Review of HTC Desire HD Phone

 

Android: Delicious Library to Shelves

This works very nicely:

Delicious Library

To import items from your Delicious Library:

1. Open Delicious Library. Select the shelf of whichever item you're interested in from the side menu.
2. Click File→Export→Export to another application....
3. Select Delimited Text
4. From the Export radio list, select Selected Shelves. From the Export Fields picklist, select E.A.N. and I.S.B.N.
5. For a Delimiter, select Tab-delimited. Click Export... and save the file somewhere.
6. Name the saved file to Delicious_Library_[Item].txt, where [Item] is the capitalized plural name of the item you're exporting.
7. Connect your Android device to your computer by following the previous instructions.
8. Copy Delicious_Library_[Item].txt to the root of your device's SD card. In most cases this is just the top directory. Its path should be /sdcard/Delicious_Library_[Item].txt
9. Safely disconnect your device.

You can now import these items from the Settings menu in Shelves.

 http://www.shelvesforandroid.com/importing.html

Ice Otter

HTC Desire: Set static IP

http://www.thisandroidlife.com/2009/09/setting-static-ip-address-for-wi-fi/

• Hit the hard menu button on your phone and then choose Settings
• From there, browse to the Wireless controls section and then choose Wi-Fi Settings
• Whilst in the Wi-Fi Settings section, push the hard menu button again and select Advanced
• Press Use static IP to put a check in the box and then enter the network settings as per your own network

My first smartphone!

It's an HTC Desire HD:
http://www.htc.com/www/product/desirehd/specification.html

Swimming Pool

Tony Wilson gravestone

http://creativereview.co.uk/cr-blog/2010/october/peter-saville-anthony-wilson-headstone

Dinner!!!

Excel - moving to the next line in a cell

As opposed to moving to next cell!

The solution is Alt and Enter

Current podcasts

iTunes Subscribed Feeds
Mon, 11 Oct 2010 22:16:41 GMT
Mon, 11 Oct 2010 22:16:41 GMT

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"Tech Weekly" type="rss" xmlUrl="http://www.guardian.co.uk/technology/series/techweekly/podcast.xml" htmlUrl="http://www.guardian.co.uk/audio"
"Stephen Fry's PODGRAMS (Audio & Visual)" type="rss" xmlUrl="http://www.stephenfry.com/?feed=podcast&format=m4a/?feed=podcast&format=m4a" htmlUrl="http://www.stephenfry.com"
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"Mark Thomas Podcast" type="rss" xmlUrl="http://www.markthomasinfo.com/section_audiovideo/podcast.xml" htmlUrl="http://www.markthomasinfo.com"
"The Business podcast" type="rss" xmlUrl="http://www.guardian.co.uk/business/series/the-business-podcast/podcast.xml" htmlUrl="http://www.guardian.co.uk"
"The Dave Gorman Podcast" type="rss" xmlUrl="http://network.absoluteradio.co.uk/core/podcasts/rss.php?meta=82" htmlUrl="http://www.absoluteradio.co.uk/djs_shows/shows/dave_gorman/"
"Radio Spiritworld (Inter-dimensional)" type="rss" xmlUrl="http://rsw.cc/feed/" htmlUrl="http://rsw.cc"
"WNYC's Radiolab" type="rss" xmlUrl="http://www.wnyc.org/shows/radiolab/index.xml" htmlUrl="http://www.radiolab.org/series/podcasts/"
"This American Life" type="rss" xmlUrl="http://feeds.thisamericanlife.org/talpodcast" htmlUrl="http://www.thisamericanlife.org"
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"The Infinite Monkey Cage" type="rss" xmlUrl="http://downloads.bbc.co.uk/podcasts/radio4/timc/rss.xml" htmlUrl="http://www.bbc.co.uk/programmes/b00snr0w "
"The Dub Step Zone" type="rss" xmlUrl="http://feeds2.feedburner.com/thedubstepzone" htmlUrl="http://pcoglelibsyn.com"
"The Dub Zone" type="rss" xmlUrl="http://feeds.feedburner.com/thedubzone" htmlUrl="http://pcoglelibsyn.com"
"Weekly Political Review" type="rss" xmlUrl="http://downloads.bbc.co.uk/podcasts/radio4/wpr/rss.xml" htmlUrl="http://www.bbc.co.uk/radio4/news/weekinwest.shtml"
"The Bottom Line with Evan Davis" type="rss" xmlUrl="http://downloads.bbc.co.uk/podcasts/radio4/bottomline/rss.xml" htmlUrl="http://www.bbc.co.uk/radio4/news/bottomline"
"Freakonomics Radio" type="rss" xmlUrl="http://feeds.feedburner.com/freakonomicsradio" htmlUrl="http://freakonomicsradio.com"
"David Mitchell's SoapBox" type="rss" xmlUrl="http://feeds.feedburner.com/channelflip/mitchell/itunes" htmlUrl="http://davidmitchell.blip.tv"
"The Skeptics' Guide to the Universe" type="rss" xmlUrl="http://www.theskepticsguide.org/feed/rss.aspx?feed=sgu" htmlUrl="http://www.theskepticsguide.org/sgu.aspx?MasterPodcastId=1"
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"Law in Action" type="rss" xmlUrl="http://downloads.bbc.co.uk/podcasts/radio4/law/rss.xml" htmlUrl="http://news.bbc.co.uk/1/hi/programmes/law_in_action/default.stm"

Double jointed head?

Turn Around Bright Eyes: "

You can dress up a head-turn all you want, but you’ll never beat it.

(submitted by Dustie)

"

DR Planning

The eagle has landed and has chosen to do so in the form of a jumbo jet, and it has landed right in the middle of your office block obliterating everything - not a single brick remains standing.

If you ask 'is this unlikely?' the answer may well be 'perhaps'. But if you ask is it possible, the answer has to be yes. This, or something like it, could actually happen to you. After all, Lockerbie could just as easily have happened over a more densely populated commercial area.

Should such an incident occur, you might well argue that you are insured, and that your policy will cover the damage. This may be so, but how long will it take you to get things back to normal? And where would you start? This then highlights the very real need to have a disaster recovery plan (DRP) in place ready for use at any time, as disaster will usually strike when it is least expected.

Even if this is an unlikely scenario, can any prudent company director afford to ignore it completely?

WHAT IS A DISASTER?

The word disaster comes from the Latin literally meaning 'evil star', and can in today's terminology be defined as:

- any unplanned occurrence which seriously affects an organizational ability to trade; or

- an event or development which immediately puts at risk all, or the major parts of a business.

This could arise from a variety of incidents, including fire bombing and flooding, as well as potentially major natural disasters such as an earthquake. Of course, disaster need not necessarily involve actual physical damage, and may not always be a total loss. They could be caused by pollution or section, as in the case of Farley's Baby Foods, where salmonella closed the factory or where Perrier had problems with benzene ingress into its bottled water.

THE IMPORTANCE OF DISASTER RECOVERY PLANNING

The only certainty with disasters is that they will continue to occur and we must always be prepared, as one never knows when a disaster may strike or what form it will take.

It is a sad fact that some 80 per cent of firms without a DRP go into liquidation within 18 months of a major disaster and a further 10 per cent within five years. Many of these could have been saved if they had had a proper DRP ready to be put into effect.

In the scenario outlined earlier, all too many will have to hold their hands up in horror, saying that they always intended to find time to prepare a plan, but never did. Unfortunately, however, when the disaster has happened it is far too late for such recriminations and regrets.

So, if you were a company director, what would you do in the event of a disaster? Without a DRP, one possibility would be to panic. Alternatively, you could think quickly on your feet, but many decisions made this way would be disorganized, discordant and probably duplicated - the right hand/left hand syndrome. Such action would of course have the adverse effect of delaying recovery, not least by the wasted arguments which would probably arise. It has to be remembered that it is not only the consequences of terrorist bombs which need to be considered, although major bombing incidents such as the Commercial Union building in London in 1992, have received the most publicity in the press. Incidentally, CU was very lucky (if that is the right word), in that the bombing occurred late on a Friday night, so there were few people in the building. It also meant that they had the weekend to put its DRP into effect giving it two non-normal working days free before it was business as usual - had the bomb been set to explode on a busy Monday morning, the outcome would certainly have been very different, with serious loss of life, on the scale of the Oklahoma City bomb. With the Commercial Union being in the public eye, it gained a lot of sympathy which would have helped its recovery, although it has to be said that much of the sympathy was engendered by the fact that it was organised and ready and able to cope with the disaster when it happened.

It is therefore essential that all businesses are fully prepared for every eventuality as far as is practicable.

INITIAL PLANNING CONSIDERATIONS

When preparing a disaster recovery plan, there are many aspects which need to be taken into consideration, including the following:

Staff

Safety of staff is of paramount importance, especially in the early stages of evacuation and where a building may be in a dangerous condition. Remember that property can be replaced more easily than staff. In order to get back to normal working as quickly as possible, it is important to retain staff and their goodwill, and also to keep their morale high. There is nothing more demotivating than not having any trust in your directors' ability to rebuild the company -a very bleak outlook indeed. These objectives, however, can be achieved easily if they are given proper consideration and involvement in the early planning stages.

Objectives

The overall objective, of course, is to provide for an orderly and timely recovery from the disaster. This will be achieved by:

- reducing confusion during the chaotic period by having a clearly defined course of action;

- selecting appropriate personnel responsible for different aspects of recover;

- identifying outside support that could be used,

- specifying the steps necessary to return to normal In as short a time as possible.

Cash flow

No company can operate for any length of time without a cash flow, and it is therefore important to maintain a state of liquidity at all times, and especially following a major incident.

In the event of an insured loss, insurers will usually agree payments on account, which helps with the cash flow, but even with such insurance protection many businesses will, unfortunately, still fail if they do not have a DRP

PREPARING A DISASTER RECOVERY PLAN

In preparing a DRP for any company, you would firstly need to appoint a steering committee. This committee, or team, should consist of representatives from all areas - production, technical development, accounts, personnel, etc.

The team

The main thing to remember is that for a team to be effective, it should consist of a small number of the brightest people, and not become involved in 'office politics'. After all, the future of the firm may well depend on decisions made by the team members m the event of a disaster.

The team should be selected from senior management. It is important for the plan to have, and be seen to have, commitment from the top, and choosing from senior management ensures that the necessary resources are made available. Each individual team member would then take responsibility for the main designated areas of recovery.

The captain

Every team needs a leader, and a disaster recovery team is no different, so, from the team members a recovery coordinator should be selected. He or she must be a senior executive who can have overall control of any situation, as immediate decisions will need to be made on site regarding major issues. The coordinator must therefore also be seen to have the appropriate authority to ensure that decisions are implemented immediately and without lengthy arguments, which could cause costly delays to recovery.

The batting order

Having selected the right people to do the job, the next step is to consider how a disaster would affect the business, and where the priorities lie. As disasters can be minor or major, a DRP should cater for all reasonably foreseeable situations, although it has to be borne in mind that it would be impossible to make allowances for every single eventuality as the document would then be too cumbersome and complicated to use.

Keep the objectives in mind - the best way to formulate a DRP is to start from the worst possible scenario of total destruction which can then be trimmed for possible smaller disasters, and then decide how you would propose to continue to operate your business in the short term, with as little interruption to customers as possible, and progress back to normal working with the shortest possible delay and least inconvenience to staff.

Naturally, the DRP will vary from company to company, as the needs of each will be different. For example, a manufacturer may have its production line as the main priority, whereas others may have paper records as theirs.

This latter situation was found to be the case in the aftermath of the Bishopsgate bombing, where some businesses faced losses because they could not gain access to certain vital documents, including loan agreements and contracts, which were undamaged in fire proof safes, but inaccessible under several tons of rubble.

The team should, therefore, identify critical business processes, i.e., those which are vital to the company, and bee the DRP on their phased recovery.

They should also be on the look out for any weak points in their processes.

Next come the what if questions, of which there will undoubtedly be many. They must, however, be the right testing questions, and consideration should be given to all possible options, however unlikely. In answering the questions, be innovative and imaginative - it is much easier at this stage when time is not pressing than it would be In the middle of a disaster, and it can be quite surprising what possibilities can be put forward in, perhaps, a brainstorming session.

The reserves

It is, of course, possible that any of the selected team members may be on holiday or otherwise unavailable when disaster occurs, and bearing in mind Murphy's Law, it is more than likely that at least one key player will be away. It is therefore essential to appoint deputies to ensure that the plan does not fail due to the absence of one or two people.

The sell

An important part of the DRP is to have an up to date list of names, addresses and telephone numbers (including out of hours numbers) of all employees, bank insurers, insurance brokers, loss adjusters, plumbers, electricians, etc. as well as all current material suppliers. This list should include suppliers of specialist equipment or even other special products relating to the fabric of the building.

The team will, similarly need the names and telephone numbers of the local police and emergency services to enable them to contact the right people and therefore avoid unnecessary delays.

Details of contractors should also be maintained, together with detailed plans of the premises showing specifications and drawings should also be held. Information on where to find alternative facilities which could of course be critical in a major disaster situation, as tune would be of paramount importance

Detailed plans are also needed for the emergency services, for example, the fire brigade will need to know the whereabouts of water supplies and isolation valves.

Loss adjusters are also a good source of information and assistance, with their readily available network of contacts. If possible, arrangements should be made to tap into their resources, and be incorporated in the DRP.

Regular checking of the information kept is obviously of great importance if the list is to be of use in an emergency. In the event of disaster, there may be a long delay in effecting repairs to a building if the original material supplier has gone out of business unknown to the company and an alternative source has not, therefore, been sought. This could in turn delay the recovery inside the buildings as access may need to be maintained to a certain part, to allow, say, essential machinery to be installed.

The fielders

The team, made up of the necessary cross section of players would be divided into male areas of individual responsibility which would include:

-.communication / public relations

- computer systems

- salvage/debris removal

- administration

production

There may be other areas necessary. depending on the individual firm's requirements, but the above main headings are sufficient to illustrate the principle which ls being established. each individual role ls more fully outlined as follows:

communication/public relations

The chosen team will consist of a small number of senior people, and it is of importance to communicate fully with 21 employees. The communications section should therefore start by ensuring that a good method of cascading information down the lanes to every employee is arranged. This should be done by using the pyramid principle. so that each manager has responsibility for keeping informed a given number of people. This will then ensure good dissemination of information to all ranks, which will engender the goodwill of the staff, as they will be well informed and will therefore be able to answer any questions from a sound knowledge base.

Communications need to be restored quickly to allow customers to be kept informed of the actual situation without delay-After all one cannot always believe everything one reads in the newspapers, and this is where good PR comes into its own. Correctly handled, a disaster can be turned to a firm's advantage but. if badly handled, it can cause a worse financial disaster. The very different public perceptions following the major CU bombing incident, where it coped well, and Perrier's comparatively manor water filtering problems where it did not, clearly highlighted the importance of getting the right message across to the outside world. After all, a company's image, especially if it is in the public eye, can herald the failure or future security of that company

.--computer systems

Disaster can, of course, also strike in the form of serious damage to computers, and the overall effect that this can have m terms of the business as a whole should not be overlooked naturals. It is imperative that back up taped are taken normally on a dally balls, and that such tapes are held off site, ready for use in an emergency off however, there is a major dependence on computer facilities to re-start the business then at would be wise to look at alternative sites This could mean either cold-sites, being computer rooms without computers, or hotsites, being rooms with computers in place ready to use Which one is selected will depend very much on the degree of dependence on computers, and individual requirements of the company

To assist in this choice, there are a number of specialist companies In the market today, although. as with many other matters, cost may be the deciding factor at the end of the day

-Salvage / debris remodel

When walking through the remains of a building (and have you thought who will supply you with the protective clothing necessary to enable you to do this?) it may seem impossible that anything can be salvaged, but to assist in this regard there are several companies who specialist in restoration of property after say serious fire or flooding.

Be it machinery or documents or anything else which needs restoring. there is a specialist somewhere. However, as there ls a wide varlets of such companies in the market, when making a selection of which ones to include on the list of contractors, it is as well not simply to use Yellow Pages, but to seek advice as to which company to use. It is here particularly where the loss adjuster's experience can be invaluable

Using experts to decade what can economically be salvaged. and what needs to be removed, provides not only the solution to the problem on sate. but will have the added benefit of demonstrating to Insurers that a rational and ordered decision has been taken. This should be welcomed by insurers. and will hopefully assist with the amicable settlement of any claim

-Administration

administration ls primarily concerned mitt coordinating and/or organising supplies, in. ensuring that necessary telephone and computer links are established materials for carrying on the busyness are available and that staff have somewhere to work from

Although the fruits of labour will not be in evidence until the later stages of recovery. the person responsible for administration will, of course need to commence work as soon as possible, to ensure that everything is ready in good time for smooth implementation as and when required.

Production

Production, concerned with arranging alternative premises and machines, materials. etc, to allow work to recommence as quickly as possible, will more than likely be carried out in stages.

In all of the areas specified above, and any others which may be required, there will clearly need to be some cooperation between the team members, as although the different sections have their own responsibilities. Some areas will inevitably overlap The team members must not become over possessive of their own area in trying to exclude all others, but at the same time they must not allow others to run their section. This is another reason why the team must be carefully selected, and not allow internal politics to interfere with the smooth recovery of the company.

If the company has more than one location, it may be necessary to go through the same procedure for each, discussing with the local or divisional managers the individual needs which may be very different and will need to be considered separately.

UPDATING AND TESTING

The business strategy of any company will be changing constantly over a period of time, and the DRP must be kept up to date if it is to have any meaning and provide a useful document In the event of a disaster. So, once the DRP has been formulated, it will be necessary to hold regular meetings of the team In order to ensure that the plan is still relevant flexibility must be built in to the plan, as there will rarely be a single response to any given situation, particularly bearing in mind the tact that the shape and nature of both businesses and disasters are unpredictable.

Meetings should be held every 12 months as a minimum, although six monthly intervals would be preferable. This greater sequence would also give greater familiarity with the plan, thus making implementation eviler when the need arises.

The plan must also be tested both thoroughly and regularly, broken down into manageable sections, firstly as a desk top simulation and then as a full scale operational test. This process will have the added benefit of identifying any weaknesses in the plan, so that when it is needed in an actual emergency situation. it will not need to be rewritten among the eyes of the business.

Without testing and updating any DRP would soon become merely a nicely bound document, but be totally useless, or indeed misleading, in an actual disaster

SIMPLICITY

It has to be accepted that while the DRP should be regularly checked, it will probably not be a document which ls in regular use and must therefore be user friendly , enabling anyone who has little or no previous knowledge of its preparation to be guided through its pages easily and accurately

This can be achieved by using a system of colour coding the pages in each defined area, and by careful thought  given to the chronological order of things to be done.

Provision should be made within the DRP document for each decision to be logged, noting not only the time and date of the action taken, but also the rationale behind the decision.

COPIES OF DISASTER RECOVERY PIAN

Obviously, it is not a lot of help keeping the DRP document in a safe on site, if you are then unable to gain access to it because it ls buried under tons of masonry or simply that the emergency services have cordoned off the whole area for safety reasons

It is therefore imperative that more than one copy should be kept to avoid difficulties due to absences, etc, and while one copy needs to be kept on site for immediate use (if it is accessible), other copies must be kept off site, usually in the team members' own homes

WHO SHOULD HAVE A DISASTER RECOVERY PLAN?

While one usually thinks of large complex companies when considering DRPs even medium to small companies should be tanking of preparing one. Although it would naturally be more simple and brief, nevertheless the principles of items for inclusion would be similar

One also has to bear in mind the fact that what would be no more than a hiccup to a large plc could well be a major disaster to a small private limited company! and may be enough to sound the death knell for them

To trust the smaller firms, there is available pre-prepared software, which would provide the basis of a dry and may then be adapted to the individual needs of the company.

THE COST

The peace of mind which comes with the existence of a DRP does not come without its price tag.

As can be seen, a properly designed DRP requires the full commitment of all senior executives within the organization, and will therefore be expensive in terms of the amount of time that it will be necessary for senior people to spend in the initial setting up. However, once this initial outlay has been absorbed, the plan should require only minimal time ensuring that it is still current, and carrying out periodic testing.

The cost also has to be weighed against the situation a company would be in if a disaster were to occur, and no plan were available to be implemented.

Just think for a moment of the consequences of not spending the time on disaster recovery planning, and the subsequent long term implications on the business.

Regrettably, however, the initial costs have often pushed disaster recovery planning into oblivion inside the boardroom, as it has been considered a distant ideal to be aimed for, but never quite achieved What is often overlooked is that some of the cost will be onset by the benefits of management training.

THE BENEFITS

In addition to providing a basis for speedy recovery, there are other 'spin-offs' which come with the preparation of a DRP . These include:

Market position

There will inevitably be loss of market position if a company is not back in business quickly. The busyness world is quite ruthless, and customers/suppliers need to look after their own interests fast and foremost. Even friendly customers will soon run out of sympathy if their own income is affected, and they may no longer be able to support you, awaiting your recovery. Others may not have any sympathy in the first place. and go elsewhere immediately.

Legislation

While legislation will help with safety procedures, it will relate to substances and methods of work. In general, preparation of a DRP will focus on such matters, and enable consideration to be given to each area. tailored to meet the needs of individual companies, thus also hopefully reducing the likelihood of disasters.

Problem areas

By preparing a DRP, many of the 'what if questions will also have the advantage of identifying problem areas, which can then be addressed.

Education and training

After the problem areas have been identified. the next stage ls to learn lessons from them, and to help avert possible disasters in the future by arranging for relevant staff to have any additional training they may need.

This can be clearly seen say in the situation of a chemical warehouse, where it is vital for staff to know about the products they are handling. and its safe storage. etc.

Prevention

Other preventative measures can be taken following the identification process, such as changing production flow to avoid bottlenecks, or separating vital machinery into different areas or protecting critical equipment by erecting additional fire break walls

RISK ASSESSMENT

It goes without saying that prevention ls better than cure, and this is where risk management comes in. Having identified hazards and/or bottlenecks, etc. next comes the control of risk, which could range from simply ensuring that more that one warehouse is used for storage of vital materials to completely rearranging a manufacturing process

A good risk management programme will set out its policy statement. which should show the objectives of the company, broken down as appropriate into small units. The statement should also show how the objectives are to be achieved and who should carry them out. The processes are, as can be seen, similar to the identification procedures of a DRP, although the objectives would be preventative measures rather than prodding a cure.

Maintenance is also a necessary part of any risk management, as without a proper programme there could be increased risk, caused by such matters as faulty electrical wiring, or of machinery breakdown due to lack of replacement of worn parts in good time. Not only do poor practices present their own particular problems, they also encourage sloppiness in the behaviour of employees. causing further problems in that the workforce can become demodulated, as management appear not to be concerned for their welfare

The next step is that workers take short cuts, and these are invariably not using safe methods, and therefore incur greater risk.

Even without legislation. there is obviously a very strong case in favour of preparing a DRP, not least the fact that without a disaster actually occurring,  it can help the present situation by making management look carefully at what the company is doing now. and thanking seriously about the future

This should, of course, be carried out in conjunction with the risk management programme, and should indeed be an integral part of it as there are many aspects which overlap. A few pounds spent wisely now on identifying and containing risk can save a company a fortune in the long run, in terms of avoiding lost production.

The main drawback to preparing a DRP is the actual cost in today's budget against possible savings tomorrow by reducing the effects of a disaster, and leads to bit won't happen to me' syndrome. What should really be said by the chief executive. and agreed by the board, is, 'it could happen to us' with this better attitude, the chief executive should then ensure that the appropriate action is taken to prepare a disaster recovery plan without delay

Capital Markets and Insurance

From Society of Fellows Journal

THERE is evidence of a reduction in the gap between capital markets and insurance markets to the point where eventually they will both be offering similar products. There appears to be clear pressure for this change from insurers seeking to avert a catastrophe crisis and from their customers who require a wider range of products to manage risk. The majority of the benefits associated with using insurance to transfer risk are not the unique province of insurers, hence there is a potential role for the capital markets which also find providing insurance type covers attractive. In particular there is a shortage of capacity for catastrophes which the capital markets may be able to help solve. There are problems with using the capital markets. These problems have not prevented the limited development of capital market products, the use of which is expected to increase considerably in the future.

WHAT IS THE ROLE OF INSURANCE?

Insurance is a contract which transfers risks from the policyholders to an insurance company. In return, the insurer requires a premium. The real cost of the insurance is the difference between the premium and the risk which the policyholder faces.

The advantages which the insurance company has in accepting the transfer of risk are in four areas: the reduction of risk arising from the pooling of risks; superior access to capital markets; expertise in evaluating and monitoring certain kinds of risk and specialization and economies of scale in providing services such as claims administration.

An insurer has a finite ability to accept the transfer of risk. Reinsurance is a mechanism by which an insurer, if its ability to accept the transfer of risk is exceeded, will transfer such surplus risk to other insurers. The reinsurer receives a proportion of theoretical premium. Again, this has a real cost which is the difference between the premium required from the insurance company and the risk received. Importantly for our purposes, only the first two of the above advantages will apply to reassurance.

CAPITAL MARKET PRODUCTS

The capital markets have developed a sophisticated suite of products aimed at managing the financial risks that a company will face. These include swaps and derivative products (including futures and options). Derivatives are available on a host of financial measures such as shares, currencies, commodities and interest rates. Trading in these instruments is either direct with the exchanges concerned or 'over the counter' (OTC) which involves products tailored to a company's needs by financial institutions. The capital market products have been hugely successful. The level of trading in derivative products may exceed the underlying markets several times over. This success may be attributable to several factors –

• increased volatility in the underlying markets

• the products are able to be used to hedge risk or to speculate on market movements;
• it is possible to trade in securities which are not owned,
• a high gearing factor Increases the potential rate of return (or loss!);
• the markets are very liquid

WHAT IS THE POTENTIAL ROLE FOR THE CAPITAL MARKETS?

There would appear to be three areas where a role for the capital markets is discernible:

• the need for extra capacity for reassurance,
• direct access by large corporations to the capital markets for the transfer of certain risks which were traditionally the province of insurers,
• hybrid products which combine elements of insurance and traditional capital market products such as interest rate swaps

So far, most of the activity has involved the possibility of the capital markets providing extra capacity for the reinsurance of catastrophe risks. This is because there is not enough capacity to cater for the risks that the insurance industry wishes to transfer. It ls considered by some that the products for transferring catastrophe risk from the reinsurer may do better as an alternative to traditional insurance for, say, firms operating in earthquake belts.

Catastrophe reinsurance

This is the most discussed area of the use of capital market capacity and it is useful to consider this further.

What is the problem?

Economic growth and demographic trends have concentrated people and wealth in high risk areas, such as California, Texas, Florida and New York. It has been estimated that insurers and reinsurers have a total capacity of US$220bn to pay for all US claims in any one year. This compares to the US$125bn of damage caused by the Kobe earthquake alone. It is commonly believed that a hurricane causing US$100bn of insured damage in the USA would devastate the US insurance industry. The trend is not restricted to the USA. The growth in wealth throughout societies world-wide is increasing the need for insurance. Earthquakes in China now regularly cause US$1bn worth of damage insurance that covers against catastrophic events is both expensive and in short supply. Paradoxically there is too much capital for traditional risks and not enough capital for true catastrophe risks or the newly emerging technological risks.

The capital market as a potential solution

Some see the capital markets as the only option to fund insurance. The US$l00bn referred to above, which would devastate the US insurance industry, would barely register when looked at in the context of the US$13 trillion in stocks and bonds which have a daily deviation of US$133bn.

Derivatives have been a highly successful tool in other sectors, attracting speculators because of their high gearing factor - for an initial outlay a lot of cash can be generated. A fully fledged insurance derivative market could attract the investment sector, hence introducing extra capacity into the insurance industry and widening the spread of risk. The benefits are seen as lowering transaction cost and making the market more efficient by having information available to all. It ls also possible that forward contracts would become available which would allow the hedging of risks.

Direct access by large companies

The very largest companies access the capital markets direct rather than going via the traditional route of using a financial institution. This trend, called 'disintermediation', may well extend to insurance products in the future. The benefit would be lower dealing costs through by-passing insurers and reinsurers.

A further trend which is relevant is the unbundling of insurance services by larger companies - for example, the insurer may want the benefit of claims administration, but not the risk transfer for smaller claims. This allows for the uncoupling of risk transfer from other services, allowing capital market products to be considered.

Areas which may be of interest to large corporations have been divided into two areas :

• Financing risk - this is the pre-agreed provision of credit to pay for losses which were traditionally the province of insurance companies. This offers balance sheet protection but does not impact on the profit and loss account;
• Transferring risk - this is the transfer of insurance type risks to investors in the capital markets. As well as individual arrangements, this includes futures and options to be traded on exchanges

However, most purchasers of insurance will continue to approach an insurer who will then access traditional reinsurers and the capital markets, whichever offers the capacity and price required, to lay off the risk.

Hybrid product

A fertile area for new products which link insurance events to traditional options is also developing. This is useful because currency and interest rate exposures may only occur if a particular 'Insured' event happens. For example, if new safety standards are being considered a company may consider that the only option is to import goods until they can be manufactured In the home territory to the required standard. This would lead to a currency exposure only if the standards are implemented. An option which was exercisable only in those circumstances would be far less expensive than a traditional option.

WHY ARE CAPITAL MARKETS INTERESTED IN INSURANCE?

There is clear interest in using capital markets, but what is the attraction from the perspective of the investment management community? The advantages are perceived as a low correlation with other events, profitability and opportunities for reduction in distribution costs

The events of the insurance market which are looking to be transferred are not correlated to the risks associated with the equity, interest rate and currency markets which constitute the mainstay of the capital markets risk. For example, the chance of a hurricane striking is not linked to stock market prices. This type of risk contrasts with many that the capital market is faced with which are linked to economic performances. Involvement with insurance type risks offers the capital market a method of spreading the risk further. Sandor refers to insurance risks as 'zero beta' risks, suggesting no correlation with other capital market risks.

Research supports the belief that adding pure insurance risks to a conventional investment portfolio will reduce portfolio volatility without reducing yield.

A second advantage is that the pricing of insurance risks is attractive to non-insurer investors, as insurance risks offer an opportunity for the capital markets to achieve enhanced returns on equity compared to other investments. In addition there are perceived opportunities to reduce distribution costs considerably.

PROBLEMS WITH UTILIZING THE CAPITAL MARKETS

There are several areas which have slowed down the use of capital market products:

• Lack of a durable and robust index on which to base the derivatives. The danger of not having a robust Index is that the loss experience may not correlate with the index and result in imperfect risk transfer
• Perception of risk - the capital markets feel uncomfortable with the types of risks traded, they feel exposed to a 'lottery' rather than risks for which they have a feel, such as interest rate risks. There is a learning curve for investors in insurance products used to a different jargon
• Inefficient market - there is the perceived danger that insurers may have better information than they release to the index or manipulate the data they release, hence Impairing the efficiency of the markets i.e., there is asymmetric access to information
• Nature of insurance losses - these are seldom clear cut and it can take a considerable length of time to determine the size of a loss. This delay can remove the benefit of buying the derivative product which typically operates with speedy settlements
• Illiquid market - there is not a liquid market so investors have no guarantee they can sell futures and options once they have bought them
• Limited success of the existing insurance derivative market. However the existence of this market has led to some over-the-counter (OTC) derivative products being developed;
• Insurance regulators - these have been suspicious of the development of capital market policies

SECURITISATION OF RISK

Where no index is available then a 'capital market' approach may still be adopted. This approach involves the securitlsatlon of risk in a similar manner to mortgages. Pools of insurance contracts would be created and then sold to a secondary market, allowing the original insurer to accept more risk. Investors are paid returns based on the claims experience of the pool of policies. For the future, several risks are being considered for securitlsatlon, for example US medical costs may be amenable to being measured against an independent economic index, allowing the insurance to be securitised.

SOME CURRENT CAPITAL MARKET PRODUCTS

There are currently some examples in current use which gives a flavour of the similarity to capital market products.

Modest attempts have already been made to use derivatives to boost capacity and lower the price of insurance. The Chicago Board of Trade (CBOD) options were launched in September 1995 and the index tracks nine catastrophe loss indices covering US exposures. The Indices cover approximately 70 per cent of losses. Although these have so far failed to spark the expected interest they are expected to storm the market Act of God bonds.

Act of God bonds are traditional debt but with built-in clauses that release the company from some of its obligations in the event of a natural disaster. These are hybrid products which can be structured In a flexible way and may apply to repayments of principal and/or interest.

One method used is setting up a special purpose vehicle (SPV), which is owned or guaranteed by the company. The SPV issues an insurance policy to the company for a premium. The SPV issues certificates which carry fixed or floating rate with a fixed maturity.

Investors then purchase the certificates. The SPV distributes the interest to the certificate holders plus the premium received from the company.

In the event of a claim, the SPV sells securities to cover the loss. The investors now receive interest on the reanalyzing portfolio, and at maturity, only receive that part of the principal which remains.

Combined risk option

A further hybrid product is a combined risk option. This is a conventional option that is used to hedge a financial exposure. However, the option may only be exercised if another insured event occurs. This is cheaper than a conventional option because it only covers a financial exposure which exists if the event occurs. The event can be virtually anything which is outside the control of the purchaser (for example, a new law or regulation coming into force, a court decision, weather, winning or losing a contract bid). An example is a company which believed it would gain a contract if a satellite launch failed. Hence it would need to source supplies from a Japanese company and as a result incur a currency exposure. lt was able to buy a Dollar/ Yen currency option contingent on the failure of the satellite launch to These products could also be targeted at the layer of risk which the firm can afford to fund in a good year but not in a bad year. The client and the insurer agree on a financial measure which is correlated with poor financial performance, for example, the price of raw materials. A point trigger is then agreed, such as a reduction in the financial measure (X) and the occurrence of an insurable loss of amount. The insurer then buys an option priced on the probability that the financial measure will fall. The price of the policies based on the normal cost of insurance times the probability that will occur plus the cost of the option.

Catastrophe linked bonds

Recently a portfolio of property catastrophe linked bonds has been placed with a leading UK fund manager. These bonds operate if industry catastrophe levels on a particular event exceed a pre-agreed level. Then the principle of a bond portfolio invested off-shore by the fund manager in a reinsurance company will become available to pay claims. The bonds will only respond to the holder's net loss after reassurance and will pay out up to a preagreed limit.

Catastrophe swap

A further example of a capital market type product is a catastrophe swap that allows insureds, insurers or re-insurers to swap participations in each others' results. An exchange, CATEX, has been proposed. CATEX will provide a rating mechanism that will equate the risk factors of a portfolio of catastrophe risks with another. Once the risk factors are balanced parties would in effect swap portions of their portfolios.

The benefits of this are the cost is low and it allows a geographic diversification of risk. However, mere diversification is not a complete hedge. Also as perfect portfolio balancing is probably impossible to achieve, the numbers of those willing to perceive a fair swap and hence participate may be limited.

Weather swap

A weather swap is designed to limit volatility or earnings for a firm whose income is highly correlated with the weather. A client exchanges with the insurer a series of monthly fixed cash flows for a series of variable cash flows whose size depends on an Index based on weather statistics. Hence it operates as a swap with money passing to the 'insurer' if the weather index is favourable and from the insurer if the index is unfavourable. For example, a temperature swap may operate by a client exposed to warm weather paying the insurer £X each month and receiving £100,000 for each degree above, say, 0°C.

WHO WILL ACT AS INTERMEDIARIES

Many of the larger insurance brokers have set up capital market units to research securitisation of a range of insurance risks and other financial ways of managing balance sheet risks. For example, analyzing client balance sheet risks from interest rate changes to catastrophe losses. The intention is then to work with investment banks to devise products to meet the risks.

Conclusion

It has been proposed that the pace of innovation over the next few years will depend on the level of inflation; if inflation remains low there ls limited room for innovation in relation to traditional capital market products. Then innovation would increasingly replace traditional insurance produce with financial derivatives.

Although there has been much talk about capital market products, there has in practice been limited progress so far. Some of the major problems arise because of the lack of suitable indexes on which to base the market, this lack is probably because the insurance industry did not need to produce data in a form which would allow it to be traded. With the increasing realization of the benefits available from an efficient traded market this should be overcome.

There are several exciting products being produced using capital markets techniques such as securitisation and swaps which will allow companies to manage risks such as weather which have not been amenable to such treatment before, to the benefit of the insurance industry and their customers. Overall it appears that the pace of change in this area will continue to increase.

Haribo’s MAOAM Candy Criticised For “Sexual” Sweet Wrappers

Haribo’s MAOAM Candy Criticised For “Sexual” Sweet Wrappers: "

Simon Simpkins, a father of two, said he was shocked at the “pornographic” poses when he bought the sour candy for his children Benjamin and Ofelia.

Mr Simpkins, of Pontefract, West Yorks, told The Sun: “The lemon and lime are locked in what appears to be a carnal encounter.

“The lime, who I assume to be the gentleman in this coupling, has a particularly lurid expression on his face. I demanded to see the shop manager and, during a heated exchange, my wife became quite distressed and had to sit down in the car park.”

Haribo said the sweets, which feature illustrations of lemon, lime and cherry characters, said the “fun” packaging was introduced in Germany in 2002.

A spokesman said: “This jovial MAOAM man is very popular with fans, both young and old.”

Telegraph (thanks, KirstyJ)

"

10 words created by The Simpsons

From  http://www.bspcn.com/2010/02/09/10-fake-simpsons-words-that-belong-in-the-dictionary/

Jeebus, of course, is the best

1 Yoink
Yoink: An exclamation that, when uttered in conjunction with taking an object, immediately transfers ownership from the original owner to the person using the word regardless of previous property rights. (urbandictionary.com)
Yoink is a word that makes stealing even more fun. While this phrase first appeared in a 1960s episode of The Flinstones, The Simpsons did much to bring it into popular use. In the town of Springfield, the phrase is first uttered by Homer in a fourth season episode as he snatches a wad of cash out of Marge’s hands. The word has also been used by Snake while purse-snatching, Mr. Burns while swiping a $1,000 bill from Bart and an anonymous person stealing Lenny’s diamond tooth.
2 Diddly
Diddly: a filled pause, a non-word which a speaker uses to take up time or space in a sentence, and which are sometimes used for emphasis (http://www.exampleproblems.com/wiki/index.php/List_of_neologisms_on_The_Simpsons)
If “uh” and “um” have a home in the dictionary, then so too does Ned’s favorite non-word. Whether used to add alliteration, replace a swear word or simply as nonsense, few words are as versatile and effective as diddly. One of my favorite diddly quotes: “Son of a diddly!”
3 Glayvin
Glayvin: a nonsensical word used to describe any emotion from surprise to joy to sadness (urbandictionary.com)
Great glayvin in a bag, is this a good word. Glayvin is yet another catchphrase that has earned a considerable amount of steam in the real world. Professor Frink’s most popular utterance is a catch-all term that can be used in almost as many scenarios as “diddly.” The term likely originates form Jerry Lewis’ legendary catchphrase “froyndleyven.” Frink’s character traits are clearly inspired by Lewis.
4 Meh
Meh: Indifference; to be used when one simply does not care. (http://www.urbandictionary.com/define.php?term=meh)
I’d wager a guess and say that “meh” is used in common conversation way more often than “doh.” The word was first muttered in tandem by both Bart and Lisa when Homer asks if they want to go to Blockoland – a Legoland rip-off amusement park. Meh has reached such popularity, that self-described “minor celebrity” John Hodgman has publicly denounced its use. I, on the other hand, find great merit in the word – and apparently so too does the Collins English Dictionary. This British publication added “meh” to their dictionary in 2008 (so stop dragging your heels, America).
5 Kwyjibo
Kwyjibo: A big, dumb, balding North American ape with no chin and a short temper.
In an early episode, Bart lays down all his tiles in a game of Scrabble to spell “kwyjibo.” The definition above comes straight from Bart’s mouth (with addendum from Marge), and is a thinly veiled description of Homer. Granted, I suppose the validity of the word suffers a bit from the fact that kwyjibos as a species don’t actually exist, which is why I implore nature biologists everywhere to force “kwyjibo” into popular acceptance by bestowing the name upon the next long-lost ape species we discover.
6 Car Hole
Car Hole: a covered place to park your car; synonym for garage
If you want to refer to your garage without sounding like a snobby Frenchman, then this is the perfect word for you. Moe Szyslak coins this phrase during a game of poker after ridiculing Homer for his fancy-shmancy usage of the word “garage.” The fact that Homer immediately discards his previous nomenclature by using the phrase “car hole” in the very next scene should be testament to the supreme accessibility and usefulness of this perfectly simple and descriptive term.
7 Frogurt
Frogurt: a portmanteau for “frozen yogurt”
Looking back, I’m surprised that The Simpsons were the first to use this term, as it seems like such a natural way to shorten “frozen yogurt” – a term I think we all can agree is way too long and clunky. The delicious word made its debut in a Treehouse of Horror episode in which Homer visits an evil gift shop. Apparently the Frogurt is cursed (that’s bad), but it also comes with a free topping (that’s good).
8 Craptacular
Craptacular: of exceptionally poor quality; spectacularly crappy
Along with frogurt, craptacular is one of the more accessible portmanteaus crafted by the writers of the Simpsons. Bart uses the word to describe Homer’s Christmas lights display during a Christmas episode. Certainly, there are plenty of instances in the real world where the term “crappy” just isn’t strong enough to effectively portray the sheer terribleness of a particular person, place or thing. For those instances, craptacular is here to help.
9 Unpossible
Unpossible: not possible; synonym of impossible
“Me fail English? That’s unpossible!” When Ralph Wiggum blurted out this silly little phrase in the sixth season of the Simpsons, it instantly became one of the most quoted lines of the series. Taken out of context, the term is generally meant ironically, which some may argue gives it less credibility. However, if you think the word is one that would only be used genuinely by uneducated morons, let me just point out that “unpossible” has been used by none other than William Shakespeare. The word appears in his play, Richard II.
10 Embiggen
Embiggen: To make bigger or grow in size; a perfectly cromulent word
This graceful word can be attributed to town founder Jebediah Springfield. As the town motto goes, “A noble spirit embiggens the smallest man.” The word is used repeatedly throughout the 7th season episode in which all of Springfield comes down with a major case of Jebeditis (another excellent candidate for this list) during the town’s bicentennial celebration. Adding credibility to the word is the fact that it has appeared in numerous scientific publications since the episode aired.
Simpsons fans can’t think of “embiggen” without thinking of the other fake word used to describe it: cromulent. Clearly, this word should be included on this list as well – if it weren’t for the fact that the Webster’s American dictionary added it to their “New Millenium” edition a few years ago. The official definition: fine, acceptable.
Bonus words:
The above words are probably the most credible options for inclusion in the American dictionary. Some bonus words that almost made the cut are listed below. See if you remember them.
Jeebus
Blurst
Debigulator/rebigulator
Foilage
Saxomophone
Tramampaline
Avoison
Chocotastic
Groin-Grabbingly
Sacrilicious
Science Pole
Squishee