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2 bedroom flat for sale on Gardner Street, Partick, Glasgow
Asking price: £235,000
#1/1 47#G11 5DA#partick#glasgow#2 bedroom#scotland#flat#apartment#tenement#market value 260 000#87 m2#epc C#council tax D
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Festive demand, rising prices of milk products help dairy farmers see recovery after Covid lows – The Indian Express
Featured Post in Water Filter India dot com - Water Filter India
Written by Harish Damodaran | New Delhi | September 17, 2020 1:30:43 am
The value rise is being attributed to demand slowly returning, as Covid-19 circumstances are exhibiting a deceleration worldwide and most international locations have relaxed lockdown restrictions. (File)
International skimmed milk powder (SMP) prices have hit a seven-month excessive. That’s excellent news for Indian dairy producers, with the ‘flush season’ (when animals, notably buffaloes, calve and produce extra milk) taking off and home demand additionally enhancing forward of the principle competition interval in October-November.
On Tuesday, prices of SMP at Global Dairy Trade (GDT), the fortnightly public sale platform of New Zealand’s Fonterra Cooperative, averaged $2,889 per tonne. This was a eight.5 per cent leap over the earlier public sale price of $2,663 on September 1 and the best since $2,907 on February four.
The value rise is being attributed to demand slowly returning, as Covid-19 circumstances are exhibiting a deceleration worldwide and most international locations have relaxed lockdown restrictions. There can also be discuss of massive-scale imports by China, which has, of late, been stocking up different farm commodities too, together with soyabean, corn, wheat, barley and sunflower oil.
“This is encouraging, but we need to see a couple of more auction results. Only then can a clear trend of recovery be established” stated Rahul Kumar, CEO of Lactalis India, which owns Prabhat Dairy in Mumbai and Chennai-based Tirumala Milk Products Pvt Ltd.
SMP prices on the GDT auctions had crossed $three,000 per tonne in December-January, ranges that have been final seen in August 2014. The newest international value of $2,889 interprets into round Rs 213 per kg, which is above the Rs 180-190/kg charges for SMP now being realised by Indian dairies.
Domestic SMP prices have already recovered from their lows of Rs 140-150 per kg barely two months in the past. So have ex-dairy prices of butter (from Rs 200-225 to Rs 260-270) and ghee (from Rs 280-290 to Rs 340-350/kg).
“The market has somewhat picked up after Janmashtami (August 12) and also with hotels, restaurants and tea shops gradually resuming operations. This uptick should continue at least till Dussehra (October 25) and Diwali (November 14). And with global SMP prices going up, there would be opportunities for exports from India as well,” Ganesan Palaniappan, a number one Chennai-based dairy commodities dealer famous.
All this could help dairy farmers, who had seen procurement prices of cow milk (with three.5 per cent fats and eight.5 per cent solids-not-fats content material) slide from Rs 31-32 per litre in March (simply earlier than lockdown) to Rs 18-20 until a month in the past. Those prices have since improved to Rs 24-25 per litre.
The present demand recovery, each home and international, comes at an opportune time for farmers. Good monsoon rains have considerably boosted fodder availability. Calvings additionally usually begin from late August, resulting in milk manufacturing rising and peaking in the course of the winter, whereas remaining excessive proper until March-April. If milk procurement prices are higher than what they have been until not too long ago, it could be a twin blessing for farmers.
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New Bitcoin ‘ATHs Possible in 2019, Likely in 2020’: Report
On Friday, Ikigai Asset Management founder and CIO Travis Kling released an incredibly detailed report which makes a strong case for Bitcoin price achieving a new all-time high in 2020.
The Devil is in the Details
On Friday Ikigai Asset Management released its tenth monthly crypto and traditional market update and the report was filled with some intriguing Bitcoin price action observations. Ikigai believes that the crypto-sector can “fundamentally change the world and create trillions of dollars of value in the process.”
The asset management firm also firmly believes that the crypto-market is “well on its way to new ATHs for BTC after a truly spectacular Q2-19 – the fourth-best quarterly performance since 2012.”
In fact, Ikigai explicitly said:
In our Monthly Update letter that went out June 1st we said, “last month we stated that new all-time highs were well within reach for 2020. We now believe that may have proven too conservative, and there is a meaningful chance new ATHs are possible in 2019, and likely in 2020.
Ikigai supported this conclusion by pointing out that:
Mainstream media coverage of cryptocurrency has risen significantly.
No-coiners are joining the pack, or at least expressing more interest in cryptocurrency.
Exchange volume has exploded upwards.
Credit Due to Facebook
Ikigai also suggested that the crypto market’s bullish sentiment is partially driven by Facebook’s Libra cryptocurrency. According to Ikigai:
Facebook’s Libra project is tremendously important to the crypto ecosystem. While Libra competes with certain crypto projects, it does not compete with Bitcoin – it is a gateway to Bitcoin. With 2.4bn MAU’s across the Facebook Messenger, WhatsApp and Instagram platforms, Libra has the potential to bring the concept of “value accrual in digital assets” to the world at a scale never before seen.
Metrics Support a Rising Bitcoin Price
Kling confidently asserts that “we are in the midst of a raging bull market [but it is] important to note [that] we are experiencing a significant and much-needed pullback.” Ikigai explained that a strong correction was expected as Bitcoin had already appreciated by +60% in the month of June.
The report also mentioned that the strong pullback resulted in more than $260 million worth of long liquidations on Bitmex in just one hour.
As the chart shows below, Bitcoin was severely overbought and in historical correction territory.
The report also delves a bit into the world of conspiracy theory by suggesting that:
While a deeper pullback in the near term is certainly possible, we believe it is most likely simply an engineered opportunity for Risky Whales to profit from short-term shorts and accumulate more BTC at lower prices before taking the market to new YTD highs.
All-Time Bitcoin Price Highs are Imminent
The report points out that another case for Bitcoin rallying toward new all-time highs is Bitcoin’s rising dominance level. In June the dominance rate rose to heights not seen since the 2017 bull market.
Ikigai attributes this rise in BTC dominance to improving fundamentals and deep interest from institutional investors. According to Ikigai:
BTC is separating itself from the rest of the crypto asset landscape in terms of institutional investability.
The report takes a deep view at an array of metrics (hash rate, volume, on-chain activity, USDT printing, short and long-term price action ) and Ikagai concludes that despite the current pullback, Bitcoin is incredibly bullish.
The firm suggests that the upcoming Bitcoin halving event will catalyze a powerful bull market which will take Bitcoin and the crypto-sector to new all-time highs.
Do you think Bitcoin price will rally to $2o,000 before the end of 2019? Share your thoughts in the comments below!
Image via:Kanaandkatana
The post New Bitcoin ‘ATHs Possible in 2019, Likely in 2020’: Report appeared first on Bitcoinist.com.
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Boscalid Market: moving from experimentation to transformation in 2021
"REPORT OBJECTIVES: The report Boscalid Market: Global Product Intelligence (2016-2021) provides market intelligence on the different segments of the agrochemical, based on type of formulation, crop type, pest, and geography. Market size and forecast (2016-2021) has been provided in terms of both, Value (000 USD) and Volume (000 KG) in the report. A detailed qualitative analysis of the factors responsible for driving and restraining growth of the agrochemical and future market opportunities have also been discussed.
The global Boscalid market report added on the year 2019. This market report studies Manufacturers (including international and domestic), Suppliers and Vendors, Regions, Product Type, Product Variants and Application for the forecast period. The study provides information on past and present Boscalid Industry trends and development, drivers, capacities, technologies, and on the changing capital structure of the Boscalid Market. The study will help the market players and consultants to understand the on-going structure of the market.
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This Boscalid Industry report is a part of series of more than 900 agrochemicals’ product intelligence reports from Alexa Reports. This agrochemicals’ product intelligence report series, in total, covers more than 1,500 pests, 60 formulations, 150 crops and 60 countries.
RESEARCH METHODOLOGY In our Boscalid market size and forecast determination efforts, an extensive secondary research was initially completed to gain a good perspective of the market in each region. Extensive primary research was also carried out by interviewing the key executives from the industry. These interviews helped us to fill-in the data gaps after secondary research. Several secondary sources such as encyclopedia, directories, and databases have been used to identify and collect information useful for this extensive techno-commercial study. The respondents– selected experts from manufacturers and selected suppliers - have been interviewed to obtain and verify critical information as well as to assess the future prospects. The usage of obtained information is based on the perceived reliability by the research team. In many cases, a combination of several sources was used. Alexa Reports provides an in-depth analysis of the Boscalid market segmentation, which is a critical element of the product intelligence reports.
KEY AUDIENCE Executives in marketing, strategic planning and new product development will find such discussions in our reports pertinent and useful. Management consultants, investment bankers, distributors, suppliers, and regulatory authorities are amongst our regular clientele served.
KEY FINDINGS FROM THE REPORT
- Boscalid, a fungicide belonging to group Anilide, is used for controlling various pests such as Cylindrosporium & Sclerotinia, Erysiphe & Puccinia & Septoria, Sclerotinia, Botrytis, Alternaria among others. - Chile, Brazil, France, Japan, France, and Egypt are the leading country markets among others. - Water Dispersible Granules (WG) & Suspension Concentrate(SC) were the leading formulations in 2015. - Our agrochemicals expert team estimated global Boscalid market to be more than USD 260 Million.
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Table of Contents:
Report Introduction
1.1. Report Description 1.1.1. Research Methodology 1.1.2. Report Objectives 1.1.3. Data Sources 1.2. Acronyms / Abbreviations 1.3. Assumptions 1.4. Limitations
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Hyundai Creta range gets a flashy new flagship derivative
Hyundai’s Creta range, which has been a stalwart in the brand’s local model line-up, has grown with the addition of a flagship derivative with several attractive styling cues that sets it apart from its siblings.
Only 500 of the special Cretas - with a “Limited Edition” badge on the hatchback door to denote the newcomer’s exclusive status – will be sold in South Africa. The special treatment is available for all three Creta variants: the 1.6 Executive manual, the 1.6 Executive automatic, and the 1.6 Executive turbodiesel automatic.
Apart from the Limited Edition moniker, the following features will distinguish the new addition from the other derivatives:
A black roof – to create a two-tone exterior with the white body paint finish;
Exclusive two-tone 17″ alloy wheel rims;
A black and red interior, with red inserts on the dashboard and red stitching on the leather seats; and
An infotainment system with Apple Carplay and Android Auto connectivity. Customers can also buy an optional SD card at a price of R2 100 for an off-line navigation function if they do not want to use Google Maps, Waze or Apple’s Maps on Apple Carplay or Android Auto.
As with the other Creta derivatives, buyers of the Limited Edition also have the option of customising their compact Hyundai SUV further with the fitment of a black or chromed front nudge bar and black or chromed side skirts.
Since its launch in 2017 Hyundai Automotive South Africa has sold more than 11 600 Cretas and this model has constantly been at the top of its market segment. The Creta portrays a strong road presence and embodies the aggressive stance of an SUV in its own style. It slots in below its Tucson SUV sibling, both in terms of size and price.
Convenience features in the Creta include air vents for the rear passengers, a rear armrest with cup holders, cruise control and rear park assist sensors and camera that displays its image on the screen of the infotainment system. The multi-function steering wheel, with remote controls for the sound system and buttons for the trip computer and system information, is also covered in leather.
Static bending headlamps that improve side visibility when the vehicle turns in a curve on the road or at crossroads is not only a convenience, but also comes standard and improves safety for the driver at night.
The three engine/gearbox combinations in the Creta range that will be available as the Limited Edition are:
Creta 1.6 Executive Manual – 4-cylinder 1,6-litre naturally aspirated petrol engine with a 6-speed manual gearbox. The engine delivers maximum power of 90 kW at 6 300 r/min., with torque peaking at 150 Nm at 4 850 r/min. Fuel consumption was measured at 7,9 litres/100 km.
Creta 1.6 Executive Automatic – The same petrol engine as above but coupled with a 6-speed automatic gearbox. The fuel consumption measured for this derivative is 8,4 litres/100 km.
Creta 1.6 Executive Turbodiesel Automatic – This derivative uses a 1,6-litre turbocharged diesel engine, together with a 6-speed automatic gearbox. Maximum power delivery is 94 kW at 4 000 r/min., and its torque peak of 260 Nm is reached at 2 750 r/min. It has recorded a fuel consumption figure of 7,4 litres/100 km in a real-world, combine test cycle. The engine is equipped with a Variable Geometry Turbocharger (VGT) that monitors the throttle and changes vane geometry accordingly, which in turn regulates turbo boost pressure for a smooth acceleration and maximum power at low engine speed.
The Creta’s exceptional ride quality and outstanding road holding are achieved by a McPherson strut front suspension with gas dampers. An optimized caster angle delivers a more stable, smoother high-speed travel. At the rear, revised geometries of the dampers used with the coupled torsion beam axle deliver an increased lever ratio that generates gentle understeer for better cornering performance.
The Creta can boast with class-leading noise, vibration and harshness (NVH) levels due to the use of enhanced sound absorption materials and advanced engineering design of the engine, transmission and body structural parts that ensures a quiet cabin. NVH levels have been also been well contained with the use of dash board insulators, anti-vibration pads, a sound-deadener coating on the floor, optimized engine mounts, tunnel area rigidity and the application of a dual sealing structure on doors.
The Creta is one of the toughest and strongest SUVs in its segment. It is designed with a strong “Hive structure” body shell that ensures high structural strength stability and sturdiness. The ring-shaped frames applied at B-Pillar, C-Pillar and engine bay brings a significant increase in body stiffness, which ensures precise handling while maintaining excellent ride quality.
Safety features in the Creta include dual front and side airbags for driver and passenger, and curtain airbags for protection of rear passengers as well. The Creta is also equipped with an Anti-lock Brake System (ABS) and Electronic Braking Distribution (EBD).
Pricing
The prices of the Creta Limited Edition range are:
Creta 1.6 Limited Edition (manual) R 372 900 Creta 1.6 Limited Edition (automatic) R 397 900 Creta 1.6 Limited Edition Turbodiesel (automatic) R 438 900
Included in the recommended retail price of the Creta is Hyundai’s 7-year/200 000 km manufacturers’ warranty, while roadside assistance for 5 years or 150 000 km and a 5-year/90 000 km service plan adds further value to the package. Service intervals are 15 000 km.
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The governing board of Middleville hired a consulting company to evaluate its strategic performance,
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The governing board of Middleville hired a consulting company to evaluate its strategic performance,
Middleville Regional Health Care is one (1) of three (3) hospitals serving a community of 350,000 people. Summary statistics on Middleville and its competitors, from the AHA Guide, are shown below in Table 1. All three organizations are not-for-profit.
Table 1: Middleville, Brierfield, and Greystone Health Care Systems
Name
Beds
Admissions
Census
OP Visits
Births
Expenses (000)
Personnel
Middleville
575
13,000
350
221,000
2,300
$125,000
2,000
Brierfield
380
17,000
260
175,000
1,200
$130,000
1,875
Greystone
350
10,000
180
40,000
900
$80,000
1,200
The governing board of Middleville hired a consulting company to evaluate its strategic performance, specifically in the areas of Human Resources, Information Technology, Financing, and Marketing. As part of the consultant’s evaluation, several leaders of Middleville’s units were asked their perspective of the organization’s performance.
You are working for the consultant. Your job is to identify the issues from the response that should be considered further by the consultant team and possibly discussed with the governing board and the CEO. The firm has a rule, “Never offer a criticism or negative finding without suggesting how the client organization can correct it,” so you must indicate what sort of correction you would recommend as part of your list. Because you know there were about two (2) dozen other interviews, you decide you should rank your issues in importance, to make sure the most critical are discussed.
Write a six to eight (6-8) page paper in which you:
Explain the governing board’s role in these strategic initiatives, determining its responsibility and involvement.
Evidence-based management means that operational and strategic decisions are made based upon the evidence that goals and objectives are actually being met. Quantitative measurements must be identified and measured. This data is then used to evaluate the HCO’s performance. Name three (3) performances Middleville can use to measure its success in providing quality healthcare to the community, and identify quantifiable, measureable indicators that can be used to do so. Explain the importance of each performance measurement.
Given the statistics of Middleville and its two (2) competitors provided in Table 1, recommend to the HCO what areas it should focus on to maintain its competitive market share as well as continue to provide healthcare to the community in the 21st century.
Some of Middleville’s Board members are very interested in pursuing advanced technology systems over the next five (5) years, while others are concerned about the enormous expense and need assurance that the investment in technology will be worthwhile. In both monetary and process terms, describe the costs and benefits associated with implementing EMR and associated health data systems. Lay out a plan for how various systems can be implemented.
Middleville has faced many challenges in recruiting and retaining nurses and other clinical employees. The economy has hit the area very hard and budgetary limitations have reduced the amount of money available for salary increases. The Board knows it needs to provide other benefits to their valued employees. Provide at least two (2) suggestions to Human Resources to promote employee satisfaction and, therefore, retain experienced personnel.
Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.
Format your assignment according to the following formatting requirements:
a. Typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
b. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page is not included in the required page length.
c. Include a reference page. Citations and references must follow APA format. The reference page is not included in the required page length.
The specific course learning outcomes associated with this assignment are:
Examine how healthcare management concepts and theories are applied to critical issues in healthcare organizations.
Analyze the critical management issues, purpose, functions, and performance measures of different departments within healthcare organizations.
Explain how public policy has shaped the development of the U.S. healthcare system.
Use technology and information resources to research issues in health services organization management.
Write clearly and concisely about health services organization management using proper writing mechanics.
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Ashburton Investments rmb
1. A part of the FirstRand Group RMB Global Markets Fund Solutions Brought to you by Ashburton Investments
2. Ashburton Investments – giving investors access to more 2 Ashburton Investments is the FirstRand Group’s investment management business Brings together the investment capabilities of RMB and Ashburton to create a new and innovative investment proposition Unique ability to leverage the skills, platforms and product origination capabilities within the FirstRand Group enables us to give investors access to an investment universe not previously available to them Over R115 billion* in assets under management *As at June 2014 FirstRand Group About Ashburton Investments A new generation investment manager Our view Financial markets Portfolio management Solutions Access Listed instruments: equities, cash, bonds Unlisted instruments: Real economy origination Single managers Multi managers Segregated portfolios Alternatives Passives Guaranteed products Multiple investment styles Risk profiles Institutions Individual investors Broad retail market + + + + A view Asset and liability solutions
3. GLOBAL MARKETS February 2014 GLOBAL MARKETS Fund Solutions GLOBAL MARKETS Fund Solutions GLOBAL MARKETS Fund Solutions Emile Linde [email protected] │ June 2014
4. Strictly Private and Confidential Retail and commercial banking Corporate and investment banking Instalment finance Investment management FirstRand Bank Limited FirstRand Investment Management Overview — organisational structure 4 • RMB provides guaranteed, alternative and passive solutions to private and professional investors • RMB provides investment solutions to IFAs / private investors via Ashburton Investments
5. Strictly Private and Confidential RMB non-traditional investment solutions include a combination of the following: Overview — GMFS summary Out-of-the-ordinary (alternative) assets • Not equities, bonds or cash • Low correlation to traditional asset classes • Improved risk adjusted returns • Relaxation of regulation 28 of the Pension Funds Act Mirror of market performance (passive / rules-based / Beta) • Mainly derived from mathematical equations • Include ETFs, ETNs, CISs, etc. Downside risk protection • Applied to many of our investment strategies • Risk reduction compounds positively over time • Can be overlaid within a solution 5 5 RMB boutique products RMB customised solutions RMB Fusion funds RMB ETFs 5
6. Strictly Private and Confidential Conservative range RMB Cash Enhancer RMB Structured Plus 100 RMB Inflation-X ETF RMB Protected Equity RMB Cautious Fusion Fund Balanced range RMB Structured Plus 90 RMB Protected Flexible 80 RMB Protected Equity RMB Moderate Fusion Fund Growth range RMB Top40 ETF RMB MidCap ETF RMB Select RMB Protected Equity RMB Growth Fusion Fund Aggressive range Customised solutions (e.g. RMB Bespoke) Overview — RMB investment range by client risk profile Conservative Balanced Growth Aggressivegrowth Potentialreturn Risk 6 66
7. RMB boutique products 7
8. Strictly Private and Confidential RMB Cash Enhancer RMB Dynamic Yield Series RMB Cash Enhancer Performance linked investment account 8
9. Strictly Private and Confidential Indicator Details Target market Private investors seeking above average returns Product structure • Combine FSR cash deposits and investment grade corporate credit • Invest alongside FSR’s own high quality corporate credit portfolio • 60-75% FSR cash deposits, 25-40% corporate credit • Client earns the rate pick-up from the corporate credit portfolio • Returns accrue daily and are capitalised quarterly Guarantee None Liquidity • Weekly investment dates • 45 calendar days’ notice Investment horizon > One year Benchmark The average large Money Market Collective Investment Scheme (MM CIS) Minimum investment R1 000 000 Fees (excl. VAT) TER: 0.15% Reporting Top ten credit holdings available monthly, full list available on request RMB Cash Enhancer (cont.) 99
10. Strictly Private and Confidential Credit portfolio exposure (top 10) Growthpoint Properties Ltd. Emira Property BMW Financial Services RSA (Pty) Ltd. Tongaat-Hulett Ltd. Mercedes-Benz RSA (Pty) Ltd. Transnet Ltd. Engen Ltd. Steinhoff International Holdings Ltd. Pick ‘n Pay Retailers (Pty) Ltd. Discovery Holdings Ltd. High quality credit assets strictly limited by a mandate: The credit assets must also comply with the following: • Investment grade only: - Listed companies or metros - Government guaranteed exposure / parastatals - Subsidiaries/branches of multinational companies • Maximum average duration of portfolio of 3 years • Only local currency exposures • No geared exposure • Originated via the FirstRand Credit Process • Originated by a division of FirstRand Bank • Credit counterpart is a client of FirstRand Bank • FirstRand Bank is similarly invested into the credit counterparty RMB Cash Enhancer (cont.) 10 10
11. Strictly Private and Confidential RMB Cash Enhancer (cont.) Monthly performance versus benchmark1 Source: RMB Note 1. Returns are net of fees 11 11 4.50% 5.00% 5.50% 6.00% 6.50% May-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Cash Enhancer Benchmark 11
12. Strictly Private and Confidential RMB Structured Plus 100 RMB Multiple Asset Series RMB Structured Plus 100 Performance linked investment account 1212
13. Strictly Private and Confidential Indicator Details Target market Private investors seeking low volatility real returns Product structure • Broadly diversified local asset mix • Absolute return fund with explicit guarantee • Only absolute return fund managed by a bank Guarantee 100% explicit 12-month rolling FSR capital guarantee Liquidity • Annual liquidity • 1 calendar month notice • No monthly distribution Investment horizon > One year Benchmark CPI + 2% Minimum investment R250 000 Fees (excl. VAT) • Advice fee: 0.50% • Management fee: 0.50% • Performance fee: 25% of outperformance above benchmark Reporting Monthly performance and holdings available RMB Structured Plus 100 13 13
14. Strictly Private and Confidential 80 100 120 140 160 180 200 220 240 260 280 Dec-04 Nov-05 Oct-06 Aug-07 Jul-08 May-09 Apr-10 Feb-11 Jan-12 Nov-12 Oct-13 SP 100 CPI plus 2% RMB Structured Plus 100 (cont.) Strategic asset allocation • 35% defensive hedge • 20% growth hedge • 30% secure growth 100 • 15% cash or equivalent Source: RMB, Stats SA Note 1. Simulated returns, net of management fees, gross of performance fee Performance vs CPI + 2%1 14 14
15. Strictly Private and Confidential RMB Structured Plus 90 RMB Multiple Asset Series RMB Structured Plus 90 Performance linked investment account 15
16. Strictly Private and Confidential RMB Structured Plus 90 (cont.) Indicator Details Target market Private investors seeking low volatility real returns Product structure • Broadly diversified local asset mix • Absolute return fund with explicit guarantee • Only absolute return fund managed by a bank Guarantee 90% explicit 12-month rolling FSR capital guarantee Liquidity • Annual liquidity • 1 calendar month notice • No monthly distribution Investment horizon > One year Benchmark CPI + 3.5% Minimum investment R250 000 Fees (excluding VAT) • Advice fee: 0.50% • Management fee: 0.50% • Performance fee: 25% of outperformance above the benchmark Reporting Monthly performance and holdings available 16 16
17. Strictly Private and Confidential 75 100 125 150 175 200 225 250 275 300 325 Dec-04 Nov-05 Oct-06 Aug-07 Jul-08 May-09 Apr-10 Feb-11 Jan-12 Nov-12 Oct-13 SP 90 CPI plus 3.5% RMB Structured Plus 90 (cont.) Performance vs CPI + 3.5% Source: RMB, Stats SA Note 1. Simulated returns, net of management fees, gross of performance fee Strategic asset allocation • 30% defensive hedge • 30% growth hedge • 35% secure growth 95 • 5% cash or equivalent 17
18. Strictly Private and Confidential RMB Protected Flexible 80 RMB Multiple Asset Series RMB Protected Flexible 80 Performance linked investment account 18
19. Strictly Private and Confidential Indicator Details Target market Private investors seeking high exposure to equities and alternative assets with a level of guarantee Product structure • Formulaic allocation between asset classes according to market conditions • Asset allocation managed daily to maximise returns (and for guarantee purposes) Guarantee Explicit FSR guarantee of 80% of the highest month-end value achieved Liquidity and interest • 1 calendar month notice • No monthly distribution • Total return paid out on redemption Investment horizon > One year Benchmark CPI + 5% Minimum investment R250 000 Fees (excluding VAT) • Advice fee: 0.50% • Management fee: 1.25% Reporting Monthly performance and holdings available RMB Protected Flexible 80 (cont.) 19 19
20. Strictly Private and Confidential Strategic asset allocation • 60% top40 Index • 40% growth hedge • 0% Cash RMB Protected Flexible 80 (cont.) Historical performance vs Top40 tracker Source: RMB, Bloomberg Note 1. Simulated returns, net of management fees 20 80 130 180 230 280 330 380 Dec-05 Aug-06 Apr-07 Dec-07 Aug-08 Apr-09 Dec-09 Aug-10 Apr-11 Nov-11 Jul-12 Mar-13 Nov-13 RMB Protected Flexible 80 TOP40 Tracker 80% Guarantee 20
21. Strictly Private and Confidential Product performance summary Source: RMB, Bloomberg Note 1. Simulated returns, net of management fees 21 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 Dec-05 Aug-06 Apr-07 Dec-07 Aug-08 Apr-09 Dec-09 Aug-10 Apr-11 Nov-11 Jul-12 Mar-13 Nov-13 RMB Structured Plus 100 TOP40 Tracker RMB Structured Plus 90 Cash (Month NCD) RMB Protected Flexible 80 21
22. Strictly Private and Confidential Product performance summary Source: RMB, Bloomberg Note 1. Simulated returns, net of management fees 22 22 -40% -20% 0% 20% 40% 60% 80% 100% Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 RMB Structured Plus 100 TOP40 Tracker RMB Structured Plus 90 Cash (3 month NCD) RMB Protected Flexible 80
23. GLOBAL MARKETS February 2014 GLOBAL MARKETS Fund Solutions GLOBAL MARKETS Fund Solutions GLOBAL MARKETS Fund Solutions RMB customised solutions 23
24. Strictly Private and Confidential RMB Bespoke Series Performance linked investment account 24 RMB Bespoke 24 24
25. Strictly Private and Confidential 25 RMB Bespoke (continued) All in one multi-purpose, multi-asset class portfolio • ZAR financial assets only Listed equity (Top 100) Exchange Traded Funds (ETFs) Hedge funds and fund of funds Collective Investment Schemes (House View portfolios) RMB Structured Products • Cost 0.65% p.a. 27 25
26. Strictly Private and Confidential 26 The South African mystery 3 Question: Would you consider gearing into a growth investment? Answer: Average South African will say that is too high risk. The mystery: Growth assets have the highest probability of outperforming the cost of funding over time. Low Volatility Growth Assets 26
27. Strictly Private and Confidential RMB Bespoke (continued) 27 Gearing offering Limited to approved Growth assets with low volatility strategies • Assets only available through the Balance Sheet Responsible gearing • Ranges from 0.1x to 1x • Non recourse • Risk management via Constant Proportion Portfolio Insurance (CPPI) • Currently prime interest rate linked
28. Strictly Private and Confidential 28 RMB Bespoke (continued.) Guarantees Various reference assets can be guaranteed • Independent Solutions • Dependent on risk (liquidity, volatility, correlation etc.) Cost effective • 0.60% p.a. ‘pay-as-you-go’ Flexibility • Lock-in returns by resetting guarantee • Remove guarantee (no penalties) Features • 5 year term • Typically 100% allocation to risky reference asset at inception 27 28
29. Strictly Private and Confidential Liquidity Enhancer on guaranteed products Issue Details Term Same term as the guaranteed product (minimum of 1-year) Loan value 85% of Present Value of guarantee Loan size Minimum of R500 000 Interest rate Prime - 1% Cash flows • One cash flow per month (not a transactional account) • Full application amount paid out Turnaround time Approximately 5 working days Benefit Best of both worlds i.e. explicit guarantee plus liquidity No redemption i.e. maintain exposure to growth assets 29 29
30. Strictly Private and Confidential 30 RMB Bespoke summary FSR credit Innovative Flexible Bespoke Cost efficient Tax Transparent Any SA tradable financial asset can be linked to the RMB Structured Note! Evolution of the financial advice industry 33 30
31. Strictly Private and Confidential RMB Global Markets Fund SolutionsRMB Protected Equity RMB Single Asset Series RMB Protected Equity Performance linked investment account 31
32. Strictly Private and Confidential RMB Protected Equity: terminology Term Description Term The time to the contractual maturity of the product Cap A ceiling of the potential return Participation A percentage of participation to the performance of the underlying asset Guarantee A percentage (generally around 100%) of the initial investment that is guaranteed at maturity Strike The price from which the investor participates in the upside of the underlying asset Average out At maturity the average value over a predefined period is used to protect against sudden downturn 32 32
33. Strictly Private and Confidential RMB Protected Equity: building blocks Building blocks Term, cap, participation and guarantee can be customised on certain products Explicit FirstRand Bank Limited capital guarantee All product payoffs are defined at maturity 1-, 3- or 5-year investment term 48-hour liquidity at market rates All products are accessed directly via FirstRand Bank acting through it Rand Merchant Bank Division 33 33
34. Strictly Private and Confidential Underlying asset choices An Equity Linked Note (ELN) is an investment where the return is linked to the performance of an underlying asset Indices Unit trusts Single stocks ETFs Top40 Top40 stocks (liquidity dependent) Top40 Index Unit trusts subject to RMB approval MidCap Equity Linked Note 34 34
35. Strictly Private and Confidential RMB Protected Equity ― uncapped participation, 5 year example Investor’s view that the market is going to increase • 100% capital guarantee after 5 years • 105% equity participation to Top40 index • Monthly average out over last 12 months Profit Loss Market return Participation to Top40 Top40 35 35
36. Strictly Private and Confidential RMB Protected Equity ― guarantee vs. participation Investor’s view that the market is going to increase • Increase in guarantee = decrease in participation Profit Loss Market return 36 36 Participation to Top40 Top40
37. Strictly Private and Confidential RMB Protected Equity ― capped version, 3 year example Investor’s view that the market is going to increase • 100% capital guarantee after 3 years • 175% capped return for Top40 index • Monthly average out over last 6 months Profit Loss Market return 37 37 Capped Return Top40
38. Strictly Private and Confidential RMB Protected Equity ― guarantee vs. cap Investor’s view that the market is going to increase • Increase in guarantee = decrease in cap Profit Loss Market return Capped return Top 40 38 38
39. Strictly Private and Confidential RMB Protected Equity: summary Capital protection plus potential equity upside 100% capital guarantee after 1, 3 or 5 years depending on the term 1. Equity upside capped: 100% participation up to a max % (the Cap) 2. Equity upside participation: quoted as % participation, but uncapped Term, participation and cap can be customised subject to RMB’s approval Average-out applicable, minimum deal size R250 000 39 39
40. Strictly Private and Confidential RMB Protected Equity: 100/110 Geared Equity Capital protection plus potential geared equity return 100% capital guarantee after 5 years Positive equity return capped at 110% Payout at maturity: {Investment amount × positive equity return × participation % (subject to the cap)} + 100% capital guarantee at maturity Average-out applicable, minimum deal size R250 000 40 40
41. Strictly Private and Confidential • Cap of 110% is sensible —Top40 returned lower than10% less than 10 times in 14 years • Very high probability that the investor will make a good return on this product RMB Protected Equity: 100/110 Geared Equity 41 Note 1. Historic returns are not a guarantee of future performance Top40 historic 5-year rolling returns Number of observations at each return Top40 historic rolling 5 year returns Less than 10 historic observations based on 5-year rolling historic returns from 2000 to 2014 were less than 10% 41
42. Strictly Private and Confidential RMB Protected Equity: 100/110 Geared Equity example Example Investment term 5 years Investment amount R1million (for illustrative purposes) Capital guarantee 100% of Investment amount applicable at maturity Underlying JSE Top40 Index (Bloomberg Code: Top40 Index) Cap 110% of underlying equity price Participation 550% of underlying equity price Scenario 3 Market returns 20% after 5 years Return R1,550,000 {R1m + R1m × 550% × 10%} Per annum return 9.16% Scenario 4 Market returns -10% after 5 years Return R1,000,000 {R1m + R1m × 550% × 0%} Per annum return 0% Scenario 1 Market returns 10% after 5 years Return R1,550,000 {R1m + R1m × 550% × 10%} Per annum return 9.16% Scenario 2 Market returns 5% after 5 years Return R1,275,000 {R1m + R1m × 550% × 5%} Per annum return 4.98% 42 42
43. RMB Fusion funds 43
44. Strictly Private and Confidential Passive trends globally Global ETP assets and number of ETPs by year• Accurate proxy for passive investing globally • Global AUM US$2.2 trillion = US$2.200 000 000 000! 5 000 4 000 3 000 2 000 1 000 0 # of ETPs 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Sep-13 $2,200 $2,000 $1,800 $1,600 $1,200 $1,400 $1,000 $800 $600 $400 $200 $0 Assets($bn) 2.2261.944 1.5251.4831.156 772851 598 428 31921814610979 106 219 297 300 357 524 883 1541 2220 2694 2543 4311 4759 4937 Source: Blackrock report, September 2013 Number of funds Assets under management 44
45. Strictly Private and Confidential Passive vs active strategies Percentage of actively managed general equity unit trusts that outperformed the FTSE/JSE All Share Index1 Source: Fundsdata.co.za Note 1. Data based on Total Return after fees, fund performances versus the total return performance of FTSE/JSE All Share Index for period ending 31 Dec 2013 • Majority of SA active managers do not outperform the market • Becomes harder to outperform the longer the term 1-year 2-years 3-years 5-years 7-years 10-years 20-years 39.5% 26.4% 30.1% 15.3% 22.9% 24.1% 20.0% 0.0% 25.0% 35.0% 45.0% 5.0% 10.0% 15.0% 20.0% 30.0% 40.0% 45
46. Strictly Private and Confidential Passive — what the experts are saying • New legislation in the South African savings industry is coming into effect • Local National Treasury is prompting structural changes by prescribing that “Low cost passive based product will form the basis of compulsory savings going forward” 46
47. Strictly Private and Confidential Delivery mechanisms e.g. Top40 index ETFs Unit trusts • Caters for real-time dealing • For DIY clients trading via the JSE • Caters for daily dealing • Aimed at the traditional savings market • Ideal for being sold via LISPs and advice channels Passive vs active investing — ETFs vs unit trusts • ETFs were traditionally the only entry to passive products in SA • ETFs can only be purchased via a stockbroker who charges fees • ETFs typically offer single asset class investing But… Segregated portfolios • Caters for institutional clients • Can be created for bespoke needs • Large minimum investment 47
48. Strictly Private and Confidential Index tracking analysis — TER and tracking error comparison vs competitors• Well established reputation • Proven track record in many asset classes • RMB Inflation-X voted best Bond Fund in SA in 2013 by Morningstar — across all funds • RMB offers the only Midcap ETF in SA (tracking error of 0.12%) Why RMB passive? 23.00% 22.50% 22.00% 21.50% 21.00% 20.50% 20.00% RMB Top 40 Portfolio Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 Competitor 6 Competitor 7 Tracking Efficiency 0.15% 0.23% 0.10% 0.25% 0.43% 0.38% 0.45% 0.40% TER 0.20% 0.45% 0.60% 0.48% 0.59% 0.72% 0.70% 1.14% Performance 22.42% 22.09% 22.07% 22.04% 21.75% 21.67% 21.62% 21.23% Source: Fundsdata.co.za 48
49. Strictly Private and Confidential RMB Fusion Series Portfolios Return expectation (p.a.) Term RMB Cautious Fusion Fund Low equity CPI + 2% Rolling 3-years RMB Moderate Fusion Fund Medium equity CPI + 3.5% Rolling 5-years RMB Growth Fusion Fund High equity CPI + 5% Rolling 7-years RMB Fusion Series — portfolios, return expectations and terms 4949
50. Strictly Private and Confidential Asset class Description RMB Cautious Fusion Fund RMB Moderate Fusion Fund RMB Growth Fusion Fund SA equity RMB Top 60 Capped Index 25% (within 5%) 40% (within 5%) 55% (within 5%) SA bonds Government Nominal Bond issuance weighted 33% (within 5%) 22% (within 5%) 11% (within 3%) SA property The FTSE/JSE SA Property Listed Index 10% (within 2.5%) 10% (within 2.5%) 10% (within 2.5%) SA cash Overnight cash 10% (within 2.5%) 7.5% (within 2%) 5% (within 1.5%) SA ILB Government Inflation- linked Bonds issuance weighted 12% (within 3%) 8% (within 2%) 4% (within 1%) Global equity MSCI World Index 0% (within 3%) 5% (within 1.5%) 10% (within 2.5%) Global bonds The Citigroup World Government Bond Index 10% (within 2.5%) 7.5% (within 2%) 5% (within 1.5%) Total 100% 100% 100% RMB Fusion Series — range of unit trusts 5050
51. Strictly Private and Confidential RMB Fusion Series — summary Inflation-linked performance benchmarks Three risk profiled funds with different investment horizons These funds in the true definition of fusion, combine the best of passive, with an active overlay 51
52. RMB Exchange Traded Funds (ETFs) 52
53. Strictly Private and Confidential InflationX vs CPI 90 110 130 150 170 190 210 230 250 270 290 310 Feb-04 Aug-04 Feb-05 Aug-05 Feb-06 Aug-06 Feb-07 Aug-07 Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 CPI InflationX 53 • Tracks index of SA’s nine largest Government Issued inflation-linked bonds • Fund was voted Best Bond Fund in SA 2013 by Morningstar • Funds pay distribution four times per year. The CPI portion of the fund is rolled up into the asset price • 0.36% management fee (equates to a fund TER of 43bps) Performance1 RMB Inflation-X ETF 3-month -2.72% 6-month -2.17% 12-month -3.21% 3-year 8.91% 1. RMB Inflation-X ETF RMB Inflation-X ETF vs CPI1 Financial ratios1 Real yield going forward (over CPI) 2.2%pa 12-month historical distribution yield 2.4%pa Note 1. Data for end January 2014 CPI Inflation-X 53
54. Strictly Private and Confidential 54 2. RMB Top40 ETF • Tracks index of SA’s 40 largest and most liquid shares • 0.1% management fee (equates to a fund TER of 21bps) Performance1 RMB Top40 ETF 3-month -0.06% 6-month 11.73% 12-month 15.46% 3-year (annualised) 16.06% RMB top 10 sectors1 Note 1. Data for end January 2014 Financial ratios1 PE ratio 19.79 12-month historical distribution yield 2.46%pa Mining 24.93% Personal goods 10.38% Beverages 9.8% Media 8.88% Mobile Telecomms 7.84% Banks 6.81% Oil & Gas Producers 5.84% Life Insurance 5.2% Tobacco 3.25% General Industrials 1.79% 54
55. Strictly Private and Confidential 55 3. RMB MidCap ETF • Tracks index of 60 of SA’s midcap stocks which are the next biggest outside of the Top 40 • 0.5% management fee (equates to a fund TER of 86bps) RMB top 10 holdings1 Note 1. Data for end January 2014 Financial ratios PE ratio 16.39 12-month historical distribution yield 2.39%pa Performance RMB MidCap ETF 3-month 5.67% 6-month 10.77% 12-month 12.99% 3-year (annualised) 15.27% 5-year (annualised) 22.04% Netcare Limited 4.29% Mr Price Group Ltd. 4.12% Gold Fields Ltd. 3.96% Reinet Inv Soc Anon 3.33% Redefine Properties Ltd 3.33% Lonmin plc 3.18% MMI Holdings Ltd. 3.15% Barloworld Ltd 2.86% Coronation Fund Mgrs 2.77% The Spar Group 2.7% 55
56. Strictly Private and Confidential FNB Share Saver • Share Saver gives you access to the Top 100 shares listed on the JSE by investing in the RMB Top40 and RMB MidCap Exchange Traded Funds (ETFs) • Most cost effective exposure to the equity market in SA • Invest from R300 per month via FNB Online Banking www.fnb.co.za/share-investing 756 70 80 90 100 110 120 130 140 Apr13 May13 Jun13 Jul13 Aug13 Sep13 Oct13 Nov13 Dec13 Jan14 Feb14 A return of 25.9% since inception Source: RMB Global Markets 56
57. Strictly Private and Confidential 57 57
58. Strictly Private and Confidential Strictly Private & Confidential This presentation has been prepared by FirstRand Bank Limited, acting through Rand Merchant Bank (“RMB”). The information contained in this presentation is confidential and intended solely for the use of the intended recipient. This presentation may contain information proprietary to RMB and accordingly may not be reproduced, acted upon or disseminated in whole or in part without RMB’s prior written consent. By attending this presentation, the intended recipient undertakes to keep the information contained in the presentation confidential and not to do any act or allow same to be done on his behalf which is in breach of the above mentioned prohibition. This presentation contains information which has not been independently verified by RMB. RMB and its directors, officers, employees and agents make no representation and give no warranty with respect to, and assume no responsibility for: the correctness, accuracy and completeness or otherwise of the information contained in this presentation; or the correctness or otherwise of the Advisers’ conclusions based on such information. Any liability of whatsoever nature and howsoever arising on the part of RMB, their directors, officers, employees and agents relating to the contents of this presentation is hereby expressly disclaimed. This presentation is intended for discussion purposes only and does not represent a commitment, proposal, recommendation, offer open for acceptance or agreement to enter into a transaction. Any transaction is subject to the agreement of final terms to be set out in a separate written agreement. The decision to enter into any transaction and to assume the risks associated with the transaction rests solely with the intended recipient. July 2012 Disclaimer 5858
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The reason Do Stores Crash? Bitcoin Data Delivers Unprecedented Experience
Abstract Dives have engaged and puzzled many canny observers of monetary markets. Inside the strict orthodoxy of the successful market idea, crashes need to be due to immediate changes in the fundamental appraisal of materials. However , thorough empirical scientific studies suggest that huge price to our lives cannot be the result of news and so are the result of endogenous feedback roads. Although credible, a simple empirical information for a really scenario is lacking. The following we demonstrate how dives are brainwashed by the sector liquidity, which is we propose to her a new evaluate inspired simply by recent ideas of current market impact in addition to based on readily accessible, public information. All of our results available the possibility of any dynamical examination of fluidity risk plus early red flags of industry instabilities, and can even lead to some sort of quantitative brief description of the components leading to market place crashes.
Release Why complete market selling prices move? This specific simple concern has fuelled fifty regarding academic controversy, reaching a new climax together with the 2013 Nobel prize inside economics, separated between Reputación and Shiller who showcase radically several views on often the question [1]. Although Fama believes that stores are useful and prices loyally reflect essential values, Shiller has shown this prices range much more than efficient sector theory indicate, and has was adament on the position of behavioural biases as being a source of unwanted volatility and also price threats. Of special importance will be the origin on the largest within prices, also called market collisions, that may include dire results not only to get market members but also for the exact society in its entirety [2]. It is considerable to say any time centuries regarding market folly [3-6], there is no agreement on this challenge. Many studies [7-9] have proven the awareness of Cutler, Poterba along with Summers [10] who figured [t]he research that significant market travels occur with days not having identifiable significant news casts doubts for the view of which price moves are thoroughly explicable by simply news…. The belief that markets often crash inside absence of virtually any remarkable affair suggests that destabilising feedback pathways of behavioural origin could possibly be at have fun with [11-14]. Although encomiable, a easy, basic, simple empirical facts for this endogenous climate is still without. After all, failures are not that will frequent as well as a convincing data analysis will be difficult, specifically because of the absence of relevant records about the characteristics of deliver and requirement during these assaults.
In this respect, the particular Bitcoin [15-17] market is really unique for many numbers. In particular, typically the absence of just about any compelling strategy to assess the requisite price of Bitcoins makes the attitudinal hypothesis very plausible. For the purpose, the of the full get book (i. e. often the record of the intentions to obtain or easily sell at a offered point in time, each one volume having an presenting price) continually provides special insights, especially before and through extreme functions. Indeed, from variance having most fiscal markets just where participants obscure their goals, the requests are placed longer in advance by means of Bitcoin professionals over substantial price ranges. Employing two remarkably informative data-sets-the trade-by-trade MtGox data concerning December in 2011 and The month of january 2014, as well as the full request book facts over the very same period-we analyze in depth the exact liquidity with the Bitcoin current market. We find in which what brought about the drive was not the particular selling tension per se, but alternatively the lack of customers that stoked the affright. Following up on that observation, we all show this three unique liquidity methods that love quantifying a good buyers (or sellers) are really correlated along with correctly forecast the gigantism of likely crashes. As opposed to two of these individuals are strong probes of your prevailing ease of purchase and sale but hard access in financial areas, the third one-which is also securely anchored hypothetically [18]-only functions readily available, accumulated on traded in volumes in addition to volatility, and is particularly therefore an encouraging candidate pertaining to monitoring typically the propensity of your market to be able to crash.
Benefits Anatomy involving April 15, 2013 wreck Amongst all of crashes of which happened in the Bitcoin as well as which many of us found many data, often the April twelve, 2013 collision is probably the best one due to the fact on that will day the purchase price dropped by way of more than fifty percent of it has the value in some hours. Then, MtGox has been by far the main exchange (its market share ended up being over 81% on the BTC/USD spot market) so all of our data-set charms a large tiny proportion of the investors’ behaviour. Without effort, the main drivers of industry crashes could be the mismatch involving the aggregate market place order move imbalance (, defined below) that turns into strongly adverse and the fundamental liquidity around the buy aspect, i. at the. the occurrence of prospective leads below the existing price. Whilst the former variety can be simply reconstructed from your series of deals, the notion connected with “prevailing liquidity” is only at the very best ambiguous. It is just when the value starts remove down, that a person expects the vast majority of interested potential buyers to allege themselves plus post orders placed in the buy book. Consequently , the fluidity cannot throughout principle possibly be directly deduced from the information about the widely available obtain book. The particular dynamic dynamics of ease of purchase and sale has been plainly evidenced [19, 20], and has ended in the notion with “latent” fluidity that underpins recent concepts of influence in financial market segments [18, 21-23].
Nevertheless , Bitcoin is rather an exceptional sector in this respect, considering a large tiny fraction of the ease of purchase and sale is not valuable, but basically posted during the order book-possibly resulting from significantly less strategic people on a even now exotic market-and thus specifically observable (see Fig 1). A more quantitative analysis really shows that commonly 30 : 40% in the volume dealt with during the day is present in the exact order e-book in the morning. This can be to be weighed against a percentage below 1% on some financial niche categories, say companies (the full volume inside the order ebook of key stocks is usually 5-10 periods the volume on the best prices, which is themselves ~ 10-3 of the everyday turnover, observe e. r. [24]). This gives us to examine in detail the particular respective characters of blend imbalance and also liquidity from the triggering regarding market lock-ups. We initially study typically the “aggressive” get flow thought as the aggregated imbalance involving market instructions for every 5 hours eye-port between Thinking about receiving 2013 along with August 2013. In fact , a couple definitions are usually possible. Some may be defined as the normal of the closed number of Bitcoin contracts provided as current market orders (i. e. requirements to business immediately with the best obtainable price) exactly where each i actually is a diverse market request of signal? i (? i sama dengan +1 regarding buyer-initiated trading and -1 for seller-initiated trades) in addition to number of plans qi, plus the sum extends over gradually trades in a very 4 time window. The second reason is the volume disproportion expressed with USD: everywhere pi is a i-th business deal price. These quantities are generally shown around Fig a couple of and show that (a) large peddle episodes are definitely more intense as compared to large obtain episodes; (b) when portrayed in Bitcoin, the sell-off that took place on 04, 10 (of order connected with 30, 000 BTC over a 4h window) is not considerably more spectacular when compared with several other sell-offs that transpired before or right after that day time; (c) nevertheless , when listed in CHF, the The spring 10 sell-off indeed presents itself as an outlier.
The difference amongst and hails from the fact that a substantial fraction in this selling pastime occurred within the peak on the “bubble” in which preceded often the crash, view Fig three or more, top. Typically the BTC amount rose by $13 at the begining of January for you to $260 before the impact. In Fig 3, most of us represent your “support” stage such that the sum quantity of invest in orders in between and the latest price rehabilitation is 45, 000 BTC, see Fig 1 . Just one notices the fact that price drastically departed in the support selling price during the pre-crash period, a clear indicator that Bitcoin price seemed to be engaged in any bubble. However the liquidity depicted in $ was actually boosting during that time (see Fig 3, middle), the BTC price greater even speedier, resulting in a leaner and thin liquidity about the buy area of the buy book stated in BTC, see Fig 3, underside. This scenario is definitely precisely realized in some Adviser Based Types of markets [25].
In conclusion of the preceding analysis, that will appear little, is that the drive occurred considering that the price appeared to be too high, plus buyers far too scarce to help resist the exact pressure of any sell-off. Better is the fact that advantage of the amount present in the particular order publication allows you to definitely estimate the expected price tag drop with ˜ 50 percent in the event of some sort of large-albeit definitely not extreme-sell-off. Naturally , the possibility to see the full desire curve (or a good estimation thereof) can be special for the Bitcoin industry, and not for sale in more core markets the place that the publicly exhibited liquidity is barely of obtain 1% with the total day-to-day traded sound level. Still, grow older show currently, one can created accurate proxy server of the important liquidity employing observable portions only, opening up the path that will early red flags of an messing up crash.
Several definitions regarding “liquidity” Considerably more formally, industry liquidity assess discussed on top of is defined as:
Explanation 1 Often the order-book fluidity (on typically the buy side) is such this (cf. Fig 1 above):
(1) (and similarly for any sell-side). From the above picture, pt is definitely the price with time capital t and? (p, t) will be the density involving demand that is definitely materialised for the order reserve at value p and time testosterone levels.
Conversely, the retail price drop rapid? *pt estimated if a sizeable instantaneous sell-off of measurement Q* takes place is such of which:
(2) wheresoever is a small measure illiquidity.
Top marks posteriori assessment between knew returns along with the liquidity-adjusted difference for the 18 most excessive negative comes back that have taken place between Jun 1, 2013 and Rate of interest 10, 2013 is proven in Fig 4. These kind of events, which will corresponds to stunning jumps inside cumulated get flow practice, are found to enjoy a characteristic degree of about 4h with a common deviation of two. 5h, justifying the choice done in Fig only two to piece imbalances for a 4h time frame scale. The exact analysis signifies that the quantity just about perfectly goes crashes disposée, vindicating often the hypothesis that the majority of of the ease of purchase and sale is indeed contained in the obvious order e-book for the Bitcoin.
However , since recalled previously mentioned, the apparent order ebook on normal financial stores usually has minute portion of the authentic intentions of your agents. Therefore, the use of deduced from the seen order publication would bring on a tremendous underestimation of the fluidity in these areas [19, 26]. Fluidity is in fact a new dynamic myth, that unveils itself slowly but surely as a impulse (possibly a number of lag) on the incoming request flow [19, 20]. Another meaning of liquidity, that will accounts for the exact progressive overall look of the surprising liquidity while orders usually are executed, draws on a small measure market impression. With ample statistics, the common (relative) amount move I(Q) = evoked by the rendering of a meta-order (i. age. a routine of unique trades earned by the similar trading conclusion but ones in time, to get a better selling price and/or to never be noticed [21]) is usually measured being a function with their00 volume Queen. Since these kind of meta-orders will be executed about rather period of time scales (compared to the purchase frequency), it can be reasonable when you consider that all their impact uncovers the “true” latent ease of purchase and sale of market segments [18, 21-23]. This kind of leads you to a secondly definition of fluidity, based on market place impact:
Distinction 2 The effect liquidity means the volume of an meta-order in which moves, an average of, the price rehabilitation by ±? pt, as well as, more precisly, is predetermined by the ailment:
(3) ever since the impact I(Q) is usually tested in family member terms. Since above, the value drop envisioned if a huge sell-off connected with volume asymmetry Q* arises is simply due to.
The problem using this type of second explanation is that it involves proprietary info with ample statistics, offered only to stock broker firms or even active purchase managers/hedge finances. It turns out for being also available intended for Bitcoin [27]-see below. Nevertheless a very great number of empirical reports in the last 18 years established that the effects of meta-orders follows a remarkably robust “square-root law” [21, 23, 27-35]. Such as, independently in the asset type, time period, kind of trading and also micro-structure peculiarities, one has:
(4) where Ful is an a-dimensional constant with order union, concord, unanimity, Vd could be the daily bought and sold volume along with sd is a daily movements. This square-root law has already been normal theoretically simply by several editors, building about the notion regarding latent ease of purchase and sale [18, 21-23] (see Ref. [36] for a alternative story). Assuming that the actual above mentioned functional type of market affect is correct brings about a third concept of liquidity:
Meaning 3 The particular theoretical fluidity is the hypothetical volume of your meta-order instructed to move the price tag pt by simply ±? rehabilitation according to health supplement Eq (4) above, my spouse and i. e.:
(5) Together with Frequency (4), the following amounts to bear in mind as a small measure market illiquidity. Clearly, given that both sd and Vd can be projected from open market files, this continue definition of ease of purchase and sale is quite good-natured. It was recommended in Ref. [37] for a proxy to receive impact-adjusted marked-to-market valuation of huge portfolios, in addition to tested inside Ref. [32] on all 5 stock market dives, with incredibly promising benefits. However , you can find quite a soar of faith throughout assuming that your above several definitions are-at least approximately-equivalent. This is why the particular Bitcoin records is quite one of a kind since it permits one to determine all three liquidities and test out quantitatively they will do in truth reveal the identical information.
Researching the fluidity measures Most of us measured typically the order reserve liquidity for the daily increase by averaging the volume provide at all price tags in the acquire side on the order e-book for each moment. The scientific impact will be obtained adhering to Ref. [27] by computing the full I(Q), obtained for average over everything meta-orders on the given quantity Q with a given morning. Finally, often the theoretical influence Eq (4) is provided by testing both the dealt volume of a single day Vd as well as corresponding a volatile market sd (defined as just where Ot/Ht/Lt/Ct are classified as the open/high/low/close rates of the sub-periods [38]). Typically the daily level has been preferred so as to regular out sector noise plus intraday behaviour in the small measure and, even though remaining reactive to ease of purchase and sale fluctuations: Fig 3 without a doubt shows the amount of liquidity can certainly fluctuate a few weeks.
These some estimates are suffering from to compare, as the function of energy (between December 2012 and also November 2013) the predicted price shed for a significant sell meta-order of size-say-Q* = forty five, 000 BTC, see Fig 5. We are rescaled by just a constant issue the estimations based on along with, so as to fit the average degrees. The deal is quite dazzling, and displayed in a different way with Fig a few as a spread plot involving vs or simply, either within the exact same day, or perhaps with a at some point lag. While coinciding instances, the R2 of the regressions are ˜ 0. ninety and only autumn to ˜ 0. 83 with a daytime lag, and thus one can work with past facts to estimate the fluidity of future. As a contrast, when using on the other hand Amihud’s [39] measure of illiquidity sd/Vd, just one obtains R2 of resp. 0. seventy four and zero. 71.
The fact that estimates according to and complement is no wonder since the square-root law has already been tested along with a high quantity precision in the Bitcoin [27]. Although that the hypothetical measure of ease of purchase and sale based on easy to get at market info is able to trail so meticulously the information seen in the whole buy book is genuinely remarkable, in addition to suggests that one could indeed dependably, ,loyally use with markets exactly where reliable information concerning the couvert order ebook is lack (as is definitely the case for nearly all markets).
Talk Thanks to a unique features of the exact Bitcoin current market, we have been competent to investigate several of the factors this determine the particular propensity of your market to be able to crash. A couple main attributes emerge from the study. Initially, the price levels should are located within a array where the main demand (resp. supply) has the ability to support large-but expected-fluctuations around supply (resp. demand). In the event the price is evidently out of bounds (for example typically the pre-April 2013 period to get Bitcoin) the market industry is unambiguously in a rocky state that may be known as a real estate. Our key result makes it possible for one to make above strategy meaningful in fact. We present that about three natural fluidity measures (based, respectively, around the knowledge of the whole order publication, on the common impact connected with meta-orders, basically the rate of the movements to the square-root of the traded in volume, ) are highly related and do foresee the boundlessness of a putative crash activated by a granted (large) offer order imbalances.
Since the other measure is usually entirely based upon readily available accumulated, our final result is quite extraordinary. It parts the path with a better idea of crash elements and possibly for you to early red flags of industry instabilities. Still while most people claim that often the amplitude of any potential wreck can be envisioned, we are certainly not able to guess when this specific crash will probably happen-if it takes place at all.
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The Fantastic And Undesirable About Espresso
výběrová káva Coffee is just one of the most well known beverages in the globe - it is also mega company. Coffee crops are cultivated in far more than 70 international locations. It is an significant export commodity for Latin The us, Southeast Asia, and Africa. 50 percent the populace in The united states drinks espresso on a every day basis. Starbucks, founded in 1971, is now the world's most significant coffeehouse chain with above twenty,000 retailers in a lot more than sixty nations. In the final 5 a long time (2009-2013) on your own, Starbucks' share value has risen far more than seven-fold. Provided this popular acceptance, it is no surprise that many men and women have wondered if ingesting coffee is an unhealthy habit. Caffeine, following all, is a stimulant drug and is addictive. For many years, clinical suggestions from organizations like the American Heart Association has indicated that espresso may well guide to high blood force and is undesirable for your heart. You may possibly even have been advised that coffee will give you an ulcer. Nonetheless, in modern several years, there has been an monumental volume of new research that has just rather significantly exonerated espresso. Is espresso excellent or undesirable for you? The subsequent summarizes the most recent conclusions on coffee and how it might really rewards your overall health. Even more, if you are a common espresso drinker, there are certain points about espresso that you must also be aware of. Last of all, know that espresso might not be appropriate for every person, if you have certain conditions, you ought to not be consuming coffee at all. Latest Research On The Health Benefits Of Espresso Although not each solitary research exhibits coffee to have well being-advertising and marketing houses, the vast majority is relatively constructive. Apart from caffeine, coffee consists of a normal blend of polyphenol anti-oxidants, bioflavonoids, B natural vitamins, and minerals such as magnesium, potassium, and chromium. Study shows that not only are the non-caffeine components of espresso anti-inflammatory, they function with each other synergistically to support neutralize the harsher consequences of the caffeine. In addition, coffee may essentially activate helpful pathways in our bodies at the DNA stage. These scientific tests present that reasonable coffee use on a typical foundation reverses cognitive impairment, cuts cancer chance, stabilizes blood sugar, and rewards the coronary heart. In other words, espresso can help reduce the risk of several conditions: Alzheimer's disease Cancer (such as breast, colon, endometrial, kidney, liver, and oral) Diabetes (variety 2) Coronary heart disorder (which includes heart rhythm problems and stroke) Parkinson's ailment Prostate most cancers Significant Info For Coffee Drinkers Even though espresso may well have all the incredible overall health rewards, not all coffee is the same. In addition to, how and when you consume it makes a big difference as well. Generally choose natural and organic. Coffee is a crop that is intensely sprayed with pesticides, therefore, you ought to pick only espresso beans that are licensed natural and organic. When feasible, acquire sustainable "shade-developed" espresso to assist prevent the continued destruction of the tropical rain forests and the birds that inhabit them. Generally get complete bean. Only invest in entire beans that odor and taste refreshing, not stale. You do not want to obtain pre-ground coffee since you in no way know whether or not it is currently rancid by the time you get it. Darker roast is excellent to light-weight roast. The darker roasts, these as French, Italian, or all those utilised to make expresso and Turkish coffee, are larger in neuroprotective brokers than the lighter roasts. Darkish roast espresso restores blood degrees of the anti-oxidants vitamin E and glutathione more effectively than light-weight roast coffee. Darkish roast coffee is also simpler on your abdomen as it includes a chemical that prevents your stomach from making excess acid. Ideal time to drink espresso is in the early morning. In accordance to some analysis, coffee may increase your metabolism by up to twenty per cent. Therefore, getting a cup of organic coffee or just one shot of espresso in the morning is ideal. If you workout in the early morning, have your espresso before work out as scientific tests display that coffee boosts athletic functionality, not following as the caffeine may well interfere with your body's muscle-creating system. However, do not go overboard, one particular or two cups in the early morning really should be the optimum for the day. Consume your espresso with no sugar, artificial sweetener, or commercial creamers. Or else, you are undoing all the wellness added benefits of coffee. Excess sugar consumption increases the possibility of insulin resistance, suppresses the immune system, and perpetuates addictive food actions. If you like dairy and can tolerate it, you could incorporate organic or if possible grass-fed full milk or cream to your espresso. Skim or non-body fat milk typically has a lot more sugar than entire milk, whilst professional creamers tend to have unsavory components. Keep away from flavored and novelty coffees. These merchandise typically have a myriad of chemical additives. Use non-bleached filters. If you use a drip coffee maker, prevent working with the shiny white chlorine-bleached filters. Some of the chlorine could leach into the coffee throughout the brewing procedure. The bleached filters may also incorporate unsafe disinfection byproducts this kind of as dioxin. Steer clear of plastic cups. Be thorough about the container you consume your coffee from. Plastic cups might leach BPA and Styrofoam cups may leach polystyrene molecules. Your best bets are glass, ceramic, or stainless metal coffee mugs. When Espresso Is Not Right For you? If you are expecting, you really should fully avoid working with caffeine. If you have an problem with diminished adrenal operate or adrenal tiredness, caffeine can in fact make additional tension on your adrenal glands. In this day and age, many individuals are consistently stressed and fatigued, and depend on caffeine for sustained energy to get through the day. If this is the situation, it is a convey to-tale indication that your overall body is not performing properly and you want to tackle the underlying challenges. Adrenal tiredness can wreak havoc on your wellbeing. The adrenal glands have an effect on every single organ and method in the human body - from metabolic process of carbohydrate, protein, and excess fat, to fluid and electrolyte equilibrium, cardiovascular technique, immune technique, hormonal technique, and even your sex generate. Thus, if you have adrenal exhaustion, pumping your system with caffeine is basically heading to aggravate your challenge in the long run. Espresso has a diuretic influence. If you have challenges with electrolyte equilibrium, you might want to steer clear of it way too. If you consume espresso and have troubles slipping asleep or tend to wake up in the evening, you could be caffeine sensitive. Caffeine degrees range dependent on the sort of roast, grind, and brewing method. Darker roasts have a lot less caffeine than lighter roasts. The finer the grind, the higher the caffeine in the coffee. Drip coffee has much more caffeine than espresso simply because the brew time is substantially longer. If you encounter sleep problems from the caffeine, you may possibly want to differ your type of roast, grind, or brewing system or cut down on the quantity you drink just about every working day and make certain you only have coffee early in the early morning. If you knowledge belly cramping, coronary heart palpitations, or other symptoms immediately after consuming coffee, you could essentially have a meals intolerance. There is also the likelihood of mildew (coffee is a dried food and may well incorporate mould) or other contaminants in the coffee that cause a bodily response. What About Decaffeinated Coffee? To date, there is yet conclusive proof showing regardless of whether decaf espresso holds up to the benefits of caffeinated espresso. Restricted studies ended up conducted making use of decaf coffee but the kinds that do look to be promising. Nevertheless, since caffeine is a central nervous technique stimulant and can end result in dependence and withdrawal symptoms, decaf espresso is possibly the way to go if you like the style of coffee. When you obtain decaf espresso, constantly pick natural and organic and Swiss H2o Course of action, which is a chemical-free system to extract caffeine. Beware that just about all decaf coffee found in coffeehouses and grocery merchants is processed with the chemical solvent ethyl acetate. You want to steer clear of this type of decaf espresso as traces of chemical solvent nonetheless keep on being in the coffee. Decaf coffee by legislation has to have at minimum 97 p.c of the caffeine eliminated. For reference, a shot of espresso at Starbucks has 75 mg of caffeine, a limited (8-oz) brewed coffee has 175 mg, a tall (twelve oz) 260 mg, and a grande (sixteen oz) 330 mg. As you can see, if you have several cups a working day, the caffeine can increase up rather speedily. In conclusion, espresso is loaded with anti-oxidants and useful vitamins and minerals that gain your well being. Nonetheless, be careful with the stimulant influence of caffeine as it can turn into really addictive. Caffeine is also a source of stress for your adrenal glands. Thus, drinker be mindful! If you like the flavor of coffee, mixing normal with decaf may possibly be a very good way to gradually minimize down on your dependence of caffeine.
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The Excellent And Poor About Coffee
výběrová káva Espresso is 1 of the most well known drinks in the planet - it is also mega business. Coffee plants are cultivated in much more than 70 nations around the world. It is an crucial export commodity for Latin The us, Southeast Asia, and Africa. Half the populace in The us drinks espresso on a daily basis. Starbucks, launched in 1971, is now the world's most significant coffeehouse chain with above twenty,000 shops in far more than 60 countries. In the previous five yrs (2009-2013) on your own, Starbucks' share value has risen much more than seven-fold. Given this common acceptance, it is no surprise that many individuals have wondered if drinking coffee is an harmful routine. Caffeine, after all, is a stimulant drug and is addictive. For a long time, health care tips from organizations like the American Heart Association has indicated that coffee might direct to significant blood stress and is poor for your coronary heart. You might even have been explained to that espresso will give you an ulcer. Nevertheless, in latest a long time, there has been an huge amount of new analysis that has just pretty much exonerated espresso. Is coffee very good or bad for you? The pursuing summarizes the latest conclusions on coffee and how it may well in fact rewards your overall health. Further, if you are a normal coffee drinker, there are selected items about coffee that you must also be conscious of. And finally, know that coffee might not be acceptable for everybody, if you have certain conditions, you should not be ingesting espresso at all. Newest Investigation On The Overall health Benefits Of Coffee Despite the fact that not each and every single examine demonstrates espresso to have wellness-advertising and marketing properties, the majority is fairly positive. Aside from caffeine, espresso includes a normal blend of polyphenol anti-oxidants, bioflavonoids, B vitamins, and minerals these as magnesium, potassium, and chromium. Study exhibits that not only are the non-caffeine components of espresso anti-inflammatory, they perform alongside one another synergistically to assist neutralize the harsher effects of the caffeine. In addition, espresso could actually activate helpful pathways in our bodies at the DNA stage. These scientific tests show that reasonable coffee usage on a normal foundation reverses cognitive impairment, cuts cancer threat, stabilizes blood sugar, and advantages the coronary heart. In other words and phrases, espresso assists reduce the chance of many conditions: Alzheimer's disorder Most cancers (like breast, colon, endometrial, kidney, liver, and oral) Diabetic issues (variety 2) Coronary heart illness (which includes coronary heart rhythm difficulties and stroke) Parkinson's disease Prostate most cancers Important Details For Coffee Drinkers Even though coffee could have all the awesome health positive aspects, not all coffee is the identical. Apart from, how and when you consume it tends to make a difference too. Always opt for organic and natural. Espresso is a crop that is seriously sprayed with pesticides, as a result, you need to decide on only coffee beans that are qualified natural. Every time feasible, obtain sustainable "shade-developed" coffee to support avoid the ongoing destruction of the tropical rain forests and the birds that inhabit them. Always get whole bean. Only acquire whole beans that scent and flavor refreshing, not stale. You do not want to purchase pre-floor coffee mainly because you never know whether it is previously rancid by the time you get it. Darker roast is exceptional to light roast. The darker roasts, these kinds of as French, Italian, or all those applied to make expresso and Turkish espresso, are larger in neuroprotective brokers than the lighter roasts. Dark roast coffee restores blood degrees of the anti-oxidants vitamin E and glutathione far more successfully than gentle roast espresso. Dim roast espresso is also much easier on your tummy as it has a chemical that prevents your abdomen from producing excessive acid. Finest time to consume coffee is in the early morning. In accordance to some research, espresso could enhance your fat burning capacity by up to 20 %. Consequently, having a cup of organic espresso or a single shot of espresso in the early morning is excellent. If you work out in the morning, have your espresso in advance of exercise as reports display that coffee boosts athletic effectiveness, not immediately after as the caffeine may interfere with your body's muscle-developing mechanism. Even so, do not go overboard, a single or two cups in the morning really should be the utmost for the day. Drink your espresso without having sugar, artificial sweetener, or commercial creamers. Usually, you are undoing all the overall health advantages of coffee. Extra sugar intake increases the possibility of insulin resistance, suppresses the immune program, and perpetuates addictive foodstuff behavior. If you like dairy and can tolerate it, you might increase organic or preferably grass-fed entire milk or cream to your coffee. Skim or non-fat milk generally has additional sugar than entire milk, even though professional creamers are likely to have unsavory elements. Steer clear of flavored and novelty coffees. These products normally include a myriad of chemical additives. Use non-bleached filters. If you use a drip espresso maker, steer clear of using the vivid white chlorine-bleached filters. Some of the chlorine may well leach into the espresso through the brewing procedure. The bleached filters may also include unsafe disinfection byproducts these as dioxin. Steer clear of plastic cups. Be careful about the container you consume your espresso from. Plastic cups could leach BPA and Styrofoam cups may leach polystyrene molecules. Your best bets are glass, ceramic, or stainless metal coffee mugs. When Coffee Is Not Proper For you? If you are pregnant, you must entirely keep away from using caffeine. If you have an challenge with diminished adrenal functionality or adrenal tiredness, caffeine can essentially generate far more stress on your adrenal glands. In this day and age, numerous folks are continuously pressured and fatigued, and count on caffeine for sustained energy to get through the day. If this is the scenario, it is a notify-tale signal that your physique is not operating appropriately and you require to address the underlying issues. Adrenal exhaustion can wreak havoc on your overall health. The adrenal glands influence each organ and technique in the body - from rate of metabolism of carbohydrate, protein, and fat, to fluid and electrolyte balance, cardiovascular method, immune process, hormonal technique, and even your sexual intercourse generate. As a result, if you have adrenal exhaustion, pumping your system with caffeine is simply heading to aggravate your challenge in the extended run. Coffee has a diuretic outcome. If you have troubles with electrolyte harmony, you may possibly want to keep away from it too. If you consume coffee and have problems slipping asleep or are likely to wake up in the night time, you may well be caffeine delicate. Caffeine stages differ based on the form of roast, grind, and brewing system. Darker roasts consist of considerably less caffeine than lighter roasts. The finer the grind, the larger the caffeine in the espresso. Drip espresso has more caffeine than espresso because the brew time is significantly longer. If you knowledge sleep problems from the caffeine, you may want to fluctuate your variety of roast, grind, or brewing strategy or reduce down on the sum you consume each working day and make certain you only have coffee early in the morning. If you knowledge abdomen cramping, coronary heart palpitations, or other signs or symptoms right after consuming coffee, you may possibly truly have a food items intolerance. There is also the likelihood of mould (coffee is a dried foodstuff and might consist of mold) or other contaminants in the coffee that bring about a physical reaction. What About Decaffeinated Coffee? To day, there is still conclusive evidence demonstrating whether or not decaf espresso holds up to the advantages of caffeinated espresso. Minimal reports ended up done using decaf coffee but the ones that do look to be promising. Nevertheless, since caffeine is a central anxious technique stimulant and can final result in dependence and withdrawal signs and symptoms, decaf espresso is in all probability the way to go if you like the style of espresso. When you purchase decaf espresso, constantly choose natural and Swiss H2o Method, which is a chemical-free approach to extract caffeine. Beware that almost all decaf coffee observed in coffeehouses and grocery outlets is processed with the chemical solvent ethyl acetate. You want to keep away from this variety of decaf espresso as traces of chemical solvent however keep on being in the coffee. Decaf espresso by legislation has to have at least 97 p.c of the caffeine taken out. For reference, a shot of espresso at Starbucks has 75 mg of caffeine, a quick (eight-oz) brewed espresso has 175 mg, a tall (twelve oz) 260 mg, and a grande (16 oz) 330 mg. As you can see, if you have various cups a working day, the caffeine can include up rather speedily. In conclusion, espresso is loaded with antioxidants and advantageous nutrients that benefit your well being. Even so, be careful with the stimulant impact of caffeine as it can grow to be really addictive. Caffeine is also a source of tension for your adrenal glands. For that reason, drinker be informed! If you like the flavor of coffee, mixing standard with decaf may well be a good way to slowly reduce down on your dependence of caffeine.
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Bitcoin $6 260.000 – CryptoCurrency Trading Report – 13.11.2017 08:30
Hot news: These changes have happened in the last hour. Bitcoin is leading the rank in the last hour as the most popular crypto currency in the trade market, with a recorded rise on its value of about 0.02% in the last hour with a current standing rate of 6 260.000 dollars from 6 258.748 …
The post Bitcoin $6 260.000 – CryptoCurrency Trading Report – 13.11.2017 08:30 appeared first on CryptoCurrency Blog.
from CryptoCurrency Blog https://walletinvestor.com/blog/2017/11/13/bitcoin-6-260-000-cryptocurrency-trading-report-13-11-2017-0830/
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PR: Smartbillions Blockchain Lottery Continues Ticket Sales and ICO Success! This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. WWW: www.SmartBillions.com LINK: PARTICIPATE IN THE ICO The SmartBillions ICO begun on October 16th with dynamic interest on the part of both Players and Investors growing consistently! After the latest version of the lottery platform was launched on October 14th, it gained significant traction early on. Currently, more than 6000 tickets have been played and there have been almost 300 wins earned by players who’ve matched correct numbers in the coming Ethereum blocks hashes. The level of player interest in the lottery at this stage has significantly exceeded the team’s expectations, bringing the goal of becoming the world’s largest and most popular lottery system closer than ever. The launch of SmartBillions, world’s first blockchain multi-billion-dollar lottery, marks the beginning of a major disruption in the millennia-old lottery market category. For ages, trust for and around both lottery draws and payouts has been faltering. SmartBillions marks the beginning of a completely new level of trust, whereby all lottery operations are comprehensively transparent and publicly recorded. SmartBillions is operated by the Ethereum smart contract, which eliminates the risk of any third-party involvement. Hence, there is no possibility for the lottery’s funds undergoing fraud or manipulation. For Every 1 ETH raised there will be 1,260 SMART tokens created. Out of that 1,000 will go to the ICO backers and 260 to the Team. The Tokens are only created during the ICO. The SMART token will be listed and made exchangeable on major online exchanges within two weeks of the closing of the ICO. The market predicts the value of the SMART Token to multiply in a short amount of time, and then continue to rise – partly as a result of its special features, such as monthly dividend payouts and unprecedented downsize protection, which secures more than 70% of Investors’ funds in the case of any unpredictable events. Unlike other ICOs, 90% of funds raised go directly to the product – the Lottery Jackpot. The rest of the funds will go to multi-channel marketing that will work toward the lottery’s consistent rise in popularity across the globe. READ THE SMARTBILLIONS SMARTCONTRACT AND WHITEPAPER: https://smartbillions.com/docs/SmartBillions_Smartpaper.pdf? The SmartBillions Team is available to answer all your questions here: TELEGRAM: https://t.me/SmartBillionsGroup SLACK: https://smartbillions.slack.com/join/shared_invite/enQtMjU0NzAyNjk5MTI1LTIyZTljNDIyMDk2NDZjM2M1ZTk3NjI0NzZiYWZjZmMwZGQ5MjVkNzc3MDczYTU1NjU2ZGVmMDE0YTY1ZWMzMDQ READ MORE – MEDIA COVERGE: PR: Smartbillions Has Created the Most Transparent Lottery System in History PR: Smartbillions Has Created the Most Transparent Lottery System in History https://www.cryptocoinsnews.com/7-reasons-invest-smartbillions-blockchain-lottery-ico/ https://www.huffingtonpost.com/entry/blockchain-lottery-to-end-a-300-billion-usd-monopoly_us_59c978ede4b08d6615504518 Blockchain Lottery SmartBillions Was Hacked and It Was a Good Thing SmartBillions Just Put 450 000 USD for Breaking the Smart Contract! READ MORE ABOUT SMARTBILLIONS: 1. “Blockchain lottery to end a 300 billion USD monopoly”: https://medium.com/@SmartBillions/blockchain-lottery-to-end-a-300-billion-usd-monopoly-db331a0c0e9b 2. “A global lottery project turns the world of gaming upside down. All this thanks to blockchain technology”: https://medium.com/@SmartBillions/a-global-lottery-project-turns-the-world-of-gaming-upside-down-445eb94eb523 3. “7 reasons to invest in SmartBillions ICO, including downside protection”: https://medium.com/@SmartBillions/7-reasons-to-invest-in-smartbillions-ico-including-downside-protection-85ce517e1cf4 4. “SmartBillions just put 450 000 USD for breaking the smart contract!”: https://medium.com/@SmartBillions/smartbillions-hackathon-offically-started-deac083316f8 5. “SmartBillions Hackathon smart contract hacked with $120 000!”: https://medium.com/@SmartBillions/smartbillions-hackathon-smart-contract-hacked-with-120-000-b62a66b34268 6. “SmartBillions smart contract improved: Hackathon 2.0 starts!”: https://medium.com/@SmartBillions/smartbillions-smart-contract-improved-hackathon-2-0-starts-8aac82a7b3f3 6. “SmartBillions: Hackathon 2.0 Improvements”: https://medium.com/@SmartBillions/smartbillions-hackathon-2-0-improvements-d18d1b962c5b 7. “Sneak Peek of SmartBillions lottery interface!”: https://medium.com/@SmartBillions/sneak-peek-of-smartbillions-lottery-interface-2b5c59c30877 Contact Email [email protected] Supporting Linkwww.SmartBillions.com This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post PR: Smartbillions Blockchain Lottery Continues Ticket Sales and ICO Success! appeared first on Bitcoin News. https://news.bitcoin.com/pr-smartbillions-blockchain-lottery-continues-ticket-sales-and-ico-success/ To get started: http://bit.ly/unlibitcoin To double its value: http://bit.ly/btc-gold
from Earn Bitcoin Philippines http://www.facebook.com/pages/p/134403977174420 via Rodrigo M. Palacio Tumblr
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Global Automotive Interior Leather Market,Industry Analysis and Opportunity Assessment, 2017-2026
Global automotive interior leather market was valued at nearly US$ 26,000 Mn by 2016 end and is expected to reach nearly US$ 43,000 Mn by the end of 2026, registering a CAGR of 5.2% over the forecast period. The global automotive interior leather market is anticipated to represent incremental opportunity of nearly US$ 17,000 Mn between 2016 and 2026. In terms of volume, the global automotive interior leather market is estimated to reach 960,546 ‘000 Sq. Meter by 2026, exhibiting a CAGR of 3.7% over the forecast period.
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Global Automotive Interior Leather Market Analysis and Forecast, by Application
The upholstery segment is estimated to grow at a relatively high CAGR during the forecast period
The upholstery segment is expected to gain 370 BPS in the global automotive interior leather market between 2016 and 2026, accounting for more than 30% value share by the end of 2026. The upholstery segment is estimated to register rapid growth over the forecast period owing to high demand for leather from upholstery manufacturers. The others segment is expected to lose 260 BPS in the global automotive interior leather market between 2016 and 2026, accounting for close to 19% value share by the end of 2026.
Global Automotive Interior Leather Market Absolute Dollar Opportunity Analysis, By Application
Upholstery
The upholstery segment is expected to create total incremental opportunity of nearly US$ 7,000 Mn between 2016 and 2026. The upholstery segment is expected to account for more than 35% share of the incremental opportunity of the global market during the same period. The upholstery segment in the North America automotive interior leather market is expected to account for nearly 14% share of this incremental opportunity during the same period.
Dashboard
The dashboard segment is anticipated to create total incremental opportunity of nearly US$ 1,000 Mn between 2016 and 2026. The dashboard segment is expected to account for a little over 4% share of the incremental opportunity of the global market during the same period. The dashboard segment in the APEJ automotive interior leather market is expected to account for over 40% share of this incremental opportunity during the same period.
Seat belt
The seat belt segment is projected to create total incremental opportunity of nearly US$ 1,200 Mn between 2016 and 2026. The seat belt segment is estimated to account for 7% share of the incremental opportunity of the global market during the same period. The seat belt segment in the Eastern Europe automotive interior leather market is expected to account for approximately 6% share of this incremental opportunity during the same period.
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Airbag
The airbag segment is estimated to record total incremental opportunity of nearly US$ 1,000 Mn between 2016 and 2026. The airbag segment is anticipated to account for a little over 4% share of the incremental opportunity of the global market during the same period. The airbag segment in the Latin America automotive interior leather market is expected to account for 9.6% share of this incremental opportunity during the same period.
Floor & Trunk Carpet
The floor & trunk carpet segment is predicted to create total incremental opportunity of nearly US$ 1,200 Mn between 2016 and 2026. The floor & trunk carpet segment is expected to account for more than 6% share of the incremental opportunity of the global market during the same period. The floor & trunk carpet segment in the Western Europe automotive interior leather market is expected to account for 15.5% share of this incremental opportunity during the same period.
Analyst Viewpoint
Sustainable Leather Production Witnessing High Growth Opportunity
Incorporation of green technology in the automotive industry is a major opportunity for growth and is set to help market players increase their market share and business revenue. The automotive interior leather industry is following in the footsteps of the automotive industry with the adoption of green technology for the manufacturing of automotive leather
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elastic crochet machine
elastic crochet machine
Recognized in 1992, Shaoxing Sanfang Machinery Co., Ltd. (former Shaoxing the third Textile Weaving cloth Machinery Factory) is located in Paojiang lndustry Development Zone inside Shaoxing which is a famous traditional and cultural city and also a water place in the to the south of the Yangtze River. lt is a well-known enterprise inside the textile machinery industry, with all the assets of nearly RMB30, 000, 000and the twelve-monthly output value of RMB20, 000, 000, covering a floor part of nearly 30, 000 rectangular meters.
elastic crochet machine
Since establishment, the business has been carrying out the famous company strategy, Pursuing the enterprise, t spirit of “pioneering in addition to making innovations, advancing together with times”, omnibearingly improved the standard of staff, strengthened their notion of creating excellence, trained a team of superb technical backbones, as well as introduced the leading mechanical generation equipment of the current devices industry which are processing centre, Laser cutter, numerical governed punching machine, numerical operated lathe, numerical controlled milling machine, precision grinding equipment mainly and others. The company investigated and manufactured the innovative textile machinery, our major products include SGD-950 Wide lace crochet machine, SGD-980 Extravagant yarn crochet machine, SGD-260 Lace&Band crochet machine, SGD-1700S Upholstery fabrics crochet unit, SGD-3300S Upholstery fabrics fermeture machine, SGD2180 Multifunctional NORTH CAROLINA compound twisting machine, SGD-152 Fancy yarn twisting appliance, SGD168-A computerized flanged bobbin winding machine, SGD168 Advanced spooler machine, AGEN280 atmosphere covering yarn machine, SGD280A/B high speed rewinding machine, AGEN983-A/B mixing intermingled machine, SGD180 precision bobbin winding device and etc . The company handed ISO9001-2000 certification. The revenue network spreads all over the country and also extends overseas. The products are usually deeply trusted by the extensive masses of users. Crochet equipment of large manufacturers - Shaoxing Sanfang Machinery Co., Limited City Factory King The particular struggling way ahead remains very far, but you will continue struggling and just do it. Ln the new century, confronting fhe new situation following China joining WTO, employees of the company will proceed as before increasing the flexibility inside, establishing the brand outside the house, and expanding business industry. Santa people will go on seeking to create excellent quality equipment in textile machinery market, and going forward in huge strides on the road of establishing and enlarging “Sanfang Machinery”.
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