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Vicap value investing capital resources

Автор: Arami | Category: Samdani forex | Октябрь 2, 2012

vicap value investing capital resources

Maximizing the Use of Limited Local Law Enforcement Resources be useful to adapt when considering crime analysts as “intellectual capital” in policing. We are offering 5,, shares of our common stock, par value $ our future capital requirements and sources and uses of cash;. “Adjusted Equity Value” means the sum of (a) the Equity Value plus (b) Amended and Restated Investors' Rights Agreement of the Company. INVESTING OP AMP OUTPUT WAVEFORM FOR THE NAND

This filling machine is designed for filling beer, sparkling or still wines, high viscosity products, carbonated or non-carbonated water, carbonated and non-carbonated juices, and still tea. The filling valves are mounted to the filling ring from outside, are electro-pneumatically controlled and made with the latest technology for volumetrical filling.

Miriam Ciriano, Commercial and Marketing Department, explained the double guide profile that envelops the bottle above and below the neck ring, preventing marks from being made on the bottle and reducing air turbulence and thereby providing greater bottle stability at very high line speed.

The precisely directed airflow reduces levels of contamination, increases bottle speed, and considerably diminishes bottle jams while keeping bottles more vertical at speed over 1, bpm. The efficient performance is also provided with short-neck bottles. She continues explaining that the guides are only in contact with the neckring.

The airflow generates a cushion between the guides and the neckring, thereby reducing friction significantly, resulting in lower air pressure during operation and lower energy consumption of the fan. Miriam ended that the air flow is controlled automatically by sensors that adjust fan rotation speeds according to the conditions of bottle accumulation on the line.

Each type of bottle saves its own parameters so the operator does not have to make adjustments after changeovers. SMI says that it is a compact and flexible solution for creating bottles with either flat or sports caps. The blower has lower energy consumption than comparable previous models because its preform heater module is equipped with high efficiency IR lamps.

The stretch-blow moulding module features a double-stage air recovery reduces energy costs associated with high air compression. Wrapping and palletising Downstream of the production unit, the LSK 25T shrink wrapper wraps ml bottles in 4x3, 5x4 and 6x4 film-only, in double lane 3x2 filmonly, and in 4x3 and 6x4 tray plus film collations.

The larger, 1,ml bottles are collated in 4x3 and 3x2 film-only, and 4x3 tray plus film arrangements. SMI says that it is designed for easy format changeovers, within a compact but ergonomic structure that allows installation even in restricted spaces, while remaining easily accessible even to less skilled operators. An LWP 30 wrap-around packer also handles ml and 1,ml with either flat or sports cap in filmonly collations arriving from the LSK 25T shrink wrapper.

Already packed 3x2 ml and 1,ml bottles are packed in wrap-around corrugated cardboard boxes in 4x3 and 4x6 formats. The wrap-around packaging system is equipped with a mechanical device that groups products and forms the cardboard box around the transiting bottles without having to stop the machine.

The solution is suitable for a package that is resistant to impacts and can protect the product during transport. Ice Age Glacial Water Company says that increases in demand and sales put unsustainable pressure on its previous system.

Flexibility was also a key feature, in order that it could react immediately to even the earliest and slightest signal in the fast-changing water industry. The company expects that the trend away from sugary and carbonated drinks and towards healthier alternatives will continue, and that minimally-processed glacier water is well placed to meet this demand.

And, in our ever-more environmentally-conscious world, strategies to increase uptime can clash with increasingly stringent sustainability touchpoints. A lubricant applied on the outside of preforms or bottles is said to optimise the slipping zone between blow moulded bottles and to act as a mould release at the same time - in an environmentally-conscious way. Blockades are a particular problem in PET stretch blow moulding plants.

A post-moulding issue, blockades arise as bottles are transported via air conveyor systems when bottle-to-bottle friction triggers a line block. It is coefficient of friction that causes moulded bottles to move with instability through conveyor systems, and then stick together.

Common at the curves and ascents of conveyor systems, that is where blockade prevention strategies prove critical. Chem-Trend offers a product that is claimed to improve the transport efficiency of formed PET products through air conveyor systems. The product is applied as a lubricant on the outside of preforms or bottles at key points along the PET bottle production process.

It can be added at preform or post blow mould stage. It is applied by spraying the product on preforms or bottles by any spray equipment. This minimises blockades and facilitates the transport of the PET bottles more smoothly. The coating also provides a protective layer for preforms that continues to function well beyond blow moulding process and transportation stages. Mould release optimisation Another advantage of this lubricant is that it acts as a mould release agent, reducing the potential for defects.

Bottles sticking to the mould also negatively affect cycle times, meaning higher cost per bottle or more bottles in the scrap bin. During mould ejection, this lubricant ensures a quick and clean release of bottles. As the lubricant stays fluid, there is no risk of a hardened build-up. A sustainable PET bottle production aid which reduces imperfections Sometimes preforms are dropped into octabins before warehousing.

Despite every effort during their handling, this might lead to scratches and other imperfections on the preforms. These defects will have a significant impact on the heat absorption of PET preforms when passing though the blow moulding line as well as on the appearance of the finished goods. The lubricant significantly improves the scratch-resistance of the plastic surfaces during transport and handling. Its lubricating properties also prevent contamination by providing a barrier against dust and enhance the gloss of blown bottles.

An added advantage of using Lusin Lub O32F is the optimisation of bulk box filling levels, which can reduce the transport cost significantly. It does not contain any solvents, silicones or halogens and can be removed with water. It is therefore an environmentally-conscious solution for solving many of the problems that arise in PET preform production and blow moulding processes.

So I definitely welcome that the EU has taken action by proposing and passing a directive on the topic. It seems as if a lot of the changes that will be enforced make a lot of sense to help reduce marine littering. Unfortunately, the article that enforces caps to remain attached to the container does not make sense — neither ecologically nor economically. We estimate that in the worst case this requirement will increase CO 2 emissions from beverage packages by as much as , tons CO 2 equivalent per year in the EU with minimal to zero positive impact on marine littering.

The EU commission seems to expect such minimal impact themselves, if I interpret their impact assessment correctly. With the vast amount of money industry — and finally consumers — will have to spend on implementing the required changes, I am sure much better options could have been realised to reduce marine littering. It will be painful for a lot of stakeholders and distract companies from other valuable developments, but of course the directive can be implemented.

It just helped everyone in the industry to accelerate the speed of lightweighting at same or better closure performance, particularly for CSD applications. While introduction took place already several years ago, we only experience the full benefits on a broad scale since recent years. Tethering the caps to the bottles to ensure that they find their way to the recycling station is trying to solve the issue without involving the people.

Education might be a better way to ensure the proper handling. Technological there are different ways on the one hand we have some simple solutions available to ensure that the bottler fulfils the requirements of the law, but most of them are not really convenient for the end-users and therefore will mostly be used as a interims solution.

In my opinion the implementation is possible, but the final impact is not clear today. For example so far we just know the cap needs to be tethered to the bottle, but nothing describes how strong! On the closure side itself I would say the trend of lowering opening torques as well as improving the haptic properties for better grip, while opening, brought some good changes.

Prior to the EU vote on Article 6, it is the moment for us to ask caps- and mould producers about their assessment of the proposed EU regulation and the consequences that might ensue if it is passed into law. We have therefore collected the views of producers such as Bericap, Corvaglia, Sacmi, United Caps and z-moulds, and we are grateful to Husky for adding their comments reflecting the Canadian and US point of view!

Originally intended for use with returnable glass bottles, his idea quickly attracted the interest of the PET bottle industry which increased sharply at the end of the s. The key advantages of the HDPE cap over its aluminium counterpart were considered to be, firstly that damage to the bottle mouth caused by rolling the aluminium caps onto the neck finish could be avoided, and secondly that the HDPE caps were more compatible with the precise geometries of the PET thread.

Compared with injection moulding, compression moulding output in those days sometimes was more than double. In , when CSI acquired H-C Industries, its rotary compression-moulded process for making closures was an industry first.

Since then, changing consumer needs, along with new trends in drinks, regulations and technological advances, have led to ever new innovations and improvements being made in the design of caps and closures. And while a survey like the following can never account for completeness, we hope you enjoy our selection of 20 years of achievements in caps and closures for PET bottles, as reported in PETplanet!

Caps and closures — some highlights to In issue 8 KHS and CCT presented a cap with a moving liner for capping oxygen-sensitive products such as beer. Products packed were mainly juices and energy drinks. The door was open for anyone to submit designs for lightweight caps and neck forms. CCT has been designing the cap for the new thread.

In issue 6, the company announces the launch of the DoubleSeal one-piece hot fill closure in the North American market, with reduced wall thicknesses. The scope of beverages subject to this prescription is still unclear. The prescription of tethered caps represents a major challenge for the entire beverage industry involving massive cost in all levels of the supply chain — more than bln packages need to be redesigned. The PWC impact study estimates change over cost of bln EUR depending whether neck finishes need to be changed or not.

Bericap has developed a system which maintains design of most neck finishes or requires only small changes to the closure design. The achievable weight savings are higher comparing with the previous change from PCO to For the bottlers, this results in a faster payback of their filling line conversion costs incurred in changing their filling line to the new system. It is interesting to note that, in addition to its aesthetic appearance, the closure offers a comfortable grip, is equipped with the well-proven double seal system, as well as a slit flex band for proper application and offers a user-friendly opening torques.

The inner diameter is exactly the same as for PCO Bericap has started production, installing new line in its European plants. The product has now been introduced at various major brands. Due to the increasing demand, Bericap has invested in additional production capacity.

The new Bericap is an attractive offer, in order to save costs for bottler and brand owners. The industry collectively spent millions and managed to reduce energy consumption and CO 2 emissions to levels unthinkable at the time the whole process was begun.

We are the unsung heroes of the environment, as the combined efforts of all industry players allowed the market to grow, while keeping environmental impact stable. At present, the challenges faced by plastic cap manufacturers and their mould suppliers and the efforts they need to make are intrinsically bound up with new EU regulations.

Glass and metal beverage containers that have caps and lids made of plastic shall not be covered by this Article. Those standards shall in particular address the need to ensure the necessary strength, reliability and safety of beverage container closures, including those for carbonated drinks. Since it has not yet been clearly established when a cap can be considered attached to the container, market players shall need to wait for the harmonised standards.

Functional additives and resins are an important technology in meeting this demand for greater product protection in the plastic packaging market. A functional additive modifies the properties of packaging to impart desirable or beneficial functions.

Although the publishers have made every effort to ensure that the information in this survey is up to date, no claims are made regarding completeness or accuracy. The primary driver for this bill is the belief that closures on single use plastic bottles contribute to environmental pollution. The bill was ordered inactive at the request of the author on June 4, It remains to be seen whether the approved European SUP directive will result in a reactivation of this specific bill or a variant thereof.

Regardless of these laws enacted or proposed , Husky is developing solutions to ensure full compliance without compromising usability and the drinking experience. Global unit demand expects to remain strong through with a forecasted CAGR of 4. Water brands looking to position their product as a premium offering can leverage the closure as a means to differentiate.

For the brand owner, there are weight savings to be realised on the entire dispensing system without compromising the user experience. Global unit demand is positive through with a forecast CAGR of 1. Source: Global Data. Global unit demand is positive through with a forecasted CAGR of 2. Compared to the 38mm bottle, the consumer can enjoy a more pleasant drinking experience thanks to the smaller neck finish.

The 32mm closure offers an industry leading weight at 1. A slightly heavier 2. In issue no. As well as this lightweight trend, the spotlight is increasingly on interest groups with difficulties in opening operations. At Interpack, United Caps presented, amongst other things, its petal flower cap.

Developed for Wattwiller Mineral Waters, the unusual shape of the closure allows end-users to open bottles with minimum effort. In the same article, product piracy and counterfeiting are being encountered with closures with a folded and slit tamper evidence band or with laser printing across the TE band and closure. In our Drinktec preview in issue 8, Bericap introduces an extremely light 28 mm PCO flat closure for non-carbonated beverages. Israeli company Water. IO is turning caps into smart devices, as we report in issue 8: The caps not only remind the consumers of keeping hydrated but turn the complete container in a connected device with many benefits such as re-ordering.

Corvaglia presents the digital printing of caps at Drinktec, matching the high speed of its own mould technology issue 9. Continuous growth of aseptically processed beverages and an increase of on-the-go beverage formats are reasons for Aptar to launch a new sportscap in a wide mouth neck finish.

The 38mm 1-piece closure is described in issue 5. Also for on-the-go customers, the dispensing solution Guardian Light by Aptar is presented in the same issue. In issue 12 Bericap highlights UV light barrier screw caps. The product range encompasses 33mm neck caps and light weight 38mm neck caps in all colours.

UV barrier closure, developed for the dairy industry Year Total The technology has been developed to increase productivity and to improve container quality. The four stations of the ASB Series machines seen in fig.

Standard one-step moulding works on the principle that a customdesigned preform is injection moulded and cooled to the point where the PET resin is still above its glass transition temperate Tg , so it is still flexible as it is transferred to the following stations. The residual heat in the preform is then used to allow blow moulding into the finished container shape at the stretch-blow station. Because injection and cooling of the preforms always requires the longest time of these four processes, the injection station dictates the overall cycle time of the moulding machine, and therefore productivity.

In standard moulding, preform cooling occupies a significant portion of the total cycle time. By shifting the necessary preform cooling from the injection station to the conditioning station fig. The injection station is now available to start filling the cavity for the next injection cycle while cooling of the previous shot continues simultaneously in the conditioning station. It is this removal of cooling from the injection station that enables average productivity increases of 1. Physical properties Since the cooling rate of PET resin is a fixed property, in standard moulding the only way to shorten cooling time is to make the preform thinner, which for a given container weight means the preform also becomes larger fig.

Doing this reduces the overall stretch ratio from preform to finished container so the positive effects of strain hardening from biaxial orientation, that increase the stiffness and tensile strength of PET, are significantly reduced. With standard moulding, thicker preforms would require longer cooling resulted in reduced productivity. Order volume was double that of the year before and, with new partners joining the international team, it is looking forward to with optimism.

Customers in the Americas are now being supported and serviced by four agencies, operating in the local languages and in the same timezones. In Central America, Plasgrom joined the team at the beginning of He provides refurbishment and conversion support in Brazil and surrounding countries, as well as technical services on site and from his facilities in Sao Paulo.

Sergio Freire and Pablo Almazan provide technical services and customer support from Panama to Argentina, from their base in Chile. With partners in Mexico, it can provide refurbishment and conversion services domestically there, and Globalplast is the third full service and refurbishment centre in the Americas.

Schwarzmann: The main topics have been water in PET bottles and beer in cans. PETplanet: Can you as a western technology provider compete with Chinese production suppliers in terms of prices? PETplanet: Even if time is tight and the facility has to be up and running quickly?

Schwarzmann: Delivery times are always an issue, particularly here in Asia. Once the machines have been built, we have to ship them from Europe to China which has a knock-on effect on delivery times. Using our local production allows us to respond quickly to the market demands. PETplanet: Was that the reason for your intention to build a production facility here? Schwarzmann: We are producing already machines here in China since year Now we look for a new facility with bigger space to be able to bring our premium technology faster and in a more economical way to the market.

PETplanet: One of your competitors also has large production plants in China but cannot operate them at full capacity. What makes you sure that yours can? Schwarzmann: I cannot speak for our competitors but our market analysis indicates that there is demand here in China and in South-East Asia.

We prefer to have the space and flexibility to operate in today rather than waiting until tomorrow. Hammerschmid: We have been manufacturing and supplying labelling machines worldwide since In we succeeded in entering the Chinese market. Since then, a huge number of Gernep labelling machines was installed over the years. China will remain a very important business for us also for the future.

PETplanet: In your opinion, how much has the Chinese market changed in recent years? Hammerschmid: From a technological point of view, the competition in wet glue machinery increased the last years. We focus now more and more on equipment for individual self-adhesive labels and do provide a customised solution for our customer.

Demands for packaging design, particularly for cosmetics, are also increasing all the time. We enjoy dealing with challenging problems and coming up with tailor-made solutions. The terms of the agreement have not been disclosed and the acquisition is expected to be completed in the first quarter of Philipp Lehner has been active in the family company since June and has worked in several areas of the company. Prior to joining Alpla, his career led him to the finance and consulting industry, including positions at McKinsey Hamburg and H.

The increased material orientation achieved by the smaller, thicker preforms of Zero Cooling eliminates any risk of these faults resulting in high visual quality. The advanced cooling method also enables the moulding of heavy-weight premium cosmetic containers in very short cycle times using standard PET grades while exhibiting no haziness, says Nissei ASB.

SIPA S. Designed to adapt. Built to last. The liquids, which smell of berr i e s , a l oe v e r a , c u c umb e r s a n d other fragrancies, are appropriately coloured and come in clear ml bottles. The main coloured labels printed with comic drawings, funny slogans and pop-art are also in keeping with the product.

The overall effect is completed by an appropriately coloured push-pull lid. According to the manufacturer, the descaler is more than The product comes in a shiny, metallic ml bottle with a shoulder embossing that depicts a mountain range. The shape of the base of the bottle is quite striking, resembling a stand-up pouch with a fold or centre line raised towards the inside of the container. The screw top is difficult to remove from the container, while two self-adhesive labels provide information about the product.

This alcohol-free product is designed to prevent tooth decay, mineralise teeth and rinse away small food particles. The liquid comes in a clear ml bottle, coloured according to taste. A chamber under the screw top is built into the bottle, which is filled by applying pressure to the bottle and a vertical tube reaching to the bottom. The screw top is secured with a pre-perforated, colour-coordinated, tamper-proof shrink-wrap.

The two self-adhesive labels are also wave-shaped. Bottle packing International Patent No. Plastic bottle European Patent No. Plastic containers European Patent No. Plastic bottle with compensatory surfaces US Patent No. The bottle is shaped in a predetermined way and method, but is always easy to hold. Container base European Patent No. Drinking www. At United Caps, we bring to market, innovative solutions that meet the outstanding performance requirements of our customers in the regulatory environments in which they operate.

The political negotiation process has concluded. The Directive is expected to enter into force in Q2 Member States has then to transpose it into national law by From Q2 there will be a new requirement for the tethering of closures to PET beverage containers bottles with all existing neck finishes and Bricks with all existing neck finishes.

Still beverages and carbonated beverages are included in this Directive. United Caps has anticipated this regulatory environment and is innovating accordingly. Time and time again, throughout our proud 80 year history, we have demonstrated an ability to set clear targets and deliver on our promises. Our sights remain fixed on our long term partnerships and those partners can be assured that we are taking the necessary decisions today that help them prepare for the future.

United Caps believe that the Circular economy is an important tool to challenge energy consumption, resource depletion and environmental pollution. Maintaining the value of products, resources and materials within the economy for as long as possible is vital for future generations.

Plastic products have an important role to play in more environmentally friendly and resource efficient Europe for their intrinsic characteristics. They are lightweight, durable, versatile and recyclable as such they are important in helping to reduce emission and lower energy consumption. No compromises on food hygiene, health and safety should be made. Actions allied to modifying consumer behaviour, coupled with improved sourcing like bio-sourced plastics, better characterisation of contaminants and a safety recycling material plan will aid the creation of a vibrant and rewarding circular economy.

The company is focused on providing both sustainability and leading-edge digital printing solutions Sacmi Verona, part of the Sacmi Beverage Division, has more than 2, machines installed across the world and over employees. It saw in the New Year of with a renewed range of products and services and with a commitment to heightened environmental sensitivity.

Key ergonomics principles have already been applied by the company to its modular labellers. Sacmi says that these machines have been developed to offer versatility, with multiple labelling technologies and systems on one machine, and to reduce maintenance complexity, by being designed with easy access to vital machine parts for routine tasks. From the start of , the ergonomic policies have been extended Giovanni Sorce went on to explain that, while Sacmi Verona is committed to investing further in ergonomics, it is far from being its only focus.

Environmental sensitivity demands that manufacturers face up to questions of usage and disposal, of how labelled containers are handled after use and how to ensure they enter the recycling process. Mixtures of materials can prejudice recycling.

Sacmi Verona has set itself a further goal, of taking the industry into the digital era. In addition to across-therange integration with its LVS advanced inspection systems and building on the experience and knowledge gained in digital cap printing, Sacmi has developed and launched the D-Match digital label printing module, which is designed to operate alongside the labeller.

A roll to bottle module, it allows flexible personalisation — with logos, codes, and so on — of pre-printed labels, with guaranteed digital print quality of up to dpi and up to seven CMYK colours. Digital personalisation of pre-printed label parts can be done at the point of packaging, thus minimising transport and storage costs, with all the expected precision and application quality.

Sacmi has deliberately chosen this approach in preference to, for example, direct on-bottle printing, so that potential customers can perform immediate tests, keep investment affordable and take advantage of the opportunities of digital personalisation in existing plants and production facilities, even when they are located far apart. Sacmi ERF, the new roll-fed labeller, is claimed to combine high levels of usability with advanced automation and labelling process quality.

In keeping with that commitment, the Sacmi ERF solution has been designed to be highly versatile and adaptable while offering advanced technological features, such as highly precise film speed control, automatic reel splicing, and adjustable formats, including label height and thickness. Sacmi maintains that this solution has been designed to respond to immediate and foreseeable manufacturing and market needs.

The entrance hall of this new 45, square feet big factory is a remake of the Italian Headquarters, a special tribute to US customers. The business activity grew rapidly and in the decision to open a whollyowned subsidiary, namely Repi LLC was taken. This represented the first ingress into the country, followed soon after by the decision to start a production facility serving US customers.

In Repi LLC moved to Dallas-NC becoming a full-service company, with manufacturing facilities, laboratories and offices, for both business units thermoplastics and polyurethanes. The thermoplastics business unit has its core business in the packaging field preforms, bottles, PET sheets, caps, etc. But of course, we are newcomers in the continent and have to compete with already well established competitors.

We have a lot of opportunities in the packaging market, which is steadily growing. This gives partners the opportunity to run special development projects, from the initial concept to final item. The PET colour market here is not as big as in Europe; we have a lot of clear preforms. Repi is part of the Napcor society in the US. The holy and protected treasure: a view in the state of the art production lab There are concerns about volume, the collection rate and the cost. This allows the Group to be flexible and near to the customer who feels to deal with a trustworthy partner.

The future goals are challenging, but the right vision and business plan are there, so we are really excited for next results to come. To ensure its American BBQ sauces range also stand out on the supermarket shelf, each ml PET bottle is equipped with self-adhesive labels in eye-catching designs. The labels, carrying names like Black Jack, Big Chief or Wild Bill should sit very precisely on the bottles to underline the high quality of the products.

This is what Remia requested and why Hilko van der Linde, project manager at the company, chose the Bavarian manufacturer Gernep for labelling. Since its first installation in , two more labellers have been added to the factory in Den Dolder, and a fourth machine was recently commissioned by Gernep, another Soluta with three self-adhesive labelling dispensers for six different plastic bottle formats.

The three rotary machines label glass and plastic bottles in the range of ml to 1,ml, including the BBQ sauces, with body, back and neck ring label. The performance of each machine is up to 15, bottles per hour. With the Gernep Soluta, which uses the latest servo technology, we can accurately and flexibly position the labels on the bottles.

The non-stop function on the self-adhesive dispensers also have great advantages here as regards downtime. Previously, the machine was changing labels, now we save a lot of time by the tandem function on the label dispensers. Finpac Italia has developed a machine capable of applying sleeves on special bottle shapes, on filled or empty bottles at speeds of up to 70, bph.

Sleeving can be tricky on any shape which is not round: it is vital to maintain the artwork on bottle panels correctly with minimum positioning tolerance. The correct sleeve position is given by a combination of factors during the application and shrinking process. The Finpac system is capable of bottle and sleeve orientation at the same time, ensuring the sleeve is applied in the best possible condition.

A progressive positioner fine-tunes the application of the sleeve without any shock or rotation. Before or after filling? Sleeving after filling is easier: bottles are more stable, rigid, resistant to high shrink temperatures. The bottle is lifted and vacuumed if empty at the same time, to allow the sleeve shrink under its base and to keep it stable. It comes in a ml 12 fl.

Its striking feature is the screw top which is huge compared to its bottle size, making it easy to hold. On the outside, the cap has extra grooves which make it difficult for the fingers to slip off when opening.

Two adhesive labels provide information on the product. The first is a liquid, slightly pink-coloured component with coconut water, lime juice, marula and baobab, together with a stick of foil that ensures the vitamins and minerals are fully protected from light, moisture, heat and oxygen. The bag is attached securely to the bottle by means of a pre-perforated adhesive strip. Prior to consumption, the bag is carefully removed from the bottle, opened, the contents poured into the bottle and the ingredients mixed and activated by shaking together well.

According to the manufacturer, keeping the elements separate does not alter the taste due to storage and the interaction of the products with one another. Lastly, the court observes that "[e]ven if [it] had subject matter jurisdiction, because the requested information was return information protected from disclosure, the IRS properly withheld the information. Dickstein Shapiro LLP v. DOD, No. The court orders the review of a representative sample of five percent of the responsive records with defendants and plaintiff each selecting half of the documents for review.

Additionally, the court notes that "[t]he selected documents shall fairly and equally represent the particular FOIA exemptions at issue. Sanders v. Obama, No. Rather, "Defendants have produced a detailed affidavit explaining the complete process the agency underwent to locate files responsive to [plaintiff's] request which demonstrates a search reasonably calculated to find responsive documents.

The court notes that "[t]o disclose a transcript would be to disclose the inner workings of the grand jury, which is prohibited. Amnesty Int'l USA v. CIA, No. The court notes that the discovery of two additional responsive documents "in an area that the CIA determined would probably not lead to uncovering responsive documents does not render the CIA's search inadequate. Moreover, "[t]he fact that this search did not produce what Plaintiffs consider an appropriate number of documents is irrelevant to the adequacy inquiry.

The court finds that "[b]y drafting the DNI Authorization [authorizing the CIA Director to protect sources and methods in connection with this case], the DNI sufficiently executed his duty 'to protect intelligence sources and methods. Using the Sims analysis, the court holds that "the requested records fit within the statutory exemption [of the NSA] allowing the CIA to withhold records that would disclose 'intelligence sources and methods,'.

Instead, the court concludes that "the agency's justification for classification [is] both 'logical and plausible [and finds] no evidence that even arguably suggests bad faith. With respect to the other records for which Exemption 5 was invoked, including draft documents, the court finds that the CIA's submissions "detail how the withheld documents were prepared to assist [agency] decisionmaking on [ ] specific issue[s].

The court concludes that the CIA's descriptions for the majority of documents withheld pursuant to the attorney work-product privilege is "too general. Regarding documents for which the presidential communications privilege was invoked, the "Court finds that all twenty documents reflect or memorialize communications between senior presidential advisers and other United States government officials and are therefore properly withheld.

Dep't of Public Welfare v. Sebelius, No. July 28, Standish, J. Peavey v. Holder, No. Truesdale v. Re: Request for "a copy of all documents showing the Attorney General has established in the [DOJ] a repository of records of [plaintiff's] 21 U. Plaintiff asserts that "the description set forth in his request [which was submitted to the Justice Management Division's Mail Referral Unit] 'is sufficient for the United States Attorney General or a professional employee that work[s] in the [Attorney General's Office] who is familiar with the subject area of the request to locate the records with a reasonable amount of effort.

Charles v. Office of the Armed Forces Med. Exam'r, No. Re: Request for various records related to the effectiveness of body armor worn by U. The court concludes that "[t]o allow an agency to restrict the number of documents that it deems responsive during a FOIA search based on its interpretation of the plaintiff's purpose in making the request constitutes an unreasonable limitation and is inconsistent with the spirit and purpose of the FOIA.

Richardson v. The court notes that "[t]he timing of an agency's release of records responsive to a FOIA request does not determine whether the agency has complied with its obligations under the FOIA. Feinman v. FBI, No. Circuit relied in Payne Enterprises, Inc. United States. United States v. Medley, Nos. Attorney used in the prosecution of the federal charges against him, his request under the FOIA is not properly before this Court because there is no evidence that [plaintiff] has requested the documentation from the U.

Attorney and been refused. Dep't of the Interior, No. The court comments that "Defendants have produced no evidence that the family members who do not appear in the videos objected to this footage," expresses that the family members were "presumably aware" of the purpose for which the videos were being recorded, and notes that the contents of one of the videos appeared on national television.

In terms of the public interest, the court finds that "unlike criminal rap sheets and other personal data that happens to be warehoused by the government,. The court concludes that the defendants are justified in withholding the report under Exemption 3 pursuant to Federal Rule of Criminal Procedure 32 c 3 A and 18 U. Wilson v. DOT, No. The court holds that plaintiff's complaints lodged with several DOT offices and his request for mediation were insufficient to exhaust his administrative remedies.

Additionally, the court finds that DOT's declaration adequately explains why the survey comments submitted by employees of OCFO cannot be "culled out from the hundreds of comments submitted by all other FHWA employees. To the extent the FWHA processed EEO counseling logs, the court notes that plaintiff "has not introduced any evidence to contradict DOT's assertion that [] redacted information [related to pre-complaint informal counseling] falls outside the scope of his request.

Prison Legal News v. The court dismisses EOUSA's argument that "Prison Legal News's success was not qualitatively large enough to justify an award based on the hours expended on the case. The court reasons that "no substantial time was needed compile or review [plaintiff's work] records," "the legal issues associated with a request for legal fees are neither novel or complicated," and "the attorney fee award request is disproportionate to the entire amount of attorney fees incurred for the entire matter.

Lewis v.

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Brokers today are evolving to meet the investors where they are. In addition to the emphasis of free trading, many if not most brokers now offer mobile apps to help you invest in the way that is convenient to you. Fidelity does this as well, but there is a group of brokers that are mobile only.

Additionally, some brokers add a social feed for you to review from the investors that are more experienced to you. This can be helpful as well, just remember to keep your own counsel. Weigh the pros and cons of each broker you evaluate and pick that works for you. These sites are great for wasting time and getting sound bites that are at best useless, and at worst, will cause you to become emotional investor which you do not want.

Also, their stock recommendations are mostly wrong as they tend to suggest what they think will be acceptable to their readers. Following the herd has never been a successful investing strategy. Hellenic Shipping News Worldwide — To understand what is going on in global trade and the shipping industry in particular International Energy Agency — A barometer of the Energy markets.

If you buy stocks in these sectors, please do yourself a favor and check these sites out. You may or may not agree with other value investors, and that is fine. In fact, that is what we all need — to be able to pass our own judgment on any investment opportunity that presents itself. They have several powerful stock screeners, insightful newsletters, and, something which I personally find very interesting, you can see what stocks the "gurus" are buying.

Check it out. Buffettology : After reading dozens of books on investing, this book is by far my favourite! In the book, intricate details of Warren Buffett 's ingenious investment strategy are revealed which no other book seems to cover. I highly recommend it! Investopedia : Whenever you need a clear, to-the-point explanations of a concept related to investing, there is a big chance you can find your answer on Investopedia. A great resource for the beginner, but I still use it all the time.

Value Investing Bootcamp : This overcomplete online investment course, created by yours truly, contains three hours of quality video content which takes you from a beginner to an investment pro in just a couple of hours! Everyone who is active on the stock market should read this monumental work which has inspired many of the great investors of our time.

The Superinvestors of Graham-and-Doddsville : This groundbreaking article written by Warren Buffett himself sweeps the floor with the Efficient Market Hypothesis EMH and explains the effectiveness of his value investing approach. Rich Dad, Poor Dad : Every high school should make this book mandatory reading. Rober Kiyosaki explains in clear words how money works, why the rich get richer, why most people are doomed to struggle financially all their lives and what you can do about it.

Financial Statements : Many people find financial statements boring, but they are an essential part of the value investing toolkit. In this book Thomas Ittelson manages to explain in a clear, practical way how to read financial statements and use them in your analyses. Wordly Wisdom by Charlie Munger : Buffett's witty and highly intelligent business partner, Charlie Munger, held a powerful speech in in which he explained some "thinking models", or ways of thinking, that helped him succeed in life.

This is stuff you should know. Warren Buffett's Letters to Berkshire Shareholders : This is a true treasure trove of wise words straight from the mouth of the world's best investor. These letters written by Warren Buffett to the shareholders of his investment firm Berkshire Hathaway are mandatory reading for investors. How to Value Stocks ebook : Valuing stocks is an integral part of the value investing philosophy, but it took me quite a while to figure out how to do this exactly.

So to make your life a bit easier I decided to write a free ebook in which I describe three valuation models in a practical way so you can start using them immediately. The Essays of Warren Buffett : If reading through all of Buffett's letters is a bit too much for you, then this magnificent book by Lawrence A. Cunningham manages to capture the full breadth of Warren Buffett's wisdom. Cunningham's book is invaluable for serious investors and managers around the world.

The Dhandho Investor : The Dhandho Investor written by Mohnish Pabrai was the very first book I ever read on the subject of value investing, and it was an eye-opening experience. I highly recommend it, especially if you are relatively new to the world of value investing. However, I've heard that PDF versions of the book are floating around the internet Podcasts Value Investing Bootcamp Podcast : This limited edition podcast covers many topics related to value investing in bite size episodes of around 10 minutes each.

Money Tree Investing Podcast : Interviews with guest from all sectors of the financial industry on a broad range of topics, like dividend investing, index funds, options, trading, and more. Value Investing Podcas t: Insightful interviews with thought-leading value investors. Very interesting content from high-profile guests. The reason why the following list is extremely short is because for me the best way to stick to my investment strategy and not get caught up in market hype or pessimism is to largely block out news and opinions from other investors and rely more on my own due diligence.

Still, here are a couple of valuable websites which have taught me a lot. SeekingAlpha : The quality of articles on SeekingAlpha is impressive to say the least. Anyone can register on the site and post articles, but their monetary incentive system pushes authors to really give it their best. You can subscribe to receive articles related to certain stocks, which can be useful to stay on top of your portfolio holdings.

CSinvesting : This blog stands out for me because it takes a different approach to teaching about investing, namely a case study approach. Many of the articles are answers to reader questions and include links to useful resources with additional information. Shares and Stockmarkets : While this blog is mainly focused on the UK stock market, the author, David Thomas, has made a lot of solid information available which applies everywhere.

Definitely check this one out. Value Spreadsheet : While I don't read many blogs, I do write one. My aim is to provide objective information about topics related to value investing. I do not cover individual stocks like most blogs do, because I believe that facts are more important than opinions. Financial Data Google Finance : I love everything Google does, and their finance website is no different. GuruFocus : Ok, so four years of data isn't enough for you?

Then check out GuruFocus, which offers an amazing 10 years of financial statement data for free! In addition it lists all kinds of ratios which are of special interest to value investors, like the Altman Z score and a Peter Lynch chart.

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