Wednesday, June 2, 2010

Evoluzione 3 - 4 - 5 - 6 Giugno 2010



Buonasera a tutti!!



Dopo la sventata di lunedì con residui ieri ed oggi, ecco che il tempo sull'Italia torna a guarire. Infatti, dopo gli ultimi temporali che ci saranno Giovedì sulle zone interne del centro-sud, con qualche sconfinamento lungo il versante Adriatico, l'Anticiclone prenderà il possesso dell'Italia, garantendo un week end soleggiato quasi ovunque e piuttosto caldo al Nord. Proprio le pianure del Nord Italia faranno i conti con la prima ondata di caldo: il settentrione dal clima continentale, dove d'inverno il freddo si fa sentire di più e d'estate la lontananza dal mare, la chiusura alla ventilazione da catene montuose, la presenza di cemento ovunque nelle grandi città, lo smog unito all'intenso irraggiamento solare che porta allo smog fotochimico, tutto ciò crea condizioni sempre più calde e afose durante la bella stagione.

Probabilmente una saccatura dall'Atlantico potrebbe introdursi sul Mediterraneo da Martedì, portando, se così fosse, temporali sparsi, frescura ovunque, ed onde un pò per tutti i mari. Ma è troppo presto per parlarne...





SINTESI METEO



giovedì 3 giugno: tempo instabile sul nord-est, l'Emilia-Romagna, tutta la dorsale appenninica del centro, il Molise, il nord della Puglia e la Campania interna con frequenti annuvolamenti associati a rovesci temporaleschi, localmente grandiniferi. Fenomeni più probabili in Appennino. Sul nord-ovest, sulle isole e sulle altre zone meridionali tempo più soleggiato. Temperature in calo nelle aree temporalesche.

venerdì 4 giugno: ultimi rovesci o temporali tra Molise, Puglia e Basilicata, tempo bello altrove, temperature in aumento, specie al nord-ovest.

sabato 5 giugno: bello ovunque, caldo pomeridiano, più intenso al nord.

domenica 6 giugno: Tempo soleggiato ovunque, con caldo al pomeriggio al nord. Soltanto isolati temporali pomeridiani possibili sulle Alpi. Brezze lungo le coste con clima gradevole.





PREVISIONI SURF



Mar Ligure



Giovedì 3: Mari calmi o poco mossi. Al mattino possibili ultime piccole onde (0,5 m circa) da maestrale lungo sull'estremo settore di Levante (dalla Versilia in giù).

Venerdì 4: Mari calmi o poco mossi.

Sabato 5: Mari calmi o poco mossi. Brezze pomeridiane lungo le coste.

Domenica 6: Mari calmi o poco mossi. Brezze pomeridiane.





Isole Maggiori



Giovedì 3: Onde da N-W in scaduta sui settori esposti di entrambe le isole, misura attorno a 1-1,2 m al mattino, al pomeriggio 0,5-0,8 m, in calo. Venti al più moderati sottocosta.

Venerdì 4: Ultime piccole onde (max 0,5 m) da N-W possibili sui settorei esposti della Sicilia,in rapido calo. Poco mosso altrove.

Sabato 5: Mari calmi o poco mossi. Brezze.



Domenica 6: Mari calmi o poco mossi. Brezze.





Mar Tirreno



Giovedì 3: Piccole onde da ponente sul basso Tirreno al mattino, in calo col passare delle ore. Misura 0,5-0,8 m.

Venerdì 4: Mari generalmente poco mossi.

Sabato 5: Mari calmi o poco mossi. Brezze lungo le coste.

Domenica 6: Mari calmi o poco mossi. Brezze lungo le coste.







Mar Ionio



Giovedì 3: Mari poco mossi.

Venerdì 4: Mari calmi o poco mossi. brezze pomeridiane.

Sabato 5: Mari calmi o poco mossi. brezze pomeridiane.

Domenica 6: Mari calmi o poco mossi. brezze pomeridiane.





Mar Adriatico



Giovedì 3: Mari calmi, al più poco mossi al pomeriggio per venti da nord. {[NEWS last minute: possibile piccola risentita da massimo mezzo metro da N-E in tarda mattinata fino al primo pomeriggio; poi di nuovo mari in bonazza]}

Venerdì 4: Mari in genere poco mossi, con venti da N-NW in ingresso nel pomeriggio sul basso Adriatico, con lieve aumento del moto ondoso.

Sabato 5: Mari calmi o poco mossi sule settore nord e parte di quello centrale; piccole onde (0,5 m, max 0,8m) da Nord tendenti a girare a N-W su Abruzzo, Molise e Puglia, con venti moderati sotto o forti anche sottocosta.

Domenica 6: Mari calmi o poco mossi. brezze pomeridiane.







Ecco due foto scattate in fretta lunedì pomeriggio verso le 17 30, poco prima di entrare in acqua a Levanto e godersi un bellissimo tramonto non troppo affollato (soprattutto all'avvicinarsi del calar del sole). Bellissima giornata, zero vento, onde che a centro baia raggiungevano i 2 m di serie, acqua calda (c'era anche chi surfava in costume e licra, ma in 3-2 al tramonto era perfetto). Le foto si riferiscono alla pietra e al Casinò, le zone più riparate dove la misura era minore.





































Al prossimo aggiornamento!!

Buon week-end!!

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Dies “mig-mig”

Tot i que ens predomina un temps més aviat estable amb unes pressions que no són baixes aquests dies està sent difícil veure el sol nítidament degut a franges de núvols alts que creuen tota la Península d’oest a est. A més, en alguns punts del litoral, amb el contrast entre l’aigua del mar relativament freda de l’hivern i les temperatures estivals que estem tenint aquest dies està originant la presència de núvols baixos, especialment a la costa central.



Aquesta situació de cel enteranyinat sembla que ens acompanyarà una part de la setmana, tot i que a estones podrem tenir bones clarianes, especialment a partir de demà, ja que avui sembla ser el dia que podem tenir el cel més tapat. No s’esperen precipitacions.



Pel cap de setmana, tot sembla indicar que tornarà a ser assolellat i amb temperatures màximes entorn els 25ºC. Durant la nit, les temperatures ja no baixen gaire i en prou feines es baixa dels 15 - 16ºC. Any source

Tuesday, June 1, 2010

Aon's down payment - an enduring mystery

The razzamatazz surrounding the start of Aon's sponsorship of United was somewhat overshadowed by the spectacle of David Gill somewhat grumpily rowing back on his rather aggressive anti-green and gold comments in the Independent. Perhaps the Aon guys had been explaining risk to him?

For most supporters, changes in sponsor are events of total disinterest. Personally I'm glad to lose the name of one of history's greatest corporate disasters from our shirts, despite the karma of the linking of the world's worse experiment in financial engineering with the Glazers. Aon (a company I had dealings with in a previous job) is a far more normal service business and actually has a decent sized office in Manchester.

The c. £80m four year deal is a good one for United, although not quite as good as that achieved by Bayern Munich (€25m pa from Deutsche Telekom) and is apparently in line with Standard Chartered's deal with Liverpool (the existence of which surely goes to show that the largely Asia based but UK listed Standard Chartered must employ expats in its marketing department who haven't been back to the UK since the 1980s).

The enduring mystery of the Aon deal is the early payment of £35.9m by Aon to United between the deal being signed on 24th May 2009 and Red Football's year end on 30th June that year. Why ask for such a huge prepayment a year before the deal started? It is worth remembering that the prepayment will have the impact of creating a four year negative working capital swing of £8.6m pa starting next season (in layman's terms, United will report £20m of income each year but only get £11.4m in cash - less than the annual AIG payments).

It does seem unlikely that United maximised value by asking for 45% of the four year deal to be paid upfront in this way. No explanation has been given by the club or by Aon as to the rationale behind this strange arrangement.

Rather bizarrely, Aon have chosen to add me to their corporate mailing list ahead of today's launch "in case you and your blog followers are interested in learning more about our firm and why we are so excited about this opportunity", perhaps misunderstanding my motivation in such matters. Anyway, I emailed back in reply to ask the helpful David P. Prosperi (Vice President, Global Public Relations for Aon in Chicago) what the down payment was all about. Here's the email exchange:

Me: "I had one query you may be able to help me on. Why was your sponsorship deal with United structured to include such a large (c. 45%) up front payment more than a year before the sponsorship actually began? I can only imagine the club could have gained more in total by not asking for such a huge prepayment. This is a very non-standard structure and I and many other supporters are somewhat baffled by it!"

David: "Thanks for the feedback. Unfortunately, the finances of the sponsorship are one of the subjects we or Man Utd are not commenting. Let's just say that Aon had a strong balance sheet that allowed us to make the offer that we did."

Me: "Thanks David. Funnily enough it isn't Aon's balance sheet that worries me."

David: "What does worry you about Aon? Or is it something related to the club?"

At that point I decided David probably had more important things to consider than whether United were desperately trying to scrape together enough cash at the last year end to avoid breaching a PIK net debt covenant, so I didn't follow up.

Until my unreliable source delivers on his promise of a PIK document (yes that's you mate) and we can see such covenants, Aon's down payment will sadly remain an enduring mystery.

LUHG

Any source

Notes: Flight to hard assets, Felix Zulauf interview, and BP spill

Tuesday's notes, culled from our Twitter stream and our favorite blogs and news sources:

1. Matthew Simmons was interviewed on the Financial Sense Newshour, where he discussed the BP Gulf oil spill disaster with host Jim Puplava. Simmons says the spill
"could be the biggest ecological catastrophe the world's ever had".

2. Here's a weekly chart of BP I posted to Chart.ly this afternoon. Note that today's down move, the biggest 1 day drop in BP since 1992, has brought BP's share price down toward its 2003 & 2009 lows.

3. Richard Russell says the world's wealthy are fleeing fiat currencies, piling their money into hard assets such as gold, silver, gems, art, and beachfront real estate.

4. Bear Mountain Bull wraps up today's market action, and is on the lookout for short setups. Randy also points us to Puru Saxena's piece on the latest bubble-blowing actions of the world's central banks. Be sure to check that out.

5. Eric King interviews investor Felix Zulauf on the European bailouts, gold, and more. Many of you probably know Zulauf from his frequent Barron's Roundtable appearances. Thanks to John at Controlled Greed for pointing out this rare interview.

6. Speaking of which, Controlled Greed also highlights Kevin Duffy's recent talk at the Mises Circle in New York entitled, "Navigating the Financial Markets with an Austrian Compass". Highly recommended.

That's it for now, gang. Enjoy the links, and let us hear your thoughts.
Any source

Samedi 12 Juin 2010 frais

Fraicheur relative pour ce Samedi 12 Juin 2010 ?

Matin :
Les hautes pressions seraient situées du Pole Nord à l'Ouest de la France en passant par les îles britanniques.
Sur la France, le champ de pression serait à la baisse.
Du coup, une perturbation faiblement active se manifesterait : elle donnerait plus une forte couverture nuageuse que beaucoup de précipitations.

Les températures minimales oscilleraient entre 8°C à Aurillac et 17°C à Nice en passant par 11°C à Lille, 12°C à Paris et 13°C à La Rochelle.

Après midi :
Le littoral Atlantique aurait des chances de voir le soleil et encore, ce ne serait pas franchement certain !
Ailleurs, grisaille tenace en perspective.
Cependant, Mistral et Tramontane pourraient dégager le ciel et permettre au soleil de briller et de donner un peu de chaleur.

Les températures maximales seraient assez fraiches pour la saison : elles partiraient de 16°C à Dunkerque pour aller à 17°C à Strasbourg, 18°C à Orléans et 20°C à Nantes.
Au Sud, entre 19°C à Bourg Saint Maurice et 24°C à Nimes en passant par 23°C à Bordeaux et 22°C à Bastia.
Any source

Tests ahead for relationship between UK Government and devolved administrations - IPPR

I was going to write a piece on the report but the press release from a new study from the Institute of Public Policy Research latest research is comprehensive enough. The full report is available to download from their website after you have filled in a few of your details.

It states ‘A major new study of devolution, by the Institute for Public Policy Research (ippr) published on 28 May argues that the new political and economic landscape in the UK presents major challenges to a devolved United Kingdom that have not been faced before.

The report, called Devolution in Practice 2010, brings together a range of experts to analyse how devolution has changed the UK since 1997. It hails devolution to Scotland, Wales and Northern Ireland as a landmark reform, but argues that it took place in relatively benign economic and political circumstances. The strength of the settlement will now be tested, as the new coalition government of the UK lacks a strong mandate in Scotland and Wales and yet stringent spending cuts are in the pipeline from which the devolved administrations cannot be protected if England is to be treated fairly.

Guy Lodge, Associate Director of ippr said:
'The new prime minister has gone out of his way in his early days in office to give a reassuring message to the people of Scotland, Wales and Northern Ireland through his ‘respect’ agenda. But there’s no getting away from the fact that the Conservative mandate in Scotland in particular is extremely weak. At the same time, grant funding to the devolved nations will have to be cut as part of the deficit reduction programme. Holding off cuts to the block grant until 2011/12 might help David Cameron to win friends in Scotland, Wales and Northern Ireland, but it risks a backlash from England – particularly those poorer areas which already look jealously at the funding those parts of the UK receive.'

The report argues that the devolution settlement can be strengthened despite the difficult economic and political circumstances. It surveys an array of public opinion evidence to show that, while the public in Scotland and Wales want self-government and to be able to do things differently, they also want to remain part of the United Kingdom. Key to delivering this is an agenda of ‘respect’ by the Westminster coalition government towards the devolved administrations. This means recognising the right of the governments in Scotland, Wales and Northern Ireland to pursue different policies, but also working together for common cause when it makes sense to do so.


Alan Trench, a contributor to the book and research fellow at the University of Edinburgh, said:
'Devolution has had an easy ride so far, with Labour dominating all three governments in Britain and generous public spending allocations. Now times are tough: not only is spending going to get very tight, but with different parties in office in Edinburgh, Cardiff and Belfast, party ties cannot help smooth intergovernmental relations in the way they did. That means that the UK Government needs to approach intergovernmental relations with great care to make the new system work. Complacency is not an option.'

To ensure smooth relations, the report recommends:

There should be an early overhaul of the administrative and decision-making arrangements surrounding the block grant that goes to the devolved administrations to ensure decisions are fair and transparent. This would not have to involve any extra spending, and has been called for by all the devolved governments and several reviews.

The UK government should respond to the aspirations of the devolved administrations where that is appropriate. For example, it should support an early referendum on primary legislative powers for Wales. The current model for legislating for Wales is already creaking and cannot survive the sorts of political differences that now exist.

More systematic and regular use of intergovernmental ministerial meetings through the Joint Ministerial Committee, including a meeting of the JMC for finance before the emergency budget in July, to discuss spending cuts.

In the longer term, the so-called ‘Barnett formula’ - by which devolved administrations’ level of grants are set - needs to be reformed so that it is fair to all parts of the UK, and the devolved administrations need to be given greater fiscal autonomy to raise their own revenue where they wish to do so.

Any source

Site Clinic: primo appuntamento

E’ un vero piacere vedere quanti webmaster e proprietari di siti hanno iscritto il proprio sito web alla prima Site Clinic organizzata da Google in Italia!

Abbiamo pubblicato sul Forum di Assistenza per Webmaster il primo dei tre appuntamenti che ci accompagneranno fino alla fine di Giugno.

L’analisi dei 3 siti selezionati sarà utile non solo ai loro webmaster e proprietari ma a tutti! Infatti lo scopo dell’iniziativa è quello mettere in pratica, utilizzando casi reali, i consigli che spesso offriamo in maniera più generale.
Ognuno di voi quindi potrà trovare degli spunti per migliorare le proprie pagine web, la struttura del sito, la sua usabilità etc. anche qualora il sito analizzato non sia il proprio.

Vi invitiamo quindi tutti a visitare l’analisi del sito RomaBiologica.com sul Forum di Assistenza Webmaster.

Stay tuned per il prossimo appuntamento!

Any source