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New Delhi: The production-linked incentive (PLI) for the food processing industry has generated employment of more than 2.89 lakh (as of October 31), the government said on Friday. According to data reported by the scheme's beneficiaries, an investment of Rs 8,910 crore has been made across 213 locations in the country, the Ministry of Food Processing Industries said in a statement. The PLI scheme for Food Processing Industry (PLISFPI) was approved by the Union Cabinet on March 31, 2021 with a budget of Rs 10,900 crore, to be implemented from 2021-22 to 2026-27. About 171 applicants have been enrolled under the scheme, informed the ministry. The beneficiary selection process under PLISFPI was conducted as a one-time exercise, preceded by active stakeholder engagement and extensive publicity to ensure broad participation. The Ministry said that by mandating the use of domestically-grown agricultural products (excluding additives, flavours and edible oils) in the manufacturing process, the scheme has substantially increased local raw material procurement, benefiting underdeveloped and rural areas while supporting farmers' incomes. 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The scheme has significantly contributed to the country's overall growth and development by scaling up domestic manufacturing, enhancing value addition, boosting the domestic production of raw materials, and creating employment opportunities. The Centre actively supports small and medium enterprises (SMEs) in the food processing sector via schemes like Pradhan Mantri Kisan Sampada Yojana (PMKSY), PLISFPI, and the Pradhan Mantri Formalisation of Micro Food Processing Enterprises (PMFME) scheme. These schemes provide financial, technical, and marketing support to SMEs, facilitating capacity expansion, innovation, and formalisation, the ministry said. Under the PLI scheme, a significant proportion of beneficiaries are MSMEs, with 70 MSMEs directly enrolled and 40 others contributing as contract manufacturers for larger companies. Under the scheme, beneficiaries are reimbursed 50 per cent of their expenditure on branding and marketing abroad, capped at 3 per cent of their annual food product sales or Rs 50 crore per year, whichever is lower. Applicants are required to spend a minimum of Rs 5 crore over five years to qualify. Currently, there are 73 beneficiaries under this component of the PLI scheme, according to the ministry. Nominations for ET MSME Awards are now open. The last day to apply is December 15, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award.
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EDITORIAL: It was with great fanfare on Monday that the federal Education Minister Dr Khalid Maqbool Siddiqui launched the “National Education Policy Development Framework” at the Pakistan Institute of Education – a ministry subsidiary — in the presence of representatives of provinces and Azad Jammu and Kashmir. In his keynote speech, the minister described the new framework as a vital necessity, and called for prioritising education of the youth in engineering, mathematics, information technology and artificial intelligence, adding the right words “ignoring reality or avoiding the truth will not bring any meaningful progress.” For his part, the education secretary iterated the shocking statistics that Pakistan’s literacy rate is only 62 percent – that too is an exaggeration considering that many of those counted as literate can barely write their own names — while 26 million children are out of school. He also talked of severe deficits in provision of fundamental skills, raising hopes of change for the better as he claimed that the framework was developed in consultation with experts and representatives of provincial governments. However, from the details that have appeared in press reports the framework offers little by way of something different to anything that has not been said or done before except, perhaps, for that it is a first time that the extent of those left ignored has been quantified. According to the policy document, not more than 5 percent of children are receiving good quality education. Moreover, only 12 percent of children in the eligible age group have access to higher education. As an unsurprising but disturbing consequence Pakistan ranks at 164th place out of 193 countries on the Human Development Index (HDI). The document goes on to state that the higher education sector faces several problems that hinder its ability to deliver high quality education, perform cutting edge research, and contribute effectively to socio-economic development of the country. There is a critical need to enhance the quality of teaching, improve learning outcomes, and ensure that research output meet global benchmarks, emphasises the policy framework. Another key need is increasing access to higher education. Important as all these assertions are, there is nothing new about them. All these issues have repeatedly been identified by relevant experts as well as concerned civil society groups. In fact, anyone with even a casual interest knows education is a great equaliser of people and the building block of national progress and prosperity. Unfortunately, Pakistan lags behind all other South Asian countries on this score. The challenge is how to address these decisive deficiencies. The policy framework was expected to suggest the way forward. All it has to say on this crucial question is that the global landscape demands a deeper analysis – by whom? — of the needs. Besides, a quality assurance framework should be streamlined based on ground realities so as to be implemented effectively. In the end, the event in Islamabad trumpeted as a big deal sounds like doing something for the sake of justifying duplication of a responsibility which in the first place is for the provinces — post the 18th Amendment — to take care of. Copyright Business Recorder, 2024Georgia loses QB Carson Beck (arm) during SEC title gameNEW YORK (AP) — There's no place like home for the holidays. And that may not necessarily be a good thing. In the wake of the very contentious and divisive 2024 presidential election, the upcoming celebration of Thanksgiving and the ramp-up of the winter holiday season could be a boon for some — a respite from the events of the larger world in the gathering of family and loved ones. Hours and even days spent with people who have played the largest roles in our lives. Another chapter in a lifetime of memories. That's one scenario. For others, that same period — particularly because of the polarizing presidential campaign — is something to dread. There is the likelihood of disagreements, harsh words, hurt feelings and raised voices looming large. Those who make a study of people and their relationships to each other in an increasingly complex 21st-century say there are choices that those with potentially fraught personal situations can make — things to do and things to avoid — that could help them and their families get through this time with a minimum of open conflict and a chance at getting to the point of the holidays in the first place. For those who feel strongly about the election's outcome, and know that the people they would be spending the holiday feel just as strongly in the other direction, take the time to honestly assess if you're ready to spend time together in THIS moment, barely a few weeks after Election Day — and a time when feelings are still running high. The answer might be that you're not, and it might be better to take a temporary break, says Justin Jones-Fosu, author of “I Respectfully Disagree: How to Have Difficult Conversations in a Divided World.” “You have to assess your own readiness,” he says, “Each person is going be very different in this.” He emphasizes that it's not about taking a permanent step back. “Right now is that moment that we’re talking about because it’s still so fresh. Christmas may be different.” Keep focused on why why you decided to go in the first place, Jones-Fosu says. Maybe it’s because there’s a relative there you don’t get to see often, or a loved one is getting up in age, or your kids want to see their cousins. Keeping that reason in mind could help you get through the time. If you decide getting together is the way to go, but you know politics is still a dicey subject, set a goal of making the holiday a politics-free zone and stick with it, says Karl Pillemer, a professor at Cornell University whose work includes research on family estrangement. “Will a political conversation change anyone’s mind?" he says. “If there is no possibility of changing anyone’s mind, then create a demilitarized zone and don’t talk about it.” Let’s be honest. Sometimes, despite best efforts and intentions to keep the holiday gathering politics- and drama-free, there’s someone who’s got something to say and is going to say it. In that case, avoid getting drawn into it, says Tracy Hutchinson, a professor in the graduate clinical mental health counseling program at the College of William & Mary in Virginia. “Not to take the hook is one of the most important things, and it is challenging,” she says. After all, you don’t have to go to every argument you’re invited to. If you risk getting caught up in the moment, consider engaging in what Pillemer calls “forward mapping.” This involves thinking medium and long term rather than just about right now — strategy rather than tactics. Maybe imagine yourself six months from now looking back on the dinner and thinking about the memories you'd want to have. “Think about how you would like to remember this holiday,” he says. “Do you want to remember it with your brother and sister-in-law storming out and going home because you’ve had a two-hour argument?” Things getting intense? Defuse the situation. Walk away. And it doesn't have to be in a huff. Sometimes a calm and collected time out is just what you — and the family — might need. Says Hutchinson: “If they do start to do something like that, you could say, `I’ve got to make this phone call. I’ve got to go to the bathroom. I’m going to take a walk around the block.'"
BURLINGTON, ON , Dec. 19, 2024 /CNW/ - SIR Royalty Income Fund SRV (the "Fund") today announced that SIR Corp. ("SIR" or the "Company"), the operating entity from which the Fund's equity income is ultimately derived, has filed its financial results for the 12-week period ended November 17, 2024 ("Q1 2025"). SIR's unaudited interim consolidated financial statements and management's discussion & analysis ("MD&A") for Q1 2025 can be accessed via the Fund's profile on the SEDAR+ website at www.sedarplus.ca under "Other", or the SIR website at www.sircorp.com/sir-royalty-income-fund/financial-reports . Q1 2025 Business Update Food and beverage revenue from corporate restaurant operations decreased by 1.1% to $58.7 million , compared to $59.3 million for the 12-week period ended November 19, 2023 ("Q1 2024"). Consolidated Same Store Sales ("SSS") (1) declined by 6.6%. On September 4, 2024 , SIR permanently closed the Jack Astor's® location in the North York neighbourhood of Toronto . This restaurant will cease to be a Royalty Pooled Restaurant effective January 1, 2025 . On September 26, 2024 , SIR experienced a cybersecurity incident that impacted a portion of its IT infrastructure. SIR immediately engaged third-party cybersecurity experts to assist with its containment, remediation and investigation efforts. Despite the related operational disruptions, guest payment platforms remained secure and SIR continued to operate all 54 of its restaurants. As a result of this incident, SIR experienced a moderate decline in revenue during the 27-day period following the incident while certain restaurant technology was being restored, as well as increased cost of operations and other associated costs related to investigation and mitigation of loss services. SIR was able to predominantly restore operational technology and third-party delivery partner servers by October 23, 2024 . Subsequent Event On December 6, 2024 , SIR entered into a Twelfth Amending Agreement (the "Twelfth Amendment") to its Credit Agreement with its Senior Lender. The Twelfth Amendment, among other things: Increases the maximum Senior Leverage Ratio financial covenant from 2.5x to 3.0x for SIR's Fiscal 2025 first and second quarters. The Senior Leverage Ratio financial covenant returns to 2.5x for SIR's Fiscal 2025 third quarter, Excludes the $6.25 million Export Development Canada facility principal repayment in July 2025 from the calculation of fixed charges in the Fixed Charge Coverage Ratio financial covenant, Reverts Credit Facility 2 to a non-revolving facility, and Increases the applicable interest rates, with the exception of the guaranteed facility with Business Development Bank of Canada , which remains fixed at 4.0% per annum. Results of Operations Summary SIR has advised the Fund that food and beverage revenue from corporate restaurant operations totaled $58.7 million in Q1 2025, a decline of 1.1% compared to $59.3 million in Q1 2024. The decrease in Q1 2025 reflects lower SSS (1) , predominantly within the Jack Astor's network and due in part to the cybersecurity incident, the closure of the Jack Astor's location in the North York neighbourhood of Toronto in Q1 2025, and the closure of three restaurants throughout Fiscal 2024 (Reds® Wine Tavern, Reds® Fallsview and the Scaddabush Italian Kitchen & Bar® ("Scaddabush") location in Mimico). These impacts were partially offset by the opening of six new SIR restaurants throughout Fiscal 2024 (Edna + VitaTM, four Scaddabush locations and a Duke's Refresher® + Bar), and price increases across SIR's restaurant network. Same Store Sales (1) ($000s) 12-Week Period Ended November 17, 2024 12-Week Period Ended November 19, 2023 Variance Jack Astor's 35,608 39,189 (9.1 %) Scaddabush 12,508 12,498 0.1 % Signature Restaurants 3,556 3,607 (1.4 %) Same Store Sales (1) 51,672 55,294 (6.6 %) SSS (1) performance includes all SIR restaurants, except for those restaurants that were not open for the entire comparable periods in Fiscal 2025 and Fiscal 2024. Accordingly, SSS (1) performance for Q1 2025 does not include the recently closed Jack Astor's restaurant located in the North York neighbourhood of Toronto and the four new Scaddabush restaurants in Whitby , Guelph and London, Ontario and in the Don Mills neighbourhood of Toronto , since these were not open for both comparable periods in Fiscal 2025 and Fiscal 2024. The new Signature Restaurants, Edna + Vita and Duke's Refresher, located in downtown Toronto are also not included, as well as Abbey's Bakehouse®, as it is not a SIR restaurant. Net loss and comprehensive loss was $5.3 million for Q1 2025, compared to $5.6 million for Q1 2024. The variance reflects changes in the amortized cost of the Ordinary LP Units and Class A Units of the SIR Royalty Limited Partnership that SIR holds. This resulted in an expense of $3.7 million in Q1 2025, compared to an expense of $5.9 million in Q1 2024. These non-cash changes in Q1 2025 and Q1 2024 are due to increases in the underlying unit price of the Fund compared to the end of Fiscal 2024 and the end of Fiscal 2023, respectively. Adjusted Net Loss (2) was $1.6 million in Q1 2025, compared to Adjusted Net Earnings (2) of $0.3 million in Q1 2024. The decline was primarily attributable to a $2.5 million reduction in earnings from corporate restaurant operations in Q1 2025 compared to Q1 2024, partially offset by a $0.8 million reduction in corporate costs in Q1 2025 compared to Q1 2024. Liquidity and Capital Resources As at November 17, 2024 , SIR had cash of $2.5 million ( $6.5 million as at August 25, 2024 ), and had drawn approximately $37.3 million against the $41.4 million maximum principal borrowing amount under the Company's credit facility. Outlook SIR continues to monitor consumer spending behavior amid current evolving macroeconomic factors, including inflation and interest rates, and their impact on the Canadian economy and consumer confidence. Ongoing business impacts due to changes in the minimum wage and rising commodity costs have been influential in the bar and restaurant industry's changes in pricing overall. SIR continues to innovate and provide immersive new product and service offerings to increase dine-in guest visits to its restaurants and to capitalize on the growth of take-out and delivery services in commercial foodservice. In consideration of the ongoing conditions noted above and the timing of new restaurant construction and renovations, the related opening schedules will be reviewed regularly by SIR and adjusted as necessary. During Fiscal 2024, SIR opened four new Scaddabush restaurants, all of which are expected to be added to the Royalty Pooled Restaurants effective January 1, 2025 . During Q1 2025, SIR closed the Jack Astor's restaurant located in the North York neighbourhood of Toronto . This restaurant will cease to be a Royalty Pooled Restaurant effective January 1, 2025 . Additionally, SIR opened a new Duke's Refresher location and Edna + Vita, a new Italian-themed, fine dining restaurant brand, in Toronto . These new restaurants are not in consideration to be added to the Royalty Pooled Restaurants in January 2025 . SIR currently has commitments to lease two properties in Barrie and Oshawa, Ontario , upon which it plans to build two new Scaddabush restaurants. There can be no assurance at this time that these planned new Scaddabush restaurants will be opened or will become part of the Royalty Pooled Restaurants. On September 26, 2024 , SIR experienced a cybersecurity incident that impacted a portion of its IT infrastructure. SIR was able to predominantly restore operational technology and third-party delivery partner servers by October 23, 2024 . SIR continues to gather information about the current and longer term financial and other impacts of this event. SIR maintains a variety of insurance coverages, including cyber insurance, and is in the process of working with its insurance providers to make the necessary claims under its policies. Reconciliation of Adjusted Net (Loss) Earnings (2) The following table reconciles net loss and comprehensive loss for the 12-week periods ended November 17, 2024 and November 19, 2023 , respectively, to Adjusted Net (Loss) Earnings (2) : 12-Week Period Ended November 17, 202 4 12-Week Period Ended November 19, 202 3 (in thousands of dollars) (unaudited) Net loss and comprehensive loss for the period (5,299) (5,607) Change in amortized cost of Ordinary LP Units and Class A LP Units of the Partnership 3,704 5,940 Adjusted Net (Loss) Earnings (2) (1,595) 333 About SIR Corp. SIR Corp. ("SIR") is a privately held Canadian corporation that owns a portfolio of 54 restaurants in Canada . SIR's Concept brands include Jack Astor's Bar and Grill® with 36 locations and Scaddabush Italian Kitchen & Bar® with 13 locations. SIR also operates one-of-a-kind "Signature" brands including The Loose Moose® and Reds® Square One. All trademarks related to the Concept and Signature brands noted above are used by SIR under a License and Royalty Agreement with SIR Royalty Limited Partnership. SIR also owns three additional restaurants, including two Duke's Refresher® + Bar locations and Edna + Vita TM , which are currently not part of the Royalty Pool. For more information on SIR Corp. or the SIR Royalty Income Fund, please visit www.sircorp.com . About SIR Royalty Income Fund The Fund is a trust governed by the laws of the province of Ontario that receives distribution income from its investment in the SIR Royalty Limited Partnership and interest income from the SIR Loan. The Fund intends to pay distributions to unitholders on a monthly basis. (1) Same store sales ("SSS") and same store sales growth ("SSSG") are non-GAAP financial measures and do not have standardized meanings prescribed by International Financial Reporting Standards ("IFRS"). However, SIR believes that SSS and SSSG are useful measures and provide investors with an indication of the change in year-over-year sales. SIR's method of calculating SSS and SSSG may differ from those of other issuers and accordingly, SSS and SSSG may not be comparable to measures used by other issuers. SSSG is the percentage increase in SSS over the prior comparable period. SSS includes revenue from all SIR restaurants except for those restaurants that were not open for the entire comparable period and Abbey's Bakehouse in Muskoka, Ontario as it is not a SIR restaurant. When a SIR Restaurant is closed, the revenue for the closed restaurant is excluded from the calculation of SSS for both the quarter in which the restaurant is closed and the current year-to-date. (2) Adjusted Net (Loss) Earnings is calculated by removing the change in amortized cost of the Ordinary LP Units and Class A LP Units of the Partnership from the net income (loss) and comprehensive income (loss) for the period. Adjusted Net (Loss) Earnings is a non-GAAP financial measure and does not have a standardized meaning prescribed by IFRS. Management believes that in addition to net income (loss) and comprehensive income (loss), Adjusted Net (Loss) Earnings is a useful supplemental measure to evaluate SIR's performance. Changes in the amortized cost of the Ordinary LP Units and Class A LP Units of the Partnership is a non-cash transaction and varies with changes in the market price of the Fund units. The exclusion of the change in amortized cost of the Ordinary LP Units and Class A LP Units of the Partnership eliminates this non-cash impact. Management cautions investors that Adjusted Net (Loss) Earnings should not replace net income (loss) and comprehensive income (loss) or cash flows from operating, investing and financing activities (as determined in accordance with IFRS), as an indicator of SIR's performance. SIR's method of calculating Adjusted Net (Loss) Earnings may differ from the methods used by other issuers. Please refer to the reconciliation of net loss and comprehensive loss to Adjusted Net (Loss) Earnings for Q1 2025 provided in this news release. Caution concerning forward-looking information Certain statements contained in this report, or incorporated herein by reference, including the information set forth as to the future financial or operating performance of the Fund or SIR, that are not current or historical factual statements may constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Statements concerning the objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of the Fund, the SIR Holdings Trust (the "Trust"), the SIR Royalty Limited Partnership (the "Partnership"), SIR, the SIR Restaurants or industry results, are forward-looking statements. The words "may", "will", "should", "would", 'could", "expect", "believe", "plan", "anticipate", "intend", "estimate" and other similar terminology and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Fund, the Trust, the Partnership, SIR, the SIR Restaurants or industry results, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. These statements reflect Management's current expectations, estimates and projections regarding future events and operating performance and speak only as of the date of this document. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. Risks related to forward-looking statements include, among other things, challenges presented by a number of factors, including: market conditions at the time of this filing; competition; changes in demographic trends; weather; changing consumer preferences and discretionary spending patterns; changes in consumer confidence; changes in national and local business and economic conditions; pandemics or other material outbreaks of disease or safety issues affecting humans or animals or food products; the ability to maintain staffing levels; the impact of inflation, including on input prices and wages; the impact of the war in the Ukraine ; changes in tariffs and international trade; changes in foreign exchange and interest rates; changes in availability of credit; legal proceedings and challenges to intellectual property rights; dependence of the Fund on the financial condition of SIR; legislation and governmental regulation, including the cost and/or availability of labour as it relates to changes in minimum wage rates or other changes to labour legislation and forced closures of or other limits placed on restaurants and bars; laws affecting the sale and use of alcohol (including availability and enforcement); changes in cannabis laws; changes in environmental laws; privacy matters; accounting policies and practices; changes in tax laws; the impact of cybersecurity breaches; and the results of operations and financial condition of SIR. The foregoing list of factors is not exhaustive. Many of these issues can affect the Fund's or SIR's actual results and could cause their actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Fund or SIR. There can be no assurance that SIR will remain compliant in the future with all of its financial covenants under the Credit Agreement and imposed by the lender. Given these uncertainties, readers are cautioned that forward-looking statements are not guarantees of future performance and should not place undue reliance on them. The Fund and SIR expressly disclaim any obligation or undertaking to publicly disclose or release any updates or revisions to any forward-looking statements. Forward-looking statements are based on Management's current plans, estimates, projections, beliefs and opinions, and the Fund and SIR do not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change, except as expressly required by applicable securities laws. All of the forward-looking statements made herein are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Fund or SIR . For more information concerning risks and uncertainties, please refer to the 'Risk Factors' in the Fund's March 14, 2024 Annual Information Form, for the period ended December 31, 2023 , and the Fund and SIR's most recent interim and / or annual filings, which are available under the Fund's profile at www.sedarplus.ca . SOURCE SIR Royalty Income Fund View original content: http://www.newswire.ca/en/releases/archive/December2024/19/c3872.html © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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NEW YORK (AP) — U.S. stocks tiptoed to more records amid a mixed Tuesday of trading, tacking a touch more onto what’s already been a stellar year so far. The S&P 500 edged up by 2 points, or less than 0.1%, to set an all-time high for the 55th time this year. It’s climbed in 10 of the last 11 days and is on track for one of its best years since the turn of the millennium. The Dow Jones Industrial Average slipped 76 points, or 0.2%, while the Nasdaq composite added 0.4% to its own record set a day earlier. AT&T rose 4.6% after it boosted its profit forecast for the year. It also announced a $10 billion plan to send cash to its investors by buying back its own stock, while saying it expects to authorize another $10 billion of repurchases in 2027. On the losing end of Wall Street was U.S. Steel, which fell 8%. President-elect Donald Trump reiterated on social media that he would not let Japan’s Nippon Steel take over the iconic Pennsylvania steelmaker. Nippon Steel announced plans last December to buy the Pittsburgh-based steel producer for $14.1 billion in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and U.S. national security. Earlier this year, President Joe Biden also came out against the acquisition. Tesla sank 1.6% after a judge in Delaware reaffirmed a previous ruling that the electric car maker must revoke Elon Musk’s multibillion-dollar pay package. The judge denied a request by attorneys for Musk and Tesla’s corporate directors to vacate her ruling earlier this year requiring the company to rescind the unprecedented pay package. All told, the S&P 500 rose 2.73 points to 6,049.88. The Dow fell 76.47 to 44,705.53, and the Nasdaq composite gained 76.96 to 19,480.91. In the bond market, Treasury yields held relatively steady after a report showed U.S. employers were advertising slightly more job openings at the end of October than a month earlier. Continued strength there would raise optimism that the economy could remain out of a recession that many investors had earlier worried was inevitable. The yield on the 10-year Treasury rose to 4.23% from 4.20% from late Monday. Yields have seesawed since Election Day amid worries that Trump’s preferences for lower tax rates and bigger tariffs could spur higher inflation along with economic growth. But traders are still confident the Federal Reserve will cut its main interest rate again at its next meeting in two weeks. They’re betting on a nearly three-in-four chance of that, according to data from CME Group. Story continues below video Lower rates can give the economy more juice, but they can also give inflation more fuel. The key report this week that could guide the Fed’s next move will arrive on Friday. It’s the monthly jobs report , which will show how many workers U.S. employers hired and fired during November. It could be difficult to parse given how much storms and strikes distorted figures in October. Based on trading in the options market, Friday’s jobs report appears to be the biggest potential market mover until the Fed announces its next decision on interest rates Dec. 18, according to strategists at Barclays Capital. In financial markets abroad, the value of South Korea’s currency fell 1.1% against the U.S. dollar following a frenetic night where President Yoon Suk Yeol declared martial law and then later said he’d lift it after lawmakers voted to reject military rule. Stocks of Korean companies that trade in the United States also fell, including a 1.6% drop for SK Telecom. Japan’s Nikkei 225 jumped 1.9% to help lead global markets. Some analysts think Japanese stocks could end up benefiting from Trump’s threats to raise tariffs , including for goods coming from China . Trade relations between the U.S. and China took another step backward after China said it is banning exports to the U.S. of gallium, germanium, antimony and other key high-tech materials with potential military applications. The counterpunch came swiftly after the U.S. Commerce Department expanded the list of Chinese technology companies subject to export controls to include many that make equipment used to make computer chips, chipmaking tools and software. The 140 companies newly included in the so-called “entity list” are nearly all based in China. In China, stock indexes rose 1% in Hong Kong and 0.4% in Shanghai amid unconfirmed reports that Chinese leaders would meet next week to discuss planning for the coming year. Investors are hoping it may bring fresh stimulus to help spur growth in the world’s second-largest economy. In France, the CAC 40 rose 0.3% amid continued worries about politics in Paris , where the government is battling over the budget. AP Business Writers Yuri Kageyama and Matt Ott contributed.
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( MENAFN - PR Newswire) HONG KONG, Dec. 19, 2024 /PRNewswire/ -- On 8th November 2024, the Asia Direct Cable (ADC) international submarine cable, initiated and led by China Telecom, officially announced its commencement of operations. As a leading communication infrastructure in the Asia-Pacific region, the ADC cable will significantly enhance communication capacity within the region and provide robust support for partners' digital transformation efforts. This milestone not only marks a new height in international telecommunications cooperation but also injects powerful momentum into the digital development of the regional economy. With ADC cable, China Telecom provides over 50 Tb/s of additional capacity for the Asia-Pacific region, employing the industry's most advanced open cable technology. Spanning a total length of 9,988 kilometers, it connects China (Mainland and Hong Kong SAR), Japan, Singapore, and several other countries and regions in the Asia-Pacific, making it the submarine cable system with the highest transmission capacity in Asia. The launch of this project will significantly enhance China Telecom's bandwidth scale and technical strength in the Asia-Pacific region. As the largest investor, China Telecom not only assumes core management responsibilities for the ADC project but also oversees the operations of the Network Operations Center (NOC). B Systems (SBSS) and China Submarine Cable Construction Co., Ltd participated in and successfully completed the engineering construction tasks for the ADC cable, with SBSS laying 7,740 kilometers of cable. The ADC cable not only meets the high-bandwidth transmission needs of emerging technologies such as cloud computing and large models but also enhances the redundancy and stability of networks in the Asia-Pacific region by providing diversified routing options, creating more opportunities for sustainable business development. To date, China Telecom has over 50 international submarine cable resources and 254 overseas PoP nodes and plans to further advance the construction of other submarine cable systems. This will lay the groundwork for the development of future digital technologies such as 5G, AI, and the Internet of Things, supporting the digital upgrade of the global economy and the high-quality development of the "Belt and Road" initiative. SOURCE China Telecom Global MENAFN19122024003732001241ID1109014714 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.SAGT wins sustainability award from Ceylon Chamber of Commerce
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