Tag Archives: Coming

AI cloudops is coming, whether you like it or not
March 22, 2019 12:20 pm|Comments (0)

As someone who’s worked with AI for the last 30 years (yes, it was a thing 30 years ago), I’ve often thought of its capabilities were overrated and used for the wrong things in many cases. Now that it’s cheap thanks to cloud computing, and much more effective thanks to the pace of innovation, AI as a solution is coming up again, including the use in cloud operations.

The idea is to replace people with AI to be both proactive and reactive to cloud operational issues such as outages, resource governance, security attacks, and performance. Cloudops involves largely repeatable problems, right?

There are of course some upsides and some downsides to this. Moreover, although the use of AI in cloud operations maybe a foregone conclusion, there will still be a learning curve that is required. As long as you understand that and know what to expect in terms of ROI for both the short term and long term, I’m okay with anything that that makes cloud operations more effective.

So, let’s look at the pros and cons.

The pros of AI for cloudops

The pros are that you can have a 7/24/365 monitoring and management program on the cheap. If you believe operational staff is expensive, try hiring them for shift work. AI-based monitoring and management systems never sleep, never take time off, and never ask for a raise. Once they are up and running, they cost almost nothing beyond their license fees and infrastructure costs. And they are self-learning at the same time; in other words, the more they run, the better that they get at the job.

Another pro is that these systems get smarter every day and share a common brain. People get smarter with experience as well, but they don’t do a good job sharing their experiences with others. People also retire and quit, with the knowledge and experience walking out the door with them.

The cons of AI for cloudops

One con is that the cost of rolling out these systems is high, even in the cloud. Vendors that have married AI and operational tools are going to charge a premium to get them up and running and in production. While the prices are all over the place, count on paying 50 percent more than for traditional tools, including consulting services for the first year or so to get the tools learning correctly.

Another con is that operations people don’t seem to like them no matter how well they perform. The number of passive-aggressive actions that I’ve seen over the years from people pushing back on AI-enabled operations tools has been huge.

They view this technology as not to be trusted, plus the fact that AI some day may displace their jobs does not make things better. Organizations that implement these tools need to have change agents, plus an understanding about the human factors with this technology.

Is the future AI-enabled cloud-operations tools? I don’t see how it won’t be. The pros will get better, and the cons will begin to diminish, like any other rollout of new technology. Hopefully, our new AI operations overlords will have mercy on us in a few years.

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Micron sees memory chip recovery coming later in year, shares rise
March 21, 2019 12:08 am|Comments (0)

(Reuters) – U.S. chipmaker Micron Technology Inc on Wednesday said it sees a recovery in the memory chip market coming and reported a quarterly profit that beat estimates as cost controls helped offset falling demand and prices, sending its shares up nearly 5 percent.

The logo of U.S. memory chip maker MicronTechnology is pictured at their booth at an industrial fair in Frankfurt, Germany, July 14, 2015. REUTERS/Kai Pfaffenbach

Micron makes NAND storage chips that are used in phones and internet servers as well as DRAM chips that help computer processors communicate with those storage chips.

The company beat revenue expectations for the fiscal second quarter ended Feb. 28. Although it gave a forecast for its fiscal third quarter that was below Wall Street’s expectations, Micron said demand is likely to begin growing again by its fourth quarter.

The results come against the backdrop of a glut in the global semiconductor industry triggered by waning demand for smartphones and spotty purchasing patterns by cloud-computing vendors, which hurt chipmakers such as Intel Corp earlier this year.

Meantime, Micron trimmed its spending plans and said it had idled some factory lines to bring its chip output in line with lower demand, helping keep profits flowing and a share buyback plan on track.

For its fiscal second quarter, Micron generated nearly $ 1 billion in free cash flow and a profit of $ 1.71 per share, excluding items. That was down from $ 2.82 a year earlier but above Wall Street expectations of $ 1.67, according to IBES data from Refinitiv.

“Certainly Micron has not been in a situation before where it’s been able to deliver such healthy profitability and cash flow in an adverse industry environment,” Chief Executive Sanjay Mehrotra said in an interview with Reuters.

Kinngai Chan, an analyst with Summit Insights Group, said investors were focusing on the outlook for a recovery in the second half of the calendar year, with the fiscal third quarter forecast representing “the bottom for Micron’s near-term sales and gross margin.”

The Boise, Idaho-based company said on Wednesday it expects revenue between $ 4.6 billion and $ 5 billion for its fiscal third quarter, falling short of analyst expectations of $ 5.3 billion according to IBES data from Refinitiv. The company cut planned capital expenditures for the 2019 fiscal year to $ 9 billion, Micron executives said, down from a previous forecast of between $ 9 billion and $ 9.5 billion.

Revenue fell to $ 5.84 billion from $ 7.35 billion, beating expectations of $ 5.3 billion.

The company said it bought back 21 million shares of its common stock for $ 702 million during the quarter as part of its $ 10 billion share buyback program, leaving a net cash position of $ 2.99 billion.

Reporting by Sayanti Chakraborty in Bengaluru and Stephen Nellis in San Francisco; editing by Sriraj Kalluvila and Leslie Adler

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Gen Z is Coming to the Workforce. Here is What to Expect.
September 8, 2018 12:00 pm|Comments (0)

They are young. They are driven. They are pragmatic. They crave financial stability. They won’t put away their laundry no matter how many times I ask them.

Okay, that last sentence may just refer to the two adorable Gen Zs who happen to be my offspring. But, this next group has just started to hit the workforce (the oldest are 23), and will undoubtedly be the topic of much discussion. (We really should shut up about Millennials, because as the oldest of that group approaches 40, we should realize that many have moved into middle management, and are making the policies now.)

Less likely to be risk takers (but that’s good and bad)

Gen Z high school seniors are less likely to have tried alcohol and had sex than their previous generations of the same age. That shows responsibility. But they are also less likely to have a driver’s license, which shows caution and a dependence on others.

In theory, this is because they spend so much time on their smartphones that they don’t need to leave the house to interact with peers. That keeps teen sex from happening and alcohol consumption down. 

It also means they haven’t had as much experience dealing face to face with people and problems. When you’re texting, you can just walk away, but getting up and walking out of a meeting is rude and inappropriate. You may have to do some general coaching of how to behave in groups, especially where it’s not structured, like at a conference, when there is free time. You may also want to increase your text communications rather than face to face. It’s what they are used to.

Gen Z isn’t interested in self-employment, but they are interested in finances.

They want financial security, 82 percent of college freshmen prioritize becoming well off. Only 36 percent of their grandparents made that a priority in 1970.

They aren’t, though, terribly interested in gaining that financial security through starting their own company. This means they may be more interested in staying put and working their way up the ladder. As the oldest Gen Zs are only 23, how this plays out in the working world remains to be seen, but they don’t espouse the desire to break out on their own right now.

This goes along with their lower risk tolerance (see above). A job gives you a steady paycheck while starting your own company has lots of risks.

Gen Z is also less willing to take on college debt. They’ve seen the damage of their parents and older siblings. It’s still a high amount–47 percent of freshman took on loans in 2016, but it’s a considerable drop from 53 percent in 2009.

This means your benefits may need to change. Companies that offer loan forgiveness may have to look towards other methods to attract the best and the brightest. 

They are more diverse than previous generations.

Gen Z understands diversity of race because they’ve lived it. There are far more Hispanic Gen Z’s than there were in Gen X or Millennials. And a lot more “others.” That other isn’t defined but could be made up largely of mixed race people.

What does this mean? Well, they grew up with their classmates looking different. In addition to race, they also have grown up with very different attitudes towards homosexuality and sexuality in general. In other words, diversity is part of their life experience.

This, of course, will vary from location to location, as demographics vary wildly, but don’t be surprised when their normal is your company diversity goal.

They are still just people.

Remember, it’s important not to let the “group” overshadow the individual. You need to talk to the individual to understand what is important to that person and what that person needs, not just assume that everyone under 23 is the same.

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eFootball's coming home; FIFA's virtual World Cup kicks off
August 3, 2018 12:00 am|Comments (0)

LONDON (Reuters) – The 2018 World Cup is over and now for the FIFA eWorld Cup, a virtual tournament that kicked off in London on Thursday with goals galore and multiple Cristiano Ronaldos and Lionel Messis strutting their stuff on a digital stage.

The FIFA eWorld Grand Final trophy on display during the tournament at the O2 Arena in London, Britain August 2, 2018. REUTERS/Henry Nicholls

The three-day finals see 32 elite players, distilled from a global pool of 20 million starters worldwide, flexing thumbs and fingers for the prize of a shiny trophy and $ 250,000 to the winner.

England’s 21-year-old Spencer Ealing, the reigning champion who plays under the nickname ‘Gorilla’, is back ‘to defend what’s mine’.

Germany boasts eight finalists and Argentina just one but 18-year-old Nicolas ‘nicolas99fc’ Villalba — a man who eschews compatriot Messi for Ronaldo and Brazilians Neymar, Ronaldinho and Ronaldo Nazario in his team lineup — is a favorite.

Some have big name clubs behind them, such as Manchester City’s Kai ‘Deto’ Wollin or fellow-German and Bayer Leverkusen player Marvin ‘M4RV’ Hintz, but others are unaffiliated.

The group stages, with 16 playing the FIFA 18 game on Xbox One and the other 16 on PlayStation4, started with the audience online only until the doors are opened on Saturday at the O2 Arena in London’s docklands.

The group stages of the FIFA eWorld Grand Final get underway at the O2 Arena in London, Britain August 2, 2018. REUTERS/Henry Nicholls

The semi-finals and final will be on Saturday after group stages and knockout rounds, with most of the teams featuring the same top players in virtual form.

RANDOM TESTS

The tournament echoes the real World Cup played in Russia this year in other ways as well, including anti-doping urine tests and the monitoring of betting markets for suspicious activity.

Malta’s Kurt’kurt0411’ Fenech, a 23-year-old former odds compiler for a sports betting company who says he now earns far more from gaming, welcomed that.

“People might think ‘Oh, it doesn’t belong in esport’ but it 100 percent does,” he told reporters in a roped-off World Cup-style media mixed zone.

“We have to play a game which requires full concentration and I know that there’s stuff out there that can help you with that. So I’m really pleased there is an anti-doping. It’s needed in every sport and we are a sport now.

“The testing is really extreme, it’s like professional football.

Professional Xbox and Playstation players take their positions for the group stages of the FIFA eWorld Grand Final at the O2 Arena in London, Britain August 2, 2018. REUTERS/Henry Nicholls

“They’ve just picked three people randomly,” he added, gesturing towards the brightly lit ‘field of play’ where players and coaches sat in booths and stared intensely at screens.

Alexander ‘Alekzandur’ Garcia Betancourt, the only American in the finals, said Adderall was the drug most commonly mentioned.

“It’s normally for people with ADHD so if you don’t have that and you abuse it, it’s very easy to gain an advantage,” he said.

“It’s good that they are doing that now with the doping controls,” added the 19-year-old Kansas City native who has signed for his local MLS side.

“We follow the same WADA (World Anti-Doping Agency) regulations as normal athletes. We have to follow those rules, make sure we’re not taking anything we’re not supposed to.”

Fenech, who estimated his earnings were on a par with those of professional Maltese soccer players, felt he was also representing his country — whose team are ranked 184th in the world by FIFA , one place behind Bhutan and just ahead of Macau.

“If I can go on to win this I could become president,” he laughed.

“Our football is nowhere near where we should be and we do usually finish last so for me to compete with the best of the other countries – Germany, France, England – it’s definitely something for a country to be proud of.”

Editing by Peter Rutherford

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A 10% Yield, 11 Straight Hikes, No K-1, IDR Swap Deal Coming In Q2, Goes Ex-Dividend Soon
April 14, 2018 6:07 pm|Comments (0)

Looking for a new deal? In MLP land, there have been a few GP/Yieldco consolidations over the past few months, and we just came across another one, which looks rather interesting for income investors.

Tallgrass Energy GP LP (TEGP) is the parent/GP of Tallgrass Energy Partners LP (TEP) and has interests in a group of energy-related entities. On 3/26/18, TEGP announced a merger with TEP, in which TEP unitholders will receive two TEGP units for each TEGP unit they own.

TEGP’s earnings are virtually synonymous with TEP’s, which stem from midstream operations in the western U.S.

(Source: TEGP site)

Tallgrass Energy GP LP, through its interests in Tallgrass Equity LLC, provides crude oil transportation services to customers in Wyoming, Colorado, and the surrounding regions of the United States. The company operates through three segments: Natural Gas Transportation; Crude Oil Transportation; and Gathering, Processing & Terminalling.

Tallgrass owns and operates more than 6,700 miles of natural gas pipeline and about 760 miles of crude pipeline across a broad portion of the U.S. It also has one of the industry’s leading water reclamation programs situated in close proximity to producers. (Source: TEGP site)

To say that the Tallgrass corporate setup was complex would be an understatement – trying to decipher this setup reminded us of those Franz Kafka novels we read in English Lit. 101:

(Source: TEGP site)

This is one of the reasons that management is doing this merger deal – to simplify the group’s structure for investors, in addition to reducing its cost of capital:

(Source: TEGP site)

As mentioned above, TEP unitholders will receive two TEGP units for each unit that they own. In addition, management raised TEGP’s quarterly distribution to be exactly half of TEP’s, so there will be no distribution loss to TEP unitholders.

Tallgrass Energy Partners LP will be merged into a new entity, Tallgrass Energy LP, which will trade on the NYSE under the ticker “TGE.”

The new entity will be taxed as a C-Corp, which eliminates K-1 hassles for investors, and can give the combined companies broader market exposure.

The deal has already been approved by the boards of both TEGP and TEP, in addition to the TEP conflicts committee.

(Source: TEGP site)

On the Q4 ’17 earnings call, management referenced the fact that there’s a potentially valuable tax shelter available for the company.

“TEGP has a deferred tax asset of $ 313.0 million which is the expected tax benefit of available future deductions that offset future taxable income. It is currently expected that no cash taxes will be paid by TEGP for a period estimated to exceed 10 years”.

However, it’s uncertain if regulators will allow the new entity to use this asset or not.

Distributions

Here’s how the upcoming May distributions look for TEGP and TEP.

TEGP increased its quarterly payout by 37%, from $ .3675 to $ .4875, and was currently yielding 9.87%, at a price/unit of $ 19.75, as of 4/12/18 intraday. TEP’s distribution is $ .975, (2x TEGP’s). Both payouts go ex-dividend on 4/27/18.

Both companies have good quarterly distribution hike streaks going – TEP has raised their payouts for 19 straight quarters, while TEP has an 11-quarter streak.

We’ve added these two tickers to our High Dividend Stocks By Sectors Tables, in the Basic Materials section.

Arbitrage anyone? Unlike many mergers, in which the acquiring company pays a fixed price/share for the target company, this one is based upon a 2X multiple of the buying company’s price, TEGP, which arbitrage players may want to try to profit from. As of 4/12/18 intraday, there was a -$ .30/unit variance between the two unit prices, including the effect of the upcoming distributions:

Earnings

The yieldco, TEP, had huge growth in 2017, as new assets kicked into earnings. EBITDA rose 57%; DCF grew 50%; and revenue grew a more modest 7%. Management continued raising the quarterly distributions, which grew 20% in 2017, while TEP’s distribution coverage improved by 16%.

You can see part of the reasoning for the merger in the GP Interest & IDR payout figures below. These payouts grew by 43% in 2017 and were ~24% of TEP’s DCF. The total distributions payout was ~$ 563M, which should decrease after the elimination of the GP and IDR payouts post-merger.

Looking back further, it’s clear that TEP has produced some outstanding results, with EBITDA growing by over 6X from 2014 to 2017:

(Source: TEGP site)

This filtered into the Tallgrass group’s earnings:

(Source: TEGP site)

This is what supported all of these distribution hikes for TEP, which had a CAGR of 31% since 2013:

(Source: TEGP site)

Analyzing the Deal

Here’s how the merger shakes out, if management leaves the new entity payout at $ .4875/quarter, ($ 1.95/year). There will be 152.2M publicly held units and 126.7M LLC equity exchanged units, which would receive a total of ~$ 546M in annual distributions:

Can they afford to pay $ 1.95/year to all of those units? Management guided to a range of $ 755-835M in adjusted EBITDA for the new entity, with a coverage ratio of 1.20x or better:

(Source: TEGP site)

They had slightly different guidance figures on the S-4 document for this deal – $ 807M for adjusted EBITDA, and a DCF figure of $ 662.00 for 2018.

(Source: TEGP S-4 2018)

We looked at it three ways, using low, high, and S-4 guidance figures. Since there wasn’t a DCF figure given in the deal presentation, we used a 90% multiple of EBITDA guidance, (which is the same as 2017’s ratio), in the low-end and high end columns.

As the merger presentation stated, the new entity should have solid distribution coverage:

On the low end, using a $ 1.95/unit annual payout, the new entity would have coverage of ~1.24X. The high end coverage would be ~1.20X, if management raised the distribution to $ 2.24/year (which they haven’t stated as of yet).

If they hit the high end of their EBITDA target, and DCF is 90% of it, and they leave the payout at $ 1.95/year, their coverage would be a very robust 1.38X.

Using the S-4 doc’s guidance figures of $ 807M in EBITDA, and $ 662M in DCF, we inferred that coverage would be ~1.21X, if the distribution was $ 1.95/year for the new entity:

A good part of TEP’s EBITDA stems from unconsolidated investments. In 2017, TEP received $ 306.6M from these sources, which include the Rockies Express and the Pony Express Pipelines:

(Source: TEGP site)

Here’s a look at the 2015-2017 income statements for Rockies Express Pipeline LLC, often referred to as “REX” in the company docs. After a revenue and operating income dip in 2016, REX came roaring back in 2017, with revenues up 18.7% vs. 2016, and up 8.7% vs. 2015. Operating income also bounced back, rising 36% in 2017 vs. 2016, and 10.8% vs. 2015:

(Source: TEGP 2017 10K)

Risks

Deal Execution

TEP unitholders must approve the deal. However, Tallgrass Equity owns ~35% of the TEP units, so the deal should go through. The TEP and TEGP boards, and the conflict committee also already approved the deal. The other holdup might be regulators, but as of yet, we’ve heard no negative news about this.

New Entity Debt Load

The new entity would own 75% of Rockies/REX, so we took a look at how the combined debt loads of TEP, TEGP, and REX would affect the new entity’s debt leverage and interest coverage.

Both TEP and REX had good interest coverage in 2017, at 8.12X and 5.48X, respectively. The new entity would have ~3.6X interest coverage, based upon 2017 figures, which, of course, will change. It’ll be lower coverage, but still reasonable.

They also had reasonable debt leverage of 3.17X and 2.76X, respectively, which is roughly in line with other midstream companies we follow. (See Financials section for more on this.)

The new entity’s Net Debt/EBITDA leverage looks like it’ll range from ~5X to 5.6X. The company’s 10-K mentioned that there’s an upper end limit of 5.5X leverage. Timing is often tricky in these deals – the new entity may experience higher levels of leverage initially for 1-2 quarters, depending upon when the deal is finalized. However, it doesn’t appear that operations management will be changing, so that’s an advantage.

Management also mentioned on the earnings call that,

“REX’s board has agreed to repay the July 2018 maturity of $ 550 million. At TEP and Tallgrass equities current ownership that will amount to approximately $ 275 million and $ 137.5 million, respectively. This debt reduction will further strengthen REX’s balance sheet for the long-term and should be the next step towards returning REX to an investment grade pipeline. The less interest at REX is paid at the entity, the more cash there is to distribute.”

Other Developments

On the earnings call, management detailed several new growth projects:

On January 3, we announced an agreement to buy 51% interest in the Pawnee Terminal from Zenith Energy from $ 31 million and also announced the acquisition of a 38% interest in Deeprock North for $ 19.5 million. This past week TEP announced the acquisition of water infrastructure assets in the Bakken for $ 95 million, a prime customer there being XTO with an additional $ 45 million of capital expenditures expected.

We also announced the formation of a joint venture in the Powder River basin with Silver Creek midstream for the development of the Iron Horse crude oil pipeline. Iron Horse will transport crude oil from the PRB to Guernsey and then on into Pony Express. We expect to invest approximately $ 150 million into the joint venture and its associated Guernsey terminal.

Analysts’ Estimates And Price Targets

TEGP has received some upward earnings estimate revisions over the past month, as details of the deal were digested. 2018 estimates rose from $ 1.30 to $ 1.44, while 2019 estimates rose from $ 1.25 to $ 1.61.

(Source: Yahoo Finance)

At $ 19.75, TEGP is ~23% below analysts’ average price target, and ~42% below the $ 28.00 highest price target:
Performance

TEGP (candlesticks) and TEP (lavender line) are both down in 2018 but have moved higher since the March 26th merger announcement.

Options

Two other strategies to potentially profit from the merger deal, on a short-term basis, are selling covered calls and/or cash secured puts.

If you want to be aggressive but still get a lower breakeven, this in the money May put trade offers a $ 1.25 bid premium, roughly 2.5X TEGP’s $ .4875 quarterly payout, with a breakeven of $ 18.75.

Our Cash Secured Puts Table can give you more details for this put trade and over 25 other put-selling trades.

Conversely, you could hedge your bet by buying TEGP and selling covered calls against your units.

We’ve added this July trade to our Covered Calls Table, which tracks over 25 covered call trades on a daily basis. With the heightened volatility in 2018, we’re finding higher option premiums, which help to hedge vs. price declines.

The July at the money $ 20.00 call strike pays $ 1.20/unit, for an annualized yield of ~22%.

Here are the 3 main profitable scenarios for this trade:

  1. Static, in which TEGP doesn’t rise to or above $ 20.00 near the ex-dividend date or the expiration date, and you keep your TEGP units. In this instance, you’d collect $ 1.69/unit, the combination of the option $ and the distribution.
  2. Assigned pre- ex-dividend date. You’d collect the $ 1.20 option premium, and $ .25, the difference between TEGP’s $ 19.75 price/unit and the $ 20.00 strike, but no distribution.
  3. Assigned after the ex-dividend date. You’d collect all three profit streams, for a yield of 9.81% in this 100-day trade, or ~35% annualized.

You may be wondering why we didn’t detail selling options for TEP. The problem is that, since TEP’s eventual buyout price is tied to 2X TEGP’s price, you could end up with a downdraft once you buy TEGP. We’ve been down that road before, and it wasn’t pretty.

Since you’ll end up with TEP’s assets anyway, we prefer to own TEGP. Although the conventional wisdom is often to short the acquiring stock, and buy the target stock, we don’t feel that this will work in this case.

Valuations

Since it’s TEP’s earnings and operations that are mainly driving the Tallgrass group, we compared TEP’s valuations and yield to those of other midstream high-yield stocks we’ve covered in other articles. These include DKL Logistics Partners LP (DKL), Summit Midstream Partners (SMLP), Holly Energy Partners, L.P. (HEP), MPLX LP (MPLX), PBF Logistics LP (PBFX), Martin Midstream Partners L.P. (MMLP), and Green Plains Partners LP (GPP), Energy Transfer Partners LP (ETP), and Williams Partners LP (WPZ).

in 2017, TEP had far and away the best distribution coverage, at 1.47X. As detailed above, the new entity, TGE, will probably have coverage of ~1.20X, which is in line with this group’s average. TEP’s Price/DCF of 7.41X is lower than the group’s 8.82X average, as are its Price/Book of 1.97X, and its EV/EBITDA of 7.54X:

Financials

TEP’s Net Debt/EBITDA of 3.17X is the second lowest in this group, and its ROE and Operating Margin are above average. Its Debt/Equity leverage is also better than the group average.

Debt And Liquidity

On the Q4 earnings call in February (which was prior to the merger deal announcement), management detailed TEP’s liquidity status, as of 12/31/17:

At the end of the fourth quarter, TEP had nearly $ 1.1 billion of liquidity available on its revolver. TEP’s leverage as of quarter end was approximately 3x based on the trailing 12-month adjusted EBITDA as calculated according to our credit agreement provisions. As you know, this continues to be on the low end of our 3x to 4x long-term leverage target indicating ample leverage capacity at TEP to fund third-party acquisitions, organic growth projects, and TEP’s share of REX’s July 2018 debt maturity of $ 550 million.

Summary

We rate TEGP a buy, based upon its attractive, well-covered and improved yield, its sound management, and the oncoming merger deal, which will lower the cost of equity, and its ultimate overall organizational simplification – it’ll remain a C-Corp as the new combined entity, with no K-1 hassles for income investors.

All tables furnished by DoubleDividendStocks.com, unless otherwise noted.

Disclaimer: This article was written for informational purposes only, and is not intended as personal investment advice. Please practice due diligence before investing in any investment vehicle mentioned in this article.

CLARIFICATION: We have two investing services. Our independent, legacy site, DoubleDividendStocks.com, has been specializing in increasing yields via selling options on quality high dividend stocks since 2009. Option yields have improved a great deal in 2018, due to higher market volatility.

Disclosure: I am/we are long DKL, TEGP, MMLP, PBFX, ETP.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Google, Temasek coming in as new investors in Indonesia's Go-Jek: sources
January 18, 2018 6:00 am|Comments (0)

SINGAPORE (Reuters) – Alphabet Inc’s Google (GOOGL.O), Singapore state investor Temasek Holdings Pte Ltd and Chinese online platform Meituan-Dianping are investing in a fundraising round of Indonesian ride-hailing start-up Go-Jek, sources familiar with the matter said.

Go-Jek’s existing investors such as global private equity firms KKR & Co LP (KKR.N) and Warburg Pincus LLC are also participating in the funding round of Go-Jek, which is raising about $ 1.2 billion in total, the sources said.

Google, KKR, Warburg and Temasek [TEM.UL] declined to comment. Meituan-Dianping and Go-Jek did not immediately respond to requests for comment. The people declined to be identified as they were not authorized to speak to the media.

Reporting by Anshuman Daga; Additional reporting by Julie Zhu in HONG KONG; Editing by Muralikumar Anantharaman

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Ke$ha Celebrates National Coming Out Day
November 10, 2016 11:19 pm|Comments (0)

‘We R Who We R’ T-shirts support the Human Rights Campaign.
By Jocelyn Vena

<P><a href=”http://www.mtv.com/music/artist/kesha_/artist.jhtml”>Kesha</a> has joined forces with the Human Rights Campaign to help celebrate National Coming Out Day on Tuesday (October 11). </P><P> </P><P>The pop singer created a special message T-shirt, featuring a purple zebra, that <a href=”/news/articles/1653432/kehas-we-r-who-we-r-video-is-hot-and-dangerous.jhtml”>proclaims “We R Who We R,”</a> the title of her hit anthem about individuality. The shirts sell for $ 35, with all proceeds supporting the HRC’s work to achieve equality for the LGBT community. </P><P> </P><P>According to the <a href=”http://www.hrc.org/press-releases/entry/human-rights-campaign-unveils-t-shirt-collaboration-with-kesha” </P><P>target=”_blank”>HRC website</a>, only 1,000 shirts will be produced. </P><P> </P><P>Others are also using the day to bring awareness to LGBT issues. Several notable celebrities will be honored by the Equality Forum, which is hosting an event and profiling notable LGBT members in pop culture. </P><P> </P><P>As <a href=”http://miamiherald.typepad.com/gaysouthflorida/2011/10/lgbt-history-month-honors-ricky-martin-wanda-sykes-ryan-murphy-pedro-zamora-27-other-icons.html#ixzz1aTgr8yl4″ target=”_blank”>LGBT History Month</a> rolls on throughout October, Ricky Martin, Wanda Sykes, “Glee” creator Ryan Murphy and Pedro Zamora, a former “The Real World” castmember turned AIDS activist, all will be profiled by the organization. </P><P> </P><P>”We’re the only minority worldwide that’s not taught history at home, in school or religious institutions,” said Malcolm Lazin, Equality Forum’s founder and executive director. “Like every group that’s been marginalized, it really helps to make the case why we should take real pride in ourselves and our community.” </P><P> </P><P>Since launching the program five years ago, over 200 icons have been profiled, including Jane Lynch, Lady Gaga and Neil Patrick Harris. Lazin called LGBT month “empowering and life affirming.” </P><P> </P><P>The message comes amid increased awareness about young people being bullied, including MTV’s <a href=”http://www.athinline.org”>A Thin Line</a> campaign. The MTV film <a href=”http://www.mtv.com/shows/disconnected/series.jhtml”>”DISconnected,”</a> which premiered Monday night, focuses on issues in a world where technology controls personal lives. </P><P> </P><P>”I see the viciousness of people every day,” said <a href=”/news/articles/1672289/jersey-shore-vinny-disconnected-fight-negativity.jhtml”><P>id=”1672289″>”Jersey Shore” star Vinny Guadagnino</a> on the “DISconnected” after show. “I kind of want to be a soldier in the field, so to speak, and try to combat the negativity with a positive message. I want to help open people’s eyes up, like this movie does, to the negativity.” </P><P> </P><P><b>Check out the <a </P><P>href=”http://www.facebook.com/MTVDisCONNECTED”>Facebook</a> page for <a href=”http://www.mtv.com/shows/disconnected/series.jhtml”>”DISconnected.”</a></b></p>

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