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GDP I laugh at him!
It always amuses me when politicians, businessmen, journalists or people on the street argue that the economy is doing well because the GDP is growing. Or that a country is doing badly because its GDP is falling. Plain and simple.   We remember phrases like; “We are coming out of the crisis because this is the economy that is growing the most. We can celebrate the recovery now.” What would be the famous "green shoots". Without taking into account that the economic reality of a country is much more complex than a simple number or a single indicator.   It may be that in the past GDP was used as a thermometer of an economy and it may be that it worked at that time. I say "maybe" because I really don't know. But currently we are in such complex economies, strongly interconnected with each other and operating through a convoluted mechanism and of great depth that it is impossible to determine their state through a single indicator. Let alone give a final judgment on how it is evolving.   Nor do I want to underestimate the utility and all the information that GDP provides us, this is clear. Faced with this situation, we find that in order to issue a conclusion about the state of an economy, it is necessary to study it in depth, use many indicators and, above all, interpret statistics: how unemployment is evolving, how it is being hired and the quality of the work created. How domestic demand is evolving and why.   Are companies being created or closed? Why? Is credit flowing or not? Is the financial system channeling savings correctly? We could ask ourselves how foreign trade is behaving, if there are more imports or exports... Or ask ourselves what are the strong and weak points of the country.   And we could stay like this for a while, listing important points that must be studied and analyzed in depth, because as I said, after all, it does not depend on a single piece of information or a few. This is really what needs to be done to be able to say whether an economy has emerged from a crisis or not, whether it is doing well or not. It is not necessary to judge without knowing all the information or only using the information that is most convenient, a fact that often occurs in economics. There are situations in which people only use the data and information that support their vision and ignore others that are equally important but contrary to their conclusion.   Or other cases, in which someone judges without having all the information with them, thinking that this is the whole truth.
Macau to ditch ‘gambling hub’ image in next decade – Secretary
Secretary for Economy and Finance Lei Wai Nong has pointed out the need for Macau to change its reputation as a gambling city, saying that the next ten years would serve as a turning point for non-gaming to evolve into another major pillar of the city’s economy. At a Legislative Assembly (AL) plenary session this afternoon where lawmakers expressed concern over the future of the city’s gaming industry, the official said that gambling would have to make way for other sectors – such as MICE, culture, modern finance and Chinese medicine – industries that Macau has to pursue and develop in the long run at the behest of the country. Lei’s remark comes after the legislature’s president Kou Hoi In said that the city is still regarded by most mainland Chinese people as a gambling city. He asked what should be done by the government to bust the longstanding stereotype. The official said that gaming concession bidders had been required to expand their non-gaming investment during negotiations so that both non-gaming and gaming could develop hand-in-hand to make the city more competitive on the global stage in the long run. If not, the source of tourists to Macau will lack diversity, Lei stressed. However, the secretary also conceded that it would take time for such an economic transition to come to fruition, yet saying that the government would take the lead in making it happen. It was revealed earlier that local authorities requested gaming licence contenders to invest as much as MOP$100 billion (US$12.4 billion) over the next decade, with Galaxy Entertainment Group and Sands China to fork out more than MOP$20 billion each, and the remaining four to pour about MOP$15 billion each. Nobody in Macau expects to see a glitzy and glamourous Cotai develop further at a cost to local neighbourhoods, the secretary added.
British horse racing has a new governance structure
British racing’s leaders have agreed upon a new governance structure for the sport, which will allow for the development and implementation of a new industry strategy to secure racing’s future. Following a Racecourse Association (RCA) EGM on November 14, a restructure of the BHA’s corporate governance arrangements has been agreed, with new Articles of Association to be adopted following the signing by the sport’s Member bodies of a special resolution and new Members’ Agreement. The new structure enshrines, as standing committees of the BHA’s Board, a new Commercial Committee and Integrity Advisory Committee, with a new Industry Programme Group also created, all three designed to drive forward the sport’s main areas of strategic focus. Julie Harrington, Chief Executive of the BHA, said: “The agreement of a new governance structure is an important step along the road to developing an industry strategy to secure the future prosperity of racing in Britain. This new structure not only provide a platform upon which progress can be established, but also clarifies the BHA’s role as the sport’s governing body and regulator. Acting on behalf of our members at the Racecourse Association and The Thoroughbred Group, I am confident that this structure will lead to better informed decisions on commercial and strategic matters.” The Industry Programme Group, meanwhile, will contribute to strategy relating to horse welfare, industry people, equality, diversity and inclusion, corporate social responsibility, social licence and environmental sustainability. The Group will meet at least six times a year.
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Draftkings takes on white glove client scamming
Despite the group assuring that they have ‘seen no evidence that DraftKings’ systems were breached to obtain this information’, the group intends to reimburse customers for any stolen funds, noting it would ‘make whole any customer that was impacted’. A site like DraftKings is an attractive target. The company pulls in a lot of money, reporting third-quarter revenue of $502 million – a 136 percent year-over-year increase – with $493 million being made in the company's B2C segment. The information came via a Tweet on DraftKing’s Twitter account on Tuesday, and follows similar reports of compromised customer information via third-party websites.     BetMGM told ESPN that several fraudulent accounts were created on its sports betting app, noting that it was “aware of a potential incident and actively investigating”. One online payment processor for BetMGM and other gambling sites said it was assisting law enforcement with an investigation into “fraudulent accounts set up at unaffiliated third parties using stolen personal information”, it reports. DraftKings has urged its customers to use unique passwords for its and all other sites, and to not share passwords with anyone, “including third party sites for the purposes of tracking betting information on DraftKings and other betting apps”. The FBI in August issued an advisory about the threat of credential stuffing, noting that there are numerous publicly accessible websites that offer stolen credential for sale. The agency pointed to two sites that contained more than 300,000 unique sets of stolen credentials, had more than 175,000 registered customers, and had made more than $400,000 in sales. DraftKings also saw the number of monthly unique paying customers grow 22 percent to 1.6 million, with the average revenue per customer reaching $100, a 114 percent increase    
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It is not a different Christmas ... We are the ones who have Changed
Merry Christmas 2020 ... how quickly it’s pronounced, and what a tremendous learning these fourteen letters and four numbers enclose for each of us ...   Yes, we have changed, we now appreciate the value of being alive Yes, we have changed, we now appreciate the value of small Yes, we have changed, we now appreciate not receiving and we do not worry about "giving" Yes, we have changed, we now appreciate the pricelessness of a hug Yes, we have changed, we now appreciate not giving value to the material more than to ourselves   Yes, we have changed, we now appreciate the blessing of the Universe to walk under the moon and take the time to feel the rain on our face   Yes, we have changed, we appreciate now that the rush is only ours, two planets aligned, without any effort ... just in time   Yes, we have changed, we now appreciate every moment that we share with those who are no longer present.   Yes, we have changed, we now appreciate the teaching of who left and whose departure left us a huge space to fill with millions of Thanks!   Yes, we have changed, we now appreciate each situation to be solved, which before we called "Problem"   Yes, we have changed, we now appreciate each teaching that is manifested to us from the hand of the present   Yes, we have changed, we now appreciate that we are rulers of our destiny and that no matter what happens, everything comes to its time: Not before, not after   Yes, we have changed, we now appreciate those who have always been there and have helped us without waiting for business   Yes, we have changed, we now appreciate the greeting of someone who, after a piece of cloth, gives us a smile and reminds us that it was always the best gift   Yes, we have changed, we now appreciate that Christmas has always been with us and we can celebrate it regardless of the date, at the end of the day it is an inner state not a fashion   Yes, we have changed, we now appreciate that we are all the same ...   Yes, we have changed, we now appreciate the hubbub that confirms that life is imposed once again   Yes, we have changed, we appreciate the present that it is now ...     German +

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