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  • ADHD: What's behind the recent explosion in diagnoses?

    ADHD: What's behind the recent explosion in diagnoses?

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    Cases of attention deficit hyperactivity disorder are rocketing, but what’s the cause? Fortunately, we now have a better understanding of the condition – and how to identify those who have it

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  • What was Rosalind Franklin’s true role in the discovery of DNA’s double helix?

    What was Rosalind Franklin’s true role in the discovery of DNA’s double helix?

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    Rosalind Franklin’s role in the discovery of the structure of DNA may have been different than previously believed. Franklin wasn’t the victim of data theft at the hands of James Watson and Francis Crick, say biographers of the famous duo. Instead, she collaborated and shared data with Watson, Crick and Maurice Wilkins.

    Seventy years ago, a trio of scientific papers announcing the discovery of DNA’s double helix was published. Watson, Crick and Wilkins won the Nobel Prize in physiology or medicine in 1962 for the finding. Franklin, a chemist and X-ray crystallographer, died of ovarian cancer before the prize was awarded and was not eligible to be included.

    Many people have been outraged by accounts that Watson and Crick used Franklin’s unpublished data without her knowledge or consent in making their model of DNA’s molecular structure. What’s more, Franklin supposedly did not understand the significance of an X-ray diffraction image, taken by her graduate student, that came to be known as Photograph 51. Wilkins showed the image to Watson, who is said to have instantly recognized it as proof that DNA forms a double helix. And the rest is history.

    Except that history is wrong, say Watson and Crick biographers Nathaniel Comfort and Matthew Cobb. Cobb is a zoologist at the University of Manchester in England, and Comfort, of Johns Hopkins University, is a historian of science and medicine. They uncovered historical documents among Franklin’s papers that they say should change the view of her contribution to the discovery.

    Among the documents was an unpublished article from Time magazine depicting Watson and Crick as a team collaborating with Franklin and Wilkins, who were working as a pair. Overlooked letters and a program from a presentation to the United Kingdom’s Royal Society reinforced the idea that Franklin was a willing colleague who understood her data. The researchers laid out their findings in a commentary in the April 27 Nature.

    Cobb and Comfort talked with Science News about their new view of Franklin’s contributions. The conversation has been edited for length and clarity.

    SN: Why did you decide to go through these documents?

    Comfort: Matthew’s writing this biography of Crick, and I am writing a biography of Watson…. And we decided as a kind of pilgrimage to go and see the Franklin papers in person….

    We weren’t expecting really anything other than just sort of a perfunctory visit when we sat down in this archive room together, and they pulled out the folders. We started going over them together, bouncing ideas back and forth saying, “Hey, what’s this?”

    The sparks started flying, and that was when we found this magazine article from Time that was never published. It was a very rough draft that the author, named Joan Bruce, had sent to Franklin for fact-checking to make sure she got the science right.

    Cobb: So what Nathaniel immediately picked up on in the Bruce article was the way that she presented the discovery. She presents it as being an equal piece of work — that the two groups, at King’s [College with Franklin and Wilkins] and at the Cavendish [Laboratory with Watson and Crick] in Cambridge, are effectively collaborating….

    It’s not [the story] we’re used to hearing because the version we have is the dramatic Jim Watson version from his book The Double Helix: “Ha-ha! I stole their data!… Little did they know but I had it in my hands.” This is dramatic reconstruction.

    Comfort: If it were this way [as in Bruce’s article], it actually gives the lie to Watson’s sensational account. And we know why — or at least I think I know why — Watson gave that sensational account.

    The audience for The Double Helix was intended to be high school and college students who he wanted to get excited about science.… And I have lots of examples from that book where he stretches the truth, where he takes liberties, where he takes literary license. And I can show that as a pattern through the entire book. So it also fits with the style and tone of The Double Helix.

    SN: Is there other evidence that Watson and Crick didn’t steal her data?

    Cobb:  What we have separately done by looking in real detail at the records — the interviews that Crick did in the ’60s and so on — is we’ve been able to reconstruct the process that [Watson and Crick] went through. Which, if you read their papers really carefully, actually says quite explicitly that they engaged in what they called a process of trial and error. So they knew roughly the size of the crystal of the DNA molecule. They knew the atoms that should be in there from the density. So they tried to fit this stuff into this size using chemical rules.

    Then there’s this report [on X-ray diffraction data] that was written by the King’s researchers, Franklin and Wilkins, as part of their funding from the Medical Research Council. It was shared with other laboratories, including the head of the laboratory in Cambridge, Max Perutz [Crick’s boss]. And this is all known, so we haven’t discovered this. Watson and Crick used some of the numbers in there from Franklin and Wilkins as a kind of check on their random walk-through of possible structures….

    This still looks like kind of underhand, right? Because they’ve been given this semi-official document. Then two things happened. Firstly, if you read their documents, it’s quite clear that they do explain that they had access to this document, and that they used it as a check on their models. So this fact is acknowledged at the time….

    We then stumbled upon a letter from a Ph.D. student who was at King’s College, called Pauline Cowan, who was a friend of Crick’s…. So Cowan writes this letter asking him for help with something completely uninteresting. Then she says in passing, “Franklin and Gosling” — that’s Franklin’s Ph.D. student who took Photograph 51 — “are giving a seminar on their data.” This is in January 1953. “You can come along if you want. Here’s the details. But they say that they’re not really going to go into much detail. It’s for the general lab audience, and Perutz knows all the results anyway. So you might not want to bother coming.”

    In other words, Franklin knows that Watson and Crick will have access to this informal report, and she doesn’t care. It’s all, “Hey, if you want it, that’s fine.” So that then shifts the optic away from they got this surreptitious access to this MRC report. So we’re back to this collaborative [picture]. Franklin doesn’t seem to be too bothered.

    And then the final element … we found a program of a Royal Society exhibition…. This is two months after the publication of the papers. [In the program] is a brief summary of the structure of DNA signed by everybody, presented by Franklin.

    It was like a school science fair. She’s standing there in front of a model explaining it to everybody, and all their names are on it. So this isn’t a race that’s been won by Watson and Crick. I mean, they did get there first, don’t get us wrong. But it wasn’t seen that way at the time. They could not have done it without the data from Franklin. And Wilkins. And everybody — at least at this stage in 1953 — is accepting that and seems okay with it.

    Just like the Joan Bruce article said. So this changes the mood, right? We’re moving away from the Hollywood thriller that Watson wrote, where he’s sneaked some data. That version is really exciting. It’s just not true. [We’re moving] to something that’s much more collaborative, modern in some respects, about sharing data.

    Today, we focus on Franklin because we’re currently interested in equality, women’s oppression, and so on. We’re also obsessed with DNA. But people weren’t back then. DNA wasn’t then what it is now. [People might think] how could Franklin not have been livid? This was the secret of life and she had had it taken away from her. But it wasn’t and she didn’t.

    SN: Did Franklin understand the importance of her data?

    Cobb: Franklin was very skilled at being able to move DNA between two forms; what’s called the A form, which is the crystalline form which gives really precise images, and what’s called the B form. That form is what you get if there’s much more water around the molecule kind of pulling it into a different shape. And it was very clear from her notes that she thought that the B form was basically the loss of order, that it was disintegrating….

    An X-ray diffraction image showing the B form of DNA, showing rows of black smudges forming a rough X shape
    This X-ray diffraction image, taken by a graduate student of Rosalind Franklin, shows the B form of DNA. The image, dubbed Photograph 51, is said to have inspired James Watson to realize that DNA is a double helix.Science History Images / Alamy Stock Photo

    If you study the double helix story, there’s this this kind of enigma, because there are these two forms, A and B.  Franklin studies the A form … [but] it’s never been clear to anybody why she chose that form. And then we realized it’s because she’s a crystallographer. She’s a chemist. And if you’re a chemist, and you’re trying to find the crystalline structure of something, what are you going to look at? The crystal.

    It’s easy in retrospect to get in a time machine and go back and whisper in her ear, “Hey, but what’s the inside of the cell like? It’s not very dry, you know. Maybe think about the other form.” But … you can’t do that. That’s against the rules….

    Everybody who wants to favor Rosalind Franklin thinks that Watson and Crick were kind of sexist pigs who stole her data. The first bit of that description is probably accurate. The second bit isn’t. They certainly were pretty rude. But they did not steal the data.

    This is the popular version of the story which we wanted to undermine. That this Photograph 51, which is the B form, is so striking that Watson, when he’s given a glimpse of it, can instantly realize its significance. According to the story he tells and people who are in favor of Franklin tell, this is the moment he steals her data.

    But if you think about it for a minute, you think, “Well, why didn’t Franklin get it if it’s so obvious? This really smart woman who’s much smarter than Watson is about this aspect of science, but she doesn’t get it?” And the answer is very clear when you read her notes. She did get it and she didn’t care. She knew it was some kind of helix, but that was not the structure that interested her.

    What [the popular story] does is it removes any agency from Franklin. People are inadvertently presenting her as a negative version, the version that Watson presents. She’s the heroine, but she hasn’t gotten it yet. Why hasn’t she got it? Well, the only implication is what Wilkins says; that she was stubborn and blinkered, which is just not true. So we’re trying to put her back at the center of the story, make her much more human than this harridan that Watson presents her as.

    SN: Do we know if Franklin complained at the time about her data being stolen?

    So after the double helix [discovery], Franklin and Wilkins never question Watson and Crick, “How did you do this?” They never fall out with them. They never have a row. They never write anything. Either they were stupid and never asked the question, or they knew [that the data were shared fairly].

    Then in [19]54, for example, Franklin’s going to the East Coast to go to this meeting on the West Coast that Watson’s going to as well. And so she writes to Watson, “Dear Jim, I gather you’re getting a car across the states. Can I come with you?” So she tried to hitch a ride on a transcontinental car journey with this man who supposedly had stolen life’s secret from under her nose. That doesn’t make sense.

    She was on collegial terms — I don’t think she liked him — but she was on collegial terms with Jim…. They had extensive correspondence because they were in the same area of viral structure.

    In the last two or three years of her life, she became very good friends with Crick and with his wife. They went on holiday together in Spain after a conference. After she had her first two operations for ovarian cancer, she went to the Cricks to convalesce. She would send Crick her draft articles and ask his advice. So she clearly didn’t think he was a pig who was going to steal all of that data.

    SN: So they were just much more chill about the whole thing?

    Cobb: They were all much more chill. We look at this, one, through a feminist optic. We being the world. It’s an inverse version of The Double Helix. And, two, through the optic of what would it be like today to discover this? Clearly, you’d have competing labs, they would not talk to each other, and if one of them had these data, then they would behave exactly like Watson describes it.

    But that was not the world of the 1950s. Partly because DNA was not DNA. It wasn’t clear that it was the genetic material [of life]. So it wasn’t a big deal.

    On Franklin’s tomb there is no mention of DNA. What there is mention of is viruses.  Because that’s the practical work that she was engaged in when she died. She had worked out the structure of the polio virus. DNA wasn’t a practical thing for another 20 years. Whereas the structure the polio virus, maybe that could save lives.

    The way we see her is not how she was seen at the time. She was very famous. She got a page obituary in Nature, obituaries in Britain’s the Times and the New York Times. So many of her American colleagues were utterly distraught when they discovered that she died [in 1958]. So you know, she was a very significant person, not just for DNA.

    SN: Dr. Watson is still living. Have you spoken with him or anyone else who’s still around that could offer some insight?

    Comfort: I’ve spoken with him many times, and he knows about this project. But he’s not in any [physical] shape right now to be able to comment on something like this. Believe me, I would love to, but it’s just not possible.


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  • Test Post for WordPress

    This is a sample post created to test the basic formatting features of the WordPress CMS.

    Subheading Level 2

    You can use bold text, italic text, and combine both styles.

    1. Step one
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    This content is only for demonstration purposes. Feel free to edit or delete it.

  • How to calculate Net Realizable Value NRV

    net realizable value formula

    You can find information about companies’ treatment of net realizable net realizable value formula value with respect to their assets on their annual reports. She holds a Bachelor of Science in Finance degree from Bridgewater State University and helps develop content strategies. The first learning platform with all the tools and study materials you need. At StudySmarter, we have created a learning platform that serves millions of students. Meet the people who work hard to deliver fact based content as well as making sure it is verified.

    Create a free account to save this explanation.

    GAAP require companies to strictly abide by the conservatism principle to appraise the value of assets. For example, a publicly-traded company must recognize the value of its inventory on the balance sheet at either the historical cost or the market value, based on whichever option is lower. Cost accounting can be used to help businesses make improvements, find efficiencies, and make better decisions. Direct costs, such as direct labor and direct materials, direct labor, are included in the cost of inventories. These costs are specifically attributable to the production or acquisition of inventories. Understanding Net Realizable Value (NRV) helps you keep your financial records accurate.

    What Is Pipeline Inventory: Definition, Calculation, and Example!

    net realizable value formula

    The revised carrying value of inventory as of December 31, 20X3 is $13.5 million. These changes in inventory valuation methodology underscore the evolving nature of accounting Certified Public Accountant standards to provide a more accurate representation of a company’s financial condition. As a result, companies have shifted to the LCNRV method, leveraging insights like recognizing the split-off point in production, to improve the consistency and comparability of financial statements. NRV is particularly important for businesses that stock items subject to rapid changes in market value or obsolescence, like electronics or fashion goods. This reflects the broader trend where methods such as FIFO and LIFO influence how inventory items are accounted for and managed.

    More about IAS 2

    IBM is a US-based software company with more than $80 Bn of revenue per year. In the Financial year 2019, the market value of Accounts Receivable (which is an asset) for IBM is $10 Bn. This means IBM is expected to receive this amount from customers who have already been recognized as revenue in its accounts.

    net realizable value formula

    net realizable value formula

    However, before recognizing impairment from product A, we must review paragraph 29 of IAS 2. In December of year 1, a manufacturing company produced inventory with the following characteristics. Recoverable taxes.Abnormal amounts of material waste.Storage costs.Indirect administration costs.Selling costs.

    • It records inventory at the lower value between the initial cost price or the net realizable value (the amount from selling the inventory minus all relevant costs).
    • This paragraph establishes that when determining whether an inventory is impaired, we must consider whether the products belong to the same business line since an entity must assess the loss of value of the products as a whole.
    • These Sources include White Papers, Government Information & Data, Original Reporting and Interviews from Industry Experts.
    • Thus, the use of net realizable value is a way to enforce the conservative recordation of inventory asset values.
    • For any company, accounts receivables and inventory are the two asset forms that it maintains.

    What is the Net Realizable Value Formula?

    It is not appropriate to write inventories down on the basis of a classification of inventory, for example, finished goods, or all the inventories in a particular operating segment. In such circumstances, the replacement cost of the materials may be the best available measure of their net realizable value. My Accounting Course  is a world-class educational resource developed by experts to simplify accounting, finance, & investment analysis topics, so students and professionals can learn and propel their careers. In this blog, we will explain the concept of NRV, how to calculate it, and provide examples to illustrate its application. Understanding NRV will help you make more informed financial decisions and improve your business’s financial health. A positive NRV implies that your inventory will generate profits for you, whereas a negative NRV shows that the value of your goods is lower than their cost.

    By incorporating NRV, businesses can maintain compliance with accounting standards, make informed decisions, and provide stakeholders with a realistic view of their financial health. Despite its advantages, calculating NRV can be complex and time-consuming, requiring precise estimates and regular adjustments due to market fluctuations. Net realizable value ensures accurate financial reporting and compliance with accounting standards by providing a conservative valuation of assets. However, it can be complex to calculate, relies on estimates, and may lead to frequent adjustments due to market fluctuations. Asset values for accounts receivable (AR) and inventories are commonly calculated using the formula for NRV.

    Credit Risk Management

    Lenders and creditors rely on the current ratio to evaluate the liquidity of a borrower, and so might incorrectly lend money based on https://www.bookstime.com/ an excessively high current ratio. Incorporating AI into NRV calculations not only makes the process more efficient but also enhances the overall accuracy and reliability of financial reporting. By embracing technological advancements, businesses can stay ahead in an ever-evolving market and ensure their financial practices are robust and forward-thinking. It has a wooden table in its inventory, and the expected selling price is $1,000.

  • The radical new theory that wrinkles actually cause ageing

    The radical new theory that wrinkles actually cause ageing

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    The wrinkled left side of William McElligott's face after being exposed to the sun

    The left side of William McElligott’s face is more wrinkled than the right after being exposed to more sunlight

    NEJM

    ON HER 120th birthday, Jeanne Calment – generally regarded as the oldest person ever to have lived – proved she still had her wits about her: “I’ve only got one wrinkle,” she wisecracked, “and I’m sitting on it.” Funny, but untrue. The Frenchwoman was, by then, extremely wrinkly. On the Fitzpatrick Wrinkle Scale, she would have been a shoo-in for the top category, with deep wrinkles and discoloured skin that had lost its elasticity.

    Quelle surprise. She may not have been as old as she claimed, but she was at least 97. Anybody who lives to 100 or so can expect the same. Historically, this has been regarded by many as a purely cosmetic problem. Wrinkles, sags and bags are, in some cultures, considered unsightly or an unwanted sign of how old we are. Right or wrong, that has led to a centuries-long battle to fill them in or smooth them over. More recently, however, the war against wrinkles has moved onto a more urgent footing. Aged skin is much worse than young skin at all the vital things it does to help maintain your health.

    Moreover, emerging evidence suggests that, as skin ages, it releases a chemical cocktail around the body that could drive premature ageing of other organs. “If your skin is getting older, you are getting older inside, so be careful,” says Cláudia Cavadas at the University of Coimbra, Portugal. In other words, wrinkles may not just be…

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  • Why some Renaissance artists added egg yolks to oil paints

    Why some Renaissance artists added egg yolks to oil paints

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    Art historians often wish that Renaissance painters could shell out secrets of the craft. Now, scientists may have cracked one using chemistry and physics.

    Around the turn of the 15th century in Italy, oil-based paints replaced egg-based tempera paints as the dominant medium. During this transition, artists including Leonardo da Vinci and Sandro Botticelli also experimented with paints made from oil and egg (SN: 4/30/14). But it has been unclear how adding egg to oil paints may have affected the artwork.  

    “Usually, when we think about art, not everybody thinks about the science which is behind it,” says chemical engineer Ophélie Ranquet of the Karlsruhe Institute of Technology in Germany.

    In the lab, Ranquet and colleagues whipped up two oil-egg recipes to compare with plain oil paint. One mixture contained fresh egg yolk mixed into oil paint, and had a similar consistency to mayonnaise. For the other blend, the scientists ground pigment into the yolk, dried it and mixed it with oil — a process the old masters might have used, according to the scant historical records that exist today. Each medium was subjected to a battery of tests that analyzed its mass, moisture, oxidation, heat capacity, drying time and more.

    In both concoctions, the yolk’s proteins, phospholipids and antioxidants helped slow paint oxidation, which can cause paint to turn yellow over time, the team reports March 28 in Nature Communications. 

    In the mayolike blend, the yolk created sturdy links between pigment particles, resulting in stiffer paint. Such consistency would have been ideal for techniques like impasto, a raised, thick style that adds texture to art. Egg additions also could have reduced wrinkling by creating a firmer paint consistency. Wrinkling sometimes happens with oil paints when the top layer dries faster than the paint underneath, and the dried film buckles over looser, still-wet paint.

    The hybrid mediums have some less than eggs-ellent qualities, though. For instance, the eggy oil paint can take longer to dry. If paints were too yolky, Renaissance artists would have had to wait a long time to add the next layer, Ranquet says.

    “The more we understand how artists select and manipulate their materials, the more we can appreciate what they’re doing, the creative process and the final product,” says Ken Sutherland, director of scientific research at the Art Institute of Chicago, who was not involved with the work.

    Research on historical art mediums can not only aid art preservation efforts, Sutherland says, but also help people gain a deeper understanding of the artworks themselves.


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  • What you need to know about merchant accounts: By Nikunj Gundaniya

    You can ensure that the solution provides top-notch customer support to the customers. You can look for providers with 24/7 support, responsive service, and a good reputation in the industry. Merchant banking helps in reinforcing the economic development of the country, by acting as a source of funds and information to the business entities.

    Key Features of Merchant Banks

    Issue management and underwriting is concerned with the activities of management of the public issues of corporate securities, viz. Equity shares, preference shares, and debentures of bonds to procure money from the capital market. Merchant bankers facilitate private equity investments- they ensure private placement of the corporate securities in front of a preferred group of investors or institutions. Merchant banks invest and trade in securities on their customer’s behalf to provide portfolio management services. Yes, some merchant banks may engage in proprietary trading, where they trade financial instruments for their own profit. These accounts are set up to receive debit and credit cards or other forms of electronic payment.

    Financing is a crucial function of merchant banks as it provides companies with the funds they need to grow and expand. It also allows companies to make strategic investments that can increase their profitability in the long run. Merchant banks usually also play a key role in helping wealthy individuals and companies make strategic financial decisions. Their advisory role might include helping a U.S. company decide whether to merge with or acquire an international company or whether to sell off some of their assets. They can also help customers decide how best to raise private capital for their needs. However, with the what do you mean by merchant banking growth of the financial world, corporations overshadowed family-owned businesses in the banking business.

    Advantages and Disadvantages of Merchant Banks:

    First, merchant banks serve small-scale companies that may not be big enough to attract funding from venture capitalists and other large investors. Both merchant and investment banks provide financial services to businesses, but serve very different functions. Some of the oldest banks offering merchant banking services include Citi Bank and JP Morgan. Under project financing, merchant banks help businesses fill applications, provide expert advice and submit the application to raise funds from banks and financial institutions.

    Corporate vs Private Banking: Difference and Comparison

    This role is crucial in the trading industry, as it allows for smooth and efficient transactions. This involves providing long-term loans to companies for various purposes. These loans are often used for expansion, acquisitions, or other long-term investments. Merchant banks offer such companies creative credit products such as bridge financing, equity financing, and mezzanine financing. They place equity with other financial institutions and take ownership of small but promising companies. Also, they assist in choosing the ideal financial institutions to provide credit facilities and act on the terms of the loan application with the financiers.

    They often work with companies that may not be large enough to raise funds from the public through an initial public offering (IPO). Merchant banks are non-depository financial institutions and companies that deal with international finance for multinational corporations. These banks differ from other types of financial institutions in that they offer financial services such as private equity, fundraising, and business loans to private companies. Further, investment banks often help with IPOs for larger companies, while smaller companies turn to merchant banks for the less complex alternative of a private placement.

    • Merchant banks are called investment banks in the UK, they offer services to business owners who have businesses in different locations and owners of large corporations.
    • They will take into account the level of risk and the potential return in deciding which customers to invest in.
    • Furthermore, merchant banks often engage in advisory services, providing strategic financial guidance to businesses.

    How Wall Street’s emerging cold war might impact your portfolio

    A merchant account is a type of bank account that is used by merchants to accept payments from their customers. Having a merchant account for businesses like retailers and FMCG industries is very important. Because having the right merchant account will ensure the smooth and timely processing of payments by the customers.

    In addition, they can provide valuable services such as portfolio management, asset management, and advisory services. Merchant banking is a type of financial institution that offers specialized services to businesses. These services may include investment banking, corporate finance, and advisory services. Merchant banks help companies raise capital, manage investments, and facilitate complex financial transactions.

    • Then, the payment processor will check with the issuing bank to verify the customer’s funds and approve the transaction.
    • Merchant banks began operating as organized money markets consisting of merchants financing the transactions of other merchants.
    • Merchant banks usually also play a key role in helping wealthy individuals and companies make strategic financial decisions.
    • Merchant banks provide different services from both retail and investment banks.
    • This means they’re not like typical retail and commercial banks that allow customers to sign up for savings accounts and deposit money with the institution.

    Entry of Foreign Investors

    This often includes moving forward with a private equity investment in which the bank provides funding to the customer in exchange for company stock and sometimes part of their future profits. Merchant banks are frequently confused with investment banks, but the two are very different. Investment banks are meant for huge transactions like IPOs, or other very large public and private share offerings. Their clients typically include institutional investors, governments, and huge multinational corporations.

    The funds will then be transferred to the bank within 24 hours from the merchant account to a business bank account. Behind every blog post lies the combined experience of the people working at TIOmarkets. We are a team of dedicated industry professionals and financial markets enthusiasts committed to providing you with trading education and financial markets commentary. Our goal is to help empower you with the knowledge you need to trade in the markets effectively. They guarantee that the seller will receive payment and that the buyer will receive the goods or services. This provides a level of security to both parties, making them more willing to engage in transactions.

    Over the centuries, merchant banking evolved and expanded, taking on new roles and responsibilities. In the 20th century, merchant banking became synonymous with investment banking, as many merchant banks began offering investment banking services. Often, a merchant bank’s customers are companies that want to raise capital but need an alternative to the highly regulated initial public offerings (IPOs) that larger companies might pursue. Merchant banks can help such customers by privately investing in them in exchange for an ownership stake in shares of their company’s stock. The ownership interest can be as much as 100%, and the merchant bank may also get dividends and request a portion of future profits. Providing this funding to the customer might involve the merchant bank tapping into its own money or using its network of investors and entrepreneurs to obtain it.

    A merchant bank is a bank that offers commercial services in the banking and investment industry. Services offered by a merchant bank include underwriting services, loan services, fundraising, and other financial services. The services offered by merchant banks restricted to particular customers and are not for the general public. These services are designed for individuals who have high net-worth and large corporations. A merchant bank provides specialized advisory services for high net-worth individuals, this bank is similar to an investment bank. Merchant banks are different from contemporary banks, they offer specialized services and deal with international trade.

    In 2021, merchant bank Avendus Capital helped the Indian company Piramal Enterprises acquire the debt-ridden assets of Dewan Housing Finance Corporation (DHFL) for ₹34,250 crore ($4.4 billion). This was one of the largest debt restructuring deals in India and helped Piramal Enterprises to become a major player in the Indian financial services sector. These skills should not be concentrated in issue management and underwriting alone, which may have an adverse impact on business. Merchant bankers can turn to any of the activities mentioned above depending upon resources, such as capital, foreign tie-ups for overseas activities and skills. Yes, PayPal is a merchant account—users can make international payments for a certain processing fee. Now, let us understand the brief history—merchant banking started in the 17th and 18th centuries—in France and Italy.

    The preliminary activity that every merchant bank will do is raise funds for their clients. In addition to that, they deal with investors and provide skill-oriented advisory services to new entrants and established businesses. Merchant banks offer services to small enterprises that otherwise cannot raise funds. They are also international trade experts, and hence, they deal with large corporate clients to manage their financial needs, including international trade. While raising funds for the business, Corporates often look for a combination that offers financial and advisory services. Typically, the banks will have a separate arm working as a merchant bank to provide professional services and financial assistance.

    Financing from merchant banks can also allow traders to take advantage of opportunities that they would otherwise not be able to. For example, a trader might be able to buy a large quantity of a commodity when the price is low, thanks to financing from a merchant bank. This allows traders to make large trades without having to put up all the capital themselves. This can increase the volume of trade and make the trading market more liquid. In India, the functions of the merchant bankers are governed by the Securities and Exchange Board of India (SEBI) Regulations, 1992.

    These services highlight merchant banks’ comprehensive financial solutions, allowing businesses and individuals to access capital, manage investments, and optimize their financial strategies. The main difference between retail bank and a merchant bank is that a retail bank deals directly with individual customers while a merchant bank caters to multinational corporations. Additionally, retail banks provide deposit-taking and related services while these banks are non-deposit-taking financial institutions. Still, they tend to focus on services tailored to multinational corporations and high-net-worth individuals who do business in more than one country. Understanding the role and functions of merchant banks can provide valuable insights into the workings of the financial market.

  • Михаил Зборовский: Cosmobet в Украине на пике инвестиционной привлекательности

    В 2025 году Украина окончательно закрепила за собой статус одного из самых перспективных рынков для технологических инвестиций. Благодаря последовательной легализации и цифровизации сектор азартных игр стал мощным магнитом для международного капитала. В своих последних публикациях наводит Михаил Зборовский Cosmobet как пример детально продуманной системы, учитывающей потребности пользователя и нормы от государства. Сегодня страна предлагает уникальное сочетание развитой IT-инфраструктуры, квалифицированных кадров и прозрачных правил игры. Это создает идеальные условия для того, чтобы глобальные бренды рассматривали украинский рынок как площадку для собственного роста.

    Вклад в национальную экономику

    Привлечение международных гигантов требует не только конкурентных ставок, но и предсказуемой регуляторной среды, гарантирующей защиту прав инвесторов. Михаил Зборовский подчеркивает, что Украина демонстрирует исключительную готовность к открытому диалогу с бизнесом и постоянному совершенствованию законодательной базы. Крупные инвесторы ценят политическую волю к реформам, поэтому четкое соблюдение установленных правил игры становится главным аргументом в пользу украинской юрисдикции. Это открывает дорогу для долгосрочных стратегических партнерств, которые фундаментально меняют ландшафт технологического сектора страны и способствуют интеграции в глобальную экономику.

    Компании активно инвестируют в развитие современных офисов, закупают услуги у локальных подрядчиков и стимулируют рост внутреннего потребления среди высококвалифицированных специалистов. В итоге каждый вложенный в эту нишу доллар работает на укрепление общей экономической устойчивости и повышение технологического престижа Украины на мировой арене.

    Выход Украины в топы: 5 ключевых факторов

    Анализируя инвестиционную привлекательность региона, ведущие эксперты выделяют несколько фундаментальных преимуществ, которые выгодно отличают Украину от конкурентов. Михаил Зборовский убежден, что наша страна обладает уникальной синергией человеческого капитала и желания постоянно развиваться. Для крупных международных брендов критически важна возможность быстрого и качественного масштабирования продукта при сохранении высоких стандартов работы. Современный украинский рынок предоставляет все необходимые условия и ресурсы для реализации самых амбициозных стратегий.

    1. Доступ к топовым IT-талантам.
    2. Глубокая цифровая интеграция.
    3. Конкурентные операционные расходы.
    4. Развитая экосистема финтеха.
    5. Стратегическое положение.

    Эти факторы делают Украину не просто привлекательной, а практически безальтернативной площадкой для развития гейминга в текущем десятилетии. Многие мировые лидеры индустрии уже сейчас активно ищут локальных партнеров для создания совместных предприятий и R&D-центров.

    Рост локального рынка: вся надежда на экспорт?

    Перспективы развития Украины выходят далеко за рамки обслуживания только внутреннего потребителя, открывая огромные возможности для экспорта высокотехнологичных решений. Михаил Зборовский видит будущее в создании научно-исследовательских хабов, которые будут проектировать платформы для операторов по всему миру. Это позволит государству диверсифицировать экспортные доходы, и окончательно закрепиться в лиге ведущих цифровых экономик мира. Мы находимся в самом начале этого вдохновляющего пути, потенциал для дальнейшего роста остается по-настоящему безграничным.

  • New DNA tests predict your disease risk – are we ready for them?

    New DNA tests predict your disease risk – are we ready for them?

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    New Scientist Default Image

    IT SOUNDS too good to be true: a medical test that can detect diseases you may develop decades from now. Suitably forewarned, you can take immediate steps to reduce your risk.

    This is the promise of polygenic tests, so named because they involve sequencing multiple parts of someone’s DNA. They are being developed for a growing number of diseases, and advocates claim that they could revolutionise medicine by helping people avoid everything from type 1 diabetes to heart attacks and cancer. “If we can shift the focus to prevention, we could get a fundamentally different approach to healthcare,” says John Bell at the University of Oxford, who recently helped launch a massive pilot scheme in the UK involving the National Health Service.

    It would be a big leap forward. Until now, we have only been able to predict someone’s risk of getting rare diseases caused by single genes. But soon we will be able to predict how likely you are to get the far more common conditions caused by multiple genes.

    Yet some critics say this new era of preventive medicine is being rushed in without proper consideration of the consequences – for the people getting their risk scores and for healthcare systems. “These tests have benefits, but they also have risks and adverse events,” says Amit Sud at The Institute of Cancer Research in London.

    What is clear is that with several polygenic risk tests already on sale to the public, we need to weigh up the costs and benefits from the impending uptake before it is too late.

    Claims that genetics is about to transform medicine have been made since the start of the Human Genome Project. That research effort – a global, $3 billion collaboration to sequence all human DNA – produced a first draft in 2001. The then US president Bill Clinton said it would revolutionise the prevention and treatment of most, if not all, illnesses, and that his grandchildren might grow up in a world without cancer. “Humankind is on the verge of gaining immense new power to heal,” he said.

    Since then, there have certainly been many genetics-based advances, but nearly all involve the small subset of conditions that stem from a mutation in one gene. Such “single-gene disorders” include cystic fibrosis, which causes lung damage, and haemophilia, the blood-clotting condition that can cause uncontrollable bleeding.

    But single-gene disorders cause a small minority, perhaps just a few per cent, of illnesses. Everything else is governed by hundreds of variants in our DNA that each raise or lower the risk of an illness by a tiny amount – they are polygenic conditions. “It dawned on the community that we were looking at a very different genetic architecture,” says Michael Inouye at the University of Cambridge.

    When we began to discover the polygenic nature of most human illnesses in the mid-2000s, it came as a blow. It would make it harder than we thought to develop drugs that block the effects of multiple genes at once. In addition, each gene variant tends to be rare, so finding them would require the DNA of huge numbers of people.

    High res available on request only, commercial use must be cleared, not for use by pro-life (or similar) organisations Fertilised human ovum (egg cell) dividing, light micrograph. It has divided into two cells (blastomeres). After fertilisation the nuclei of the sperm cell and the ovum fuse to form a zygote. The zygote then undergoes repeated mitosis (cell division). Cell division occurs approximately every twenty hours, to form a cluster of cells known as a morula, which continues to divide to form a blastocyst, and subsequently the embryo.

    People are already carrying out polygenic screening on embryos

    LENNART NILSSON, TT/SCIENCE PHOTO LIBRARY

    But as genetic analysis techniques advanced and costs fell, those larger studies began to be done, until they encompassed hundreds of thousands of people, in some cases millions. Complex equations were devised to turn the results of those hundreds of genetic variants into a single number for each condition, its polygenic score. A score can be turned into someone’s lifetime risk of developing a condition, which can be compared with the average figure for someone of the same age, sex and ethnicity.

    At first, these equations were solely used in research. But as the price of DNA sequencing fell, there was nothing to stop firms like US personal genomics giant 23andMe adding polygenic scores to their single-gene health tests. 23andMe has offered a polygenic score for type 2 diabetes since 2019 and, in 2021, launched a package deal giving scores for 29 medical conditions or traits. Some US labs are also offering polygenic testing of embryos for in vitro fertilisation, so doctors can select the ones at lowest risk of certain conditions (see “Gene screening for embryos”, below).

    Widespread polygenic testing

    Until recently, the more tech-savvy could also upload their raw data from 23andMe or other firms into a free website called Impute.me, to get their scores for hundreds of different conditions or traits. Founder Lasse Folkersen says he started the site because some firms sell genetic tests that claim to provide useful medical information when, in fact, they only analyse no more than a few genes for each trait.

    Impute.me went offline in 2022 after being bought by US company Nucleus Genomics, where Folkersen is now chief scientific officer. The firm plans to relaunch a commercial version of the technology.

    In the UK, meanwhile, polygenic testing is about to become more widespread, as geneticists seek to harness the research potential of its National Health Service. A huge polygenic testing project called Our Future Health, which is planned to have 5 million participants, was launched in October. Its scale is unprecedented, recruiting about 1 in 10 adults in the UK, and its leaders have said they don’t plan to stop at 5 million. “The ambition is that we’ll just keep going,” says Bell.

    While Our Future Health is billed as a research programme, it isn’t a randomised trial – it is more like a large-scale pilot to show up any practical problems with delivering the tests. It is as if the organisers have already decided that polygenic testing works, says Sud. “There’s a risk that we introduce something that we’re not able to step back from.”

    Why might we want to step back? One issue is that polygenic scores are less accurate for people who aren’t white, because these people have typically been less likely to sign up for medical research. Our Future Health aims to correct this by recruiting more volunteers from non-white ethnic groups. Inouye welcomes that goal, but says it won’t necessarily be easy. “There are reasons why a lot of these people aren’t represented,” he says. “People from minorities and people who are not wealthy don’t necessarily have time to participate in a study, or they may feel taken advantage of by previous research.”

    A more fundamental problem is that polygenic scores don’t usually provide much certainty. They are a measure of someone’s genetic risk of developing a particular condition – but the genetic contribution that we can identify so far for most medical conditions tends to be small. Environmental factors and chance events also influence someone’s risk of becoming ill, and those won’t show up on a polygenic score.

    DNA molecule. Polygenic tests can reveal your future risk of many diseases

    People may struggle to cope with the results of a polygenic test

    Andriy Onufriyenko/Getty Images

    As such, the results of a polygenic test can confuse the recipient. This was illustrated in 2019, when the UK’s then health secretary, Matt Hancock, announced that he had learned his score for prostate cancer placed him at a higher risk – of 15 per cent by the time he reaches the age of 75. “This test may have saved my life,” said Hancock. But men’s average risk of the cancer is about 11 percent, so Hancock’s slightly higher figure makes little practical difference, scientists pointed out at the time. “This is difficult information to understand and process,” says Sud.

    That doesn’t mean polygenic test results are always ambiguous. David Marshall was among the first users of 23andMe’s polygenic test for type 2 diabetes risk, and the company put New Scientist in touch with him to discuss his experience. The test placed Marshall at a 53 per cent risk of the condition, clearly higher than the average of 10 to 40 per cent for people of his age and ethnicity. But his experience illustrates another sticky issue. For many of the conditions at the forefront of polygenic testing, the advice for those at higher risk is the same as if they had never taken the test: avoid smoking, eat healthily, get some exercise.

    Remember that the key claimed benefit of these tests is that they encourage people to take action that may help them avoid their predicted disease. Marshall says it worked for him: his genetic results helped motivate him to stick to a new healthy eating plan and start taking his dog out for extra walks. But research suggests that he is a rarity. For instance, one UK trial involving 569 people found that giving them either standard healthy lifestyle advice or combining it with their polygenic score for type 2 diabetes didn’t affect their subsequent diet or exercise levels. “Giving people information about their risk doesn’t make any difference to their habitual behaviours,” says Simon Griffin at the University of Cambridge, who helped run the study.

    Of course, disease prevention doesn’t have to rely solely on people’s willpower to switch to a new healthier lifestyle. It could also involve taking cholesterol-reducing statins to prevent heart disease, for example, or having cancer-screening checks. If polygenic scores for cancer identify those at higher risk, they may be advised to have more frequent screening, such as breast checks, and to begin screening from a younger age. “Many women would see that as positive,” says Peter Donnelly at Genomics, a UK firm working with Our Future Health.

    PRAGUE July 21, 2009 - Aerial photograph of people visiting the Old Town Square; Shutterstock ID 1014365800; purchase_order: -; job: -; client: -; other: -

    Polygenic scores can predict our risk of medical conditions

    Moab Republic/shutterstock

    On the other hand, there are also downsides to cancer screening. Depending on the cancer type and age group, screening may do more harm than good. As screening providers acknowledge, it may find benign tumours that would never have got big enough to pose a risk to life. Surgery and chemotherapy to treat such tumours is not only costly, but also physically and emotionally draining.

    In fact, a high polygenic score for any medical condition could, in theory, cause distress and anxiety – although the evidence for or against this idea is mixed. “Results from published studies have shown no long-term mental health impact of receiving genetic health results,” says a spokesperson for 23andMe. They pointed to a study suggesting no differences in rates of depression and anxiety in people getting results indicating they either did or didn’t carry a single gene predisposing them to a high risk for Alzheimer’s disease.

    But another study, carried out on those using the Impute.me website, found that 61 per cent of users had some kind of a negative reaction after getting their results and 5 per cent met the criteria for potential post-traumatic stress disorder.

    Revolutionising healthcare

    Whether or not the tests cause anxiety, users are likely to seek further healthcare, ranging from a one-off doctor’s visit to discuss test results to seeking lifelong extra cancer checks – indeed, this is the desired outcome of the tests. For countries like England with a national health service, providers will need to weigh up whether such impacts are worth the uncertain benefits of the tests, especially if a new testing system is introduced suddenly, leading to a surge in demand that could overwhelm existing services. In places where medical care is funded by health insurance, this could lead to higher premiums, says Sud. “There are lots of unintended consequences.”

    Folkersen says this still doesn’t justify restricting people’s access to information about themselves. Healthcare systems need to “rise to the challenge”, he says.

    Donnelly says it would be short-sighted to judge polygenic testing by how it meshes with present-day health services. The ability to detect new disease risks may allow new kinds of prevention measures. One of the many traits his firm has developed polygenic scores for is age of menopause. Early menopause is linked with a younger onset of infertility, so anyone who finds out they are at risk of early menopause might want to start trying to have children sooner or freeze some of their eggs.

    Another condition where prevention efforts could revolutionise healthcare is type 1 diabetes, which stems from a misplaced immune attack on pancreas cells that make the hormone insulin. The average age of onset is 13. An antibody treatment has recently been approved in the US that delays the immune attack by nearly three years, if given to children at risk because they have an affected relative. Refinements that lead to longer delays are in the works. Using polygenic scores could be one way to find more children who are at risk, says Kevan Herold at Yale University, who helped develop the antibody. “It may be time to consider screening the general population.”

    Should polygenic risk scores therefore be prepared for babies, as soon as they are born? There are already trials running in several countries, including the UK, US and Australia, to sequence the entire genome of newborn babies to find rare, single-gene disorders that benefit from early diagnosis and treatment. There are concerns that these projects could make parents fearful about their children’s health. But doing polygenic testing takes things to the next level. We may reach a point where doctors tell families their children’s risks of all the most common medical conditions from birth. Nearly everyone could be given something to worry about.

    There may be no single answer to whether polygenic scores are helpful or harmful – there will probably be differences depending on the medical condition involved and how easy it is to take any relevant preventive measures.

    But Folkersen predicts that wider use of polygenic scores is on the way, regardless of any concerns now being raised. If health services don’t adopt them for official screening programmes, then private firms such as his will fill the gap. “People are very curious about themselves. Academics will discuss back and forth whether we should or should not have it, but what decides it is what normal people want,” he says. “It’s happening.”

    Using polygenic scores for adults is controversial enough (see main story), but some US firms are offering the technology to people having in vitro fertilisation fertility treatment. With standard IVF, several embryos are usually created, so doctors need to choose which ones to use. They tend to pick one or two that look the healthiest. However, doctors acknowledge it is a subjective process.

    Instead, some firms, including one called Genomic Prediction, carry out polygenic screening on the embryos to see which has the lowest risk of certain medical conditions. In 2020, the first known child was born after use of this method. The researchers selected the embryo due to its lower risk of heart disease, cancer and some other medical conditions.

    And one family was recently reported as having used Genomic Prediction’s raw data to analyse their embryos for a multitude of other characteristics, including traits such as low mood, mood swings and attention-deficit hyperactivity disorder (ADHD). The parents, Simone and Malcolm Collins, told Insider: “We’re trying to give our kids the best shot in life.”

    Critics say the wider use of such tests could lead to a two-tier society, and they also caution that we don’t yet know the full impact of selecting for some genetic traits over others. For instance, people at lower risk of some medical conditions could be at higher risk of others. Then there is the question of whether children have a right to know if they were conceived using such a process.

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  • Millimeters mm Length Distance Conversions

    mm meaning

    This is based off the Roman numeral “M,” which stands for 1,000, and MM, which is used to indicate 1,000,000. We don’t know for sure why the Romans used letters or why they chose the letters they did. One theory says the use of M was because Romans measured a mile as a thousand paces. Another theory is that it is a misprinting of the Greek letter phi. Rather than use the barred M, however, accounting went with MM as an abbreviation for a million. For example, 1MM equals 1 million, $34MM equals $34 million and so on.

    • All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only.
    • “M” is only used as an abbreviation when talking about a lot of money or in scientific communities.
    • “M” is the only acceptable abbreviation to use for “million” in UK English.
    • This phrase originated from Wiccan witches and is often used in online chatrooms or text messages.
    • A unit of abbreviation, the Roman numeral, MM, is frequently used to represent a million.
    • The term “mm” is a popular slang term frequently used in online chat and text conversations.
    • CFI is on a mission to enable anyone to be a great financial analyst and have a great career path.

    Millimeters (mm) – Length / Distance Conversions

    Here’s a fun example to understand why small units are important. Gulliver, a sea captain and a surgeon, ends up on the island of Lilliput, where people are only about 6 inches in height. Everything in the town is so small, he has to document everything in smaller units like inches and millimeters (mm). Can you imagine measuring tiny things using units like yards or miles?

    Millimeter Definition

    You’ll find that it’s mainly used in the energy sector, but it otherwise doesn’t get recognized. Merriam-Webster doesn’t help us with spelling convention here. In this example, we intentionally chose a piece of analysis that contained various different units, such as dollars and shares. When an analyst must present various different types of units, it is recommended to add a “units” column so that each item contains a label for easy reference. There are actually a few different ways that 1,000,000 can be expressed when it comes to writing dollar amounts. Million can also be represented using “mn” and “m,” so an individual may see $4m, $4mn or simply $4 million.

    mm meaning

    Acronyms & Abbreviations

    The least ambiguous approach is to simply write them out in words, such as “$ thousands.” This is CFI’s recommended method, to avoid any potential confusion. The Roman numerals MM are frequently used to designate that the units used in presenting information (financial and non-financial) are in millions. The example below shows how figures can be portrayed in millions. While you can make MM stand bookkeeping for millions of anything, it’s important that the reader knows whether you’re talking about dollars, euros, units shipped, etc. If, say, you use it for both units and dollars in the same document, separate the different categories so your readers don’t get confused. If the company sells 26,000 units, the accountant can record that as 26M units.

    • However, it’s important to note that “mm” does not have a sexual connotation and is not offensive.
    • CFI is the global institution behind the financial modeling and valuation analyst FMVA® Designation.
    • The double “M” originates from the Latin “mille mille,” meaning “thousand thousand,” which equates to one million.
    • One of the primary benefits of using “MM” in international reporting is its ability to reduce ambiguity.
    • Roman numerals are often used in accounting to help abbreviate and designate numbers.

    What Does M and MM Mean in Accounting?

    mm meaning

    Additionally, mm can also represent “merry Cash Flow Management for Small Businesses meet,” which is a way of saying “welcome” or “goodbye” in pagan culture. However, it’s important to note that mm does not have a sexual connotation and is not offensive. In finance and accounting, MM (or lowercase “mm”) commonly denotes that the units of figures presented are in millions. In this context, MM is the same as writing “M multiplied by M,” which is equal to “1,000 times 1,000,” which equals 1,000,000 (one million).

    SI unit: metre

    Some examples of objects having about 1 millimeter length areA sharp pencil point and the tip of a sewing needle are approximately 1 mm in length. Listed below are a few topics that are related to a millimeter. Create mm meaning your account and connect with a world of communities.

    mm meaning

    mm meaning

    In the context of international reporting, the use of “MM” to denote millions plays a significant role in ensuring clarity and uniformity across diverse financial landscapes. As businesses operate on a global scale, the need for standardized financial terminology becomes paramount. The use of “MM” to denote millions in financial contexts has a rich history that intertwines with the evolution of accounting and financial reporting practices. The origins of this notation can be traced back to the Roman Empire, where the numeral system laid the groundwork for modern numerical abbreviations. The Romans used “M” to signify 1,000, and this convention persisted through the centuries, influencing various aspects of numerical representation in Western cultures.

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