Kolkata: The city on Sunday witnessed light to moderate rain as the monsoon current has gained strength after remaining stalled for the past two weeks, due to the impact of the westerly winds.As many as five persons were reportedly killed after being struck by lightning at Nadia and Bankura in different incidents. It has been learnt that 3 persons were killed at Hanskhali area of Nadia, while the other two victims are from Bankura.The monsoon current may further be intensified in South Bengal in the next 48 hours. Apart from the city, the South Bengal districts which will receive maximum rainfall are North 24-Parganas, South 24-Parganas, Bankura, West and East Midnapore, Jhargram and Birbhum. Also Read – Heavy rain hits traffic, flightsWith the monsoon finally coming back in the city and other parts of Bengal after its official arrival around two weeks ago, there is a cause of concern for North Bengal districts as the Regional Meteorological Centre at Alipore has predicted heavy to very heavy rainfall in the region.According to the weather office, a warning has been issued to the sub-Himalayan districts in North Bengal, as heavy rain is likely to lash the districts in the next two days. This comes at a time when Jalpaiguri and Alipurduar districts have already received up to 250 mm rainfall in the past few days. Prediction of some more rains posing a threat to the road and rail communication in the region has also been made. People living in the river banks and low lying areas have already been cautioned by the district administration. Also Read – Speeding Jaguar crashes into Merc, 2 B’deshi bystanders killedWhile North Bengal is expected to receive heavy to very heavy rainfall, the weather in Kolkata and most parts of South Bengal will remain pleasant.However, there is a prediction of thunderstorm accompanied with gusty wind and lightning in the South Bengal districts in the next two days.The day in Kolkata and adjoining districts started with an overcast sky on Sunday morning. The city later witnessed a downpour, resulting in the decrease of temperature. People have got rid of a high level of humidity that made people sweat in the past few days. The weather on Sunday turned cool as the day progressed. The Met office in the city predicted that the sky in Kolkata and some of the South Bengal districts will remain cloudy in the later part of next week, with intermittent lightning and thundershower to strike in some parts.The districts like North 24-Parganas, South 24-Parganas, Nadia, Murshidabad and Howrah received light to moderate rainfall, which has brought down the temperature by a few notches.According to a weather expert, a fast-improving progress of monsoon circulation is likely to cause more rains all over Bengal in the next week. An alert has been issued to fishermen, as a wind is expected to blow over Bay of Bengal at 35-40 km per hour.
8 min read September 16, 2015 Register Now » The World Bank Group has an audacious goal: to promote economic growth and end extreme poverty by 2030. Making this happen behind the scenes is chief information officer Stephanie von Friedeburg. She oversees technology deployment, keeping communication flowing between 188 member countries operating out of 200 country offices, many in undeveloped or unstable regions. She does all this while bringing the 71-year-old institution up-to-date through cloud and mobile technology so workers can be remote and critical information can be accessible from anywhere. We spoke with von Friedeburg about how new-school technology is shaping the old-school financial services organization and the shift companies big and small have to make when it comes to information security.Related: The Challenge of Redefining Culture as Your Startup GrowsQ: Help us understand the scope of the technology challenges an organization like the World Bank faces?A: We’re all over the world — little places, big places, hard to reach places — South Sudan, Afghanistan. Some of the hardest places in the world to connect to. We have a staff of about 15,000 who make somewhere in the range of 125,000 to 150,000 trips a year. We put people on the road all the time, and they need to have to have access, anywhere and anytime, to all the data and information that the bank houses. When I took over, the bank had really fundamentally underinvested in technology. We hadn’t made any really big, strategic changes to our technology landscape since the late 1990s. We were only spending about $12 million dollars a year to connect all of our country offices. Nothing was really working properly.Q: How so? What kind of problems was your team seeing?A: I was in my job about six months and I went to Mongolia. One of the task team leaders in Mongolia literally booted up the operations portal, we went to lunch, we came back and it was still loading the 800 data fields it needed to load. I was like, ok, this is a really serious problem.Q: How have you addressed this?A: We put in place a multi-pronged strategy. The first was to attack the end-user, and standardize and improve the end-user devices [like phones and laptops and tablets]. Can we get them more immersed in a cloud-based environment? And while we’re making those changes, under the hood, also rip out a lot of the customized, underlying platforms and buy centralized platforms that we could re-use across the organization and use in a way that would allow us to take our really big applications and pare them down into a mobile applet. Instead of trying to open a monolithic application, you’re just going to open a little tiny slice of the application you need to get your job done.Q: Why were these important?A: We really want to make our knowledge available to our teams in the field. If you’re working on your first water project, you could actually find the last five water projects that we’ve done that are applicable to what you’re trying to do, and connect to the people who worked on them. How do you make information flow more smoothly within the organization?Q: How has cloud technology helped you deal with emergency situations?A: We use to have servers in all 220 of our offices. When a disaster hit we had technology people in all of those offices physically carry the servers out of the country offices with them and then reinstall them wherever we were going to operate. Now, we’re on Office 365 and Box. So, when it got really rough a few times this year at our Kabul office, we could leave everything in Kabul and move those 125 staffers north and have them functioning and operational instantly, as opposed to a week or two. Cloud technology has become about business continuity and operations and I didn’t envision that. Q: What does a successful IT strategy for the World Bank look like? What tools are you using and why?A: For me, the successful strategy is that everyone will be mobile and will be able to be connected from anywhere so you won’t have to be physically in the office. We have about 246 applications that we use. If we are successful they will all eventually be redesigned and put in the cloud. We have five data centers now, but we won’t need five data centers. We may have one data center ourselves, but I do not envision us continuing to maintain all of our own servers. It’s expensive and we aren’t as good at it as [companies like Microsoft and Amazon] are.Related: New York State’s Chief Digital Officer Explains the Importance of User ExperienceQ: I imaging getting a 71-year old organization onto the cloud isn’t easy. How do you make a change like that happen?A: The most esoteric challenge we faced was getting the organization to even agree that we should have a cloud strategy. That took me the better part of 9 months. When I started the conversation, the lawyers said to me, putting World Bank data in the cloud would be like putting our data in a paper box, writing ‘Free’ on it and placing it on the curb. And I said, ‘well, not exactly.’Also, we’d been an organization with a lot of bubble-gumming and shoe-stringing on the back end to hold things together. So, it was important to shift the mentality of the staff and shift our position in the organization to say ‘Listen, IT is not a cost to be constrained, we should be a strategic partner helping you be better at delivering solutions all the time.’ I think those are the things we struggle with every day. We’ve done a lot work around culture, communication and changing perspective and mindset.The other interesting thing is that the World Bank Group is founded by treaty so we are protected by something called our privileges and immunities. And it means that in any jurisdiction, our files and vaults are impenetrable by local law enforcement, so no one can subpoena the World Bank and request our information. And overcoming the idea that our data wouldn’t physically be behind our firewall and our data center was a really big hurdle for us.Q: How will technology at the World Bank change in the next 10 years? A: The work we’re going to do is going to be more complex and cross-cutting. We’re no longer going to look at things in silos. From a technology perspective, if a country wants to have a citizen database, what can that database be used for? We could use it for social security, healthcare, driver’s licenses, etc. And we’ll be able to be build a database, not several databases. I think you’ll see technology that will solve development problems as well like education. I think energy is going to have to be driven in technology, and we’ll see the bank playing a big role in that. I think our role is going to get more interesting.Q: Security is such a concern across the public and private sector. What approach is the World Bank taking to keep information safe?A: A little over three years ago, we created a new security strategy. Instead of building more exterior protections, we reclassified all of our data and information. We created about 250 classes of information and put it on a heat map, and we said, which of this is the critical crown jewel — what drives the equivalent of our bottom line, how our treasury operations work, where we invest our money, highly confidential information about a company or country — that we would never want to escape from the organization? All the way down to, which of the data do we think ‘who cares what happens to it?’ We have spent considerably more time thinking about keeping safe the crown jewel, and letting go of the things that are less relevant.When I became a CIO five years ago, the first thing somebody said to me is ‘you don’t want security anywhere near you because if there is a security breach, you’ll lose your job.’ I think in the last five years, the context of security breaches has shifted. We try to spend time with our board and our other senior management talking about how we are vulnerable, and we will be breached. The question is: what do we do when we are breached? How do we respond, do we actually have the incident command in place from a communications standpoint? We spend a lot of time working on that. We no longer say that we’re safe. I think that’s the important shift for organizations to make.This interview has been edited and condensed for clarity. Related: Amazon CTO: ‘We Still Consider Ourselves a Startup’ Free Webinar | Sept 5: Tips and Tools for Making Progress Toward Important Goals Attend this free webinar and learn how you can maximize efficiency while getting the most critical things done right.
No related posts. From the print editionLawmakers unanimously approved a bill in a first-round vote on Monday that would transfer control of the telecommunications industry from the Environment, Energy and Telecommunications Ministry to the Science and Technology Ministry, according to a statement on the Science and Technology Ministry’s website.“We heard about the approval of this transfer in the first debate,” Science and Technology Minister Alejandro Cruz said. “We are happy because it is a new responsibility that comes with challenges. We are ready to work immediately on the transition process.”The bill still faces one more round of discussions before being signed into law. If it is approved, it will be published in the official government newspaper La Gaceta before going into effect. Facebook Comments
The gold stocks opened in the red, but rallied strongly almost immediately, even before 9:50 a.m. EST gold price melt-up going into the London p.m. gold fix. From that point, the stocks gave up a bit of their gains before trading sideways for most of the day, but rallied into the close, finishing almost on their highs of the day. The HUI closed up 2.42%. The CME’s Daily Delivery Report showed that 1 gold and 72 silver contracts were posted for delivery on Friday within the Comex-approved depositories. JPMorgan out of its in-house [proprietary] trading account delivered 58 contracts—and ABN Amro came up with 10 contracts. The only long/stopper of note was Canada’s Bank of Nova Scotia with 70 contracts. The link to yesterday’s Issuers and Stoppers Report is here. There were no reported changes in either GLD or SLV yesterday—and no sales report from the U.S. Mint, either. Monday was a very busy day over at the Comex-approved depositories—especially in silver. In gold, these depositories reported receiving 63,996 troy ounces of the stuff—and all of it went into the HSBC USA depository. The link to that activity is here. But the fork lifts were real busy moving silver around, as 1,810,657 troy ounces were reported received—and 1,216,360 troy ounces were shipped out the door. Of the amount received, a third of it disappeared into JPMorgan’s vault—and all of the silver JPM received came out of Scotia Mocatta’s vault. The link to that action is here—and it’s worth a quick peek. I have a decent number of stories today—and I hope you have the opportunity to read the ones that interest you. Yes, it is possible, given how close we are to the lows of the year that more salami slicing to the downside, designed to generate more technical fund short selling, could be seen. But it is just as possible that the salami slicing is over with. More than possible is that JPMorgan will look, at some point, to feather their own nest with an explosion in gold and silver prices, given how they are currently positioned. That’s what smart crooks do. – Silver analyst Ted Butler: 28 December 2013 Well, it doesn’t get much more blatant than that. I couldn’t make up a price scenario like yesterday no matter how hard I tried. If JPMorgan et al were fishing for a bottom, I’d say they found one, as I doubt very much that prices could get much lower than this—or stay there for long if they did. You saw that happen yesterday—and you also saw how quickly it reversed itself. As Ted Butler says, in order for JPMorgan et al to go longer or cover more short positions, they have to find either a technical fund or small trader to either puke up a long or go short, so they [JPMorgan et al] can gobble up either the long contract puked up, or buy the long side of the short trade. These two types of traders are the only “food supply” for JPM et al—and why they continually attempt to engineer lower prices. Once “da boyz” can no longer entice these traders to go short anymore, or puke up more longs, the bottom is in. And if I had to bet a sum of money, I’d guess we saw it yesterday. But the question at all market bottoms is always the same—what will JPMorgan et al do on the subsequent rally? They, as always, are 100% in the driver’s seat—and what they do, or what they’re instructed to do, is all that matters. If you’ve been reading this column for any length of time, it’s a situation that we’ve been in many times in the past—and Ted Butler and I always pose the same questions. Will this time be different, or will it be the same old, same old? Since this is the final column for 2013—my thanks go out to all the kind readers that have contributed so much to this missive over the last 12 months. As I say every year at this time, this column is just as much yours as it is mine, as it would be considerably diminished without their contributions. Some you only know by their initials—as they wish where they live and who they are to remain anonymous—and I respect that. But I would be remiss if I didn’t shout out a few names here: Phil Barlett, West Virginia reader Elliot Simon, South African reader B.V., Manitoba reader Ulrike Marx, Washington state reader S.A. and, as always, Roy Stephens is at the top of the heap. Of course other readers have contributed news items, chart and graphs, photos and cartoons from time to time all year long—and as I said, this column would be diminished without them. Chief amongst those contributors would be Nick Laird over at sharelynx.com, as his charts are an integral part of my blog—along with other newsletter writers on the Internet as well. Last, but certainly not least, my thanks go out to my daily Internet buddy at Casey Research. Every day [except Saturdays and holidays] CR’s own Juli Placek crawls out of a nice warm bed somewhere in the vicinity of Stowe, Vermont at 5:10 a.m. EST—and takes my scribblings and posts them on their website before 6:30 a.m. EST—and then dispatches it to the in-boxes of the 40,000+ world-wide readers that peruse this rant [in whole, or in part] every day. All of this is done long before the vast majority of North Americans has even had to reach for their respective alarm clocks. I can’t begin to remember the number of times she has been there for me—or for us—and she has my eternal gratitude. Happy New Year to you and yours in 2014, dear reader—and I’ll see you right here on Friday. The dollar closed on Monday afternoon in New York barely above the 80 mark at 80.01. From there it rallied it tiny fits and starts, finishing the Tuesday session at 80.205 which was up 20 basis points from its prior close. It was more or less the same routine in both platinum and palladium, but both reported a decent gain on the day—finishing up a percent or so. Here are the charts. And as incredible as the price gyrations were in gold, it was off the charts in silver, as JPMorgan et al pulled out all the stops. However, the price pattern was virtually identical, so I shan’t waste any time talking about it. The intraday price move was well over a dollar—and the CME recorded the low and high as $18.72 and $19.825 in the March contract. Silver never got a sniff of the $20 spot price mark, closing the Tuesday session at $19.445 spot, which was down 12 cents from Monday. Net volume was an astounding 46,000 contracts. What will JPMorgan et al do on the subsequent rally? The gold price didn’t do much in Far East trading on their Tuesday, but a tiny new low was set around 1:30 p.m. Hong Kong time. From there, gold rallied back above the $1,200 price mark. Then around 11:15 p.m. the price began to decline. Ted said that it was JPMorgan et al “spoofing” prices lower. And once Monday’s closing price was taken out at 8:45 a.m. in Comex trading, the technical funds went short some more—as JPMorgan et al took the long side of those trades—and the price plunged over twelve bucks in a few seconds. The tiny rally that followed exploded in a flurry of what was probably a combination of short covering by technical funds—and long buying by JPMorgan et al at 9:50 a.m. EST. That rally ran out of gas/got capped at the London p.m. gold fix, which came minutes after 10 a.m. EST.—about 15 minutes after the rally began. From gold’s high of the day, the price slowly declined until it stuck its nose back below the $1,200 spot price market shortly before 3 p.m. in New York. At that point a buyer showed up—and gold closed above the $1,200 spot. The low and high ticks were recorded by the CME as $1,181.40 and $1,214.00 in the February contract. Gold closed on New Year’s Eve in New York at $1,205.50 spot, which was up $8.80 from Monday’s close. Volume was an impressive 127,000 contracts. The chart pattern in the silver equities was virtually the same as the HUI, except the silver stocks closed on their absolute high ticks of the day. Nick Laird’s Intraday Silver Sentiment Index closed up 2.47%. Sponsor Advertisement Freegold Ventures Limited is a North American gold exploration company with three gold projects in Alaska. Current projects include Golden Summit, Vinasale and Rob. Both Vinasale and Golden Summit host NI 43-101 Compliant Resource Calculations. An updated NI 43-101 resource was calculated on Golden Summit in October 2012 and using 0.3 g/t cutoff the current resource is 73,580,000 tonnes grading 0.67 g/t Au for total of 1,576,000 contained ounces in the indicated category, and 223,300,000 tonnes grading 0.62 g/t Au for a total of 4,437,000 contained ounces in the inferred category. 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Regret wrecks people’s finances like no other emotion. Nothing feels worse than missing out on a rally, except buying what turns out to be a top. Retail investors were burned badly in 2000 and 2008. “Buy and hold” blew up in their faces. While stock prices lifted in step with the Fed’s balance sheet post-crash, the traumatized little guys sat out the stock market rise until the last year. But now small investors are piling in again, and they’re investing like it’s 1999. “I could see it going up maybe 50% at a minimum, just being conservative,” a 35-year old computer programmer told the Wall Street Journal, talking about the stock price of a small biotech company he was pouring his 401(k) money into. More money flowed into mutual funds and exchange-traded funds last year than ever before. Even more than in 2000, the tech bubble year. 2013 was the first year investors took money out of fixed-income funds after three straight years of dumping it into them. The stock market is one giant roller coaster of regret for retail investors. Regret for not getting in… regret for getting in too late… regret for being left holding the bag. Behavioral economics pioneer and Nobel Prize winner Daniel Kahneman quotes two Dutch psychologists about regret in his bestseller Thinking, Fast and Slow. They noted regret is “accompanied by feelings that one should have known better, by a sinking feeling, by thoughts about the mistake one has made and the opportunities lost, by a tendency to kick oneself and to correct one’s mistake, and by wanting to undo the event and to get a second chance.” Studies of investor brains during experiments simulating stock market investing show the variable that most drove behavior in the investment game, in all markets, was the “r-word.” Regret was a big factor when subjects changed their investments and also “showed up as an extremely strong neural signal in a reward-decision-making region of the brain, the ventral putamen, the same site where reward-prediction error signals appear,” writes neuroscientist Dr. Read Montague. Thus, the brain treats counterfactual experience the same as it does real experience. Regret, in this case, is the difference between the value of what is and the value of what could have been. Dr. Montague offers what he calls a pseudo-equation: “Terry Malloy’s Regret equals (value of being a contender minus value of being a bum). Why this is important is something called dopamine, a chemical in the brain that helps humans decide how to take actions that will result in rewards at the right time.” As investors pile into high-flying stocks, they receive a dopamine kick to their brains similar to the sensation a drug addict receives when getting high, or the response our brains receive during sex. The sensation occurs in anticipation of the great returns. Getting what we expect doesn’t provide a dopamine rush, only unexpected gains do. The same way an addict needs larger doses, market investors crave more risk. As the market continues to surge ahead, bad memories have faded and individual investors are chasing higher highs—literally. When the investments crash, the pain of regret will be that much greater. Are investors about to plunge into another deep valley of regret? This week Elliott Wave International’s Robert Prechter gives us some perspective on how far the market has soared in investor sentiment since the dark days of five years ago. The financial press’s rationalizations cloud our senses to the continued irrational investment ebullience. Mr. Prechter brings us back to earth below—plus he has an offer just for Casey readers: get two free weeks of EWI’s Financial Forecast Service to help you navigate these troubled times. Enjoy, Doug French, Contributing Editor
The price action in platinum and palladium barely had a pulse, either. Here are the charts. The silver equities price path looked similar, but Nick Laird’s Silver Sentiment Index closed up only 1.02% There are four trading days left for contract holders in the May delivery month in silver to either sell, roll, or stand for delivery—and there are still about 44,000 contracts left open. Only 5,577 were rolled yesterday, at least according to the preliminary report from the CME Group. When I checked the CME’s preliminary Daily Information Bulletin that was posted on their website in the wee hours of this morning EDT—it showed the big increase in silver open interest for the April delivery month that appeared on their Daily Delivery Report late last evening. As I said earlier, it’s obvious, at least to me, that this delivery from JPM to Scotiabank was privately arranged and hidden from public view until the last possible moment. As to what it portends for the future, I don’t really know for sure, although I do have my suspicions—which I’ll keep to myself, as it falls into the “wild-ass speculation” category. Not much of anything happened in Far East trading on their Thursday—and the same can be said now that London has been open about 20 minutes. Volumes in both gold and silver are very light—about 18,000 contracts in gold, and 4,000 contracts [net of roll-overs] in silver. The dollar index is down a handful of basis points. And as I send this out the door to Stowe, Vermont at 4:55 a.m. EDT, all four precious metals are now down a bit from yesterday’s close in New York. I see that JPMorgan et al are still trying to beat up the technical funds to the down side in silver—and it remains to be seen how successful they are. But at these volume/price levels, they’re picking up nickles in front of the proverbial steamroller. Volumes in gold and silver are still on lighter side, so it’s not wise to read too much into this price action, even in silver—although the volume in that has picked up quite a bit, as has the roll-over action. The dollar index is still down the same handful of basis points it was 90 minutes ago. Here’s the Kitco silver chart as I hit the ‘send’ button. I have very few stories for you today—and the final edit is yours. Once in a while you will stumble upon the truth, but most of us manage to pick ourselves up and hurry along as if nothing had happened. – Winston Churchill There’s not a lot to read into yesterday’s price action—and it was just another day off the calendar as Ted Butler is wont to say from time to time. Here, once again, are the 6-month charts for gold and silver. With no new lows being set—and price action subdued on top of that—I doubt very much if yesterday’s trading meant much as far as the Commitment of Traders Report is concerned. Sponsor Advertisement There’s not a lot to read into yesterday’s price action [Note: After three years without a break, I’ll be taking some time off. There will be no Gold and Silver Daily next week. Ed] The gold price action on Wednesday was a real yawner. The only activity worthy of mention was the small rally that began at the London a.m. gold fix—and “da boyz” took care of that at exactly 1 p.m. BST—20 minutes before the Comex open. From there it got sold down to its 10:35 a.m. EDT low—and then recovered a bit before trading sideways for the remainder of the day. The highs and lows aren’t worth looking up. Gold finished the Wednesday trading session at $1,283.70 spot—unchanged on the day. Volume, net of April and May, was only 113,000 contracts. This is the second day in a row that the precious metal equities vastly outperformed the metals themselves—and I’ve very encouraged by that. The CME Daily Delivery Report showed that 56 gold and a whopping 151 silver contracts were posted for delivery within the Comex-approved depositories on Friday. Once again the largest short/issuer in gold was Jefferies and, once again, the two biggest long stoppers were JPMorgan and Canada’s Scotiabank. But the totally out-of-the-blue surprise was the 151 silver contracts that were posted for delivery, as there was no hint of it in the current CME’s Daily Information Bulletin. I would guess that this delivery was arranged privately—and left until the last possible moment. It was the biggest Comex silver short [JPMorgan] delivering to the second largest Comex silver short [Canada’s Scotiabank]. One crook lending a helping hand to another crook, methinks. The link to yesterday’s Issuers and Stoppers Report is here—and it’s worth a quick peek. While on the subject of deliveries, according to the current CME Daily Information Bulletin, there are around 600 gold contracts still open in April—and that’s netting out the deliveries due today, plus the 56 contracts posted for delivery tomorrow. Any bets that JPMorgan and Scotiabank are long/stoppers on what’s left to deliver this month? The only other unknown would be the identity of the short/issuer. Jefferies, perhaps—but that’s a lot of contracts for a company their size. In the end, it doesn’t really matter who they are, but it’s fun to speculate, now that we’re down to the final days before all and sundry have to make their intentions known. There were no reported changes in either GLD or SLV yesterday. The U.S. Mint had a smallish sales report. They sold 50,000 silver eagles—and that was it. There was no in/out movement in gold at the Comex-approved depositories on Tuesday—and only smallish in/out movement in silver, as 20,717 troy ounces were received—and 88,852 troy ounces were shipped out. The link to that activity, such as it was, is here. Here are two more gold and silver charts courtesy of Nick Laird that he whipped up for us yesterday. The top chart in both is the spot price in each metal going back about 8 years. The 2-colour charts below that show the long and short positions of the Big 4 and Big 8 traders in each in the Commitment of Traders Report over the same time period. Note the short positions of the Big 8 in gold vs. the Big 8 in silver over time—especially over the last six months or so.