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Nineteen months after the Kleen Energy power plant explosion killed six, a national safety group has proposed a federal ban on the use of natural gas when cleaning pipes at industrial plants.
National Fire Protection Association President James M. Shannon announced the proposal Tuesday at a press conference in Town Hall.
Six people were killed and nearly 50 injured on Feb. 7, 2010 after an explosion at the under-construction Kleen Energy plant that occurred during a pipe-cleaning procedure, called a "gas blow," in which natural gas was pumped through pipes to clean out debris. The gas was vented into a closed courtyard behind the main building, where it built up until an undetermined ignition source sparked the explosion.
"There really was no standard that governed the Kleen Energy disaster," Shannon said. "Normally, the process of issuing new standards takes up to three years, but we fast-tracked this to hopefully prevent this from happening again."
Officials cautioned that the new standard is not a federal law. Congress must pass it into law or the federal Occupational Safety and Health Administration would have to adopt the plan. States can also pass their own laws prohibiting the practice. Currently, Connecticut is the only state that bans the use of natural gas to purge pipes at power plants.
U.S. Chemical Safety Board Chairman Rafael Moure-Eraso said the new standard is needed because there are more than 125 gas-powered plants currently being built across the country.
"This new standard sends a clear message that natural gas is inherently dangerous when it comes to gas blows," Moure-Eraso said. "We are urging federal OSHA and states and localities to adopt this standard as Connecticut has already done."
The six men killed in the Kleen Energy blast were Raymond Dobratz, 58, Peter Chepulis, 48, Ronald J. Crabb, 42, Chris Walters, 48, Roy Rushton, 36, and Kenneth Haskell, 37.
U.S. Rep. Rosa DeLauro, D-3, who was credited by federal officials for pushing hard for the new standards, said Kleen Energy was not the first natural gas explosion during a purge.
"The six men who died last February did not die in vain and hopefully this tragedy in Middletown will be the last of its kind," DeLauro said.
Federal regulators issued more than $16 million in fines and identified more than 100 safety violations at the plant after the blast. O&G Industries of Torrington, the general contractor and minority owner of the $1 billion facility, has denied any wrongdoing.
Middletown Mayor Sebastian Guliano said that the criminal investigation into the blast is not over and police have collected and stored evidenced removed from the site. But sources said that there were so many potential ignition sources it was impossible to pinpoint the exact source and also difficult to determine who was actually in charge of the purge that day.
"Most people know this was a gas purge that went awry but what they might not know is that eight days earlier they did a textbook purge," Guliano said. "The difference between a successful purge and a disaster is paper thin."
A rebuilt Kleen Energy plant opened for business during the summer. Guliano said "in terms of safety there haven' t been any issues with them."
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We are pleased to announce updated releases of Synthetica V2/V3 and SyntheticaAddons V1/V3 with Java 11 support. A complete list of changes can be found at the Synthetica changelog and the SyntheticaAddons changelog.
Note: For using the latest V3.2 updates you possibly have to request new license keys.
We are pleased to announce the release of SyntheticaAddons V3.1.0. A complete list of changes can be found at the SyntheticaAddons changelog.
We are pleased to announce the maintenance release of Synthetica V3.1.1. For a complete list of changes take a look at Synthetica changelog. Beside some bug fixes the update provides the improvements listed below.
The maintenance release SyntheticaAddons V3.0.1 is available for downloading. The update provides a bug fix for an exception which occurs on OSX with Java 10 only - see also SyntheticaAddons changelog.
The maintenance releases Synthetica V2.31.0 and SyntheticaAddons V1.12.2 are available for downloading. The updates mainly provide some minor enhancements and bug fixes - see also Synthetica changelog and SyntheticaAddons changelog.
We are pleased to announce the release of Synthetica V3.1.0. A complete list of changes can be found at the Synthetica changelog. The update mainly improves UI-scaling support to achieve good results even for scaling values which are not a whole multiple.
In this new release the API has been extended to improve image scaling support. Some new methods can be found in the HiDpi class. The new scaling support works pretty well even for indeterminate scale factors. More details are described in the article Synthetica UI-Scaling In Detail - so this is how Synthetica scaling looks since V3.1.
As you may know Synthetica V3 comes along with UI-Scaling support. The UI-properties listed below help you to control scaling to fit your needs.
For linear scaling it's recommended to set Synthetica.font.respectSystemDPI to false when using the UI-Scaling option. Otherwise, especially on high-resolution platforms, fonts of your application may appear too big if a Synthetica scale factor is not set or set to 100.
UIManager.put("Synthetica.scaleFactor", 150);
UIManager.put("Synthetica.font.respectSystemDPI", false);
As you maybe know most of our themes are based on image files. In Synthetica V3.1 image scaling support has been improved to work fine even for indeterminate scale factors. In the screenshots below you can clearly see the differences in scaling between Swing UI-Scaling, Synthetica V3.0 and Synthetica V3.1.
As you an see in the screenshots below the default Swing scaling of Java 9 has some issues like unwanted artifacts and image scaling quality.
In Synthetica V3.0 these issues do not appear if the scaling factor is a whole multiple means 100%, 200%, 300%... However, even if image scaling is slightly better than Swing's default scaling it's not as good as it could be.
In Synthetica V3.1 image scaling was massively improved. So the complete application appears pretty well scaled even with intermediate scale factors.
Synthetica V3.1 also provides an enhanced API to simplify image scaling for your needs. The HiDpi class provides some new methods to let you scale your images easily.
//scale image relatively with the current Synthetica scale factor
scaledImage = HiDpi.scaleImage(myImage);
//scale image absolutely to reach the passed width/height
scaledImage = HiDpi.scaleImage(myImage, newWidth, newHeight);
//scale multi resolution image with the current Synthetica scale factor
scaledImage = HiDpi.createImage(myImage, myHiResImage).getScaledInstance();
//or directly by passing image file names
scaledImage = HiDpi.createImage(getClass(), "arrow.png", "firstname.lastname@example.com").getScaledInstance();
BTW: Synthetica V3.1.0 will be released pretty soon.

subset: commoncrawl


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Job information
Job Description
MIT Senseable City Laboratory (SCL), Singapore, part of the Singapore-MIT Alliance for Research and Technology (SMART) is looking for a full-time Technology Lead for the ESCAPE project.
SCL is a multi-disciplinary group that develops and deploys interfaces that ease the human understanding of big data and enable faster decisions. The ESCAPE project is a web application with the goal of making travel search fast and intuitive. We intend to bring a consumer-facing product to the market with the help of the SMART Innovation Centre by the end of this year. To this end, we are looking for engineers who are interested in conceptualising, designing and engineering a next generation product from scratch.
Some of our earlier work:
LIVE Singapore http://senseable.mit.edu/livesingapore/
Datacollider http://datacollider.io/
More about us:
· Manage and lead the backend development of project Escape
· Architect, deploy and scale Escape to serve different markets
You are an ideal candidate if you are:
· An experienced developer: You have built and scaled consumer-facing products/apps
· Self-motivated: You would do anything to ship a product and are interesting in forming a team of developers who ship world-class products
· A traveller: You love to travel and are interested in creating something for people like yourself.
Huge bonus, if
· You have worked for startups or founded your own
· You have experience with big geo-spatial data/location-based services


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Tips on writing a descriptive essay about mother: since this is a description essay, one is expected to write about the unique attributes that makes the individual or object being described special, which, in this case, is the speaker's mother. An author is the creator or originator of any written work such as a book or play, and is thus also a writermore broadly defined, an author is the person who originated or gave existence to anything and whose authorship determines responsibility for what was created. Here are 155 words to describe an author's tone tone is often defined as what the author feels about a subject what the reader feels is known as the mood here are 155 words to describe an author's tone how to write a tone analysis essay tone refers to the attitude of a writer toward the subject he is writing about a writer can convey. Format of descriptive essays whenever you need to write a descriptive essay, you need to know how to choose the right format for essays of this type it is not that difficult as the structure of such papers consists of three major parts only: introduction, body, and conclusion. Ap course descriptions are updated regularly please visit ap central ® (apcentralcollegeboardorg) to determine whether a more recent course description pdf is available.
In this essay discussion, i am going to compare/contrast the author's purpose, the intended audience, and the impact on the reader's that each author intended to accomplish through the essay that they wrote i also plan to show that the descriptive essay communicates the author's point of view superior to that of the narrative essay. Writing an author bio – examples of professional bios by freelance writing not only is it useful to know what you need to include in an author bio, it is also useful to see examples of how your vital information should look. A descriptive essay is a type of essay that is often confused with the expository essay while these two types do have some similarities, one should keep in mind that they are quite different and must not be confused. An essay has been defined in a variety of ways one definition is a prose composition with a focused subject of discussion or a long, systematic discourse it is difficult to define the genre into which essays fall.
This is a descriptive essay i was assigned at the end of my freshman year i had a lot of fun writing it and i was really proud of it at the time (that is to say, i am still proud of it, but i could do better now. In some cases the author may be an organization or department, so the stating of their name will complete the apa essay format or else the mention of the book will also fulfill the need or else the mention of the book will also fulfill the need. Descriptive essays about people can prove more difficult as many times we do not see these types of descriptions in books or popular literature if there is a description of a person, it is usually short, within one paragraph, or spans across the entire book. A descriptive essay about a person is a failure, if all you do is describe that individual physically and then tell the reader that s/he has three or four personality traits physical descriptions should be revealed indirectly, and those three or four personality traits must be shown be specific words, actions, and behaviors. Writing effective description is the secret to breathing new life into them author rebecca mcclanahan shares 11 secrets are your characters dry, lifeless husks writing effective description is the secret to breathing new life into them author rebecca mcclanahan shares 11 secrets poems, and essays embody our writing they are our words.
Explore how to use descriptive writing in storytelling to develop characters and settings, establish point of view, and move the plot along with tension within a story develop your senses, and increase your attention to detail with mcclanahan's suggested descriptive writing exercises. Unlike sample essays for sale that we offer through our catalog, out custom essay writing is a much complex process that costs more money but gets you a unique piece of content that is original, plagiarism free and written according to your specific instructions. Before looking into the examples of a descriptive essay about a place, one needs to understand what the descriptive essay is it is a genre of essay, which requires a student to give a description of something – place, experience, object, situation, emotion, etc students have to show their ability to create a written statement of a certain experience.
Essay structure and citation guidelines what comprises a logically constructed essay in general, good essays have a clear, if you use direct quotes in your text (a good idea), make sure you cite the author(s), year of publication include page number when you quote directly from the work or refer to in general essays include a "work. Description essay 1) it must be a visible object 2) must describe the object in terms of both its physical appearance and function if can answer these question: what does it look like, what does it do, what does it feel like, what does it smell like, what does it taste like, what noise does it make what are its components. Essay writers are ready to create well-written custom essays to your precise requirements buy essay with a discount at a reputable essay writing service. A common structural flaw in college essays is the walk-through (also labeled summary or description) walk-through essays follow the structure of their sources rather than establishing their own.
Online writers workshop, online monthly classes taught by published authors and industry professionals and robust literature magazine with columns, interviews, reviews and more why the best descriptions are the ones that are easily understood, yet leave a lasting impression on readers' minds. Structure of descriptive essay march 29, 2014 by admin essay formats & styles, reflective essay thus, a descriptive essay makes a strong accent on the observation and the descriptions performed by the author structuring a descriptive essay the major purpose of writing a descriptive essay is to describe subject, object, scenery. Descriptive essay – as it sounds, this type of essay gives a description about a particular topic, or describes the traits and characteristics of something or a person in detail it allows artistic freedom, and creates images in the minds of readers through the use of the five senses.


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Previously On….
- The Broadcast Ep. 3.19 "There's a Wikipedia Page for That"
- Double Dare Live!
- Pumpkin Carving in the 919: 2018 Edition
- The Broadcast Ep. 3.16 "I Got a Man Crush"
- The Broadcast Ep. 3.10 "Party Like It's Our 100th Birthday"
- The Broadcast Ep. 3.8 "The Inclusive Cool Kids Table"
- DIY Grandparents' Picture Frames
- Balsamic Chicken and Veggie Pan Bake
- Obligatory 8-1-8-1-8 Post
- The Broadcast Ep. 3.7 "Airbnb for Booty Calls"
Tag Archives: Jena Malone
We spent a lot of the day inside of Ballroom 20. We wanted to make sure we could see the Women Who Kick Ass and True Blood panels and had learned our lesson from the missed Psych panel the day … Continue reading


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text: Yes, thank you. Still here. Hard to believe that the power is still going strong. "Stanley St. Clair" wrote:Hi Penelope, I trust morning's light still finds your electricity going, and your computer up. Such a tragedy! Our prayers are with you that the Almighty keep you safe. Isidore brought much rain to Georgia, as well, but nothing like the Gulf coast. We are in a lull at the present. Let us know how you come out. Stan -----Original Message----- From: Penelope Blair Hillyer Law To: firstname.lastname@example.com Date: Thursday, October 03, 2002 4:04 AM Subject: 2 hurricanes in 1 week is rather trying... > >but I still wouldn't want to live anywhere else. Here in Jefferson Parish, Louisiana, it's usually an annual occurrence, this battening of hatches. This week we've had to do it twice. Isidore dropped a ton of rain on us and [ Excess quotations omitted. ]


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Plato's dialogue Gorgias addresses rhetoric, or the art of speech. In a debate with Gorgias (a famous rhetorician, who teaches his students how to speak well), his student Polus, and the rhetorician Callicles, Socrates attempts to establish what he believes is the right way to live, and to establish philosophy as a knowledge that heals the soul, rather than rhetoric, which merely flatters it.
Gorgias begins with Socrates and Chairephon arriving late to a speech given by Gorgias. Socrates implies he's not sorry he missed it; he contrasts conversation, which he prefers, to the one-sided speech of the rhetoricians. Gorgias brags that he can make anyone into a rhetorician. In dialogue with Gorgias, Socrates attacks rhetoric, saying it is not a legitimate branch of knowledge—all professions use speech, so what specific skill does rhetoric have? They finally arrive at the conclusion that rhetoric is the art of establishing conviction in its listeners, especially in courtrooms and public assemblies. Therefore, rhetoricians deal with what is just and unjust, but it is possible for them to abuse their power—for example, by convincing a jury to let a guilty man go free. Socrates says that rhetoric is a form of flattery: it is the equivalent of cooking pastries, which feel nice to eat, but are bad for you.
Socrates continues his conversation with Polus, addressing Gorgias' claim that rhetoricians are powerful because they can bend others to their will. Socrates argues that tyrants and rhetoricians are in fact the unhappiest and least powerful people in the city. Socrates argues that to do evil and not to be punished (and thus shown the error of one's ways) is the same as having an untreated disease in one's body. Tyrants think they are acting in their best interest by confiscating the property of others, when in fact they are acting against their own interests, because evil is harmful to their soul. It follows that it is worse to do evil than to have evil done to you. It also follows that it is best to forgive one's enemies, even to go so far as to keep them from being accused by the courts. Finally, Socrates argues, it follows that, to be happy, rhetoricians should accuse themselves and their families before the courts. Socrates' interlocutors assume that he is joking.
At this point, Callicles jumps in. He accuses Socrates of having turned the world upside down—people should forgive their enemies and accuse themselves in court. Socrates argues that while rhetoricians always change their opinions depending on the views of others, philosophy remains the same. Callicles ignores this, and argues that there is nothing good about suffering evil. Evil is only bad because it damages one's standing in the eyes of others. In nature, there is only strength and weakness. Nature rewards the strong, and punishes the weak, and that is as it should be. Goodness is when the strong are rewarded for their strength. Socrates points out that, by this logic, a mass of people would be "better" than an individual, since it is stronger. But this mass of individuals often passes laws that Callicles considers "weak"—for example, laws that demand that property be distributed equally. Socrates insists again that simply to follow one's appetites causes unhappiness, not happiness.
Having reached a stalemate with Callicles, Socrates argues with himself. The purpose of philosophy is to tell us what is true and good, not what is pleasant. Socrates agrees with Callicles' prediction that, if he were ever taken before the court, he would be unable to stop the prosecutor from putting him to death. He reflects on the myth that, in the afterlife, all souls are judged naked. He believes that, if one is just and virtuous, one will be able to stand up with pride to that judgment.


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Iraqis who have worked for the United States have put their lives on the line - the least the U.S. can do for them now is grant them visas to come live here.
Take interpreters, for instance - who are so necessary because there are still so few Arabic speakers in the U.S. military, more than five years after 9/11. They've served alongside soldiers and Marines, in battle and in raids - 5,000 of them. Many have been killed, and more wounded. Dozens are being treated for severe injuries at a hospital in Jordan, and many of them believe they can't go back to Iraq because their work on America's behalf will mark them as dead men.
Let them in. Since the war began in 2003, the U.S. has admitted just 466 Iraqi refugees, according to Ellen R. Sauerbrey, assistant secretary of state. That's shameful.


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Lukasz holding "Memories" next to a picture of my father Ben Zion Wacholder z"l Several months ago, I wrote about Lukasz Rzepka, the graduate student who, like with my father Ben Zion Wacholder z"l, was born in Ozarow, Poland. After months of preparation, Lukasz has published the first volume … [Read more...]
Recalling My Father and the Jewish Past in Ozarow, Poland
Choices in Religious High Schools for Girls in Israel
Four years ago, when my younger daughter was in 6th grade, I looked for an alternative to the standard ulpana (high school for girls in the national religious sector). After enrolling her in a new program in Tel Aviv, I became interested in innovations in other schools. This ultimately led an … [Read more...]
Everything Is Okay, Except when It Isn't: A Fresh Approach to Jewish Education
Review: Not at Risk by Menachem Gottesman Ph.D. with Leah Leslie Gottesman, M.A. I cried while reading Not at Risk: Education as a Work of Heart, the story of the alternative Jerusalem high school Meled. Meled, which stands for Merkaz Lemida Dati (center for religious learning) was founded by the … [Read more...]
A Surprising and Touching Inquiry into My Father's Polish Past
As long-time readers know, my father Ben Zion Wacholder was born in Ozarow, Poland and survived the Holocaust, living in Germany with false papers hiding his Jewish identity. A few months ago, we received an email from a man named Lukasz Rzepka, who wrote: I'm a doctoral student of theology at The … [Read more...]
Judge Threatens Jail over Beit Shemesh Modesty Signs
Update December 4, 2017 from the Chochmat Nashim Facebook page: Supreme Court Judge Hanan Meltzer said, "There is no such thing in the State of Israel as a road that is closed to women, nor will there be. As far as we are concerned, there should be a police presence day and night and any woman … [Read more...]
Illegal Adoption Ring of Israeli Babies Exposed
Here is my loose translation of Part II of Ariela Sternbach and Yehuda Shochat's reporting in Ynet on a widespread adoption ring, in which American haredi askanim prey on young Israeli women and girls with unwanted pregnancies. 9 years ago, Tal Terezi's daughter was kidnapped and … [Read more...]
Most Popular Israeli Girls' Names 2014
The Israeli Central Bureau for Statistics announced the ten most popular names for 2014. It usually takes them a whole year to analyze them. Biblical and animal names dominate the list, along with two-syllable names. Here's the rundown: Noa. This biblical name has been the number one girl's … [Read more...]
Motherhood, Careers, and Guilt at Tzohar Panel
This article appeared in the "In Jerusalem" supplement of the Jerusalem Post on March 25, 2016. Balancing motherhood and careers, with the help of Tzohar By Hannah Katsman Since the early days of the kibbutz, Israeli mothers have been working outside the home. Yet the conflict between motherhood … [Read more...]
The dangers of rolling back the core educational curriculum
The following appeared in the Jerusalem Post supplement, "In Jerusalem," on July 29, 2016. Reprinted with permission. The dangers of rolling back the core educational curriculum at haredi boys' schools. By Hannah Katsman I recently ran into a speech pathologist who teaches university … [Read more...]


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Its method involves an analysis of all the empirical behaviour of the subject, aimed at grasping the nature of this unity. Sartre systematically refused to keep quiet about what he saw as inequalities and injustices in the world.
Since there is no way of separating them, man is condemned to a life of freedom in which he must choose. During the Second World War, Sartre wrote his existentialist magnum opus Being and Nothingness and taught the work of Heidegger in a war camp. This is what Sartre calls commitment engagement: However, at the base of a chestnut tree in a park, he receives a piercingly clear vision of what the nausea actually is.
And if I hear voices, what proof is there that they come from heaven and not from hell, or from the subconscious, or a pathological condition? Sartre proposes therefore to view the ego as a unity produced by consciousness. The communists in particular have made these charges.
The basic given of the human predicament is that we are forced to choose what we will become, to define ourselves by our choice of action: The effect of all materialism is to treat all men, including the one philosophizing, as objects, that is, as an ensemble of determined reactions in no way distinguished from the ensemble of qualities and phenomena which constitute a table or a chair or a stone.
When I was a prisoner, I knew a rather remarkable young man who was a Jesuit. It is intended strictly for specialists and philosophers. If ever released in its entirety, this text will constitute a serious hermeneutical challenge. This creates an instability within the self which emerges in reflection: They found existentialism to run counter to their emphasis on the solidarity of human beings and their theory of material economic determinism.
Indeed, the very identification at the heart of bad faith is only possible because the waiter is a for-itself, and can indeed choose to adopt such a project. I can take freedom as my goal only if I take that of others as a goal as well.
Consequently, every configuration, however individual it may be, has a universal value. If man, as the existentialist conceives of him, is undefinable, it is only because he is nothing. This helps us understand what the actual content is of such rather grandiloquent words as anguish, forlornness and despair.
No matter how much Roquentin longs for something else or something different, he cannot get away from this harrowing evidence of his engagement with the world. In thus behaving, the waiter is identifying himself with his role as waiter in the mode of being in-itself.
We define man only in relationship to involvement. He must take a stand, make choices, commit himself to his beliefs, and create meaning through action.
Let us consider some object that is manufactured, for example, a book or a paper-cutter: Despair Despair, like abandonment and anguish, is an emotive term.
Thus, the individual man is the realization of a certain concept in the divine intelligence. This criticism gains some substance from the fact that in Being and Nothingness Sartre had declared that man was a useless passion and that all forms of sexual love were doomed to be either forms of masochism or sadism.
However, they are completely different. Thus, there is no human nature, since there is no God to conceive it. I am left in the realm of possibility; but possibilities are to be reckoned with only to the point where my action comports with the ensemble of these possibilities, and no further.
It means that we shall confine ourselves to reckoning only with what depends upon our will, or on the ensemble of probabilities which make our action possible. Antoine does not think highly of himself: The existentialist will never consider man as an end because he is always in the making.
No rule of general morality can show you what you ought to do: Ronald Aronson and Adrian van den Hoven, Detroit: Another example of this structure of desire BN, is that of love. He will never agree that a sweeping passion is a ravaging torrent which fatally leads a man to certain acts and is therefore an excuse.
He has, so to speak, passed through the wall to the nothingness beyond it, quite unable to pick up where he left off, and although he has somehow survived to tell the tale, his life might as well have ended. But this dimension is revealed by certain experiences such as that of the utter contingency which Roquentin felt.
Human beings interiorise the universal features of the situation in which they are born, and this translates in terms of a particular way of developing as a praxis.Although his earlier essays did not receive much attention, Nausea and the collection of stories The Wall, swiftly brought him recognition.
Jean-Paul Sartre (): Existentialism From the Internet Encyclopedia of Philosophy. It traces Sartre's philosophical development in detail. Critical Essays Sartrean Existentialism: Specific Principles Bookmark this page Manage My Reading List This is a summary useful for understanding several.
Jean-Paul Sartre Critical Essays. Existentialism in story "The Wall" by Jean Paul Sartre. Existentialism is a cultural, literary, and philosophical movement that arose largely as a reaction to.
The philosophical career of Jean Paul Sartre () focuses, in its first phase, upon the construction of a philosophy of existence known as existentialism.
Sartre's early works are characterized by a development of classic phenomenology, but his reflection diverges from Husserl's on. Sartre's early work Nausea () is the very model of a philosophical novel.
Between Existentialism and Marxism, (essays and interviews, ), tr. John Mathews, London: New Left Books A Commentary on Jean-Paul Sartre's Critique of Dialectical Reason, vol. The Life of Jean-Paul Sartre - Existentialism could be defined as a philosophical theory that focuses on the individual person being a free and responsible person who determines his or her own development through acts of will.Download


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text: To live mindfully is a simple, as much as challenging task when it comes to our society and our daily life. Tight schedules, hectic timings, mass media, social networks, unrealistic standards, obsessive rankings, continuous labelings, pressuring competitions: do I need to keep going? So one day, after the -nth time IContinue reading »


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SECTOR: Consumers COMPANY: True Religion
Anna: Hello we are the Consumers sector and we research TRLG. My name is Anna and you will hear from the junior analysts Amanda, Bridget, Moly, Jonathan, Pradeep, and Andrew. And Jonathan will get started. Sr. Analysts: Anna Braet Jr. Analysts: Amanda Cannizzio, Bridget Eastes, Moly Fang, Jonathan Garnick,, Imran Hossein, Jenny Kwong, Leslie Mullings, Pradeep Mahtani, Andrew Walters
Investment Recommendation
Company Recommendation BUY Current Price 23.31 1yr Target Price 31.79 % Upside 36.4% Key investment drivers 1. International Expansion 2. Movement to Consumer-Direct-based Business Model 3. Attractive Comparables Jonathan: Just walk us through this logically. "after conducting our research and valuation we recommend TRLG as a BUY with a current price of and a 1 year target price of which is a 36.4% upside! Our key investment drivers are ….
Premium Brand Denim & Apparel Industry
The Premium Brand Denim & Apparel Industry consists of companies that design, manufacture, and distribute high-end apparel and accessories through distributors and company retail stores, with a specialized focus on luxury denim products to be sold to young-adults with high discretionary income. By Revenue Industry Market Share by Revenue Textile and Apparel $305 B Apparel 49% Denim/ Apparel 20% Luxury Denim 3% Jonathan: give us the definition quickly and explain briefly the charts – luxury denim is 3% of the textile and apparel industry etc…. And TRLG takes up 2% of the industry market share broken down by revenue.. Etc… Then transition: ex: Next is Andrew who will introduce you TRLG
True Religion Company Snapshot
Market Cap Revenue Beta Gross Margin EBITDA EPS P/E 570.42M $311M 1.72 63% 84M 1.75 10.8 Andrew: just give us the basics on this slide … that TRLG follows the S&P 600 and even outperformed the benchmark during the recession
Outsource Production to U.S. (denim), In-House Distribution
TRLG Value Chain DESIGN Outsource Production to U.S. (denim), Mexico, Asia Raw Materials In-House Distribution Showrooms (CA and NY) Direct from TRLG to Customers Branded Retailers Department Stores & Boutiques Andrew: You know what to say! Juts walk us through this logically – design in california… etc…. Give % too if you can –- make sure to explain exactly what we mean by consumer direct, branded retailers, and wholesale etc…. Christian wants us to be sure to clarify everything. Also, Christian wanted me to add In-House to show that TRLG runs its own showrooms… Transition to Moly with information on Expansion L- 1.4 CD- 41.5 Wholes 39.6 Int 17.5 Licensing Accessory Manufacturers
International Expansion
Headquarters: Switzerland, Japan, South Korea, Hong Kong, Germany Joint Venture with German Distributor UNIFA Premium Reduce Distribution costs Moly: Trend: International Expansion: headquares show where they are putting most of their attention in terms of expansion > talk about Japan/Korea and other if you want (opportunities: The size of the denim market in India is about million pairs. It's a large structured industry growing at about 15-20% a year.) Then discuss joint venture which will reduce distribution costs and increase efficiency>> explain that TRLG plans to open 3 (minimum)-5 (maximum) stores every year in the area to be run by German distributor Transition: say something like and now Pradeep with more on TRLG's expansion 3/25/2017 BU Finance & Investment Club Source: Company Filings
BU Finance & Investment Club
TRLG Expansion Total Store Openings: 101 stores in 5 years Saturation around 1000 stores Expanding faster than competitors VFC: 50% marketing on sportswear BKE: not abroad GES: approaching saturation Pradeep: This slide is all about how well TRLG is positioned for growth (both internationally and domestically). 1.) TRLG is positioned well for growth – opened 101 stores in 5 years and most apparel retailers reach saturation points at 1000 stores (meaning they have already filled most of their growth potential when they hit 1000 stores…. So TRLG has a lot of room to grow) (7 -4 in japan, 1 in uk, 1 in canada, 1 in germany in 2010… open 8 more this year abroad, and 15 domestically) 2.) explain graph a little – opened first store in 2005 and have shown great historical growth – plans for 2011 show continuation of this growth 3.)Talk about main competitors – TLG expanding faster : VF Corp is using resources to market new sportswear lines – not expansion, Buckle is not abroad, and Guess is already close to saturation Transition: pass along to Amanda to discuss changes in business model… something like that 3/25/2017 BU Finance & Investment Club Source: Company Filings
Movement to Consumer Direct
Motivations: Department stores Profit margins Premium Brand Maintain >30% gross margin Amanda: This slide and the next go together so the notes will tie in together as well. These two slides should be relatively quick but don't rush… just briefly touch on the chart showing % sales breakdown and reasons TRLG wants to move away from wholesale >> you don't have to say all of them but definitely touch on the Dept stores issue and the fact that having their own stores maintains premium brand identity, etc.. **** Recap on what each segment means: Consumer direct is brick and mortar TRLG stores and internet sales. Wholesale is sales to department stores and boutiques… etc… the e-board just wants us to clearly explain the difference between c.d. and wholesale…. 3/25/2017 BU Finance & Investment Club
Movement to Consumer Direct
Benefits: Display space More control Avoid wholesale pricing Maintain >30% gross margin Amanda: This slide shows what the % sales breakdown will look like this year. Plans to increase Consumer Direct by 20% this year and reduce wholesale by 20%. Benefits: more floor space and control and can avoid selling at a discount to wholesalers (definitely mention this) and will allow them to continue to maintain at least a 30% gross margin. Please explain that this change means an increase in brick and mortar TRLG stores and a decrease in sales to wholesalers in department store… etc… 3/25/2017 BU Finance & Investment Club
Attractive Comparables
No debt – no plans to assume debt Cash financing of expansion Gross Margin Sales per Square Foot 4th Qtr Same-Store Sales Growth Inventory Turnover 63% $1818 7.2% 3.83 16% $428 6.3% 5.64 47% $6691 -6.0% 1.79 Amanda: just retouch that TRLG is well positioned for changes and expansion because it has no debt and no plans to assume debt – plans to finance all through cash internally. Mention just Gross Margin being higher than competitors and 4th QTR same store sales growth too. Can say that Inventory turnover is in the middle showing an efficient turnover of resources. ****Joes jeans sales per square foot is so much higher because it only has 6 stores. It has 2 full price stores and 4 outlet stores. Transition to Bridget with our Valuation of TRLG 3/25/2017 BU Finance & Investment Club
Valuation Year 2011(e) 2012(e) 2013(e) 2014(e) 2015(e) FCF $ 68.46
$ $ $ $ $ DCF WACC 13% Growth Rate 2.5% DCF Value 760.87 1yr Price 37.20 Comparables Price/Sales(25%w) 1yr Price 22.81 EV/EBITDA(25%w) 29.95 Bridget: Say something along these lines…. After valuating TRLg we projected unlevered Free Cash Flows from 2011 to In the discounted cash flow model we used a weighted average cost of capital (WACC) of 13% and a growth rate of 2.5% which gave us a total equity value of million $ and a 1 year target price of 37.2$. We compared TRLG using the price to sales multiple and EV/EBITDA giving respectively 1 year target prices of and We weighted the DCF and Comparables at 50% each which gave us a final 1 year target price of 31.79$ with a %upside of 36.4%. 50% Weight 50% Weight 1yr Target Price 31.79 % Upside 36.4%
Risks & Sensitivities 25% 25% 25% 25% 100%
This graph shows TRLG's sensitivity to risks such as increase in raw materials costs, brand dilution, and lack of success in the consumer direct or international segments. We then weighted all of the risks equally for a weighted risk 1 year target price of *** They might ask a question about why we weighted them equally instead of doing a "worst case scenario" risk…. And the answer is that we felt there was no substantial way to predict which risks are more likely to occur… but we do however feel like brand dilution is less likely as TRLG has taken steps to avoid this risk >>> such as moving form wholesale to brand name stores and reducing the number of inventory sales to discount retailers. Etc… 25% 100%
Recommendation Key Investment Drivers: 1. International Expansion
Company TRLG Recommendation BUY Current Price 23.31 1yr Target Price 31.79 % Upside 36.4% Key Investment Drivers: 1. International Expansion 2. Movement to Consumer-Direct-based Business Model 3. Attractive Comparables Bridget: conclude with a brief recap: We recommend TRLG as a STRONG BUY with a 1 year target price of 31.79$ and an upside of 36.4% based on TRLG's international expansion, movement to consumer direct, and attractive comparables. Thank you and we now welcome questions.
BU Finance & Investment Club
Questions? 3/25/2017 BU Finance & Investment Club
BU Finance & Investment Club
Back Up Slides 3/25/2017 BU Finance & Investment Club
Trends and Opportunities
International Expansion: Japan, Europe India Cost Reduction: Lighter fabric for jeans $3 million in capital expenditures for new technology Product Development: Expansion of licensing for accessories Sportswear to compete against VFC Industry Trend is international expansion opportunites: The size of the denim market in India is about million pairs. It's a large structured industry growing at about 15-20% a year. -will talk about Japan and Europe next 3/25/2017 BU Finance & Investment Club
International Sales: 17.5%
TRLG Revenue Chain Consumer Direct: 41.5% Sales U.S. Wholesale: 39.6% International Sales: 17.5% Licensing – 1.4%
Risks Cotton Price Cotton prices at end of October about $1.50 per pound, an 80% increase from beginning of 2010 Cotton Future High Cotton Future Low Average Price of Premium Denim 2010 (Oct.) 71.89 (Jan.) ~$180 2009 73.63 42.63 2008 77.75 42.17 Moly As you can see, Price of premium denim had insignificant changes because these companies have such a high profit margin (revenue-COGS)/Revenue. And the price of designer deniim does not correlate to prices of cotton. However, Companies may begin to raise price if cotton prices continue to rise.. NYTimes.com, WSJ,
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Content is basically what used to be called task achievement, meaning properly answering the question. Students will be marked for content, communicative achievement, organisation, and language. Any article for FCE is usually a very personal piece of writing, so you can speak in the first person as much as you like.
Personally, I would say that it is more appropriate to have an essay with title. However, I tell them to change colour pen, not use an eraser, write down what kinds of changes they made, and tell me how much extra time they spent on it.
For each part, you must write a composition which will depend on the instructions you receive for each task. Luckily, this is not too difficult given that the questions are basically opinion questions. Then, each paragraph must address a single idea, to which you must add the introdduction and the conclusion, where you are usually expected to make a recommendation.
As it tends to be an argumentative text, you must avoid writing incoherent paragraphs that have nothing to do with one another. Articles must always have a title.
What we usually do with an essay is to analyse and assess a topic, situation or issue which, in some way, is interesting or controversial.
Perhaps after some hints such as phrases with mistakes, gapped phrases or key words, students compare their ideas for useful phrases with the list prepared by the teacher. Written by Alex Case for UsingEnglish. Besides, it is recommended to use rhetorical questions and exclamation marks to engage the reader.
I then allow them to do extra work with their help of their textbooks, model answers etc. In these instructions, we must pay attention to the following: For this reason, our tone must be relaxed, making use of contractions, phrasal verbs and other colloquial expressions.
The aim of an article is usually to talk about a topic that we like or that we are familiar with. This is even more fun if students have to choose the ideas at random and then support whatever opinion they are given.
Then, the body must be divided into introduction, idea 1, idea 2, idea 3 and conclusion. I would recommend that in the introduction students rephrase the question, give background to the topic etc, but most of the student answers provided by Cambridge just start by answering the question, so that seems to be acceptable.
Each piece of writing must have between and words, approximately. Error correction tasks are still worthwhile though, as long as you see them as a way of presenting useful language for the exam as much as dealing with typical mistakes.
Correction tasks for FCE Writing Part One FCE used to have an error correction task in the Use of English paper, but perhaps because of an emphasis on communication they have both done away with that and put less and less emphasis on grammatical accuracy in the writing test. As you are normally asked to write about something you like or enjoy, opinions are expected to be generally positive.
But, as I say, it is optional. An article is almost exclusively about giving your opinion, so feel free to do so throught the whole piece of writing.
Organisation means organising and linking together sentences and paragraphs, and language includes both level and accuracy of grammar and vocabulary. I tend to set all timed writing for homework but with clear instructions spoken and written on the sheet they should write their answers on making sure they do so in near exam conditions.
Our language must be formal, thus avoiding words that are simply too common or generic E. Where our article will be published:Write words in an appropriate style. In your English class you have been talking about old people in society. Now your English teacher has asked you to write an essay.
Around the world, people are living and staying healthy for longer and longer. What changes does this bring to today's.
16 fce examination |paper 2: writing The two parts of the Writing paper Each question on the Writing paper carries equal marks. Expected word length Candidates are asked to write – words for each answer.
FCE Exam Writing Samples: My Hometown, My Favourite Hobby, The Person I Most Admire and more. ho chi minh city university of education. department of english first certificate in english preparation writing handouts 1 contents.
In your English class, you have been talking about the subject of cultural heritage. Now your English teacher has asked you to write an essay. Write an essay using all the notes and give reasons for your point of view.
The five-paragraph essay is merely a starting point for students hoping to express their ideas in academic writing; there are a number of other forms and styles of writing that students should use to express their vocabulary in the written form.Download