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There are a variety of stories illustrating the trials and tribulations associated with the transfer of technology, and the implementation of new systems and architecture. There are lessons that we can learn from those who have blazed the trails before us, and those who have been burned by the blaze.
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Friday, October 31, 2008
Israel and Global Internet SEO Marketing Consultants
Thursday, October 30, 2008
Christian Organization Calls Sarah Palin A “Neglectful and Irresponsible Mother” For Accepting VP Nomination
A Christian conservative organization has said what many others have been thinking privately, but none have dared to say publicly. Many are questioning whether Republican VP pick can balance an infant with special needs and the responsibilities of being a Vice President, but just hinting at such questions has been faced with fierce opposition from Palin supporters.
“It’s quite clear that she is a neglectful and irresponsible mother,” explains Mark Dice, founder of The Christian Resistance, a conservative political watch dog organization with 4000 members. “Everyone is afraid to say it, but it’s true.
“Being the Vice President is not a typical 9 to 5 job that one can easily balance with other social duties. She has an infant at home with special needs, and if the Republicans win the election, then I feel very sorry for her children, who will obviously be given a back seat to the demands of running the country.”
Dice doubts that Palin can successfully run the country anyway, not because she is a woman, but because she has zero experience and governed a state with a population smaller than most American cities.
“The only reason that Palin was chosen for the job is because she is a woman, and the pick has nothing to do with her being qualified, because it’s quite obvious that she is not.
Dice feels that McCain’s VP pick will hand the election to Obama in November. “The McCain campaign’s risky strategy of placing a woman on the ticket for no other reason than she is a woman, will likely be the biggest mistake in presidential campaigns in history,” concludes Dice.
In the past, The Christian Resistance has made national news for protesting a Jessica Simpson video, for saying that the female anchors at the Fox News Channel wear shorter skirts than prostitutes, and for criticizing Barbara Walters for having an affair.
Wednesday, October 22, 2008
Bank of Israel Addresses Global, Israel Economy Crisis
Bank of Israel Addresses Global, Israel Economy Crisis
By Joel Leyden
Israel News Agency
http://www.israelnewsagency.com/israeleconomybankseconomiccrisisglobalmarketssecuritiesinvestmentsfinancialmoneynews48221008.html
Jerusalem ---- October 22, 2008 ....... The Bank of Israel today issued an informative question and answer briefing to the Israel News Agency addressing both the global economic crisis and its impact on Israel.
In short, the news coming from the Bank of Israel remains highly optimistic regarding the stability of the State of Israel in the days, weeks and months ahead. The Bank of Israel states that the "Israel economy's favorable fundamental conditions, and in particular the surplus in the current account of the balance of payments, will act to moderate the effect of the global crisis on economic activity."
Following is the full Bank of Israel question and answer briefing on the Israel economy and the global economic crisis as distributed by the Israel Government Press Office.
How have developments so far affected the stability of the banks and the banking system in Israel?
From a system-wide perspective, Israel banks are currently enjoying greater stability and are more able to absorb shocks than in any previous period. Furthermore, the banks in Israel are being managed with greater caution and are expanding their liquidity reserves. The damage to the banking system in Israel so far has not been significant from this perspective.
What supervisory measures has the Bank of Israel taken in order to ensure the ability of the banks to deal with the effects of the global crisis on the Israel economy?
The Bank of Israel is working continuously to strengthen the stability of the banking system. Apart from the ongoing and routine activities that are meant to strengthen the banks' systems of control, management and auditing, the Bank of Israel has endeavored to increase the banks' capital base significantly during the past two years, with the goal of creating a cushion against unexpected losses and events such as financial crises.
With respect to the current global crisis, the Bank of Israel is assessing the situation of each bank on an ongoing basis, as well as that of the banking system as a whole, using a data and information which the banks are required to provide on an expanded scale. The Bank of Israel instructs the banks as to the measures required of them, both regarding the system as a whole and specific banks, and closely monitors the banks' activities and preparedness. In addition, the Bank of Israel maintains ongoing contact with the Ministry of Finance and the Israel Securities Authority in order to obtain an overall picture of the situation, ensure coordination and decide on policies and measures to be implemented in the future.
What scenarios are being assessed by the Bank of Israel and does it have a plan to deal with the various stages of the crisis?
The Bank is assessing a wide variety of scenarios, ranging from the most pessimistic to the most optimistic, and future plans of action have been decided on in order to ensure that the financial system will continue to function and that depositors will not be hurt.
Is there concern for the stability of any of the banking institutions in Israel?
There is no concern for the stability of any banking institutions in Israel.
Are the public's deposits insured in the event of a bank failures in Israel?
The Bank of Israel has made it clear that the Israel banking system is stable and that it is prepared to assist the banks with all the instruments at its disposal and to whatever extent is required in order to protect depositors. The Minister of Finance has even stated that the Government of Israel, out of concern to protect the public's deposits and in order to maintain the public's confidence, will stand behind the financial system. We would mention that until now, the Bank of Israel and the government have in effect provided insurance to all those with bank deposits.
What are the factors that led to the global crisis?
The main factor that initiated the crisis was the accumulation of mortgages in default in the US as a result of the reversal of the trend of US housing prices. This occurred against the background of easy mortgages over a period of several years during which mortgages were provided to homebuyers who did not have sufficient ability to repay them. The losses spread to large financial institutions in a number of countries through the globalized financial markets, which facilitated the creation and marketing of complex financial instruments world wide. These instruments had a variety of terms to deal with default that had not been in use in the past and some of the instruments were sold and guaranteed by large financial institutions.
Large investment houses worldwide held the view that advances in the study of finance had enabled a better understanding of these products and the correct valuation of the products and their guarantees. In retrospect, the risk assessment of these products was extremely deficient. Thus, significant losses were incurred by these large financial institutions and their customers. As a result, uncertainty regarding the financial stability of these institutions spread at a surprisingly quick rate and activity in the markets for more basic financial products-in which these same investment houses are active-was also affected.
How has the crisis so far affected the Israel financial system relative to its effect on the financial markets and institutions in other advanced economies?
One of the main causes of the global financial crisis was the provision of mortgages, primarily though not exclusively in the US, to borrowers with insufficient ability to repay them. As a result, housing prices rose sharply in these countries, as did the prices of financial assets. When the financial institutions began to realize that they had provided mortgages to homebuyers with insufficient ability to repay them and these individuals were forced to sell their homes, a downward trend began in the prices of houses that served as the collateral for not only sub-prime mortgages, but higher quality mortgages as well. The drop in the value of other assets also eroded the collateral for loans that were made by the financial institutions in these countries.
These developments, together with the collapse of the markets for mortgage-backed securities, had a multiplier effect that among other things led to the collapse of several financial institutions in the US, the UK and Europe. The large-scale provision of such mortgages in these countries to individuals with insufficient means to repay them was not, however, characteristic of the Israeli financial system and, in any case, the Israeli housing market did not experience the price increases that were seen in the US and the UK (in fact, housing prices in Israel remained stable from January 2002 to August 2007). Therefore, financial institutions in Israel, and in particular the banks, were less exposed to the risk implicit in the developments described above.
Among the large financial institutions worst affected by the crisis in the US were the mortgage banks whose investment in mortgage-backed securities constituted a significant proportion of their assets. The Israeli financial institutions whose activity is similar to that of investment banks in the US (such as mutual funds, provident funds, etc.) are relatively small and their assets primarily include domestic financial assets and government bonds.
Therefore, their exposure to the market risk implicit in foreign mortgage-backed securities is relatively small. Nevertheless, the global financial crisis has affected the Israeli financial system in several ways: it led to a significant increase in volatility and uncertainty in Israel's capital markets, a decline in prices on the Tel Aviv Securities Exchange, and increased bond risk spreads, primarily corporate bonds. At the same time, it is important to mention that the crisis originated in the US and Europe, not in the Israeli economy. Furthermore, in view of the relatively small exposure of the Israel financial system, primarily the banking system, to the global crisis and in view of the stability and conservatism of Israel's banking system, it appears that public confidence has been maintained.
However, it is should be mentioned that as a result of the global crisis a decrease in the global rate of growth is expected and even a recession in the US, which can be expected to slow the growth of the Israeli economy to some extent. Nevertheless, the Israeli economy's rate of growth is expected to be higher that that of other advanced economies.
Israel is not directly exposed to the problematic assets that were the source of the global crisis. So why has the volatility in Israeli capital markets nonetheless increased?
Globalization plays a critical role in the correlation between the behavior of capital markets in Israel and that of markets abroad. As a result, a high level of volatility in global markets leads to the same in Israel. For example, when large international financial institutions experience liquidity shortages, they are forced to sell assets of all types and in all locations. In addition, the crisis also tends to reduce global growth, which also affects Israel, primarily through its exports.
Will the rescue plan being implemented by governments abroad succeed in reducing the effect of the crisis on Israel?
Coordinated programs have a good chance of providing immediate solutions to that part of the crisis which involves a lack of confidence and a lack of liquidity in the financial system. The higher the level of confidence among the public and the lower their tendency to panic (which leads to herd behavior), the higher the chances of success.
What role does the Bank of Israel have in the maintenance of financial stability in the economy?
One of the Bank of Israel's most important functions is the maintenance of the stability of the banking institutions and the financial system in Israel. During periods of calm, this is accomplished partly by identifying risks and potential weaknesses and focusing attention on them, and supporting efforts to preserve the stability of the system and reduce risk. This, in addition to the improvement of the financial system's infrastructure. During periods of crisis, the Bank of Israel's responsibilities also include dealing with the crisis in the realm of banking, in which the Bank has the primary responsibility for regulation, and in other realms, in which the Bank assists other regulatory authorities, such as the Ministry of Finance in the case of the insurance and pension systems, the Israel Securities Authority in the case of mutual funds, and the Tel Aviv Securities Exchange.
What lessons can be learned from the crisis with regard to the optimal structure for the financial system in Israel and the optimal structure for regulation of the financial system?
Already at this stage of the global crisis, it is clear that we will need to draw conclusions regarding the optimal structure of the financial system in Israel, including issues related to the regulatory structure for the financial system and the like. However, at the moment, dealing with the effects of the crisis is more urgent. It is also important to absorb the lessons learned abroad from the crisis.
Does the Israeli financial system suffer from a shortage of liquidity?
There are no signs of a shortage of liquidity in the Israeli financial system and in any case the Bank of Israel is prepared to use all the instruments at its disposal if and when such a problem arises in order to inject the required liquidity.
What instruments are available to the Bank of Israel if a liquidity problem develops?
The Bank of Israel has a variety of instruments for the injection of liquidity into the financial system, including daily loan and deposit tenders and money market instruments, such as makam and repo.
How is Israel's interbank loan market functioning?
The interbank loan market in Israel is functioning normally, both with respect to its volume of activity and the level of interest paid. In the countries affected by the crisis, there has been a significant and growing spread between the interbank interest rate and the central bank's target interest rate. In Israel, no such spread is visible but if one develops, the Bank of Israel will take the appropriate measures in order to maintain the proper functioning of this market.
The central banks of developed countries are taking measures to inject liquidity directly into the business sector as well. Why is the Bank of Israel not adopting such an approach?
In certain countries, in which large and medium-size firms obtain short-term financing directly from the public in the commercial paper (CP) market, liquidity problems have been created for these firms and the CP market is no longer functioning normally. As a result, the central banks in a number of developed countries saw the need to intervene in this market. In the US, the Fed decided to buy short-term debt instruments from the issuing firms and in other countries indirect support has been provided through repo transactions against collateral, which were carried out primarily vis-?-vis banking institutions.
In Israel, the main source of financing for such firms is the banking system and the issuing of long-term bonds, while the issuing of commercial paper is at most a marginal source of financing.
Are the reserves of the Bank of Israel exposed to the effects of the global crisis?
The foreign exchange reserves of the Bank of Israel are managed according to an investment policy that places quantitative restrictions on the exposure of the reserves to various financial and operational risks. During the period since the beginning of the crisis in August 2007, the Bank has gradually changed those risk restrictions to adjust them to the changing profile of these risks in the market. Therefore, the composition of the reserves and the system of management have already been adjusted, to whatever extent possible, to the conditions currently prevailing in the global financial markets.
How does the Bank of Israel's policy for the purchase of foreign currency and the increase in Israel's foreign exchange reserves help the economy deal more efficiently with the effects of the global crisis?
The level of foreign exchange reserves is the most important variable looked at by agencies abroad that rate the State of Israel's risk, its financial and economic stability and the ability of the government to service its foreign-currency denominated debt. Following an in-depth assessment, the Bank of Israel decided in March 2008 to increase its foreign exchange reserves to between $35 and $40 billion, compared with the previous level of about $28 billion, through the purchase of a fixed daily amount of foreign currency. The decision was made against the background of the rapid growth in GDP in recent years and Israel's increasing integration into the global economy and the global financial system. The Bank of Israel reviews this policy from time to time in light of changing market conditions. The increase in foreign exchange reserves, when accompanied by responsible policies in other areas, reduces the risk of the contagion effect of the global crisis on Israel's economy.
Why has the banking system recently increased its foreign currency deposits with the Bank of Israel?
As a result of the uncertainty prevailing in the interbank market in countries affected by the crisis, Israeli banks apparently have come to prefer depositing foreign currency with the Bank of Israel although this means receiving a lower interest rate. This is local evidence of the global trend towards avoiding exposure to the credit risk of banks in these countries.
How is the crisis affecting economic activity in Israel?
The crisis is expected to affect economic activity through a number of channels: First, the fall in prices of securities in Israel and abroad has led to an erosion of the value of assets held by the public in Israel and as a result a decrease in private consumption is expected. Second, Israel's economy is small and open, which means that in the case of a slowdown in global growth or a global recession, particularly in the developed countries, there will be a drop in demand for Israeli export goods, which will in turn lead to a drop in the economy's income. This will also lead to a decline in private consumption. The expected reductions in exports and consumption, as well as the difficulty in raising capital and obtaining credit in world markets, are also likely to have a negative effect on investment. The drop in demand for export goods, consumption and investment will also be manifested in reduced demand for labor, which will lead to slower recruitment of workers and will even have a moderating effect on wage increases.
The severe global crisis finds the Israeli economy at a favorable jumping-off point, which is the result of responsible macroeconomic policy in recent years and the relatively calm security situation. The Israeli economy's favorable fundamental conditions, and in particular the surplus in the current account of the balance of payments, will act to moderate the effect of the global crisis on economic activity.
Has the Bank of Israel changed its forecast for growth in 2009?
The global crisis has led to reduced forecasts of global growth, and particularly of growth in the advanced economies. The growth forecasts of the Bank of Israel and the IMF predict a drop in Israel's rate of growth in 2009, while per capita income will continue to increase. An important reason for this is the slowdown in global economic activity. An additional reduction in the forecasts of global growth and trade will likely lead to an additional downward adjustment in the Bank of Israel's forecast of growth.
The slowdown in the economy's rate of growth in 2009 is expected to result in an increase in the rate of unemployment, which has fallen continuously in recent years. However, it should be mentioned that the predicted effects on the economy are much less than those predicted for global economic activity.
What are the assessments regarding the development of inflation in the near future?
In general, the global crisis is expected to significantly moderate the rate of price increases during the coming year or two. The moderating effect on price indices in the near future will be relatively weak but will strengthen over time.
The main factors expected to moderate inflation are the decline in global energy and food prices, which has already occurred to a large extent, and the expected drop in domestic demand. The drop in global energy and food prices is acting to moderate the increase in the cost of production and thus reinforces the moderation of price increases. The drop in the value of the public's financial assets (the prices of shares and bonds and at a later stage perhaps the price of housing) is acting to reduce the demand for private consumption and a decrease is expected in the demand for exports and perhaps investment.
An additional factor that is expected to moderate demand (primarily investment by firms) is the fear of bankruptcy which is manifested in, among other things, the difficulty encountered by some firms in obtaining credit. This could lead to a reduction in investment and production, a decline in the demand for labor leading to an increase in unemployment and a lower rate of increase in wages, which in turn will also affect the demand for consumption.
How is monetary policy in general, and the latest reduction in the interest rate in mid-October 2008 in particular, strengthening the economy's ability to deal with the effects of the global crisis on Israel?
The maintenance of price stability is the main condition for the stability of long-term economic activity. In the special circumstances of a downturn in demand, the reductions in the rate of interest help by partially offsetting recessionary forces without creating inflationary pressure.
The primary instrument of monetary policy is the rate of interest. When the Bank of Israel reduces the rate of interest, the commercial banks in turn reduce the rate of interest they charge their customers for credit. A lower rate of interest lowers the price of credit to firms (manufacturers, service providers and others) for financing their operations, as well as the price of credit to households.
Therefore, the lowering of the interest rate by the Bank of Israel in mid-October 2008, following which the banks lowered their rates of interest, made credit cheaper and therefore enabled firms to increase the liquidity they need for operations and made it easier for them to finance their activities. The reduction in the rate of interest also made it easier for households to obtain credit and thus also supported economic activity.
Since overall the pressure on prices is expected to moderate, both as a result of the decline in the prices of imported goods during this period and as a result of domestic activity, the reduction in the rate of interest is not expected to significantly hinder the attainment of the inflation target during the coming year.
A lower rate of interest, which also implies a lower return on shekel assets, is likely to raise demand for foreign currency and therefore to increase the exchange rate. A higher exchange rate (relative to domestic prices) implies increased revenues in shekel terms for exporters and therefore will offset the possible effect of lower global demand for exports.
A lower short-term rate of interest, as set by the Bank of Israel, is likely to also have an effect on longer term interest rates, which play an important role in firms' investment decisions and affect the rate of interest on mortgages and thus facilitate economic activity in general and activity in the housing market in particular.
The Bank of Israel is the central bank of Israel. The Bank of Israel was founded on August 24, 1954, when the Knesset passed the Bank of Israel Act, which passed control over note issuance and banking supervision. Since 1992, the Bank of Israel has set an inflation target and been empowered to manage the monetary policy so as to meet that target. The Bank of Israel complies with the ramifications of loans and interest in Judaism. The Bank of Israel is located in Jerusalem, with a branch office in Tel Aviv.
The current governor is Stanley Fischer.
The Bank of Israel currently has some 800 employees, about 300 of whom have degrees in economics, accountancy and law.
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Sunday, October 19, 2008
BPM Software Leader PNMsoft Chosen By Home Group For Business Process Management
BPM Software Leader PNMsoft Chosen By Home Group For Business Process Management
The PNMsoft team has much to smile about as they watch their clients
operations and revenue grow through the use of their BPM software.
By Nina Salzman
Israel News Agency
Tel Aviv ---- October 19, 2008 ....... The Home Group Limited, UK's largest social house builder and management organization has selected PNMsoft's BPM software and workflow product Sequence as its business process management and workflow platform for a multi million pound program.
PNMsoft BPM software is headquartered in Watford, England with offices and business partners across Europe and North America. PNMsoft, a Microsoft Solutions Provider with R&D facilities in Netanya, Israel, was recently endorsed by Bill Gates.
Home Group's BPM software programme involves the cross-organisational deployment of SEQUENCE starting with Internet and extranet systems and processes. The BPM software benefits include internal and external customer satisfaction as well as savings to the company's infrastructure costs.
The Home Group Limited turnover is GBP230 million. The company owns 55,000 dwellings in 800 different sites, and is England's largest provider of social housing solutions for Local Regional Government.
Home Group's Project Manager Paul Kelly says "The Sequence BPM software solution will be at the heart of all future Web-based applications deployed by Home Group, and is considered to be one of the most strategic applications, and therefore investments, in terms of future IT/IS systems. PNMsoft's Sequence offered the best value for money to Home Group and key to this decision was the close alignment to Microsoft SharePoint, a strong user interface and a scalable platform."
Recently, Catholic Caring Services, with £2,000 funding from Home Group, opened a brand new facility at Ewanrigg & Netherton Community Centre, Ennerdale Road in Maryport, England.
‘The Good Food Community Cafe'’, which will initially be run by local volunteers who all have vast experience in the cafe' and restaurant trade, will open every Tuesday, between 9 am and 3 pm and will serve great home cooked hot and cold food at very reasonable prices. The year 2009 will see the project develop into a social enterprise with opportunities for training and employment. Staff from Home and Copeland Homes picked up no fewer than four accolades at the recent West Cumbria Crime and Disorder Reduction Partnership awards, which took place at The Wave in Maryport.
Home Group also recently teamed up with one of England leading energy suppliers, a leading green support services company and the UK Government’s national affordable homes agency to reduce carbon emissions across its housing stock.
Home joins the Housing Corporation, EDF Energy and eaga, one of the largest providers of domestic energy solutions in Europe, to distribute the light bulbs, donated by EDF Energy, and issued to homes where tenants might be vulnerable to fuel poverty.
Paul Sheridan, PNMsoft's VP of sales said: "The objective of the deployment of the BPM software Sequence is to become the focal point of the company's internal and external process network. Sequence will automate and manage a variety of business processes at Home Group, including handling residential customers, local regional government customers, human resources and administrative affairs, and will reduce internal costs to the benefit of the Home Group's operational bottom line."
PNMsoft offers flexible business-user oriented BPMS and workflow solutions. Focusing 10 years on Business Process Management, PNMsoft has achieved a position of subject matter expert in the BPM/Workflow product arena, and is a member of Microsoft's BPM Alliance. Sequence is installed at over 250 companies worldwide.
PNMsoft's SEQUENCE facilitates rapid end user acceptance via the Microsoft UI, providing business users operational KPI and simulation capabilities as well as the automated management of business processes and organisational information. The system enables automated management of a multitude of business processes (production, development, purchasing, finance, HR and more) while dramatically reducing time and resource expenditures.
PNMsoft BPM Business Process Management software solutions provider enjoys a wide array of international clients, including: in High Tech - Philips, Comverse, Microsoft, Alvarion, Alladin, Matrix, NDS, Avaya, Electra, communications group Mirs, Tower Semi Conductor, Motorola, Philips, Avaya and in the public sector - the Israel government, Home Group, QCA, Arqiva, Province of Antwerp, HSFO,
ONE, OCWA Government Home Group and QCA.
PNMsoft offers BPM software solutions to the financial services industry with several clients including: Leumi Bank, Benleumi Bank, FIBI, SwiftTrade, OBG Law, Irish Stock Exchange, Beinleuimi, Swifttrade and in telecom has provided BPM software to Amdocs banking systems, RAD, Cellcom mobile phones company, and Bell Canada. Engineering clients include: Miller and Atkins, with manufacturing clients Allied Bakeries, Associated British Foods, Tnuva Foods, RH, Machteshim, Allied Bakeries and Tnuva Food Industries.
Transportation clients who have received BPM software from PNMsoft are: El AlAirlines, Arkia, defense and commercial giant Israel Aircraft Industries, HRG and Sky Service. Healthcare business process management software clients include: Johnson & Johnson, Janssen and GE. PNMsoft BPM Software solutions are also provided to the IDF - Israel Army, Maman, Orbis, ORT, Shvoong, Sonol Oil and Gas, Rudgged.com and Eden mineral water and beverages company.
BPM software (business process management) is an integrated collection of critical software technologies that enables the control and management of business processes.
BPM software emphasizes business user involvement in the entire business process improvement life cycle, from design through implementation, deployment, monitoring and ongoing optimization. Instead of reducing reliance on employees, BPM - Business Process Management software emphasizes the added value of employee activity coordination and making their business activities transparent and auditable
PNMsoft business process management suites enable business stockholders to monitor all interactions between human, system and information resources and optimize behavior to get the most out of dynamic market events and improve business performance outcomes.
PNMsoft BPM software is a model-driven workflow environment that makes the model executable, while keeping the model as the central focus for future process changes. The graphical model is actually metadata that is translated by software into the executed process dynamically.
BPM software supports the complete business process improvement cycle, from definition to implementation, monitoring and analysis, and through ongoing optimization.
As a software infrastructure platform, PNMsoft BPM software enables business and IT professionals to work more collaboratively on all business process design, development, execution and enhancement activities and to close the execution gap between IT and the business.
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