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There does appear to be a risk premium during business cycles, especially evidenced by the large credit spreads well above any conceivable long term default projection (eg, B credits for 1000 basis points). Yet these things have only happened a handful of times. So, one could say, buy everything when things look bad, noting how things rebounded from 1974, 1990, 2002, and 2008. Yet, it's a small sample, so the sample estimate of the returns to this strategy may be well above the population mean (this is the so-called peso problem, which has a large literature, but it's mainly ignored as applied to equities).
Dubai International Financial Centre (DIFC) announced the total number of active registered companies at the centre increased 14 per cent year-on-year in June.
DIFC said registered firms reached 2,003 at the end of June, up 8 per cent from 1,853 as of December 31 and year on year from 1,750, state news agency WAM said.
The sustained growth in the number of companies undertaking business from DIFC now means that 614 companies are regulated by the DFSA, of which 493 are financial services firms.
"The fundamentals of the Dubai economy, together with the robust infrastructure we have built at DIFC, continue to be the cornerstones of the sustainable growth we are delivering," said Essa Kazim, chairman of DIFC Authority and governor of DIFC.
"Guided by the forward-looking vision of our leadership, we have built a sophisticated ecosystem that is the preferred platform for many of the world’s largest and highly respected institutions."
A focus on attracting foreign direct investment, particularly from South East Asia, enables Dubai Government entities to complete financial services within DIFC, and facilitates the provision of financial products through Dubai.
As part of its FDI initiatives, and building on the importance of the UAE in the One Belt, One Road initiative, DIFC has made further enhancements to its offering and longstanding relationships with the Chinese institutions that continue to use the Centre as their gateway to growth. The UAE will host a visit by Chinese president Xi Jinping later this week.
DIFC is home to the regional headquarters of China’s four largest banks in terms of total assets; Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China and China Construction Bank Corporation.
Why are homeless people still dying in one of Britain's richest cities?
Oxford is one of Britain’s most affluent cities, world famous for its prestigious university and its medieval architecture. But it also has a growing population of homeless people, who have been hit by a spate of deaths this winter.
Anushka Asthana went to meet Monica Gregory, a formerly homeless woman who volunteers to support rough sleepers in the city. She hears from the Guardian’s social affairs correspondent, Robert Booth, on what’s behind the spike in deaths.
Plus: the Observer’s Nosheen Iqbal on the sociologist Robin DiAngelo, author of White Fragility, and why you need to listen to her arguments – especially if you think you don’t.
Joshua Marks is a program officer for Central Africa at the National Endowment for Democracy, where he is responsible for democracy and governance programs in seven countries. His most recent assignments have included assessment missions in Rwanda, Chad, Equatorial Guinea, and the Democratic Republic of Congo (DRC). Previously a consultant for Oxfam and the Small Arms Survey in the Great Lakes region of Africa, Marks worked on security and human rights issues in eastern DRC, where he lived from 2004 to 2005. He has also worked witha local NGO in the DRC and with the U.S. Department of Defense, and was a faculty associate at the Africa Center for Strategic Studies. He is a project principal with the Truman National Security Project. He has published articles and reports in the African Security Review and the Small Arms Survey, among others.
Wednesday, 21 November 2012, 3.45 p.m.
The President: The Security Council will now begin its consideration of the item on its agenda.
On behalf of the Council, I welcome the Secretary-General, His Excellency Mr. Ban Ki-moon, who is joining today’s meeting via video teleconference from the region.
I give the floor to the Secretary-General.
The Secretary-General: I thank you, Sir, for the opportunity to brief the Council today on my three-day visit to Egypt, Israel, the occupied Palestinian territories and Jordan.
I am leaving shortly for New York. I wish the members of the Council a happy Thanksgiving.
Democrats are voting early in large numbers, but Republicans are likely to overwhelm polling places on Tuesday. That’s the conventional wisdom heading into the weekend before mid-term elections.
And while most people believe Republicans will regain control of the Senate, at least one poll shows a solid majority say President Obama’s performance is not a factor in how they intend to vote.
All of which seems to confirm the adage that all politics is local, and that local issues matter most.
However, this does not take Washington off the hook. The same poll, conducted by the Washington Post, found 60 percent said they don’t trust government to do what’s right, and 68 percent think the country is headed in the wrong direction.
And before Republicans get too giddy about the possibility of controlling Congress, the poll found people aren’t terribly excited about that, even if they’re voting for it. Thirty-nine percent said a Republican Congress would make little difference, and 24 percent said it would be a bad thing.
The two parties were in a virtual tie when it came to opinions about which is best able to cope with the nation’s problems going forward, with 39 percent saying Democrats and 37 percent Republicans; 14 percent said neither party.
In politics, getting elected, and then re-elected, is the name of the game. Politicians might secure their positions a bit more, however, if they were willing to work toward solutions, even if that meant reaching across the aisle now and then.
Even a resounding Republican victory on Tuesday won’t give the party enough of an edge to override vetoes. If Republicans dedicate the next two years to embarrassing the president in hopes of winning the White House in ’16, all that cynicism will continue to fester, and who knows what that might translate to next time around.
Organs from the 17-year-old rugby league player who died from injuries sustained in a match earlier this month have been donated to help save the lives of five other people.
Ronan Costello died in Leeds General Infirmary a fortnight ago after failing to recover from a freak injury sustained while playing for Huddersfield academy against Salford and was laid to rest last Friday.
Ronan’s family are comforted that he has gone on to help five other people live their lives and survive, showing a final act of generosity.
A statement issued by his family said: “In accordance with Ronan’s wishes, his family have made the heartfelt decision to donate some of his organs.
“Ronan was a loving and caring lad who was dedicated to his family and friends.
Burgess Hill Symphony Orchestra presented their winter concert last Saturday, offering a celebration of music inspired by the works of Shakespeare.
The evening opened with the famous ‘Montagues and Capulets’ music from Prokofiev’s Romeo and Juliet. It proved a suitably atmospheric and dramatic start to the concert with some fine playing from the orchestra. The musicians created a wide dynamic range from the powerful brass in the opening section to the delicate woodwind in the quiet calm when Juliet dances at the ball.
We were moved then to A Midsummer Night’s Dream and Mendelssohn’s captivating incidental music.
The Overture was rhythmically buoyant and well balanced with some fine ensemble playing from the orchestra. The faster playing did need a little more definition and clarity of articulation but there was a lovely sense of joy achieved here. The Scherzo had a light texture and a nicely lilting one in a bar tempo. The Nocturne was notable for some fine horn playing from principal horn Terry Leese and his section creating a magical mood here. The Wedding March brought a suitably triumphant close to the proceedings.
The first half ended with a Concerto for Double Bass in G by Cimador with soloist Nathanael Thomas-Atkin. Nathanael’s playing had terrific rhythmic vitality and musical direction and he showed some impressive dexterity in the fast sections and fine clarity of articulation. In the slow second movement there was some expressive legato shaping by the soloist accompanied very sensitively by the orchestra. The lively Allegro finale brought an entertaining end to the first half of the concert.
After the interval we were treated to The Merchant of Venice Suite by Sullivan. This was music new to me and to most of the audience too, I suspect.
You could pick out all the hallmarks of Sullivan’s style here from the poignant lyricism to the patter numbers and the rumbustious choruses.
There was excellent ensemble playing and balance throughout and the orchestra caught the contrasting moods and character of the music conveying the inherent wistfulness and joy and it was a real treat to hear it.
The concert ended with a fine performance of Tchaikovsky’s Romeo and Juliet Fantasy Overture. The range of emotions from the lyrical love theme to the punchy and rhythmic Allegro were captured by the orchestra with a range of tone colours and an exciting build to the climactic points. The tricky speed changes were very well controlled under the skilful and experienced baton of Maestro Michael Stefan Wood and the strings (leader Andrew Biggs) sounded the best I have heard from the orchestra.
So another fine evening of music from our fine local orchestra and I look forward to their evening of John Williams music on May 13, 2017, celebrating the composer’s 85th birthday.
Most definitely a date for the diary.
Asking prices for Abu Dhabi sales and rental homes are between 10 and 20 per cent higher than the value of the property as a buyers’ market persists amid rising supply and competition, real estate consultancy ValuStrat said.
“Buyers as well as tenants have an upper hand in this current market, and we estimate a 10 per cent to 20 per cent gap between an asking price and actual market value,” Haider Tuaima, head of real estate research at ValuStrat, told The National.
The UAE property market has slowed in recent years on the back of a three-year oil slump that dampened demand and contracted sales and rental prices.
Increasing supply is further softening real estate values, with analysts predicting the market will continue to decline in 2019, albeit at a slower rate, before bottoming out later this year.
“There is the issue of demand-supply mismatch, as Abu Dhabi has a shortage of new affordable stock within the city to match the majority of demand,” Mr Tuaima said.
ValuStrat’s real estate market update for the first quarter found that residential capital sales values were on average 12.2 per cent lower than the same quarter last year, and 3.2 per cent lower than the previous quarter.
Residential rents were also down, by 6.9 per cent year-on-year and 2.1 per cent quarter-on-quarter.
Each of the 10 locations across the emirate monitored by ValuStrat registered single-digit quarterly declines in capital values of less than 5 per cent quarter-on-quarter, the research company said. The highest quarterly price fall was for villas in Al Raha and Hydra Village – of 4.3 per cent and 4.1 per cent, respectively.
On an annual basis, most neighbourhoods lost around 12 per cent in capital value, the report added. However, two locations were slightly less affected – apartments on Saadiyat Island and villas in Mohammed Bin Zayed City, which declined by 9.3 per cent and 7.1 per cent, respectively.
Against this backdrop, average asking prices for villas in Abu Dhabi rose by 1 per cent when compared to the previous quarter – “as demand for affordable homes continues”, according to Mr Tuaima.
“Of course, the 1 per cent increase is not significant, however, if this becomes a trend over the next quarters it could represent a positive shift in asking villa prices in Abu Dhabi,” he said.
A total of 4,292 homes were completed in the capital in 2018, including 3,365 apartments and 927 villas, ValuStrat’s market update report said. A further 3,357 apartments and 2,867 villas or townhouses are expected to be delivered during this year.
Notable anticipated deliveries in 2019 include 2,315 villas on Yas Island, 2,177 apartments on Al Reem Island, and 763 apartments and 121 villas on Saadiyat Island.
AIA director David Hines said the Executive Board will have the final say on whether there will be another appeal, but added, "Marqui will be allowed to play."
Once again, a Maricopa County Superior Court judge ruled that Scottsdale Saguaro senior running back/slot receiver Marqui Johnson shouldn't be prohibited from playing football.
Judge Bruce Cohen, who held a two-hour evidentiary hearing at the Northeast Regional Court, ruled to give Johnson a permanent restraining order that bars the Arizona Interscholastic Association from keeping Johnson off the field.
Johnson had no legal representation, only his father, Ronald, helping him through the court system to try to salvage his son's senior season.
Five-time defending state champion Saguaro (6-1) has three regular-season games remaining, before the playoffs begin.
"We are super thankful, hold no grudge against the AIA," Ronald Johnson said in a text message late Thursday afternoon, after the ruling came down. "Just wish it didn't have to come to this."
The AIA could appeal this decision, but AIA Executive Director David Hines said in a text, "We will follow the judge's order."
"The Executive Board would have the final say whether to appeal, however, Marqui will be allowed to play," Hines added.
Two weeks ago, Johnson, who transferred from Scottsdale Chaparral this summer, was granted a temporary restraining order by Judge Cohen.
The AIA appealed to have a full hearing in order to give the judge a fuller picture of the prior-contact bylaw.
Johnson could have chanced playing two weeks ago, in a rout of Phoenix Arcadia, but he didn't want to put the Sabercats in jeopardy of possibly having to forfeit games in which he played, in case the judge came back in favor of the AIA.
Language in the prior-contact bylaw appeared to work in Johnson's favor.
It states that "a student who attends, participates or was eligible to participate for a school, and then transfers to another school is ineligible for one calendar year" if the athlete received "direct athletic or activities instruction from a person affiliated with the school to which the student transfers."
Attorney Liana Garcia, representing the AIA, told the judge that the schools worded the bylaw that way because of circumstance such as football camps with large numbers of kids in which certain kids never had contact with a coach who happens to be part of a high school staff where a transfer was headed.
Aaron Wiese, who left Chaparral where he was part of the junior-varsity program and helped coach quarterbacks, came to Saguaro before Johnson made the move there. But Ronald Johnson and his son argued they never had any direct contact with Wiese while he was at Chaparral, since Marqui never played quarterback.
Wiese wrote a letter on Marqui's behalf to the AIA Executive Board to explain he never had any direct contact with Johnson. Wiese attended Thursday's hearing, ready to speak, but the judge felt there was no need with his letter already entered.
Ronald Johnson also brought a letter from former Chaparral head coach Thomas Lewis, who explained that Wiese never had direct contact with Johnson.
Garcia argued that this was an avoidable situation, because Ronald Johnson talked to Ron Halbach, an AIA sports administrator, before making the move to Saguaro and Halbach, she said, warned him that the prior-contact rule would be applied.
Had he transferred to another school in the district, Johnson would have had to just sit out half the season, per the AIA transfer rule.
Judge Cohen sympathized with Johnson and the rough road he has had in his life, leaving an unsafe environment in Philadelphia early in his high school career. His father has been his sole provider in Scottsdale.
"Marqui came to Arizona so his father could ensure a safer, more comprehensive upbringing that would allow him to thrive," Cohen said during the hearing. "He found that initially at Chaparral and was thriving there. Something went afoul. Whether it was a rub between two people that got out of control, the environment at Chaparral became somewhat toxic to him.
"Marqui said something (at the first hearing) that rang true. He said, 'I already had that exposure. My name was in the papers. Schools knew me. I was being recruited, at least getting letters of interest. I was going to a school where there was already people who might fill my role. Why would I leave?' That convinced me the move was motivated by the circumstances Mr. Johnson implied: 'My son was miserable and I couldn't force him to stay there. It went against everything I left Philadelphia for. I had to do something.' "
At the end of the preliminary hearing judgment, Cohen wrote what he described in Thursday's hearing as a personal note to Marqui that he had rarely done in 14 years as a judge.
"Lastly, Marqui must understand that he is being afforded exceptional treatment by this ruling as the court generally does not invade the province of properly performed administrative oversight. This ruling therefore comes with expectations.
Marqui may have talent on the football field but that certainly is not the limit to his talent or potential, as evidenced by the poise, respect and dignity that he conducted himself with at the hearing. Marqui has a father who is doing all that he can to ensure the best for his son’s future. Now, Marqui must demonstrate that he knows that with every opportunity comes great responsibility. Going forward, the bar for Marqui is being set quite high, with the expectation that he will give his best in every aspect of his life, not just as a member of a football team, but as a student, as member of a community and as a son.
Marqui, will you accept this challenge? Time will tell but it is your story to write."
More than 1000 letters discussing confidential health information about hundreds of patients have been found dumped in a bin next to a Sydney apartment block.
A local man discovered a massive heap of letters dumped into a rubbish bin in Ashfield two weeks ago and recognised them as possibly containing confidential information.
He contacted a neighbour who worked in health services, who then called local police to report the discovery.
The letters were from specialists in hospitals around NSW intended to be sent to general practitioners via a transcribing subcontractor called Global Transcription Services.
Most of the more than a thousand letters involved treatment progress reports from specialists at Royal North Shore, Gosford, Dubbo, Chris O'Brien Lifehouse, Northern Cancer Institute, Sharp Neurology, Southside Cancer Care Centre, Strathfield Retina Clinic and the Woolcock Institute.
NSW Health said there was no need to contact individual patients about the potential privacy breach.
"No evidence of a need for immediate clinical intervention or for individual patients to be contacted was found," the department said in a statement.
NSW Health Minister Brad Hazzard said the person who dumped the letters was a woman with significant mental health problems who was going through a break-up, the Sydney Morning Herald reports.
An external review is now being conducted into transcription procedures.
WASHINGTON (Reuters) - President Donald Trump on Tuesday repeated his threat to slap tariffs on an additional $267 billion of Chinese imports if Beijing retaliates for the recent levies and other measures the United States has imposed in an escalating trade war between the economic giants.
Last month Trump imposed tariffs on nearly $200 billion of Chinese imports and then threatened more levies if China retaliated. China then hit back with tariffs on about $60 billion of U.S. imports.
Citing the growing trade war, the International Monetary Fund on Tuesday cut its global economic growth forecasts for 2018 and 2019.
Asked about Trump’s remarks at a regular news briefing in Beijing on Wednesday, Chinese Foreign Ministry spokesman Lu Kang said a trade war was bad for the global economy and not in the interests of either country.
“But China’s resolution to protect its own legitimate interests is unwavering. No one should have any illusions about this,” Lu said.
The United States wants to pressure China to make sweeping changes to its trade, technology transfer and high-tech industrial subsidy practices.
Trump’s latest comments underline a threat by Washington that it may ultimately impose tariffs on more than $500 billion worth of Chinese goods - nearly the total amount of U.S. imports from China last year.
Here are the responses from mayoral candidate Morey Navarro. The Star did not independently verify their biographical information.