INDONESIA TRAIN

TRAIN MADE IN INDONESIA

 

Madiun – Indonesia has a carriage factory to manufacture derivative products in Madiun East Java. Factory belonging to PT Industri Kereta Api (INKA) (Persero) is the largest state-owned train manufacturer and the only one in the Southeast Asian region. 

Today have the opportunity see detikFinance train factory which was founded by 3rd Indonesian President BJ Habibie in 1981. Upon entering the factory area is located next to the station Madiun, the condition of the 22-hectare plant looked old. Employees seemed busy designing and completing the design and manufacture of train orders components. 

Director of Production and Technology INKA Yunendar Aryo Andoko explained, although the order is pretty much yet untapped production capacity INKA maskimal. 

“PT INKA have never received an order from the government railway carriage 100. Least 70 trains many economies. Therefore, our potential that has been used only 50%,” said Yunendar at headquarters INKA Jl.ODOT Madiun, East Java, on Friday (03/22/2013). 

Total number of workers of PT INKA reach 859 workers, which consists of up to Doctorate level degree, all working on various orders synergize train 
and designing new products. 

At least, some excellent products that have been produced by PT INKA like passenger trains, locomotives, rail (KRL), Railbus, rail Diesel (KRD), railway freight wagon to trailer to the Trans Jakarta bus. 

Yuhendar explained that currently the technology and capabilities INKA has been able to produce some original products such as electric train, monorail, stroller and locomotive engines though imports remain to be purchased. 

“We now are able to do the step of technology development and design of their own,” he added. 

INKA Technology Assistant Field Manager, Prayitno explain most of the machine age is 1980 or when a new factory was set up. After obtaining the State Capital Investment (PMN) in 2006, INKA then replant several machines in order to compete. INKA did increase capacity by constructing two new buildings for the purposes of the workshop locomotive and mass transit. 

“The machine, on average the same in 1982, 1983, the newest equipment in 2010,” he added. 

In addition, several world-class manufacturer of trains were the groom by INKA to develop a national rail industry such as Bombardier Transportation AG, General Electric and Japanese railway companies. 

Detik.com

 

 

 

JURNAL ECONOMIC

 

Analysis and Optimal Portfolio Performance Assessment

Shares IQ-45

 

LQ 45 Index is a market capitalization of 45 stocks most liquid and capitalized that it is an indicator of the liquidation. LQ 45, using 45 stocks selected based stock trading liquidity and adjusted every six months (at the beginning of February and August), expressed as a set of portfolio assets held for certain economic purposes. Concept

expressed in a portfolio basis is how to allocate a certain amount of money on various types of investments that will yield optimal profits (Harold, 1998). primary consideration for fund owners (investors) in optimizing investment decision is to maximize the return on investment (return) on risk (risk) any specific investment (Saragih et al., 2006). Investment decision-making framework to determine the success of an investor

in optimizing the return on investment and reduce risks as small as possible (Markowitz, 1952). In relation to the above, the main problem in this research is to design an optimal portfolio simulation that is a combination of liquid stocks LQ 45 listed in Indonesia Stock Exchange (BEI)-2007.Analisis period of 2002 on the establishment of the optimal portfolio is concerned with systematic description of the theories, models, and interpretation of empirical research.

The explanation contradicts the findings of Markowitz (1952) on the theory of portfolio selection. Saragih (2005) emphasized that Markowitz’s model is a model designed by one period (single-period). Sharpe (1963) developed a technique which is simpler and made more applicable though portfolio theory is used to manage large amounts of securities known

The approach used in this study is a quantitative approach. This study uses the daily transaction data are consistent stocks are in the LQ-45 index in 2002-2007. Formation of optimal portfolios using a single index model and the model of constant correlation will affect the returns and risks arising from the portfolio.

            Combination of stocks that form the optimal portfolio is determined by looking at each rank stocks based on the value of the ERB / ​​Excess Return to Beta (single index model) and ERS / Excess Return to Standard Deviation (constant correlation models). Forming optimal portfolios, investors should consider a few other factors beyond the stock price factors, LQ-45 Index, and the level of rates. (Jurnal.ui.ac.id)

RAHASIA PIRAMID

 

THE SECRET OF PIRAMIDA

 

REPUBLIKA, has long puzzled scientists how a pyramid is built. This is because the technology is lifting large rocks that could reach thousands of pounds to the tops of the buildings have not been discovered in his day. What is the secret behind the construction of this pyramid?

Times December 1, 2006 edition, published a scientific news confirmed that the pharaoh use clay to build the pyramids! According to the study mentioned that the stone used to make clay pyramid is heated to form a hard rock hard to distinguish from the original stone.

The scientists say that Pharaoh proficient in chemistry in managing the clay to become stone. And the technique to be a highly secret when viewed from the codification numbers in stone they leave.

Professor Gilles Hug, and Professor Michel Barsoum confirmed that the greatest pyramid at Giza, is made of two types of stone: natural stone and the stones are created manually processed clay alias.

And in a study published by the magazine “Journal of the American Ceramic Society” confirms that using this type of soil slurry Pharaoh to build a high monument, including the pyramids. This is because it is not possible for a person to lift heavy rocks thousands of pounds. As for the effect, Pharaoh using natural stone.

The mud is a mixture of lime mud in a furnace heated with steam salt water and managed to make water vapor to form a mixture of clay. Then processed it poured in the space provided on the wall of the pyramid. In short sludge that has been treated according to the desired size were burned, and then put in place that has been provided in the walls of the pyramid.

French Professor Joseph Davidovits has taken the biggest pyramid stones to do the analysis using electron microscopy to the rock and found traces of a rapid reaction which confirms that the stones are made of mud.

During this time, without the use of electron microscopes, geologists have not been able to distinguish between natural stone and artificial stone. With the method of making large rock through this way, the professor takes up to 10 days similar to the original stone.

 

Previously, a Belgian scientist, Guy Demortier, has spent years searching for answers of the secrets behind making big rocks on the tops of the pyramids. He also said, “After years of research and study, I am now convinced that the new pyramid located in Egypt made using clay.”

 

Discovery by French Professor Joseph Davidovits about the pyramid stones were apparently made from the sludge processing takes about 20 years. A long term research on Bosnian pyramids, “Pyramids of the Sun” and explained that the stones are made of clay! This confirms that this method is widespread in the past. (Image of a stone pyramid).

An image used in casting stones sun streamed ancient pyramid in Bosnia, and scientific truth to say that it is very clear that a certain method of casting stones from clay has been known for thousands of years in different civilizations either Romanian or Pharaoh!

If understood more deeply, it has been revealed this Qur’an 1,400 years sebelem they express, consider a verse in the Koran following:

“And Pharaoh said: ‘O my people enlarger, I do not know the Lord for you than me. Then burn me O Haman clay and build me a lofty tower so that I may survey the god of Moses, and the fact I’m absolutely sure that he included those liars. “(Al-Qasas: 38)

If understood more deeply, it has been revealed this Qur’an 1,400 years sebelem they express, consider a verse in the Koran following:

“And Pharaoh said: ‘O my people enlarger, I do not know the Lord for you than me. Then burn me O Haman clay and build me a lofty tower so that I may survey the god of Moses, and the fact I’m absolutely sure that he included those liars. “(Al-Qasas: 38)

Subhan Allah! Stunning evidence that suggests that the giant buildings, giant statues and pillars were found in the high civilization of the time, also built of clay! The Qur’an is the first book that reveals the secrets of building the pyramids, not the American and French scientists.

We know that the Prophet Sallallahu ‘Alaihi Wasallam did not go to Egypt and never saw the pyramids, may not even have heard of him. The story of Pharaoh, occurred before the time of the Prophet Sallallahu ‘Alaihi Wasallam thousands of years ago, and none on this earth at that time who knew about the secret of the pyramid.

Before this, scientists are not sure that Pharaoh using clay and high heat to build monuments than in recent years.

Magically, 1,400 years ago, Prophet Muhammad Sallallahu ‘Alaihi Wasallam berbilang years after the end of the dynasty Pharaoh Pharaoh tells that one day build a monument called the Pyramid of using clay.

This fact is very clear and strong to prove that Prophet Muhammad Sallallahu ‘Alaihi Wasallam was not talking suit their desires, but both directions of the God who created and drowned Pharaoh, and he did that saved the Prophet Moses … And he also told the Prophet that his last will this scientific nature, and this verse into his prophetic witness to the truth in the future!

Subhan Allah! It is indeed a matter that can only be understood by people who are not just rational, but also uses his wits.

• Abu-uswah.blogspot.com, republika.com

FABEL GRASSPHOPPER AND ANT

 

                                          Grasshopper and the Ant

 

During the day in the late fall, a family of ants who have worked hard all summer to collect food, dry the grains they have collected during the summer. At that time a grasshopper is starving, with a violin in his hand came and implored it to give a little ant family meal for himself.

“What!” cried the Ants in surprise, “do not you have to collect and prepare food for the coming winter this? During this what you do all summer?”

“I do not have time to collect food,” complained the Grasshopper: “I’m so busy making a song, and before I knew it, summer was already gone.”

The ants then shrugged his shoulders because they feel upset.

“Making a song you say yes?” said the Ant, “Well, now that you have completed the song in the summer, it is time you dance!” The ants then turn around and continue their work regardless of the Grasshopper again.

There is time for work and a time for play.

Ceritakecil.com

 

90’S BAND SHEILA ON SEVEN

SHEILA ON 7 THE 90’S BAND

 

Sheila on 7 is one of the music group popular Indonesian who stood on May 6 1996 in Yogyakarta. Group whose members Duta (Akhdiyat Duta Modjo, vocals), Eross (Eross Candra, guitar), Adam (Adam Muhammad Subarkah, bass), as well as the Brian (Brian Kresna Putro, drum) this at originally named “Sheila” (language Celtic: musicals ). The word “Gank” later added so that became “Sheila Gank”. The word even this finally converted become “on 7”, which taken from seven stairs tone in music. This band earned the nickname “Band One Million Coffee” because of its success sells millions of copy a few his album in former glory in early 2000s.

Sheila on 7 has been several times experiencing changes the composition of member. On in October 2004 Brian signed to replace Anton who issued because considered not discipline. Ago on March 2006 Sakti retreated of Sheila on 7 for learn religion in Pakistan

Starting from Adam and Sakti who has a band called “WHY Gank” Ambassadors invite them to join a rehearsal band vocalist. Selected ambassadors armed with the story of Adam and that Adam is a subscription Ambassador August 17 performers early in their housing complex, Ambassador Adam sing and play acoustic guitar.

Talking about “WHY Gank” at the time, Adam and Sakti are still often swap positions as bassist and guitarist depending on the song they performed. But the band whose members happen to Adam, Sakti, Ambassador, and a drummer named this Court has not had time to sample the music stage. They are merely exercises in studio, cover version song famous bands, and audition / selection to be performed in an event.

A year later after “WHY Gank” vacuum had some time, get to know them with Eross (which later became their lead guitar). The four of them later decide to start a new band, and they are with Anton Meet the players were introduced by Eross drum during the band’s first rehearsal at the studio. After the completion of the first exercise of this they decided to name the band with the name “Sheilagank”, and make on May 6, 1996 as the day they were born.

“Sheilagank” was poor across-art shows and art shows high school band festival Yogyakarta in Central Java for about 2 years, until mid-1998 they finally get a “record deal” their first with the label Sony Music Entertaintment Indonesia. They later changed their band name to “Sheila On 7”. The name “Sheilagank” was later used as the title for the loyal listeners of their works. “Sheila” is actually taken from a high school friend who also is a friend Eross SD Adam and ambassador. Once, when the first Adam and Eross acquainted first, Adam called Eross to call “friend Sheila ya?!”, And Eross replied “you’re his friend Sheila too huh?!”, So the name is often mentioned in their conversation. While “On 7” means “at 7 tones that do-re-mi-fa-sol-la- si”. Thus the name “Sheila On 7” roughly means his friends “Sheila” who played 7 tones / playing music.

Sheila On 7 since the beginning of their work in the Indonesian music scene has chalked a lot of accomplishments, including being the only Indonesian band that can sell physical albums by more than one million copies, three albums in a row. They also have loyal audiences in neighboring countries such as Malaysia, Singapore, and Brunei.

But in 2004, they had to part with Anton (drummer) because not disciplined by his manager. It was then Brian entered as an additional player to fill the position left by drummer Anton. Brian performed with Zero 7 in various promo tour for the album “Tough Stud”. Album The Very Best of Zero 7 (2005) became the first studio recording of Brian’s career with Zero 7 as an additional player.

In 2006, Sheila On 7, also had to part with the Milky because he resigned in the middle of the recording process of the album “507” because of the desire to continue their education to Pakistan could not be stopped. However, during the process of recording the album “507” was also the Zero 7 finally lifted a drummer Brian Sheila On 7 until now. in the year 2011 had also invited Eross Risky Santoso to fill the position of second guitarist who first had left by Sakti, but Risky busy with his own band and distance ( Niwa Shady ) band from Tegal in Central Java . Eross and Risky Santoso introduced by one close friend Eross And Risky. Sheila On 7 now is Brian (drums), Eross (guitar), Ambassador (vocals), and Adam (bass).

Source : Wikipedia.com, uripsibigo.blogspot.com

 

PEKAN RAYA JAKARTA DI BATAVIA

Celebrate the queen’s birthday wilhemina

If called to celebrate the Anniversary PRJ Jakarta, Pasar Gambir to celebrate the birthday of Queen Wilhelmina, who was born on August 31, Gambir 1880.Pasar first called in 1898, the year of the coronation of Queen Beatrix’s grandmother as the Queen of the Netherlands. Since then, Gambir Market held every year, for one week, between the months of August and September. Even until recently, the Dutch made the day a national day to day called Queen or Koninginnedag.

 

Gambir Market name comes from the name that is maintenance locations in Merdeka Square, which used to be called the King or Koningsplein Airport, Gambir district. If Jakarta Fair is held the first years of Merdeka Square South, often called Gambir Market in Medan Merdeka Utara, opposite the Palace of the Governor-General, now Merdeka Palace. Before the Dutch dependencies in Japan on during the 1940’s, the atmosphere lively Pasar Gambir each year.

The excitement of the people who called the festival every year, just like the PRJ this time. At that time, Gambir Market showcase and sell a variety of handicrafts from various regions of the archipelago. One of the popular attractions are climbing nut community, such as August 17 festivals in the villages. Rewards were also various items, such as shirts and kaos.Sedangkan, the most preferred entertainment is keroncong songs. Most well-known singer then Annie Landow always appear. Whereas, prianya is Titaley or Bram Bram Aceh.

 

The annual festival of the people initially called for a week, then extended for two weeks. Pasar Gambir is the most joyous event in the Dutch colonial era. Lively and entertaining atmosphere, as well as being the venue and the type of variety that produces people over, after Japanese troops occupied the Batavia in 1942. After a stop for 30 years, co-chairman of Governor Ali Sadikin Kadin Syamsudin currently held by the Pilgrims known Manganese Manganese, turn the party back at the same people with the name Pekan Raya Jakarta (PRJ). Later, moved to the location of the arena PRJ Kemayoran Airport container

Ceritabatavia.com

 

PALESTINE HISTORIES

THE HISTORY OF PALESTINE

 

The oblique comments about Palestinians in Islamedia FB Page, and also some articles that actually discredit Hamas, saying the children used as shields by Hamas in order to get the sympathy of the world, makes me “angry” and tried to answer the charges which is not the fundamental.

 

Before the speech read history! Who Palestinian, Israeli Who we should know. Who is under Egyptian rule before Mursi, Why America fully supports Israeli aggression and the UK who also have us know. The following is a long history. Read!!

 

Lately it occurs deep concern on the land of Palestine. Thousands of people were killed in the Israeli attack on Gaza that began on December 27, 2008. The world is turbulent. Some countries vehemently oppose Israel even with sever diplomatic relations. Protest against the Israeli attack took place everywhere, including in Indonesia. However, the war is still likely to erupt next few years.

 

Palestine does have a complicated history. Israel, which is the Jewish nation, the country established on Palestinian land. This leads to the situation evolved to its present state. To better understand this conflict, then I tried to summarize the history of Palestine from the beginning to the conflict.

 

Palestinian-Israeli territory (swaramuslim.com)

This paper is summarized from several sources:

1. Umar papers Asasudin, MA, entitled “The Role of Intellectuals in the Palestinian Liberation Struggle: History Approach”
2. Speech Ikhrimah Shabri (Imam Masjid Al-Aqhsa Palestine in 1992), entitled “Palestine: History of the Struggle, the Intifada, and the Israeli aggression against the Aqsa Mosque”.
3. Dr papers. Ruslan Abdoelgani entitled “Indonesian Solidarity for Palestine: A Historical Overview”

All three are in the book “Palestine: Solidarity with Political Islam and the New World Governance”, with editor: M & Achmad Riza Sihbudi Hadi, mold Library Hidayah 1992. This book cored papers in the seminar “Indonesia Palestinian Friendship Week” January 13 to 18, 1992 in Yogyakarta.

Incidence after 1992 are summarized from:

1. “Middle Eastern History Table” in the blog “Middle East Studies” by Dina Y. Sulaiman
2. “The history of establishment of the State of Israel” by Panji Prabowo (Head of ITB GAMAIS 2008-2009) in his blog
3. News in kompas.com on Palestine Israeli war.

Happy reading!

***

Palestinian territory was originally inhabited by several nations, the nation Ammonit and Philistine. Then, around 1000 BC, Palestine conquered by King Saul and David as David and his descendants as, which is the Jewish nation, eventually became king there and Palestine into Jewish homeland nations from 1000 BC – 135 AD Palestine itself was ruled by the kingdom of Persia, Babylonia, Egypt, and other kerjaaan kingdom interchangeably in the meantime.

Mastered the Palestinian territories of the Roman Empire

Around the year 100 BC came the power of Rome and in the year 63 BC, Rome, under the reign of King Pompey, who controlled Palestine conquered kingdom. In 66 AD, the rebellion raised by Jews. War going on and the rebels lose and finally in the year 70 CE, Jerusalem fell entirely into the hands of Rome.

 

 

Pompey king of the

 Romans (www.usu.edu)

At that time, Rome usually do not put pressure but gently treated colonies to unite with the nation’s citizens negeranya colonies. However, in the case of the Jews, this method is not successful. Often arise melee of Jews. This led eventually prevailing harsh Roma to the Jews and issued a decree that deadly nasionalismen Jews worship by restricting their range.

In the end this decree makes a great uprising of 200,000 Jews led by Barcocheba in Jerusalem. Hadrian king who led Roma to send Julius Sevenus and the large number of troops to quell the rebellion and conquered Jerusalem. At that time, the Jews were defeated and expelled their regulations banned from the city for any reason. Jerusalem used as a place of worship and a Roman colony of Jews, Jewish haikal, replaced with a symbol of supremacy Roman temple, the temple of Jupiter. From that time the Jewish people spread outside Palestine. However, there is a small part that still survive there.

After that, the influence of Christianity came to Rome, so that foster the spread of Christianity in Palestine. Christianity grew in the area. Then, in the division of the Roman Empire in 395, Palestine was in power Byzantine Empire, also known as the Eastern Roman Empire. At that time Palestine became a prosperous area, the center of the development of the pilgrims (visiting places of worship sacred by Christians, Jews, etc..). But occasionally appeared torture to the Jews by the master nation.

The year 611 AD, Chosroes II, king of the Persian Empire Sasan, attack that area. Followed by Jews who wanted revenge. Jerusalem was captured. Church of the Holy Sepulchre was destroyed by land and possessions taken. Another church and its bishop arrested the same fate.

The year 628 AD, King Heralcus of territorial re-conquest of the Byzantine. But this victory is temporary because of the advent of Islam that weakens the power of the Byzantine Empire.

Source: http://www.islamedia.web.id

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FABEL EAGLE AND CHICKEN

The chicken and the Fighting Eagles

 

On a farm, there lived two roosters against each other and the fights between the two. One day, they start bickering and fighting back, pecking and clawing at each other. They continue to fight until one of them in defeat and ran away into the corner to hide.

Rooster won the fight proudly flew into the roof of the cage, and mengkepak-kepakkan wings, crowed with pride and hard as if he wanted to let them know the whole world about his victory. But when it’s a hawk that flew in the air heard and finally saw the bird on the roof. The eagle finally pounced down and grabbed the rooster and a winner had to be brought to the nest.

The other chickens that had been defeated, saw the whole thing and come out of hiding and take the place as the winner in a fight earlier.

The pride caused the fall

 

 

Ceritakecil.com

 

SULTANATE JOGJA IN INDONESIA

SULTANATE JOGJAKARTA IN INDONESIA

Kraton Yogyakarta is the main object in the city of Yogyakarta. Historic buildings which is a palace and residence of the Sultan and his family Hamengku Buwana was established since 1756. Kraton with all the customs and culture into community life spirit Yogyakarta. Kraton is also a major tourist attraction in the city of Yogyakarta both in terms of heritage buildings and customs that exist in it. In addition to the Sultan’s Palace in the past can be enjoyed through the architectural beauty of the building, can also be enjoyed traditional art presented every day in Ward Manganti. Currently occupied by a family Kraton Sultan Hamengku Buwana X who became king at once governor of Yogyakarta.

 

 

 

 

 

 

 

The origin of Jogjakarta Sultanate began in 1558 AD when Ki Ageng Pamanahan get a gift from the Sultan area in Mataram Pajang because his services had been defeated Aryo Penangsang. In 1577, Ki Ageng archery which remain always faithful to the Sultan Pajang until the end of his life, building his palace in Kota Gede. His successor, Sutawijaya, son Ki Ageng archery, in contrast to his father. Sutawijaya Pajang defied the Sultan and want to have their own territory even mastering Java.

After winning the battle with the Kingdom Pajang, in 1588, became the kingdom of Mataram with the title of Sultan Sutawijaya as Panembahan Senopati. Mataram kingdom experienced rapid development during the reign of Sultan fourth generation, Sultan Agung Hanyokrokusumo. After Sultan Agung died and was succeeded his son, Amangkurat I, Kingdom of Mataram experiencing internal conflict / family conflict were utilized by the VOC to end up with Giyanti Agreement in February 1755 to divide the kingdom of Mataram Sultanate of Surakarta and Yogyakarta.

In the agreement, declared Prince Mangkubumi Jogjakarta Sultanate became sultan with the title Sri Sultan Hamengku Buwana I. Since 1988 until now, led by the Sultan of Jogjakarta Sultanate Hamengku Buwana X. Jogjakarta palace began to be established by the lane I post a few months Giyanti Agreement. Location is a former palace reputedly named Pesanggarahan Garjitawati. This building used to break the funeral procession Mataram kings would be buried in Imogiri.

Another version states the location of the palace is a spring, Pacethokan Bannerman, who is in the middle of the forest Beringan. Before assuming Keraton Jogjakarta, the lane I stay in the Guest Houses Ketawang Ambar which now includes the District Limestone, Sleman regency. Location Keraton Jogjakarta is between Code River in the east and the west Winongo and Stage Krapyak in the south and Clearwater Beach to the north. This location is also within an imaginary line of the South Sea and Mount Merapi

• Kumpulansejarah.com, pariwisata.jogjakota.go.id

CAPITAL MARKET

CAPITAL MARKET

Understanding the stock market as the market in general that is a meeting place for sellers and buyers. Here are bought and sold is a capital or funds. So sellers together capital market capital / funds with buyers capital / funds. Buyers funds / capital is they both individuals and institutions / entities were set aside excess funds / money to businesses that are productive. ‘re Penjualmodal / funds are companies that require additional funds or capital for their business purposes.

In fact the stock market is known as the Stock Exchange or in English is called the Securities Exchange or the Stock market, as seen in a different term, but essentially the same which is a meeting place for sellers and buyers of funds of funds in the capital market or the exchange mediated by the Exchange member brokerage as a wholesaler to do the transaction. This institution as supporting capital markets (Dr.Sumantoro, 1990).

In the Indonesian capital markets regulated in the Law No. 8 of 1995 on the capital market is the capital market interprets kegiataan concerned with public offerings, securities trading, public companies relating to securities, public companies relating to the issuance of securities, as well as institutions and professions related to the effect. Effects may include stocks, bonds, promissory notes, commercial paper, and so on.

 There are three definitions of capital markets (Ahmad, 2003):

a. Definition in a broad sense

The capital market is organized financial system needs, including commercial banks and all intermediaries in finance, as well as securities, long-term and short-term, primary and indirect.

b. Medium in the sense of Definition

Capital market organized all markets and institutions trade-scrip scrip credits (usually with a maturity of more than one year, including stocks, bonds, savings and time deposits.

c. The definition in the narrow sense

The capital market is an organized market place to trade stocks and bonds with the services of a broker, the commissioner, and the underwriters.