Investigating sodium superionic conductors for solid-state sodium batteriesNone
Cowboys Use One Unusual Word To Scout Rico - 'Infectious!'( MENAFN - ACN NewsWire) Summit Group Responds to White Paper Citing Governance Issues in Bangladesh's Power and energy Sector Dhaka, Bangladesh, Dec 23, 2024 - (ACN Newswire) - Summit Group, Bangladesh's largest private sector power generation company, has issued clarifications in response to a recent draft of a government White Paper, and said it welcomes transparency and remains committed to the highest levels of corporate governance and corporate social responsibility (“CSR”) in the country. Bangladesh media have reported widely on a draft of the 'White Paper on the State of the Bangladesh Economy' released in recent weeks by the interim government led by the Honourable Chief Adviser Dr. Muhammad Yunus. The document said Bangladesh's power and energy sector faced challenges such as excess capacity, dependence on imports of gas and under-development of domestic natural gas resources. Summit Power International Limited (“SPIL”), the Singapore-registered parent of Summit Corporation Limited (“SCL”) – the leading foreign direct investor in Bangladesh's power sector – has responded to statements in White Paper which referred to SCL's assets or subsidiaries. 1) The draft White Paper referred to Summit Group as being one of the“selected large conglomerates” which enjoyed“exemptions on project income” and“exemption on income arising from power generation”. SPIL said these exemptions cited were part of a broader policy initiative that applied to the entire power and energy sector in the country.“The policy, i.e. Private Sector Power Generation Policy framed in 1996, designed to attract investment and meet Bangladesh's critical energy needs, encompassed approximately 104 projects. These exemptions were not exclusive to Summit Group but were reflective of a sector-wide strategy to enhance Bangladesh's energy capacity to ensure sustainable development,” SPIL said. 2) The“Other Common Malpractice” section in the White Paper alleged that contract conditions were changed after it was awarded, and singled out the Summit Meghnaghat 335 dual fuel power plant for switching from heavy fuel oil (“HFO”) to high-speed diesel (“HSD”) without changing capacity payment or heat rate as an example. The Bangladesh Petroleum Corporation, the supplier of energy oil, was unable to provide the specified oil under the original agreement and instead reached an understanding with the Bangladesh Power Development Board to supply alternative oil, SPIL said. “In order to maintain operations and fulfil its commitments, Summit Meghnaghat was obliged to accept this change but remains prepared to accept oil in accordance with the original tender conditions,” SPIL said. Through SCL, the Summit Group operates 18 power plants with a combined generation capacity of 2,255MW or approximately 17% of the total installed private power generation capacity in the country of 173 million people. 3) The White Paper listed Summit Power Limited among 83 companies listed on the Dhaka Stock Exchange that had been“unfairly excluded” from certain regulatory activities, and said market rigging was endemic in the domestic equity market. “Summit Power Limited has always conducted its affairs with the highest levels of corporate governance. Its Board of Directors comprises eminent and well-respected corporate figures. At no time has the company ever engaged in market rigging,” SPIL said. 4) Regarding Bangladesh's second Floating Storage and Regasification Unit (“FSRU”), which Summit Group operates, the White Paper alleged public funds were misused because Summit supplied LNG at a premium while natural gas reserves were available with the Bangladesh Oil, Gas and Mineral Corporation (“Petrobangla”). SPIL said that Summit's FSRU was not responsible for the supply of gas and, accordingly, has not imported or supplied any gas to date. The long-term supply contract signed between Summit Oil and Shipping Company Limited and Petrobangla was at the lowest price of all contracts awarded at the time, including for OQ Trading and Excelerate Energy (“Excelerate”). In any event, Summit has not yet imported any gas under the long-term supply contract. Further, Summit's FSRU did not receive any special exemptions, and its daily tariff/charter rate is lower than that of the Moheshkhali Floating LNG owned by Excelerate, the only other FSRU in Bangladesh. The incentives referenced were part of an industry-wide framework that applies to both Excelerate and Summit's FSRU projects. “As a responsible corporation with a track record of providing energy and power to Bangladesh, Summit Group has always respected and adhered to the laws of both Bangladesh, where SCL operates, as well as Singapore, where SPIL is domiciled,” SPIL said.“We are dedicated to contributing meaningfully to Bangladesh's growth and prosperity. Our operations in Bangladesh have consistently adhered to all regulations, and we take pride in upholding the highest standards of integrity and governance,” SPIL said. “Being a dependable partner in nation building, we remain open to dialogue with all stakeholders,” it added.“We invite committee members preparing the White Paper to engage and seek clarification where needed. As a substantial foreign direct investor, the Summit Group has always conducted its affairs in a transparent manner while striving to support the long-term development of Bangladesh,” it added. About Summit Power International Limited (“SPIL”) SPIL is the largest Independent Power Producer (IPP) in Bangladesh, reflecting 17% of the country's total private installed capacity and 7% of the country's total installed capacity. Summit owns and operates a total of 18 power plants with a combined generation capacity of 2,255MW. It also operates Bangladesh's second Floating Storage and Regasification Unit (FSRU) and LNG import terminal with daily regasification capacity of 500 million cubic feet. SPIL is a privately-held Singapore-registered company that is 78%-owned by the family of Mr Muhammed Aziz Khan. In 2016 SPIL acquired Bangladesh-registered Summit Corporation Ltd (SCL) in a transaction that was financed primarily by International Finance Corporation, the World Bank's private sector arm. SCL holds various infrastructure assets in Bangladesh. In 2019, JERA Co., Inc., Japan's largest power generation company, acquired a 22%-stake in SPIL and remains its second largest shareholder to date. Learn more at: Media Contact WeR1 Consultants Pte Ltd WhatsApp (Text): (+65) 9748 0688 Email: ... MENAFN22122024002725003249ID1109022261 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Actor Barry Keoghan has once again slammed claims about the relationship he has with his son. The Oscar-nominee, 32, shares his two-year-old son Brando with ex-partner Alyson Kierans, a dentist from London. He tends to keep his son away from the spotlight, but has previously claimed people assume he's absent in his life and a "lazy" father. Barry has been open about his own childhood and the impact of his mother's death from a drug addiction. The Saltburn star slammed negative comments over his own parenting and said he didn't have a "blueprint" to learn off. Last month, Barry revealed how he had been branded an "absent father" and a "deadbeat dad". He said the comments came after not posting as many pictures as he once did of his child. Barry insisted his son "isn't a talking point" because he doesn't "give the internet what they want". The actor believes it isn't his place to share photos of Brando "in this day and age" with how "sick" the internet can be. "People are so feckin' quick to judge," he told Hunger magazine . "It can really affect you, but I'm a strong person. I do some therapy. I'm a work in progress. I'm constantly evolving as an actor, as a father, as a human. I'm always trying to grow." Barry and ex Alyson co-parent Brando and announced they were expecting their child months after getting together. However, the pair split in July 2023 after two and a half years together. Following their split, Barry has been in a high-profile romance with singer Sabrina Carpenter. He recently addressed the claims about his parenting while on Spotify’s The Louis Theroux Podcast. He said: "If I didn’t have tough skin or the strength to have, I wouldn’t be sitting here. Of course, (my childhood is) going to affect me being a father when I had no blueprint to take from. People just read that (as) laziness and go, ‘Oh, that’s no excuse to be an absent father’. I’m not an absent father." He also expressed his frustration at people using his son as "ammunition", leading him to post less about his child online as he gains more public attention. "Just the audacity of some people, man. It sickens me, makes me furious," he added. "I’ve been off it [social media] because when I’m going through a role, I’m getting into character. I stay away from the internet." The Banshees Of Inisherin star opened up about the darker side of fame, saying: "But, again, when I’ve got a bit of time, I am a curious being like all of us and you want to know what (people are saying online) especially when it’s slander and when it’s bad comments attacking my appearance or attacking me as a father." He also shared his personal struggles, revealing he's "just trying to make a living, trying to get a good body of work and create safety for my child". Follow Mirror Celebs on TikTok , Snapchat , Instagram , Twitter , Facebook , YouTube and Threads .
Alex Ovechkin is expected to miss 4 to 6 weeks with a broken left legZomato has secured a place in the Sensex during the rebalancing semi-annual, which closed on 20th December Friday. The inclusion of the giant food tech is likely to bring passive inflows of $513 million. Meanwhile, with the exit of JSW Steel, it might carry outflows of $252 million, says Nuvama Alternative & Quantitative Research. This is a landmark moment for Zomato, which has witnessed an extraordinary uptrend in its market performance. In 2024, its stock returned an incredible 126%, well above the Sensex’s 10% gain. Within two years, Zomato’s stock price rose 350% to close at ₹281.85 on Friday. With a market capitalization of ₹2.71 lakh crore, Zomato now stands ahead of industry majors like Tata Motors, Adani Enterprises, and Asian Paints. The company’s financial resurgence has fueled its remarkable rise. In Q2 FY25, Zomato reported a 389% jump in net profit to ₹176 crore. Revenue was up 68% year-over-year at ₹4,799 crore, and gross order value from B2C businesses rose 55% to ₹17,670 crore. The near-break-even performance of its quick commerce segment further strengthens its margins. Zomato replaces JSW steel in Sensex JSW Steel has, however, been rather anemic in its performance and has delivered a mere 5% this year. This is much slower growth than the tech disruptors like Zomato. Zomato’s inclusion in the Sensex marks a larger economic shift in India. From an index dominated by steel and energy, the new index reflects innovation-led businesses. The 30 companies of the Sensex now contribute 13% to India’s GDP, which was only 10% in 2005, underlining their growing impact on the nation’s economy. By including Zomato, the Sensex signals a bold move toward a tech-driven future, aligning with India’s evolving economic landscape. Also, see: What we know about the driver who caused Christmas market attack in Germany?