Reliance Industries

Reliance Power Ltd seeks CAG rewrite on Sasan coal gains

Thu, 17 May 2012 20:30:15 +0000

NEW DELHI: Reliance Power Ltd (RPL) has requested CAG to drop observations that the company received “undue benefit” from the government’s decision to allow it to make in-house use of surplus coal from captive mines given to fuel Centre’s showcase power projects.

CAG’s draft report on the audit of Sasan and Tilayia ultra-mega power projects, being built by the company, quantified the windfall gains at Rs 15,849 crore over the 25-year project life. A ministerial panel had in 2008 given RPL permission to use surplus coal from Sasan project to fuel another power plant being set up by the company. On April 28, the ministerial panel decided to consider the issue as a closed chapter, and put in place a policy on use of surplus captive coal.

“In view of the action taken by the power ministry to review Sasan coal permission at the highest levels of government as recommended by the CAG and the decision of the EGoM that the surplus coal permission for Tilaiya would be governed by a comprehensive policy, we would request you to kindly consider dropping the para on undue benefits,” the company said.

Schnitzer Provides Market Outlook for Third Quarter of Fiscal 2012

Thu, 17 May 2012 20:30:14 +0000

PORTLAND, Ore., May 17, 2012 (BUSINESS WIRE) — Schnitzer Steel Industries, Inc. /quotes/zigman/55215/quotes/nls/schn SCHN -1.07% announced today its market outlook for its third quarter of fiscal 2012. During the quarter, the global demand for recycled metals has remained soft and the tepid US economic recovery, together with lower than normal spring scrap flows, has contributed to tighter supplies. Margins have compressed from the second quarter, as a slight increase in average gross ferrous selling prices has been more than offset by higher costs of both raw materials and freight.

In our Metals Recycling Business, ferrous sales volumes are expected to be in line with the second quarter of fiscal 2012. Nonferrous selling prices are expected to increase 5-10%, offset by nonferrous volumes which are expected to decline 10-15% due to high production levels in the second quarter. Operating income per ferrous ton is expected to be $8-11, approximately 35% lower than the second quarter of fiscal 2012. In our Auto Parts Business, revenues are expected to increase 2-4% over the second quarter of fiscal 2012 and operating margins are expected to be 14-15%, approximately 350 basis points higher sequentially, as a result of seasonally higher admissions and parts sales. In our Steel Manufacturing Business, sales volumes are expected to decline slightly while average sales prices and utilization are expected to be in line with the second quarter, resulting in operating performance which is slightly below breakeven. Actual financial performance is subject to, among other factors, market conditions and the timing of shipments.

Cash flows from operations are expected to further reduce total debt to total capital. Consistent with our cost reduction and continuous improvement initiatives, we expect SG&A costs to approximate the level in the second quarter. The effective tax rate in the third quarter is anticipated to be approximately 34%.

As supply and demand conditions improve, we are strategically positioned to benefit from the long-term global demand for recycled metals and generate higher operating leverage from recent investments in our North American supply chain and in nonferrous separation technologies.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company’s outlook for the business and statements as to expected pricing, sales volumes, operating margins, tax rates and benefits of acquisitions and processing technologies. Such statements can generally be identified because they contain “expect,” “believe,” “anticipate,” “estimate” and other words that convey a similar meaning. One can also identify these statements as statements that do not relate strictly to historical or current facts. Examples of factors affecting the Company that could cause actual results to differ materially from current expectations include: potential environmental cleanup costs related to the Portland Harbor Superfund site; volatile supply and demand conditions affecting prices and volumes in the markets for both our products and raw materials we purchase; difficulties associated with acquisitions and integration of acquired businesses; the impact of goodwill impairment charges; the inability of customers to fulfill their contractual obligations; the impact of foreign currency fluctuations; potential limitations on our ability to access credit facilities; the impact of the consolidation in the steel industry; the impact of imports of foreign steel into the U.S.; inability to realize expected benefits from investments in technology; freight rates and availability of transportation; product liability claims; costs associated with compliance with environmental regulations; the adverse impact of climate change; inability to obtain or renew business licenses and permits; compliance with greenhouse gas emission regulations; reliance on employees subject to collective bargaining agreements; and the impact of the underfunded status of multiemployer plans in which we participate, as discussed in more detail in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. One should understand that it is not possible to predict or identify all factors that could cause actual results to differ from the Company’s forward-looking statements. Consequently, the reader should not consider any such list to be a complete statement of all potential risks or uncertainties. All forward-looking statements we make are based on information available to us at the time the statements are made and we do not assume any obligation to update any forward-looking statements, except as may be required by law.

About Schnitzer Steel Industries, Inc.

Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled ferrous metal products in the United States with 57 operating facilities located in 14 states, Puerto Rico and Western Canada. The business has seven deep water export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. The Company’s integrated operating platform also includes its auto parts and steel manufacturing businesses. The Company’s auto parts business sells used auto parts through its 51 self-service facilities located in 14 states and Western Canada. With an effective annual production capacity of approximately 800,000 tons, the Company’s steel manufacturing business produces finished steel products, including rebar, wire rod and other specialty products. The Company commenced its 106th year of operations in fiscal 2012. Schnitzer was named Scrap Company of the Year by American Metals Market’s 2011 Awards for Steel Excellence. This award recognizes advancements rooted in pioneering and implementing business improvements that have delivered real change to the steel industry.

SOURCE: Schnitzer Steel Industries, Inc.

 Schnitzer Steel Industries, Inc. Investor Relations: Alexandra Deignan, 646-278-9711 Media Relations: Chip Terhune, 503-367-2568 www.schnitzersteel.com ir@schn.com

/quotes/zigman/55215/quotes/nls/schn

Reliance Power asks CAG to drop 'undue gains' remark

Thu, 17 May 2012 19:30:28 +0000

After the government recently reaffirmed its earlier decision to allow Reliance Power Ltd (R-Power) to divert surplus coal from its Sasan project in Madhya Pradesh for a nearby project, the company has asked the Comptroller and Auditor General (CAG) to drop its observations of “undue benefit” in a draft audit report.

The final report is expected to be tabled in Parliament in the current session.

“In view of the action taken by the power ministry to review Sasan coal permission at the highest levels of the government as recommended by CAG and the decision of the EGoM (empowered group of ministers) that the surplus coal permission for Tilaiya would be governed by a comprehensive policy, we would request you to kindly consider dropping the para on undue benefits,” R-Power said in a letter written to CAG last week.

A draft report of CAG on coal allocation had alleged undue benefits to the tune of Rs 15,849 crore, extended by the government to R-Power by way of surplus coal allocation for two of its ultra mega power projects (UMPPs). The report pegged benefit to R-Power from surplus allocation for Sasan UMPP at Rs 4,875 crore. Another Rs 10,974 crore “may accrue” from the Tilaiya UMPP, it said.

CAG officials, however, maintained that a change in the report was not possible since the audit involves scrutiny of decisions during a time period based on the prevailing policy.

“The final report is ready for tabling in Parliament,” said one official.

On April 28, the government had decided to stick to an earlier decision to allow

R-Power to divert surplus coal from mines allotted for Sasan UMPP to another nearby project. After a meeting of EGoM, Law Minister Salman Khurshid had said the government cannot review decisions taken in the past.

“The AG (attorney general) had interpreted the decision of EGoM taken in 2008 and had said that the decision was correct. Obviously, we will go by the opinion as it explains and fortifies the 2008 decision,” he had said.

Asked whether the decision would set a precedence and be used by the government for allowing surplus coal diversion in all similar cases going forward, Khurshid had said a comprehensive policy on surplus coal would be finalised soon, based on AG’s recommendations, to avoid ambiguity in future.

AG has opined that the government has the right to permit allocatees to use surplus coal for other projects and that EGoM’s approval to diversion was a well considered decision.

The draft report was quoted in a Times of India news report on March 22 as finding undue benefits through allotments of 155 coal blocks to various companies.

Later, in a letter to Prime Minister Manmohan Singh, CAG had downplayed the draft report, saying “the details being brought out were observations under discussion at a very preliminary stage and do not even constitute our pre-final draft.”

CPM seeks probe into role of PMO officers

Thu, 17 May 2012 19:30:24 +0000

The CPI(M) on Thursday urged PM Manmohan Singh to order a probe into the role of certain officers in PMO in facilitating a legal opinion for Reliance Industries’ move for increasing gas prices despite the Petro-leum Ministry having already turned it down.

In a letter to Prime Minister on Thursday, the CPI(M) MP and CITU General Secretary Tapan Sen demanded that the gas pricing on KG Basin should be left to Tariff Commission and the observations of Comptroller and Auditor General (CAG) on this regard should be taken into consideration.

“My substantive query as to what public interest prompted the agenda of M/s Reliance to increase the gas price to be sent for legal opinion, when the same was already turned down by Ministry of Petroleum and Natural Gas, remains unanswered. This intervention and subsequent sequence of events are serious acts of omission in the face of desperate bid by the private party to make illegitimate gain before the expiry of the tenure of the present price at the cost of national exchequer and millions of power & fertililser consumers,” said Sen.

He pointed out that the role of certain officials of PMO is doubtful as the proposal of Reliance was sent to Attorney General, after the proposal was rejected. The EGoM also rejected the company’s proposal earlier. The CPI(M) leader suggested that this proposal should be forwarded to CAG, which had examined the irregularities in KG Basin.

“Simultaneously, the plea of RIL should be forwarded to CAG for examination. I demand that no price hike should be allowed to M/s RIL irrespective of legal opinion before the expiry of contract period of 5 year i.e. before 2014 and the gas price of KGD6 be examined denovo after the report of Tariff Commission and CAG are received,” said Sen.

Dominion Citrus Limited Announces the Appointment of Ernie Collinson as Vice …

Thu, 17 May 2012 19:30:19 +0000

TORONTO, ONTARIO, May 17, 2012 (MARKETWIRE via COMTEX) — Dominion Citrus Limited (“DCL”) announces the appointment of Ernie Collinson, Certified General Accountant, as Vice President of Finance and Chief Financial Officer of Dominion Citrus Ltd. Mr. Collinson has worked for DCL for 10 years, as Corporate Controller for DCL for 5 years, and as Director of Finance for DCL for the last 5 months. Mr. Collinson will commence his duties immediately.

Caution regarding Forward-Looking Statements

This release contains statements, which, to the extent that they are not a recitation of historical fact, may constitute “forward-looking statements”. Forward-looking statements may include financial and other projections, as well as statements regarding our future plans, objectives or performance, or our underlying assumptions. The words “estimate”, “anticipate”, “believe”, “expect”, “intend” or other similar expressions of future or conditional verbs such as “will”, “should”, “would” and “could” are intended to identify forward-looking statements. Persons reading this press release are cautioned that such statements are only expectations, and that our actual results or performance may be materially different.

Forward-looking information involves certain risks, assumptions, uncertainties and other factors which may cause actual future results to differ materially from those expressed or implied in any forward-looking statements.

Readers should not place undue reliance on these forward-looking statements when making decisions, and should consider the date onto which the statements were made. Except as required by applicable security law, management disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Dominion

Dominion is a diversified food company supplying fresh produce to a wide variety of customers in retail, foodservice and food distribution businesses. The Company provides procurement, processing, repacking, sorting, grading, warehousing and distribution services to its major domestic markets being Ontario and Quebec. The Company also supplies products to customers in the United States. Dominion is a subsidiary of the Fund. The Fund is a publicly traded, unincorporated, open-ended limited purpose income trust. The trust units are listed on the TMX under the symbol DOM.UN. Dominion’s website may be accessed at www.dominioncitrus.com .

 Contacts: Investors & Media Dominion Citrus Limited Jason Fielden President & CEO (416) 242-8341 Ext 250 www.dominioncitrus.com

SOURCE: Dominion Citrus Limited

 http://www.dominioncitrus.com

InZon Announces the Acquisition of American Visiontech Co. Ltd.

Thu, 17 May 2012 17:30:41 +0000

DELRAY BEACH, Fla., May 17, 2012 (GlobeNewswire via COMTEX) — InZon Corporation /quotes/zigman/374284/quotes/nls/izon IZON +17.65% (InZon) today announced that it has signed a definitive agreement to acquire all outstanding shares of AVC Acquisition Corporation, the holding company of American Visiontech Co. Limited in the consideration of approximately 96% of the outstanding shares of InZon as of the closing date set forth in the agreement.

American Visiontech Co. Ltd. (AVC) is a fully owned subsidiary of AVC Acquisition Corp. engaged primarily in equity investment of biotech, green energy and communication technology area.

AVC is in the process of finishing the financial audit based on US GAAP standard. The acquisition will be closed and completed upon a satisfactory audit result and customary due diligence requirements.

About InZon Corp.

InZon currently has no operations.

The company is currently located at 238 NE First Ave, in Delray Beach, FL.

About American Visiontech Company Limited

America Vision-tech Co., Ltd (AVC) is a private company registered in British Virgin Island (BVI) that focuses in equity investment in public and private companies. The headquarters is in Los Angles, United States and corporate web site is http://www.americanvc.com

AVC has several branch offices in the Asia Pacific region, mainly investing in high technology companies and high growth enterprises in various industries. It looks for Mergers and Acquisitions (M&A) opportunities and also invests in Initial Public Offerings (IPO) opportunities.

AVC focuses on assisting Chinese companies to go public in the United States and Canada. AVC has a team of professionals bringing in valuable capital market experience for those Small and Medium Enterprises (SME).

Cautionary Note About Our Forward-Looking Statements

All of our statements that contain other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of applicable federal securities law. Forward-looking statements may generally be identified by words such as “believe,” “project,” “expect,” “may,” “estimate,” “intend,” “plan,” “will,” “could,” and similar expressions. The Private Securities Litigation Reform Act of 1995 contains safe-harbor provisions for forward-looking statements, and we intend that our forward-looking statements be covered by those provisions.

Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, both known and unknown, that may cause actual future results to differ materially from those indicated in the forward-looking statements. Our ability to predict future results of current plans or strategies is inherently uncertain. Factors that could have a material adverse effect on our future operations and prospects include, but are not limited to: competition, interest rates, changes in economic conditions, litigation, political and regulatory changes, the cyclical nature of the mining industry, technical issues inherent in the mining process, our ability to attract and retain qualified personnel, the availability of capital and a change in demand for minerals produced. These risks and uncertainties should be considered when evaluating forward-looking statements, and undue reliance should not be placed on such statements.

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. More information concerning our business, including additional factors that could materially affect our financial results, may be found in our periodic filings with the SEC ( http://www.sec.gov ).

Investor Relations Contact: Perfians Networks Corp. 416-847-7871 (phone) ir@perfians.com

This information was brought to you by Cision http://www.cisionwire.com

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: InZon Corporation

http://www.cisionwire.com/inzon-corporation/r/inzon-announces-the-acquisition-of-american-visiontech-co–ltd- ,c9261458

/quotes/zigman/374284/quotes/nls/izon

ISPs block websites, Anonymous comes knocking

Thu, 17 May 2012 15:30:20 +0000

The Internet Service Providers (ISPs) in India are currently blocking websites in accordance to a Supreme Court directive. As of now Reliance Communications and Airtel are blocking The Pirate Bay, Vimeo, DailyMotion and a few other torrent sites across parts of India. The note users in India subscribed to the Internet through these ISPs are seeing is:

Access to this site has been blocked as per Court Orders

The reason behind this censorship is a John Doe order obtained by film distributor Relance Entertainment. Citing piracy concerns ahead of blockbuster releases, Reliance Entertainment has been using John Doe orders to get websites blocked. Since Reliance Entertainment and Reliance Communications are under the same leadership, the companies worked together in restricting access to the websites. Speaking to Rediff.com, Reliance Entertainment’s VP for anti-piracy said, “Our primary contention is that the copyright of our films should be protected, and that they should not be available for viewing or downloading on sites. But for Dangerous Ishhq, only our own affiliate will block the sites. We are not saying that the entire site should be blocked. Other ISPs should ensure that they block the availability of our films, not the entire site.”

As Airtel users started getting affected, infamous hacktivist group Anonymous decided to retaliate. The hacktivist group called for supporters to target websites of the Supreme Court of India, Ministry of Communications and Information Technology, data.gov.in, and All India Congress Committee (AICC). As of writing this only AICC is down. The attack is a Distributed Denial of Service Attack (DDoS) whereby the website is so inundated by visitors that it crashes. The official Twitter page for the co-ordinated DDoS @opindia_revenge seems to have backed down and are desperately trying to explain Indians that their actions do not harm the websites but only cause some downtime. Some updates from the group:

Namaste India – We see you’ve met some of the #Anonymous battle fleet’s infamous cannon fire. Tsk tsk for censoring #TPB & others. #OpIndia

— Anonymous (@YourAnonNews) May 17, 2012

We are not doing any permanent damage to the websites. We just want file sharing sites to be unblocked. #governemt must not censor internet.

— opindia (@opindia_revenge) May 17, 2012

Well #india doesn’t understand what is #DDOS. If we stop firing or have very few anons firing then the sites come back up. Simple as that!

— opindia (@opindia_revenge) May 17, 2012

We did message #newschannels about the hacks but guess they were sleeping back then.Happy #WAKEUP for #india

— opindia (@opindia_revenge) May 17, 2012

FOR those who were sleeping –>>aicc.org.in is DOWN and we have stopped firing at #SUPREMECOURT HAPPY #WAKEUP

— opindia (@opindia_revenge) May 17, 2012

This is the second time Anonymous members have tried to take down websites in India and like last time, their actions won’t achieve more than a few news headlines.

Reliance Power seeks removal of Sasan reference from CAG draft report

Thu, 17 May 2012 15:30:18 +0000

NEW DELHI: Reliance Power has requested CAG to remove from its draft report the observations about utilisation of excess coal from Sasan and Tilaiya projects.

Reliance Power’s request comes in the wake of an Empowered Group of Ministers (EGoM) deciding not to review the earlier decision allowing Reliance Power to use excess coal from the Sasan Ultra Mega Power Project (UMPP) mines for its another project, sources said.

The EGoM is believed to have decided that permission for use of surplus coal from Tilaiya UMPP would be governed by a new policy on excess coal usage. The policy would be formulated by the Coal Ministry, they added.

In a letter to Comptroller & Auditor General Vinod Rai, Reliance Power has requested the auditor to “consider dropping the audit para on undue benefits arising out of surplus coal from Sasan UMPP and Tilaiya UMPP”.

The CAG had made the observations in its draft of the report ‘Working of SPVs in PFC’.

Power Finance Corp (PFC) co-ordinates the award of UMPPs to developers.

Sources said the draft CAG report had stated that the decision to permit usage of surplus coal gave undue benefit to Reliance Power.

An EGoM on ultra mega power projects, headed by Finance Minister Pranab Mukherjee, on April 28, decided not to review the past decision after taking legal opinion from the Attorney General G E Vahanvati.

“Since the due process has been followed and CAG observations have now been fully acted up after deliberations and review at the highest levels in the government, it is requested that the audit observations pertaining to Sasan UMPP be dropped,” the letter to CAG said.

Excess coal from Sasan UMPP is to be used for Chitrangi project.

As per the letter, Chitrangi project — where the excess coal from Sasan is to be used — is still awaiting certain important clearances and hence it may be premature to quantify any benefit due to sale of power using surplus coal.

Reliance Power said that as per reported EGoM decision, the permission for surplus coal usage from Tilaiya UMPP would be as per the new policy and “hence it may not be appropriate to quantify losses or make observations on Tilaiya UMPP”.

Reliance Power has bagged three UMPPs — Sasan (Madhya Pradesh), Tilaiya (Jharkhand) and Krishnapatnam (Andhra Pradesh). UMPPs are generally referred to as projects having generation capacity of 4,000 MW.

Indian Shares Pare Early Gains

Thu, 17 May 2012 14:30:24 +0000

5/17/2012 7:30 AM ET
(RTTNews) – Indian shares pared some early gains on Thursday, as a further slide in European stocks on fears over Greek banks and a fall in rupee to a new record low against the dollar, reversing initial gains, prompted traders to take some profits off the table.

The benchmark 30-share Sensex hit an intra-day high of 16,240 before paring gains and ending up 40 points or 0.25 percent higher at 16,070, with only 14 of its component advancing.

FMCG player ITC led the gainers, climbing 3.1 percent on reports that it has acquired land to set up a luxury hotel in Colombo. Energy giant Reliance Industries gained 1.5 percent amid an ongoing share buyback program.

Metal stocks like Tata Steel and Jindal Steel rose 1-2 percent, property developer DLF gained 1.7 percent, mortgage lender HDFC added 1.6 percent, state-run lender SBI gained 1.5 percent and car maker Maruti Suzuki ended up 1.3 percent. Telecom major Bharti Airtel ended flat, erasing most of its early gains, after the company announced new 3G tariffs for its customers, slashing prices by as much as 70 percent under some plans.

Among those that fell, Mahindra & Mahindra and Larsen & Toubro paced the declines, falling around 4 percent each, while ICICI Bank, Tata Power, Hndalco, BHEL, Bajaj Auto and Cipla lost 1-3 percent. Bajaj Auto fell 2.7 percent as the motorcycle maker reported a 45 percent slump in fourth-quarter profit

Sterlite Industries and Sesa Goa ended little changed with a negative bias after group company London-listed Vedanta Resources said its profit for the fiscal year 2012 was hurt by higher operating costs and increased export duty rates on iron ore.

The broader Nifty index ended up 12 points or 0.25 percent at 4,870, while the BSE mid-cap and small-cap indexes edged up marginally. The market breadth was neutral, with gaining shares nearly equaling declining shares.

Piramal Healthcare edged up marginally as it agreed to buy U.S.-based Decision Resources Group for around Rs.3,400 crore, marking its entry into the healthcare information management space. IDBI Bank tumbled 2.9 percent after finance minister Pranab Mukherjee said he would try to arrive at an agreed solution over the issue of wage revision in the bank.

Elsewhere, other Asian stocks recovered a bit from the previous session’s sell-off, as solid economic data from the U.S. and Japan and fresh hopes that the Federal Reserve will consider further policy easing if necessary gave investors reasons to cherry-pick battered stocks.

However, European stocks lost ground, with key benchmark indexes in France, Germany and the U.K. last trading down about half a percent each, on jitters over Greece’s problems.

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SNAPSHOT-India stocks, bonds, rupee, swaps, call closing levels

Thu, 17 May 2012 13:30:43 +0000

Thu May 17, 2012 8:38am EDT

STOCKS

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India’s benchmark index ended up 0.25 percent to 16,070.48, while the 50-share NSE index rose 0.25 percent to 4,870.20 points, as bargain hunting emerged after recent falls, though sentiment remained hit by the weakening rupee

Reliance Industries led gainers after it was seen stepping up a buyback of shares.

GOVERNMENT BONDS

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The benchmark 2021 bond ended at 8.49 percent lower than the previous close of 8.52 percent, as oil prices continued to slump and as risk aversion remained, but concerns about the liquidity impact from central bank interventions prevented further falls.

RUPEE

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The rupee slumped to a new life low of 54.60 to the dollar, surpassing the previous session low of 54.52, sparking the central bank to step in to defend the currency, multiple dealers said.

The cross settled at 54.48/49, in range with Wednesday’s close of 54.49/50, as per State Bank of India data.

INTEREST RATE SWAPS

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The 1-year OIS rates closed down 1 basis point at 8.00 percent and the 5-year fell 2 basis point to 7.44 percent.

CALL MONEY

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The inter-bank call money rate ended at 8.15/8.20 percent, higher than Wednesday’s close of 7.80/7.85 percent as demand for funds inched up a day before banks report their reserve requirements. ———————- Double click on codes in Reuters MIOR/MIBOR NSE MIBID/MIBOR Reuters Corporate Bond Yield/Spread For Reuters Benchmarks South Asia markets technicals – (www.reuterstechnicals.com) (Compiled by Archana Narayanan; Editing by Rafael Nam)