A risky bet: Climate change and the EU’s microprudential framework of banks

Banking regulation and supervision have a key role to play in realizing the EU’s climate change objectives. In this article, we analyse the EU-level initiatives currently underway to decarbonize the banking system, in particular with regard to the microprudential rulebook. We document how regulators work hard to fit climate policy into the existing objectives of the microprudential framework. We also assess whether these efforts are likely to be successful by sketching two ways forward, which involve their own distinct hazards. The first is a ‘Deferential Transition’, which sees policymakers rely on banks and external rating providers to develop adequate internal risk management procedures while taking a largely agnostic approach as to what methodologies are appropriate. If this is the way forward, we see a number of risks: banks have a clear incentive to downplay risk, while large financial institutions gain a significant advantage and the division of responsibility between banks and supervisors becomes blurred. We also outline the scenario of a ‘Guided Transition’, in which regulators provide fine-grained guidance on the future that banks should anticipate. Although we broadly think this approach is the more effective route to greening EU banking, we also see challenges of an entirely different sort: regulators will unavoidably face political choices and EU lawmakers will need to consider issues of legality, legitimacy, and accountability. In this regard, we argue, the EU faces a risky bet

Design of a ring resonator-based optical beam forming network for phased array receive antennas

A novel squint-free ring resonator-based optical beam forming network (OBFN) for phased array antennas (PAA) is proposed. It is intended to provide broadband connectivity to airborne platforms via geostationary satellites. In this paper, we present the design of the OBFN and its control system. Our goal is to deliver large bandwidth Ku-band connectivity between antennas, mount conformal to the airplane fuselage and on a geostationary satellite, respectively.This way it would be possible to bring live DVB-S television to airplane passengers. In this paper, we present recent research conducted on a 4 × 1 ring resonator-based OBFN test set-up. This OBFN has four optical input ports and one optical output port. It is tuned to provide the desired signal combination with optimal constructive interference between the modulated input signals from the PAA. Therefore, combining circuitry and delay elements are required. The OBFN is tuned by electrically heating tunable true time delay (TTD) elements. These are built using optical ring resonators (ORRs). By cascading multiple ORRs with different resonance frequencies, it is possible to create a TTD with a large bandwidth. Optical beam forming is used because it provides advantages over traditional beam forming methods. These advantages are: large bandwidth, EMI resistance, and, when integrated onto a single chip, compactness and low costs. The OBFN is created using planar optical waveguide technology and consists of the following building blocks: waveguides, Mach-Zehnder interferometers, (MZIs) couplers and ORRs. The tuning of the OBFN is done by an electronic control system using a microcontroller. Communication with a PC is possible using USB. To our knowledge, this is the first integrated ORR-based OBFN circuit for PAA satellite reception

Weak Acid Permeation in Synthetic Lipid Vesicles and Across the Yeast Plasma Membrane

We present a fluorescence-based approach for determination of the permeability of small molecules across the membranes of lipid vesicles and living cells. With properly designed experiments, the method allows us to assess the membrane physical properties both in vitro and in vivo. We find that the permeability of weak acids increases in the order of benzoic > acetic > formic > lactic, both in synthetic lipid vesicles and the plasma membrane of Saccharomyces cerevisiae, but the permeability is much lower in yeast (one to two orders of magnitude). We observe a relation between the molecule permeability and the saturation of the lipid acyl chain (i.e., lipid packing) in the synthetic lipid vesicles. By analyzing wild-type yeast and a manifold knockout strain lacking all putative lactic acid transporters, we conclude that the yeast plasma membrane is impermeable to lactic acid on timescales up to ∼2.5 h.BT/Industrial Microbiolog

Gastrointestinal adverse drug reaction profile of etanercept:Real world data from patients and healthcare professionals

Objective. We aimed to describe the nature and frequency of gastrointestinal adverse drug reactions (GI-ADRs) of etanercept (ETN) using patient-reported and healthcare professional (HCP)-registered data and compared this frequency with the GI-ADR frequency of the widely used tumor necrosis factor-α inhibitor adalimumab (ADA). Methods. Reported GI-ADRs of ETN for rheumatic diseases were collected from the Dutch Biologic Monitor and DREAM registries. We described the clinical course of GI-ADRs and compared the frequency with ADA in both data sources using Fisher exact test. Results. Out of 416 patients using ETN for inflammatory rheumatic diseases in the Dutch Biologic Monitor, 25 (6%) patients reported 36 GI-ADRs. In the DREAM registries 11 GI-ADRs were registered for 9 patients (2.3%), out of 399 patients using ETN, with an incidence of 7.1 per 1000 patient-years. Most GI-ADRs consisted of diarrhea, nausea, and abdominal pain. GI-ADRs led to ETN discontinuation in 1 patient (4%) and dose adjustment in 4 (16%) in the Dutch Biologic Monitor. Eight GI-ADRs (73%) led to ETN discontinuation in the DREAM registries. The frequency of GI-ADRs of ETN did not significantly differ from GI-ADRs of ADA in both data sources (Dutch Biologic Monitor: ETN 8.7% vs ADA 5.3%, P = 0.07; DREAM: ETN 2.8% vs ADA 4.7%, P = 0.16). Conclusion. Most GI-ADRs associated with ETN concerned gastrointestinal symptoms. These ADRs may lead to dose adjustment or ETN discontinuation. The frequency of ETN-associated GI-ADRs was comparable to the frequency of ADA-associated GI-ADRs. Knowledge about these previously unknown ADRs can facilitate early recognition and improve patient communication

KAI407, a potent non-8-aminoquinoline compound that kills Plasmodium cynomolgi early dormant liver stage parasites in vitro.

Preventing relapses of Plasmodium vivax malaria through a radical cure depends on use of the 8-aminoquinoline primaquine, which is associated with safety and compliance issues. For future malaria eradication strategies, new, safer radical curative compounds that efficiently kill dormant liver stages (hypnozoites) will be essential. A new compound with potential radical cure activity was identified using a low-throughput assay of in vitro-cultured hypnozoite forms of Plasmodium cynomolgi (an excellent and accessible model for Plasmodium vivax). In this assay, primary rhesus hepatocytes are infected with P. cynomolgi sporozoites, and exoerythrocytic development is monitored in the presence of compounds. Liver stage cultures are fixed after 6 days and stained with anti-Hsp70 antibodies, and the relative proportions of small (hypnozoite) and large (schizont) forms relative to the untreated controls are determined. This assay was used to screen a series of 18 known antimalarials and 14 new non-8-aminoquinolines (preselected for blood and/or liver stage activity) in three-point 10-fold dilutions (0.1, 1, and 10 μM final concentrations). A novel compound, designated KAI407 showed an activity profile similar to that of primaquine (PQ), efficiently killing the earliest stages of the parasites that become either primary hepatic schizonts or hypnozoites (50% inhibitory concentration [IC50] for hypnozoites, KAI407, 0.69 μM, and PQ, 0.84 μM; for developing liver stages, KAI407, 0.64 μM, and PQ, 0.37 μM). When given as causal prophylaxis, a single oral dose of 100 mg/kg of body weight prevented blood stage parasitemia in mice. From these results, we conclude that KAI407 may represent a new compound class for P. vivax malaria prophylaxis and potentially a radical cure

Using a satellite swarm for building a space-based radio telescope for low frequencies

In radio astronomy, as in astronomy in general, a wide range of frequencies is observed as each spectral band o_ers a unique window to study astrophysical phenomena. In the recent years, new observatories have been designed and built at the extreme limits of the radio spectrum. For the low frequencies several Earth-based radio telescopes are constructed at this moment. In the Netherlands, the Low Frequency Array (LOFAR) is being constructed at this moment and will be operational later this year. LOFAR observes the sky between 30 and 240 MHz. Observing at even lower frequencies is very interesting, but, due to the inuence of the Earth's ionosphere this is not possible from Earth. Thus, the only option to observe low frequencies is a telescope in spac

OLFAR - orbiting low frequency array; using a satellite swarm for building a space-based radio telescope for low frequencies

In radio astronomy, as in astronomy in general, a wide range of frequencies is observed as each spectral band offers a unique window to study astrophysical phenomena. In the recent years, new observatories have been designed and built at the extreme limits of the radio spectrum. For the low frequencies several Earth-based radio telescopes are constructed at this moment. In the Netherlands, the Low Frequency Array (LOFAR) is being constructed at this moment and will be operational later this year. LOFAR observes the sky between 30 and 240 MHz. Observing at even lower frequencies is very interesting, but, due to the influence of the Earth’s ionosphere this is not possible from Earth. Thus, the only option to observe low frequencies is a telescope in space