Tribune News Network DOHA: Minister of Transport HE Sheikh Mohammed bin Abdulla bin Mohammed Al Thani has laid the foundation stone for an electric bus assembly plant at Um Al Houl Free Zone, in collaboration between Mowasalat (Karwa) and Yutong. The groundbreaking ceremony began with the signing of an Enhanced Multilateral Framework Agreement by the CEO of Qatar Free Zones Authority (QFZ) HE Sheikh Mohammed bin Hamad bin Faisal Al Thani, Mowasalat (Karwa) CEO Ahmad Hassan Al Obaidly, and CEO of Yutong Middle East Shen Hui, to establish an integrated e-bus plant at Um Al Houl Free Zone, in cooperation between Karwa, Yutong, and QFZ. The project aims at establishing a production hub for EU-standard electric buses on an area of nearly 53,000sqm. The construction is set to be complete by the end of 2025. By then, the facility will have begun producing electric city buses, metro feeder buses, school buses, and more, with an initial output capacity of 300 buses a year. Over time, the facility will scale up to meet both local demand and the growing needs of international markets across the MENA region and Europe. This greenfield plant, equipped with state-of-the-art welding, painting, assembly, and testing workshops, will utilize cutting-edge electro-mobility technologies, ensuring efficient and sustainable production processes. The plant is expected to be a pioneer project in delivering experience and industry localization. The project is leveraging the advanced capabilities of both Mowasalat and Yutong, let alone expanding Yutong’s manufacturing footprint in the free zones in Qatar. On this occasion, Minister of Transport Sheikh Mohammed said that founding an e-bus assembly plant is a major event in terms of supporting the MOT’s efforts of providing ecofriendly transportation solutions with best global operation systems, in step with the goals of the 3 rd Qatar National Development Strategy (NDS3), which focuses on sustainable development and advanced technologies, leading to the full realization of the QNV 2030. He added that the plant will contribute to achieving the MOT’s strategy of public bus system electrification by 100% by 2030, ensuring less carbon emissions and better quality of life. Mowasalat (Karwa) Chairman Dr Eng Al Mohannadi said, “As part of our commitment to developing sustainable transportation and our success in achieving 73% electrification in the public bus fleet, this initiative reflects our dedication to localizing innovative technologies in Qatar. Through the establishment of this new facility, we reaffirm our leadership in eco-friendly transportation, effectively contributing to achieving a fully electric public transport sector by 2030, in alignment with Qatar’s vision for a more sustainable future.” Sheikh Mohammed bin Hamad bin Faisal Al Thani, CEO of Qatar Free Zones Authority (QFZ), said, “Today’s signing and groundbreaking mark a significant step in Qatar’s ongoing efforts to foster industrial and transportation innovation and sustainable development. By partnering with global leaders like Yutong, we are not only advancing our economic diversification but also positioning Qatar at the forefront of the global transition to environmentally friendly technologies. This collaboration is a testament to our commitment to building a sustainable, future-ready economy in line with the objectives of QNV 2030, and the plans of electric vehicle transformation strategy”. Al Obaidly said, “Our investment in this electric bus assembly plant signifies more than just growth; it’s a commitment to economic and environmental sustainability. Together with Yutong and the Qatar Free Zone Authority, we are advancing the future of public transportation with new mobility solutions.” In light of this collaboration, Peng Xu, Managing Director of Yutong International, said, "Yutong is proud to partner with Qatar in this transformative project. The establishment of this facility symbolizes our dedication to delivering world-class technology and localized solutions to support regional green mobility goals." The groundbreaking ceremony, which was attended by several ministers, and senior state officials, was followed by a tour by ministers of transport, commerce and industry, environment and climate change, and several officials from QFZ, Karwa and Yutong, to the e-bus display area where they checked out some of the e-bus models planned to be produced. With Qatar’s ambition to have a fully electric public transportation system by 2030, this project marks a pivotal step towards a greener, more sustainable future for the nation and the region. Copy 15/12/2024 10BofA Securities analyst Peter T. Galbo upgraded General Mills, Inc. GIS to Buy from Neutral, raising the price forecast to $80 from $78. The analyst suggests that General Mills is expected to return to organic sales growth at a faster and more sustainable rate compared to other center-store food peers. This growth will be driven by factors such as the re-acceleration in the Pet segment (specifically Blue Buffalo) and stabilization in North America Retail, as issues in the dough category are moving behind the company, Galbo writes. The analyst also highlights that General Mills offers investors exposure to the recovery in the U.S. Pet market and a surge in value stocks, with its fundamentals appearing more attractive when compared to other food industry peers. The analyst expresses increasing optimism about the turnaround of Blue Buffalo following a challenging FY24, which saw a -4% organic growth. Also Read: Sam Altman To Donate $1M To Trump’s Inauguration Fund, Following Zuckerberg, Bezos: ‘Eager To Support’ Galbo highlights that initiatives in the dog food segment are fostering greater confidence, with the Life Protection Formula experiencing high-single-digit percentage growth and the Wilderness line showing signs of stabilization, partly due to more grain-free options and smaller pack sizes. While the pet treats category remains a challenge, the second half of the year offers easier comparisons, which could lead to a more pronounced recovery. Since FY19, the pet segment has experienced a faster growth rate (averaging +8.7%) compared to the overall General Mills portfolio (averaging +4.7%), contributing to valuation gains; if pet growth continues to lead the overall portfolio, the analyst believes valuation should rise accordingly. Price Action: GIS shares are trading higher by 1% to $66.74 at last check Friday. Read Next: OpenAI Co-Founders, Now Rivals Sam Altman And Elon Musk Clash Over ChatGPT And xAI's Grok Chatbots Again © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.One of Baltimore’s most prominent families was thrust into the spotlight this week, when a son of the clan, Luigi Mangione , was arrested by Pennsylvania police and charged in the Dec. 4 fatal shooting of UnitedHealthcare CEO Brian Thompson . Locally active in philanthropy, both via individual donations and through the Mangione Family Foundation, the Mangiones gave millions to Baltimore’s various institutions and nonprofits, including more than $1 million to the Greater Baltimore Medical Center and more to the American Citizens for Italian Matters, Baltimore Opera Company and others. Loyola University, which counts Mangione alumni among their ranks, has an aquatic center named after the family, and GBMC previously had a high-risk obstetrics unit, since closed, that bore their name. Their story is a uniquely American one: The Mangiones went from deep poverty to massive wealth in just three generations, with one cousin, Nino Mangione, now a Republican member of the Maryland House of Delegates. Despite an eventually deep portfolio of development properties and government contracting for 20 years, the family patriarch, Nicholas Mangione Sr. , said he still faced prejudice for his background when he attempted to buy land to build the Turf Valley Golf and Country Club, now the Turf Valley Resort, in Ellicott City. “Tongues started wagging,” Mangione told The Baltimore Sun in 1995. “People [were] wondering where an unknown Italian could get the money for a $5 million project. In those days, there were no Italians in real visible positions [in Howard County].” Mangione said the implication was that he must have backing from the mob, so he countered sharply. “People thought I needed money from the Mafia to buy this place. They asked me what family I belonged to,” he said. “I told them, ‘I belong to the Mangione family. The Mangione family of Baltimore County.’” The family is now defending its name again. On Monday, members released a statement on social media expressing dismay at Luigi Mangione’s arrest, saying they were stunned by the news. “We only know what we have read in the media. Our family is shocked and devastated by Luigi’s arrest. We offer our prayers to the family of Brian Thompson and we ask people to pray for all involved,” the family wrote . “We are devastated by this news.” The family did not respond to a request for comment via a family attorney or their foundation. How they went from the Depression-era streets of the city’s Little Italy to its philanthropic elite is straight out of a Horatio Alger novel. Nicholas Sr. was born in Baltimore’s Little Italy, and spent his first eight years in a one-room apartment with an outdoor privy, according to a 2008 Sun article. He earlier told The Sun his Italian immigrant father, Louis, could neither read nor write, and worked in the city water department until he died of pneumonia. Today, the Mangione family is a sprawling one, with a business empire to match: Nicholas Sr., made the beginning of the family’s fortunes in the post-World War II years as a bricklayer and contractor . He built up his business holdings throughout the following decades, with his wife, Mary , growing their family to include five sons, five daughters, and 37 grandchildren, including Luigi. The family’s holdings range from construction to commercial real estate to local radio station WCBM-AM and a majority stake in Lorien Health Services, which operates multiple assisted living facilities in Maryland. Aside from the Turf Valley Resort, with its 10,000-square-foot ballroom, 220-room hotel, and 85-seat amphitheater, the Mangiones also own the Hayfields Country Club in Cockeysville and a slew of companies registered in Maryland . Its family foundation had net assets of $4.4M as of its 2022 tax filing , the most recent on record. The Mangione Family Foundation’s stated focus is supporting, “Organizations for any of the following purposes: religious, educational, charitable, scientific, literary, testing for public safety, fostering national or international amateur sports competition (as long as it doesn’t provide athletic facilities or equipment), or the prevention of cruelty to children or animals.” Politically, the Mangiones have been active across the aisle. Luigi Mangione’s parents, Louis and Kathleen Mangione donated $35,935 to state and local politicians from 2005 through 2023, according to data from the State Board of Elections. Half went to Nino Mangione ’s campaign account for his state delegate races from 2018 through 2023. Other donations went to Howard County executives Calvin Ball and Ken Ulman, both Democrats, and Allan Kittleman, a Republican, along with additional high-profile candidates of both parties, including former Govs. Martin O’Malley and Robert L. Ehrlich, and former Baltimore Mayor Sheila Dixon. The immense number of Mangiones also was briefly confusing for Baltimoreans on Monday. Aside from Nicholas Sr. and Mary Mangione’s 10 children and 37 grandchildren, city counts at least two other Mangione families, who were briefly inundated with phone calls from the media and queries from former schoolmates and acquaintances. One of Luigi Mangione’s two sisters is a physician at the University of Texas Southwestern, according to her LinkedIn profile. Another sister is a visual artist. Neither sister responded to requests for comment. His mother, Kathleen, comes from a family that owns a funeral home, the Charles S. Zannino Funeral Home in Highlandtown, the Baltimore Fishbowl reported , and now runs a travel agency, KZM Boutique Travel, which had removed its website as of Tuesday evening. His father, Louis was groomed to help take over the family’s business empire, according to a 2003 Washington Post article . Have a news tip? Contact Riley Gutierrez McDermid at rmcdermid@baltsun.com or Frank Gluck at fgluck@baltsun.com.
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