Saturday, August 29, 2015

MoneyScience News

MoneyScience News


Blog Post: PatrickBurns: US market portrait 2015 week 35

Posted: 29 Aug 2015 03:06 AM PDT

US large cap market returns. read more...

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Blog Post: TheAlephBlog: The Importance of Your Time Horizon

Posted: 28 Aug 2015 11:28 PM PDT

Photo Credit: Dr. Wendy Longo || This horizon is distant…read more...

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Blog Post: ThePracticalQuant: Bringing Apache Spark closer to bare metal

Posted: 28 Aug 2015 06:57 AM PDT

Fans and users of Apache Spark will want to attend a webcast I'll be hosting next week (Sept 3rd), featuring Josh Rosen - one of the early developers behind PySpark:Deep dive into Project Tungsten: Bring Spark closer to bare metalProject Tungsten focuses on substantially improving the efficiency of memory and CPU for Spark applications, to push performance closer to the limits of modern hardware....

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Women's Views on News

Women's Views on News


Childcare proposals in Northern Ireland

Posted: 28 Aug 2015 04:07 AM PDT

have your say on childcare proposals Northern IrelandIn Northern Ireland? Have your say on childcare.

Junior Ministers Michelle McIlveen and Jennifer McCann have launched a consultation on the Northern Ireland Executive's draft Childcare Strategy.

It is to be a ten-year strategy which aims to develop and deliver affordable, high quality and integrated childcare services which gives children the best start in life, while supporting and enabling parents to participate in the workforce.

It includes proposals to increase the supply of childcare places, from pre-school through school-age, from the present 56,000 to 100,000.

The consultation period will close on 13 November 2015.

At the launch of the consultation, McIlveen said: "Many families struggle to pay for the childcare that they and their children need.

"This draft strategy sets out our plans on how to address this issue and make significant changes for the better.

"Our strategy also aims to develop local childcare services, create childcare jobs and develop the skills of people working in the childcare sector.

"Many excellent and diverse childcare services already exist which we plan to build on to create a system that can offer flexibility and choice.

"We want to create a Northern Ireland where the cost and availability of childcare does not impede the opportunities of today's working parents and provides our children and young people with the best possible care."

This draft strategy builds on the actions from the first phase, launched in September 2013, and outlines 22 areas for action to make childcare services more responsive to the needs of parents, including the need for more flexible care, and examining ways of promoting awareness and uptake of financial assistance for childcare costs.

The Childcare Strategy is an important part of the Executive's Delivering Social Change framework.

Remarking on the proposals, McCann said: "These are ambitious proposals which aim to transform childcare provision here.

"The draft Strategy supports our vision that every child, parent and family will have access to childcare that meets their needs.

"The provision of quality, affordable childcare services has the potential to deliver significant benefits for our society.

"It is a catalyst for learning and lifelong motivation, promoting equality, inclusion and social mobility.

"We also want to help parents who want to work.

"Work is a path out of disadvantage. We want, through this Strategy, to help as many people as possible take that path.

"I know childcare is a very important matter for parents, families and providers, and I urge everyone to make their voices heard in this consultation."

An electronic version of the consultation and details on how to respond are available here.

In September a number of consultation events on the draft Strategy will be held throughout Northern Ireland. For details of these events, and info about how to register to attend, click here.

Netball World Cup bronze for England

Posted: 28 Aug 2015 02:52 AM PDT

netball world cup, england roses, bronze medalBut can a new coach build a squad to challenge – beat – Australia?

England’s Roses beat Jamaica for the second time in the tournament to finish a fantastic third in the 2015 Netball World Cup.

England coach Tracey Neville's side did well throughout the tournament losing only to the eventual gold and silver medal winners.

In the second round England were outclassed by Australia, losing 51-41, but they did not lose again until their semi-final against New Zealand when they lost 50-39.

Along the way they beat Scotland, Jamaica, Samoa, Wales and South Africa.

Vengeance was sweet in the third place play-off as this time they beat Jamaica again, having lost to them at the same point at the Commonwealth Games in Glasgow 2014.

The Roses started slowly in the game and were down five goals at the end of the first quarter. But they looked a different team in the second, finishing it five goals ahead by half time. From there on the result was not in doubt, and England eased to a 66-44 win.

Wales also had a good tournament, achieving their best World Cup position since 1991 of seventh, beating Uganda 64-41 in their play-off match.

Scotland’s Thistles finished 12th.

The gold medal was taken, yet again, by Australia, who beat their antipodean rivals, New Zealand, 58-55. This was their 11th World Cup tournament win.

New Zealand’s Silver Ferns must have thought they were in with a chance as they claimed a shock win against Australia – their arch rivals – in the preliminary rounds, but it was not to be.

A world record crowd for netball of 16,752 watched the final at the Sydney Olympic Park.

England Roses’ interim coach, Tracey Neville, is now, unsurprisingly, looking to be given the role permanently. She was only appointed in March, afterthe previous coach Anna Mayes, paid the price for England's poor fourth place at the Commonwealth Games in 2014.

Neville won 81 caps in her netball career and has to be the clear frontrunner for the permanent role.

Along with being a relatively new coach in post, she had to deal with the sudden death of her father while he was in Australia to watch the tournament. She made a difficult decision and stayed with the team – and they more than repaid her faith in them.

Neville, formerly Manchester Thunder‘s coach, was optimistic in an interview with the BBC, saying: “I’ve had great support throughout this campaign.

“I feel like I have the knowledge to take this country forward.”

And: “…whether it’s with me or with another coach, I’ll be 100 per cent behind these girls.”

It would be hard to find anyone else with the credentials of Neville, who will surely be appointed to build on the work she has already put in.

But then the big question will be, can she build a squad that will challenge the domination of Australia and New Zealand?  It will be tough, but there can be no doubt Tracey Neville will give her all in the pursuit of making England Roses the very best they can be.

A pill, not a victory for women

Posted: 28 Aug 2015 02:37 AM PDT

addyi, FDA, daily dose, not with alcoholThe USA’s Food and Drug Administration has approved Addyi, the so-called 'Female Viagra'.

Anyone who has watched Liz Canner's excellent documentary Orgasm, Inc. will know that the pursuit of an equivalent to the multi-billion dollar Viagra industry for women has long been the holy grail of pharmaceuticals.

To give it its due, the Food and Drug Administration (FDA) has fended off  various gels, electrodes, pills and patches with uncertain benefits and all-too-certain side effects for years, but now the time has arrived: something has finally been approved – albeit by a split vote – 18/6.

However Addyi, the brand name used by the pharmaceutical company Sprout which has steered this treatment to victory, is far from a new drug.

Since Hypoactive Sexual Desire Disorder  (HSDD) was included in the Diagnostics and Statistical Manual of Mental Disorders (DSM) in the USA in 2004, there have been numerous attempts to find a treatment.

HSDD is classified as a "deficiency or absence of sexual fantasies and desire for sexual activity that causes marked distress or interpersonal difficulty".

In October 2010, Addyi – at that time only called flibanserin – was rejected by the FDA as a treatment because there was little evidence of benefits but clear evidence of unacceptable side effects.

The drug was then sold to Sprout Pharmaceuticals for further development.

In October 2013, the drug was again put forward for FDA approval by Sprout, and again rejected because of concerns about side-effects.

Now, in August 2015, it has been approved, under its new guise ‘Addyi’.

What has changed, you might ask?

Critics are saying the approval is a win for the lobbying carried out by Even the Score, which tried to re-frame the lack of treatment for HSDD as a gender equality issue, given the proliferation of treatments for male erectile dysfunction.

Which could almost sound reasonable, until you look at their list of sponsors, which include Sprout Pharmaceuticals and a whole host of other organisations with a vested interest.

In a statement, Sprout's chief executive Cindy Whitehead spoke of the FDA’s approval as a 'victory for women', telling the Guardian: "We applaud the FDA for putting the patient voice at the centre of the conversation and for focusing on scientific evidence."  .

But this is no safe, woman-centred breakthrough in science.

The results of the latest – and by no means only – trial of Addyi showed that daily doses of the pill may give women between half and one more sexually satisfying experience per month, however with a high risk of side-effects such as low blood pressure and loss of consciousness.

Unlike the medication for men’s erectile dysfunction Viagra, which is taken shortly before sexual intercourse, this has to be taken every day. So presumably it has a permanent or semi-permanent effect. And what happens if you want to quit?

It is not recommended for post-menopausal women, women with liver problems, and it should not be taken with alcohol.

Indeed the FDA has strongly recommended further testing of the interactions between Addyi and alcohol.

But if the benefits are still low and the risks still arguably unnecessarily high, what is this but a PR win?

"I am concerned about the expectations that women have," Cynthia Graham, Professor in sexual and reproductive health at the University of Southampton was quoted as saying in the Guardian.

"Among women who spoke at the FDA, there were expectations that you can have sexual desire that is at a high level and nothing is going to affect it – that it will be right back where it was when you met your partner."

Of course there is an agenda behind pharmaceuticals raising women's expectations of the drug and framing it within a gender-equality perspective.

But the real science doesn't support the need for a panacea drug, because women's sexual function is much more complicated than just biology.

Even the first journal article about HSDD, published in the USA in 2002, argued that female sexual function is affected by all manner of life experiences from hormonal contraception and menstrual cycles to marital problems and lifestyle decisions.

The treatment for HSDD should be tailored to the woman in question, the author argued, and such treatment could include lifestyle changes, hormone therapy, marital therapy, treatment of other mental health disorders, or switching/discontinuing medications which may be affecting that person’s libido.

In the latest National Survey of Sexual Attitudes and Lifestyles for the UK, published in 2014, low sexual function in women and men was associated with a variety of factors.

These ranged from increased age, depression, poor health, ending of relationships, poor communication with partners, being unhappy in a relationship, having less than four sex acts in as many weeks, and high numbers of partners, as well as experiences such as non-consensual sex and STI diagnosis.

One or more problems with sexual response in the last year were reported by 41.6 per cent of men compared to 51.2 per cent of women, however far fewer reported distress about this – just 9.9 per cent of men and 10.9 per cent of women.

In other words, it was the norm for women to have had one or more problems with their sexual response in the last year because of a myriad of factors in their lives, but for only 10.9 per cent of women was this actually viewed as distressing, or what we might choose to label a ‘disorder’.

Compare this to the oft-quoted figure of 43 per cent of women in the USA suffering from loss of sexual desire, taken from the results of a 1999 survey which forgot to ask women if this was in fact a problem for them, and you start to realise the 'science' behind this 'breakthrough' is more than a little shaky.

No one is denying that there are women with low libidos, perhaps even unrelated to events in their lives, which they feel seriously impacts them and their relationships.

And as Boyd Tonkin wrote in the Independent recently, it may be utopian and heartless to steer "unhappy women, or men, away from pills" which may allow them to get by.

But we must ask, as he pointed out, why talking treatment, such as Cognitive Behavioural Therapy, is never promoted as much as quick-fix drugs are?

The answer, of course, is there is just no profit in it.

If there was any more proof needed that the Addyi 'breakthrough' was about profit and not about women, it comes in the form of Sprout Pharmaceuticals being bought by Valeant Pharmaceuticals International just over 24 hours after the FDA approval, ostensibly to help the company help more women by using Valeant's extensive resources.

Nothing to do with the USD1 billion in cash, then.

Friday, August 28, 2015

MoneyScience News

MoneyScience News


Published / Preprint: Lie Symmetry Analysis of the Black-Scholes-Merton Model for European Options with Stochastic Volatility. (arXiv:1508.06797v1 [math.AP])

Posted: 27 Aug 2015 05:36 PM PDT

We perform a classification of the Lie point symmetries for the Black-Scholes-Merton model for European options with stochastic volatility $% \sigma$, in which the last is defined by a stochastic differential equation with the Orstein-Uhlenbeck term. In this model the value of the option is given by a linear (1+2) evolution partial differential equation, in which the price of the option...

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Blog Post: iMFdirect: Under Pressure

Posted: 27 Aug 2015 11:26 AM PDT

By Jeff Haydenread more...

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Blog Post: ThePracticalQuant: Bridging the divide: Business users and machine learning experts

Posted: 27 Aug 2015 07:46 AM PDT

Subscribe to the O'Reilly Data Show Podcast to explore the opportunities and techniques driving big data and data science.read more...

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Women's Views on News

Women's Views on News


What is really causing wealth inequality

Posted: 27 Aug 2015 04:03 AM PDT

pamphlet, pensioners, young people, what's really causing wealth inequality?Challenging the myth that it is older people hoarding all their wealth.

There has been growing concern in recent UK political debate about the economic outlook and lifetime prospects of younger generations.

Particular attention has focused on:

unprecedented levels of graduate debt following the increase in the cap on undergraduate tuition fees in England to £9,000 per year;

house price inflation and ensuing difficulties for younger households in becoming owner-occupiers; and

high levels of youth unemployment and fewer good quality job opportunities, along with the long-term effect of these trends on young people's earnings.

An increasing number of stakeholders have argued that today's younger cohorts are likely to be the first generation that will be poorer than their parents over their lifetime.

Amid such concerns, there has been growing focus in public policy debate on the contrasting positions of the 'young' versus the 'old'.

Commentators have argued that given their wealth, public spending on pensioners should be cut to fund more spending on young people and that transferring public spending from the old to the young would be an effective way of both lifting young people's long-term economic outlook to the level of their parents, and of improving intergenerational fairness;

While there is no doubt that young people have seen significant falls in living standards, a new Touchstone pamphlet challenges the myth that these are the result of older people hoarding all the wealth.

Drawing on new analysis, the pamphlet argues that young people's deteriorating prospects are a consequence of growing wealth inequalities across UK society.

It also shows that tackling these effectively will require a far more ambitious and progressive strategy than advocates of cutting pensioner benefits admit.

This discussion paper uses analysis of household wealth – in particular, new research undertaken by the University of Bristol using the UK Wealth and Assets Survey (WAS) – to explore these arguments. ​

For, as Frances O'Grady, general secretary of the TUC, wrote in the introduction, while public spending cuts have hit young people hard, many of the poorest pensioners have lost out too, particularly as services including social care have been pared back.

'It is also', she points out, 'those of working age, rather than pensioners, who are currently most likely to be wealthy, with a very large proportion of our national wealth held by a very few households, regardless of age.

'Young or old, only a lucky elite benefit from inequality while life gets tougher for everyone else.'

The wealthiest households in the population, the research found, are mostly of working age.

It is also found that tenure, geography and earnings are all strong predictors of being wealthy, raising questions both around why age has come to signify wealth in policy debate, and why pensioners should be the target of fiscal choices around tax and spending to increase support for young people.

This report has found that UK pensioner households do not comprise the majority of the wealthiest households across the population, and it is unclear why cuts to age-related public spending should be the focus of debate.

Indeed, it says, were public spending transfers to occur from pensioners to younger cohorts, it is likely that such transfers would have a very marginal impact on the economic outlook of younger households, and be of little relevance to 'intergenerational fairness'.

There is a risk, it says, that such debates distract the public and policymakers from those potential policy interventions that are required to improve the long-term economic outlook of younger cohorts.

In this sense, recent debate on intergenerational fairness and age-related spending has been a disservice to younger cohorts, as it has diverted policymakers from broader structural trends and changes, and those policy options that would have a significant impact on the wealth accumulation of younger households.

O'Grady again: 'So solutions to young people's problems will not be found, by example, by reducing winter fuel allowances for pensioners.

'Instead, improving the new generation's chances requires profound changes in how we structure our economy and distribute wealth.

'Young people have not been held back by today's pensioners but by poor political choices that have polarised opportunities, income and wealth.

'The last government shattered the promise of each generation that our children should have a better life than we did,' she continued, 'This pamphlet is designed to kickstart a new debate about how we put that right.'

To read the pamphlet, click here.

Eliminating discrimination against women

Posted: 27 Aug 2015 02:47 AM PDT

UN, CEDAW, report, patriarchy, IAWThe 2015 report is ‘a radical accusation against patriarchy’.

By Lyda Verstegen

Every year the Human Rights Council spends a day discussing the elimination of discrimination against women, informed by the latest report of the Working Group on the issue of discrimination against women in law and practice.

This Working Group is a sequel to Beijing's Platform for Action. In Beijing, governments decided to abolish discriminatory laws.

The five and ten year reviews made this decision even firmer.

On the occasion of the tenth year review, the Commission on the Status of Women wondered if it would not be appropriate to establish a special rapporteur to report on discriminatory laws and their consequences.

The Secretary-General had produced two reports, in 2006 and 2007 on the issue; in 2009 the Human Rights Council requested the High Commissioner to present a report on discrimination in law and practice, and in 2010 the Human Rights Council adopted a resolution with the mandate of the Working Group.

It is the second special procedure of the Human Rights Council dedicated to addressing women's human rights, complementing the mandate of the Special Rapporteur on Violence Against Women, its causes and consequences, which was established in 1994 immediately following the World Conference on Human Rights.

In Vienna in 1993 it had been decided to integrate women's human rights into the overall human rights system.

The first report of the Working Group was about its history and plans for the future.

Its second report in 2013 was dedicated to discrimination in law and practice in public and political life.

In 2014 the subject was ‘eliminating discrimination in economic and social life with a focus on economic crisis, and this year eliminating discrimination in cultural and family life with a focus on the family as a cultural space’ (A/HRC/29/40).

This 2015 report is a radical accusation against patriarchy.

It says that Article 5 (eliminate prejudice) of the Committee on the Elimination of Discrimination against Women, CEDAW, is of vital importance.

Human Rights Council resolutions – 16/3 on promoting human rights and fundamental freedoms through a better understanding of traditional values of humankind and 26/11 on the protection of the family – threaten to undermine international achievements in the field of human rights in the name of cultural and religious diversity.

It relies heavily on the definition of gender in General Recommendation 28 of the CEDAW Committee.

  1. The construction of gender is deeply embedded in culture. In its general recommendation No. 28, the Committee on the Elimination of Discrimination against Women indicates that “the term 'gender' refers to socially constructed identities, attributes and roles for women and men and society's social and cultural meaning for these biological differences resulting in hierarchical relationships between women and men and in the distribution of power and rights favouring men and disadvantaging women. This social positioning of women and men is affected by political, economic, cultural, social, religious, ideological and environmental factors and can be changed by culture, society and community.”

Gender is a discriminatory factor in all societies. Culture, however, can be changed.

The recommendations the Working Group makes are all furthering equality, especially within the family.

The resolution the Human Rights Council adopted is a weak 'infusion' of the working group's analysis.

However it

Calls upon States to ensure women's equal enjoyment of all human rights by, inter alia:

(a)           Adopting and strengthening national legal frameworks promoting and guaranteeing gender equality in cultural and family life, in accordance with their international obligations and commitments;

(b)           Promoting the equal and full access, participation and contribution of women and girls in all aspects of life, including in cultural and family life;

(c)           Rejecting any discriminatory practice and gender stereotype;

(d)           Adopting or strengthening measures to combat multiple and intersecting forms of discrimination, in particular against those belonging to vulnerable groups;

Also calls upon States to promote a culture free from all forms of discrimination against women and girls and to address its root causes by, inter alia:

(a)           Developing national mechanisms, measures and policies, as appropriate;

(b)           Adopting awareness-raising campaigns, educational and informational programmes;

(c)           Promoting the mobilization and engagement of civil society organizations and other relevant stakeholders, including that of men and boys;

(d)           Providing gender-equality training for State civil servants, including those working on the judiciary;

(e)           Adopting a coherent set of gender-responsive social and economic policies;

(f)            Addressing poverty and social exclusion in order to overcome the structural barriers and inequality that they face;

Urges States to take all appropriate measures to modify the social and cultural patterns of conduct of men and women with a view to achieving the elimination of prejudices and customary and all other practices that are based on the idea of the inferiority or the superiority of either of the sexes or on stereotyped roles for men and women;

Calls upon States to take all appropriate measures to eliminate discrimination against women in all matters relating to marriage and family relations, and to guarantee women's equality in law and in practice in family life, in accordance with their respective international obligations and commitments by, inter alia:

(a)           Recognizing the equality of all family members before the law;

(b)           Opposing all forms of marriage that constitute a violation of women's and girls' rights, well-being and dignity;

(c)           Ensuring that men and women have the same right freely to choose a spouse, to enter into marriage only with their free and full consent and the same rights and responsibilities during marriage and at its dissolution;

(d)           Ensuring the same rights for both spouses in respect of the ownership, acquisition, management, administration, enjoyment and disposition of property;

(e)           Ensuring the same rights and responsibilities with regard to guardianship, wardship, trusteeship and the adoption of children, or similar institutions where these concepts exist in national legislation; in all the cases, the interest of the children shall be paramount.

Further the resolution calls for combating violence, an end to impunity, and access to justice for all women regardless of their status.

I started out noticing that there was so much language about the family in this resolution. Then I understood that this was because the Working Group's report focused on it.

Then I read the report and was impressed with the thorough analysis and description of legal systems regarding personal law.

Lyda Verstegen is a lawyer and served as President of the International Alliance of Women (IAW) from 2010 to 2013. She is currently convener of the IAW Human Rights Commission. A version of this article appeared on the International Alliance of Women’s website on 21 August 2015.

The International Alliance of Women was founded in 1904 and is based in Geneva. It is an international NGO comprising 41 member organizations involved in the promotion of the human rights of women and girls globally.

The IAW has general consultative status with the UN Economic and Social Council and is accredited to many specialized UN agencies, has participatory status with the Council of Europe and is represented at the Arab League, the African Union and other international organizations.

 

EPakistanNews.com

EPakistanNews.com

Link to EPakistanNews.com

PML-N not to challenge NA-122, NA-154 verdicts

Posted: 27 Aug 2015 09:10 AM PDT

Pakistan, Islamabad News : Federal Information Minister Pervaiz Rashid Thursday announced that his party would not challenge in Supreme Court the verdict of election tribunals in two constituencies....

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