বুধবার, ২০ ফেব্রুয়ারী, ২০১৩

Engineering 'ghost' objects: Breakthrough in scattering illusion

Feb. 19, 2013 ? A team at the NUS Department of Electrical & Computer Engineering led by Dr Qiu Cheng-Wei has come out with an optical device to "engineer" ghosts. When someone claims he has seen a ghost, the phenomenon may be caused by an optical illusion happening through a wild stroke of nature. But the actual engineering of such a phenomenon is the holy grail of researchers in the field of optical illusions, electromagnetic, and radar detection -- not only because of the thrill and excitement of being able to create a "ghost" but because of the implications it will have in science and applications.

Their research has opened up a completely new avenue for cognitive deception through light-matter behaviour control. This would have wide applications in defence and security. Their findings will also pave the way for the design of new optical and microwave devices such as those for detection and communication. The team will further develop this technique to make larger microwave devices to achieve radar "ghosts" and aircraft camouflage suitable for defence purpose.

Dr Qiu's paper, co-authored with and Dr Han Tiancheng (NUS Dept of Electrical & Computer Engineering), Prof Tie Jun Cui, Dr Wei Xiang Jiang (State Key Laboratory of Millimeter Waves, Department of Radio Engineering, Nanjing), and Prof Shuang Zhang (School of Physics and Astronomy, University of Birmingham, UK), entitled "Creation of Ghost Illusions Using Metamaterials in Wave Dynamics" will be published in Advanced Functional Materials in March 2013.

Their paper reported for the first time, the realisation of creating "ghosts" through optic scattering and metamaterials which are artificial materials designed with properties (which do not exist naturally) built-in. Their device is capable of creating more than one virtual "ghost" image from the actual object. The geometric shape, position and equivalent material properties of these "ghost" images can be pre-designed and controlled -- and are also able to appear in distributed places away from the location of the real object.

Doing a David Copperfield

The scientific community has always been enthralled in the creation of an illusion which can potentially transform an actual perception into a pre-controlled perception. So far, scientists experimenting with metamaterials in "ghosting" do not have much success in changing the perception of the real object, and define where the "ghost" should appear. They can only create one "ghost," in the same location (as where the real object is).

But Dr Qiu's device can create multiple "ghosts." It can also make the real object or person "disappear." The researchers can also determine how the "ghosts" look, taking on a different shape or size from the actual object.

Added Dr Qiu, "As our work solves several major issues associated with "ghost" illusion, we believe it will pave way for future applications of advanced optical illusion, camouflage, and cloaking -- in an interestingly new sense. Our work has enormous potential to enhance our ability to mould, harness, and perceive wave at will. I believe it can stimulate new thoughts of realising something extraordinary that is counter-intuitive."

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The above story is reprinted from materials provided by National University of Singapore, via AlphaGalileo.

Note: Materials may be edited for content and length. For further information, please contact the source cited above.


Journal Reference:

  1. Weixiang Jiang, Cheng-Wei Qiu, Tiancheng Han, Shuang Zhang, Tiejun Cui. Creation of Ghost Illusions Using Metamaterials in Wave Dynamics. Advanced Functional Materials, March 2013 (in press) [link]

Note: If no author is given, the source is cited instead.

Disclaimer: Views expressed in this article do not necessarily reflect those of ScienceDaily or its staff.

Source: http://feeds.sciencedaily.com/~r/sciencedaily/strange_science/~3/rTzs3mXmtl4/130219090643.htm

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JustMigrate Moves Your Posterous Spaces to Tumblr in a Few Clicks

JustMigrate Moves Your Posterous Spaces to Tumblr in a Few Clicks If you're feeling burned from Twitter's announcement that they're closing Posterous on April 30th, JustMigrate is a free service that will migrate your Posterous Spaces to Tumblr quickly and easily so you can get back to blogging and sharing without a ton of hassle.

We explained how to migrate your Posterous Spaces to Tumblr, Blogger, or Wordpress before, but some of those tools are a little hack-y. There's Posthaven, which we mentioned yesterday, but it costs money. If you're on a budget, or you want to hop on the Tumblr bandwagon, JustMigrate makes the process incredibly easy.

Just type in your Posterous username and authorize the app to access your Tumblr account, and JustMigrate takes care of the rest. It supports audio, image, text, and even posts with embedded video. The JustMigrate tool even brings tags, titles, post dates, and more, and will clean up the post code so it plays nicely with Tumblr. It doesn't work with private Posterous blogs and it won't pull in comments (since Tumblr doesn't natively support them), but aside from that, it's the easiest, most hassle-free method of moving your data we've seen. Of course, moving from Posterous to Tumblr is going from one free web service to another, so while Tumblr doesn't have plans to close anytime soon, you should still visit Posterous and back up your data so you have a copy for safe keeping. Hit the link below to give JustMigrate a try.

JustMigrate

Source: http://feeds.gawker.com/~r/lifehacker/full/~3/c7fLdjK8Nis/justmigrate-moves-your-posterous-spaces-to-tumblr-in-a-few-clicks

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Google and Intuit get Virginia small business online - Roanoke Free ...

Workshop attendees with online presence raise their hand.

Workshop attendees with online presence raise their hand.

It was a packed house for both workshops held at the Taubman Museum of Art Tuesday. There were 60 computers sitting ready for two sessions aimed at getting small businesses with no Internet presence online for the first time. Extra tables had to be set up to accommodate as many as 100 people for the second workshop.

Sue and Brittany Staley came from Martinsville. They purchased Hidden Valley Farmz. Sue said they hoped to get a website up to showcase their all natural farm. ?We?re trying to get people out to see what they are putting on their table.?

The workshop was free and Intuit offered a free website for up to 3 pages for one year. After the initial year the business would pay $6.99 a month if they decide to keep it. The offer is still available at VirginiaGetOnline.com for businesses still wanting to take advantage of the offer.

Google came to Roanoke in response to a request by Congressman Bob Goodlatte. Goodlatte was a guest speaker at the second workshop. He served as past Chairman of the Subcommittee on Intellectual Property, Competition, and the Internet. Congress is currently working on legislation that would require online businesses to collect sales tax for goods sold across state lines. Online business currently only collect sales tax in the state where they reside.

Goodlatte will support online sales tax legislation but as Chairman of the House Judiciary Committee he told attendees that he will insist that it be make ?as simple and seamless for [businesses] online.? He made the point that with all states having differing requirements for collecting sales tax it would create a collection nightmare for online retailers.

Cracking down on criminal activity on the Internet is another effort Congress needs to undertake. The ?trust factor? is an important for businesses. ?People won?t do business with you unless they trust you,? said Goodlatte.

Sue and Brittany Staley of Martinsville prepare for workshop.

Sue and Brittany Staley of Martinsville prepare for workshop.

Becca Ginsberg, Communications Manager for Virginia Get Your Business Online said that their research showed that 97 percent of users go online to look for local products and services. In Virginia 45 percent of all businesses do not have a website. ?A quarter of those are completely invisible online,? she said.

Ginsberg said she has heard from business who are intimidated by the Internet and perceive a website as being too time consuming. ?They just haven?t taken that step to do it.?

Businesses attending the workshop will have a website by the end of the session she said. They were told to bring pictures and think of what they wanted to say on their new website. Businesses without a website are at a disadvantage as more and more people search for services and goods online. ?If they don?t find you online they?ll go to the next business,? said Ginsberg.

Soo Young Kim, the Head of Marketing for VGYBO said those who come to the workshop prepared will have their website up in 60-90 minutes with no coding using Intuit?s Sitebuilder tool. ?If businesses aren?t online consumers can?t find them ? especially those with no storefront and businesses grow 40 percent faster when they are online.?

Later Congressman Goodlatte expanded on the sales tax legislation that Virginia hopes to tap for its transportation needs. He has conveyed to Governor Bob McDonnell who has included online sales tax revenue for his transportation plan based on congressional action that there is no timeline. ?It has a long way to go,? said Goodlatte. ?My initial reaction is that there is more work to be done to make sure that the businesses are treated fairly.?

Congressman Bob Goodlatte speaks to workshop attendees.

Congressman Bob Goodlatte speaks to workshop attendees.

Red tape has to be eliminated he said. There is both legislation to exempt small businesses and there is legislation to require them to be more streamlined. ?I frankly prefer that all businesses be treated the same,? said Goodlatte. He favors all business participate in a streamlined system. Small businesses would have one sales tax for Virginia transactions and one sales tax for their interstate transactions.

Goodlatte said consideration for businesses not online needs to be considered. Different states have different kinds of paperwork and some give kickbacks. All that needs to be worked out with the 45 states that have a sales tax. ?You don?t have a representative in [another state's] legislature to go and complain like you do here in Virginia.?

Businesses online currently have a sales tax advantage over ?brick and mortar? businesses. On the flip side online businesses have shipping costs to contend with said Goodlatte. ?This legislation is not going to move anytime soon,? he said. There needs to be some compact between the states for it to move forward before Goodlatte would support it. ?That is a significant concern of mine.?

Source: http://www.roanokefreepress.com/google-and-intuit-get-virginia-small-business-online/

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মঙ্গলবার, ১৯ ফেব্রুয়ারী, ২০১৩

Journeyman Baseball Player Gets Hurt While "Trying To Be A Gentleman" To A Pitching Machine

Journeyman Baseball Player Gets Hurt While "Trying To Be A Gentleman" To A Pitching MachineOn Friday, Casey Kotchman signed a free-agent deal with the Marlins, his seventh team in 10 MLB seasons. He was brought on, at least in part, because Logan Morrison is coming off knee surgery. Only now Kotchman will be out for at least a few days, too. During a drill yesterday, he accidentally ran into a pitching machine that was tossing infield pop-ups. But instead of letting the machine fall to the ground after the collision, Kotchman tried to grab it to keep it upright. He wound up gashing his left index finger and had to get four stitches.

"It's probably not every day where you get your hand caught in a pitching machine, on a pop fly," he said.

Teammate Greg Dobbs interjected that Kotchman should have let the machine topple over.

"I'm trying to be a gentleman to the machine, and not throw it down to the ground," Kotchman replied.

And they say chivalry is dead. The pitching machine simply had no words to express its gratitude.

[MLB]

Source: http://deadspin.com/5985456/journeyman-baseball-player-gets-hurt-while-trying-to-be-a-gentleman-to-a-pitching-machine

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সোমবার, ১৮ ফেব্রুয়ারী, ২০১৩

Announcing the debut of www.salestraining-seminars.com! | PRLog

?

PRLog (Press Release) - Feb. 17, 2013 - Contact: Stan Smith

Ever-Strong.com

Ever-Strong.com

Press Release

Ever-Strong.com announces the debut of a new website dedicated to helping you with www.salestraining-seminars.com

Ever-Strong.com announces the debut of www.salestraining-seminars.com to help salespeople find the right seminar that fits their schedule and lifestyle.

Benecia, CA, February 13, 2013: ?Learning what you don?t know is crucial to your success, and losing a sale can be devastating to your bottom line. ?Knowing how to make your sale appealing, what techniques work best, and how to turn a no into a yes, are only some of the things you will learn at a good sales seminar. Relationship selling, organized sales templates and other strategies are all taught in these seminars with the aim to help you make your business work for you!

In order to help those salespeople who need help developing a productive sales organization to increase their sales and bottom line, Ever-strong.com has launched www.salestraining-seminars.com to help people find the right seminar that can help them improve their sales techniques: ?

? ? ? ? ? How to leverage personal relationships into finished deals.

? ? ? ? ? How to leverage Social Media to find new clients and use cutting edge marketing strategies

? ? ? ? ? Where to find new markets for your product

? ? ? ? ? How to turn valued customers into long term personal relationships.

? ? ? ? ? How to build layers of trust between you and your clients.

? ? ? ? ? How to use that trust to close deals.

Relationship Selling works where other strategies fail!
Visit www.salestraining-seminars.com so you can learn where and when the best seminars for you and your money so you can learn how to instill trust of you and your product with your clients.

Visit www.salestraining-seminars.com for your free video with tips that 99% of sales people don?t know!

Source: http://www.prlog.org/12081367-announcing-the-debut-of-wwwsalestraining-seminarscom.html

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Tom Mulcair, Leader of the Official Opposition, launches official Weibo account to celebrate Chinese New Year

2013 02 17

Tom Mulcair, Leader of the Official Opposition, launches official Weibo account to celebrate Chinese New Year

To celebrate Chinese New Year, Leader of the Official Opposition Tom Mulcair (Outremont) launched his Weibo account today, making him the first federal party leader in Canada to take part in this social media site.

??Weibo reaches out to the vast and growing number of Chinese-Canadians on the internet,? said Mulcair. ?It?s a way to connect with them directly and hear the issues they face. I?m excited to join this large online community and I look forward to engaging with them.?

?With posts translated by his staff, Mulcair?s Weibo account adds to his social media presence on Facebook: (http://www.facebook.com/ThomasMulcair) and Twitter:@ThomasMulcair (https://twitter.com/ThomasMulcair).

?Mulcair joins numerous Canadians on Weibo, such as Mark Roswell (Dashan), Patrick Chan, and Jade Kwan.

?Mulcair?s account can be found at www.weibo.com/ThomasMulcair.

Source: http://www.ndp.ca/news/tom-mulcair-leader-official-opposition-launches-official-weibo-account-to-celebrate-chinese-new

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রবিবার, ১৭ ফেব্রুয়ারী, ২০১৩

Carney dismisses concern about inflation expectations

MOSCOW (Reuters) - The future head of the Bank of England, Mark Carney, dismissed concern on Saturday about the danger of inflation expectations spiraling in Britain and elsewhere.

Carney, governor of the Bank of Canada, has been an advocate of flexible inflation targeting, and said last month that monetary policy was not maxed out in major economies.

He has said the Bank of England may need to commit to keeping highly accommodative monetary policy even after the economy and possibly inflation pick up.

Asked at a news conference on Saturday if there was a risk that inflation expectations in Britain and other members of the Group of 20 leading economies become unmoored because of loose monetary policy, he said: "The risks globally are deficient demand."

Pressed about the issue in Britain, where inflation has been above the UK's 2 percent target since December 2009, Carney said: "I think that's a question for the governor of the Bank of England, and his name is Mervyn King."

He was speaking after a meeting of G20 central bankers and finance ministers.

Separately, Carney declined to endorse an International Monetary Fund opinion that the Canadian dollar was 5 to 15 percent higher than warranted by long-term economic fundamentals.

"We don't comment on levels of exchange rates. We've noted for some time that the Canadian dollar is persistently strong," he said.

"It's something we take into account in the setting of monetary policy in Canada. It's one of the reasons why policy is as accommodative as it is."

(Editing by Mike Peacock)

Source: http://news.yahoo.com/carney-dismisses-concern-inflation-expectations-170832389--business.html

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Arsenal stunned out of FA Cup

When English Premier League teams get bounced out of domestic cups by lower-tier sides, usually you look to the squad and see changes that reflected a manager taking unknown opposition too lightly. Arsenal has no such excuse. True, all of Theo Walcott (right), Jack Wilshire, Santi Cazorla, Lukas Podolski and Bacary Sagna were on the bench, but the names in the starting XI should have been enough to carry them past a decent but flawed Championship side. Mikel Arteta played. Thomas Vermalen, Wojciech Szczesny, Laurent Koscielny and Nacho Monreal were in defense. Olivier Giroud started at forward.

That should be more than enough to see off Blackburn, yet it wasn?t. After Chelsea/Fenerbahce castoff Colin Kazim-Richards scored in the 72nd minute, the embattled Lancashire club had all they needed. Not only did they bounce the Gunners from the fifth round of the FA Cup, they held them scoreless at the Emirates, winning 1-0.

Now all those Friday pieces from English outlets talking about Arsenal?s trophy drought can be recycled and refiled next year. Arsene Wenger is now eight seasons without meaningful silverware. After a find and replace, the staffs at the Guardian, Telegraph, Times and Independent can use next year?s space asking whether nine years is long enough.

Of course, it is. One year is long enough. Who doesn?t like winning trophies as often and as soon as possible? It?s an absurd premise, one that tends to overshadow legitimate concerns with Arsenal?s direction. Arsenal?s lack of trophies is much less significant than their diminished relevancy. While they used to threaten in league, Europe, and cups, now they?re afterthoughts.

Nobody?s wondering whether they?ll beat Bayern Munich mid-week. We?ve come to tactically acknowledge Arsenal?s no longer at that level.

In a strange way, today?s match-winner reminded me of the goal Arsenal conceded to lose the 2010-11 League Cup final. The mistakes the defense made against Birmingham City were more glaring, with a miscommunication between Koscielny and Szczesny gifting Obafemi Martins the Cup-winning goal. Today?s errors were equally emblematic, with Arsenal?s defense beaten in transition before their keeper blocks a rebound to a dangerous spot, allowing Kazim-Richards to redirect home the match?s only goal.

Here?s the goal, one that allowed Blackburn to move into the competition?s quarterfinals:

Source: http://prosoccertalk.nbcsports.com/2013/02/16/arsenal-fa-cup-results-blackburn-rovers/related/

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Bunnies Attacking Cars at Denver Airport

Source: http://www.thehollywoodgossip.com/2013/02/bunnies-attacking-cars-at-denver-airport/

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Add "Scan with Windows Defender" to Windows 8's Right-Click Menu

Add "Scan with Windows Defender" to Windows 8's Right-Click MenuMicrosoft's free antivirus comes built-in to Windows 8 as Windows Defender, but it doesn't have an option to scan individual files by right-clicking on them. Our friends at the How-To Geek show us how to add it (or any other program) to your context menu.

The easiest way to do this is to just run a .reg file, which you can grab from the How-To Geek here. Then, just right-click on a folder in Windows Explorer and choose "Scan with Windows Defender" to scan it for malware. However, if you want to add it yourself manually?or if you want to add a different program to the context menu?the folks at How-To Geek show you how to do that from the registry, too. Hit the link to see how it's done.

How to Add "Scan with Windows Defender" to the Context Menu in Windows 8 | How-To Geek

Source: http://feeds.gawker.com/~r/lifehacker/full/~3/7K3ymGg5-vY/add-scan-with-windows-defender-to-windows-8s-right+click-menu

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US 41 and several roads in downtown Fort Myers to close ahead of parade, 5K

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Source: http://www.news-press.com/article/20130216/SS07/302160009/1002/RSS01

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শনিবার, ১৬ ফেব্রুয়ারী, ২০১৩

Meteorite hits central Russia, 400 hurt

YEKATERINBURG/CHELYABINSK, Russia (Reuters) - A meteorite shot across the sky in central Russia early on Friday and sent fireballs crashing to Earth, smashing windows, setting off car alarms and injuring 150 people.

Residents heard what sounded like an explosion, saw a bright light and then felt a shockwave as they went to work in Chelyabinsk, according to a Reuters correspondent in the industrial city 1,500 km (950 miles) east of Moscow.

The meteorite then raced across the horizon, leaving a long trail of white smoke in its wake which could be seen as far as 200 km (125 miles) away in Yekaterinburg. Car alarms went off, windows shattered and mobile phones worked only intermittently.

"I was driving to work, it was quite dark, but it suddenly became as bright as if it was day," said Viktor Prokofiev, a 36-year-old resident of Yekaterinburg in the Urals Mountains.

"I felt like I was blinded by headlights," he said.

No fatalities were reported but President Vladimir Putin, who was due to host Finance Ministry officials from the Group of 20 nations in Moscow, and Prime Minister Dmitry Medvedev were quickly informed.

The Emergencies Ministry said 150 people had been hurt, mainly by flying glass.

A local ministry official said the meteor shower may have been connected with an asteroid the size of an Olympic swimming pool that was due to pass Earth at a distance of 27,520 km (17,100 miles) but this could not be confirmed.

Windows were shattered on Chelyabinsk's central Lenin Street and some of the frames of shop fronts buckled.

A loud noise, resembling an explosion, rang out at around 9:20 a.m. (0520 GMT). The shockwave could be felt in apartment buildings in the industrial city's center.

"I was standing at a bus stop, seeing off my girlfriend," said Andrei, a local resident who did not give his second name. "Then there was a flash, and I saw a trail of smoke across the sky and felt a shockwave that smashed windows."

A wall was damaged at the nearby Chelyabinsk Zinc Plant but there was no environmental threat, a plant spokeswoman said.

Such incidents are rare in Russia. A meteorite is thought to have devastated an area of more than 2,000 square km (1,250 miles) in Siberia in 1908, smashing windows as far as 200 km (125 miles) from the point of impact.

The Emergencies Ministry described Friday's events as a "meteor shower in the form of fireballs" and said background radiation levels were normal. It urged residents not to panic.

Chelyabinsk city authorities urged people to stay indoors unless they needed to pick up their children from schools and kindergartens. They said a blast had been heard at an altitude of 10,000 meters (32,800 feet), apparently signaling it occurred when the meteorite entered Earth's atmosphere.

The U.S. space agency NASA has said an asteroid known as 2012 DA14, about 150 feet in diameter, would have an encounter with Earth closer than any asteroid since scientists began routinely monitoring them about 15 years ago.

Television, weather and communications satellites fly about 500 miles higher. The moon is 14 times farther away.

(Writing by Alexei Anishchuk, Editing by Timothy Heritage and Patrick Graham)

Source: http://news.yahoo.com/possible-meteor-shower-reported-eastern-russia-052833588.html

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শুক্রবার, ১৫ ফেব্রুয়ারী, ২০১৩

Construction nears halfway point on Regional Cancer Center - WREX-TV

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Does Kim Kardashian Deserve A-list Treatment?

Kim Kardashian is one of the most popular celebrities in the world, but is she truly considered A-list? 

Source: http://www.ivillage.com/does-kim-kardashian-deserve-list-treatment/1-a-521929?dst=iv%3AiVillage%3Adoes-kim-kardashian-deserve-list-treatment-521929

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Kraft Foods expects lower 4Q revenue

NORTHFIELD, Ill. (AP) ? Kraft Foods, the company behind brands such as Oscar Mayer and Miracle Whip, said Friday that it expects to report lower revenue for the fourth quarter and raised its earnings forecast for this year.

"The fourth quarter was one of real progress and some significant disappointment," Kraft CEO Tony Vernon told investors during a conference call Friday. "We made great strides in productivity, profit, and cash, but we really missed our topline."

But Vernon noted he feels good about the solid financial foundation for the future of the "new Kraft."

Kraft, based in Northfield, Ill., is looking to redefine itself after splitting last year from its global snack foods business called Mondelez International Inc. Mondelez has brands including Oreo and Nabisco. The split was intended to allow each of the companies to focus on a more targeted portfolio of products, thus accelerating growth. As part of Kraft's strategy, it's working to clean up the company's lineup of less-profitable product extensions and revitalize languishing brands like Jell-O by betting on innovations.

Kraft said it anticipates earnings of about 15 cents per share for its fiscal fourth quarter. Analysts surveyed by FactSet expect earnings of 23 cents per share.

Kraft said revenue is expected to drop 10.7 percent to $4.49 billion in the fourth quarter from an adjusted total of $5.03 billion a year ago. Wall Street expected revenue of $4.75 billion.

The company said the decline is due in part to the prior-year period having an extra week of sales. The year-ago quarter also included revenue from products that are now owned by Mondelez as well as product pruning.

But Vernon also noted that sales were also hurt because competitors offered lower prices in certain categories to lure financially strapped mothers. The company said one competitor pushed lower prices of its cold cuts and that hurt sales of the Kraft's Oscar Mayer's Lunchables. Lunchables are box-style lunch combinations like ham and cheddar cheese. In another case, Vernon said Kraft dealt with price competition for its macaroni and cheese products by stepping up its advertising.

"These are the choices we make as we roll out this playbook," said Vernon.

For 2013, Kraft now expects earnings of about $2.75 per share, up from approximately $2.60 per share. Analysts expected $2.66 per share.

Kraft said its full-year restructuring costs are now anticipated to be about $300 million, up from its prior forecast of approximately $240 million.

The company said it is implementing a four-part strategy to help better manage and lower the volatility of expenses and cash outlays related to its pension fund obligations. As part of this strategy, Kraft said that it will make a pension contribution of about $600 million in 2013. It anticipates level, annual pension contributions of about $225 million after that time. The company said that it expect the 2013 pension contribution to be funded with available cash. Future contributions are expected to be funded through cash flow from operations.

Kraft will report its final fourth-quarter and full-year results by March 29.

Its shares slipped 6 cents to $47.10 in afternoon trading.

Source: http://news.yahoo.com/kraft-foods-expects-lower-4q-revenue-202410023--finance.html

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Congress Plans to Hold Hearings Over Our Little Asteroid Problem

In case you felt like the Armageddon simulation we've been living in wasn't realistic enough already, Congress's Science, Space, and Technology Committee will soon hold a hearing "to examine ways to better identify and address asteroids that pose a potential threat to Earth." Cue Aerosmith. More »


Source: http://feeds.gawker.com/~r/gizmodo/full/~3/ISOOMFKSdbg/congress-plans-to-hold-hearings-over-our-little-asteroid-problem

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?The simpler the rules, the stronger the ring-fence? Finance Watch ...

Brussels, 14 February 2013 ? Public interest association Finance Watch today published its submission to the UK?s Parliamentary Commission on Banking Standards (PCBS) on whether to ban proprietary trading inside bank groups that contain ring-fenced entities.

Finance Watch argues that a strong, simple ring-fence without loopholes would make such a ban unnecessary.


Duncan Lindo
, author of the Finance Watch response, said:

?The ring-fence aims to protect taxpayers and essential services and reduce implicit government guarantees. We think a robust ring-fence is critical to the success of the bank reforms. Whether a ring-fence succeeds will depend, in part, on its simplicity. The US experience with the Volcker Rule shows that distinguishing between proprietary and other trading is far from simple: it requires a large and complex set of rules.?

?Complexity will lead to loopholes, making for a weaker ring fence. We propose not to attempt to ban proprietary trading but to concentrate all trading activities in a regulated, well-capitalised investment bank which is separated from other banking activities and subject to prudential control.?

?In short: The simpler the rules, the stronger the ring-fence.?

?

Thierry Philipponnat, Secretary General of Finance Watch, said:

?The UK and European banking sectors continue to rely on sovereign support, whether through direct ownership, central bank liquidity or other measures. Far from imposing a cost on banking and hence on society, we consider that robust structural reform is key to stabilising the sector and would help to restore the flow of credit between banks and from banks to the real economy.?

?

ENDS

?

For further information please contact:

Greg Ford, head of communications, on +44 7703 219 222 or greg.ford@finance-watch.org

?

NOTES FOR EDITORS

UK: On 4 February 2013, the Financial Services (Banking Reform) Bill was introduced to Parliament. The legislation is supposed to be in place by the end of this Parliament (2015), and banks will be expected to have implemented reforms by 2019 at the latest. The full text of the Financial Services (Banking Reform) Bill can be found here: http://services.parliament.uk/bills/2012-13/financialservicesbankingreform.html

EUROPE: Finance Watch?s consultation response, dated 13 November 2012, to the European Commission?s Consultation on the recommendations of the High-level Expert Group on reforming the structure of the EU banking sector (Liikanen Report) can be downloaded from:? http://www.finance-watch.org/wp-content/uploads/2012/11/12.11.13_Answer_to_EC_Consult_SENT.pdf?

FRANCE: On 29 January 2013, Finance Watch released a document proposing amendments to the French proposals for the separation and control of French banking: http://www.finance-watch.org/wp-content/uploads/2013/01/Analyse_et_amendements_loi_bancaire_Finance_Watch.pdf (in French), 2 page summary in English: http://www.finance-watch.org/wp-content/uploads/2013/01/Loi_Bancaire_Resume_2Pages_FINAL-ENGLISH.pdf

Source: http://www.finance-watch.org/2013/02/the-simpler-the-rules-the-stronger-the-ring-fence-finance-watch-reponse-to-pcbs/

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