Why the Sage share price is crashing today Enter Your Email Address There’s a ‘double agent’ hiding in the FTSE… we recommend you buy it! Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Our 6 ‘Best Buys Now’ Shares Simply click below to discover how you can take advantage of this. Click here to get access to our presentation, and learn how to get the name of this ‘double agent’! I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Don’t miss our special stock presentation.It contains details of a UK-listed company our Motley Fool UK analysts are extremely enthusiastic about.They think it’s offering an incredible opportunity to grow your wealth over the long term – at its current price – regardless of what happens in the wider market.That’s why they’re referring to it as the FTSE’s ‘double agent’.Because they believe it’s working both with the market… And against it.To find out why we think you should add it to your portfolio today… Roland Head has no position in any of the shares mentioned. The Motley Fool UK has recommended Sage Group. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Image source: Getty Images. See all posts by Roland Head The Sage (LSE: SGE) share price is down by 13%, as I write, after the company reported a 4% fall in organic operating profit, which fell to £391m.The accounting software firm’s results also showed a sharp 26% drop in sales of its older, non-subscription products. Although management says this reduction is in line with the firm’s strategy, the market appears to be taking a cautious view on the news.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Why profits are fallingSage’s accounts for the year ending 30 September show that £1,197m of the group’s revenue came from subscription revenue, a 20% increase on last year.Just £192m of revenue came from older, non-subscription services. However, this figure has fallen by 26% over the last year. That’s a much faster decline than expected. The company says this is due to the impact of Covid-19.Profits also came under pressure due to a £17m provision for expected bad debts in connection with the pandemic. The end results is that organic operating profit fell by 3.7% to £391m last year. This figure excludes profits from assets to be sold, to provide a picture of continuing performance.Sage’s profits seem likely to remain under pressure next year. CEO Steve Hare says profit margins are now expected to fall by up to 3% during the coming year. Although margins are expected “to trend upwards over time,” this guidance may explain why Sage’s share price has fallen today.Sage shareholders: here’s the big pictureIn recent years, Sage has been working hard to shift its customers from older software products to online subscription services. The process has been challenging at times. This is reflected in Sage’s share price, which is largely unchanged from five years ago. However, highly-regarded fund managers including Nick Train have stayed loyal, supporting this transition.Online services are paid for by regular recurring payments, rather than one-off purchases. Over time, the shift to subscription services is expected to make Sage’s revenue more predictable. However, in the short term, it may be slowing profit growth.The good news is that renewal rates are extremely high. Today’s figures show 99% of subscription revenue was renewed last year, with 65% of the firm’s customers now choosing this option. In total, about 84% of the group’s revenue came from subscription payments last year.Will the Sage share price keep falling?There’s no way of knowing whether Sage shares will continue to fall. But today’s results don’t appear to suggest any serious concerns for shareholders.The group’s operating profit margin of 21% is in line with historic averages. Borrowings are also low and Sage’s cash generation comfortably covers the dividend. Typically, this suggests a dividend cut is very unlikely.Based on today’s results, Sage shares trade on 21 times earnings with a dividend yield of 2.9%. That’s a slightly cheaper rating than I’ve seen in recent months, reflecting the weaker outlook for 2021 profits. Roland Head | Friday, 20th November, 2020 | More on: SGE
TRY!50th test cap for @anthonywatson_ and a try to match LATEST RUGBY WORLD MAGAZINE SUBSCRIPTION DEALS Opportunity exploited!Watch LIVE @ITV https://t.co/451CUNHDEe#ENGvFRA #GuinnessSixNations #ITVRugby pic.twitter.com/mOzxqOyC8t— ITV Rugby (@ITVRugby) March 13, 2021With England under the shadow of the french posts, the ball made it to George Ford who slung it wide to Watson. With Thomas flying up, the England star had a clear run-in.From here England pinned les Bleus down in their own territory, with Owen Farrell penalties edging the hosts in front.Related: The importance of executing in the opposition 22Dupont was even charged down in his own 22 by breakaway Tom curry, but the nine made up for it seconds later by forcing Ben Youngs to knock-on at the very next ruck.Damian Penaud scored just after the half-hour mark. From a lovely lineout move over the top, Gael Fickou passed back inside to Dupont. He found Matthieu Jalibert and a looping ball made it over to the rangy wing. The try made it 17-13 in France’s favour.Penalty kicks brought it to within four points at 16-20, before Maro Itoje’s try edged England ahead and Farrell made it 23-20. The in-from France nine came flying out of the blocks Can’t get to the shops? Download the digital edition of Rugby World straight to your tablet. Subscribe to the print edition for magazine delivery to your door.Follow Rugby World on Facebook, Instagram and Twitter. Antoine Dupont scores against England after 65 secondsBarely a minute had passed in the Six Nations encounter between England and France when red-hot scrum-half Antoine Dupont got himself on the scoresheet. England would win a pulsating affair 23-20, but the standard was set for a classic encounter from the off.At the very start of the match, the French backline worked the ball wide, when it came to wing Teddy Thomas… Antoine Dupont of France scores against England (Getty Images) TRY!There’s the threat and it’s taken a little over a minute for Dupont to find holes in England’s defenceWatch LIVE @ITV https://t.co/451CUNHDEe#ENGvFRA #GuinnessSixNations #ITVRugby pic.twitter.com/Yqrbcc96gp— ITV Rugby (@ITVRugby) March 13, 2021He put a chip over the top. It bounced well for Dupont and as he raced forward, after juggling it, he took control and went over for the match’s opening try.England came roaring right back, though, scoring a try through wing Anthony Watson – who is celebrating his 50th England cap today. and ended up winning the Man of the Match.
ArchDaily Projects Year: Area: 43 m² Area: 43 m² Year Completion year of this architecture project ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/543570/lake-cabin-fam-architekti-feilden-mawson Clipboard Lake Cabin / FAM Architekti + Feilden+MawsonSave this projectSaveLake Cabin / FAM Architekti + Feilden+Mawson CopyAbout this officeFAM ArchitektiOfficeFollowFeilden+MawsonOfficeFollowProductsWoodSteel#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesDoksyHousesCzech RepublicPublished on September 09, 2014Cite: “Lake Cabin / FAM Architekti + Feilden+Mawson” 09 Sep 2014. ArchDaily. Accessed 11 Jun 2021.
Rooiels Beach House / Elphick Proome ArchitectsSave this projectSaveRooiels Beach House / Elphick Proome Architects CopyHouses•Cape Town, South Africa ArchDaily Photographs: Dennis Guichard Manufacturers Brands with products used in this architecture project “COPY” Architects: Elphick Proome Architects Area Area of this architecture project Photographs Houses ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/793220/rooiels-beach-house-elphick-proome-architects Clipboard Year: Rooiels Beach House / Elphick Proome Architects CopyAbout this officeElphick Proome ArchitectsOfficeFollowProductsWoodSteel#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesCape TownSouth AfricaPublished on August 15, 2016Cite: “Rooiels Beach House / Elphick Proome Architects ” 15 Aug 2016. ArchDaily. Accessed 11 Jun 2021.
Sept. 22 — A multi-hour demonstration titled “Midnight in America” gathered on the grounds of the National Civil and Human Rights Museum, then filled the streets of downtown Atlanta on its way to the famed Ebenezer Baptist Church on Auburn Avenue. Located across the street from the tombs of the Rev. Dr. Martin Luther King Jr. and Coretta Scott King, the church where Dr. King pastored is part of the Historic King District.Protest organizers aimed to show solidarity with the victims of police violence in Tulsa, Okla., and Charlotte, N.C., as well as Atlanta. The marchers continued to take their demands for accountability and justice to the Atlanta police headquarters and then on to the city jail.They marched with drums and chants of “Black Lives Matter” and “Indict, convict, send those killer cops to jail.” The corporate media covered the largely youthful protest in Atlanta in tandem with the ongoing struggle in Charlotte.A large coalition of organizations, including the state NAACP, Black Lives Matter Atlanta, Malcolm X Grassroots Movement, #ATLisReady, AUC Shut It Down and others all heavily engaged in the movement against racist and police terror, had quickly mobilized for the action.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare this
NewsLocal News€3 million funding to help transform Shannon EstuaryBy Alan Jacques – August 7, 2015 960 Email Limerick Artist ‘Willzee’ releases new Music Video – “A Dream of Peace” TAGSEU’s Trans European Transport Network (TEN-T) programmelimerickN69shannon estuaryShannon Foynes Port Company Twitter Vanishing Ireland podcast documenting interviews with people over 70’s, looking for volunteers to share their stories Facebook Linkedin WhatsApp RELATED ARTICLESMORE FROM AUTHOR Print Advertisement Limerick’s National Camogie League double header to be streamed live Limerick Ladies National Football League opener to be streamed live Predictions on the future of learning discussed at Limerick Lifelong Learning Festival Shannon Foynes Port Company has received approval for €4.5 million in EU funding.by Alan [email protected] up for the weekly Limerick Post newsletter Sign Up Shannon Foynes Port Company has received €3 million in funding under the EU’s Trans European Transport Network (TEN-T) programme for transport infrastructure projects.EU funding of €3 million for two Shannon Foynes Port Company (SFPC) projects will go towards transforming the Shannon Estuary into a national economic corridor.The company will receive €2.2 million funding for its East Jetty Infill Programme at Foynes Port and a further €800,000 for its feasibility study for the regeneration of the rail link between Limerick and the port. The funding round is the first that SFPC will receive under the EU’s Trans European Transport Network (TEN-T) programme for transport infrastructure projects.The East Jetty Infill Project is the first phase in a seven year programme of quayside infrastructure development. The east-jetty redevelopment will enable the company berth 40,000 ton vessels directly alongside the quay, leading to faster turnaround times for customers and, in turn, creating significant opportunities for growing cargo handling on the jetty in line with those projected in Vision 2041.CEO of SFPC, Pat Keating has hailed the funding as a “major validation”. He said that the grant aid is the most significant acknowledgement yet of the credibility of the company’s masterplan and potential for advancing a major hub of economic activity along the estuary.“Our Vision 2041 masterplan is all about capitalising on the unique advantage we have here on the estuary because of its unrivalled deep waters. Securing this funding is validation of Vision 2041 as a credible and achievable plan. The potential we have here on the Estuary is truly on a European scale,” Mr Keating commented.He also believes that progress must be maintained on the N69 upgrade, another key pillar of the company’s masterplan.“Now that we have this recognition from the EU of the strategic importance of the Shannon Estuary and our ports, we must keep the momentum going. A key focus must be advancing the N69 project as to retain our Ten-T status in the long term we need to have a suitable road network and the N69, as it stands, is not fit for purpose.“We have the deep water, are developing the quay-side infrastructure, are very confident about the rail link and the last piece in the jigsaw will be the N69 upgrade. All these pieces coming together would create a ready-made solution ripe for indigenous and foreign direct investment.”Just one in three applications for the latest round of Ten-T funding was successful and SFPC also received the maximum level of funding allowed – 20 per cent of jetty works total costs and 50 per cent for feasibility studies – for each project, another significant indicator of confidence in the company’s long-term plans for the estuary, said the CEO.SFPC has also advanced the feasibility study for the Limerick to Foynes rail link regeneration. The €1.6m study includes site surveys of 83 structures on the line – including level crossings, bridges, underpasses – and 25 miles of track. WATCH: “Everyone is fighting so hard to get on” – Pat Ryan on competitive camogie squads Previous articleSoccer – “I think it just shows that people are crying out for football in this city” – Limerick FC’s Shaun KellyNext articleSeptember show of screenprints Alan Jacqueshttp://www.limerickpost.ie
Institute of Public Health addresses loneliness as a challenge to national health in light of Covid-19 restrictions Linkedin Previous articleTreaty Talk EP102 GAA’s response to Covid-19 Crisis & Championship OptionsNext articleGovernment to pay student nurses during Covid-19 Cian Reinhardthttp://www.limerickpost.ieJournalist & Digital Media Coordinator. Covering human interest and social issues as well as creating digital content to accompany news stories. [email protected] BusinessNewsPoliticsLimerick TD calls for clarity on part-time workers’ entitlement to COVID19 Unemployment PaymentBy Cian Reinhardt – March 27, 2020 1122 Facebook Email Covid antibody testing opens to public at Shannon Airport Twitter Limerick health chiefs urge public not to withhold information on virus contacts, as they investigate “complex and serious outbreaks” across midwest region RELATED ARTICLESMORE FROM AUTHOR Government announces phased easing of public health restrictions Advertisement Print Limerick Fianna Fáil TD Willie O’DeaA LIMERICK politician has called on Government to clarify if people who were on a partial Jobseekers payment and lost their jobs are entitled to the COVID-19 Pandemic Unemployment payment.Fianna Fáil Spokesperson on Employment Affairs and Social Protection Willie O’Dea TD said part-time workers in receipt of partial jobseekers payment were “led to believe that they would be getting the COVID-19 Pandemic Unemployment payment of €350 per week”.Sign up for the weekly Limerick Post newsletter Sign Up But the Limerick TD said, “but now the Department has stated that they are only entitled to €203 per week. This is shifting the goalposts and is in my view is deeply unfair.“Either the Government has not thought through its proposals or Department officials aren’t operating the new proposals in the spirit of how they were drafted.“The Minister should seek to immediately clarify the issue and when the government draws up the regulations, it should ensure that this anomaly is rectified and that part-time workers receive the full €350”. TAGSbusinessCoronavirusCovid 19Limerick City and CountyNewspolitics Mass COVID testing to take place at University of Limerick following fresh outbreak of virus among student population WhatsApp ‘Everything tells us we are moving forward’
By Digital AIM Web Support – February 8, 2021 CGTN：Xi Jinping envía sus felicitaciones por el Año Nuevo Chino y deseos de prosperidad para China WhatsApp Twitter TAGS Pinterest Twitter PEKÍN–(BUSINESS WIRE)–feb. 8, 2021– Xi Jinping, presidente de China, ha enviado sus felicitaciones de Año Nuevo a los chinos de todos los grupos étnicos, junto a sus deseos de felicidad y buena fortuna para el pueblo y prosperidad para la nación. Este comunicado de prensa trata sobre multimedia. Ver la noticia completa aquí: https://www.businesswire.com/news/home/20210208005770/es/ El presidente Xi, también secretario general del Comité Central del Partido Comunista de China, extendió sus felicitaciones durante un viaje de inspección a la provincia Guizhou, al sudoeste de China, antes del año nuevo Chino, que este año tiene lugar el 12 de febrero. “Quisiera extender las bendiciones del Festival de la Primavera a las personas de todos los grupos étnicos del país. Les deseo a todos buena salud, felicidad para sus familias, éxito en sus carreras laborales y un auspicioso Año del Buey. También le deseo a nuestra patria, con sus hermosas montañas y ríos, una gran prosperidad”, declaró Xi. Durante su recorrido, el presidente Xi visitó distintos lugares, entre ellos, la ciudad de Bijie y la capital de la provincia Guiyang, además de una aldea, una comunidad residencial y un mercado los días miércoles a domingos. La agenda presidencial también incluyó una reunión con líderes del proyecto y los principales científicos del telescopio esférico de quinientos metros de apertura (FAST, por sus siglas en inglés) en Guizhou. El telescopio FAST, el radiotelescopio con mayor sensibilidad del mundo, comenzó a funcionar el 11 de enero de 2020. Durante la reunión con los científicos en el día viernes, el presidente Xi convocó a un mayor enfoque en la innovación científica como fuerza impulsora para el desarrollo de China. El presidente Xi también se refirió en forma halagadora a los logros en la provincia de Guizhou en el último año, tras escuchar un informe de trabajo del Comité del Partido Comunista Chino de la provincia de Guizhou Provincial y el gobierno provincia ese mismo viernes. Destacó que el desarrollo innovador es un requisito previo inevitable para fomentar los nuevos paradigmas de desarrollo de China e instó a acelerar la integración de macrodatos y la economía real, además de promover la fusión estratégica de industrias. Según las declaraciones de Xi, serán necesarios más esfuerzos para estimular la demanda del consumo y desarrollar nuevos modelos de consumo que permitan desplegar el potencial de consumo en su totalidad. Demandó una transición efectiva de consolidar los logros para el alivio de la pobreza a promover la revitalización rural El presidente Xi también expresó una gran confianza en el futuro de la región y sus deseos de alcanzar nuevos logros en la construcción de una civilización ecológica. Añadió que es necesario atravesar un camino de desarrollo de alta calidad que priorice la ecología y destaque el desarrollo sostenible, además de mencionar que lograr una prosperidad común es una de las tareas más importantes de la modernización socialista, y que el gobierno debe apoyar a la minorías étnicas a nutrir industrias competitivas y hacer prosperar sus culturas. Mencionó varios aspectos en los que debe trabajar el gobierno para beneficio del pueblo, incluyendo educación, vivienda, empleo, prevención de enfermedades y sistema de control, además de una producción segura. Xi también destacó que el Ejército Rojo pasó la mayor parte del tiempo en Guizhou durante la Larga Marcha, dejando atrás preciosos tesoros espirituales, además de mencionar la Reunión de Zunyi, celebrada en la ciudad de Zunyi, como un punto de inflexión crucial en la historia del Partido. La reunión se centró en la rectificación de errores y el establecimiento de un liderazgo correcto del nuevo Comité Central, bajo la representación de Mao Zedong, según señaló Xi, que aún hoy mantiene su relevancia, Artículo original: aquí. El texto original en el idioma fuente de este comunicado es la versión oficial autorizada. Las traducciones solo se suministran como adaptación y deben cotejarse con el texto en el idioma fuente, que es la única versión del texto que tendrá un efecto legal. Vea la versión original en businesswire.com:https://www.businesswire.com/news/home/20210208005770/es/ CONTACT: Prensa: Jiang Simin [email protected] +86 18826553286 KEYWORD: CHINA ASIA PACIFIC INDUSTRY KEYWORD: PUBLIC POLICY/GOVERNMENT TECHNOLOGY OTHER TECHNOLOGY OTHER GOVERNMENT OTHER SCIENCE SCIENCE SOURCE: CGTN Copyright Business Wire 2021. PUB: 02/08/2021 02:26 PM/DISC: 02/08/2021 02:26 PM http://www.businesswire.com/news/home/20210208005770/es Previous articleIsraeli PM pleads not guilty as corruption trial resumesNext articleREGENXBIO Presents Additional Positive Interim Data from Phase I/II Trial of RGX-121 for the Treatment of MPS II (Hunter Syndrome) at 17th Annual WORLDSymposium™ 2021 Digital AIM Web Support Local NewsBusiness Facebook Facebook WhatsApp Pinterest
geber86/iStockBy ANNE FLAHERTY and SOO RIN KIM, ABC News(WASHINGTON) — The U.S. COVID-19 vaccine rollout moved slower than expected this month, stoking fears that the federal government was mishandling the effort and that people would have to wait months longer than expected to get their shot.Federal officials have defended the program, insisting that bringing the vaccine to the American people in less than a year was still a technical feat and that the program remained on track.Still, they acknowledged the effort was lagging behind expectations, and vaccine experts and public health officials warned the bigger test will come next year when inventory finally expands and the broader public raises their hands for a shot.“It’s really difficult to administer every dose when you are prioritizing it and trying to avoid waste,” said Claire Hannan, executive director of the Association of Immunization Managers.“But when we get into a position of mass clinics and everyone has access, we’ll be much more efficient in getting it out,” she said.President Donald Trump had initially pledged 300 million doses by January 2021 when announcing Operation Warp Speed, then later this fall dropped the estimate to 100 million. After Pfizer adjusted its production estimates, Health Secretary Alex Azar promised 40 million doses on hand and 20 million vaccinations by the end of the year.Instead, the administration was on track to ship those 20 million doses by the first week of January — enough for first doses in the two-dose vaccine — with only 2.6 million vaccinations recorded by the federal government.Trump blamed the states for not moving fast enough.“The Federal Government has distributed the vaccines to the states. Now it is up to the states to administer. Get moving!” he tweeted Wednesday.Just hours later, Trump’s top scientific adviser on the vaccine program, Moncef Slaoui, acknowledged “the number is lower than what we hoped for.”“There is a learning curve in the system,” Slaoui told reporters.Vaccine experts and public health officials said they aren’t ready to sound the alarms just yet, but they are citing numerous smaller logistical challenges that have complicated the rollout: a vaccine that has specific handling requirements, and hospitals that must stagger injections for front-line hospital employees based on the latest shipment numbers.Holidays and snowstorms haven’t helped, and a federally run partnership with major pharmacies to deliver vaccines in nursing homes only just got started. Also, states participating in that program were required to hold some doses in reserve.“Receiving, preparing and administering vaccines takes time,” said Kris Ehresmann, director of the infectious disease division at the Minnesota Department of Health.New Jersey Health Commissioner Judy Persichilli suggested that Pfizer vaccinations are going at a fast pace — almost 60% of the doses administered so far — but Moderna doses have been stalled a bit because they were “delivered right before Christmas.”“There were no vaccinations on the 25th, and on the other days, people didn’t want to be sick — they were concerned that we’re not going to feel well for the holidays, so it’s ticked off again,” said Persichilli.Likewise, the Pennsylvania Department of Health cited the holidays and a major snowstorm paired with the challenge of vaccinating a hospital staff already stretched thin. The Colorado Department of Public Health said hospitals were trying to stagger vaccinations among employees in case there are temporary reactions that prompt staff to call in sick.“I really do expect next week, when the holidays are over, for those numbers to rapidly jump as jurisdictions move ahead quickly to protect their health care personnel, and also long-term care facility residents,” said Dr. Nancy Messonnier, director of the National Center for Immunization and Respiratory Diseases at the Centers for Disease Control and Prevention.Blaire Bryant, associate legislative director for health at the National Association of Counties, agreed that the slower-than-expected rollout isn’t a problem yet. But counties are concerned about whether there’s enough money to see it through a nationwide rollout in spring, she said.The federal government in recent months has sent $340 million to the states, but that money has been slow to trickle down as cash-strapped states sort through competing priorities, creating what Bryant called a “barrier” that could be addressed with direct, flexible cash grants.Bryant said many overwhelmed local communities also could use more help on public messaging tailored to their area, as well as more details on what to expect in coming weeks. Initial allotment was based on each state’s adult population. It’s not known whether federal officials could change that formula to account for outbreaks, or whether a community could get to pick the vaccine of their choice.“It’s a slow rollout right now, and we’ll wait and see as we move toward that mass vaccination stage. … If it doesn’t meet the needs on the ground, we’ll cross that bridge when we get there,” Bryant said.Hannan, from the Association of Immunization Managers, agreed that expanding the vaccine rollout behind health care personnel was her biggest concern. By the time hospitals and nursing homes are covered and people over the age of 65 and essential workers are invited to get a shot, there will be less concern about fair allocation. But the government will need to have enrolled enough providers to roll it out nationwide next spring.That means enlisting primary care physicians, local pharmacies and others to jump on board with federal requirements that show they can store, handle and administer the vaccines properly.“Whatever needs to be done will be done,” Hannan said. “But there will be hitches.”Maryland Gov. Larry Hogan told “CBS This Morning” that overall the program is behind in part because the federal government overpromised on deliveries earlier this fall and production levels changed. But the logistical challenges are considerable, too.“It’s not just sticking needles in arms; there’s a lot of moving parts. I think nobody is quite performing at top capacity and we’ve all got to work together to ramp it up,” he said.ABC News’ Sophie Tatum contributed to this report.Copyright © 2020, ABC Audio. All rights reserved.