iab Shock and Vibration Resistant Bulkhead Connector with Pliable Contacts By www.freepatentsonline.com Published On :: Thu, 29 Jun 2017 08:00:00 EDT A high pressure and temperature, hermetically sealed bulkhead connector with pin and socket contacts for use in logging tools is described. The bulkhead connector comprises (a) one or more contact(s) placed within one or more channels wherein the channels provide a clearance path between contact(s) and bulkhead body and travel at least a partial longitudinal distance between proximal and distal ends. The contact(s) reside in the channel(s) and include at least; an optional movement limiter section, one central elongated section, and one fixed section where the contact(s) is attached to the bulkhead body at the distal end. The body correctly positions respective ends of the contact so that the body secures contact(s) to be parallel to each other and the contact(s) have terminal ends for connection. This arrangement provides at least one pivotable, pliable, free floating contact extending away from the fixed distal end of the bulkhead body. Full Article
iab AUTONOMOUS MOBILE PLATFORM AND VARIABLE RATE IRRIGATION METHOD FOR PREVENTING FROST DAMAGE By www.freepatentsonline.com Published On :: Thu, 22 Jun 2017 08:00:00 EDT A rover includes a base having wheels and a propulsion system coupled to the wheels to propel the rover around a field. A tower is coupled to the base and extends over the base. Sensors are set on the tower and the base and are configured to sense environmental conditions around the rover at different elevations. A computing system includes a processor and memory. The memory is configured to receive measured data from the sensors and determine an amount and manner of water to be dispensed on plant life in the field. Full Article
iab AUTONOMOUS MOBILE PLATFORM AND VARIABLE RATE IRRIGATION METHOD FOR PREVENTING FROST DAMAGE By www.freepatentsonline.com Published On :: Thu, 22 Jun 2017 08:00:00 EDT A rover includes a base having wheels and a propulsion system coupled to the wheels to propel the rover around a field. A tower is coupled to the base and extends over the base. Sensors are set on the tower and the base and are configured to sense environmental conditions around the rover at different elevations. A computing system includes a processor and memory. The memory is configured to receive measured data from the sensors and determine an amount and manner of water to be dispensed on plant life in the field. Full Article
iab Tool with variable functions for casino operations By www.freepatentsonline.com Published On :: Tue, 05 May 2015 08:00:00 EDT A hand held variable tool for use in casino operations that has optional functions of, at least, (i) a small tip writing instrument such as a pencil or pen, (ii) a large tip writing instrument such as a marker, and (iii) a cutting or scoring tool, such as a sharp-tipped needle or nail to aid in “scoring” and opening the cellophane around a new deck of playing cards. The tool can be clipped to the badge of a user for ease of transport while not in use. Full Article
iab HEAT EXCHANGER DESIGNS USING VARIABLE GEOMETRIES AND CONFIGURATIONS By www.freepatentsonline.com Published On :: Thu, 15 Jun 2017 08:00:00 EDT A heat exchanger may include at least one fluid passageway adjacent a heat transfer plate and a plurality of heat transfer elements positioned in the at least one fluid passageway and joined with the heat transfer plate. The heat transfer elements may be positioned with first spacings therebetween at an inlet end of the at least one fluid passageway. The heat transfer elements may be positioned with second spacings therebetween at an outlet end of the at least one fluid passageway. The first spacings may be smaller than the second spacings. Full Article
iab METHOD FOR DETECTING END OF RECORD IN VARIABLE LENGTH CODED BIT STREAM By www.freepatentsonline.com Published On :: Thu, 15 Jun 2017 08:00:00 EDT Modifying a digital data stream that includes immediately consecutive code words of different length by segmenting, based on a certain block grid, the digital data stream. Each block of the block grid includes a fixed number of bits. It is determined whether all bits of the last block associated with the digital data stream are occupied by data of the digital data stream. If not all bits of the last block are occupied, the unoccupied bits of the last block are padded with bits of an end-of-record (EOR) indicator. If all bits of the last block are occupied, attaching an EOR indicator to the digital data stream is skipped. Full Article
iab ACOUSTIC WAVE DEVICES HAVING IMPROVED CONNECTION RELIABILITY By www.freepatentsonline.com Published On :: Thu, 22 Jun 2017 08:00:00 EDT An elastic wave device including a substrate, an interdigital transducer (IDT) electrode provided on an upper surface of the substrate, a first wiring electrode provided on the upper surface of the substrate and connected to the IDT electrode, a dielectric film that does not cover a first region of the first wiring electrode but covers a second region of the first wiring electrode above the substrate, the first wiring electrode including a cutout in the second region, and a second wiring electrode that covers an upper surface of the first wiring electrode in the first region and an upper surface of the dielectric film in the second region above the substrate. Full Article
iab Visor cap having variable visors By www.freepatentsonline.com Published On :: Tue, 19 May 2015 08:00:00 EDT The present invention relates to a visor cap. It is an aim of the present invention to provide a visor cap which can widen a sun blocking area through variable visors and which enables a wearer to adjust the sun-blocking area while improving wearing comfort. To accomplish the aim, provided is a visor cap including a main body, a fixed visor, and a pair of variable visors hinged to both sides of an upper surface or a lower surface of the fixed visor, so as to vary the sun-blocking area, wherein each of the pair of variable visors includes: a first variable visor portion which is made of a textile material and one side of which is fixed at an edge of the fixed visor; and a second variable visor portion which is made of a synthetic resin material and which is coupled to the other side of the first variable visor portion. The visor cap of the present invention is advantageous in that it enables a wearer to adjust the sun-blocking area if needed, and is prevented from contacting the skin of the wearer, thus improving is wearing comfort while expanding the sun-blocking area. Full Article
iab Variable Refrigerant Package By www.freepatentsonline.com Published On :: Thu, 22 Jun 2017 08:00:00 EDT A variable refrigerant package air conditioner is shown that is easy to install in new construction with a unique base that causes collected mixture that overflows to drain outside the building. A control system is shown that has motors and compressor that are pulse width modulated so the air conditioner is infinitely variable while maintaining the highest possible power factor. Dehumidification of outside air occurs as it is mixed with inside air. By gradually approaching a temperature set point and even reheating after dehumidification, moisture is removed from the room. Full Article
iab Monitor and Manage your Diabetes via your iPhone and Apple Watch with the Dexcom G6 CGM System By www.applevis.com Published On :: Fri, 30 Aug 2019 05:23:01 -0300 In this podcast, Hugo introduces us to the Dexcom G6 CGM System and its companion iOS app. Hugo walks us through putting on the sensor and Bluetooth transmitter using the provided applicator; activating and calibrating the sensor; removing the sensor, and using the companion iOS app. The Dexcom G6 System provides personalized trend alerts right on your smart device and lets you see when your glucose levels are going too low, or too high, so you can better manage your diabetes. The Alert Schedule feature lets you schedule and customize a second set of alerts. For example, you can set the schedule to match your work hours and have different alert settings during the rest of the day. Custom alert sounds are available, including a Vibrate-Only option on the phone for glucose alerts other than the Urgent Low Alarm. The Always Sound setting allows you to receive certain Dexcom CGM Alerts even if your phone sound is off, set to vibrate, or in Do Not Disturb mode. This will allow you to silence calls or texts but still receive audible CGM Alerts, including Low and High Glucose alert, Urgent Low Soon Alert, Urgent Low Alarm, and Rise and Fall Rate alerts. Please note that when your phone is set to Silent or Do Not Disturb, you will not receive any audible alerts for Signal Loss. Always Sound is on by default. A Home screen icon shows you if your Alerts will sound or not. For safety, three alerts cannot be silenced: Urgent Low Alarm, Transmitter Failure, and Sensor Failure. In addition to the accurate performance provided by the Dexcom Sensor, you’ll receive other valuable features: Share your glucose data with up to ten followers in real time. Followers can monitor your glucose data and trends in real time on their compatible smart device with the Dexcom Follow app. Share and Follow functions require an internet connection. Health app access so you can share retrospective glucose data with third party apps Today View widget, which allows you to view your glucose data on the lock screen of your smart device Add a shortcut to Siri to run by asking Siri to read your current glucose value, using a custom phrase. A Dexcom CLARITY link on the landscape trend graph lets you easily transition to the CLARITY App to view more information on your glucose trends View your glucose information, trend graph, and alerts and alarms right from your wrist with the Dexcom G6 Apple Watch app. Use the digital crown to scroll through 1, 3, or 6 hours of glucose trend data Dexcom G6 watch face complications allow you to view your glucose number and arrow from your watch face Add the Dexcom G6 app to the Dock and enable background refresh for best performance Full Article Accessories Review
iab Statin Users Twice As Likely To Develop Diabetes, SCSU Study Finds By www.wshu.org Published On :: Mon, 22 Jul 2019 15:22:40 +0000 A Southern Connecticut State University study explores the link between cholesterol-lowering drugs called statins and Type 2 Diabetes. Full Article
iab Shock diabetes research leads to action By thebirminghampress.com Published On :: Mon, 17 Jun 2019 22:59:56 +0000 Advice course for sufferers to begin in Erdington. Full Article Community Erdington Health diabetes Seventh-Day Adventist Church Witton Lodge Community Association
iab Singomakers releases Cinematic Piano Grace & Diabolic Hardcore By rekkerd.org Published On :: Fri, 01 May 2020 17:20:00 +0000 Singomakers has released a collection of piano samples with Cinematic Piano Grace, a collection of sounds ready to add a cinematic touch to your productions. If you want to add some magical cinematic feeling to your music, doesn’t matter if it’s some addition for Drum & Bass Breakdowns, Chopped parts for Hip-Hop Beats, Chill, Psytrance […] The post Singomakers releases Cinematic Piano Grace & Diabolic Hardcore appeared first on rekkerd.org. Full Article News Samples and sound libraries cinematic Loopmasters piano Singomakers
iab Rangers dossier claims clubs unaware of £10m liability before SPFL vote By www.glasgowtimes.co.uk Published On :: Thu, 07 May 2020 16:10:00 +0100 RANGERS claim that the SPFL failed to inform its members of a potential £10million liability and “substantial problems” with league reconstruction before asking clubs to vote to conclude the 2019/20 campaign. Full Article
iab Libsyn Now Offers Podcast-Training in Spanish, IAB-Certified Podcast Stats, and Expanded Distribution By feedproxy.google.com Published On :: Sun, 29 Sep 2019 17:00:46 +0000 Libsyn is the #1 commercial podcast hosting provider and is bringing new updates! Full Article Podcasting Video Tips how to podcast LibSyn podcast hosting podcast in Spanish Podcast Movement 2019
iab Sasquatch is still a myth (despite the claims of 1 wildly unreliable source) By www.seattletimes.com Published On :: Fri, 20 Dec 2019 07:00:11 -0800 Whaddya know? No one has yet proved to Ron Judd that Bigfoot exists. Full Article Pacific NW Magazine
iab A big, once-reliable source of investor cash is drying up By www.seattletimes.com Published On :: Sat, 25 Apr 2020 12:01:27 -0700 Perspective: The losses aren’t coming just from the drop in stock prices. The effect of the dividend cuts sweeping through the market will hurt, too. Full Article Business Markets
iab SCRIABIN, A. / PASTERNAK, B.: Piano Works (Samson-Primachenko) (UP0213) By www.naxos.com Published On :: Fri, 01 May 2020 00:00:00 GMT Full Article
iab Various Artists - Diablos Del Ritmo – The Colombian Melting Pot 1960-1985 By www.bbc.co.uk Published On :: Tue, 13 Nov 2012 00:00:00 +0000 Every track is destined to fill a dancefloor with abandoned gyrations. Full Article
iab Diabetics turn to power tools, chat rooms, DIY 'looping parties' to tackle their chronic condition By www.abc.net.au Published On :: Tue, 24 Sep 2019 11:00:00 +1000 A growing number of people with chronic diabetes are building their own artificial pancreas which has some health professionals seriously concerned. Full Article ABC South East SA adelaide southeastsa melbourne Health:Adolescent Health:All Health:Health Insurance:All Health:Health Policy:All Health:Men's Health:All Health:Women's Health:All Australia:SA:Adelaide 5000 Australia:SA:Mount Gambier 5290 Australia:VIC:St Albans 3021
iab Peacocks as pets? Demand increases though they're not that reliable as companions nor protectors By www.abc.net.au Published On :: Thu, 27 Jun 2019 09:40:00 +1000 Peacocks are popular pets with people eager to host the showy ornamental bird, despite breeders admitting they are not particularly good companions nor protectors. Full Article ABC Riverland brisbane riverland milduraswanhill Human Interest:All:All Human Interest:Animals:All Rural:Livestock:All Rural:Livestock:Miscellaneous Animal Production Australia:QLD:Ipswich 4305 Australia:SA:Loxton 5333 Australia:SA:Taldra 5311 Australia:VIC:Mildura 3500
iab Athlete scores a balance between work, life and diabetes By www.abc.net.au Published On :: Tue, 14 Jul 2015 15:37:00 +1000 Not much gets in the way of Tami Willey achieving her goals: after all she is a professional basketball player. What fans don't always see is what Tami's life is like off the court, juggling a career, a family and type 1 diabetes. Full Article ABC Local tropic Health:All:All Health:Diseases and Disorders:All Health:Diseases and Disorders:Diabetes Sport:All:All Sport:Basketball:All Sport:Basketball:WNBL Australia:All:All Australia:QLD:All Australia:QLD:Mackay 4740
iab Lawyers say Catholic Church admits liability for claims from sexual abuse survivors By www.abc.net.au Published On :: Fri, 06 Sep 2019 20:08:00 +1000 The Catholic Church may have opened itself up to hundreds of potential damages claims from sexual abuse survivors after admitting liability in court documents. Full Article ABC Ballarat ballarat melbourne southwestvic Law Crime and Justice:All:All Law Crime and Justice:Courts and Trials:All Law Crime and Justice:Sexual Offences:All Australia:VIC:All Australia:VIC:Ballarat 3350 Australia:VIC:Melbourne 3000 Australia:VIC:Mortlake 3272
iab Weekend Bookworm: A Deniable Death By www.abc.net.au Published On :: Fri, 22 Jul 2011 08:26:00 +1000 Rob Minshull produces Weekends with Warren and is an avid reader. Full Article ABC Local brisbane Arts and Entertainment:Books (Literature):All Australia:QLD:Brisbane 4000
iab Eliza Bartlett is shaking off the stigma of type 1 diabetes. She is a nurse, cricketer and inspiration By www.abc.net.au Published On :: Sat, 05 Oct 2019 15:54:00 +1000 Eliza Bartlett is a diabetic but is does not define her. The 27-year-old walked 4,200 kilometres across Europe to displace the stigma. Full Article ABC Radio Adelaide adelaide Community and Society:All:All Health:All:All Health:Diseases and Disorders:Diabetes Australia:SA:Adelaide 5000 Australia:SA:All
iab Emeroo Station to shut down after funding changes make Indigenous work program unviable, says CEO By www.abc.net.au Published On :: Fri, 24 May 2019 17:29:00 +1000 Bungala Aboriginal Corporation chief executive blames funding changes for Emeroo Indigenous station closure. Full Article 639 ABC North and West adelaide northandwest Community and Society:All:All Community and Society:Indigenous (Aboriginal and Torres Strait Islander):All Government and Politics:All:All Government and Politics:Indigenous Policy:All Rural:All:All Australia:All:All Australia:SA:Adelaide 5000 Australia:SA:All Australia:SA:Port Augusta 5700 Australia:SA:Port Augusta North 5700 Australia:SA:Port Augusta West 5700 Australia:SA:Port Pirie 5540
iab Oil and gas exploration company NSE suspended by stock exchange over rehabilitation liabilities By www.abc.net.au Published On :: Wed, 16 Oct 2019 12:21:00 +1100 An exploration company that ran out of money after drilling wells in the Great Sandy Desert has been suspended from trading by the Australian Stock Exchange. Full Article ABC Kimberley kimberley Business Economics and Finance:Industry:Oil and Gas Environment:Mining:All Australia:WA:Broome 6725 Australia:WA:Derby 6728
iab Krystal De Napoli says descriptions of variable stars date back thousands of years in Indigenous oral history By www.abc.net.au Published On :: Tue, 16 Jul 2019 08:16:00 +1000 Full Article ABC Gippsland gippsland Community and Society:Indigenous (Aboriginal and Torres Strait Islander):All Science and Technology:Astronomy (Space):All Australia:VIC:Lake Tyers Beach 3909
iab 'As long as we can see the sky, we can see our stories': Indigenous Australians first to discover variable stars By www.abc.net.au Published On :: Tue, 16 Jul 2019 12:15:00 +1000 Traditional custodian at the Aboriginal Trust in Lake Tyers Victoria, Wayne Thorpe, is learning as much about the traditional science and stories of the stars as he can. Full Article ABC Gippsland gippsland Community and Society:Indigenous (Aboriginal and Torres Strait Islander):All Science and Technology:Astronomy (Space):All Australia:VIC:Lake Tyers Beach 3909
iab University of South Australia designs 3D printed feet that mimic diabetic foot wounds By www.3ders.org Published On :: Mon, 15 Apr 2019 12:40:32 +0200 The University of South Australia is using a blend of icing sugar, chicken stock and flexible resin to create realistic foot ulcers as part of a world-first podiatric training initiative. Full Article 3D Printing Applications
iab ACT Government planning to invest in electric buses despite serious reliability problems By www.abc.net.au Published On :: Mon, 30 Sep 2019 16:52:00 +1000 They completed less than two in three peak services, but electric buses are still a "viable alternative" for Canberra according to the ACT's Transport Minister. Full Article ABC Radio Canberra canberra Community and Society:Urban Development and Planning:All Environment:All:All Environment:Alternative Energy:All Government and Politics:States and Territories:All Australia:ACT:All Australia:ACT:Canberra 2600
iab PHL Variable Ins. Co. v. Town of Oyster Bay By feeds.findlaw.com Published On :: 2019-07-09T08:00:00+00:00 (United States Second Circuit) - Affirmed. Trial court dismissed Plaintiff’s complaint for failure to state a claim on the grounds that the claimed agreement entered into with Defendant had not be approved by the Defendant’s governing board as required by New York Town Law, hence there was no valid and enforceable contract. Full Article Insurance Law Contracts
iab Franchise Tax Bd. Limited Liability Corp. Tax Refund Cases By feeds.findlaw.com Published On :: 2018-07-18T08:00:00+00:00 (California Court of Appeal) - Reversed the denial of class certification in a case involving tax refund claims filed by limited liability companies (LLCs) which sought refunds of a levy they had paid pursuant to a California tax statute that was later determined to be unconstitutional. When the district court denied the LLCs' motion for class certification on multiple grounds including predominance and superiority, they appealed. Agreeing with the LLCs that this case was suitable for treatment on a classwide basis, the First Appellate District reversed and remanded for certification of a class or classes consistent with its opinion. Full Article Tax Law Class Actions
iab PHL Variable Ins. Co. v. Town of Oyster Bay By feeds.findlaw.com Published On :: 2019-07-09T08:00:00+00:00 (United States Second Circuit) - Affirmed. Trial court dismissed Plaintiff’s complaint for failure to state a claim on the grounds that the claimed agreement entered into with Defendant had not be approved by the Defendant’s governing board as required by New York Town Law, hence there was no valid and enforceable contract. Full Article Insurance Law Contracts
iab Empire Merchants LLC v. Reliable Churchill LLLP By feeds.findlaw.com Published On :: 2018-08-28T08:00:00+00:00 (United States Second Circuit) - Affirmed the dismissal of a liquor distributor's claim under the RICO statute against other liquor distributors. The New York metropolitan area's exclusive distributor for many leading brands of liquor brought this suit alleging that two of Maryland's largest liquor distributors were smuggling liquor into New York, cutting into its sales. The district court dismissed the case because the smuggling operation, as alleged, did not directly cause the plaintiff to lose sales, and therefore the plaintiff did not adequately allege proximate cause under RICO. Agreeing, the Second Circuit affirmed. Full Article Commercial Law Antitrust & Trade Regulation
iab Jeannie Mai Has One Non-Negotiable For Her Wedding To Jeezy By feeds.bet.com Published On :: Sun, 3 May 2020 17:32:00 EDT 'The Real' co-host has a vision of her special day. Full Article jeannie mai Celebrity News Jeezy
iab Ed Appoints Kelley As Liability Division Head By bernews.com Published On :: Wed, 15 Jan 2020 12:46:01 +0000 Ed, the global reinsurance, wholesale and specialty broker, announced the appointment of Colin Kelley as Head of Ed’s new Liability Division in Bermuda. Effective immediately, Mr Kelley will lead the professional lines, casualty and healthcare teams. Mr Kelley brings more than 16 years of both underwriting and broking experience to the business. He joins from […](Click to read the full article) Full Article All Business #BermudaBusiness #BusinessExecutives
iab Fables of the Permanent and Insatiable By www.bldgblog.com Published On :: Sat, 02 May 2020 18:08:24 +0000 [Image: An otherwise unrelated photo of fire-fighting foam, via Wikipedia.] There are at least two classes of materials that have always interested me: synthetic materials designed to be so resistant and indestructible that they verge on a kind of supernatural longevity, and engineered biomaterials, such as enzymes or microbes, designed to consume exactly these sorts … Continue reading "Fables of the Permanent and Insatiable" Full Article BLDGBLOG Adhesives Alloys Chemistry Composites Enzymes Fire-Fighting Foam Folklore Landscape Futures Materials Science Mythology Ouroboros Plastic Pollution Science Fiction Sorcerer's Apprentice
iab IBM Machine Vision Technology Advances Early Detection of Diabetic Eye Disease Using Deep Learning By www.ibm.com Published On :: Wed, 11 Oct 2017 05:23:08 GMT The IBM Research findings achieve the highest recorded accuracy of 86 percent by using deep learning and pathology insights to identify the severity of diabetic retinopathy. Full Article Research
iab 24 Things Are Unreliably Promised: Thing 4 By johnfinnemore.blogspot.com Published On :: Wed, 04 Dec 2019 16:03:00 +0000 As a rule, the more intricate and over-worked the doodle, the worse the writing's going... Full Article Drawings
iab 13 Reliable Tips to Take Your Referral Marketing Program to the Next Level By feedproxy.google.com Published On :: Fri, 11 Aug 2017 13:20:28 +0000 If your referral marketing program is not bringing in the desired results, then you’re probably not doing it right. A well-oiled referral marketing program can ... The post 13 Reliable Tips to Take Your Referral Marketing Program to the Next Level appeared first on Saleschase Stories. Full Article Marketing referral marketing referral program
iab #260: Hogwarts: An Incomplete and Unreliable Guide By feedproxy.google.com Published On :: Thu, 15 Sep 2016 23:21:30 +0000 PotterCast meets to discuss and theorize old and new information in one of three new volumes from J.K. Rowling and Pottermore. Full Article
iab Limiting liability for a resumption of business activity By feedproxy.google.com Published On :: Sat, 09 May 2020 04:40:28 +0000 I have a short Mercatus policy brief on that topic, co-authored with Trace Mitchell. Excerpt: Risk from reopening cannot fall to zero, but investments in safety by employers can bring real gains in many cases. Ideally, a plan should both minimize risk and encourage employers’ safety investments. In essence, policymakers should (1) limit liability in […] The post Limiting liability for a resumption of business activity appeared first on Marginal REVOLUTION. Full Article Current Affairs Law Medicine Uncategorized
iab Epic Game Store: Totally Reliable Delivery Service FREE + Spring Sale By feedproxy.google.com Published On :: Fri, 03 Apr 2020 17:09:28 +0000 Totally Reliable Delivery Service FREE (download before 4/8) The Spring Sale is now here with fresh offers across a range of top content! Don't forget, Epic Coupons acquired in our Holiday Sale are expiring May 1, 2020 2:59am EST and able to be used on any eligible purchase $14.99 or above! Spring Sale - ends 4/16 --> Full Article
iab Antibody tests aren't always reliable or available. But businesses are racing to use them By www.latimes.com Published On :: Tue, 5 May 2020 13:37:32 -0400 There's been talk of creating immunity passports for workers using coronavirus antibody tests, but they're in short supply and not 100% accurate. Full Article
iab McConnell's coronavirus business liability pledge sparks lobbying frenzy By www.latimes.com Published On :: Wed, 6 May 2020 18:04:37 -0400 Mitch McConnell has promised that the next coronavirus bill would protect business owners from lawsuits related to COVID-19. Full Article
iab Triabunna By www.fire.tas.gov.au Published On :: Sun, 10 May 2020 00:34:24 +1000 ALERT LEVEL: No Alert Level Region: S LOCATION: Triabunna STATUS: Patrol TYPE: FUEL REDUCTION BURN SIZE: 533 hectares Number of Vehicles: More Info: http://www.fire.tas.gov.au/a/85154 RESPONSIBLE AGENCY: Tasmania Fire Service UPDATED: Sun, 10 May 2020 00:34:24 +1000 Full Article No Alert Level
iab Is the Treasury understating pension liabilities? By www.bbc.co.uk Published On :: Tue, 03 May 2011 17:18:11 +0000 Belatedly, I've got round to looking at the Treasury's recent decision to change how it calculates the necessary contributions that have to be made to cover the future costs of unfunded public service pensions. My interest was sparked by a letter sent to the chancellor by 23 pension experts, organised by the consultant John Ralfe. They argue that the Treasury has made a mistake in its choice of a new so-called discount rate. If you think this is tedious abstruse stuff that has no relevance to you, think again. The aggregate public-sector net liability for pensions is so huge - perhaps £1 trillion - that it matters to all of us as taxpayers, especially those likely to be paying tax in 10 and 20 years time, that the government has a reliable and accurate valuation of pension promises. Pensions represent, to coin the phrase, a massive off-balance-sheet debt. And as we've all learned to our cost from the financial crisis of 2007-8, it is a bad idea to carry on blithely pretending off-balance-sheet liabilities don't exist. So what is this blessed discount rate? Well in the private sector it can be seen as the number used to translate into today's money a commitment to pay £650 a week pension (for example) for 30 years or so to a retired employee (till he or she dies), so that we can see whether there's enough money in the pension fund to pay that employee (and all the other employees) during his or her long retirement. The point of the discount rate is to assess whether there's enough money in the pension fund - or whether it needs to be topped up. Which is all very well, except that for most of the public sector, there are no funds or pots of money to pay for future pensions. Most of the pension promises are unfunded, payable out of employees' current contributions and out of general taxation. That said, since public sector workers are increasingly expected to make a contribution to the costs of their own pensions, it would presumably be sensible for that contribution to be set at a level that is rationally related to the value of promised pensions. So what is the best way of measuring the cost today of new pension promises? Well the government has decided to "discount" those promises by the rate at which the economy is expected to grow. Now there is some logic to that: the growth rate of the economy should determine the growth rate of tax revenues; and the growth rate of tax revenues will have a direct bearing on whether future pension promises will bankrupt us all or not. But here's the thing. Any private sector chief executive might well be sent to prison if he or she decided to use the equivalent discount rate for a company, which would be the expected growth rate of that company's revenues or profits. The reason is that although it might be possible to remove subjectivity (or in a worst case, manipulation) from any long-term forecast of the growth of GDP or of a company's turnover, it is not possible to remove considerable uncertainty. To illustrate, the Treasury has chosen a GDP growth rate of 3% per annum as the discount rate for public sector pensions, which is considerably above the rate at which the UK economy has grown for years or indeed may grow for many years. If we were growing at 3%, we would in practice be less worried about the off-balance-sheet liabilities of public-sector pensions, because the on-balance-sheet debt of the government would not be growing at an unsustainably fast rate. To put it another way, in choosing its view of the long term growth rate of GDP as the discount rate, the Treasury is arguably understating the burden of future pensions to a considerable extent. So what discount rate do companies use? Well they are obliged to discount the liabilities at the yield or interest rate on AA rated corporate bonds. Which may not be ideal, but has some advantages: there is a market price for AA corporate bonds, so the yield or discount rate is difficult to manipulate by unscrupulous employers; and it tells the company how much money would need to be in the pension pot, on the basis that all the money were invested in relatively safe investments (AA corporate bonds). Now Ralfe and his chums believe that the discount rate for public sector promises should be the yield on long-term index linked gilts (gilts are bonds or debts of the British government) - partly because this too has a difficult-to-manipulate market price and because an index-linked government bond is a very similar liability to a public sector pension promise (both are protected against inflation, both are in effect debts of the government). They point out that gilt interest and principal payments are paid out of future tax revenues, just as future pensions are. So if the value today of future pensions should be discounted at the GDP rate, that's how index linked gilts should be value on the government's balance sheet - which would be bonkers. Anyway, if you've read this far (and many congratulations to you if you have), you may take the view that it would not be rational to impose a tougher discount rate on the government than on private-sector companies - which is what Ralfe et al seem to want, in that the yield on index linked gilts will always be lower than the yield on AA corporate bonds (because HMG, even with all its debts, is deemed to be more creditworthy than any British business). But for a government and for a chancellor who have made it a badge of honour to bring transparency and prudence to public-sector finances, prospective GDP growth does look a slightly rum discount rate for valuing those enormous pension liabilities. Full Article
iab Cause Celeb: Victor Garber testifies on diabetes research By www.washingtonpost.com Published On :: Wed, 10 Jul 2019 17:24:17 +0000 The "Alias" actor was diagnosed with the disease as a child. Full Article
iab Evasive balancing: India's unviable Indo-Pacific strategy By feedproxy.google.com Published On :: Wed, 08 Jan 2020 11:37:22 +0000 8 January 2020 , Volume 96, Number 1 Read online Rajesh Rajagopalan India has adopted the Indo-Pacific concept with uncharacteristic speed. This article examines India's Indo-Pacific strategy, which evolved out of its earlier ‘Look East’ and ‘Act East’ policies but is much more focused on strategic concerns than on trade or connectivity. As such, the strategy is subset of its China policy, and includes contradictory elements of balancing China by building partnerships with the United States as well as with regional powers, while simultaneously pursuing a reassurance strategy to convince Beijing that India is not really balancing China. The combination of these contradictory elements is characterized as evasive balancing, which is a more useful concept than either pure balancing or hedging for understanding the policies of India and of many other countries in the region that are trying to manage China's rise. However, reassurance strategies rarely work and the combination of balancing and reassurance is even less likely to be viable. Full Article