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Times News Network Ludhiana: MC commissioner Aaditya Dachalwal directed officials to ensure cleanliness across the city and expedite development works, during a review meeting with officials of different branches at MC Zone D office on Tuesday. Dachalwal also asked officials of the B&R department to submit daily reports of ongoing road repair works in their respective areas. MC joint commissioner Ankur Mahindroo, joint commissioner/zonal commissioner (Zone D) Abhishek Sharma, assistant commissioner/zonal commissioner (Zone B) Neeraj Jain, assistant commissioner/zonal commissioner (Zone C) Gurpal Singh, chief engineer Ravinder Garg, superintending engineers Parveen Singla, Surinder Singh, Sanjay Kanwar, Ranjit Singh, Sham Lal Gupta and CSO Ashwani Sahota were among those present in the meeting. Dachalwal asked officials to go out into the field to take stock of ongoing development works and cleanliness on a daily basis. He also directed them to check the attendance of sweepers on a regular basis. According to him, zonal commissioners have been conducting field inspections in their respective areas and directions have been issued to intensify cleanliness drives. Besides, zonal commissioners have been directed to take feedback from residents. He said that he has been conducting inspections across the city to take stock of the situation at the ground level. We also published the following articles recently Priyanshu scripts Commissioner XI win Priyanshu Pandey's stellar 68-run performance led Lucknow Commissioner XI to a three-wicket victory over CAL President XI. Youth Cricket Club triumphed over Sound Images by 95 runs, while various other cricket and hockey matches showcased strong performances. Additionally, Divyansh Srivastava and Ashutosh Kumar Singh will represent Uttar Pradesh in the 86th Senior National Championship. Waste collectors daughter is British Deputy High Commissioner for day Jayalaxmi Aripina, born into a family of waste collectors, served as the British Deputy High Commissioner in Hyderabad for a day, advocating for health, education, and gender equality. Reservation list: KSEC commissioner to set deadline for local body election Karnataka State Election Commissioner GS Sangreshi is set to send another letter to the state government, defining a deadline for publishing the reservation list crucial for local body elections. With zilla and taluk panchayat elections pending since 2021 and urban local body elections delayed, he warned that the commission might use the previous reservation list if delays continue.Major League Soccer Champions
Making the grade: Canada unveils world junior roster featuring plenty of youthFounder of Leagile Supply Services, a supply chain solutions provider in Lagos, Arogundade Oluwasegun, has provided insights into the recurring issue of stock-outs during festive seasons. He emphasized the negative impact on consumer confidence, the systemic challenges plaguing Nigeria’s supply chain, and innovative measures his company is adopting to address these problems. Stock-outs represent a significant disruption in the supply chain, often caused by a combination of factors such as inaccurate demand forecasts, poor inventory management, and logistical failures. Oluwasegun noted that these issues are exacerbated during festive periods when exceptional consumer demand is encountered. “Ineffective communication within the value chain is a critical issue,” he said, stressing the need for better collaboration between suppliers, distributors, and retailers. To minimise the impact on consumers, Leagile Supply Services has adopted supply chain agile strategies, including real-time inventory monitoring using advanced Enterprise Resource Planning (ERP) systems, and effective collaborative planning forecast replenishment (CPFR). This technology allows the company to identify and address bottlenecks swiftly, ensuring goods are available on shelves rather than stuck in warehouses. During peak periods like December, the company engages early with trade partners to align on demand forecasts and secure commitments for increased production and storage capacity. Real-time visibility and upskilling supply chain teams are also critical components of their approach. However, Oluwasegun highlighted challenges such as unauthorised sale prices and missing product codes, which can render stock inaccessible to consumers despite being available in warehouses. Infrastructure and policy-related challenges in Nigeria remain significant contributors to stock-outs. Poor road networks, excessive port inspections, and congestion caused by outdated equipment extend lead times and complicate logistics. “Government policies need to shift focus from revenue generation to supporting sustainable supply chain practices,” he urged, advocating for the creation of industrial clusters and the review of tariffs to ease the burden on businesses. Oluwasegun also highlighted the role of technology in improving production and distribution strategies. By integrating electronic data interchange applications with ERP systems, supply chains can achieve better visibility and responsiveness. “Collaborative supply chains actively engage all partners, allowing us to predict demand accurately and optimise operations,” he explained. Consumers also play a role in reducing stock-outs. Oluwasegun suggested that accessible financial support during festive periods could help households make early purchases, reducing demand spikes. This would enable manufacturers and retailers to plan inventory more effectively and ease the pressure on logistics networks. He underscored the importance of addressing stock-outs to safeguard consumer confidence and loyalty. When faced with unavailable products, consumers may switch to substitutes, delay purchases, or abandon them altogether. This can have lasting consequences for both retailers and manufacturers. Oluwasegun called for open collaboration among retailers, suppliers, and logistics providers to tackle these challenges head-on. “Breaking down barriers in communication and working together for the benefit of consumers is essential,” he concluded. As festive seasons approach, Leagile Supply Services is setting an example by adopting innovative measures to ensure consistent availability of essential goods, offering hope for a smoother shopping experience for Nigerians.
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China has banned exports of key materials used to make a wide range of products, including smartphones, electric vehicles, radar systems and CT scanners, swiping back at Washington after it expanded export controls to include dozens of Chinese companies that make equipment used to produce advanced computer chips. Both sides say their controls are justified by national security concerns and both accuse the other of “weaponizing” trade. Analysts say the latest restrictions could have a wide impact on manufacturing in many industries and supply chains. “Critical mineral security is now intrinsically linked to the escalating tech trade war,” Gracelin Baskaran and Meredith Schwartz of the Center for Strategic International Studies, wrote in a report on Beijing's decision. The full impact will depend partly on whether U.S. industries can compensate for any loss of access to the strategically important materials, equipment and components. Here’s why this could be a tipping point in trade conflict between the two biggest economies, coming at a time when antagonisms already were expected to heat up once President-elect Donald Trump takes office, given his vows to hike tariffs on imports of Chinese-made products. China has banned, in principle, exports to the United States of gallium, germanium and antimony — critical minerals needed to make advanced semiconductors, among many other types of equipment. Beijing also tightened controls on exports of graphite, which is used in EV and grid-storage batteries. China is the largest source for most of these materials and also dominates refining of those materials, which are used both for consumer goods and for military purposes. The limits announced Tuesday also include exports of super-hard materials, such as diamonds and other synthetic materials that are not compressible and extremely dense. They are used in many industrial areas such as cutting tools, disc brakes and protective coatings. Next on the list of potential bans, experts say: tungsten, magnesium and aluminum alloys. The Chinese Commerce Ministry announced its measures after the U.S. government ordered a slew of new measures meant to prevent sales to China of certain types of advanced semiconductors and the tools and software needed to make them. Washington also expanded its “entity list” of companies facing strict export controls to include 140 more companies, nearly all of them based in China or Chinese-owned. Commerce Secretary Gina Raimondo said the revised rules were intended to impair China’s ability to use advanced technologies that “pose a risk to our national security.” The updated regulations also limit exports to China of high-bandwidth memory chips that are needed to process massive amounts of data in advanced applications such as artificial intelligence. Export licenses will likely be denied for any U.S. company trying to do business with the 140 companies newly added to the “entity list,” as well as the dozens of others already on the list. The aim, officials said, is to stop Chinese companies from leveraging U.S. technology to make their own semiconductors. The Biden administration has been expanding the number of companies affected by such export controls while encouraging an expansion of investments in and manufacturing of semiconductors in the U.S. and other Western countries. Washington also extended the restrictions on exports of advanced semiconductor technology to companies in other countries, though it excluded companies in key allies like Japan, South Korea and the Netherlands that are thought to have adequate export controls of their own. In a word: very. For the U.S., Japan, South Korea, Taiwan and other producers of advanced technology and components, access to materials with such properties as high conductivity is crucial: gallium and germanium increasingly are used in advanced semiconductors in place of silicon. The materials subject to Chinese export controls are among 50 the United States Geologic Survey has designated as “critical minerals” — non-fuel minerals essential to U.S. economic or national security that have supply chains vulnerable to disruption. Gallium topped that list. It is needed to make the same high-bandwidth memory chips the U.S. wants to avoid allowing China to access for use in artificial intelligence and defense applications. It's used to make LEDs, lasers and magnets used in many products. Germanium is used for optical fiber and solar panels, among other uses. A USGS study recently estimated the likely total cost to the U.S. economy from disruptions to supplies of gallium and germanium alone at more than $3 billion. But the situation is complicated. China imposed licensing requirements on exports of both metals in July 2023. It has not exported either to the U.S. this year, according to Chinese customs data. Antimony exports also have plunged. China produces the lion's share of most critical minerals, but there are alternatives. Japan also imports nearly all of its gallium, for example, but it also extracts it by recycling scrap metal. Washington has been moving to tap sources other than China, forming a "Minerals Security Partnership" with the EU and 15 other countries. President Joe Biden's visit to Africa this week highlighted that effort. Potential supply disruptions also have spurred efforts to tap U.S. deposits of rare earths and other critical materials in southeastern Wyoming, Montana, Nevada, Minnesota and parts of the American Southwest. Germanium has been extracted from zinc mined in Alaska and Tennessee and the U.S. government has a stockpile. The Department of Defense has a recycling program that can extract scrap germanium from night vision lenses and tank turret windows. But China's dominance as a supplier gives it an overwhelming cost advantage, and U.S. resource companies face strong pressures over the potential environmental impact of mines and refineries. Since then-President Trump launched a trade war against Beijing that has ramped up over time, China has adopted a relatively constrained and cautious approach in responding to the U.S. limits on access to advanced technology. Much depends on the future course of overall relations. It is unclear if Trump will follow through on his vows to push tariffs sharply higher once he takes office or if such declarations are the opening gambits in future trade negotiations. China hit back with its own tariff hikes, but excluded many items crucial for its own economy. It sanctioned certain companies, especially defense contractors doing business with Taiwan, but refrained from outright bans on exports of vital materials to the U.S. This time may be different. Just after China's Commerce Ministry announced its export ban, various Chinese industry associations including automakers and the China Semiconductor Association issued statements denouncing Washington's moves to curb access to strategically sensitive technologies and declaring that U.S. computer chips are unreliable. Beijing's announcement also extends its ban on exporting Chinese-produced gallium and other critical minerals to the U.S. to apply to all countries, entities and individuals, saying violators will “be held accountable according to law.”Why Ring App Flooded People With Messages In Buffalo, New YorkAppalachian State hires South Carolina offensive coordinator Dowell Loggains as head coach
NEW YORK (AP) — The man charged with killing UnitedHealthcare CEO Brian Thompson was not a client of the medical insurer and may have targeted it because of its size and influence, a senior police official said Thursday. NYPD Chief of Detectives Joseph Kenny told NBC New York in an interview Thursday that investigators have uncovered evidence that Luigi Mangione had prior knowledge UnitedHealthcare was holding its annual investor conference in New York City. Mangione also mentioned the company in a note found in his possession when he was detained by police in Pennsylvania. “We have no indication that he was ever a client of United Healthcare, but he does make mention that it is the fifth largest corporation in America, which would make it the largest healthcare organization in America. So that’s possibly why he targeted that company,” said Kenny. UnitedHealthcare is in the top 20 largest U.S. companies by market capitalization but is not the fifth largest. It is the largest U.S. health insurer. Mangione remains jailed without bail in Pennsylvania, where he was arrested Monday after being spotted at a McDonald's in the city of Altoona, about 230 miles (about 370 kilometers) west of New York City. His lawyer there, Thomas Dickey, has said Mangione intends to plead not guilty. Dickey also said he has yet to see evidence decisively linking his client to the crime. Mangione's arrest came five days after the caught-on-camera killing of Thompson outside a Manhattan hotel. Police say the shooter waited outside the hotel, where the health insurer was holding its investor conference, early on the morning of Dec. 4. He approached Thompson from behind and shot him before fleeing on a bicycle through Central Park. Mangione is fighting attempts to extradite him back to New York so that he can face a murder charge in Thompson's killing. A hearing has been scheduled for Dec. 30. The 26-year-old, who police say was found with a “ ghost gun ” matching shell casings found at the site of the shooting, is charged in Pennsylvania with possession of an unlicensed firearm, forgery and providing false identification to police. Mangione is an Ivy League graduate from a prominent Maryland real estate family. In posts on social media, Mangione wrote about experiencing severe chronic back pain before undergoing a spinal fusion surgery in 2023. Afterward, he posted that the operation had been a success and that his pain had improved and mobility returned. He urged others to consider the same type of surgery. On Wednesday, police said investigators are looking at his writings about his health problems and his criticism of corporate America and the U.S. health care system . Kenny said in the NBC interview that Mangione's family reported him missing to San Francisco authorities in November.
The election-hit H1 FY25 saw the Central government and State government capex decline 15.4 per cent and 10.5 per cent year on year, meeting just 37 per cent and 28 per cent of their budgeted annual target respectively. But the slack is expected to be picked up from Q3 FY25. While it is old news that the Central Electricity Authority has estimated investments around ₹9.1-lakh crore in transmission and distribution (T&D) during FY22-32, with sustained and regular tendering in renewable energy projects, power infrastructure is the need of the hour as the steep power capacity targets need to be backed by efficient power evacuation. In our Big Story dated October 21, 2024 , we had covered the renewable energy (RE) twist to the power story, and how the structural thesis is not just limited to the gencos but spread wide across the ecosystem. Here, we take a step down and cover the beneficiaries from the ancillary segments to the power sector. India’s power transmission grid is one of the world’s largest synchronous interconnected electricity grids. The gap between power supply and demand has decreased consistently, from over 10 per cent in FY10 to 0.5 per cent in FY23, thanks to the One Nation-One Grid-One Frequency initiative, which helped solve regional disparities by integrating the five regional networks, apart from the obvious investments into expanding the generation capacity. Now, with a faster increase in demand expected over the coming decades, the integration of RE into the grid and the One Sun-One World-One Grid initiative, the T&D industry is back in the mix with huge capex planned, after a brief drop since Covid-19. Targets for 2032, set via the National Electricity Plan (NEP) for FY22-32, call for integration of renewable energy into the grid, with specific numbers for various segments of T&D. The length of transmission lines, an indicator of connectivity, in the inter-State transmission system (ISTS) and intra-State transmission system (InSTS) segments are set to be extended by around 39 per cent and 28 per cent respectively to 2,94,545 circuit kilometres (ckm) and 3,20,182 ckm by 2032. The transmission capacity, on the other hand, determining how much power can be transferred across the transmission lines, is expected to almost triple in the ISTS segment to 12,81,355 mega volt ampere (MVA) and improve 51 per cent in InSTS to 11,30,530 MVA by FY32. Renewables (solar, wind, biomass, hydro, green hydrogen, ocean) add up to an installed capacity of around 203 GW (out of total installed capacity of 454 GW) as of October 2024; this number could reach 500 GW by 2030. Solar and wind, currently, constitute around 31 per cent of the total installed capacity although their contribution to power generation is about 11-13 per cent. As per a SBI Capital Markets report, 20 per cent supply into the grid, predominantly from solar energy, could frequently disturb the stability of the grid and at 30 per cent, the grid could become unstable on account of uneven loading, with supply bludgeoning during sunlight hours, come 2032. This calls for energy storage systems, apart from stable gridlines, to handle the fluctuations, another space where enormous technological innovation is at play. The first line of beneficiaries are the transmission players, led by the bellwether Power Grid Corporation of India (PGCIL) and followed by Adani Energy Solutions, Sterlite Power, Tata Power Transmission, ReNew Power and GR Infra. Tenders via tariff-based competitive bidding (TBCB) route account for around 90 per cent of the total ISTS projects awarded, thus ensuring and promoting private participation. Critical projects (like the recent Leh Ladakh Green Energy Corridor), however, are still awarded to PGCIL, under regulated tariff mechanism (RTM), where projects are offered at cost-plus margin ensuring recovery of all costs and a fixed return on the project cost. While the asset developers are allotted these projects, the developers further sub-tender for various components, systems, EPC and installation, amidst others. Since the advent of TBCB, PGCIL had won around 40 per cent of bids till FY23, while private players filled in the rest. But in the last two years, PGCIL’s win ratio has improved and as per the management, the same is at over 50 per cent currently. After a capex slowdown resulting in ₹9,000-odd crore of capex each in FY22 and FY23, PGCIL ramped up capex in FY24 to ₹12,500 crore in FY24. While it is still lower than the ₹25,000-odd crore capex spree in FY18 and FY19 each, H1 FY25 saw a strong ₹10,002-crore capex, showing signs of revival. PGCIL will remain the key beneficiary in this space. While Adani Energy Solutions is the only other listed core transmission player (largest private player at it) in India, it is trading at significantly high valuations. Tata Power Transmission, on the other hand, is housed under Tata Power Company (TPCL), and hence only a consolidated exposure can be taken here. The revenue for these asset developers is in the form of tariffs received from long-term (typically 35 years) transmission service agreements, based on the availability of the transmission lines. Infrastructure Investment Trusts (InvITs) offer a stable, defensive and proxy play on T&D. These are transmission assets hived off into separate investment vehicles by asset developers to mobilise funds. Powergrid InvIT, promoted by PGCIL, and India Grid Trust (Indigrid), promoted by Sterlite Power and KKR, are the only two listed players in this space. The revenue model for InvITs is akin to those of the asset developers; but they must distribute at least 90 per cent of their net distributable cash flows (in simple terms, earnings less expenses). Engineering procurement and construction (EPC) players, specifically KEC International, Kalpataru Projects International (KPI) and Techno Electric & Engineering (TEE), are downstream beneficiaries in this space. Though KEC and KPI are diversified into civil, railways and water projects, and TEE into smart metering and data centres, they remain key contractors in the T&D space, and T&D still contributes to around 40-50 per cent of their topline. While they have diversified since FY20, all these companies are sitting on record order-backlog as of H1 FY25, powered by T&D orders since FY24. Losses during electricity transmission are inescapable. However, substations help reduce them. Substations, through transformers, help in stepping up and down the voltage in the grid, to efficiently transport electricity, route, re-route and deliver at the appropriate voltage levels. With around 40 per cent of the grid infrastructure aged over 20 years, as per a recent Nomura report, the demand is backed by targets to also upgrade and improve efficiency, apart from expansion. About 14 GW of high-voltage direct current (HVDC) lines were added during FY17-22, bringing the existing HVDC transmission network capacity to 33.5 GW. NEP proposes to add around 33.3 GW of this HVDC — doubling down by FY32. HVDC power transmission systems use direct current (DC) for electric power transmission system and not the common alternating current (AC) as in HVAC. While AC is cheaper and easier on voltage control, DC is more efficient over long distances and lower on technical losses. In the past, HVDC lines that came up for tender were scarce — around once in four years — mainly because of the complexity and longer gestation period. But in the current FY, three projects are out for tender. PGCIL has been awarded one, while the remaining two are still under bidding. While being complicated, HVDC projects are ideal for underwater or underground cables and connecting remote RE sources amidst others, thus more appropriate at this juncture of power landscape in India. Siemens, Hitachi Energy India (HEIL) and GE Vernova T&D India (GE T&D) are prominent players in the supply chain leading to HVDC projects (around 50-60 per cent of the HVDC capex). All the companies, supported by the technological expertise of their parent companies, offer a comprehensive portfolio of products in HVDC technology, voltage-sourced converter technology, grid stability and modernisation, such as switchgears, transformers, SVCs and STATCOMs for grid stability, amidst others. GE T&D’s order inflows grew 333 per cent year on year in Q2 FY25. Order backlog as of September 2024 has tripled from March 2023 and is now at 3.1 times FY24 revenue. HEIL, which diversified into railways, data centres, renewables and industrials, too had a strong rebound starting from FY24. HEIL also offers end-to-end battery energy storage solutions with a recent acquisition by its MNC parent in this space. Orderbook to FY24 revenue is 1.7 times for HEIL. Siemens, similarly, has a healthy orderbook to September 2023 revenue (latest data available) of 2.4 times. Siemens follows October-September as its reporting period. All the companies boast of record order backlog. Transformers & Rectifiers (TRIL), also operating in the transformation space, manufactures transformers and reactors, for various applications. One of the very few Indian companies with capabilities to manufacture high-voltage transformers, matching that of competitors like Siemens and ABB in India, it is also expanding its portfolio to RE-specific transformers. TRIL recently acquired a leading manufacturer of a key raw material — cold rolled grain oriented (CRGO) steel (which accounts for around 35 per cent of the overall cost) — in line with its plan to be significantly backward integrated. The strong business trend is well captured with all the above companies trading at exorbitant triple-digit TTM PE. This T&D cycle, both within India and outside, has revived the slump and is now pushing for new investments by these companies to meet the accelerated demand. We had recommended investors to partially exit PGCIL and TPCL in June and May 2024 respectively, purely on valuation concerns. Both stocks have remained flat since our last recommendation. Since our last call to accumulate on both the InvITs, Indigrid has returned 10 per cent while Powergrid has stayed flat. Powergrid is eating into its reserves to retain the stable yields, while leverage is more than sufficient to add assets to its portfolio but is yet to. Meanwhile, Indigrid has been able to add assets consistently and its yields on an actual basis have been on the rise accordingly. Transmission developers, especially PGCIL, offer a direct play on this huge capex runway. InvITs offer the defensive and annuity-style investment option. EPC players, while sitting on record orderbooks, still face execution risks and have to navigate through raw material volatility concerns. Their balance sheets are very close to the strongest they have ever been, if not the strongest, with all – KEC, KPI and TEE — recently concluding fund raisers through QIP. GE T&D, HEIL, Siemens and TRIL, like the EPC players, are also sitting on record order backlogs. And H1 FY25 has seen some of these companies bettering their FY24 performance. Investors should understand and remind themselves of the lull leading upto FY22, and how these players performed during the slowdown in capex. While a few diversified to insulate themselves from the cyclicality prevalent in the T&D sector, T&D continues to be the largest operating segment for most of the players discussed above. Although current valuations deter immediate buying, keeping these companies on your radar could allow for strategic accumulation during better entry points. Comments
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Greece’s second largest city, Thessaloniki , is getting a brand new subway system that will showcase archaeological discoveries made during construction that held up the project for decades. The 9.6-kilometer inaugural line will officially open on Nov. 30, using driverless trains and platform screen doors. Construction began in earnest in 2003 and unearthed a treasure trove of antiquities in a vast excavation beneath the densely populated city of a million residents. “This project offers a remarkable blend of the ancient and modern, integrating archaeological heritage with metro infrastructure,” Christos Staikouras, the transport and infrastructure minister, told reporters Friday on a media tour of the subway. Tunneling followed ancient commercial routes through the center of the port city that has been continuously inhabited since ancient times. It exposed a Roman-era thoroughfare, ancient Greek burial sites, water and drainage systems, mosaics and inscriptions and tens of thousands of artifacts spanning centuries, also through Byzantine and Ottoman rule. The tunnels had to be bored at a greater depth than originally planned, adding cost and delays, to preserve the ancient discoveries. Key pieces of what was found have been put on display along the underground network of 13 stations including a section of the marble-paved Roman thoroughfare at the central Venizelou Station. “The project faced substantial delays and many challenges, including over 300,000 archaeological finds, many of which are now showcased at various stations along the main line,” Staikouras said. The Thessaloniki metro was first conceived more than a century ago and its completion has been greeted with quiet amazement by residents who for years used the metro project as a punchline for bureaucratic delays and undelivered promises. Government officials said the cost of the metro so far has reached 3 billion euros ($3.1 billion) for the completed first line of the subway system and most of a second line which is currently under construction and due to be delivered in a year. The construction consortium was made up by Greece’s Aktor, Italy’s Webuild and Japan’s Hitachi Rail.Commission approves Minnesota’s first carbon-capture pipeline. Its future hinges on the Dakotas
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