Chelsea Flower Show 2012: The winners
Of course, gold is the top honour, but that shouldn't detract from the other medals. If someone wins...
Source: www.independent.co.uk
Lothian's Law: acknowledge your inner monkey - Citywire.co.uk
Remember the old gag about the HR manager throwing half of the CVs received straight into the bin and saying: ‘Well, I don’t want to hire unlucky people’? How about we do the same with funds?
Should we, at the end of our fund manager interviews, ask the manager to guess heads or tails for a series of three coin tosses and only select those who are lucky? Or perhaps we should select those who get all three wrong, as their luck will surely revert?
Much of our job is about discerning skill from luck, signal from noise. It is now generally accepted that short-term returns from a fund are essentially random, hopefully with a skew to the upside.
The more skilled the manager, the more instances of positive skew we’d expect to see – statistically, we need 12+ years of consistent positive performance to be ‘sure’ of this but few fund selectors can wait that long.
The alpha lottery
We can think of a fund’s relative performance as the sum of two variables: luck and skill. An interesting study likens this to selecting one lottery ball from each of two bags. In the ‘luck’ bag, there are, say, 15 balls each with a number on.
Let’s be generous and say the sum of the balls in the luck bag is zero; there are a few zingers of -5 or worse and also some four-leaf clovers of +5 or higher. In the ‘skill’ bag, there are also 15 lottery balls.
This time, they don’t sum to zero.
If this is a skilled manager, perhaps it sums to +1 or +2, but there will be some -5s in there too. If the manager has ‘negative skill’ (as these guys must exist too!), then it sums to less than zero.
Draw one ball from each bag then add them together to get your gross alpha for the month (or day or week). Knock off fees and see what you have left – that’s right folks, we’re looking for managers with positively skewed balls!
Now, over time the impact of the luck balls will even out (even assuming you replace the selected ball before choosing for next month), and the average of the skill balls should begin to come through. But the range of the balls in each bag will have a bigger impact in short and medium-term periods. And the fees always detract.
The ratio of the range of numbers in each bag is important to the pace of the skill signal coming through. We’d prefer to buy a manager with less impact from the luck bag and more from the skill bag, right? (That is, if we think the skill bag is positively skewed.)
But there is a clear link between the ranges of the two bags for each manager. Taking more risk in a portfolio expands the range of likely outcomes, but intuitively does so by expanding the range of both bags.
Source: www.citywire.co.uk
A 3 minute law degree? Clever but no mention of Eddie Stobart barristers - The Guardian
The ongoing legal education and training review (LETR) is expected to lead to the biggest shake-up of UK law study for decades, potentially dramatically cutting the time it takes to qualify as a lawyer. But few expect the review panel to sanction anything as radical as Birkbeck University's new "three minute law degree".
Inspired by the pop-up bars and clubs that have sprung up around in the arty south London district of Camberwell, where the event was held, the quirky course promises to get students thinking like lawyers and become "creative problem solvers." Not, of course, that it confers upon its graduates the right to practise – although they do get a degree certificate, as I found out last week when I went along and successfully completed the programme.
It began with each of the students being handed a copy of the fictional Stop and Search Act 1986, which we were required to analyse before answering some quick-fire comprehension questions about who "Constable Alan" could stop and search. Lesson one: applying the law to the facts.
Moving swiftly on, a second Birkbeck lecturer jumped to her feet and began a description of European law "in five simple steps". One student was required to play a Spanish sex toy importer. I was assigned the role of English sex toy manufacturer attempting to protect his turf against cheap imports. Lesson two: there's no discrimination allowed between citizens of different EU members states, and a bunch of other European law principles rapidly acted out under similar role play scenarios.
For reasons of accuracy and truth, I should mention at this point that considerably more than three minutes had elapsed by the time we got round to lesson three – about 25 to be precise. But hey ho. That's still pretty fast in traditional degree length terms.
Had we been following the Abu Qatada/Theresa May catgate/Prisoner votes stories?, human rights law professor Bill Bowring asked us by way of introduction to the third and final act of the show. "Kind of," we replied. Mercifully, Bowring opted against singling out individuals to interrogate, instead embarking upon the sort of clear, unpretentious explanation of these cases found in the articles of my esteemed colleague Joshua Rozenberg.
And that was it: 39 minutes in total (not including questions at the end). All in all, a pretty impressive concentration of the essence of what it means to study law. The minds of the architects behind the course were doubtless focused by their three minute pledge, even if it lay in tatters by the end. Certainly, it gave a more authentic insight into the law than Silk, the BBC legal drama that returned for a second series last week, enraging legal professionals throughout Britain with its unfaithfulness to procedure and tendency to glamorise legal life.
But then Birkbeck's clever little law degree – whose purpose, let's not forget, is the highly commercial one of getting bums on seats of the university's real law degree – rather glossed over the unsexy direction in which parts of the legal profession appear to be heading following recent deregulation, the most recent instalment of which has seen the company behind Eddie Stobart lorries launch a barrister arm.
Still, I'd have relished the opportunity to attend such a course before I made the decision to convert to law via the Graduate Diploma in Law (GDL) from an English Literature degree eight years ago. Now, at a time when students are to be required to shell out much more money to go to university, tasters like this are going to be an important part of the process of helping them make the right decisions.
Alex Aldridge is the editor of Legal Cheek
Source: www.guardian.co.uk
Free speech 'strangled by law that bans insults' and is abused by over-zealous police and prosecutors - Daily Mail
- Campaigners say Public Order Act is unclear and has resulted in string of controversial arrests
- Groups join forces to have ‘insulting words or behaviour’ phrase removed from legislation
- Former shadow home secretary David Davis: 'Nobody likes to be insulted, but nor does anyone have a right not to be insulted'
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Reform: Campaign groups have urged Home Secretary Theresa May to modify the controversial Public Order Act
Theresa May is being urged to reform a controversial law which bans ‘insulting words or behaviour’ amid mounting evidence that it is strangling free speech.
Campaigners say the Public Order Act is being abused by over-zealous police and prosecutors to arrest Christian street preachers, critics of Scientology, gay rights campaigners and even students making jokes.
Currently, Section 5 of the 1986 Act outlaws ‘insulting words or behaviour’, but what constitutes ‘insulting’ is unclear and has resulted in a string of controversial arrests.
Human rights campaigners, MPs, faith groups and secular organisations have joined forces to have the ‘insulting words or behaviour’ phrase removed from the legislation, arguing that it restricts freedom of speech and penalises campaigners, protesters and even preachers.
Former shadow home secretary David Davis, a leading campaigner for civil liberties, said reform was ‘vital to protecting freedom of expression in Britain today’.
‘There is a growing list of examples where the law against using “insulting” language has led to heavy-handed action by police and prosecutors. It is not only distressing for the individuals concerned, it constitutes a threat to Britain’s tradition of free speech,’ he said.
‘Of course nobody likes to be insulted, particularly in public, but nor does anyone have a right not to be insulted. Freedom of speech includes the right to criticise, to ridicule and to offend. It is not the job of the police and the courts to prevent us from having our feelings hurt.
‘The solution is simple: The law needs to change. The word “insulting” should be removed from section 5 of the Public Order Act. This would provide proportionate protection to individuals’ right to free speech, while continuing to protect people from threatening or abusive speech.’
A poll by ComRes, commissioned by campaigners, found 62 per cent of MPs believe it should not be the business of Government to outlaw ‘insults’. Only 17 per cent of MPs believe removing the ‘insult’ clause would undermine the ability of the police to protect the public.
In an unlikely alliance, the Christian Institute is joining forces with the National Secular Society to back the campaign, because both organisations are committed to free speech and open debate.
Simon Calvert of the Christian Institute said: ‘Britain’s historic civil liberties were often hammered out amid controversy over freedom to preach without state interference. Christians know first hand why free speech is precious and this is why the Christian Institute is pleased to join people across the political and philosophical spectrum to help bring about this simple but important change.’
Madness: An Oxford University Student was locked up after he asked a policeman: 'Do you realise your horse is gay?'
Keith Porteous Wood of the National Secular Society said: ‘Secularists, in defending free expression, must ensure that the law is fair to everybody and argue equally for the right of religious and non-religious people to freely criticise and exchange opinions without fear of the law, unless they are inciting violence. Free speech is not free if it is available only to some and not others.’
Others backing the campaign include Big Brother Watch, the Freedom Association and the Peter Tatchell Foundation. Mr Tatchell, a prominent gay rights advocate, said Section 5 was a ‘menace to free speech and the right to protest’. He added: ‘The open exchange of ideas – including unpalatable, even offensive, ideas – is a hallmark of a free and democratic society.’
In October, Home Secretary Mrs May launched a consultation on the Public Order Act, including whether the word ‘insulting’ in Section 5 strikes the right balance between freedom of expression and the right not to be harassed, alarmed or distressed. The consultation closed four months ago, but the Government has yet to set out its views.
Source: www.dailymail.co.uk
To Stop Corruption, Egypt Needs a Freedom of Information Law - Huffington Post
Egypt is undergoing a period of enormous promise and citizen empowerment. For the first time in its history, Egyptians are electing their president through a relatively fair and free process. The mood in the streets is electrifying as people from all walks of life feel vested in their country's future. Despite the bumpy post-revolution road, Egyptians deserve to be acclaimed for their perseverance and commitment to democracy.
But for Egypt to achieve sustainable democracy, many reforms remain to be implemented, the most important of which is public access to information that permits meaningful government accountability. Without accurate information, Egyptians cannot adequately stop the rampant corruption debilitating the nation's economy and political system. Nor can the media serve as an effective check on government abuse.
Secrecy is anathema to democracy. Government dealings shrouded in secrecy was Mubarak's modus operandi, and it ultimately led to pervasive corruption and colossal embezzlement of state resources. Thus, Egypt must enact a freedom of information law that guarantees citizens access to information about their government's dealings and public spending.
For centuries, the norm has been prohibition rather than access to information. Indeed, the law stymied transparency -- leading to unchecked and undetectable corruption. Soon before the January 25th Revolution, a survey by the Egyptian Information and Decision Support Center found that more than 94 percent of Egyptians believed corruption was a serious problem in their country, and 70 percent believed corruption had increased from the previous year.
Such perceptions were reinforced by media reports exposing corrupt land sales, corrupt licensing deals, and embezzlement by prominent members of Egypt's former government who amassed staggering wealth. Thus, a freedom of information law, currently nonexistent, is an indispensable tool in bolstering the transparency of government decisions and increasing investor confidence in Egypt's economy. In light of Egypt's rapidly dwindling foreign currency reserves and pending economic crisis, anti-corruption measures are no longer a luxury. They are imperative to the nation's survival.
At least 90 countries worldwide have enacted freedom of information laws -- over half of them within the last 15 years. Although Egypt's circumstances are unique, best practices from similarly situated countries offer valuable lessons.
The most common flaw in freedom of information laws is exclusion of entire agencies and classes of information based on overly broad national security claims. India's experience, however, provides a cautionary tale. India excluded some public bodies in their entirety from the scope of the law, resulting in the unintended consequence of concealing important information that exposes corruption. India's freedom of information law excluded intelligence and security agencies for the purpose of protecting sensitive security information. India's government abused this exemption when advocates sought information regarding corrupt practices within India's Central Bureau of Investigation -- the government categorically denied the request even though it was unrelated to national security.
The Egyptian government has proposed a draft law that would exclude national security agencies from public scrutiny. Supporters of the draft law raise the specter of national security cower the population into giving up their right to information about their government's dealings. But in light of the Egypt's appalling record of torture and disappearances of political dissidents, excluding the security agencies would be a fatal blow to human rights in Egypt.
In addition, Egypt should require non-public bodies engaged in public functions to comply with freedom of information laws. Because private companies are increasingly assuming roles traditionally performed by government, requiring them to disclose information is necessary to achieve full transparency. Some argue, however, that requiring non-public bodies to comply may discourage private investment in those functions due to the costs of compliance. Ultimately, Egyptians must weigh the significant gains from reduced corruption, which promotes private investment, with the inconveniences of record keeping and reporting imposed on the private sector.
To promote greater confidence and trust in government, Egypt's Parliament should also require the executive branch to voluntarily publish a broad range of information to Egyptian citizens. Among other things, disclosures should include operational information relating to the activities and procedures of government agencies, lists, registers, databases, and budget information. Salaries and other benefits of government officials should also be disclosed to the public.
The disclosures must be available in a format readily accessible to Egyptians. The experience of Mexico is informative. Because Mexico has a 93 percent literacy rate and an Internet penetration rate of almost 40 percent, consolidating affirmative disclosures on a web site is cheap and effective. Even though Egypt's literacy rate is 66 percent and Internet penetration rate is 26 percent, 60 percent of Egyptians are 30 years old or younger and widespread use of the Internet occurred throughout the Revolution on Facebook and Twitter. For that reason, posting affirmative disclosures on the internet in Egypt may also prove effective, especially as Egypt considers implementing programs to expand internet access throughout the country.
Freedom of information laws can easily be nullified by overly broad exemptions. Thus, exemptions should be narrowly tailored to prevent its circumvention by agencies. Poorly crafted exemptions could lead to an over-classification of information as exempt, leaving Egyptians in the dark about their government's dealings. Thus, only when information harms specified interests, such as national security or privacy interests and such harm outweighs the public's interest in having the information, should the information be exempted
Without an independent and multi-tiered review process, freedom of information laws are futile. A three-tier review process contemplates initial review by a senior official within the agency where the information is being requested, intermediate review by an independent oversight body, such as an information commission, and judicial review to serve as a check against corruption and incompetence within an agency.
Egyptians have the right to be involved in the affairs of their government. Not only does access to information enhance Egyptians' participation in government, but it also sets Egypt on a track toward a more equitable and prosperous nation.
For the Egyptian Revolution to succeed, knowledge must trump ignorance.
Mark Salah Morgan, Counsel at Day Pitney LLP and
Sahar Aziz, Associate Professor of Law, Texas Wesleyan School of Law
Both are members of the Egyptian American Rule of Law Association, a nonprofit organization committed to promoting rule of law through access to information. EARLA published "Freedom of Information Legislation: Best Practices for Egypt"
Follow Sahar Aziz on Twitter: www.twitter.com/@saharazizlaw
Source: www.huffingtonpost.com
Sussex business chief's shock exit stuns bosses (From The Argus) - The Argus.co.uk
Sussex business chief's shock exit stuns bosses
4:30pm Tuesday 22nd May 2012 in News By Bill Gardner
Business leaders have reacted with shock after Sussex’s chamber of commerce announced the departure of its chief executive.
Sussex Enterprise last night announced that after an “extensive review of all operations”, boss Mark Froud would be “moving on to new challenges”.
Trevor Freeman, chairman of Brighton’s Federation of Small Businesses, said he was “very surprised” by the news.
He said: “I personally thought that Mark did a really good job. He was excellent at what he did.
“We had noticed that he had stopped coming down to the local economic partnership meetings so we were wondering what was going on.
“But you always knew where you were with Mark and it’s certainly a shame that he’s gone.”
Mr Froud led Sussex Enterprise for almost ten years after first joining in 1996 as director of economic research.
In 2001 he became director of policy responsible for planning and media relations before becoming chief executive in 2002.
When the coalition government scrapped regional development agencies, Sussex Enterprise lost a contract to deliver advisory services and a large chunk of its income.
Mr Froud caused controversy in February when he said residents and businesses in East Sussex had “lower aspirations” than those in West Sussex.
Peter Jones, chairman of East Sussex County Council, said he had disagreed with Mr Froud on many occasions but was sad to see him go. He said: “When he said what he said about East Sussex we had a face-to-face conversation and sorted it out. That’s the way it was with Mark. He has put a lot of effort into his work so I’m surprised that he has gone.
“But I would say that in Sussex we are seeing a resurgence of local chambers of commerce so I think Sussex Enterprise now has to find a real role for itself.”
A Sussex Enterprise spokeswoman said: “Sussex Enterprise has over the last few months undertaken an extensive review of all operations and concluded that major changes are needed to re-emphasise and expand our core membership services.
“In today’s difficult trading conditions companies of all sizes need the opportunities to come together regularly and share information, learn from each other and find new ways to improve their businesses.
“Mark Froud who led the organisation for many years will be moving on to new challenges and we all wish him well.”
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Source: www.theargus.co.uk
Sussex draft budget has no tax increase - Delaware Wave
REHOBOTH BEACH -- The 197,145 residents of Sussex County should not expect a tax increase, as the first draft of the county's fiscal year 2013 budget was introduced to council Tuesday, May 22.
This was just one of many tidbits that Sussex County administrator Todd Lawson shared with members of the Rehoboth Beach-Dewey Beach Chamber of Commerce, as he spoke about the financial shape of the county.
And despite the revenue from the Realty Transfer Tax going down about 6.65 percent from fiscal year 2012 and about two-thirds of the 2005 figure, Lawson said the county is in good shape.
"We will have a balanced budget and there will be no tax increases this year," he said. "I made sure I didn't do that on my first watch. We haven't raised taxes in Sussex for over 20 years, so I didn't want to do it in my first five months."
The FY2013 budget, which is at approximately $139 million, will be introduced this week to the Sussex County Council. Lawson said it's broken down to $51 million for operating costs, $34 million for water and sewer costs and $55 for long term capital improvements.
"It's a pretty robust operation," he said, adding that there are 500 employees spread across the county.
Lawson said it is important to pay attention to what he called the three p's: be prepared, be ready to promote what is in the county and protect what the county already has, namely the agriculture and tourism industries.
"It seems pretty simple, but when you put it into an active mode, it's very important," he said. "We have a robust local economy and hopefully we'll see that bounce back even further, but we need to be prepared when other businesses are looking to move in or when businesses that are currently here are looking to expand."
One project taking place is extending the runway at the Georgetown Airport by 1,000 feet, a project that Lawson said is the single biggest infrastructure project in the history of the county.
Not only will the extension allow for bigger planes, which could attract additional businesses -- the county is in talks with FedEx and Lawson said the company is interested in establishing a Georgetown hub if the infrastructure is there -- but it will also re-route Truck Route 9 to create a true bypass around Georgetown, an area that Lawson said can be "a pretty bad bottleneck." for those traveling to and from the beach via Route 404.
Lawson said the project will stimulate $48 million of total output over the range of the project and create 304 jobs. The tentative schedule has the first 500 feet of the extension done this summer.
Chamber President and CEO Carol Everhart said he thought Lawson was clear and concise, informing members about the status of the county and what needs to be done in the future.
"Everything depends on our economic development," she said. "Whether it's tourism, agro-tourism or some other kind of business, that has to be foremost in the mind of anyone who is running a county budget."
On Twitter @JonBleiweis
Source: www.delmarvanow.com
It is a ridiculous law that includes 'Insulting' in a list of proscribed activities. Apart from the fact that an insult is an abstract idea that means different things to different people even varying with the tone of voice and time of day it is so vague as to be meaningless. A perceived insult to one person could be taken as a complement to someone else for no better reason than it is an almost undefinable abstract form of speech. We cannot, and should not even attempt to legislate on human speech nuances let alone try to pin on people a criminal conviction that arises from just another opinion. Incitement is a whole different ballgame that has tangible outcomes and can be dealt with as facts.
- Gwyn, Newport, 17/5/2012 15:09
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