Researchers look at markets for weather risk in developing countries
Another locally based commercial spinoff of UK research is developing effective and affordable index-based weather insurance products for markets that serve small farmers.
With the support of a grant from the Bill and Melinda Gates Foundation, GlobalAgRisk Inc. of Lexington launched the program, working in arrangement with the University of Kentucky. The program involves two major activities: in-country work in Peru to develop index insurance against extreme El NiÒo, which creates catastrophic flooding in the northern regions of Peru; and a global research and outreach program to provide essential information about the potential and the limitations of index-based weather insurance.
Index-based insurance reduces the cost of insuring against some weather-related losses because no claim adjustment is required. Instead, payments are based simply on realized values of specified weather variables that are highly correlated with losses. These weather variables are measured by independent third parties such as government meteorological services.
The arrangement between GlobalAgRisk and UK supports a rigorous academic research agenda, which also includes scholars from Columbia University, Mississippi State University and Ohio State University. Complementing these efforts, internationally known specialists and a legal and regulatory advisor on index insurance will contribute to an ambitious research and outreach program. The effort will inform academics, donors, non-government organizations and professionals about the efficacy of index-based weather insurance for reducing poverty and improving development in lower income countries.
The Gates Foundation grant is part of the organization's efforts to create financial markets to serve the poor. Progress in transferring natural disaster risks to global markets could have a major impact on economic development and poverty reduction in lower income countries.
Jerry Skees, president of GlobalAgRisk and the H.B. Price Professor of Agricultural Policy and Risk in the Department of Agricultural Economics in the UK College of Agriculture, has been a global leader in the development of index-based insurance. His first contribution using index-based insurance was the development of the Group Risk Plan for U.S. farmers in 1992. As of 2008, more than 28 million acres of crops were insured under the GRP as part of the U.S. federal crop insurance program. He established GlobalAgRisk to focus on the design and development of sustainable, risk management products targeted at improving the livelihoods of the rural poor. GlobalAgRisk has conducted feasibility assessments, product design and pilot implementation activities in numerous countries around the world, most recently with projects in Mali, Mongolia, Peru and Vietnam.
Thinking about fish farming? This event's for you
Will largemouth bass, koi, freshwater prawn, crayfish and paddlefish join tobacco and race horses among Kentucky's signature agricultural offerings? Anyone interested in the business of aquaculture - fish farming - should make plans to be in Frankfort on Saturday, July 25, when Kentucky State University and the state Cooperative Extension Service are offering a free "Aquaculture Field Day" at KSU's Aquaculture Research Center.
"It's a really laid-back way for people to see what we are doing here," said KSU aquaculture professor Bob Durborow. "We will be available to answer questions and talk about our projects. If you're thinking of an aquaculture or fisheries project, this is the ideal time to get guidance from professionals."
More information is available online at www.ksuaquaculture.org.
Newtown Pike extension to begin - finally!
A Lexington road project that has been under discussion for as long as anybody can remember is finally about to get underway, spurred to a gallop by the prospect of heavy traffic during next year's Alltech FEI World Equestrian Games and the availability of $11 million in federal stimulus money.
If all goes precisely as hoped, work on the planned Newtown Pike Extension will be visible to motorists on two major Lexington arteries beginning in early August.
Between August 1 and November 1, Kentucky Transportation Cabinet officials hope to complete new intersections on Main Street at Newtown and Cox Streets, and on Versailles Road at Pine. During construction, traffic on the two main roads is to be limited to one lane in both directions, according to Natasha Lacy, a spokeswoman for the Cabinet's Seventh District office in Lexington.
Bidding for this first phase of the project (actually, Phase 4 moved to the top of the priority checklist) got underway on July 3. Bids are to be opened on July 24 with selection of a construction company and the beginning of work to follow almost immediately.
"It's promising [but] for the next year it's going to be difficult. But obviously there's a significant upside," said developer Barry McNees, who is working to transform the Manchester Street industrial corridor into the Lexington Distillery District. The Newtown Pike extension will intersect with Manchester a few hundred yards from McNees' Old Tarr Distillery, future home of the relocated Buster's bar. McNees' understanding is that the middle sections of the road between Main and Versailles, including a new bridge, will be started in the spring of 2010.
The cabinet is aiming to complete the project in time for the world to come to Lexington in September of '10. "That's the hope, that all this construction will be finished before the Equestrian Games," Lacy said. But with the Alltech FEI World Equestrian Games starting in late September of 2010, the cabinet is facing a razor-thin schedule to complete the project.
"They're thinking it can be done. It's an aggressive schedule," Lacy said. "Once a contractor's on board, they've got incentives to get the work done as quickly as possible. It's a tight timetable, but it can be done."
The Main to Versailles portion is just the start of the project as Newtown will eventually lead all the way into UK's campus on Limestone. - Erik A. Carlson
Special hotel rates offered for July WEG test events
With the World Equestrian Games little more than a year away, Lexington is about to get a sneak preview when Kentucky Cup Reining and Kentucky Cup Vaulting - the official WEG test events for the disciplines of reining and vaulting - arrive at the new indoor arena at the Kentucky Horse Park this month.
Kentucky Cup Reining will be the first official test event in the new indoor arena on July 21. Doors will open at 8:30 a.m. and the team competition runs from 10 a.m. to noon. The Individual Kentucky Cup Reining Finals will be held the evening of July 23. Doors for the individual finals will open at 6:30 p.m. and the competition will begin at 7:30 p.m.
Kentucky Cup Vaulting will take place July 30-August 2, and will run each day from 8 a.m. to noon and again in the afternoon from 1 p.m. to 5 p.m. Doors will open one hour prior to the start of competition.
Admission is free to all the Kentucky Cup Reining and Kentucky Cup Vaulting events. Parking for all competitions will be $3 per day at the entrance to the Kentucky Horse Park, and $5 in the evening.
All spectators are encouraged to enjoy many other activities and attractions offered at the Kentucky Horse Park during their visit. Admission tickets to the park can be purchased at the Visitor Information Center: $15 for adults, $8 for children (7-12), and children 6 & under are free. Park admission includes access to the world-renowned International Museum of the Horse and American Saddlebred Museum, horse-drawn tours and various equine presentations and shows throughout the day.
The World Games 2010 Foundation has made arrangements for discounts at four area hotels ($129 per night and lower) to accommodate out-of-towners coming to compete or just check out these test events. Participating hotels include Courtyard Lexington North, Griffin Gate Marriott Resort & Spa (Lexington), Hilton Garden Inn (Georgetown), and the Hampton Inn (Georgetown).
Barney Miller's to host Tech Expo
Home electronics retailer Barney Miller's will host a day of demonstrations and innovations at a second annual Techno Expo event.
"We really want to expose people to all the cool technology out there," said Barney Miller, owner.
This year's expo from noon to 7:30 p.m. on July 23 will feature innovations in home entertainment and whole-house control innovations, including motion-activated lights and energy-saving LED flat panel televisions.
Factory experts from Lutron lighting control, Samsung, Epson projectors, B&W Loudspeakers and Control 4 in addition to Miller's sales, installation and service crew will be available to advise and educate. "Technology's complicated, but when you work with experts, you get all the fun without all the hassle," Miller said.
The free event will take place at Barney Miller's showrooms on 232 East Main Street. - Allie Geiman