Business & Technology

SpiceJet- One-offs jar; better times ahead

May 23, 2016 by Nasheman

Fuel benefits drive healthy show in a seasonally weak quarter
Despite being a seasonally weak quarter, Q4FY16 revenue of INR14.75bn was up 1% QoQ aided by 10% jump in volumes though partly offset by lower yields (down 8% QoQ). SpiceJet not only recouped volumes during the quarter (handled 3.39mn passenger versus 1.99mn in Q4FY15), but also recorded healthy ancillary income of 13.3% (of pax revenues) versus 8.6% YoY. While lower fuel costs continued to benefit (fuel CASK at INR0.87/ASKM, down 18% QoQ), the company had to provide INR1.5bn towards engine maintenance on reassessment of its liabilities which impacted margins. Thus, it reported lower EBITDAR at INR2.9bn versus INR4.3bn estimate. Adjusting for same and INR637mn of exceptional gains, adjusted PAT of INR1.5bn surpassed our INR1.3bn estimate.

Liabilities accounted for; to commence fiscal with renewed vigour
Having provided INR1.5bn for meeting maintenance related obligations for the leased aircraft and INR233mn towards aircraft redelivery expenses during the quarter (INR2.3bn also provided for aircraft redelivery in FY15), management has maintained all legacy issues have now been completely provided for. SpiceJet reduced debt and past dues by ~INR2bn each during FY16, which is expected to continue in FY17 as well.

Outlook and valuations: Positive; maintain ‘BUY’

After successfully maximising earnings through strong revenue management – pricing strategies and ancillary income– and fuel benefits, we believe incremental gains will be driven by volumes and cost rationalisation. We model for volume growth of ~20% and expect cost rationalisation benefits to help SpiceJet report earnings growth of 50% plus for FY17E, i.e. PAT of INR6.5bn (revised up by 10%). Maintain ‘BUY’ valuing the stock at 7.5x FY18E EV/EBITDAR, resulting in TP of INR102.

Truefitt & Hill launches second outlet on Lavelle road

May 20, 2016 by Nasheman

World’s oldest barber shop; Truefitt & Hill comes with their 10th outlet in India and 2nd outlet in Bangalore at Lavelle Road set to make a promise of the best grooming experience for men

Truefitt & Hill known for its sophistication and finest grooming through their world class services and unmatched product quality are opening their 2nd outlet in Bangalore at Lavelle Road on the 18th of May 2016.

Truefitt and Hill could not have timed their foray into India any better as more and more men are looking into Grooming as a necessity now. Brought to India by the Lloyds Luxuries Ltd., which has acquired the Master Franchise License for not just India but also Nepal, Bangladesh, Sri Lanka, Bhutan, Myanmar and Vietnam, the venture looks promising. Started by Mr. Istayak Ansari & Mr. Krishna Gupta in 2013, Lloyds Luxuries Ltd aims at creating an atmosphere of total relaxation and ultimate comfort for their male guests. Through this, they wish to encourage grooming for men greatness.

Speaking on the occasion, Mr. Istayak Ansari & Mr. Krishna Gupta, Directors of Lloyds Luxuries Ltd. excitedly says, “After the successful opening of this international barber shop in indiranagar in the month of April, we are very happy to be coming to Lavelle Road. Through our second outlet in Bangalore, we wish to provide the most unique and unrivalled satisfaction to a larger audience in Bangalore. Our aim is that the customer should ultimately feel revitalized and renewed when it’s time to leave. We at Truefitt &Hill believe in giving an experience and not just a service. Taking care of yourself is a necessity and we groom here with a luxurious touch giving a friendly and a luxurious atmosphere with the best renowned people at your service”

Further adding to this they state, “Truefitt and Hill is the first high end international barber shop in India. Our vision is to take Truefitt & Hill across 75+ cities in India with 200+ outlets by 2024. The barbershop size will be 1000 to 1500 sq.ft. with an investment range from Rs. 100 lacs to Rs. 150 lacs. We currently have 6 outlets in Mumbai, 1 in Delhi and 1 in Indiranagar in Bangalore and 1 inGurgaon. By end of May we will also be launching outlet at Banjara Hills Hyderabad. We will also set up an academy to train Indian barbers in the fine art of male grooming in the near future.”

The outlet located in the central district of Lavelle Road, is spread over 1900 sq. ft with 3 VIP rooms, Salon area and reception area with retail section. Offering a quintessential feel with its classy interiors in mahogany wood adding chic blue wallpaper creating a contrast, makes for a complete relaxing environment.

JSW Steel – Volume ramp up, stable prices boost profitability

May 20, 2016 by Nasheman

JSW Steel’s (JSTL) Q4FY16 consolidated EBITDA jumped 8% YoY to INR18.3bn on higher standalone volumes (up 7% YoY) of 3.28mt and lower operating cost. However, domestic realisation dipped 19% YoY (though marginally high QoQ) to INR29,072/t. Management’s FY17 volume guidance stands at 15mt. Factoring this, we revise up our EBITDA estimates for FY17 and FY18 10% and 18%, respectively. However, we remain sceptical due to the bleak global demand outlook and limited upside in domestic realisation from current level. We believe current stock price factors in the upside in the stock. Maintain ‘REDUCE’ with revised TP of INR932 (INR817 earlier, based on 6x FY18E EV/EBITDA).

Higher volume, benign raw material cost boost EBITDA

Q4FY16 performance was boosted by standalone sales volumes that grew 7% YoY to 3.28mt. Further, decline in realisation (down 19% YoY) was more than offset by lower raw material cost (down 23% YoY). As a result, consolidated EBITDA rose 8% YoY to INR18.3bn. Ergo, reported standalone EBITDA/ tonne was stable at INR5,404 in Q4FY16 compared to INR5,469 in Q4FY15 (Q3FY16: INR3,443). International operations in the US, however, reported EBITDA loss of USD10.2mn compared to a slight profit of USD0.13mn in Q4FY15.

Upside in domestic realisation capped

We believe the upside in domestic flats steel realisation is limited from current level. Further, the company is expanding into longs which typically face pressure from secondary producers. Compared to 21% increase in HR coil prices, rebar prices have risen only 10% from February 5, 2016, level.

Outlook and valuations: Upside capped; maintain ‘REDUCE’

We retain our negative sector view factoring global capacity surplus (steel and iron ore) and visible slowdown in China. Considering volume benefits of JSTL’s capacity ramp up (24% YoY) and improved price environment, we revise up FY17E and FY18E EBITDA 13% and 18%, respectively. With RoE estimated to remain at 14.3% in FY18 despite ~18.0% CAGR in revenue and high net debt/EBITDA ratio of 6.33x, we continue to value JSTL at 6x FY18E EV/EBITDA. We maintain ‘REDUCE/SP’ with revised target price of INR932. At CMP, the stock trades at ~6.7x FY18E EBITDA.

Modi UK visit sees business deals worth $14 billion

November 13, 2015 by Nasheman

London: Prime Minister Narendra Modi’s visit here has seen $14 billion worth of business deals inked by enterprises of the sides, including a $4.4-billion investment by Britain’s OPG Power Ventures to add 4,200 MW capacity of new electricity generation in Tamil Nadu over the next few years.

Among the two-dozen pacts and investment commitments acknowledged by Prime Ministers Narendra Modi and David Cameron was one by Merlin Entertainment to open the famed Madame Tussauds wax museum in New Delhi by early-2017 and another by Vodafone to invest $1.4 billion to support the Government of India’s “Digital India” and “Make in India” initiatives.

This apart, the largest Solar power generator in Europe, Lightsource, said it was investing a little over $3 billion in India to design, install and manage around 3 GW of solar power infrastructure in India over the next five years in partnerships with Indian companies, led by Srei Infrastructure.

“Prime Ministers Cameron and Modi noted the deep and fruitful business relationship between the UK and India and welcomed the 9.2 billion pounds ($14 billion) of commercial deals between the UK and India announced during the visit,” said a joint statement issued by the two sides after the official talks.

Other major deals announced late on Thursday included:

– Standard Life, Bupa and Aviva to invest a combined total of $365 million in their Indian joint ventures

– Pact between Britain’s cloudBuy for facilitating $5,3 billion worth of transactions using an online marketplace

– British technology company Intelligent Energy’s $1.8 billion contract to provide clean energy for 27,400 telecoms towers of GTL

– Holland and Barrett International pact with Apollo to open 1,000 stores in India over the next five years

– Kloudpad Mobility Research’s investment in South India to make next generation smart watches, wearables and tablets

– TVS to open an advanced logistics facility at Barnsley, a town in South Yorkshire

– London Stock Exchange and Yes Bank pact for collaborations on bond and equity issuance, with focus on green infrastructure

– HDFC’s proposal for rupee-denominated bonds overseas up to $750 million under new Indian central bank guidelines

– Wipro’s commitment to increases its investment in Britain.

As per the joint statement, the two prime ministers also announced three UK-India city partnerships with Indore, Pune and Amaravati to support India’s ambitious urban development goals through technical assistance, expertise sharing and business engagement.

They also launched a new Thames-Ganga partnership for healthy river systems.

(Agencies)

Quintype partners with Motherly to enhance NextGen Parenting Platform

November 13, 2015 by Nasheman

Content-driven digital platform to use Quintype for content personalization, community building and mobile integration

Bengaluru: Quintype, a data-driven publishing company based out of Bangalore and California, today announced its partnership with Motherly, a digital platform that supports Millennial women with expert information and mom-to-mom inspiration on their journey to motherhood.

Motherly will be using Quintype’s publishing platform to expand its model by personalizing content for users, helping build its community of expert contributors and moving the interface to a mobile-first experience.

“Motherly is on the brink of doing something amazing for modern mothers,” said Amit Rathore, Founder & CEO, Quintype. “We are excited to be helping Motherly as they evolve their business to be fully responsive to their constituents. The Motherly team knows what their audience needs and we are equipping them with a data driven mobile first platform to engage their viewers where they are, on any device”, adds Amit.

Backed by the Matter.vc accelerator program, Motherly provides a next-generation parenting platform that will go far beyond the confines of a standard ‘mommy blog.’ It’s an inspiring community network that supports Gen Y women on their journey to motherhood. Through partnerships with experts, social influencers and user generated content, Motherly will deliver snackable, personalized content in a voice and presentation only a woman can rely on and relate to. Motherly meets modern women in the micro-moments of joy, frustration and curiosity that make up motherhood and connects her to likeminded women.

In addition to information and community, Motherly will provide curated products and services to meet the needs of women and their families, whatever their life-stage and lifestyle may be. Motherly will officially launch in early December 2015.

“We see Quintype as an opportunity to leverage a publishing platform as comprehensive as what Buzzfeed and Vox Media have built, without the distractions and costs in becoming a pure technology company,” said Jill Koziol, Co-Founder and CEO of Motherly. “This partnership is an opportunity for us focus on our core business of connecting moms to expert information and mom-to-mom inspiration”, adds Jill.

Quintype was founded on the premise that most media organizations prefer to focus on their content, audience and monetization strategies. Quintype is delivering an affordable, cloud-based, data-driven solution that is long overdue for both new media companies starting up, as well as mature publishers that need a fast and reliable solution for migrating from the kluge of legacy technology they find themselves trapped in.

About Quintype

Quintype is a data-driven publishing company focused on digital media. Its seamless, end-to-end SaaS platform uses big data and artificial intelligence to manage all aspects of a highly responsive, mobile first online media operation. This data-driven approach lets media organizations reduce technology costs while at the same time leveraging data to increase revenue and profits.

DomainX™ 2015 becomes the first Live-streamed domain name conference internationally

August 8, 2015 by Nasheman

Bangalore: DomainX™, the 1st dedicated international domain name conference that was held today in Bangalore, was a great success with over 600 participants from diverse domains attending the event that was held over two days of inspiration, networking and knowledge.

Mr. Ron Jackson, Publisher of DNJournal.com from Tampa Bay, Florida, presided over the event as the chief guest.

DomainX™ not only educated the participants about the thriving global domain name industry and its various facets but also facilitated an impactful interaction of prominent investors, successful entrepreneurs, tech-savvy innovators and domain name investors to open a spectrum of business opportunities for all involved.

DomainX™ created a history of sorts with becoming the first Live-streamed domain name conference anywhere in the world. DomainX™ was applauded for bringing together a galaxy of international industry experts to a common platform.

Ron Jackson, founder, editor and publisher of Domain Name Journal; Nidhi Hola, Director – Marketing of Godaddy India; Samarth Kholkar, Business Development Leader for IBM Cloud Business; Rodney D Ryder, Advisor to the Ministry of Communications and Information Technology, Government of India; Anirudh Suri, Founding Partner at India Internet Fund were some of the eminent speakers amongst others.

The keynote address on domain names as an investment class was delivered by DomainX™ Brand Ambassador Mr. Deepak Daftari who showcased through his keynote the appeal of domain names to investors across the world and the impending growth on the horizon of the domain name industry.

Zak Muscovitch, Founder of DNAttorney.com discussed UDRP, URS & INDRP issues in an enlightening panel discussion moderated by INDRP Arbitrator Ankur Raheja.
Veteran domain name investor and mentor Deepak Daftary hosted a fireside chat with Ned O’Meara and Martjin Schneider to explore domain name markets in countries such as Australia and the Dutch market.

The event emphasised the ambition of DomainX™ 2015 to deliver ‘two days of inspiration’ with a business networking session on 7th August which connected global experts and key domain name investors in an intimate environment where knowledge was shared freely and key business ties were forged.

Organised by Domain Name Owners Association of India (DNOAi™), the DomainX™ conference was supported by Godaddy, Escrow.com, IBM, INForum.in, Resello, .Desi & Airfare.in. Godaddy is the world’s leading domain name registrar and provides domain name registration services to individuals and organisations world over. While Escrow.com pioneered the process of online escrow services and is one of the leading providers of secure business and consumer transaction management on the Internet

The organisers expressed their pleasure on the immense success of DomainX™ and said, “We are enthralled at the astounding success of DomainX 2015. It’s very heartening to see realization of our dream to provide a common platform to various stakeholders of the industry. We are sure that this conference will keep pushing the envelope on innovating to contribute to the growth of a flourishing domain name industry in India.” The DomainX™ organizers included Manmeet Pal Singh and Gaurav Kohli..

About DNOAi™

DNOAi™ is the first (in India) privately held association of similar minded domain name owners who have joined hands in order to bring investment, monetization and general awareness towards the domain name sector as well as web development industry.

With experience in domain names and website development, DNOAi aim to grow DNOAi™ into the largest domain name organization in India. Domain Name Owners Association of India™ tries to bring together top brass investors, successful entrepreneurs and tech-savvy innovators in India, to demonstrate and exhibit the impact of our industry on thefinancial market.

For more information visit www.DNOAi.com

Regulate Internet calls, disallow Internet.org-like app: DoT

July 16, 2015 by Nasheman

New Delhi: A government panel on Net neutrality has proposed to regulate domestic calls made using Internet-based calling applications such as Skype, Whatsapp and Viber at par with phone call services offered by telecom operators.

The panel has opposed projects like Facebook’s Internet.org, which allow access to certain websites without mobile data charges, while suggesting that similar plans such as Airtel Zero be allowed with prior clearance from TRAI.

“In the case of Over-The-Top (OTT) VoIP international calling services, a liberal approach may be adopted. However, in the case of domestic calls (local and national), communication services by TSPs (telecom service providers) and OTT communication services may be treated similarly from a regulatory angle for the present.

The Committee is chaired by DoT Advsior for Technology A K Bhargava and members in the panel include A K Mittal, V Umashankar, Shashi Ranjan Kumar, G Narendra Nath and R M Agarwal.

Net neutrality implies that equal treatment be accorded to all Internet traffic and no priority be given to an entity or company based on payment to content or service providers such as telecom companies, which is seen as discriminatory.

The neutrality debate flared up in India after telecom operator Airtel launched a platform, Airtel Zero, that would allow free access of some websites on its network. However, the companies were asked to pay Airtel for joining the platform.

The panel discussed Facebook’s Internet.org and said that until April 2015, Internet.org users could have free access for only a few websites, and Facebook’s role as gatekeeper in determining what websites were on that list was seen as violating Net neutrality.

The panel said that “collaborations between telecom operators and content providers that enable such gate-keeping role to be played by any entity should be actively discouraged”.

At the same time, the panel approved allowing zero rating platform after telecom operators compared it with a toll-free number. It said there is a multitude of possibilities in designing tariff plans and everything cannot be validated in advance on parameters of Net neutrality.

The panel proposed “ex-ante determination” and “ex-post regulation” model for dealing with tariff plan, including zero rating.

Under ex-ante determination, the panel has proposed telecom operators to follow current practice of filing tariffs before the Telecom Regulatory Authority of India and the regulator should carefully vet it on scale of Net neutrality before giving its nod.

In line with demand from telecom operators, the panel has recommended that OTT players should be brought under regulation to comply with national security norms like telecom operators in the country do.

“National security is paramount, regardless of treatment of Net neutrality. The measures to ensure compliance of security related requirements from OTT service providers need to be worked out through inter-ministerial consultations,” the report added.

(PTI)

Greek banks running out of cash as EU leaders meet

July 7, 2015 by Nasheman

Cash reserves start to run dry as ECB tightens controls and Greek PM Tsipras meets with EU creditors.

Greek banks are starting to run out of cash, with the ECB raising charges on collateral the banks require to present for funds [Reuters]

by Al Jazeera

Greece’s banks are quickly running out of cash, as Prime Minister Alexis Tsipras takes his latest bailout proposal to the country’s eurozone creditors, days after Greek voters overwhelmingly rejected their latest bailout offer.

Officials on Monday announced that the banks would remain closed until Thursday, as the European Central Bank (ECB) slowly tightened a noose on its funding.

The daily withdrawal limits were to remain unchanged at 60 euros ($66) per account daily.

Al Jazeera’s John Psaropoulos, reporting from Athens, said Greek banks were now operating “under siege”, with one major Athens bank only able to keep its ATMs open on Monday after two major companies deposited their payrolls in cash.

“The banks are living day-to-day and hand-to-mouth,” Psaropoulos said.

“They believe they have enough to keep going until Wednesday, possibly Thursday, but only under the capital controls (withdrawal limits).”

The ECB has maintained its emergency liquidity lifeline for Greek banks, however it raised charges on collateral the banks require to present for funds, effectively devaluing the banks’ assets and making them less able to borrow against their collateral.

“The situation is becoming financially worse, not just more politically difficult,” our correspondent said.

Greece last week defaulted on a $1.8bn repayment to the International Monetary Fund, and on Sunday, in a referendum, the Greek people voted to say “no” to Europe’s bailout deal.

Rapid negotiations

Tsipras on Tuesday must persuade Europe’s other 18 leaders, many of whom are exasperated after five years of the Greek crisis, to open rapid negotiations for a major new loan to rescue his country.

He spoke to German Chancellor Angela Merkel regarding the new proposals ahead of Tuesday’s hastily arranged emergency summit of the eurozone countries in Brussels.

Germany and France, whose economies together account for nearly half of the eurozone, on Monday asked Greece to make detailed proposals to revive bailout talks, a day after the referendum that decisively rejected creditors’ demands for further austerity.

Late on Monday, a Greek government source said that Tsipras had spoken to ECB chief Mario Draghi in efforts to reopen banks with assistance from the Frankfurt-based lender.

Tsipras also spoke to IMF chief Christine Lagarde “on the need to find a viable solution dealing with the real problems of the Greek economy”, the source said.

Lagarde said the IMF was “ready to assist Greece if requested to do so”, despite the June 30 default.

European Commission head Jean-Claude Juncker said on Tuesday that while he did not want Greece to leave the eurozone, in a so-called Grexit, the Greek people had voted on a deal that “no longer existed”.

“We have to put a very large ego away and deal with the situation we face,” Juncker said.

Tsipras insists that instead of a Grexit, Greece’s creditors will now finally have to talk about restructuring the country’s massive 240 billion euro ($267bn) debt to them.

Agreements worth $22bn inked in India-China business forum

May 16, 2015 by Nasheman

Shanghai: As many as 26 business agreements worth over USD 22 billion were signed today between Indian firms — including Adani group, Bharti Airtel and Welspun — and thier Chinese counterparts on the last day of Narendra Modi’s three-day visit to China.

These MoU and agreements span a wide range of industries, including renewable, energy, power infrastructure, steel and small & medium industries.

Among major agreements is Bharti Airtel’s tie-up for credit facility of USD 2.5 billion with China Development Bank and Industrial and Commercial Bank of China.

The Adani Group also inked an agreement with Golden Concord Holdings to establish an integrated photovoltaic industrial park in Mundra SEZ and to explore investments in gas power generation and natural gas sector.

In another pact, Adani Ports & SEZ and Guangzhou Port Authority agreed to establish “sister port relationship” between Mundra Port and Guangzhou Port.
Welspun Energy entered into a memorandum of understanding with Trina Solar of China to jointly set up a PV industry park for production of 500 MW of Photovoltaic (PV) cell and 500 MW of PV solar module in India.

“(These) are a reflection of the strong interest of Chinese companies to invest in India and contribute towards ‘Make in India’ initiative,” an official statement said.
It further said the agreements would also facilitate cooperation between Indian and Chinese companies in the film and entertainment industry and “will help in making more Chinese friends/audiences aware of India’s strength in this area.”

The other significant MoUs include, IL&FS and Industrial & Commercial Bank of China (ICBC); IL&FS Energy Development Co and China Huaneng Group for 4,000 MW Nana Layja Thermal Power (Coal) project; and Jindal Steel and Power and ICBC on development of potential projects.

Technology major Infosys also entered into an MoU with People’s Government of Qiannan Autonomous Prefecture to jointly build ‘China India Information Service Industry Corridor’ in Qinnan.

Bhushan Power and Steel too signed a pact with China National Technical Import and Export Corporation for an integrated steel project in Gujarat.

Speaking at the India China Business Forum, Modi had reached out to Chinese investors asking them to take advantage of the “winds of change” in India with a much more transparent, responsive and stable regulatory regime.

(PTI)

Connect the world or capture It? Critics raise alarm over Facebook's spurious Internet.org

May 6, 2015 by Nasheman

Facebook service promises free web access for the developing world, while threatening the privacy and rights of hundreds of millions worldwide

Internet.org is already available to 800 million people in nine countries across Africa and Southeast Asia.

by Lauren McCauley, Common Dreams

Privacy rights and open internet advocates are sounding the alarm after Facebook on Monday announced changes to its “free” Internet for the developing world, dubbed Internet.org, which critics say threatens to make the social networking company the de facto Internet “gatekeeper” for hundreds of millions worldwide.

Branded as an initiative to “connect the two thirds of the world that doesn’t have internet access,” Internet.org will reportedly work with local telecom providers to provide free Internet access to a handful of pre-selected websites—including Facebook—as well as others related to “health, education, communication, finance, jobs and local information.” The application has already launched in a number of African and Southeast Asian countries, as well as Colombia in South America.

Internet.org has previously come under fire for violating the principle of net neutrality because it only offers access to certain websites. In India, a number of major publications including the Times of India media group have withdrawn from the site in protest.

In response to that critique, in a video address on Monday, Facebook CEO Mark Zuckerburg announced a new platform model, under which Facebook will offer “an open program for developers” to create “very simple and data efficient” sites to be among those offered to Internet.org users.

“Giving people more choice over the services they use is incredibly important,” Facebook said.

However, this new platform is even worse, argues Josh Levy, advocacy director for the digital rights group Access.

The change, Levy writes at Wired on Tuesday, “sets Facebook up to serve as a quasi-internet service provider—except that unlike a local or national telco, all web traffic will be routed through Facebook’s servers. In other words, for people using Internet.org to connect to the internet, Facebook will be the de facto gatekeeper of the world’s information.”

Considering the market that Internet.org hopes to reach, that amounts to hundreds of millions of people worldwide. On April 17, Zuckerburg said that more than 800 million people in nine countries, including Kenya, Zambia, Tanzania, India, Indonesia, and the Philippines, already have access to the site.

In addition, Levy warns that by excluding commonly used security protocols, such as SSL and TLS, in their criteria for potential developers, Internet.org threatens to “undermine the security” of their users.

Further, Facebook’s new platform “lacks transparency,” as it has failed to disclose important policy details regarding the storage of and government requests for user data.

As Vice journalist Jordan Pearson points out, because Internet.org user access will be routed through Facebook’s servers, the company will “get a huge amount of insight into users’ online activity.” What’s more, Internet.org users will be subject to Facebook’s data policy, which leaves open the possibility for their information to be shared with advertisers as well as the Facebook’s partner organizations.

“However they may want to present Internet.org, Facebook are not in the business of philanthropy, they’re in the business of making money,” Paul Bernal, professor of technology law at the UK-based University of East Anglia, told Pearson. “With Internet.org that means two things: capturing a market, then using that market. They want people to be hooked in, and then their data is, effectively, controlled by Facebook. In the current era, if you can control someone’s data, you have a huge amount of control over them.”