So, let me give you some briefing on this workshop. As a background, IIT Bombay runs several missions under the National Mission on Education using information and communication technology. A specific project called T10KT is a project under which we train very large number of teachers across the country. T10KT stands for train 10,000 teachers at a time. So, the capacity to train 10,000 teachers at a time. Let me very briefly tell you the motor sovereignty. 10,000 teachers apparently cannot come to IIT Bombay. So, they assemble for the two-week workshop conducted under the ages of ISTE, Indian Society for Technical Education, is a two-week workshop which is conducted at about 250 to 300 remote centres. So, teachers assemble at these remote centres in 30, 40, 50 numbers. And all 250 remote centres are connected on internet to IIT Bombay. The subject specific workshops have interactive lectures in the morning delivered from IIT Bombay. All participants across these 250 remote centres can interact with our faculty, can ask questions. And if you are asking a question from, let's say, Odisha or West Bengal, not only you and your class sees and hears the question being asked and answered being given, all 10,000 participants everywhere are able to see both the person asking the question and the faculty member answering the question. In this way, we try to simulate a live classroom across the country. In the afternoon, the local remote centres conduct tutorial discussions, assignments, labs, wherever relevant, etc. These are conducted under the supervision of a workshop coordinator who is appointed at each remote centre. The workshop coordinator is typically an expert faculty member from that remote centre. There are 250 remote centres, so most of them have expert faculty for a subject. Now, how do we ensure that the tutorials and labs are conducted in exactly the same rigorous way as we do them at IIT Bombay? To ensure that we collect all these 250 coordinators to IIT Bombay physically for one week orientation. And those 250 coordinators actually undergo the same kind of labs and tutorials that are conducted here under the guidance by the IIT Bombay expert faculty. Then they also decide what syllabus to cover, etc., etc. Then these coordinators go back to their respective remote centres, set up the labs, set up their tutorials sessions appropriately and two months later the main workshop starts in the way that I just described. We started with 1000 teacher training program. We scaled it up in 2012 to 10,000 teacher training program because the number of teachers in engineering colleges is extraordinarily large. As you know there are more than 5000 engineering colleges in the country and the number of teachers who need to be trained are very large. Why I tell you all of this is that this is the methodology that we have found successful in the government fields that this is the methodology that should be used in training people from different streams as well. We are also adopting massive online open courses and a variation of the training workshop that I just mentioned is underway wherein the 10,000 participating teachers actually work online for five weeks and then they come for face-to-face interaction at the remote centres only for one week so that they minimize the total time that they are away from their workplace from two weeks to only one week. This is the model that we propose to use in future. As I said the government wishes to use this methodology to train people in different streams. We are conducting for example a workshop on cyber security for trainers who will train about four lakh information security officers required in the country in next three years. It is to the credit of Mr Praveen Prakash the joint secretary at MHRD and the mission director who suggested whether IIT Bombay could conduct a workshop for best accounting practices as part of the capacity building. Now frankly IIT Bombay has no expertise in accounting. We have no faculty members who can authoritatively talk about accounting practices and so on. But like all of you we also need accounting we also do accounting. I was quite surprised when Mr Bakshi told me that the accounting practices in many of the centrally funded institutions and indeed in many educational institutions are not running as per the best practices today and that is the reason why they wanted to conduct a training programme an orientation programme for all the people who handle accounts in various educational institutions. Now you can imagine how many people would there be. Just take higher education 36,000 colleges. Arguably most of them are in private sector. But in good accounting practice private sector public sector doesn't matter. Good accounting practices are mandatory everywhere. So we need to train even if you imagine just two or three people from every institute of higher education we need to train more than a lack of people. How do we train them? We cannot train them 35, 40 at a time in the conventional way. So it is best that we use this opportunity to use the information communication technology. Now you will probably suspect what I am arriving at. You represent major institutions in the country. It will not be incorrect to say that after this orientation programme because most of you would already be following some of the good practices some of you would require perhaps a reorientation, a strengthening but all of you can act as workshop coordinators in future workshops which will be held from your colleges as remote centres and 10,000 people of your kind will assemble in these 150, how many institutions are represented here? Alright, so we will start with 150 remote centres. Now you don't know what a remote centre is, you don't know how the remote centre will function. In the course of this workshop we will still time from the regular schedule for half an hour somewhere here and there and we will inform you how that can be arranged. But in future workshops we would expect all of you who would become complete stalwarts at the end of this workshop so we believe you should help the government, you should help the country to encourage all our colleagues elsewhere in the nation in other institutions to adopt these best practices. So this is the background. Now as I told you I had no clue on how to conduct a workshop on accounting practices Fortunately Mr Bakshi, let me introduce Mr Bakshi here who is the advisor in the MHRD He suggested that the best expertise is available with an issue of chartered accountants and then I said yes of course because I have a friend who belongs to that issue he was with me in the bank of Baroda board Mr Amarjeet Chopra if I am not mistaken he was past president of the association and I immediately remembered the methodical scrutiny that he would subject all the bank of Baroda accountants too as the chairman of the audit committee of the bank. So I also contacted him and fortunately for me he says he will definitely come here he is not here with us today, we had actually identified four faculty members let me read out their names Mr Amarjeet Chopra, Mr Pankaj Goel, Mr Anand Banka and Mr Shyamlal Agarwal let us give a big hand to all these four names who have agreed to come here now out of them we have Mr Shyamlal Agarwal with us let's give a big hand to him for coming all the way Mr Anand Banka whose session starts tomorrow but let me tell you when I had the first meeting it was Mr Anand Banka and Pankaj right two of them came they spent almost two or three hours here first of all giving us faculty members some gyan on what accounting is and then deciding on what should be the topics like us teachers what I was very pleasantly surprised to find is that like all of us teachers in IIT Bombay they also said that the time is too short and too many things are to be covered so we share the same spirit of course we somehow are able to manage that in the given time how best to utilize that time and that is how these faculty colleagues of ours have done I use this opportunity to thank the association and also thank Mr Agarwal, Mr Banka Mr Amarji Chopra and Mr Pankaj Goyal for sparing time all of you would know that charter accountants of their caliber would be extremely busy people it's not easy for them to find time but they have spared their time of course they have arranged a schedule such that somebody who comes from long distance would spend the time completely and then go back and thankful to them I would now request Mr Agarwal to say a few words on this occasion Good morning everybody Prof. Saab, Anunayit Tabada initiative has taken a very good initiative for this purpose I think such initiatives has to be taken around the country in a different and a lot more manner so I am highly thankful to you sir as a member of this society that you people are here to take this initiative to educate the mass institutions at a large sector Mr Buxy sits in Delhi normally we have been regularly talking day by day that we had to keep some program so basically we have Institute of Charter Accountants of India is a legal body statutory body set up under the act of parliament so this body rules the accounting and auditing practices in the country it makes the accounting standards and auditing standards to be applied throughout the country in all sectors education and other sector as well normally it is not that the accounting and auditing is meant for the business trade and commerce only this is a normal thinking but the things are very different when we have the course of accounting in the 10th standard I think 10th is the course starts so there we see that account when you go to the basics I will start when the session takes the basics of accounting is that accounting is applicable at every place even starting from the family you know to the all corners of the world anywhere we have to have an accounting you know applicability and the basic concept of accounting once we understand I don't think you will leave any gap to understand any transaction which is carried in your life so this is a very important subject though taken delayed by the ministry I have taken charge I am elected member of the council we have a council of you know in the institute there are 40 members in the council so out of 40 members, 32 members are elected throughout the country all members charge accountants more than 240,000 they vote in different sectors east zone, west zone, north zone like that and 32 members are elected throughout the country 8 members are nominated to government of India they are secretaries, they are the secretaries you know government of India so this 40% council sits normally once in a month 2 days, 3 days and we make out you know we come out with the policy on accounting and auditing, financial management, taxes and etc. so this is a regulatory body and under this regulatory body and this year particularly in 2014-15 I am elected member from the you know central zone you have 7 states Prasthan, UP, BR, MP, Jharkhand, Sathishgarh, Uttarakhand like that so I have been given charge for this 2014 as a chairman of profession development committee so as a profession development committee we work with the ministries regularly so Mr. Buxy and we are you know department we are regularly working all the way so this came in the way and I am very lucky that to meet professors a very high dignity herein and I will putting you know myself here I will take you know more from you instead of giving you something whatever I know you that is you know all general and for me it is normal for you it may be a specific thing but we normally carry out in the routine manner whatever things are there but I think as discussed you know with Mr. Buxy and all others regarding the accounting we will go by the concept and with the concept I think I have given 2 hours here to attend the inaugural session only against representative but you know whenever I go you know because I belong to a small village in the country and I have seen that you know the concept of accounting you know whenever I go I definitely take one lecture on it because people are terrorized for this accounting you know technically people and other people are they think very differently and what I take is it is a simplest thing in the country to understand and to implement so that concept I wanted to give and that is why wherever I go normally you know why we go for the accounting meetings and you know auditing meetings and all meetings throughout the country but anywhere I found a time I find a time in the institution I go and spare one hour just to you know come out with the concept of accounting so that will take and I think I am lucky enough to be here within you and I am thankful to the IIT and all these organizers to give me the opportunity to be with you and I will feel very happy to share my thoughts you know I am of the view that you know maximum interaction with the people will make me more boost to you know have more interaction with the people throughout the country and it will definitely an event for me to be remembered in my life and will definitely give what best I had in my life of accounting profession 33 years I am very content so I think 33 years are going to complete whatever I have learned in my life I will try to give within 2-3 hours and thanks a lot thank you very much and thanks for coming all the way since our friend Mr. Banka is here I will request him to say a few words he will of course be spending a lot more time with you later all of this hello friends I am glad to see so many people from different parts of especially when last round of voting is still left I think it is on 12th tomorrow is the last round but quite a few people made from all parts of our country I am glad about it especially for learning accounting as Mr. Agarwal said accounting is pretty easy for you know as a concept if you take it it is pretty easy and it is a bread and butter for us so we have to make it easy and therefore I will be spending some time with you almost every day and the last day is entirely mine and I hope you all will be able to bear with me and that is when I will be able to share my thoughts with you that is I will end up my speech today thanks so much thank you Mr. Banka and thanks for coming you know although he does not have a station he was kind enough to visit us today may I request Mr. Bakshi to say a few words on behalf of the ministry respect your professor Mr. Agarwal Mr. Banka and friends I welcome you all in this orientation program I am very sad that the number we expected we have not got it now you see it is very difficult to organize workshop for the last almost one year we are trying but when it materializes and though I am sending my professional invitation way back I think two months before I send it fast but the response I have got it is discouraging but still it is quite a good number of you have come now the reasons they have quoted some of the institutes have quoted finance committee meeting is due account is being prepared now if you slightly go back you will find that from this year 2013-14 now I mean 13-14 is over now you are preparing account as per the new accounting format so this workshop was actually forced on professor was telling no no no we do not have time we have these and that problem I said this is very important because the new format is being implemented so there are lot of challenges we are getting in writing also some of the things I have brought with me also lot of problems are coming up so I said this training program will help everybody to understand different nuances of the new format though in the last day I will make another announcement today I am just holding it back so many things are also happening but anyway the ministry wants to do more the number is enormous we want to reach out to everybody it is not only the government sector the objective is to go to the private sector also that means each and every educational institute should get covered that is why this talk to teacher program has been this is the suggestion of the secretary initially it was decided to have it through a view professor I think business learning is to coordinate professor business to coordinate so we went to the Ikai office also we had a meeting we installed a view there it was decided to upload from there then secretary suggested no use that talk to teacher program it is more effective more reliable and the student is very good so that is how it is landed on IIT initially it was not IIT it was not in our picture our picture was somewhat different a view platform and Ikai bubble daily so secretary higher education he changed it so ministry is very interested to bring reforms in the accounting sector our experience and the records we have a little bit survey I did it is very dismal the secretary says followed by many of the institutes are not comfortable with anything some of them still following cash based accounting anybody using still cash based I see you there are many few and the accrual system though everybody is talking about but what type of accrual accounting if we go back to the survey report it is discouraging the ministry is very sincere in the report so we need everybody's cooperation all institutes everybody should come forward to make it a big success so we have been allotted here 5 days we have got very good faculty from Ikai Ikai is supporting us very much we have already sent 3 booklets I understand working group report training materials volume 1 approval implementation accounting standard though I did not get any confirmation from anybody whether you have received it or not but I hope all of you have seen these 3 documents it is very important documents and also during this course I will be circling more survey format small format please respond to it and return it to me that few more decisions will be taken and also we will try to involve Ikai to develop the accounting standards we are supposed to use because everything is not applicable to us only few accounting standards are applicable to us so in the practical approach they will cover only those accounting standards and elaborate it make it easy to understand and implementable and the faculties are quite cooperative please interact with them so much you also gain I also gain and everybody gets the benefit and professor also gets some satisfaction that is first initiative has become a rolling success depending on that success I think it will be carried forward we want to reach to millions of school and millions of accountant across this country thanks to all thank you I do not know how many of you realize the underlying threat in his last words he says millions of people have to be reached he says he is thankful to IIT Bombay for starting this and he hopes IIT Bombay will continue my problem is I am primarily required to train teachers in engineering and science colleges and that is our mainstay however I am very happy to do the I understand how important the accounting practices are I was quite surprised when Mr. Bakshi told me that many of our educational institutions do not follow double entry system of accounting which was quite surprising to me I thought that was a standard thing in fact in our interviews when somebody with a commerce background comes the standard question I ask him is if I go to the bank to withdraw 500 rupees what would the cashier credit and what would the cashier debit they can all say they will debit my account but they don't say they will create the cash which is a simple double entry requirement so our conventional education in commerce degree is perhaps inadequate to train people in even simple accounting practices it is expected that stalwarts like you would take this mentor forward but let me share although we are 8 minutes late I will take only another 30 or 4 minutes but I think what I am going to tell you is important Mr. Bakshi mentioned some circulation of some books I would like to know whether these books are available in pdf format on the internet or not now I train 10,000 teachers we don't send them books we send them ebooks we expect them to read on internet in IIT Bombay we avoid printing of paper as much as possible not just to save trees but also to save time and to save time for circulation save time for people to read now it is in the educational sector the use of internet as a carrier of information as a carrier of knowledge is well established I would humbly submit that in all other areas of knowledge activities such as yours the use of net should be extensively done associated with the use of net is the use of computers for state of art accounting now how many of your institutions do not have completely computerized accounting systems there is no problem IIT Bombay also did not have a regular accounting system which was fully computerized when I say fully computerized accounting system that means there is not a single laser maintain to enter any information not a single physical laser maintain so there is there is no issue by the way there is nothing to feel bad about it because the whole world used paper based accounting till very recently the banking sector with which I am familiar with was the first one to adapt computerized accounting but increasingly all other segments are also doing that it is important to do that that is because A it guarantees much better accuracy B it has complete traceability because you have login IDs so you can trace the entry who has made what entry when at what point from which machine and so on of course we do not have sometimes they are company discipline like I remember when I was advising state bank for their bank master comparison in 86-87 me and my colleague Prasada from branch and we found a slip there with some funny latest written there and I was wondering what it was it turned out to be the password of the clerk who had gone for a cup of tea and he had asked this colleague that if someone is urgently getting a customer then this is my password now giving password to anybody is considered giving your signature to someone it is just not done but this will take a long time for us to acclimatize with very very important that in modern days we use computers to the hill not for anything else but simply for increasing our own efficiency simply for increasing our own effectiveness I remember the early banks which adopted bank master in state bank of India they could close the accounts at 5 minutes past 3 when 3 o'clock was the closure of all transaction and this the clerks told me never happened in their lives earlier in fact Mr. Lakshmi Narseveya who was the chairman of the union of state bank of India who were opposing computerization personally came to meet me in Hyderabad and told me that all his colleague clerks are much happier now that the computerization has saved a lot of their time I would request all of you not only to understand from the stalwart faculty members the essentials of the modern practices but please go back to whatever is the extent of computerization in your accounts please extend it as much as possible to make it fully online let me tell you that in IIT Bombay I was associated with early efforts and it's not an easy ride it took a lot of time it took a lot of time for my programmers to understand what accounting is it took a lot of time for my accounting staff members to understand that they can do without a laser without a signature that a digital signature is as valid and as guaranteed as anything else it takes time because it requires a mindset check but let us use this opportunity and as I told you I would expect if not all of you most of you to go back and prepare your own institution to become a a sort of local hub where the teachers from the not teachers the accounting experts and the accounting colleagues from other colleges can assemble in future workshops please understand it is important to use technology even for such training physically only 150-200 of you can come at a place 10000 people cannot come physically our colleagues however enthusiastic they are they cannot train 10000 teachers 10000 people one after another they also have limited time at their disposal we have found our method to be quite effective surely it is not exactly equal to face to face training but it is better than having no training at all it also amounts to significant reduction in cost since you are all accountants I would like to share that with you the standard ISD norm for conducting a workshop for 35-40 teachers for a 2 week workshop is 14000 rupees per participant most of that cost is spent in travel of the people who come from all over the country 35-40 numbers in an institution their food, their stay there are four or five backward faculty who would come to train them like our people here now those faculty members you have to acknowledge the time that they are spending you have to give them at least a token on a radium you have to arrange for their travel you have to arrange for their stay and that cost gets amortized only over 35-40 participants and therefore the cost increases significantly when we started 1000 teachers training program by assembling 1000 teachers at 30-40 remote centers we cut down significantly on the travel cost and we could amortize the expertise and experience of the expert faculty here their cost could be amortized of 1000 people we brought down that cost to 9000 rupees per person participant we further reduced it when we increased it to 10,000 teachers our estimated budget which is approved is only 6200 rupees per participant this is less than half of the cost that government has approved for ISD workshop more importantly by further tweaking it by saying that a 2 week workshop need not all 2 weeks be face to face 1 week equivalent of work can be done by 10,000 participants spread over 5 weeks on internet the first such workshop is being conducted as we speak 9,400 teachers have joined that workshop on computer programming they will be working online for 5 weeks from tomorrow onwards every week they will be doing an assignment then they will come for face to face interaction for 1 week in 280 remote centers the 280 workshop coordinators as I mentioned have already been trained last week by us and even those workshop coordinators have undergone an online training of 4 weeks before they came here we have found that method not only to be extremely effective in fact more effective than complete face to face interaction because when people do homework for 5 weeks and they are required to submit their assignments every week they are much more familiar with things that are coming and therefore the face to face interaction portion is used far more effectively to clear doubts to ask questions and so on and guess what we estimate that the cost of this workshop per participant for 10,000 teachers will be only 3,200 rupees per person it is very very important for all of us to realize that while it is very nice and good for people to interact physically as we are doing and surely there should be such opportunities but for consistently training large number of people this model is very wasteful I would rather spend more money in getting more experts to come here I would rather spend more money to get the best people from wherever in the world and I would rather spend that money to give you more training material and more extensive training with this we plan the future workshop whether we conduct it or NITTR conducts it or whatever the ministry takes a decision but I would appeal to you and you would understand this better than most teachers don't understand but you understand what cost is and you understand what is the effective utilization of money every paisa of the taxpayer that we spend should go maximally in enriching people's knowledge so that that knowledge is more effectively used for people that's the only ambition that we have not withstanding anything that I have said I am extremely thankful to all of you for having come here for having spared your time although Mr. Bakshi was not very convinced on your engagements at home with closing of account etc etc but I know how hard those engagements are my own institute has problems during these months all banks that I know of have problems during these months it is not easy for you to have spared your time I am thankful for doing that I hope you will enjoy this day make maximum use of this time not only to interact with our expert faculty from Ikai but also from the other aspects of the institute having come here do imbibe some of the nice things that happen around in IIT Bombay there are PhD interviews going on currently as we speak there are a lot of activities that are always happening all of you come from sister institutions someday I also hope to come to one of your institutions to see how you people function not only from an accounting point of view but from an academic point of view also I also take this opportunity once again to profusely thank our colleagues from Ikai Mr. Banka and Mr. Agarwal are here thank you very much Mr. Agarwal for sparing time here I also take this opportunity to thank in advance Mr. Amarjeet Chopra and Pankaj Goyal I am of course thankful to the ministry well grudging thanks because they have interrupted our normal training schedule many of our sister institutions who are conducting these workshops are worried as to why we are spending suddenly one full week of summer activities summer is the only time when teachers are free by the way and every day of the summer we try to utilize it either for conducting workshop for coordinators or workshop for teachers and so on so this is a heavy investment for IIT Bombay but I am doing it not just for the ministry not for you but for one person's dream Mr. Praveen Prakash who wishes this technological approach to training to be used in as many different and diverse fields as possible so thanks again to him in absentia and thank you very much


What you're about to watch is the story of my path to abundance and manifestation. It's a story like many, perhaps like yours. There's been hardship, adversity, self-doubt, all the hurdles we face as individuals. I've been through them all, but along my path I've discovered secrets, many hidden in plain sight, some hidden deep in the history of ancient wisdom that each of us can take advantage of. Life hacks that can reprogram your vision, your dreams, even your destiny. My name is David Wong, I'm the founder of Chi Life. Today my company creates cutting-edge technology to shape people's lives using the powers of resonant frequency. These technologies and the spiritual science behind them change the course of my life forever, and I'm confident that they can do the same for yours. That's why it's become my life's mission to share them with the world, and how I got here to this point in a position to help others wasn't all rainbows and sunshine. It was a bumpy road at times, with much to overcome. It was a path to awakening, and I'd like to help align you with your path.  I hope it does. Let's go back to the beginning. The journey to my awakening began on a cold winter's day in Vancouver, Canada. The day I fell three stories to the ground. That's right, three whole stories. I can barely believe in myself. How could anyone survive that? It was a long way down for a 9-year-old. A long way down for anyone, really. There was no real rhyme or reason to it happening either. A slip. A trip. A momentary lack of grip. I've been playing along a railing after school, leaning over it, balancing on its middle rung. Feeling the gravity tug in my body. Maybe the backpack I had on tipped the scales made me a little top-heavy. Who's to say? But there I went, head first, over the edge. And there I was, the frigid air rushing over my exposed cheeks as I plummeted to the ground. I felt like that guy at the end of Die Hard, wishing Bruce Willis had pulled me back to safety. And after that, nothing. An impact I can't remember. A fade to black took far in the shadows of my memory. Not my heavy winter jacket cushioned by landing. Just enough padding. Or maybe I landed at just the right angle. Good luck. Good fortune. Good chi. All of the above, I survived it all. But cement is cement. The damage was done. Someone, or something, must have been looking over me. Some of the other students found me not long after, facedown in the pool of my own blood. It was good they did. I was hurt very badly. I looked like I lost a fight with the biggest, toughest bully on the playground. Apparently I was speaking Chinese when I came too. A sort of bizarre thing you read about in a newspaper. I wonder what I said. I can just barely remember staring up at them. All bent down over top of me, like in the movie. A few of them went to find help. An ambulance came. And I was taken to the intensive care unit. I always wanted to ride in an ambulance. But not like that. The first surgery lasted about an hour. My neck was broken. My skull was fractured. The bleeding was both internal and external. I lost a liter of blood. Needed a donor infusion just to top me up again. Even the doctors probably looked surprised I was still alive. The initial X-rays showed the fractures in my skull had resulted in bone fragments. So they removed them during that first surgery, leaving a noticeable dent in my skull that would be addressed at another time. When I had the chance to recover a bit and gain back some strength, not exactly how I'd envisioned my evening going when I was eating my cereal that morning. I don't remember much from my time in the hospital. I was there for a week or so. My parents tell me that I would wake up calling out for my brother in the night. My eyes so swollen I couldn't tell what time it was or who was around me. I was unrecognizable, even bed-ridden and temporarily blind. I could still feel that frigid air though, rushing open my cheeks. It's the only thing I remembered, the only thing I could truly feel. I think my subconscious was trying to tell me, big things are happening. Are you ready, David? After some time to heal, I went through reconstructive surgery to address the dent in my skull. Back at home, life didn't return to normal. I had to wear a neck brace and special helmet while my skull healed. I looked like the Frankenstein experiment. Even the neighbor's cat was scared of me, which I kind of had fun with. Helmet only came off at bedtime when the softness of my pillow took over his duty and the dreams of falling kept coming each time less scary than the last. The bruising took its time to fade and with it, a part of me faded as well. Gone was the extrovert, the active jovial kid I was before. In his place, the introvert acquired herself a different model. I was transformed. It was strange. I could remember old me. He was in that distance. He was right there staring back at me, sticking his tongue out at me. I could almost reach out for him through the photographs on the wall. But I wasn't him. I was someone new. Someone I had to get to know. Something of a stranger. I fell three stories to the ground that day, but I was nine years old. But in many ways, I fell much farther. I fell into the beginnings of an abyss, a hole I would have to learn to climb out of. This was a defining moment for me. It changed the course of my life. The swelling subsided, and with newly opened eyes, I began to see the world differently. I probably didn't know it then. I was too preoccupied with re-enquanting with myself, but looking back now, with the hindsight of decades since, it's all so obvious. So clear. It was an awakening. Not everyone has these sorts of moments, transitions, transformations. In a lot of ways, it created new problems, new obstacles, new hurdles to overcome. And for the longest time, I hated that. Every speed bump along my path seemed completely linked to that day when I was nine. Always getting in my way, I wished it had never happened again. I wonder who I would have been if it had never happened. If I never lost my balance, if that frigid air had never rushed over my cheeks. But that's the secret. Balance. I realized now, looking back, that's what it's all about. I took losing my balance and losing my old self to find my footing, to find real balance, to bring my frequencies in tune, to find harmony within. And in the years since, I've made it my life's mission to help others, like you. Find your balance, your harmony, experience your own awakening. No dangerous falls or funny helmets required. It's a long way down still, and it's a fall into your own inner workings, deep into your sense of self. It's a journey that leads back to the top. It's falling up. It's learning to manifest and attract the things you want most in your life, and knowing what resources and tools are available to help you in that effort. You'll be surprised how easy it is to take your first step, to discover a new you, and you're probably already pretty great. So imagine an even better version of you. Imagine what you could accomplish. Next time. This could all be yours, David. Do you trust me?


Going on everyone Sam here late in sports cards ripping one box of 22 pro-set metal football hobby for PRC It's a good luck Peter. See we got in here for you, buddy I feel like I skipped geography class in school. So I don't remember anything. You skipped it. You just never went Too busy playing hooky Actually a lot I've played a crap When I was like my fresh Middle school, I think I legit like 40 some absent days. What are you doing? My mom let me slide pretty hard Mario Williams nice one there that is two out of 35 that is USC Mario Williams the receiver Got a Purple ice Walker Howard 15 out of 20 and that's how what college that is This is a brown right here is gonna be David Bell on the purple choice six out of 15 from a mojo followed by Tiger stripe Isaiah Spiller to a five cool one there. He's now a charger We go a and I think Texas ain't on Sameer white nice one there 21 out of 30 and nice one here Peter We've got power surge Kenny pick it auto number six of 20. There you go, buddy. Congrats Peter Nice KP Kenny small hands That will do it for your break there Peter. Thanks again for your sport, buddy. Get that right out to you


Hi, my name's Leon Rowe, Covenancy Trader and Trading Coach at trading180.com and in this video I'm going to be talking about the forex trading edge, what really is a forex trading edge and basically the myths surrounding high win rates and success. Now again, there's been a lot of talk about if you go online, obviously, you know You see that in order for you to have an edge in a market Then you'd have to have at least a you know, 51% win rate But a 51% win rate does not mean you have an edge. An edge In the market is basically defined by your risk reward in relation to your break-even rate, so It's not awful when it comes to You know wanting to have high win rates because high win rates are Basically when we've as we've grown up, we've been told that success is getting high marks So when you're in school, you know to get good grades, you need to get you know, 80 90 percent 100 percent And we've grown up with that concept, but in trading it doesn't actually apply And I'm gonna basically show you why so 51% rate does not mean you have an edge So you might be thinking to yourself well, of course it is of course it does well if your risk reward is It is backwards basically if you're Risking for example Two pounds let's go to the chart Right, so if you're risking for example two pounds two dollars wherever wherever you are two euros and you're going for a only one pound reward then your break-even rate for you not to lose money you need a 67% Win rate and that's basically your break-even rate, right? So a 51% if someone said oh, I've got a 60% win rate, but they're Risking more than they're you know, they're they're target their profit target then 51% 60% win rate is is rubbish. You know, that's not an edge in the market I Would rather you know go for a two-to-one for example also a one-to-two Risking one pound. Yeah and going for two and if I can have a win rate of anything above 33% I Have an edge in the market. That's pretty much how it works. That is the true definition of an edge So if you're you know backtesting a strategy and you know, you're getting to a point where You know, you're seeing a 40% win rate at you know, maybe some sort of it You know like a one-to-one or something like that and you're like, okay Well, it doesn't work and you kind of you know throw it away and You know system hop and go for somewhere else how about backtesting and Seeing if you go for and going for a two-to-one or a three-to-one and see use this chart here and See what your win rate if you were to just go for a fixed two-to-one three-to-one four-to-one five-to-one You know rewards over risk and then see what your win rate is then if you're getting more than a 25% win rate and you're always going for a three-to-one then you have a trading edge. So Basically do not listen to the you know the Online so-called gurus out there who are telling you are trying to sell you a system and telling you 80% win rate and stuff like that Win rate alone is nothing You need to know your risk reward your break-even rate and then once you know that then you have a trading edge So thank you for watching and I hope this helps and take care


it feels like a magic kingdom kind of day let's go do this and what I mean is some days you just wake up and gotta go see the castle I mean it's just it's just something that happens so I'm gonna hang out here have a little fun ride some rides and just enjoy Magic Kingdom I only made one fast pass and that's for Winnie the Pooh because I've been really wanting to ride that ride it's one of my favorite rides because it's like that dark ride and you get like a little breeze but I'm gonna let the rest of it play out you know I mean so I'll get off Winnie the Pooh and then see where it takes me before we venture on over to poo I wanted to show you kind of a little hidden gem that they got going on at Sir Mickey's it's kind of new it just started about two weeks ago but they have a royal portrait studio and look at this very pretty huh I don't know exactly how I'll pose but used to be located on the other side but since they're expanding the castle they moved it over there into Sir Mickey's and gave it a new background look I like it a lot good for the kiddos so we made it over to Winnie the Pooh and I ran into some friends on the way so they are gonna actually ride with me because it's Winnie the Pooh my honey and Denise are in the front everyone else in the back including a bull cool it was so awesome to hang out with Denise and her family and ride Winnie the Pooh too bad Aunt Linda wasn't here but maybe next time at Linda I hear that they're having a concert inside the Starlight Cafe so I wanted to check it out but I hear seating is limited because of its popularity wow they weren't kidding not an empty seat in the house Sunny Eclipse truly does draw a big crowd thing that I've actually been wanting to do and I haven't done in quite a while when I say quite a while I mean a couple of weeks couple of months maybe is the carousel progress I just love the carousel progress it is so much fun to just sit back and relax and just see how the modern family has changed through time I also love how they have this little video out here showing a little bit of how the Sherman brothers and Walt Disney created the song for the carousel progress very informational oh it's a great big beautiful tomorrow shining at the end of every day welcome to Walt Disney's carousel of progress you're in for a real treat we have almost 8,000 automobiles in this country and we can travel by train from New York to California in less than seven days and I even here tell about two brothers in North Carolina who are working on some kind of flying contraption it'll never work reservoir keep five gallons of water hot and just three buckets of gold and isn't our new ice box a beauty that holds 50 pounds of ice milk doesn't sell or as quick as it used to and our daughter snap on electric lights no more garrison no more gas Sarah sure gets the core of the apple oh that's right folks now Sarah has time for other things like yes dear she's the star of the new world's fair in St. Louis and you put that away before your mother finds it you heard me my heart and when it becomes a reality it's a dream come true for you and me so there's a great big beautiful tomorrow we've come a long way though since the turn of the century over 20 some odd years ago you know that pilot fella Charles Lindbergh he's about to fly a single-wing airplane all the way across the Atlantic he's never gonna make it oh well that's more like it John we can get news of big time entertainment from all over the country even Pittsburgh oh Patricia yes you says folks arriving downtown oh dear if that happens you'll always have that torch you can carry for him just a dream oh yeah I guess she's right but we do have television when it works gives you something to do after you come home I kind of like it you know guy named John Cameron Swayze gives us all the news and then they have all this singing and dancing a lot of fluff but it's fun yes a new age of electronic civilization is upon us Jim robert appreciates your joke beautiful tomorrow and tomorrow is just a dream away okay here goes temperature to three seven five points did you say 550 hey she's getting a hang of that thing hey check it out dad ground is up to 975 points wow 975 show I've ever seen well it looks like it's gonna start raining here so I think I'm gonna have to call it a day and that was lightning I just seen sorry it gets me excited we're afraid under any who I hope you guys have a lot of fun and love the life you live see you next time bye it's officially coming down and I got a long walk back to the contemporary no umbrella


Welcome folks, this is Jacob Schup filling in for Tom O'Brien, this is the 4pm stock market update. Not much has changed since the end of the show, but let's just go through it regardless.  Love seeing that for silver guys, copper still at $4.07 on the contract, would love to see that get some movement going, but it remains to be seen, still dynamics off almost a percentage point today at 1.47%, I haven't taken a look at this stock in a few days, but I wonder if a new trading pattern is forming in it, no, we're just going up on some significant, or an insignificant volume, huh. Interesting, I'll take a look at that a little bit more going forward, one of the things I wanted to bring to your guys' attention is that there's a cyber security company called Rubrik that is funded pretty heavily by Microsoft, they basically do kind of data cleansing, your store your data incorrectly to let you know and try to make alterations to it. They are going public soon, now the financials on these guys are weird, filed to go public is going to be RBRK, they basically had a net loss of about 354.2 million and that was up from 277.7 million a year earlier, however they have some major backers and cloud management of course is going to be the future going forward, kind of wait to see what happens with that I would say, but you're probably going to hear a lot about that, it's backed by Microsoft and honestly it's okay, so this is the big thing, right, so Microsoft runs as your public cloud, it seems like they're going to be a vendor for a lot of it, spending about 220 million dollars over the next 10 years with these guys, which is pretty impressive to say the least. We can take a look as well before we kind of move on, I had a friend ask me about Boeing, and this is now the time, by Boeing since we've gone down so significantly, and my answer is probably not, right, I mean I think the CEO has done some weird stuff with the company, I don't think pushing for hyper profitability on companies like this gets you anywhere good, right, now that may go contrary to some philosophy I suppose, but look, this is what happens, right, you start cutting corners and you get bad press. Anyways folks, thank you so much for joining me, join us tomorrow for the morning mark kickoff with Tommy O'Brien and then regular programming throughout the day.


I'd like to invite to the stage Dr. Akum Toonalo, the Vice Minister of Natural Resources and Environment of Laos. Please welcome Dr. Toonalo. Next I would like to invite to the stage Frankie Vijaja, Chairman and CEO of Golden Agri Resources Cinema Group and Group Managing Director and Chief Executive Officer of Olam, Mr. Sunny Virgizi. Please join us at the stage. I'd like to invite now Peg Putt. She's a CEO, Markets for Change. And finally I'd like Andrea Basi, Dr. Andrea Basi to join the stage who's the CEO of Knowledge SRF. It's my privilege to introduce this session on green growth and first I'd like to say a few words about our panellists and why I believe I am privileged and all of you are very lucky to have them for this particular session. Minister Akum Toonalo, the Vice Minister of Natural Resources and Environment of Laos, has a PhD in Philosophy and Agriculture and over 20 years of experience not only managing but teaching these subjects. Before this he was the Vice Minister, before he was the Vice Minister he was also Chairman of the Economic and Finance Committee of the Laos National Assembly. Minister Toonalo, another word of applause for you. The green economy is also about green business and we have two business representatives here. Frankie Vijaja who is of course as I mentioned the CEO of Golden Agri Resources of Cinema has a remarkable and laudable target of achieving a fully 100% certified palm business by 2015. Golden Agri Resources is of course the second largest world's oil palm producer so that's not a small target in that sense. Frankie has distinguished himself also as the Vice Chair and earlier Chair of the Agri and Food side of Kadin and he chairs the Indonesian Palm Oil Board. A applause for... Thank you. Sunny Virgis is Chief Executive of Olam and he has constantly promoted the message that maximizing the intrinsic value of companies can be achieved only by respecting sustainability principles so I think that is very much the kind of thinking that we'd like to hear about today. Olam, his company is a global agribusiness and it integrates the management of entire supply chains and the processing of agricultural products, food products. Peg, I'd like to commend you for being here with us all the way from Tasmania where you were a Member of Parliament for 15 years and you worked a lot in the field of the environment and you also are a recipient of the Tasmanian Honor Roll of Women in the service of the environment of 2011. Thank you for being here. Andrea Basi, CEO of Knowledge SRL is a researcher in this whole area of understanding how to model economies into our future. He works on system dynamic modeling and whilst based in Switzerland he is an extraordinary professor of system dynamic modeling at Stelenbosch University in South Africa. A word of applause for Andrea Basi. Friends, the topic that we are discussing today which is green growth in Southeast Asia is close to my heart. My own background as leader of the green economy initiative for the United Nations Environment Program and the study leader of TIB was very much about the heart and center of natural capital and its role in green growth and the idea that the way that we manage our economies today is not one that can continue into the future. We have heard that from President Giudiono, we have heard that from the ministers who spoke earlier and you are hearing that from our panel. When we say green growth, what we really mean is the kind of growth that will be seen in tomorrow's economy and frankly tomorrow's economy has to be a green economy, an economy which in the United Nations we have defined as an economy that delivers well-being whilst improving social equity which means narrowing the gap between the rich and the poor and at the same time not increasing environmental risks like climate changing emissions or pollutants and poisons and not worsening ecological scarcities like soil fertility or fresh water availability. That kind of economy requires a different sort of management approach. It requires much more collaboration and cooperation between governments as we have heard between the private sector. The private sector is two thirds of GDP and jobs. It is not really feasible to talk a language of a different economy without talking the language of a different private sector. I call that new company, that new corporation, Corporation 2020, a visionary forward-looking corporation but actually which is needed now by 2020 in order to be able to deliver the changes that we talk about. A lot is being discussed in setting the sustainable development goals but we must remember that when we talk about sustainable development, these goals are not only productivity goals which companies can and know how to deliver on their own but there are also inclusion goals which relate to equity which means making sure that there is progress for all and at the base of this pyramid there are the resilience goals, the whole idea that we must have security in the environment in order to be able to do business at temperatures which make sense with soil fertility and freshwater availability that is real and continues into the future and indeed security politically and socially at the end of the day we don't want to be in a world which is fraught with terrorism and wars and tragedy of a humankind that is also completely against the principle of a green economy. With this quick background and knowing that managing economies and working with governments is critical, I would like to learn how law has fared in its belief and progress towards green growth and a green economy. Vice Minister, your country has 40 or 50 percent forest cover. Hydroelectricity is a huge part of your energy supply. Enforcement of forest conservation is a huge challenge. Tell us, Enlau, what kind of economy do you envisage today and into the future and what is your experience? We would like to hear about it. Dr. Peter Hogan, Minister, this thing is lady and gentlemen. La Pidia has been a country with rapid economy and our target, the least developing country by 2020, our natural resources, we just assess, forest cover about more 40 percent with the large mineral deposits and the mineral tributaries of the Mekong providing hydro power potential, with a vast potential of the power we envision to become the battery of the South-East Asia, providing clean energy for our own development and also for the rising energy demand for our neighboring, becoming the battery of South-East Asia, it linked to our arbitrage, going to increase the forest cover 70 percent by 2040. We acknowledge the necessary to protect our watershed and biodiversity. Still today, Lau has decided 6.6 million hectares of protection for 3.5 million hectares of conversation for us and 3.3 million hectares of production for us. We must have to be done to actively manage these resources, how steps are underway to address the challenges we are facing. Environmental protection laws have been passed last year by our national assembly, land policy, land law, and forest law are currently revised. We also now engage with the EU in the forest law enforcement, governance and trade process and want to negotiate with a voluntary partnership agreement to address illegal locking in the country and system management and trade and commerce of tender products through forest certification have been promoted by the government to promote the forest certificate that FCC and the national FLECT process can unite stakeholders in the quest for the increasing green economy. It can address fair trade, the need to balance the social, cultural, economic and environmental dimension of development and environmental concern for biodiversity and carbon-based forest to promote the marketing of non-poverty products, forest products, and to remove barriers to the market of green forest products from the law PDR as in getting the poverty reduction strategy. And also the government is piloting raise price and payment for ecosystem service which would translate into opportunity to the new resource for the construction and restoration of the forest as part of the green growth process in the forest sector that the policy with the government law government will follow. Thank you. Thank you, Minister. Mr. Vijaja, your company has a huge presence and also tremendous goals towards sustainability. Tell us how you plan to achieve this and tell us your experience and also it would be good to hear your thoughts on any new market mechanisms or financing mechanisms that would help you to get there. Thank you. Distinguished guests, Distinguished delegates, participants, ladies and gentlemen, a very good morning to you. Thank you for SIFOR for organizing this timely conference and inviting me to join this important forest dialogue. We live in the world where the countries have more and more mouth to feed with fewer and fewer resources. We need to create employment and we need to conserve forest. We also have businesses to run for which we need to grow shareholders' value. So how do we find the solution to achieve the ultimate bottom line for our people, planets and profits? When you come to the country which you have 40% of the South Asia tropical rainforest, all eyes and many fingers are pointed at you. But you all know that it is not just Indonesia or palm oil. Everyone in this room has a vital role to play. We collectively face the challenges and we need to find a solution in consultation with each other. That's why this SIFOR summit is very important. We at Gordon Agri are the palm oil business. The industry plays a vital role in Indonesia economy. It is strategic pillars and it provides jobs for more than 5 million people. In 2013, palm oil contributed 11 billion US dollars and accounted for 10% of Indonesia non-oil and gas export. When the Asia financial crisis hit in 1998, many businesses collapsed but palm oil industry is too firm. It continues to provide lively food for people, revenue for Indonesia and profit for businesses. Palm oil plays a significant part in our lives for Indonesia. It ensures that the countries which has 250 million people to feed. Indonesia exports its palm oil to worldwide including back to some African countries where it first comes from. So now, so how do we leverage the natural blessing of the amazing palm oil tree? How do we ensure palm oil does not lead to deforestation? The forests are Indonesian national treasure while it's our heritage. These forests are also an essential part of the global ecosystem. To conserve high carbon stocks for us, Gordon Agri has initiated a multi-stakeholder platform involving stakeholders like TFT and Greenpeace. We also are encouraged by other industry players who have now adopted similar commitments. But this multi-stakeholder journey has its challenges. For instance, we collectively shared the lack of one map while good work has been done to map Indonesia forests and natural resources. I believe that having one map will unleash Indonesia potential. Without it, opportunistic player can wriggle out through the cracks and operate without being sustainable. We can fix this when we work together to tighten the gaps of one undisputed map. One map will benefit all stakeholders. Finally, we also need practical initiative to small holders who accounted for 43% of about 4 million hectares of total 9.2 million hectares of palm oil plantation in Indonesia. Independent small holders have limited access to financial support and technology know-how, and this contributes to their poor performance. If you look at it, low productivity is mainly due to the low yielding inferior seed, improper fertilizer application and a poor plantation management. So now, along with our concerted effort on the conservation and sustainability front, we also have innovative financing scheme for our small holders to increase their productivity. These interns help them to improve the livelihood and reduce the pressure to open more land. We also have Cardin, the Indonesia Chamber of Commerce of the industry, the organization which is close to my heart and I have served as Cardin vice chairman for agriculture and food for more than 80 years now. We have invited an exciting financing scheme for some 1 million independent oil pump small holders to receive funding through initiatives. With this financial support, farmers replanting their existing palm oil plantation and we be assisted through the initial 4 years that they need to wait to harvest their palm trees. The cardin scheme could mean tripling yield and resulting in additional production of 5 to 6 million tons of oil from small holders. This translates into additional income of up to 5 billion dollars a year and more importantly, through this scheme, we could avoid opening 1 million hectares of new land for palm oil development. Ladies and gentlemen, to secure a better future for people, forest and business, all of us need to do our part. I am confident that through multi-stakeholder collaboration we will find solutions for sustainable palm oil and converting, conserving our precious forest. Thank you. That was a fascinating example you gave of the cardin scheme, Frankie, and what you are saying is essentially a tripling of yield is possible with the right inputs and the right management and as a result of that, your small holders, the 43% who comprise 4 million hectares of land, about 43% of the planted area. And they could actually be tripling their yield. Now, this is not dissimilar to some studies done on food in sustainable food practices around the world, studied in 2006 and again by the FAO in 2009, suggesting that a doubling of yield was not dreaming, it was reality was possible. But tell me, and this is, how do you see this finance? What is the way of supporting this? How will the money flows happen to ensure that these small holders actually receive the financing in time and are able to implement the new practices that you speak of? Thank you. So basically the yield today is about 2.5 tons per hectares. And for them to replant, because this is their only source of income, for them to replant they need to be financed during this four-year period during the pre-planting period. So our so-called innovative financing is addressing these issues. And economically it's also very sound because if 2 million hectares that is very low yield that we're going to replant, normal replanting is about $4,000. If we add interest during construction plus the cost of living during four years, there will be around $8,000. So it will be about $16 billion needed to fund these 2 million hectares replanting. And economically basically if 3, 5 to 6 million tons increase, times $800, it will be about $4 to $5 billion increase. So I think no brainer that about four years this finance will be returned. But certainly we will not return in four years because the farmers also need some income. So we will spread that about 8 to 9 years basically. So this we already discussed with the government. We have launched that last September with the Coordinated Ministers and thank you for all the some of the ambassador also joining all this kickoff meeting. Very good. And are the banks supporting this? Yes. We also in the World Comic Forum, we have launched this so-called sustainable agriculture, so-called PISAGRO, partnership for Indonesia agriculture, green agriculture. So we have many other crops similar to this using innovative financing also. Excellent. Well, keep fingers crossed and may succeed. Yes, we will make our fat. Thank you. Thank you. Sunny, we just heard one example of if you like a supply chain component which is a part of the palm, potentially increasing its yield with the right kind of support and technology and advice. Your whole business is the entire value chain of food. Tell us when we're looking towards green growth and a green economy and working in a way that business does not deliver higher negative impacts but positive impacts, in fact, how would you go about it with Ola? What would be your challenge? How would you go about it? Tell us about it. Pavan, with your permission, let me just set the context a bit and I'll answer your specific question. I believe there are four major developmental challenges that we face this century and that's about food security, water security, impact of climate change and energy security. And all these four major developmental challenges, while it's a complex problem has got interrelated and interlocked causes. It is therefore a bit disappointing when you go to conferences like this. We address this very piecemeal, single issues that we take at a time but that's not going to solve the overall problem. So unless we can have an integrated solution to these major developmental challenges we are unlikely to make any sustainable long-term breakthroughs. The food security issue I think we all know about the drivers. We have a growing population, it was mentioned, 70 million people being added to the world each year. They all need to be fed. It's not a new problem. We have coped with it well in the past. But what is game-changing that we have not seen in our lifetime is there is increasing prosperity in the transition economies and a huge middle class emerging. In 2010 we were 1.8 billion people in the middle class. By 2030 we expected to be 4.8 billion. Roughly 3.03 billion people are being added to the middle class. 90% of that will be in India and China and a lot in this part of the world. In the western and developers very little additional growth in the middle class. They all need to be fed but more importantly there is increase in calorie consumption. As a rough rule of thumb people in low-income countries consume 2,600 calories per capita. Middle income it is 3,000 and high income it is 3,600. So there's at least a 20% growth in calorie consumption that we are going to see in India in the next 20 years. And same in China. I don't believe that India and China have a reasonable prospect of feeding itself in 10, 15 years time. This might be a provocative statement but that I believe is the fact. The third issue is there's a revolution in dietary habits from a cereal carbohydrate based diet to protein and fat based diet. In the mid 80s China consumed 15 kgs of meat per capita. Today it's 55 kgs. The western world consumes about 120 kgs of meat per capita. And we said China and India can never eat as much meat as the westerners do. Taiwan and Hong Kong which are greater parts of China consume 100 kgs of meat per capita. It's all about prosperity. If we can afford it you will eat more of these protein and fats. The fourth issue that we are seeing is urbanization and the impact of urbanization. There's a revolution in urbanization. India has hit 30% urbanization rate this year. China has hit 51% this year. Africa has 40%. Latin America has about 70%. Urban population consumes roughly three times the meat per capita as rural populations. And about three and a half times dairy products as rural populations. So China today consumes 40% of all the pork that is produced in the world. 30% of all the eggs that is produced in the world. And that is a step out of change both in demand and therefore the direction of prices. If you take the 30 year price history of wheat, wheat between 1970 and 2000 declined by minus 23%. Between 2001 and 2013 it grew at 208%. Corn declined by 23% in the 30 year period and has now grown by about 230% in the last 13 years. Rubber declined 55% in the 30 year period. It has now grown 350%. And this is not being really noticed and seen. There's a step out of change in food, feed, fiber prices. And that trend is going to continue as there is going to be a growing demand supply imbalance as we go forward. And as of all this was not tough enough, we shot ourselves in the feed by diverting more and more food and feed raw materials into biofuel manufacturing. 40% of the US corn crop got diverted into biofuels. 52% of the Brazilian sugar cane crop went into ethanol manufacturing. 10% of all world oil seeds last year went into biofuel manufacturing. And on the supply side, we have serious constraints. We have declining arable land, 0.8% in China every year. If you look at the urban crop, crawl and the satellite maps, you will see that there is significant loss. If you look at the Chinese 12-5 year plan estimates, they want food self-sufficiency, which is defined by them as 95% of the food they should produce themselves, which needs 124 million hectares of land. They probably now got about 116 million hectares of land and the cultivation, and that is going to further decline. Just as a result of their urbanization, China today has roughly 80 million fleet population. Based on 14 million cars being added in the last four years, they had gone to about 130 million cars. At 8, Chinese fleet intensity in terms of number of cars per thousand people is still today only about 58, compared to the US of 790, compared to a world average of 148 cars per thousand people. Even if China just achieves a world average, it is going to trouble its car population. What is the impact on food production? Every car that is added to the fleet population, you have to set aside 0.08 hectares of land for supporting the car in terms of the roads and in terms of the parking lots and the spaces that are required, which means China, if it projects to get to about 150 cars per thousand population, which is just the world average, and there is an estimate out there which says Chinese fleet population will go to 630 million cars in 25 years time. But let's not go there. Just 150 million cars, 50 million hectares would be taken out of cultivation. On the four major food crops, China has 90 million hectares under cultivation. Why is China today the world's largest importer of soybeans? Because it has got a water constraint and a water issue. And the best way to import water is to import a capesize full of soybeans from South America. Water is a major issue. We today consume 4.5 trillion cubic metres of water. 71% of that is for agriculture. In the northeast part of China, water tables are receding at 4 metres per year. In the northwest part of India, water tables are receding at 6.5 metres per year. China has about 8%, 22% of the world's population with 8% of its water. And India has about 20% of the world's population with about 9% of its water. If you can fight a war over oil, be prepared for bigger geopolitical conflicts on water, on food. So how do you solve this problem? It therefore has to be a holistic problem. There are some in this room who will say, all big agriculture is bad. And it's only small scale agriculture that is good. I don't think that is a balanced view. I think you need both systems to co-exist. Large scale farming systems as well as small scale farming systems. From a practitioner's point of view, we are today probably the most diversified upstream agri-business company globally. We have invested in 19 upstream plantation and farming projects in 22 countries. So we grow almonds in Australia and in California. We grow coffee in Brazil, in Zambia, in Tanzania, in Ethiopia and in Laos. We grow rubber in Kodivore, in Nigeria, in Liberia, in Ghana. We grow grains in Argentina, we grow grains in Russia, we do dairy farming in Uruguay, we do dairy farming in Russia. We have forest concessions in the Republic of Congo. So from a practitioner's point of view, I think there are a lot that we can do. Let me give you just one example. We grow onions in California. And in onions, we grow onions for not-table purposes for dehydration. We have over the last 10 years through research improved solid content in onion from 13-14% to 26.5%. In China today, solid content for onions is about 13%. In India, it's about 12%. Which means we have saved roughly on the acreage that we grow to process tomatoes. And we've got the third largest tomato processing capacity in the US. For the area that we grow, we have saved about 65 million cubic meters of water. And we have saved $88 million in terms of costs. And we've reduced 7,500 hectares from cultivation to meet our factory's capacity requirements. There's just one example. And we've got 170 such programs that we are running. But as was mentioned by Franchi, in all our large-scale agricultural systems, it is only a site show. Your nucleus farm or your main farming operation is only a site show. The bigger part of the activity is really the outgrow program that you're embedding into your ecosystem. In Nigeria, where we grow rice on 4,600 hectares today, which we will take to 10,000 in large-scale mechanized farm with aerial seeding and mechanized harvesting. We have 10,000 farmers in a small outgrow program whose eels have gone up from 1.8 tons to 3.5 tons per hectare. The way we can create true value is to transform the livelihoods by enhancing their productivity, but they can't increase their productivity in a vacuum. They need to see best practice, good agricultural practice, and there has to be a seamless exchange in order to be able to catalyze that. Lovely examples, and I completely agree with you that we tend to box and silo our issues, food security, energy security, climate change, and water security. But I think also equally we sometimes box issues in terms of environmental issues, people issues, and economic issues, and I think let's not fall prey to that. So let me just ask you immediately what you're speaking about in terms of productivity gains, which is of course absolutely one of the components towards sustainability. How can we ensure they reach the bottom of the economic pyramid? Why do we say this? After all 70% of poverty today is in rural agricultural areas.  These are tiny farmers and yet they employ and feed. And also 80% of the food that is received by food insecure regions comes from these areas, from these small farms. So where's the connect? How can we ensure that the kind of approach and technology and expertise that you speak of which delivers higher productivity is actually available right down to the bottom of this pyramid so that the jobs are there so we don't only talk product but also employment and equity. That's a very good point for it. So in the 65 countries that we are present, we touched directly or involved directly with 3.5 million farmers. Now we offer them 8 things as part of our OLAM livelihoods charter because we believe it is easy for us to go into these countries and get licenses from the government to operate. But it's damn difficult to get a license from the community to operate. Most of these long-term plantation projects that you set up have useful lives of 30, 40, 50 years in the case of pistachios and walnuts, 50 and 60 years. So it's not about going there making a fast buck and getting out of the country. So if you want to really survive long-term in the country, you need the license from the communities to operate. That's far more difficult to get in these countries than just getting a government license to operate. So if you look at the 8 things that we do. Firstly, we provide micro-finance and we provide interest-free loans. We cost it as a part of our cost of production but we provide the farm because the first thing in emerging markets, tough emerging market geographies is the lack of rural finance. The second thing that we provide is a whole extension services package that allows them to improve its productivity. So we work directly, we have now worldwide about 2,000 extension offices, trained agricultural graduates and post-graduates who get the farmers to come to that good practice that we want, which is in that context relevant. The third is we look at quality of gradation. So in the farmer, we can convert them to produce more organically certified raw materials or more traceable raw materials or more customized grades of qualities. We can get a significant premium. Today when we supply organic cashew, we get a 80% premium over in organic cashew and we can supply and share that with the farmers. So that is the third thing that we do. The fourth thing that we do is labor practices. So it is natural in some of these environments for family, all of them to work on the farm to make sure that they ensure that the children go to school and they are not forced on the farms is a major effort and a huge task. So that is the fourth thing that we do. So there are eight things that we do, we won't have time to go through all of that and that catalyzes the livelihoods which is more important for us. Great to hear that because in a sense this is the connect, this is how it goes down. Provide microfinance, provide education, provide quality related advice, provide labor support and market access. I know we are talking a lot about food but I think given that food is also 30% of climate change impact if you take agriculture food and everything that supports it and given that it is a pretty important part of our lives. Let's stay with that for a moment but go from the supply side to the demand side. Peg, you have had a long career in environmental activism if I may say in the broadest possible sense but also in governance as an MP and you come from a different part of the world. What role does the citizen play when she becomes a consumer? How does that equation work in creating a green economy and sustainability? I think it's a very important question to address. When we look at the concept green growth, when you hear the words or what I do I think well that's totally contradictory. It's an oxymoron, one of my favourite words. For growth to become green we obviously need to decouple it from increasing material consumption and in particular from runaway consumption of natural resources and we've all seen the slides up here this morning around the types of problems with just escalating degradation and destruction of natural ecosystems and escalating demand, escalating production. I think the important thing to understand of course is this is happening in a globalised way and that it's in response to demand from developed countries and from the large cities in Asia. We've got globalised trade and investment which is driving large scale projects and these changes, especially in pulp and paper, in mining, in rubber and in oil palm in this region. We can't resolve those problems solely on the supply side or by thinking just out of what we do on the supply side. I'm not saying the supply side isn't important, it's very important and there are a range of things that have already been talked about and we'll hear it through the two days about what we can do to make production more environmentally sustainable.  So you have to tackle demand. How do you do it? Well I think the first, there are a number of things that can be done the first one is to create a presumption in the opposite direction by which I mean pay to keep it rather than paying to chop it down or dig it up or whatever you do and take it away. That's where the concept of Red Plus comes in paying to maintain the forests and hopefully we can get to those other carbon rich ecosystems like mangroves as well or maybe we could pull them in under red I remember trying to talk about that about five years ago at the climate talks and people thought I was a bit loopy but the time is coming and all the other ecosystem services, they are really vital they're really important for people, they're also important they're simply intrinsically and if we can get money landing to keep them there then good. So that's the first thing. Secondly I think we have to address the drivers, the underlying causes and yes there are a lot of people who obviously need to be able to move out of poverty and will along the way be consuming more but there are also an incredible number of people on the planet who are indulging in wildly inappropriate overconsumption and we have to do something about it. We actually have to restrain that type of lifestyle. And a lifestyle which is causing them ill health as well. Well yes exactly. In fact the way health links in with all of this is absolutely fascinating. So what can you do about that? Well in my experience there are a number of things. You act in the markets. You actually address with people something that our interesting speaker from Singapore talked about earlier, accountability, responsibility. Responsibility is not just something that has to be taken by producing companies. Responsibility has to be taken by consumers and by retail companies and the way I've done it is with the carrot and stick approach for companies. They have a reputation they want to maintain a brand increasingly because of consumer awareness that means that they want to be seen to be doing the right thing about forests and natural ecosystems and so if they're encouraged, if they do the good thing okay they get accolades, do the bad thing, reputational damage will come and so too with consumers many people feel very disempowered by the slow rate of change and the slowness in developed countries of their governments to commit to making real reductions in carbon emissions and they want to do something themselves. This is where they can act and they can act back down the supply chain talking to the retail companies that goes back down to the suppliers and so on about what is actually acceptable in the market and we've had some very big successes with this. Also you can act on investment in a similar way you talk to investment banks about what is their policy and why you make sure that they're informed about what's going on they're often not aware of course of the minutiae around the environmental aspects of the investments they might be making in a company and that company's activities so that's another really important one and of course if it's a bank that ordinary mums and dads bank with they've got the stick that you can use as well and then of course they're just talking to the companies themselves about company policies it's very important that there are companies who are leaders it's also important to deal with those who are laggards and shareholder activism is very very important I think I could go on but that's a taste of the type of thing to be done on the demand side. That's great thanks very much for adding that and also for questioning as you did right at the beginning on growth what do we mean by growth because if all we're achieving is demand growth then that may not achieve sustainability certainly would not be green. Well yeah I mean you know they have TV shows in Australia about how awful it is to have too much stuff well it is awful but it's not just because it clutters up your house it's much more important than that and I think there's a fundamental soul searching to be done as a result of again what we heard from Singapore if you have transparency then you can have accountability but you can also have awareness so education and awareness and encouraging people to action and actually giving them things that they can do simply in their lives and simply to feed back to companies and to producers very very important and very powerful when you get that happening at scale you get a result. Excellent now another dimension which is capital and when we talk green growth and green economy what we really want to grow is wealth and the economic measurement of wealth whether it is human wealth, intellect, skills, future incomes or whether it's wealth in terms of nature and its bounties it's about capital, capital is the economic term for wealth Andrea you worked on this whole issue of modelling different paths in the economy to see what's their impact these different policy paths on the overall capital in the economy so what is your take on this? Do you think it's possible for example to model a path which is green, is inclusive, it's supportive of the bottom of the pyramid it is sustainable on the one hand and on the other hand modelling a path which is business as usual what we are doing today and coming to clear answers is this possible? Have you done it? What does it look like? Thank you Pawan. I'll go for the short answer because the long one may take a week No I only have give you three minutes for you It is certainly possible I think when we talk about green economy and green growth the concept may be new but the interventions are not new so that's something we need to recognise we talked about energy efficiency, water efficiency sustainable forest management for a long time so what is really innovative is the type of analysis we need to do to assess these green economy and green growth interventions so often we start with looking at investments erroneously we call them costs of action but they are really investments these normally accumulate in built capital manufactured capital which is normally what we are able to track very well on the other hand we need to consider also what are the avoided costs that are being driven or generated by investing in green economy interventions now these are potentially the avoided loss in ecosystem services so we are really talking about natural capital when we lose ecosystem services we need to replace them and that requires further investment so it is really an avoided cost and that's something we have analysed for a long time with energy efficiency you invest in energy efficiency to reduce the cost of running a car running your factory and so on and so forth the third item to look at is the added benefits often we say that the economy has to be pro jobs and pro poor like in the case of Indonesia so in this case we are talking about potentially creating new and additional jobs that take care of what is the social and the human capital building in also the knowledge that supports productivity and competitiveness and so on what is really interesting then at this point is to consider how this type of information can contribute to policy formulation and assessment recognising that there are impacts that can be felt or outcomes that emerge within one sector that could be energy or forest or water and so on and so forth but there are also impacts that emerge across actors so we have the public sector, the private sector we have households, we have the poor living in forests and Alibaba diverse areas so this would only be possible if you had a full economy model input output model which covers the entire economy where your modelling is changed based on different policies and investments from one type of economic outcome to the other yes potentially being a dynamic model that accounts for the short, medium and longer term policy interventions across dimensions and is this what you are doing with the UNDP project the low emissions capacity building project? it's an evolving process concepts are getting firmer one challenge in my work I've supported about 20 countries in dealing with green economy and green growth planning across planning processes budgetary processes, medium for longer term and vision type of exercises and the challenge is that every country is unique it has a social, economic and environmental context that is unique so we are doing interesting work here in Indonesia to support the assessment on what the green economy of green growth means at the provincial level as well as at the national level how processes can be improved to become more comprehensive to assess the impacts or the outcomes positive and negative because we know there are side effects that will be emerging so the trick is to anticipate these potential side effects and assess what the consequences are simultaneously on the built capital, on the natural capital and the social and human capital so truly an integrated approach of the kind of if you like testing out in measurement terms in a planner's thinking and in an economic analyst's thinking what are the outcomes so I think it's very difficult to summarize such a rich discussion but I'll just say that we have gone from the perspective of how do we manage an overall country economy from Southeast Asia from Vice Minister from Laos to how does sustainability get embedded into the actions of a company from both of you all the way down to looking down the value chain and looking to different levels of society recognizing that green economy is also about ensuring sustainable production and consumption we had tax views on sustainable consumption how to engender that and the role of education and exemplification and awareness and also then finally the planner's toolkit how do you measure anything as complex as green economy and what Andrea says suggests that it is possible in fact he's working on it I really want to open before I thank the panel I think there's probably time for one or two questions from the floor if there are burning questions can they raise their hand and can someone take a microphone to them a person right at the end on the right hand side the gentleman there yes can you just stand up and first you and then the gentleman in front so can someone take a microphone to the gentleman at the end so please remember the rule that I have for questions is there have to be tweet length your question has to be tweet length everybody in Jakarta is the Twitter capital of the universe so you know what I mean when I say that can someone please take a microphone to the gentleman at the end my name is Faisal Parish from Global Environment Centre working with the ASEAN secretariat on the issue of Transboundary Hays and Pete Fires my question is to Freddie Wajaja earlier today we heard the challenge from the Singapore Minister how do we get everyone working together in partnership private sector, government civil society you have mentioned some of the initiatives that you have worked about financing for Small Holder but still we are having major problems and we had in Rio earlier this year I understand that for GAR you have been able to minimise the problem of peatland fires on your lands but how can you play a role to spread that to much larger landscapes around your operation how can you work with other stakeholders and what are the challenges to that in creating a Transboundary Hays-free environment for peatland development thank you well, for Golden Agri we have already put the policy for non-peatland plantation for already more than 3-4 years and basically the government still allow plantation up to 3 metres depth these are the things that maybe the policy issues need to be revisited the other part is basically for those areas which is they, I think a lot of the small holders are still still doing the what you call it the stress and burns we are not practice basically and the initiative that we have for a million hectares for 2 million hectares replanting to increase their productivity and their income hopefully that will reduce the for them to wanted to plant more in other areas where it's actually a conserved areas also so these are the things that I think the government to simultaneously increase their productivity increase their income reducing those areas where it's already prohibited and also certainly is the capacity building how to make sure that they understand the good agriculture practice so these are the concerted effort as a totality how we address these issues and we see some progress but the weather is not helping us we understand that Elinio is coming 75% prediction that's going to come later half of this year we hope we are now preparing how to reduce the effect on this Elinio thanks thanks for answering I know we've been talking a lot about agriculture and food and I've been reminded that lunch approaches so it is now my privilege to thank our speakers thank you excuse me you'll have to really be very quick quickly then we can have one quick answer very quick to Mrs Pegg but I'm interested in your point in your solution on pay to keep rather than pay to cut the trees before that my name is Garland I'm from the World Resources Institute Indonesia so I'm asking what kind of mechanism are you going to propose for this idea it's an interesting idea but you need to put into account the potential loss from these countries who have the trees when they are forced to keep the trees in compensation of money what I'm talking about really is maintaining intact natural forests so I'm not saying that people that live in the forest are able to do what they've traditionally done there obviously the forest is still intact whatever's been going on has been fine and I would hope that the benefits of paying to maintain that environment and that livelihood and lifestyle that has persisted to date would actually flow to those communities that's the sort of thing that I'm thinking of and I think that's the sort of thing that when people in developed countries think about this problem and want to deliver some money somehow via their government or however it happens to try and help out by keeping these ecosystems that's the sort of thing they're thinking of I do understand issues around fear of dispossession and that this is another form of commodification in a sense it is commodification but if it's done with the right sort of process and that thought process about maintaining what has historically been that's work that's the thing and there will be a lot more of that in the session so thank you very much panellists a big cheer of applause for them thank you very much distinguished guests and ladies and gentlemen super answers thank you very much we still have a very exciting program ahead of us we've got two lunchtime events taking place downstairs on the fire and haze and another one on the future of forestry research and education for those wanting to attend those events