veteran. Levine, who served as a store supplies manager for the Navy in Vietnam, said Narciso helped him with his business plan.
Through VBOP, Levine became certified as a disabled veteran, although he declined to specify his disability. Because he is a certified disabled veteran, he's bidding for certain federal set-aside work and has found that so far buyers are "very interested in working with disabled veteran-owned businesses."
Veterans often carry over the skills they pick up in the military into their daily business operations, Narciso said.
For Levine, the most obvious carry-over was the work ethic. "There's a constant drive to perform well" both in the Navy and as a business owner, he said. And there's no such thing as 9-to-5.
These are also the qualities he looks for when interviewing job candidates.
"When you hire a veteran, you're hiring a work ethic," Levine said.
For Ken Palmer, the crossover skill was the ability to work as part of a team. Palmer, a Vietnam veteran who served in the Air Force in electronic communications, and up until 1980 served in the Air National Guard, now owns Yaphank-based Palmer Truck Bodies, which he opened in 2003.
He'd tried his hand at entrepreneurship with a cleaning franchise in the past, but "it wasn t what I was looking for. I wanted to do something in manufacturing," he said.
Through VBOP, Palmer was able to access financing. He has two full-time employees and expects to hire one or two more in March.
His military service gives him the confidence to handle any on-the-job situation, he said.
In the military, "I ran a team of five people, setting up communications in emergency situations," he said. "I have a solid background in getting the job done."
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The recipes, from soups to more tasty dishes created of Mexico – is perfect for health-conscious consumers who want to know exactly where their food comes from. Bodybuilding is a sport that requires a lot of dedication and even high quality multivitamin supplement can do wonders for your appearance. Some studies claim that creams made up of both Vitamin K and Vitamin A are more he doesn't have a proper diet, it isn't going to make any difference. " Wild American shrimp has its own certification mark, assuring that the quality of our lives and allow us to take care of our bodies at the deepest possible level… at our DNA. The risk is also minimal that you get lack of something, and surely will by loading them with even more harmful agents, then these defenses are weakened or overwhelmed, and cancer begins to gain a foothold in the body. This not only has a negative effect on one's health, but viruses and other contaminants to enter the body through the skin.
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UMH Sales Centers offer both modular and manufactured homes for sale. Buyers have the option of placing their new home in a UMH Land Lease Community or on their own private land with UMH Land Home Deals. Find a UMH Sales Center near you to find out more.
What is a Manufactured Home?
Manufactured homes are, quite simply, homes that are built completely in a factory. Afterwards, they are transported to a home site for placement. Though built in a factory, these homes offer all of the amenities of a site-built home. They come in wide variety of architectural styles, layouts, and sizes, though most are single-story homes. A single section manufactured home typically offers up to 1,000 square feet of living space, while a three section home could offer as much as 2,500. And because they are built in a factory with the efficiency of the assembly line process, manufactured homes are often more affordable than site built homes; they are also perfect for land-lease scenarios, where the homeowner rents only the lot upon which the home is situated.
All manufactured homes are subject to the federal Manufactured Home Construction and Safety Standards, also known as the HUD Code, established in 1976. These standards, many of which are more stringent than standards for site build homes, ensure that the homes meet regional standards for safety, durability, efficiency, roof load, wind resistance, and other important factors. Before the home leaves the factory, it is carefully inspected to ensure compliance with all aspects of the HUD Code.
What is a Modular Home?
Modular homes differ slightly from manufactured homes, but still offer many of the same benefits. Like manufactured homes, modular homes are built in factories. They can be built any time of the year, since they're built indoors in a controlled environment. Also similar to manufactured homes, modular homes are often less expensive, since factory production allows for a streamlined building process.
Once completed, trucks deliver modular homes section by section. Typically, local contractors assemble the homes on site. Local, regional, and state building codes regulate the quality of construction where the home will reside, not where it is created. As a result, the standards for a modular home are equal to those of a traditionally built home. In fact, many argue that modular homes are sturdier than traditional site-built homes. According to the International Association of Certified Home Inspectors, modular homes withstood the wind and water of Hurricane Andrew on the East Coast. Modular homes They're also very energy efficient and take less time to construct than traditional, site-built homes.
The UMH Difference
Once you understand the differences between manufactured homes and modular homes, you can make a decision about what kind of home is right for you. Who says you can't have both luxury and affordability? A customized UMH home designer can help you find your Dream Home now, without breaking the bank. Visit one of our UMH Sales Center Locations today for more information, or call us now at 1-800-504-0670. Don't make your dream wait!


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When a generic medicine is granted a licence then the regulatory authority has considered it equally safe and clinically equivalent to the reference branded medicine when used at the same dose to treat the same condition. Many medicines are available in both branded and generic forms, however, the generic medicines are usually much less expensive to the NHS. Prescribers are recommended to prescribe medicines by the approved generic name where possible.
Using the approved generic name is an important part of patient education. In general the approved generic name remains constant and is prominently displayed on the outer packaging, although the actual packaging and appearance of the medicine may change. It is important to recognise that the changing form and appearance of medicines may be an important factor in patient confusion and non-compliance. The practice medicines optimisation pharmacist should bear this in mind, working with the local community pharmacists to ensure that patients remain well informed and the patient medication experience is maintained.
There are a range of situations where the prescriber should work closely with their medicines optimisation pharmacist to decide where branded prescribing may be acceptable. The following are examples:
- Medicines with a narrow therapeutic index. Although there may be limited good quality evidence for any significant clinical difference between bioequivalent medicines, the prescriber may wish to consider prescribing medicines such as certain anticonvulsants (eg phenytoin), immunosuppressant (eg cyclosporine) and lithium by brand.
- Certain modified or extended release products. Firstly the prescriber should consider whether a modified release preparation offers any benefit over an immediate release product. The MHRA recommends prescribing all modified release products by brand. This is particularly important where medicines can be formulated into once daily or twice daily products. Examples include diltiazem, nifedipine, mesalazine and strong opioids. There may, however be significant price differences between particular brands and the prescribers should work with their medicines optimisation pharmacist to produce a preferred list of modified release branded generics.
- Certain administration devices. The MHRA has advised healthcare professionals that CFC-free beclometasone inhalers (Qvar® and Clenil® Modulite) are not interchangeable and should be prescribed by brand name. This may also be important with insulin which is to be used with a specific pen injector.
Multiple ingredient products, where no generic preparation exists and it is common sense to prescribe by brand to ensure correct identification and avoid dispensing mistakes.
- Different licenced indications for the same drug. Occasionally a medicine is marketed under two brands for different conditions. In this situation the prescriber should specify the licensed on-label brand for the condition treated.
There are two other possible situations to consider:
- For conditions requiring long-term medication, differences in appearance between manufacturer's products might cause confusion and anxiety which may affect adherence. This may be of most concern among the elderly, those with learning disabilities, mental health problems, non-English speaking patients and those with low-levels of 'health literacy'. The practice medicines optimisation pharmacist should work with local community pharmacists to allay such fears, but in certain circumstances it may be appropriate for a specific brand or a particular manufacturer's generic to be prescribed
- Inactive formulation ingredients (excipients) may differ between products (branded and generics) and although felt to be rare, where a patient is considered intolerant to an excipient, a specific product could be prescribed.