Jobs report confirms Poor People’s Campaign

first_imgWhen the Bureau of Labor Statistics released its May monthly employment report, one figure in the jobs report — the official unemployment rate, at 3.8 percent — drew boasting from President Donald Trump, puffery from much of the big-business media and a stock market bump.These spokespeople for capitalism implied that this report of the lowest unemployment rate since 2000 meant that the capitalist economy was finally on the way to vigorous growth after the Great Recession that began in 2008-2009.How is it possible, then, that the organizers of the Poor People’s Campaign, which began May 14 and is scheduled to last 40 days, see a need to restart the campaign that Martin Luther King Jr. began 50 years ago? This campaign involves protests and demonstrations throughout the U.S.According to its national co-chair, the Rev. William Barber, this campaign’s demands are “calling for a higher minimum wage and a repeal of the 2017 federal tax law, ending gerrymandering [of election districts]. It also calls for an expansion of Medicaid in every state and an end to systemic racism, ecological devastation and military aggression, among other things.” (NPR, May 14)The truth behind the statistics is that low pay, lack of hours and no benefits drive many workers and their families into poverty, and figures for each of these phenomena can be teased out of the full BLS report.Another, broader figure in the report, which measures the number of people working only part time who want to work full time, and includes discouraged workers — those who have given up looking for work — and workers “marginally attached” to the labor market, was basically ignored by the media. This rate, which the BLS calls the U6 rate, was 7.6 percent. It was 6.9 percent in 2000, when the economy was growing vigorously.An even more important figure for measuring economic growth is the Labor Force Participation Rate. The LFPR measures the proportion of the adult population that is in the labor market. This rate also decreased in May. That’s not a sign of good times.The authors of some articles in the big business media say they don’t understand why this 3.8 percent unemployment figure, which they assumed is the equivalent of full employment, hadn’t led to bigger wage hikes for lower-paid workers. Workers on the bottom of the wage scale, who are predominantly people of color and women, have seen only a 2.8 percent increase — barely over inflation — since May 2017. (Whether or not even this small increase is due, at least in part, to the Fight for $15, that is, the struggle to win a higher minimum wage, wasn’t addressed.)The truth is that the low official unemployment rate doesn’t really mean full employment. And you must also consider some of the legal and political steps big business has taken to keep wages low. These steps include imposing “non-compete” contracts, refusing to raise the legal minimum wage, and turning full-time, permanent jobs into temporary gigs that disguise workers as independent contractors and leave them with no benefits or minimum wages.Labor Force Participation RateThe Labor Force Participation Rate is a better measure of economic health. This rate takes the number of people in the labor pool, both employed and unemployed, divided by the working-age population, that is, everyone over 16 who is not in the military or in prisons or in hospitals or nursing homes. Currently the LRPR is 62.7 percent.Historically, the LFPR was below 60 percent from 1948 until the mid 1960s, when women started to enter the labor force in much greater numbers. The LFPR reached its maximum of 67.3 percent in 2000.In general, the LFPR has been falling since 2008 and is unlikely to improve. The U.S. population is getting older as the baby boomers retire from the workforce. When these older workers lose their job because of automation or outsourcing to a low-wage area, if their skills don’t match what employers currently require, they either drop out of active job-seeking or are forced to compete for the lowest paying jobs.In addition, the lack of health care, especially for diseases of poverty like high blood pressure and diabetes, keeps tens of thousands out of the labor pool.Another reason the LFPR is unlikely to increase is the much greater use of opioid medication. According to economic and business news writer Kimberly Amadeo, “Almost half of prime age men not in the labor force take pain medication daily to treat chronic health conditions.” The opioid epidemic affects about one million people according to recent studies. (­thebalance.com, June 1)How the bosses keep wages lowThe political power of those that control the economy, who also control vast wealth, makes it much more difficult even for union workers to bargain collectively to win higher wages and better working conditions. Better wages for unionized workers in an industry or area has historically also helped raise wages for unorganized workers there, as their bosses have made concessions to keep unions out.Hundreds of firms have paid billions of dollars in penalties since 2000 for practices such as forcing off-the-clock work and job title misclassifications to avoid paying overtime, as well as overtime, minimum wage, meal break and tip violations. Some 1,200 successful collective actions challenging large companies’ bad behavior have cost top corporations a total of $8.8 billion. (Jobs with Justice, June 2018) But this is just the tip of the iceberg — small violations of labor laws often go uncaught.There are fewer “company towns” in the United States today. Still, nurses, aides, medical technicians or even doctors in a town where there are only a few hospitals, have to take what wages the owners of these facilities are willing to offer, or move. The same goes for many other dominant industries in small towns.Some 30 to 40 million workers in the U.S. — including Amazon pickers and minimum-wage sandwich makers — are covered by non-compete contracts which forbid them from going to work for a competitor. (New York Times, June 7) Google, Microsoft, Oracle, IBM and Cisco have no-raid pacts, which keep them from hiring workers who work for their competitors. Even smaller firms than these giants, in areas where the minimum wage has been boosted, refrain from hiring workers from jurisdictions where it hasn’t.If you are an undocumented worker, all these extortions and exploitations can be used against you without any practical hindrance.So, when you examine the more telling statistics, like the LFPR, the government report from the Bureau of Labor Statistics, designed to let companies make informed hiring and investment decisions, they confirm many of the charges and complaints made by the Poor People’s Campaign.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

Angels bring back Peter Bourjos on minor-league deal

first_imgRelated Articles Jose Suarez’s rocky start sinks Angels in loss to Astros The Angels have agreed to a minor-league deal with Peter Bourjos, bringing back a player who spent the first four years of his career with them.Bourjos would go onto the depth chart as a possible fourth outfielder, filling a spot occupied last year by a collection of players, including Chris Young, Eric Young Jr., Jabari Blash and Michael Hermosillo.Bourjos, 31, has passed through four organizations since the Angels traded him to the St. Louis Cardinals in the David Freese deal. Bourjos has also spent time with the Philadelphia Phillies, Tampa Bay Rays and Atlanta Braves. He was also in the minors with the San Francisco Giants.An outstanding defensive outfielder in his prime, Bourjos has a career average of .240 with a .296 on-base percentage. Last season, he played just 36 games in the majors, with the Braves, hitting .205 with a .239 on-base percentage. Angels offense breaks out to split doubleheader with Astros Newsroom GuidelinesNews TipsContact UsReport an Errorcenter_img Angels’ poor pitching spoils an Albert Pujols milestone Angels’ Mike Trout working on his defense, thanks to Twitter Angels’ Shohei Ohtani spending downtime working in outfield last_img read more

Garda changes promise to bring more front-line officers across Donegal

first_imgAn Garda Síochána has today announced improvements to its structures, processes, services and governance.Garda management are hoping the changes will increase the number of front-line Gardaí, deliver a more localised service to communities, and maximise the organisation’s operational impact.It includes restructuring at national, regional and local levels to provide a greater focus on community policing based on local needs. Garda top brass say this means more Gardaí working on the frontline, greater supervision, better resources, less paperwork, and more career opportunities for members and staff.It will make best use of an expanding workforce and investment in ICT.There will be a reduction in administrative structures, the introduction of community policing teams dedicated to working with communities to identify and tackle problem crimes in their area, a greater range of specialised services such as economic crime and cyber-crime being delivered locally, and enhanced local investigation of serious crimes and crimes against the vulnerable such as sexual crime.It will mean increased numbers of Gardaí working on the frontline, they say. From 2017 to 2019, 2,090 Gardaí have been recruited to date and a further 478 have been re-deployed to the front-line.It is expected that from now until the end of 2021 that a further 1,500 Garda members will be recruited and an additional 1,000 Gardaí re-assigned to the front-line.In addition, from 2017 to 2019, 1,070 Garda staff have been recruited and a further 1,265 are expected to recruited by end of 2021.Commissioner Drew Harris said, “These improvements will allow us to increase the number of Gardaí at the front-line and enhance community policing. Reduced bureaucracy and ICT initiatives combined with an increase in Garda members and Garda staff will increase Garda visibility in communities. It will mean Gardaí at all ranks will have more time to engage with local communities and stakeholders to help keep people safe.“These changes will deliver a more visible, localised and responsive policing service. What won’t change though is the strong connection we have with local communities.” Under this model, decision making for policing delivery will be devolved from the centre to the regions and divisions.Divisions will increase in size, will be operationally autonomous, and will be the key to policing delivery.A Division will be typically made up of around 600 to 800 personnel. This will ensure each Division has the resources and skills to deliver a wider range of community policing and specialist services based on the demand in their area.Regions and divisions will have greater control over how policing is delivered, while working to a corporate framework and oversight from the centre. The focus of the centre will be on supporting regions and divisions. This model has been recommended by both the Commission on the Future of Policing in Ireland and the Garda Inspectorate, and echoes the views of our personnel gathered through extensive consultation. The restructure reflects international policing best practice as well as the realities of modern-day policing in Ireland, the changing nature of crime, and population trends.This process has already started as part of the implementation of A Policing Service for the Future with the introduction of the new local policing model in four Divisions – Kevin Street, Cork city, Galway and Mayo.It will continue on Monday (August 26 2019) with the new regional structure of four regions.The reduction in Divisions from 28 to 19 will now commence on a phased basis. The new structure will be implemented throughout 2020.Garda changes promise to bring more front-line officers across Donegal was last modified: August 22nd, 2019 by Staff WriterShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:donegalfront-lineGardailast_img read more

For real industrial internet insight: don’t just capture data, use it

first_imgIt’s not about more data, but more effective use of dataOur approach at GE has been to create an Industrial Internet Controls System (IICS) that reliably, safely and securely connects thousands of machines at scale to the power of the cloud and brings computing to the edge in the plant and at the machine. IICS is designed as an out-of-the-box bridge for industrial assets to the full computing power of GE’s Predix platform, which we built as an operating system specifically for industry. The system consists of a flexible combination of intelligent controllers, I/O modules, secure cloud connectivity, advanced analytics software, and apps. For example, connected controls could enable an app running a turbine to check the price of electricity and adjust speed when the price was at an optimal level. A traditional control would have run the machine at a predetermined speed with no knowledge of outside factors that drive profitability, but the new paradigm creates greater efficiency by optimizing operations based on analysis of dynamic external factors.Another example would be a gas-fired power plant. Industrial Internet automated controls can canvass the information on the performance and operating conditions of every single machine in the plant, as well as market conditions such as costs, pricing, supply from other electricity sources and demand response. They know if the power supply from wind farms and solar photovoltaic sources is surging or ebbing and whether demand is high or low. They can forecast pricing and the additional revenue that would accrue from stepping up production and set it against the cost regarding wear and tear of parts and future maintenance expense. They can do this with the utmost precision because digital twin models provide precise information on the health and performance of every asset in the plant.This new-generation nervous system for industry goes beyond Big Data by allowing the best allocation of data processing between the cloud and the edge based on the speed of response and precision of insights. It also enables different industrial assets to talk together and design optimal coordinated responses, and it combines data and forecasts about machines, the physical environment, and the economic environment. The benefits to industrial companies and their customers are substantial: a shift to predictive maintenance, sharp reductions in malfunctions and unplanned downtime, greater efficiency, productivity, and reliability, lower costs and higher revenues. The extent of these benefits, and the speed at which they can accrue depends crucially on the efficiency of the Industrial Internet controls system.The author is president and CEO of GE Automation & Controls Tags:#featured#GE#IIoT#industrial internet controls#Industrial Internet of Things#Internet of Things#IoT#top 5 Industries Destined for Technological Disruption Industrial operators already have mountains of data and its only getter bigger. A recent report by GE and Accenture found that for 80 to 90 percent of companies, Big Data analytics is among the top three priorities, and 76 percent expect their investment to increase over the next year. Data holds powerful answers for industries across the spectrum — from energy to health care to transportation and beyond — to increase productivity, improve the customer experience and open doors to new technologies and revenue streams.To get there, we need more than just data collection. Industry needs to be able to use data better and faster for smarter operating decisions, which is the promise of the Industrial Internet of Things. The pathway to this next stage of industrial productivity is through the individual machines from wind turbines to MRI machines to turbines, and more specifically through their control devices.The industrial internet is like a human bodyA functioning and connected nervous system play the key role in allowing us to operate efficiently by responding to our environment extremely fast, even unthinkingly. In this analogy, machine controls are the nervous system of the Industrial Internet. Traditional control systems, however, are woefully inadequate for realizing the full potential of the Industrial Internet. Traditional controls operate on a simple closed loop, act on a fixed schedule or respond to a very limited set of environmental data. They are self-contained, with limited or no interaction with other industrial systems. Currently, companies with traditional control systems can only utilize about three percent of data from industrial assets. Think about that: Just three percent.The next wave of industrial productivity growth will come from turning that data into automated operational decisions driven by machine analytics. We need controls at the machine level to be not just smart, as in collecting and processing data locally, but to be connected. Connected controls can utilize the reams of local data by funneling it through the analytical and computing power of the cloud and back down with specific decisions, in real time. They need to do this in addition to performing the same reliable, deterministic control that we all rely upon. Jim Walsh The Ultimate Checklist on Ways to Prevent IoT D… How IoT Will Transform Cold Chain Logistics For… Related Posts Electronic Design is Utilizing AI-Enabled Solu…last_img read more

Chinese tennis needs to ‘grow up,’ says Li Na

first_imgBSP sees higher prices in November, but expects stronger peso, low rice costs to put up fight Typhoon Kammuri accelerates, gains strength en route to PH Hopes were high when Peng Shuai reached the 2014 US Open semi-finals, shortly after Li’s retirement, and Zhang Shuai won her second Guangzhou Open title this year.Wu Yibing also became China’s first boys Grand Slam singles champion at last month’s US Open. But nobody has consistently challenged at the highest levels.In Wuhan, five Chinese women were in the main draw but Wang Qiang was the only one to reach the third round — the best ever performance by a home player in the tournament.Peter McNamara, Wang’s Australian coach, said the high expectations created by Li’s career were a problem for Chinese players.“I think it’s very intimidating having such a great player and champion who did raise the bar to a level that’s pretty hard to get to,” he said.ADVERTISEMENT LATEST STORIES “I never bring it up, about trying to reach her heights.”Maverick or modest?Li was always a special case for Chinese tennis, as she took the maverick step of breaking away from state control to forge her career on her own terms.The 35-year-old said that modesty, a typical trait of Chinese culture, could be holding players back. Peng is currently the top ranked Chinese player at 24, with Zhang at 26.“They always say ‘Oh, I’m not so good’ but for the sport you have to show all of the world (you are good),” Li said.World number one Garbine Muguruza also said she found Chinese players “very respectful on the court… very quiet”, in contrast to Li, who she described as having great “intensity”.Fabrice Chouquet, Wuhan co-tournament director, told AFP that tennis in China was in the middle of a transition between two generations.“We have a solid number one and two here,” he said, referring to Peng and Zhang. “And behind them a younger generation of players that is really going to come up.”Wang Qiang is part of that new crop, says McNamara, and has yet to reach her full potential.“My girl is a baby. She’s 25 but she’s 20 as a tennis player,” he said. “This is the thing about Chinese players, they mature late.” Fire hits houses in Mandaluyong City Trending Articles PLAY LIST 00:50Trending Articles00:50Trending Articles00:59Sports venues to be ready in time for SEA Games01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games Move over Neymar: how rugby players hope to change Brazil Don’t miss out on the latest news and information. Li Na. AFP FILE PHOTOLi Na said she’s sorry Chinese tennis has not moved on more since her retirement, as the country’s fruitless search for a new champion continues.Li’s two Grand Slam titles set the bar extremely high for her fellow Chinese, who have laboured in vain to match her trail-blazing achievements.ADVERTISEMENT Chinese tennis success has mainly come from women, with Wu’s victory in New York an anomaly. While there are five Chinese women in the top 100 and 11 in the top 200, the top Chinese man is 220-ranked Wu Di.McNamara said the divide could also be explained by culture in the country of the one-child policy, where sons are highly prized.“Boys get it fairly easy. Girls don’t,” he said, adding: “They fight very hard, the girls.“You can see their mentality on the court. They will go to untold lengths to improve.”center_img Nonong Araneta re-elected as PFF president LOOK: Loisa Andalio, Ronnie Alonte unwind in Amanpulo for 3rd anniversary Read Next Brace for potentially devastating typhoon approaching PH – NDRRMC Fire hits houses in Mandaluyong City Frontrow holds fun run to raise funds for young cancer patients  MOST READ The contrast was laid bare at last week’s Wuhan Open, where Li received a rock-star welcome during a brief appearance, but none of the Chinese players went beyond the third round.Following her rapturous reception in Wuhan, her home city, Li said she was disappointed that China hadn’t found a new star to love since she stepped off tour in 2014.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutout“Actually, I didn’t like (that) people always remember me,” said Li, who won the French Open in 2011 and the Australian Open in 2014. “That means Chinese tennis didn’t grow up.”“(When) I decided to retire, I was thinking next day (new Chinese winners) would come,” she added. View commentslast_img read more

Masters World Cup 2019

first_img(Update: Due to a change in circumstances, TFA will now be looking to field an additional team – Women’s 35s.)Touch Football Australia (TFA) and its national representative teams are about to enter the final year and the most important period of the current World Cup cycle. Our aim as always is for the best possible teams and athletes to represent Australia at the 2019 World Cup.TFA has a proud record in international Touch and Australia currently holds the Open and Masters World Cups and we are extremely motivated to maintain this status at the 2019 event.The Masters World Cup will be held, in conjunction with the Open World Cup, in Kuala Lumpur, Malaysia from the 28th April – 4th May 2019.At this stage TFA is looking to enter teams in the following divisions:Men: Over 30s, 35s, 40s, 45s, 50sWomen: Over 27s, 35sMixed: Senior MixedThere is no guarantee that all these divisions will go ahead as viability is based on sufficient team entries being received by FIT. There are currently several divisions offered at the event which are not viable therefore TFA will not be seeking nominations for those divisions.The following document outlines the nomination process for the selection of the Australian Masters Teams for the 2019 Masters World Cup.More detailed information on the overall tour will become available in the next few months, however indicative costs for a player levy, based on previous overseas international events, would be in the area of $2500.TFA will implement a selection process whereby players are initially required to nominate for selection. All players who nominate will be considered for an invitation to the Selection Camp to be held in January 2019. Teams will be selected following this selection camp. Once selected, World Cup Teams will then attend team training camps in the lead up to the event.Please note:  ALL interested players must nominate through the official link to be considered. For further information on this process or any queries please contact the TFA High Performance Manager, Wayne Grant, at [email protected] or 0411 270 306Find out more here: Masters Nominations – 2019 World CupNew Memo containing info including addition of Women’s 35s division: 2019 World Cup – 35 Women’s Nomination Informationlast_img read more

RCMP charge two Dakota Ojibway police officers over use of forces credit

first_imgAPTN National News ROSEAU RIVER FIRST NATION, Man.–RCMP charged five people, including a sergeant and a constable, for unauthorized use of data from a credit card belonging to the Dakota Ojibway police service.The RCMP released a statement saying a Dakota Ojibway police sergeant and constable along with a detachment clerk were charged with multiple counts of unauthorized use of credit card data. The RCMP also charged one of the officer’s family members and a 17 year-old youth.The officers were members of the Roseau River First Nation detachment, said the statement.The police statement said the offences dated from Jan. 22 to May 10 of this year and occurred in the Altona, Man. and Morris, Man., area.“Investigation has shown the individuals involved were using a (Dakota Ojibway police) business credit card for personal purposes,” said the statement.The investigation was triggered by a complaint from the Dakota Ojibway police force’s management.The five individuals charged are expected to appear in provincial court Dec. [email protected]@APTNNewslast_img read more

Morneau gets an earful at town hall meeting on small business tax

first_imgOTTAWA – Canada’s finance minister got a grilling Friday from taxpayers who are boiling mad about the Liberal government’s proposed tax changes for small businesses.Bill Morneau was in Oakville, Ont., for a town hall meeting where a question-and-answer session boiled over more than once into a shouting match. Some were bellowing at Morneau to answer their questions, while others tried to shout them down to let the minister talk.All the while, Morneau’s fellow cabinet minister, Karina Gould, tried to maintain calm even as time was wrapping up with several people still lined up at microphones, anxious to give the finance minister a piece of their minds.Morneau sat silently near the end of hour-long session as person after person approached the microphones in the room to argue against the measures.“This is not the first room like this that I’ve sat in,” he said at the start of his closing remarks.He brought up one question that stood out to him about what the government planned to do next, only to be asked by more than one person to answer it directly, once and for all.“Just to be clear, I’m trying to say what we’re focused on. I’m certainly not going to address the tax policy issues that we may consider after that. You can’t do that.“You wouldn’t expect us to come to policy decisions on the fly,” he said, at which point the uproar began anew, and Gould had to ask the audience to let Morneau finish.The Liberals have faced heated opposition to their plan ever since Morneau unveiled the proposed changes over the summer, with questions from within the Liberal caucus.Opponents of the reforms insist the changes would hurt Canadians at different income levels and from many different sectors, including doctors, farmers and small business owners.The rhetoric has become even more heated in recent days as the Opposition Conservatives have linked the changes to Morneau’s family company, Morneau Shepell, which offers individual pension plans. One expert told the Commons finance committee those kind of plans could become more appealing if the tax proposals are implemented as-is.Morneau brushed off the questions about his family business, which he helped run before entering politics.“I expect that when people have a strongly held point of view, they’ll use multiple tactics to try and make that point of view heard. That’s what it means to be a politician.”Morneau has been waging a public relations campaign to reassure different sectors of the country concerned at how the changes would affect them. On Thursday, he said technical fixes were in the works to address farmers’ concerns that the changes would impair their ability to bequeath the family farm to the next generation.During the Oakville meeting, Morneau told the audience the changes would only apply “on a go-forward basis” and that the Liberals would “protect what’s been done in the past.”Speaking afterwards, Morneau said the government’s messaging on the proposed changes has turned into a game of broken telephone.Many people seem to be focused on changes to things like income sprinkling and passive investments — strategies that probably don’t apply to them because they are used by only a small subset of tax filers, he said.“We’ve just been unable to get through the message that we want to keep small business tax rates low, that people could be looking at only some advantages that are available to only a very small subset of pretty wealthy Canadian controlled private corporations and concerned that impacts everyone.”Conservative finance critic Pierre Poilievre called the town hall meeting a “rendezvous with reality” for Morneau. Poilievre summarized what he heard from the meeting: Morneau’s “plan will not only pick their pockets, but screw up their life plans.”Morneau isn’t ready to say what, if any, changes the Liberals will make to the proposal — only that he will keep listening to Canadians.The issue will be on the agenda next week when Prime Minister Justin Trudeau meets with his provincial counterparts.last_img read more

The top iPhone and iPad apps on App Store

first_imgApp Store Official Charts for the week ending December 2, 2018:Top Paid iPhone Apps:1. Minecraft, Mojang2. Heads Up!, Warner Bros.3. Toca Hair Salon 3, Toca Boca AB4. Plague Inc.,Ndemic Creations5. Facetune, Lightricks Ltd.6. iSchedule, HotSchedules7. NBA 2K19, 2K8. Kingdom Rush Vengeance, Ironhide S.A.9. Bloons TD 6,Ninja Kiwi10. Krome Studio Plus, Krome PhotosTop Free iPhone Apps:1. BitLife – Life Simulator, Candywriter, LLC2. ZEPETO, SNOW Corporation3. Google Chrome, Google LLC4. Google Maps – Transit & Food, Google LLC5. Fire Balls 3D, Voodoo6. YouTube: Watch, Listen, Stream, Google LLC7. Instagram, Instagram, Inc.8. TikTok – Real Short Videos, musical.ly Inc.9. Swing Star, Good Job Games10. NBA 2K Mobile Basketball, 2KTop Paid iPad Apps:1. Minecraft, Mojang2. Procreate, Savage Interactive Pty Ltd3. Toca Hair Salon 3, Toca Boca AB4. Notability, Ginger Labs5. GoodNotes 4, Time Base Technology Limited6. Toca Life: Neighborhood, Toca Boca AB7. Kingdom Rush Vengeance, Ironhide S.A.8. Geometry Dash, RobTop Games AB9. XtraMath, XtraMath10. CHUCHEL, Amanita Design s.r.o.Top Free iPad Apps:1. Google Chrome, Google LLC2. YouTube: Watch, Listen, Stream, Google LLC3. Netflix, Netflix, Inc.4. My Talking Tom 2, Outfit7 Limited5. Popular Wars, Lion Studios6. Fire Balls 3D, Voodoo7. Swing Star, Good Job Games8. Paper.io 2, Voodoo9. NBA 2K Mobile Basketball, 2K10. Amazon Prime Video, AMZN Mobile LLC__(copyright) 2018 Apple Inc.The Associated Presslast_img read more

Make permanent capital

first_imgGlobal trends in money management and business efficiency are a useful guide to build and scale Indian businesses, especially to increase the efficiency of capital usage. The one trend that has been in focus throughout the asset management industry, especially the private equity world, has been that of “permanent capital”. This is broadly defined as access to funds for long periods, instead of the usual seven to ten-year fund horizon that has been the norm in the private equity industry. Permanent capital funds focus less on existing investments in a defined period – and the emphasis is more on generating potential long-run investment returns. Also Read – A special kind of bondInvestors have generated permanent capital through a variety of strategies. Some large investors such as the likes of Blackstone, Apollo & KKR have utilised Initial Public Offerings (IPOs) to generate capital they can then invest strategically. Apollo has also generated permanent capital through investing and managing assets for a retirement solution focused annuity business called “Athene”, which, through its annuity business, generates significant cash that Apollo has utilised to generate returns. Also Read – Insider threat managementAccess to a constant pool of capital has helped boost returns for both the capital provider and capital allocator. The essential point to learn is that a higher degree of permanent capital allows businesses to access opportunities for longer time-periods, ride out periods of high market volatility and, most importantly, acquire assets at attractive valuations when rivals are unable to do so due to unfavourable market conditions or internal distress. The lessons and advantages from permanent capital apply as much to companies as they do to asset managers. The vital question businesses must ask is whether they are building sources of permanent capital or, even better, are they improving the stability of cash flows available to the business – especially with a view on the next market downturn. For a company or conglomerate, “permanency” of capital can be obtained through access to businesses that provide stable incoming cashflows. For instance, a firm focused on high-risk-return projects in the biosciences field must continuously evaluate whether it has a portfolio of royalty-generating patents that provide it with mission-critical capital inflows. As mentioned earlier, in market downturns, stable cash flows can help shield businesses from the adverse funding conditions and assist a company in acquiring valuable assets across the industry. Most importantly, the steady incoming cash flows that provide the permanency of capital can assist a firm in continuing to pursue the high-risk-return projects that may yield significant investment returns in the future. In a world where factors such as specialisation, patents and vertical integration can provide competitive advantages to firms, so can greater access to permanent capital. To frame the argument differently, firms that can have greater permanency to their capital or can unlock sources of permanent capital will have distinct advantages over their rivals. For companies to succeed through permanent capital vehicles (PCVs), whether through private company platforms or structures such as Real Estate Investment Trusts (REITs), the aim must be long-term value-creation and not just short-term capital raising. Creating market credibility through both efficient capital usage and managing investor relationships is vital. For businesses that are exceptional operators, PCVs are the avenue to partner with patient capital providers to generate value for all. For investors looking towards emerging markets such as India, PCVs are essential, especially in the context of relatively lesser secondary market liquidity, longer investment horizons for value generation and smaller size of debt capital markets. The utilisation of PCVs to hold on to investments longer for value creation could be a vital factor. However, it will be crucial that PCVs, when utilised by investors or companies to raise and manage capital, avoid the issues that have been prevalent in some cases. The focus must be on long-term value creation and not on capital “extraction”. Therefore, the PCVs must be structured to incentivise the operators to maximise long-term value and not focus on merely creating large investment vehicles to generate high fees. As the capital markets and businesses in India evolve, winners and losers in highly competitive markets will get determined by a variety of factors, including sources of funds. Both the quality and quantity of funding available will be one of the fundamental factors that determine long-term winners. Permanency of capital offers some essential insights into improving one’s competitiveness.(Taponeel Mukherjee heads Development Tracks, an infrastructure advisory firm. Views expressed are personal)last_img read more