Tudor and Cashel Township held a Lunch and Learn at their community centre on Nov. 26, where the township’s Historical Society presented to attendees on how Tudor and Cashel came to be through time. Made possible by the Ontario Seniors Accessibility Grant, there was also a hot lunch of soup, sandwiches and dessert provided by Wattle and Daub Café. Councillor Elain Holloway comments on this look back into Tudor and Cashel’s past to Bancroft This Week. The Lunch and Learn on Nov. 26 was facilitated by the Tudor and Cashel Historical Society’s Bob Clarke, Marie Whittaker and Gina Sikama, although Sikama was unable to attend due to another commitment, but sent her regards. Holloway told the crowd that they were an amateur historical society and what they know and what they found out they collected themselves through research and conversations through their lives here over the decades. “Their hope is to encourage you to become more involved, if not with the township’s history but with that of your own families. There’s a history that goes away if you don’t have that history and hang on to it,” she says. Clarke said that there was so much history and so much had changed over the past 175 years and that as they go through it, hopefully they’ll answer some of the attendees’ questions. “We’re just going to skim the surface today. If there’s an interest in another one of these presentations that deals with logging or mining, we’ll certainly give it an effort to do that,” he says. Clarke told Bancroft This Week back in 2020 in the Bancroft This Week article “Tudor and Cashel’s history illuminates residents’ souls,” that they’d gotten the idea to pursue the historical society from the history section on the township’s website in 2017, as resident Joan Donaldson had preserved quite a bit of the area’s history. “The history of the area here is quite a story, going back to the 1850s. A lot of the older folks are passing and their stories are going to be lost and have been lost. But there’s a lot of their siblings and relatives in the area so that that history can still be preserved. So basically, we live here on the Heritage Trail and the old hotel which used to be called Rickett’s Hotel and the railroad went right by and the station was out front of the place. Well, the history kind of grows on you and I started collecting a bit of information on the railroad and then it kind of snowballed,” he said at the time. On Nov. 26, Holloway presented what Sikama would have said that day, based on some notes provided, called “where it began to now,” going from Upper Canada to the establishment of Canada in 1867, and from the initial farming that didn’t pan out too well, to mining and logging that sustained Tudor and Cashel over the years. “Today, people travel to Bancroft to Belleville to Trenton and points in between to make a living. They could work closer to home but they don’t and this is their home. It’s where they want to live, hunt and fish. The lumber industry will continue, mine exploration, and maybe someday land will be cleared and farmed again using new machinery and technology. Whatever the occupation, families live in Tudor and Cashel because their roots are here and because the rocks, trees, wetlands and lakes draw their heart strings,” she says. Whittaker went next, giving the crowd a taste of what it was like toward the end of the farming era (1850 to 1950) and what family life was like, based upon her own personal experiences. She said life was never dull and there was always something to do. She recalled many memories of life on the Ridge at her family’s farms. “I have vague memories of using coal oil lamps in my Uncle George’s house. I’m not sure when the hydro came to the Ridge, but it was quite an event when the telephones came in. Each house got their own ring and very little privacy,” she says. Clarke finished off the presentation by looking at the early settlers to Tudor and Cashel and the reasons why they came and persevered in the area, like free 50 to 100 acre lots, hope for a better life, and the logging and mining industries. He then looked at the histories of Tudor Township, established in 1865 and Cashel Township, established in 1869 before they amalgamated in 1897 and the history of Tudor and Cashel since then. For instance, Clarke talked about the history of the Central Ontario Railroad and the effect it had on Tudor and Cashel, initially transporting iron ore and later logs through the area, and the effect that the building of Hwy 62 had on the railroad traffic over time, until the last train came through in 1975 and the tracks were removed in 1980. Clarke concluded by says that there’s just so many stories they could spend days telling folks what they’ve been able to pull together from various sources over the years. “We’re going to try to come up with some way to preserve this for the next generation. Most people really aren’t that interested in it until later in life when they think ‘oh, wonder what that was all about?’” he says. Clarke told Bancroft This Week that he hoped the presentation answered a few questions for people in attendance and that it was just interesting. “What we’re trying to do is get an interest in this just so that this stuff preserves. We’re even doing a book that’s in the editing stages but it just skims off the top of what we could put in it and if there’s interest we could do more. It’s to get the next generation thinking ‘okay, we’ll carry on with this,’” he says. Holloway told Bancroft This Week that the Historical Society Lunch and Learn was the best attended, drawing residents including those from neighbouring townships. “The presentation was excellent, very informative giving a glimpse at how Tudor and Cashel came to be. I believe the participants were equally captivated, evident with their interaction and comments, leaving wanting to learn even more. There is so much more yet to share and Bob Clarke, Marie Whittaker and Gina Sikama are eager to come again. The Ontario Seniors Accessibility Grant has provided excellent opportunities for our residents, reducing isolation and encouraging ongoing participation,” she says. “It was an excellent presentation.”
With grid connectivity and efficient power transmission as integral to the energy targets set as the power generation, the transmission and distribution (T&D) sector has been in the spotlight for somewhile now. With tenders bid and orders won at a more frequent pace, KEC International, a diversified yet prominent EPC player in this space, has been riding this structural trend. The shares of the company have risen around 93 per cent in the last one year and 338 per cent in the last five years, while BSE Power has returned a lower 33 per cent and 311 per cent during the same periods respectively. At bl.portfolio , we had recommended investors to HOLD on to KEC International on June 3, 2023, when the company was trading at a one-year forward PE of 21 times, considering the strong business prospects and margins bottoming out, even though supply chain challenges persisted. Since then, margins have gradually recovered and structural tailwinds aiding the overall sector continue to provide a long runway for growth. But supply chain challenges have continued, and more importantly, the valuations have run up far ahead before the thesis fully played out, resulting in one-year forward PE and trailing twelve-month (TTM) PE currently at an elevated 45 times and 74 times respectively. For comparison, Kalpataru Projects International, the closest listed peer, is currently trading at one-year forward PE and TTM PE of 27 times and 40 times respectively. Investors could consider locking in on the gains partially and take some chips off the table, considering the sharp rally of 58 per cent in the last six months. This is a valuation call. KEC International, part of the RP Goenka Group, is a diversified EPC player, executing projects across 30+ geographies, in segments such as transmission and distribution (T&D), civil, railways, cables, oil and gas, and solar. T&D is the company’s mainstay, contributing to around 50 per cent of its topline. KEC offers comprehensive solutions in this space, encompassing the design, manufacturing, supply, installation and commissioning of transmission lines, substations and underground cabling in both domestic and international markets. It is one of the recognised contractors of Power Grid Corporation, India’s leading power transmission player. Civil projects undertaken by KEC is diversified across water infrastructure, water treatment and it is also a construction partner for building warehouses, factories, buildings, data centres, while railways include various signalling, station construction, amongst others. The company is also involved in the implementation of KAVACH via a joint venture. Laying of pipelines for the oil and gas sector is another segment, while the company is also into EPC of solar power projects. The non-T&D businesses account for the remaining 50 per cent. EBITDA margins for T&D is around low double-digits, while for Non-T&D projects, it has been around 5 per cent. SAE Tower Holdings LLC, an acquisition made in 2011, to geographically expand in the US (now present in Brazil and Mexico too), which dropped into losses from FY21, was back in the black in FY24. This was a causal factor behind the dip in EBITDA margins, from around 11 per cent between FY17 and FY20 to 4.8 per cent in FY23, before recovering to around 6.6 per cent in FY24. Revenue growth and EBITDA margins were guided at 15 per cent and 7.5 per cent respectively for FY25. Order intake, on the other hand, was guided for ₹25,000 crore, which, if met, would be the highest ever for the company. As of H1 FY25, the company’s revenue stood at ₹9,625 crore growing 10 per cent year on year – tepid, but impacted due to external factors. If not for manpower shortage (sustained from previous FY), delays due to heavy rainfalls in Gujarat and Rajasthan, where bulk of the T&D projects are under execution, and deliberate slowdown of water EPC projects due to payments issues with customer, H1 FY25 would have been stronger. Manpower shortage has been a widespread concern noted by most of the EPC players. EBITDA margin was at 6.4 per cent for H1 – 50-basis point year-on-year improvement. H2 FY25 is expected to be better on account of higher margin projects getting executed. EBITDA margins have been recovering steadily and this is the sixth consecutive quarter with year-on-year improvement. With old orders with lower margins expected to be executed and closed out this year and contribution from T&D segment continuing to rise, EBITDA margins are expected to inch up towards 9-10 per cent for FY26. Revenue contribution from T&D has been consistently on the rise with the same improving from 50 per cent in FY22 and FY23 to 53 per cent in FY24 to 55 per cent in H1 FY25. Order intake YTD as of October 2024 stood at around ₹13,482 crore – growth of 50 per cent year on year and this is apart from L1-s (lowest bidder, meaning the company is the lowest bidder in the tender process, but the order is yet to be awarded) of ₹8,500 crore, providing good revenue visibility. It is largely in line with the guidance and with H2 generally better than H1 in this industry, the management is confident of walking the talk. Orderbook is also at a high of ₹34,088 crore. T&D segment’s contribution to the orderbook, similar to the trend in revenue, has increased from 47 per cent in FY23 to 55 per cent in H1 FY24, in line with the increased frequency of tendering in this space. The management has said that they are reasonably hedged against commodity price hikes and that any volatility shouldn’t affect them materially. KEC is selective in its new projects, with emphasis on margin profile, working capital cycle, counterparty risk, execution risk and projects with front-ended cash flows and shorter execution timeframe. So, order intake in the railways, civil, oil and gas, and solar segment is expected to be constrained. In September this year, KEC concluded a fund raiser by way of QIP to the tune of ₹870 crore, issuing shares at a price of ₹955. The funds raised via the QIP will be used by KEC to repay debt, strengthening its balance sheet. This will help reduce interest costs, which has been hovering at 3-3.5 per cent of revenue since FY23 to 2.5 per cent for FY25. KEC has also planned for business realignment by transferring its cable business on slump sale to a newly-incorporated subsidiary for this purpose, to focus on that segment of the business. The management expects to grow at a brisk pace with recent investments in electron beam (e-beam) and elastomeric technology for high performance and specialty cables like green cables (eco-friendly) and EV charging cables. This realignment takes effect from January 1, 2025. The commissioning of its aluminium conductor manufacturing plant in Vadodara, which was scheduled for Q2, has been pushed to Q3 FY25. The aluminium conductors are used in power transmission and are efficient in it with lower transmission losses. This investment will help in backward integration. Comments
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KUWAIT: Indian Prime Minister Narendra Modi said on Saturday that trade and commerce have been important pillars of bilateral relationship between Kuwait and India, with two-way trade increasing. “Trade and commerce have been important pillars of our bilateral relationship. Our bilateral trade has been on an upswing. Our energy partnership adds a unique value to our bilateral trade,” the Indian prime minister said in an interview with KUNA. The Indian prime minister arrived in Kuwait on Saturday in the first visit by an Indian prime minister to Kuwait in over four decades. “We are happy to see ‘Made in India’ products, particularly in automobile, electrical and mechanical machinery, and telecom segments making new inroads in Kuwait. India today is manufacturing world-class products at the most affordable cost. Diversification to non-oil trade is key to achieving greater bilateral trade,” he said. He added there is considerable potential to expand bilateral cooperation in the pharmaceutical, health, technology, digital, innovation and textile sectors, urging business chambers, entrepreneurs and innovators must engage and interact with each other more. On his visit to Kuwait, he said: “I am delighted to visit Kuwait. I thank His Highness the Amir of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah for his gracious invitation. This visit holds special significance. It marks the first visit by an Indian Prime Minister to Kuwait in over four decades.” “I thank His Highness for inviting me to attend the inauguration of the Arabian Gulf Cup. This is an honor for me. I extend my best wishes for successful hosting of the tournament,” he said. The Indian prime minister went on saying that India and Kuwait share a deep and historic bond and the relationship between both countries has always been one of warmth and friendship and that the crosscurrents of history and exchanges through ideas and commerce have brought people close and together. Cultural connect “We have traded with each other since times immemorial. The discoveries in Failaka Island speak of our shared past. The Indian rupee was a legal tender in Kuwait for over a century till 1961. This shows how closely our economies were integrated,” Modi said. He noted that India has been a historic trading partner of Kuwait and continues to be so in contemporary times and that people-to-people linkages over centuries have fostered a special bond of friendship between the two countries. “Overall, the bilateral ties are progressing well and if I could say, scaling new heights. I eagerly look forward to my talks with His Highness the Amir to elevate our ties in various areas including defense, trade, investment, and energy,” he said. “The strong roots of our historical ties must be matched by the fruits of our 21st century partnership — dynamic, robust and multifaceted. There is a lot we have achieved together, but possibilities are limitless for our partnership. I am sure this visit will give new wings to it,” Modi stressed. The Indian prime minister noted that Indians are the largest expatriate community of over a million in Kuwait and India is among the top trading partners of Kuwait and many Indian companies are executing infrastructure projects and offer services in multiple domains in Kuwait. He said that Kuwait Investment Authority has made substantial investments in India and there is a growing interest in investing in India now, adding that bilaterally and multilaterally, there has been a good understanding of each other’s interests. Modi boasted that his country is currently amongst the fastest-growing large economies in the world, as in less than a decade it has moved from being the 11th largest to the 5th largest economy in the world, and is poised to become the 3rd largest economy soon. Investment opportunities Modi believed that this growth creates immense opportunities for investment across a variety of sectors and that the pace of infrastructure development in India is extraordinary, be it expressways, railways, airports, ports, energy grids or digital connectivity.” Over the last decade, we have doubled our airports from 70 in 2014 to over 150 in 2024. In the next five years, 31 Indian cities will be serviced by metro transport systems. The number of education and skill development institutions has also doubled since 2014, reflecting a strong focus on human capital development. This is supported by a favorable demography and a highly skilled workforce,” he said. “Digital economy and services are increasing productivity, ushering efficiency and creating new consumer demand. Almost 50 percent of all global digital payments are happening in India. Technology is changing the face of the Indian economy, from drones to green hydrogen,” he added. “Our political stability, policy predictability and reform-oriented business approach has made India a magnet for global investment, manufacturing, and supply chain. The Indian growth story is attracting global manufacturers — from semiconductors, aircraft, drones to e-vehicles - to set up shop in the country,” he said. Synergetic transformation On his government’s vision to transform India into a developed country by 2047, he said: “Our vision and that of 140 crore Indians, is to see India as a developed country by 2047, when we will be celebrating 100 years of our independence. We are striving to accelerate growth in all sectors to improve the living standards of our people. We are building an India where the physical and social infrastructure is world class, and all citizens have an opportunity to excel.” “We are committed to leapfrog in our development cycle to uplift every Indian into a higher development trajectory. The results are there for all to see. In the last ten years, we have pulled 250 million people out of poverty. We are also ensuring that all our regulations and laws are as per global standards so that investors feel at home,” he said. Modi continued saying: “Similarly, I am told that Kuwait Vision 2035 focuses on transformation of the country by making the country an economic and connectivity hub. I also understand that many infrastructure projects from airport terminal to seaport to rail link, electricity transmission, renewable energy projects, and special economic zones are in the pipeline.” However, he said there is a lot of synergy in both sides’ visions which align on many fronts as the tremendous pace of economic activity in both countries open large opportunities for the two governments and companies to cooperate and collaborate. He pointed out that Kuwait and India have a much wider partnership in many areas, apart from the traditional energy sector partnership, including education, skilling, technology, and defense cooperation. “A number of Indian companies are already engaged in execution of infrastructure projects in various sectors in Kuwait. Similarly, we are seeing investments from Kuwaiti companies in India. It is a mutually beneficial partnership in a true sense,” he said. Responding to a question about how India’s soft power can influence its global outreach, he said India’s civilizational ethos and heritage form the foundation of its soft power. He added that its soft power has grown significantly alongside its expanding global presence, particularly over the last decade. ”In Kuwait and the Gulf, Indian movies stand out as a prime example of this cultural connection. We have seen that people in Kuwait have a special liking for Indian cinema. I am told that there are three weekly shows on Kuwait Television on Indian movies and actors,” he said. “Similarly, we share several attributes in our cuisine and culinary traditions. Centuries of people-to-people contact have also resulted in linguistic similarities and shared vocabulary. India’s diversity and emphasis on peace, tolerance and coexistence resonate with the values of Kuwait’s multicultural society. Recently, a Kuwaiti scholar translated Ramayana and Mahabharata in Arabic,” Modi stressed. The Indian prime minister boasted that the Indian community acts as a living bridge between the two countries, fostering a deep appreciation for Indian philosophy, music and performing arts. He expressed pleasure to learn that a weekly Hindi language program has been started by Kuwait national radio titled ‘Namaste Kuwait’ this year. Earlier, Modi and his accompanying delegation were received at Kuwait International Airport by First Deputy Prime Minister, Minister of Defense and Minister of Interior Sheikh Fahad Al-Yousef Al-Sabah, His Highness the Prime Minister’s Diwan Chief Abdulaziz Al-Dakheel, Minister of Foreign Affairs Abdullah Al-Yahya, Advisor at His Highness the Prime Minister’s Diwan and Chief of the Accompanying Mission of Honor Sheikh Dr Basel Humoud Al-Sabah, Assistant Foreign Minister for Asian Affairs Ambassador Sameeh Hayat and Kuwaiti Ambassador in India Meshal Al-Shemali. — KUNAEx-OpenAI engineer who raised legal concerns about the technology he helped build has died
MANCHESTER, England (AP) — Manchester City’s players were booed by their own fans Tuesday after blowing a three-goal lead against Feyenoord in the Champions League to extend their winless run to six games. Jeers rang around the Etihad Stadium after the final whistle of a dramatic 3-3 draw. “They are disappointed. Of course we understand it,” City manager Pep Guardiola said. “They are completely right to express what they feel.” After five-straight losses in all competitions, City looked to be cruising to victory after going three up inside 50 minutes. But Feyenoord mounted an improbable comeback and leveled the game in the 89th to leave the home crowd stunned. While the worst losing streak of Guardiola’s managerial career was brought to an end, his wait for a first win since Oct. 26 goes on. Erling Haaland had scored twice, with Ilkay Gundogan also on target to put City in control. But goals from Anis Hadj Moussa in the 75th, Santiago Gimenez in the 82nd and David Hancko in the 89th turned the game on its head. According to stats supplier Opta, it was the first time in Guardiola's managerial career that his team had failed to win a game after leading 3-0. It said it was the first time City had failed to win from that position since 1989. “We lost a lot of games lately, we are fragile and of course we need a victory," Guardiola said. “The game was good for the confidence, we were playing a good level, but the first time something happened we had problems.” A win would have moved City up to fifth in the Champions League standings , but the draw left it 15th with three games remaining in the first phase of the competition. The top eight teams advance to the round of 16, while teams ranked ninth to 24th go into a playoff. City’s players, including Bernardo Silva, Josko Gvardiol and Haaland looked visibly frustrated as they left the field to cheers from the delirious traveling Dutch fans in the away section of the stadium. “If you are 3-0 up at home you can never give it away like this. It is what it is at the moment. The only thing we can do is fight back and stay strong,” City defender Nathan Ake said. City plays Premier League leader Liverpool on Sunday — defeat would leave it 11 points adrift of its title rival. “We will learn for the future. It has been and will be a tough season for us and we have to accept it," said Guardiola, who had a cut on his nose during the game. He said it had been caused when he scratched it with his fingernail. James Robson is at https://twitter.com/jamesalanrobson AP soccer: https://apnews.com/hub/soccer
TORONTO--(BUSINESS WIRE)--Dec 21, 2024-- Space Flight Laboratory (SFL) confirmed that HawkEye 360 Cluster 11 has been successfully launched and deployed in orbit. The three-satellite Cluster is the fourth integrated by HawkEye 360 at its Virginia facility under the SFL Flex Production Program. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241221327651/en/ HawkEye 360 Cluster 11 satellite undergoing vibration testing at its facility in Virginia. (Photo credit: HawkEye 360) Cluster 11 launched into a sun-synchronous orbit on December 21, 2024, from Vandenberg Space Force Base in California, aboard the SpaceX Bandwagon-2 mission. Ground control has established communications with the three satellites. The launch brings to 33 the total number of satellites developed for HawkEye 360 by SFL. HawkEye 360, headquartered in Herndon, VA., selected SFL to develop its radio frequency (RF) detection Clusters due to the importance of attitude control and formation flying by multiple spacecraft for accurate RF signal geolocation. Since launching the Pathfinder (Cluster 1) satellites in 2018, HawkEye 360 has cemented its position as the global leader in space-based RF data and analytics for GEOINT and Electronic Intelligence (ELINT). SFL introduced the Flex Production program to support the ambitious business models of NewSpace companies. It gives customers the option of contracting SFL to develop the first satellite, or cluster, at its Toronto facility. SFL can then assist the customer in setting up subsequent mass production at their own, or third-party, site. However, development can shift back to SFL when a new spacecraft design or technology update is requested. “Flex Production enables NewSpace companies the opportunity to leverage SFL’s Microspace expertise while satisfying the aggressive financial requirements of their business models,” said SFL Director Dr. Robert E. Zee. For HawkEye 360 Pathfinder, Clusters 2-6 and 9, SFL handled the entire development process including integration and testing at its Toronto facility. SFL is currently developing Cluster 12 with technology updates in Canada as well. HawkEye 360 conducted integration of the RF signal detection payload with the 30-kg SFL DEFIANT bus for Clusters 7, 8, 10, and 11 at its Virginia plant with technical guidance from SFL. Cluster 13 is now undergoing integration in Virginia. Established in 1998, SFL has developed 82 operationally successful smaller satellite missions totaling more than 350 cumulative years in orbit. Another 27 missions are now under development by SFL, which offers a complete suite of nano-, micro- and small satellites – including high-performance, low-cost CubeSats – that satisfy the needs of a broad range of mission types from 3 to 500 kilograms. For a comprehensive list of SFL high-performance satellite platforms, please visit https://www.utias-sfl.net/satellite-platforms/overview/ . About Space Flight Laboratory (SFL) ( www.utias-sfl.net ) SFL generates bigger returns from smaller, lower cost satellites. Small satellites built by SFL consistently push the performance envelope and disrupt the traditional cost paradigm. We build quality small satellites at low cost that work the first time and enable NewSpace companies to mass produce through our Flex Production program. Satellites are built with advanced power systems, stringent attitude control and high-volume data capacity that are striking relative to the budget. SFL arranges launches globally and maintains a mission control center accessing ground stations worldwide. The pioneering and barrier-breaking work of SFL is a key enabler to tomorrow’s cost-aggressive satellites and constellations. ( www.utias-sfl.net ) About HawkEye 360 HawkEye 360, headquartered in Herndon, Virginia, leads in defense technology, offering insights into human activity and situational trends from revolutionary radio frequency (RF) geospatial data. Its innovative space-based technology detects, characterizes, and geolocates RF signals, providing an information advantage. These analytics enable analysts to detect irregular behavior, trace suspicious activity, and reveal ships attempting to vanish, offering early warnings to drive tip-and-cue efforts and empowering global leaders with critical insights for confident decision-making. View source version on businesswire.com : https://www.businesswire.com/news/home/20241221327651/en/ CONTACT: Dr. Robert E. Zee SFL Director 1-416-667-7400 info@utias-sfl.netFollow SFL Twitter X @SFL_SmallerSats Instagram at sfl.smallersats KEYWORD: NORTH AMERICA CANADA INDUSTRY KEYWORD: MOBILE/WIRELESS NETWORKS HARDWARE TECHNOLOGY DEFENSE SATELLITE GOVERNMENT TECHNOLOGY AUDIO/VIDEO AIR TRANSPORT AEROSPACE TELECOMMUNICATIONS MANUFACTURING SOURCE: Space Flight Laboratory Copyright Business Wire 2024. PUB: 12/21/2024 01:57 PM/DISC: 12/21/2024 01:58 PM http://www.businesswire.com/news/home/20241221327651/enMan City blows 3-goal lead and gets booed by fans in draw with Feyenoord in Champions League