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<p>The commodity price volatility over the past couple of years has had a deep and likely lasting impact on the oil and gas industry. Companies have learned the hard way that exposure to commodity prices plus loads of leverage could be the undoing of a company. That's why a most midstream companies have focused their attention on bolstering their fee-based asset base. That has certainly been a focus of Boardwalk Pipeline Partners , which has been investing heavily to boost its portfolio of fee-based assets. These assets now support more than 90% of its revenue, with even greater support on the way.</p>
<p>Continue Reading Below</p>
<p>Drilling down into this numberBoardwalk Pipeline Partners actually has a pretty strong history of deriving the bulk of its revenue from fee-based assets. As the slide below notes, roughly 80% of its revenue has come from take-or-pay contracts while another 10% has come from utilization charges keeping the fee-based average at well over 90% for the past five years:</p>
<p>Image source: Boardwalk Pipeline Partners Investor Presentation.</p>
<p>Where the company has run into a little bit of trouble is when its fee-based contracts have come up for renewal, with the company having to take lower rates on some pipelines a couple years back just to keep the capacity from dropping to much. That came at the wrong time for Boardwalk, which was in the middle of a multibillion-dollar expansion program and needed all the cash it could get to fund that program without going too deeply in debt. That's one reason why it significantly reduced its dividend, using that cash flow to help support the construction of its next wave of fee-based projects.</p>
<p>The remaining projects, which were alluded to on the above slide, will cost the company $1.6 billion. However, they're backed by a weighted-average contract life of about 18 years. That will help extend the weighted-average contract life of the company's current fee-based portfolio, which at the moment averages just five years.</p>
<p>This is important because these fee-based contracts basically lock in the bulk of the company's revenue for the next few years. In a sense, it puts a firm floor underneath revenue, with that floor slowly growing as new assets are placed into service. As this next slide shows, that floor is expected to grow from $940 million last year to $1.03 billion by 2017:</p>
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<p>Image source: Boardwalk Pipeline Partners Investor Presentation.</p>
<p>What this means is that the company can bank on this revenue no matter what commodity prices or volumes do over the next few years.</p>
<p>When commodity prices hitWe saw just what commodity price volatility could do to the earnings of the company's peers last year. Energy Transfer Partners' midstream segment, for example, has come under a lot of pressure due to weakening commodity prices. As the chart below shows, its midstream segment's earnings last quarter were down substantially year over year:</p>
<p>Data source: Energy Transfer Partners.</p>
<p>Energy Transfer Partners attributed the decline to lower natural gas and NGL prices, which resulted in lower non-fee based margins. That roughly $100 million year-over-year decline in segment earnings worked out to a 6% impact on the company's overall segment earnings. It was also a major factor pushing Energy Transfer Partners' distribution coverage ratio in 2015 down to a very concerning 0.99 times, meaning it paid out all of its cash flow and then some.</p>
<p>Meanwhile, midstream peers Williams Companies and its MLP Williams Partners also both experienced a similar impact from commodity price volatility last year. While Williams Partners noted that its adjusted EBITDA rose $848 million, or by 26% to $4.09 billion, that was a much smaller increase than the company's fee-based revenue, which surged 36% or by $1.376 billion due to fee-based projects going into service. Offsetting this surge in fee-based revenue was a $229 million hit from lower NGL margins after NGL prices remained at a 13-year low. That impact resulted in Williams Partners non-adjusted distribution coverage ratio averaging a worrisome 0.97 times last year with its general partner Williams Companies also seeing a concerning 0.99 times coverage ratio last year.</p>
<p>Investor takeawayFee-based revenue that's backed by long-term contracts really matters for midstream companies. That's why Boardwalk Pipeline Partners' investors need to keep an eye on this number. Right now, it's not only well over 90% but poised to head higher given its investments to build additional fee-based assets. However, if Boardwalk were to start building or buying assets that are exposed to commodity prices, it has the potential to push that number down. That could have a big impact on cash flow and a company's ability to comfortably maintain its distribution and fund growth projects during troubling times.</p>
<p>The article <a href="http://www.fool.com/investing/general/2016/04/01/1-key-boardwalk-pipeline-partners-lp-number-you-mu.aspx" type="external">1 Key Boardwalk Pipeline Partners, LP Number You Must Know Opens a New Window.</a> originally appeared on Fool.com.</p>
<p><a href="http://my.fool.com/profile/TMFmd19/info.aspx?source=eptfxblnk0000004" type="external">Matt DiLallo Opens a New Window.</a> has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services <a href="http://www.fool.com/shop/newsletters/index.aspx?source=eptfxblnk0000004" type="external">free for 30 days Opens a New Window.</a>. We Fools may not all hold the same opinions, but we all believe that <a href="http://wiki.fool.com/Motley?source=eptfxblnk0000004" type="external">considering a diverse range of insights Opens a New Window.</a> makes us better investors. The Motley Fool has a <a href="http://www.fool.com/Legal/fool-disclosure-policy.aspx?source=eptfxblnk0000004" type="external">disclosure policy Opens a New Window.</a>.</p>
<p>Copyright 1995 - 2016 The Motley Fool, LLC. All rights reserved. The Motley Fool has a <a href="http://www.fool.com/help/index.htm?display=about02" type="external">disclosure policy Opens a New Window.</a>.</p> | true | 0 | commodity price volatility past couple years deep likely lasting impact oil gas industry companies learned hard way exposure commodity prices plus loads leverage could undoing company thats midstream companies focused attention bolstering feebased asset base certainly focus boardwalk pipeline partners investing heavily boost portfolio feebased assets assets support 90 revenue even greater support way continue reading drilling numberboardwalk pipeline partners actually pretty strong history deriving bulk revenue feebased assets slide notes roughly 80 revenue come takeorpay contracts another 10 come utilization charges keeping feebased average well 90 past five years image source boardwalk pipeline partners investor presentation company run little bit trouble feebased contracts come renewal company take lower rates pipelines couple years back keep capacity dropping much came wrong time boardwalk middle multibilliondollar expansion program needed cash could get fund program without going deeply debt thats one reason significantly reduced dividend using cash flow help support construction next wave feebased projects remaining projects alluded slide cost company 16 billion however theyre backed weightedaverage contract life 18 years help extend weightedaverage contract life companys current feebased portfolio moment averages five years important feebased contracts basically lock bulk companys revenue next years sense puts firm floor underneath revenue floor slowly growing new assets placed service next slide shows floor expected grow 940 million last year 103 billion 2017 advertisement image source boardwalk pipeline partners investor presentation means company bank revenue matter commodity prices volumes next years commodity prices hitwe saw commodity price volatility could earnings companys peers last year energy transfer partners midstream segment example come lot pressure due weakening commodity prices chart shows midstream segments earnings last quarter substantially year year data source energy transfer partners energy transfer partners attributed decline lower natural gas ngl prices resulted lower nonfee based margins roughly 100 million yearoveryear decline segment earnings worked 6 impact companys overall segment earnings also major factor pushing energy transfer partners distribution coverage ratio 2015 concerning 099 times meaning paid cash flow meanwhile midstream peers williams companies mlp williams partners also experienced similar impact commodity price volatility last year williams partners noted adjusted ebitda rose 848 million 26 409 billion much smaller increase companys feebased revenue surged 36 1376 billion due feebased projects going service offsetting surge feebased revenue 229 million hit lower ngl margins ngl prices remained 13year low impact resulted williams partners nonadjusted distribution coverage ratio averaging worrisome 097 times last year general partner williams companies also seeing concerning 099 times coverage ratio last year investor takeawayfeebased revenue thats backed longterm contracts really matters midstream companies thats boardwalk pipeline partners investors need keep eye number right well 90 poised head higher given investments build additional feebased assets however boardwalk start building buying assets exposed commodity prices potential push number could big impact cash flow companys ability comfortably maintain distribution fund growth projects troubling times article 1 key boardwalk pipeline partners lp number must know opens new window originally appeared foolcom matt dilallo opens new window position stocks mentioned motley fool position stocks mentioned try foolish newsletter services free 30 days opens new window fools may hold opinions believe considering diverse range insights opens new window makes us better investors motley fool disclosure policy opens new window copyright 1995 2016 motley fool llc rights reserved motley fool disclosure policy opens new window | 544 |
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<p>3D SystemsCorporation(NYSE: DDD) and Stratasys Ltd. (NASDAQ: SSYS)are the largest and most diversified publicly traded pure-play 3D printing companies. Some investors who are bullish on the long-term potential of 3D printing likely want to invest in at least one of these two companies. The two industry leaders share many similarities -- in size, business mix and model, and recent struggles to grow revenue due to a widespread slowdown in demand. So, it can be difficult to tease out relevant key differences to determine which company's stock is the better long-term investment.</p>
<p>Continue Reading Below</p>
<p>Our quest here is to try to answer that question -- or at least provide some insight into it.</p>
<p>Image source: Getty Images.</p>
<p>"Quality" here refers to top management's ability to strategize and execute. Both3D printing companieshave struggled with execution over the last couple of years -- 3D Systems more widely, and Stratasys with respect to its desktop unit, MakerBot. However, both have new CEOs in 2016, and 3D Systems also has a very new CFO, so we could see some changes -- positive or negative -- on the execution front.</p>
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<p>How well the two leading 3D printing companies perform is going to largely depend upon how well their respective new top leadership teams strategize and execute. It's too early to tell which company has the best team.</p>
<p>The 3D printing leaders have similar business mixes and models. Both sell 3D printers and related hardware, sell material for the printers, and have service operations that perform on-demand 3D printing services.</p>
<p>Both companies employ a razor-and-blade-like business model in their hardware businesses, where 3D printers are the "razors," and materials and service contracts are the "blades." The more 3D printers sold, the greater the demand should be for materials and service contracts in the future. These types of business models can be quite lucrative when they're working well, because the recurring revenue streams they generate typically sport higher profit margins than a company's average.</p>
<p>The effectiveness of these business models is illustrated by the fact that, while Stratasys' 3D printer revenue declined 19% year over year in the second quarter, its print materials revenue increased 11%, and its customer support revenue, which includes revenue generated from service contracts, also rose 11%.</p>
<p>The primary goal of companies that use razor-and-blade-like business models is to build the largest installed base of their "razors."</p>
<p>Stratasys has sold a total of 156,543 3D printers across its three brands (Stratasys, Objet, and MakerBot) as of the end of the second quarter of 2016. Of course, we can't know how many of these systems are still printing away. The company has long claimed to have the largest installed base of 3D printers in the industry -- an achievement that surely got a big boost from its acquisition of MakerBot in 2013.</p>
<p>While Stratasys doesn't seem to be advertising this claim more recently, there's no reason to believe anything has changed on this front. 3D Systems doesn't make public itsinstalled base numbers, though it's never challenged Stratasys' king-of-the-installed base claim.</p>
<p>3D Systems has seven 3D printing technologies, while Stratasys has three. 3D Systems' greater technological diversity should theoretically provide it with greater market potential and make it less vulnerable to competition.So, some folks might want to put this category in 3D Systems' column.</p>
<p>I'm making a subjective call, however, and deeming this category a tie. That's because Stratasys has the edge in quality, in my opinion, and quality is at least as important as quantity. Stratasys' Polyjet Connex tech is the creme de la creme of the established polymer 3D printing technologies, in my view. (Polymers include all plastics, but not all polymers are plastics.) This technology, whose standout features are its multicolor and multimaterial capabilities, is especially favored in the entertainment industry.</p>
<p>Investors will soon get a taste of the relative strengths of 3D Systems' and Stratasys' technological moats. Several new entrants -- most notably HP Inc. and Carbon (formerly Carbon3D) -- have recently launched speedy and otherwise compelling polymer 3D printers for the enterprise market.</p>
<p>3D Systems has the edge here because it sells 3D printers that can print in materials other than polymers -- namely, metals and ceramics -- whereas Stratasys sells only printers with polymer capabilities. This factor should theoretically better insulate Triple D from competition from HP and Carbon, both of whose 3D printers print only in polymers. 3D Systems' edge, though, is tempered by the fact that both it and Stratasys have materials capabilities beyond polymers in their 3D printing services operations.</p>
<p>Both companies continue to struggle to grow revenue because of the industrywide slowdown in demand for 3D printers that began in early 2015. Stratasys has attributed this slowdown to a glut of 3D printers in the field due to the large numbers that were sold in the previous few years. It has also acknowledged that increased competition has likely lengthened sales cycles because customers have more choices to consider.</p>
<p>Both companies continue to post negative earnings on a generally accepted accounting principles, or GAAP, basis. 3D Systems, however, performed better from an adjusted earnings-per-share basis in the second quarter. Its adjusted EPS increased to $0.12, up from $0.03 in the year-ago period. Stratasys' adjusted EPS also came in at $0.12, but it was down from $0.15.</p>
<p>3D Systems' GAAP gross margin was 50.9% in the second quarter, up from 47.9% in the year-ago period. The company trumped Stratasys' 46.2% on this key metric. However, Stratasys' adjusted gross margin of 55.9% comfortably beat 3D Systems' 50%.</p>
<p>Both companies sport clean balance sheets, with a solid amount of cash on hand and no long-term debt. Moreover, while they both continue to report negative earnings, they're both at least generating positive cash flows from their operations.</p>
<p>3D Systems generated $12.9 million in cash from operations in the second quarter, while Stratasys' generated $6.9 million. However, Stratasys had the larger cash stash at the end of the quarter: $253.9 million vs. 3D Systems' $176.2 million.</p>
<p>3D Systems and Stratasys share too manysimilaritiesand have performed inrelatively similar ways more recently to call one of them the better investment. Of course, investors should also consider valuations when making investment decisions.</p>
<p>Many investors likely have long favored one of these two 3D printing companies over the other. I'd suggest keeping an open mind now that both companies have had recent changes in top leadership. We should soon see evidence that one top management team is emerging as better able to strategize and execute in an increasingly competitiveenvironment.</p>
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<p><a href="http://my.fool.com/profile/TMFMcKenna/info.aspx" type="external">Beth McKenna Opens a New Window.</a> has no position in any stocks mentioned. The Motley Fool recommends 3D Systems and Stratasys. Try any of our Foolish newsletter services <a href="http://www.fool.com/shop/newsletters/index.aspx?source=isiedilnk018048&amp;utm_campaign=article&amp;utm_medium=feed&amp;utm_source=foxbusiness" type="external">free for 30 days Opens a New Window.</a>. We Fools may not all hold the same opinions, but we all believe that <a href="http://www.fool.com/knowledge-center/motley.aspx?&amp;utm_campaign=article&amp;utm_medium=feed&amp;utm_source=foxbusiness" type="external">considering a diverse range of insights Opens a New Window.</a> makes us better investors. The Motley Fool has a <a href="http://www.fool.com/Legal/fool-disclosure-policy.aspx?&amp;utm_campaign=article&amp;utm_medium=feed&amp;utm_source=foxbusiness" type="external">disclosure policy Opens a New Window.</a>.</p> | true | 0 | 3d systemscorporationnyse ddd stratasys ltd nasdaq ssysare largest diversified publicly traded pureplay 3d printing companies investors bullish longterm potential 3d printing likely want invest least one two companies two industry leaders share many similarities size business mix model recent struggles grow revenue due widespread slowdown demand difficult tease relevant key differences determine companys stock better longterm investment continue reading quest try answer question least provide insight image source getty images quality refers top managements ability strategize execute both3d printing companieshave struggled execution last couple years 3d systems widely stratasys respect desktop unit makerbot however new ceos 2016 3d systems also new cfo could see changes positive negative execution front advertisement well two leading 3d printing companies perform going largely depend upon well respective new top leadership teams strategize execute early tell company best team 3d printing leaders similar business mixes models sell 3d printers related hardware sell material printers service operations perform ondemand 3d printing services companies employ razorandbladelike business model hardware businesses 3d printers razors materials service contracts blades 3d printers sold greater demand materials service contracts future types business models quite lucrative theyre working well recurring revenue streams generate typically sport higher profit margins companys average effectiveness business models illustrated fact stratasys 3d printer revenue declined 19 year year second quarter print materials revenue increased 11 customer support revenue includes revenue generated service contracts also rose 11 primary goal companies use razorandbladelike business models build largest installed base razors stratasys sold total 156543 3d printers across three brands stratasys objet makerbot end second quarter 2016 course cant know many systems still printing away company long claimed largest installed base 3d printers industry achievement surely got big boost acquisition makerbot 2013 stratasys doesnt seem advertising claim recently theres reason believe anything changed front 3d systems doesnt make public itsinstalled base numbers though never challenged stratasys kingoftheinstalled base claim 3d systems seven 3d printing technologies stratasys three 3d systems greater technological diversity theoretically provide greater market potential make less vulnerable competitionso folks might want put category 3d systems column im making subjective call however deeming category tie thats stratasys edge quality opinion quality least important quantity stratasys polyjet connex tech creme de la creme established polymer 3d printing technologies view polymers include plastics polymers plastics technology whose standout features multicolor multimaterial capabilities especially favored entertainment industry investors soon get taste relative strengths 3d systems stratasys technological moats several new entrants notably hp inc carbon formerly carbon3d recently launched speedy otherwise compelling polymer 3d printers enterprise market 3d systems edge sells 3d printers print materials polymers namely metals ceramics whereas stratasys sells printers polymer capabilities factor theoretically better insulate triple competition hp carbon whose 3d printers print polymers 3d systems edge though tempered fact stratasys materials capabilities beyond polymers 3d printing services operations companies continue struggle grow revenue industrywide slowdown demand 3d printers began early 2015 stratasys attributed slowdown glut 3d printers field due large numbers sold previous years also acknowledged increased competition likely lengthened sales cycles customers choices consider companies continue post negative earnings generally accepted accounting principles gaap basis 3d systems however performed better adjusted earningspershare basis second quarter adjusted eps increased 012 003 yearago period stratasys adjusted eps also came 012 015 3d systems gaap gross margin 509 second quarter 479 yearago period company trumped stratasys 462 key metric however stratasys adjusted gross margin 559 comfortably beat 3d systems 50 companies sport clean balance sheets solid amount cash hand longterm debt moreover continue report negative earnings theyre least generating positive cash flows operations 3d systems generated 129 million cash operations second quarter stratasys generated 69 million however stratasys larger cash stash end quarter 2539 million vs 3d systems 1762 million 3d systems stratasys share manysimilaritiesand performed inrelatively similar ways recently call one better investment course investors also consider valuations making investment decisions many investors likely long favored one two 3d printing companies id suggest keeping open mind companies recent changes top leadership soon see evidence one top management team emerging better able strategize execute increasingly competitiveenvironment secret billiondollar stock opportunity worlds biggest tech company forgot show something wall street analysts fool didnt miss beat theres small company thats powering brandnew gadgets coming revolution technology think stock price nearly unlimited room run early intheknow investors one click opens new window beth mckenna opens new window position stocks mentioned motley fool recommends 3d systems stratasys try foolish newsletter services free 30 days opens new window fools may hold opinions believe considering diverse range insights opens new window makes us better investors motley fool disclosure policy opens new window | 758 |
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<p>Image source: Getty Images.</p>
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<p>For the roughly 150 million of you who file income tax returns with the federal government each year, relish in the fact that you're about as far away as possible from Tax Day (traditionally April 15) as you can get!</p>
<p>However, millions of other Americans are nearing crunch time. Though we don't have the data as of yet for the 2015 tax year, since the Internal Revenue Service released tax filing data after the fact, nearly 13 million taxpayers chose to file extensions (Form 4868) in 2014 for their 2013 tax returns. This is important because the Oct. 17, 2016 deadline for people who filed federal tax extensions for the 2015 tax year is rapidly approaching.</p>
<p>In some respects, filing for a tax extension makes a lot of sense. For example, if you have missing or inaccurate information, then you simply don't have the ability to file a complete tax return on-time. TurboTax notes that it's not completely unusual to have Form 1099 or a Schedule K-1 arrive late and foul up your plans to file your taxes by the April deadline.</p>
<p>Two other reasons why some people may consider extensions are if they'll be out of town on business or a vacation, or if major life events get in the way and they simply don't have time to complete their federal income tax return before the April deadline rolls around. Whatever the reason, the IRS allows taxpayers to take advantage of extensions if they need them -- and apparently quite a few do.</p>
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<p>But as we inch closer to the October 2016 tax extension deadline, there are three things these millions of tax extension filers need to know.</p>
<p>Image source: Getty Images.</p>
<p>One realization you may have had when filing your tax extension was that an extension doesn't exempt you from paying the federal government what you believe you'll owe. People filing for a tax extension are still required to pay 90% of what they believe they'll owe by the April Tax Day deadline.</p>
<p>If you failed to pay the full amount owed to the IRS by the April tax deadline, you'll more than likely owe penalties and interest as well. Failing to pay the full balance of what you owe can result in a 0.5% penalty per month, with a maximum penalty that works out to 25% of what you owe. Additionally, interest is charged (the federal short-term rate plus 3%) on your remaining balance, with this interest rate subject to change on a quarterly basis.</p>
<p>But fail to miss the October tax extension deadline and you could really be hurting. The penalty for failing to file your tax return or tax extension can be 10 times as much (5% per month) as simply failing to pay (0.5% per month). When combined, the maximum penalty for failure to pay and file could reach as high as 47.5% of your total tax bill (22.5% for late filing and 25% for late payment).</p>
<p>Long story short: be prepared to open your wallet if you've filed for an extension and failed to pay enough of your tax back in April.</p>
<p>Image source: Getty Images.</p>
<p>The second thing you'll want to know if you've filed a tax extension is that if you can't afford to pay the remainder that's owed, the smartest thing you can do is be proactive and contact the IRS in an attempt to work out an installment agreement. Just like a lender that's owed money, the IRS would rather work with you to collect your balance in full than have to penalize you and try to collect by other means.</p>
<p>According to <a href="https://smartasset.com/taxes/4-things-to-know-about-the-october-tax-extension-deadline" type="external">SmartAsset Opens a New Window.</a>, qualifying for an installment agreement with the IRS is fairly straightforward. As long as you don't owe more than $50,000 and you've remained up-to-date on your tax filing, then you'll probably be able to work out a payment plan with the IRS over a 72-month period.</p>
<p>Being proactive and upfront with the IRS over your inability to pay also has an ancillary benefit: you may be able to get some, or all, of your penalties waved. Furthermore, if you haven't had any recent tax trouble over the past three years and you proactively approach the IRS for help, they may even be willing to reduce the amount that you owe.</p>
<p>Image source: U.S. Army.</p>
<p>Finally, if you filed a tax extension, consider that a select few circumstances could allow you to postpone your tax deadline even further.</p>
<p>For example, if you're in the military and stationed abroad, or you're in a combat zone, you may qualify for certain automatic exemptions that go well beyond the October tax extension deadline. Typically, members of the armed forces are granted an extension of 180 days from their last day of service in a combat zone. In certain cases, additional days may be tacked on for the period prior to Tax Day that military members were deployed. In short, the extension can vary from case to case, but members of the military in combat or stationed abroad usually have a viable reason to extend their tax filing.</p>
<p>Another instance would be U.S. citizens who are living abroad. According to the IRS, U.S. citizens living abroad who also have a main place of business outside of the U.S. or Puerto Rico are allowed an automatic extension of two months to file their return and pay their federal income taxes.</p>
<p>With Tax Day version 2.0 approaching, make sure you understand your options.</p>
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<p>The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services <a href="http://www.fool.com/shop/newsletters/index.aspx?source=isiedilnk018048&amp;utm_campaign=article&amp;utm_medium=feed&amp;utm_source=foxbusiness" type="external">free for 30 days Opens a New Window.</a>. We Fools may not all hold the same opinions, but we all believe that <a href="http://wiki.fool.com/Motley" type="external">considering a diverse range of insights Opens a New Window.</a>makes us better investors. The Motley Fool has a <a href="http://www.fool.com/Legal/fool-disclosure-policy.aspx?&amp;utm_campaign=article&amp;utm_medium=feed&amp;utm_source=foxbusiness" type="external">disclosure policy Opens a New Window.</a>.</p> | true | 0 | image source getty images continue reading roughly 150 million file income tax returns federal government year relish fact youre far away possible tax day traditionally april 15 get however millions americans nearing crunch time though dont data yet 2015 tax year since internal revenue service released tax filing data fact nearly 13 million taxpayers chose file extensions form 4868 2014 2013 tax returns important oct 17 2016 deadline people filed federal tax extensions 2015 tax year rapidly approaching respects filing tax extension makes lot sense example missing inaccurate information simply dont ability file complete tax return ontime turbotax notes completely unusual form 1099 schedule k1 arrive late foul plans file taxes april deadline two reasons people may consider extensions theyll town business vacation major life events get way simply dont time complete federal income tax return april deadline rolls around whatever reason irs allows taxpayers take advantage extensions need apparently quite advertisement inch closer october 2016 tax extension deadline three things millions tax extension filers need know image source getty images one realization may filing tax extension extension doesnt exempt paying federal government believe youll owe people filing tax extension still required pay 90 believe theyll owe april tax day deadline failed pay full amount owed irs april tax deadline youll likely owe penalties interest well failing pay full balance owe result 05 penalty per month maximum penalty works 25 owe additionally interest charged federal shortterm rate plus 3 remaining balance interest rate subject change quarterly basis fail miss october tax extension deadline could really hurting penalty failing file tax return tax extension 10 times much 5 per month simply failing pay 05 per month combined maximum penalty failure pay file could reach high 475 total tax bill 225 late filing 25 late payment long story short prepared open wallet youve filed extension failed pay enough tax back april image source getty images second thing youll want know youve filed tax extension cant afford pay remainder thats owed smartest thing proactive contact irs attempt work installment agreement like lender thats owed money irs would rather work collect balance full penalize try collect means according smartasset opens new window qualifying installment agreement irs fairly straightforward long dont owe 50000 youve remained uptodate tax filing youll probably able work payment plan irs 72month period proactive upfront irs inability pay also ancillary benefit may able get penalties waved furthermore havent recent tax trouble past three years proactively approach irs help may even willing reduce amount owe image source us army finally filed tax extension consider select circumstances could allow postpone tax deadline even example youre military stationed abroad youre combat zone may qualify certain automatic exemptions go well beyond october tax extension deadline typically members armed forces granted extension 180 days last day service combat zone certain cases additional days may tacked period prior tax day military members deployed short extension vary case case members military combat stationed abroad usually viable reason extend tax filing another instance would us citizens living abroad according irs us citizens living abroad also main place business outside us puerto rico allowed automatic extension two months file return pay federal income taxes tax day version 20 approaching make sure understand options 15834 social security bonus retirees completely overlook youre like americans youre years behind retirement savings handful littleknown social security secrets could help ensure boost retirement income example one easy trick could pay much 15834 year learn maximize social security benefits think could retire confidently peace mind simply click discover learn strategies opens new window sean williams opens new windowhas material interest companies mentioned article follow caps screen name tmfultralong opens new window check twitter goes handle tmfultralong opens new window motley fool position stocks mentioned try foolish newsletter services free 30 days opens new window fools may hold opinions believe considering diverse range insights opens new windowmakes us better investors motley fool disclosure policy opens new window | 650 |
<p>A row about how much top British politicians and officials knew about interest rate rigging will intensify on Monday as the man tipped to be the next Bank of England governor reveals what he told Barclays when it fiddled its figures.</p>
<p>Paul Tucker, deputy governor of the Bank of England, will appear before lawmakers examining Barclays and other banks suspected of manipulating Libor, the interbank lending rate that underpins trillions of dollars of contracts around the globe. He appears at 1530 GMT.</p>
<p>Continue Reading Below</p>
<p>Earlier this month, Barclays was fined a record $450 million by U.S. and UK regulators for conspiring to rig Libor rates between 2005 and 2009, plunging the bank into crisis and triggering a brawl between politicians over who was to blame.</p>
<p>Brussels also stepped up its involvement in the probe and said it intends to propose new rules that would criminalise the manipulation of indexes such as Libor.</p>
<p>"We need to draw lessons from the Libor case," said a spokesman for Michel Barnier, the EU Commissioner in charge of financial regulation. "We intend to close the regulatory gap in our proposed market abuse legislation by including the direct manipulation of market indexes such as Libor."</p>
<p>The BoE's Tucker asked to appear before the lawmakers' panel to clarify his position after questions over his role in the scandal. Barclays is among more than a dozen global banks under investigation by authorities in North America, Europe and Japan, but the only one so far to admit wrongdoing.</p>
<p>Barclays says some of its traders tried to manipulate Libor to improve their trading positions, and also says it wrongly lowered its estimates of the interest it paid other banks at the height of the financial crisis in 2008, to make its health appear better in comparison.</p>
<p>An internal email released by Barclays last week drew Tucker into the scandal, showing that in October 2008 Tucker told Bob Diamond, then Barclays investment bank boss and later its CEO, that top officials questioned why Barclays rates were so high.</p>
<p>"Mr Tucker stated the levels of calls he was receiving from Whitehall were 'senior' and that while he was certain we did not need advice, that it did not always need to be the case that we appeared as high as we have recently," Diamond wrote in 2008.</p>
<p>Barclays has said Diamond's deputy, Jerry del Missier, understood Tucker's comments as a green light to fiddle rates.</p>
<p>Diamond deflected blame from Tucker last week, telling the Treasury Select Committee he did not take Tucker's warning as an instruction to lower Libor estimates, and that del Missier had misunderstood it.</p>
<p>Diamond and del Missier quit Barclays on Tuesday. Several sources have said the BoE and financial regulator had made clear they wanted Diamond to go.</p>
<p>The Bank of England declined to comment on Diamond's note. Before it was released, a bank spokesman said: "It is nonsense to suggest that the Bank of England was aware of any impropriety in the setting of Libor." Tucker has not commented himself.</p>
<p>MORE TESTIMONY</p>
<p>Britain's Finance Minister George Osborne has said people close to then-Prime Minister Gordon Brown were implicated.</p>
<p>Osborne's Conservatives-led coalition replaced Brown's Labour government in 2010. Labour has angrily denied Osborne's accusation of complicity, leading to heated exchanges on the floor of the House of Commons.</p>
<p>Tucker's appearance before the Treasury Select Committee will be followed the next day by Marcus Agius, who quit as Barclays chairman on Monday to take the heat off Diamond, but then became executive chairman when Diamond left. Agius will stay until a replacement is found.</p>
<p>Adair Turner, chairman of the Financial Services Authority, could also be called to appear later in the week.</p>
<p>The scandal - complete with emails showing bankers boasting of fiddling figures and congratulating each other with offers of champagne - has sparked fierce criticism about the financial industry in general and Barclays in particular.</p>
<p>Politicians say Diamond fostered an aggressive culture of excessive risk-taking, and have raised the threat of more political and regulatory intrusion in its operations. New pressure could force the bank to shrink or hive off its investment banking arm.</p>
<p>Diamond says Barclays was unfairly targeted for agreeing to accept blame for a practice that was widespread in the industry.</p>
<p>Barclays is the only bank to settle in what has been a long-running Libor investigation involving more than a dozen banks, including UBS, Deutsche Bank and Royal Bank of Scotland.</p>
<p>Britain's fraud squad took up the case on Friday, raising the prospect of criminal prosecutions, and sources told Reuters that Germany's markets regulator had launched a probe into Deutsche Bank.</p>
<p>Two Deutsche Bank employees were suspended and left the bank in late 2011 after an examination of whether staff were involved in manipulating interbank lending rates, two sources at Deutsche Bank said, declining to reveal their identity.</p>
<p>Deutsche Bank declined to comment, referring to its last quarterly report, which said it has received subpoenas and requests for information from U.S. and European authorities in connection with setting interbank rates between 2005 and 2011.</p>
<p>UBS declined to comment beyond its last quarterly filing, which said it was being investigated over whether there were improper attempts to manipulate Libor, and it had been granted conditional leniency or immunity for co-operating.</p>
<p>RBS has said "certain members" of the bank are alleged to have individually or collectively manipulated Libor. It declined further comment.</p>
<p>Libor, or the London interbank offered rate, is compiled from estimates by large international banks of how much they believe they have to pay to borrow from each other. It is used for $550 trillion of interest rate derivatives contracts and influences rates on mortgages, student loans and credit cards.</p>
<p>The rates submitted by banks are compiled by Thomson Reuters , parent company of Reuters, on behalf of the British Bankers' Association.</p>
<p>Advertisement</p> | true | 0 | row much top british politicians officials knew interest rate rigging intensify monday man tipped next bank england governor reveals told barclays fiddled figures paul tucker deputy governor bank england appear lawmakers examining barclays banks suspected manipulating libor interbank lending rate underpins trillions dollars contracts around globe appears 1530 gmt continue reading earlier month barclays fined record 450 million us uk regulators conspiring rig libor rates 2005 2009 plunging bank crisis triggering brawl politicians blame brussels also stepped involvement probe said intends propose new rules would criminalise manipulation indexes libor need draw lessons libor case said spokesman michel barnier eu commissioner charge financial regulation intend close regulatory gap proposed market abuse legislation including direct manipulation market indexes libor boes tucker asked appear lawmakers panel clarify position questions role scandal barclays among dozen global banks investigation authorities north america europe japan one far admit wrongdoing barclays says traders tried manipulate libor improve trading positions also says wrongly lowered estimates interest paid banks height financial crisis 2008 make health appear better comparison internal email released barclays last week drew tucker scandal showing october 2008 tucker told bob diamond barclays investment bank boss later ceo top officials questioned barclays rates high mr tucker stated levels calls receiving whitehall senior certain need advice always need case appeared high recently diamond wrote 2008 barclays said diamonds deputy jerry del missier understood tuckers comments green light fiddle rates diamond deflected blame tucker last week telling treasury select committee take tuckers warning instruction lower libor estimates del missier misunderstood diamond del missier quit barclays tuesday several sources said boe financial regulator made clear wanted diamond go bank england declined comment diamonds note released bank spokesman said nonsense suggest bank england aware impropriety setting libor tucker commented testimony britains finance minister george osborne said people close thenprime minister gordon brown implicated osbornes conservativesled coalition replaced browns labour government 2010 labour angrily denied osbornes accusation complicity leading heated exchanges floor house commons tuckers appearance treasury select committee followed next day marcus agius quit barclays chairman monday take heat diamond became executive chairman diamond left agius stay replacement found adair turner chairman financial services authority could also called appear later week scandal complete emails showing bankers boasting fiddling figures congratulating offers champagne sparked fierce criticism financial industry general barclays particular politicians say diamond fostered aggressive culture excessive risktaking raised threat political regulatory intrusion operations new pressure could force bank shrink hive investment banking arm diamond says barclays unfairly targeted agreeing accept blame practice widespread industry barclays bank settle longrunning libor investigation involving dozen banks including ubs deutsche bank royal bank scotland britains fraud squad took case friday raising prospect criminal prosecutions sources told reuters germanys markets regulator launched probe deutsche bank two deutsche bank employees suspended left bank late 2011 examination whether staff involved manipulating interbank lending rates two sources deutsche bank said declining reveal identity deutsche bank declined comment referring last quarterly report said received subpoenas requests information us european authorities connection setting interbank rates 2005 2011 ubs declined comment beyond last quarterly filing said investigated whether improper attempts manipulate libor granted conditional leniency immunity cooperating rbs said certain members bank alleged individually collectively manipulated libor declined comment libor london interbank offered rate compiled estimates large international banks much believe pay borrow used 550 trillion interest rate derivatives contracts influences rates mortgages student loans credit cards rates submitted banks compiled thomson reuters parent company reuters behalf british bankers association advertisement | 570 |
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<p>Online ads are more pervasive today than ever before. Facebook's (NASDAQ: FB) CFO told investors last year that it's nearing the limit of the number of ads it can show in people's News Feeds before they abandon the app or website in search of something with fewer commercial interruptions.</p>
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<p>Ads are simply a part of the internet browsing experience today, but that doesn't mean we have to like them. More people find digital ads annoying compared to television commercials, billboards, and magazine ads even though online advertisers have access to targeting data that should make them more relevant to viewers. Only 31% of internet users said they'd sit through an entire online video ad if it was targeted toward their interests. And a growing number of internet browsers are using ad blockers.</p>
<p>That presents a problem for Facebook, which sees a growing amount of its engagement come from video views. In order to monetize the format, it's experimenting with yet another annoying ad format.</p>
<p>Image source: Facebook.</p>
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<p>The biggest reason people dislike ads on the internet is because they're often disruptive. Pop-up ads can obfuscate the content a reader came to see. Autoplay video ads in the middle of an article can be extremely distracting -- and embarrassing if you're slacking off at work and forgot to mute your computer. Even pre-roll ads, like on YouTube, can disrupt the experience of binge watching unlikely animal friend videos.</p>
<p>Additionally, some people have security and privacy concerns about digital ads. Some <a href="https://www.engadget.com/2016/01/08/you-say-advertising-i-say-block-that-malware/" type="external">high-profile Opens a New Window.</a> <a href="https://www.theguardian.com/technology/2016/mar/16/major-sites-new-york-times-bbc-ransomware-malvertising" type="external">reports Opens a New Window.</a> of digital ads leading browsers to install malware on their computers led people to install ad blockers.</p>
<p>More often, ads creep people out because they "follow" browsers around the web. This gives internet users concerns about how private their browsing history is. (I don't want anyone else to know how many animal friend videos I watched!) Ad blocking software can disable tracking and profiling systems.</p>
<p>There are several other reasons people might block ads, but those are the big ones. So, how is Facebook planning to overcome that challenge?</p>
<p>Facebook is testing mid-roll video ads. Unlike the pre-roll ads you'll sometimes see before YouTube videos, mid-roll ads start at some point in the middle of a video. That hits on the biggest reason people dislike digital advertisements -- they're disruptive.</p>
<p>Facebook's mid-roll video ads have the potential to be the most annoying ad format it's introduced yet if it's not careful. Imagine watching a video, then all of a sudden, about 20 seconds in, an ad starts playing. There's almost no way you're going to sit through it.</p>
<p>At the same time, video publishers have an incentive to make the transition to the ad as smooth and non-disruptive as possible. Publishers receive 55% of revenue from the ad spots.</p>
<p>Facebook sees mid-roll ads more along the lines of television commercials than your typical digital advertisement. Only 36% of respondents said they dislike television commercials, while 57% said they dislike online video ads in a recent survey from <a href="https://research.hubspot.com/reports/why-people-block-ads-and-what-it-means-for-marketers-and-advertisers" type="external">HubSpot Opens a New Window.</a>.</p>
<p>Meanwhile, Facebook is investing heavily in video content. It recently hired MTV's executive vice president Mina Lefevre to head content development on the platform.She'll lead plans to produce content to seed the video ecosystem on the social network with high-quality videos -- the kind of content you'd sit through a commercial interruption to see the whole thing.</p>
<p>Mid-roll ads are a risky proposition. If they prove annoying to most users, it could stop them from coming to Facebook as a destination for video. That's one of CEO Mark Zuckerberg's big goals. "We want people to think of Facebook as a place for interesting and relevant video content from professional creators as well as their friends," he said on the company's fourth-quarter earnings call.</p>
<p>But Facebook is running out of room to put new ads, and users are spending more time watching videos (where they're not seeing ads). In order to keep growing revenue, Facebook needs to find a way to monetize videos directly. Not only that, but monetizing video opens the door to share revenue with professional creators, giving them additional incentives to post their best work to Facebook.</p>
<p>Facebook is being cautious with mid-roll ads, rolling them out to a small portion of users and publishers at a time. Zuckerberg told investors, "The early trends are good," so we could see an expansion in the near future. Facebook will continue to tread lightly, but improving the quality of the average video on its platform and strongly vetting the mid-roll ads to ensure they're relevant to users and the content they're watching should help it maintain those good results.</p>
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<p>*Stock Advisor returns as of February 6, 2017</p>
<p><a href="http://my.fool.com/profile/adamlevy/info.aspx" type="external">Adam Levy Opens a New Window.</a> has no position in any stocks mentioned. The Motley Fool owns shares of and recommends Facebook. The Motley Fool has a <a href="http://www.fool.com/Legal/fool-disclosure-policy.aspx?&amp;utm_campaign=article&amp;utm_medium=feed&amp;utm_source=foxbusiness" type="external">disclosure policy Opens a New Window.</a>.</p> | true | 0 | online ads pervasive today ever facebooks nasdaq fb cfo told investors last year nearing limit number ads show peoples news feeds abandon app website search something fewer commercial interruptions continue reading ads simply part internet browsing experience today doesnt mean like people find digital ads annoying compared television commercials billboards magazine ads even though online advertisers access targeting data make relevant viewers 31 internet users said theyd sit entire online video ad targeted toward interests growing number internet browsers using ad blockers presents problem facebook sees growing amount engagement come video views order monetize format experimenting yet another annoying ad format image source facebook advertisement biggest reason people dislike ads internet theyre often disruptive popup ads obfuscate content reader came see autoplay video ads middle article extremely distracting embarrassing youre slacking work forgot mute computer even preroll ads like youtube disrupt experience binge watching unlikely animal friend videos additionally people security privacy concerns digital ads highprofile opens new window reports opens new window digital ads leading browsers install malware computers led people install ad blockers often ads creep people follow browsers around web gives internet users concerns private browsing history dont want anyone else know many animal friend videos watched ad blocking software disable tracking profiling systems several reasons people might block ads big ones facebook planning overcome challenge facebook testing midroll video ads unlike preroll ads youll sometimes see youtube videos midroll ads start point middle video hits biggest reason people dislike digital advertisements theyre disruptive facebooks midroll video ads potential annoying ad format introduced yet careful imagine watching video sudden 20 seconds ad starts playing theres almost way youre going sit time video publishers incentive make transition ad smooth nondisruptive possible publishers receive 55 revenue ad spots facebook sees midroll ads along lines television commercials typical digital advertisement 36 respondents said dislike television commercials 57 said dislike online video ads recent survey hubspot opens new window meanwhile facebook investing heavily video content recently hired mtvs executive vice president mina lefevre head content development platformshell lead plans produce content seed video ecosystem social network highquality videos kind content youd sit commercial interruption see whole thing midroll ads risky proposition prove annoying users could stop coming facebook destination video thats one ceo mark zuckerbergs big goals want people think facebook place interesting relevant video content professional creators well friends said companys fourthquarter earnings call facebook running room put new ads users spending time watching videos theyre seeing ads order keep growing revenue facebook needs find way monetize videos directly monetizing video opens door share revenue professional creators giving additional incentives post best work facebook facebook cautious midroll ads rolling small portion users publishers time zuckerberg told investors early trends good could see expansion near future facebook continue tread lightly improving quality average video platform strongly vetting midroll ads ensure theyre relevant users content theyre watching help maintain good results 10 stocks like better facebookwhen investing geniuses david tom gardner stock tip pay listen newsletter run decade motley fool stock advisor tripled market david tom revealed believe 10 best stocks opens new window investors buy right facebook wasnt one thats right think 10 stocks even better buys click opens new window learn picks stock advisor returns february 6 2017 adam levy opens new window position stocks mentioned motley fool owns shares recommends facebook motley fool disclosure policy opens new window | 559 |
<p><a href="" type="internal" />What say you? If the police can have, shouldn’t the people?</p>
<p>It is now legal for law enforcement in North Dakota to fly drones armed with everything from Tasers to tear gas thanks to a last-minute push by a pro-police lobbyist.</p>
<p>With all the concern over the <a href="http://www.thedailybeast.com/articles/2014/12/02/the-swat-lobby-bats-away-ferguson.html" type="external">militarization of police</a> in the past year, no one noticed that the state became the first in the union to allow police to equip drones with “less than lethal” weapons. House Bill 1328 wasn’t drafted that way, but then a lobbyist representing law enforcement—tight with a booming drone industry—got his hands on it.</p>
<p>The bill’s stated intent was to require police to obtain a search warrant from a judge in order to use a drone to search for criminal evidence. In fact, the original draft of Rep. Rick Becker’s bill would have banned all weapons on police drones.</p>
<p>Then Bruce Burkett of North Dakota Peace Officer’s Association was allowed by the state house committee to amend HB 1328 and limit the prohibition only to lethal weapons. “Less than lethal” weapons like rubber bullets, pepper spray, tear gas, sound cannons, and Tasers are therefore permitted on police drones.</p>
<p>Becker, the bill’s Republican sponsor, said he had to live with it.</p>
<p>“This is one I’m not in full agreement with. I wish it was any weapon,” he said at a hearing in March. “In my opinion there should be a nice, red line: Drones should not be weaponized. Period.”</p>
<p>Even “less than lethal” weapons can kill though. At least 39 people have been killed by <a href="http://www.thedailybeast.com/articles/2015/04/18/when-police-tasers-kill-the-tragic-death-of-stanley-harlan.html" type="external">police Tasers</a> in 2015 so far, <a href="http://www.theguardian.com/us-news/ng-interactive/2015/jun/01/the-counted-police-killings-us-database" type="external">according</a> to The Guardian. Bean bags, rubber bullets, and flying tear gas canisters have also maimed, if not killed, in the U.S. and abroad.</p>
<p>Becker said he worried about police firing on criminal suspects remotely, not unlike U.S. Air Force pilots who <a href="http://www.thedailybeast.com/articles/2015/06/17/the-war-on-isis-is-a-drone-war.html" type="external">bomb the so-called Islamic State widely known as ISIS from more than 5,000 miles away</a>.</p>
<p>“When you’re not on the ground, and you’re making decisions, you’re sort of separate,” Becker said in March. “Depersonalized.”</p>
<p>Drones have been in use for decades by the military, but their high prices have prevented police departments from obtaining them until recently. Money’s no problem for the the Grand Forks County Sheriff’s Department, though: A California manufacturer loaned them two drones.</p>
<p>Grand Forks County Sheriff Bob Rost said his department’s drones are only equipped with cameras and he doesn’t think he should need a warrant to go snooping.</p>
<p>“It was a bad bill to start with,” Rost told The Daily Beast. “We just thought the whole thing was ridiculous.”</p>
<p>Rost said he needs to use drones for surveillance in order to obtain a warrant in the first place.</p>
<p>“If you have nothing to hide, you have nothing to fear,” Becker remembered opponents like Rost saying.</p>
<p>Yet the sheriff’s department is hiding a full accounting of how many drone missions they’ve flown since 2012. Records requests by The Daily Beast were initially denied by the sheriff because they would “cost a fortune,” and were only handed over after an appeal to the state’s attorney general’s office.</p>
<p>The sheriff and lobbyists assured lawmakers that drones would only be used in non-criminal situations, like the search for a missing person or to photograph an accident scene. What they didn’t mention was the 2011 arrest of Rodney Brossart, a cattle thief who was caught by a Department of Homeland Security drone.</p>
<p>When a few cows wandered onto his land, Brossart refused to take them back to their owner, his neighbor. The neighbor called the police and the situation turned into a 16-hour standoff. Fearful of entering his ranch without knowing where Brossart was, police asked Homeland Security to redirect a Predator searching the border with Canada.</p>
<p>The drone meant to find drug smugglers instead found Brossart—on his own property—and he was arrested.</p>
<p>Law enforcement wasn’t the only one who disapproved of the legislation. A representative from the North Dakota Department of Commerce, the vice president of an economic development group, the founder of a drone company, and the director of the University of North Dakota’s drone major program all testified against the bill.</p>
<p>Why would a bunch of business types want to stop something like warrants for drones?</p>
<p>“I think when you’re trying to stimulate an industry in your state, you don’t want things that would potentially have a chilling effect on [drone] manufacturers,” said Al Frazier, a Grand Forks sheriff’s deputy who pilots the drones.</p>
<p>Organizations like the Association for Unmanned Vehicle Systems International track legislation, especially any laws that appear to limit drone “development,” according to Keith Lund of the Grand Forks Regional Economic Development Corporation.</p>
<p>“Requiring a search warrant for surveillance is ‘restricting development?’” asked Rep. Gary Paur, a Republican, at a hearing.</p>
<p>“It’s really all about the commercial development, which is where all of this is heading,” Lund replied. “If [a law] is somehow limiting commercial, law enforcement development… that is a negative in terms of companies looking and investing in opportunities in the state of North Dakota,” Lund said.</p>
<p>In other words, limit civil liberties so Big Drone can spread its wings.</p>
<p>Drones in North Dakota are a profitable enterprise in a state hit hard by the oil bust. Companies that market machines for agricultural and commercial use have been popping up in industrial parks on the outskirts of Grand Forks for the better part of the last three years. The university, one of the city’s largest employers, even offers a four-year degree in drones. The Air Force has partnered with the private sector to create a drone research and development park, too.</p>
<p>Read more:&#160; <a href="http://www.thedailybeast.com/articles/2015/08/26/first-state-legalizes-armed-drones-for-cops-thanks-to-a-lobbyist.html" type="external">The Daily Beast</a></p> | true | 0 | say police shouldnt people legal law enforcement north dakota fly drones armed everything tasers tear gas thanks lastminute push propolice lobbyist concern militarization police past year one noticed state became first union allow police equip drones less lethal weapons house bill 1328 wasnt drafted way lobbyist representing law enforcementtight booming drone industrygot hands bills stated intent require police obtain search warrant judge order use drone search criminal evidence fact original draft rep rick beckers bill would banned weapons police drones bruce burkett north dakota peace officers association allowed state house committee amend hb 1328 limit prohibition lethal weapons less lethal weapons like rubber bullets pepper spray tear gas sound cannons tasers therefore permitted police drones becker bills republican sponsor said live one im full agreement wish weapon said hearing march opinion nice red line drones weaponized period even less lethal weapons kill though least 39 people killed police tasers 2015 far according guardian bean bags rubber bullets flying tear gas canisters also maimed killed us abroad becker said worried police firing criminal suspects remotely unlike us air force pilots bomb socalled islamic state widely known isis 5000 miles away youre ground youre making decisions youre sort separate becker said march depersonalized drones use decades military high prices prevented police departments obtaining recently moneys problem grand forks county sheriffs department though california manufacturer loaned two drones grand forks county sheriff bob rost said departments drones equipped cameras doesnt think need warrant go snooping bad bill start rost told daily beast thought whole thing ridiculous rost said needs use drones surveillance order obtain warrant first place nothing hide nothing fear becker remembered opponents like rost saying yet sheriffs department hiding full accounting many drone missions theyve flown since 2012 records requests daily beast initially denied sheriff would cost fortune handed appeal states attorney generals office sheriff lobbyists assured lawmakers drones would used noncriminal situations like search missing person photograph accident scene didnt mention 2011 arrest rodney brossart cattle thief caught department homeland security drone cows wandered onto land brossart refused take back owner neighbor neighbor called police situation turned 16hour standoff fearful entering ranch without knowing brossart police asked homeland security redirect predator searching border canada drone meant find drug smugglers instead found brossarton propertyand arrested law enforcement wasnt one disapproved legislation representative north dakota department commerce vice president economic development group founder drone company director university north dakotas drone major program testified bill would bunch business types want stop something like warrants drones think youre trying stimulate industry state dont want things would potentially chilling effect drone manufacturers said al frazier grand forks sheriffs deputy pilots drones organizations like association unmanned vehicle systems international track legislation especially laws appear limit drone development according keith lund grand forks regional economic development corporation requiring search warrant surveillance restricting development asked rep gary paur republican hearing really commercial development heading lund replied law somehow limiting commercial law enforcement development negative terms companies looking investing opportunities state north dakota lund said words limit civil liberties big drone spread wings drones north dakota profitable enterprise state hit hard oil bust companies market machines agricultural commercial use popping industrial parks outskirts grand forks better part last three years university one citys largest employers even offers fouryear degree drones air force partnered private sector create drone research development park read more160 daily beast | 555 |
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<p>As OPEC gathers in Vienna next month to consider cutting its oil output, a lower profile event in Baghdad on the same day will signal Iraq's longer term ambition to do precisely the opposite.</p>
<p>Continue Reading Below</p>
<p>Nov. 30 is both the date when OPEC ministers meet in the Austrian capital and the deadline set by Iraqi oil minister Jabar Ali al-Luaibi for international firms to submit bids to help it develop 12 "small and medium-sized" oil fields.</p>
<p>Crude output in Iraq, OPEC's second largest producer, is already rising dramatically despite corruption, poor infrastructure and the fight against Islamic State. This is complicating OPEC's efforts to revive prices by making its first output cut since the 2008 global financial crisis.</p>
<p>Ministers from the Organization of the Petroleum Exporting Countries are supposed to decide in Vienna which member states will make the cuts under an outline agreement struck last month.</p>
<p>Iraq says it will not reduce output because it needs oil money to combat Islamic State, and Prime Minister Haider al-Abadi offered strictly limited support on Tuesday. "We are prepared to cooperate on the correct basis," he said. "We want oil prices to increase."</p>
<p>At around $50 a barrel, crude prices are less than half their levels in mid-2014 and OPEC is seeking a production deal that will last at least six months.</p>
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<p>Developing the 12 Iraqi oil fields, which lie in southern and central areas away from Islamic State strongholds, will take longer than that. Nevertheless, fellow OPEC members and rivals need read no further than the terms of the new tender to understand Baghdad's intentions.</p>
<p>The tender document sets quick output gains as the main requirement to win the contracts. Baghdad also wants maximum revenue, including from selling gas produced as a by-product of the crude extraction, rather than simply burning it off.</p>
<p>After achieving commercial production in the first phase of development, the Oil Ministry's document says, "in the second phase, the sustainable high production level will be achieved, along with complete utilization of associated gas".</p>
<p>With oil reserves of 143 billion barrels, Iraq controls almost every tenth barrel of oil in the ground in the world.</p>
<p>Aside from security problems, its crude is as cheap and easy to extract as in Saudi Arabia or Iran, but its energy industry suffered decades of under-investment under Saddam Hussein who was overthrown by a U.S.-led invasion in 2003.</p>
<p>Since then Iraq has signed deals with majors such as Exxon Mobil , BP and Royal Dutch Shell to develop its giant fields. Production has almost doubled to 4.7 million barrels per day this year from 2.4 million bpd at the start of the decade.</p>
<p>But the growth has lagged the initial forecasts of production at 9 million bpd by 2018, equal to Saudi Arabia's. Held back by red tape, infrastructure constraints and difficult contract terms, Iraq is now targeting a more modest 5.5 million to 6 million bpd by 2020.</p>
<p>The oil ministry is in a hurry. "Luaibi's plan is to boost production as quickly as possible to mitigate damage from lower prices, generate more revenues and have additional crude to repay contractors. This is the best way to keep everybody happy," a senior official with state-run South Oil Co said.</p>
<p>Another reason for the push to develop smaller fields is that talks with the majors on revising their contracts for operating the giant fields in southern Iraq have stalled. "We can't just waste time and run round in circles with these tough talks," said the official, who declined to be named.</p>
<p>Under service contracts awarded since 2003, the oil ministry pays the operators a fixed dollar-denominated fee for every barrel of oil produced. While the model worked well for Baghdad when prices were high, it is now paying the same fees while its revenue from oil sales is significantly lower.</p>
<p>NEW CONTRACT MODEL</p>
<p>An executive from a company bidding for one of the new contracts said that Luaibi wants to leave his mark "by ramping up production quickly".</p>
<p>Iraq has already pre-qualified 19 companies for the round including giants such as Glencore , Russia's Rosneft and the UAE's Mubadala Oil.</p>
<p>The fields might be small or midsize by Iraqi standards, but they are significant by anybody else's. Nine of the fields together hold 2.3 billion barrels, equal to the entire reserves of Britain, which currently produces around 1 million bpd.</p>
<p>The new tenders also signal a departure from existing technical service contracts (TSCs), under which some oil producers complained of late payments by Baghdad.</p>
<p>"Luaibi wants to tear apart old contracts and make them work better for Iraq and oil firms. He is telling oil firms: keep investing - we will find a way to pay you," one of the executives involved in bidding said.</p>
<p>New deals will be awarded based on bilateral and direct negotiations between the oil ministry and oil companies, moving closer to production sharing contracts (PSCs), when companies get a percentage of the oil output instead of being paid a fee for their work.</p>
<p>Their structures are likely to vary, reflecting the differing geologies of the various fields and consequently differing methods of extracting the crude.</p>
<p>"In a country like Iraq with so much diversity in the oil fields, it's impossible to have one contract system. This is an evolution towards a hybrid Iraqi contract model combining elements of TSC and PSC," managing director of UAE-based Manaar Energy Group Jaafar Altaie said.</p>
<p>CLAWING BACK MARKET SHARE</p>
<p>Iraq has long said it believes it was cut out of the market in the 1990s, when the government of Saddam Hussein was under international sanctions, and hence it has lost its market share to rival OPEC producer Saudi Arabia.</p>
<p>Officials say that as Iraq tries to retake its second city of Mosul from Islamic State, it should get the same exemptions from OPEC output restrictions as Iran, Nigeria and Libya, whose crude production has been hit by conflict and sanctions.</p>
<p>"We are fighting a vicious war," Luaibi said this week.</p>
<p>Veteran oil watcher and founder of Petromatrix consultancy, Oliver Jakob, says a third of OPEC's member states are now pleading special circumstances for why they should not accept output caps. As a result, Jakob has come up with a new way of spelling out the OPEC acronym: the Organisation of Producers Exempt from Cuts.</p>
<p>(Writing by Dmitry Zhdannikov and Ahmad Ghaddar; editing by David Stamp)</p> | true | 0 | opec gathers vienna next month consider cutting oil output lower profile event baghdad day signal iraqs longer term ambition precisely opposite continue reading nov 30 date opec ministers meet austrian capital deadline set iraqi oil minister jabar ali alluaibi international firms submit bids help develop 12 small mediumsized oil fields crude output iraq opecs second largest producer already rising dramatically despite corruption poor infrastructure fight islamic state complicating opecs efforts revive prices making first output cut since 2008 global financial crisis ministers organization petroleum exporting countries supposed decide vienna member states make cuts outline agreement struck last month iraq says reduce output needs oil money combat islamic state prime minister haider alabadi offered strictly limited support tuesday prepared cooperate correct basis said want oil prices increase around 50 barrel crude prices less half levels mid2014 opec seeking production deal last least six months advertisement developing 12 iraqi oil fields lie southern central areas away islamic state strongholds take longer nevertheless fellow opec members rivals need read terms new tender understand baghdads intentions tender document sets quick output gains main requirement win contracts baghdad also wants maximum revenue including selling gas produced byproduct crude extraction rather simply burning achieving commercial production first phase development oil ministrys document says second phase sustainable high production level achieved along complete utilization associated gas oil reserves 143 billion barrels iraq controls almost every tenth barrel oil ground world aside security problems crude cheap easy extract saudi arabia iran energy industry suffered decades underinvestment saddam hussein overthrown usled invasion 2003 since iraq signed deals majors exxon mobil bp royal dutch shell develop giant fields production almost doubled 47 million barrels per day year 24 million bpd start decade growth lagged initial forecasts production 9 million bpd 2018 equal saudi arabias held back red tape infrastructure constraints difficult contract terms iraq targeting modest 55 million 6 million bpd 2020 oil ministry hurry luaibis plan boost production quickly possible mitigate damage lower prices generate revenues additional crude repay contractors best way keep everybody happy senior official staterun south oil co said another reason push develop smaller fields talks majors revising contracts operating giant fields southern iraq stalled cant waste time run round circles tough talks said official declined named service contracts awarded since 2003 oil ministry pays operators fixed dollardenominated fee every barrel oil produced model worked well baghdad prices high paying fees revenue oil sales significantly lower new contract model executive company bidding one new contracts said luaibi wants leave mark ramping production quickly iraq already prequalified 19 companies round including giants glencore russias rosneft uaes mubadala oil fields might small midsize iraqi standards significant anybody elses nine fields together hold 23 billion barrels equal entire reserves britain currently produces around 1 million bpd new tenders also signal departure existing technical service contracts tscs oil producers complained late payments baghdad luaibi wants tear apart old contracts make work better iraq oil firms telling oil firms keep investing find way pay one executives involved bidding said new deals awarded based bilateral direct negotiations oil ministry oil companies moving closer production sharing contracts pscs companies get percentage oil output instead paid fee work structures likely vary reflecting differing geologies various fields consequently differing methods extracting crude country like iraq much diversity oil fields impossible one contract system evolution towards hybrid iraqi contract model combining elements tsc psc managing director uaebased manaar energy group jaafar altaie said clawing back market share iraq long said believes cut market 1990s government saddam hussein international sanctions hence lost market share rival opec producer saudi arabia officials say iraq tries retake second city mosul islamic state get exemptions opec output restrictions iran nigeria libya whose crude production hit conflict sanctions fighting vicious war luaibi said week veteran oil watcher founder petromatrix consultancy oliver jakob says third opecs member states pleading special circumstances accept output caps result jakob come new way spelling opec acronym organisation producers exempt cuts writing dmitry zhdannikov ahmad ghaddar editing david stamp | 661 |
<p />
<p>Image source: Getty Images.</p>
<p>Continue Reading Below</p>
<p>Elections aside, the marijuana industry has had an incredible run over the past two decades.</p>
<p>Prior to the 1996 approval of a compassionate use medical cannabis law in California, marijuana was illegal in all aspects (medical and recreational), and public support for nationwide legalization stood at just 25% per Gallup. Fast-forward to today and 25 states have legalized medical cannabis, with four states, as well as Washington D.C., legalizing the purchase of recreational marijuana for adults ages 21 and up. It's worth noting that the two most recent states to legalize medical marijuana -- Pennsylvania and Ohio -- did so entirely through the legislative process. Furthermore, public support for nationwide legalization tied an all-time high in Gallup's 2015 poll at 58%.</p>
<p>This marked shift in public opinion has translated into rapid growth for the legal marijuana industry. According to Cowen &amp; Co., legal marijuana sales currently total about $6 billion annually. However, based on organic growth and expansion opportunities, the industry could be worth $50 billion by 2026.</p>
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<p>The next step in that expansionary process is just over two weeks away, with residents in nine states set to vote on whether or not to legalize recreational or medical marijuana.</p>
<p>The following five states are voting on recreational marijuana laws:</p>
<p>And the following four states will be deciding whether or not to legalize medical marijuana:</p>
<p>Let's take a closer look, based on the latest polls, at how voting could shake out in these nine states.</p>
<p>Image source: Pixabay.</p>
<p>The crown jewel for the marijuana industry is California, which is on its own the eighth-largest economy in the world by GDP. If marijuana is legalized for recreational use, California could be looking at an additional $1 billion in annual tax revenue, and the marijuana industry would have a new pathway to rapid growth. Ironically, though, some of the biggest opposition within the state has come from cannabis growers.</p>
<p>Thus far, things are swaying toward approval for Prop 64. A late September poll from KPIX 5/Survey USA found that 52% of respondents favored Prop 64, compared to 41% who opposed the measure. A similar poll released on Sept. 12 from USC Dornsife/Los Angeles Times found 58% support for the measure.</p>
<p>California might be the crown jewel of the marijuana movement, but Nevada was actually the first state to put marijuana on its 2016 ballot. Considering that Nevada has long-standing medical cannabis infrastructure in place, legalization seems to be more of a possibility than not -- and the latest polls would seem to concur.</p>
<p>A mid-September poll from KTNV and Rasmussen Reports shows that 53% of Nevadans supported the state's recreational marijuana law compared to just 39% who opposed it.</p>
<p>Image source: Pixabay.</p>
<p>While not as quick in getting a cannabis measure on its ballot, Maine met the number of signatures required to get a marijuana initiative in front of voters with plenty of time to spare. Having legalized medical cannabis back in 1999, Maine regulators have a good understanding of the infrastructure of the marijuana industry, and the state seems like a good candidate to legalize recreational pot next month.</p>
<p>Based on the latest poll from the Portland Press Herald, 53% of respondents favored Question 1 compared to 38% who opposed the measure. As expected, younger adults demonstrated stronger favorability toward the measure, with 58% of seniors over age 65 opposing it.</p>
<p>Whereas California, Nevada, and Maine have looked like strong candidates to legalize recreational marijuana, Massachusetts has been a battleground state for months. Should it become legal, residents would pay a 10% retail sales tax and could face up to a 2% additional local sales tax, depending on the city or county.</p>
<p>So where does recreational marijuana stand in Massachusetts? A Sept. 7-10 survey from WBUR/MassINC Polling Group found that 50% of respondents favored legalizing recreational cannabis and 45% opposed it. Considering that the poll had a margin of error of 4.4%, and previous polls have actually shown the opposition in the lead, Massachusetts is nothing more than a coin flip at this point.</p>
<p>Image source: Pixabay.</p>
<p>Another recreational cannabis battleground state is Arizona. Though Prop 205 got more than 250,000 signatures, landing it a spot on the November ballot, its passage is not a guarantee. If Prop 205 does pass, consumers can expect to pay a 15% tax at the retail level.</p>
<p>According to a poll released from Phoenix-based Data Orbital last week, 45% of Arizonans are against the passage of Prop 205, 44% are for the measure, and 5% are still undecided (the figures don't add to 100% due to rounding). Arizona has traditionally been a Republican-voting state, and Republicans tend to oppose the expansion of recreational marijuana, so the Nov. 8 vote could deliver a big surprise or stick to historic norms.</p>
<p>Supporters of Amendment 2 in Florida will be looking to put a narrow defeat from 2014 firmly in the rearview mirror. Unlike most states where the majority rules, legalizing medical cannabis in Florida requires amending the state's constitution. This means a 60% yes vote from the public is required instead of just 50%. A similar measure received 58% support in 2014, narrowly falling short of passing.</p>
<p>The latest polls suggest approval is more likely this time around. A brand-new poll released by WESH 2 and Public Policy Polling last week found that 69% of respondents favored Amendment 2 compared to just 24% who said they'd oppose it.Recently, FloridaPolitics.com also noted that eight polls since Jan. 2015 have all ended with support for a medical marijuana measure of over 60%.</p>
<p>Image source: Pixabay.</p>
<p>Unlike Florida, which seems to have a good shot of passing medical pot this November, Arkansas is a full-fledged battleground state. What makes things more confusing for voters is that there are two separate medical cannabis measures on the ballot: the Arkansas Medical Marijuana Amendment and the Arkansas Medical Cannabis Act. The former would limit the number of state dispensaries to 40, while the latter would also limit the number of dispensaries and allow patients living more than 20 miles from a dispensary to grow up to 10 cannabis plants.</p>
<p>Just to make things as confusing as possible, the latest poll from Talk Business &amp; Politics/Hendrix College found that 49% favored the Arkansas Medical Marijuana Amendment compared to 43% against and 8% undecided, whereas 53% opposed the Arkansas Medical Cannabis Act compared to 36% for it and 11% who remain undecided.</p>
<p>Montana is an interesting case as well given that voters in 2004 already approved a medical cannabis initiative. However, the addition of tight restrictions in recent years has effectively nullified the state's law. Initiative 182 would aim to roll back those restrictions so medical marijuana patients once again have access to the drug.</p>
<p>Because Montana isn't all too populous, polling in the state is a bit sparse. However, a recently conducted informal poll from the Lewistown News-Argus found 54% in favor of I-182 compared to 46% who opposed it. That is, however, a close enough margin that Montana could be very much a toss-up this election season.</p>
<p>Image source: Pixabay.</p>
<p>Finally, residents of North Dakota will be heading to the polls to decide if they want to legalize the use of medical cannabis in their state. Similar to the medical cannabis law in Arkansas, it would allow residents to grow cannabis plants (up to eight in North Dakota) if they live a certain amount of miles (40) away from the nearest dispensary.</p>
<p>Like Arkansas and Montana, a coin flip may tell the tale. Making matters even tougher is that no official polling on medical marijuana has been conducted in the state in two years! The last official poll came from Forum Communications Co., which commissioned the University of North Dakota College of Business and Public Administration to conduct the survey. Back then, 47% of residents supported legalizing medical cannabis and 41% opposed it, but those who strongly opposed it slightly outnumbered those who strongly favored the idea.</p>
<p>It's looking as if the voting in a few states could truly come down to the wire.</p>
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<p>The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services <a href="http://www.fool.com/shop/newsletters/index.aspx?source=isiedilnk018048&amp;utm_campaign=article&amp;utm_medium=feed&amp;utm_source=foxbusiness" type="external">free for 30 days Opens a New Window.</a>. We Fools may not all hold the same opinions, but we all believe that <a href="http://wiki.fool.com/Motley" type="external">considering a diverse range of insights Opens a New Window.</a>makes us better investors. The Motley Fool has a <a href="http://www.fool.com/Legal/fool-disclosure-policy.aspx?&amp;utm_campaign=article&amp;utm_medium=feed&amp;utm_source=foxbusiness" type="external">disclosure policy Opens a New Window.</a>.</p> | true | 0 | image source getty images continue reading elections aside marijuana industry incredible run past two decades prior 1996 approval compassionate use medical cannabis law california marijuana illegal aspects medical recreational public support nationwide legalization stood 25 per gallup fastforward today 25 states legalized medical cannabis four states well washington dc legalizing purchase recreational marijuana adults ages 21 worth noting two recent states legalize medical marijuana pennsylvania ohio entirely legislative process furthermore public support nationwide legalization tied alltime high gallups 2015 poll 58 marked shift public opinion translated rapid growth legal marijuana industry according cowen amp co legal marijuana sales currently total 6 billion annually however based organic growth expansion opportunities industry could worth 50 billion 2026 advertisement next step expansionary process two weeks away residents nine states set vote whether legalize recreational medical marijuana following five states voting recreational marijuana laws following four states deciding whether legalize medical marijuana lets take closer look based latest polls voting could shake nine states image source pixabay crown jewel marijuana industry california eighthlargest economy world gdp marijuana legalized recreational use california could looking additional 1 billion annual tax revenue marijuana industry would new pathway rapid growth ironically though biggest opposition within state come cannabis growers thus far things swaying toward approval prop 64 late september poll kpix 5survey usa found 52 respondents favored prop 64 compared 41 opposed measure similar poll released sept 12 usc dornsifelos angeles times found 58 support measure california might crown jewel marijuana movement nevada actually first state put marijuana 2016 ballot considering nevada longstanding medical cannabis infrastructure place legalization seems possibility latest polls would seem concur midseptember poll ktnv rasmussen reports shows 53 nevadans supported states recreational marijuana law compared 39 opposed image source pixabay quick getting cannabis measure ballot maine met number signatures required get marijuana initiative front voters plenty time spare legalized medical cannabis back 1999 maine regulators good understanding infrastructure marijuana industry state seems like good candidate legalize recreational pot next month based latest poll portland press herald 53 respondents favored question 1 compared 38 opposed measure expected younger adults demonstrated stronger favorability toward measure 58 seniors age 65 opposing whereas california nevada maine looked like strong candidates legalize recreational marijuana massachusetts battleground state months become legal residents would pay 10 retail sales tax could face 2 additional local sales tax depending city county recreational marijuana stand massachusetts sept 710 survey wburmassinc polling group found 50 respondents favored legalizing recreational cannabis 45 opposed considering poll margin error 44 previous polls actually shown opposition lead massachusetts nothing coin flip point image source pixabay another recreational cannabis battleground state arizona though prop 205 got 250000 signatures landing spot november ballot passage guarantee prop 205 pass consumers expect pay 15 tax retail level according poll released phoenixbased data orbital last week 45 arizonans passage prop 205 44 measure 5 still undecided figures dont add 100 due rounding arizona traditionally republicanvoting state republicans tend oppose expansion recreational marijuana nov 8 vote could deliver big surprise stick historic norms supporters amendment 2 florida looking put narrow defeat 2014 firmly rearview mirror unlike states majority rules legalizing medical cannabis florida requires amending states constitution means 60 yes vote public required instead 50 similar measure received 58 support 2014 narrowly falling short passing latest polls suggest approval likely time around brandnew poll released wesh 2 public policy polling last week found 69 respondents favored amendment 2 compared 24 said theyd oppose itrecently floridapoliticscom also noted eight polls since jan 2015 ended support medical marijuana measure 60 image source pixabay unlike florida seems good shot passing medical pot november arkansas fullfledged battleground state makes things confusing voters two separate medical cannabis measures ballot arkansas medical marijuana amendment arkansas medical cannabis act former would limit number state dispensaries 40 latter would also limit number dispensaries allow patients living 20 miles dispensary grow 10 cannabis plants make things confusing possible latest poll talk business amp politicshendrix college found 49 favored arkansas medical marijuana amendment compared 43 8 undecided whereas 53 opposed arkansas medical cannabis act compared 36 11 remain undecided montana interesting case well given voters 2004 already approved medical cannabis initiative however addition tight restrictions recent years effectively nullified states law initiative 182 would aim roll back restrictions medical marijuana patients access drug montana isnt populous polling state bit sparse however recently conducted informal poll lewistown newsargus found 54 favor i182 compared 46 opposed however close enough margin montana could much tossup election season image source pixabay finally residents north dakota heading polls decide want legalize use medical cannabis state similar medical cannabis law arkansas would allow residents grow cannabis plants eight north dakota live certain amount miles 40 away nearest dispensary like arkansas montana coin flip may tell tale making matters even tougher official polling medical marijuana conducted state two years last official poll came forum communications co commissioned university north dakota college business public administration conduct survey back 47 residents supported legalizing medical cannabis 41 opposed strongly opposed slightly outnumbered strongly favored idea looking voting states could truly come wire secret billiondollar stock opportunity worlds biggest tech company forgot show something wall street analysts fool didnt miss beat theres small company thats powering brandnew gadgets coming revolution technology think stock price nearly unlimited room run early intheknow investors one click opens new window sean williams opens new windowhas material interest companies mentioned article follow caps screen name tmfultralong opens new window check twitter goes handle tmfultralong opens new window motley fool position stocks mentioned try foolish newsletter services free 30 days opens new 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<p>TIDMINVP TIDMTSCO</p>
<p>FORM 8.5 (EPT/NON-RI)</p>
<p>Continue Reading Below</p>
<p>PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY AN</p>
<p>EXEMPT PRINCIPAL TRADER WITHOUT RECOGNISED INTERMEDIARY ("RI") STATUS</p>
<p>(OR WHERE RI STATUS IS NOT APPLICABLE)</p>
<p>Rule 8.5 of the Takeover Code (the "Code")</p>
<p>1. KEY INFORMATION</p>
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<p>(a) Name of exempt principal trader:</p>
<p>Investec Bank plc</p>
<p>(b) Name of offeror/offeree in relation to whose relevant</p>
<p>securities this form relates: Tesco plc</p>
<p>Use a separate form for each offeror/offeree</p>
<p>(c) Name of the party to the offer with which exempt Investec are Broker to</p>
<p>principal trader is connected: Booker Group plc</p>
<p>(d) Date position held/dealing undertaken:</p>
<p>For an opening position disclosure, state the latest 1(st) December 2017</p>
<p>practicable date prior to the disclosure</p>
<p>(e) In addition to the company in 1(b) above, is the</p>
<p>exempt principal trader making disclosures in respect YES - Booker Group plc</p>
<p>of any other party to the offer?</p>
<p>If it is a cash offer or possible cash offer, state</p>
<p>"N/A"</p>
<p>2. POSITIONS OF THE EXEMPT PRINCIPAL TRADER</p>
<p>If there are positions or rights to subscribe to disclose in more than</p>
<p>one class of relevant securities of the offeror or offeree named in 1(b),</p>
<p>copy table 2(a) or (b) (as appropriate) for each additional class of</p>
<p>relevant security.</p>
<p>(a) Interests and short positions in the relevant securities of</p>
<p>the offeror or offeree to which the disclosure relates following the</p>
<p>dealing (if any)</p>
<p>Class of relevant security:</p>
<p>Interests Short positions</p>
<p>Number % Number %</p>
<p>(1) Relevant securities owned and/or controlled:</p>
<p>0 0.0000</p>
<p>(2) Cash-settled derivatives:</p>
<p>(3) Stock-settled derivatives (including options)</p>
<p>and agreements to purchase/sell:</p>
<p>TOTAL: 0 0.0000</p>
<p>All interests and all short positions should be disclosed.</p>
<p>Details of any open stock-settled derivative positions (including traded</p>
<p>options), or agreements to purchase or sell relevant securities, should</p>
<p>be given on a Supplemental Form 8 (Open Positions).</p>
<p>(b) Rights to subscribe for new securities (including directors'</p>
<p>and other employee options)</p>
<p>Class of relevant security in relation to which subscription</p>
<p>right exists:</p>
<p>Details, including nature of the rights concerned</p>
<p>and relevant percentages:</p>
<p>3. DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER</p>
<p>Where there have been dealings in more than one class of relevant</p>
<p>securities of the offeror or offeree named in 1(b), copy table 3(a), (b),</p>
<p>(c) or (d) (as appropriate) for each additional class of relevant</p>
<p>security dealt in.</p>
<p>The currency of all prices and other monetary amounts should be stated.</p>
<p>(a) Purchases and sales</p>
<p>Class of Purchases/ sales Total number Highest price Lowest price</p>
<p>relevant of securities per unit per unit</p>
<p>security paid/received paid/received</p>
<p>Ordinary Purchase 20,000 195.5 195.5</p>
<p>(b) Cash-settled derivative transactions</p>
<p>Class of Product description Nature of dealing Number of Price</p>
<p>relevant e.g. CFD e.g. opening/closing a long/short position, increasing/reducing reference per</p>
<p>security a long/short position securities unit</p>
<p>(c) Stock-settled derivative transactions (including options)</p>
<p>(i) Writing, selling, purchasing or varying</p>
<p>Class of Product Writing, Number of Exercise Type Expiry Option</p>
<p>relevant description purchasing, securities price e.g. American, European etc. date money</p>
<p>security e.g. call selling, to which per paid/</p>
<p>option varying option unit received</p>
<p>etc. relates per</p>
<p>unit</p>
<p>(ii) Exercise</p>
<p>Class of Product description Exercising/ Number of Exercise</p>
<p>relevant e.g. call option exercised securities price per</p>
<p>security against unit</p>
<p>(d) Other dealings (including subscribing for new securities)</p>
<p>Class of relevant Nature of dealing Details Price per unit</p>
<p>security e.g. subscription, conversion (if applicable)</p>
<p>4. OTHER INFORMATION</p>
<p>(a) Indemnity and other dealing arrangements</p>
<p>Details of any indemnity or option arrangement, or</p>
<p>any agreement or understanding, formal or informal,</p>
<p>relating to relevant securities which may be an inducement</p>
<p>to deal or refrain from dealing entered into by the</p>
<p>exempt principal trader making the disclosure and</p>
<p>any party to the offer or any person acting in concert</p>
<p>with a party to the offer:</p>
<p>Irrevocable commitments and letters of intent should</p>
<p>not be included. If there are no such agreements,</p>
<p>arrangements or understandings, state "none"</p>
<p>None</p>
<p>(b) Agreements, arrangements or understandings relating to</p>
<p>options or derivatives</p>
<p>Details of any agreement, arrangement or understanding,</p>
<p>formal or informal, between the exempt principal trader</p>
<p>making the disclosure and any other person relating</p>
<p>to:</p>
<p>(i) the voting rights of any relevant securities under</p>
<p>any option; or</p>
<p>(ii) the voting rights or future acquisition or disposal</p>
<p>of any relevant securities to which any derivative</p>
<p>is referenced:</p>
<p>If there are no such agreements, arrangements or understandings,</p>
<p>state "none"</p>
<p>None</p>
<p>(c) Attachments</p>
<p>Is a Supplemental Form 8 (Open Positions) attached? NO</p>
<p>Date of disclosure:</p>
<p>4(th) December 2017</p>
<p>Contact name:</p>
<p>Gary Darch</p>
<p>Telephone number:</p>
<p>020 7597 4549</p>
<p>Public disclosures under Rule 8 of the Code must be made to a Regulatory</p>
<p>Information Service.</p>
<p>The Panel's Market Surveillance Unit is available for consultation in</p>
<p>relation to the Code's disclosure requirements on +44 (0)20 7638 0129.</p>
<p>The Code can be viewed on the Panel's website at</p>
<p>www.thetakeoverpanel.org.uk.</p>
<p>This announcement is distributed by Nasdaq Corporate Solutions on behalf</p>
<p>of Nasdaq Corporate Solutions clients.</p>
<p>The issuer of this announcement warrants that they are solely</p>
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<p>contained therein.</p>
<p>Source: Investec Bank plc via Globenewswire</p>
<p>https://www.investec.co.uk/</p>
<p>(END) Dow Jones Newswires</p>
<p>December 04, 2017 05:08 ET (10:08 GMT)</p> | true | 0 | tidminvp tidmtsco form 85 eptnonri continue reading public opening position disclosuredealing disclosure exempt principal trader without recognised intermediary ri status ri status applicable rule 85 takeover code code 1 key information advertisement name exempt principal trader investec bank plc b name offerorofferee relation whose relevant securities form relates tesco plc use separate form offerorofferee c name party offer exempt investec broker principal trader connected booker group plc date position helddealing undertaken opening position disclosure state latest 1st december 2017 practicable date prior disclosure e addition company 1b exempt principal trader making disclosures respect yes booker group plc party offer cash offer possible cash offer state na 2 positions exempt principal trader positions rights subscribe disclose one class relevant securities offeror offeree named 1b copy table 2a b appropriate additional class relevant security interests short positions relevant securities offeror offeree disclosure relates following dealing class relevant security interests short positions number number 1 relevant securities owned andor controlled 0 00000 2 cashsettled derivatives 3 stocksettled derivatives including options agreements purchasesell total 0 00000 interests short positions disclosed details open stocksettled derivative positions including traded options agreements purchase sell relevant securities given supplemental form 8 open positions b rights subscribe new securities including directors employee options class relevant security relation subscription right exists details including nature rights concerned relevant percentages 3 dealings exempt principal trader dealings one class relevant securities offeror offeree named 1b copy table 3a b c appropriate additional class relevant security dealt currency prices monetary amounts stated purchases sales class purchases sales total number highest price lowest price relevant securities per unit per unit security paidreceived paidreceived ordinary purchase 20000 1955 1955 b cashsettled derivative transactions class product description nature dealing number price relevant eg cfd eg openingclosing longshort position increasingreducing reference per security longshort position securities unit c stocksettled derivative transactions including options writing selling purchasing varying class product writing number exercise type expiry option relevant description purchasing securities price eg american european etc date money security eg call selling per paid option varying option unit received etc relates per unit ii exercise class product description exercising number exercise relevant eg call option exercised securities price per security unit dealings including subscribing new securities class relevant nature dealing details price per unit security eg subscription conversion applicable 4 information indemnity dealing arrangements details indemnity option arrangement agreement understanding formal informal relating relevant securities may inducement deal refrain dealing entered exempt principal trader making disclosure party offer person acting concert party offer irrevocable commitments letters intent included agreements arrangements understandings state none none b agreements arrangements understandings relating options derivatives details agreement arrangement understanding formal informal exempt principal trader making disclosure person relating voting rights relevant securities option ii voting rights future acquisition disposal relevant securities derivative referenced agreements arrangements understandings state none none c attachments supplemental form 8 open positions attached date disclosure 4th december 2017 contact name gary darch telephone number 020 7597 4549 public disclosures rule 8 code must made regulatory information service panels market surveillance unit available consultation relation codes disclosure requirements 44 020 7638 0129 code viewed panels website wwwthetakeoverpanelorguk announcement distributed nasdaq corporate solutions behalf nasdaq corporate solutions clients issuer announcement warrants solely responsible content accuracy originality information contained therein source investec bank plc via globenewswire httpswwwinvesteccouk end dow jones newswires december 04 2017 0508 et 1008 gmt | 555 |
<p>USEBC Delegation / www.usegyptcouncil.org</p>
<p>BY: <a href="" type="internal">Adam Kredo</a> September 13, 2012 5:00 am</p>
<p>A delegation of American business leaders with lobbying ties to relatives of a top Obama administration adviser wrapped up a <a href="http://www.uschamber.com/press/releases/2012/september/us-chamber-lead-largest-ever-business-delegation-egypt" type="external">four-day tour</a> in Egypt aimed at laying the groundwork for increased economic cooperation on Tuesday, as violent rioters stormed the U.S. Embassy in Cairo.</p>
<p>Senior State Department officials accompanied more than 100 executives from 50 American companies on the trip, which included high-level powwows with Egypt’s Muslim Brotherhood-backed president, Mohamed Morsi, and other Egyptian officials.</p>
<p>Among the Obama administration officials present on the tour, which was jointly sponsored by the State Department and the U.S. Chamber of Commerce’s Egyptian affiliate, was John Podesta, a senior adviser to the Secretary of State and former Clinton administration official who founded the liberal Center For American Progress.</p>
<p>Ten of the 50 companies present on the tour have been clients of lobbying firms separately run by Podesta’s brother and sister-in-law, leaving some observers wondering what role the Democratic insider may have played in determining which companies earned slots on the potentially lucrative junket.</p>
<p>One of the firms, The Podesta Group, is operated by Tony Podesta, who is John’s brother. The other, Heather Podesta + Partners, is run by John’s sister-in-law.</p>
<p>During the several-day jaunt, business leaders from the finance, defense, and aerospace sectors, among others, were exposed to investment opportunities in Egypt’s burgeoning public and private sectors.</p>
<p>"The group, which included representatives from 50 leading American companies and top administration officials, traveled to Egypt to deliver a simple message to the nation’s new government: Egypt is open for business, and the U.S. business community is ready to invest," according to an <a href="http://www.freeenterprise.com/how-help-egypt-move-forward" type="external">account of</a> the trip on the Chamber of Commerce’s website.</p>
<p>Ten of the most prominent companies to <a href="http://www.usegyptcouncil.org/wp-content/uploads/2010/04/U.S.-Business-Mission-to-Egypt-%E2%80%93-Corporate-Participants1.pdf" type="external">participate</a> in the trip have been or are currently represented by either <a href="http://www.podesta.com/" type="external">The Podesta Group</a> or <a href="http://www.heatherpodesta.com/team.htm" type="external">Heather Podesta + Partners</a>, highlighting the close ties between the Obama administration and Democratic-leaning lobbying outfits.</p>
<p>The companies whose representatives John Podesta accompanied to Egypt have collectively spent millions on firms run by his brother and sister-in-law, records show.</p>
<p>They include Boeing, Raytheon, Eli Lilly and Company, Johnson and Johnson, Lockheed Martin, Credit Suisse, Google Inc., Oracle, Pfizer, and General Electric.</p>
<p>None of the companies commented on the trip when approached by the Free Beacon.</p>
<p>Lockheed Martin, a defense contractor that works closely with the U.S. government, has paid The Podesta Group more than $2.2 million since 2004 to lobby both Congress and the Obama administration on a range of issues, records show.</p>
<p>The Podesta Group has pushed lawmakers to endorse various appropriations measures that would benefit Lockheed, according to records.</p>
<p>Boeing, also an aerospace group, has been a partner of both The Podesta Group and Heather Podesta + Partners, according to records.</p>
<p>Since President Obama entered office in 2008, Boeing has spent $840,000 on The Podesta Group’s services, relying on the firm to lobby in favor of lucrative defense appropriations at the White House and on Capitol Hill.</p>
<p>From 2007 to 2009, Boeing paid Heather Podesta’s firm $760,000 to lobby the administration on multiple defense issues, including the implementation of a missile defense system, records show.</p>
<p>Raytheon, a prominent aerospace company, also has been a client of both Podesta family firms, spending a combined $340,000 since 2008 on a range of lobbying services.</p>
<p>Heather Podesta + Partners, for example, has monitored congressional legislation pertaining to the foreign sale of arms on Raytheon’s behalf, records show.</p>
<p>Another of Heather Podesta’s clients on the government-endorsed Egypt jaunt was Eli Lilly and Company, a healthcare organization that has paid her lobbying group more than $1.1 million since 2008.</p>
<p>Johnson and Johnson, which also has a stake in the health industry, has paid The Podesta Group $140,000 since 2011 to lobby lawmakers on legislation pertaining to certain medical devices.</p>
<p>Credit Suisse Securities, <a href="http://www.nytimes.com/2009/12/16/business/16bank.html" type="external">a firm that has been tied to Iran</a>, also hobnobbed with Egyptian officials during the trip. It has employed The Podesta Group since 2009.</p>
<p>The company, which has been a Podesta Group client since 2009, came under scrutiny last month for <a href="" type="internal">paying</a> senior White House adviser David Plouffe for a speaking engagement.</p>
<p>Internet search giant Google has spent more than $3 million on The Podesta Group’s services, utilizing it to lobby the White House on issues such as cyber security and online privacy, according to records.</p>
<p>Oracle, Pfizer, and General Electric also count themselves among The Podesta Group’s clientele, utilizing the firm to lobby on a range of high profile issues.</p>
<p>While details about the trip to Egypt remain sparse, the business leaders Tuesday issued a <a href="http://www.usegyptcouncil.org/wp-content/uploads/2012/09/Statement-of-the-U.S.-Business-Delegation-to-Egypt.pdf" type="external">joint statement</a> with U.S. Chamber of Commerce discussing their goals.</p>
<p>"We believe in the critical importance and mutual benefit of investing in Egypt now—particularly in its talented young men and women," the statement reads. "With a newly democratically elected Egyptian government now in place, we believe that it is critical to take concrete steps to broaden and to deepen the Egyptian-American economic relationship."</p>
<p>The statement offered several policy recommendations to the U.S. government, but did not mention Tuesday’s violent confrontation at the American embassy in Cairo.</p> | true | 0 | usebc delegation wwwusegyptcouncilorg adam kredo september 13 2012 500 delegation american business leaders lobbying ties relatives top obama administration adviser wrapped fourday tour egypt aimed laying groundwork increased economic cooperation tuesday violent rioters stormed us embassy cairo senior state department officials accompanied 100 executives 50 american companies trip included highlevel powwows egypts muslim brotherhoodbacked president mohamed morsi egyptian officials among obama administration officials present tour jointly sponsored state department us chamber commerces egyptian affiliate john podesta senior adviser secretary state former clinton administration official founded liberal center american progress ten 50 companies present tour clients lobbying firms separately run podestas brother sisterinlaw leaving observers wondering role democratic insider may played determining companies earned slots potentially lucrative junket one firms podesta group operated tony podesta johns brother heather podesta partners run johns sisterinlaw severalday jaunt business leaders finance defense aerospace sectors among others exposed investment opportunities egypts burgeoning public private sectors group included representatives 50 leading american companies top administration officials traveled egypt deliver simple message nations new government egypt open business us business community ready invest according account trip chamber commerces website ten prominent companies participate trip currently represented either podesta group heather podesta partners highlighting close ties obama administration democraticleaning lobbying outfits companies whose representatives john podesta accompanied egypt collectively spent millions firms run brother sisterinlaw records show include boeing raytheon eli lilly company johnson johnson lockheed martin credit suisse google inc oracle pfizer general electric none companies commented trip approached free beacon lockheed martin defense contractor works closely us government paid podesta group 22 million since 2004 lobby congress obama administration range issues records show podesta group pushed lawmakers endorse various appropriations measures would benefit lockheed according records boeing also aerospace group partner podesta group heather podesta partners according records since president obama entered office 2008 boeing spent 840000 podesta groups services relying firm lobby favor lucrative defense appropriations white house capitol hill 2007 2009 boeing paid heather podestas firm 760000 lobby administration multiple defense issues including implementation missile defense system records show raytheon prominent aerospace company also client podesta family firms spending combined 340000 since 2008 range lobbying services heather podesta partners example monitored congressional legislation pertaining foreign sale arms raytheons behalf records show another heather podestas clients governmentendorsed egypt jaunt eli lilly company healthcare organization paid lobbying group 11 million since 2008 johnson johnson also stake health industry paid podesta group 140000 since 2011 lobby lawmakers legislation pertaining certain medical devices credit suisse securities firm tied iran also hobnobbed egyptian officials trip employed podesta group since 2009 company podesta group client since 2009 came scrutiny last month paying senior white house adviser david plouffe speaking engagement internet search giant google spent 3 million podesta groups services utilizing lobby white house issues cyber security online privacy according records oracle pfizer general electric also count among podesta groups clientele utilizing firm lobby range high profile issues details trip egypt remain sparse business leaders tuesday issued joint statement us chamber commerce discussing goals believe critical importance mutual benefit investing egypt nowparticularly talented young men women statement reads newly democratically elected egyptian government place believe critical take concrete steps broaden deepen egyptianamerican economic relationship statement offered several policy recommendations us government mention tuesdays violent confrontation american embassy cairo | 538 |
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<p>You probably know that Social Security is a key source of income for most retirees. But here are a number of things you may not have known about the program.</p>
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<p>IMAGE SOURCE: GETTY IMAGES.</p>
<p>1. Nearly 61 million Americans receive Social Security benefits. Not all recipients, however, are seniors. Retired workers and their dependents account for 71% of beneficiaries, while disabled workers and their dependents make up 16%. The remaining 13% of benefits are paid to survivors of deceased workers.</p>
<p>2. Last year, Social Security paid out an estimated $918 billion in benefits. As of June 2016, the average monthly benefit among retired workers was $1,348, while the average monthly payment for disabled workers was $1,166.</p>
<p>3. It's only designed to replace about 40% of the average worker's pre-retirement income. Many people are under the mistaken impression that Social Security will sustain them financially in retirement without the need for additional savings, but because most of us still require 70% to 80% of our former income once we stop working, relying on this benefit alone just isn't economically prudent.</p>
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<p>4. Social Security is the only source of income for almost 25% of U.S. seniors -- though it really shouldn't be. Furthermore, an estimated 65% of Americans 65 and over count on Social Security to provide the majority of their income in retirement.</p>
<p>5. If you're currently working, only the first $127,200 of your income is subject to Social Security taxes. This means that someone earning $130,000 a year and someone else earning $2 million a year pay the same amount of Social Security tax annually.</p>
<p>6. You can increase your benefits by up to 32% or decrease them by up to 30%. Once you reach your full retirement age, which, for today's older workers, is 66, 67, or somewhere in between, you're eligible to receive your "full" Social Security benefit amount. That said, you're allowed to claim your benefits as early as age 62, but doing so will reduce those payments by 6.67% for the first three years you claim early and then 5% each subsequent year. So if your full retirement age is 67 but you start taking benefits at 62, you'll slash your payments by 30%. On the flipside, you'll get an 8% boost for each year you hold off on benefits until age 70. So if your full retirement age is 66 and you delay your payments until 70, you'll increase your benefits by 32%.</p>
<p>7. In 2017, the maximum monthly Social Security benefit for those who file at their full retirement age is $2,687. Only the former highest earners, however, will receive that much. However, if (as noted above) you have delayed your retirement and are filing at age 70, the maximum monthly check this year is $3,547.</p>
<p>8. Since 2000, Social Security cost-of-living adjustments have increased benefits by 41%. In 1972, Congress enacted a provision calling for automatic annual cost-of-living adjustments (COLAs) for all beneficiaries, the purpose of which is to help retirees incomes keep up with inflation, as measured by the Consumer Price Index. But COLAs have either been stingy or non-existent for the past few of years, and as a result, seniors have lost an estimated 31% of their purchasing power over the past decade and a half.</p>
<p>9. An estimated 77% of workers worry that Social Security won't be around when they retire. The latest Transamerica survey reveals that a majority of today's workers fear the program will completely run out of funds. Thankfully, that's far from being true. According to the Social Security Board of Trustees' latest report, the program's trust fund will likely be depleted by 2034. Once that happens, the program would only be able to pay out about 75% of benefits using its ongoing payroll tax income. But because Social Security will still receive those taxes, it will remain capable of paying recipients the majority of their benefits.</p>
<p>10. Social Security overpaid about $16.8 billion in benefits between October 2003 and February 2014.These errors stemmed from a number of factors, from misreported work activity among beneficiaries to outdated health records among those qualifying for disabilities. Thankfully, the program managed to recover approximately $8.1 billion from the $16.8 billion it overpaid.</p>
<p>11. Social Security has 6.5 million people on record aged112 or older.. The agency is missing a considerable number of death records, leaving itself vulnerable to fraudulent activity and even more erroneous payments.</p>
<p>12. Social Security mistakenly declares 14,000 people dead every year. Of the estimated 2.8 million death reports the Social Security Administration receives each year, about 14,000 are entered incorrectly into its database. Yikes!</p>
<p>While these stats will no doubt shed some light on Social Security, there's a lot more to be learned about <a href="http://www.fool.com/retirement/general/2015/11/22/how-does-social-security-work.aspx?&amp;utm_campaign=article&amp;utm_medium=feed&amp;utm_source=foxbusiness" type="external">how the program works Opens a New Window.</a>. The more you read up on Social Security, the better prepared you'll be to maximize your benefits when it's your turn to collect them.</p>
<p>The $15,834 Social Security bonus most retirees completely overlook If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $15,834 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. <a href="http://www.fool.com/mms/mark/ecap-foolcom-social-security?aid=8727&amp;source=irreditxt0000002&amp;ftm_cam=ryr-ss-intro-report&amp;ftm_pit=3186&amp;ftm_veh=article_pitch&amp;utm_campaign=article&amp;utm_medium=feed&amp;utm_source=foxbusiness" type="external">Simply click here to discover how to learn more about these strategies Opens a New Window.</a>.</p>
<p>The Motley Fool has a <a href="http://www.fool.com/Legal/fool-disclosure-policy.aspx?&amp;utm_campaign=article&amp;utm_medium=feed&amp;utm_source=foxbusiness" type="external">disclosure policy Opens a New Window.</a>.</p> | true | 0 | probably know social security key source income retirees number things may known program continue reading image source getty images 1 nearly 61 million americans receive social security benefits recipients however seniors retired workers dependents account 71 beneficiaries disabled workers dependents make 16 remaining 13 benefits paid survivors deceased workers 2 last year social security paid estimated 918 billion benefits june 2016 average monthly benefit among retired workers 1348 average monthly payment disabled workers 1166 3 designed replace 40 average workers preretirement income many people mistaken impression social security sustain financially retirement without need additional savings us still require 70 80 former income stop working relying benefit alone isnt economically prudent advertisement 4 social security source income almost 25 us seniors though really shouldnt furthermore estimated 65 americans 65 count social security provide majority income retirement 5 youre currently working first 127200 income subject social security taxes means someone earning 130000 year someone else earning 2 million year pay amount social security tax annually 6 increase benefits 32 decrease 30 reach full retirement age todays older workers 66 67 somewhere youre eligible receive full social security benefit amount said youre allowed claim benefits early age 62 reduce payments 667 first three years claim early 5 subsequent year full retirement age 67 start taking benefits 62 youll slash payments 30 flipside youll get 8 boost year hold benefits age 70 full retirement age 66 delay payments 70 youll increase benefits 32 7 2017 maximum monthly social security benefit file full retirement age 2687 former highest earners however receive much however noted delayed retirement filing age 70 maximum monthly check year 3547 8 since 2000 social security costofliving adjustments increased benefits 41 1972 congress enacted provision calling automatic annual costofliving adjustments colas beneficiaries purpose help retirees incomes keep inflation measured consumer price index colas either stingy nonexistent past years result seniors lost estimated 31 purchasing power past decade half 9 estimated 77 workers worry social security wont around retire latest transamerica survey reveals majority todays workers fear program completely run funds thankfully thats far true according social security board trustees latest report programs trust fund likely depleted 2034 happens program would able pay 75 benefits using ongoing payroll tax income social security still receive taxes remain capable paying recipients majority benefits 10 social security overpaid 168 billion benefits october 2003 february 2014these errors stemmed number factors misreported work activity among beneficiaries outdated health records among qualifying disabilities thankfully program managed recover approximately 81 billion 168 billion overpaid 11 social security 65 million people record aged112 older agency missing considerable number death records leaving vulnerable fraudulent activity even erroneous payments 12 social security mistakenly declares 14000 people dead every year estimated 28 million death reports social security administration receives year 14000 entered incorrectly database yikes stats doubt shed light social security theres lot learned program works opens new window read social security better prepared youll maximize benefits turn collect 15834 social security bonus retirees completely overlook youre like americans youre years behind retirement savings handful littleknown social security secrets could help ensure boost retirement income example one easy trick could pay much 15834 year learn maximize social security benefits think could retire confidently peace mind simply click discover learn strategies opens new window motley fool disclosure policy opens new window | 546 |
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<p>It’s a great honor and privilege for me to write about the 2nd Amendment, the Constitution and America in general and have so many dedicated readers and followers who enjoy my point of view, the stories I bring them and the truths I reveal.</p>
<p>Sometimes though, the truth that is revealed doesn’t come from me but from one of my readers.</p>
<p>In this case the following five facts graphic was emailed to me &#160;( tony@bulletsfirst.net ) by&#160;George Wauchope. &#160;I’m always happy to interact with the readers and I found out that George also owns a firearms related website called &#160; <a href="https://www.gunsforsalereviews.com/" type="external">Gunforsalereviews.com</a></p>
<p>Always happy to give a shout out to a reader who passes on some good stuff.</p>
<p>Now, without further ado, let’s take a look at the 5 facts that Gun Control Advocates Hate. Underneath the graphic is my dissection of each fact, where I go into further detail and explain why the gun controllers hate them so much.</p>
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<p>Gun free zones attract mass shooters like a flame attract moths. &#160;The only difference is that while a flame will kill a moth, Gun free zones have ensured that the criminal has no fear of reprisals and can go on killing and hurting people to their twisted hearts content. &#160;92% of mass shootings happen where guns aren’t supposed to be allowed. &#160;Gun free zones are a myth, a fairy tale to put the juvenile minds of hoplophobes at ease. &#160;In truth, gun free zones are breeding grounds for tragedy made even worse as later fact #4 will get into.</p>
<p>Pretty much every since the Republicans took control in Congress in 1994 with their Contract with America pledge, the decades upon decades of gun hating and the controlling of the populace began to erode away. &#160;As gun ownership and the rise of concealed carry states grew the less gun violence there was. &#160;By a degree of 50%. &#160;Why is that? &#160;Because criminals by nature are cowards by and large. &#160;And while it’s easy for a coward to rob and mug people he/she KNOWS are unarmed and unable to defend themselves it’s a little more precarious for a criminal to approach someone to rob that very may well be packing a hand cannon and is more than willing to arrange the appointment time between said scumbag criminal and Satan. &#160;So it’s no wonder that gun violence has plummeted. &#160;And if there were less bastions of gun control lunacy out there the rate would decrease even greater.</p>
<p>Gun controllers and progressives LOVE their buzzwords. &#160;They create terms in order to frighten the ignorant and herding the sheeple into their way of thinking without those people actually looking into the matter themselves. &#160;A great example is the term “Assault Weapon/Rifle.” &#160;By that very nomenclature one would expect this rifle to jump up and kill you just for looking at it wrong. &#160;But call it by its more accurate “Sporting Rifle” moniker and the fear and doomsaying from the anti-gunners dissipates. &#160;The same for the “gun show loophole.” &#160;There IS NO gun show loophole. &#160;The gun control advocates want to scare the general populace by spreading this lie but if you go to a gun show and want to buy a pistol from a dealer you HAVE to get a background check. &#160;In Pennsylvania I don’t need a background check to buy a shotgun from anyone; be it my buddy looking to off load one of his to Dick’s Sports who are having a black Friday sale. &#160;But if I go to a Gun Show and by the same shotgun, Gun Controllers lose their shit and scream “LOOPHOLE!!!!” &#160; Any law that I have to follow away from the gun show I have to follow while at the gun show.&#160;</p>
<p>This fact goes uncovered by the main stream media because it guts their narrative and leaves it bleeding in its own pool of defecation and entrails. &#160;2.5 MILLION times a year some law abiding citizen uses a firearm to stop a crime. &#160;Because being beaten or murdered&#160;or raped by a criminal happens to be a crime, so stopping that is a win for the good guys. &#160;Gun Control advocates think it is morally superior to allow yourself to be murdered, beaten or raped than to use a firearm to defend yourself. &#160;So they bury these stories an we hear inflated numbers about the 33,000 people killed by firearms every year. &#160;Of course when you break down that number and realize that about half of those instances are suicides, and another chunk is criminal on criminal crime the number evaporates. &#160;Gun control advocates don’t want to talk about that. &#160;They also don’t want to talk about Gun Free Zones are where the gun violence is being perpetrated because criminals know that they won’t be in that 2.5 million number because law abiding citizens won’t be armed. &#160;Hence tragedy is created by gun control advocates…they made the perfect environment for criminals to thrive.</p>
<p>You’ve no doubt heard it before but it bears repeating. &#160;In order to subjugate or exterminate a people you must first disarm them. &#160;Recent history is full of madmen, despots, and evil who did just that. &#160;I’ll even lay out the numbers for you:</p>
<p>See, these are the hard numbers that Gun Control Advocates never want to talk about. &#160;They try to dance around it but even to the uninitiated of the general population their sidestepping has become tedious and evident.</p>
<p>About Fact 5, gun control advocates love to say that such things could never happen in America. &#160;In truth, they are right. &#160;It can’t happen in America because we have 80+ million gun owners ready to stop the government from doing it. &#160;If the gun control advocates had their way, much like their beloved gun free zone, they would pave the way from tyranny and genocide.</p>
<p>Hope you enjoyed the breakdown and feel free to sign up to the newsletter, follow me on <a href="https://www.facebook.com/bulletsfirst1776/" type="external">facebook</a> and <a href="https://twitter.com/BulletsFirst1" type="external">twitter</a> and please, share this article with friends you think would enjoy having some facts to throw in the faces of gun control zealots who view facts like a slug views salt.</p>
<p>Thanks again to&#160;George Wauchope from&#160; <a href="https://www.gunsforsalereviews.com/" type="external">www.gunsforsalereviews.com</a>&#160;for passing along the graphic.</p>
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<p>We have no tolerance for comments containing violence, racism, vulgarity, profanity, all caps, or discourteous behavior. Thank you for partnering with us to maintain a courteous and useful public environment where we can engage in reasonable discourse.</p> | true | 0 | great honor privilege write 2nd amendment constitution america general many dedicated readers followers enjoy point view stories bring truths reveal sometimes though truth revealed doesnt come one readers case following five facts graphic emailed 160 tonybulletsfirstnet by160george wauchope 160im always happy interact readers found george also owns firearms related website called 160 gunforsalereviewscom always happy give shout reader passes good stuff without ado lets take look 5 facts gun control advocates hate underneath graphic dissection fact go detail explain gun controllers hate much gun free zones attract mass shooters like flame attract moths 160the difference flame kill moth gun free zones ensured criminal fear reprisals go killing hurting people twisted hearts content 16092 mass shootings happen guns arent supposed allowed 160gun free zones myth fairy tale put juvenile minds hoplophobes ease 160in truth gun free zones breeding grounds tragedy made even worse later fact 4 get pretty much every since republicans took control congress 1994 contract america pledge decades upon decades gun hating controlling populace began erode away 160as gun ownership rise concealed carry states grew less gun violence 160by degree 50 160why 160because criminals nature cowards large 160and easy coward rob mug people heshe knows unarmed unable defend little precarious criminal approach someone rob may well packing hand cannon willing arrange appointment time said scumbag criminal satan 160so wonder gun violence plummeted 160and less bastions gun control lunacy rate would decrease even greater gun controllers progressives love buzzwords 160they create terms order frighten ignorant herding sheeple way thinking without people actually looking matter 160a great example term assault weaponrifle 160by nomenclature one would expect rifle jump kill looking wrong 160but call accurate sporting rifle moniker fear doomsaying antigunners dissipates 160the gun show loophole 160there gun show loophole 160the gun control advocates want scare general populace spreading lie go gun show want buy pistol dealer get background check 160in pennsylvania dont need background check buy shotgun anyone buddy looking load one dicks sports black friday sale 160but go gun show shotgun gun controllers lose shit scream loophole 160 law follow away gun show follow gun show160 fact goes uncovered main stream media guts narrative leaves bleeding pool defecation entrails 16025 million times year law abiding citizen uses firearm stop crime 160because beaten murdered160or raped criminal happens crime stopping win good guys 160gun control advocates think morally superior allow murdered beaten raped use firearm defend 160so bury stories hear inflated numbers 33000 people killed firearms every year 160of course break number realize half instances suicides another chunk criminal criminal crime number evaporates 160gun control advocates dont want talk 160they also dont want talk gun free zones gun violence perpetrated criminals know wont 25 million number law abiding citizens wont armed 160hence tragedy created gun control advocatesthey made perfect environment criminals thrive youve doubt heard bears repeating 160in order subjugate exterminate people must first disarm 160recent history full madmen despots evil 160ill even lay numbers see hard numbers gun control advocates never want talk 160they try dance around even uninitiated general population sidestepping become tedious evident fact 5 gun control advocates love say things could never happen america 160in truth right 160it cant happen america 80 million gun owners ready stop government 160if gun control advocates way much like beloved gun free zone would pave way tyranny genocide hope enjoyed breakdown feel free sign newsletter follow facebook twitter please share article friends think would enjoy facts throw faces gun control zealots view facts like slug views salt thanks to160george wauchope from160 wwwgunsforsalereviewscom160for passing along graphic 160 160 160 tolerance comments containing violence racism vulgarity profanity caps discourteous behavior thank partnering us maintain courteous useful public environment engage reasonable discourse | 607 |
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<p>Image source: Pixabay.</p>
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<p>Winston Churchill once described Soviet Russia as "a riddle, wrapped in a mystery, inside an enigma." While that was a politically motivated statement, it may also aptly described Social Security, the federal program designed to provide financial support to our nation's workers in retirement.</p>
<p>Much of the Social Security program remains a mystery to the American public, both working and retired; and if the American public doesn't understand how the program can help them, they'll be unable to take full advantage of its benefits. An AARP survey of financial advisors last year showed that just 1% believed their clients were "very knowledgeable" about Social Security.</p>
<p>With this in mind, let's take a closer look at 20 things you should know about Social Security.</p>
<p>1. It's been paying out benefits for decades: The Social Security Act was first signed into law by President Franklin D. Roosevelt on Aug. 14, 1935, with payroll taxes first collected in 1937 and monthly benefits beginning in January 1940. The program's been paying out benefits for more than 75 years, and it'll continue to pay out benefits for decades to come. Between 1937 and 2009 the program paid out a cumulative $11.3 trillion.</p>
<p>2. It only invests in guaranteed assets: The money held by the Social Security Trust Funds is invested, but only in securities with guaranteed principal and interest. This pretty much limits investments to short- and long-term U.S. Treasuries and special obligation securities issued only to federal trust funds.</p>
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<p>3. Both you and your employer are paying into Social Security: Social Security is funded through the payroll tax, which currently sits at 12.4%. You and your employer each pay half of that -- 6.2% of your wages. Self-employed people are responsible for paying all 12.4%.</p>
<p>4. There's a payroll tax cap: The aforementioned 12.4% payroll tax is collected on income up to $118,500 as of 2016. Every dollar earned above and beyond $118,500 is free and clear of the payroll tax.</p>
<p>You have to work to earn lifetime benefits. Image source: Pixabay.</p>
<p>5. It's not exactly an entitlement: Social Security covers 94% of American workers, but in order to qualify, a worker will need to collect 40 "work credits" over their lifetime. A maximum of four work credits can be earned each year, with one work credit equating to $1,260 in 2016. Thus, $5,040 in income in 2016 would max out your work credits for the year. Some exceptions for younger workers who become disabled or pass away may apply.</p>
<p>6. It covers more than just workers: Social Security is best known for covering retirees, but it also provides benefits to some workers' spouses and their qualified children, as well as to the disabled, and to eligible family members of deceased workers. Nearly 60 million people received a Social Security benefit payment in December 2015, 40 million of whom were retired workers.</p>
<p>7. Here's about how much of your prior salary the benefits cover: According to the Social Security Administration, benefits paid are designed to replace about 40% of a worker's income during retirement. Based on data from the SSA, this figure is currently closer to 55% for low-income earners, and 27% for maximum earners.</p>
<p>8. You can claim benefits earlier ...: Retirees are eligible to file for benefits as early as age 62, as late as age 70, and anywhere in between.</p>
<p>9. ... But you probably shouldn't, because benefits grow over time: The longer an individual waits to file for benefits, the more their benefits will increase in value. On average, for every year an eligible individual holds off on filing for benefits, their benefit amount will increase by 8%.</p>
<p>10. The full retirement age isn't static: The full retirement age, or FRA, is the level at which an eligible beneficiary can start taking 100% of their calculated benefit. However, the FRA is a moving target: It's changing based on the year you were born. Currently, the FRA is 66 years, but it'll be rising by two months each year for Americans born between 1955 and 1959, officially hitting 67 for those born in 1960 and later. Individuals claiming after their FRA could receive in excess of 100% of their benefit.</p>
<p>When you file for benefits matters. Image source: Pixabay.</p>
<p>11. There's no minimum benefit: It takes at least 10 years for a worker to qualify for lifetime Social Security benefits, but there's no minimum benefit they'll be eligible for. If a worker earns very little over their lifetime, their monthly benefit payment might be less than $100.</p>
<p>12. There is, however, a maximum benefit: On the flip side, regardless of how much you make during your lifetime, the maximum monthly benefit a worker retiring at full retirement age can expect in 2016 is $2,639 per month. That's actually $24 less than 2015 levels, due to an unusual combination of events: A dip in the Consumer Price Index meant there was no cost of living adjustment (see item 15), while the national average wage index (which is used to calculate SSI benefits) rose.</p>
<p>13. The average retiree's monthly benefit payment is ... : According to data from January 2016, retired workers were receiving an average of $1,341 per month, or about $16,100 per year. Married couples who are both receiving benefits averaged $2,212 a month, or about $26,500 per year.</p>
<p>14. How long you work matters: The Social Security Administration determines your benefit by averaging your annual income over your highest-earning 35 years of work. If you worked fewer than 35 years, the SSA will average in goose eggs (i.e., $0) for each year below 35 that you didn't work, potentially reducing your benefit by a sizable amount.</p>
<p>15. COLA helps you keep up: The SSA typically adjusts benefits annually to keep them in step with inflation this is known as a cost-of-living adjustment, or COLA. The indicator that determines COLA is the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W. In 2016, the CPI-W fell, so no inflationary increase was awarded to beneficiaries.</p>
<p>16. Mulligans do exist: Regret filing for benefits at an early age? There's actually a solution. Form SSA-521, also known as "Request for Withdrawal of Application," allows filers to take a mulligan -- but they can only do this within the first 12 months after filing for benefits. They also have to pay back every cent of the benefits received after they filed. But by doing this, their request for benefits will be undone, and their benefits will again be allowed to grow.</p>
<p>Don't get too reliant on Social Security income. Image source: Pixabay.</p>
<p>17. There's a cash shortfall on the horizon: What Soical Security takes in from payroll taxes stopped being enough to cover what it pays out some years ago. And,according to the latest Trustees' report, the Old-Age, Survivors and Disability Insurance Trust (OASDI) that covers the difference is projected to burn through its reserves by 2035. This does not mean the program is going bankrupt, but it could mean benefit cuts, tax increases, or some combination of the two are coming.</p>
<p>18. Blame demographic shifts for the cash shortfall: Two demographic shifts are responsible for the ongoing depletion of the OASDI. First, baby boomers are retiring in greater numbers and there simply aren't enough new workers to take their places. As the worker-to-beneficiary ratio fell, the cash inflow turned into a cash outflow. Secondly, people are living longer than ever, meaning retirees are, on average, drawing down on the Trust for more years.</p>
<p>19. It's actually a very efficient program: As <a href="http://www.fool.com/retirement/general/2015/04/05/10-facts-about-social-security-every-american-shou.aspx?source=eptfxblnk0000004" type="external">noted last year Opens a New Window.</a>, the SSA is administered with exceptionally low overhead. The program paid out nearly $840 billion in benefits in 2014; that year, its expenditures totaled a mere $5.6 billion, or 0.7% of total benefits paid.</p>
<p>20. Your Social Security number says something about your past (but new ones won't): Lastly, prior to June 2011 Social Security numbers (SSNs) were doled out partially based on geography. The first three digits were assigned based on the geographic region you were living in when the number was assigned, with lower numbers on the East Coast and higher numbers as you moved West. The remaining six digits were random. Beginning June 25, 2011, the entire process of SSN assignment became randomized. And no, the program does not reuse SSNs after the people assigned them pass away. You truly are unique!</p>
<p>The article <a href="http://www.fool.com/retirement/general/2016/03/06/20-things-you-should-know-about-social-security.aspx" type="external">20 Things You Should Know About Social Security Opens a New Window.</a> originally appeared on Fool.com.</p>
<p><a href="http://my.fool.com/profile/TMFUltraLong/info.aspx?source=eptfxblnk0000004" type="external">Sean Williams Opens a New Window.</a>has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name <a href="http://caps.fool.com/player/tmfultralong.aspx?source=eptfxblnk0000004" type="external">TMFUltraLong Opens a New Window.</a>, track every pick he makes under the screen name <a href="http://caps.fool.com/player/trackultralong.aspx?source=eptfxblnk0000004" type="external">TrackUltraLong Opens a New Window.</a>, and check him out on Twitter, where he goes by the handle <a href="http://twitter.com/#%21/TMFUltraLong" type="external">@TMFUltraLong Opens a New Window.</a>.The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services <a href="http://www.fool.com/shop/newsletters/index.aspx?source=eptfxblnk0000004" type="external">free for 30 days Opens a New Window.</a>. We Fools may not all hold the same opinions, but we all believe that <a href="http://wiki.fool.com/Motley?source=eptfxblnk0000004" type="external">considering a diverse range of insights Opens a New Window.</a>makes us better investors. The Motley Fool has a <a href="http://www.fool.com/Legal/fool-disclosure-policy.aspx?source=eptfxblnk0000004" type="external">disclosure policy Opens a New Window.</a>.</p>
<p>Copyright 1995 - 2016 The Motley Fool, LLC. All rights reserved. The Motley Fool has a <a href="http://www.fool.com/help/index.htm?display=about02" type="external">disclosure policy Opens a New Window.</a>.</p> | true | 0 | image source pixabay continue reading winston churchill described soviet russia riddle wrapped mystery inside enigma politically motivated statement may also aptly described social security federal program designed provide financial support nations workers retirement much social security program remains mystery american public working retired american public doesnt understand program help theyll unable take full advantage benefits aarp survey financial advisors last year showed 1 believed clients knowledgeable social security mind lets take closer look 20 things know social security 1 paying benefits decades social security act first signed law president franklin roosevelt aug 14 1935 payroll taxes first collected 1937 monthly benefits beginning january 1940 programs paying benefits 75 years itll continue pay benefits decades come 1937 2009 program paid cumulative 113 trillion 2 invests guaranteed assets money held social security trust funds invested securities guaranteed principal interest pretty much limits investments short longterm us treasuries special obligation securities issued federal trust funds advertisement 3 employer paying social security social security funded payroll tax currently sits 124 employer pay half 62 wages selfemployed people responsible paying 124 4 theres payroll tax cap aforementioned 124 payroll tax collected income 118500 2016 every dollar earned beyond 118500 free clear payroll tax work earn lifetime benefits image source pixabay 5 exactly entitlement social security covers 94 american workers order qualify worker need collect 40 work credits lifetime maximum four work credits earned year one work credit equating 1260 2016 thus 5040 income 2016 would max work credits year exceptions younger workers become disabled pass away may apply 6 covers workers social security best known covering retirees also provides benefits workers spouses qualified children well disabled eligible family members deceased workers nearly 60 million people received social security benefit payment december 2015 40 million retired workers 7 heres much prior salary benefits cover according social security administration benefits paid designed replace 40 workers income retirement based data ssa figure currently closer 55 lowincome earners 27 maximum earners 8 claim benefits earlier retirees eligible file benefits early age 62 late age 70 anywhere 9 probably shouldnt benefits grow time longer individual waits file benefits benefits increase value average every year eligible individual holds filing benefits benefit amount increase 8 10 full retirement age isnt static full retirement age fra level eligible beneficiary start taking 100 calculated benefit however fra moving target changing based year born currently fra 66 years itll rising two months year americans born 1955 1959 officially hitting 67 born 1960 later individuals claiming fra could receive excess 100 benefit file benefits matters image source pixabay 11 theres minimum benefit takes least 10 years worker qualify lifetime social security benefits theres minimum benefit theyll eligible worker earns little lifetime monthly benefit payment might less 100 12 however maximum benefit flip side regardless much make lifetime maximum monthly benefit worker retiring full retirement age expect 2016 2639 per month thats actually 24 less 2015 levels due unusual combination events dip consumer price index meant cost living adjustment see item 15 national average wage index used calculate ssi benefits rose 13 average retirees monthly benefit payment according data january 2016 retired workers receiving average 1341 per month 16100 per year married couples receiving benefits averaged 2212 month 26500 per year 14 long work matters social security administration determines benefit averaging annual income highestearning 35 years work worked fewer 35 years ssa average goose eggs ie 0 year 35 didnt work potentially reducing benefit sizable amount 15 cola helps keep ssa typically adjusts benefits annually keep step inflation known costofliving adjustment cola indicator determines cola consumer price index urban wage earners clerical workers cpiw 2016 cpiw fell inflationary increase awarded beneficiaries 16 mulligans exist regret filing benefits early age theres actually solution form ssa521 also known request withdrawal application allows filers take mulligan within first 12 months filing benefits also pay back every cent benefits received filed request benefits undone benefits allowed grow dont get reliant social security income image source pixabay 17 theres cash shortfall horizon soical security takes payroll taxes stopped enough cover pays years ago andaccording latest trustees report oldage survivors disability insurance trust oasdi covers difference projected burn reserves 2035 mean program going bankrupt could mean benefit cuts tax increases combination two coming 18 blame demographic shifts cash shortfall two demographic shifts responsible ongoing depletion oasdi first baby boomers retiring greater numbers simply arent enough new workers take places workertobeneficiary ratio fell cash inflow turned cash outflow secondly people living longer ever meaning retirees average drawing trust years 19 actually efficient program noted last year opens new window ssa administered exceptionally low overhead program paid nearly 840 billion benefits 2014 year expenditures totaled mere 56 billion 07 total benefits paid 20 social security number says something past new ones wont lastly prior june 2011 social security numbers ssns doled partially based geography first three digits assigned based geographic region living number assigned lower numbers east coast higher numbers moved west remaining six digits random beginning june 25 2011 entire process ssn assignment became randomized program reuse ssns people assigned pass away truly unique article 20 things know social security opens new window originally appeared foolcom sean williams opens new windowhas material interest companies mentioned article follow caps screen name tmfultralong opens new window track every pick makes screen name trackultralong opens new window check twitter goes handle tmfultralong opens new windowthe motley fool position stocks mentioned try foolish newsletter services free 30 days opens new window fools may hold opinions believe considering diverse range insights opens new windowmakes us better investors motley fool disclosure policy opens new window copyright 1995 2016 motley fool llc rights reserved motley fool disclosure policy opens new window | 940 |
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<p>Rewind a few decades and all that car buyers cared about was speed and power. These days, it's more about safety and economy.</p>
<p>Continue Reading Below</p>
<p>From high-end vehicles to low-priced ones, active-safety technology is becoming a standard in vehicles, evolving as seat belts did many years ago. But it's not stopping there. In the not-too-distant future, there will be cars that warn each other of an impending collision, and even self-driving cars.</p>
<p>"Active safety (technology) has come a long way," says Luke Neurauter, group leader for the Connected and Advanced Vehicle Systems group at the Virginia Tech Transportation Institute. "Safety is a big industry push now."</p>
<p><a href="http://www.bankrate.com/funnel/auto/?pid=p:foxbz" type="external">Compare auto rates in your area. Opens a New Window.</a></p>
<p>In-vehicle safety trickles down to more models</p>
<p>The whole idea behind these in-vehicle safety technologies is to reduce the number of car accidents while requiring the driver to do little, if anything at all. An early iteration of this type of technology was anti-lock brakes and air bags. Those two technologies first appeared in high-end luxury vehicles but are now found on most vehicles.</p>
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<p>That's what is starting to happen with advanced collision technology such as adaptive cruise control, blind-spot monitoring, adaptive headlights and front- and rear-collision warning systems.</p>
<p>"All types of high-tech items tend to start off in higher-margin, expensive luxury cars and trickle down into the lower segment," says Eric Lyman, vice president of ALG, a Santa Barbara, California-based automotive research firm. He pointed to Mercedes-Benz as one car manufacturer that releases technology first in its high-end models before bringing it to lower-tier models.</p>
<p>But it's not only the luxury vehicle manufacturers that are bringing safety technology to their models. Volvo, Subaru and Toyota also offer advanced safety technology as standard equipment on certain models, and they are only a few examples.</p>
<p>Available technologies in today's cars</p>
<p>Some of those features found in many of Toyota's lineup include lane-keep assist, blind-spot monitor, automatic high beams, vehicle stability control, and pre-collision systems, says Toyota spokeswoman Cindy Knight.</p>
<p>A majority of collisions that result in serious injury can be attributed to human error, Knight says.</p>
<p>"At Toyota, we approach this problem two ways. One is to develop and deploy in-car technologies that are designed to help support the driver's awareness of his surroundings," she says. The other is to educate drivers about the rules of the road and how to avoid distractive driving.</p>
<p>Subaru's EyeSight driver-assist system, which uses cameras to monitor the road and provide audible and visual warnings if it recognizes potentially dangerous driving situations and even apply automatic braking when necessary, is already in most of its highest-volume car lines and will be rolled out to more vehicles, Subaru spokeswoman Jessica Tullman says.</p>
<p>Subaru EyeSight System</p>
<p>According to Tullman, you can purchase a 2014 Subaru Legacy with EyeSight for slightly more than $26,000. "It is possible to equip cars at lower price points with active-safety technology," she says.</p>
<p>For Volvo, safety has always been a cornerstone of its business, which is why advanced-safety technology has been standard on all its models since 2008 when it incorporated a self-braking system. But the safety features don't stop there.</p>
<p>According to Trent Victor, senior specialist in safety analysis and human factors at Volvo Technology, Volvo's safety technology is closely tied to reducing collisions and includes forward collision warnings, auto braking at high speeds, road-edge and barrier detection with steer assist and adaptive cruise control. The carmaker recently introduced pedestrian detection in darkness and also plans to introduce cyclist detection in its vehicles.</p>
<p>Advances in Technology Reduce Accidents</p>
<p>While these technologies may seem like novelties or a way for a car manufacturer to have bragging rights, they are effective.</p>
<p>"The crash prevention systems that provide warnings, as well as the systems that provide automatic braking, are preventing crashes," says David Zuby, chief research officer for the Insurance Institute for Highway Safety. "If you look at the insurance data and compare it to vehicles that don't have the systems, you see a reduction in the crash claims reported by insurers."</p>
<p>Adaptive headlights that help drivers see better at night are also "highly effective" at reducing crashes, he says.</p>
<p>A lot of the attention recently has focused on the concept of the connected car. It got a big push in early February when the U.S. National Highway Traffic Safety Administration announced it will begin taking steps to enable vehicle-to-vehicle communication technology to be built into cars.</p>
<p>Connected Car: Crash Prevention, Added Convenience</p>
<p>The connected vehicle takes advantage of global positioning systems, or GPS, and dedicated short-range communication to equip cars with a Wi-Fi-like system that sends basic safety messages to surrounding vehicles. The systems can track the speed and position of the vehicle and any other vehicles around it, and would notify drivers if a car came into their blind spots or alert them to a car suddenly braking up ahead.</p>
<p>"If you are the last car in a group of seven and the first one brakes abruptly, it's unlikely that you, as a driver of a traditional vehicle, will respond before the chain reaction reaches you," Virginia Tech's Neurauter says.</p>
<p>With connected cars, once the first vehicle brakes heavily, it can issue a warning to following drivers, he says. Another example of where connected cars can help drivers avoid accidents is when they warn a driver with a green light that a vehicle is driving through a red light as he or she nears the intersection. It may even alert a driver to icy road conditions ahead.</p>
<p>"Initially, connected vehicle technology will simply, yet effectively, provide drivers with information pertaining to safety, mobility, convenience," Neurauter says. "The next step will be integrating connected vehicle and active safety technologies together, further increasing safety on our roadways."</p>
<p>ALG's Lyman says that safety will be a big push in the connected car, but it's not the only feature that may come to pass. In the future, you can expect vehicles that are not only connected to each other, but to the traffic signals -- to improve efficiency, fuel usage and provide alternative routes if there is a traffic jam.</p>
<p>Infotainment also will be a major focus, with cars able to tell you where to get the cheapest gas or where the closest ATM is. "We could get to the point where the car drives us and we read the newspaper on the way to work," Lyman says.</p>
<p>Volvo for its part has committed to having 100 driverless cars on the road by 2017. Nissan has committed to having a totally autonomous car by 2020. "Part of the solution for a crash-free future can be the implementation of autonomous vehicles or self-driving cars," Volvo's Victor says.</p>
<p>Not only will people be safer, but consumers also will be able to use their time more efficiently.</p>
<p>Information Overload Must be Balanced with Safety</p>
<p>Information is power, but it can cause overload, which would not be ideal for people behind the steering wheel of a lethal machine. Because of that, it will be up to the car manufacturers to create connected car systems that aren't intrusive or provide too much information, causing drivers to be distracted or overwhelmed by the messages intended to protect them.</p>
<p>"The connected car market is a rapidly growing market and there's no way to predict what direction it's going to go," says Peggy Smedley, president and editorial director of the Connected World Magazine in Carol Stream, Illinois. "Whatever direction, (car manufacturers) have to think about safety first, above all of the other things."</p>
<p>Copyright 2014, Bankrate Inc.</p> | true | 0 | rewind decades car buyers cared speed power days safety economy continue reading highend vehicles lowpriced ones activesafety technology becoming standard vehicles evolving seat belts many years ago stopping nottoodistant future cars warn impending collision even selfdriving cars active safety technology come long way says luke neurauter group leader connected advanced vehicle systems group virginia tech transportation institute safety big industry push compare auto rates area opens new window invehicle safety trickles models whole idea behind invehicle safety technologies reduce number car accidents requiring driver little anything early iteration type technology antilock brakes air bags two technologies first appeared highend luxury vehicles found vehicles advertisement thats starting happen advanced collision technology adaptive cruise control blindspot monitoring adaptive headlights front rearcollision warning systems types hightech items tend start highermargin expensive luxury cars trickle lower segment says eric lyman vice president alg santa barbara californiabased automotive research firm pointed mercedesbenz one car manufacturer releases technology first highend models bringing lowertier models luxury vehicle manufacturers bringing safety technology models volvo subaru toyota also offer advanced safety technology standard equipment certain models examples available technologies todays cars features found many toyotas lineup include lanekeep assist blindspot monitor automatic high beams vehicle stability control precollision systems says toyota spokeswoman cindy knight majority collisions result serious injury attributed human error knight says toyota approach problem two ways one develop deploy incar technologies designed help support drivers awareness surroundings says educate drivers rules road avoid distractive driving subarus eyesight driverassist system uses cameras monitor road provide audible visual warnings recognizes potentially dangerous driving situations even apply automatic braking necessary already highestvolume car lines rolled vehicles subaru spokeswoman jessica tullman says subaru eyesight system according tullman purchase 2014 subaru legacy eyesight slightly 26000 possible equip cars lower price points activesafety technology says volvo safety always cornerstone business advancedsafety technology standard models since 2008 incorporated selfbraking system safety features dont stop according trent victor senior specialist safety analysis human factors volvo technology volvos safety technology closely tied reducing collisions includes forward collision warnings auto braking high speeds roadedge barrier detection steer assist adaptive cruise control carmaker recently introduced pedestrian detection darkness also plans introduce cyclist detection vehicles advances technology reduce accidents technologies may seem like novelties way car manufacturer bragging rights effective crash prevention systems provide warnings well systems provide automatic braking preventing crashes says david zuby chief research officer insurance institute highway safety look insurance data compare vehicles dont systems see reduction crash claims reported insurers adaptive headlights help drivers see better night also highly effective reducing crashes says lot attention recently focused concept connected car got big push early february us national highway traffic safety administration announced begin taking steps enable vehicletovehicle communication technology built cars connected car crash prevention added convenience connected vehicle takes advantage global positioning systems gps dedicated shortrange communication equip cars wifilike system sends basic safety messages surrounding vehicles systems track speed position vehicle vehicles around would notify drivers car came blind spots alert car suddenly braking ahead last car group seven first one brakes abruptly unlikely driver traditional vehicle respond chain reaction reaches virginia techs neurauter says connected cars first vehicle brakes heavily issue warning following drivers says another example connected cars help drivers avoid accidents warn driver green light vehicle driving red light nears intersection may even alert driver icy road conditions ahead initially connected vehicle technology simply yet effectively provide drivers information pertaining safety mobility convenience neurauter says next step integrating connected vehicle active safety technologies together increasing safety roadways algs lyman says safety big push connected car feature may come pass future expect vehicles connected traffic signals improve efficiency fuel usage provide alternative routes traffic jam infotainment also major focus cars able tell get cheapest gas closest atm could get point car drives us read newspaper way work lyman says volvo part committed 100 driverless cars road 2017 nissan committed totally autonomous car 2020 part solution crashfree future implementation autonomous vehicles selfdriving cars volvos victor says people safer consumers also able use time efficiently information overload must balanced safety information power cause overload would ideal people behind steering wheel lethal machine car manufacturers create connected car systems arent intrusive provide much information causing drivers distracted overwhelmed messages intended protect connected car market rapidly growing market theres way predict direction going go says peggy smedley president editorial director connected world magazine carol stream illinois whatever direction car manufacturers think safety first things copyright 2014 bankrate inc | 735 |
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<p>The wheels look like they're <a href="https://www.fool.com/investing/2016/10/07/did-bass-pro-shops-just-waste-55-billion-on-cabela.aspx?&amp;utm_campaign=article&amp;utm_medium=feed&amp;utm_source=foxbusiness" type="external">coming off the merger Opens a New Window.</a> between Bass Pro Shops and Cabela's (NYSE: CAB). It appears the hurdles for successfully navigating the regulatory landscape are more hazardous than originally believed. Not only has the Federal Trade Commission sought more information about the transaction, delaying the potential closing deadline, but the regulatory request has jeopardized the sale of Cabela's financial arm to Capital One.</p>
<p>Continue Reading Below</p>
<p>Still struggling with a changing retail landscape, Cabela's agreed last October to be acquired by privately-held rival Bass Pro Shops for $65.50 per share, or about $5.5 billion, including debt. It was a decent price for the outdoors retailer, representing a 19% premium to Cabela's closing price on Sept. 30, the day before the acquisition was announced. It was also a 40% premium to its closing price on Dec. 1 of the previous year, the day before Cabela's declared that it was exploring strategic alternatives.</p>
<p>Image source: Cabela's.</p>
<p>Those options, which had always included a <a href="https://www.fool.com/investing/2016/07/24/bass-pro-shops-on-verge-of-buying-cabelas.aspx?&amp;utm_campaign=article&amp;utm_medium=feed&amp;utm_source=foxbusiness" type="external">potential sale Opens a New Window.</a> of the company but were also thought to focus on selling its World's Foremost Bank division, were brought about by activist investor Elliott Management, which had taken a 11% stake in the company, saying it would push management to sell everything. When Cabela's share price is viewed from that perspective, the Bass Pro offer is almost double the price the stock traded at the time.</p>
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<p>And there didn't seem to be any doubt the deal would sail through. The transaction was obviously a good fit for the two since both retailers target the same customer and even offer a fairly similar retail experience. It would also allow Bass Pro to better compete against rivals like Dick's Sporting Goods, whose preeminent position was being bolstered by the shakeout occurring in the outdoor recreation space. City Sports declared bankruptcy, as did Eastern Mountain Sports, Sport Chalet, and of course, Sports Authority.</p>
<p>Despite the similarities between Bass Pro and Cabela's, though, there were enough degrees of separation that should have allowed the deal to move forward with relative ease. Cabela's operates some 80 stores in 36 states, mostly in the West, with nine more locations in Canada. Bass Pro Shops has about 100 stores, mostly in the Midwest and East Coast. Moreover, Cabela's specialty is hunting while Bass Pro's is, as its name implies, fishing.</p>
<p>But a deal of this size, evenin the $76 billion hunting and fishing industry, invites regulatory scrutiny from an FTC that has not shown favor toward large mergers.Even so, the deal seemed to have a good chance of success, and it even brought in Capital One Finance to take over the banking operations of Cabela's. In a side deal from the merger, Capital One agreed to pay about $200 millionto originate and service Cabela's co-branded credit card for 10 years while acquiring the credit card operations,which is one of the country's biggest issuers by volume.</p>
<p>But the deal looks like it's unraveling. Although the FTC's request for more information is not a death sentence -- Anheuser-Busch also got a second notice request in its pursuit of SABMiller, which was ultimately approved -- it's going to be more complicated and may require divestitures that will delay any potential closing date for some time.</p>
<p>Also, in Capital One's fourth quarter earnings conference call with analysts, Chairman and CEO Richard Fairbank said it was all but out of the running to get the credit card business. "Within the next week or so, we expect to either withdraw our bank merger act application or have our application denied by the OCC [Office of the Comptroller of the Currency]".</p>
<p>While a bank would normally just withdraw an application before it was denied, because Capital One's deal is tied up with the merger, it needs to get Cabela's permission to withdraw, which the retailer is apparently loathe to do.And because Cabela's credit card operation is chartered as a bank, the merger requires the approval of the comptroller.</p>
<p>Image source: Cabela's.</p>
<p>Regardless, with these delays, Capital One won't have time to refile an application. It is currently still operating under a consent order from the comptroller due to money laundering laws it violated a few years ago from a check-cashing business it once operated.</p>
<p>And while Capital One hasn't updated the status of its application as of this writing, it's seems to be out of the running. While that could open up a chance for another card issuer to step forward, Bass Pro will probably have to manage the portfolio in-house for awhile, perhaps putting it up for sale later on -- if it gets the nod from regulators, of course.</p>
<p>Bass Pro Shop's hunt for Cabela's is becoming stuck in a regulatory thicket and could ultimately fall apart, raising questions of whether investors will ever see that buyout premium they are hoping for.</p>
<p>10 stocks we like better than Cabela's When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*</p>
<p>David and Tom just revealed what they believe are the <a href="http://infotron.fool.com/infotrack/click?url=http%3A%2F%2Fwww.fool.com%2Fmms%2Fmark%2Fe-foolcom-sa-bbn-dyn%3Faid%3D8867%26source%3Disaeditxt0010449%26ftm_cam%3Dsa-bbn-evergreen%26ftm_pit%3D6312%26ftm_veh%3Dbbn_article_pitch&amp;impression=f4173c8b-dfc8-4cfc-ba5c-599eba091f3f&amp;utm_campaign=article&amp;utm_medium=feed&amp;utm_source=foxbusiness" type="external">10 best stocks Opens a New Window.</a> for investors to buy right now... and Cabela's wasn't one of them! That's right -- they think these 10 stocks are even better buys.</p>
<p><a href="http://infotron.fool.com/infotrack/click?url=http%3A%2F%2Fwww.fool.com%2Fmms%2Fmark%2Fe-foolcom-sa-bbn-dyn%3Faid%3D8867%26source%3Disaeditxt0010449%26ftm_cam%3Dsa-bbn-evergreen%26ftm_pit%3D6312%26ftm_veh%3Dbbn_article_pitch&amp;impression=f4173c8b-dfc8-4cfc-ba5c-599eba091f3f&amp;utm_campaign=article&amp;utm_medium=feed&amp;utm_source=foxbusiness" type="external">Click here Opens a New Window.</a> to learn about these picks!</p>
<p>*Stock Advisor returns as of January 4, 2017</p>
<p><a href="http://my.fool.com/profile/TMFCop/info.aspx" type="external">Rich Duprey Opens a New Window.</a> has no position in any stocks mentioned. The Motley Fool owns shares of and recommends Anheuser-Busch InBev NV. The Motley Fool has a <a href="http://www.fool.com/Legal/fool-disclosure-policy.aspx?&amp;utm_campaign=article&amp;utm_medium=feed&amp;utm_source=foxbusiness" type="external">disclosure policy Opens a New Window.</a>.</p> | true | 0 | wheels look like theyre coming merger opens new window bass pro shops cabelas nyse cab appears hurdles successfully navigating regulatory landscape hazardous originally believed federal trade commission sought information transaction delaying potential closing deadline regulatory request jeopardized sale cabelas financial arm capital one continue reading still struggling changing retail landscape cabelas agreed last october acquired privatelyheld rival bass pro shops 6550 per share 55 billion including debt decent price outdoors retailer representing 19 premium cabelas closing price sept 30 day acquisition announced also 40 premium closing price dec 1 previous year day cabelas declared exploring strategic alternatives image source cabelas options always included potential sale opens new window company also thought focus selling worlds foremost bank division brought activist investor elliott management taken 11 stake company saying would push management sell everything cabelas share price viewed perspective bass pro offer almost double price stock traded time advertisement didnt seem doubt deal would sail transaction obviously good fit two since retailers target customer even offer fairly similar retail experience would also allow bass pro better compete rivals like dicks sporting goods whose preeminent position bolstered shakeout occurring outdoor recreation space city sports declared bankruptcy eastern mountain sports sport chalet course sports authority despite similarities bass pro cabelas though enough degrees separation allowed deal move forward relative ease cabelas operates 80 stores 36 states mostly west nine locations canada bass pro shops 100 stores mostly midwest east coast moreover cabelas specialty hunting bass pros name implies fishing deal size evenin 76 billion hunting fishing industry invites regulatory scrutiny ftc shown favor toward large mergerseven deal seemed good chance success even brought capital one finance take banking operations cabelas side deal merger capital one agreed pay 200 millionto originate service cabelas cobranded credit card 10 years acquiring credit card operationswhich one countrys biggest issuers volume deal looks like unraveling although ftcs request information death sentence anheuserbusch also got second notice request pursuit sabmiller ultimately approved going complicated may require divestitures delay potential closing date time also capital ones fourth quarter earnings conference call analysts chairman ceo richard fairbank said running get credit card business within next week expect either withdraw bank merger act application application denied occ office comptroller currency bank would normally withdraw application denied capital ones deal tied merger needs get cabelas permission withdraw retailer apparently loathe doand cabelas credit card operation chartered bank merger requires approval comptroller image source cabelas regardless delays capital one wont time refile application currently still operating consent order comptroller due money laundering laws violated years ago checkcashing business operated capital one hasnt updated status application writing seems running could open chance another card issuer step forward bass pro probably manage portfolio inhouse awhile perhaps putting sale later gets nod regulators course bass pro shops hunt cabelas becoming stuck regulatory thicket could ultimately fall apart raising questions whether investors ever see buyout premium hoping 10 stocks like better cabelas investing geniuses david tom gardner stock tip pay listen newsletter run decade motley fool stock advisor tripled market david tom revealed believe 10 best stocks opens new window investors buy right cabelas wasnt one thats right think 10 stocks even better buys click opens new window learn picks stock advisor returns january 4 2017 rich duprey opens new window position stocks mentioned motley fool owns shares recommends anheuserbusch inbev nv motley fool disclosure policy opens new window | 560 |
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