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Salt Lake Regional Medical Center Earns "A" Grade for Patient Safety from the 2017 Fall Leapfrog Hospital Safety Grade

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Receiving an "A" grade ranks Salt Lake Regional among the safest hospitals in the United States

SALT LAKE CITY (PRWEB) November 09, 2017

New Leapfrog Hospital Safety Grades for Fall 2017 were announced by The Leapfrog Group, a national patient safety watchdog. Salt Lake Regional Medical Center received an “A,” ranking them among the safest hospitals in the United States. The Leap Frog Safety Grade assigns A, B, C, D and F letter grades to more than 2,600 hospitals nationwide.

“At Salt Lake Regional Medical Center, our patients are our number one priority, which means we are dedicated to providing the highest quality care at all times,” said Dale Johns, President of Salt Lake Regional Medical Center. “Earning an A grade is an outstanding accomplishment, and it motivates us to continue our commitment to patient safety standards, including being mindful of any opportunities for improvement that can benefit patient experiences with our staff and in our hospital. Salt Lake Regional remains dedicated to the community we serve and strives for excellence in quality, safety, and innovation throughout our medical center.”

The Leapfrog Hospital Safety Grade seeks to help consumers make informed decisions about their medical care by providing data and research on how hospitals protect patients from errors, injuries, accidents, and infections. These safety grades also motivate local hospitals to uphold the highest safety standards and remain transparent about their safety and quality.

To view the full grade for Salt Lake Regional Medical Center, visit http://www.hospitalsafetygrade.org.

About Salt Lake Regional Medical Center
Salt Lake Regional Medical Center, now a member of the Steward Health Care Network, has been caring for the residents of the Salt Lake Valley for over 140 years. Built in 1875, it was one of the first hospitals in the Salt Lake Valley. Salt Lake Regional Medical Center offers comprehensive healthcare services, including emergency care, heart care, advanced surgical procedures, diagnostic imaging, maternity care, women’s services and help for a broad range of medical conditions. Currently, the 158-bed hospital encompasses 316,000 sq. ft. of medical facilities, including three medical office buildings on campus.  Salt Lake Regional Medical Center is directly or indirectly owned by an entity that proudly includes physician owners, including members of the hospital’s medical staff. For more information, visit saltlakeregional.org or call 1-866-431-WELL (9355).

About Steward Health Care
Steward Health Care, the largest private hospital operator in the United States, is a physician-led health care services organization committed to providing the highest quality of care in the communities where patients live. Headquartered in Boston, Massachusetts, Steward operates 36 community hospitals nationwide that employ approximately 37,000 people and regularly receive top awards for quality and safety. The Steward network includes more than 26 urgent care centers, 42 preferred skilled nursing facilities, substantial behavioral health services, over 7,300 beds under management, and more than 1.1 million covered lives through the company’s managed care and health insurance services. Steward’s unique health care service delivery model leverages technology, innovation, and care coordination to keep patients healthier. With a culture that prioritizes agility, resourcefulness, and continuous improvement, Steward is recognized as one of the nation’s leading accountable care organizations. The Steward Health Care Network includes thousands of physicians who care for approximately 2 million patients annually. Steward Medical Group, the company’s employed physician group, provides more than 1 million patient encounters per year. The Steward Hospital Group operates hospitals in Arizona, Arkansas, Colorado, Florida, Louisiana, Massachusetts, Ohio, Pennsylvania, Texas, and Utah.
Additional information is available at http://www.steward.org.

About The Leapfrog Group
Founded in 2000 by large employers and other purchasers, The Leapfrog Group is a national nonprofit organization driving a movement for giant leaps forward in the quality and safety of American healthcare. The flagship Leapfrog Hospital Survey collects and transparently reports hospital performance, empowering purchasers to find the highest-value care and giving consumers the lifesaving information they need to make informed decisions. The Leapfrog Hospital Safety Grade, Leapfrog’s other main initiative, assigns letter grades to hospitals based on their record of patient safety, helping consumers protect themselves and their families from errors, injuries, accidents, and infections. Reported by PRWeb 4 hours ago.

Allianz SE: Allianz reports 2.5 billion euros operating profit in 3Q 2017; on track for full-year target

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DGAP-News: Allianz SE / Key word(s): 9-month figures/Quarter Results

09.11.2017 / 21:51
The issuer is solely responsible for the content of this announcement.
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· Total 3Q 2017 revenues rise 2.1 percent to 28.3 billion euros
· 3Q 2017 operating profit down 17.3 percent to 2.5 billion euros
· 3Q 2017 net income attributable to shareholders down 17.3 percent to 1.6 billion euros
· 9-month 2017 operating profit up 3.5 percent to 8.3 billion euros
· 9-month 2017 net income attributable to shareholders up 4.9 percent to 5.4 billion euros
· Solvency II capitalization ratio strengthens to 227 percent at end of 3Q from 219 percent at end of 2Q 2017
· Operating profit for 2017 expected in upper half of the target range of 10.8 billion euros, plus or minus 500 million euros*Management Summary: Allianz resilient as natural catastrophe claims rise*Allianz Group reported good results for the third quarter of 2017 after a series of hurricanes, storms and other natural catastrophes drove claims higher. Total revenues rose 2.1 percent compared to the third quarter of 2016 to 28.3 (third quarter of 2016: 27.7) billion euros, mostly due to another strong performance in the Life and Health business segment. Operating profit declined to 2.5 (3.0) billion euros, largely due to 529 million euros losses from natural catastrophes. Operating profit also eased in the business segments Life and Health and Asset Management but remained at an overall high level. Net income attributable to shareholders decreased 17.3 percent to 1.6 (1.9) billion euros, affected by high claims from natural catastrophes and partly offset by lower tax expenses. Excluding the impact of natural catastrophes, the Group reported a strong performance similar to the preceding two quarters of the year.

Basic Earnings per Share (EPS) amounted to 3.53 (4.17) euros. Annualized Return on Equity (RoE) was 12.4 percent (full year 2016: 12.3 percent).^The Solvency II capitalization ratio strengthened to 227 percent at the end of the quarter, compared to 219 percent at the end of the second quarter of 2017.

The first nine months of 2017 developed positively with all business segments, contributing to a 2.2 percent increase in total revenues. Operating profit increased by 3.5 percent to 8.3 billion euros, driven by the Life and Health and Asset Management segments. The Property and Casualty business saw a decline in operating profit due to claims from natural catastrophes during the third quarter. Net income attributable to shareholders in the nine-month period grew by 4.9 percent to 5.4 billion euros.

"Third quarter results were robust, given the massive natural catastrophe events that impacted our Property & Casualty segment. It was also very good to see how our experts were able to actively support our customers in these difficult circumstances," said Oliver Bäte, Chief Executive Officer of Allianz SE. "The group absorbed claims stemming from hurricanes, storms and earthquakes in the quarter and still increased operating earnings in the nine-month period. Our capitalization also strengthened further, as the rising solvency ratio shows. For the year as a whole, Allianz expects to deliver strong financial results with operating profit in the upper half of the target range of 10.8 billion euros, plus or minus 500 million euros."
 

*Property and Casualty insurance: Allianz helping customers to recover from storms*

· Gross premiums written amounted to 11.5 billion euros in the third quarter of 2017. Adjusted for foreign exchange and consolidation effects, internal growth totaled 2.2 percent, with price and volume effects contributing 0.9 percent and 1.3 percent respectively. Allianz Partners, AGCS, Latin America and UK were the main growth drivers.
· Operating profit decreased 28.0 percent to 1.0 billion euros in the third quarter compared to the same quarter in the previous year. The underwriting result was pressured by higher claims from natural catastrophes and higher large- and weather-related losses.
· The combined ratio rose 3.4 percentage points to 96.9 percent in the third quarter compared to the year-earlier period, due to natural catastrophes.

"The Property and Casualty segment held up very well after a series of hurricanes, storms and other events. Natural catastrophes caused 529 million euros in losses. This relatively low amount is testimony to the Group's underwriting skills and risk discipline. Setting aside claims from catastrophes, the segment is on track to meet its 2018 target of a combined ratio of 94 percent," said Dieter Wemmer, Chief Financial Officer of Allianz SE.

In the first nine months of 2017, gross premiums written increased slightly to 40.9 (40.4) billion euros. Adjusted for foreign exchange and consolidation effects, internal growth amounted to 1.5 percent, with price and volume effects contributing 1.0 percent and 0.5 percent respectively.

Operating profit declined by 6.8 percent to 3.7 billion euros compared to the same period of the prior year due to a lower underwriting result. The combined ratio for the first nine months of 2017 rose 1.0 percentage point to 95.4 percent.*Life and Health insurance: Value of new business up 29 percent *

· Statutory premiums in the third quarter of 2017 rose 3.9 percent to 15.1 (14.5) billion euros due to stronger sales of capital-efficient products in Germany and higher unit-linked premiums in Italy, Taiwan, Belgium and Luxembourg. This more than compensated for softer sales of fixed-income annuities in the United States. Adjusted for foreign exchange and consolidation effects, statutory premiums increased by 8.2 percent.
· Operating profit decreased 10.3 percent to 1.1 (1.2) billion euros in the third quarter of 2017 mainly due to a lower investment margin. This resulted predominantly from a normalized level of realizations in the German life business and last year's one-off gain from the sale of real estate in France, as well as from unfavorable foreign currency translation effects in the United States.
· The value of new business (VNB) increased 28.8 percent to 410 million euros in the third quarter of 2017 as customers continue to shift to capital-efficient products.
· The new business margin (NBM) strengthened to 3.4 (2.8) percent in the third quarter of 2017, driven by favorable markets and management decisions to adapt the product mix to the low interest rates.

"The new business margin stayed at the high level of 3.4 percent for the second consecutive quarter, well above the 2.8 percent margin one year ago, partly due to a better business mix. Customers and shareholders are both benefiting from the new products we have generated in response to this very low interest rate environment," said Dieter Wemmer.

In the first nine months of 2017, operating profit increased nearly 10 percent to 3.4 (3.1) billion euros. Statutory premiums rose 2.6 percent to 48.7 billion euros. The new business margin rose to 3.3 (2.6) percent reflecting the targeted shift toward capital-efficient products. As a result, the value of new business (VNB) increased by 29.6 percent to 1.3 billion euros compared to the first nine months of 2016.*Asset Management: Growth continues - five straight quarters of third-party net inflows*

· Compared to the end of the second quarter of 2017, third-party assets under management (AuM) grew by 7 billion euros to 1,413 billion euros. High third-party net inflows of 32 billion euros, marking the fifth consecutive quarter with third-party net inflows, and positive market effects, offset negative foreign currency and deconsolidation impacts.
· In the third quarter of 2017, operating profit decreased by 2.7 percent to 588 (604) million euros, mainly driven by lower performance fees and negative foreign currency effects. Adjusted for currencies, operating profit slightly increased.
· The cost-income ratio (CIR) rose 1.2 percentage points to 61.9 percent in the third quarter of 2017, mainly due to lower performance fees.

"The Asset Management segment broke the 100-billion-euro mark for third-party net inflows already in the first nine months, a remarkable achievement. The outstanding investment performance of our actively managed funds is the main reason for these strong inflows," said Dieter Wemmer.

In the first nine months of 2017, operating profit grew by 11.5 percent to 1,743 million euros, mainly due to higher AuM driven fees. Strong third-party net inflows of 106 billion euros and positive market effects outweighed negative foreign currency effects, resulting in 1,922 billion euros of total assets under management - an increase of 51 billion euros compared to year-end 2016.
The cost-income ratio improved by 1.6 percentage points to 62.6 percent.*Technical Notes:* Prior-year figures have been adjusted due to an updated operating profit definition and an accounting policy change, as already described in the first quarter of 2017. Annualized figures are not a forecast for full year numbers.
 

*Allianz Group - key figures 2nd quarter and 1st half year of 2017*

 

    * 3Q2017* *  3Q2016* *  9M2017* *  9M2016*
*Total revenues * *EUR bn* *28.3* *27.7* *94.5* *92.4*
- Property-Casualty EUR bn 11.5 11.5 40.9 40.4
- Life/Health EUR bn 15.1 14.5 48.7 47.5
- Asset Management EUR bn 1.5 1.5 4.7 4.4
- Corporate and Other EUR bn 0.1 0.1 0.4 0.4
- Consolidation EUR bn -0.1 -0.1 -0.3 -0.2
*Operating profit / loss*^1,2,3 *EUR mn* *2,477* *2,995* *8,337* *8,058*
- Property-Casualty^2 EUR mn   1,039 1,443 3,744 4,016
- Life/Health^1,2,3 EUR mn   1,069  1,192 3,351 3,051
- Asset Management^2 EUR mn 588 604 1,743 1,563
- Corporate and Other^2 EUR mn -211 -242 -476 -565
- Consolidation EUR mn -8 -2 -26 -7
*Net income*^1 *EUR mn* *1,670* *1,986* *5,683* *5,411*
- attributable to non-controlling interests EUR mn        104 91 307 285
- attributable to shareholders^1 EUR mn 1,566 1,895 5,376 5,126
*Basic earnings per share*^1 *EUR* *3.53* *4.17* *       11.98* *11.27*
*Diluted earnings per share*^1 *EUR* *3.52* *4.17* *    11.98* *11.08*
*Additional KPIs*          
- Group Return on equity^1,4,5 % 11.2% 12.3% 12.4% 12.3%
- Property-Casualty Combined ratio % 96.9% 93.5% 95.4% 94.4%
- Life/Health New business margin^6 % 3.4% 2.8% 3.3% 2.6%
- Life/Health Value of new business^6 EUR mn 410 318 1,332 1,028
- Asset Management Cost-income ratio^2 % 61.9% 60.8% 62.6% 64.2%
       
*09/30/17*
*12/31/16*
*Shareholders' equity*^1,4 *EUR bn* *-* *-* *65.0* *67.1*
*Solvency II capitalization ratio*^7 *%* *-* *-* *227%* *218%*
*Third-party assets under management* *EUR bn* *-* *-* *1,413* *1,361*

 

 

  *Please note:* The figures are presented in millions of Euros, unless otherwise stated. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
^1 Prior year figures have been adjusted in order to reflect the impact resulting from an accounting policy change to measure the Guaranteed Minimum Income Benefit (GMIB) liability at fair value for our life business.
^2 In light of the new operating profit definition, restructuring charges are reported outside of operating profit unless shared with policyholders. Prior year figures have been adjusted accordingly.
^3 From the classification of our Korean life business as "held for sale" in 2Q 2016 until its disposal in 4Q 2016, the total result was considered as non-operating.
^4 Excluding non-controlling interests.
^5 Excluding unrealized gains/losses on bonds net of shadow accounting. Return on equity for 3Q 2017 and 9M 2017 is annualized. For 3Q 2016 and 9M 2016, the return on equity for the full year 2016 is shown. Annualized figures are not a forecast for full year numbers.
^6 Current and prior year figures are presented excluding effects from the Korean life business.
^7 Risk capital figures are group diversified at 99.5% confidence level. Allianz Life US included based on third country equivalence with 150% of RBC CAL (Risk Based Capital Company Action Level) since September 30, 2015.

 

Munich, November 9, 2017These assessments are, as always, subject to the disclaimer provided below.*Cautionary note regarding forward-looking statements*

The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements.

Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group's core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the euro/US-dollar exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.

*No duty to update*

The company assumes no obligation to update any information or forward-looking statement contained herein, save for any information required to be disclosed by law.

*Other*

The quarterly figures regarding the net assets, financial position and results of operations have been prepared in conformity with International Financial Reporting Standards. This Quarterly Earnings Release is not an Interim Financial Report within the meaning of International Accounting Standard (IAS) 34.

This is a translation of the German Quarterly Earnings Release of the Allianz Group. In case of any divergences, the German original is binding.
--------------------

09.11.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de --------------------

Language: English
Company: Allianz SE
Königinstr. 28
80802 München
Germany
Phone: +49 (0)89 38 00 - 41 24
Fax: +49 (0)89 38 00 - 38 99
E-mail: investor.relations@allianz.com
Internet: www.allianz.com
ISIN: DE0008404005
WKN: 840400
Indices: DAX-30, EURO STOXX 50
Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Regulated Unofficial Market in Tradegate Exchange
 
End of News DGAP News Service Reported by EQS Group 3 hours ago.

Revenues at Health Insurance Companies Increase by an Annualized Rate of 9.4 percent Since 2013 While CEO Salaries Increase by Only 3.6 percent

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While revenues for health insurance organizations increased by over 9 percent annually since 2013, the salaries of Chief Executive Officers at health insurance organizations went up an average of 3.6 percent annually; this is just slightly more than the typical merit budget of 3 percent.

READING, Pa. (PRWEB) November 10, 2017

With the hyperbolic escalation of health insurance premiums, those who purchase insurance (both companies and individuals) are highly concerned about the administrative costs of health insurance companies. Executive compensation is front and center of the scrutiny. So how has pay changed for the corporate leaders of health insurance companies since 2013 (the first year of implementation of the Affordable Care Act – also known as Obama Care)?

Insurance premiums are increasing faster than salaries for most Americans, but is this also the case for corporate leaders? The salaries of Chief Executive Officers at health insurance organizations went up an average of 3.6 percent annually since 2013; this is just slightly more than the typical merit budget of 3 percent. Total cash (salary plus annual bonus) levels for these CEOs increased at an annualized rate of 6.1 percent. Actual Total Direct Compensation (salary + annual bonus earned + payments of long-term bonuses) increased by an average annualized rate of 10 percent according to a recent study by HR+Survey Solutions (http://www.hrssllc.com), a specialty compensation consulting and research firm.

One of the reasons that salaries for CEOs have not increased as much as total direct compensation is because their “mix of pay” has changed over the last four years. Mix of pay refers to the percent of total direct compensation (TDC) for each of the following elements of pay: salary, annual incentives and long-term incentives. In 2013 salary was a larger component of pay than it was in 2017. Thus, in 2017, a greater percentage of the top executive’s pay package was comprised of performance based pay – which is only earned if certain performance goals are met. Table 1 and Chart 1 illustrate this trend.

Mix of pay also varies by company size, as shown in Chart 2 below. Companies with greater than $3 billion in revenues tend to have a greater percent of pay as incentives versus those that are less than $3 billion in revenues.

The other way to look at pay is to compare it to revenues generated. On average, companies generated $1,760 in revenues for every dollar of CEO total direct compensation. This has remained largely unchanged in the last four years. However, the organizations that are greater than $3 billion in revenue earned more in revenues per dollar of CEO pay than those organizations that are less than $3 billion in revenue, 90 percent more, as shown in Table 3. This is suggests that the cost of top executive talent has a threshold, so smaller companies need to pay at least a minimum amount for top talent.
These findings are based on the twelfth annual Executive Total Potential Remuneration (TPR) Compensation, Benefits and Perquisites Survey which assessed pay for the CEO and other executive and management positions at 17 Health Insurance organizations.

“The regional health insurance organizations are continuing to increase their use of performance based pay for their executives” says Judy Canavan, managing partner, HR+Survey Solutions.
“Because most regional health insurance organizations are often not-for-profit or mutual companies, their strategic focus is on providing valuable products for their policy holders and creating and maintaining a strong provider network; these goals are embedded in their incentive plans,” explains Canavan.

Other study highlights    · All participants in the study utilize an annual incentive plan for their executives and managers.
· Target annual incentives have increased from an average of 79 percent to 89 percent, for the CEO position.
· The vast majority of the study participants (82 percent) have a long term incentive plan.
· Most CEOs and other top executives have other elements of pay such as Supplemental Executive Retirement Plans (SERPs); change of control payouts, if triggered; and severance agreements with payouts, if triggered.

About the methodology
The 12th annual Total Potential Remuneration Survey (TPR Survey) was published by HR+Survey Solutions in August, 2017. A total of 17 Health Insurance organizations participated, with 44 executive and management positions covered. The TPR Survey assesses compensation packages including salary, benefits, executive perks, long and short-term incentives, SERPs, and severance agreements, among other values. If you are interested in participating in the 2018 Total Potential Remuneration Survey, contact Judy Canavan at 866-252-6788 x902 [jcanavan@hrssllc.com]. Reported by PRWeb 16 hours ago.

Opinion: Entrepreneurship would slow under health insurance tax

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John Pletsch, president of Seattle-based Electric Pen, argues the health insurance tax set to take effect in 2018 will slow the number of startups that can get off the ground. Reported by bizjournals 14 hours ago.

HIIQ Reminder Deadline Alert: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Health Insurance Innovations, Inc.

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BENSALEM, Pa.--(BUSINESS WIRE)--$HIIQ #classaction--The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Health Insurance Innovations, Inc. (HIIQ) Reported by Business Wire 10 hours ago.

Indiana officials close records on school district

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MUNCIE, Ind. (AP) — Indiana officials won’t release a new report that examines health insurance costs at an eastern Indiana school district. The Star Press reports that the decision to withhold the information comes as the public prepares to comment on whether the state should take control of the financially struggling Muncie Community Schools. The […] Reported by Seattle Times 7 hours ago.

Connecticut insurance exchange reports uptick in sign-ups

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HARTFORD, Conn. (AP) — The CEO of Connecticut’s health insurance exchange says there’s been strong activity during the first full week of open enrollment. Access Health CT CEO Jim Wadleigh says it’s “really encouraging” to see large number of consumers signing up for coverage “despite the confusion in the news.” Officials at the health insurance […] Reported by Seattle Times 5 hours ago.

Punjab province in Pakistan signs agreement with Novartis Access against chronic diseases

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· Poor patients in Punjab will have access to high-quality  medicines against noncommunicable, chronic diseases thanks to agreement between government and Novartis Access· Punjab government will make medicines available free of charge through public sector hospitals from early 2018 onward· Pakistan is among the countries most affected by chronic diseases; more than half of its population lives in the Punjab province

*Basel, 11 November 2017* - Today, the provincial government of Punjab in Pakistan signed a Memorandum of Understanding with Novartis to roll out Novartis Access. Poor patients in the province of Punjab will soon have free access to high-quality medicines from the Novartis Access portfolio targeting four key noncommunicable disease areas (NCDs): cardiovascular diseases, diabetes, respiratory illnesses, and breast cancer. The agreement also includes the implementation of innovative software to track and monitor individual patient access and adherence.

"We are very mindful of the warnings from the World Health Organization and World Bank that Pakistan's chronic disease problem urgently needs to be addressed with high-quality treatment and care." said Mian Muhammad Shehbaz Sharif, Chief Minister Punjab. "We are pleased that public-private partnerships like the one with Novartis Access can measurably improve healthcare services and capabilities in the province," he added. 

Punjab province, with a population of 110 million, is the largest province in Pakistan, representing more than half of the country's population. The agreement with Novartis Access is part of an ongoing program to transform the treatment of NCDs and other diseases in Punjab. Special focus will be on providing quality care in the areas of preventive care, primary and secondary healthcare, drug control and institutional reforms. Novartis Access treatments are among the world's most frequently prescribed medicines for chronic diseases.

"Novartis Access has been designed to help governments in lower-income countries improve access to treatments for noncommunicable diseases for the poorest populations. Our key goal is to help patients in Punjab better manage their chronic condition with this program. We believe new approaches that bring governments and the private sector together are needed to expand access to medicines and healthcare delivery," said Dr. Harald Nusser, Head of Novartis Social Business.

The program in Punjab will also involve the deployment of an offspring of the Novartis SMS for Life digital platform, which will use biometric data to create a registry able to help track patient access and adherence. The anonymized data generated by the system will inform both the government and Novartis about disease prevalence, treatment availability and patient outreach, allowing to better serve patients.

In May 2017, Novartis also signed a Memorandum of Understanding with Pakistan's Ministry of National Health Services to make Novartis Access treatments available through the Prime Minister's National Health Insurance Program. This program aims to serve the poorest patients in the country through federal facilities and nearly 1 million families are currently enrolled. Novartis is working with other provincial governments in Pakistan to further expand Novartis Access.

NCDs are on the rise in Pakistan. According to the World Bank[1], chronic diseases account for 59% of the total disease burden in Pakistan[1] and half of all deaths every year in the country[2].  The World Health Organization states there is a 21% probability of dying between the ages of 30 and 70 years from the four main NCDs[2], a pattern reflected in the Punjab province. Approximately a tenth of the population is diabetic[3]; 38% is overweight or obese, over half are hypertensive, and over a third smoke tobacco[4], placing many at higher risk of heart disease and respiratory problems. 

The Punjab government is tackling the growing burden of NCDs, particularly through the Punjab Health Sector Plan. Novartis Pharma Pakistan and the Punjab health department recently signed another major health initiative to provide treatment for cancer patients in the province.

Pakistan is the first country in Asia to launch Novartis Access and first deliveries of medicines to the Punjab are planned in early 2018. Novartis Access was first introduced in 2016 through faith-based organizations in Kenya and is underway through national systems or faith-based health systems in Cameroon and Rwanda. Other countries, including Ethiopia and Uganda, are at earlier stages of introducing the program.    

*About Novartis Access*
Novartis Access includes 15 generic and patented medicines to address cardiovascular diseases, diabetes, respiratory illnesses, and breast cancer. The portfolio is available to governments, NGOs and other public-sector healthcare providers in low and lower middle income countries for USD 1 per treatment, per month*. The have been selected based on medical relevance: they are either on or pertain to a class outlined in the WHO Model List of Essential Medicines, or belong to the most frequently prescribed medicines in these disease areas. Novartis Access launched in 2015 and we strive to reach 30 countries over the coming years based on government and stakeholder demand. Novartis Access is the latest addition to our company's efforts to enhance access to healthcare for patients at every level of income. It is integrated in Novartis Social Business, a unit which includes the Novartis Malaria Initiative and the Novartis Healthy Family programs. This unit is operationally managed by Sandoz, the Novartis generics and biosimilars division. For more information, please visit http://socialbusiness.novartis.com .

* The USD 1 price does not include costs for freight, insurance and potential taxes. 

*About Novartis*
Novartis provides innovative healthcare solutions that address the evolving needs of patients and societies. Headquartered in Basel, Switzerland, Novartis offers a diversified portfolio to best meet these needs: innovative medicines, cost-saving generic and biosimilar pharmaceuticals and eye care. Novartis has leading positions globally in each of these areas. In 2016, the Group achieved net sales of USD 48.5 billion, while R&D throughout the Group amounted to approximately USD 9.0 billion. Novartis Group companies employ approximately 121,000 full-time-equivalent associates. Novartis products are sold in approximately 155 countries around the world. For more information, please visit http://www.novartis.com .

Novartis is on Twitter. Sign up to follow @Novartis at http://twitter.com/novartis
For Novartis multimedia content, please visit www.novartis.com/news/media-library
For questions about the site or required registration, please contact media.relations@novartis.com

*References*
[1] Engelgau MM, El-Saharty S, Kudesia P. Capitalizing on the Demographic Transition: Tackling Noncommunicable Diseases in South Asia. World Bank. Washington DC, 2010, p.50-51. Accessible at: http://documents.worldbank.org/curated/en/869431468307160023/Capitalizing-on-the-demographic-transition-tackling-non-communicable-diseases-in-South-Asia
[2] World Health Organization, Pakistan NCD Factsheet. Accessible at: http://www.who.int/nmh/countries/pak_en.pdf
[3] Shera, AS et al. "Pakistan National Diabetes Survey: Prevalence of glucose intolerance and associated factors in the Punjab province of Pakistan." Prim Care Diabetes. 2010 Jul;4(2):79-83
[4] Khan MS, Khan A, Ali A, Akhtar N, Rasool F, Khan H, et al. Prevalence of risk factors for coronary artery disease in Southern Punjab, Pakistan. Trop J Pharm Res 2016; 15(1):195-200

# # #

*Novartis Media Relations*
Central media line: +41 61 324 2200
E-mail: media.relations@novartis.com

Antonio Ligi
Novartis Global Media Relations
+41 61 324 1374 (direct)
+41 79 723 3681 (mobile)
antonio.ligi@novartis.com Nadine Schecker
Novartis Social Business
+41 61 696 8633 (direct)
+41 79 682 1326 (mobile)
nadine.schecker@novartis.com  

Media release (PDF)
--------------------This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Novartis International AG via GlobeNewswire

HUG#2149065 Reported by GlobeNewswire 12 hours ago.

Obamacare Was Destined to Fail, Even Without Trump

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Don't blame Donald Trump! One of the Affordable Care Act's core policies is the reason health insurance premiums are skyrocketing. Reported by Motley Fool 9 hours ago.

Three Kinds of Theft

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Three Kinds of Theft Via The Daily Bell

Taxation is theft. But I’ve seen some people defend taxes with typical arguments like, “It’s not theft because you get something for your money.”

Perhaps the confusion lies in the fact that not all thieves act the same. There are at least three different types of theft in which the government engages.

1. The Con

The con artist cheats you out of your money. He makes you think you are getting something of value, or he tricks you into being robbed without your knowledge. Most people are conned into supporting taxation, assuming taxes are the price of civilization. They assume that is the way it has to be, and that taxes are justified because people get government services in return.

So when someone argues that taxes aren’t theft because you are getting something for your money, this is a con. Yes, the government maintains the roads, but both the price and delivery are the con. You must use the government to get the roads, you have no choice. The con artist convinces you roads could be built in no other way, and for no lower cost. The same goes for security, education, food safety, and so on.

And of course sometimes long after the government has taken your money, you realize that they never delivered on whatever promise they made: to keep you safe, to create more jobs, to strengthen the economy, to reduce crime etc. Think you’ll get your money back? Think again, you’ve been conned.

2. Extortion.

Maybe you see the con coming, as many of us do, and refuse to pay taxes. Well, then comes the extortion.

“You’ve got a nice home here, it would be a shame if someone seized it for back taxes. Come on man, don’t make us come back here, we’re not gonna be as nice next time around. You don’t have health insurance? What’s gonna happen if someone breaks your kneecaps? Pony up buddy.”

Those of us who aren’t conned into thinking taxes are necessary or proper generally pay because we don’t want the government to ruin our lives. It’s the classic mafia style, being forced to pay protection money, even though they are your largest threat. Sure they might keep other thugs off the block, but then again, they might not. Either way, you are going to pay, or they will hurt you in any way they can.

Ultimately, all taxes are collected under the threat of violence. Obtaining something through threats or force is extortion.

3. Armed Robbery.

Finally, if you refuse to play into the con, and you refuse to be extorted, you will face a home invasion, which is really the final phase of extortion. When your home is invaded you will either be kidnapped or killed, depending on your reaction to the assault, and the mood of your attackers.

Then they will take everything of value until the original amount they said you owed is paid, plus some extra for not cooperating. If they claimed you owed them an especially high figure, they will keep you caged as an example to others who refused to be extorted.

So yes, taxation is theft, and most people that disagree have been so easily conned that they simply think they haven’t been robbed. But they never bother to think about what would happen next if they didn’t accept the sham products and overprices services!

Being conned is theft: we are tricked into letting go of our money, or having it taken while we aren’t looking (like inflation). Extortion is clearly theft as well: the “alternative” of having your kneecaps broken or business burned down is no alternative at all, it is simply a method of having you turn over your money in order to avoid a violent attack. And armed robbery is clearly theft. You are in the midst of the violence and can no longer avoid it. You must turn over your money, or see the violence escalate until ultimately you are killed.

No matter how you slice it, taxation is theft. Reported by Zero Hedge 7 hours ago.

Insurance cost-comparison website expands to businesses

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CONCORD, N.H. (AP) — A cost-comparison website created by the New Hampshire Insurance Department now includes new features to help businesses purchase health insurance for their workers. The site, NH HealthCost, uses claims data collected from insurers to show estimated costs on more than 100 medical services and dozens of dental procedures. A new section […] Reported by Seattle Times 5 hours ago.

Maine seeks health insurance signup extension after storm

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PORTLAND, Maine (AP) — U.S. Sen. Angus King wants Maine residents to get more time to sign up for health insurance under the Affordable Care Act given that much of the state was without electricity during the first week of the enrollment period. King, an independent, wrote to the federal government this week asking that […] Reported by Seattle Times 4 hours ago.

THE INSURANCE AND THE IoT REPORT: How insurers are using connected devices to cut costs and more accurately price policies

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THE INSURANCE AND THE IoT REPORT: How insurers are using connected devices to cut costs and more accurately price policies This is a preview of a research report from BI Intelligence, Business Insider's premium research service. To learn more about BI Intelligence, click here.

Insurance companies have long based their pricing models and strategies on assumptions about the demographics of their customers. Auto insurers, for example, have traditionally charged higher premiums for parents of teenage drivers based on the assumption that members of this demographic are more likely to get into an accident.

But those assumptions are inherently flawed, since they often aren't based on the actual behaviors and characteristics of individual customers. As new IoT technologies increasingly move into the mainstream, insurers are able to collect and analyze data to more accurately price premiums, helping them to protect the assets they insure and enabling more efficient assessment of damages to conserve resources.

A new report from BI Intelligence explains how companies in the auto, health, and home insurance markets are using the data produced by IoT solutions to augment their existing policy pricing models and grow their customer bases. In addition, it examines areas where IoT devices have the potential to open up new insurance segments.

 Here are some of the key takeaways:

· The world's largest auto insurers now offer usage-based policies, which price premiums based on vehicle usage data collected directly from the car.
· Large home and commercial property insurers are using drones to inspect damaged properties, which can improve workflow efficiency and reduce their reliance on human labor.
· Health and life insurance firms are offering customers fitness trackers to encourage healthy behavior, and discounts for meeting certain goals.
· Home insurers are offering discounts on smart home devices to current customers, and in some cases, free devices to entice new customers.

In full, the report:

· Forecasts the number of Americans who will have tried usage-based auto insurance by 2021.
· Explains why narrowly tailored wearables could be what's next for the health insurance industry.
· Analyzes the market for potential future insurance products on IoT devices.
· Discusses and analyzes the barriers to consumers opting in to policies that collect their data.

To get your copy of this invaluable guide to the IoT, choose one of these options:

1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> *START A MEMBERSHIP*
2. Purchase the report and download it immediately from our research store. >> *BUY THE REPORT*

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of insurance and the IoT.

Join the conversation about this story » Reported by Business Insider 22 hours ago.

LISI, Inc., Announces the Appointment of Ken Doyle as Senior Vice President of Sales

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Ken Doyle, appointed as Senior Vice President of Sales for LISI, Inc.

San Mateo, CA (PRWEB) November 13, 2017

LISI, Inc., (LISI), a leading General Agency (GA) serving the broker community for more than 30 years has announced the appointment of Ken Doyle as Senior Vice President of Sales effective immediately.

“Ken’s responsive approach to serving the needs of brokers in our evolving industry has helped to strategically position our organization for continued growth and success,” said President and CEO, Becky Patel.

Ken Doyle joined LISI in 2011 with over three decades of industry experience in both sales and marketing. With nearly 20 years in the General Agency segment, he has been an active broker advocate at both the local and national level. His innovative style positions him to play an invaluable role in LISI’s commitment to provide brokers in California with the next level of service and solutions.

Prior to joining LISI, Doyle held leadership positions in sales for Blue Cross of California and was responsible for national marketing and brand management at WellPoint Health Networks. He is a well-regarded public speaker and has served as the past President of LAAHU and Region VIII NAHU Membership Chair. Ken hold an MBA from the University of Phoenix.

As SVP of Sales, Doyle will oversee statewide sales and provide the guidance and direction that embodies the core values of LISI, Inc.

About LISI

LISI has offices in San Mateo, Sacramento, Fresno, Los Angeles, Orange County and San Diego, and has serviced the needs of health insurance brokers since 1977. One of the state’s largest general agencies, LISI enables more than 8,000 affiliated brokers to offer Medical, Dental, Vision and Specialty coverage for large and small employers from over two dozen carriers. For more information on LISI, please visit http://www.lisibroker.com. Reported by PRWeb 17 hours ago.

Medios AG continues its dynamic growth in the first nine months 2017

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DGAP-News: Medios AG / Key word(s): 9-month figures

13.11.2017 / 11:30
The issuer is solely responsible for the content of this announcement.
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*Corporate News*

*Medios AG continues its dynamic growth in the first nine months 2017*

· Consolidated sales in the first nine months 2017 reach EUR 187.3 million, already surpassing the consolidated sales of full year 2016 significantly
· Sustained high demand for individualised medicine makes the Management Board confident to increase the sales in the full year to around EUR 230 million as planned

Berlin, 13 November 2017 - Medios AG, one of the leading Specialty Pharma companies in Germany, has continued its dynamic growth in the first nine months 2017 and confirms the sales forecast as well as the earnings forecast for the full year. In the period from January to September, Medios generated consolidated sales of EUR 187.3 million (IFRS), already surpassing the consolidated sales of full year 2016 significantly (prior year EUR 160.4 million, pro-forma IFRS). For the full year 2017, the Management Board still expects consolidated sales of around EUR 230 million. The forecast for consolidated earnings before taxes (EBT) in the amount of EUR 7.0 million up to EUR 7.5 million before special effects remains unchanged. In this context, burdens through growth investments and the consequences of the abolition of cytostatic drug tenderings through the German Act on Strengthening Pharmaceutical Supply in Statutory Health Insurance, which are not yet foreseeable, have already been considered. In contrast, the non-cash special effect through the stock option programme, which was implemented on the basis of the resolution of the Annual General Meeting 2017 in order to incentivise the management team, is not considered. The special effect will cause an extraordinary expense amounting to around EUR 1.1 million in the full year 2017.

*Manfred Schneider, CEO of Medios AG:* "The sustained high demand for individualised medicine in the first nine months 2017 makes us confident that we will increase our sales by some 44 percent to around 230 million euro as planned. Thereby, we take a further step towards our aim to become the leading provider of Specialty Pharma solutions in Germany."

In the first nine months 2017, Medios focused on the implementation of the growth strategy. The most important measures included the establishment of the Medios Digital GmbH subsidiary, the purchase of a property in Berlin-Charlottenburg, the successful placement of new shares with institutional investors within a cash capital increase and the purchase of additional clean room capacities in order to accelerate the expansion of the manufacturing capacities for individualised medicine.

*About Medios AG*
Medios AG is one of the leading Specialty Pharma companies in Germany. As wholesaler for Specialty Pharma drugs and manufacturer of patient-specific medications, Medios covers substantial elements of the supply chain in this field. Specialty Pharma drugs are, in particular, individualised infusions for patients with rare or chronic diseases like cancer, HIV and hepatitis. It is Medios' aim to provide integrated solutions along the value chain to partners and clients, thereby ensuring an optimal pharmaceutical care for patients.

Medios AG is Germany's first listed Specialty Pharma company. The share (WKN: A1MMCC, ISIN: DE000A1MMCC8) is listed in the Regulated Market of the Frankfurt Stock Exchange (General Standard) and Hamburg-Hannover Stock Exchange.

*Contact*
Kirchhoff Consult AG
Nikolaus Hammerschmidt
Borselstraße 20
22765 Hamburg
Germany
Telephone: +49 40 60918618
Fax: +49 40 60918660
E-mail: nikolaus.hammerschmidt@kirchhoff.de
www.kirchhoff.de

*Disclaimer*
This notification contains forward-looking statements that are subject to certain risks and uncertainties. Future results may significantly deviate from currently expected results, specifically due to various risk factors and uncertainties such as changes in business, economic, and competitive circumstances, exchange rate fluctuations, uncertainties about legal disputes or investigations, and the availability of financial resources. Medios AG assumes no responsibility whatsoever for updating the forward- looking statements contained in this notification.
--------------------

13.11.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de --------------------

Language: English
Company: Medios AG
Friedrichstraße 113a
10117 Berlin
Germany
Phone: +49 30 232 566 - 800
Fax: 030 / 8321 8377
E-mail: ir@medios.ag
Internet: www.medios.ag
ISIN: DE000A1MMCC8
WKN: A1MMCC
Listed: Regulated Market in Frankfurt (General Standard), Hamburg; Regulated Unofficial Market in Dusseldorf
 
End of News DGAP News Service Reported by EQS Group 15 hours ago.

United States: Capitol Hill Healthcare Update - November 6, 2017 - BakerHostetler

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The House last week voted to renew the Children's Health Insurance Program (CHIP) through 2022, but disagreements over how to pay for the program are likely to delay consideration Reported by Mondaq 14 hours ago.

InventHelp Inventor Develops EASY OPEN to Remove Ice from Vehicle-Window Cracks Easily (TOR-2724)

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Pittsburgh-based InventHelp, a leading inventor service company, is submitting this client's idea, the EASY OPEN in the hopes of a good faith review.

PITTSBURGH (PRWEB) November 13, 2017

When ice forms between a vehicle window and its seal, it can be impossible to open the window until the ice thaws. "I realized this inconvenience when I couldn't open my driver-side window at a fast-food drive-thru," said an inventor from Niagara Falls, Ontario, Canada. "In order to fix this common winter problem, I came up with the EASY OPEN."

This device provides a quick, easy way to remove accumulated ice from between a vehicle’s window edge and its seal. It prevents the window from being stuck and unable to be opened, which avoids hassle, frustration, window damage, exterior-paint damage and damage to personal cards (credit, health-insurance, etc.).

Compact, durable, portable, ergonomic and easy to use, EASY OPEN saves time and effort, as well as promotes convenience and peace of mind.

The inventor has created a prototype of his idea, and there's a prototype model available upon request.

The original design was submitted to the Toronto office of InventHelp. It is currently available for licensing or sale to manufacturers or marketers. For more information, write Dept. 16-TOR-9724, InventHelp, 217 Ninth Street, Pittsburgh, PA 15222, or call (412) 288-1300 ext. 1368. Learn more about InventHelp's Invention Submission Services at http://www.InventHelp.com. - https://www.youtube.com/user/inventhelp Reported by PRWeb 13 hours ago.

The Cycle of Falling Interest, Gold and Silver Report 12 Nov 2017

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Over the past few weeks, we have looked at the effects of falling interest rates: falling discount applied to future cash flows (and hence rising stock and bond prices), and especially falling marginal productivity of debt (MPoD). Falling MPoD means that we get less and less GDP “juice” for each new dollar of borrowing “squeeze”.

Last week, we proposed an economic law: if MPoD
MPoD has been falling since at least 1950, and is currently well under 0.4 (having had a temporary boost in the wake of the crisis of 2008). 0.4 means a new borrowed dollar adds 40 cents to GDP.

Under irredeemable paper currency, debt cannot be extinguished. So that dollar of debt—which bought a shrinking and temporary shot of GDP—lingers forever in the system. That is the very meaning of the word irredeemable.

This is one reason why MPoD is falling. Each time that a bond is rolled, the amount is increased by the accumulated interest. This incremental debt is not productive and does not add to GDP. And also, all that debt accumulated over many decades has to be serviced, which reduces debtors’ capacity to borrow for productive purposes.

And this leads us to a discussion of the trend of falling interest. Has the cause ceased? Have we, as many say, entered a new era of rising rates? Does the Fed have the power to make it so? Is there going to be a resurgence of inflation?

We must take a moment to address the term inflation, which is generally used to mean rising prices. California just enacted a tax hike on gasoline. Right now, while it’s fresh in everyone’s minds, blame for rising gas prices is placed squarely where it belongs: Sacramento (the state capitol). But soon enough, memory will fade, and people will just think “look at how expensive gas has become.” The price of trucking will go up too, and hence the price of goods are retail. And people will blame the Fed for inflation, so called.

The word inflation is a package-deal combining two dissimilar and unrelated things together into one word. Fiscal (including regulatory) policies can drive prices up. Just look at the cost of health insurance in the US. These should not be confused with monetary effects. Milton Friedman famously said “inflation is always and everywhere a monetary phenomenon.” This is misleading, at best.

Let’s begin our analysis with an observation. If debt is rising faster than GDP, then the typical business accumulates debt faster than it grows profits. On top of that, each tick down in interest rates creates additional incentive for its competitors to invest in additional production. The result is overcapacity.

So let’s say you are a farmer in Iowa. What can you do about your debt? Grow and sell more wheat. That is, sell wheat at the bid price.

Suppose you are a restaurateur with 5 burger joints. What can you do? Cook and sell more burgers. That is, sell burgers on the bid.

If you are a recent college graduate, with college loans to pay off, what can you do? Work and sell more of your labor. That is, dump labor on the bid.

And we wonder what supports the value of the dollar! It is the struggles of the debtors. Every debtor is busily working to increase the quantity of every kind of good and service, which is dumped on the bid. Dumping on the bid tends to push the bid down.

The result of monetary policy in a falling interest rate environment is that prices are falling too (unless fiscal policy can add costs commensurately).

Most miss the trees for the forest. They miss the bid-dumping for the quantity of dollars. As interest and MPoD fall, and as debt rises, the producers must work even harder to sell even more goods and services. At lower prices, which they themselves cause.

Rising asset prices, which goes along with falling interest rates, is a related problem. The asset price, or the price of the bond in this case, is the cost to liquidate the debt. If you sell a 10-year bond into the market, and then subsequently the rate of interest falls, it will cost you more to buy it back.

So in addition to debts rising faster than income, the burden of each dollar of debt is rising. No wonder prices are soft, if not falling outright.

In Keith’s theory of interest and prices, he discusses the rising cycle and the falling cycle. The central bank wants lower interest (to enable the government and its cronies to borrow more than it could otherwise). But it sets an interest rate cycle in motion. Normally, the market rate of interest is above marginal time preference and below the marginal return on capital.

When the central bank pushes down interest rates, it violates marginal time preference. The consumers and businesses react by borrowing to hoard. A cycle of rising prices and rising interest is born. It is a ratchet, and keeps going in one direction.

This is what many believe is happing today, or will happen imminently. The dollar is getting cheaper, so might as well buy consumer goods now. You know, before they get expensiver. And by this logic, businesses should sell bonds to buy more raw materials and expand inventories at every level in the system (hint, if you’re an aspiring management consultant: *do not* pitch this to the board).

However, we are not in that part of the cycle. That ended in 1981. Interest rates finally got above time preference. Unfortunately, they also got above marginal return on capital. This results in dishoarding—called just in time inventory management in business. With falling interest, rising debt, and rising liquidation value of debt, businesses react with increased demand for cash. If you own your meager capital outright, you may not need a large cash buffer. But if you have the same equity, but leveraged up your balance sheet 10 times larger, then you need a bigger cash buffer.

In the rising cycle, cash is trash. In the falling cycle, cash is king. Not to mention, if a good asset suddenly goes on sale under stress, it’s good to be there with cash.

We have shown that the trend of falling MPoD has been going on for decades. We have argued that the driver for it is the accumulation of debt which occurs when there is no extinguisher of debt in the system (as the domestic US economy has lacked since 1933). This trend is not going to change. Since 1981, MPoD has had an uncanny correlation with interest rates, not just generally falling but tracking every blip and dip.

We have shown that to compensate for falling MPoD, the central bank can lower interest rates. This does not fix anything fundamentally, but it does buy time as debts get relief in the form of lower payments. However, at the same time, the ever-lower rate provides an ever-greater incentive to borrow for nonproductive purposes. Such as Ikea buying TaskRabbit, substituting the founders’ and investors’ equity with Ikea debt.

The savings of the people (the ultimate source of all this credit of falling productivity) are casually disposed of, due to monetary policy. Can this trend end? Can the Fed decide to reverse falling interest rates? Keith argues in this theory of interest and prices, it cannot. The market is bigger than the Fed. But supposing the Fed could do that, whither MPoD?

There are many drivers for falling interest and soft, if not falling, prices. If there are any drivers for rising interest and rising prices (monetary, not fiscal) we would like to hear what they are.

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The prices of the metals were up slightly this week. But in between, there was some exciting price action. Monday morning (as reckoned in Arizona), the prices of the metals spiked up, taking silver from under $16.90 to over $17.25. Then, in a series of waves, the price came back down to within pennies of last Friday’s close. The biggest occurred on Friday.

One thing that is worth noting. Although people think it is gold that goes up and down against a constant, stable dollar, it’s the other way around. This means that when people use leverage to speculate that gold is going up, they are actually betting the *dollar will go down*.

Gold is unique that way. For example, in times of stress or crisis, it is always the bid that is withdrawn. There are always plenty of offers. Suppose the US Geological Survey says that “there will be an earthquake in Los Angeles, 15 on the Richter scale. Nothing taller than a dollhouse will be left standing.” You will not find any bids to buy real estate in LA. We suspect not from Santiago, Chile to Vancouver, Canada and as far eastward as the Mississippi River.

On the other hand, offers will be plenty. Some people will set their offer close to what they expected before the announcement. Others will desperately try to unload at a far lower price.

Gold, on the other hand, behaves opposite. Suppose the Fed announces that it is “on the brink of insolvency, of failing to pay timely its obligations.” And, further, it adds, “the US government itself is at high risk of a failed bond auction imminently.”

You would not find a lack of bids to buy gold. You would find a lack of offers to *sell* it.

This is because the nomenclature (and the thinking) have it exactly backwards with gold. One is not buying gold. One is selling dollars! One is not selling gold, one is buying dollars. This may seem like a semantic argument, but it is vitally important to understand the distinction. We are not going to reiterate yet again that gold is money and the dollar is irredeemable credit. We have a different point.

Gold is the thing people want to own when the debtors—and the mother of all debtors, the US government—default. This is because a defaulted credit instrument is worthless. Gold cannot be impaired.

Intuitively, our remark about long gold futures position being a dollar short should make sense. What do gold promoters most often talk about as the driver for gold to go up? Threats to the value of the dollar, the reserve status of the dollar, the existence of the dollar, the use of the dollar outside the US, etc. They say “gold is going to go up” but they argue “the dollar is going to go down.”

We will look at gold and silver supply and demand fundamentals, and also we have charts for Friday’s price and basis moves. But first, here are the charts of the prices of gold and silver, and the gold-silver ratio.

Next, this is a graph of the gold price measured in silver, otherwise known as the gold to silver ratio. The ratio rose a hair.

In this graph, we show both bid and offer prices for the gold-silver ratio. If you were to sell gold on the bid and buy silver at the ask, that is the lower bid price. Conversely, if you sold silver on the bid and bought gold at the offer, that is the higher offer price.

For each metal, we will look at a graph of the basis and cobasis overlaid with the price of the dollar in terms of the respective metal. It will make it easier to provide brief commentary. The dollar will be represented in green, the basis in blue and cobasis in red.

Here is the gold graph showing gold basis and cobasis with the price of the dollar in gold terms.

The cobasis (our measure of scarcity) continues to track the price of the dollar (inverse of the price of gold, in dollar terms). Keep in mind that the December contract is nearing expiry, and so will tend to have a rising cobasis. This is, as we said to Ted Butler, because the short positions are held by arbitragers and not speculators.

Our calculated Monetary Metals gold fundamental price moved down, but not by a lot.

Now let’s look at silver.

We also see the cobasis tracking the price of the dollar, keeping in mind that contract roll distortions are larger in silver than in gold owing to its lesser liquidity.

Our calculated Monetary Metals silver fundamental price rose insignificantly.

Now, on to Friday’s crash. Is it like last Friday’s crash?

In Part II of this article, we show intraday graphs for both metals.

 

© 2017 Monetary Metals Reported by Zero Hedge 12 hours ago.

A.M. Best Benchmarking Analysis Shows U.S. Health Insurance Market Remains Strong

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A.M. Best Benchmarking Analysis Shows U.S. Health Insurance Market Remains Strong OLDWICK, N.J.--(BUSINESS WIRE)--An A.M. Best analysis of the U.S. health insurance industry under the rating agency’s revised Best’s Credit Rating Methodology (BCRM) and its new building block approach revealed that 35% of the rated population had the strongest category of balance sheet strength. The Best’s Special Report, titled “U.S. Health Insurers – Building Block Approach: Market Remains Strong Despite Challenging Regulatory Environment,” determined that when viewed under the new building Reported by Business Wire 11 hours ago.

Bronstein, Gewirtz and Grossman, LLC: FINAL DEADLINE ALERT - Bronstein, Gewirtz & Grossman, LLC Reminds Investors With Losses In Excess of $100,000 of Class Action Against Health Insurance Innovations, Inc. (HIIQ) and Lead Plaintiff Deadline: November 13,

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NEW YORK, NY / ACCESSWIRE / November 13, 2017 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Health Insurance Innovations, Inc. ("Health I... Reported by FinanzNachrichten.de 10 hours ago.
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