http://dynamicwealthmanagementreports.com/
The patent row between HTC Corp (???) and Apple Inc has escalated as the Taiwanese firm filed a new lawsuit against its archrival on claims that it violated HTC’s patents with iPhones, iPads, iPods and Mac computers.
HTC is seeking unspecified damages and a ban on the use of three patented technologies by Apple.
The Taiwanese firm, the world’s No. 5 smartphone brand, filed a complaint with the US International Trade Commission (ITC) and the US District Court of Delaware for patent infringements, the company said in a statement yesterday.
“We are taking this action against Apple to protect our intellectual property, our industry partners, and most importantly our customers that use HTC phones,” HTC general counsel Grace Lei (???) said in the statement. “This is the third case before the ITC in which Apple is infringing our intellectual property. Apple needs to stop its infringement of our patented inventions in its products.”
Friday, September 9, 2011
dynamic wealth management: ABOUT US
http://dynamicwealth-management.com/about-us/
About Us – Dynamic Wealth Management, Asset and Other Financial Advisory, News Articles and Latest Economy Analysis
Dynamic Wealth Management, Asset and Other Financial Advisory, News Articles and Latest Economy Analysis blog is proudly created in all-natural and first-class virtual paper for your satisfaction, by the most creative and, er, wise old geeks (who prolly have been around longer than the dot-com boom).
At some point, everyone will get a virtual cookie! (Wait for it, though.) Nuff said.
Email us at info@dynamicwealthmanagementtips.com
About Us – Dynamic Wealth Management, Asset and Other Financial Advisory, News Articles and Latest Economy Analysis
Dynamic Wealth Management, Asset and Other Financial Advisory, News Articles and Latest Economy Analysis blog is proudly created in all-natural and first-class virtual paper for your satisfaction, by the most creative and, er, wise old geeks (who prolly have been around longer than the dot-com boom).
At some point, everyone will get a virtual cookie! (Wait for it, though.) Nuff said.
Email us at info@dynamicwealthmanagementtips.com
Tuesday, June 21, 2011
Dynamic wealth management: Chronic malaise
http://www.fundweb.co.uk/fund-strategy/issues/20th-june-2011/chronic-malaise/1032965.article
Few can doubt the fragility of the British economy. Expectations that the economy would continue its recovery and grow have been dashed by figures that show stagnation since last year. While the Office for Budget Responsibility estimates that growth will be 1.7% this year - a figure that itself has been revised downwards twice - more bearish forecasts such as that from Morgan Stanley, an American bank, predict 1.2%.
The observation that inflation is growing faster than wage rises - the much-discussed “squeezing of living standards” - has added to the gloom, with Mervyn King, the governor of the Bank of England, pointing out that Britain has not experienced such a continuous fall in living standards since the 1920s. Political pressure on the government has returned, with opponents and critics calling for a Plan B.
The picture, says Peter Dixon, the chief UK economist at Commerzbank, a German investment bank: “is that we cannot grow our way out of the problem that easily. There are too many dominant headwinds in the near term, such as inflation and the household deleveraging, where consumers continue to pay off debt rather than spend. So the near term is poor. In the medium term we will probably not get back on the growth path we had before the crisis.”
Dixon concedes that the recent downward revisions to growth do not bode well and does not rule out a Japanese-style longer-term stagnation. At present, however, “we just don’t know what will happen. If we stumble along at 2% instead of 3% for five years, keep unemployment from rising, and reduce overall debt, that would be an acceptable recovery and form of economic rebalancing. We cannot expect to get back to normal; we are paying the price for the build-up of debt.”
It is not known if the economic downturn is a mid-cycle event or something more serious, says Alec Letchfield, the manager of the HSBC UK Focus fund. “The government has taken a view that it is far better to have slower growth than the crisis of investor confidence that Greece suffered from. So it is a lesser of two evils. The Bank of England is keeping interest rates low to compensate for tight fiscal policy. The government is unlikely to do a U-turn but if the economy deteriorates in a more serious way we may see some kind of capitulation.” One bright spot says Letchfield is that “the performance of the UK stockmarket has been good given the standing of the UK economy. Given that around 67% of it is related to earnings from abroad it has a high exposure to global growth.” (Cover story continues below)
The British economy is facing a period of prolonged stagnation. The remedy is an injection of fresh ideas and solutions to attack the problem of productive weakness - and a new role for the state, suggests Ben Hunt.
Few can doubt the fragility of the British economy. Expectations that the economy would continue its recovery and grow have been dashed by figures that show stagnation since last year. While the Office for Budget Responsibility estimates that growth will be 1.7% this year - a figure that itself has been revised downwards twice - more bearish forecasts such as that from Morgan Stanley, an American bank, predict 1.2%.
The observation that inflation is growing faster than wage rises - the much-discussed “squeezing of living standards” - has added to the gloom, with Mervyn King, the governor of the Bank of England, pointing out that Britain has not experienced such a continuous fall in living standards since the 1920s. Political pressure on the government has returned, with opponents and critics calling for a Plan B.
The picture, says Peter Dixon, the chief UK economist at Commerzbank, a German investment bank: “is that we cannot grow our way out of the problem that easily. There are too many dominant headwinds in the near term, such as inflation and the household deleveraging, where consumers continue to pay off debt rather than spend. So the near term is poor. In the medium term we will probably not get back on the growth path we had before the crisis.”
Dixon concedes that the recent downward revisions to growth do not bode well and does not rule out a Japanese-style longer-term stagnation. At present, however, “we just don’t know what will happen. If we stumble along at 2% instead of 3% for five years, keep unemployment from rising, and reduce overall debt, that would be an acceptable recovery and form of economic rebalancing. We cannot expect to get back to normal; we are paying the price for the build-up of debt.”
It is not known if the economic downturn is a mid-cycle event or something more serious, says Alec Letchfield, the manager of the HSBC UK Focus fund. “The government has taken a view that it is far better to have slower growth than the crisis of investor confidence that Greece suffered from. So it is a lesser of two evils. The Bank of England is keeping interest rates low to compensate for tight fiscal policy. The government is unlikely to do a U-turn but if the economy deteriorates in a more serious way we may see some kind of capitulation.” One bright spot says Letchfield is that “the performance of the UK stockmarket has been good given the standing of the UK economy. Given that around 67% of it is related to earnings from abroad it has a high exposure to global growth.” (Cover story continues below)
Dynamic wealth management: What skills are needed to be a real estate investor?
http://dynamicwealth-management.com/2011/06/dynamic-wealth-management-headlines-the-great-repression
Best Answer - Chosen by Asker
Most new investors are able to grasp the techniques but they do not have enough qualified sellers to apply their techniques to. As with any business, you will need to have strong communication skills, good technique know how and creative marketing knowledge. It will take time to learn these but the good news is that you only have to learn them once to become wealthy.
Dynamic wealth management - What are savings bonds? Is it some kind of investment like stocks?
http://ca.answers.yahoo.com/question/index?qid=20110520225908AAjYcmQ c
Best Answer - Chosen by Asker
US Savings bonds are obligations of the US government. Interest paid on these bonds is exempt from state and local income taxes. Savings Bonds are not negotiable instruments, and cannot be transferred to anyone at will. They can be transferred in limited circumstances, and there could be tax consequences at the time of transfer.
Dynamic Wealth Management Facts You Need To Know About IPO Investments
http://www.free-press-release.com/news-dynamic-wealth-management-facts-you-need-to-know-about-ipo-investments-1295319241.html
Dynamic Wealth Management is a market leader in Financial Services. Here is a guide to Initial Public Offerings (IPO’s) designed to take the jargon and fear out of the myth that IPO’s are higher risk than ordinary investments.
Are you wondering how you can increase the profits you generate from your market investing approaches? If you are looking for the most profitable forms of investing available today, you should certainly be investigating the possibilities of using initial public offering / IPO investments.
Are you wondering how you can increase the profits you generate from your market investing approaches? If you are looking for the most profitable forms of investing available today, you should certainly be investigating the possibilities of using initial public offering / IPO investments.
A basic description of an IPO includes the fact that you are purchasing a business that is just entering the open marketplace. The fact that the moment the IPO is released to the public is the first time that anyone has the ability to purchase the company openly, can certainly give you a fairly good idea about where the stock itself resides when it comes to the value of the offering. You can bet, due to the fact that the company is just releasing its stock to the public, it is getting ready for a fairly large upsurge in its value.
Even though most Initial Public Offering stocks skyrocket after they are first released, you should remember that IPO stocks are hardly a sure investment. For this reason, there are a few factors you should definitely investigate before you place your capital into this kind of investment.
One of the first factors you should take into account before you invest into the stock you are interested in is the basic fact that you cannot decipher whether or not there will be a great deal demand or a complete lack of demand once the stock is available on the market.
Even though most Initial Public Offering stocks skyrocket after they are first released, you should remember that IPO stocks are hardly a sure investment. For this reason, there are a few factors you should definitely investigate before you place your capital into this kind of investment.
One of the first factors you should take into account before you invest into the stock you are interested in is the basic fact that you cannot decipher whether or not there will be a great deal demand or a complete lack of demand once the stock is available on the market.
For this reason, you should do your absolute best to discover every piece of information that is available about the company before you make your purchase.
As you scour the market for the best IPOs available today, you should certainly take into account the fact that IPOs are generally only offered to the market when a company has a plan full of expansion. There are other instances where companies simply desire to increase their ability to borrow capital, but for the most part, IPOs are released to the public in order for a company to increase the amount of funds they have available for their expansion activities.
As you scour the market for the best IPOs available today, you should certainly take into account the fact that IPOs are generally only offered to the market when a company has a plan full of expansion. There are other instances where companies simply desire to increase their ability to borrow capital, but for the most part, IPOs are released to the public in order for a company to increase the amount of funds they have available for their expansion activities.
It may seem like a company that’s getting ready to expand is practically a sure bet when it comes to the stock market. You should certainly clarify ahead of time that this is far from the truth. IPO stocks are commonly considered to be very risky investments. For this reason, if you want to secure your investment to a degree, you should certainly investigate how the overall company’s operations have been performing over time.
After you have thoroughly analyzed the fundamentals of the company you are investigating, you should also attempt to predict where the capital the initial public offering / IPO is generating will be invested by the company. If you realize that the company’s only option is to place their capital into expansion activities, you can be certain that the value of your stock will increase over time due to the expanding capabilities of the business operation. As you research more about the fundamentals of the company, and you estimate where the capital will be going once the IPO is sold to the public, you can create a fairly accurate assessment of how that stocks going to perform in the future.
As one of the top tax and advisory firms in the industry, we gain the trust of our clients by acting with integrity on all our business decisions. Our professionals will gather the necessary resources and expertise to serve your IPO Prospectus demands.
As one of the top tax and advisory firms in the industry, we gain the trust of our clients by acting with integrity on all our business decisions. Our professionals will gather the necessary resources and expertise to serve your IPO Prospectus demands.
US-NY: New York-Capital Advisor Associate - Private Wealth Management -..
http://groups.google.com/group/alt.bestjobsusa.computer/browse_thread/thread/32e32407e179517e/a30050a3b6c06cd?pli=1
JobCircle.com is the largest regional job board in the
Mid-Atlantic region, with tens of thousands of job offerings
in PA, NJ, DE, MD, NY, and Washington D.C. To learn more,
visit http://www.jobcircle.com?source=ng
**************************************************************
Job Title: Capital Advisor Associate - Private Wealth Management -...
Job Location: NY: New York
Pay Rate: Open
Job Length: full time
Start Date: 2010-01-28
Company Name: JPMorgan Chase & Co
Contact: HR
Phone: email only please
Fax: email only please
Description: JPMorgan Private Wealth Management
Capital Advisor Associate Job Description
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. Asset Management provides investment and wealth management services to institutional, high net worth and retail investors and their advisors. For wealthy individuals and families, J.P. Morgan offers personalized financial solutions that integrate investment management, capital markets, trust and banking.
Private Wealth Management is J.P.Morgans comprehensive wealth management solution for high net worth clients. Combining the deep capabilities of a leading global financial institution with the intimacy of a boutique firm, Private Wealth Management has 86 offices across the United States. Our model is designed to preserve and grow our clients wealth through a disciplined investments approach, estate planning and tailored banking and credit solutions.
Primary Function
Provide support to Capital Advisors in all facets. The Capital Advisor is an expert on credit, deposit and other banking services.
• Assist Capital Advisor in credit approval process including:
o Credit approval memos/restructure memos
o Direct analysis, due diligence, credit presentation
o Approval of credit transactions
o Review documentation and pricing
• Assist Capital Advisor in business development and revenue growth of deposits and loan by:
o Assisting the credit marketing effort for the local market teams
o Understanding the capital structure of existing clients and prospects and advising same
o Being attentive to identifying new business opportunities/asking for referrals
• Assist Capital Advisor in client reviews to ensure full penetration around the deposit opportunity
• Balance objectives of client, new business generation and risk management
• Gain working knowledge of both loan and derivative structures (with credit risk therein)
• Assist credit portfolio and/or key/complex borrowing relationships
• Demonstrate credit/risk management discipline:
o Monitor portfolio risk
o Change debt structure/risk ratings in response to changes in risk
o Proactively work to improve portfolio quality and prevent loss
Qualifications
Qualifications
• Coachable professional with good "business sense" and an energetic/dynamic personality
• Ability to work both independently and as a team player
• Excellent communication skills, both written and oral
• Strong analytical and quantitative skills
• Ability to multi-task and manage priorities effectively
• Ability to adapt to a rapidly changing business and technology environment
• Exceptional problem-solving skills
• Proficiency with Microsoft Office Suite (Word, Excel and PowerPoint) and Internet/Intranet
• Ability to learn proprietary software and databases
Position Requirements
• Bachelors degree required
• Sales/originator capabilities
Job Client Services
Primary Location US-NY-New York
Organization Asset & Wealth Management
Schedule Full-time
Job Type Standard
Shift Day Job
Employee Status Regular
Know someone who• d be great for this job• Send to a Friend
**************************************************************
JobCircle.com is the largest regional job board in the
Mid-Atlantic region, with tens of thousands of job offerings
in PA, NJ, DE, MD, NY, and Washington D.C. To learn more,
visit http://www.jobcircle.com?source=ng
**************************************************************
Job Title: Capital Advisor Associate - Private Wealth Management -...
Job Location: NY: New York
Pay Rate: Open
Job Length: full time
Start Date: 2010-01-28
Company Name: JPMorgan Chase & Co
Contact: HR
Phone: email only please
Fax: email only please
Description: JPMorgan Private Wealth Management
Capital Advisor Associate Job Description
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. Asset Management provides investment and wealth management services to institutional, high net worth and retail investors and their advisors. For wealthy individuals and families, J.P. Morgan offers personalized financial solutions that integrate investment management, capital markets, trust and banking.
Private Wealth Management is J.P.Morgans comprehensive wealth management solution for high net worth clients. Combining the deep capabilities of a leading global financial institution with the intimacy of a boutique firm, Private Wealth Management has 86 offices across the United States. Our model is designed to preserve and grow our clients wealth through a disciplined investments approach, estate planning and tailored banking and credit solutions.
Primary Function
Provide support to Capital Advisors in all facets. The Capital Advisor is an expert on credit, deposit and other banking services.
• Assist Capital Advisor in credit approval process including:
o Credit approval memos/restructure memos
o Direct analysis, due diligence, credit presentation
o Approval of credit transactions
o Review documentation and pricing
• Assist Capital Advisor in business development and revenue growth of deposits and loan by:
o Assisting the credit marketing effort for the local market teams
o Understanding the capital structure of existing clients and prospects and advising same
o Being attentive to identifying new business opportunities/asking for referrals
• Assist Capital Advisor in client reviews to ensure full penetration around the deposit opportunity
• Balance objectives of client, new business generation and risk management
• Gain working knowledge of both loan and derivative structures (with credit risk therein)
• Assist credit portfolio and/or key/complex borrowing relationships
• Demonstrate credit/risk management discipline:
o Monitor portfolio risk
o Change debt structure/risk ratings in response to changes in risk
o Proactively work to improve portfolio quality and prevent loss
Qualifications
Qualifications
• Coachable professional with good "business sense" and an energetic/dynamic personality
• Ability to work both independently and as a team player
• Excellent communication skills, both written and oral
• Strong analytical and quantitative skills
• Ability to multi-task and manage priorities effectively
• Ability to adapt to a rapidly changing business and technology environment
• Exceptional problem-solving skills
• Proficiency with Microsoft Office Suite (Word, Excel and PowerPoint) and Internet/Intranet
• Ability to learn proprietary software and databases
Position Requirements
• Bachelors degree required
• Sales/originator capabilities
Job Client Services
Primary Location US-NY-New York
Organization Asset & Wealth Management
Schedule Full-time
Job Type Standard
Shift Day Job
Employee Status Regular
Know someone who• d be great for this job• Send to a Friend
**************************************************************
Dynamic Wealth Management Headlines: Acer Hacked; Hackers Assure a Press Conference in 24hrs
http://dynamicwealth-management.com/2011/06/dynamic-wealth-management-headlines-acer-hacked-hackers-assure-a-press-conference-in-24hrs/
Security seems to have become the bone of contention for the major players in the tech space, today. It is if there isn’t enough mockery made out of security in the recent PSN hack case, that yet another player in the market has had its security compromised. In yet another instance, popular technology brand, Acer is now finding itself grappling with a data breach that has reportedly cost it the details of over 40,000 customers. The details compromised includes their names, addresses, phone numbers, e-mail addresses, as also the names of the products purchased by the customers.
A screenshot of the data compromised
As reported by The Hacker News, the hacking group, Pakistan Cyber Army is a well-known hacking outfit. Although, the motive behind the attack is still unclear, the hackers themselves have assured a detailed press conference to brief others about their motives, to be arranged very soon. At the press conference, the hacking group intends to give out all the data that’s in their possession.
This latest attack has exposed as to just how flaky is the security of most data, supposedly locked up in the systems of these major players in the space.
Security seems to have become the bone of contention for the major players in the tech space, today. It is if there isn’t enough mockery made out of security in the recent PSN hack case, that yet another player in the market has had its security compromised. In yet another instance, popular technology brand, Acer is now finding itself grappling with a data breach that has reportedly cost it the details of over 40,000 customers. The details compromised includes their names, addresses, phone numbers, e-mail addresses, as also the names of the products purchased by the customers.
As reported by The Hacker News, the hacking group, Pakistan Cyber Army is a well-known hacking outfit. Although, the motive behind the attack is still unclear, the hackers themselves have assured a detailed press conference to brief others about their motives, to be arranged very soon. At the press conference, the hacking group intends to give out all the data that’s in their possession.
This latest attack has exposed as to just how flaky is the security of most data, supposedly locked up in the systems of these major players in the space.
Dynamic Wealth Management Headlines:Deadly E. coli strain in Europe is rare
http://dynamicwealth-management.com/2011/06/dynamic-wealth-management-headlinesdeadly-e-coli-strain-in-europe-is-rare/
A deadly E. coli strain, blamed for 18 food poisoning deaths in Europe as of Thursday, is one never seen before and appears uniquely toxic, health experts say.
The World Health Organization tallied 1,614 severe cases in Europe as of Thursday, a 29% increase from Wednesday. The U.S. Centers for Diseases Control and Prevention said two U.S. travelers were infected, likely from eating salad greens in northern Germany, the center of the outbreak.
The E. coli strain, O104:H4, can cause bloody diarrhea and kidney failure. A genetic analysis released Tuesday revealed the bacteria are 93% similar to a bug that caused illness in Africa in 2002 but became more deadly and infectious after picking up the toxin that triggers kidney failure and resistance to 14 kinds of antibiotics.
“Once these pathogens emerge, our experience is that they continue to spread,” says Caroline Smith DeWaal, food-safety director of the Center for Science in the Public Interest. She notes that a 1993 outbreak at a U.S. fast food chain that killed six children first appeared in cases a decade earlier, “and it has been with us ever since.”
Europe’s food-safety system struggled with the outbreak Thursday as German authorities backtracked from blaming Spanish cucumbers for the illnesses. The outbreak began in early May. Weeks later, the culprit food and source of contamination remain a mystery. The outbreak has largely struck adult women, whereas past E. coli outbreaks hit children and seniors the hardest.
“I’m not sure we’d be better than the European Union” at pinpointing the source, said food-safety law expert Marsha Echols of Howard University in Washington, D.C. The Food and Drug Administration has increased inspections of imported Spanish produce.
“I would expect cases to drop soon given the shelf life of vegetables,” says Larry Lutwick of SUNY-Downstate College of Medicine in Brooklyn. “This particular outbreak coming to the U.S. is very unlikely.”
A deadly E. coli strain, blamed for 18 food poisoning deaths in Europe as of Thursday, is one never seen before and appears uniquely toxic, health experts say.
The World Health Organization tallied 1,614 severe cases in Europe as of Thursday, a 29% increase from Wednesday. The U.S. Centers for Diseases Control and Prevention said two U.S. travelers were infected, likely from eating salad greens in northern Germany, the center of the outbreak.
The E. coli strain, O104:H4, can cause bloody diarrhea and kidney failure. A genetic analysis released Tuesday revealed the bacteria are 93% similar to a bug that caused illness in Africa in 2002 but became more deadly and infectious after picking up the toxin that triggers kidney failure and resistance to 14 kinds of antibiotics.
“Once these pathogens emerge, our experience is that they continue to spread,” says Caroline Smith DeWaal, food-safety director of the Center for Science in the Public Interest. She notes that a 1993 outbreak at a U.S. fast food chain that killed six children first appeared in cases a decade earlier, “and it has been with us ever since.”
Europe’s food-safety system struggled with the outbreak Thursday as German authorities backtracked from blaming Spanish cucumbers for the illnesses. The outbreak began in early May. Weeks later, the culprit food and source of contamination remain a mystery. The outbreak has largely struck adult women, whereas past E. coli outbreaks hit children and seniors the hardest.
“I’m not sure we’d be better than the European Union” at pinpointing the source, said food-safety law expert Marsha Echols of Howard University in Washington, D.C. The Food and Drug Administration has increased inspections of imported Spanish produce.
“I would expect cases to drop soon given the shelf life of vegetables,” says Larry Lutwick of SUNY-Downstate College of Medicine in Brooklyn. “This particular outbreak coming to the U.S. is very unlikely.”
Dynamic Wealth Management Headlines:Business development firm opens in capital
http://dynamicwealthmanagement-updates.com/2011/05/dynamic-wealth-management-headlinesbusiness-development-firm-opens-in-capital/
Gulf News
Abu Dhabi Management Centre Europe (MCE), the European headquarters of the American Management Association (AMA), will open its first regional office in Masdar City, Abu Dhabi, during the second quarter of this year.
The decision to expand into the region comes following the growth of MCE’s business in the Gulf Cooperation Council (GCC) countries and the Middle East.
Better service
“We think there’s an opportunity for us and a demand for what we do and we think that by being here we’ll be able to better service the companies here and get better known,” said Ed Reilly, President and CEO of the American Management Association to Gulf News during a networking event held by MCE.
For a number of years, MCE has been conducting workshops in the region, said Reilly. This has created a strong relationship between the company and businesses in the region, especially with the GCC countries, where Saudi Arabia, Kuwait, Qatar and the United Arab Emirates have been top-performing markets.
“We’ve been considering this for probably two years now. We think the time is right. We’ve developed enough of a business presence here and a recognition in the marketplace for us to profitably and effectively be able to open an office here,” he added.
The management development company provides services to both individuals and large companies through its open enrolment programmes and workshops providing skills in leadership, strategic planning and management communication.
Gulf News
Abu Dhabi Management Centre Europe (MCE), the European headquarters of the American Management Association (AMA), will open its first regional office in Masdar City, Abu Dhabi, during the second quarter of this year.
The decision to expand into the region comes following the growth of MCE’s business in the Gulf Cooperation Council (GCC) countries and the Middle East.
Better service
“We think there’s an opportunity for us and a demand for what we do and we think that by being here we’ll be able to better service the companies here and get better known,” said Ed Reilly, President and CEO of the American Management Association to Gulf News during a networking event held by MCE.
For a number of years, MCE has been conducting workshops in the region, said Reilly. This has created a strong relationship between the company and businesses in the region, especially with the GCC countries, where Saudi Arabia, Kuwait, Qatar and the United Arab Emirates have been top-performing markets.
“We’ve been considering this for probably two years now. We think the time is right. We’ve developed enough of a business presence here and a recognition in the marketplace for us to profitably and effectively be able to open an office here,” he added.
The management development company provides services to both individuals and large companies through its open enrolment programmes and workshops providing skills in leadership, strategic planning and management communication.
Dynamic Wealth Management Headlines: Ash Shuts German Airports as BA Applies to Fly in ‘Red Zone’
http://dynamicwealth-management.com/2011/06/dynamic-wealth-management-headlines-ash-shuts-german-airports-as-ba-applies-to-fly-in-%E2%80%98red-zone%E2%80%99/
May 25 (Bloomberg) — Volcanic dust from Iceland grounded flights in northern Germany as British Airways joined Ryanair Holdings Plc in arguing for a relaxation of rules that ban all operations in areas forecast to have the highest density of ash.
Airports in Berlin, Bremen and Hamburg were closed this morning as ash from the Grimsvotn volcano drifted eastward, leading to the cancellation of at least 450 flights, according to Eurocontrol, which oversees air traffic in the region. Terminals in the cities reopened as conditions eased.
Willie Walsh, chief executive officer of British Airways parent International Consolidated Airlines Group SA, told Bloomberg News that a test flight through skies forecast to have high ash concentrations had revealed no dust. BA has therefore applied to fly in previously banned “red zones” when multiple data sources suggest predictive maps aren’t accurate, he said.
“We want to fly in areas where volcanic ash doesn’t exist,” Walsh said in an interview. “Decisions have been taken based on a predictive model which says that at some time in a six-hour period at some point in the red zone volcanic ash may exist. We think you can go to a much more detailed level of analysis.”
U.K. Transport Secretary Philip Hammond said Britain will continue to take a “precautionary approach,” with passenger and aircraft safety paramount. Still, France’s aviation regulator said today that it is now taking account of data other than map forecasts, though ash hasn’t actually reached the country.
Lufthansa Impact
British Airways, United Continental Holdings Inc. and Air France-KLM Group were among carriers that scrapped more than 500 flights in Scotland and northern England yesterday. Deutsche Lufthansa AG, Germany’s No. 1 airline, halted at least 150 trips today, spokesman Patrick Meschenmoser said. Some services in Nordic countries were also grounded and early morning departures from the U.K. were affected where planes were out of position.
“It is expected that ash-cloud coverage will dissipate overnight,” Eurocontrol said in a statement. “Tomorrow, we do not expect any significant impact on European airspace.”
Predictive maps from the Volcanic Ash Advisory Centre in London showed an area of dense dust covering north Germany below 20,000 feet at midday before clearing by 6 p.m., after which time the red zone is restricted to Arctic regions.
Closure Costs
Dust from another Icelandic volcano closed European airspace for six days last year, halting 100,000 flights at a cost of $1.7 billion, the International Air Transport Association estimates. While limits on flying have since been relaxed, predicted ash densities from the Grimsvotn volcano are such that some areas of airspace have still been closed.
Copenhagen airport, the biggest Nordic hub, will have a few cancelations today, spokesman Soeren H. Nielsen said, while Oslo airport is operating as normal and “the prognosis is good,” according to spokeswoman Lasse Sandaker-Nielsen. SAS Group, Scandinavia’s No. 1 airline, said it expects only occasional disruption after halting about 20 flights over three days.
IAG CEO Walsh said today that British Airways has applied to the U.K. Civil Aviation Authority to extend operations based on a test flight last night using an Airbus SAS A320 plane.
Video Checks
The twin-engine aircraft travelled through the so-called red zone of anticipated dense ash over Scotland in a 45-minute flight from 7 p.m., following which no ash was found even after inspections with a video boroscope inserted into an engine and checks on filters that had been replaced beforehand, Walsh said.
While the Grimsvotn blast is easing, with its “death certificate” likely to be issued by the weekend, according to Bjorn Oddsson, a geologist with the Institute of Earth Sciences at the University of Iceland in Reykjavik, Walsh said that the system must be refined to better cope with any future eruptions.
“I can’t predict what the volcano will do, but we are working with the regulators to ensure that if we see further volcanic activity we can continue to operate where it is safe,” he said on Bloomberg Television’s The Pulse with Maryam Nemazee.
IAG shares rose 1.5 percent in London trading today after declining almost 7 percent over the previous two days as the Icelandic ash cloud was blown southeast toward Europe.
Ryanair Holdings Plc, Europe’s biggest discount carrier, said yesterday there was “no basis” for cancellations after finding no evidence of ash in a test flight through skies that the CAA and U.K. Met Office said would have a high density. The plane’s airframe, wings and engines were dust free, it said.
The CAA collaborated on the British Airways flight, which had added to understanding of “what is out there and what risks there are,” spokesman Richard Taylor said by telephone, while declining to elaborate on BA’s new safety-case application.
‘Not Helpful’
Ryanair’s flight was organized independently and didn’t properly traverse the red zone, Taylor said. U.K. minister Hammond, speaking on Sky TV, said the Irish carrier’s action was “not at all helpful” and that the CAA “won’t be bullied” into dropping its safety-first approach.
Carriers are intervening even after Eurocontrol convened the European Aviation Crisis Coordination Cell, established after last year’s eruption in order to facilitate communication between airlines and regulators during emergencies. Ash presents a “very real risk,” to planes, Brian Flynn, Eurocontrol’s operations chief, said yesterday.
France’s civil aviation authority, the DGAC, is meanwhile already applying an approach mandated by the European Aviation Safety Agency this week and based on a system devised by the International Civil Aviation Organization after the 2010 event, said Florence Rousse, its director of civil aviation safety.
Maintenance Crews
The mechanism allows for the input of real data on the presence of ash, such as feedback from engine-maintenance crews, in addition to the predictions from weather forecasters and vulcanologists, Rousse today said in an interview in Paris.
While the volume of dust spewed from the volcano initially made airspace closures inevitable, “with each day that passes the ash cloud drifts further off the computer model,” she said.
Also, in addition to ash density, “the risk to engines depends on several other factors including the length of time a plane spends in the cloud,” she said.
The Grimsvotn eruption under Europe’s largest glacier, Vatnajokull, is abating, the University of Iceland’s Oddsson said yesterday, with the height of the ash plume as low as 3 kilometers (1.9 miles) compared with an initial 20 kilometers.
Johanna Sigurdardottir, Iceland’s prime minister, said today that “the worst is over” and that problems arising in other countries from the blast “should be resolved quickly.”
A “puff” from the volcano that last night shot 5 kilometers into the air is thought to have been steam, not ash, the Iceland Civil Protection Department said in a separate statement, adding that “more powerful blows of ash plume can’t be ruled out.”
–With assistance from Maryam Nemazee and Thomas Penny in London, Cornelius Rahn in Frankfurt, Laurence Frost in Paris, Christian Wienberg in Copenhagen, Ola Kinnander in Stockholm and Stephen Treloar in Oslo. Editors: Chris Jasper, Chad Thomas.
May 25 (Bloomberg) — Volcanic dust from Iceland grounded flights in northern Germany as British Airways joined Ryanair Holdings Plc in arguing for a relaxation of rules that ban all operations in areas forecast to have the highest density of ash.
Airports in Berlin, Bremen and Hamburg were closed this morning as ash from the Grimsvotn volcano drifted eastward, leading to the cancellation of at least 450 flights, according to Eurocontrol, which oversees air traffic in the region. Terminals in the cities reopened as conditions eased.
Willie Walsh, chief executive officer of British Airways parent International Consolidated Airlines Group SA, told Bloomberg News that a test flight through skies forecast to have high ash concentrations had revealed no dust. BA has therefore applied to fly in previously banned “red zones” when multiple data sources suggest predictive maps aren’t accurate, he said.
“We want to fly in areas where volcanic ash doesn’t exist,” Walsh said in an interview. “Decisions have been taken based on a predictive model which says that at some time in a six-hour period at some point in the red zone volcanic ash may exist. We think you can go to a much more detailed level of analysis.”
U.K. Transport Secretary Philip Hammond said Britain will continue to take a “precautionary approach,” with passenger and aircraft safety paramount. Still, France’s aviation regulator said today that it is now taking account of data other than map forecasts, though ash hasn’t actually reached the country.
Lufthansa Impact
British Airways, United Continental Holdings Inc. and Air France-KLM Group were among carriers that scrapped more than 500 flights in Scotland and northern England yesterday. Deutsche Lufthansa AG, Germany’s No. 1 airline, halted at least 150 trips today, spokesman Patrick Meschenmoser said. Some services in Nordic countries were also grounded and early morning departures from the U.K. were affected where planes were out of position.
“It is expected that ash-cloud coverage will dissipate overnight,” Eurocontrol said in a statement. “Tomorrow, we do not expect any significant impact on European airspace.”
Predictive maps from the Volcanic Ash Advisory Centre in London showed an area of dense dust covering north Germany below 20,000 feet at midday before clearing by 6 p.m., after which time the red zone is restricted to Arctic regions.
Closure Costs
Dust from another Icelandic volcano closed European airspace for six days last year, halting 100,000 flights at a cost of $1.7 billion, the International Air Transport Association estimates. While limits on flying have since been relaxed, predicted ash densities from the Grimsvotn volcano are such that some areas of airspace have still been closed.
Copenhagen airport, the biggest Nordic hub, will have a few cancelations today, spokesman Soeren H. Nielsen said, while Oslo airport is operating as normal and “the prognosis is good,” according to spokeswoman Lasse Sandaker-Nielsen. SAS Group, Scandinavia’s No. 1 airline, said it expects only occasional disruption after halting about 20 flights over three days.
IAG CEO Walsh said today that British Airways has applied to the U.K. Civil Aviation Authority to extend operations based on a test flight last night using an Airbus SAS A320 plane.
Video Checks
The twin-engine aircraft travelled through the so-called red zone of anticipated dense ash over Scotland in a 45-minute flight from 7 p.m., following which no ash was found even after inspections with a video boroscope inserted into an engine and checks on filters that had been replaced beforehand, Walsh said.
While the Grimsvotn blast is easing, with its “death certificate” likely to be issued by the weekend, according to Bjorn Oddsson, a geologist with the Institute of Earth Sciences at the University of Iceland in Reykjavik, Walsh said that the system must be refined to better cope with any future eruptions.
“I can’t predict what the volcano will do, but we are working with the regulators to ensure that if we see further volcanic activity we can continue to operate where it is safe,” he said on Bloomberg Television’s The Pulse with Maryam Nemazee.
IAG shares rose 1.5 percent in London trading today after declining almost 7 percent over the previous two days as the Icelandic ash cloud was blown southeast toward Europe.
Ryanair Holdings Plc, Europe’s biggest discount carrier, said yesterday there was “no basis” for cancellations after finding no evidence of ash in a test flight through skies that the CAA and U.K. Met Office said would have a high density. The plane’s airframe, wings and engines were dust free, it said.
The CAA collaborated on the British Airways flight, which had added to understanding of “what is out there and what risks there are,” spokesman Richard Taylor said by telephone, while declining to elaborate on BA’s new safety-case application.
‘Not Helpful’
Ryanair’s flight was organized independently and didn’t properly traverse the red zone, Taylor said. U.K. minister Hammond, speaking on Sky TV, said the Irish carrier’s action was “not at all helpful” and that the CAA “won’t be bullied” into dropping its safety-first approach.
Carriers are intervening even after Eurocontrol convened the European Aviation Crisis Coordination Cell, established after last year’s eruption in order to facilitate communication between airlines and regulators during emergencies. Ash presents a “very real risk,” to planes, Brian Flynn, Eurocontrol’s operations chief, said yesterday.
France’s civil aviation authority, the DGAC, is meanwhile already applying an approach mandated by the European Aviation Safety Agency this week and based on a system devised by the International Civil Aviation Organization after the 2010 event, said Florence Rousse, its director of civil aviation safety.
Maintenance Crews
The mechanism allows for the input of real data on the presence of ash, such as feedback from engine-maintenance crews, in addition to the predictions from weather forecasters and vulcanologists, Rousse today said in an interview in Paris.
While the volume of dust spewed from the volcano initially made airspace closures inevitable, “with each day that passes the ash cloud drifts further off the computer model,” she said.
Also, in addition to ash density, “the risk to engines depends on several other factors including the length of time a plane spends in the cloud,” she said.
The Grimsvotn eruption under Europe’s largest glacier, Vatnajokull, is abating, the University of Iceland’s Oddsson said yesterday, with the height of the ash plume as low as 3 kilometers (1.9 miles) compared with an initial 20 kilometers.
Johanna Sigurdardottir, Iceland’s prime minister, said today that “the worst is over” and that problems arising in other countries from the blast “should be resolved quickly.”
A “puff” from the volcano that last night shot 5 kilometers into the air is thought to have been steam, not ash, the Iceland Civil Protection Department said in a separate statement, adding that “more powerful blows of ash plume can’t be ruled out.”
–With assistance from Maryam Nemazee and Thomas Penny in London, Cornelius Rahn in Frankfurt, Laurence Frost in Paris, Christian Wienberg in Copenhagen, Ola Kinnander in Stockholm and Stephen Treloar in Oslo. Editors: Chris Jasper, Chad Thomas.
Dynamic Wealth Management Headlines: The great repression
http://dynamicwealth-management.com/2011/06/dynamic-wealth-management-headlines-the-great-repression/
OF THE many unpleasant legacies left by the economic crisis the mountain of sovereign debt may prove hardest to erode. Across the rich world, debt levels approaching 90% of GDP are now common. Indebted governments face an unenviable menu of options. Growing their way out of trouble will prove difficult as economies deleverage. Austerity, a second and unappetising choice, can easily choke recovery. Defaults are seen as a last resort. Politicians are searching for an easier way.
There is another model. Following the second world war many countries reduced debt quickly without messy defaults or painful austerity. British debt declined from 216% of GDP in 1945 to 138% ten years later, for example. In the five years to 2016, by contrast, British debt as a proportion of GDP is expected to drop by just three percentage points despite a harsh austerity programme. Why was it so much easier to cut debt in the immediate aftermath of the war?
Inflation helped. Between 1945 and 1980 negative real interest rates ate away at government debt. Savers deposited money in banks which lent to governments at interest rates below the level of inflation. The government then repaid savers with money that bought less than the amount originally lent. Savers took a real, inflation-adjusted loss, which corresponded to an improvement in the government’s balance-sheet. The mystery is why savers accepted crummy returns over long periods.
The exchange-rate and capital controls of the Bretton Woods financial system kept savers from seeking high returns abroad. High reserve requirements forced banks to lock up much of the economy’s savings in safe asset classes like government debt. Caps on banks’ lending rates ensured that trapped savings were lent to the sovereign at below-market rates. Such rules were not necessarily adopted to facilitate debt reduction, though that side-effect surely didn’t go unnoticed. The system was ubiquitous, reducing pressure on governments to abandon it.
Repression delivered impressive returns. In the average “liquidation year” in which real rates were negative, Britain and America reduced their debt by between 3% and 4% of GDP. Other countries, like Italy and Australia, enjoyed annual liquidation rates above 5%. The effect over a decade was large. From 1945 to 1955, the authors estimate that repression reduced America’s debt load by 50 percentage points, from 116% to 66% of GDP. Negative real interest rates were worth tax revenues equivalent to 6.3% of GDP per year. That would be enough to move America’s budget to surplus by 2013 without any new austerity programme.
The same conditions of instability that produced the post-war system of repression are again at work. Banks’ reserve requirements are rising in the wake of the financial crisis. Regulators like Britain’s Financial Services Authority are mandating that banks boost their holdings of safer government bonds for liquidity reasons. The new Basel 3 rules on bank capital still privilege government debt over other assets, nudging holdings toward sovereign debt despite the possibility of below-market returns. Interest rates hint at a return to post-war conditions, too, according to the Reinhart-Sbrancia sample of advanced economies. From 1981 to 2007 real interest rates were almost always positive. Since then they have been negative about half of the time.
More desperate governments are going further still. Ireland has raided its national pension reserves to help meet financing needs. European leaders are considering a textbook example of repression to postpone a reckoning on Greece’s debt. European banks are under state pressure “voluntarily” to roll over or reprofile their holdings of Greek government debt.
Emerging markets had more buttoned-down financial systems to start with. China, the world’s second-largest economy, is the financial system’s arch-represser. Tight controls over the banking system and strict limits on capital movements enable China’s leaders to hold down the value of its currency. An implicit tax on Chinese savers keeps down government borrowing despite hefty state expenditures.
Don’t hold it in
Politicians are sure to find bits of the post-war model appealing, despite the distortions to investment decisions it entails. Fortunately, the financial world is a far more liberal, multipolar place than it used to be. The Bretton Woods system fractured amid the inflationary pressures of the 1970s, around the time the rich world embarked on a three-decade process of financial liberalisation. Capital now flows quickly and easily around the world in search of high returns. New regulations in the West have done little to change that. China, too, is easing its financial controls. It is difficult to imagine how the genie of liberalisation can be stuffed back into its lamp.
Nor is repression alone enough to solve debt woes. Inflation is necessary too, and the example of Japan suggests that ageing societies may prefer to sacrifice the young to a long period of slow growth rather than erode the savings of older voters. Most importantly, governments must stop adding new debt. Even in a financially repressed system austerity is not entirely avoidable. Most economies must still cut their debts the hard way.
OF THE many unpleasant legacies left by the economic crisis the mountain of sovereign debt may prove hardest to erode. Across the rich world, debt levels approaching 90% of GDP are now common. Indebted governments face an unenviable menu of options. Growing their way out of trouble will prove difficult as economies deleverage. Austerity, a second and unappetising choice, can easily choke recovery. Defaults are seen as a last resort. Politicians are searching for an easier way.
There is another model. Following the second world war many countries reduced debt quickly without messy defaults or painful austerity. British debt declined from 216% of GDP in 1945 to 138% ten years later, for example. In the five years to 2016, by contrast, British debt as a proportion of GDP is expected to drop by just three percentage points despite a harsh austerity programme. Why was it so much easier to cut debt in the immediate aftermath of the war?
Inflation helped. Between 1945 and 1980 negative real interest rates ate away at government debt. Savers deposited money in banks which lent to governments at interest rates below the level of inflation. The government then repaid savers with money that bought less than the amount originally lent. Savers took a real, inflation-adjusted loss, which corresponded to an improvement in the government’s balance-sheet. The mystery is why savers accepted crummy returns over long periods.
Related topics
The key ingredient in the mix, according to a recent working paper* by Carmen Reinhart of the Peterson Institute for International Economics and Belen Sbrancia of the University of Maryland, was “financial repression”. The term was first coined in the 1970s to disparage growth-inhibiting policies in emerging markets but the two economists apply it to rules that were common across the post-war rich world and that created captive domestic markets for government debt.The exchange-rate and capital controls of the Bretton Woods financial system kept savers from seeking high returns abroad. High reserve requirements forced banks to lock up much of the economy’s savings in safe asset classes like government debt. Caps on banks’ lending rates ensured that trapped savings were lent to the sovereign at below-market rates. Such rules were not necessarily adopted to facilitate debt reduction, though that side-effect surely didn’t go unnoticed. The system was ubiquitous, reducing pressure on governments to abandon it.
Repression delivered impressive returns. In the average “liquidation year” in which real rates were negative, Britain and America reduced their debt by between 3% and 4% of GDP. Other countries, like Italy and Australia, enjoyed annual liquidation rates above 5%. The effect over a decade was large. From 1945 to 1955, the authors estimate that repression reduced America’s debt load by 50 percentage points, from 116% to 66% of GDP. Negative real interest rates were worth tax revenues equivalent to 6.3% of GDP per year. That would be enough to move America’s budget to surplus by 2013 without any new austerity programme.
The same conditions of instability that produced the post-war system of repression are again at work. Banks’ reserve requirements are rising in the wake of the financial crisis. Regulators like Britain’s Financial Services Authority are mandating that banks boost their holdings of safer government bonds for liquidity reasons. The new Basel 3 rules on bank capital still privilege government debt over other assets, nudging holdings toward sovereign debt despite the possibility of below-market returns. Interest rates hint at a return to post-war conditions, too, according to the Reinhart-Sbrancia sample of advanced economies. From 1981 to 2007 real interest rates were almost always positive. Since then they have been negative about half of the time.
More desperate governments are going further still. Ireland has raided its national pension reserves to help meet financing needs. European leaders are considering a textbook example of repression to postpone a reckoning on Greece’s debt. European banks are under state pressure “voluntarily” to roll over or reprofile their holdings of Greek government debt.
Emerging markets had more buttoned-down financial systems to start with. China, the world’s second-largest economy, is the financial system’s arch-represser. Tight controls over the banking system and strict limits on capital movements enable China’s leaders to hold down the value of its currency. An implicit tax on Chinese savers keeps down government borrowing despite hefty state expenditures.
Don’t hold it in
Politicians are sure to find bits of the post-war model appealing, despite the distortions to investment decisions it entails. Fortunately, the financial world is a far more liberal, multipolar place than it used to be. The Bretton Woods system fractured amid the inflationary pressures of the 1970s, around the time the rich world embarked on a three-decade process of financial liberalisation. Capital now flows quickly and easily around the world in search of high returns. New regulations in the West have done little to change that. China, too, is easing its financial controls. It is difficult to imagine how the genie of liberalisation can be stuffed back into its lamp.
Nor is repression alone enough to solve debt woes. Inflation is necessary too, and the example of Japan suggests that ageing societies may prefer to sacrifice the young to a long period of slow growth rather than erode the savings of older voters. Most importantly, governments must stop adding new debt. Even in a financially repressed system austerity is not entirely avoidable. Most economies must still cut their debts the hard way.
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