Video: Hollywood Stars Call Attention on Poverty and Preventable Disease
Young stars, like Ashley Greene and Hayden Panettiere, team up to star in a new PSA aimed to urge their generation to take part in the fight against poverty and preventable disease.
Artists from a wide range of TV and big screen projects team up to star in a new public service announcement (PSA), which is aimed to mobilize young people in the fight against poverty and preventable disease like AIDS, tuberculosis and malaria, particularly in Africa. The campaign is launched in partnership with global advocacy and campaigning organization ONE, which is co-founded by U2 rocker Bono.
"The Twilight Saga's New Moon" stars Ashley Greene, Kellan Lutz, Nikki Reed and Jackson Rathbone, as well as "Gossip Girl" actors Leighton Meester, Jessica Szohr and Ed Westwick are some of the celebrities featured in the PSA, called "Coming Together as One". In addition to them all, there are also the likes of Hayden Panettiere from "Heroes", Tristan Wilds of "90210", "High School Musical" star Corbin Bleu, and "Star Trek" actor John Cho.
The "Coming Together as One" PSA was created by director Jesse Dylan, who made the 2008 popular "Yes We Can" Barack Obama campaign video featuring will.i.am. It is aired in U.S. TV beginning on November 30 to mark World AIDS Day 2009 on Tuesday, December 1.
In addition to poverty and preventable disease, the PSA will also help promote the ONE Campus Challenge (OCC), which is described as "a nationwide competition geared towards encouraging students to get involved in the cause." Of the matter, David Lane, President and CEO of ONE says in a statement, "We know that this generation can help defeat extreme poverty, put more kids in school and protect families from preventable disease."
More information on the particular cause is made available on The ONE Blog.
Nick Jonas and The Administration's Tour Dates Announced
Nick Jonas and The Administration will reflect the powerful feel of their debut album 'Who I Am' on a traveling show, which will be started on January 2.
Nick Jonas and his side project The Administration will be touring beginning January 2, 2010 at House of Blues in Dallas. The youngest member of the Jonas Brothers will continue traveling across U.S. with his new band until January 30 at Zellerbach Auditorium in Berkeley, CA.
"The shows will be intimate in their setting, reflecting the more raw and powerful feel of their upcoming album, 'Who I Am', which is due out February 2 on Hollywood Records," it was announced. Tickets for the gig are set to go on sale starting this coming Saturday, December 5. Serving as a special guest will be Diane Birch.
Nick will treat concertgoers with new songs from the forthcoming effort as well as some surprise cover songs and renditions of Jonas Brothers' tracks that are personal to him. "With this tour we're going to try to accomplish the same thing we did in the studio. That's capturing some heart and soul in the music, and having fun doing it," Nick said.
Nick Jonas and The Administration are comprised of Nick on vocals, John Field on bass, Michael Bland on drum and Tommy Barbarella on keyboard. Though guitarist David Ryan Harris played on the album, Sonny Thompson will join Nick & The Administration on tour. This musical project is begun earlier this year when Nick flew to Nashville's Blackbird Studios with 3 years worth of song ideas not quite right for the Jonas Brothers.
"It's a cross between my roots in R&B and soul with a kind of rock/pop music behind it," Nick previously said of the materials. "It's a very organic record. We weren't really thinking about format or whether a song was going to sound like a hit or not."
Before hitting the road next year, Nick and the band are going to rock "The Grammy Nominations Concert Live!! - Countdown to Music's Biggest Night" on December 2 at Los Angeles' Club Nokia alongside Black Eyed Peas, Maxwell and Sugarland. Their first on-stage performance will be introduced by Kevin Jonas and Joe Jonas.
Nick Jonas and The Administration's tour dates:
January 02 - Dallas, TX at House of Blues - On sale 12/5 at 10 A.M.
January 04 - Nashville, TN at Ryman Auditorium - On sale 12/5 at 10 A.M.
January 06 - Washington, DC at Warner Theater - On sale 12/5 at 10 A.M.
January 07 - New York, NY at Beacon Theater - On sale 12/5 at 11 A.M.
January 09 - Philadelphia, PA at Tower Theater - On sale 12/12 at 10 A.M.
January 12 - Boston, MA at Orpheum Theater - On sale 12/12 at 10 A.M.
January 16 - Detroit, MI at Fox Theater - On sale 12/12 at 10 A.M.
January 17 - Chicago, IL at Rosemont Theater - On sale 12/5 at 12 P.M.
January 19 - St. Louis, MO at The Pageant - On sale 12/12 at 11 A.M.
January 20 - Milwaukee, WI at Eagles Ballroom - On sale 12/12 at 10 A.M.
January 21 - Minneapolis, MN at State Theater - On sale 12/11 at 12 P.M.
January 23 - Denver, CO at Paramount Theatre - On sale 12/12 at 10 A.M.
January 26 - Los Angeles, CA at The Wiltern - On sale 12/12 at 10 A.M.
January 30 - Berkeley, CA at Zellerbach Auditorium - On sale 12/12 at 12 P.M.
Latest 'Nine' Trailer Reveals Plot and Conflicts
Mixing Kate Hudson's 'Cinema Italiano' and Fergie's 'Be Italian', the new trailer exposes how Guido hits the crossroad and is forced to make decisions in his life.
Counting down to the theatrical releases of "Nine", Weinstein Company unleashes a new trailer which is the accumulation of the first two released trailers. If the previous trailers give a taste to the musical scores and pieces sung by Stacy Ferguson aka Fergie and Kate Hudson, this third trailer mixes both of them and adds a hint of plot.
Daniel Day-Lewis' Guido Contini's life as an acclaimed Italian director is exposed along with the nine women surrounding him. Hudson is the American Journalist who has a passion and obsession toward Guido while Marion Cotillard is his devoted wife who is in the know of his affair with Penelope Cruz's character.
Basically, every characters' function, conflict and objectives are teased here like how Judi Dench's Lilli becomes Guido's confidant in pouring his dilemma. However, two characters, that of Fergie and Sophia Loren are not given enough spotlight. The actresses play a whore from Guido's youth and his mother respectively.
Coming from Rob Marshall, "Nine" is a vibrant and provocative musical that follows the life of world famous film director Guido Contini as he reaches a creative and personal crisis of epic proportion, while balancing the numerous women in his life. It will arrive in limited theaters on December 18 and go wide on December 25.
Lil Wayne and Nivea's First Child Arrives
The music stars' newborn baby is a boy and they name him Neal.
Lil Wayne and Nivea have become parents once again. The twosome's first child together reportedly has been born on Monday, November 30. The infant, a baby boy, is named Neal. No other detail of him has been disclosed though.
Confirming statement regarding the baby news is yet to be made by either Wayne or Nivea. In the meantime, Mack Maine, the president of Wayne's record label Young Money, has tweeted, "Thank god, baby Neal was born healthy to Nivea Nash and Dwayne Carter!!!! Thanx 4 all the blessings n support!!!! Love ya heard me!!"
Neal is Wayne's third child born in just over a year. He and actress Lauren London welcomed a baby boy in September. And back in October last year, he announced on-stage at the annual BET Hip-Hop Awards that he was expecting his first son in just a "couple of days." Mother of the infant, who is named Dwayne Carter III, has never been identified though.
In addition to the three kids, Wayne also has a daughter, Reginae Carter, with ex-wife Antonia "Toya" Carter. The pair was married from 2004 to 2006. As for Nivea, she was previously married to The-Dream, with whom she has a daughter named Navy Talia and twin sons.
source: aceshowbiz.com
Creditors Slammed For Lending Dubai World So Much Money!
On TimesOnline: Fear of creditor wipe-out as Dubai jettisons conglomerate
Some interesting comments
- The Government of Dubai has refused to honour the debt obligations of its largest company, prompting fears that international creditors could be wiped out.
Dubai World, the state-owned conglomerate, was effectively abandoned to its fate by the Emirate's Government yesterday despite previous assumptions that Dubai would stand behind the company. That has raised the likelihood that lenders to Dubai World, which has liabilities of $60 billion, could lose billions of dollars.
....
- Analysts at RBC Capital Markets said: “The bottom line is that creditors have almost no legal legs to stand on to maximise recovery values.”
Royal Bank of Scotland (RBS), the bank bailed out with £53.5 billion of British taxpayer money, has been the largest loan arranger for Dubai World in the past two years, securing $2.3 billion of financing. Much of that debt will have been syndicated to other banks but RBS could lose more than £100 million as a result of Dubai’s actions. RBS declined to comment yesterday.
I was most shocked at the following statement.
- Abdulrahman al-Saleh, director-general of Dubai’s Department of Finance, said: “Creditors need to take part of the responsibility for their decision to lend to the companies.
Huh?
What on earth is happening here?
Sigh!
I really wonder if I could ever do the same!
Can I put my bankers to blame for lending me too much money????
Duh!
- The crisis at Dubai World was prompted by the need to repay a $3.5 billion Islamic bond held by Nakheel, the property developer behind the Palm Jumeirah islands, in two weeks.
Nakheel said yesterday that it was suspending trading in all three of its Islamic bonds.
However, Dubai World did make a small repayment on a $2 billion Islamic bond owed by the Jebel Ali Free Zone Authority yesterday.
By cutting Dubai World loose, Dubai has effectively reduced its sovereign debt from $80 billion to about $20 billion...
A Look At Vastalux Energy
One of the stocks that got hit big time (this morning) is Vastalux Energy.
Vastalux is a rather 'new' stock. It was listed just last year.
On the Edge Financial Daily, August 2008. (broken link)
- 11-08-2008: Second Board-bound Vastalux unfazed by sluggish market
By Tony C H Goh
KUALA LUMPUR: Despite the current lacklustre market, oil and gas services provider Vastalux Energy Bhd is confident it will receive a good response to its impending initial public offering (IPO) on the Second Board of Bursa Malaysia.
Vastalux’s executive director Azman Ghafar said the oil and gas services sector still offered great potential and the company’s strong track record of continuous growth promised good returns for investors.
“Investors can expect good growth and potentially high capital gains from us. Most oil and gas services stocks are trading at an average of 13 to 14 times of earnings, and could go up to 17 to 18 times if and when the market condition recovers,” he told The Edge Financial Daily in an interview.
Vastalux is targeting a listing by the end of next month. The IPO involves the issuance of 57.23 million new shares and an offer for sale of 26 million shares and a restricted offer of seven million shares.
Its main customers include Petronas Carigali Sdn Bhd, Murphy Sarawak Oil Company Ltd and Malaysian Refining Company Sdn Bhd.
Azman said offshore hook-up commissioning and topside maintenance services was expected to grow by 8% to 10% and was confident its growth would exceed the industry average based on the company’s annual revenue growth rate of 42.7% in the past five years.
“In terms of revenue, we are ranked ninth out of 20 players (in Malaysia),” he said. Vastalux posted a revenue of RM143.23 million for its financial year ended Dec 31, 2007.
Azman said its competitive advantages lay with its strong in-house engineering skills, ownership of three fabrication yards and a marine vessel, and experienced workers.
Founded in 1995 by its executive vice-chairman Mohamad Nor Abdul Rashid and managing director and chief executive officer Nor Sabri Hamzah, Vastalux plans to raise up to RM52 million, including a rights issue in the IPO.
The company plans to spend around RM6.5 million to construct a new onshore fabrication yard in Tanjung Kalong, Terengganu. It is also eyeing two more offshore support vessels. It will also use the proceeds to repay loans and for working capital.
Its secured order book stands at RM900 million (with 40% completed) that will last for another two years. Vastalux is also bidding for contracts totalling RM775 million, including three oil and gas plant work and maintenance projects worth RM103 million from Malaysian Refining Company.
On the ownership of vessels as a competitive advantage, he said: “Owning our own vessels is important, as this could save us the hassle of chartering from others to support our offshore operations and allow us to increase revenue by chartering to other operators when the vessels are not in use.
Meanwhile, Nor Sabri said that Vastalux has not been affected by the shortage of skilled manpower currently plaguing the industry as its continuous flow of jobs enabled the retention of experienced and skilled labour. The company employs 580 people, including 350 offshore contract staff.
A stock in the hot oil and gas sector getting hammered???
23rd Aug 2008. Vastalux eyes RM210m O&G jobs
- ....Vastalux’s core activities include offshore and onshore hook-up and commissioning services, maintenance services for offshore topside and onshore facilities, onshore construction of oil and gas plants, minor fabrications, offshore underwater services and charter of marine vessels.
In the past five years, the company recorded an average annual revenue growth of 42.7%.
42.7% growth? Ah.. but it's annual revenue growth and not profit growth.
Market wasn't hot last year. ( Rather an understatement :P )
- Vastalux Energy offer undersubscribed
Published: 2008/09/03
VASTALUX Energy Bhd's issue of 12 million new ordinary shares has been undersubscribed, MIDF Consultancy and Corporate Services Sdn Bhd (MIDFCCS) said.
A total of 580 applications for 712,300 shares with a value of RM534,225 were received from the public, representing an overall subscription rate of 5.93 per cent, MIDFCCS said in a statement released yesterday in Kuala Lumpur.
For the Bumiputera portion, 211 applications for 273,600 shares were received, a subscription rate of 7.6 per cent.
It said the unsubscribed ordinary shares will be taken up by the underwriters.
Notices of allotment for these shares will be mailed to applicants on or before September 11. - Bernama
Sep 2008: Vastalux Energy given until March for public shareholders
- PETALING JAYA: Vastalux Energy Bhd, whose public offer was undersubscribed, has been given until March 11 to comply with the number of public shareholders under Bursa Malaysia’s listing requirements.
The company is scheduled to list on the second board today.
Yesterday, Vastalux said it had complied with the public shareholding spread requirement in terms of percentage, whereby 25.1% of its total listed shares would be in the hands of public.
However, it had only 698 public shareholders holding no less than 100 shares each. The minimum requirement was 1,000 public shareholders....
Not surprisingly, Vastalux slips 30% on market debut
- KUALA LUMPUR: Vastalux Energy Bhd dipped below its initial public offer price (IPO) of 75 sen on its debut on the Bursa Malaysia second board yesterday.
Its share price hit 58 sen at the opening bell with 900 shares transacted and closed at 52.5 sen, down 22.5 sen or 30%.The total volume of the day stood at 5.5 million shares.
Executive director Azman Abd Ghafar said the opening price was expected due to the soft equity market.
“We are confident that our value would be reflected after the market recovers and supported by the company’s good fundamentals,” he said after the listing ceremony...
10 Nov 2008: Vastalux slips on falling crude oil prices
- ....He added that the company’s share price would recover, supported by it’s good fundamentals.
Now, investors might be asking what he meant by “good fundamentals”.
Azman told StarBiz in an interview the company was in constant discussion with its merchant bank regarding its public share spread.
“We hope that news announcements on the projects we have been awarded since September and the future plans coming to fruition over the next few months would attract interest to the company,” he added.
Projects coming in amidst downturn
Azman said the company has been awarded two projects since its listing.
First, was a RM2.1mil project awarded a week after its listing by Lynas Malaysia Sdn Bhd, the local subsidiary of Australian mineral exploration and chemical processing company Lynas Corp Ltd.
In mid-October, it was awarded a RM32.5mil project by Petronas Dagangan Bhd for the construction of a LPG filling plant in Pasir Gudang, Johor.
Recently it signed a memorandum of understanding with PT Rekayasa Industri, to cooperate in tendering for LPG terminal and filling station projects worth US$10mil under Indonesia’s national oil and gas firm, PT Pertamina.
“What we want to tell the market is that we have not been idle since listing and we have been working on winning more projects,” Azman said.
The company’s order book is now worth over RM1bil and would last till 2010.
But the newly listed company faces a number of challenges, not the least of which is the price of crude. This has steadily dropped since mid-September when the global financial meltdown took a turn for the worst.
Goldman Sachs Group Inc, which had raised the possibility that crude could reach US$200 by year-end, now believe that it might drop further to US$50 in the event of a global recession.
Recurring income
Would a recession mean lower demand growth for the ancillary services that oil and gas outfits such as Vastalux have to offer?
Producers might reduce spending on field development if low prices enviroment persists while the credit crunch and tighter lending rules might place constrains on the ability of companies to invest.
To ride out any downturn in the industry, Azman said the company was diversifying its clientele and going into steel hatch cover fabrication, which shares the same technology platform as its existing minor fabrication business.
The company is in a joint venture with Alpha Company Ltd, its Vietnamese partner, to supply MacGregor Oy, a firm located in Kaarina, Finland, with steel hatch covers on a 10-year contract. MacGregor is an engineering and service solution provider to the maritime transportation and offshore industries. The yard facility would be ready next July.
“Our joint venture with Alpha Company Ltd in Vietnam to supply MacGregor Oy will bring in at least US$8mil a year in recurring income for the next 10 years when fully operational,” Azman said.
For the financial year ending December 31, 2009, he estimates that the MacGregor contract will account for almost half of the the company’s projected RM240mil revenue .
“Ideally we are looking at between 40% and 50% of our revenue to be recurring income in the coming years,” Azman said.
He pointed out that the company and Alpha plans to jointly explore other business ventures in the oil and gas services industry in Vietnam.
It is also in talks with another company to tender for projects under Saudi Aramco in the Middle East.
On concerns that oil companies would cut down on their exploration, production and refining activities, Azman said the players usually work on five-year timelines and would continue with the work planned at the time when the price of crude oil was high.
June 2009.
- ... Vastalux bids for RM771m projects
By Kamarul Yunus Published: 2009/06/16
VASTALUX Energy Bhd (7251), an integrated oil and gas supporting services provider, is bidding for some RM770.5 million worth of contracts, including jobs valued at RM70.5 million in Indonesia this year.
Its executive director Azman Abd Ghafar said the company is confident of securing 30 per cent, or RM210 million, of the bids, mostly for local jobs, with the first results of these tenders expected to be known within this month.
"Currently, our order book stands at RM950 million, of which 55 per cent, or RM522.1 million, of those contracts had been completed as at the end of December last year.
"We are in the midst of executing the remaining 45 per cent or RM427.9 million worth of contracts that will last until next year or some may spill into 2011.
"These contracts do not include some RM50 million projects that we secured in the first quarter ended March 31," he told reporters and analysts at a briefing after the company's annual general meeting in Kuala Lumpur yesterday.
Of the new projects it is bidding for, Azman said, hook-up and commissioning and maintenance constitute about 44.6 per cent, and the remaining are for plant construction and maintenance.
He said Vastalux is also expanding its operations in Saudi Arabia, Vietnam and Indonesia.
A joint-venture company will be set up in Saudi Arabia later this year, which will then bid for projects worth between US$50 million and US$100 million (RM176 million and RM352 million). In Vietnam, Vastalux Energy has acquired land for US$3.6 million (RM12.6 million) at Ben Tre province to build a plant producing hatch covers for vessels.
"The estimated development cost in the area is about US$12 million (RM42.2 million). We paid US$2 million (RM7 million) for the land last year, and the remaining US$1.6 million (RM5.6 million) is expected to be paid by the third quarter of this year.
"Construction of the plant is expected to commence in the fourth quarter 2009, and the whole project is expected to be completed by the third quarter of next year," he said.
On the local front, Azman said, the company has acquired a piece of land to be converted into a fabrication yard in Telok Kalong, Terengganu. The development, costing about RM12 million over four phases, will increase the group's yard capacity by 1,500 tonnes per annum.
At present, Vastalux Energy operates and manages fabrication yards in Kemaman, Labuan and Bintulu.
Azman said the company hopes to sustain or even improve last year's financial performance, given the positive outlook of the oil and gas industry, particularly in Malaysia, and continued demand for the commodity.
The group recorded a turnover of RM186.8 million and a net profit of RM17.6 million last year, 10 per cent and 8 per cent respectively more than expected.
11th August 2009, first warning sign came, Vastalux subsidiary served winding-up petition
- KUALA LUMPUR: VASTALUX ENERGY BHD [ VASTALX 0.530 -0.005 (-0.935%)] announced that its major subsidiary Vastalux Sdn Bhd (VSB) has been served a winding-up petition by Principal Gas Sdn Bhd due to outstanding invoices payable to the petitioner for goods sold and delivered.
In a statement to Bursa Malaysia yesterday, Vastalux said the the winding-up petition dated June 23, 2009 was served on VSB on Aug 6, 2009 and would be heard at the Kuala Lumpur High Court on Sept 17, 2009.
It said the amount claimed by Principal Gas against VSB was RM5.61 million, which is the principal amount with no interest.
Vastalux said it will take immediate steps to file an application to oppose the petition and strike off the petition.
“The company is taking steps to settle the matter before the hearing of the winding-up petition on Sept 17, 2009,” it said, adding its directors did not foresee any impact of settlement on the group, financially or operationally.
It also said the group was not expected to incur any further losses as the amounts claimed had been provided for in the accounts.
28th Aug 2009: Quarterly rpt on consolidated results for the financial period ended 30/6/2009. It lost some 1.653 million! Less than one year after being listed, Vastalux reported losses!
Last night, Vastalux reported its earnings. It had some 17.727 million in losses!
Yeah, the stock is crashing down today for a good reason!
And in its books, its trade receivables were massive.
Amount due from customers = 163.052 million!!!!!
What is happening? Compared to its quarterly revenue and earnings (see earnings snapshot from DJ below), why is the receivables so high?
And this is what the company had to say in its notes.
How?
Company was just listed in Sept 2008 and now it runs into all kinds of trouble.
Read more...Weekend Warriors; Lucky #7.
Thanksgiving weekend was a definite success! We had a little kick back, and things didn't get too out of control so everything was nice & chill. We just sat back, listened to some music and enjoyed ourselves.
As far as November '09 goes...it wasn't too bad at all, it actually went pretty well if I must say so myself! But fuck it, I am ready for December 2009; it's my birthday month & the best month of the year!
Read more...
As far as November '09 goes...it wasn't too bad at all, it actually went pretty well if I must say so myself! But fuck it, I am ready for December 2009; it's my birthday month & the best month of the year!
Review of Swee Joo's Earnings
Past postings on Swee Joo
- Featured Report: KN on Swee Joo **
- A Quick Look At Swee Joo's Earnings
- iCapital And Swee Joo
- Update On Swee Joo's Earnings
- Shipper Swee Joo Announces Losses
Swee Joo announced its earnings last night.
It lost less money compared to the previous quarter reported in Aug 2009 (see A Quick Look At Swee Joo's Earnings ).
(** yeah, some would be curious, why do I bother? Losing less money still means losing money. But then in the stock market, things are rather strange. LOL! Yeah, no joke, losing less money means there is progress within the company. And such a progress is deemed as a possible turnaround. LOL! Me? I suggest not to ass-u-me and rather treat this posting as it is! ** )
Anyway, I was more interested in Swee Joo's balance sheet.
In my older posting on Swee Joo, I noted the following:
- Cash balances dropped to only 10.237 million!!! (Where did the cash go?)
Total loans stood at 470.062 million.
From Swee Joo's earnings notes reported last night.
Cash rather flat but total loans now has increased to 494.993 million.
How?
Do you really think that Swee Joo is an investment grade stock?
Read more...More Comments On LCL
Got the following comments on the posting Quick Look At LCL's Earnings
- dennisctp said...
the reduce in trade receivables and debts might also influenced by currency. maybe these figures went down just because of currency (RM is stronger) not that LCL really get paid and pay for the debts...
dennisctp,
Many thanks for your comments.
Oh, the trade receivables could go down because of currency fluctuation. Me? I choose not to speculate how and why the receivables were down. I rather note it as it is.
And as it is, there's just too many concerns in this company.
I would be more worried of the cash position of a mere 12.59 million versus a debt position of 391 million. Is this a healthy position?
The following was from LCL's cash flow statement.
One has to consider how healthy LCL is with a cash balance of a mere 12.59 when LCL paid out some 18.748 million per quarter for its Financial Cost.
And more of a concern too there were several disposal of properties mentioned.
Given LCL's current financial position, some would be curious. Why the disposal?
Yesterday Star Business had an article. Malaysian construction firms in Dubai have minimum exposure
- Interior fit-out (IFO) company LCL Corp Bhd founder and executive chairman Datuk Low Chin Meng said payments were generally slow in Dubai.
“We will shift our focus on interior fit-out (IFO) contracts in cash-rich Abu Dhabi, after the completion of projects in Dubai,” he said.
The company has projects such as Atlantis The Palm Hotel, Dubai Metro System, Dubai Mall and Dubai Marina Hotel.
Concern over the level of debt held by the Government and its affiliated companies had sent jitters throughout the Gulf region and had affected investors confidence level.
Earlier in the year the Dubai’s stock market was down 60% and many residents believed that the property market was on the brink of collapse.
Dubai had borrowed billions to finance its infrastructure and construction companies such as Dubai World, and Emirates Airline.
A local property analyst said Dubai was likely to be on the road to recovery.
“The worst is likely over as the market has bottomed out. The economy was very bad at the start of the year. The housing market fell into a slump and property prices fell as much as 50% even in prime location and many expatriates left the place,” he said.
Past posting on Dubai's property woes were highlighted in this clickable link.
So payment from Dubai 'were' generally slow. LCL receivables are now separated into three entries. As per its earnings notes last night:
- Trade receivables - 221.436 million
- Amount due from customers for contract works - 154.107 million
- Amount due from related companies - 41.641 million
Assuming and having faith that all these receivables are in order, I would be concerned which of these figures are from its work done in Dubai.
As the sum is rather substantial and with Dubai World current debt issue, surely one has to ask if the debts cannot be collected. And if they cannot be collected, these debts would have to be re-classified as bad debts, which would equate to losses.
And last but not least, given LCL's current financial position, can LCL afford any more delay in its collection of debts?
How?
past postings on LCL here
Read more...Quick Look At LCL's Earnings
The warning was there. Posted on 14th November, Saturday morning, LCL: New trouble brewing?
Today, LCL posted its earnings and it was not a pretty sight!
On the Edge Financial Daily: LCL posts RM25m net loss in 3Q
- KUALA LUMPUR: LCL CORPORATION BHD posted net loss of RM25.39 million in the third quarter ended Sept 30, 2009, a stark contrast from the net profit of RM9.74 million a year ago due to continuous costs overrun for the Dubai projects.
The interior out-fit company said on Monday, Nov 30 that revenue fell 61% to RM57.78 million from RM147.9 million a year ago. Loss per share was 17.74 sen compared with earnings per share of 6.81 sen.
LCL also reported its trade receivables amounted to RM221 million while amounts due for contract works from customers totalled RM154 million.
"The (3Q) losses were mainly attributed to the unexpected delay in the project resulting in cost overrun arising from the prolongation of projects," it said.
LCL also said since it was not tendering new projects in Dubai, it had also incurred additional cost in right-sizing its Dubai operations which were workers' compensation, logistics and pre-mature termination of accommodation arrangement.
"The delayed payment from clients also worsen the situation whereby the group need to shoulder additional operational cost and financing cost associated with project financing facilities procured for the projects," it said.
Compared to the nine-months ended Sept 30, 2008, group revenue fell by 30.2% to RM243.7 million from RM349.1 million previously recorded.
"This is mainly due to the lower progress billing for most of the on-going Dubai projects which are near to completion by 4Q09," it said.
It recorded net loss of RM58.63 million compared with net profit of RM26.73 million.
I was more worried about its balance sheet.
On 27th Aug 2009, I posted Quick Look At LCL's Earnings
Here is a clickable link to LCL's Balance Sheet back then. I mentioned the following back then.
- Cash balances is now only 16.4mil and receivables has increased to 270.501 million. (Given the massive issues in Dubai housing market, should one discount this issue? Perhaps a chunk of these receivables might be doubtful? )
Here is LCL Balance Sheet as per tonight's announcement.
Hmm.. slight improvement in its balance sheet. Cash balance dropped but there is slight improvement in its receivables.
And the total debts reduced.
However the cash versus total debts is at rather extreme, yes?
How?
Given the whole mess in Dubai, would you want to be in this stock, now? Read more...
Mariah Carey's 'Memoirs of an Imperfect Angel' Remix Due in February
Mariah Carey's manager Chris Lighty reveals about working on an exclusive deal with Target for 'Memoirs of an Imperfect Angel' remix album
A remix edition of Mariah Carey's "Memoirs of an Imperfect Angel" is expected to come out sometime in February. Also, there is a chance it will be made available for exclusive purchase on Target. "Listen Memoirs remix lp february ... no date set working on target exclusive," her manager Chris Lighty recently tweeted.
Two of the producers who will be involved in the making of the re-worked package are Swizz Beatz and Christopher "Tricky" Stewart. There are also the likes of Trey Songz, R. Kelly, T-Pain, Gucci Mane and OJ Da Juiceman lending their vocal.
On how the album will satisfy Mariah's fans, Tricky told Rap-Up, "We wanted to do an album that was really personal, and if you love Mariah Carey, you can put it on and listen to it all day." He continued, "But at the same time, if you like the hot Mariah when she's doing the features, we want to give people that option too, so that they can put on whichever one they choose."
The original version of "Memoirs of an Imperfect Angel" was released in September this year. It could only debut at No. 3 on Billboard Hot 200 with 168,000 units, a noticeable drop from her previous album's opening week of 463,000 copies. Despite the Hot 200 low entry, the record peaked at No. 1 on R&B/Hip-Hop Albums chart.
On another news related to Mariah Carey, the singer will follow up her duet track with Westlife on 2000 song called "Against All Odds" with another collaborative project. "They're very exciting artists and I love them," she told News of the World. "I want it to be the next single here and different to the rest of the world. I can't wait to do it."
'Glee' Dominates 14th Satellite Awards TV Noms
The likes of Leah Michelle and Matthew Morrison have helped the musical show to nab nominations in five separate categories
"Glee" is shining in the nomination list released by Satellite Awards for its 14th year. The new musical by FOX makes the entry in every TV category possible through the show itself as well as the actors. The nominees were selected through voting by International Press Academy's members which included more than 100 entertainment journalists.
Jane Lynch, Chris Colfer, Lea Michele and Matthew Morrison represent the show for the categories of Supporting Actress, Supporting Actor, Lead Actress and Lead Actor in Comedy or Musical respectively. The show itself is being put under Television Series, Comedy or Musical.
In another genre, "Grey Gardens" is showing a domination by taking in nominations for Motion Picture Made for Television. The TV movie by HBO has the chance to win through its leading cast, Drew Barrymore and Jessica Lange who in fact are pitted against each other in the best actress for miniseries or made for TV category.
The winners will be read out in a gala held at the InterContinental Hotel in Century City on December 20. Beside honoring the work in television, the awards also nominate 22 movie categories, 7 DVD categories and 5 video game categories.
Miniseries
"Wallander"
"Little Dorrit"
"Diamonds"
"The Prisoner"
"Generation Kill"
"Collision"
Motion Picture Made for TV
"The Courageous Heart of Irena Sendler"
"Grey Gardens"
"Taking Chance"
"Endgame"
"Into the Storm"
"Loving Leah"
Actor in Miniseries or Motion Picture Made for TV
Kenneth Branagh - "Wallander"
Brendan Gleeson - "Into the Storm"
Kevin Bacon - "Taking Chance"
William Hurt - "Endgame"
Jeremy Irons - "Georgia O'Keeffe"
Ian McKellen - "The Prisoner"
Supporting Actress in Series, Miniseries/Motion Picture Made for TV
Jane Lynch - "Glee"
Judy Parfitt - "Little Dorrit"
Chloe Sevigny - "Big Love"
Anika Noni Rose - "The No. 1 Ladies' Detective Agency"
Vanessa Williams - "Ugly Betty"
Cherry Jones - "24"
Actress in Miniseries or a Motion Picture Made for TV
Drew Barrymore - "Grey Gardens"
Jessica Lange - "Grey Gardens"
Sigourney Weaver - "Prayers for Bobby"
Judy Davis - "Diamonds"
Lauren Ambrose - "Loving Leah"
Janet McTeer - "Into the Storm"
Supporting Actors in Series, Miniseries/Motion Picture Made for TV
John Noble - "Fringe"
Tom Courtenay - "Little Dorrit"
Neil Patrick Harris - "How I Met Your Mother"
John Lithgow - "Dexter"
Chris Colfer - "Glee"
Harry Dean Stanton - "Big Love"
Television Series, Drama
"In Treatment"
"Damages"
"Mad Men"
"Big Love"
"The Good Wife"
"Breaking Bad"
Actress in a Series, Drama
Julianna Margulies - "The Good Wife"
Jill Scott - "The No. 1 Ladies' Detective Agency"
Glenn Close - "Damages"
Stana Katic - "Castle"
Elisabeth Moss - "Mad Men"
Edie Falco - "Nurse Jackie"
Actor in a Series, Drama
Bill Paxton - "Big Love"
Gabriel Byrne - "In Treatment"
Jon Hamm - "Mad Men"
Lucian Msamati - "The No. 1 Ladies' Detective Agency"
Bryan Cranston - "Breaking Bad"
Nathan Fillion - "Castle"
Television Series, Comedy or Musical
"Glee"
"30 Rock"
"Weeds"
"The Big Bang Theory"
"How I Met Your Mother"
"Flight of the Conchords"
Actress in a Series, Comedy or Musical
Lea Michele - "Glee"
Tina Fey - "30 Rock"
Toni Collette - "United States of Tara"
Mary-Louise Parker - "Weeds"
Brooke Elliott - "Drop Dead Diva"
Julie Bowen - "Modern Family"
Actor in a Series, Comedy or Musical
Matthew Morrison - "Glee"
Jemaine Clement - "Flight of the Conchords"
Alec Baldwin - "30 Rock"
Stephen Colbert - "The Colbert Report"
Danny McBride - "Eastbound & Down"
Jim Parsons - "The Big Bang Theory"
'Nine' Dominates 14th Satellite Awards Movie Nominations
The not-yet-released musical film leads the pack with eleven nods, including Best Ensemble and Best Motion Picture in Comedy or Musical.
The nominations for 2009 Satellite Awards have been announced by International Press Academy on Sunday, November 29. Based on the list, "Nine" has the possibility to become a big winner as it grabbed 11 nods, including Best Motion Picture in Comedy or Musical.
The movie also aided Marion Cotillard, Daniel Day-Lewis, and Penelope Cruz to be among the nominees for Best Comedy or Musical Actress, Best Comedy or Musical Actor, and Best Supporting Actress respectively. Moreover, the star-studded film has won the award for Best Ensemble.
Following the drama musical film with seven nominations was "Red Cliff", a John Woo-directed film starring Tony Leung and Takeshi Kaneshiro. The action drama movie received nods for Best Visual Effects, Best Sound (Mixing and Editing), and Foreign Language Film among many others.
Meanwhile, Johnny Depp through his performance in "Public Enemies" was among the contenders to receive Best Drama Actor award. He was going up against Jeff Bridges in "Crazy Heart", Hugh Dancy in "Adam", Colin Firth in "A Single Man", Jeremy Renner in "The Hurt Locker", and Michael Sheen in "The Damned United".
The winners of the 14th annual Satellite Awards will be announced on December 20 at the InterContinental Hotel in Los Angeles Century City. Beside honoring movies in 22 categories, the event will also present awards for 12 TV categories, seven DVD categories, and five video game cries.
Partial list of nominations at 2009 Satellite Awards in movie:
Best Motion Picture (Drama)
"Bright Star"
"An Education"
"The Hurt Locker"
"The Messenger"
"Precious: Based on the Novel PUSH by Sapphire"
"The Stoning of Soraya M."
Best Motion Picture (Comedy or Musical)
"The Informant!"
"It's Complicated"
"Julie & Julia"
"Nine"
"A Serious Man"
"Up in the Air"
Best Director
Jane Campion, "Bright Star"
Neill Blomkamp, "District 9"
Lone Scherfig, "An Education"
Kathryn Bigelow, "The Hurt Locker"
Rob Marshall, "Nine"
Lee Daniels, "Precious: Based on the Novel PUSH by Sapphire"
Best Actress (Drama)
Shohreh Aghdashloo, "The Stoning of Soraya M."
Emily Blunt, "The Young Victoria"
Abbie Cornish, "Bright Star"
Penelope Cruz, "Broken Embraces"
Carey Mulligan, "An Education"
Catalina Saavedra, "The Maid"
Best Actor (Drama)
Jeff Bridges, "Crazy Heart"
Hugh Dancy, "Adam"
Colin Firth, "A Single Man"
Johnny Depp, "Public Enemies"
Jeremy Renner, "The Hurt Locker"
Michael Sheen, "The Damned United"
Best Actress (Comedy Or Musical)
Sandra Bullock, "The Proposal"
Marion Cotillard, "Nine"
Zooey Deschanel, "500 Days of Summer"
Katherine Heigl, "The Ugly Truth"
Meryl Streep, "Julie & Julia"
Best Actor (Comedy Or Musical)
George Clooney, "Up in the Air"
Bradley Cooper, "The Hangover"
Matt Damon, "The Informant!"
Daniel Day-Lewis, "Nine"
Michael Stuhlbarg, "A Serious Man"
Best Supporting Actress
Emily Blunt, "Sunshine Cleaning"
Penelope Cruz, "Nine"
Anna Kendrick, "Up in the Air"
Mozhan Marno, "The Stoning of Soraya M."
Mo'nique, "Precious: Based on the Novel PUSH by Sapphire"
Best Supporting Actor
Woody Harrelson, "The Messenger"
James McAvoy, "The Last Station"
Alfred Molina, "An Education"
Timothy Spall, "The Damned United"
Christoph Waltz, "Inglourious Basterds"
Best Motion Picture (Animated or Mixed Media)
"Cloudy with a Chance of Meatballs"
"The Fantastic Mr. Fox"
"Harry Potter and the Half-Blood Prince"
"The Princess and the Frog"
"Up"
"Where the Wild Things Are"
Best Foreign Language Film
"Broken Embraces"
"I Killed My Mother"
"The Maid"
"Red Cliff"
"The White Ribbon"
"Winter in Wartime"
Best Visual Effects
"District 9"
"The Fantastic Mr. Fox"
"The Imaginarium of Doctor Parnassus"
"Red Cliff"
"Transformers: Revenge of the Fallen"
"2012 (2009)"
The complete list of nominations in movie can be seen at www.filmmisery.com
Selena Gomez Looks Up to Rihanna, Claims Her Strong and Classy
Notwithstanding negative reports addressed to Rihanna, Selena Gomez confesses she looks up to the R 'n' B songstress. "I think she's very strong and classy. ... She carries herself very well," enthuses the Disney actress-singer.
Aside from her admiration for Rihanna, Selena recently revealed that she has a lot of respect for actresses Natalie Portman and Rachel Bilson. About the two movie beauties she raved, "Rachel Bilson is very classy. She can go to the gas station or walk the dog and still look gorgeous and very classic and chic. I admire that. I have pictures of her and Natalie Portman on my wall of inspiration for the clothes I want to design."
Last month, Women's Wear Daily reported Selena Gomez has teamed up with a group of industry experts that consisted of Tony Melillo and Sandra Campos to launch her own fashion line, dubbed "Dream Out Loud by Selena Gomez". The line was said focusing on "pretty, feminine and bohemian" clothing, which Selena claimed mirroring her own style. The collection included dresses, floral printed tops, jeans, skirts, jackets and some accessories such as scarves and hats.
Most recently, Selena was spotted attending the 2009 Annual American Music Awards at Nokia Theatre in L.A. Billed as an award presenter, she arrived at the event wearing a silver Talbot Runhof gathered dress matched with a pair of black-colored heels.
source: aceshowbiz.com
Why The Banking Sector Is Still Shakey
Sunday, November 29, 2009
I was just reading Sprott Asset Management report on the banking sector.
You can read the full report here: Don't Bank On The Banks
The table highlighted on page 3.
Page 4.
- In Chart A we provide leverage levels for a few select banks that deserve special mention in our leverage discussion. These three banks were all bailed out by their respective governments. We’d like to draw your attention to their leverage ratios, prior and post-bailout, to emphasize the importance of leverage over time.
We’ll start with Citigroup, which was de facto nationalized by the US government when it received $25 billion from the TARP program, a massive US government guarantee on $306 billion in residential and commercial loans and a $27 billion cash injection for preferred shares. You can see the impact these bailouts had on Citigroup’s leverage ratio over the years, moving it from 37:1 in 2007, increasing to 64:1 at the end of 2008 and back down to 17:1 after the government cash injections. The 64 to 1 ratio required a government bailout. One wonders if 17 to 1 is an appropriate level for Citigroup, given their exposure to high risk assets.
The Royal Bank of Scotland makes Citigroup’s leverage look tame in comparison. Using our definition, we calculated an eye popping leverage ratio of 574:1 in 2007, implying that a mere 0.17% decrease in assets would have wiped out their tangible common equity. Is it any wonder then that the hiccup in the housing market blew them apart? RBS now holds the distinction as the world record holder for the largest bank bailout. The UK Government has earned a 70.3% shareholding in the bank after providing them with their second bailout in November 2009.10 In total, a whopping £53.5 billion has been injected into RBS by the British Government, which is now exposed to losses on £250 billion of RBS balance sheet assets. In return for the government support, RBS has agreed not to pay cash bonuses to any staff earning above £39,000 in 2009, and to defer executive bonuses until 2012. Although they’ve come down since 2007, RBS still maintains a very high leverage ratio. Hopefully two bailouts by the UK government will be enough.
Our final example is Dexia. It was bailed out by three separate governments and its shareholders, receiving €6.4 billion in bailout money from France, Luxembourg and Belgium in September 2008. Dexia is the largest lender to local governments in France and Belgium. According to their latest financial filings, Dexia is operating at a leverage ratio of 116:1, which strikes us as very extreme in this environment. Again – at those leverage levels, the smallest asset decrease would wipe out all tangible common equity. That’s extremely risky for an institution as large as Dexia, and highlights the problems that still plague the global financial system.
The examples above show that our leverage measurement is a good variable to review before making a common equity investment in a bank. The higher the leverage ratio, the greater the risk of losing your common equity. While we haven’t delved into the asset “quality” of any of these banks, we have been watching US bank failures for a market-based indication of the quality of their assets in a liquidation scenario. High profile examples include Colonial Bank, the largest US bank failure thus far in 2009, which had total assets of $25 billion and cost the FDIC $2.8 billion in losses - representing an 11% write-down on their assets. Also notable was Chicago’s Corus Bank, which cost the FDIC $1.7 billion on total assets of $7 billion - representing a 24% write-down. For Colonial, 10:1 leverage was too high, and in the case of Corus, a mere 4:1. Citing the most recent bank failures in the US, it would appear that most financial assets are still being written down by at least 10%. Although each bank is different and has its own specific asset allocation, this raises major cautionary flags for us, given that the banks listed above still utilize leverage ratios well above 20:1. For such a seemingly complicated industry, it surprises us that such a simple red flag continues to stump the regulators who oversee it.
Given the discussion above, is it any wonder why we continue to see banks receive more government cash injections and asset guarantees? And is it any surprise that banks aren’t lending the cash they were given by the central banks? Of course it isn’t. The leverage in the banking system is still too high. Judging by recent comments by finance ministers and central bankers, it is clear to us that they have no plans to address leverage in their regulatory proposals, and until they do, we would advise that you invest in bank stocks with extreme caution. Don’t say you weren’t warned.
Makes you wonder about Citigroup. Their leverage is still 17:1???? Not a worry? Colonial Bank which went down, according to this report, had a leverage of only 10:1. And Corus Bank of Chicago had a leverage of only 4:1!
Hmmm.....
Then I was thinking of Dubai World.
Well two of the shakiest bank mentioned in Sprott Management report, was included in the list of Banks With The Biggest Exposure to The UAE!!!
On the UK Telegraph: Banks braced for record debt defaults in the New Year
- January is traditionally the worst time of year for debt defaults, according to the credit checking company Experian. The recent surge in unemployment and personal insolvencies will make the first quarter "the busiest period ever", the company said.
"Christmas is a catalyst for delinquency and bad debt, with credit card and overdraft debt traditionally peaking in the New Year," Simon Waller, Experian's head of collections for UK and Ireland, said.
"Economic indicators and feedback from our collections clients suggests that the first quarter of 2010 could be the busiest period ever seen."
Experian is anticipating the worst due to the 771,000 job losses in the first nine months of the year, a 94pc increase on 2008, and the record quarterly personal insolvency rate of 41,390 for the three months to September.
Banks have also been cranking up their marketing to households in the run up to Christmas. The Call Prevention Registry has seen a 50pc increase in "nuisance calls" from debt management organisations in the past month trying to persuade customers to take out new loans.
Mr Waller said: "With unemployment at its highest since 1996 and record numbers of redundancies and insolvencies, it is vital for collections departments to do everything to ensure that their people can cope with the influx of new cases."
And over at Jesse's Café: The Dangerous US Financial Sector Still Smoldering
Losing Streak
The Miami Heat haven't been playing to their full potential at all lately, Wade is great & all but he can't do everything on his own...we need some help down here in Miami and we need it quick. Be that as it may, we also need to start shaping up and playing DEFENSE because that's where we have been constantly fucking up. I think it is crucial that we make a trade and get a better player on The Miami Heat ASAP. 
As far as The Miami Dolphins go, they need major fucking help. Ronnie Brown went down with an injury not too long ago, and ever since then The Dolphins haven't been doing shit. Ricky Williams is just about everything we have left going for The Dolphins! At least The Super Bowl is in Miami this year haha, because it doesn't look like any Miami teams will get to the championship this year... especially if we keep playing like this!
Some Comments On Lion Forest
On Aug 26th it said it made some 28.190 million. Of course if one looks just at these numbers it looked so very impressive for it suggest an incredible earnings per same of some 12.2 sen. And the stock was trading around 1.00.
But one needs to understand how and where these net profits are derived from.
From the company's earnings notes.
- The Group posted favourable results for the year under review compared to a year ago. Revenue was 57% higher at RM615.3 million, with profit from operations reported at RM52.0 million. The better performance was contributed mainly by the newly acquired Silverstone Berhad.
After accounting for exceptional gain of RM147.5 million arising from the acquisition of Silverstone Corporation Berhad ("SCB"), the Group reported a significantly higher profit before taxation of RM185.0 million compared to a loss before taxation of RM8.4 million in the preceding year....
For the quarter, all business segments improved their revenue as compared to last quarter. The Group's revenue improved by 15% to register at RM208.1 million, as improved market sentiment raised demand.
Profit before taxation was RM32.2 million as compared to RM14.8 million in last quarter, due mainly to further recognition of a negative goodwill of RM14.6 million as a result of fair value adjustment in SCB.
Exception gains distorted Lion Forest bottom line.
Recently, Lion Forest said it made some 32 million.
And again, first impression was that it was impressive.
But in the earning notes, Lion Fib had again some exceptional gains boosting its bottom line.
- For the quarter under review, a revenue of RM209.4 million was recorded representing approximately 77% increase over last year. The better performance was contributed mainly by the inclusion of Silverstone Berhad's results into the current quarter .
Correspondingly, profit from operations was higher at RM20.2 million against RM3.2 million last year.
After accounting for the share of profit from associates of RM21.3 million which arose from the disposal of its investment in China, a profit before taxation of RM39.0 million was recorded.
If you minus out the 21.3 million, the earnings from Lion Forest isn't as impressive anymore.
Read more...
It's Everywhere!
Pharrell Williams knows!
Some more homies out in LA; repping it.
...I had to post this one up.Mariah Carey Reportedly Will Leave Island Def Jam
Following the sale slump of 'Memoirs of an Imperfect Angel', Mariah Carey is rumored to have a feud with L.A. Reid and will leave his recording company.
Mariah Carey may not release her next studio album under Island Def Jam. Having been signed to the label since 2002, the wife of Nick Cannon reportedly has a rift with its boss L.A. Reid and is ready to sign a deal with another company.
According to That Grape Juice, the feud between Carey and Reid happens due to lukewarm sale of her latest studio installment "Memoirs of an Imperfect Angel". The record could only debut at No. 3 on Billboard Hot 200 with 168,000 units, a noticeable drop from her previous album's opening week of 463,000 copies.
On another news related to Mariah Carey, the singer will follow up her duet track with Westlife on 2000 song called "Against All Odds" with another collaborative project. "They're very exciting artists and I love them," she told the News of the World. "I want it to be the next single here and different to the rest of the world. I can't wait to do it."
Update: Nick Cannon denied the report saying, "The rumor is definitely untrue. We are about release the remix album!" as quoted by The Prophet.
First Look of Doctor Fate and Stargirl on 'Smallville'
They will appear in the two-hour TV movie airing next year as part of Justice Society of America's mission to mentor Clark
"Smallville" shares a good first look at two members of Justice Society of America (JSA) who will appear in the two-hour event next year. Brent Stait and Britt Irvin dressed up in costume to portray Doctor Fate and Stargirl respectively in episode "Absolute Justice", airing February 5.
Doctor Fate, in the comic version, possesses mystical powers which can be associated to sorcery. With the Helmet of Nabu, he is resistant to injury and has super power strength. Meanwhile, Stargirl is a trained gymnastic and thus she has the agility needed to fight. She also has a Cosmic Converter Belt which can shoot stars.
Along with the still of Fate and Stargirl, The CW also releases the one that shows a confrontation between Hawkman and Green Arrow. "They have completely different views on just about everything you can imagine. Hawkman has this sort of antiquated, conservative point of view, while Oliver is the 'liberal bleeding heart'. Together, they are a match made in hell," Justin Hartley who plays Green Arrow said.
Other members of JSA will be presented as "glimpses", Executive Producer Brian Petersen confirmed. "We wanted to make their entrance into the series relevant, so they show up in a time when our fledgling League, that has not named itself or coalesced into anything, is having a few growing pains," the showrunner said. "So they are coming in to teach all of our heroes a lesson about family and leadership from the mistakes of their own past." 
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