Harmonized provincial Rule 204 sets out the Canadian profession's standards that ensure Chartered Professional Accountants (CPAs) maintain auditor independence during engagements they undertake or participate in. It sets the standards and requirements CPAs must maintain as part of their professional conduct. Ethics standards adopted by Canadian provincial bodies are created in alignment with the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA). Hence, changes to the IESBA Code of Ethics will need to be reflected in Rule 204.
At its meeting on December 4-8, 2017, the IESBA approved its revisions to the provisions in the Code of Ethics pertaining to safeguards as developed under this Safeguards project.
On April 9, 2018, the IESBA issued its restructured Code of Conduct [renamed the International Code of Ethics for Professional Accountants (including International Independence Standards)], which includes the revisions relating to this project. Review the press release, the new Code and the related resource page on the IESBA's website.
Previously, the IESBA had received feedback from regulators with regard to the clarity, appropriateness and the effectiveness of safeguards within the Code. Concerns had also been expressed that some safeguards may not be commensurate with the potential threats to independence that the Code seeks to mitigate. In addition, the IESBA had identified a potential need for greater clarity regarding the meaning of a safeguard in the Code.
The project was intended to evaluate and make recommendations on the clarity, appropriateness and effectiveness of the current overview of safeguards in Sections 100 and 200 of the Code and those safeguards that pertain to Non-Assurance Services in Section 290 of the Code. It involved two phases, Phase 1 and Phase 2.
On December 21, 2015, the IESBA issued an Exposure Draft, Proposed Revisions Pertaining to Safeguards in the Code—Phase 1, relating to revised provisions in extant Section 100, Introduction and Fundamental Principles and extant Section 200, Introduction (Part B – Professional Accountants in Public Practice) of the Code as they relate to safeguards. Among other matters, the proposed revisions in the Phase 1 Exposure Draft: (i) place strengthened emphasis on the requirements in the Code for professional accountants to comply with the fundamental principles and apply the conceptual framework; (ii) provide an enhanced description of, and further application material on, the "reasonable and informed third party" test; (iii) clarify what constitutes a safeguard; (iv) include enhanced application material that inter alia clarifies and simplifies the examples of safeguards in the extant Code; and (v) include a requirement for an overall assessment of judgments made and conclusions reached when applying the conceptual framework.
Phase 2 pertains to the independence provisions related to non-assurance services (NAS).
On January 24, 2017, the IESBA issued an Exposure Draft, Proposed Revisions Pertaining to Safeguards in the Code—Phase 2 and Related Conforming Amendments. The proposals address safeguards-related provisions in the independence sections of the Code of Ethics for Professional Accountants pertaining to non-assurance services provided to audit and other assurance clients. The document also explains the rationale for the revisions to the non-assurance services section of the extant Code (Proposed Section 600, Provision of Non-assurance Services to an Audit Client and Section 950, Provision of Non-assurance Services to an Assurance Client).
For further details, refer to the project summary on the IESBA's website.
On April 9, 2018, the IESBA issued its restructured Code of Conduct (renamed the International Code of Ethics for Professional Accountants (including International Independence Standards)), which includes the revisions relating to this project.
On January 24, 2017, the IESBA issued an Exposure Draft, Proposed Revisions Pertaining to Safeguards in the Code—Phase 2 and Related Conforming Amendments. The proposals address safeguards-related provisions in the independence sections of the Code of Ethics for Professional Accountants pertaining to non-assurance services provided to audit and other assurance clients. Comments are due by April 25, 2017.
On January 24, 2017, the IESBA posted to its website the Agreed in Principle version of the Revisions to the IESBA Code in respect of Phase 1 of the Safeguards Project.
On December 21, 2015, the IESBA issued an Exposure Draft, Proposed Revisions Pertaining to Safeguards in the Code—Phase 1, relating to revised provisions in extant Section 100, Introduction and Fundamental Principles and extant Section 200, Introduction (Part B – Professional Accountants in Public Practice) of the Code as they relate to safeguards. Comments are due by March 21, 2016.
At its meeting on December 4-8, 2017, the IESBA approved its revisions to the provisions in the Code of Ethics pertaining to safeguards as developed under this Safeguards project, Subject to the Public Interest Oversight Board (PIOB) approval, the restructured Code, which includes these revisions, is expected to be released by early April 2018.
At its meeting on September 19-22, 2017, the IESBA further deliberated significant comments received on Safeguards ED-2, and related Task Force responses. The IESBA also was briefed on the outcome of the Task Force's July 2017 teleconferences with representatives of regulatory stakeholders who responded to Safeguards ED-2, and the IFAC Small and Medium Practices (SMP) Committee. As part of its deliberations, the IESBA considered a first draft of revisions to proposed Section 600, Provision of Non-assurance Services to an Audit Client, and conforming and consistency changes to safeguards-related provisions in other sections of the proposed restructured Code. Among other matters, the IESBA discussed the adequacy and appropriateness of the provisions for evaluating and addressing advocacy threats; and whether additional guidance is needed in the Code to explain (a) the meaning of the term "appropriate professional" used in examples of actions that might be safeguards; and (b) how professional accountants and firms should determine whether an action is effective in reducing a threat to an acceptable level, and therefore qualify as a safeguard. The IESBA broadly supported the direction of the Task Force's proposals. At its December 2017 meeting, the IESBA will consider a final draft of the safeguards provisions and related conforming amendments, with a view to approving them for inclusion in the restructured Code.
At its meeting on June 19-21, 2017, the IESBA considered significant comments received on the Exposure Draft of Phase 2 of its Safeguards project, Topics discussed included: the permissibility of specific non-assurance services (NAS); extension of the prohibition of certain recruiting services to all entities; and the appropriateness of safeguards included in the Code. The IESBA also considered feedback received from some respondents on certain matters it had agreed in principle in Phase 1, including the descriptions of the concepts of a "reasonable and informed third party" and "acceptable level," and use of the term "significance" in relation to identifying, evaluating, and addressing threats. The IESBA will consider a first-read draft of the revised Phase 2 text at its September 2017 meeting.
At its meeting on December 12-15, 2016, the IESBA approved for exposure Phase 2 of its Safeguards project, which includes proposed revisions to the non-assurance services sections of the extant Code (i.e., proposed restructured Section 600, Provision of Non-assurance Services to an Audit Client and restructured Section 950, Provision of Non-assurance Services to an Assurance Client). The IESBA also approved proposed conforming amendments to other areas of the Code arising from the Safeguards project.
At its meeting on December 12-15, 2016, the IESBA agreed in principle the text of Phase 1 of its Safeguards project, comprising revisions to the provisions in the extant Code relating to the conceptual framework (restructured Section 120) and the application of the conceptual framework to professional accountants in public practice (PAPPs) (restructured Section 300). Key features of the agreed-in-principle text include an enhanced conceptual framework that requires professional accountants to identify, evaluate and address threats to compliance with the fundamental principles, a new definition of the term "safeguards," and a more robust description of the reasonable and informed third party. The Phase 1 text has been drafted under the new structure and drafting conventions of the Code. Subject to any matters of consistency arising from the exposure of the text of Phase 2 of the project, the IESBA anticipates approving the Phase 1 text with the final Phase 2 text by the end of 2017.
At its meeting on September 26-30, 2016, with respect to Phase 1, the IESBA considered a revised draft of Safeguards ED-1 with a view to closing off significant deliberations on key issues. The IESBA also considered safeguards-related conforming amendments to other areas of the Code, including Part C, Long Association, and NOCLAR. With respect to Phase 2, the IESBA considered a revised draft of proposed changes to the Code pertaining to NAS.
At its meeting on June 27-29, 2016, the IESBA considered significant comments received on its Phase 1 Exposure Draft (Safeguards ED-1) and related Task Force proposals. The IESBA broadly supported the direction of the Task Force's proposed revisions to Safeguards ED-1 in the light of the feedback from respondents. Topics on which the IESBA provided input for purposes of refining the revised text of Safeguards ED-1 included: the description of the conceptual framework, in particular, the requirements for professional accountants to re-evaluate new information or changes in facts and circumstances, and to form overall conclusions about whether threats are addressed; the description of the reasonable and informed third party test; and how best to emphasize in the Code that there are situations when there can be no safeguards to eliminate threats or reduce them to an acceptable level.
At its meeting on March 14-16, 2016, the IESBA considered issues and Task Force proposals for the second phase of the Safeguards project focusing on safeguards pertaining to the independence provisions related to non-assurance services (NAS). With respect to independence, the IESBA discussed how the Code should address: (i) the linkage between independence and the fundamental principles; (ii) requirements and application material with respect to identifying, evaluating and addressing threats to independence; (iii) communication with TCWG about independence matters; and (iv) documentation of conclusions about compliance with independence requirements. With respect to NAS, topics discussed included: principles for identifying, evaluating and addressing threats created from providing a NAS to an audit client; materiality; examples of safeguards relating to the provision of NAS; and whether, how and when a firm should interact with TCWG regarding the provision of NAS to an audit client.


Variation in expression of genes involved in metabolism: An indication for an acetate cross-feeding phenotype in isogenic escherichia coli?
Barner, T. (2010). Variation in expression of genes involved in metabolism: An indication for an acetate cross-feeding phenotype in isogenic escherichia coli? (Master thesis). 17 p.


When it comes to movie critics Violet Epps is a powerhouse voice. Equally unafraid of big Hollywood names and public opinion, her biting reviews are widely quoted. But when it comes to her own life, Violet finds herself unable to speak up-paralyzed by crippling social anxiety. When a chance encounter at the famous Algonquin Hotel unleashes the feisty spirit of the long-dead Dorothy Parker, the famous literary critic of the 1920s, Violet thinks she is going crazy. But as the rematerialized Mrs. Parker helps her face her fears, Violet realizes how much she has been missing by keeping quiet. It turns out though, that the shade has problems of her own, not the least of which include equal portions of narcissism and pessimism and the inability to move on to her afterlife.
hoopla:MWT11442321|eAudiobook|Audio Books|Unabridged.|English|Blackstone Audio, Inc. ,|2013.|1 online resource (1 audio file (9hr., 40 min.)) : digital.


Hollywood Rock Café serves up tasty non-fat frozen yogurt, organic fruit smoothies. Build your own healthy organic smoothie or protein shake, finest Italian coffee and organic tea espresso bar and sweet treats on the Hollywood Blvd. in Los Angeles.


text:
Metasoma, dorsal view: C. clarinicollis ♀. Scale 1 mm.
Pronotum and mesoscutum, dorsal view (arrow indicating lateral field of mesoscutum): C. clarinicollis ♀. Scale 1 mm.
The species is characterised by a uniformly green or bluegreen pronotum and mesoscutellum, and a contrastingly darker blue or violet mesoscutum (Fig. 162). The tergites are mainly golden red, but T1 is anteriorly and laterally blue-green or green (Fig. 98). Shape of the metasoma is broad and compact (Fig. 98). Punctation of T2 is somewhat finer than on T1 and dense throughout (Fig. 98). The sternites and legs are ventrally greenish. The apical rim of T3 is narrow and the intervals of the apical teeth very shallow (Fig. 98). The mandible and ovipositor are thin (as in Figs 92 and 141). Males in particular can be confused with other species of the C. ignita group as their colouration is more variable than in females. The colouration should always be used in combination with other characters (e.g. shape of metasoma and apical teeth) in species identification.
Estonia. Very rare. Only four records are known from Estonia, all from the western part of the country (Ahu, Manilaid, Tuudi, Väike-Pakri; 2001–2009).
West Palearctic: southern and central Europe, northern Africa (Linsenmaier 1997).
Habitat: forest margins, clearings and gardens with sun-exposed dead wood. Usually observed on dead tree trunks and on walls of abandoned houses (Rosa 2006), but also flying near the ground and over rocks (Linsenmaier 1997).
Flight period: June to August. The earliest Estonian specimens were collected in the beginning of June and the latest in the end of July.
Host: possibly Ancistrocerus oviventris (Wesmael) and/or A. scoticus (Curtis) (Vespidae) (Petit 1987).
Chrysis clarinicollis Linsenmaier, 1959 Species
Chrysis clarinicollis

redpajama_set_name: RedPajamaCommonCrawl


Life Insurance is a very smart tool for tax planning. The value of a permanent life insurance policy grows tax free and with the death benefit paying out tax-free and by-passing probate, life insurance is an excellent asset and tool to use to protect your estate and to get the maximum value from your investment portfolio.
Please read this article from the Financial Post.


A workers' union committee will suspend the afternoon daycare in Jerusalem on Monday, 8 Iyar, for one day. The workers, 800 in number, include kindergarten teachers and assistants, all protesting their procrastination with the heads of community administrations and the municipality, as talks have been going on for almost a year.
The facts reveal the gaps between them and the municipality and the community administrations as part of the mediation talks between the parties that began last week. Among the unresolved problems raised by committee are: The municipality and the community administrations refuse to ensure that the seniority promised to the workers will be granted next year.
"The municipality's insistence is not clear," says Mary Levy, a member of the committee. "We are fighting for the quality of the daycare centers – today workers are surviving on average for two years – the system constantly absorbs inexperienced personnel and trains them, and this is the municipality's message to parents … Working with toddlers is a gigantic responsibility.
More minds are working on the sum to be spent for a holiday gift for the workers, which is significantly lower than that given to the helpers, who receive NIS 600-800, and the kindergarten teachers work for NIS 1,300.
The committee of women workers expects an intensive discussion to deal with the open issues, will regulate the status of the workers and will dispel the possibility of future strikes.


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Dufry AG DUFN
August 30, 2012 - 11:21am EST by
varna10
Price: 115.00 EPS $0.00 $0.00
Shares Out. (in M): 27 P/E 18.0x 14.0x
Market Cap (in $M): 3,100 P/FCF 11.0x 10.0x
Net Debt (in $M): 1,475 EBIT 0 0
TEV ($): 4,575 TEV/EBIT 0.0x 0.0x
secular tailwinds
Private Equity (PE)
HUDSON LTD HUD 08/09/2019
CORPORACION AMER ARPRT CAAP 10/03/2019
Summary Thesis:
Dufry AG is a travel retail company operating both duty-free and duty-paid stores. As an industry, the travel retail, is supported by strong long-term secular tailwinds driven by greater accessibility of transport (particularly by air), higher disposable incomes (especially in Emerging Markets) and continued internationalization of travel. Dufry is a leader in this industry, a position achieved through its operational excellence and successful acquisition strategy. It is also the only pure-play publicly-listed travel retail company. We believe that the management of the company has the ability to continue its successful growth strategy delivering superior results and therefore the stock is recommended with a 2-year target of CHF175, equivalent to a CAGR appreciation of 20-25% p.a.
Dufry AG is a travel retail company with a worldwide footprint. It offers various retail concepts, including general travel retail shops; news and convenience stores under the Hudson News brand; brand boutiques for various brands that complement its general travel retail shops as stand alone or integrated within shopping stores; and specialized shops located at airports, cruise liners, seaports, and other touristic locations. The company's retail shops primarily offer tobacco goods, alcoholic beverages, food and confectionaries, perfumes, cosmetics, newspapers, magazines, books, jewelry, watches, accessories assortments, and electronics. From a tax status, Dufry operates two types of formats – Duty Free and Duty Paid stores.
Duffry has a broad geographical footprint with Latin America 28%, North America 29%, Central America 15%, Europe 12%, Eurasia 9%, Africa 7%. Overall Emerging Markets represent 60+% of the revenue.
Dufry can trace its roots back almost 150 years, when Johann Weitnauer took over his brother's tobacconist shop in Basel, Switzerland. Over time the company evolved into its current business focus. The inflection point came in after the opening of the world's first duty-free shop at Shannon airport, Ireland in 1947. Launched by local businessman Brendan O'Regan, the store catered for air passengers held up by refueling before crossing the Atlantic. The Weitnauer Trading Company (as Dufry was known then) quickly realized the nascent sector's potential and established a duty-free wholesaling business the following year. Four years later, the group expanded into retailing, opening its first duty-free store at Le Bourget airport outside Paris, France. Over the years, Weitnauer continued to expand its duty-free operations and, by the time of the company's reorganization and subsequent sale to Advent, the private equity group, in 2004, duty free accounted for c.60% of the group's CHF 1 billion sales. While the group's wholesaling and tobacco vending machine businesses retained the Weitnauer brand, the retail operations were rebranded Dufry and sold to Advent for a total consideration of CHF 288 million over the course of two transactions in 2004 and 2005. Later that year, Advent listed 30% of the group's capital (retaining a 53% stake) on the Swiss stock exchange for CHF 80 per share, valuing the group's equity at CHF 1.1 billion.
Overview of the Travel Market
Travel retail, which includes both duty-free and duty-paid, is a $39bn market, which is forecast to grow by 8% in 2010/2020e. This long-term growth is driven by greater accessibility of transport (particularly by air), higher disposable incomes (especially in Emerging Markets) and continued internationalization of travel. Aside from temporary shocks (such as terrorist attacks, economic downturns or even volcanic eruptions), the travel retail market should continue to benefit from the secular growth in passenger numbers. Despite the long-term industry tailwinds, travel retail is cyclical in nature due to its reliance (70%) on flows of international air travellers. This market therefore varies according to changes in world GDP. It is noteworthy that the travel retail market has outperformed passenger traffic growth by an average of 5% per year since 2003, except in 2009, when air traffic suffered a sharp dip.
Sales in airports (and onboard planes) are the biggest outlet for travel retail (70%) and have the strongest growth prospects. The sector therefore derives full benefit from the buoyant trends in air travel and the development of infrastructure in airports. Airport sales are the most dynamic segment in travel retail and are projected to grow 10% in the next 10 years, in line with the trend in 2000/2010. Airports account for 90% of Dufry's sales. Sales in airports are buoyed by (1) Buoyant trends in passenger traffic in the medium term, driven notably by the growth of low cost carriers (25% of flights operated worldwide) and the rise of emerging countries; (2) The increase in average spending per passenger, which is driven by an improvement in the mix (increase in sales of perfumes and cosmetics), a broadening of the offering and an increase in the amount of time spent in airports. ?
Other Distribution channels include: (1) Sales onboard aircraft (7% of the market) with forecasted growth of +3% between 2010 and 2020e, (2). ?Ferries and Cruises (6% of the market) projected to grow at 6% in the next 10 years; (3) Other (28% of the market): This segment represents sales in stores at borders, in hotels, ports and free zones.
The travel retail industry has its own idiosyncrasies compared to its traditional counterparts. This excerpt from the Dufry 2008 Annual Report points to the intricacies of the travel market:
"Travel retailing differs from traditional retailing in ways that have a significant impact on operations. The client base has a different buying behavior compared to the high street and tends to be more affluent. From a logistics perspective, it is more demanding: the customer is at the shop only once, with no ability to come back in the event of lack of stock; furthermore, store locations have limited access (in secured areas). The market is characterized by captive customers, who generally have above average purchasing power and in most cases have the time to shop while travelling."
Another important difference between travel retailing and traditional mall-based and high street retailing is the type of and relationship with landlords. Most travel retailers' locations, or concessions, are generally agreed with the owner of the facility (airport, train station, cruise ship, etc.), often a local authority. Concessions are typically awarded following a public tender process or through a private negotiation. In these instances, the local authority determines the type and number of concessions to be granted, often on an exclusive basis (either by product category or even for a whole station/terminal). Very often, the local authorities may choose to become a minority partner with the travel retailer and share part of the economics. Dufry has a number of such minority partners and affiliates.
Given the exclusive nature of most locations, this means that once a concession has been awarded, 'local' competition is generally limited and hence the operator's competitive position is strong. However, with most concession contracts structured on a percentage of turnover basis (often with a contractual minimum fee), local authorities not only seek to maximize their concession fee, but also to ensure that the winning retailer can deliver a higher sales base.
This has led to two developments over the last 5-10 years. First, concession fees, as a percentage of sales, have increased steadily over time and, second, operators that are more efficient have forced industry consolidation as local authorities seek to maximize their potential revenue streams. It is also worth noting that contract lengths can vary significantly by location (e.g., Dufry's Milan Malpensa airport concession runs until 2041 while about a tenths of Dufry's shops are up for renewal this year and next) and that long concession contracts represent a significant competitive advantage in management's view.
When looking at travel retail, one also needs to distinguish between duty-free and duty-paid sales. Duty-free sales are conducted in a restricted area and can only be transacted by international travelers leaving a destination (duty-free departure shops) or by travelers arriving from international travel (duty-free arrival shops). Restrictions on quantities (either by monetary value or by volume/number of items) exist in most jurisdictions. Duty-free sales are, as the name would suggest, exempt from most forms of local taxation. It is also worth noting that the EU abolished duty-free retailing between member states in 1999. Duty-paid, on the other hand, refers to all other forms of travel retailing and is typically carried out without any restrictions. The most common formats are newsagents, bookshops and confectionery/foods. According to Verdict Research, the duty-free market accounts for c.65% of global travel retail sales, with the balance coming from duty-paid.
One of the effects of the abolishment of duty-free sales within the EU has been the change in sales mix. Historically, the travel retail market (in particularly in duty-free) was dominated by highly taxed products such as alcohol and tobacco. At present, the industry's focus over the last ten years has been to broaden its sales base, especially in the face of declining tobacco sales. For instance, the share of wines, spirits and tobacco sales has declined by 8% to just 25% over the last nine years while perfumes, cosmetics and luxury goods have been responsible for 75% of the industry's growth during the same period and now account for 65% of global sales.
Dufry's Market Positioning
The market includes six global players (DFS (LVMH), Dufry, Lagardère Service Travel Retail, Autogrill, The Nuance Group and Gebr Heinemann), which control over a third of the market. Additionally, there are around 2,500 regional players, which are either large players but which operate on single big markets with leadership positions (Lotte Duty Free Shilla, Dubai Duty Free), or smaller players operating on single markets. These regional operators are the most likely targets in the future consolidation of the sector.
Dufry, the world's number 2 in the sector with 8% market share, is a key player on the travel retail market in emerging countries and tourist destinations. It is developing an aggressive growth strategy in these countries and generates high FCF, which allows it to rapidly digest its acquisitions and satisfy its growth ambitions. The group main characteristics include:
Dufry is a diversified player (present in 45 countries and 153 airports) and the leader on the fast-growing travel retail market, with a strong presence in emerging countries (60% of sales) and a positioning on top-end products. The group is organized in 6 regions (to be consolidated into 4 next year) - Europe, Africa, Eurasia, Central America/Carribean, North America and South America. The latter two regions are the largest and most profitable, in particular South America (with group leading EBIT margins of 18%). In North America, Dufry is largely represented through its Hudson brand, which is the largest travel retailer in the US with 40% market share. Dufry acquired Hudson in 2008 and is in the process of ramping its expansion globally and integrating its store format into the larger group. The "weakest" link among the regional divisions is Europe, accounting for 14% of revenues and 8% of EBITDA (it has the lowest margins also partly because of the inclusion of corporate overhead).
Dufry is set to continue to outperform its markets, thanks notably to its expertise in emerging countries where it has critical size and scale and is a key player. Since concessions are structured as a percentage of revenues, travel authorities grant them to the most productive operators. One of the main reasons why Dufry has emerged as a leader in gaining concessions is its operational excellence and rising productivity. The company has grown its top line at a rate of 23% (7% organic/LFL growth) over the last 9 years and its EBITDA margins have risen from 7% in 2003 to 14% in 2012. Its profitability per sq.m. is $1,500-$1,600, in line with some of the most profitable retailers. Dufry's concessions are fairly diversified in terms of duration (7 years on average), with about a quarter of its contracts having a term of 10+ years. It also has a very high concession renewal rate of 85%, so clearly airport operators value its expertise. Laslty, due to its captive, high-income/jet-setting audience, Dufry's 1,500 suppliers view the company's shelves as an important marketing display and often launch new product introduction in its stores, which to a certain extent provides leverage to Dufry.
Dufry will benefit from the integration of acquisitions, thanks to its very high cashflow generation (FCF yields of 8-10%). Given the high profitability and low capex requirements (Capex at 3% and Net WC at <7% of sales), the company generates significant cashflow. Dufry maintains a net debt / EBITDA ratio of 3x and deploys its excess capital to make accretive acquisitions. The company has demonstrated an exemplary track record of achieving acquisition synergies historically (typically through enhanced turnover, stronger purchasing power, and integration/reorganization). Given the very fragmented nature of the duty-free market, Dufry has ample opportunities to grow profitably through additional acquisitions.
FX stability: Given that Dufry reports in CHF, the strong rise of CHF last year hurt results from a translation perspective. The stabilization of the CHF relative to the euro thanks to the action of the SNB to hold the exchange rate to CHF1.20 should provide greater stability to reported results.
Despite its very strong positioning and profitable growth, Dufry does face some potential challenges/risks. They include: 1) cyclicality of travel retail 2) competition for concessions 3) leveraged balance sheet 4) potential legal disputes in Brazil regarding concession grants 5) currency fluctuations 6) overhang from continued ownership by Advent.
Valuation and Upside/Downside Targets
Dufry has very few if any comparable companies, so our valuation analysis is based more on absolute metrics and relative valuation to it own history. As of June 30, 2012, Dufry had revenues and EBITDA of CHF 3.0bn and CHF 425.0mm (EBITDA margin of 14.3%). During the first half of 2012, Dufry grew these two income statement components at 12% and 20%, respectively. Historically the 1st half of the year has been weaker than the 2nd. Furthermore, we have highlighted that Dufry grew its top line at a CAGR of 23% in the last 9 years. Let's assume for the sake of conservativism, that for the second half of 2012 as well as for 2013 and 2014, top line growth will be 10%. That would lead to revenues of CHF 4bn in 2014. In terms of EBITDA margins, Dufry, has achieved margin improvements of 75-100bp in the last three years, lets assume that margins don't improve any more in 2012 and rise by 50bp only in 2013 and 2014. This implies EBITDA margins of 15.5% in 2014 and an EBITDA figure of CHF of 620mm.
Dufry generates significant amounts of cash – its FCF has averaged c. CHF 300mm in the last three years (9% FCF yield). Let's assume that this FCF does not grow and only half is used for acquisitions (we are assuming after all a minimal top line growth in our revenue line, i.e. very minor acquisitions). Therefore, one can project that the current net debt of c. CHF 1.5bn will be down to CHF 1.2 bn in 2014.
Lastly, Dufry has traded at 9-10x EV/EBITDA on NTM figures, which is not aggressive given that our conservative projections imply 20% EBITDA growth over the next 2 years. Adding all these we come up with a valuation range for Dufry in the range of 165-185CHF in the next 24 months, i.e. a compounded rate of 20-25% p.a.
New announced acquisitions
New concessions / successful concessions renewal
Operational execution
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Walmart on Wednesday announced that it has signed definitive agreements to become Flipkart's largest shareholder, paying $16 billion for an initial stake of approximately 77%.
The remainder of the business will be held by some of Flipkart's existing shareholders, including Flipkart co-founder Binny Bansal, Tencent Holdings Limited, Tiger Global Management LLC and Microsoft Corp., according to a Walmart press release.
The deal is subject to regulatory approval in India, Walmart said.
Walmart's challenge to Amazon in the U.S. is on something of a rocky road, but its Flipkart deal will give the retail giant solid footing in India.
"India is one of the most attractive retail markets in the world, given its size and growth rate, and our investment is an opportunity to partner with the company that is leading transformation of e-commerce in the market," Walmart CEO Doug McMillon said in a statement.
While Walmart and Flipkart will be working closely together and combining their strengths, they will maintain distinct brands and operating structures, Walmart said in its release. That could help ease concerns by Indian regulators. New guidelines from the Indian government last year are designed to boost Indian e-commerce businesses, encouraging foreign investment but not foreign ownership and operation.
Walmart does have operations in 19 cities across nine states in the country; Walmart India operates 21 Best Price cash-and-carry stores and one fulfillment center, with more than 95% local sourcing. Walmart India president and chief executive officer Krish Iyer will continue to lead that part of the business, according to a press release.
The U.S. retailer is shelling out a significant investment in the deal, but its deep pockets make that pretty easy. "The overall impact on Walmart's credit profile is relatively benign as it has built some cushion over the past few years, and we expect the company to follow past practice and utilize share repurchases as the lever when necessary to largely maintain its quantitative profile over the next 2-3 years," Moody's Investors Service Lead Retail Analyst Charlie O'Shea said in comments emailed to Retail Dive.
While Flipkart has enjoyed primacy as India's homegrown retailer — going head to head with Amazon's own growing operations there — it's struggled to maintain profitability, despite a series of investments from abroad. Walmart's takeover will help in that area, boosting Flipkart and giving Amazon a run for its money. And it's a good shift in focus by Walmart from its faltering U.K. operations.
Top image credit: Walmart Inc.


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Q: WPF XAML binding properties within a ControlTemplate I'm trying to create a ControlTemplate representing a Slider and a TextBox (and a Label), where the text of the TextBox should show the value of the Slider.
I can't figure out how to correctly setup the binding between the Slider's Value property and the TextBox' Text property.
This is my ControlTemplate:
<ControlTemplate x:Key="myslider" TargetType="Slider">
    <StackPanel Orientation="Horizontal" HorizontalAlignment="Left">
        Slider
        <Slider
            Width="100"
            Minimum="0" Maximum="100"/>
        <TextBox Width="40"
            Text="{Binding RelativeSource={RelativeSource TemplatedParent},
                Path=Value}">
        </TextBox>
    </StackPanel>
</ControlTemplate>

Here I instantiate 3 Slider using the ControlTemplate:
<StackPanel>
    <Slider Template="{StaticResource myslider}"></Slider>
    <Slider Template="{StaticResource myslider}"></Slider>
    <Slider Template="{StaticResource myslider}"></Slider>
</StackPanel>

This ends up looking like this:

The goal is that each slider controls the value within the indivual TextBoxes.

A: I would prefer using a User Control as a first choice. But if we follow your line of thought the shared value of the Slider and the TextBox should be the Value dependency property on the parent Slider.
The tested code is as following :
<Window.Resources>
    <ControlTemplate x:Key="myslider" TargetType="Slider">
        <StackPanel Orientation="Horizontal" HorizontalAlignment="Left">
            Slider

            <Slider
                Value="{Binding RelativeSource={RelativeSource TemplatedParent},Path=Value,Mode=TwoWay,UpdateSourceTrigger=PropertyChanged,Delay=10}"

                Minimum="{Binding RelativeSource={RelativeSource TemplatedParent},Path=Minimum,Mode=OneWay}"

                Maximum="{Binding RelativeSource={RelativeSource TemplatedParent},Path=Maximum,Mode=OneWay}"

                Width="100"
                />

            <TextBox Width="100"
                Text="{Binding RelativeSource={RelativeSource TemplatedParent},
                Path=Value,Mode=TwoWay,UpdateSourceTrigger=PropertyChanged,Delay=10}">
            </TextBox>

        </StackPanel>
    </ControlTemplate>
</Window.Resources>
<Grid>
    <StackPanel Orientation="Vertical">

        <Slider Template="{StaticResource myslider}" Minimum="0" Maximum="100"></Slider>
        <Slider Template="{StaticResource myslider}" Minimum="0" Maximum="100"></Slider>
        <Slider Template="{StaticResource myslider}" Minimum="0" Maximum="100"></Slider>
    </StackPanel>

</Grid>

redpajama_set_name: RedPajamaStackExchange


text:
class CreateInformationProviders < ActiveRecord::Migration
  def change
    create_table :information_providers do |t|
      t.string :name
      t.string :email

      t.timestamps null: false
    end
  end
end

redpajama_set_name: RedPajamaGithub


Can Neuromuscular dentistry cure your headaches?
Having the perfect bite is so much more than having straight teeth and a sparkling, good-looking smile. Correcting dental problems can take pressure off of your neck, back, jaw and spine. Neuromuscular dentistry can help with all these problems and can reduce pain significantly. Researchers estimate that nearly 10 million Americans are affected by temporomandibular joint and muscle disorders (TMJ).1 And 10 percent of the population is dealing with pain from teeth grinding.2 From neck pain and jaw clenching to joint pain, nervousness and insomnia, neuromuscular dentistry can help free people from a life of pain.
"Imagine that your sore back or frequent headaches could be fixed with an oral treatment," says Dr. Konstantin Ronkin, D.M.D. at Dream Smile Dental. "People are amazed that so many of their physical ailments are actually caused by dental issues and are even more impressed when neuromuscular dentistry can correct these issues."
There are dozens of muscles in your face and neck, and these muscles hold your jaw in place. When you chew and swallow, these muscles, and the joints they are attached to, move your jaw. If your bite is off, then all those muscles must work overtime and strain to do repetitive functions. Temporomandibular joint disorders (TMJ) arise from this strain.
Diagnosing your exact problem is the first course of action. A neuromuscular dentist will perform a detailed examination, including a targeted computer assessment in which all muscles along your jaw and neck are measured both at rest and while active. Next, the dentist will determine the ideal position for your jaw while at rest. This perfect balance is achieved when your muscles are completely relaxed using electrical stimulation of the muscles.
"This process is gentle and often relaxing," says Shwartzman. "Many patients use a special stress reduction technology called NuCalm while an electrical pulse causes the neck and chewing muscles to relax, allowing more oxygen and nutrients to flow to those muscles."
Once the patient's ideal bite is revealed, the neuromuscular dentist molds an orthotic, a plastic mouthpiece, to hold that perfect bite in place. Final dental pieces like crowns, veneers and bridges are created and precisely measured based on that mold. Also, the teeth can be moved to the final position by using braces or clear aligners. The goal of treatment is to ensure the patient's ideal bite is always preserved so that he or she remains pain-free. For patients, the result is relief of pain from bite-related issues and the comfort of knowing that their smile, and bite, is helping their body stay healthy.


Histogram: Jurnal Pendidikan Matematika is a peer-reviewed electronic journal. This statement clarifies ethical behaviour of all parties involved in the act of publishing an article in this journal, including the author, the chief editor, the Editorial Board, the peer-reviewer and the publisher (Study Program Mathematics Education STKIP Andi Matappa).
The publication of a peer-reviewed article in of Histogram: Jurnal Pendidikan Matematika is an essential building block in the development of a coherent and respected network of knowledge. It is a direct reflection of the quality of the work of the authors and the institutions that support them. Peer-reviewed articles support and embody the scientific method. It is therefore important to agree upon standards of expected ethical behavior for all parties involved in the act of publishing: the author, the journal editor, the peer reviewer, the publisher and the society.
Study Program Mathematics Education STKIP Andi Matappa as publisher of Histogram: Jurnal Pendidikan Matematika takes its duties of guardianship over all stages of publishing extremely seriously and we recognize our ethical and other responsibilities. We are committed to ensuring that advertising, reprint or other commercial revenue has no impact or influence on editorial decisions. In addition, Study Program Mathematics Education STKIP Andi Matappa and Editorial Board will assist in communications with other journals and/or publishers where this is useful and necessary.
The editor of the Histogram: Jurnal Pendidikan Matematika is responsible for deciding which of the articles submitted to the journal should be published. The validation of the work in question and its importance to researchers and readers must always drive such decisions. The editors may be guided by the policies of the journal's editorial board and constrained by such legal requirements as shall then be in force regarding libel, copyright infringement and plagiarism. The editors may confer with other editors or reviewers in making this decision.


text:
Écluzelles () is a commune in the Eure-et-Loir department in north central France.

Population

See also
Communes of the Eure-et-Loir department

References

Communes of Eure-et-Loir

redpajama_set_name: RedPajamaWikipedia


text:
The Crisis of Democracy in Spain: Centrist Politics Under the Second Republic, 1931-1936
Nigel Townson
Sussex Academic Press, 2000 - 444 páginas
First-rateessential reading for anyone interested in 20th century Spain and should long be a standard in the historiography of the Second Republic. Journal of Modern History. The best recent political history of the tumultuous Spanish Second Republic it should become the standard political narrative of the Republic for historians and students alike. American Historical Review. The first detailed and carefully documented account of Leroux and the Radicals. The interpretation is striking and challenging. An important work. Choice. An exhaustive study of the political significance of the Radical Party during the 1930s that enhances our understanding of the republican regime one of the best books on the life of the Second Republic. Revista de libros. The Crisis of Democracy in Spain is the first study in English to scrutinize the central role of republicanism in the origins of the Spanish Civil War of 193639. Previously historians have focused on the Left and the Right of the political spectrum at the expense of the Centre. Yet the Centre, as represented by the republican movement, dominated the governments of the Second Republic of 193136 until it collapsed into war. The Crisis of Democracy in Spain thereby confronts the greatest paradox of the Second Republic: why did the most popular and historic party of the republican movement play a key role in the Republics destruction?
The Crisis of Democracy in Spain: Centrist Politics Under the Second ...
No hay vista previa disponible - 2000
The Spanish Republic at War 1936-1939
Helen Graham
The Power of Entrepreneurs: Politics and Economy in Contemporary Spain
Mercedes Cabrera,Fernando del Rey,Fernando del Rey Reguillo
Sobre el autor (2000)
Nigel Townson is editor of a general history of Spanish republicanism; and author of a three-volume work of the Spanish exiled writer Arturo Barea, a counterfactual history of modern Spain; and, most recently, Spain Transformed: The Late Franco Dictatorship, 1959-1975 (Palgrave, 2007). He is Senior Lecturer in the Department of Political Thought and Social and Political Movements at the Complutense University of Madrid.
Título The Crisis of Democracy in Spain: Centrist Politics Under the Second Republic, 1931-1936
Autor Nigel Townson
Editor Sussex Academic Press, 2000


text:
Creative women at work: knitwear designer Jo Gordon
December 16th 2015 — by Alyson Walsh
Photos all Dvora @Fashionistable
The best part of writing Style Forever was interviewing all the industry experts and Inspirational Women. And for a while now I've been thinking I should continue this series on That's Not My Age. Here's the first in what I hope (time permitting) will become a regular feature:
Knitwear designer Jo Gordon is about to celebrate 20 years in business. The 48-year-old continues to manufacture her products in the UK, mostly in Scotland, using skilled craftspeople and local mills. Steadfastly sticking to her singular, often stripy, vision she uses colour and pattern to create outstanding accessories. As well as her own website, Gordon sells at Dover Street Market and Barney's in New York, Liberty in London and is big in Japan.
Gordon puts the success of her small, independent business down to always working with nice people, 'I really like making in Scotland, there's a huge skill there, a history. I've worked with the same mill for 20 years and have struck up a good relationship. I know everyone and what their skills are, they are lovely people.' When we meet in the studio, in her south London home, Jo is practising what she preaches, busily handing out crunchy homemade biscuits and freshly brewed coffee. The latest collection has just arrived, and the knitwear designer admits that she feels sick at the thought of opening the boxes, 'I find it terrifying. When you've designed a new collection, you have it in your head and 99% of the time things turn out as you've envisaged, but at this time of the year, there's very little leeway to remake or redo. Though that's just me, doubting me. Generally things are fine.'
Jo's dad's worn out/darned to death hat (in the frame at the back).
Her knitwear company may have been going for two decades, but Gordon's knitspiration came much earlier, when at the age of 16, her dad's favourite woolly hat – one that he found on a barge as a teenager himself – fell into holes. 'I used to darn it for him but there was more darn than hat left.' The entrepreneurial teenager commissioned her mum's friend Vilma to make a successful replacement; Vilma was soon helping Gordon with her knitting homework (knitting was on the curriculum when Jo was growing up in West Stirlingshire, Scotland) and over 30-years later, still knits for her today. Making diagonal scarves and headscarves from her home:
Diagonal stripe scarf: jogordon.com
One thing I am interested to find out is how Gordon works out her different colour combinations, 'I have lots of recipes in my head. It's like a creative affliction!' she says, 'I know what kind of blue goes with what kind of yellow but this can change. My mum was a painter and talked a lot about colour, it obviously sank in.'
The Jo Gordon team – part-time administrative/production assistant Sarah and a freelance designer Katy – are continually researching and developing new products and for the first time ever, in 2016, the collection will include items that aren't made in the UK. Chunky wool jumpers from Iceland and fine knit geometric socks from France are still at sample stage but Gordon is committed to keeping production as local as possible,'I would never go to China or the Far East, I love being able to nip up to Scotland to visit the mill; and one of my knitters in Nottingham drives the knitwear down for me and we have a cup of tea together. I am primarily concerned with people getting paid properly for what they do and knowing that they are working in a nice environment.'
The plain white walls in Gordon's beautiful house are sparingly decorated with multi-coloured paintings and prints; and the designer takes the same approach to her own wardrobe, 'I tend to wear fairly dark neutral clothes but will always wear my bright knitwear. The dark neutral outfit sets off the bright knitwear.'
When I ask Gordon for a style tip, as well as telling me that she's been taking advice on how to pose for a photograph, without getting a double chin, from her Instagram-loving 15-year-old daughter, she advises,' Only wear clothes that make you feel great. I only buy an item of clothing if I immediately feel fantastic when I try it on.'
As a special Christmas gift to That's Not My Age readers, Jo Gordon is offering 20% off all items bought up until December 22nd. Simply use the offer code 'TNMA' when you check out at jogordon.com
And as an extra-special Christmas gift, there's a picture of me in an old Jo Gordon hat HERE (scroll down).
ShoeQueen61 says:
Great Post!!! Especially love the mention of her father's hat–
Preston Davis says:
I'm completely besotted with the top scarf–not usually my style; it's beyond fab.
Olderbutwiser says:
Love the knits, the colours, the ethos & the suggestion of 'lifestyle', although at first I wondered whether her dad's hat was some kind of fashion statement!!!!
Tove says:
As a patriot I love the fact that knitspiration was taken from a black and white Norwegian hand-knitted wool cardigan seen on one of the pictures. Have one myself, would think it to be at least 30 years old. My nearest and dearest.
TNMA says:
Jo told me that she loves that cardigan, Tove, found at a local market for a bargain price. Wish I'd seen it!
These are so lovely and cozy, and how I wish it would drop below 80 degrees F here! The very first scarf is my personal fave. xo
http://notdeadyetstyle.com
Thank you for sharing this designer's knitwear. Even this Californian needs a warm scarf!
Susan (une femme) says:
Lovely work, and so nice to read that she's keeping a unique form of artistry alive!
disneyrollergirl says:
ooh how lovely. Gorgeous pics too Aly, did you take them?
Anita Irlen says:
I love how artisans and small makers find their inspiration in small but wonderfully meaningful things. I understand her love for her father's hat. I love the picture of my mother in a bathing suit she made from the linings of WWII helmets. I've discovered some knitwear makers and designers in New York City this season, and they all have a story to tell. The love of fine, quality things has to come from some kind of history I think. We are lucky to be around and get to know these inspiring women. Thank you.
Quote of the week: Lily Tomlin in Grandma
The best part of writing Style Forever was interviewing all the industry experts and Inspirational Women. And for a while now I've been thinking I should continue this series on That's Not…


text:
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	gulpif = require('gulp-if');
	sass = require('gulp-sass');
	livereload = require('gulp-livereload');
	express = require('express');
	app = express();

var env = process.env.NODE_ENV || 'development';
// NODE_ENV=production

var outputDir = 'compiled';

gulp.task('jade', function() {
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		.pipe(livereload());
})

gulp.task('js', function() {
	return gulp.src('_src/js/**/*.js')
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	.pipe(livereload());
})

gulp.task('sass', function(){
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	if (env === 'development') {
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	if (env === 'production') {
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	return gulp.src('_src/sass/master.scss')
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gulp.task('webserver', function() {
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gulp.task('default', ['js', 'jade', 'sass', 'watch', 'webserver']);


ASG grapple's uses are demolition of wooden structure, scrap handling, loading, sorting and other applications.
A powerful hydraulic motor allows easy rotation long, heavy objects.
The robust rotator features a durable bearing.


Guests at the long-running midnight showcase included Jack Whitehall, Beth Stelling, Hari Kondabolu, Rory Scovel, Sophie Buddle and Judah Friedlander.
Andy Kindler has been hosting "The Alternative Show" since the mid-'90s, when he launched it at Montreal's Just For Laughs festival, where it remains a midnight mainstay. At Toronto's JFL42 festival, the Alternative Show is indisputably the place to be when the clock strikes twelve. Beloved by fellow comics, and an oddity to many not in the know, Kindler has become a gatekeeper for many aspiring comics. For this reason, the showcase has always been one of the best places to see rising stars as well as established funny people on the same stage.
Kindler's hosting was delightfully manic last night at the Second City theatre. Ever a deeply and intentionally self-conscious comedian, Kindler's furious pacing of the stage got more and more contrived by the punch line, rivalled only by his supposedly patented and marionette-like leaning on the microphone stand. Winging most of his opening set as usual, Kindler spent a great deal of his set coming up with ridiculous "Am I right, ladies?" variations such as "HDMI right, ladies?," "TMI right, ladies?" and comedian Todd Barry's suggestion from the gallery, "EMI right, ladies?" with a somewhat passable Johnny Rotten twang. Kindler was unstoppable, funnier as he ventured out onto thinner and thinner ice, more and more ludicrous with every awkward pause. In a way, Kindler is at his best when he isn't at his best. He's on his A-game when he realizes the ship is sinking. That's the soup he swims in.
Guests on Wednesday's Alternative Show stage included Jack Whitehall, Beth Stelling, Hari Kondabolu, Rory Scovel, Sophie Buddle and closer Judah Friedlander. There was not a slouch among them, making it a real challenge to stand out as a single performer, but the highlight guests would have had to be Kondabolu and Scovel.
Rory Scovel was the second act, entering stage left after Jack Whitehall in a jacket which — to his explicit acknowledgement — suggested "I'm already on my way back to the hotel." His set was more reserved than what we've seen from his Netflix special Rory Scovel Tries Stand-Up for the First Time. Laughing over his shoulder at his own jokes in a corny Vegas schlock sort of way, his quiet brand of headstrong humour won over the crowd instantly. His short set ranged from the American election to Yelp reviews in small towns, and the difficulties in being a small-town Batman. There wasn't a word uttered that did not receive a boatload of laughs, at times to his chagrin.
Kondabolu, maker of upcoming documentary, The Problem with Apu, delivered a terrific eight-to-ten minute set on the difficulties of being complicit in the gentrification of his neighbourhood, while also being a visible minority himself. His natural bent toward intelligent comedy with a message being at odds with the rather lewd advice of comedian Tracy Morgan was also a hit, maybe the evenings most memorable.
Closing act Judah Friedlander was terrific although his delivery style — however much it suits his own deadpan comedy — was perhaps a little low energy for the final act of the night, especially when juxtaposed with Kindler's non-stop fusillade of neurotic narration of his own sets and introductions. In typical Friedlander fashion, he promised to deport an audience member when they asked about his presidential immigration platform, chided an audience member for being off his third row gallery game, claiming to be a fan of his early audience work, and said his head was being gentrified by white hair, admitting that he eventually wouldn't be able to afford it.
The Alternative Show set the bar particularly high on Wednesday. As one of the most chattered about shows of the fest, here's hoping can continue to meet it for the rest of their five-night stint at Second City.


I will look back at memories of US and sigh (or smile) and be thankful for what time we spent together, be it days, weeks, months, or mere seconds.
I will remember the wine you sipped from the dish of my tongue; such is a poem so sweet you left on a frozen December night; crispy creams at early morn, sleeping to your guitared lullabies.
I may forget the names I used to call you, subsequent years from now -- concrete details lost to memory forever... but I will never forget the essence of what made You who You are, and why I chose You, for a time.
I did love you so-- it was like a well, so deep, that if you went to the very bottom, you'd see stars.


text:
Catch up growth? Yes, but what does it signify? New paper from Young Lives
A new study by Young Lives researchers measures height for age of a cohort of children at ages 1, 5 and 8 years, in 4 countries: Ethiopia, India, Peru and Vietnam.
The study uses WHO multicentre growth study standards at age 1 and WHO NCHS standards for ages 5 and 8 to generate normalised height for age z-scores (HAZ).
An HAZ of less than -2 means a child is stunted.
Ethiopia, mean HAZ: -1.51 (age 1), -1.46 (age 5), -1.21 (age 8)
India, mean HAZ: -1.30 (age 1), -1.63 (age 5), -1.43 (age 8)
Peru, mean HAZ: -1.29 (age 1), -1.51 (age 5), -1.13 (age 8)
Vietnam, mean HAZ: -1.08 (age 1), -1.33 (age 5), -1.09 (age 8)
Notice the declines from age 1 to age 8 in Ethiopia and Peru and the declines in all 4 countries between ages 5 and 8 (when the growth standards are strictly comparable, i.e. both NCHS).
The authors conclude:
"Our data demonstrate that while child growth trajectories throughout the pre-school and early school-age years are predicted in part by size at age 1 year, there is significant variation in growth after 1 year of age. This includes catch- up growth in some children and faltering in others. These results suggest that while prevention of early-life stunting must continue to be a top priority, programme planners and implementers should consider identifying and targeting for further nutritional interventions children who nevertheless become stunted during infancy, as well as children at risk for later growth faltering. An important area for future research is identifying the factors that contribute to these later variations in growth."
I do think it is important to find out why some kids catch up in growth and others do not (since, as the authors report, 40-74% of HAZ at year 5 is not predicted by HAZ at year 1).
I think it is also important to work out what is catching up. Is it more than height? Cognitive functioning, for example?
We're interested in height not because it is intrinsically important but because it is a marker for other things that are stunted in the first 1000 days of life.
An interesting study that reminds us not to give up on kids after the first 1000 days, but does not detract from the focus on this time period, it seems to me. Interested in your thoughts.
Posted by Lawrence Haddad at 15:14 1 comments Links to this post
Evidence on the impact of research on international development? New DFID literature review.
A new DFID literature review hit the streets in July:
"What is the evidence on the impact of research on international development? New DFID literature review".
It is written by DFID staff, reviewed by 7 external experts.
This is the concluding chapter in full:
"Investment in research activities can lead to development impacts. However, research is not a panacea; Investments in some research projects will lead to large development gains while investment in some activities will lead to little or no impact.
Having said that, it is possible to consider the general theory of change by which we expect research to lead to impacts and to draw some conclusions on what type of research activity we should invest in to achieve different outcomes.
This literature review reveals some general principals regarding investment in research:
* Investment in public research in low-income countries is unlikely to lead to substantial levels of direct commercialisation of research outputs in the short to medium term. Informal academic engagement with industry may be more economically important but some activities (particularly consultancy contracts) may have negative impacts on research capacity. While the generation of new innovations within low-income countries is unlikely to be a major driver of growth, the absorptive capacity of industry (i.e. the ability to adapt and make use of existing research knowledge) will be a vital driver of growth and interventions which would increase this absorptive capacity (e.g. strengthening of tertiary education) are likely to have large impacts.
* Research from developed economies reveals that, in contrast to the beliefs of most academics, there is no strong link between the research outputs and teaching quality of tertiary education establishments. As yet there is no evidence to indicate if such a link exists in low-income countries so efforts to improve tertiary education through investment in research should be treated with caution. The human capital developed through investment in research and research capacity building can have multiple positive impacts on development including via the spill-over of former researchers into government and industry and the generation of research experts who can act as policy advisors. Research suggests that investment in doing research in low-income countries on its own will not lead to improved research capacity and that an effective and explicit capacity building strategy must be developed.
* Investment from both developed and low-income countries in research in public institutions and/or public-private partnerships can generate pro-poor products and technologies. Some of these products and technologies have had dramatic impacts on development. However, there are also multiple products and technologies which have not had the expected impact. When investing in the development of products and technologies, it is vital to carry out research to ensure there is a demand for it and that there are no barriers which will prevent it from having positive impacts.
* Using evidence to inform policy and practice decisions can help ensure policies and practice achieve their desired impact. Two categories of decisions can be informed by evidence. Firstly, research to understand what works and why can be used to inform decisions on specific interventions. Secondly, evidence which describes the existing context can inform general theories of change. Major barriers to use of evidence are the low capacity of policy makers and practitioners to understand and use research evidence, and the absence of incentives to drive research usage. Interventions which succeed in increasing use of evidence by policy makers and practitioners may lead to important impacts.
* There are a number of methods which have been used to quantify the economic benefits of investment in research. All methods suggest positive rates of return to research however individual figures are highly sensitive to the assumptions used in the calculations and therefore need to be interpreted cautiously."
A few observations:
1. For such an important question it is surprising that this was not a systematic review. The search strategy is listed in Chapter 8, and it seems quite partial. Key literature like S. Fan et. al. on the impact of investments in agricultural R&D (compared to other investments) on poverty in India, China and Africa is missing.
2. The report would have been much more helpful if it could have said more about the features and attributes of research that give it more of an impact. Some research will have an impact, some won't. No surprise there. The reasons for impact may relate to relevance, rigour, originality, timing, sheer luck or some combination of these. Also, what does the evidence say about the timescales over which we should expect to see impacts?
3. Barriers to use of research. Good points on the barriers to research uptake although with an over-focus on capacity. Of course the most relevant, brilliant and accessible research might be ignored if it gives an inconvenient political answer. So this is more than a capacity issue, it is also a governance issue. It is not just about demand but about a balance of (sometimes) competing interests (within the public and private sector spheres).
4. The comment that "all methods suggest positive rates of return to research however individual figures are highly sensitive to the assumptions used in the calculations and therefore need to be interpreted cautiously" seems to vaguely cast aspersions on the research community--i.e. we have a vested interest in a certain outcome and we cannot be trusted to assess returns to our work (perhaps why DFID chose to do this review themselves). Maybe I am misinterpreting, but that is how it reads to me.
Overall, an interesting and intriguing study. I wonder what impact it will have?
Who has Coverage covered? Learning from the SAM side of the big tent
This might just be me catching up with the rest of the nutrition community. But the more I find out about SAM (severe acute malnutrition) coverage thinking, the more I think the rest of the nutrition community--so concerned with scaling up--has a thing or two to learn from our SAM colleagues.
I'm just reading the latest Coverage Matters report from the Coverage Monitoring Network and ENN. There are several articles which interrogate the naive assumption of serene coverage increases over time.
The articles are short and accessible and cover things like:
* the Tanahashi coverage diagram (from availability coverage, accessibility coverage, acceptability coverage, contact coverage, to effectiveness)
* active outreach to generate early admissions--the context is SAM prevention and treatment, but the principle obviously extends to early trimester and early childhood interventions on the chronic side
* the role of audits (programme and social) to identify barriers to coverage scale up and to generate solutions for overcoming them
* reasons for non-attendance: from lack of awareness of the programme or the problem, to family members barring participation
* the relationship between coverage and effectiveness (don't assume effectiveness stays constant)
* the SQUEAC (semi-quantitative evaluation of access and coverage) tools (e.g. for creating "mind maps" of assumptions about how programmes work and people engage with them) seem to have usefulness beyond the SAM programmes
Just another reason to close the "chronic" - "emergency" divide.
Ebola means there should be a greater focus on nutrition, not less
The Second International Conference on Nutrition (ICN2) is scheduled for Nov 19-21.
I have heard some people talk about how Ebola may take the focus away from nutrition, but I think it strengthens (unfortunately) the case for more attention to nutrition.
First, people with poor malnutrition will have weaker immune systems and so--all other things being equal--it is plausible that they will be more likely to contract the disease given the same exposures (note, as a number of you have pointed out since I originally published this, it is hard to find any actual evidence to support this statement, it just seems plausible--but if you have seen any evidence supporting or refuting this, please let me know and I will edit the blog).
Second, health systems are going to be decimated because health workers are most at risk and the health system will be working overtime to deal with Ebola in countries with high levels of infection (see this harrowing account in the New England Journal of Medicine from an MSF staff member). This means fewer resources to prevent malnutrition to stifle infection.
Third, because the infection is spread through touching, it becomes more difficult to give very young children the care they need for healthy growth, even without the virus.
Fourth, agriculture is going to suffer, just as it did with HIV/AIDS. There will be a labour shortage effect, but perhaps the bigger effect will be an inability to transport food due to curfews and lockdowns -- hence the very real risk of food price spikes.
Of course, much more investment is needed NOW to deal with the infection. But once the case loads have peaked, more attention is needed to building resilience to future outbreaks-and that means better nutrition and stronger health systems.
Telegram SAM: Children of the Nutrition Data Revolution
For those of you too young to get the T-Rex reference, this is a post to highlight a great blog by Andre Briend that may have gotten lost in the summer holidays.
Andre reminds us that many children with Severe Acute Malnutrition (SAM), as defined by the UN, may be omitted from current prevalence estimates.
SAM is defined by WHO and UNICEF by a weight-for-height index (WHZ) less than -3 z-score OR a mid-upper arm circumference (MUAC) less than 115 mm OR presence of oedema (significant observable swelling due to fluid accumulation). In other words if any one of those 3 conditions holds, then the child is severely acutely malnourished.
So what's the problem? Well current estimates of children under 5 suffering from SAM are based on prevalence surveys counting children with a WHZ less than -3 z-score. In other words, if a child has WHZ greater than -3 but has low MUAC or oedema, then the child is not classified as SAM when they should be--so the estimate based purely on WHZ less than -3 is a lower bound.
So how big an underestimate of SAM do we get from relying solely on WHZ less than -3? Well, Andre cites studies showing factors of discrepancy from 1.6 to 8!
I'm not an expert, but I would imagine measuring MUAC is easier than measuring oedema. Can we not have a few Demographic and Health Surveys that assess MUAC in addition to the usual WHZ so we can get an idea of how badly we are getting it wrong?
More of the world's children need to benefit from a nutrition data revolution. The Global Nutrition Report has a whole chapter devoted to this.
Global Hunger Index 2014: Uncloaking Hidden Hunger
Last night Concern Worldwide UK and Fiona Twycross, an elected London Assembly member, hosted a launch of the Global Hunger Index (GHI) Report of 2014 at London's City Hall.
I was on the panel along with Richard Mwape from Zambia (speaking on Realigning Agriculture to Improve Nutrition, RAIN), Baroness Northover and Lord Collins from the UK Parliament. It was chaired by Chris Elliot, Chair of Concern Worldwide UK.
The theme of the 2014 GHI is "Hidden Hunger" (micronutrient malnutrition).
My 8 minute slot had 6 points:
1. The GHI is an annual hunger index. It is intended to mark country level progress, incentivise and guide action and strengthen accountability.
2. The GHI is a composite measure of hunger. It combines 3 measures: undernourishment (food supply based); underweight of under 5's (capturing food, care and health) and under 5 mortality rates (capturing the interplay of diet and infection). So the GHI is a fairly well rounded indicator of hunger.
3. Progress. The 120 "developing countries" have made good progress: scores declining from 20.6 in 1990 to 12.5 in 2014. There has been progress in all regions, especially in South Asia. The South Asian figures are driven by a new Indian national government survey which shows that underweight rates declined by 13 percentage points (from 44% to 31% between 2005 and 2013). I also noted that while this is fantastic (if the numbers hold up to further scrutiny) there is plenty of room for improvement: The Report notes that India moved from 127th/128 on underweight rates to 120th/128 for countries with data.
Sub-Saharan Africa has highest scores and in the past 5 years they have been coming down faster than before. Reasons for the acceleration? The Report suggests success in fighting Malaria and HIV/AIDS, more antenatal visits, immunisations, expanded access to improved water and sanitation and income growth (interestingly few mentions of contributions made by agriculture).
4. The GHI is a good measure of hidden hunger as well as of hunger. Hidden hunger refers to deficits in the intake of vitamins and minerals (micronutrients) in the diet. Food intake may stave off hunger pangs but if diets are low in nutritional diversity and quality this will have consequences. Micronutrient deficits have clinical manifestations that show when the deficiency is already significant (e.g. night blindness, cataracts, goitre, weak immune systems, poor birth outcomes), but there are no warning pangs of hunger to alert us to these deficits in quality. Hence the "hidden".
The GHI is well linked, statistically, to specific measures of hidden hunger (such as anemia rates). Interestingly the undernourishment component of GHI is the least well linked (not surprising since it is based on aggregate food supply) and this shows the value added of including the other 2 dimensions of the GHI (underweight and under 5 mortality rates).
5. Progress on some micronutrient deficiencies is shockingly slow. There are some success stories--vitamin A supplementation for under 5s and salt iodisation but, as the Global Nutrition Report will show on its release at ICN2 (Nov 20), only 5 of 185 countries in the world are on course to meet the global anaemia reduction targets (for women of reproductive age). Why so slow? For anaemia I would guess a mix of lack of awareness of the magnitude of the problem, lack of awareness of our inability to make progress, the fact that it affects women more than men, lack of appreciation of the economic consequences, and the lack of platforms to deliver interventions to key target groups. This lack of progress affects nearly all countries--countries should make common cause to share experiences about why some are making progress and some are not.
6. As researchers, civil society and government, it is our responsibility to make this issue less hidden. We need to be open to working with the private sector around fortification (they are neither absolute heroes or villains--it all depends on context). We need to be open to a range of interventions: agriculture for diet diversity, biofortification, supplements, fortification and food subsidies and public agricultural research that incentivises the consumption and production of healthier foods. There is no silver bullet. We need more data (we only have anaemia data for 185 countries because so few countries have their own survey data it has to be modelled for everyone else) and we need more studies that quantify consequences in ways that Ministers of Finance can understand.
Ultimately malnutrition reduction is about social change, and civil society has always been at the forefront of that, so civil society needs to educate, organise, advise and agitate.
Most malnutrition is hidden. Micronutrient malnutrition is cloaked in invisibility. We can change that.
The recent ENN meeting--helping break down the boundaries in nutrition
I was at the Emergency Nutrition Network (ENN) technical meeting in Oxford this week.
The meeting was organized to fill a perceived gap – not enough technical meetings on nutrition to address problems we talk about a lot but never make time to grapple with.
The 100 or so participants were mostly from implementing agencies (not so many researchers).
The issues addressed were quite practical:
* what does nutrition-sensitive WASH actually look like (still not terribly clear to me despite some great presentations)?
* What forms does multistakeholder coordination take (e.g. co-location of programmes, embedding of nutrition programmes in broader programmes, hybrid or integrated approaches) and when is which form the most appropriate?
* What are some of the new innovations in cash transfer programming (vouchers, cash, direct bank account transfers, cash transfers in emergency situations)?
* What are some of the new global developments to be aware of (e.g. the ICN2, Sustainable Development Goals, the Global Nutrition Report, WHO/UNICEF's new Global Monitoring Framework etc.)?
* What are some of the disconnects that stop the nutrition community working as effectively as possible (e.g. bureaucratic imperatives that lead to competition for funding, wanting to brand individual work, very different languages, seemingly arbitrary divisions of responsibility – WFP leads on moderate acute malnutrition and UNICEF leads on severe acute malnutrition--duplication of effort: e.g. 10 different infant and young child feeding programmes going on in one district)?
* Was the initial humanitarian response in Syria too African-centric (i.e. too focused on acute malnutrition? Yes.)
I really enjoyed the meeting, which was very well organised. It was great to interact with lots of very thoughtful people I usually do not get to talk to with, although it made me sad that there are so many nutrition professionals working behind a wafer thin but seemingly impenetrable wall from those working on more chronic forms of nutrition. (One example: I bet not many of the latter camp know the definition of Global Acute Malnutrition—a key summary indicator for this community).
Somehow we need to get beyond the labels of "emergency" and "development".
First, poor development choices generate emergencies, and poor emergency responses can set back or propel development. The boundaries are not substantive.
Second, these labels do not describe what each community does. "Chronic" does not equal development (stunting rates can be profoundly affected by shocks) and "acute" does not equal emergency (e.g. India has very high levels of wasting).
Finally, stunting and wasting go hand in hand at the national level and perhaps at the individual level (for the Global Nutrition Report we could not find estimates for 50 plus surveys answering the question "what percent of stunted children are also wasted and vice versa?").
Perhaps we could just talk about "one nutrition". Perhaps ENN could call itself the Enabling Nutrition Network!
Does FAO really cheat on hunger numbers?
An article by Martín Caparrós in the New York Times has been getting a lot of air time.
The article basically accuses FAO of cooking the hunger numbers from 1990--revising them upwards so that the current numbers make it look like progress is being made (see the State of Food Insecurity in the World, or SOFI, from 2014).
Caparrós stops short of accusing FAO of "conscious corruption". Instead he says the revisions and their direction, are "a symptom of an institutional culture that has to prove it is achieving important progress".
The argument is that it is hard to imagine why the 1990 numbers have increased from 786 million (estimated in 1992) to the current estimates for 1990, 995 million.
Well, as you know, I am no fan of the undernourishment numbers--they are very crude estimates of hunger, but if we want numbers for every country every year, they are the best we have at present.
But has FAO really been cooking these numbers, even if "unconsciously"? I say no.
Lets go back to the regional estimates. I could not find any SOFI's before 2005 online (something to note FAO - your links go back to 1999 but they do not work).
Comparing the 1990-92 estimates for the numbers of people undernourished (millions) from the 2005 and 2014 SOFI reports we get:
Developing World: 823.8 (2005), 994 (2014)
East Asia: 198.8 (2005), 295 (2014)
>China: 193.5 (2005), 289 (2014)
SE Asia: 78.4 (2005), 138 (2014)
LAC: 59.5 (2005), 68.5 (2014)
Near East and N Africa: 24.8 (2005), 6 (2014)
Sub Saharan Africa: 170.4 (2005), 176 (2014)
As you can see, most of the increases are from East and South East Asia, and most of those are from three countries: China (up nearly 100 million), Myanmar (from 4 to 27 million) and Indonesia (from 16 to 36 million). In Sub-Saharan Africa the estimates have barely moved.
So what is going on in these 3 countries? Well that would take a lot more research than this, but in 1990 these countries were not exactly transparent with their data and information. Arguably they are more so now, and as their data become more available and more scrutinised, they probably begin to edge closer to the realities of 1990.
Governments have stronger incentives than FAO to use numbers to their advantage, and I suspect this is what may have happened back in the 1990s.
Did FAO cook the books? I would have said no before seeing these numbers and now I am even more sure. FAO could do a better job of explaining these revisions, however.
Is the NYT article poor journalism? Yes--they should have checked the regional numbers, or at least gotten a counterpoint view. Their story corrodes the faith people have in our collective efforts to reduce hunger and in the institutions that are charged with leading the effort. That's the real story.
Lawrence Haddad
About Development Horizons
Some unguarded reflections, thoughts, and ideas on international development from Lawrence Haddad. These opinions are not necessarily representative of or endorsed by GAIN.
Lawrence Haddad is the Executive Director of the Global Alliance for Improved Nutrition (GAIN). More
The Global Nutrition Report
Catch up growth? Yes, but what does it signify? Ne...
Evidence on the impact of research on internationa...
Who has Coverage covered? Learning from the SAM s...
Ebola means there should be a greater focus on nut...
Telegram SAM: Children of the Nutrition Data Revol...
Global Hunger Index 2014: Uncloaking Hidden Hunger...
The recent ENN meeting--helping break down the bou...


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 Обиход — певческая книга русской православной церкви.


I have a client that was wondering if there was a way to integrate C&P with Quickbooks Online. I see from this update that some sort of integration exists, but I can't find further information on it. I also cannot find Click & Pledge under the supported apps in Workato. Is this feature no longer available?


Thank you, ladies. I'm so glad we connected.
Everyday Gyaan has recently been honored to receive eCollegeFinder.org's Top 50 Wellness Gurus Award. The Wellness Guru Award recognizes the top 50 Internet-based resources providing support and advice for college student's mental, emotional and physical health. (that's what the commendation reads). Another connection that might lead to more connections!


text:
Antiquity (3)
Cambridge Archaeological Journal (3)
The Antiquaries Journal (3)
Archaeological Dialogues (1)
European Journal of Archaeology (1)
Society of Antiquaries of London (3)
European Association of Archaeologists (1)
Aging Well: Treherne's 'Warrior's Beauty' Two Decades Later
Catherine J. Frieman, Joanna Brück, Katharina Rebay-Salisbury, Sophie Bergerbrant, Sandra Montón Subías, Joanna Sofaer, Christopher J. Knüsel, Helle Vandkilde, Melanie Giles, Paul Treherne
Journal: European Journal of Archaeology / Volume 20 / Issue 1 / February 2017
Over the (slightly more than) two decades that the European Journal of Archaeology (formerly the Journal of European Archaeology) has been in print, we have published a number of excellent and high profile articles. Among these, Paul Treherne's seminal meditation on Bronze Age male identity and warriorhood stands out as both the highest cited and the most regularly downloaded paper in our archive. Speaking informally with friends and colleagues who work on Bronze Age topics as diverse as ceramics, metalwork, landscape phenomenology, and settlement structure, I found that this paper holds a special place in their hearts. Certainly, it is a staple of seminar reading lists and, in my experience at least, is prone to provoke heated discussions among students on topics as far ranging as gender identity in the past and present, theoretically informed methods for material culture studies, and the validity of using Classical texts for understanding prehistoric worlds. Moreover, in its themes of violence, embodiment, materiality, and the fluidity or ephemeral nature of gendered identities, it remains a crucial foundational text for major debates raging in European prehistoric archaeology in the present day.
Death, burial and ritual in Iron Age Britain and the Netherlands
Melanie Giles
Journal: Antiquity / Volume 90 / Issue 352 / August 2016
Performing Pain, Performing Beauty: Dealing With Difficult Death in the Iron Age
Journal: Cambridge Archaeological Journal / Volume 25 / Issue 3 / August 2015
Traumatic death rends the fabric of personal and social relations in a manner that is qualitatively different to other kinds of mortality. Mourners must deal with the personal affects, familial consequences and political aftermath of such events. This paper examines the way in which performances around such difficult deaths were used to express and negotiate trauma, through the lens of Iron Age burials in Britain and Ireland. It draws on performance theory developed in relation to contexts of violence to argue that such funerals embodied a necessary tension: articulating pain whilst working towards a re-making of the world. The paper makes an original contribution to the archaeological analysis and interpretation of funerary performance, and moves recent debates on violence in the Iron Age into a new arena of study.
Headhunting and the Body in Iron Age Europe. By Ian Armit. 260mm. Pp xii + 259, 76 b&w ills, 6 maps, 5 tables. Cambridge University Press, Cambridge, 2012. isbn9780521877565. £62 (hbk).
Journal: The Antiquaries Journal / Volume 94 / September 2014
A Very British Antiquary: Richard Gough 1735–1809. By Philip Whittemore and Chris Byrom. 300mm. Pp viii+72, 11 b&w illus. London: Wynchmore Books, 2009. ISBN 9780956459503. £10.99+£2 p&p in UK (spiral binding).
Social Relations in Later Prehistory, by Niall Sharples, 2010. Oxford: Oxford University Press; ISBN 978-0-19-957771-2 hardback £80 & $130; xiv+380 pp., 86 figs., 5 tables.
Journal: Cambridge Archaeological Journal / Volume 21 / Issue 2 / June 2011
John Strickland Dent. The Iron Age in East Yorkshire: an analysis of the later prehistoric monuments of the Yorkshire Wolds and the culture which marked their final phase (British Archaeological Reports British Series 508). xiv+138 pages, 113 illustrations, 10 tables. 2010. Oxford: John & Erica Hedges; 978-1-4073-0475-5 paperback £40.
Journal: Antiquity / Volume 84 / Issue 325 / 1 September 2010
Print publication: 1 September 2010
Iron Age bog bodies of north-western Europe. Representing the dead
Journal: Archaeological Dialogues / Volume 16 / Issue 1 / June 2009
Published online by Cambridge University Press: 06 August 2009, pp. 75-101
This paper explores the phenomenon of Iron Age bog bodies which are currently the subject of competing claims over the respectful treatment of the ancient dead. It reviews the problems associated with their discovery, identifies why they attract such attention, and critiques both traditional interpretations of bog bodies and methods of display. The paper defends their archaeological analysis, arguing that this process can radically transform our understanding of past communities: their lifeways and world views. Using British and Irish examples, it discusses how intimate emotions and social bonds are constructed between bog bodies, on the one hand, and, on the other, the professionals and public who engage with them. It contends that a more reflexive approach which foregrounds these complex relationships might help address concerns about the public display of human remains in general. It concludes by advocating broad processes of consultation as well as a contextual approach to the interpretation and display of future bog bodies.
The Archaeology of Celtic Art, by D.W. Harding, 2007. hardback £70 & US$120; ISBN-13 978-0-415-42866-8 paperback £24.99 & US$45.95; ISBN-13 978-0-203-69853-2 ebook US$45.95; xi+325 pp., 16 col. pls., 95 figs.
Journal: Cambridge Archaeological Journal / Volume 19 / Issue 1 / February 2009
Susan Pearce (ed.). Visions of Antiquity. The Society of Antiquaries of London 1707-2007. xii+452 pages, 116 b&w colour illustrations, 27 tables. 2007. London: Society of Antiquaries of London; 978-0-85431-287-0 hardback £75.
Collecting the Past, Constructing Identity: The Antiquarian John Mortimer and The Driffield Museum of Antiquities and Geological Specimens
2005 marked the centenary of the publication of Forty Years Researches in the British and Saxon Burial Mounds of East Yorkshire by John Mortimer. This review explores the key concepts underpinning his work – those of progress and racial identity – and how they were developed both in the monograph and in the fieldwork and museum arrangements upon which the monograph was based. It argues that although Mortimer is best known for his work on the Neolithic and Bronze Age of East Yorkshire it was the material from Iron Age burials in the region that crystallized his thinking on these issues. The article also explores the way in which this archaeological collection shaped Mortimer's own relationships and sense of place, while contributing more broadly to regional and national discourses on identity. Finally, it highlights the contemporary significance of this collection and its associated archive, currently held at the Hull and East Riding Museum.


Chicken Shoraba is a main course here in Pakistan. This method is told by a family friend who has learned it from a Cook. That cook made this Salan/ shorba on a special occasion.
Fry onion in oil till soft,add ginger garlic paste and stir for few seconds.
Add all spices but add 1 tsp garam masala powder. Half we will add in the end.
Now add a little amount of water (1/4 ) cup and stir.
Add chopped tomatoes, fry till oil separates.
Remove pot from stove and let it cool.
Again pour gravy in pot and add chicken as well.
Start cooking on high flame. Fry chicken till oil separates.
Add water (up to your choice) and cook till chicken tender.
Sprinkle garam masala powder and ginger sticks.
Let it simmer on low flame for 10 minutes.


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