Monday, June 30, 2014

MoneyScience News

MoneyScience News


Blog Post: TheFinancialServicesClub: Chris Skinner's Showreel

Posted: 30 Jun 2014 03:49 AM PDT

Interested in Chris Skinner as a speaker?  Here's an illustration of his keynote presentations ...read more...

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Published / Preprint: Optimal Portfolio Problem Using Entropic Value at Risk: When the Underlying Distribution is Non-Elliptical. (arXiv:1406.7040v1 [q-fin.PM])

Posted: 29 Jun 2014 05:38 PM PDT

This paper is devoted to study the optimal portfolio problem. Harry Markowitz's Ph.D. thesis prepared the ground for the mathematical theory of finance. In modern portfolio theory, we typically find asset returns that are modeled by a random variable with an elliptical distribution and the notion of portfolio risk is described by an appropriate risk measure. In this paper, we propose new...

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Published / Preprint: Hierarchical Structure of the Foreign Trade: The Case of the United State. (arXiv:1406.7064v1 [q-fin.ST])

Posted: 29 Jun 2014 05:38 PM PDT

This study uses hierarchical structure methods (minimal spanning tree, (MST) and hierarchical tree, (HT)) to examine the hierarchical structures of the United State (US) foreign trade by using the real prices of their commodity export and import move together over time. We obtain the topological properties among the countries based on US foreign trade over the periods of 1985-2011. We also...

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Published / Preprint: Income Inequality in the 21st Century -- A biased summary of Piketty's Capital in the Twenty-First Century. (arXiv:1406.7115v1 [q-fin.ST])

Posted: 29 Jun 2014 05:38 PM PDT

Capital usually leads to income, and income is more accurately and easily measured. Thus we summarize income distributions in USA, Germany, etc.

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Blog Post: TheAlephBlog: Book Review: The Big Con

Posted: 29 Jun 2014 09:41 AM PDT

This is an unusual book for me to review.  This is a book about Confidence Men, first published in 1940, and recently republished in 1999.  It was written by David W. Maurer, who was a professor of linguistics, and used his skills to analyze the slang of the underworld.read more...

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Blog Post: ThePracticalQuant: Don't miss the keynotes at the 2014 Spark Summit

Posted: 29 Jun 2014 09:26 AM PDT

There will be major announcements - particularly during the Monday morning keynotes. Fortunately the organizers will livestream the talks (sign up here).An added bonus if you sign-up for the livestream: I'll be interviewing (keynote) speakers and key members of the Spark community throughout the first two days of the summit.

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Sunday, June 29, 2014

MoneyScience News

MoneyScience News


Published / Preprint: 29Jun/Time to step out of the shadow of the crisis, says BIS in 84th Annual Report

Posted: 29 Jun 2014 03:38 AM PDT

BIS press release on the presentation of the 84th Annual Report (29 June 2014)

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Blog Post: WealthandCapitalMarketsBlog: It's Time for a New Vision for Trust

Posted: 28 Jun 2014 01:26 PM PDT

Five years after the end of the financial crisis, bank trust companies are taking steps to update their technology platforms. That’s a good thing as most of the trust accounting systems currently in place were implemented pre-2007, and the ability to track assets quickly, efficiently, and accurately is critical given today’s complex compliance and security requirements. Thinner margins and...

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Saturday, June 28, 2014

Women's Views on News

Women's Views on News


Farewell speech from Navi Pillay

Posted: 27 Jun 2014 07:30 AM PDT

Navi Pillay, final speech, Human Rights Council, June 2014The analysis and reporting done by her office had often been greeted with "stone-walling and denial".

Navi Pillay delivered her first speech as UN High Commissioner for Human Rights  to the Human Rights Council in September 2008.

At the 26th session of the Council, in June 2014, and which is to be her last, Pillay recalled her pledge of six years ago to safeguard the work of the Office based on the premise that its credibility depended on its commitment to truth, with no tolerance for double standards.

Urging continuing support for the independence of the Human Rights Office, Pillay said the stature of the Office "as an authoritative voice on human rights is attributable to its integrity and its insistence on freedom from political influence."

In a speech focusing on current crises and the ongoing human rights priorities, Pillay identified areas where progress has been achieved, but she criticised the difficulties experienced by her Office in attempting to shed light on violations.

Calls for investigations into human rights abuses, the analysis and reporting done by her Office had often been greeted with "stone-walling and denial", she said.

"Surely that is the nature of human rights advocacy, to speak truth to power; to confront privilege and entrenched hierarchy with an unshakeable belief inhuman dignity, equality and freedom," Pillay said.

The High Commissioner came to the post as head of the UN Human Rights Office from a ground-breaking career as an international jurist and as an activist for the rights of women in her home country of South Africa and globally.

The first woman to start a law practice in her home province of Natal, Pillay went on to become the first non-white woman appointed to the South African High Court.

She served as a judge of the International Criminal Court and President of the International Criminal Court of Rwanda.

Pillay has also been a prominent activist, helping to draft the equality clause in the South African Constitution, which prohibits discrimination, and co-founding the international women's rights organisation, Equality Now.

In her address, Pillay identified a number of achievements that have distinguished her term as High Commissioner.

Appointed just two years after the creation of the Council, formerly the United Nations Human Rights Commission, Pillay said it had brought "strength and flexibility to the international human rights system".

She singled out the Universal Periodic Review, the system whereby States regularly report on progress in compliance with the international treaties of which they are parties, as being remarkably successful.

As a significant reform, Pillay also singled out the treaty body strengthening process, an exhaustive dialogue and review, which has resulted in a more streamlined, cost-effective system.

The treaty bodies, committees of independent experts, review implementation of the core international human rights treaties.

However, despite progress over the past six years, there remain entrenched and new situations of violations of human rights, of the most serious nature, including war crimes and crimes against humanity, Pillay said.

The High Commissioner reserved her strongest comments for the civil war in Syria, which since it began in March 2011, has resulted in the loss of more than 100,000 lives and the internal displacement of more than six and a half million of its citizens.

"The relentless violence in the Syrian Arab Republic is a tragedy for the Syrian people and a tragic failure for the cause of human rights," Pillay said in her address.

She expressed outrage at conditions in Aleppo, the largest city in Syria, now rebel-held and largely reduced to rubble: "The people of Aleppo live in conditions that should outrage the conscience of humanity.

"I deplore the fact that repeated calls to end the violence, and seek a just and peaceful solution, have been ignored by the Syrian Government and by some opposition groups; and also that external powers continue to fuel this violence through the supply of arms, military and other material assistance, as well as inflows of foreign fighters."

She was disappointed, Pillay said, that the Security Council had been unable to agree on action it could take to counter the war crimes and crimes against humanity which have become "commonplace".

Her Office has been at the centre of efforts to persuade states to prohibit the death penalty, and Pillay welcomed recent progress noting that Equatorial Guinea, Pakistan, the United Arab Emirates and the States of Washington, Maryland and Connecticut in the United States have either established a moratorium or suspended executions.

However, Pillay also drew attention to two botched executions in the U.S. this year and deplored the execution of more than 200 people in Iran.

Promoting women's rights has been central to the High Commissioner's tenure.

She highlighted recent outstanding examples of abuse – the abduction of hundreds of school girls in Nigeria and the murder, in Pakistan, of a 23 year-old woman, by family members, in front of the Lahore High Court and in front of police officers.

"I condemn in the strongest possible terms the dishonourable practice of punishing women and girls for exercising their fundamental right to make personal decisions regarding marriage, employment, finances and all other issues," she said.

Pillay drew the attention of the Council to what she described as "an increase across the political spectrum in several states in Western Europe of a discourse rooted in anti-immigrant and racist sentiment and religious intolerance."

"There is a road to perpetration of human rights violations. And hate speech – particularly by political leaders – is on that road," she said.

Looking to the future, Pillay identified a number of major challenges.

She called for a more consistent application of human rights principles in the economic sphere and emphasised the vigilance that must be applied to deal with corruption.

Terrorism is a clear challenge, she said, but measures taken to counter it must protect the rule of law and human rights, not undermine them.

In the face of both government and corporate attempts to set up a "surveillance society," Pillay warned extra vigilance will be required to safeguard the right to privacy.

And Pillay reminded States that the establishment of the office of UN High Commissioner for Human Rights 20 years ago was in recognition that an advocate was needed to promote and protect human rights.

"OHCHR stands at your side, not in your way," she said.  "It is a friend that is unafraid to speak the truth.

"This Office does not only seek to help States identify gaps in their human rights protection. It also assists States to repair the, and to pursue policies that promote equality, dignity, development and the resolution of conflict."

"It has," she said, "been an honour to serve."

Climate caucus launches new website

Posted: 27 Jun 2014 05:15 AM PDT

WECC, new website, launchThe complexities of the climate crisis require systemic change in how we are living with each other.

The Women’s Earth and Climate Caucus (WECC) has now officially launched its new website.

WECC is a solution-based alliance that works to foster resilient communities, promote a post-carbon economy and energy future, while encouraging societal transformation.

From supporting local and ecological food and energy models to advocating for rights of nature and sustainable policies, WECC is dedicated to a future where communities thrive.

WECC collaborates with women leaders from grassroots organisations, policy-making agencies, as well as the business and scientific communities.

WECC believes breakthrough alliances are critical at this time.

The complexities of the climate crisis require systemic change in how we are living with each other and our Earth.

By gathering diverse representation, WECC embraces a whole-systems approach to understanding the intricacies of climate change, from the impacts on the natural world to the threats to social justice and survival.

The WECC’s strategic focus is on strengthening and building the capacity of women's leadership worldwide as an essential ingredient to solving critical issues of climate mitigation and adaptation focusing on:  women’s empowerment; food sovereignty; water security; green business and renewables; rights of nature; new economic structures; reconnecting with the natural world; social and political advocacy; respecting Indigenous knowledge; breakthrough alliances and resilient communities.

United Nations' studies demonstrate that women are key to climate solutions, yet there is a severe gap between their daily lives and access to specific information, collaborative networks, resources, and to policy and decision-making bodies which impact environmental and social issues.

WECC closes this gap through advocacy work and by offering a variety of forums, training programmes, and interactive platforms where women can discuss policy, community needs and strategies, and to mobilise action.

We are not in a crisis because we cannot find solutions; we are in a crisis because we are not implementing solutions already here.

And this is precisely where the collective will of women can make all the difference.

Conflict minerals and social responsibility

Posted: 27 Jun 2014 01:09 AM PDT

Zainab Hawa Bangura, conflict minerals, social responsibilityIf we tolerate conflict minerals in products, the sexual violence used to obtain these minerals will continue unabated.

By Zainab Hawa Bangura, the UN Special Representative of the Secretary-General on Sexual Violence in Conflict.

The revenue from the global consumer electronics industry is projected to reach a record-breaking USD208 billion in 2014.

A closely-related business is also booming: in 2013, armed rebels generated almost USD1 billion from minerals extracted and stolen from mines in conflict zones in the Democratic Republic of the Congo.

As the consumer electronics market grows, so does the international demand for four minerals that are inextricably linked to sexual violence in conflict-affected regions. Gold, tungsten, tantalum and tin power our cell phones, laptops, cameras, tablets and other consumer electronics; they also intensify and perpetuate wars in countries such as the DRC.

The profits made from selling conflict minerals are used to bribe officials, buy weapons, pay soldiers and attract new recruits. This cash flow is essential to supporting the activities of armed groups, and combatants are therefore willing to use absolute brutality to gain access to these valuable resources. They systematically use rape and sexual violence as a tool to control populations and territory.

Innocent civilians unlucky enough to live near deposits of such minerals are driven from their homes, subjected to horrific human rights abuses, and sometimes forced into slave labour in the illicit mines. Rape in this context is not an accident, and it cannot be viewed as the collateral damage of warfare. Armed groups use rape as a weapon of war to secure access to conflict minerals.

Sexual violence breaks family bonds and tears at the social fabric of communities. It targets society's most vulnerable, contributing to long-lasting poverty and insecurity. This high level of instability contributes to the ongoing conflict, driving the demand for conflict minerals as well as the resulting proliferation of sexual violence. The purchasing supply chain may be complicated, but the link between sexual violence and conflict minerals is clear. The unregulated market for conflict minerals perpetuates this vicious cycle of rape and war.

If we tolerate the presence of conflict minerals within our products, the sexual violence used to obtain these minerals will continue unabated.

We are living in a time of unprecedented momentum to end rape in war, but we need the full participation of the private sector to truly end this scourge and help bring peace to these shattered communities. What can the private sector do to break this link between sexual violence and global supply chains?

Corporations need to commit to developing ethical, transparent supply chains that do not source minerals from conflict zones. Industry leaders Apple and Intel are pioneers in the movement to ethically source materials for their merchandise. Once these corporations realized their products were linked to sexual violence, they worked diligently to begin eliminating conflict minerals from their supply chains. This commitment to human rights enhanced the value of their brands. Apple and Intel demonstrate that a company can be both profitable and ethical. Companies that actively engage this issue are industry leaders as well as forerunners in a new model of corporate citizenship.

The largest markets for consumer electronics do not see the daily realities of conflict, but consumers are nonetheless powerful voices in this dialogue. Our purchasing decisions have far-reaching effects on the safety and security of people living in war-torn regions. We can choose to buy products from companies with credible commitments to human rights. We can tell lawmakers that we support regulation requiring companies to complete due diligence to determine just where their minerals come from.

The road before us is long and hard, but if we can regulate the market for conflict minerals, we will take one large step toward the elimination of rape in war.

When we protect vulnerable people from sexual violence, we encourage peacebuilding and national reconciliation. This contributes to overall market stability in post-conflict countries, helping to position these societies on a path toward growth. Ending sexual violence helps nurture stable societies and markets that attract foreign investment and trade. By empowering survivors and helping them to reintegrate into their communities, we foster economic self-sufficiency.

The people who suffer as a result of conflict minerals and sexual violence are our partners in commerce and development; they need humane commitments from the private sector to unlock their potential for growth. We cannot advance the global development agenda without providing safety and security for the most vulnerable among us.

A version of this article appeared on the LSE’s ‘Africa at the LSE’ pages with the title: Corporate Social Responsibility in the Fight against Sexual Violence in Conflict.

EPakistanNews.com

EPakistanNews.com

Link to EPakistanNews.com

Monsoon to starts from first week of July

Posted: 27 Jun 2014 02:29 AM PDT

Pakistan News : Pakistan Meteorological Department (PMD) on Thursday predicted the onset of monsoon during the first week of July. According to the PMD, `monsoon trough’ is very likely to...

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