Constituting monetary conservatives via the 'savings habit': New Labour and the British housing market bubble

The ongoing world credit crunch might well kill off the most recent bubble dynamics in the British housing market by driving prices systematically downwards from their 2007 peak. Nonetheless, the experience of that bubble still warrants analytical attention. The Labour Government might not have been responsible for consciously creating it, but it has certainly grasped the opportunities the bubble has provided in an attempt to enforce a process of agential change at the heart of the British economy. The key issue in this respect is the way in which the Government has challenged the legitimacy of passive welfare receipts in favour of establishing a welfare system based on incorporating the individual into an active asset-holding society. The housing market has taken on new political significance as a means for individuals first to acquire assets and then to accumulate wealth on the back of asset ownership. The ensuing integration of the housing market into an increasingly reconfigured welfare system has permeated into the politics of everyday life. It has been consistent with individuals remaking their political subjectivities in line with preferences for the type of conservative monetary policies that typically keep house price bubbles inflated

Influence of particle size in Pd-catalysed selective hydrogenation of 1,3-butadiene

Supported Pd nanoparticles are widely used as catalysts for the selective hydrogenation of alkynes and diolefins. They have a high activity, but it remains challenging to limit over–hydrogenation to alkanes. We varied the nanoparticle size of a Pd on carbon catalyst from 2 to 17 nm and studied its effect on the catalytic activity and selectivity in the selective hydrogenation of 1,3-butadiene in the presence of an excess of propylene. The butadiene hydrogenation activity per metal surface atom increased slightly with Pd particle size, from 17 s−1 to 34 s−1 at 25 °C for 2 nm to 17 nm particles. Contrarily, the propylene hydrogenation activity decreased with particle size: from 2.6 s−1 to 0.4 s−1 from 2 to 17 nm particles. Overall, a higher product selectivity was obtained with increasing particle size over the full butadiene conversion range. Altogether, this paper provides useful insight for the rational design of monometallic Pd-catalyst for selective hydrogenation

Non-performing loans at the dawn of IFRS 9: regulatory and accounting treatment of asset quality

Asset quality is a key indicator of sound banking. However, it is difficult for banking regulators and investors to assess it in the absence of a common, cross-border scheme to classify assets. Currently no standard is applied universally to categorise loans, the most sizeable asset on banks’ balance sheets. As a corollary, definitions of nonperforming loans (NPLs), despite recent steps towards greater harmonisation, continue to vary between jurisdictions. This paper offers a comprehensive analysis of NPLs and considers variations in the treatment of NPLs across countries, accounting regimes, and firms. The paper relies on a multi-disciplinary perspective and addresses legal, accounting, economic and strategic aspects of loan loss provisioning (LLP) and NPLs. A harmonised approach to NPL recognition is particularly desirable, in view of the fact that IFRS 9, the new accounting standard on loan loss provisioning, will be mandatory from January 2018. IFRS 9 changes the relationship between NPLs and provisions, by relying on greater judgement to determine provisions. The potential for divergence makes the need for comparable indicators against which to assess asset quality all the greater

Silica as support and binder in bifunctional catalysts with ultralow Pt loadings for the hydroconversion of n-alkanes

Hydroconversion is a key step in the production of ultraclean fuels from renewable sources. This reaction is carried out using a bifunctional catalyst consisting of a base metal sulfide or a noble metal and a solid acid. Recently, we have shown that for Pt/Al2O3/ZSM-22 catalysts with low Pt loadings (≤0.01 wt%) it is advantageous – to both the activity as well as the isomer selectivity - to emplace the Pt on the zeolite crystallites instead of on the Al2O3 binder. When these low loadings of Pt were on the alumina binder, small clusters or even single atoms were present which were hard to reduce leading to inactivity of the catalysts. Herein, we explore the replacement of alumina by silica, and the performance of catalysts with ultralow Pt loadings on the conversion of longer-chain hydrocarbons. A series of Pt/SiO2/ZSM-22 catalysts with varying Pt weight loadings (0.001, 0.005, 0.01, 0.05, 0.1 and 0.5 wt%) and location (on silica or on ZSM-22) was prepared and characterized using ICP, NH3-TPD, HAADF-STEM and XAS. Their hydroconversion performance was evaluated using n-heptane and n-hexadecane as model feedstocks. As for the Pt/Al2O3/ZSM-22 catalysts systems, for Pt/SiO2/ZSM-22 catalysts with low Pt loadings (≤0.01 wt% for n-heptane conversion) it was beneficial to have the Pt nanoparticles on the ZSM-22 crystals. Hydroconversion of n-hexadecane over Pt/SiO2/ZSM-22 and Pt/Al2O3/ZSM-22 catalysts showed that for feedstocks with a higher molecular weight, higher Pt loadings (≥0.05 wt%) are required for sufficient catalytic performance. For the conversion of n-hexadecane it was beneficial to locate these higher amounts of Pt on the binder

On the Mechanism of the Conversion of Methanol to 2,2,3-Trimethylbutane (Triptane) over Zinc Iodide

Methanol is converted to a mixture of hydrocarbons by reaction with zinc iodide at 200 °C with one highly branched alkane, 2,2,3-trimethylbutane (triptane), being obtained in surprisingly high selectivity. Mechanistic studies implicate a two-stage process, the first involving heterogeneously catalyzed formation of a carbon−carbon-bonded species, probably ethylene, that undergoes homogeneously catalyzed sequential cationic methylation to higher hydrocarbons. The first stage can be bypassed by addition of olefins, higher alcohols, or arenes, which act as initiators. Rationales for the particular activity of zinc iodide and for the selectivity to triptane are proposed

Organoiridium complexes : anticancer agents and catalysts

Iridium is a relatively rare precious heavy metal, only slightly less dense than osmium. Researchers have long recognized the catalytic properties of square-planar Ir(I) complexes, such as Crabtree's hydrogenation catalyst, an organometallic complex with cyclooctadiene, phosphane, and pyridine ligands. More recently, chemists have developed half-sandwich pseudo-octahedral pentamethylcyclopentadienyl Ir(III) complexes containing diamine ligands that efficiently catalyze transfer hydrogenation reactions of ketones and aldehydes in water using H2 or formate as the hydrogen source. Although sometimes assumed to be chemically inert, the reactivity of low-spin 5d(6) Ir(III) centers is highly dependent on the set of ligands. Cp* complexes with strong σ-donor C^C-chelating ligands can even stabilize Ir(IV) and catalyze the oxidation of water. In comparison with well developed Ir catalysts, Ir-based pharmaceuticals are still in their infancy. In this Account, we review recent developments in organoiridium complexes as both catalysts and anticancer agents. Initial studies of anticancer activity with organoiridium complexes focused on square-planar Ir(I) complexes because of their structural and electronic similarity to Pt(II) anticancer complexes such as cisplatin. Recently, researchers have studied half-sandwich Ir(III) anticancer complexes. These complexes with the formula [(Cp(x))Ir(L^L')Z](0/n+) (with Cp* or extended Cp* and L^L' = chelated C^N or N^N ligands) have a much greater potency (nanomolar) toward a range of cancer cells (especially leukemia, colon cancer, breast cancer, prostate cancer, and melanoma) than cisplatin. Their mechanism of action may involve both an attack on DNA and a perturbation of the redox status of cells. Some of these complexes can form Ir(III)-hydride complexes using coenzyme NAD(P)H as a source of hydride to catalyze the generation of H2 or the reduction of quinones to semiquinones. Intriguingly, relatively unreactive organoiridium complexes containing an imine as a monodentate ligand have prooxidant activity, which appears to involve catalytic hydride transfer to oxygen and the generation of hydrogen peroxide in cells. In addition, researchers have designed inert Ir(III) complexes as potent kinase inhibitors. Octahedral cyclometalated Ir(III) complexes not only serve as cell imaging agents, but can also inhibit tumor necrosis factor α, promote DNA oxidation, generate singlet oxygen when photoactivated, and exhibit good anticancer activity. Although relatively unexplored, organoiridium chemistry offers unique features that researchers can exploit to generate novel diagnostic agents and drugs with new mechanisms of action