Hi, my name is Leon Roeb, Coveragely Trader and Trading Coach at Trading180.com and welcome to this week's supply and demand, Forex and Gold, Fundamental and Technical Analysis. If you like the videos I provide every week, please don't forget to like, subscribe and share with your fellow trading colleagues as it helps support the channel, right? And so I did receive an email from this gentleman and something that I'm going to do every now and then. I'll answer some what I think are some good questions in this weekly video but I'll do it after the video. I'll do the analysis first but if you stick around until the end of the video I will give an answer to this question and they say sir that they were about to ask or asking previously we saw Fed reserve hike interest rates in the US and according to your teachings once interest rate hiked currency became strong or gain strength compared to their partner or their pair but Wednesday after the Fed hiked rates of 0.25% or 25 basis points we saw market fall down. What is the reason sir? Thanks so I will answer that for you at the end of the analysis but getting into the week ahead, 27th of March, zooming in a bit, the turmoil that has hit the banking sector will continue to take investors' intentions so we are in a risk-off environment due to the banking sector which has you know shook the aspects of the market, right? In the US Fed vice chair for supervision Michael Espar will testify before Senate and House also consumer income and spending the PCE price index and the final reading of the Q4 GDP growth will be released for the US elsewhere Euro area Germany France and Spain will publish inflation rate figures finally LFO business climate and GFK consumer confidence will take the spotlight in Germany so that's the major currencies and then we've also got down here it says yeah just slightly if I can here we are so in Asia traders will focus on the Chinese March NBS PMI for updates on the impact of the country's economic opening after February's factory activity expanded at the fastest pace in over 10 years and in Japan the markets await retail sales industrial production the unemployment rate and housing starts for February and in Australia economic releases will be headlined by retail sales data and the monthly inflation print for February and in New Zealand the attention will fall on business confidence in March so that's pretty much the data that is going to be coming out this week so let's look at the dollar index and the dollar index is just a measure of dollar strength against the basket of currencies like the euro the pound and the yen and for those of you who are subscribed even not necessarily subscribed but have seen the community tab on my YouTube channel you'll see that I did a bit of analysis on the dollar and and so let's see if I can just make this a bit larger for you guys to read and the analysis pretty much what I was saying was was that you know the Fed are basically close to pausing their hiking rates at the moment and the Fed is projected to hike rates at least once more before pausing which is support the dollar at least in the short term yeah so very short term but pals take statement which will get into was taken as dovish by the markets and the market is pricing in Fed cuts by the end of the year which will wait on the dollar and limit any upside moves and the current risk of sentiment though also does support the dollar but further banking shocks explicitly emanating from the US will put pressure on the US dollar so there are a lot of pros and cons when it comes to understanding you know what is potentially going to drive a currency higher or lower over the medium to long term in the short term pretty much anything can happen right nobody necessarily knows the market is more driven by liquidity but from the perspective of understanding where we're going to go potentially in over the next maybe six months to a year is a lot more easier to to project right and so looking at from a risk-off perspective we know we're in a risk-off environment because traders flat to safety is about the next recession yeah not the banks we also have a situation where hedge funds are seen targeting Deutsche Bank in irrational slides so there's definitely lots of risk off coming into the market from a global risk perspective and you know but more specifically looking at the dollar Powell's own guide to recessions shows rate cuts are coming to the gap between current and future short-term rate widens further and federal commenced rate cuts at the December meeting says TD securities and so a recession is certain and so are rate cuts this year that's the message from the bond market metric Federal Reserve Chairman Jerome Powell highlighted a year ago so the best guide to tip-off economic troubles in as sorry as the best guide to tip-off economic troubles in the US it talks about the expected three month T-bill rate in 18 months time dropped 134 basis points under the current rate that's below the previous record Nadir hitting January 2001 about two months before the US economy fell into a recession and so you know the bond market you know is projecting a recession in the bond market is very sensitive to interest rates in the economy and typically can lead the forex and typically does and so for me if we're talking about the US being in you know going into a recession in the next you know maybe you know nine months or so it's easier to then kind of project where prices may be in the next nine months six to nine months three to six to nine months but in the short term anything can happen right we can get a pullback for the dollar which allows short traders to get in for better prices right to short because they have the expectation that by maybe July August September we should be somewhere down here right and so that's really the play in the short term you can see obviously hikes supporting the dollar which may push it higher but over the long term medium to long term really you know my bias is to kind of short the the dollar so any pullbacks up into these types of zones where you've got supply as well as some support and resistance and even trend line resistance with moving average what traders would know as moving average but really is known as moving fair value resistance would be areas that I would look specifically into taking some trades but again in a risk-off environment the dollar typically does do well as long as the risk-off event isn't actually originating in the US so there is again that that could potentially be positive for the dollar but overall I think you know by the end of the year the dollar index should be somewhere down here meaning that if you are trading the dollar index we know how to trade the dollar index those are really the areas you're looking for but if you're not trading the dollar index and you're just looking to take you know dollar shorts on dollar crosses then you're looking at prices coming up to these areas and then looking for confirmation that the dollar is a sell on a dollar index and then looking for sell trades at areas on those dollar crosses like the dollar yen or if you're looking at the dollar Swiss and looking at the dollar yen we do again my my bias you know is to again get you know short on this currency pair and this is where you know those levels would be in order to look for some short trades and so if you are looking at pullbacks I would say anywhere within there would be decent you do also have a level of resistance right there and support that actually is quite decent and I would say also as well you do have this area here all right that area there for support and resistance level so within that large area of supply that area there we also got that zone right there as looking for potential short trades yet a Fed is hiking soon but they are sorry hiking but they're soon to pause whereas the Bank of Japan actually holding rates the moment and possible yield curve adjustment is a monetary policy which is actually designed to appreciate their currency so with the Bank of Japan for me I'm looking at any pullbacks on the dollar yen to look for short trades for the future and I think the Japanese yen is it's going to be a decent buy and especially if you know risk off persists and so that's also does strengthen the the yen dollar Swiss and so dollar Swiss similar to dollar yen but not so bullish on the on the Swiss Frank you do have these areas here quite wide zones of supply and you also have actually quite a wide zone of demand kind of comes all the way down here and so when again when you get these wide areas of supply and demand just break down those zones with obvious areas of support and resistance on the daily or even the intraday right so that's what you're really looking for I think if I was looking for any kind of short trades I think that would be the first area to look for any shorts any long trades really kind of I would say all the down at these the really the lower end of that zone in order to get long but not really a pair I'm looking for any kind of opportunities at the moment even to buy the dollar or sell the Swiss Frank but yeah those are the the areas to look for dollar CAD you had decent demand and if you were looking to buy the the US dollar from a shorting perspective buying the Canadian dollar I don't know really why you would want to buy the Canadian dollar you do have some hidden supply there which is probably say that's yeah that's it the Federal Reserve is still expected to high crits and the Bank of Canada are pausing and so in a risk-off environment I would expect really prices to kind of drift higher at least they come down to be supported in some way down in that demand zone around there so for me if I was looking to trade this pair it would be to the long side would be more of my bias but again I'm looking to trade this pair but if I was the US dollar should be the more of buy over the Canadian dollar especially the risk-off environment New Zealand dollar US dollar and so the New Zealand dollar does have a decent demand zone in and around there and then you also have some supply which looks like it looks like yeah it's kind of held around there so supply and then you've got a bit more supply up top as well so if you do want to be a buyer of the US dollar then you're looking at actually shorts probably right now if you're looking to buy the New Zealand dollar again it's a US dollar you're looking at really I probably say more buyers at the lows right here again in a risk-off environment I would expect in fact the Federal the US dollar to again appreciate over the New Zealand dollar both central banks are hiking to pause but I think in the short term I would expect really the US dollar to actually strengthen over the New Zealand dollar barring any kind of banking crisis development so they're a new a new bank that comes out that's gonna you know potentially go under deposits aren't gonna be saved from you know from the Federal Reserve then potentially you could have an obvious the New Zealand dollar start to appreciate because money will come out of the dollar because the risk sentiment is obviously emanating from the US but if it's not then I would say the dollar should be a potential buy in the very very very short term but again not really a pair that I'm looking at trading you've got the British pound versus the US dollar and fundamentally the the pound this week they ended up hiking by 25 basis points but the general consensus by the banks is that they are actually expected to pause in May and so the pause whereas the Federal Reserve are expected to probably you know hike in them in I think it's may as their next meeting is a much I think it might be may as their next meeting and so you could actually see a decent shorting opportunity somewhere around these highs yeah and again this is providing that you know the there's no more no more crisis the dust kind of settles on the banking issue and so from a monetary but from a monetary policy perspective I would expect the the dollar to actually strengthen in and around somewhere around these highs just based off of the fact that they've got probably one more hike in them whereas the Bank of England are probably likely looking to to hold rates but also as well just to back that up so the Bank of England Hawks see turning point as inflation expectations cool and so in order for the Bank of England to really continue to hike inflation they have to see inflation really being a problem and and going higher right because in order to combat inflation you need to hike interest rates and if they see inflation as coming down right and the Hawks the hawkish central bankers the Bank of England are actually you know thinking to themselves well in fact inflation is probably coming down yeah then it looks like the central bank is less likely to hike rates and so that's the reason for the potential pausing rates whereas the Fed potentially looking to hike rates and so if prices do drift higher I do think that this could potentially be the ceiling prices could go obviously a little bit higher and that as well potentially looking out for a stop hunt and then start to come back down but overall as we start to go into the second half of the year this potentially could be a nice buying opportunity for the pound if you're looking to buy the the pound looking at the euro dollar and the euro dollar this week kind of suffered a little bit from the the Deutsche Bank the recent Deutsche Bank issue and the sell-off simply because the Deutsche Bank is a European bank and if there's a banking crisis also coming from Europe then that's going to affect the the euro and so you know we've had this area here again it's not necessarily a fantastic zone but there is an area here of resistance that price has you know reacted from within that demand zone and if I was looking for another area within this demand zone if prices do break that then it's just best to kind of look down into the lower time frames and then see where those maybe support resistance areas are me personally I'm gonna probably likely to maybe look for something around here that'd be quite decent as an area that's been traded in the past and so there might be an opportunity around these areas or at the absolute lows it's gonna be around here so those are the areas that I'd probably start to look for buying opportunities so on a lower time frame but from a daily perspective my bias is still actually to continue to buy the euro over the dollar so any pullbacks into these zones I think are going to be nice buying opportunities the euro one second the euro area economy strengthens more on service sector surge so composite PMI rises to 54.1 above the economist estimate of 52% but manufacturing out the stalls as new orders continue to fall but the euro zone economic growth continue to pick up in March driven exclusively by the service sector has concerns over energy supplies recede and so if the the economy for the euro continues to outperform as expected then for me I think the euro is more of a buy than the dollar moving on to the Australian dollar US dollar and the Australian dollar again hiking rates from the Fed and the RBI are actually expected to pause now I am actually quite bullish on the Australian dollar reason being more so is because of the China component and if China actually continued to reopen and the reopening goes well then a beneficiary of that should be Australia now would I buy the Australian dollar against the US dollar potentially yes but I think for now I really want to see China data come out a lot stronger and if it does there I think actually any pullbacks into this zone and even the zone below it can be a really good buying opportunity if prices you know start to fall due to potential short-term risk off if it comes down to the 65 area and then you get you know strong data out of China as everybody starts to actually end you know their rate hiking soon as well because everyone's going to be in the same boat and I say when I say everybody I mean all central banks are going to be in the same boat because all central banks are looking to pause rates and then comes well what else do we look at in terms of a divergence who's going into a recession and who's not right and I think the RBA will be best placed to avoid the recession if at the same time the US are going into a recession and China are reopening so I think this is going to be really a really nice area the 65 cent area for a buying opportunity for the Australian dollar but we'd have to get down there and see what happens fundamentally and gold right finally gold and gold you know pretty much pretty obvious what's happened with the dollar with the uncertainty and you know risk off sentiment gold has done its thing also as well with recessions being potentially priced in within the next maybe six to nine months by the end of the year a lot of the smart money who were seeing this well in advance and for anyone who's been following me following me for any length of time would have known that you know pretty much in my videos I was you know looking to you know buy gold or saying to potentially buy gold not financial advice of course but explaining that there was a lot of central banks at increase their gold buying and when that happens you know traders kind of expect prices to just jump and go you know you know to the moon right but it doesn't necessarily happen because you know the buying that these central banks have to do take can take time because of liquidity issues and so this can take months and months and months it takes six months for you know for for banks to do their you know their buying and now we're seeing actually you know the forecast you know come true right in terms of you know having that long-term or longer term bias as to why you should have been buying gold or the reasons for buying gold back in you know September October November right yes the dollar was strengthening you know at the time but you know there were obviously indicators that you know there was going to be a recession potentially going into 2023 2024 and so if that was obviously your trade idea now it's paying off so getting back to the present I would say any pullbacks down into you know the 1900s now looks quite cheap right and the 1800s looks even and even better bargain those are the areas to look for any kind of any kind of buy trades and there is a nice accurate level of support in there as well and I think you've got a nice decent area of support in there and so yeah I think these areas are decent for any kind of buy trades for gold if you are a gold you know bug if you think the dollars go to see gonna you know get gonna strengthen which I actually don't then you're looking for any kind of short trades not sure whether you're gonna do that right now I mean there is obviously a supply zone here from way back in April 2022 but I think the path for these resistance is to the upside and so that brings me to the end of the technical analysis and fundamentals and I'm gonna get to answering the question from that gentleman so again I think this gentleman for his really good question which I will reread again which he said he was about asking previously we saw the Federal Reserve hike interest rates in the US and according to your teachings once interest rates are hiked currencies become strong or gain strength in compared to the partner but Wednesday after the Fed hike rates by point two five percent or 25 basis points we saw the market fall down what is the reason sir thank you very much and this is a very common question and something that's you know kind of misunderstood by a lot of traders who are new to fundamental analysis and so fundamental analysis is understanding current value but also future potential value and so if you're going to a you know forex factory or anywhere with an economic calendar and looking to press buy or sell when the data is released you're already too late because the market has priced in yeah that that news data right they've done their forecasts and so you know the the 25 basis point hike yeah 25 basis point hike was pretty much priced in and one of the ways you can you can find out where or how you know which interest rates are actually baked in and hiked in a priced into the market is if you go to the CMA CMA group and I'll leave the link in the description box below and this basically tells you whether hikes are being priced in or not so at the moment you see on the top right hand side where it says probabilities you'll see ease no change and you'll see hike and before the the rate hike yeah in the weeks leading up to it in fact there was something like an 80% chance that the probability was saying that there was going to be a hike so the market had already kind of pretty much priced in the 25 basis point move right into the market and so when they actually hiked rates what the market is actually now thinking or you know was was thinking up until that point was what is the Federal Reserve going to do after announcing the hike right so when on Wednesday when the FMC statement came out it was all about what are we going to see now what is the future right what's going to happen to the dollar what the Federal Reserve is going to do to potential hikes or holds in the future and so on that day on that evening I in in the private members discord group I was posting some analysis from from you know the experts and the analysts that were basically saying that the you know you can see BI jerseys says pals comment that the committee considered a pause was taken as dovish by the markets regardless they didn't receive to a cut so as you mentioned the key here isn't whether they'll hike one more time but rather how long it will be before they cut that is in my view the challenge the Fed has once again and so now we're talking about not necessarily just rate you know rate hikes in fact we're talking about potential rate cuts in the future and so that's what the market is now pricing in they're not pricing in the 25 basis points because that's already been priced in and it was priced in you know a week or so before the announcement yeah what they're now pricing in is actually the fact that there's probably like to be a pause or even a cut and so cuts do the opposite from hiking rates which is you know to devalue the currency rather than appreciate a currency which is what hikes would do and so this is why you saw the market fall down on a rate hike because sometimes some people might call it or some analysts call it a dovish hike where you know the the hike yes is a hike but at the end of the day it could have been potentially a forced hike due to inflation or the fact that the central bank wasn't didn't remain hawkish and say okay well we're planning to hike you know 10 more times and buy a 50 or you know a hundred basis points in fact they were actually thinking about pausing so the market has to revalue the dollar based on their one month three month and six month and even one year expectations of what the federal reserve is going to do and so they're not looking to hike rates or appreciate their currency they're looking to potentially pause and they may be a cut hence the reason why after the rate hike you saw the market fall down yeah so it's not about look going to forex factory and then looking waiting for the announcement I remember those days many many many years ago where you would go to forex factory would look at the calendar wait for it wait for the countdown and as soon as the positive news came out you would try and press buy no no no no those those days are you know that's that's long long long long gone that that strategy is is is not never going to serve you well it's all about reading up on what the future statements are going to likely to look like what the actually what the current statement is and what the future is likely to look like based on what they're saying in their statements because they will tell you what they are looking to do and so again the statement was considered hawkish I'm sorry the statement was considered dovish hence the reason why you saw the markets sell off anyways hope that explains it take care if you have any more questions good questions by the way then I will answer it at the next weekly video and I hope you have a great trading week guys and take care


She is one that comes easily to the lips of scientists. It serves to explain a multitude of phenomena which might otherwise remain inexplicable. But perhaps it is used too often as an explanation in instances where it explains nothing at all. Witness, for example, the curious case of William Duncan's family. Saturday afternoon was a busy time in the office of Dr. Martin Brady of Newton, Massachusetts. And ordinarily the doctor would never have dreamed of leaving his office to pay a visit to a patient's home. But there was nothing ordinary about the telephone call he received on a Saturday afternoon in question. The afternoon of May 21st, 1928. Yes, Dr. Brady speaking. Who is this? Five minutes later, Dr. Brady drove his coupé down Chestnut Street. He parked it in front of William Duncan's house. He walked and climbed the porch steps. Hmm, that's strange. He tried the door and found that it was unlocked. So he stepped into the living room. Hello! Hello in there! The doctor wandered through the first floor, but he found no one there. He mounted the stairs and as he approached the top, he caught a full view of the master bedroom at the head of the hall. And he staggered back, shocked by what he saw on the floor of the room. There the unconscious bodies of William Duncan, his wife, and his two sons. Everything about them suggested that they had been asphyxiated. But nowhere was there the slightest odor of gas. The doctor bent over them and went to work. Slowly they struggled back to consciousness. When he could speak again, William Duncan explained, My wife sent me up for her bedroom slippers. I walked into the room and that's all I know. I guess she got worried about me and came up to see what had happened. She saw me lying there and then I guess the same thing happened to her. The two sons of William Duncan told precisely the same story. They had stepped into the room and fallen unconscious. I saw what happened to mom and dad and Joe and I felt it sneaking up on me. I managed to reach you and then I passed out. I see. But how do you explain it, Doc? This is an example of what we medical men call mass psychology. A sort of an epidemic of hysteria, you might say. And that's all it was. And so the strange affair of William Duncan's family was set down in the medical records as a case of mass psychology. And no one thought to raise the question of why William Duncan himself had become unconscious in the first place or why three intelligent adults should have been overcome at the sight of him. Mass psychology apparently explained it all, at least to the satisfaction of the good doctor. But there are others who remain unconvinced who continue to look upon the affair as an unsolved mystery. A mystery incredible but true.


You don't get this close in person, so don't act like this when driving. Give people on bikes room to ride. California State Law requires at least three feet of passing space.


This is going to be a walkthrough of a step-up auto transformer. What we're going to be doing is we're going to take this voltage here and we're going to step it up over to this load and we're going to see what happens with the current at this load and then the current at the primary itself and we'll talk about the current across the common winding. The first thing we have to do is you need to figure out what the voltage is over here. Now it's kind of the opposite of a step-down auto transformer where we multiplied the voltage by the percentage to get the voltage over at the load. This time we're going to divide it. We're going to take 208 volts and divide it by 57% or .57 to get the voltage at the 29 ohm load. That works out to be 365 volts at the load. Next step is to get the current at the load and just like before when we had the step-down auto transformer we're going to take the voltage divided by the ohmic value of the load to get the current at the load. That works out to be 12.6 amps. So we've now determined the voltage at the load. We have the current at the load. Our next step is to be figuring out what the power being dissipated at this load is. Let's do that by taking 365 volts and multiplying it by 12.6 amps. That works out to be 4,600 watts. So we've determined the voltage, we've determined the current and we've determined the power being dissipated at the resistor. Our next step is to figure out what our primary current is over here. Now remember just like every transformer, VA in is VA out or power in is power out. So if this load is dissipating 4,600 watts then this side the source has to give 4,600 watts. So let's take that over to our voltage here. So now we have 4,600 watts at the source. We take 4,600 watts and divide that by 208 volts. We get a current of 22.1 amps. Now the only thing left to figure out now is the current that is going across this winding here, a common winding, right up to this point right there. Now let's see what happens. We're going to move the 21 amps down to here to this side. We're going to move the 12.6 amps down to this side. And just like when we talked about with the step down auto transformer I have 22.1 amps on this side of the node and 12.6 amps on this side of the node. It doesn't just suddenly magically lose that current, that 10-ish amps. It has to drop it across something. It's going to be dropping it across this winding, the common winding. So that's going to work out to be 9.5 amps. And there you have it, we've worked out everything. Again, kind of easy, kind of fun. We get the voltage, we divide it by the percentage to get the voltage at the load. We take the voltage at the load divided by the load to get the current. We take the voltage and the current to get the power. Power in is power out. So we take this power over to this side. This side divided by 208 gives us this current. And then this current minus this current gives us the current across the common winding. That is a step up auto transformer.


In their first debate since the start of the Israel-Hamas War, the Republican presidential candidates all declared hawkish support for Israel but squabbled over China and Ukraine as they faced growing pressure to try to catch Donald Trump, who was again absent. Sparring over several issues were Ron DeSantis and Nikki Haley, who has appeared competitive with DeSantis' distant second-place position in some national polls. Much of the debate focused on policy, especially foreign policy issues, rather than Trump and his record. Haley, the former South Carolina governor and United Nations ambassador, declared she would end trade relations with China until they stop murdering Americans from fentanyl, something Ron has yet to say that he's going to do. In return, the Florida governor said Haley welcomed Chinese investment to her state, referencing a land deal with a Chinese manufacturer while she led South Carolina. If you want to stop the 40-plus attacks on military personnel in the Middle East, you have to strike in Iran. If you want to make a difference, you cannot just continue to have strikes in Syria on warehouses. You actually have to cut off the head of the snake, and the head of the snake is Iran and not simply their proxies. In order for us to have a powerful response from America, we have to be in a position of strength. As President of the United States, my foreign policy is simple. You cannot negotiate with evil. You have to destroy it. What do you think about what he just said? I was the first presidential candidate to say, if you are here on a suit and visa as a foreign national, you're making common cause with Hamas. I'm canceling your visa and I'm sending you home. No questions asked. Anti-Semitism is just as awful as racism, and we've got to make sure they're protected. And for everybody that's protesting on these college campuses in favor of Hamas, let me remind you something. Hamas said death to Israel and death to America.  Let's talk now about last night's election results. And what I'll tell you is, as much as I'm pro-life, I don't judge anyone for being pro-choice, and I don't want them to judge me for being pro-life. None of these state laws put a woman in jail or give her the death penalty and stop the judgment. We don't need to divide America over this issue anymore. Thank you, Ambassador. We're better off when everybody counts. We're better off when we can promote a culture of life. At the same time, I understand that some of these states are doing it a little bit different. Back to that Republican culture of losing. The Republicans did not have an alternative amendment or vision on the table. Really good, deep conversation, and we appreciate you all being here.


Good afternoon. You're very welcome to the Institute for International and European Affairs. A couple of housekeeping things, just not to embarrass anyone if we put telephones on silent, please. And for today's meeting, the presentations will be on the record and the questions and answer session will be off the record. We have a theme today, the future of sustainable biofuels in Europe, part of the solution, not part of the problem. A topic which attracts a certain amount of controversy and at a, I suppose you might say, at a worrying level, one which reason and science isn't always associated with the policy which seems to emerge. It's a very timely topic. One of our speakers tells me that there are decisions at committee level being made today in the European Parliament which are relevant to the process of the revision of the Energy Efficiency Directive, which is going on and should be complete within a matter of a few months. We have two speakers who are going to address this topic. Paul Dean is a research fellow specializing in energy and climate policy with the Marais Centre. Help me, Paul, the marine and renewable energy. That's close enough for me, I think, yeah, yeah. Introduce, thank you. Institute, yes. Yes. At University College Cork. And James Colgan, who's an industry and policy analysis at Ethnal Europe Renewables Limited. Ethnal Europe is a very interesting firm. They are, we're very grateful to them, sponsoring today's event. They happen to be the, to run the largest bioethnal refinery in Europe, I understand, in Europe, in Hungary. So, might I ask Paul to lead off, please? Yeah, sure. Good afternoon, everyone. Transport is really one of the big climate and energy challenges facing Europe. The graph here shows even I am the red line. What's worrying about transport is not only does it represent about 20% of our emissions in Europe, but it's also trending up. This is bulk transport emissions here. Within that, the only sector that's actually reducing emissions in Europe in transport is actually rail. And that's because of some electrification and taking some older stock out of commissioning. So, emissions are increasing and we really need to do something serious about it. To combat this, the European Commission set renewable transport targets for each member state. If we look at the graph here on the right, first of all, what this graph shows is this is a distance to target for each member state to that 10% target. Member states in red are doing really badly. Member states in green have achieved their target and doing very well. What's interesting about this graph actually is first thing, the majority of renewable transport in Europe over 95% is met by liquid biofuels. Often when we think about renewable transport, we think of the Tesla, Elon Musk, the EVs. In today's Europe, particularly electric vehicles make a negligible contribution to the overall renewable transport target. The countries that are doing well, Sweden and Finland and Scandinavia, of course, are primarily achieving their targets through the use of biodiesel and blended bioethanol. Ireland actually isn't doing too bad in terms of our target for renewable transport. That's bad, of course, relative to our terrible for the other targets that we have for emissions and overall renewable energy. We hear a lot about Norway in terms of electric vehicles. The graph on the left-hand side shows an exact number of pure electric vehicles sold in Europe last year. Last year in Ireland, we had just under 400 pure EVs sold in the country. That figure really needs to ratchet up incredibly if we're taking the decarbonisation of transport seriously. Norway, which is not shown on the graph outside the EU-28, is doing fantastically well in terms of renewable transport. They will probably reach their 10% target this year. The bulk of that target actually is achieved through blending bioliquids, but also with a significant portion, actually, with EVs. What Norway have shown us is that if you want to have widespread deployment of electric vehicles, you need to give generous subsidies. The average subsidy for an electric vehicle in Norway is about €9,300. That's not including the softer extractor costs around free tolls and bridges, free parking and stuff like this. So in terms of the overall landscape, we see that renewable fuels, renewable liquid fuels are really doing a lot of the heavy lifting in terms of decarbonising Europe's transport fleet. Electric vehicles will, of course, play a very important, fundamental part of decarbonising transport today and into the future. Our analysis in UCC and similar to European Commission analysis would show that by 2030, about 3% to 4% of energy in transport will be met by electricity in 2030. That's under pretty optimistic scenarios. The difficulty, of course, for electric vehicles, while the technology is there, is cost. And as well, it's competing against the cost of internal combustion engines that are growing in efficiency, through mechanical and thermal efficiency, but also the blending of biofuels actually improves their environmental performance. So electric vehicles really have to run fast to stand still in terms of their cost performance, but their day will come and will play an important role in decarbonising the wider fleet. So we are going to need liquid biofuels. Liquid biofuels over the last number of years have got a very bad reputation, particularly in the wider and in the mass media. Part of the difficulty here, well, there's a number of difficulties here. First of all, many of you might be familiar with the food versus fuel debate. This is supposed to be a very simplistic argument, which means that if you're growing biofuels in the EU, you're causing food shortages somewhere else in the world. The European Union and the European Commission progress report on renewable energy states this year that that is not happening. European bioenergy and bioenergy policy and transport has no impact on food shortages in the world. Part of this argument is, I suppose it's a conceptual argument, but part of the difficulty, really if you want to have a conversation about food and fuel, it really has to start with acknowledging the fact that we live in a world of excess. We are producing more food with less land in Europe at the moment. The unfortunate hardship facing about 20 million people who are facing starvation in the planet today, which comes significantly down in the last 20 years. Those hardships are primarily around access to food rather than food shortage. So food supply is uneven and not well distributed. And as well we live in a world of where we waste incredible amounts of food. I read a fact recently that globally, at a global level, the amount of food we waste is equivalent to the land production area of China in terms of what we waste. The other difficulty that's facing biofuels in the wider media is that we generally talk about bioenergy or bioliquids as one particular type. That's not true. Bioenergy is a very wide and varied heterogeneous stock of different feedstocks from different locations with different technology pathways to different fuel mixes. If you look at the photograph over in your left there, what you see, you see that gentleman working on top. He's working on top of palm bunches there. Some biofuels are good, some biofuels are very good and some are terrible. And I think you'd really have to put palm oil diesel into the terrible bracket. The scientific evidence shows that the environmental benefits from biodiesel producing palm oil is very, very low. And really we're serious about the environmental integrity of bioliquids and biofuels, which I think seriously about banning or certainly reducing the role of palm oil in our fuel mix. If we're going to talk about land-based biofuels, let's talk about how we use land in Europe. What we see here, starting from the very left, working to the right, this is the total EU land area, excluding water bodies, cities. If the next graph overshows the utilised agricultural area, this is the productive land that we have in Europe, which is about little less than 40% of the total land area. It excludes forests, thankfully for a forestation, is increasing in Europe. We have more forest. Interestingly about this utilised agricultural area, this area is actually diminishing each year in Europe. We're losing about 1,000 square kilometres a year to urban sprawl, to road infrastructure, to roads, airports. That number is also decreasing due to land abandonment issues. People are leaving the land, particularly in places of south-west Europe and southern Europe. The area of arable land is shown there, the area used for land for cereals, wheat, corn, barley, etc. is about 7% of the total utilised agricultural area. The majority of that land, actually about 66% of the land for cereals, is used for growing cereals for animals, for animal feed. Humans consume about 30% and about 1-2% is actually used for ethanol in Europe. One of the issues around the recent commission decision to try and limit the use of land-based or food-based biologues in Europe is based around the issue of indirect land-use change. This is a tricky concept and the science has contested, probably because it's actually complicated and challenging enough to model. But essentially, before I explain this graph, what indirect land-use change is, if you have an acre of land and you're growing onions, carrots or whatever spuds, you change that land-use for growing, you want to grow rapeseed oil for biodiesel. The demand for those onions will still exist and those onions will have to be planted somewhere else and either they're planted in land that has to be changed from one type of production to another agricultural production and the emissions from those indirect consequences must be taken into account. The issue also happens if you're creating a demand for a market outside of Europe, such as in the case of palm oil where land is being deforested and swamps and peat lands have been drained for the production of palm oil diesel. The emissions associated from the clearing of the land, from the preparation of the ground can be on some circumstances far greater than the emissions reduction benefit from the actual fuel itself. And what this graph tries to do is it tries to, this is a review of all the recent literature, it's a report produced by the European Commission, it looks at all the available literature in indirect land-use change. And what I'd like you to look at here is the grey columns and look at the whiskers. And what the science tells us is that if you look at the grey columns from ethanol, they're much lower than the grey columns from the biodiesel, meaning that the land-use change risk from ethanol is much lower than from biodiesel. Some of the, let me see, is there a pointer on this here? There's some of these, no there isn't, if you look at palm biodiesel, that actually goes off, the whiskers actually display the risks around the high values and the low values. What's very clear again from the scientific evidence is that the risks of indirect land-use change from biodiesel is much, much higher than it is from ethanol.  What they hide is a lot of nuance and a lot of local conditions. If you're growing a crop on land that has been set aside or that is not competing with land-use, then of course you have a zero indirect or a very low indirect land-use change. But essentially what we want to do from a policy perspective and from an environmental perspective is that we want to encourage fuels that have low risk in terms of land-use change and we want to discourage fuels that have a high risk. What's interesting actually in this graph is that and what's kind of awkward from a European commission level is that if you look at the advanced and the ethanol section, advanced biofuels are supposed to put forward as the next generation in terms of biofuels. What the review of the scientific literature said is that those advanced biofuels are not actually immune from indirect land-use change risk either. So really what we need to do is we need to tailor and design policies that rewards biofuels that limits the risk of indirect land-use change and we need to really reduce the ones specifically in terms of biodiesels that have high risk associated with them. Let's look a bit closer to home how we use biofuels in Ireland. As I said Ireland is actually going to re-sale me well and we're about mid-table in terms of our renewable transport. I think we're about 6% or 7% renewable transport at the moment. We have a biofuels blending obligation in Ireland where 8.5%, 8.6% by volume of mineral oil blended must be blended with bioliquids. The majority of our bioliquids in Ireland come from biodiesel. 75% that has actually used cooking oil. About 22% of that is tallow to buy product from slaughterhouses. Most of that feedstock is actually sourced from the two great democracies of the UK and the US and we have some small imports with small tallow activity here in the refinery in Cork as well. A much lower percentage of our blended fuel, about 37% comes from ethanol and the majority of that is wheat-based, corn-based or sugar-based. Ireland, most of our bioliquids in Ireland come from within the EU except for some of the stuff that they use cooking oil that comes from outside of the States. One thing to note though when you're looking at this graph, certain bioliquids such as used cooking oil which are waste-based or tallow which is waste-based qualify for a double accreditation or even higher when it comes to credits. So that allows Ireland to actually hit a higher paper on targets than we're doing in reality. But still I think we're doing reasonably well but we need to do a lot more I think in progressing renewable transport in Ireland. Again in Ireland we hear a lot about emissions reduction and electric vehicles. Electric vehicles do provide emissions reductions in Ireland but small in comparison to the actual emissions reductions due to the biofuel obligation which is about 350 kilotons of CO2. Of course the figure for EVs will rise, one of the advantages from a policy perspective and if you want we can go into this in the Q&A but when you electrify transport you essentially move the emissions from the what we call the non-traded emissions sector into the traded emissions sectors and essentially they become the responsibility or the problem of the folks who produce electricity rather than the burden of the Irish state. That's one of the advantages from a policy perspective of EVs over biodiesels. But really in the challenge and I think the news yesterday in terms of how Ireland is doing in terms of emissions and transport are increasing and we need to look at ways of doing things a little bit more clean. There are some technical challenges and some economic challenges that are specific to Ireland that are not necessarily specific to other member states. So there's a couple of things that we need to think about a little bit more in terms of renewable biofuels in Ireland. Number one starting, that's my local Maxall there down in Clinicality. You will notice what it's very clean, it has only two pumps. If you go to Europe you'll see that a lot of cities will have tree pumps. So if we want to blend higher levels of ethanol in Europe we need to, those petrol grades need to be kept separately so we will probably have to consider looking at costs or some way of incentivising folks who own the forecourts to put in extra pumps or extra tanks. Also a lot of the ethanol that we bring into Ireland comes into ports like fines, Dublin, Whitegate. We would probably need to build extra infrastructure as well to store that grade of petrol. It needs to be kept separately from different blends. So there are two costs and some practical issues. In terms of the UK that's not actually in terms of Brexit. The type of unleaded petrol that we blend with ethanol is a specific type of petrol that primarily comes from the UK. If the UK deviates away from their current biofuels policy that will make the market available for that unleaded petrol a little bit more niche and potentially harder to get. So that's one of the other things that we need to think about. And finally in terms of weather this primarily affects biodiesel not at all. Ethanol, it's very difficult to blend levels of biodiesel when the weather is cold. It can sit in your tank and there can be flow conditions. So in generally what we do in Ireland for biodiesel that we blend into our pumps. And generally when any of us buy diesel or petrol in Ireland most of us if you drive a diesel car you're probably driving about 500 kilometres on biodiesel on average in the year. But that blending is avoided in the winter months because of cold conditions which can limit the viscosity of that blend. The refinery in Cork is looking at exciting new techniques around hydrotreating vegetable oil which is behind the blend. That will allow you of course have much higher blends. And of course there is a cost associated with each one of these things. So these are cost challenges, some technical challenges. It puts stuff in Ireland that we generally need to think about a little bit more. So in conclusion I think the future if we're serious about decarbonising transport in Europe and Ireland we seriously consider the role of all biofuels in transport we probably need to have more mature and more sensible conversations about land-based biofuels. They should be evidence-based and they should be science-driven. Really what we need is looking at because the family of biofuels is so heterogeneous we really need policy at European and maybe Irish level that's nuanced enough to encourage the correct types of biofuels that deliver meaningful emissions reduction. And finally in Ireland we do need to think a little more about some of the most practical challenges that we're facing we need to evaluate the costs and really is supposed to decide where we want to take transport in the future. So thank you very much for listening, thank you. Very much Dr Dean, James. James I didn't say is an electrical engineer, is it? Electronic engineering. Yeah, both houses. I just go forward, yeah. Great, okay, thank you very much. All right, well thank you very, very much everybody and thank you Brendan for being interested in the first place and actually opening up this dialogue. Okay, so that didn't come out so well. Yeah, I do. Do you think there's something we can do on that now? In the meantime I'll tell you a little about Ethnal Europe Renewables Limited. It is a very much a new entrant into the bio-energy world in Europe, founded just eight years ago and operating just since 2012. It's a family and management owned firm. It's Irish, founded by the Turley Brothers who are here in the room. And it was a complete surprise in the industry in Europe and so far as at the time the project was developed based on the 2009 Renewables Energy Directive. That Renewable Energy Directive created demand for enormous amount of biofuels that weren't already required and that meant that hundreds of new biofuels operations were going to be needed in Europe. Okay, some of them, the less busy slides aren't... Okay, that looks badly affected but the rest seem okay. Okay, so the plant opened. It's a corn-based ethanol plant, ethanol refinery located in Hungary simply because Hungary is the corn basket of Europe. Hungary produces a lot of corn and has the capacity to produce a lot more. The plant was a surprise and so far as nobody was expecting somebody to come on the scene and actually go ahead with such a large ambitious project. And there were a lot of other projects on the table at the time and none of them have gone ahead. There was only one. And even more of a surprise to everybody in the industry that these Irish people who had never produced bioenergy before actually were very successful at it and it's now the single biggest ethanol biorefinery in Europe. It's the most resource-efficient and also economically efficient refinery in Europe. We buy over a million tons of grain per year from the local farmers. We make 500 million liters of islec-free ethanol. 500 million liters is the equivalent of one-two-hundredth of world capacity of ethanol. And I say islec-free ethanol, islec-free, is the indirect land use change acronym. It's the acronym that's used to signal that there's a risk that when you produce something using a crop, an agricultural crop, that maybe you're displacing other markets for that crop and that could either drive up prices or deprive more needy markets for it or both. I say islec-free because if you go and look at the agricultural community that we buy the grain from, all of that grain is additional to what they were producing before we built the plant. So, and none of it would have been produced if we hadn't built the plant. So, none of it's being diverted from any other market. It hasn't come from extra land either, so it's not as if the land has been diverted because in fact the amount of land being used for corn production in Hungary over the last five years so it's a positive, it's certainly an islec-free story and the other positive impact is that several hundred farm families who now have secure long-term demand for their grain and they know that every year if they produce it, they've got somebody who's going to buy it and that means they can buy new tractors, that their kids can study agriculture, that the ones who've gone away and learned English and are working in London can come back and get a job and that's actually what's happening and it's a very tangible, measurable thing. I'm from Cork and Cork is a farm direct investment city. My father works in Pfizer, so I'm a farm direct investment child and I know very well what it's like to live in a place where the whole economy is lifted by FDI. Well, if you go to the place where this plant is in the last five years, you can see the lift in a very, very tangible way. We produce 350,000 tons of GMO-free protein feed which is an excellent substitute for imported soy protein from the Americas and 15,000 tons of corn oil. It puts about half a billion euros into the local economy every year. In addition, it's not just producing feed in ethanol, it's a hub of development activity for new bio-economy projects and their energy, their feed, but they're also materials and some very quirky stuff, which I'll mention a bit later. This year we got 135 million of fresh finance. Part of that was substituting American finance that was in the business and part of it is new for new project development innovation. Even though it's located in Hungary, the scientist, engineers, managers, finance is all coming out of here and that's continuing. So there are new Irish scientists, engineers, and managers involved. We've just opened a new office here in Dublin with seats for another 30 people, so that gives you an indication of the direction of things. Why are we here today? We are very proud actually to be active in policy discourse in Ireland, in Europe and the world. That was another surprise, I think, to the guys who set it up. They didn't expect to be here today or doing what we're doing now in terms of getting involved in engaging in public discourse. I just came back from two weeks in Bonn as a partner to the United Nations Climate Committee. We were selected as a partner after they reviewed ethanol as an instrument in addressing climate change. We spent two weeks there as an awareness exercise to enable all of the delegations from the 160 countries that were there to come and explore if they wanted to. We were also in Rome in October at the United Nations Committee on Food Security because the FAO, after a little bit of doubt 10 years ago, is firmly the view that biofuels and food are interlinked, and that there can be a very positive interlinkage rather than a negative interlinkage. So we are a partner on the Committee on Food Security. We're very active in EPUR, the Association for Renewable Ethnol, very active in Farm Europe, which is an upstart, a new entrant into farm policy thinking in Europe, but it's a very ambitious, active, smart, and agile organization located right across from the Berlin Building in Brussels. And their ambition is really to be there shaping the cap reform for after 2020. And they're already making a big impact there. We're involved in the European Commission's bi-based industry joint undertaking, and then a few of their energy platforms. We've definitely been engulfing with the Irish government, and thank you very much to anybody in the government here who's met us, and we've met quite a number of people. That's been terrific. We're submitting to the Irish government consultations, and we're here today, and I know I've met some of you before, and I'm sure some of you probably heard from me before through the email and so on, and it's actually been a great experience in Ireland recently. So that's all. We've got to tie it back to what the burning platform is and why we're all here in the first place, which is climate change, and the huge engineering and industrial solutions that are urgently needed to deal with it. And so, you know, my two weeks in Bonn with the Cup 23 is all founded on the notion that we've got to do something very big very soon. As Paul outlined to you, transport is definitely the worst offender. So I was, the difficulty when speaking with transport is speaking with, on the one hand, a mindset which imagines electric vehicles on the road virtually instantly, and then the mindset that recognizes that we've got two, you know, more than a billion vehicles on the planet, most of them are, all of them actually, effectively, are burning fossil fuels, and that fleet is growing quite quickly. All of the growth is in fossil fuel burning vehicles right now. And so how do we manage the fact, the notion that we have two mindsets, we've got the mindset. I heard the ex-head of the UNFCCC declare in Bonn that the transport carbon challenge was solved, that we had electric vehicles. And that our only problem now, and there was Americans in the room, there was the big American contingent there, our only problem now was what to do with the 400,000 American truck drivers who were out of work. So that's just to illustrate to you a kind of a complete disconnect between some of the thinking that's going on and the reality on the road. I live in Italy, there isn't a single electrical vehicle, nobody ever talks about it, nobody has one. I live in an affluent area of Rome, 20,000 people there with 20,000 cars and there isn't a single electrical vehicle where I live, same in Poland and pretty much the same in Ireland. So we've policy thinking being dictated by people who live in the Nordic countries and who do actually cycle and who do actually buy stuff in supermarkets in the organic section. And yet in the real world we've got to deal with a problem that's much more intractable than that. So I did some calculations just to say that peak oil on the road is nowhere here, here yet, even with the most optimistic scenarios for electrical vehicle introduction of which I'm a fan, I don't have a car myself anymore. I do have an electric bike. Peak oil on the road nowhere near is going to come anywhere near before 2035 on any of the even optimistic scenarios right now and it could be way beyond that. By the time we get to 2050 we may have got carbon emissions on the road back down to today's levels by which time the fleet will have doubled and we'll have half electric mobility and half fossil fuel. That's worldwide. Hopefully Ireland will be in a much more positive place compared to the average. But it's not an absurd scenario for Ireland either in terms of fleet growth generally and the mix of energy in the fleet. So just coming back then to Aeternal specifically as a solution, what is it? It's a climate friendly petrol substitute for today's fleet for the kind of technology we've got on the roads right now. It's produced by high-tech fermentation of grain or beat to beer and then that beer is distilled to alcohol. So it's a very old business. It's just done an extraordinary high-tech way. So we're getting enormously high amounts of alcohol at per tonne of grain compared to people producing beer or vodka or compared to how people were compared to the yields people were getting even five or ten years ago. So I mean one of the quotes that we have is that if we were producing today at the same yields that we were producing five years ago we'd be out of business. That's how quick things are changing. People say what is the biggest development in the ethanol sector right now? The biggest development is that continuous improvement rather than some amazingly disruptive thing that's going to change anything. Five percent of most petrol today in Europe is ethanol. Up to 100% in some vehicles. We've got Laura if it's up to nine percent in Ireland by volume. That's still five. And the obligation? Actual real. Certified 66% less greenhouse gas than oil. So that's certified in sort of, there's a very rigorous annual certification process that goes on over all of Europe over all the plants. And every single tanker load that leaves our factory goes out with its own certification in terms of its carbon animations and its life cycle analysis profile. As Paul was saying, only 2% of the EU grain crop goes into it. And then that's only the low value starch and sugar in the grain crop. So the protein, the fiber, the vegetable oil go back to the farm for GMO free feed. And at the same time we've co-production of exciting new biorefinery products coming out of it as well. Output could easily be upped to let the petrol sector exceed the 20-30 goals in Europe. So just if we look at ethanol as a solution for the petrol sector it is feasible that ethanol could be the primary solution instrument in this time frame for reaching 20-30 climate goals. We're not the business competing with other solutions. It's great to have mixed solutions. What we're looking for is a policy framework that allows people to choose to use ethanol if that's what they want to do rather than deciding that you can choose things for one reason or another. So again, as Paul referred all biofuels are made equal. So broadly speaking we've got the good, the bad and the okay and the bad. Definitely European crop-based ethanol is safe and effective. It's a peace of mind solution for policy makers. No policy maker will ever wake up and find that ethanol has bit them in the butt in some way. They're all of the envelopes of usage scenarios are pretty well safe. So we could make and use lots more of it and still be safe. So the biodiesel so it's produced from European crops is also a very safe solution. All of the current supplies of European biodiesel are safe and effective. They don't bring about adverse side effects. However, if one were to go and produce lots more but in Europe one would have to do with governance to ensure that it was done on marginal land done on crop rotation, gone from certain types of crops. But there is definitely scope for producing more. If anybody in the room is familiar with the term palm oil as we've heard it earlier and land use change issues which is the basis of the commission's current negative attitude to buy fields in general, palm oil is the street word for ilac. Forests and peatlands are being destroyed in order to make European palm diesel puzzle. Europe accounts for 5% of palm oil output in the world and it accounts for European biodiesel and it accounts for 15% of palm oil growth and demand worldwide. So it's a significant driver in the whole palm debate. If we get rid of palm oil diesel we pretty well make biofuels in Europe a safe and effective thing generally. We pretty well have solved the problem. Ethnology is essential to Ireland, not just for the climate. And it's essential to Europe not just for the climate. European biofuels bring in 7 billion euros of farm incomes. That's the equivalent to over 10% of cap, so it's actually a huge amount of income for farmers. Or 2,000 euros for every single tillage farmer in Europe if you were to average it out. It also brings 15 million tons of GMO and antibiotic free feed. That's a high quality feed. Now we recently reached out to a half a dozen of Europe's animal nutrition researchers and asked them what they thought about it and I have to say the reactions were mixed but then I've discovered why the reactions were mixed because 10 years ago if you were producing ethanol and you produced feed as a byproduct you really didn't care whether that feed was good or bad and you didn't care whether it changed from one month to the next. But that's completely changed in the last 10 years. Now that feed is seen as a high value part of the output of that plant and the plant couldn't exist without it. So an awful lot of emphasis is put on making sure that that feed is extremely high quality and that that quality is maintained from month to month. That means the colour of it, the nutritional characteristics, the smell of it, the humidity of it and then how it's handled and shipped. So we've got a brand called Pinonia Gold and that Pinonia Gold essentially created a whole family of brands of very high quality European protein animal feeds. Reducing our imports of GMO soy from the Americas. In addition then we've got about 220,000 off-farm jobs in rural areas. I mean in our plant alone we've brought over 2,000 jobs into the area and investment in innovation in the bioeconomy. And as I've heard we've got a new office here for 20 or 30 people in Dublin. That's all about those investment in innovation in the bioeconomy. It's the new companies that have been opened up in our group in recent months. It's the science that we're funding. It's the product launches that are taking place very soon. We've got an interesting set of dynamics going on in Brussels which impact agriculture life in Europe. It's not an easy place at Europe to be a farmer. And it's not somewhere where your kids might want to take up the role after you. We've got cheap imports from outside Europe. We've got trade talks where farmers are being used as trinkets in trade deals where we sell more BMWs to Argentina and we'll take more of their beef. We've got Brexit which is going to completely destabilize Irish agriculture. Ireland has tended in Europe that I understand to be an ally of the UK in European policy debate that impacts farming. That ally is gone and Ireland now has to very much play its own for it and be much more in control of its own destiny and take a more leadership role. Which by the way it's already doing, there's not a criticism. But what you see are island alliances emerging in Europe among the farm friendly countries and this is something that Ireland will be getting more involved in terms of determining who are its new allies in things. A very clear example of this is President Macron in France has been fighting very much for his farmers beef and his farmers ethanol. Now he doesn't really care that much about the ethanol. He cares about the fact that ethanol is a farm demand. It's a massed form of protectionism.  It's not about for Macron it's not strictly speaking about the fuel itself. In our opinion Ireland would do very well to be an ally of President Macron in his beef and ethanol position as regards Mercasor. As opposed to just being on the beef side of things. In part the basis of that is that if we are supporting Macron today on beef and ethanol he'll be supporting us tomorrow on something else. And that would be the same with the Central and Eastern European countries, the Visigal group who are very much farm orientated in how their economies work and they've actually found their let's say their fighting spirit in terms of protecting their farm sectors. So we would hope already we hope to see more of Ireland understanding the new landscape in Brussels in terms of who the farm allies are and to engage in strong European farm friendly alliances. In terms of the transport viafuels specifically and how we would actually use the ethanol we need to put up who's doing it already, who does seem to be able to make progress, who's making progress, who's using a lot of byfuels and Sweden is in the top three. Sweden has 24% renewables and transport already overall and that's growing reasonably quickly. So they're way ahead of their target and 17% of the 24 is actually byfuels. Sweden has a 30-70 mix between petrol and ethanol across the entire fleet so that's including trucks and buses which is similar for Ireland. Their ethanol is mostly in the form of 5% E5 which as Laura said is the same but they've also got the very high blends of E85 and EG95 which go into either captive fleets or haulage and public transport. They've got a reasonable balance of domestic and imports so it's not like they have some kind of magic well of byfuels that they have and that we don't have and there's certainly benefit from the cleaner air dimension of that because ethanol once you put it into your petrol from 10% blends and up you've got significant reductions in the pollutants, the tailpipe pollutants as well as greater engine efficiency. Today is a very important day in the legislative cycle for renewable energy in that the lead committee in the European Parliament called the ITRA committee is voting on it they voted this morning a couple of weeks ago was very important because the European Council published its fourth version of the legislation the Council's version and there's Minister Knox in there who I met in Bonn 10 days ago and the Council's version was very positive from our perspective but I think from everybody's perspective in so far as it's certainly pointed the way towards a high level of ambition for renewables generally so above the 27% that the European Commission proposed it's behind having a target for the transport sector specifically of 12% so 12% is much lower than the average in recognition of the fact that transport is a very hard sector to decarbonise but it's giving it a target nonetheless. Confirming the 7% cap on crop based bifuel which is to limit things like Pam diesel but not reducing that cap as the Commission had proposed and then also putting in a clause which would allow a safe effective bifuel like our ethanol to be supported of the cap so that there wouldn't be a label put on a bifuel so it's crop based, bad, that label has been taken away. The idea that you can simply in a very simplistic way decide what's good or bad just by one single label has been taken away which is a very positive thing so definitely ambition married to common sense what the European Parliament Committee voted on today was 35% renewable energy overall so definitely at the very high level of ambition on scale, 12% in transport which is good but much more complex on the 7% and how that 12% of transport would be achieved. A lot of what the Committee voted on today in terms of how the 12% would be achieved is based around advanced bifuels, advanced solutions and one of the characteristics of advanced is that it's not actually an incumbent technology it's not a tried and tested technology so what they're looking at is putting in place a requirement to use solutions which aren't actually tried and tested and aren't actually economical. Now we're not the business of competing with them but we are in the business of telling people whether or not we think the policy is rational or not and the idea that one would put an obligation on countries to do something that nobody has yet done in the world and even the most optimistic that if you do try and do it it'll cost you an absolute fortune. I don't think that's a very sane way of devising renewables policy. Ireland's climate ambition in all of this right now well just on the 17th of November the European Council published the Ireland's comments on the most recent renewable energy directive draft and in summary Ireland is saying we shouldn't have a target for renewable in transport simply because it's very hard to reach and that's true it is very hard to reach especially if we feel that there's no appetite for actually doing anything to try and reach it so you know where there's a will there's a way if there's no will then of course it's going to be very hard to reach we may not reach it so that's kind of a difficult quandary to have to resolve but if the overall target is going to be 35% and it's looking like it is going to be in that for all of Europe in terms of renewables in energy then it's not unreasonable to expect that transport generally is going to have to reach 12% or more if the transport is reaching 12% or more it means all the countries are in the same problem having the same problem together it's true that Finland and Sweden are way ahead of the pack but Ireland is actually in a very long tale of people are all behaving very badly so it's not as if we're somehow the class dunce and we're the only ones who aren't going to be able to solve it we should be able to come up with solutions with them which will be a mix of more electric vehicles and a mix of more biofuels my observation about it is that the Irish position right now means to very limited climate ambition and very low support for farm and food and bioeconomy so last slide so what should we do well no time to do that Ireland should say yes to climate progress so get its mojo back be more optimistic be more forthright in coming up with solutions and driving them through say yes to farm incomes food quality and the bioeconomy and just to leave you with an image of what I think what 2030 is going to look like in terms of the mix of transport energy on the road it's going to look pretty much what it looks like today the car there is a mini you can buy it it's a hybrid plug-in electrical vehicle but I call it a double hybrid because it's got a combustion engine in there that can run on ethanol and petrol so it's very flexible and it's got an electrical engine in there that can run on wind and coal so equally flexible so you're not forcing the vehicle to match your energy supply you've got a system that's very accommodating both on electricity and on internal combustion thank you very much


Hey everyone! My name is Guillaume, application engineer with STMicroelectronics. Today, I'm going to show you how to get started with the new STM32Q function pack called FPAI Sensing 1. This function pack features example of artificial intelligence application based on audio and motion sensing. Beyond being a simple AI example, the FPAI Sensing 1 features a complete firmware to develop an IoT node with BLE connectivity, a digital microphone, environmental and motion sensors. The pack includes four AI algorithms, three different algorithms for human activity recognition, or HAR. Using motion sensors, the HAR algorithms will tell you if you're standing, walking, running and so on. The pack also includes one acoustic scene classification example called ASC to tell you if you're indoor, outdoor or in a vehicle based on ambient noise captured by the microphone. The neural networks provided with this function pack have been trained on a limited dataset and are given, for example, purposes. It is up to you to provide your own dataset and create new models. The goal is to provide an end-to-end implementation example from sensory acquisition to sending classification results to a smartphone application, on which you should put your own advanced neural network. All AI libraries included in this pack were generated using CubeMX and the XCube AI extension from pre-trained Keras and Lezyne models. This function pack has been designed specifically for ultra-low-power applications, the use of an RTOS and an ultra-low-power microcontroller, the STM32L4. It is compatible with the STBLE sensor smartphone app, available for both Android and iOS. The app allows for sensor reading, audio and motion classification monitoring to perform firmware update over the year, FOTA, and also a data logging and annotation feature for the creation of new AI datasets. To run this example, you'll either need a sensor tile development kit with a spare nuclear board to program the tile, or you can also use a Nucleol L476 board with three different expansion shields, so a USB and MEMS microphone expansion shield, a Bluetooth expansion shield, and an environmental and motion sensing expansion shield. You'll also need an Android or iOS smartphone and a USB cable. Today, I will be using a sensor tile. To connect the board, you need to connect an external ST-link to the SWD connector to the tile. You can use the 5-pin flat cable that was included with the sensor tile kit package. Make sure to remove the two CN2 jumpers to connect your STM32 nuclear board to the sensor tile through the provided cable paying attention to the polarity of the connectors. Pin 1 can be identified by a little circle on the PCB shield screen or by the square shape of the soldering pad on the connector. Then you'll take your USB cable, plug in the USB mini side to the nuclear board, and the other side to your computer. When the nuclear is correctly connected, you should see a steady red LED. So let's go and program the sensor tile. So open up STM32 Cube Programmer. You want to make sure that your device is recognized. And then port SWD. Make sure to have mode under reset. Reset mode to hardware reset. Click connect. Then you want to open the binary file. So if you downloaded the package, it should be in the download folder. And browse to project, multi-application, sensing one, binary, and sensor tile. Here you have different kinds of binary. You have binaries with underscore BL. Those are the binaries that include both the user application and the bootloader. The ones without BL only include the user application and they will be used for the firmware upgrade over the year. So we have a four different configuration, three HR human activity recognition algorithms, and one acoustic scene classification example. So we'll start with the ASC binary. Sensing one ASC underscore BL dot bin. Click open. And then you can click download. When the program is downloaded, you can power cycle the sensor tile to reset and run the user application. So you can disconnect the tile from the programmer. Power cycle the board, so turn it off and back on. This will reset the board and run the application. So after a few seconds, you can see the LED blinking. Next you want to open up STBLE sensor app. So you need version 4.1 or later. And when your device is blinking, you can click connect to device. Your device should show up under the name TAI if you use a sensor tile or NAI for a nucleo. You can click on it to connect. And if you program the ASC binary like I did in the menu, you should see audio classification. And it should recognize whether you are indoor, outdoor, or in a vehicle. Okay, so now that I'm outdoor, as you can see, the algorithm is recognizing outdoor ambient noise. And when you're holding the sensor tile, you want to make sure that the microphones are staying upright so that you can hear the sound properly. And now we're going to check out vehicle noise. Okay, so now I've got the window open and we are outdoors. I'm going to turn on the engine and we should be in vehicle. To run a firmware upgrade, we're first going to load the binaries onto the phone so that the phone can then send the binary to the sensor tile. So to load the binary onto the phone, you want to connect the USB cable to the phone. And then when the cable shows up, click on USB for charging. Switch to file transfer. And then you should see a phone that shows up under my computer. So you want to copy the binaries that we used previously, but the ones that do not have underscore BL. So we want to use ASC, IGN, and GMP.bin. I'm using a Nexus 5. Go to internal storage and you can copy them anywhere you want. Next, you can disconnect your phone. And that's your ready to go. So once the firmware has been fully downloaded, you want to go back to the main menu. Click on connect to device. Wait until your device is blinking. And then when you're on a phone that is running Android 8 or below, you want to make sure to clear device cache. Then you can click on the device. This is to make sure that the new characteristic is recognized by the app. Then in the menu, you should be able to see activity recognition. And you won't see acoustic scene classification anymore. So click on activity recognition. And now you're on the activity recognition menu. And you can play with the tile. Now if I grab the tile and if I start walking, it shows that I'm walking. And if I start running, I'm running.


The next one is my buddy Jodi at FedEx, and this is a very interesting story, too, because it mirrors what I just stated. So just a little background here. FedEx happened to be in the audience when Christian and I and myself presented at Discover in 2015. That's a little over a year ago. And just like you guys in the audience, we may not speak, we may not know who you are. You'll leave today, and you're on your merry way. FedEx, that was FedEx. And when we were canvassing customers or people to speak about IT for IT at the Discover conference, they raised their hand and said, yeah, we can speak. And everybody, at least at HP, looked to each other and was like, did you work with them? No, I didn't work with them. Did you work? No, I didn't work with them. Who are they? What did they do? No idea. So in preparation for that conference, we got into what do they do, and it's kind of interesting. And actually, I like what they did. This right here is from their presentation at this year's Discover a couple months ago. And I only took a few pieces of their slides to share their story. But this is sort of how they started the conversation. And Rick, this is your spaghetti. This is their picture. I call this a scare diagram. It's really the whole thing on one big diagram to show you how messy it is and unorganized it is. But this is their IT environment. And they know that they need to modernize IT and they needed to move faster, more aggressively. And so they picked up the open group stuff. They referenced it here in their presentation adequately. And as a result, they created this. So they branded it as well in FedEx colors. They took the basic concepts and they put this conveyor belt looking thing around there to represent the service model backbone and the back and forth nature and fluidity of the model, right? Because nothing's a silo, but you have to have structure and you have to know how you're moving back and forth. And so this is really nice because, again, they personalized it and they made it FedEx. Now, underneath the covers, they know it translates to IT for IT and you'll see that in the following slides. So some shared functions. What they did was each of the areas, they kind of personalized it. And you'll see down in the bottom, they have the KPI management parts of it and they have kind of personalized some of the key functions. But in the plan side, you'll see some correlations there. And they even introduced Gartner's Biomodal perspective in that planning, right? How much are we spending on mode one versus mode two initiatives? And so this is their presentation and I thought it was, you know, wonderful because now it was in their language but it was the same structure underneath. This is their build view and DevOps is another big part of their transition and how they're evolving. But the idea is, you know, build and they want to deliver those new capabilities. Deliver, once they have a catalog of course, that's where they actually are able to measure consumption. By the way, deliver, I would say, is the big disruptor in the entire value stream, in the entire IT for IT standard. And why that is, most organizations I talk to, they have plan, build and run. They have no such thing called deliver. Their shops are organized by those three things. So deliver is sort of a new thing and I think this is an area where, and I'll explain how FedEx sees it and used it. This is where you can deliver those commoditized services in an automated way. And this is exactly what FedEx kind of shared and I'll share some of their stories. But deliver is the disruptor and this is where I think IT for IT makes a big difference for many of the shops out there that I've talked to. And run, you know, no, obviously, this is a pretty straightforward value stream. But I do like how they've structured this and they put the different functions around the center, which is a very nice way to describe, you know, the fluid motion. And of course, the measurement goes back up stream because that's a part of the input for all the other value streams. I wanted to share sort of what they were talking about. There was one really key use case where they had a service in the catalog and it needed to change. And it needed to change quickly because they had, apparently they had an event in which people were bringing things into the event that needed to be checked in. And they had no such service in the catalog to provide that kind of capability. And what they did was because they automated all of the tools from requirements to deploy, they were able to go through and in one week change the service and get it out in the catalog, which people then started using. So they only used that service and that adaptation for a week. And then once they were done using it, they killed it. And I think that's the epitome of where you can go when you automate and you look at the different value streams and how they interoperate because the business needs to move that fast. There's an opportunity, and if IT is sort of holding things back, right, they can't meet the opportunity and the business can't really grow or be dynamic. And so his story was really, I think, profound to talk about how these key functions integrate and facilitate the value stream so that they can get in there, do their thing and get out and put things back on track. Because stuff happens as everybody knows.


Alright you guys, now this one, this video might be a bit challenging because I'm using a green screen here but my top screen, it's been a minute between drinks. I haven't worn this t-shirt for a long time, some of you may remember it, I wore it in the video that I reacted to the Packers and also Aaron Rodgers last year and it was one of my favourite t-shirts and I actually bought it before I knew anything about the Packers, anything about the NFL, I just like the logo and I still do. So with that being said, today we're going to react to what I feel like is the first Packers player in the whole entire Top 100 but I may be wrong and there's one thing and one thing only that we're going to do for this reaction. It's two minutes 20 long, it's a short one and it's probably a good thing so I'm going to roll the intro and see you back here shortly, I'll show you what we've got. So it's been a minute between drinks for this one too but we're going to try it again. I've been given loads of tips about how I'm going to get this thing on my head a bit easier than last time. I haven't taken any air out of this padding but what I will do is pull at the air holes before I put it on, okay? Let's do this. I'm scared man, I'm scared. You guys know what happened last time.  Let's give it a go. Pull at the air holes, that's not too bad.  Just to make sure guys, I think I'm going to have to, I think I'm going to have to get rid of the green screen for this one, bear with me. Nick, man that. We good? All right, not only that, it's not going to work is it? Anyways cheers guys, cheers. David Battiari, Offense of Tackle, Protecting the Bad Man, Aaron Rodgers. Let's do this. I love getting a toss play, anything like that, he's out in front leading me. I just see it off the left corner of my eye, a corner come down and try to take a money, no chance, he went flying man, let's have a look at that. I just see it off the left corner of my eye, a corner come down and try to take a money, the corner just went flying, I kept rewinding the next day I fell and just kept watching that play, I'm like wow, this is crazy. The Packers are making advantage of Battiari.  David Battiari, I remember him from last year, oh he's improved a lot. Unbelievable, he's a technician. It was unbelievable the timing he had on every single snap he would move before anyone else on the field moved, everything he does, he's doing it right. And it's that split second, it's hugely important. Four or five moves, when Aaron's scrambling around the pocket. That's nice, man. Moving around, plays extended for around 12, 13 seconds, and he's still on his guy, clamping him up and not allowing him to make a flip. He had an attorney, that's all.  He's believed in ridiculous timing. Wow, wow, he's got a good base, all right. All right, we're going to just look up a couple of stats here. I need to know his weight, it's probably 300 pounds. Seemed about right for a lineman these days.  Bastard, he's 27, 310 pounds, six foot four, went in the fourth round of the 2013 draft, he's played for the Packers the whole entire time. Leave him. He's accused of him, you made one false commitment, he's on. Sit you back in the backfield. Pro football focus named David Battiari, the best pass blocker in the NFL. Wow, he gives his man Aaron Rodgers an eternity. Oh, look at that sling, that's a beautiful, beautiful throw. It looked like it just came out of his fingers. Protect that line side, that's the most important guy on the team, honestly to me. You don't get the glory, but he puts it in dirty work. These five guys on the offense. Oh, nice. No wonder the receiver appreciates what he does because he allows Aaron Rodgers to get the passes off. No wonder the running back loves him because when he runs to the left, he's got big Dave Battiari blocking his corners and safeties.   I know one Packers player that's guaranteed to be on the list, which is the bad man. And with that being said, guys...


Hi, and welcome to the session. Let us discuss the following question. The question says, length of the fence of a trapezium-shaped field A, B, C, D is 120 meters. If Vc is equal to 48 meters, Cd is equal to 17 meters and A, D is equal to 40 meters, find the area of this field. Side A, B is perpendicular to the parallel sides A, D and Vc. Here is the figure of the field A, B, C, D. Now before proceeding for the solution, let's recall the formula of area of trapezium. Now area of trapezium is equal to 1 by 2 into sum of parallel sides into height. This is the key idea for this question. Now let's see its solution. In question, we are given that the length of the fence of the field is 120 meters. That means the perimeter of the field is 120 meters. Now Vc is 48 meters, Cd is 17 meters, A, D is 40 meters. Now A, B is left. So first of all let us find the length of A, B. So now perimeter is equal to A, B plus Vc plus Cd plus DA. Now let us substitute the values. Perimeter is 120 meters. So let's substitute 120 in place of perimeter. Now A, B we need to find. So let's write A, B as it is plus Vc 48 meters. So let's write 48 plus Cd 17 plus DA is 40 meters. So this implies 120 is equal to A, B plus 105. Now subtracting 105 from both the sides we will get 120 minus 105 equal to A, B plus 105 minus 105. So here 120 minus 105 is equal to 15 and here 105 and minus 105 will get cancelled and we are left with A, B. Therefore length of A, B is equal to 15 meters. So this is 15 meters. Now we need to find the area of this field that is we need to find the area of the trapezium A, B, C, D. Now here we know the formula of the area of trapezium so we will substitute the values. That is some of the parallel sides and parallel sides are A, D that is 40 meters and B, C that is 48 meters and height is A, B as A, B is perpendicular to A, D and B, C. So the perpendicular distance between two parallel lines is the height. So A, B that is 15 meters is the height of this trapezium. So area of the field A, B, C, D is equal to half into sum of parallel sides that is 40 meters plus 48 meters into height that is A, B 15 meters and this is equal to 1 by 2 into 40 plus 48. into 15 meters square that is 1 by 2 into 88 into 15 meters square which on simplifying gives 660 meters square. Therefore area of the field A, B, C, D is equal to 660 meters square and this is our required answer. So with this we have finished this session. Hope you must have enjoyed it. Goodbye and take care.


Do you have more than 60 days of leave on the books? Service members are reminded that beginning September 30th, any accrued leave more than 60 days will be lost. Only service members who are assigned to hostile fire, imminent danger pay areas, or deployed for at least 60 continuous days, may have the opportunity to keep their extra leave time by applying for special leave accrual. Sailors are encouraged to work with their commands to manage their leave balances throughout fiscal year 2015. Don't let that extra leave go to waste. Take a vacation. The Armed Forces Vacation Club can give you the opportunity to enjoy an affordable vacation at popular destinations around the world. Stay with your loved ones at a beachfront resort in Mexico, a cabin in the Canadian Rockies, or a centuries old home in the English countryside. For more information, visit the Armed Forces Vacation Club website.


This paper proposes a new implementation of a physically unclonable function, PUF, using the NAND SR latch architecture on the Xilinx Arctic 7 FPGA platform. This architecture uses fewer resources than other PUF implementations, resulting in better reliability and lower power consumption. Additionally, it was found that the proposed PUF architecture outperforms existing PUF architectures in terms of reliability and resource utilization. This article was authored by Ricardo de la Sala and Giuseppe Scotty.