Monday, 23 March 2015

9 things successful people do before going to sleep (WEF)

The very last thing you do before bed tends to have a significant impact on your mood and energy level the following day, since it often determines how well and how much you sleep.
Successful people understand that their success starts and ends with their own mental and physical health, and that it’s almost entirely dependent upon them getting enough sleep.
That’s why bedtime routines are a key ritual for so many of them – and why the very last thing most successful people do before bed is read.
1. They read.
Experts agree that reading is the very last thing most successful people do before going to sleep.
Michael Kerr, an international business speaker and author of “You Can’t Be Serious! Putting Humor to Work,” says he knows numerous business leaders who block off time just before bed for reading, going so far as to schedule it as a “non-negotiable item” on their calendar. “This isn’t necessarily reserved just for business reading or inspirational reading. Many successful people find value in being browsers of information from a variety of sources, believing it helps fuel greater creativity and passion in their lives.”
For example, while some successful people use this time catch up on news stories from the day, skim tech blogs, or browse Reddit and Twitter, others enjoy reading fiction novels and ancient philosophy just before bed.
2. They make a to-do list.
“Clearing the mind for a good night sleep is critical for a lot of successful people,” says Kerr. “Often they will take this time to write down a list of any unattended items to address the following day, so these thoughts don’t end up invading their head space during the night.”
3. They spend time with family.
Michael Woodward, Ph.D., organizational psychologist and author of “The YOU Plan,” says it’s important to make some time to chat with your partner, talk to your kids, or play with your dog.
Laura Vanderkam, author of “What the Most Successful People Do Before Breakfast,” says this is a common practice among the highly successful. “I realize not everyone can go to bed at the same time as his or her partner, but if you can, it’s a great way to connect and talk about your days.”
4. They reflect on the day.
Kerr says many successful people take the time just before bed to reflect on, or to write down, three things they are appreciative of that happened that day. “Keeping a ‘gratitude journal’ also reminds people of the progress they made that day in any aspect of their life, which in turn serves as a key way to stay motivated, especially when going through a challenging period.”
Vanderkam adds: “Taking a few moments to think about what went right over the course of the day can put you in a positive, grateful mood.”
5. They meditate.
Many successful people use the 10 minutes before bed to meditate. Dale Kurow, a New York-based executive coach, says it’s a great way to relax your body and quiet your mind.
6. They plan out sleep.
“Much has been written around the dangers busy people face running chronic sleep deficits, so one habit I know several highly successful people do is to simply make it a priority to get enough sleep — which can be a challenge for workaholics or entrepreneurs,” Kerr says. One way to do that is to go to bed at a consistent time each evening, which is a key habit all sleep experts recommend to help ensure a healthy night’s sleep.
Vanderkam further suggests that you plan out when you’re going to wake up, count back however many hours you need to sleep, and then consider setting an alarm to remind yourself to get ready for bed. “The worst thing you can do is stay up late then hit snooze in the morning,” she says. “Humans have a limited amount of willpower. Why waste that willpower arguing with yourself over when to get up, and sleeping in miserable nine-minute increments?”
7. They unplug and disconnect from work.
Truly successful people do anything but work right before bed, Kerr says. They don’t obsessively check their email, and they try not to dwell on work-related issues.
Woodward agrees. “The last thing you need is to be lying in bed thinking about an email you just read from that overzealous boss who spends all their waking hours coming up with random requests driven by little more than a momentary impulse.” Give yourself a buffer period between the time you read your last email and the time you go to bed. The idea is to get your head out of work before you lie down to go to sleep.
8. They lie down on a positive note.
It’s easy to fall into the trap of replaying negative situations from the day that you wish you’d handled differently. Regardless of how badly the day went, successful people typically manage to avoid that pessimistic spiral of negative self-talk because they know it will only create more stress.
“Remember to take some time to reflect on the positive moments of the day and celebrate the successes, even if they were few and far between,” Woodward says.
9. They picture tomorrow’s success.
Many successful people take a few minutes before bed to envision a positive outcome unfolding for the projects they’re working on, says Lynn Taylor, a national workplace expert and author of “Tame Your Terrible Office Tyrant; How to Manage Childish Boss Behavior and Thrive in Your Job.” “For most, this is not a task or exercise; they’re wired with a gift of solid resolution skills that come naturally.”
This article is published in collaboration with Business Insider. Publication does not imply endorsement of views by the World Economic Forum.
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Author: Jacquelyn Smith joined Business Insider as the Careers Editor in February 2014.


Sunday, 22 March 2015

What does it take to be a Young Global Leader? (agenda.weforum.org)

What can Mumbai slum dwellers teach us about sharing? How might robotics help a paralysed adventurer walk again? Can ethical investors improve the lives of factory workers? Over the past ten years, Young Global Leaders have pooled their creativity, skills and enthusiasm to take on some of the world’s biggest challenges. Since the World Economic Forum founded the community of Young Global Leaders in 2005 as a way of supporting exceptional leaders under 40, it has grown into a thriving global network and idea incubator. As we welcome the class of 2015, Young Global Leaders have moved to the forefront of science, business and social innovation. So what sets them apart?
For one, a proven track record as a leader combined with a willingness to learn. Adam Werbach, the co-founder of giving platform Yerdle, visited a Mumbai slum. Impressed by its sharing economy, he came up with an app that allows US users to give away items for free. Yerdle has already helped its users save $3.5 million while cutting down on waste and clutter.
Other Young Global Leaders stand out for their tremendous resilience and mental strength. Mark Pollock, who is blind and paralysed, is testing robotic legs as part of his mission to find a cure for paralysis. He is using his personal experience of a catastrophic spinal cord injury to ignite change around the world. Ashish Goyal was the first blind trader at JP Morgan and now manages a hedge fund, inspiring millions of others with his success.
For Young Global Leaders, business is about more than the bottom line. Oliver Niedermaier, the founder and CEO of TAU Investment, believes he can transform Asian garment factories through ethical finance. His private equity firm aims to improve workers’ lives and environmental conditions while delivering returns to investors. In the creative sector, Kickstarter co-founder Yancey Strickler has empowered innovators through crowdfunding. Since its launch in 2009, Kickstarter has supported more than 80,000 creative projects from documentaries to public art installations, with more than 8.2 million people pledging a total of over $1.6 billion.
Young Global Leaders continuously question traditional ideas and challenge conventional wisdom. Michelle Dipp, the founding CEO of OvaScience, is pioneering new fertility treatments. Her company uses breakthrough research in egg health to empower women while debunking harmful myths around female fertility.
On top of their individual achievements, Young Global Leaders have tapped the power of collective action. As a community, they have effectively used their collective expertise to respond to environmental and humanitarian crises. Water scarcity is one such planetary concern, with only one-third of the population expected to have enough safe drinking water by 2025. “Thirst”, a Beijing-based Young Global Leader initiative started by Mina Guli, engages and educates the next generation about water scarcity. “Table for Two” was founded in reaction to another alarming statistic: in the world today, 1 billion people are undernourished, while another 1 billion suffer from obesity. Table for Two encourages healthy eating while raising money to fight hunger. Young Global Leaders have also tackled regional crises, for example by providing scholarships for Syrian refugees through the Irada project.
These are just some examples of members who are fulfilling the community’s original vision for global collaboration and better leadership. Young Global Leaders are active in today’s most exciting and dynamic fields, from the circular economy to digital governance. Apart from the annual Young Global Leaders summit, the community includes training and development programmes as well as a multitude of self-organized events around the world. This year we will be holding the first-ever Impact Lab, a three-day, hands-on workshop in New York designed for Young Global Leaders looking to jumpstart new initiatives or refine existing ones. The workshop will culminate in a pitch-competition to a panel of potential funders.
This wealth of transformative projects is just the start. We are excited about the 187 new members joining the Young Global Leaders community this year, shaping the network with their own ideas and priorities. Their talent, dedication and energy will help us take the Young Global Leaders community into the next decade.
For a full overview of the Young Global Leaders Class of 2015 and a 10-year celebration of the Forum of Young Global Leaders, see here.
Author: John Dutton is a Director at the World Economic Forum and Head of the Forum of Young Global Leaders. 

Why Norway is not panicking about the oil price collapse? (WEF)


Norway’s petroleum sector is its most important industry. The petroleum sectoraccounts for 21.5% of its GDP, and almost half (48.9%) of total exports. In 2013 Norwaywas ranked the 15th-largest oil producer, and the 11th-largest oil exporter in the world. It is also the biggest oil producer in western Europe.
Oil is therefore regarded as a vital national resource and is the backbone of the Norwegian economy, though just like in the UK, its best years are in the past. Production levels have been dropping since the turn of the century, peaking at 3.5m barrels per day in 2001 to less than 1.9m in 2014.
Norway is not a member of theOrganisation of the Petroleum Exporting Countries(OPEC), and in principle it sets prices based on the current market. But with OPEC having a virtual monopoly on global pricing, Norway in effect remains subject to the cartel’s pricing decisions. Norway is thus vulnerable to the volatility in oil pricing, and with regard to the structure of the sector and its role in the Norwegian economy, this vulnerability is extended throughout the society as a whole.
With the unsettling and dramatic slide in oil prices since June 2014, Norway has of course been substantially affected. Two months ago, Statistics Norway cut this year’sGDP forecast from 2.1% to 1% on the back of lower prices. A few days later the central bank unexpectedly cut interest rates to an all-time low of 1.25% to help stimulate the economy. Some 12,000 jobs are being cut as the oil industry pares back about 10% of its workforce, and there are fears that nearly 30,000 more could follow.
Statoil and the oil industry
Oil in Norway is dominated by Statoil, the largely state-owned oil company, which controls about 70% of the country’s petroleum production. It reported staggering lossesin the third and fourth quarter of 2014 that were partly the result of the lower oil price – the company’s first loss since it listed on the stock market in 2001. Its share price is also down about a quarter on last summer. The majority of job losses in the sector are due to cost-cutting and reductions to capital expenditure that are aimed at steadying the ship.
Experts regard the low price as a difficulty mainly for the profitability of specific expansion projects, meaning that they could be postponed or even cancelled. High oil prices have made certain investments possible, which are now in trouble. For instance Statoil has held off on decisions on a US$6bn investment into the Snorre field in the North Sea and the huge Johan Castberg field in the Barents Sea.
Consultancy Wood Mackenzie is forecasting that petroleum investments in Norwegian waters will be down 25% this year, with foreseeable cuts in subsequent years too. There is at least one consolation for the industry: the huge Johan Sverdrup field, which is due to begin output in 2019, appears to be viable at prices beneath US$40 a barrel.
The Norwegian government also recently announced that by way of stimulus it would award a tranche of new oil and gas drilling licences next year, including opening up the first new area for exploration since the 1990s. It has also called for the sector to adapt, suggesting that the height of exploration and development has been achieved for oil exploitation, and the sector must now consolidate its position. However, so far there have been few specifics.
The national budget
Unlike in the UK, the main narrative in the Norwegian media is not about cutting producer taxes but worry about the state failing to obtain its expected revenue as outlined in the country’s budget. Some experts believe that if the trend continues the actual revenue collected for the pension fund this year could be as low as half of what was budgeted, which would doubtless be a blow.
Last month, Norwegian prime minister Erna Solberg and finance minister Siv Jensenheld a press conference on the situation, underlining that the government is prepared to take action if this becomes necessary, but that for the time being, the state budget is sufficiently capable of containing the situation. This means there are currently no plans to make cuts to the budget to cope with lower revenues.
Sovereign wealth
The big advantage that Norway has is the US$860bn (£565bn) Norwegian Government Pension Fund Global into which the oil money is deposited. Intended as an investment for future generations, it is the largest sovereign wealth fund in the world.
Norway owns an estimated 1% of global stocks and is considered to be the largest state owner of European stocks. For a country with a population just over 5m, this is a position of remarkable economic strength – thanks primarily to petroleum. The revenue of the sector is not only important as an economic boost, but also as the foundation of the Norwegian welfare state.
The government is able to spend up to 4% of the fund every year to finance its budget, albeit for investments rather than direct spending. This year, despite a substantial increase to the level of spending, it will still only run to about 3% of the total. This is also a country in which unemployment is very low – below 4%.
In short, the fall in oil prices is problematic but by no means catastrophic for Norway. The general reaction is a pragmatic one: Norway is in the hands of the global market, and will do what it can to maintain a profitable and responsible petroleum sector that serves the interests of the country. There are no illusions that the oil will last forever, or that prices must remain unnaturally high, and it is perhaps precisely these kinds of vulnerabilities that the Norwegian system safeguards against. Short-term losses are expected, but there is continued optimism for long-term gains.

Saturday, 21 March 2015

Quantitative Easing

TODAY the European Central Bank (ECB) launches its long-awaited programme of quantitative easing (or QE), adding lots of public debt to the private kind it has already been buying. Its monthly purchases will rise from around €13 billion ($14 billion) to €60 billion until at least September 2016. The ECB is just the latest central bank to jump on board the QE bandwagon. Most rich-economy central bankers began printing money to buy assets during the Great Recession, and a few, like the Bank of Japan, are still at it. But what exactly is quantitative easing, and how is it supposed to work?
Central banks are responsible for keeping inflation in check. Before the financial crisis of 2008-09 they managed that by adjusting the interest rate at which banks borrow overnight. If firms were growing nervous about the future and scaling back on investment, the central bank would reduce the overnight rate. That would reduce banks' funding costs and encourage them to make more loans, keeping the economy from falling into recession. By contrast, if credit and spending were getting out of hand and inflation was rising then the central bank would raise the interest rate. When the crisis struck, big central banks like the Fed and the Bank of England slashed their overnight interest-rates to boost the economy. But even cutting the rate as far as it could go, to almost zero, failed to spark recovery. Central banks therefore began experimenting with other tools to encourage banks to pump money into the economy. One of them was QE.
To carry out QE central banks create money by buying securities, such as government bonds, from banks, with electronic cash that did not exist before. The new money swells the size of bank reserves in the economy by the quantity of assets purchased—hence "quantitative" easing. Like lowering interest rates, QE is supposed to stimulate the economy by encouraging banks to make more loans. The idea is that banks take the new money and buy assets to replace the ones they have sold to the central bank. That raises stock prices and lowers interest rates, which in turn boosts investment. Today, interest rates on everything from government bonds to mortgages to corporate debt are probably lower than they would have been without QE. If QE convinces markets that the central bank is serious about fighting deflation or high unemployment, then it can also boost economic activity by raising confidence. Several rounds of QE in America have increased the size of the Federal Reserve's balance sheetthe value of the assets it holdsfrom less than $1 trillion in 2007 to more than $4 trillion now.

The jury is still out on QE, however. Studies suggest that it did raise economic activity a bit. But some worry that the flood of cash has encouraged reckless financial behaviour and directed a firehose of money to emerging economies that cannot manage the cash. Others fear that when central banks sell the assets they have accumulated, interest rates will soar, choking off the recovery. Last spring, when the Fed first mooted the idea of tapering, interest rates around the world jumped and markets wobbled. Still others doubt that central banks have the capacity to keep inflation in check if the money they have created begins circulating more rapidly. Central bankers have been more cautious in using QE than they would have been in cutting interest rates, which could partly explain some countries' slow recoveries. At least a few central banks are now experimenting with stimulus alternatives, such as promises to keep overnight interest-rates low for a very long time, the better to scale back their dependence on QE.


How a Rising Dollar Is Creating Trouble for Emerging Economies

In India, it is a leading electric utility, Jaiprakash Power Ventures, selling off facilities and negotiating with lenders to avoid a default, having increasing its debts thirtyfold in six years.

In China, it is one of the country’s largest real estate developers, the Kaisa Group, threatening to pay only 2.4 cents on the dollar to its creditors in the face of corruption investigations and a mass resignation of executives, leaving countless would-be Chinese home buyers stuck in the middle of a multi-billion dollar standoff.

And in Brazil, a wave of bankruptcies among sugar producers has been driven not just by falling sugar prices, but also by debts that they owe in United States dollars, which are becoming more expensive practically by the day compared with the Brazilian currency.

These are all parts of the same story: The soaring value of the American dollar is rippling across the globe. As it rises, it is threatening emerging economies where companies have taken on trillions’ worth of dollar-based debt in recent years. The dollar rally has been driven by decisions by theFederal Reserve, which begins a two-day policy meeting on Tuesday. In fact, anticipation of the Fed meeting, where officials are expected to signal that interest rate increases could be near, has driven the dollar even higher in the last couple of weeks.

In effect, as Fed policy makers sit around a mahogany table in Washington to try to guide the United States economy toward prosperity, their actions are having outsize, often unpredictable impacts across the globe, owing to the dollar’s central role in the global financial system.

Years of low-interest-rate policies from the Fed have encouraged companies in these fast-growing economies to borrow dollars because they could do it more cheaply than if they took out loans in their local currencies, like the Indian rupee or Brazilian real. So they did: By September 2014 there were $9.2 trillion of such dollar loans outside the United States, up 50 percent since 2009, according to the Bank for International Settlements.



As Raghuram Rajan, the Reserve Bank of India’s governor, put it earlier this year in an interview with Bloomberg Television, “Borrowing in dollars is like playing Russian roulette, especially if you’re borrowing relatively short term.” Much of the time it will work out fine, but when the value of the dollar rises, suddenly companies find that they need more of their local currency to pay back the dollars that have since gained in value.

And rise the dollar has. Since the Federal Reserve signaled in summer 2013 that it would wind down its “quantitative easing(the introduction of new money into the money supply by a central bank) policy of buying billions of dollars in bonds using newly created money — that the gusher of dollars flowing into the global financial system would come to an end, in other words — the dollar is up 25 percent against a basket of commonly used international currencies.

“Now that the dollar has strengthened and rates are on the rise, it presents a risk and a challenge to many emerging markets in that their debts have become more onerous, more burdensome,” said Hung Tran, an executive managing director at the Institute of International Finance, an association of global banks. “The challenge for authorities in emerging market countries is to understand to what degree their corporate sector is naked or exposed.”

Companies in emerging markets that are primarily exporters might be O.K. After all, their revenue is in dollars, and so it should keep pace with rising debt service obligations. But for those focused domestically, like real estate developers or electric utilities, a more expensive dollar can make it much more costly to service debts. Money coming in is in a local currency like the Indian rupee or the Malaysian ringgit, and it suddenly takes a lot more of them to pay debts owed in dollars.

Hyun Song Shin, who heads research at the Bank for International Settlements, argues that a rising dollar has an effect of tightening the supply of money across the global economy. A Malaysian company doing business with a South Korean company will frequently carry out transactions in dollars, not ringgits or won. Dollars will now be available on more stringent terms. Clearly, decisions made by Janet Yellen, the Fed chairwoman, and her colleagues in Washington can have a big effect on transactions even when no American companies are involved.

In some economists’ ears, that creates echoes of the crises that crushed East Asian economies in the late 1990s and Latin American economies in the early 2000s. In those cases, there was also a currency mismatch that sent the economies of South Korea, Indonesia, Thailand and Argentina into a tailspin.

The biggest difference this time around is that private companies, not governments, have incurred debt in a currency not their own. What is likely to follow are bankruptcies, layoffs and cost-cutting for individual companies that borrowed too aggressively. A vicious cycle of economic collapse and government austerity measures is harder to imagine.

And indeed, the rising dollar and falling emerging-market currencies cut both ways for the economies in question. Even as companies that gorged on dollar debt run into trouble, falling currency values make exporters more competitive on global markets. The International Monetary Fund projectsthat emerging economies worldwide will grow 4.3 percent this year, compared with 2.4 percent for the advanced economies.

In a wide-ranging speech last fall wrestling with the global impact of Federal Reserve policy, Stanley Fischer, the vice chairman of the Fed (and former governor of the Bank of Israel, where he grappled with powerful spillover effects from the Fed’s actions firsthand), discussed the risks emerging markets faced as rising interest rates in the United States drove up the dollar.

“It does not seem that the overall risks to global financial stability are unusually elevated at this time, and they are very likely substantially less than they were going into the financial crisis,” Mr. Fischer argued. “Nevertheless, it could be that some more vulnerable economies, including those that pursue overly rigid exchange rate policies, may find the road to normalization somewhat bumpier.”

This, he said, makes clear communication about the Fed’s intentions all the more important. With the central bank’s meeting this week and the day of tighter money in the United States inching ever closer, the multi-trillion-dollar question for the global economy is, Just how many of these companies will ride out the bumps, and how many more will crash?

International Day of Forests 'March-21'

Waste water you can drink - Recycling is key to averting a global water crisis



As the world celebrates Water Day (March 22nd), projected water trends make for grim reading. With almost 60% of the world’s population moving into the middle class by 2030, water demand is expected to outstrip supply by 40%.


One response will be to lower consumption. Desalination also holds promise. Last, but not least, scaling up water recycling will be critical to ensure access to supplies of clean water.

By far, the highest purification standards are required for domestic water recycling. Today advanced treatment plants use a combination of ultrafiltration or microfiltration membranes and reverse osmosis membranes coupled with ultraviolet lamps and hydrogen peroxide to filter out and oxidize wastewater contaminants.

According to Giulio Boccaletti, the Nature Conservancy’s global managing director for water, with recycling technologies well established, most innovation now focuses on lowering energy costs and extending the life of filters by using nanotechnology, among other methods. MIT and Lockheed Martin, for example, have separately been working on the use of ultra-thin graphene-based molecular filters for the removal of selected water impurities and the reduction of energy consumption in water desalination. While patents have been filed, there is still some way to go before commercial deployment.

Attention is also turning to direct potable reuse, which returns recycled water directly to the drinking-water supply instead of putting it through an aquifer or storing it in a reservoir. “People are getting more serious about direct potable-water recycling,” says David Sedlak, co-director of the Berkeley Water Center at the University of California, Berkeley. This, he says, has less to do with technology than changing public perceptions and research validating its safety. 

Water for domestic consumption is essential, as is the water needed for industrial use. This is particularly true of the energy sector, where increasing competition for water and climate change are leading large utilities to assess their exposure to water risk and look for ways to optimize water use. US utility Exelon, for example, has been mapping the exposure of its power fleet water risks to since 2012. The main driver of water demand growth, however, will be the manufacturing sector. According to the UN, its need for water will rise by 400% by 2050, versus 140% for thermal electricity generation and 130% for domestic use. This is putting waste-water treatment at the centre stage of water-recycling and water-reuse efforts.

Saudi Arabia, for example, is expected to triple its investments in waste-water treatment over the next five years, reaching $35bn by 2020, according to a GE report published last month. The goal, says the report, is to reach 90% of industrial water reuse by 2020—from just 10% in 2010. 

Overall, the market for industrial water-treatment technologies is predicted to grow by more than 50% to reach $11bn by 2020, according to new research by Global Water Intelligence (GWI). GWI predicts that micro-filtration and ultra-filtration will be the segments growing fastest, at 7% a year. Companies will have more than one technology to choose from. Massachusetts-based ThermoEnergy’s flash-vacuum distillation process, for example, uses temperature and reduced pressure to separate chemicals, metals and nutrients from waste water. 

As the industrialised world expands to include ever-greater numbers of wealthy consumers, the ability of companies to use water more than once will become critical, not only to business success but also to global water security.

Words to Learn:
  • Potable

suitable for drinking

Synonyms:
drinkable
Antonyms:
undrinkable
unsuitable for drinking

nany liquid suitable for drinking

Synonyms:
beveragedrinkdrinkable
Types:
show 110 types...
Type of:
foodnutrient
any substance that can be metabolized by an animal to give energy and build tissue
liquid
a substance that is liquid at room temperature and pressure
  • Outstrip     

go far ahead of

Synonyms:
distanceoutdistance
Type of:
leave behind
depart and not take along

vbe or do something to a greater degree

Synonyms:
exceedoutdooutgooutmatchoutperformsurmount,surpass
Types:
show 20 types...
Type of:
beatbeat outcrushshelltrouncevanquish
come out better in a competition, race, or conflict