Why Automation Will Create, Not Destroy, Jobs – Huffington Post

If you have been watching political tectonics on both sides of the Atlantic, you may have noticed that analysts are increasingly getting it wrong: "it" being economics, politics, and social trends. The all of it, wrong. Why is this?

We are now deep into a digital transformation, and a new way of thinking and working and living. The business models of our past are faltering. Legacy thinking is virtually unfit for this digital age. The reality is that the conditions within which humanity operates are not what they used to be. Yet, thousands of self-proclaimed experts continue their important work with obsolete methods and mindsets, outdated hardware and software.

A prime example of this is the hysteria that surrounds automation and artificial intelligence. Almost every newspaper and media outlet warns of an apocalyptic future when technology will fracture the employment landscape. As a result, many fear that technology is creating job-stealing robots.

On that score, there are many lessons to be learned from our past.

For example, the industrial revolution taught us that as traditional jobs disappear, we need to ensure that people of all ages are sufficiently educated to prepare and take advantage of the new emerging roles in our immediate future.

Burying our heads in the sand and arming our children with skills for roles that will no longer exist is certainly not the answer. Neither is clinging to business models of the past or recreating the good-old days. The times demand new skills, new mindsets, new competencies, and new institutions.

This backward glance is one of the problems that I encountered with President Trump's campaign slogan "Make America Great Again." This is not a post against our President, I respect him and respect our presidency. This is not about politics. It's about vision. It is impossible to go back in time or to recreate the past. Building a better and brighter future is the only way forward.

If we compare the jobs of one hundred years ago to the jobs of the present, we would be stunned by the standard of living and the thankless work. Creative directors, content strategists, app developers and social media managers are a product of our times. The mentality of doing what you love is also a product of the epoch.

Indeed, hundreds of traditional roles have disappeared over the years, but they have been replaced with new job titles for our digital age.

The Obama administration had published a report to Congress in February 2016 (link here) that was subsequently removed - I cannot seem to find the PDF anywhere on the web anymore. The HuffPost had also discussed the contents of this report when it was published. I quote from that report:

Despite the big scary headlines, we are not running out of work. The challenge that faces society and government is that many people see the available jobs as, on the one hand, unworthy of them. On the other, they see themselves as lacking the skills to qualify.

It is true that the growing demise of middle-skill jobs could cause employment polarization where lower paid workers serve the more affluent without upward mobility. This dynamic would undoubtedly be a step backward. Howeveronce againthe lessons learned from past economic transformations suggest it does not have to be this way.

For example, today it is difficult to imagine that people once blamed the tractor for killing agricultural jobs. In fact, this new machine left an entire generation without work on farms. It also led to the inception of the high school movement, which then led to greater investment in education and ultimately created tremendous prosperity.

Although we often congratulate ourselves for just how far we have come as a society, the truth is that we have the same problems today as we did 200 years ago.

Whether they be the Luddites of the early 1800s or the analysts and journalists of 2017, the issues are essentially the same. The fear of machines, robots, and technology rendering humans obsolete and taking away our jobs.

Make no mistake that many traditional roles we hold dear will slowly disappear. The transition from an analog to a digital world will not be easy. To thrive, we will need to invest in ourselves rather than in things. We will need to secure for ourselves the relevant skills to succeed.

This transition is as it should be for the same reason that we probably dont want to carry on the work of our grandparents. Not to say preserving a legacy is entirely unwanted, but it is not a sustainable policy for an entire societyespecially one in flux like ours.

As technology continues to pervade every aspect of human life, changewithin us and around uswill remain the only constant. Sure, there are challenges and difficult decisions ahead of us. Take heart. Our destiny is in our hands, not in the hands of the machines we create. Dont let any publication tell you otherwise.

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Why Automation Will Create, Not Destroy, Jobs - Huffington Post

Automated cafe sets up shop in tech-crazy, fancy coffee-loving San Francisco – Press of Atlantic City

SAN FRANCISCO As Katy Franco waited for her morning coffee, passersby pulled out their phones and snapped photos and video of her barista.

One did a double-take, recorded the scene on his iPhone and posted it to Instagram. Another drifted toward the barista and asked no one in particular: Whats going on here?

Francos barista was a robot. Its part of an automated coffee shop called Cafe X the latest example of dual infatuations: artisanal coffee and automation.

Its incredibly convenient, said Franco, who has visited Cafe X twice since it opened at the end of January. And the coffee is really good, too.

Franco had ordered her coffee using an X mobile app. Now a white robotic arm, the kind used in car manufacturing facilities, was moving around a paper cup, pushing on syrup levers and brewing her a hot cup of coffee.

I prefer this because you dont have to wait, said Franco, whose coffee was made in less than a minute. It even accepts PayPal.

Comments like Francos ring as validation to Henry Hus ears. Hu, a 23-year-old college dropout who founded Cafe X, envisioned his coffee kiosk as the answer to long waits at coffee shops: a well-made cup of coffee delivered quickly, efficiently and at a relatively low cost. A flat white at Cafe X is $2.95, compared with $3.75 at Starbucks no tip required.

On the speed front, Cafe X can make a hot espresso beverage in less than a minute and is able to pump out 120 coffee drinks in an hour. A Cafe X kiosk can occupy as little as 50 square feet, although its footprint in San Franciscos Metreon shopping mall is a little over 100 square feet and was most recently home to another automated tenant: a Bank of America ATM.

Encased in plexiglass, the kiosk contains two coffee machines equipped to brew Americanos, espressos, cappuccinos, lattes and flat whites. Customers can order their drink from the Cafe X mobile app or at one of two iPads mounted outside the kiosk. The entire transaction is cashless, and customers even get a notification on their phone when their coffee is ready.

Its similar to calling an Uber, said Hu, who sees his kiosk as filling a void. Its for people who want a grab and go coffee, who want consistency.

Tech investors have started dipping their toes in the food industry, backing the meal replacement startup Soylent, the fake meat firm Impossible Foods and specialty coffee roaster Blue Bottle, among others. Cafe X is raising cash from those who seek a confluence of the familiar (technology) and the new (food).

In addition to securing a $100,000 Thiel Fellowship last year (a grant awarded by PayPal co-founder Peter Thiels foundation to college dropouts who want to form their own companies), Hu has raised $5 million in venture capital to expand Cafe X to more locations. His 12-person startup built the first Cafe X kiosk in Hong Kong last year. The second kiosk and the first in the United States sits across from an AMC ticket counter inside the Metreon.

People, millennials in particular, dont want to wait in line, said Ben Ling, an investor from Khosla Ventures, whose firm has also invested in the automated San Francisco quinoa restaurant Eatsa. Cafe X really solves that problem of the ordering efficiency. From a user perspective, its vastly superior.

Automation helps keep costs low for business owners, which in turn makes products and services more affordable for consumers, Ling said. Thats why automation particularly in the food service and hospitality industries seems inevitable.

Self-driving cars are already being tested on U.S. roads. Manufacturing facilities and warehouses have already automated entire professions. And while a multipurpose robot that can do everything that a waiter or chef can do is still a ways off, artificial intelligence and industrial robotics have advanced to the level where they can begin chipping away at the more menial parts of a food service job.

Anything that has highly repetitive tasks that dont require judgment is suitable to be automated, Ling said.

With job loss a top issue in todays political environment, a coffee shop that does away with baristas or a lunch spot that does away with wait staff could be a reason for outrage. But Eatsa has so far been a hit with office workers in San Franciscos Financial District. And in its first weeks of operation, Cafe X has drawn fast-moving lines and curious crowds who snap photos and videos of the kiosk.

(EDITORS: STORY CAN END HERE)

In Cafe Xs defense, it isnt fully automated. Although it doesnt require a barista, it does need a technician to clean and restock coffee machines, one product specialist to remain on site to answer questions during operating hours, and software and hardware engineers to maintain the app and build out the kiosk. And since the entire operation relies on an internet connection, if the internet is down, so is the kiosk.

A much-hyped, fully automated burger joint by startup Momentum Machines is expected to launch in San Francisco, but its founders declined to be interviewed for this story. No launch date has been announced.

Automation clearly hasnt yet upended the food service industry, at least not when compared with the manufacturing sector, where the making of electrical and transportation equipment, machinery, and computers and appliances will account for around 75 percent of robotics installations over the next decade, according to research from the Boston Consulting Group.

This is just the leading edge, said Martin Ford, author of Rise of the Robots: Technology and the Threat of a Jobless Future. The really significant thing will be when the big chains the McDonalds, the Burger Kings, the Starbucks begin to adopt these technologies. Eventually it is going to create a big problem for us.

As of May 2015, the largest overall occupations in the United States, according to the Bureau of Labor Statistics, were retail salespersons (4.6 million), cashiers (3.5 million), and food preparation and service workers (3.2 million).

Technologists agree that its not a matter of if automation will eliminate these jobs but when. And while an argument can be made that there will always be room for services with a human touch, moves that cut costs have historically trumped those that protect jobs.

The federal government, loud in its proclamation of creating jobs, has been quiet on policies regulating and addressing the fallout from automation. And it seems consumers, for now, would rather not think about it.

I can understand the fear of automation taking our jobs, said Franco, clutching her robot-made coffee. But I also work in the innovation space.

She gestured toward her workplace, the Target Open House showroom about 100 feet from the Cafe X kiosk. The showroom was recently remodeled to better showcase the array of smart-home gadgets for sale. Inside, human employees sell internet-enabled devices that promise to make peoples lives more efficient, connected and automated.

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Automated cafe sets up shop in tech-crazy, fancy coffee-loving San Francisco - Press of Atlantic City

Tesla warns that ‘thousands’ of Model 3 reservations holders will go outside of Connecticut to buy without direct sales – Electrek


Electrek
Tesla warns that 'thousands' of Model 3 reservations holders will go outside of Connecticut to buy without direct sales
Electrek
themodfather 2 days ago. "Jobs" are an arbitrary construct, another word for "wage slavery". That goes for the whole modern post-state-capitalist economy. It's amazing that people are so braindead they cannot grasp this simple fact. People don't need ...

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Tesla warns that 'thousands' of Model 3 reservations holders will go outside of Connecticut to buy without direct sales - Electrek

Labor won’t fight any Fair Work Commission decision to cut Sunday penalty rates: Bill Shorten – Western Advocate

21 Apr 2016, 5:50 p.m.

A Labor government would accept the decision of the Fair Work Commission on Sunday penalty rates, even if the commission opts to reduce them, Opposition Leader Bill Shorten says.

Opposition Leader Bill Shorten told 3AW's Neil Mitchell that while Sunday penalty rates should not be cut "just like that", he would accept the independent tribunal's decision on the issue.

ACTU Secretary Dave Oliver says any cut to penalty rates would be a "crippling blow" for hundreds of workers. Photo: Dominic Lorrimer

Employment Employment Michaelia Cash seized on the comments. Photo: Alex Ellinghausen

A Labor government would accept the decision of the Fair Work Commission on Sunday penalty rates, even if the commission opts to reduce them, Opposition Leader Bill Shorten says.

Mr Shorten's commentscame as reports suggested the commissioncould hand down its decisionby July, potentiallylobbing it into the middle of a knife-edge election campaign.

The concession would appear to undermineLabor's ability to usepenalty rates as a political weapon, in which the Coalition is accused of plotting to cut penalty ratesand Labor is cast as their protector.It also threatens to put Labor at odds with its key union backers, who have pledged to fight any adverse decision.

Fair Work is reviewing penalty rates forseven retail and hospitalityawards, and will evaluatedemands by employers to bring Sunday rates down to Saturday levels.Asked on Melbourne's 3AWwhether a Labor government would accept the commission's decision, Mr Shorten said: "Yes."

"I've said I'll accept the independent tribunal," he said. WhileSunday rates should not be cut "just like that", it was ultimately up to the commission, he said.

"I've got my opinion. At the end of the day though, the way minimum wages get set in this country is throughevidence, it's through the submissions of workers, their representatives and employers," Mr Shorten said.

The Coalition seized on theremarks, with Employment Minister Michaelia Cash labelling Labor's campaign on penalty rates a "sham", and asserting the ALP's position was now the same as the Coalition's.

However, Labor made a submission to the commissiondefending the current system of penalty rates, while senior members of the Coalition have openly entertained the idea of cuts. Prime Minister Malcolm Turnbull has described the Sunday allowances as a quirk of history that would inevitably be done away with. Under Tony Abbott, the government referred the matter to the Productivity Commission, which in December recommended the FWC reduce Sundaypenalty rates.

The Greens immediately sought to draw a distinction with Labor, promising to consider legislation that would get around any decision to cut penalty rates.

"The Greens will wait to see the commission's ruling, however we will not rule out legislating," employment spokesman Adam Bandt said.

As recently as last week, the country's biggest unions were calling on the government to guarantee penalty rates would go untouched. United Voice national secretary Jo-anne Schofield warned:"If the Prime Minister does not commit to retain weekend pay rates, workers will ramp up campaigning on this issue in marginal seats across the country."

On Thursday, Ms Schofield would not be drawn on Mr Shorten's comments but said the "critical issue" was that Labor openly supported penalty rates while the Coalition did not.

Australian Council of Trade Unions secretary Dave Oliver said it was "difficult to overstate the importance of penalty rates" and that any cut would be "a crippling blow" for hundreds of thousands of workers. TheACTU would "explore all its options" if the commission decidedto cut penalty rates, he said.

Polls show penalty rates are overwhelmingly popular with voters. Evenin conservative Coalition seats, support for maintaining or increasing Sunday penalty rates exceeds 70 per cent, according to recent research.

Mr Shorten compared his non-interventionstance to the government's recent abolition of the independent Road Safety Remuneration Tribunal, which published a controversial rulingon minimum pay rates for owner-driver truckies."When the government didn't like what the tribunal did, they abolished it," Mr Shorten said.

Labor sees industrial relations as one of its electoral strengths, particularly since the successful 2007 campaign against WorkChoices. With a July 2 election looming, the commission's decision may feed into a broader debateabout workers' interests and union corruption.

The benchmark turnaround time for Fair Work to hand down its decision is three months from the date of the final hearing, which would mean about the middle of July. But it could come earlier or later, Fairfax Media understands.

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Labor won't fight any Fair Work Commission decision to cut Sunday penalty rates: Bill Shorten - Western Advocate

‘Retirement should be an option’ – plan to abolish retirement age welcomed – thejournal.ie

Image: Shutterstock/David P. Smith

Image: Shutterstock/David P. Smith

A SINN FIN bill debated this week would abolish the mandatory retirement age.

The bill, the Employment Equality (Abolition of Mandatory Retirement Age) Bill 2016 is being brought forward by deputies John Brady and Denise Mitchell and was debated on Thursday night in the Dil.

It has received widespread welcome from older peoples groups.

Age Action pointed out that similar legislation proposed by former TD Anne Ferris received cross-party backing in 2015 and urged all parties to support older workers.

Justin Moran, Head of Advocacy and Communications at Age Action, said: Mandatory retirement is simply age discrimination, forcing someone out of a job because theyve reached some arbitrary age set by their employer.

People retiring today are expected, on average, to live 20 years or more. The number of people aged over 65 is going to almost treble in the next thirty years.

If someone wants to work and can do the job, why should they be forced out because they turn 65?

A briefing paper published by Age Action late last year explains EU employment law forbids discrimination on the basis of age but a loophole allows Member States to treat workers differently if justified by a legitimate aim.

Peter Kavanagh of Active Retirement called the loophole glaring.

Retirement should be all about choice, and no employer should have the right to tell a worker they are less able to do their job because they have reached a certain birthday. Some people want to retire at 65, or earlier, and thats really positive. They should be supported to do so. For those who feel able to stay on in work and who want to for financial or social reasons, they should equally be supported to stay in the work force at least until pensionable age, if not beyond.

Brady said the bill seeks to put an end to this discrimination and give workers choice when it comes to their retirement and says it will address a major pensions issue.

This bill will also address two major pension issues. It will end the current practice of those forced to sign on for jobseekers payments at 65 for one year until they are eligible for the State Pension at 66. It will give people who have insufficient contributions for the State Pension an opportunity to continue at work to make up the additional contributions to avoid a reduced pension if they so wish.

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'Retirement should be an option' - plan to abolish retirement age welcomed - thejournal.ie

Personal trainer focuses on client empowerment – Clearfield Progress

Terry Grosetti, a trainer and owner of Grosetti Performance in New Castle, believes that regardless of a persons age, a physical training program must be tailored to the individual. A personalized program, he says, helps a person achieve his or her goals and manage their overall training capacity.

Throughout the past three years, Grosetti has worked with the New Castle High School basketball team, as well as other students, administration staff, teachers and parents.

Before developing a training regimen, Grosetti wants his clients to be realistic.

Its important to know the truth, he says. You may need a lot more work than you think. You need to understand where you are and what it takes to get to where you want to be.

This is where accountability begins for the client and the trainer.

Its the difference, especially for students, between I want to succeed and I kinda want to succeed, Grosetti says. As a trainer, Im there to help them.

The training program he develops depends on the client, he says. For athletes, this can involve strength and conditioning to build the speed and power needed to play a particular sport. Reducing the risk of injury while helping the team succeed is most important.

For non-athletes, the approach is similar, but a plan is necessary to meet their specific needs. The person must know, or be taught, how to use ones body weight in positioning the hands, shoulders and feet; and how to perform jumps, push-ups or squat-thrusts the correct way.

A 6-year-old may not know how to run properly, Grosetti says. Or, may not know the proper form to use with exercise. Teach them correctly at a young age as their bodies develop and they will be in a safer position when it comes to injury risk. It also creates confidence.

A client's injury history also factors into developing any training program. Grosetti advises alerting a trainer to any prior injuries so the program excludes exercises that could aggravating the condition.

On the other hand, if the trainee had a hamstring injury, certain exercises can aid in recovery. The program can help build muscle strength and minimize the possibility of re-injury.

In terms of academic acuity, fitness can make a difference.

It definitely helps, he says. It takes the mind off stress so that a student can learn how to better deal with challenges.

Grosetti compares learning a new workout drill to solving a math problem.

It requires a correlation between the body and the mind, he says. A student learns new ways to do things, and can transfer that approach to the real world.

No matter what shape a training program takes, a common denominator is nutrition. Grosetti says exercise and diet are equally important, and breakfast is essential.

You have to get your metabolism going early in the day, Grosetti says. Thats an important way to prepare for a day of success.

Although everyone has a different reason for motivation, Grosetti believes there is no age limit to fitness training. He considers it an investment in self, and compares it to a 401(k) plan.

You invest dollars for whenever you are older, he says. But if you dont take care of your body today, you wont be able to enjoy what youve been saving for. So invest some time and dollars in yourself. Invest in healthier food choices and a daily half-hour workout.

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Personal trainer focuses on client empowerment - Clearfield Progress

Sippican to Implement ‘radKIDS’ Defense Program – Wanderer

Students at Sippican School will soon learn the ABCs of self-defense through a training curriculum aimed at providing a holistic approach to self-safety and responding to violence defensively.

The radKIDS program trains children to think about the unthinkable in situations of relational violence, bullying, and resisting aggression in all environments.

The program was brought to Sippican School as an inter-district response to a youth risk survey given to students in grades 7 to 12. Data analyzed by the school districts and the new healthy Tri-Town Coalition prompted concerns about students experiences with relational violence in and outside school, as well as with interpersonal relationships, substance abuse, and depression.

The radKIDS program, says Assistant Superintendent Elise Frangos, will help combat the first aspect: relational violence.

Its a great social emotional program, said Frangos. The key is really empowering kids with what can happen to children off campus or even on campus. This includes, she said, bullying, being met with unkindness, or any physical violence. The program provides children with the tools to know what to do when those situations happen, Frangos said.

Frangos herself is a trained radKIDS instructor, and several Sippican School teachers recently attended the five-day training to become certified radKIDS facilitators as well.

The radKIDS curriculum is a developmental evidence-based curriculum that facilitates self-awareness, self-management, responsible decision-making, social awareness, and relationship skills.

[It] fosters resiliency, said Frangos. Instead of freezing with fright, students are conditioned to override their fight or flight response a bouncing-back, as Frangos called it. Sometimes when something tough happens to that kid its really hard to get your adrenalin to work for you instead of against you.

Aspects of the curriculum help kids to discover personal empowerment, set boundaries, and critically think about which defensive tools to use in any given situation.

Through radKIDS and its multi-sensory approach, Frangos suggested, The brain helps us think rationally as opposed to just being frozen and what moves to take instead of fight or flight.

Topics of the eight-hour curriculum that will be introduced to students during physical education class include school safety, home safety, bullying prevention, medicine safety, stranger safety, and even addresses topics such as how to approach dogs.

Some statistics on the nationwide outcome of implementing the radKIDS program show an 80% decrease in conflict and bullying in participating schools. Over 300,000 students have been trained so far, and 5,000 radKIDS facilitators are currently certified in the country.

According to statistic provided, radKIDS has helped over 125 trained students to escape attempted abduction, and thousands have escaped abusive situations.

School attendance in participating schools also increased as a result of the training.

Mattapoisett Police Chief Mary Lyons and Rochester Police Chief Paul Magee, both trained in the curriculum, have endorsed introducing the program to area schools.

The three principles of the program are: 1. No one has the right to hurt you; 2. One does not have the right to hurt someone else (unless it is in self-defense); and 3. It is not their fault if someone tries to hurt them.

The program will be unfolded in stages, with grade 6 parents first receiving an invitation from the school to attend an informational session about radKIDS.

The program will be implemented this year and information in the form of a safety manual will also be distributed to families.

Next year, grades 5 and 6 will experience the program.

I think this is awesome, said Marion School Committee Chairman Christine Marcolini. This is the stuff that keeps me up at night. I think this is wonderful and it really shows the more advanced thinking that were trying to do with our kids.

Marcolini said she found the statistics presented disturbing.

Our hope is that by the time children leave our school districts theyre really empowered to combat any difficult situation, said Frangos.

The next meeting of the Marion School Committee is scheduled for March 15 at 6:30 pm at the Marion Town House.

By Jean Perry

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Sippican to Implement 'radKIDS' Defense Program - Wanderer

MILCK comes to Portland this week to emPOWer – Oregon Music News

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MILCK's flashmob performance of her song "Quiet" at the Women's March on Washington, January, 2017

See MILCK perform at the opening of the Portland Oregon Womens Film Festival (POWFest) this Thursday at 6:30 pm at the Hollywood Theatre.

Vocalist and songwriter, MILCK, credited with uniting women in song after penning and performing what has been called the unofficial anthem of the Womens March on Washington, will be making a special appearance in Portland this week, opening the Portland, Oregon Womens Film Festival (POWFest) as it celebrates its 10th anniversary, this Thursday, March 2nd at 6:30 p.m. at the Hollywood Theatre.

Watch: MILCK perform Quiet with Choir! Choir! Choir! of 1300+

Its fitting that MILCK would choose a womens film festival as one of her first public performances since the March, as it was an award winning film director, bystander Alma Harel, who happened upon MILCKs flash mob of singers and recorded their a capella performance of Quiet as she was trying to leave the March. The video Har'el shared that day amassed over 14 million views on Facebook alone.

The song of empowerment spawned a grassroots movement #ICANTKEEPQUIET that soon spread across the globe. Requests for the sheet music came pouring in, so MILCK shared the arrangements and women began forming choirs and performing Quiet in communities across the U.S. and as far away as Switzerland, Sweden, Germany, Italy and France. Individuals have been sharing their personal truths using the hashtag #icantkeepquiet and the artist turned activist is looking to continue the momentum of personal engagement that she started. Look for word on a new campaign to launch later this year, and in the meantime, download the lyrics here so you can sing along.

In addition to MILCKs performance opening night, POWFest will screen THIS IS EVERYTHING, GIGI GORGEOUS by Academy-Award winning director Barbara Kopple, portraying the intimate journey of Gigi Lazzarato, who began life as Gregory Lazzarato, who posted beauty and fashion videos from his bedroom only to later came out as a transgender female to an audience of millions.

And on Friday, March 3rd, at 9:30 am, MILCK will be participating on an Education Day panel Creating and Maintaining Safe Spaces for Womens Voices, for women in film, publishing, music and theater. Joined by Andi Zeisler, co-founder of Bitch Media; December Carson, co-founder of Siren Nation; and Carolyn Butts, publisher/founder of African Voices; the panel will be moderated by Oregon Music News publisher, Ana Ammann. ($5 or free with festival pass). Location: NW Documentary, 6 NE Tillamook St, Portland, OR 97212

Tickets for MILCK and THIS IS EVERYTHING: GIGI GORGEOUS are $15, admission to the panel is $5 or free with POWFest pass.

Proceeds support the only film festival in Portland exclusively placing a spotlight on women directors with a goal to eliminate the gender disparity that exists for women working in the film industry and educating our next generation of filmmakers.

For more information, visit http://www.powfest.com

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MILCK comes to Portland this week to emPOWer - Oregon Music News

More technology visas granted after fears of worker shortage – Telegraph.co.uk

The Government will grant more visas to technology workers in a major boost to the industrys attempts to secure access to overseas talent after the Brexit vote.

Tech City UK, the government organisation that processes applications for the special visa, has been granted the right to endorse 250 immigration visas this year, 50 more than it had originally been allocated.

The move comes after surging demand for the visas following the EU referendum and amid concerns in the technology industry that Britains exit from Europe will make it harder to hire talented foreign workers.

The Tech Nation visa was introduced in 2014 as a way to address a shortage of skilled coders among the UKs fast-growing technology company start-ups.

However, the original requirements were seen as onerous, and originally it only saw a trickle of applications. In late 2015 the rules were relaxed, leading to a leap in applications which has increased again since the referendum last year.

In the current fiscal year, which runs to April 6, the Home Office has granted more than 170 tech visas, so was likely to hit the previous ceiling of 200 in the coming weeks.

Gerard Grech, Tech City UKs chief executive, said raising the number to 250 showed that the Government had responded to the technology sectors call for greater access to foreign talent.

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More technology visas granted after fears of worker shortage - Telegraph.co.uk

Improved technology saves maple syrup producers time, energy – Phys.Org

February 26, 2017 by Lisa Rathke

Maple syrup doesn't get that rich flavor and color in an instant. It's a long process from tree to bottle.

But an improved technology could keep maple sugarers from working late into the night boiling sap into syrup.

The new machine removes more water from sap, leaving it with higher sugar content. The concentrated sap takes half the time to boil into syrup.

"For commercial maple producers, time is money and energy is money. It all comes down to how efficient you can be to make syrup, and this is just the next big step to save time," said Timothy Perkins, director of the University of Vermont's Proctor Maple Research Center.

The center produced its first batch of syrup with a new machine last week. "It definitely processed syrup very, very fast," Perkins said.

Most large maple operations already use the traditional reverse osmosis systems that have a membrane that separate water from sugar. The new reverse osmosis technology removes even more water.

Producing maple syrup is an old New England cottage industry based on tradition, so some maple sugarers are wondering if faster is actually better. They worry it could impact the quality.

"We're questioning it," said Eric Randall, president of the North American Maple Syrup Council. "We're looking to see that we're doing the right thing."

Perkins said the flavor of the syrup produced with the new machine is so far acceptable as the center continues to research the technology.

Parker Family Maple Farm, in West Chazee, New York, expects a new machine to arrive Wednesday that may double its syrup production. "We're anticipating making 300 gallons of syrup an hour" with the new machine, Michael Parker said.

Dozens of producers in Vermont, New York, Maine and Wisconsin are now using the machines, which are made by a handful of companies. It's an investment of tens of thousands of dollars depending on the size of the maple operation and how much equipment is needed. Industry officials say the cost is about 15 to 20 percent higher than the cost of the current technology.

Parker said the time savings will be welcome. "There's only so many hours in a day and we're using all of them," he said.

Explore further: How fresh is your maple syrup?

2017 The Associated Press. All rights reserved.

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The first skirmish was fought last week in what could be a long war over a revolutionary patent on gene-editing technology, with colossal amounts of money at stake.

Scientists from The University of Western Australia have identified a tiny mutation in plants that can influence how well a plant recovers from stressful conditions, and ultimately impact a plant's survival.

The last Neanderthal died 40,000 years ago, but much of their genome lives on, in bits and pieces, through modern humans. The impact of Neanderthals' genetic contribution has been uncertain: Do these snippets affect our genome's ...

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Improved technology saves maple syrup producers time, energy - Phys.Org

Multiple sclerosis: New technology improves cognition – Medical News Today

Multiple sclerosis is a debilitating neurological disease that affects tens of thousands of Americans. While there is yet no cure for the illness, researchers are working hard to understand its causes and mitigate its symptoms. New research investigates the effects of cutting-edge cognitive training technology on people with multiple sclerosis.

Multiple sclerosis (MS) is an often disabling neurological disease that affects one's muscles, vision, mood, and concentration.

MS is estimated to affect anywhere between 250,000-350,000 people in the United States, and 200 new cases of MS are diagnosed each week.

While there is currently no cure for the condition, treatment options are available for reducing the symptoms. The most common therapy consists of steroid drugs, which have been shown to speed up recovery.

A new technology called transcranial direct current stimulation (tDCS) has been recently shown to improve some of the symptoms of MS. The tDCS device was created by Marom Bikson, Ph.D., a professor of biomedical engineering at The City College of New York, in collaboration and Abhishek Datta, Ph.D., the chief technology officer of Soterix Medical.

Researchers from New York University's (NYU) Langone's Multiple Sclerosis Comprehensive Care Center conducted a feasibility study for tDCS, and the results were published in the journal Neuromodulation: Technology at the Neural Interface.

The team was led by Leigh E. Charvet, Ph.D., associate professor of neurology and director of research at Langone's Multiple Sclerosis Comprehensive Care Center.

During the tDCS procedure, a low-amplitude current that travels through a set of electrodes is placed on the scalp of the participants.

The electric current stimulates the brain's cortex, thus enabling neurons to signal to each other more easily. This, in turn, improves neural connectivity and hastens the learning process that occurs during MS rehabilitation.

For the study, 25 participants used tDCS while playing computer games as part of their brain-training program. The aim of the games was to improve cognitive skills, such as problem-solving abilities, attention, information processing, response time, and other working memory skills.

The tDCS training targeted the brain's dorsolateral prefrontal cortex. This brain region has been associated with fatigue, depression, and cognition - areas that are affected by MS.

The participants underwent the training at home, where they completed 10 sessions of cognitive training while being supervised remotely. A study technician would check in with each participant via online video conferencing, and they were able to control the tDCS dosage remotely. Each session lasted for 20 minutes.

The study also included a control group of 20 participants who also underwent cognitive training, but without tDCS.

The cognitive outcomes were assessed using composite scores that measured performance on standard cognition tests, basic and complex attention tests, as well as response variability.

Overall, the tDCS group scored higher on the cognitive scores than those who just played the brain-training computer games.

Sensitive, computerized measurements of complex attention showed the tDCS group had much greater improvements compared with the control group. The tDCS-trained participants also showed significantly greater response time, and these improvements all increased with the number of sessions. The earliest signs of improvement were observed in complex attention and response time.

The study found no differences in basic attention or standard cognitive measures. According to Charvet, this suggests more treatment sessions may be needed for improvements to show in the patients' day-to-day activities.

"Our research adds evidence that tDCS, while done remotely under a supervised treatment protocol, may provide an exciting new treatment option for patients with multiple sclerosis who cannot get relief for some of their cognitive symptoms.

Many MS medications are aimed at preventing disease flares, but those drugs do not help with daily symptom management, especially cognitive problems. We hope tDCS will fill this crucial gap and help improve quality of life for people with MS."

Leigh E. Charvet

The authors also note this technology could replace hospital visits, which often proves challenging for those living with MS and especially for those whose disease is advancing. However, they also caution against several tDCS products on the market which are available directly to the consumer.

These products, Charvet says, are not backed by clinical research, so he strongly recommends that anyone wishing to try out this technology consult with their physician.

Read how stem cell transplantation may halt MS progression.

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Multiple sclerosis: New technology improves cognition - Medical News Today

New cell phone technology will hopefully speed 911 response times – ABC News

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New cell phone technology will hopefully speed 911 response times - ABC News

China’s Huawei Battles to Own the Next Generation of Wireless Technology – Wall Street Journal (subscription)

China's Huawei Battles to Own the Next Generation of Wireless Technology
Wall Street Journal (subscription)
As the global telecommunications industry determines the parameters of its next-generation network of superfast connections, one company is playing an outsize role: China's Huawei Technologies Co. The modern concept of a mobile-phone network was ...

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China's Huawei Battles to Own the Next Generation of Wireless Technology - Wall Street Journal (subscription)

‘Frustrated’ Saints boss Puel wants video technology – Football365.com

Date published: Monday 27th February 2017 9:40

Claude Puel called for the introduction of video technology after his Southampton side were beaten 3-2 by Manchester United in the EFL Cup final.

Southampton were beaten by an 87th-minute Zlatan Ibrahimovic header at Wembley, having recovered from two goals down.

Manolo Gabbiadini struck twice to cancel out goals from Ibrahimovic and Jesse Lingard, but the Italian had an earlier strike unfairly ruled out for offside.

Saints legend Matt Le Tissier described the call as disgusting as documented in 16 Conclusions and manager Puel led claims for video technology to be introduced.

I would like of course the video for the future, for this situation for example, the Frenchman said.

For the moment in football without video, and just sometimes (there is) a bad decision and (its) against us for the team.

Its important to accept this but I am disappointed for the players and for the fans.

Its very hard when we see this game to lose this game but its football.

Before the third goal we had the best situation, the best opportunities (to win).

It is a big disappointment with the quality of this game. (And a) Frustration of course for all my players.

On that man Zlatan, great Gabbiadini, poor Pogba, Redmond, Lingard, Forster, Shaw and plenty more.

Zlatan Ibrahimovic's late goal secured Manchester United the 2017 League Cup.

Will Paul Pogba shine in an advanced role up against Southampton's Mr Consistent?

Claude Puel rates Ibrahimovic but fancies his patched up defence to deal with the United hitman...

Brendan Rodgers has revealed that scouts at Liverpool advised him against signing Virgil van Dijk.

A wonderful start to life in England for Manolo Gabbiadini. But the obvious question: Why not last summer?

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'Frustrated' Saints boss Puel wants video technology - Football365.com

General Electric: Making Progress, A Debt And Payout Ratio Follow-Up – Seeking Alpha

General Electric (NYSE:GE) recently released its 2016 10-K so I wanted to spend some time discussing the metrics that I first covered in "GE: The 2 Key Metrics To Monitor in 2016" (published in December 2015). In that article, I explained why it would be important for investors to monitor GE's debt balance and payout ratio while the storied company transitions from a misunderstood conglomerate to a more industrial-focused company.

Within this article, I will review these two metrics for full-year 2016 in order to determine how well GE's management team was able to re-position the company over the last four quarters.

The Debt Balance: Where Does The Company Stand?

GE's financing arm, GE Capital, used to account for ~50% of the company's earnings and this resulted in the market viewing (and valuing) the industrial conglomerate more like a financial institution so Mr. Jeffrey Immelt, GE Chairman & CEO, made the game-changing decision to sell off a majority of the financing assets in order to return the company to its industrial roots. The plan was dubbed "A simpler, more valuable GE".

Financing operations are a highly leveraged business so GE consistently had an oversized debt balance, which increased the company's risk profile. Therefore, I have been monitoring GE's debt balance since mid-2015 in order to stay abreast of how well the management team has been able to de-risk the company's balance sheet.

Below is an excerpt of the Statement of Financial Position that was taken from the 2016 10-K. The line items that I will focus on within this article are highlighted in red.

The table below was created with data from the 2016 and 2015 10-Ks, and the balances are broken out between GE (all affiliated companies except GE Capital) and GE Capital.

(Sources: 2016 10-K and 2015 10-K; table created by W.G. Investment Research LLC)

* - Total debt balance in the table only represents the company's short-term and long-term borrowings for the respective period-ends. See linked reports for additional liabilities (e.g. accounts payable, dividends payable, etc.)

The biggest takeaway from the table, in my opinion, is that GE's consolidated debt balance is down by ~$185b, or ~50%, since 2014. Yes, industrial GE currently has a higher debt balance ($16b in 2014 vs $79b in 2016) but this is a necessary evil that management will have to contend with as the company continues to shift its focus more towards the industrial businesses and the financing Verticals. Another important takeaway is the fact that GE Capital still makes up ~60% of the consolidated debt balance so, in my mind, there is an opportunity to further reduce the company's leverage as the financing assets are sold over the next two plus years.

The trending of GE's consolidated debt balance shows that management has made significant progress in reducing the company's financial leverage in a short period of time, but I do believe that more work needs to be done. As a long-term investor, it is encouraging to see GE's focus shift more towards its industrial business because a purer play industrial company will eventually warrant a richer valuation once the market is sold on the company's transition.

Payout Ratio

Before I touch on GE's payout ratio, I wanted to first show the progress that has been made to reduce the company's share count.

GE Average Diluted Shares Outstanding (Quarterly) data by YCharts

GE's share count has declined by over 1b shares, or over 10%, in three short years. The company has had to sell off financing assets to fund some of the buybacks but the management team has already been able to make up for the lost earnings.

GE Net Income (Quarterly) data by YCharts

(Full Disclosure: the 2015 earnings were impacted by the "one-time" charges related to the GE Capital asset sales)

Therefore, not only is GE's share count down significantly since 2014 but the company has also already been able to replace most of the lost earnings and the earnings are now largely coming from the industrial businesses.

GE maintain a $0.23 quarterly dividend throughout 2016 so the company paid out ~60% of its operating earnings. Management increased the quarterly dividend by $0.01, or 4%, in December 2016 so the company is projected to also have an ~60% payout ratio in 2017 (based on the low-end of the forward operating earnings estimate). Mr. Immelt and company wants GE's payout ratio to be between 45-50% so investors should start to bake in the fact that the company's dividend will likely only slowly grow through 2018. However, looking out past 2018, I believe that the shrinking share count will allow for GE to jump back into dividend growth mode, especially if the restructuring is complete.

Bottom Line

The management team is making great progress in reducing GE's debt balance and share count, but investors should not expect for substantial dividend raises anytime soon. In addition, many people in the financial community, including myself, believe that GE will soon be taking on more debt (read about this topic here) but I still do not believe that the company's financial leverage should be viewed as a significant concern, at least not yet.

GE shares are trading at what is widely viewed as a "fair" valuation, but, in my opinion, this company has the potential to greatly improve earnings over the next decade. Management already re-affirmed the 2018 EPS estimate of $2.00 plus, so based on this estimate GE shares still have room to run. Moreover, GE currently pays an above-average dividend and the company has several significant catalysts in place - Alstom integration, Baker Hughes (NYSE:BHI) merger, Industrial Internet Of Things (IIoT) growth - that have the potential to create a great deal of shareholder value in the years ahead. As such, any significant dips in GE's stock price should be viewed as long-term buying opportunities.

Note: I will be diving deeper into GE's 2016 10-K over the next few weeks so please let me know if you have a topic that you would like covered.

If you found this article to be informative and would like to hear more about this company, or any other company that I analyze, please consider hitting the "Follow" button above.

Disclaimer: This article is not a recommendation to buy or sell any stock mentioned. These are only my personal opinions. Every investor must do his/her own due diligence before making any investment decision.

Disclosure: I am/we are long GE.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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General Electric: Making Progress, A Debt And Payout Ratio Follow-Up - Seeking Alpha

The insane end of the Oscars sent a false message about racial progress – Washington Post

Its just an awards show. We hate to see people disappointed.

Thus spokehost Jimmy Kimmel at the wild conclusion to the 2017 Academy Awards, which ended with Faye Dunaway and Warren Beatty mistakenly announcing that La La Land had been awarded Best Picture an error thatwas reversed only after the acceptance speecheshad begun. Moonlight, director Barry Jenkins piercing portrait of a young gay mans growing-up in Miamis Liberty City neighborhood was named the actual Best Picture.

It was a confusing, crushing spectacle made worse bythe way the two movies had been pitted against each other in the run-up to the ceremony: The outcome of the contest for Best Picture set up as a referendum on Hollywoods racial attitudes and ability to see beyond movies that celebrate the entertainment industry itself.

La La Land had been subjected to scorching criticism in the run-up to the Academy Awards, some of which to me has read as critics in search of damning arguments. The light, sweet musicalis not, as some have alleged, about a white man saving jazz as an art form. Instead, it has a plot about how a black artist (John Legend) is doing more to find jazz new audiences than a white jazz purist (Ryan Gosling), though it does include a scene in which that white manexplains to a white woman (Emma Stone) why he loves the music so much. It is not a crass celebration of careerism over love; in fact, its rueful and clear about the sacrifices the characters have made along the way, and the pain those choices caused them. And given everything else thats happening in American civic life and geopolitics, a win for La La Land would probably not even register on the scale of as one headline put it a disaster for Hollywood and us.

But Im hard-pressed to imagine that even the people belittling La La Land are getting much satisfaction from the schaedenfreude of themoment. It must be shattering to have the best moment of your professional life arrive, to be filmed celebrating it in footage that will become an inevitable part of Hollywood history and Oscar commentary for years to come and then to have the moment pass. And it wasnt even a member of the Oscar team whoannounced the error: La La Land producer Jordan Horowitz ended up passing the Oscar and the torch to the Moonlight team.

For asawful as I feel for everyone involved with La La Land, whats even worse about this colossal error is the way it denied everyone involved with Moonlight their moment of triumph: from being announced as winners in an uncomplicated way with an untainted round of applause, and from getting to give acceptance speeches out from under the shadow of people who had already spoken and who had suffered a crushing disappointment.

Marisa Tomei has lived for years with the rumorsthat her Best Supporting Actress award for My Cousin Vinnie was a mistake. The Moonlight team will at least be spared that, since the official card certifying their win was displayed for the camera.

Moonlight was made by an extraordinary group of people: from Jenkins to playwrightTarell Alvin McCraney who accepted theBest Adapted Screenplay Oscar with Jenkins; to stars Alex R. Hibbert, Ashton Sanders and Trevante Rhodes, who play the films main character, Chiron, as a child, a teenager and a young man; to Mahershala Ali, who was named Best Supporting Actor for his work as the sensitive drug dealer Juan who recognizes something fragile and rare in Chiron and tries to protect it; to Janelle Monae and Naomie Harris, who played the women in Chirons life; and to Jaden Piner,Jharrel Jerome andAndr Holland, who play Kevin, the love of Chirons life. They dont deserve to feel second-best or like their win was snatched from the abyss at the last moment, and delivered to them in tainted, diminished terms. I hate that this happened to them.

And I hate that the contest between Moonlight and La La Land, which was framed as a litmus test about race and the entertainment industry, ended in confusion and a reversal that emphasized the sense that they were locked in a zero-sum contest, and that for Moonlight to win, La La Land not merely had to lose, but to be defeated.

The truth is that both Moonlight and La La Land are highly moving, original works, and they went toe-to-toe during the ceremony, with Moonlight picking up three awards to La La Lands five. Both movies produced a winner of an acting award. Both Jenkins, 37, and La La Land director Damien Chazelle, 32, are young directors of tremendous vision who are going to compete for Academy Awards again, maybe even against each other.Lets hope the next time they do, they arent pitted against each other in a way that mirrors an ugly idea about racial progress that is ascendant in our politics: that the only way for members of one community to advance is at the expense of another. The Oscars ended in a painful way, but the wins Moonlight and La La Land racked up throughout the evening means well be getting outstanding movies from both Jenkins and Chazelle for years to come. Thats good for moviegoers, and good for America.

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The insane end of the Oscars sent a false message about racial progress - Washington Post

TCF Financial touts progress, but investors remain cautious … – Minneapolis Star Tribune

During a meeting with big investors and analysts in New York City earlier this month, TCF Financial CEO Craig Dahl and his chief financial officer were peppered with questions about a national auto-lending portfolio that underperformed in the fourth quarter and that amounts to less than a sixth of TCF's revenue mix.

At one point, CFO Brian Maas asked if they wanted to discuss the 85 percent of business that performed well.

"The auto business is an issue," said Christopher McGratty of Keefe, Bruyette & Woods in New York last week. "It has been a growing source of their business. TCF also has the [January] lawsuit brought by the Consumer Financial Protection Bureau. [Investors] are uncertain about their future. And that's why the stock hasn't worked.

"Their old business model got upended. And Craig was instrumental in growing new businesses the last few years. What's challenging is that some of these markets can move quickly against them."

Dahl, 62, a veteran commercial lender and executive at TCF since 1998, acknowledges there is work to do.

TCF's stock price has traded mostly between $12 and $18 per share since the Great Recession of 2007-08. That's far short of the $20 to $28 range of the several years before when TCF was considered acquisition bait by larger banks as it raked in profits from fees and overdraft charges that were limited by regulators after the recession.

Former CEO Bill Cooper, who died of cancer earlier this month at 73, was the leader at TCF since arriving in 1985. He pulled off a widely admired turnaround of the failing S&L, turning it into Minnesota's third largest commercial bank. Dahl succeeded Cooper as CEO on Jan. 1, 2016 as TCF's performance improved.

Last year, TCF posted a 6.6 percent rise in earnings to $212 million on a nearly 5 percent increase in revenue to $1.4 billion. As revenue grew in recent years, Dahl restrained costs by closing about 100 of what was once 440 branches since 2012. He invested in technology to bring TCF's lagging consumer-online services to the level of competitors such as Wells Fargo, his previous employer. And Dahl grew consumer and commercial lending.

Since 2014, TCF was able to increase low-cost deposits by $5 billion, the consumer checking and other accounts it uses to finance higher-yielding loans, mortgages and credit cards.

That long-term progress has led some analysts, such as Jared Shaw of Wells Fargo Securities in New York to project the bank will "outperform" its midsize peer group and achieve a stock price of $19 to $20 this year. It closed at $17.51 Friday.

Dahl is a collaborative leader who samples opinion among a larger group before making decisions. He also has a track record of starting or running commercial lending and leasing business that have grown profitably. As CEO, he also has learned to take a longer view.

"Running the bank for today is what I was doing driving for performance in all these businesses," Dahl said. "As I moved into this [CEO] chair, it's become What are we going to do tomorrow? What are the things we are not doing today? If I'm not thinking about tomorrow who is? That's been my biggest change."

Dahl, an International Falls, Minn., native who played hockey while earning a bachelor's degree at Princeton, was nicknamed "Coach."

While finishing his degree at Princeton after his hockey eligibility expired, Dahl was asked to coach the first women's hockey team at the school. That mention caused him to smile and recall how much fun it was to coach a group of bright young athletes, something he later did as a youth coach for 20 years in the Twin Cities.

Dahl has surrounded himself with complementary players. Half of his six-person senior management team came up with Dahl through the leasing businesses. He's balanced the team with three outsiders, including new managers who joined TCF from Target, Wells Fargo and PNC Financial.

Dahl still wrestles with issues from the Cooper era, who could have sold the bank at a premium before the recession, and leaned heavily on consumer overdrafts and electronic fees.

They were curtailed by the Federal Reserve and Congress after the near-failure of the banking industry and the resultant taxpayer bailout of 2008-10.

Mairs & Power, the St. Paul investment firm that was one of TCF's largest shareholders for years, sold out its position a few years ago amid uncertainty as TCF struggled to replace lost fee revenue with the national auto-leasing business and commercial lending.

TCF's performance and stock price has improved since 2015. Dahl has proved that TCF could build revenue using a deposit-funding base that's cheaper than those of most his midmarket peer group while gaining economies by closing branches and replacing them with ATMs.

Dahl's latest challenge is a lawsuit brought in January by the federal Consumer Finance Protection Bureau (CFPB), alleging TCF since 2010 has misled customers into a service that costs a $35 fee to cover each overdraft on their accounts.

"We have to conclude that lawsuit," said Dahl, who knows it concerns investors. "We feel we're on the right side of the law."

TCF last week filed its response in federal court as part of a motion asking a federal judge to dismiss the case.

And TCF is not for sale, Dahl said.

"I wouldn't be investing if I had been told [by the board], to sell the bank," he said. "We have a clear strategy. Our performance has moved up the continuum among our 50-bank peer group."

Cooper moved TCF's longtime headquarters 20 years ago from Minneapolis. The former Republican Party chairman disliked Minneapolis DFL politicians.

After TCF's lease expired downtown in the former TCF building in 2015, he moved 1,100 employees to a new campus in Plymouth.

Dahl said last week after the Wayzata lease expires, he probably will move a couple hundred headquarters employees to Plymouth or the commercial lending offices in Minnetonka.

Dahl, unlike Cooper, avoids public politics. The one-time young DFLer from International Falls, who played on a state championship hockey team in 1972, said he's a political independent.

"I like to stick to business," Dahl said.

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TCF Financial touts progress, but investors remain cautious ... - Minneapolis Star Tribune

Civeo’s Making Nice Progress – Civeo Corporation (NYSE:CVEO … – Seeking Alpha

A few days ago, the management team at Civeo Corp. (NYSE:CVEO) announced that it had finalized its most recent credit facility redetermination. Seeing as how I own shares in Civeo, I like to keep up-to-date with the firm's progress and I know that you, my readers, like to as well (at least those of you who follow and/or own it). As such, I determined that it would be a wise idea for me to provide an update on the company and give my thoughts on what it all means for the business moving forward.

A touch on their earnings

Seeing as how Civeo's earnings just came out the other day, you may be asking why the focus on this article is not on that news as opposed to (or in addition to) what I'm writing about. Simply put, management provided preliminary guidance on financial results for the fourth fiscal quarter of last year, as well as provided guidance regarding the company's 2017 sales and other financial data at an earlier time.

I wrote about it in this article but the gist of it is that management's forecast for 2016's fourth quarter revenue was in the range of $89 million to $92 million (actual result was $90.92 million) and for EBITDA it came out to $16 million to $18 million (actual result was $17.7 million). For 2017, sales guidance is still as it was at between $337 million and $353 million, while EBITDA guidance is still calling for a range of between $60 million and $65 million. In essence, nothing really changed too much from what was forecast.

A look at management's newest move

One problem with Civeo is that it has a meaningful amount of credit facility debt that can be cut below their borrowings if lenders elect to force such a situation. So long as this does not happen, the firm is fine, but if lenders ever become scared and this number gets pulled down too low, the end result could make shareholders quite unhappy since it could result in the business going under in a worst-case scenario or could force additional share offerings and/or require it to take on debt at materially-higher interest rates in order to account for the difference.

*Taken from Civeo

Fortunately, according to management, the firm just went through its most recent redetermination and struck a deal with lenders wherein it had seen its lender commitment drop by $75 million from $350 million to $275 million. In the image above, you can see what the picture looked like before the deal was struck (no similar table has been provided for the post-agreement). This is particularly interesting because, according to their existing facilities agreement, Civeo has to pay a small amount of interest on any proceeds not currently being used (this is standard for credit facilities and I don't think I have ever seen one that didn't have this kind of stipulation).

*Taken from Civeo

I will get to the other aspect of the deal in a moment but the reason why this is important is that, based on the company's current leverage ratio, which I estimate, using its projected 2017 EBITDA of $60 million to $65 million, is between 4.23 and 4.58. As you can see in the image above, this means that on any undrawn amount, Civeo must pay between 0.90% per year and 1.01% per year. By reducing this number by $75 million, management is reducing interest expense, keeping all else the same, by between $0.68 million and $0.76 million per year.

*Taken from Civeo

Every little bit helps but if this were all I was writing on, I wouldn't say it's enough to warrant your attention. What does warrant it, however, is that, in exchange for management striking this deal, they also were able to change their allowable leverage ratios for the better. In the image above, you can see what their leverage ratios were prior to their agreement and in the image below, you can see their current allowable leverage ratios post-deal. At first glance, this may not seem like much but it could make all the difference in Civeo's long-term survival.

*Taken from Civeo

Let's take, for example, the end of 2017. Under their prior deal, the firm would be allowed, assuming its EBITDA estimates are correct, to hold debt of between $300 million and $325 million. Now that number has increased to between $351 million and $380.25 million. For the third quarter of 2018 (the last number shown on the original table), the disparity is even larger, with management only allowed to have debt of between $210 million and $227.5 million compared to the same $351 million to $380.25 million range cited above.

In its press release on this development, management said that one benefit to this change in their agreement is that the company has greater financial flexibility. In detailing this, they noted specifically that it could allow them to engage in acquisitions, a move that I would applaud if management can find a suitable prospect. One downside, though, is that if their leverage ratio is at 5.50 or higher, they will be forced to pay an interest rate that is 0.5% higher than what they are paying today, but if the firm does decide to buy up something, then it's unlikely to be an asset or business where such a small increase in the interest rate would have a material impact on the firm (otherwise, they shouldn't be buying anything).

Takeaway

Based on the data provided, it looks as though management continues to make some nice progress given Civeo's circumstances. Even though I did not like their public share offering earlier this year, I do like to see improved financial flexibility, especially if it can lead to an acquisition, and I also enjoy seeing interest expense falling, even if the move is immaterial in and of itself.

Disclosure: I am/we are long CVEO.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Civeo's Making Nice Progress - Civeo Corporation (NYSE:CVEO ... - Seeking Alpha

Social mobility: Poorer children ‘making less progress’ – BBC News


BBC News
Social mobility: Poorer children 'making less progress'
BBC News
Poorer pupils are increasingly making less progress at secondary school in England compared with their more affluent peers, a study says. The Social Mobility Commission said poorer pupils were often overtaken by their better-off peers even if they had ...

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Social mobility: Poorer children 'making less progress' - BBC News

Fain: How to move pending to progress – Knoxville News Sentinel

Paul Fain, USA TODAY NETWORK - Tennessee 8:02 a.m. ET Feb. 26, 2017

Paul Fain(Photo: Submitted)

Do you have a pending file? How long have some of those actions been pending? How many relate to your personal financial plan?

Consider the synonyms for pending":unresolved, unsettled, up in the air, on ice, unfinished, on the back burner. I dont know about you, but unresolved financial matters in my life are a leak for my energy and feelings of well-being.

Why do we have pending financial actions? Sometimes we struggle with paralyzing indecision based on lack of knowledge, uncertainty, or negative past experiences. Often, we are distracted by other seemingly pressing matters. I recall a Wall Street Journal article titledMultitasking makes you stupid. We often need to focus on a task, especially if it appears difficult.

To move from pending to progress, we need to be intentional, create measurable steps, and even add accountability. Since we often dont pay attention to things that we dont see, we need to write down our action plan, strategize with our family or an adviser, and set timelines and deadlines.

The first intention should be to reduce our financial pending list to two or three top priorities. Then, we can identify two or three specific actions we can do this month. Then we can pick one thing to do this coming week to create momentum, no matter how big or small. As examples, here are a few financial planning action items that may be circulating through your life right now:

Tax planning:Once youve got all of your tax reporting forms, get them organized and file your return.

Estate planning:It seems that every few years, state or federal estate regulations are in flux. With each change, you need to review and possibly update your estate documents.

Life is a series of transitions:Marriage, birth, retirement, death. Subsequently, it is important to update your insurance coverages types, amounts, beneficiaries, etc.

Investments: With an extended run-up in U.S. stock market values, it is vital to review and rebalance your portfolio.Consider diversification opportunities, often applying some contrarian logic. Do you have exposure to global markets? Are you updating the risk/return profile of your bond strategy to reflect the likelihood of rising interest rates? Do you need to create some cash for an upcoming expense?

Often, we get stuck in a pending mode as a result of our own unrealistic expectations. A perfect solution is a myth. Or, we might be buried under a mentality of woulda, shoulda, coulda.I absolutely cannot change the decisions that I made yesterday.But, I can definitely strive to make better decisions today and tomorrow.

What we need is progress. Think simple and essential. A trip of a 1,000 miles begins with the first step.

When I check-off a pending item from my financial to-do list, I almost always experience two things: a tremendous sense of relief and/or achievement; andrecognition that the action wasnt as complicated or difficult as I previously imagined.

It seems appropriate to summarize with the wacky wisdom of comedian Larry the Cable Guy:Git-r-done.

Paul Fain is a Certified Financial Plannerand president of Asset Planning Corp., a financial planning and investment management firm based in Knoxville. He welcomes comments and column ideas, but cannot offer specific personal financial advice. Write to him at pkf@assetplanningcorp.com.

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Fain: How to move pending to progress - Knoxville News Sentinel