Indian billionaire Gautam Adani addresses delegates during the Bengal Global Business Summit in Kolkata, India, on April 20, 2022. RUPAK DE CHOWDHURI/Reuters Caisse de dépôt et placement du Québec opened an office in India in 2016, betting that the country’s favourable demographics would fuel returns in renewable energy and transportation infrastructure. Now, the Canadian pension giant has become entangled in what U.S. authorities call “an elaborate scheme” to pay hundreds of millions of dollars in bribes in the Asian country. Federal prosecutors in New York unveiled charges late Wednesday against Indian billionaire Gautam Adani and seven other individuals, including three former Caisse executives. They allege the 62-year-old tycoon and managers from energy subsidiaries of his business conglomerate conspired in a scheme to pay roughly US$250-million in bribes to Indian government officials. The payments were allegedly to help secure favourable contracts tied to a major solar energy project. As part of the indictment, the U.S. Attorney’s Office in Brooklyn, N.Y., charged Cyril Cabanes, a former CDPQ managing director of infrastructure for the Asia Pacific region, with conspiracy to obstruct justice. Saurabh Agarwal, former managing director of CDPQ India, and Deepak Malhotra, a former director of infrastructure for South Asia at the Caisse, were charged with the same offences. The Caisse itself has not been accused of any wrongdoing. But observers say the charges raise questions about how aggressively the Montreal-based pension fund manager is pushing into new countries, how deeply the executives it hires to represent it in those countries are vetted and whether its processes for making investment decisions are robust. In all, the Caisse had US$7-billion in investments in India as of the end of 2023. Caisse-controlled Azure Power, a renewable energy developer in India, is near the centre of the U.S. allegations. “This appears to be a culture of bribery and collusion at the very highest levels of this company in India,” said François Dauphin, chief executive of Montreal’s Institute for Governance of Private and Public Organizations. “Private placements can generate high returns, but it is situations like these that fully illustrate the level of risk associated with such projects.” Prosecutors allege that the three former Caisse executives tried to thwart an investigation by deleting e-mails and presentations that summarized the bribes, and misled investigators from the Federal Bureau of Investigation, the Justice Department and the U.S. Securities and Exchange Commission (SEC). The allegations have not been proven in court. The scheme was concealed from U.S. banks and investors, from whom the defendants raised billions of dollars, according to the allegations. Mr. Adani is one of the world’s richest people, with an estimated net worth of nearly US$70-billion, according to Forbes, and he has close ties to Indian Prime Minister Narendra Modi. In a parallel civil lawsuit, the SEC charged Mr. Adani, his nephew Sagar Adani, executives of Adani Green Energy and Mr. Cabanes, in his capacity as a former director of Caisse-controlled Azure Power, “for conduct arising out of a massive bribery scheme.” According to the SEC, the Adanis orchestrated the scheme with Mr. Cabanes’s participation to allow the two renewable energy companies to capitalize on a multibillion-dollar solar energy project awarded by the Indian government. The Caisse has been invested in Azure Power from its beginning as a public company, buying US$75-million of shares at $18 apiece in its October, 2016, initial public offering. It bought more shares on the open market and also participated in several more stock offerings. Together with the Ontario Municipal Employees Retirement System, the two pension funds owned 75 per cent of Azure Power as of September, 2022, and had rights to name directors on its board. Initially, Azure Power seemed to be an ideal investment. The company says it installed India’s first private utility-scale solar project in 2009 and that it owns and operates the largest single-site solar project in India. It also says it was the first Indian power company to list on the New York Stock Exchange, subjecting it to U.S. securities law and regulation. By the end of 2022, though, things had soured . In April of that year, Azure announced the resignation of then-CEO Ranjit Gupta and in August, the resignation of his replacement, Harsh Shah, after less than two months on the job. It also disclosed the existence of a whistle-blower complaint alleging “potential procedural irregularities and misconduct by certain employees” at a plant belonging to one of its subsidiaries. Azure said that it discovered deviations from safety and quality norms and “evidence of manipulation of project data and information by certain employees.” The company said at the time that it was implementing remedial measures and would be late in filing its annual report. Its stock subsequently crashed, wiping out hundreds of millions of dollars of value from investment portfolios held by the Caisse and OMERS. Behind the scenes, executives and agents with Adani and Azure had already hatched plans to bribe government officials as a way to get their contracts with state power companies moving, U.S. authorities allege. Mr. Agarwal and Mr. Malhotra, who were based in India, first learned about Mr. Adani’s bribery strategy in late 2021 and shared that information with Mr. Cabanes, according to the indictment. When communicating about the scheme, the filing alleges, they often referred to Mr. Adani and another defendant by code names such as “Numero uno” and “the big man.” In the spring of 2022, Mr. Adani and two other executives met with Azure representatives to provide details of the bribery scheme. Mr. Adani said at the meeting that the Canadian investor, namely the Caisse, “had approved the corrupt agreement,” according to the indictment. The billionaire presented “multiple options” by which Azure could hide its share of the bribe payments, including by transferring a block of power purchase agreements from Azure to Adani Green. How Azure would pay its US$83-million share was hotly discussed by Mr. Cabanes and others, according to the SEC lawsuit. The former Caisse executive asked at one point: “Is there a commercially doable deal here?” by which he meant a seemingly legitimate transaction to compensate Adani Green and the Adanis for its portion of the bribes, according to the SEC. Eventually Azure transferred a valuable 2.3 gigawatt power purchase contract back to the Solar Energy Corp. of India, which was then picked up by Adani. Mr. Cabanes repeatedly directed Azure’s chairman at the time to withhold information related to the potential deal with Adani from others, including from senior personnel at Azure and CDPQ. He also tried to stymie an investigation by a special committee of the Azure board of directors. Asked to comment Wednesday, the Caisse said in an e-mailed statement: “CDPQ is aware of charges filed in the U.S. against certain former employees. Those employees were all terminated in 2023 and CDPQ is co-operating with U.S. authorities. In light of the pending cases, we have no further comment at this time.” The pension fund, which manages $452-billion in assets, did not respond to questions sent to its media relations team Thursday. Neither Mr. Cabanes nor Mr. Agarwal responded to messages asking for comment. Mr. Malhotra could not be reached. For Mr. Adani, the fallout Thursday was immediate. President William Ruto of Kenya said that he has cancelled a multimillion-dollar airport expansion in the capital, Nairobi, as well as a deal to build power transmission lines with Adani companies, the Associated Press reported. Bloomberg said the Adani Group’s stocks and bonds plunged, wiping nearly US$30-billion off the conglomerate’s market value, while the broader Indian market fell and the leading opposition party demanded the tycoon’s arrest. The Adani Group denied the allegations, calling them “baseless.” It vowed to take legal action in response.Empathy-focused phone calls made by trained, nonmedical community members led to significant improvements in blood sugar control for low-income adults with diabetes, according to a new study from Dell Medical School at The University of Texas at Austin in collaboration with Lone Star Circle of Care. Published today in JAMA Network Open , the study suggests this approach could provide a simple, cost-effective model for managing chronic conditions , particularly for patients with limited access to traditional mental health and support services. During the six-month clinical trial, 260 patients with uncontrolled diabetes were randomly split into two groups: one receiving only standard care and the other receiving both standard care and regular calls focused on listening and empathy. These calls were made by community members trained to provide compassionate support, enabling participants to share their experiences and challenges in living with diabetes. "This approach begins by acknowledging the real and everyday challenges of living with diabetes," said Maninder "Mini" Kahlon, Ph.D., lead author of the study and associate professor in the Department of Population Health at Dell Med. "By offering genuine, empathetic support, we had an impact on health that's the clinical equivalent to taking medicine. That's because emotional well-being is the gateway to the lifestyle changes that improve management of the condition—an area where traditional health care often falls short." Key findings include: Participants—all Lone Star Circle of Care patients —were given flexibility in the frequency and duration of their calls, allowing them to choose one to five calls per week during the initial stages and tapering as they progressed. This patient-driven approach empowered individuals to receive support at a pace that suited their needs and schedules, fostering a strong connection with their callers and reinforcing self-care routines. "At a time when workforce shortages challenge health care delivery, this study underscores the profound clinical impact nonclinical staff can make," said Jon Calvin, CEO of Lone Star Circle of Care. "By leveraging trained laypeople, we're demonstrating that empathy, connection and intentional engagement can lead to measurable health improvements. "In a world where medicine is increasingly fast-paced and technology-driven, this work reminds us that human connection remains at the heart of effective care. Empathy not only enhances patient engagement but empowers individuals to take meaningful steps toward better health outcomes." This research builds on prior work showing the broader benefits of empathetic phone calls. In 2021, Kahlon and her team published a study that found "Sunshine Calls" —a series of consistent, authentic phone calls from people who were not health care professionals —showed promise in improving loneliness, depression, anxiety and overall mental health among mostly homebound, older adults. Looking ahead, researchers hope to explore the long-term effects of empathy-based support on both diabetes control and broader mental health. They also plan to scale this model, aiming to make holistic, empathetic support more widely available to those in need. More information: Maninder K. Kahlon et al, Glycemic Control With Layperson-Delivered Telephone Calls vs Usual Care for Patients With Diabetes, JAMA Network Open (2024). DOI: 10.1001/jamanetworkopen.2024.48809Renowned for his economic reforms and steadfast commitment to secularism, former Prime Minister Manmohan Singh has passed away at the age of 92. His death was confirmed by the All India Institute of Medical Sciences, Delhi, on Thursday night. Singh's contribution to India was recognized on social media by several political parties. The Communist Party of India (Marxist) expressed their sorrow, highlighting Singh's dedication to democracy and the pluralist ethos of India. They extended condolences to Singh's family, noting his influential role in shaping the country's political landscape. Recalling Singh's words, Communist Party of India (Marxist-Leninist) Liberation General Secretary Dipankar Bhattacharya remarked on Singh's enduring belief in his leadership, despite criticism. As India reflects on his legacy, many acknowledge his assertion that 'history will be kinder than contemporary media.' (With inputs from agencies.)
London’s beleaguered NHS will be in a “very different place” in a decade, a health minister has vowed, ahead of a ‘Ten Year Plan’ to transform the health service. Speaking to the Standard ahead of an event where more than 100 Londoners were invited to share their experience of the NHS, Public Health Minister Andrew Gwynne said the NHS was “broken but not beaten”. He vowed ministers would clamp down on soaring waiting lists , with around 1.2million Londoners in the queue for treatment, and use new technologies to shift the health service’s focus to prevention. Secretary of State for Health and Social Care Wes Streeting will unveil ten-year plans for what ministers have pledged will be a transformative overhaul of the NHS next year. “This is a 10 year plan and we're focused on a decade of national renewal,” Mr Gwynne said ahead of the consultation event on Sunday, alongside a visit to Great Ormond Street Hospital. “And I would hope and expect that the NHS in 10 years time is in a very different place to the NHS we've inherited. “We've done it before. Those of us that have been around the block for as long as I have, remember it in 1997 when the then Labour government came into office and the NHS was on its knees, the longest waiting times, the longest waiting lists and shocking patient experiences in many respects. “And when we left office, the NHS was far from perfect, but it was heading massively in the right direction.” Among the changes to feature in the plan is a shift from ‘hospital to community’, the phasing out of unnecessary letters with a single patient record, and new neighbourhood health centres to focus on prevention. The capital hosted the largest in a series of public events on how the NHS needs to change on Sunday, with residents telling ministers and senior NHS executives of their struggles to access timely care. Of the 1.2million Londoners on a waiting list, more than 34,000 of those have been waiting for more than a year already. The latest data also shows over 38,000 patients waited more than 4 weeks for a GP appointment in London, as of September. Mr Gwynne also reaffirmed a commitment to build new hospitals, with the last Conservative government announcing plans to build 40 new hospitals by 2030. The plans are being reviewed by ministers, which is slated to include several major London hospitals such as Charing Cross Hospital and Hillingdon Hospital. “We are committed to the hospitals program,“ he said. “We are looking at how we can best deliver that and how we can get the resources to be able to deliver that, but it remains our commitment that we will be building the hospitals in the program. We just need to work through the finances and the phases. “And that is a consequence of the terrible legacy that the last government left us with plans, but no money.” Last month, the Government invited the public to submit ideas for the future of the NHS on a dedicated website, attracting 9,000 submissions. Alongside some initial joke suggestions - such as putting beer on tap in hospitals - which have since been removed, ideas include pop-up or mobile clinics, an NHS research programme to target early prevention, and digitised records.Tinubu’s Travels, Jamborees With No Benefits –Analysts
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Suchir Balaji, a former OpenAI engineer and whistleblower who helped train the artificial intelligence systems behind ChatGPT and later said he believed those practices violated copyright law, has died, according to his parents and San Francisco officials. He was 26. Balaji worked at OpenAI for nearly four years before quitting in August. He was well-regarded by colleagues at the San Francisco company, where a co-founder this week called him one of OpenAI's strongest contributors who was essential to developing some of its products. Javascript is required for you to be able to read premium content. Please enable it in your browser settings. Get the latest news, sports, weather and more delivered right to your inbox.https://www.socialdad.ca/2024/12/10/the-dads-guide-to-social-media-in-2025-whats-coming-and-how-to-not-lose-your-mind/ VANCOUVER, BC , Dec. 10, 2024 /CNW/ - In a comprehensive new report released today on SocialDad.ca, social media strategist and father James Smith reveals ground-breaking predictions for social media trends in 2025, with a special focus on how these changes will impact families and parenting in the digital age. "As both a social media professional and a dad, I'm seeing a perfect storm brewing for 2025," says Smith. "We're looking at AI-powered everything, augmented reality becoming the norm, and teenagers spending more time in the metaverse than their actual bedrooms. Parents need a game plan, and they need it now." Key Findings from the Report: Daily social media usage is expected to reach 170 minutes per user Generation Alpha (ages 8-13) averaging 4+ hours daily on social platforms Instagram maintains market dominance, with 44% of the marketing focus LinkedIn emerging as a surprising second-place contender with 20% market share New AI-powered parental controls that "actually work this time" (we hope) The full report, available at SocialDad.ca , includes: Detailed platform-by-platform analysis Parent's survival guide for 2025 Professional insights on emerging technologies Practical strategies for family digital wellness Dad-joke-approved tips for staying relevant The blue light problem "This isn't just another tech prediction piece," Smith adds. "This is a real conversation about how families can thrive in an increasingly digital world. And yes, I included enough dad jokes to make my kids roll their eyes." The report comes at a crucial time when parents are struggling to navigate the rapidly evolving digital landscape while maintaining meaningful connections with their children. Smith's unique perspective as both an industry professional and father offers practical insights wrapped in relatable humor. Key themes in the article: "The Oh Boy, Here We Go" guide to new features Reality check section for parents Platform-specific survival strategies Family communication templates Digital wellness action plans The complete article, "The Dad's Guide to Social Media in 2025: What's Coming and How to Not Lose Your Mind," is now available at www.SocialDad.ca . About James Smith : James Smith is a Vancouver -based social media strategist and the voice behind SocialDad.ca. Known for combining professional expertise with real-world parenting experience, Smith provides practical digital guidance for modern families. Follow him on Instagram @JamesRCS for daily insights and the occasional dad joke. www.SocialDad.ca SOURCE Social Dad View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/10/c9600.html © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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