Part

3 things to learn about patience − and impatience − from al-Ghazali, a medieval Islamic scholar

Retrieved on: 
Thursday, April 18, 2024

From childhood, we are told that patience is a virtue and that good things will come to those who wait.

Key Points: 
  • From childhood, we are told that patience is a virtue and that good things will come to those who wait.
  • And, so, many of us work on cultivating patience.
  • The writings of medieval Islamic thinker Abu Hamid al-Ghazali can give us insights or help us understand why we need to practice patience – and also when not to be patient.

Who was al-Ghazali?

  • He traveled to places as far as Baghdad and Jerusalem to defend Islam and argued there was no contradiction between reason and revelation.
  • More specifically, he was well known for reconciling Aristotle’s philosophy, which he likely read in Arabic translation, with Islamic theology.
  • This work is composed of 40 volumes in total, divided into four parts of 10 books each.

1. What is patience?

  • Humans, according to al-Ghazali, have competing impulses: the impulse of religion, or “bāʿith al-dīn,” and the impulse of desire, or “bāʿith al-hawā.” Life is a struggle between these two impulses, which he describes with the metaphor of a battle: “Support for the religious impulse comes from the angels reinforcing the troops of God, while support for the impulse of desire comes from the devils reinforcing the enemies of God.”
  • The amount of patience we have is what decides who wins the battle.
  • As al-Ghazali puts it, “If a man remains steadfast until the religious impulse conquers … then the troops of God are victorious and he joins the troops of the patient.

2. Patience, values and goals

  • It all starts with commitments to core values.
  • For a Muslim like al-Ghazali, those values are informed by the Islamic tradition and community, or “umma,” and include things like justice and mercy.
  • Living in a way that is consistent with these core values is what the moral life is all about.

3. When impatience is called for

  • Certainly, there are forms of injustice and suffering in the world that we should not calmly endure.
  • Despite his commitment to the importance of patience to a moral life, al-Ghazali makes room for impatience as well.
  • But could the necessity for impatience be extended to social harms, such as systemic racism or poverty?


Liz Bucar received funding from Templeton Religion Trust to support work on this topic.

Draft guideline on good agricultural and collection practice (GACP) for starting materials of herbal origin - Revision 1

Retrieved on: 
Thursday, April 18, 2024

REFERENCES ....................................................................................................................................... 14

Key Points: 
    • REFERENCES ....................................................................................................................................... 14

      29

      Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
      EMA/HMPC/246816/2005

      Page 3/14

      30

      EXECUTIVE SUMMARY

      31
      32
      33
      34
      35
      36

      This guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin

      37

      1.

    • Due to the inherent
      complexity of medicinal plants and herbal substances the quality of these starting materials requires an
      adequate quality assurance system for the collection and/or cultivation, harvest, and primary
      processing.
    • (either outdoor, indoor or in greenhouses) should be carefully considered, since each of the mentioned
      types could have several problems and advantages.
    • The used cultivation method may be dependent on
      the final application of the herbal medicinal product.
    • primary processing of herbal substances that are used for the preparation of herbal medicinal products.
    • medicinal plants and herbal substances, ensuring that they are handled appropriately throughout all
      stages of cultivation, collection, processing and storage.
    • their preparations are exposed to a large number of environmental contaminants of both biotic and
      abiotic origin.
    • to existing wildlife habitats and must adhere to CITES (Convention on International Trade in
      Endangered species of Wild Fauna and Flora).
    • https://health.ec.europa.eu/document/download/bd537ccf-9271-4230-bca1-2d...
      4 https://health.ec.europa.eu/document/download/fd318dd6-2404-4e67-82b0232...
      3

      Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
      EMA/HMPC/246816/2005

      Page 5/14

      104

      4.

    • Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
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      148
      149

      8.

    • Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
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      7.

    • Where possible, stable varieties and cultivars naturally
      Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
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      resistant or tolerant to disease should preferably be used.

    • Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
      EMA/HMPC/246816/2005

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      269
      270
      271
      272
      273

      The application should be carried out only by qualified staff using approved equipment.

    • The following should be noted:

      Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
      EMA/HMPC/246816/2005

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      309
      310

      ?

      311
      312
      313

      ?

      314
      315
      316
      317

      ?

      318
      319
      320

      ?

      321
      322

      ?

      323
      324
      325

      ?

      326
      327
      328

      ?

      Damaged plants or plant parts need to be excluded or limited in accordance with a specific
      pharmacopoeia monograph, where relevant.

    • Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
      EMA/HMPC/246816/2005

      Page 11/14

      347
      348

      directly to the sun (except in cases where there is a specific need) and must be protected from
      rainfall, insect infestation, etc.

    • The label must be clear, permanently fixed and made from

      6

      Reflection paper on the use of fumigants (EMEA/HMPC/125562/2006)

      Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
      EMA/HMPC/246816/2005

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      non-toxic material.

    • Certain exudates that have not been subjected to a specific treatment are

      Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
      EMA/HMPC/246816/2005

      Page 13/14

      425
      426
      427

      also considered to be herbal substances.

    • European Pharmacopoeia General Monograph ?HERBAL DRUGS? 07/2017:1433

      Are obtained by subjecting herbal substances to treatments such as
      extraction, distillation, expression, fractionation, purification, concentration
      or fermentation.

Draft guideline on good agricultural and collection practice (GACP) for starting materials of herbal origin - Revision 1

Retrieved on: 
Thursday, April 18, 2024

REFERENCES ....................................................................................................................................... 14

Key Points: 
    • REFERENCES ....................................................................................................................................... 14

      29

      Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
      EMA/HMPC/246816/2005

      Page 3/14

      30

      EXECUTIVE SUMMARY

      31
      32
      33
      34
      35
      36

      This guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin

      37

      1.

    • Due to the inherent
      complexity of medicinal plants and herbal substances the quality of these starting materials requires an
      adequate quality assurance system for the collection and/or cultivation, harvest, and primary
      processing.
    • (either outdoor, indoor or in greenhouses) should be carefully considered, since each of the mentioned
      types could have several problems and advantages.
    • The used cultivation method may be dependent on
      the final application of the herbal medicinal product.
    • primary processing of herbal substances that are used for the preparation of herbal medicinal products.
    • medicinal plants and herbal substances, ensuring that they are handled appropriately throughout all
      stages of cultivation, collection, processing and storage.
    • their preparations are exposed to a large number of environmental contaminants of both biotic and
      abiotic origin.
    • to existing wildlife habitats and must adhere to CITES (Convention on International Trade in
      Endangered species of Wild Fauna and Flora).
    • https://health.ec.europa.eu/document/download/bd537ccf-9271-4230-bca1-2d...
      4 https://health.ec.europa.eu/document/download/fd318dd6-2404-4e67-82b0232...
      3

      Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
      EMA/HMPC/246816/2005

      Page 5/14

      104

      4.

    • Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
      EMA/HMPC/246816/2005

      Page 6/14

      147
      148
      149

      8.

    • Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
      EMA/HMPC/246816/2005

      Page 7/14

      185

      7.

    • Where possible, stable varieties and cultivars naturally
      Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
      EMA/HMPC/246816/2005

      Page 8/14

      227
      228

      resistant or tolerant to disease should preferably be used.

    • Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
      EMA/HMPC/246816/2005

      Page 9/14

      268
      269
      270
      271
      272
      273

      The application should be carried out only by qualified staff using approved equipment.

    • The following should be noted:

      Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
      EMA/HMPC/246816/2005

      Page 10/14

      309
      310

      ?

      311
      312
      313

      ?

      314
      315
      316
      317

      ?

      318
      319
      320

      ?

      321
      322

      ?

      323
      324
      325

      ?

      326
      327
      328

      ?

      Damaged plants or plant parts need to be excluded or limited in accordance with a specific
      pharmacopoeia monograph, where relevant.

    • Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
      EMA/HMPC/246816/2005

      Page 11/14

      347
      348

      directly to the sun (except in cases where there is a specific need) and must be protected from
      rainfall, insect infestation, etc.

    • The label must be clear, permanently fixed and made from

      6

      Reflection paper on the use of fumigants (EMEA/HMPC/125562/2006)

      Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
      EMA/HMPC/246816/2005

      Page 12/14

      386
      387

      non-toxic material.

    • Certain exudates that have not been subjected to a specific treatment are

      Guideline on Good Agricultural and Collection Practice (GACP) for starting materials of herbal origin
      EMA/HMPC/246816/2005

      Page 13/14

      425
      426
      427

      also considered to be herbal substances.

    • European Pharmacopoeia General Monograph ?HERBAL DRUGS? 07/2017:1433

      Are obtained by subjecting herbal substances to treatments such as
      extraction, distillation, expression, fractionation, purification, concentration
      or fermentation.

A new measure of firm-level competition: an application to euro area banks

Retrieved on: 
Thursday, April 18, 2024

Abstract

Key Points: 
    • Abstract
      This paper extends Boone (2008) by introducing a competition measure at the individual
      firm level rather than for an entire market segment.
    • We apply this extended Boone indicator to individual bank-level competition
      in the loan market in the four largest euro area countries and Austria.
    • Our new measure of firm-level competition enriches and complements
      other competition measures and provides a promising starting point for future market
      power analyses.
    • The only measure among non-structural measures that is based on the
      concept of competition as a process of rivalry is the Boone (2008) indicator.
    • We introduce
      a new performance measure of competition by extending the Boone indicator to the
      individual firm level.
    • Introduction
      The ability to reliably measure competition is valuable to researchers, analysts, and
      policymakers, especially antitrust authorities, financial supervisors, and central banks.
    • One broad
      category of indicators often used to measure competition are structural competition
      measures, such as static concentration measures, and dynamic measures, e.g., entry and
      exit rates.
    • Out of these measures, the only measure based on the
      concept of competition as a process of rivalry is the Boone indicator.
    • This study introduces a new performance measure of competition by extending the
      Boone indicator to the individual firm level.
    • It thus measures the
      increase in profits in percent of one percentage point increase in efficiency, with marginal
      costs as measure of efficiency.
    • We extend the theoretical
      underpinning of the measurement of competition for the entire market of Boone (2008) by
      a new measure of individual firm-level competition.
    • A concern of the literature is the gap
      between the practical application and the theoretical framework of Boone (2008).
    • We introduce within the same theoretical
      framework a new measure of competition on firm level, the MRP.
    • Our new
      measure significantly augments the antitrust evaluative framework by shedding light on
      whether a merger results in a less competitive market.
    • Our novel indicator focuses on
      firms? incentives to enhance their relative efficiency, as manifested in the elasticity
      between relative profits and efficiency.
    • However, an inefficient firm that is foreclosed could be more
      competitive than the larger efficient firm that relies on its scale economies.
    • Our new metric of competition unveils
      banks? ability to influence their profitability in the short term by cutting costs relative to
      their peers.
    • The new MRP indicator provides the ability to assess the impact
      of individual banks? competitiveness on their interest rate-setting behaviour in loan
      markets.
    • Incorporating this information promises a more refined understanding of the impact and
      timing of monetary policy rates changes on the real economy.
    • Section 3 introduces within the Boone
      (2008) theoretical framework our new measure of individual firm-level competition,
      including the interpretation of the MRP.
    • Section 4 provides an application of our new
      ECB Working Paper Series No 2925

      6

      individual firm-level competition measure to the loan market.

    • The StructureConduct-Performance paradigm (SCP) provides a traditional framework in the field of
      industrial organization for analysing competition behaviour in markets.
    • Concentrated
      markets ease the possibilities to collude implicitly or explicitly and therefore concentrated
      markets result in higher prices and profits.
    • For example, a tougher competition
      setup may lead to a reallocation of market shares, potentially forcing some firms to exit
      the market.
    • This approach gives firms? strategic behaviour
      central stage and focuses on the strategic interaction on prices and quantities, known as
      conjectural variation.
    • Another measure from
      this strand of literature is the H-statistic developed by Panzar and Rosse (1987).
    • The only competition measure from this performance literature where competition is the
      outcome from a process of rivalry is the Boone indicator.
    • A continuous and monotonically increasing relationship exists between
      RPD and the level of competition if firms are ranked by decreasing efficiency.
    • (2013) compare the Boone indicator with the price-cost margin
      and conclude that the profit elasticity is a more reliable measure of competition.
    • The high
      elasticity of profits to efficiency unequivocally indicates that the high market shares and
      therefore high profits are due to high efficiency.
    • A firm that quickly passes changes to the input prices is seen as a price
      taker with little market power.
    • Indicators of competition tend to measure different phenomenon and may provide
      conflicting messages, as reported for European banking by Carbo et al.
    • Application 2: Test the ?quiet life? and related market structure hypotheses using the
      MRP as competition or market structure measure.
    • Data
      Our application to individual bank-level competition in the euro area loan market uses
      balance sheet and income statement data from the Moody?s Analytics BankFocus for the
      calendar years 2013-2020.
    • As such, most publications
      on competition in the euro area includes the largest four member states.
    • Due to these restrictions the database was reduced to an unbalanced panel of up to 1862
      banks (depending on the year) from five euro area countries.
    • Application 1: Measure bank competition using MRP
      Looking at the distribution of the MRP for individual banks (Fig.
    • A similar finding for the four largest euro area countries as a group is
      reported in Carbo et al.
    • Application 2: Test of market structure hypotheses using MRP
      Our new measure of individual-bank competition can be used to test market structure
      theories.
    • Euro area banks? market power,
      lending channel and stability: the effects of negative policy rates, European Central Bank
      Working Paper, 2790 (February).
    • A
      new approach to measuring competition in the loan markets of the euro area, Applied
      Economics, 43 (23), 3155?3167.
    • Impact of bank competition on the interest rate pass-through in the euro area, Applied
      Economics, 45 (11), 1359?1380.

Molten Ventures Plc: Completion of Acquisition, Admission of New Molten Shares and Total Voting Rights

Retrieved on: 
Wednesday, April 10, 2024

The Acquisition was implemented by way of a court-sanctioned scheme of arrangement (“Scheme”) between Forward and Scheme Shareholders under Part 26 of the Companies Act.

Key Points: 
  • The Acquisition was implemented by way of a court-sanctioned scheme of arrangement (“Scheme”) between Forward and Scheme Shareholders under Part 26 of the Companies Act.
  • An application has also been made to Euronext Dublin in respect of a secondary listing on the Euronext Dublin Daily Official List and to trading on the Euronext Dublin Market.
  • Admission and commencement of dealings in the New Molten Shares is expected to take place at or soon after 8.00 a.m. on 15 March 2024, at which time the Acquisition will complete.
  • The total number of voting rights in Molten will therefore be 189,046,450.

Form 8.3 - Zürcher Kantonalbank: Irish Residential Properties REIT PLC

Retrieved on: 
Wednesday, April 10, 2024

See the definition of “connected fund manager” in Rule 2.2 of Part A of the Rules.

Key Points: 
  • See the definition of “connected fund manager” in Rule 2.2 of Part A of the Rules.
  • See the definition of “relevant securities” in Rule 2.1 of Part A of the Rules.
  • If details included in a disclosure under Rule 8 are incorrect, they should be corrected as soon as practicable in a subsequent disclosure.
  • References in these notes to “the Rules” are to the Irish Takeover Panel Act, 1997, Takeover Rules, 2022.

Spikes Asia announces 2024 winners including the Special Awards and Young Spikes Competition winners

Retrieved on: 
Thursday, March 14, 2024

Singapore, Mar 14, 2024 - (ACN Newswire) - Spikes Asia, APAC's most prestigious and sought-after award for creativity and marketing effectiveness, has revealed the Grands Prix and Special Award winners for 2024 this evening.

Key Points: 
  • Singapore, Mar 14, 2024 - (ACN Newswire) - Spikes Asia, APAC's most prestigious and sought-after award for creativity and marketing effectiveness, has revealed the Grands Prix and Special Award winners for 2024 this evening.
  • In its inaugural year, the Gaming Spikes Grand Prix was awarded to the Philippines for "Unbranded Menu", for McDonald's, entered by Leo Burnett, Manila.
  • Speaking about the Winners, Simon Cook, CEO, LIONS, said: "Congratulations to our 2024 Spikes Asia Award winners.
  • Jaime Ng, Festival Director, Spikes Asia, added: "We're excited to announce the 2024 Award winners for Spikes Asia, after a fantastic event this week.

Rio2 Announces Upsize of Private Placement Up to C$23 Million

Retrieved on: 
Tuesday, April 9, 2024

VANCOUVER, British Columbia, April 09, 2024 (GLOBE NEWSWIRE) -- Rio2 Limited (“Rio2” or the “Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) is pleased to announce that further to the news release dated April 8, 2024, it has entered into an amending agreement with Eight Capital, as agent, to upsize the previously announced private placement. Pursuant to the upsized offering, the Company will issue up to 59,030,000 common shares of the Company (the “Shares”) at a price of $0.39 per Share (the “Offering Price”) for gross proceeds to the Company of up to $23,021,700 (the “Offering”).

Key Points: 
  • Alex Black, Executive Chairman, stated: “The Company received significant interest from key existing shareholders to participate in financing our Company at this stage of its development, far exceeding the $10 million maximum amount first announced.
  • The LIFE Shares issued to Canadian resident subscribers in the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws.
  • The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S.
  • Securities Act”) or under any U.S. state securities laws, and may not be offered or sold in the United States or to “U.S.

Rio2 Announces Receipt of RCA Resolution for the Fenix Gold Project & C$10 Million Private Placement

Retrieved on: 
Monday, April 8, 2024

VANCOUVER, British Columbia, April 08, 2024 (GLOBE NEWSWIRE) -- Rio2 Limited (“Rio2” or the “Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) today announces that its Chilean subsidiary, Fenix Gold Limitada (“Fenix Gold”), has received the formal Resolución de Calificación Ambiental (Environmental Qualification Resolution, or RCA) for its Fenix Gold Project (the “Project”) located in the Maricunga Mineral Belt of the Atacama Region, Chile.

Key Points: 
  • The RCA has been issued following the approval of the Project’s Environmental Impact Assessment previously announced on December 20, 2023.
  • The receipt of the RCA now allows Fenix Gold to advance permitting activities for the Project.
  • The current timing for receipt of these principal permits is by the end of July 2024.
  • The Company is seeking to finance a substantial component of the initial capital costs by way of Project related debt.

Willis Lease Finance Corporation Welcomes Colm Barrington to its Board of Directors

Retrieved on: 
Friday, April 5, 2024

COCONUT CREEK, Fla., April 05, 2024 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC”), the leading lessor of commercial aircraft engines and global provider of aviation services, is pleased to announce the appointment of Colm Barrington to its Board of Directors (“the Board”) effective April 1, 2024.

Key Points: 
  • COCONUT CREEK, Fla., April 05, 2024 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC”), the leading lessor of commercial aircraft engines and global provider of aviation services, is pleased to announce the appointment of Colm Barrington to its Board of Directors (“the Board”) effective April 1, 2024.
  • Mr. Barrington left his role at GECAS soon after to start his own aircraft lease management company, which later merged into Babcock & Brown Limited.
  • "We are delighted to announce the addition of Colm to our Board of Directors," stated Charles F. Willis, Founder and Executive Chairman of WLFC.
  • Willis Lease Finance Corporation (“WLFC”) leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide.