About the authorCarlos VolcanoShare the loveHave your say Napoli defender Kalidou Koulibaly buzzing: I do this for our fansby Carlos Volcanoa month agoSend to a friendShare the loveNapoli defender Kalidou Koulibaly was floating after their victory over Champions League opponents Liverpool.Koulibaly was outstanding for the 2-0 win.He said at the final whistle: “I arrived late to pre-season training as I was at the Africa Cup of Nations and Kostas Manolas had joined a new team, so it took us a while to learn how to play together and we conceded a lot of goals, but we’re improving.“I try to give 110 per cent to these fans, as they give me so much love and I want to repay them. “I throw myself into challenge for them, as I want to take the Napoli colours to the top, so it fills my heart when they cheer for me.”
TagsTransfersAbout the authorPaul VegasShare the loveHave your say Big Serie A interest arriving for Arsenal outcast Mesut Ozilby Paul Vegas14 days agoSend to a friendShare the loveSerie A interest is arriving for Arsenal midfielder Mesut Ozil.Ozil is on the outer at the Gunners this season.Fenerbahce have entered into negotiations with Arsenal about a loan deal for the German.But Calciomercato.it reports there is also interest from Italy.Inter Milan, AC Milan and Napoli are all ready to make a move for Ozil ahead of the January market.
Bob Saget will host Cool Comedy – Hot Cuisine, the Scleroderma Research Foundation’s (SRF) signature event on Monday, October 22 at Carolines on Broadway.Saget, an SRF Board Member who lost his sister to scleroderma, will be joined in the fundraising effort by comedians Seth Herzog (Late Night with Jimmy Fallon), Seth Meyers (Saturday Night Live), John Oliver (The Daily Show) and Triumph the Insult Comic Dog.Presented by Actelion Pharmaceuticals, Cool Comedy – Hot Cuisine benefits the SRF, America’s leading nonprofit investor in research to find improved therapies and a cure for people living with scleroderma, a disease of the connective tissues that literally means “hard skin,” but often affects the internal organs with life-threatening consequences.Symptoms and severity of scleroderma vary greatly and the course of the disease is often unpredictable. Women between the ages of 20 and 50 represent 80% of patients; however, children and men of all ages are also affected.The “Hot Cuisine” will be provided by Bravo Top Chef Masters and restaurateurs Susan Feniger (an SRF Board Member) and Mary Sue Milliken (Food Network’s Too Hot Tamales) featuring dishes from Feniger’s acclaimed restaurant, STREET.“It’s inspiring what can happen when passionate people work together,” says Saget. “As a result of this night, researchers on the front lines for patients are changing lives.”Cool Comedy – Hot Cuisine events held in New York, Los Angeles and San Francisco have raised considerable awareness for scleroderma and enabled the SRF to press forward with research aimed at helping patients live longer, fuller lives. Founded by patient Sharon Monsky in 1987, the SRF has raised more than $31,000,000 to fund research at Dartmouth, Stanford, University of California San Francisco and other universities as well as America’s foremost scleroderma center at Johns Hopkins.“The Foundation’s collaborative approach is enabling scientists from leading institutions across the nation and abroad to work together and develop an understanding of how scleroderma begins, progresses and what can be done to slow, halt or reverse the disease process,” explains Luke Evnin, Ph.D., SRF Board Chair and Managing Partner of MPM Capital, one of the world’s largest investors in life sciences.Cool Comedy – Hot Cuisine will include a live auction featuring the opportunity to be part of two of fashion’s premier events, the Victoria’s Secret Fashion Show and Mercedes Benz Fashion Week. Dining packages include a dinner for eight at the legendary Rao’s and an in-home dinner prepared by Top Chef Master Jonathan Waxman. Travel packages, including trips to Park City Utah and a celebrity chef Las Vegas/Los Angeles internship, are accompanied by first-class airfare provided by event sponsor Delta Private Jets.This event is sold out. All contributions benefit the Scleroderma Research Foundation. For more information, call (800) 441-CURE or visit www.sclerodermaRESEARCH.org.Source:PR Newswire
MONTREAL – Via Rail won’t establish minimum content requirements for the new trains it plans to order for Canada’s main railway corridor that transports millions of passengers annually.“As Via Rail is a Crown corporation, the procurement process must be compliant with laws and international treaties,” spokeswoman Mylene Belanger wrote in an email.The national passenger service said Monday that it will launch a request for qualifications, followed by a request for proposals that will take about a year to complete.Via said it expects the 32 new trains that will run between Quebec City and Windsor will maintain capacity for 9,100 seats. The first trains are scheduled to enter into service in early 2022, with the remainder delivered two years later.Belanger said the railway plans to conduct a “fair, open and transparent bidding structure process” accessible to all qualified companies. An independent fairness monitor will follow the procurement process.Long-term maintenance over the next 30 years will be completed in Canada.The lack of minimum content levels recently ruffled some feathers, especially with Bombardier workers, when the Caisse de depot awarded the rolling stock contract for its $6.3-billion electric train project in Montreal to a consortium involving Alstom Transport Canada and a subsidiary of SNC-Lavalin.A spokesman for Bombardier Inc.’s railway division called the Via Rail project interesting.“The idea that the government wants to introduce elements that will allow this contract to take into account future electrification brings the Bombardier portfolio to the fore,” Jacques Tetrault said in an interview.Federal Transport Minister Marc Garneau announced funding Monday included in the recent budget to help Via Rail which he said has been playing an important role for decades in the lives of Canadians that rely on the train.He said the government has no choice but to have an open bidding process to anyone around the world.“I hope that there will be local content but we will conform to rules that guide us regarding international commerce,” he said in Ottawa.About 94 per cent of the nearly four million passengers Via Rail carries annually travel on the Quebec City to Windsor corridor.Via Rail declined to put an estimate on the required funding to replace its fleet but published reports have pegged the amount at up to $1.5 billion.The trains promise to reduce environmental emissions with more fuel-efficient engines, enhance accessibility for visually, hearing and physically impaired passengers and improve on-time performance from reduced mechanical breakdowns.The diesel engines will be able to operate on electricity as the infrastructure becomes available.Via Rail president Yves Desjardins-Siciliano said the funding will improve service by ensuring uninterrupted access along the busy rail corridor.“A new modern fleet will provide our travellers with safer, faster, more frequent, more accessible and environmentally friendlier service,” he said.Some of the old railway cars will be modernized and deployed on transcontinental and regional routes, while others would be sold or recycled, said Belanger.Ottawa also earmarked $8 million for Transport Canada to conduct economic analysis on a proposed high-frequency rail project between Quebec City and Toronto that would operate on dedicated tracks.Federal funding would also be used to explore the potential role for the Canada Infrastructure Bank in the project.Via Rail was created by the federal government in 1977 to take over intercity passenger service provided by Canadian National Railway and Canadian Pacific Railway.The company has struggled in the past after being forced to cut staffing and reduce service when its operating funding was slashed in half in 1990.A decade later, the government provided $402 million five years to purchase new cars.Follow @RossMarowits on Twitter.Companies in this story: (TSX:CNR, TSX:CP, TSX:BBD.B)
New Delhi: A day after the Mahagadbandhan announced the seat-sharing pact and names of its candidates for phase 1 polls, the the BJP on Saturday announced 102 more candidates for the Lok Sabha polls, including national spokesman Sambit Patra from Puri, Odisha, Union ministers Narendra Singh Tomar (Morena, MP), Jayant Sinha (Hazaribagh, Jharkhand) and Shripad Naik (North Goa). Anurag Thakur has been renominated from Hamirpur.The party dropped four sitting MPs to fight anti-incumbency in Maharashtra. The party has dropped Pune MP Anil Shirole who has been replaced by Maharashtra Minister Girish Bapat. In Bihar, the BJP has dropped longtime “party warrior” Shatrughan Sinha from the Patna Sahib Lok Sabha constituency and fielded Union Minister Ravi Shankar Prasad from the Kayastha-dominated seat. Sinha is a two-time sitting MP from Patna Sahib but he has been unhappy with the BJP for the past couple of years. Also Read – India gets first tranche of Swiss bank a/c detailsSinha has been seen aligned with the Opposition parties in targeting the Narendra Modi Government over issues ranging from demonetisation, GST, farmers’ distress, unemployment and allegations of corruption in Rafale deal. In the NDA list, Union Minister Giriraj Singh has been moved from his Nawada seat to Begusarai parliamentary constituency. Notably, Singh had expressed his displeasure over contesting from a new seat. The Nawada Lok Sabha seat has gone to the LJP as part of the seat-sharing pact and the LJP has fielded Chandan Singh (nephew of strongman Surajbhan Singh) from here. Agriculture Minister Radha Mohan Singh was named NDA candidate from Purvi Champaran. He is the sitting MP. Also Read – Tourists to be allowed in J&K from ThursdayThe NDA’s list for Bihar has also taken care of caste equations as the party has fielded 13 candidates from the general category, 12 candidates belonging to the backward community and seven candidates belong to the extremely backward classes. The NDA has fielded three Bhumihar candidates while seven candidates belong to the Rajput community. In Uttar Pradesh, Pradeep Choudhary will contest from Kairana, which the BJP had lost in the by-polls while Yeshwant has been fielded from Nagina and Bhola Singh from Bulandshahr. Octogenarian party leader and sitting Kangra MP Shanta Kumar has been dropped. Kishan Kapoor will replace him. With Saturday’s 102 names, the party has announced 286 candidates.
In the eternally running discussion thread “Hey Bill” at billjamesonline.com, the website of sabermetric legend Bill James, the question came up of measuring the growth of sabermetric knowledge. James’s idea? Measure the extent to which teams are taking park factors into account when judging their rosters. But Tom Tango, author of “The Book,” offered another gauge: look at which teams are using good hitters in the No. 2 lineup slot.Traditionally, the two-hole was the domain of contact hitters with good bat control, with premiums placed on the ability to hit behind the runner, to sacrifice bunt, and to generally move the leadoff man over (even if it meant making an out). You can see this statistically: During Major League Baseball’s expansion era (1961-present), the No. 2 slot has the highest aggregate contact rate of any batting order position.But research by Tango and his compatriots suggests teams have been doing it wrong. After examining how important each batting event (single, double, walk, etc.) is to each lineup slot — based on factors such as how many runners are likely to be on base and how many outs they’re likely to hit with — the data says a team ought to bat its three best hitters in the No. 1, No. 2 and No. 4 slots, with the most balanced hitter occupying the two-hole. That’s a far cry from the conventional wisdom of slotting the best hitter either third or fourth, and putting a weak contact specialist at No. 2.So, if there are more good hitters in the second position, it’s a possible sign sabermetrics has penetrated the managerial mindset. But if there’s a pattern toward a more enlightened lineup card, it’s not detectable by looking at the average quality of No. 2 hitters (according to weighted runs created, known as wRC+) since the introduction of the designated hitter in 1973:If we take a five-year moving average to smooth out year-to-year variance above, it’s even clearer that we’re not in the golden age of great hitters batting second:Historically, the quality levels of MLB leadoff and No. 2 hitters tend to track with each other — and contra the performances of third and fourth hitters. (Meanwhile, Nos. 5 and 6 have stayed fairly stable over the years, with the five slot outproducing six by a decent amount.) The good news is that it appears the two-hole has emerged from the dark ages of the mid-1990s to the mid-2000s, when slot Nos. 3 and 4 vastly outpaced Nos. 1 and 2.It may not be coincidental that the bleakest of times for the No. 2 spot came during MLB’s so-called steroid era. The stat we’re using, wRC+, compares a player’s per-plate appearance productivity against the average of all hitters, and the power hitters who frequently bat third and fourth may have received the benefits of performance-enhancing drugs at a greater rate than the overall population of MLB batters. (This would cause No. 2 hitters to move backward relative to the overall average, even if they themselves saw no change in talent.) With the specter of performance-enhancing drugs reduced in today’s game, the gap between hitter No. 2 and Nos. 3 and 4 has returned to its long-term norm.Still, today’s two-hole batters lag behind those of the halcyon late 1980s and early 1990s, when players such as Ryne Sandberg, Tony Gwynn, Wade Boggs, Roberto Alomar, Julio Franco and Lou Whitaker were doing a large share of their damage from the second spot in the lineup. It’s plausible that the conditions of the game back then simply favored the traditional archetype of the No. 2 hitter more (batting averages were higher, as was the ratio of on-base percentage to slugging), but today’s managers also don’t appear to be moving toward the sabermetric ideal of penciling the team’s best hitter into the No. 2 spot.Sabermetrics has come a long way since the first analysts began tinkering with mathematical models, and there are certainly places where statistical thinking has made its way onto the field (for example, the explosion of defensive shifts in today’s game is rooted in probability theory regarding where a batter is most likely to hit the ball). But when it comes to the two-hole, baseball’s decision-makers still have a bit of a climb ahead of them.
Borussia Dortmund’s left-back spoke to El Larguero about the lack of relationship he had with Julen Lopetegui, Real Madrid’s former manager.Now that Julen Lopetegui is out and Santiago Solari is in at Real Madrid, Moroccan left-back Achraf Hakimi has a bigger chance to play for Los Blancos due to his good relationship with the new boss.This Monday evening, the Dortmund player offered an interview to El Larguero ahead of his squad’s Champions League match against Atletico Madrid at the Metropolitano Stadium.The Colchoneros lost their first match against the vibrant German squad that is filled with young players such as Achraf, but this will be a very special match for him because of his past as a Madridista and he will certainly try to enjoy it.The last time these two squads faced a few weeks ago, Atletico painfully lost 4-0 at Signal Iduna Park with a staggering three assists from the young Real Madrid product.This impact he is making in German football is a perfect way to convince Los Blancos that he needs to return to the club as soon as possible, everybody thought that he was already in talks with the club due to the fantastic season he is having with Borussia Dortmund.But to everybody’s surprise, Achraf is actually not even planning on a return yet because he only had contact with Lopetegui once.📻 @AchrafHakimi en @ellarguero, sobre su salida del Madrid: “Lopetegui tampoco sabía mucho lo que iba a pasar, a quien iban a traer y demás. Le dije que prefería tener minutos y él no sabía si iban a traer algún fichaje y demás. No, no fue decisión suya” https://t.co/JD2CAggxTj pic.twitter.com/DSYry7pK9l— El Larguero (@ellarguero) November 5, 2018This revelation is nothing but another main reason why Julen Lopetegui was clearly not the ideal man to coach Real Madrid, his lack of understanding of the environment was too great to ignore and his inability to recognize that the young players are the club’s best bet for the future is what doomed him in the end.Achraf is already getting all the recognition he deserves in Germany, and he is also getting all the attention he needs from the club because Santiago Solari is currently in charge.The Argentine manager coached Achraf during his time at Castilla and all he needs now is for Santi to stay as the boss, the player is aware that the opportunity is there and this Tuesday will be key for him to finally convince Florentino that he needs to return and become the next great left-back who can help Marcelo retire with grace and without worrying about leaving his position unprotected.Because of Borussia Dortmund’s visit to Madrid where they will play against Atletico this Tuesday, Achraf agreed to do an interview with El Larguero and spoke about the possibility of going back to Real Madrid and his lack of relationship with Lopetegui.Merson believes Arsenal should sign Sancho Manuel R. Medina – September 14, 2019 Borussia Dortmund winger Jadon Sancho might be the perfect player to play for the Gunners, according to former England international Paul Merson.#UCL mood ⚽ pic.twitter.com/MXxVRUNQVV— Achraf Hakimi (@AchrafHakimi) November 5, 2018“I didn’t really have a lot of contact with Lopetegui. I only had one phone call with him before the season started to see what my situation was and that’s it,” said Achraf to Cadena Ser’s El Larguero.“He didn’t really know what was going to happen because he was going through his first days at Real Madrid and he had no idea who the club was going to bring. And well, I also told him that I preferred having more minutes and he didn’t know if the club was going to sign a player in my position or not.”“Things are very difficult at Real Madrid right now, but I think the club will come out on top in the end. I’m happy for Solari because he has the chance to coach the first squad and he will prove his worth little by little.”“I love the intensity he transmits in every practice, in every match, you can see how it shows on the pitch.”“I’ve been a Madridista since I was a little kid and I would love to succeed in the club of my life.”“But I’m only thinking about the present for now, which is to succeed in Dortmund and make things go well for me. Then we will see what happens later,” he concluded.Achraf: “No hablé mucho con Lopetegui, él tampoco sabía muy bien lo que iba a pasar” https://t.co/BDeFYze18k pic.twitter.com/IkjGixacBv— El Larguero (@ellarguero) November 5, 2018When do you think is the best time for Achraf to return to Real Madrid? Please share your opinion in the comment section down below.
Arsenal great Paul Merson feels that Lucas Torreira has filled the void left by Patrick Vieira and Gilberto Silva over a decade ago at the clubThe 22-year-old midfielder arrived in the summer from Serie A side Sampdoria for a £26m transfer fee.After a difficult start to life in London, Torreira has become a key part of the Arsenal squad that have gone their last 22 matches without defeat following Thursday night’s 1-0 Europa League win against Qarabag FK.“They’ve been crying out for someone like him since Gilberto Silva and Patrick Vieira,” Merson told Sky Sports.“He gets around people, closes players down, gets everybody fighting. He’s not a natural passer, but he sets the tempo.“I’ve said all along, for years and years; Arsenal are one of the best teams in the world with the ball. But for the last four or five years they’ve been one of the worst in the world without the ball. He has changed that.“When Torreira gets around people, it’s a domino effect, and everybody else rallies and gets around the opposition players.Jose Mourinho is sold on Lampard succeeding at Chelsea Tomás Pavel Ibarra Meda – September 14, 2019 Jose Mourinho wanted to give his two cents on Frank Lampard’s odds as the new Chelsea FC manager, he thinks he will succeed.There really…“And his attitude is great; he leaves nothing on the pitch and gets stuck in. He gets people going. He’s done absolutely outstandingly well, and came up with two massive goals in the last couple weeks.”Despite expecting Torreira to improve though, Merson doubts any of Arsenal’s rivals will be in a hurry to sign him.“Liverpool wouldn’t buy him tomorrow morning, I wouldn’t have thought any of the top four would. He can and will get better, but he’s done great,” added Merson.“They needed it, we all knew that, Arsene Wenger knew it but he was too stubborn to go and get someone.“He could be playing at Southampton and wouldn’t get a mention, or Burnley. No-one would mention it. It’s just that Arsenal needed it so badly.”Arsenal will next take a trip to St Mary’s to face Southampton in the Premier League on Sunday.
The Praetorian Group is adding to its footprint in the safety and security industry with the acquisition of Fire Chief from Penton Media—the company’s third expansion since mid-2013.Fire Chief was shut down in November, but Praetorian, a b-to-b digital media publisher, is purchasing its trademark, Web domain and subscriber files, with plans to relaunch the brand as a digital-only entity in late February. Former subscribers will also be given access to the rest of Praetorian’s fire safety group, FireRescue1.”We’ll be greatly expanding our universe of readers, and we’ll be opening up new advertising opportunities to help [marketers] forge a conversation with high-level decision makers across the fire,” says Alex Ford, CEO of Praetorian, in a letter to readers. “We now have arguably the best capabilities of any firefighting media company to deliver quality content and product information to fire chiefs and officers.” See also: FOLIO: 100—Alex FordAs Ford alludes to, the purchase allows Praetorian to target high-level decision makers in the market with newsletters, segmented emails and ad units. The company’s FireRescue1 group has more than 240,000 registered members and 600,000 monthly unique visitors, while Fire Chief claims 47,000 subscribers and 55,000 monthly uniques, according to their respective media kits—a much smaller, but concentrated audience.The acquisition comes a few weeks after a partnership on app development with software firm, Draktonas, and follows the purchase of LocalGovU, an online training company, in May.
Esquire has promoted Robert P. Baird from articles editor to features director. Before joining the brand, Baird was an editor-at-large at The Paris Review, managing editor of Harper’s Magazine and a senior web editor at The New Yorker, among other roles. After less than a year with the site, editor-in-chief Tara Murphy is leaving TheStreet, Media Ink reports. No replacement has been announced yet. Hearst Magazines International has appointed Richard Bean director of international licensing and business development. Prior to his role at Hearst, Bean was international director of Maxim at Dennis Publishing. Jessica Valenti has been named a contributing editor to MarieClaire.com. In her new role, the feminist columnist and author will pen a weekly column for the site, expanding the brand’s coverage of politics and feminism. Valenti is the author of multiple books on feminism, politics and culture, and founder of Feministing.com. Her latest book, Sex Object: A Memoir, was a New York Times bestseller. “Jessica is searingly smart — her insight into the issues facing women today is more of a must-read than ever before,” says digital director Jessica Pels, in a release. “I’m thrilled to bring her on board as MarieClaire.com’s contributing editor.” Kansas-based publisher Ogden Publications hired Marissa Coyle as an online editorial assistant, responsible for producing online, newsletter, and social media content across the company’s portfolio of brands. Here are the rest of this week’s people on the move… Former writer and editor at Brit + Co, Rosemary Donahue, joined Allure as weekend editor. Competitor Group Inc. announced that Rebecca Warren has been appointed editor-in-chief of Women’s Running. She was most recently the managing editor of Lonely Planet Magazine. Time Inc.’s Real Simple names Jerry Leu video director, Katie Holdefehr senior editor for RealSimple.com, and Elizabeth Sile senior editor, features. Leu and Holdefehr join Time Inc. from Apartment Therapy, and Sile joins from Real Simple’s sister brand Departures. Additionally, Hearst Magazines announced that Steve Ross has been named VP, global chief licensing director. Most recently, he led Fox Networks Group’s sales solutions marketing efforts as the head of brand integration. The Daily Beast has announced Ira Madison III as its new entertainment reporter. Madison joins the Beast from MTV News, where he covered music, celebrity, race, and politics.
WILMINGTON, MA — OnBoard Security, an industry leader in automotive cyber security solutions, will be collaborating with Virginia Tech on a US Department of Energy grant for Electric Vehicle Charging Infrastructure Cybersecurity. OnBoard Security will be participating in more than a dozen research tasks to “support advanced vehicle technologies that can enable more affordable mobility, strengthen domestic energy security, reduce our dependence on foreign sources of critical materials, and enhance U.S. economic growth.”The Electric Vehicle market is forecast to grow significantly over the next decade, bringing new attack vectors for hackers. OnBoard Security will be leading the team’s threat modeling and vulnerability assessment tasks on battery electric vehicles (BEV) and electric vehicle supply equipment (EVSE). OnBoard Security will also create a formally verified firmware update procedure for the EVSE using shared cryptographic keys between the BEV and EVSE. Finally, the researchers at OnBoard Security will conduct a Privacy Impact Assessment of EVSE/BEV communication to determine if the data being collected, transmitted and stored for billing or charging purposes are jeopardizing the users’ or EVSE privacy, then design and implement a privacy-preserving communication protocol to provide recommendation to standardization bodies. Researchers from Virginia Tech and equipment manufacturers will be assisting these efforts.OnBoard Security will also be assisting Virginia Tech and other university partners in full scale system testing of converters and battery management systems (BMS) to resist cyber-physical attacks and devising device fingerprinting methodologies for conductive and inductive chargers.“The Electric Vehicles ecosystem is potentially vulnerable to attacks via the electric vehicles, the charging stations or the grid itself. Attacks on EV / EVSE could lead to stolen personal and financial information or vehicle damage,” explained Dr. Jonathan Petit, Senior Director of Research at OnBoard Security. “This DoE grant will allow my research team, along with experts from Virginia Tech and other partners, to evaluate these attack vectors and recommend solutions.”“As we look to develop solutions that will mitigate or eliminate threats associated with electric vehicles and charging stations, this DoE grant will bring together the expertise of academic and industry researchers, car manufacturers and utility operators to ensure the reliability of electric vehicle transportation in the future,” said Ryan Gerdes, assistant professor in the Department of Electrical and Computer Engineering and member of the Hume Center for National Security and Technology at Virginia Tech.About OnBoard SecurityOnBoard Security was created to help automotive and IoT organizations stay ahead of the curve through superior cybersecurity. For over 10 years, the world-renowned experts at OnBoard Security have been pioneering technologies that protect the Internet of Things, now and for the future. We address three significant challenges; ensuring the security and privacy of autonomous and connected vehicles, making hardware roots of trust easy to use, and avoiding the existential threat from quantum computers to the integrity of the internet.About the Hume Center for National Security and Technology at Virginia TechThe Hume Center leads Virginia Tech’s research, education, and outreach programs focused on the challenges of cybersecurity, autonomy, and resilience in the context of national and homeland security. Education programs provide mentorship, internships, scholarships, and seek to address key challenges in qualified US citizens entering federal service. Current research initiatives include cyber-physical system security, orchestrated missions, and the convergence of cyber warfare and electronic warfare. For more information, visit: http://www.hume.vt.edu.(NOTE: The above press release is from OnBoard Security via Cision PRWeb.)Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email email@example.com.Share this:TwitterFacebookLike this:Like Loading… RelatedWilmington’s Security Innovation Announces Intent To Create OnBoard Security Inc.In “Business”Wilmington’s OnBoard Security Strengthens Its Management TeamIn “Business”BUSINESS BRIEF: Wilmington’s OnBoard Security Adds Walt Dorfstatter To Board Of DirectorsIn “Business”
As the algae grows—mostly in the summer—it provides more shade for the building, helping to keep it cool (and serves as a sound buffer as well). Excess heat that builds up in the water in the tanks is transferred to saline water tanks underneath the building for use later. When the amount of algae growth in the tanks reach a certain point, some is harvested and taken to a processing facility inside the building. There the biomass is converted to biogas which can be burned to provide heat in the winter. Thus, the building makes use of both solar thermal and geothermal energy allowing it to be heated and cooled without using any fossil fuels. The design and construction of the BIQ has taken three years and has cost approximately €5 million, all funded by Internationale Bauausstellung (IBA) as part of the ongoing International Building Exhibition – 2013. The BIQ House is one of 16 projects undertaken by the group, with the goal of proving that cost effective ways of making bio-friendly buildings are available today. To highlight the building, the team has painted its exterior green and has added a giant cartoon-like bubble on one side with the word “Photosynthesis?” in it. © 2013 Phys.org Traditional architecture fuel-efficient Explore further (Phys.org) —A 15-unit apartment building has been constructed in the German city of Hamburg that has 129 algae filled louvered tanks hanging over the exterior of the south-east and south-west sides of the building—making it the first in the world to be powered exclusively by algae. Designed by Arup, SSC Strategic Science Consultants and Splitterwerk Architects, and named the Bio Intelligent Quotient (BIQ) House, the building demonstrates the ability to use algae as a way to heat and cool large buildings. This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. The building is to serve as a test case and will be studied by various architects and engineers from around the world to determine if the design is feasible and if so, to perhaps serve as a model when erecting buildings in other cities. Citation: First algae powered building goes up in Hamburg (2013, April 12) retrieved 18 August 2019 from https://phys.org/news/2013-04-algae-powered-hamburg.html To make use of the algae, which the team retrieved from the nearby Elbe river, it was put into large thin rectangular clear cases. Inside, the algae live in a water solution and are provided nutrients and carbon dioxide by an automated system. Each tank was then affixed to the outside walls of the building onto scaffolding that allows for turning the tanks towards the sun—similar to technology used for solar collectors.
Thursday, August 17, 2017 Share << Previous PostNext Post >> Tags: FIT, Germany, Trend Watch Canadian overnights in Germany up 7.3%, forecast remains strong Posted by TORONTO — The German National Tourist Board (DZT) has reported strong tourism growth from Canada in the first half of 2017, with FIT travellers in particular leading the charge.From January to and including May 2017, overnight figures show an overall increase of 7.3% over the same period in 2016. March and May 2017 were especially strong, both months breaking the 11% mark (11.8% and 11.9%, respectively).According to Antje Splettstoesser, the German National Tourist Office’s Director for Canada, contributing to these positive results are Canadian FIT travellers, who seem to like Germany’s well-developed tourism infrastructure.“We have also noticed increasing interest in Germany’s culinary scene, which with close to 300 Michelin stars extends well beyond our luscious bratwursts and distinctive beers. After busy hours of touring castles, towns and cities, or pedalling along one of Germany’s many meandering rivers, there is just nothing like sitting in a quiet restaurant or leafy beer garden to look back on the day with a glass of local wine or a cool brew,” she said. “Also, value for money has always stood us in good stead in Canadian eyes. For the end of the year, we look forward to the continuing upward travel trend from Canada for Destination Germany.”Overall, preliminary results from the German Federal Statistical Office for January to and including June indicate 36.7 million international overnight stays in accommodations with 10 or more beds, 1.2 million more than for the same period the previous year, an increase of 3%.Global tourism is forecast to continue to develop positively for the rest of the year. At the beginning of 2017, UNWTO predicted a growth potential of 3% to 4% for international arrivals worldwide, and 2% to 3% for Europe. And according to Forward Keys, international flight bookings to Germany for the third quarter, up to the beginning of August, are 5.6% higher than in the previous year.“With a growth of 3% and more than one million additional overnights in the first half of the year, Destination Germany presents a very good half-year result among the international competition. It would appear that Germany as a travel destination is more popular than ever,” said Petra Hedorfer, Chief Executive Officer of the DZT. Travelweek Group
Cable industry body Cable Europe has welcomed an agreement reached this week between the European Parliament and Council on the draft Electronic Communications Code, with executive chairman Matthias Kurth highlighting the absence of sector-specific rules and any new definition of market power.Telecom industry organisation the European Telecommunications Network Operators (ETNO) on the other hand has slammed the agreement as a “missed opportunity”.The two European bodies – the Parliament and Council – reached agreement late yesterday on the planned update to the EU’s telecom rules.According to the European Commission, the deal between the pair means that rules have been agreed to help Europe achieve its broadband connectivity targets, ensuring the availability of 5G spectrum by the end of 2020 and facilitating the rollout of high-capacity fixed networks by making rules for co-investment more predictable and promoting risk sharing in the deployment of very high capacity networks, as well as promoting sustainable competition.The EC said that the the new rules will also ensure closer cooperation between the Commission and the Body of European Regulators for Electronic Communications (BEREC) in supervising measures related to the new key access provisions of co-investment and symmetric regulation.The Parliament, in its statement, said that the agreement encourages existing civil engineering infrastructure to be used, wherever possible, as well as agreements between operators, where these have a positive effect on competition.Matthias KurthFor Cable Europe, Kurth said welcomed the fact that the agreement avoids “any suggestion of creating sector-specific rules or redefining the market power concept – which would have come at enormous risk”.The cable body had been concerned about debate around tighter ‘symmetric access rules’ that would have forced cable operators to open up their networks to rival providers.“It now appears that this provision will only be applied under strict conditions and in exceptional circumstances. That is essential, because a consistent and harmonised application of the law is key to the creation of the Digital Single Market,” said Kurth.“Access to networks should not be granted lightly and incentives to invest should remain front and centre of the policy framework. We’re pleased to see that implementation of the Code will come with strong supervision from the European Commission and BEREC.”He added the caveat that the extent to which the code will bring benefits will depend on implementation by national states and regulators.Phillip MallochFor telecom operators on the other hand, ETNO said that “the code will not ignite the much needed rush to invest in 5G and fibre networks and it will add complexity to an already burdensome system.”It said that the agreed law foresees only limited progress on spectrum and “a complex and watered down compromise on incentivising fibre investment, uncertain triggers for imposing regulatory remedies and no fair playing field for digital services users and providers”.In sharp contrast to the tone set by Cable Europe, ETNO said that the code was “an unfortunate example of Europe lacking a strong and coherent industrial policy” and that it would now be up to national authorities “to try to match this need”.Phillip Malloch, ETNO executive board chair, said: “The new Code was a once in a decade opportunity to take the policy decisions required for Europe to become a catalyst to investment. This is fundamental to keep pace in the shifting global economy. It was an opportunity that has been missed. It’s a huge shame that the major investors in infrastructure will face additional and unnecessary headwind in building a true gigabit society.”
Could JPMorgan et al engineer a price decline at this juncture. Sure. They can do it anytime they want.Gold didn’t do much during the Far East trading session on Tuesday, but a smallish rally began shortly after 3:00 p.m. Hong Kong time around the $1,609 spot price mark. The high of the day [$1,619.50 spot] came minutes before 9:00 a.m. in New York…and from there it got sold off to its low of the day [$1,607.70 spot] at 10:00 a.m. Eastern…the time of the London afternoon gold ‘fix’. From that time onwards, it didn’t do much.Once again, net volume was pretty light…around 93,000 contracts…and gold closed at $1,612.30 spot…up the magnificent sum of 70 cents.Silver began to rally at the same moment as gold…and really took off to the upside about 1:00 p.m. in London…about twenty minutes before the Comex open. Silver’s high point of the day, like gold, came about 8:50 a.m…and that price was $28.34 spot Silver got sold off about two bits going into the 5:15 p.m close of electronic trading.Silver finished the Tuesday session at $28.10 spot…up 22 cents on the day. Gross volume was pretty chunky, but once the roll-overs out of the September contract were removed, the net volume was very light…around 19,000 contracts.The dollar index didn’t do much at the Far East open…but rallied a bit going into the Hong Kong afternoon. The high tick [82.38] came shortly after 3:00 p.m. Hong Kong time…and the low tick [82.07] came about 8:30 a.m. in New York. From that low, the index rallied back and closed at 82.35…virtually unchanged from Monday.The rallies in both gold and silver coincided perfectly with the moves in the dollar index yesterday.The gold stocks opened up…and stayed up…and this time there was no last half-hour sell-off going into the close. The HUI finished up 1.38% on the day.After Monday’s big price-run up, the silver shares had another decent day yesterday…and Nick Laird’s Silver Sentiment Index closed up another 1.56%.(Click on image to enlarge)The CME’s Daily Delivery Report showed that 76 gold and 4 silver contracts were posted for delivery on Thursday within the Comex-approved depositories.There were no reported changes in either GLD or SLV…and no sales report from the U.S. Mint, either.There was a huge amount of activity in silver for the second day in a row over at the Comex-approved depositories. On Monday they reported receiving 225,034 troy ounces of silver…and they shipped 2,523,686 troy ounces out the door.On Friday and Monday combined, these five depositories received 3.31 million ounces of silver…and shipped 4.30 million ounces out the door. This is almost two days of world silver production coming in the door…and more than two days of world silver production going out the door. One has to wonder the reason behind this frantic in-out activity that’s occurring on a weekly basis. Ted Butler says that in a ‘normal’ week, it’s only about 2 million ounces in and out. So with the week still very young, it will be interesting to see if this level activity continues.The link to Monday’s activity is here…and it’s worth a quick look.It’s been a busy week for stories…and today’s column is no exception. I hope you have time to skim them all.There are no markets anymore…only interventions. – Chris Powell, GATALike Monday, I wouldn’t read a whole heck of a lot into Tuesday’s price action, either. Prices basically followed the dollar index…and it was just “another day off the calendar” as Ted Butler is wont to say.Yesterday, at the close of Comex trading, was the cut-off for August’s Bank Participation Report…and the new Commitment of Traders Report. Just eye-balling the price patterns over the reporting week, I’d say that we’ll see an improvement in the Commercial net short position in both gold and silver…but I wouldn’t bet a huge amount of money on that.Could JPMorgan et al engineer a price decline at this juncture. Sure. They can do it anytime they want. They could hit gold for around sixty bucks or so…and silver for a dollar or more. But will they? Don’t know. September is a big delivery month for silver…and the roll-overs out of the September contract have just started…and there’s no reason to think that they couldn’t fix the markets so that all these options/futures contracts close out-of-the-money on or before expiry day.When they smashed the precious metals last week, they started on Wednesday morning in London…and had the deed done by the time the job numbers came out on Friday morning in New York. There’s no reason why they couldn’t do it again if that’s their plan. We’ll just have to wait it out.Nothing worth mentioning happened in the Far East on their Wednesday…and nothing much is happened in London during the first two hours of their trading day. Volumes continue to be vapours…and the dollar index isn’t doing a thing, either. Will the rest of the Wednesday session be just “another day off the calendar”…or something more exciting? We’ll find out soon enough.Enjoy what’s left of your day…and I’ll see you here tomorrow. 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Brown, Director, founder of Rare Element Resources Ltd.Low risk exploration strategyShare structure and cash on hand (12/31/2011):16.1 million shares outstanding; 23.7 million shares outstanding, fully diluted40% of shares held by insiders, family, friends, and long-term investorsApprox. C$ 500,000 cash on hand (consolidated Canada and Europe)Antofagasta has provided US$ 350,000 for all anticipated Alvalade JV expenses for Q1 2012.Please visit our website for more information.
Another day when the high-frequency traders were active almost the entire time. The gold price traded sideways until 10:00 a.m. Hong Kong time on their Tuesday morning and, with the exception of a couple of tiny rallies at the London and N.Y. Comex opens…both of which got hammered flat immediately…it was pretty much all down hill into an early London p.m. gold fix at around 9:50 a.m. EDT in New York. Once ‘the fix was in’…the high-frequency traders went to work…and spun the price down to its Tuesday low, which came just minutes after 11:00 a.m. EDT…and minutes after London closed for the day. The subsequent [but smallish] rally lasted until the 1:30 p.m. EDT Comex close…and from there it traded sideways until the end of trading at 5:15 p.m. in New York. The high tick came in early Far East trading…and was a bit over $1,385 spot…and the low tick in New York was $1,360.10 spot. Gold closed at $1,368.30 spot…down $16.10 on the day. Gross volume wasn’t overly heavy at around 132,000 contracts. The red trace is Tuesday’s price action. The dollar index closed on Monday afternoon in New York at 80.63…and then spent until 9:00 a.m. EDT on Tuesday morning struggling up to its high of the day, which was 80.97. But it was all down hill from there, as the rally fell out of bed…and the index hit its nadir of 80.56 about 12:40 p.m. in New York. The dollar index closed at 80.69…basically unchanged from either Monday’s or Friday’s close. Here’s the chart from the Sunday night open in New York. Every rally attempt above the 81.00 mark has failed…and the dollar index has closed within 10 basis points for three days in a row. It’s worth mentioning that the precious metals price activity has had no correlation whatsoever to the currency moves on Tuesday…not that it ever has. Without JPMorgan Chase et al riding shotgun over them 24/7…the platinum and palladium charts looked quite different. However, don’t ever lose sight of the fact that JPMorgan is the biggest Comex short holder in both platinum and palladium as well. The gold stocks opened down…and headed lower after the London p.m. gold fix. The bottom was basically in at gold’s low, which came a few minutes after 11:00 a.m. in New York…and the equities traded sideways into the close. The HUI finished down 2.84%. (Click on image to enlarge) Both these charts are courtesy of JPMorgan et al…as there is nothing free market about either of them. The MACD and RSI traces are at lows probably never seen before…and both metals are well below their respective 200-day moving averages…and are probably the most oversold in the history of either metal, certainly going back over a decade. If anyone has weekly charts for both metals going back that far, or further, I’d love to see them…and would be happy to post them in this space. I still firmly of the belief that when the bottom does finally arrive…and the market turns up…it will do so violently, as JPMorgan et al won’t be there to go short…as they are already mega-long gold in all markets…and attempting to cut their silver loses to a bare minimum in the process. I also believe that it will happen in such a way that no trader will be able to react to it…and you’ll either be all the way in, or all the way out. That’s certainly the way I’m playing this. But there’s been a terrible price [both financially and emotionally] to pay for being “all in” for the last ten years. I, and others, are still paying that price…but I’ve bet the ranch on this particular outcome. Of course, it may not turn out exactly like that, but it will be pretty close…and I’m just hoping that I’ve prepared for any eventuality. In Far East trading on their Wednesday, there was no price action worthy of the name…and the same can be said of the first couple of hours of the London trading day as well. Volumes are very light in both gold and silver…and the dollar index continues to chop sideways just under the 81.00 mark. Since I mentioned the dollar index, I remember that Ted pointed out last week that the four largest traders still hold a bit over 80 percent of the entire short position in the U.S. dollar index…traded on the I.C.E. Ted figures that its “da boyz”. So whatever happens in gold and silver on their next rally, it’s obvious that the dollar is going to get hit hard at the same time…and JPMorgan et al are all set up to profit on that as well when the brown stuff hits the fan. And as I’ve pointed out on numerous occasions, it’s only the timing of these events that remains unknown…at least to the general public, as nothing happens by accident anymore. As I hit the ‘send’ button on today’s column at 5:10 a.m. EDT…gold is unchanged from Tuesday’s close…silver is down about a dime…volumes are still very light…and the dollar index isn’t doing much. It could prove to be an interesting day for all four precious metals during the New York session…and we should be emotionally ready for anything as the trading day unfolds. See you on Thursday. It was pretty much the same chart pattern in silver, expect the low tick [$21.45 spot] came at 10:30 a.m. EDT in New York…but after that it followed the same price pattern as gold…rallying into the Comex close, before trading more or less sideways for the remainder of the day. Kitco recorded the high tick as $22.01 spot, but if the price got that high, it only lasted for a second or two before falling back, as there’s no trace of it on the New York Spot Silver [Bid] chart. Gold closed at $21.68 spot…down 16 cents from Monday. Volume, net of the roll-overs out of the July delivery month, were rather anemic at 23,500 contracts. The red trace is Tuesday’s price action. (Click on image to enlarge) Sponsor Advertisement The silver stocks had another bad day as well, even though the silver price was down only 16 cents. Nick Laird’s Intraday Silver Sentiment Index closed down another 2.81%. (Click on image to enlarge) The CME’s Daily Delivery Report showed that only 26 gold contracts were posted for delivery on Thursday within the Comex-approved depositories. Even though it was only a tiny amount, “all the usual suspects” were involved…and the link to yesterday’s Issuers and Stoppers Report is here. There was a withdrawal from GLD yesterday. This time it was 48,326 troy ounces. And as of 10:34 p.m. EDT last night, there were no reported changes in SLV. There was no sales report from the U.S. Mint. Over at the Comex-approved depositories on Monday, they reported receiving 651,006 troy ounces of silver…and shipped 234,059 troy ounces of the stuff out the door. The link to that activity is here. There was no reported warehouse activity in gold. I have the usual number of stories for a week day…and I hope you can find the time for the ones that are of interest to you. It’s only because JPMorgan is so smart, powerful…and adept at manipulating markets…that they have been able to amass such a large gold long and small short silver position. The truth is maybe they can add more to the gold long and reduce the silver short position with still lower manipulated prices, but we have to be in the terminal phase of this operation in terms of gauging how many more sellers can be lured in at this point. There is a limit to such engineered speculative selling. Therefore, since JPM is running out of road as to how much more gold and silver they can buy before we reach the resolution, it is no exaggeration to say that we are running out of time in which to buy cheap silver…and gold. – Silver analyst Ted Butler…15 June 2013 It was another day of low volume, but another day when the high-frequency traders were active almost the entire time…as there was no precious metal-specific news to account for the big sell-offs in both gold and silver during the Comex trading session in New York. Ted Butler’s quote from his Saturday commentary posted above, explains it better than I can. And as I mentioned further up…and in yesterday’s column…I expect to see some price ‘action’ when the word comes down from the FOMC meeting at 2:00 p.m. EDT this afternoon…and I fully expect that it will allow “da boyz” to hit the precious metals hard once again. I’d love to be proven wrong. One interesting thing I did see in that piece by Dr. Alex Cowie posted in the ‘Critical Reads’ section, was the weekly silver chart. I always post the daily charts…and it’s rare event when I remember to post anything else. Not only are we at the bottom of the barrel in price terms…and in the Comex futures market as well…but it is more than obvious when one looks at the 3-year weekly charts for both metals. As Ted said on the phone yesterday…a major low is being set. Avrupa Minerals Ltd. is a growth-oriented prospect generator focused on aggressive exploration for valuable mineral deposits in politically stable and prospective regions of Europe with a growing pipeline of prospects in Portugal, Kosovo and Germany. Company highlights: Alvalade Project JV with Antofagasta Minerals SA – Copper and Zinc on 1000 km2 project area in the Portuguese Pyrite Belt – 2012 exploration budget of US$ 2.5 million, all provided by Antofagasta, including 6000 meters of core drilling Gold exploration in the Erzgebirge Mining District, Germany – 307 km2 exploration license in 1000+ year producing region of tin, tungsten, silver, base metals, and uranium – Increasingly favorable permitting and mining regulations, long mining culture, widespread known gold panning locations Covas Tungsten JV with Blackheath Resources Inc. – 922,900 mt @ 0.78% WO3 (non NI 43-101 compliant) historic resource – Potential to increase the tungsten resource – New gold target on the project Strong management including Paul Kuhn, CEO, previously involved with several discoveries around the world, and Mark T. Brown, Director, founder of Rare Element Resources Ltd. Low risk exploration strategy Share structure and cash on hand (12/31/2011): 16.1 million shares outstanding; 23.7 million shares outstanding, fully diluted 40% of shares held by insiders, family, friends, and long-term investors Approx. C$ 500,000 cash on hand (consolidated Canada and Europe) Antofagasta has provided US$ 350,000 for all anticipated Alvalade JV expenses for Q1 2012. Please visit our website for more information.
In This Issue. * Dollar stuck in a tight range… * German confidence highest in 6 years… * Kiwi falls after NZ’s trade deficit widens… * Precious metals are largely unchanged… And, Now, Today’s Pfennig For Your Thoughts! Budget negotiations leave the dollar stuck in a rut… Good day, and what day is it??? HUMP DAAAAAY!! I just love that commercial. Yes we made it to the halfway point of the week, it is all a downhill run from here. Chuck will be back writing the Pfennig tomorrow, so this is the last day of writing for me. I can get back to my early morning workouts tomorrow and take advantage of these beautiful mornings we have been having. The weather has cooled off just enough to make my morning runs nice and crisp. The markets have cooled off a bit also, staying in a fairly tight range after a pretty volatile last week thanks to the FOMC. The dollar edged lower vs. most of the major currencies, but still didn’t break out of the tight range it has settled in following the big drop last Wednesday. The uncertainties surrounding the US budget negotiations have most investors staying on the sidelines. I still believe a budget deal will be reached, I just hope it gets done soon. The US data released yesterday was mixed, and did little to convince investors the US economy is gaining strength. The S&P/Case Shiller home price index ticked up slightly, but was just below estimates. The data showed US home prices have slowed their rate of gains, rising just .62% in July after a .88% increase during the prior month. A separate report released by the US Federal Housing Finance Agency showed a slightly better increase in home prices with a 1% increase in July. But both of these reports are for July, and don’t fully reflect the higher interest rates which took hold over the summer. The other big piece of data released yesterday was US consumer confidence which slipped a bit in September. The Conference Board’s Consumer Confidence index came in at 79.7 this month following a revised reading of 81.8 in August. This was largely in line with economists’ expectations and reflect consumers’ worries that the US economic recovery could continue to be in jeopardy. The uneven recovery of the labor market, and uncertainties about the Federal budget and new healthcare requirements continue to weigh on consumer confidence. This recent drop in confidence is even more worrying for the markets as we are entering the incredibly important Christmas shopping season. Today we will see some additional information on the health of the housing market with the release of the New Homes Sales figures. We will also get a relatively new piece of data which shows the Household Change in New Worth (largely driven by home prices). And before we see the latest readings on home sales we will get the Durable Goods Orders that are expected to have decreased by .2%. This is actually an improvement over last month’s reading when durable goods orders fell a surprising 7.4%. The budget battle has led to a bit of risk aversion, providing some support for the US$ and Japanese yen while some of the ‘riskier’ assets have been sold. As I mentioned earlier, the currencies are all trading in a fairly tight range; the largest mover of the major currencies vs. the US$ today is the NOK which is down .8%. This move is in concert with a similar slide in the value of the Swedish krona which got sold after data showed Swedish consumer and manufacturing confidence slumped in September. The Nordic country’s consumer confidence gauge fell to 98.0 from a revised reading of 98.8 in August. An increase in confidence was expected, so the more pessimistic view came as a surprise to the markets. This Swedish pessimism stands in stark contrast to German consumers whose confidence in their economy rose to 6 year highs. GfK market research group released its forward looking consumer sentiment indicator yesterday, and the survey showed German consumers are as confident in their economy as they have been since before the 2008 financial crisis rocked the markets. The same firm predicts private consumption in Germany will increase about 1 percent in real terms during 2013 a sign that the German economy will grow moderately this year as the euro-area emerges from the ‘second dip’ of a double dip recession. Another report confirmed the GfK numbers as the Ifo Institute’s business confidence indicator improved slightly. Merkel’s victory in last week’s German elections was a big deal for the euro as it provides businesses and consumers some confidence that the euro is here to stay. All of the uncertainty about the euro’s future hung over the European continent like the sword of Damocles; smothering any real economic progress in the euro-region. While the euro-crisis will undoubtedly show up on our radars again, the question of the euro’s survival is less of an issue. The ECB and European Union can hopefully continue to move toward creating a banking and financial system which will continue to support the weaker members while keeping the overall economy on a positive growth track. Things are certainly starting to look up for the euro area. The New Zealand dollar fell in overnight trading after official data showed the nation’s trade deficit widened to 1.2 billion NZD last month. This was the largest deficit in five years, and exactly what has been worrying us about the kiwi. Chuck and I were just discussing the New Zealand dollar a couple of weeks ago, and he brought up the tiny island’s trade deficit as a factor which could weigh on the currency. Trade deficits are typically a drag on a country’s currency, as the currency is sold in exchange for goods / materials being imported into the country. In contrast, countries who run a trade surplus are actually creating demand for their currencies which of course supports their price. Adding to the kiwi’s woes was a earnings warning by the NZ dairy giant Fonterra. Dairy exports are very important to New Zealand’s economy, accounting for about 7 percent of annual GDP and one quarter of annual exports. The kiwi is off .58% vs. the US$ today, but is still one of the best performing currencies during the month of September. The best performing currency during the month of September? The Brazilian real which is up over 8% vs. the US$. Brazil’s central bank chief Alexandre Tombini said their FX market intervention had accomplished their intentions, reducing volatility for the Brazilian currency. Tombini told Brazilian lawmakers that the central bank would continue to ‘stand at the ready’ with its $60 billion intervention program. I am not a fan of currency intervention, as it rarely works over the long term, but it can have an impact in daily trading levels. One piece of positive news which Tombini relayed in his speech was that he expects Brazil’s current account deficit to fall to 3% of GDP from the current level of 3.4%. Also supporting the real is the expectation that interest rates will increase 75 basis points before the end of the year. Inflation expectations have been increasing, with current forecasts of 5.96% inflation next year; well above the central bank’s target rate of 4.5%. The commodities inched higher as China demand drove prices of raw materials higher. Precious metals reversed a 3 day drop in overnight Asian trading, but couldn’t hold on to the gains in early European trading and are mostly unchanged. Then there was this. The folks on the desk know I sometimes struggle for material when I’m writing the Pfennig, so they help me out by sending me a steady stream of what I call ‘Pfennig Pfodder’. Tim Smith did just that yesterday, sending along a couple of very good quotes which he had come across on the internet; and one in particular stuck out. It is from Peter Coy, in a posting on the Bloomberg-Businessweek website on September 17th: ”The nonpartisan Congressional Budget Office on Tuesday projected a much gloomier long-term outlook for federal budget deficits than its year-ago forecast. The CBO now predicts that federal debt held by the public will rise to 100 percent of gross domestic product by 2038 under its ‘extended baseline scenario.’ (It’s around 73 percent now.) Last year it predicted the ratio would fall to 52 percent over the quarter-century in the baseline scenario. This is, as the CBO notes, a ‘very large’ forecast revision.” ”Reasonable people can disagree as to whether the federal government needs to tighten its belt right now, with the economy weak and unemployment high, but it’s pretty obvious that in coming decades, something has to give. Here’s how the CBO put it: ‘How long the nation could sustain such growth in federal debt is impossible to predict with any confidence. At some point, investors would begin to doubt the government’s willingness or ability to pay U.S. debt obligations, making it more difficult or more expensive for the government to borrow money. Moreover, even before that point was reached, the high and rising amount of debt that CBO projects under the extended baseline would have significant negative consequences for both the economy and the federal budget.’ ” Chris again.We have been writing about the growing debt and deficits for years now, but the story just doesn’t get old as the IOUs just continue to pile up. As the CBO suggests, we will eventually hit that ‘tipping point’ but even before that we will definitely see dramatic reductions in the amount of funds available for ‘discretionary spending’ as rising interest rates continues to push the cost of servicing all of this debt higher. It isn’t a pretty picture, but unfortunately it is one which is certain. To recap. The US dollar is stuck in a range as the congressional budget battle has investors wondering where to turn. European data showed German confidence is at a 6 year high, while Swedish confidence levels dropped. The New Zealand dollar was the largest loser vs. the US$ after a report showed the trade deficit widened and the globes largest dairy company issued an earnings warning. The Brazilian real moved higher and the precious metals are largely unchanged. Currencies today 9/25/13. American Style: A$ .9359, kiwi .8218, C$ .9696, euro 1.3504, sterling 1.6033, Swiss $1.0979. European Style: rand 9.8683, krone 6.0194, SEK 6.4259, forint 221.96, zloty 3.1198, koruna 19.153, RUB 31.99, yen 98.44, sing 1.2541, HKD 7.7533, INR 62.42, China 6.1497, pesos 12.9780, BRL 2.1971, Dollar Index 80.424, Oil $103.80, 10-year 2.64%, Silver $21.63, Platinum $1,426.24, Palladium $718.97, and Gold. $1,321.06. That’s it for today. Another absolutely gorgeous evening here in St. Louis and another win for my daughter’s JV field hockey team. I ran home from her game to watch the Cardinals inch a little closer to wrapping up the division. Rookie pitcher Michael Wacha (who we got with the compensational pick after losing Pujols) got within one out of throwing a no hitter last night. What a game! If any of you were watching it on TV last night you saw both Jack Stapleton and Frank Trotter sitting in the first row behind home plate. I just love the post season, and if our ‘young arms’ can hold up we could see our Redbirds go deep into the fall again this year. Chuck will be back in the saddle tomorrow, so this is it for me. Thanks to everyone for putting up with me the past three days, and I hope you all have a Wonderful Wednesday!! Chris Gaffney, CFA Vice President EverBank World Markets 1-800-926-4922 1-314-647-3837
In This Issue. * Dollar rallies on budget deal… * Mixed data in the US… * Chuck shares his thoughts on the RBA… * Goldman agrees with us… And, Now, Today’s Pfennig For Your Thoughts! Dollar rallies on retail sales and budget deal… Good day. And welcome to Friday the 13th. I’m not too terribly superstitious and I actually like the number 13 for some odd reason. Perhaps it is because it was my son’s football jersey number, and it was the name of one of my favorite ‘clubs’ during my college days. So I am heading into this Friday the 13th with a positive attitude. Chuck is also planning on having a fabulous Friday 13th as he is off ‘shopping’ with a few good friends today; a great way to begin his vacation. The dollar certainly doesn’t seem bothered by the fact that it is Friday the 13th as it has been on a two day rally which has pushed the dollar index up to trade at the highest level this week. The big news in the markets overnight was the House approval of the bipartisan committee’s $1.01 trillion budget agreement. The deal will now go on to the Senate who will vote on it sometime next week. Antione was nice enough to forward me a quick synopsis of the spending plan which ‘moves’ a big chunk of the sequester spending cuts planned for this year out another 10 years and also includes additional revenue from higher TSA fees and adjustments to the calculation of Federal pensions. The deal definitely does not go far enough in attacking our budget deficits and growing debt, but in the words of the House Speaker it is a ‘good start’ and a ‘move in the right direction’. The markets certainly like the deal, as it removes another potential land mine which was awaiting us early next year. We still need the Senate’s approval, and a debt ceiling agreement but the markets think this is pretty much a done deal now. The currency markets are also moving higher on the retail sales numbers released yesterday here in the US. Retail sales advanced .7% MOM in November with the less volatile Ex Auto number moving .4% higher. Both figures beat economists’ expectations and last month’s figures were also revised higher. These numbers carry a bit more importance than usual as consumer confidence was fragile going into the very important holiday shopping season. But as Chuck mentioned the other day, US consumers seem to be settling back into their borrow and spend ways which is exactly what the administration wants to see. While consumers seem to be confident enough to borrow in order to get all of those gifts for their loved ones, this confidence may be short lived. The weekly job numbers jumped back above the 300k level, leaping all the way up to 368k for the week ending Dec. 7. This was well above the expected number of 320k and proves that last week’s dramatic drop may have been a aberration. Speaking of last week’s job number, the figure was revised from 298k to 300k which is a small move in actual numbers but a big psychological figure. The 298k number was touted by several economists as proof the labor market was definitely improving, as it was only the second time the weekly number had been below 300k since May of 2007. But the revision has thrown a wet blanket over all of that rhetoric. The labor market is still struggling to recover here in the US, and this week’s jobs figures definitely suggest the FOMC will not taper during their meeting next week. In addition to the Retail Sales and weekly jobs numbers we also got a report which showed Business Inventories increased .7% during October, something which we had already known from the details of the preliminary GDP report. The retail sales figures suggest at least some of this inventory is heading out the door, but the question is will sales be enough to offset the big inventory buildup we saw going into December. We will see the PPI figures this morning which are expected to show producer prices were mostly unchanged during November. The MOM figure is expected to be flat, with the YOY figure reflecting a .8% rise in prices. Inflation still does not seem to be creeping back into the economy which is another reason I don’t think the quantitative easing efforts of our FOMC will end any time soon. I was speaking to a reporter yesterday morning and the conversation turned toward the taper, as it always seems to! Economists have increased predictions of a December taper up to 34% from last week’s 17% level. Pfennig readers know that neither Chuck nor I are expecting a taper this year, and not even during the first quarter of 2014. I just don’t think the data on the labor markets support a start to the end of the bond buying. Not that I was ever a supporter of QE, and I would actually love to see the FOMC announce an end to their bond purchases but I just don’t think the data which they have continued to point to support the thought that the taper will start next week. I personally think the bond buying will continue until Bernanke steps away and the jobs data show that there is a consistent trend of improvement. By the way, today is not only Friday the 13th but it is also the 60th birthday of our Fed Chair Ben Bernanke, I’m sure all the readers will want to wish our Fed Head a very happy birthday – you certainly should if you have any money invested in the US equity market! The taper talk continues to dominate trader’s thoughts, and the future direction of interest rates is one very important factor driving the currency markets during 2014. Overnight the Japanese yen fell to a five year low on yield differentials. Policy divergence between the BOJ and the FOMC was given as the main reason for the weaker yen. Currency investors seem convinced the FOMC will start to taper while at the same time the BOJ is planning to expand its asset purchase program. The view that fiscal policy is moving in opposite directions seems to be a popular one as you will see in today’s TTWT section. Firms like Barclays, BNP Paribas, and Morgan Stanley all point to rising US rates in support of their calls for stronger US$ levels during 2014. At least one bank is more in line with Chuck and my thoughts, and it is a big one in the global financial markets! Goldman Sachs’ London based chief currency strategist said he expects the dollar will weaken through 2014, reaching $1.40 per euro. This is in line with Chuck’s thoughts as he agrees the euro will strengthen next year. I agree with the consensus that the Fed will start to taper sometime in 2014, but any taper in bond buying will be offset by the Fed keeping interest rates near zero through the use of reverse repos and negative deposit rates. At the same time, I don’t think the ECB will be as aggressive with monetary stimulus as many of the other banks have predicted. According to Goldman’s strategist, “Tapering is in the price already, we find it difficult to see where the dollar strength would come from. There is always a risk that stronger growth in the US suddenly pushes rates even higher as markets anticipate a stronger Fed response. However, our base case is that we see only marginal support for the dollar from interest rates.” Chuck expressed similar thoughts yesterday when we were discussing the possibility of a December taper. Any taper is already priced into the dollar and the markets, so when it occurs it shouldn’t really have a dramatic impact. Chuck sent me his thoughts on the Aussie dollar on the way out the door yesterday, so I will share them with all of you. Take it away Chuck: Well, the Aussie dollar (A$) really got whacked yesterday after I signed off, and all the selling points back to an interview that Reserve Bank of Australia (RBA) Gov. Stevens had with the Australian Financial Review. In the interview, Stevens really attacks the A$’s strength. He indicated that he wants an A$ closer to 85-cents, and called on the nation to face an urgent conversation about the spending cuts or tax reform that will be needed to return the federal budget to surplus. These words spooked traders and investors to really unload A$’s, for if a Central Banker puts a figure/ level on a currency most likely he’s going to guide the currency to that level. Now, back in “the day” the markets would fight him on that, IF they thought he was wrong. But in today’s world of Central Bank influence in the markets, that just doesn’t happen any longer. Yes, the markets have cowered to Central Bankers, I can’t believe I’m saying that. But it’s true, it’s true, I did see a putty tat! Why has this changed? Because have you seen what the Fed has done to anyone who dared to fight their bond buying? They just kept adding to the programs, and extending the amounts, thus wiping out anyone that tried to sell short Treasuries, for they felt the Treasury Bubble had seen enough air blown into it. So, now, the markets know all too well that they can’t fight city hall any longer, for if the Central Bank needs deeper pockets, they simply turn on the printing presses. I’m going shopping later today, I’m going to have a lot of fun, and put all this talk of Tapering, Central Banks, Central Bankers, Bubbles and everything else in my rear view mirror. I suggest you do the same, for there’s nothing we can do to change these things, only make moves to protect ourselves from the outcomes of all this meddling. Now back to Chris! It will be nice to be able to finally see an end to all of the ‘taper talk’ but unfortunately I don’t think that is coming until next week. All of the markets have been held hostage by the FOMC and their bond buying. The big question is what happens if/when the bond buying stops. Then there was this. Our head currency trader, Jennifer sent me an excellent piece from her counterparts at Barclays sharing their thoughts on where the US$ is heading in 2014. The title of the piece “More in store than USD strength” should give you an idea of their overall view which is basically the same as my own; that there will be opportunities in the currency markets during 2014. Unfortunately I am unable to post the entire piece here (it is proprietary after all) but will share some of the highlights: 1. ECB will diverge from the FED – they believe the Fed will begin tightening while the ECB will continue to pursue looser monetary policies. On this point I disagree, as I don’t believe our new Fed chief will be eager to start tightening, and the ECB will not be eager to start throwing money at the markets (I expect them to continue to use words instead of euros). 2. JPY will continue weaker. On this I agree. 3. GBP will continue to outperform. I am non-committal on this one but tend to lean toward GBP weakness in 2014. 4. AUD will continue to fall while CNY will move higher. I don’t agree with the call for AUD but do agree the Chinese renminbi will continue to appreciate. 5. CHF will move lower. This is in conjunction with their call for a weaker Euro and I disagree as I believe the Euro will see some strength in 2014. 6. EM currencies will be stronger in 2014. On this point I heartily agree. The emerging markets are beginning to see some strength again, and investors will turn back to the higher yielding currencies as the global economy improves. To recap. The dollar is stronger after positive retail sales figures and a budget agreement was passed by the House. Taper talk continues to dominate the news, with many now expecting a cut in the bond buying next week. Most major banks are predicting further dollar strength in 2014 while Goldman Sachs is going against the crowd (along with Chuck). The Aussie dollar takes a hit from Governor Stevens who successfully ‘jawboned’ it lower. And I shared some of Barclay’s currency predictions for 2014. Currencies today 12/13/13. American Style: A$ .8917, kiwi .8210, C$ .9380, euro 1.3716, sterling 1.6265, Swiss $1.1220. European Style: rand 10.3375, krone 6.2092, SEK 6.5908, forint 220.93, zloty 3.0486, koruna 20.066, RUB 32.86, yen 103.57, sing 1.2569, HKD 7.7530, INR 62.125, China 6.1148, pesos 12.9821, BRL 2.3322, Dollar Index 80.367, Oil $97.18, 10-year 2.88%, Silver $19.51, Platinum $1.364.99, Palladium $722.75, and Gold. $1,231.30 That’s it for today. I had a great night as I got a last minute invite to watch the Blues who absolutely dominated the Toronto Maple Leafs. We are supposed to get some bad weather today, with a ‘wintry mix’ (two scary words during winter!) expected midday. I’ve got a busy weekend planned with a high school hockey game tonight, my daughter’s first high school swim meet tomorrow (good luck Lauren!), and the Rams game on Sunday. And I’m going to try and squeeze in some duck hunting and Christmas shopping at some point which will definitely make it a full weekend. Got to go now as it is Friday which means it is our ‘weigh in’ day on the desk. Many of us on the desk are competing in a ‘biggest loser’ contest which is in its third week. I am not expecting much this week as I weighed myself yesterday and I think I actually gained a pound. Oh well, we still have a couple months left. Hopefully everyone will have a Fantastic Friday the 13th and a wonderful weekend! Thanks for reading the pfennig. Chris Gaffney, CFA Vice President EverBank World Markets 1-800-926-4922 1-314-647-3837
Dear Reader,I’ll be at the biggest mineral exploration conference of the year when this Dispatch is published, which should provide a good update on the state of the industry. More on that soon.For now, I simply want to invite all readers to attend our forthcoming Going Vertical web event. The cast includes true legends in our field. Some of what they’ll have to say will be familiar to subscribers of BIG GOLD and the Casey International Speculator, but the update is timely and important. For those not yet in the loop, the information shared could be vital… transformative.And it’s free, so I encourage one and all to check it out.Meanwhile, BIG GOLD’s Jeff Clark shares some of what the key experts he’s in touch with have to say about our favorite investment class in his article below.I hope you find this and our Going Vertical web event to be more than merely interesting. Our goal is to enable you to attain substantial increases in wealth, health, and happiness in your lives.One more thing: we’re planning some significant upgrades here at Casey Research, including this publication and a new and improved website. Stay tuned for more on this soon, but be advised that we’ll be replacing these Daily Dispatches with what we hope will be a publication more targeted and useful for different readers. We hope you’ll like the improvements and look forward to hearing whatever feedback you may have to help us make our services even better.Sincerely,Louis JamesSenior Metals Investment StrategistCasey Research One Year Ago One Month Ago Gold Producers (GDX)21.2822.9426.67 Rock & Stock StatsLast Gold1,213.801,292.671,331.59 Gold Junior Stocks (GDXJ)26.5730.1043.13 Oil49.5246.47102.75 Silver Stocks (SIL)9.7210.9714.69 Gold (SGE)1,215.441,287.261,327.05 TSX (Toronto Stock Exchange)15,234.3414,673.4814,209.59 Copper2.682.593.28 Silver16.6018.0721.29 TSX Venture706.73671.571,014.93
The velocity of money is below Depression era levels. Will MSCI include China’s locally traded shares in its benchmark indices? If it does, billions of dollars could flow into Chinese stocks. OPEC Won’t Curtail Oil Production OPEC, the cartel that controls 39% of global oil production, is meeting in Vienna. Its members have reportedly agreed to keep pumping lots of oil, rather than curtailing production to boost oil prices. Saudi Arabia’s oil minister says he’s “happy” with low oil prices. And why wouldn’t he be? The Saudis have $750 billion in currency reserves. They can afford to continue selling oil for cheap. Unlike US oil producers, whose hedges (which protect them from low oil prices) will soon run out. The Saudis appear committed to their strategy of squeezing higher-cost producers by selling oil for cheap. So the question is: how much longer can Wall Street keep the US shale sector afloat? Gold Stocks Are Primed for a Bull Market If history is any judge, there’s huge upside in gold once this bear market ends. There have been eight gold bull markets since 1975… and the price of gold more than doubled in seven of them. Senior Precious Metals Analyst Jeff Clark says gold’s current bear market is now longer than the one in the early 2000s… and gold went on to soar over 600% when it emerged from that bear market. The best time to buy anything is when it’s most hated. And the mining sector is the most depressed sector in the world right now. Blips & Bogeys The Next Market Crash The true story of how Stansberry analyst Paul Mampilly survived the Crash of 2008 and made 5 times his net worth with a simple strategy. Plus, how you can use it to make huge gains in the months ahead. Click here to learn more. Russia’s oil output is at a post-Soviet high. Signs of capitulation in the gold and silver markets suggest now may be the time to buy. The Colder War: Greece backs Russia’s Turkish Stream project. Recommended Links Russia may issue debt in Chinese yuan. There’s chaos in European bond markets. German 10-year bonds yields have climbed to 0.9%, from the record low of 0.049% in April. They haven’t sold off that hard since October 1998, when hedge fund Long-Term Capital Management imploded. The bond rout is partially European Central Bank chief Mario Draghi’s fault. On Wednesday, he spooked markets when he warned “prepare for higher volatility.” Many, including Draghi, believe bond yields are rising because inflation is picking up in Europe. But we think it might be because the Greek debt crisis is finally boiling over. Signs are ominous. European officials are holding an alarming number of “emergency” meetings in Brussels. And Greece has become the first developed country to ever miss a payment to the IMF. It‘s getting harder to ignore the reality that Greece will have to default eventually. The turmoil has even spread to the United States bond market. Treasury prices have tanked and liquidity is drying up. And for the first time in 2015, 10-year Treasuries are now down for the year. The Casey Report warned readers in May that “It’s time to exit bonds and watch from the sidelines.” The International Monetary Fund urged the Fed to delay a rate hike. — Will IMF ruling crush U.S. dollar? (Expected Oct 20th) The International Monetary Fund is rumored to make a big announcement on Oct. 20th. It could initiate a transfer of wealth, unlike anything we’ve seen. And determine who in America gets rich in the years to come… and who struggles. Get all the facts about this announcement before it hits the wire – right here. Weak mining companies are biting the dust. Will “Obamatrade” give corporations global access to everyone’s data?