Financial Mail articles from March 2012

Financial Mail archives from March 2012

Investor's Notebook.
March 30, 2012... Byline: Stephen Cranston Investor's Notebook I often think about the value of investment surveys, which can be a misleading guide to the future. It is perverse that unit trusts, which have an average holding period of less than three years,...

Did you hear?
March 30, 2012... The phenomenal rise through police ranks of six of President Jacob Zuma's VIP bodyguards two of them jumping six steps has set off a clamour for the recipe for this achievement. One reader posted the following on City Press's website, which...

Economic Viewpoint. Pay rise fuel to rates.
March 30, 2012... Byline: NAZMEERA MOOLA Pay rise fuel to rates The main benefit of driving a diesel car is that I fill up about once a month, thanks to the great fuel efficiency. I can't think of any other reason why it was such a shock for me to realise that...

Raise capital when times are good.
March 30, 2012... Raise capital when times are good Shoprite's directors are right. The best time to raise capital is when shares are highly rated, the business is doing well and capital is readily available and attractively priced. Last week the retail group...

Don't take refuge in cheap semantics.
March 30, 2012... Don't take refuge in cheap semantics A source of help, relief, or comfort in times of trouble that's just one neutral and hardly contestable definition of refuge. It is the word from which refugee is derived someone who seeks help, relief or...

Speak your mind.
March 30, 2012... Byline: BARNEY MTHOMBOTHI Speak your mind SA is a country of all shades, colours and hues and its stunningly beautiful scenery is reflected in its people. A kaleidoscope of all types. There are also as many views on any one thing as there are...

Executive moves.
March 30, 2012... Gando Matyumza has been appointed lead independent director of Cadiz Holdings. Colin Hall and David Lawrence have resigned as directors with effect from March 26, after having served as directors of Cadiz for 13 and 11 years respectively. ...

On my mind. Top pay challenge.
March 30, 2012... Byline: MARTIN WESTCOTT Top pay challenge SA companies' remuneration committees, guided by the need to comply with new governance requirements, face a challenging year as they approach the task of interpreting and determining the fair and...

Technology & You. Alan's next chapter.
March 30, 2012... Byline: DUNCAN McLEOD Alan's next chapter On Monday, Alan Knott-Craig will move into his new office at 150 Rivonia Road. Expectations about his looming tenure at the helm of Cell C are running high among industry players and consumers alike....

Another Week.
March 30, 2012... Another Week AFRICA Somali pirates seize an Iranian-owned cargo ship, the MV Eglantine, and its 23-strong crew off the Maldives. Oil has been discovered in Turkana in northern Kenya after exploratory drilling by Anglo-Irish firm Tullow Oil,...

Another week.
March 30, 2012... The US supreme court begins a landmark hearing on the constitutionality of president Barack Obama's healthcare law, which 26 states are challenging. They say the requirement to buy insurance intrudes on civil liberties. Clashes break out in...

What is Chikane's motive?
March 30, 2012... Byline: Bongani Majola What is Chikane's motive? We had almost forgotten the Rev Frank Chikane. We, who were in the presidency when President Jacob Zuma was unceremoniously released from office as the deputy president, remember that Chikane...

COMINGS & GOINGS.
March 30, 2012... COMINGS & GOINGS Cyril Ramaphosa. Optimum Coal has appointed Ramaphosa as chairman, replacing Bobby Godsell who has resigned. Clinton Ephron and Richard Cohen become directors and Paul Nkuna lead independent director. Stanislas de Quercize....

NUCLEAR ENERGY. No easy answers.
March 30, 2012... Byline: Lise Pretorius NUCLEAR ENERGY No easy answers As SA calls for nuclear bids in its largest tender to date, asks what the real costs are WHAT IT MEANS. Nuclear needed to reduce SA's emissions. Future costs remain uncertain The...

NUCLEAR REACTORS. Who's playing?
March 30, 2012... Byline: Lise Pretorius NUCLEAR REACTORS Who's playing? This year SA will decide on a foreign nuclear partner. looks at who's in the running The first thing is making sure safety is top BRIAN DAMES WHAT IT MEANS. US and France have history...

ARMS DEAL COMMISSION OF INQUIRY. Slow to fire starting gun.
March 30, 2012... Byline: Lindo Xulu ARMS DEAL COMMISSION OF INQUIRY Slow to fire starting gun Six months have passed since President Jacob Zuma announced that a commission of inquiry would be established to investigate the controversial strategic defence...

INFRASTRUCTURE. Sluggish progress.
March 30, 2012... Byline: Razina Munshi INFRASTRUCTURE Sluggish progress The award of a tender to construct the next phases of the Olifants River Water Resources development project last month could be just the beginning of a major infrastructure drive this...

PREFERENCE SHARES. Grindrod's ETF coup.
March 30, 2012... Byline: Stafford Thomas PREFERENCE SHARES Grindrod's ETF coup WHAT IT MEANS. SA gets its first preference share ETF. Demand for preference shares set to rise Grindrod Bank has timed the launch on March 28 of SA's first preference share...

QUESTIONS & ANSWERS. Hard to swallow. Linda Madida, chair of the Gauteng Liquor Forum.
March 30, 2012... Byline: Shannon Sherry QUESTIONS & ANSWERS Hard to swallow Linda Madida, chair of the Gauteng Liquor Forum, representing shebeens and taverns, speaks to about new regulations for the trade Which aspects of the new legislation are you...

WHERE ARE THEY NOW?. Klas action man. Klasie Wessels.
March 30, 2012... Byline: David Furlonger WHERE ARE THEY NOW? Klas action man It's a moment many face in their careers. After 25 years with the Draftfcb SA advertising group the last 10 as MD and chairman of its Johannesburg agency Klasie Wessels asked...

POLITICS BRICS SUMMIT. SA's ringside seat.
March 30, 2012... Byline: Claire Bisseker POLITICS BRICS SUMMIT SA's ringside seat SA stands to benefit from its deepening ties with other Brics nations WHAT IT MEANS. Brics development bank on the cards. The 2013 Brics summit to be held in SA Now the...

CAPE TOWN WATER SUPPLY. A city running dry.
March 30, 2012... Byline: Stafford Thomas CAPE TOWN WATER SUPPLY A city running dry In 10 years Cape Town's population has rocketed from 2,9m to 3,7m and it will hit 4,4m in 2020. What is not growing is the city's already precarious water supply. Even in a...

DIVIDEND WITHHOLDING TAX. How to ease the pain.
March 30, 2012... Byline: Ruan Jooste DIVIDEND WITHHOLDING TAX How to ease the pain SA individuals are the shareholders who will feel the biggest pinch once the new system is in force ELANDRE BRANDT Investors' dividend income will be considerably smaller when...

POLITICS DURBAN. Hoping for better days.
March 30, 2012... Byline: Shaun Harris POLITICS DURBAN Hoping for better days Politically, eThekwini (Durban) has been through a tumultuous period. The recently released Manase report contains allegations of corruption at official level, suspect tender awards,...

ELECTRICAL SECTOR. Currents of concern.
March 30, 2012... Byline: Shannon Sherry ELECTRICAL SECTOR Currents of concern Confusion reigns as to who is fit to regulate SA electricians. Government says it is taking up the reins, but meanwhile the public is left out of pocket WHAT IT MEANS. Inspectors...

POLITICS PROVINCES. Boundaries not at fault.
March 30, 2012... Byline: Prakash Naidoo POLITICS PROVINCES Boundaries not at fault The ANC seems to have put its cards on the table and is now seriously questioning whether the structures in their current form are actually working DEREK LUYT Even though SA's...

101. Prescribed assets.
March 30, 2012... Byline: Maarten Mittner What are prescribed assets? They are specified asset classes into which government obliges fund managers to invest a certain percentage of money. For example, government would instruct retirement funds to invest a...

CAPESPAN. Bidvest pulls its order.
March 30, 2012... Byline: Marc Hasenfuss CAPESPAN Bidvest pulls its order It appears industrial conglomerate Bidvest has given up its bid to gain a strategic 15% stake in unlisted fruit exporting and logistics group Capespan. Bidvest has held a standing...

DEAL OF THE WEEK. PSG ventures into Africa.
March 30, 2012... Byline: Marc Hasenfuss DEAL OF THE WEEK PSG ventures into Africa Piet Mouton CEO, PSG THE LOWDOWN PSG ventures into Africa. CA could be another CIC. Botswana a base for African expansion Stellenbosch-based investment group PSG has...

ENTREPRENEUR. Diving made easy.
March 30, 2012... Byline: Ivor Markman ENTREPRENEUR Diving made easy When Michelle and Louis van Aardt first met in 1995 during a diving course at Bass Lake in Gauteng, the cash-strapped couple had little idea they would one day be running one of SA's most...

RAND MERCHANT BANK. Trading divisions axed.
March 30, 2012... Byline: Maarten Mittner RAND MERCHANT BANK Trading divisions axed Rand Merchant Bank (RMB) has decided to discontinue its fixed income, currency & commodities (FICC), and proprietary trading divisions. The far-reaching move follows the...

HOME BUYING. Foreigners returning.
March 30, 2012... Byline: Joan Muller HOME BUYING Foreigners returning It appears offshore buyers, who have been largely absent from SA's residential property market since the financial crisis hit the world in 2008, are returning. Real estate players like...

GIMME. TomTom crosses borders.
March 30, 2012... Byline: Matiba Mutheiwana GIMME TomTom crosses borders The trouble with travelling with your gadgets across borders is that you often have to change gadget settings, download new applications and hope they work in other countries. Especially...

Apple in numbers.
March 30, 2012... Byline: Prakash Naidoo Apple in numbers US$2,6/quarter or $10,60/year is the dividend Apple will pay to shareholders for the first time since 1995. R45bn is what stockholders can expect in the next three years. $10bn is the worth of...

PHARMACEUTICAL INDUSTRY. Cleaning up their act.
March 30, 2012... Byline: Xolile Bhengu PHARMACEUTICAL INDUSTRY Cleaning up their act Corporate events disguised as meetings and corporate gifts given in appreciation for business and sales could be on the way out in the pharmaceutical and medical device...

HCI bid flops.
March 30, 2012... Byline: Marc Hasenfuss KWV HCI bid flops HCI's offer to buy out minority shareholders in liquor group KWV at 850c/share has fallen flat. HCI garnered only 356435 shares not surprising, since KWV holds an official net asset value of over...

The power of Goldman Sachs.
March 30, 2012... Byline: Farouk Araie The power of Goldman Sachs Greg Smith's revelation about Goldman Sachs will go down in history as the financial expose of 2012. These issues are so serious they raise questions about the future of both capitalism, as...

7 questions for ... Toby Orford, art law specialist.
March 30, 2012... Byline: Sean O'Toole 7 questions for... Toby Orford, art law specialist FM: Why did you become a consultant on art law? Orford: The idea materialised some years after I settled back in Cape Town. It grew from my own private interest in...

BOOKS. Dealing with internal conflict.
March 30, 2012... Byline: Prakash Naidoo BOOKS Dealing with internal conflict ON THE FAULT LINE: Managing Tensions and Divisions within Societies By Jeffrey Herbst, Terence McNamee and Greg Mills 282 pages Profile Books R294,95 Why is it that, in times of...

BOOKS. An apostle of reconciliation.
March 30, 2012... Byline: Richard Steyn BOOKS An apostle of reconciliation SIR DAVID PIETER DE VILLIERS GRAAFF By Ebbe Dommisse. 366 pages Tafelberg R250 Given better health, the first baronet of De Grendel might have become prime minister of the fledgling...

CINEMA. Tapping into nostalgia. The Artist.
March 30, 2012... Byline: Peter Wilhelm CINEMA Tapping into nostalgia A silent movie that has wrecked Hollywood's idea of what makes money The Artist Written and directed by Michel Hazanavicius. Score by Ludovic Bource. Lead roles: Jean Dujardin; Berenice...

FOOD FOR THOUGHT. Loving and loathing. French Toast Wine & Tapas.
March 30, 2012... Byline: Justice Malala FOOD FOR THOUGHT Loving and loathing JUSTICE MALALA **** French Toast Wine & Tapas 199 Bree Street, Cape Town. Tel: (021) 422-4084 ***** Madiba!; **** Excellent; *** Good; ** Zuma; *Malema Please don't imagine...

ART AND THE LAW. Courting controversy.
March 30, 2012... Byline: Sean O'Toole ART AND THE LAW Courting controversy The SA art world has resisted regulation until now. But a series of high-profile legal disputes is forcing it to reconsider its attitude At first glance, the SA art world appears a...

MOTORING. To B or not to B.
March 30, 2012... Byline: David Furlonger MOTORING To B or not to B WHAT IT COSTS: B180 & x003D; R299600 B200 & x003D; R319600 B180 CDi & x003D; R325000 B200 CDi & x003D; R358000 Motorists of a certain age will remember when air conditioning...

THE PLACE TO BE OR NOT TO BE. Bloody interesting. Adler Museum of Medicine.
March 30, 2012... Byline: Xolile Bhengu THE PLACE TO BE OR NOT TO BE Bloody interesting Adler Museum of Medicine Where 7 York Road, Parktown, Johannesburg. Environment: Clinical This 50-year-old museum, part of the Wits Medical School campus, is home to...

WONDERFUL WEEKEND. Never a dull moment.
March 30, 2012... Byline: Joan Muller WONDERFUL WEEKEND Never a dull moment Ronald Ennik, CEO of Gauteng-based Ennik Estates, a luxury real estate brand affiliated with Christie's International, talks to My dad was a Swiss art dealer who owned a gallery...

AD OF THE YEAR. In the Black.
March 30, 2012... Byline: Zweli Mokgata AD OF THE YEAR In the Black It may have irritated Robert Mugabe's cronies and consequently been pulled from screens after barely a week on air but Black River FC's Last Dictator Standing ad for the Nando's restaurant...

ADVERTISING RATES. Online dilemma.
March 30, 2012... Byline: Zweli Mokgata ADVERTISING RATES Online dilemma Declining rates for display advertising are causing a drop in profits for online media owners. Marketers, on the other hand, are investing more in the field. Only a handful of standalone...

BASIL READ. Outlook improves.
March 30, 2012... Byline: Razina Munshi BASIL READ Outlook improves The JSE construction index has made steady advances over the past year, but it may be that gains in share prices belie actual conditions. Basil Read's share price is up 37% from March last...

CORRECTION.(Correction notice)
March 30, 2012... CORRECTION In the March 16 issue (Money & Investing) it was stated that Iran accounts for 20% of MTN's total revenue. This is incorrect, as the figure is actually 9%. The FM regrets the error.

EQSTRA. Vehicles to the rescue.
March 30, 2012... Byline: Stafford Thomas EQSTRA Vehicles to the rescue Eqstra has dished up some nasty surprises since its listing in May 2008 and it shows in its humble 8,9 p:e. But with its fortunes on the mend it may be a sitter for investors on the hunt...

ARCELORMITTAL SA/EVRAZ HIGHVELD STEEL . No cast-iron case.
March 30, 2012... Byline: Charlotte Mathews ARCELORMITTAL SA/EVRAZ HIGHVELD STEEL No cast-iron case The financial struggles of SA's two biggest steel makers, ArcelorMittal SA (Amsa) and Evraz Highveld Steel & Vanadium, present a strong argument against...

AGRICULTURE INVESTMENT. Farming for growth.
March 30, 2012... Byline: Shaun Harris AGRICULTURE INVESTMENT Farming for growth Food-producing land is expected to show above-average increases in value in the future WHAT IT MEANS. Consumption of protein is rising. Diversification of food land usage is...

INVESTEC. Lowered expectations.
March 30, 2012... Byline: Maarten Mittner INVESTEC Lowered expectations Long-suffering shareholders have received another blow with the news that Investec will yet again have to write down huge property debts this time in Australia. The bad debt is related...

9 questions for ... Henry Fernandez, chairman and CEO of MSCI.
March 30, 2012... Byline: Andrew McNulty 9 questions for... Henry Fernandez, chairman and CEO of MSCI What is MSCI's main business? We are an investment decision tools support business. We provide market indices, tools for monitoring and managing risk in...

LISTED PROPERTY. Wheeling and dealing.
March 30, 2012... Byline: Joan Muller LISTED PROPERTY Wheeling and dealing It's only three months into 2012 but it seems this is going to be another busy year for the listed property sector on the corporate action front. Around R16bn (Stanlib figures) in new...

REX TRUEFORM. A curse or a blessing?
March 30, 2012... Byline: Marc Hasenfuss REX TRUEFORM A curse or a blessing? The latest interim results by small fashion retailer Rex Trueform (RexTru) present compelling arguments for and against retaining artificial family control in a listed company. ...

ADVTECH/CURRO HOLDINGS. Multiple choice question.
March 30, 2012... Byline: Marc Hasenfuss ADVTECH/CURRO HOLDINGS Multiple choice question The market ratings placed on the JSE's two private education specialists, Advtech and Curro Holdings, are divergent in the extreme. Fledgling Curro is trading on a p:e...

SEARDEL. Investment's wearing well.
March 30, 2012... Byline: Marc Hasenfuss SEARDEL Investment's wearing well Hosken Consolidated Investments (HCI) will be hoping sceptical investors, particularly those critical of its recent foray into struggling liquor group KWV (see page 19), take a long,...

GLENCORE/XSTRATA. High hopes for Everest.
March 30, 2012... Byline: Charlotte Mathews GLENCORE/XSTRATA High hopes for Everest The code name Everest for the Glencore-Xstrata merger proposed in early February might prove prophetic, if resistance swells to what is perceived by some Xstrata shareholders...

CASHBUILD. HOME IMPROVEMENT RETAILERS.
March 30, 2012... Byline: Razina Munshi CASHBUILD HOME IMPROVEMENT RETAILERS Price: R125,99 6m Dec T/O (Rbn) EBT (Rm) EPS (c) DPS (c) Mkt cap: R3,17bn 2011 3,25 223,3 656,54 296 PE: 12,14 2010 2,98 131,1 275,17 157 Sector PE: 15,92 t s +9% +70% +138% +89%...

ELB GROUP. INDUSTRIAL SUPPLIERS.
March 30, 2012... Byline: Lindo Xulu ELB GROUP INDUSTRIAL SUPPLIERS Price: R24 6m Dec T/O (Rm) EBT (Rm) EPS (c) DPS (c) Mkt cap: R812,6m 2011 858,6 31,798 56,9 18 PE: 13,06 2010 792,6 62,546 140,3 15 Sector PE: 10,22 t s +8,3% -49,1% -59,4% +20% The group...

EXCELLERATE. BUSINESS SUPPORT SERVICES.
March 30, 2012... Byline: Marc Hasenfuss EXCELLERATE BUSINESS SUPPORT SERVICES Price: R1,21 6m Dec T/O (Rm) EBT (Rm) EPS (c) DPS (c) Mkt cap: R280,8m 2011 536,2 48,7 12,2 PE: 6,58 2010 381,2 43,0 9,8 Sector PE: 12,5 t s +38% +13% +25% The Cinderella of the...

LITHA HEALTHCARE GROUP. MEDICAL SUPPLIES.
March 30, 2012... Byline: Xolile Bhengu LITHA HEALTHCARE GROUP MEDICAL SUPPLIES Price: R3,50 Yr Dec T/O (Rbn) EBT (Rm) EPS (c) DPS (c) Mkt cap: R1,3bn 2011 1,78 138,5 23,2 PE: 15,84 2010 1,29 120,7 18,1 Sector PE: 16 t s +38% +15% +28,1% Litha continued to...

Something sick here.
March 30, 2012... Byline: Cliff Buchler Something sick here Every time the Jackie Selebi story appears in the media the name Schabir Shaik comes to mind. Probably because the common denominator is corruption. And both have been diagnosed with medical problems...

ALUMINIUM. Downside pressure.
March 30, 2012... ALUMINIUM Downside pressure Chinese production of aluminum reached a record high in February, while output in the rest of the world was falling. Chinese aluminium shipments rose to an average 122300Mt a day in February, the highest since...

COPPER. Eyes on China.
March 30, 2012... COPPER Eyes on China Copper rebounded this week as positive sentiment towards commodity markets provided a welcome boost to prices. The sharp fall in inventories on the LME down 27% this year has also continued to support the price. However,...

Diamond; RBA Holdings. Dog: SA French.
March 30, 2012... Byline: Jamie Carr DIAMONDS & DOGS Diamond RBA Holdings It's not the place to stick granny's life savings in unless you really dislike the old bat, but RBA Holdings could be worth a dabble if you're a bottom picker with a healthy appetite...

VITAL NUMBERS ON MARCH 27 2012. RBA Holdings. SA French.
March 30, 2012... VITAL NUMBERS ON MARCH 27 2012 RBA Holdings Share price (c) 21 Market cap (Rbn) 0,08 P:e ratio 9,72 Earnings yield (%) 10,29 Dividend yield (%) SA French Share price (c) 10 Market cap (Rbn) 0,06 P:e ratio 100,00 Earnings yield (%) 1,00 Dividend...

Economic Indicators.
March 30, 2012... 49,9 percent The number of company failures has declined dramatically. Liquidations in February dropped by 49,9% y/y, after a 36,1% decrease in January, according to Stats SA. The decline was due to a 53,6% fall in the number of voluntary...

Market watch.
March 30, 2012... Byline: Andrew McNulty Market watch It is often risky to make too much of short-term market reaction to events, but the surge in global equities immediately after Federal Reserve chairman Ben Bernanke's speech about the US labour market early...

PUTPROP. REAL ESTATE.
March 30, 2012... Byline: Marc Hasenfuss PUTPROP REAL ESTATE Price: 650c 6m Dec T/O (Rbn) EBT (Rm) EPS (c) DPS (c) Mkt cap: R189m 2011 19,3 15,92 62,6 15 PE: 10,1 2010 17,8 15,85 48,4 15 Sector PE: 13,2 t s +8,6% +0,4% +29% If leases with major tenant Putco...

TECHNICAL ANALYSIS. Underperforming.
March 30, 2012... Byline: Garth Mackenzie TECHNICAL ANALYSIS Underperforming The JSE resources 10 (Resi10) index has been underperforming the rest of the market for months, but this has become more pronounced in the past few weeks. The index has fallen more...

STOCK TAKE. BSI STEEL.
March 30, 2012... Byline: Larry Claasen STOCK TAKE BSI STEEL 1. Cash positive - 2. Revenue up + 3. Tradability + 4. Dividend paid + 5. Profitable + This steel merchant's good run continues. It expects EPS and headline EPS to be at least 20% higher for the...

WINNERS & LOSERS.
March 30, 2012... WINNERS & LOSERS WINNER Macky Sall. Senegal's former prime minister was the clear winner of the presidential run-off poll with 65% against his rival Abdoulaye Wade who served for 12 years and who, to general relief, conceded Sall had won. ...

PUBLIC RELATIONS. Raising the bar.
March 30, 2012... Byline: Zweli Mokgata PUBLIC RELATIONS Raising the bar The PR industry is taking proactive steps to further raise its standards and credibility The public relations and communications industry is talking to government about creating a...

Diligent.
March 30, 2012... Byline: Julie Bain Diligent This resources company is walking the talk as it uplifts communities WHAT IT MEANS. More than R500m invested in sustainable projects across Southern Africa Transformation, for us, is more than just a requirement...

Unleashing mobile power.
March 30, 2012... Byline: Lance Harris REVOLUTION Unleashing mobile power REVOLUTION Unleashing mobile power SA organisations that want to become more efficient and productive need to get mobile devices and applications into the hands of rank-and-file workers...

Profitable business ties.
March 30, 2012... Byline: Lance Harris EXPANSION Profitable business ties Partnerships, a consistent corporate culture and geographical diversification have been the main ingredients in Dimension Data's recipe for its successful expansion in Africa and the...

Spotlight falls on innovation.
March 30, 2012... Byline: Lance Harris OUTSOURCING Spotlight falls on innovation SA's IT outsourcing market is enjoying robust growth as local organisations look to share technology risks with an external service provider and improve efficiencies in their IT...

Gartner gives the nod.
March 30, 2012... Byline: Lance Harris Gartner gives the nod Analyst firm Gartner has placed Dimension Data in the Leaders' Quadrant of the Magic Quadrant of its Communications Outsourcing & Professional Services report an endorsement of the strength and...

Timely move.(Company overview)
March 30, 2012... Byline: Lance Harris Timely move This consistent performer makes a smooth transition into an industry giant WHAT IT MEANS. Moved from hardware to services. Delivers double digit growth in revenue We have reaped rewards from our move...

The ease of cloud computing.
March 30, 2012... Byline: Lance Harris NEW OFFERING The ease of cloud computing Dimension Data has launched a comprehensive suite of cloud computing services across the world, offering companies a flexible and cost-efficient new way of buying computing...

Consumer focused.
March 30, 2012... Byline: Lance Harris TRENDS Consumer focused The consumerisation of information technology has prompted IT solutions providers such as Dimension Data to rethink the way they package and sell their solutions and services. The consumer now is...