Terrapinn acquires FMS: the Future of Memory and Storage

Posted by Harry Baldock | Press Release, LONDON, UNITED KINGDOM – Terrapinn, the global events company, is delighted to announce the acquisition of FMS: the Future of Memory and Storage from Conference Concepts Inc. FMS is widely regarded as the world’s most important and credible event dedicated to memory and storage technologies.

Held annually in Santa Clara, California, FMS has spent two decades as the essential meeting point for the global memory ecosystem – from leading semiconductor manufacturers to system architects and hyper-scalers. The acquisition comes at a pivotal moment as the industry faces an “unprecedented mismatch” in supply and demand, driven by the rapid expansion of artificial intelligence (AI) and the surge in demand for High-Bandwidth Memory (HBM).

“We are absolutely delighted to announce the acquisition of Future of Memory and Storage,” said Terrapinn CEO Greg Hitchen. “FMS is a significant addition to our global portfolio of technology events. We look forward to serving the memory and storage industry and will ensure that the technical excellence and authority of FMS is maintained, and then surpassed, as we invest in its next phase of global growth”.

FMS was created and nurtured by Lance Leventhal and Chip Stockton, principals of Conference Concepts Inc, growing it from its roots as the Flash Memory Summit into an all-encompassing industry showcase.

Chip Stockton, President of Conference Concepts Inc, said: “We have created a really important event for the memory and storage community and have carefully nurtured it over many years. But we now feel it is the right time to pass it on to a larger company for its next phase of growth. We are really impressed by Terrapinn’s commitment to the sector and are sure they are the right fit to take FMS forward while ensuring a seamless transition for all our customers and stakeholders”.

The 20th-anniversary edition, FMS 2026, is scheduled for August 4–6, 2026, at the Santa Clara Convention Center. The event will feature a multi-stream conference, a large-scale global exhibition, and a Technical Pro Series focused on the infrastructure enabling the next generation of AI, data centers, and automotive applications.

Conference Concepts Inc was represented by John McGovern of Grimes, McGovern and Associates.

Terrapinn would like to thank Chip Stockton, John McGovern, our advisers and team.

About Terrapinn: Terrapinn is a global events company with businesses in the USA, Australia, Asia, Europe, the Middle East, and Africa. www.terrapinn.com

About Conference Concepts Inc: Founded in 1994, Conference Concepts is a professional conference management company focused on cutting-edge technologies and high-growth technical events.For further information please contact: rob.chambers@totaltele.com Terrapinn acquires FMS: the Future of Memory and Storage - Total Telecom

Read More........ → March 10, 2026

MTN to take control of IHS Towers for $2.2 billion

Posted by Harry Baldock: The operator says reintegrating the tower assets will strengthen its African operations and improve financial metrics

African telco giant MTN Group is set to take full control of IHS Towers, one of Africa’s largest independent tower companies, in a deal valued at $6.2 billion.

The deal will see MTN acquire the 75% stake in IHS that it doesn’t already own for $2.2 billion in cash.

“This proposed transaction is a pivotal step in further strengthening MTN Group’s strategic and financial position for a future where digital infrastructure will become ever more essential to Africa’s growth and development. This transaction gives us a unique opportunity to buy back our towers and strengthen our ability to be partners for progress to the nation states in which we operate,” said MTN CEO Ralph Mupita.

The deal is subject to the typical regulatory approvals, with watchdogs likely to look closely at the impact on competition, given IHS also rents their infrastructure to MTN’s rivals across Africa.

For MTN, the move represents something of a strategic U-turn. The operator group has pursued an asset-light approach for the past decade, selling many of its towers – largely to IHS – in multiple markets.

In recent years, however, MTN’s relationship with the tower company has grown more complicated. The operator has repeatedly complained about IHS’s corporate governance, particularly that IHS had capped its voting rights at 20%, despite MTN owning a stake of around 26% in the business.

At the same time, IHS saw major losses from the devaluation of the Nigerian naira in 2023, leading MTN to attempt to seek adjusted lease terms to reduce foreign‑currency exposure.

Given this increasingly difficult operating relationship, MTN’s stake acquisition represents an opportunity to simplify and de-risk the company’s balance sheet by removing long‑term lease liabilities.Market watchers will be watching whether MTN’s reintegration of roughly 29,000 African sites delivers the financial and strategic gains management forecasts, and whether rivals respond with selective buybacks, new sharing deals, or continued reliance on independent towercos. MTN to take control of IHS Towers for $2.2 billion - Total Telecom

Read More........ → March 03, 2026

Allianz world’s No. 1 insurance brand for 7th consecutive year

Allianz has once again been recognised as the World’s No. 1 insurance brand in the Interbrand Best Global Brands 2025 ranking, marking its seventh consecutive year at the top.

This year, Allianz achieved its highest-ever brand value and strongest growth in history, increasing by 20% from $ 23.5 billion to $ 28.2 billion, and rising two places to No. 27 globally.

This achievement reflects Allianz’s strong financial performance and the consistent execution of its global brand strategy, reinforcing its reputation for trust, innovation, and reliability worldwide. It is also a testament to the dedication and collective effort of every Allianz employee across the globe.

Allianz Insurance Lanka Ltd., is a fully owned subsidiary of Allianz SE, a global financial services provider specialising in insurance and asset management, headquartered in Munich, Germany. Allianz world’s No. 1 insurance brand for 7th consecutive year | Daily FT

Read More........ → February 25, 2026

World Bank says SL recovery remarkable, among fastest worldwide

 

• Latest World Bank public finances diagnostic says SL made remarkable recovery
• Stabilisation sharper and faster than 123 countries since 1980
• Says Sri Lanka can move to a more balanced fiscal policy
• Points to fiscal space to grow revenue to support growth, equity and fairness
• Challenge is to get better results from every rupee collected and spent

The World Bank yesterday said Sri Lanka has made remarkable strides in stabilising its economy, undertaking one of the largest fiscal adjustments in its history, equal to nearly 8% of GDP over three years, and doing it faster than most countries.

In a statement announcing the release of its latest diagnostic title ‘Sri Lanka Public Finance Review: Towards a Balanced Fiscal Adjustment’, the World Bank said that this adjustment was also sharper and faster by international standards when compared with more than 330 similar efforts in 123 countries worldwide since 1980.

The review, a core World Bank diagnostic conducted every five years in member countries, concludes that Sri Lanka is well-positioned to focus on making public finances work better for all Sri Lankans.

“While fiscal measures helped restore stability, they also put pressure on households through higher indirect taxes and reduced real public-sector wages, and slowed growth due to lower public investment,” the statement said. “The next phase of fiscal calibration should prioritise raising revenues in ways that support growth and fairness, and improve the quality of government spending.”

The diagnostic review highlights that Sri Lanka could increase revenue by up to 2% by 2029 without undermining growth or equity. It also points out that better targeting and management of public spending can deliver improved outcomes within current budget limits.

The review recommends raising revenue more fairly and efficiently by shifting toward direct taxes, such as a minimum corporate income tax, and digitising tax administration to make paying taxes easier and more transparent.

It also recommends spending smarter, not more or less. The report stresses that it is not feasible to further cut or increase overall spending, but the best gains will come from using existing funds more efficiently to get better results.

This includes improving public sector wage management by protecting essential frontline services, simplifying pay structures, and modernising systems through which public sector workers are paid. It also entails reprioritising capital investments to close infrastructure gaps, completing ongoing projects faster, and strengthening project selection, management and maintenance.

Enhancing social protection by better targeting assistance, expanding the social registry, and moving from universal subsidies to more focused support for those who need it most, is another priority.

“Now that Sri Lanka has largely stabilised its economy, the challenge is to get better results from every rupee collected and spent,” said World Bank Division Director for Maldives, Nepal and Sri Lanka David Sislen. “This means modernising tax administration, focusing on direct taxes, and making sure public spending is both efficient and fair, especially for the most vulnerable,” he added. World Bank says SL recovery remarkable, among fastest worldwide | Daily FT

Read More........ → February 20, 2026

Study Shows Vaporizing E-Waste Makes it Easy to Recover Precious Metals at 13-Times Lower Costs

– credit Alexandre Debiève

By instantaneously heating electronics to 3,000°C via an electrical current, scientists have found a way to extract decent grades of precious metals without creating hazardous waste.

According to their analysis, relying on e-waste for a precious metals supply could be 13-times cheaper than mining them from the ground. However, previous methods have involved throwing this or that broken gizmo into a furnace powered by copious amounts of energy while also releasing toxic substances into air.

By contrast, “flash joule heating,” a way of using electrical currents to vaporizing the valuable metals from the materials that hold electronics together is between 80 and 500-times more energy efficient.

One 2008 study calculated that one ton of mobile phones without batteries contains about 130kg of copper, 3.5kg of silver, 340 grams of gold, and 140 grams of palladium.

Those totals, if assayed as part of a drilling survey at a mine, would be considered world class results in the 99th percentile of grades.

Most open pit mining operations will run at a rate of between 0.5 and 1.8 grams per-ton gold and 100 to 180 grams per-ton silver. Some 40 million tons of e-waste is produced annually, so some simple mathematics reveals the potential economy to be found in harvesting e-waste for metals—a process termed “urban mining” by scientists.

Scientists at Rice University shredded a printed circuit board for their experiments, and mixed it with carbon black as a conductive additive. Once in the flash joule chamber, the current applied is so high that the precious metals, like rhodium, copper, and gold, turn briefly to vapor, while the carbon-based components like the plastic, are carbonized. This same process has been used to turn plastic into diamonds.

Mining companies for base and precious metals use a variety of patented recovery processes to separate gold, zinc, or nickel from the ore body.

Just like in mining, additives enhanced the recovery percentage of the metals from their vaporized form, including halides or fluorine-based substances. These brought the recovery of rhodium up to greater than 80%, and palladium to 70%. Bleach and other chlorine-based compounds brought the silver recovery rate up to greater than 80% as well.With the prices of these metals skyrocketing of late, new and cheaper supplies will be crucial to ensure important industries remain intact and competitive. Study Shows Vaporizing E-Waste Makes it Easy to Recover Precious Metals at 13-Times Lower Costs

Read More........ → February 16, 2026

What the RBA wants Australians to do next to fight inflation – or risk more rate hikes

Meg Elkins, RMIT University

When the Reserve Bank of Australia (RBA) board voted unanimously to lift the cash rate to 3.85% on Tuesday, the decision was driven by one overriding concern. It wants to stop the rising cost of living from becoming entrenched.

For some, like self-funded retirees, the rate rise was good news. Higher interest means their savings and term deposits will earn more. But for many others, including first home buyers who might have stretched themselves just to get a foot into the housing market, it was a very bad day.

RBA Governor Michele Bullock acknowledged that, saying:

I know this is not the news that Australians with mortgages want to hear, but it is the right thing for the economy.

She warned the alternative – letting inflation keep rising – would be even harder for more Australians.

So what’s the psychology behind the RBA raising rates now and leaving the door open to further hikes if needed? And what does the central bank hope Australians will do in response?

The price squeeze you’re feeling

There’s a striking gap between how the RBA describes the economy and how most Australians experience it.

On paper, things look healthy: unemployment is low, wages are growing.

But as Bullock acknowledged on Tuesday, the daily reality has felt very different.

The price level has gone up 20% to 25% over the last few years, and people see that every time they walk into a supermarket, or they go to the doctor, or whatever – that’s I think what’s hurting people.

That relentless price squeeze is not something you forget, even when the rate of increase starts to slow.

What’s driving inflation up?

The headline consumer price index (CPI) hit 3.8% in the year to December, well above the RBA’s target band of 2–3%. The “trimmed mean” – the underlying measure the RBA watches most closely – rose to 3.3%. Both are too high and moving in the wrong direction.

Bullock singled out three factors contributing to inflation. Each behaves differently and requires a different response.

Housing was the single largest contributor to inflation in December, up 5.5% over the year. That includes rents, which rose 3.9% (or 4.2% stripping out government rent assistance), as well as insurance, utilities, and new construction costs, which rose 3% as builders passed through higher labour and material costs.

There is an irony here. Rising interest rates are intended to cool demand, but they slow housing construction. Limited supply of housing is what’s pushing rents up in the first place.

“Durable goods” are the things we buy to last, such as cars, refrigerators, washing machines, televisions and furniture. Demand for many of those has been higher in the past year.

“Market services” are items such as restaurant meals, taxis, haircuts, gym memberships, medical appointments and holiday travel.

The RBA watches these carefully, because these are services priced by supply and demand in the domestic market. Those prices tend to be “sticky”: once they start rising, they don’t come back down easily.

Wages are also a big part of market services inflation. If the people providing those services are earning more, the cost goes up.

How rate cuts made shoppers relax

This is where the behavioural psychology gets interesting.

The RBA cut interest rates three times in 2025. Each cut sent a signal, whether intentionally or not: it’s OK to spend a bit more.

And spend we did. CommBank data shows Australians spent A$23.8 billion over the two-week Black Friday period, up 4.6% on the year before.

It’s a cautionary tale about “rational expectations”. Each rate cut potentially fuelled the belief that more would follow.

If people feel like they can afford to spend, then they spend. Businesses, sensing demand, may raise their prices to match. That’s exactly the self-fulfilling dynamic central banks worry about.

The 3 ways the RBA hopes we’ll react

When prices go up, as they have been, workers ask for bigger wage rises to keep up. To pay higher wages, businesses lift prices to protect their profit margins. Together, that can create a “wage-price spiral” that becomes very hard to break.

The RBA will be hoping Australians respond to this rate rise in three ways:

• spending less

• saving more

• not asking for big wage rises (although they’d never phrase it that way).

RBA Governor Michele Bullock described raising interest rates as “a very blunt instrument” to bring inflation down, and noted setting rates is “not a science. It’s a bit of an art, really […] We’ve just got to respond as best we can.”

The RBA can’t undo the price rises that have already happened. It can only try to slow down further increases.

Meg Elkins, Associate Professor in Economics, RMIT University

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Read More........ → February 06, 2026

Silver and gold hit record highs – then crashed. Before joining the rush, you need to know this

Zlaťáky.cz/Pexels, CC BY Angel Zhong, RMIT University and Jason Tian, Swinburne University of Technology

The start of 2026 has seen gold and silver surge to record highs – only to crash on Friday.

Gold prices peaked above US$5,500 (A$7,900) per ounce for the first time on Thursday, well above previous highs. But by the end of Friday, it had dropped to around US$5068 (A$7,282).

Silver had been making gains even faster than gold. It hit more than US$120 (A$172) per ounce last week, marking one of its strongest runs in decades, before crashing on Friday to US$98.50 (A$141.50).

So what’s behind those surges and falls? And what should everyday investors know about the risks of investing in precious metals right now?

Why gold has been hitting new highs

Gold is the classic safe haven: an asset people buy to protect their savings when worried about financial risks.

With international political tensions rising, trade war threats, shifting signals about where interest rates are heading and a potential changing world order, investors are seeking assets that feel stable when everything else looks shaky.

Friday’s crash in gold and silver was sparked by financial markets reacting to early news of Donald Trump’s nomination of Kevin Warsh as chair of the US Federal Reserve. The US central bank plays a key role in global financial stability.

Central banks around the world have been buying gold at a rapid pace, reinforcing its reputation as a place to park value during periods of uncertainty.

But it’s not just big institutions moving the market. In Australia and overseas, retail investors – individuals buying and selling smaller amounts for themselves – have played a part too.

Those individuals have been increasingly treating gold, silver and other precious metals as a hedge against so much uncertainty, as well as a momentum play – trying to buy in to keep up with others.

As prices have trended upward, more everyday investors have bought in, especially through gold exchange-traded funds (ETFs), which make it simple to gain exposure without storing physical gold bullion.

What’s been driving silver’s surge

While gold was grabbing headlines for much of 2025, silver has been the real showstopper. Before Friday’s fall, the metal had surged more than 60% in just the past month, far outpacing gold’s still impressive run of around 30%.

Unlike gold, silver has a split personality. Industrial uses are driving up demand for silver. It’s critical for clean energy technologies including solar panels, electric vehicles (EVs), and semiconductors.

This dual appeal – as a safe haven, but also as an in-demand industrial commodity – is drawing investors who see multiple reasons for prices to keep climbing.

Every solar panel contains about 20 grams of silver. The solar industry consumes nearly 30% of total global demand for silver.

EVs also use 25–50 grams each, and AI data centres need silver for semiconductors.

The kicker? The silver market has run a supply deficit for five consecutive years. We’re consuming more than we’re mining, and most silver comes as a byproduct of other metals. You can’t simply open more silver mines.

Individual buyers have piled into silver

One of Australia’s most popular online investment platforms for retail investors is CommSec, with around 3 million customers.

Bloomberg tracking of CommSec trades shows how much retail purchases of silver ETFs in particular have spiked higher in the past year.

Over the past year, gold ETF trades on CommSec grew 47%, with cumulative net buying reaching A$158 million. That reflects gold’s established role in portfolios.

Yet despite attracting slightly lower total investment overall at A$104 million, silver trading activity exploded by far more: it’s been 1,000% higher than the year before.

This means retail investors made far more frequent, smaller trades in silver. This is classic momentum-chasing behaviour, as everyday investors piled into an asset showing dramatic price gains.

The pattern is unmistakable: while gold remains the anchor, silver has become the speculative play.

Its lower per-ounce price, industrial demand narrative, and social media buzz make it particularly accessible to retail investors seeking exposure to the precious metals rally, at a much lower price than gold.

The risks every investor needs to know

The data shows Australian retail investors have been buying as prices rise. But this “fear of missing out” approach comes with serious risks.

Volatility cuts both ways. From February 2025 to just before Friday’s sharp drop, the price of silver had surged 269%. But even before that fall, silver’s spectacular gain had come with 36% “annualised volatility” (which measures how much a stock price varies over one year). That was nearly double gold’s 20% volatility over the same period.

What does that mean in practice? As we’ve just seen, what goes up fast can come down quickly too.

Buying high is dangerous. When retail investors pile in after major price increases, they often end up buying near the top. Professional investors and central banks have been accumulating gold and silver for years, at much lower prices.

No income, higher risk. Unlike shares or bonds, metals don’t pay dividends or interest. Your entire return depends on prices rising further from already elevated levels. And as the past few days have shown, the potential for sharp drawdowns is substantial.

Keep it modest. Financial advisers typically recommend precious metals comprise 5–15% of a diversified portfolio. After such extraordinary price volatility, that guideline matters more than ever.

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Disclaimer: This article provides general information only and is not intended as financial advice. All investments carry risk.

Angel Zhong, Professor of Finance, RMIT University and Jason Tian, Senior Lecturer, Swinburne University of Technology

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Read More........ → February 04, 2026

Amway India's loss widens to Rs 74.25 crore in FY25

IANS Photo

Mumbai, (IANS): Amway India’s losses widened further in FY25 as it reported a total loss of Rs 74.25 crore for the financial year ended March 31, 2025, compared with a loss of Rs 53.38 crore in the previous financial year.

Its revenue from operations fell 10.56 per cent to Rs 1,148.16 crore in FY25 from Rs 1,283.75 crore in FY24, according to financial data accessed through business intelligence platform Tofler.

The company’s total income, which includes other income, declined 9.2 per cent to Rs 1,174.85 crore during the year.

Despite the fall in revenue, the company managed to cut several costs during the year. Its spending on advertising and sales promotion dropped sharply by 40.6 per cent to Rs 36.20 crore in FY25.

The royalty paid to its US-based parent company was also reduced by 15.7 per cent to Rs 55.43 crore, compared with Rs 65.74 crore in the previous financial year.

Payments made to Amway India’s sole selling agents declined marginally by 2.73 per cent to Rs 366.91 crore in FY25, from Rs 377.22 crore a year earlier.

Overall, the company’s total expenses came down 7.3 per cent to Rs 1,249.10 crore during the year, according to the financial data.

Amway India is a wholly owned subsidiary of Alticor Global Holdings Inc, headquartered in Ada, Michigan, and is one of the world’s largest direct selling companies. The Indian arm remains an unlisted entity.

Segment-wise, the company saw a decline across all major categories. Revenue from its largest segment, nutrition and wellness, fell 10 per cent to Rs 703.58 crore in FY25.

The personal care segment, the second largest, saw a sharper decline of 13.6 per cent, with revenue at Rs 189.22 crore, as per it’s financial data.Revenue from home care products slipped 2.65 per cent to Rs 120.29 crore, while the beauty segment reported a 12 per cent fall to Rs 96.59 crore during the financial year. Amway India's loss widens to Rs 74.25 crore in FY25 | MorungExpress | morungexpress.com

Read More........ → January 18, 2026

Nissan to invest $17.6 bn in EV development over next 5 years

IANS Photo

Tokyo, (IANS): As the adoption of electric vechicles enters top gear globally amid rising petrol-diesel prices, Japanese auto-maker Nissan on Monday said it will invest $17.6 billion (2 trillion Yen) in developing new EVs and battery technology over the next five years.

Unveiling the 'Nissan Ambition 2030' plan, the company announced it will launch 23 new electrified models, including 15 new EVs, aiming for 50 per cent electrification mix, by fiscal year 2030.

"We will drive the new age of electrification, advance technologies to reduce carbon footprint and pursue new business opportunities. We want to transform Nissan to become a sustainable company that is truly needed by customers and society," said Makoto Uchida, Nissan CEO.

Over the next 10 years, Nissan aims to deliver exciting, electrified vehicles and technological innovations while expanding its operations globally.

The vision supports Nissan's goal to be carbon neutral across the life cycle of its products by fiscal year 2050.

With the introduction of 20 new EV and e-POWER equipped models in the next five years, Nissan intends to increase its electrification sales mix across major markets by fiscal year 2026, including Europe by more than 75 per cent of sales, Japan by more than 55 per cent of sales, China by more than 40 per cent of sales and the US by 40 per cent of EV sales in fiscal year 2030.

"With our new ambition, we continue to take the lead in accelerating the natural shift to EVs by creating customer pull through an attractive proposition by driving excitement, enabling adoption and creating a cleaner world," said Nissan COO Ashwani Gupta.

Representing the next stage of Nissan's electrified future, the company also unveiled three new concept cars that offer enhanced experiences through sophisticated technology packaging.

Nissan aims to launch EV with its proprietary all-solid-state batteries (ASSB) by fiscal year 2028 and ready a pilot plant in Yokohama as early as fiscal year 2024.

With the introduction of breakthrough ASSB, Nissan will be able to expand its EV offerings across segments and offer more dynamic performance.

"By reducing charging time to one-third, ASSBs will make EVs more efficient and accessible. Further, Nissan expects ASSB to bring the cost of battery packs down to $75 per kWh by fiscal year 2028 and aims to bring it further down to $65 per kWh to achieve cost parity between EV and gasoline vehicles in the future," the company announced.

Nissan intends to increase its global battery production capacity to 52 GWh by fiscal year 2026, and 130 GWh by fiscal year 2030.

Disclaimer: This story is auto-generated from news agency feeds and has not been edited by The Morung Express.Source: IANS Nissan to invest $17.6 bn in EV development over next 5 years | MorungExpress | morungexpress.com

Read More........ → January 15, 2026

India’s GDP growth likely to scale 7.5 per cent in FY 26: SBI report

IANS Photo

New Delhi, (IANS): While the 7.4 per cent GDP growth rate projected for FY 26 in the first advance estimates of the Ministry of Statistics "is quite expected and reasonable", the actual figure is eventually likely to be higher at around 7.5 per cent, an SBI Ecowrap report released on Wednesday stated.

"We believe that GDP growth for FY26 would be around 7.5 per cent with an upward bias. The second advance estimates, incorporating additional data and revisions, are scheduled to be released on February 27, 2026. So, all these numbers are expected to change with the base revision to 2022-23," the SBI report said.

On the expenditure side, the heads that have positively contributed include the government consumption with a growth of 5.2 per cent in real terms, it said.

Exports have also held their ground with positive growth of 6.4 per cent. Private consumption growth was a tad lower at 7 per cent, possibly due to a slowdown in the agriculture sector. Per capita consumption expenditure registered a growth of 6.1 per cent. Uptick in government consumption, and traction in services has held up the demand in FY26, cushioning the impact of external headwinds, the report further said.

Capital formation, which slowed last year, has recovered in FY26. The real growth in capital formation at 7.8 per cent was higher by 70 basis points (bps) from last year’s growth. The nominal capital formation growth was also higher, indicating a revival in investment demand, the SBI report observed.

Imports have registered a growth of 9 per cent in nominal terms but a growth of 14.4 per cent in real terms. However, this is expected to moderate in FY27, given the outlook on energy prices, the report pointed out.The fiscal deficit at the end of November 25 stood at Rs 9.8 lakh crore or 62.3 per cent of the budget estimate (BE). Although the tax revenue is likely to be lower than the budgeted for FY26, non-tax revenue will be on the higher side, thereby not impacting the overall receipts much. Total expenditure is also expected to be lower, leading to a fiscal deficit of Rs 15.85 lakh crore compared to the budgeted Rs 15.69 lakh crore. With the new higher GDP figure, the fiscal deficit as a percentage of GDP is likely to remain unchanged at 4.4 per cent, the report added. India’s GDP growth likely to scale 7.5 per cent in FY 26: SBI report | MorungExpress | morungexpress.com

Read More........ → January 09, 2026

Ola Electric faces tough year as market share drops over 50 pc in 2025

IANS Photo

New Delhi, (IANS): India’s electric two-wheeler market saw a major shift in 2025, with last year’s leader Ola Electric losing a large part of its market share, while traditional auto companies strengthened their position.

Ola Electric’s market share dropped sharply to 16.1 per cent in 2025 from 36.7 per cent in 2024.

Despite overall demand for electric two-wheelers improving, the company sold 1,96,767 vehicles during the year, according to data from the government-run Vahan portal.

The sharp fall highlights the growing challenges Ola Electric faced through the year. Ola Electric’s troubles were also linked to operational issues, including customer complaints related to service delays and inconsistent deliveries.

Meanwhile, Bhavish Aggarwal-run electric two-wheeler maker reported a consolidated net loss of Rs 418 crore in second quarter of the current financial year (Q2 FY26).

The revenue from operations of the firm also followed suit and dropped nearly 43 per cent year-on-year to Rs 690 crore in Q2, compared to Rs 1,214 crore in Q2 FY25.

In an earlier exchange filing, the firm said that “For the Auto segment, we expect lower volumes than the Q1 guidance as we continue to focus on margin and cash discipline in a hyper competitive market.

The stock of Ola Electric is also not performing well. Around 1:40 p.m., the company’s shares were down 3.34 per cent at Rs 34.97. Over the past five days, the stock had gained 1.36 per cent.

However, it was down 13.77 per cent over the last one month and had delivered a negative return of nearly 19 per cent in the past six months.

On a year-to-date (YTD) basis, the shares were lower by 59.44 per cent, according to official data.

At the same time, established manufacturers with strong dealer networks and better after-sales support gained ground.

TVS Motor Company emerged as the market leader in 2025, capturing a 24.2 per cent share after selling 2,95,315 units.Bajaj Auto followed closely with a 21.9 per cent market share, further tightening competition in the segment. Ola Electric faces tough year as market share drops over 50 pc in 2025 | MorungExpress | morungexpress.com.

Read More........ → January 06, 2026

critical pivots for Trinidad and Tobago in 2026

AS TRINIDAD and Tobago heads into 2026, it’s becoming increasingly clear that we are not entering a “fresh start” year – we are entering a decision year.

The global environment has shifted in ways that disproportionately affect small countries. Technology is removing jobs faster than they are replaced, governments everywhere are under fiscal pressure, and the cost of living continues to rise. These are not temporary conditions. They are structural changes.

If we want 2026 to be a year of progress rather than pressure, there are five critical pivots we need to make – not someday, but now.

Upgrade understanding of leadership

We often say we want better leadership, but rarely stop to ask what effective leadership actually looks like in today’s world.

Globally, some of the most effective leaders spend less time campaigning and more time preparing their populations for reality. Singapore’s Prime Minister Lawrence Wong regularly addresses issues such as inflation, global conflict, and economic restructuring in a clear, direct way.

He doesn’t avoid difficult topics. He explains them, giving citizens context and direction.

Similarly, Kaja Kallas former prime minister of Estionia demonstrated how leadership in a small country can be globally relevant. Estonia, with a population similar to TT, built digital systems that reduced bureaucracy, increased transparency, and made government more efficient.

Estonia's former prime minister Kaja Kallas.

Kallas spoke openly to citizens about trade-offs, risks, and long-term strategy – treating them as partners, not spectators.

The lesson here is simple: we cannot demand better leadership if we don’t understand what effective, future-focused leadership looks like globally. Exposure matters. Standards matter.

Shift from job-seeking to value creation

For decades, conversations about employment in TT have centred on job availability. That model is breaking down.

Governments everywhere are digitizing, automating, and cutting costs. Clerical and administrative roles – once a reliable pathway to stability – are shrinking. The idea that the state can absorb everyone who needs a job is no longer realistic.

The pivot required is from job-seeking to value creation.

When you develop a skill that solves a problem – whether in design, accounting, marketing, education, technology, or operations – income is no longer tied to one employer. Three solopreneurs collaborating on a project can generate revenue without forming a traditional company or waiting for an opening.

Work in 2026 will be project-based, collaborative, and skills-driven. Preparing for that reality is no longer optional.

Run every business idea through forex lens

Here’s a question we don’t ask often enough: Does this earn foreign exchange?

As long as most of our economic activity revolves around buying and selling to each other locally, growth will always be capped. A population of 1.4 million people places a hard limit on demand.

Foreign exchange isn’t just about overseas travel – it pays for food imports, fuel, medicine, technology, and business continuity. When forex is scarce, everyone feels it.

Service exports offer the most viable path forward. Digital work, consulting, teaching, creative services, and remote professional skills allow individuals to earn globally while living locally. When enough people earn forex, household resilience improves – and so does national resilience.

Treat mobility as a strategy, not a failure

We currently train more teachers than there are teaching jobs available locally. That mismatch has created frustration and stagnation.

Globally, however, English-speaking teachers are in demand – particularly across Asia. Countries such as Japan, Vietnam, and Thailand actively recruit educators.

Too often, we compare salaries without comparing cost of living. A lower salary in Vietnam or Thailand can still result in better savings and quality of life than earning more on paper in a high-cost country. Rent, transportation, food, and healthcare matter just as much as income.

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This doesn’t have to be permanent. Think of it as career acceleration: gain experience, earn foreign exchange, broaden perspective, then decide what comes next. That isn’t brain drain — it’s skill and capital accumulation.

Redefine what risk really means

For years, risk meant leaving a stable job or trying something new. Today, that definition has flipped.

The real risk now is doing nothing – staying in stagnant industries, relying on a single employer, and hoping things return to how they were before the covid pandemic.

They won’t.

Automation, lay-offs, and rising costs are forcing change whether we’re ready or not. The safest strategy in 2026 is no longer comfort – it’s adaptability.

Calculated risks – learning new skills, exploring global markets, diversifying income — are no longer reckless. They are prudent.

2026 will test mindset, flexibility, and resolve.

The people who navigate it best won’t be the ones who waited for rescue. They’ll be the ones who adjusted early, thought beyond borders, and took responsibility for building their own economic security.For TT, the future won’t be decided by hope alone – it will be shaped by how willing we are to pivot now. 5 critical pivots for Trinidad and Tobago in 2026 - Trinidad and Tobago Newsday

Read More........ → January 04, 2026

Autonomous Montreal Metro Completed with Massive Cost Savings–Sets Example for Canada

One of the REM trains – credit, Reece Martin, CC BY-SA 4.0.

Cheap, efficient, new and exciting, Montreal’s new automated light rail transit system which recently opened is a major accomplishment for a country routinely criticized for its public transport.

Taras Grescoe is an expert in metropolitan rail systems around the world, and by his estimation, the Réseau Express Métropolitain (REM) should be a case study for the whole of North America.

As of November 2025, it consists of 19 stations spanning 50 kilometers (31 mi), connecting Downtown Montreal with the suburb of Brossard and the northwestern Montreal suburbs. The West Island branch will open in the second quarter of 2026 and the branch to the Montréal–Trudeau International Airport will open in 2027.

Trains on the network are fully automated and driverless, and the stations are completely enclosed and climate controlled, built with light-colored, locally-sourced timber and glass.

Innovations from train systems around the world have been incorporated into the REM network design. Like in Japan, the train cars feature heated seats. Like in China, safety doors mounted on the platforms reduce injuries from not minding the gap. Like in Europe, the trains draw power from overhead wires.

However, the nature of Montreal’s climate has seen its designers adopt distinctly Quebecoise features, including gas-powered track heaters to prevent the switches from freezing solid, and reinforced arms meant to smash icy buildup along the overhead wires.

But more than the actual construction and design of the train, it was the planning and execution of its construction that make the REM really stand out among what Grescoe described as a sorry state of transportation among major Canadian cities.

Costing CAD$170 million per kilometer to build, REM is about 21.5-times cheaper than New York’s long-overdue Second Avenue Subway, 4-times cheaper than Toronto’s Eglinton Crosstown light rail, and around 6-times cheaper than light rail systems being built in San Francisco and Los Angeles. REM is 5-times cheaper than a mere 5-station long extension of Montreal’s existing Blue Line underground.

The REM network, with the announced (solid line) and hinted (dotted line) route of the Taschereau REM added – credit CC 4.0.

The contractor on the project is CDPQ Infra, the construction arm of the Caisse de dépôt et placement, (CDP) the manager of Quebec’s massive public pension fund. While this is hardly an example of the free market at work, what having CDPQ in charge did was introduce just enough free market economics to change the game in terms of cost savings; it was simply to reintroduce risk.

CDPQ and CDP were financing the project with what in effect is Quebec’s social security system; cost overruns and failure, therefore, would be taken out of people’s retirement accounts. That might seem diabolical, but if the state is financing the project with tax money, public choice economics demonstrates that this introduces moral hazard into the financing equation—too many people have too few incentives to keep costs down.

CDPQ began the cost savings by utilizing infrastructure such as bridges, existing rights of way, and highways to lay track along. This included the Champlain Bridge over the Saint Lawrence River, which was built some years ago with an empty central corridor for future transit options. It also built through the Mont-Royal Tunnel, and covered other corridors with elevated viaducts.

This lack of tunneling, bridge-building, and eminent domaining-away properties in the path of the railway line has meant that costs stayed down—to be expected, as it was in CDPQ’s interest from the start.

CDPQ holds a 78% equity stake in the REM and will reap revenue from the service, paid out at the rate of 75 cents per kilometer per passenger, for 99 years. It was an investment by the pension plan for the future pensioners, and CDP expects to make 9% return-on-investment over the project’s life, which isn’t bad.Most pensions funds around the world own some amount of US 30-year Treasury Bills, which at current rates garner 4.82%. Autonomous Montreal Metro Completed with Massive Cost Savings–Sets Example for Canada

Read More........ → December 18, 2025

Bajaj Finance loses over Rs 19,000 crore in market valuation this week

IANS Photo

Mumbai, December 14 (IANS): Bajaj Finance emerged as the biggest loser among India’s most valued companies last week, as its market capitalisation fell sharply by Rs 19,289.7 crore amid a largely bearish trend in the stock market.

Overall, eight of the top-10 most valued domestic firms together saw their market valuation erode by Rs 79,129.21 crore during the week.

The weak performance came as the BSE benchmark index slipped by 444.71 points, or 0.51 per cent -- reflecting cautious investor sentiment in equities.

Bajaj Finance’s market capitalisation declined to Rs 6,33,106.69 crore, making it the worst-hit stock among the top companies.

ICICI Bank followed closely, with its valuation tumbling by Rs 18,516.31 crore to Rs 9,76,668.15 crore.

Bharti Airtel also faced heavy losses, as its market value dropped by Rs 13,884.63 crore to Rs 11,87,948.11 crore.

State Bank of India saw its valuation fall by Rs 7,846.02 crore, taking its market capitalisation to Rs 8,88,816.17 crore.

IT major Infosys lost Rs 7,145.95 crore from its valuation, which stood at Rs 6,64,220.58 crore at the end of the week.

Tata Consultancy Services saw its market capitalisation decline by Rs 6,783.92 crore to Rs 11,65,078.45 crore, while HDFC Bank’s valuation dipped by Rs 4,460.93 crore to Rs 15,38,558.71 crore.

Life Insurance Corporation of India was the least impacted among the losers, with its market value eroding by Rs 1,201.75 crore to Rs 5,48,820.05 crore.

In contrast, Reliance Industries and Larsen & Toubro were the only two gainers in the top-10 list. Reliance Industries added Rs 20,434.03 crore to its market capitalisation, which rose to Rs 21,05,652.74 crore.Larsen & Toubro’s valuation increased by Rs 4,910.82 crore to Rs 5,60,370.38 crore. Despite the mixed performance, HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Larsen & Toubro and LIC remained among the most valued company in the country. Bajaj Finance loses over Rs 19,000 crore in market valuation this week | MorungExpress | morungexpress.com

Read More........ → December 13, 2025

Australian economic growth is solid but not spectacular. Rate cuts are off the table

Stella Huangfu, University of Sydney

Australia’s economy grew by a softer-than-expected 0.4% in the September quarter, slowing from 0.6% growth in the June quarter. It confirms the recovery is tracking forward but without strong momentum.

Still, figures from the Australian Bureau of Statistics showed annual gross domestic product (GDP) growth was at a two-year high of 2.1%. That’s just above the Reserve Bank’s estimate of long-term trend growth of 2.0%.

The September quarter national accounts was the final major data release before the Reserve Bank’s meeting on 8–9 December.

The GDP result is steady enough to reassure the Reserve Bank the economy is not slipping backwards, while recent inflation data show domestic price pressures — especially in services — remain elevated. Together, the signals point clearly to a hold on interest rates next week.

All four major banks expect rates to remain on hold for many months, while financial markets on Wednesday were pricing in an 85% chance of a rate rise next year.

Across-the-board strength, led by IT

A key feature of the September quarter is the breadth of domestic growth.

In earlier quarters, much of the expansion came from the public sector — particularly government consumption and infrastructure spending — while private demand was subdued. This quarter marks a clear shift: private demand was the main driver, led by a strong lift in business investment, steady household consumption and continued public investment.

Domestic final demand rose solidly, with contributions from all major components — signalling improving confidence among both businesses and households and a more balanced base for growth than we saw earlier in the year.

Private investment led the gains, rising 2.9% – the strongest quarterly increase since March 2021.

Business investment in machinery and equipment jumped 7.6%, boosted by major data-centre projects in New South Wales and Victoria. IT-related machinery investment hit a record A$2.8 billion, double the June quarter, and aviation-related purchases also jumped. The Bureau of Statistics said in a statement:

The rise in machinery and equipment investment reflects the ongoing expansions of data centres. This is likely due to firms looking to support growth in artificial intelligence and cloud computing capabilities.

Household consumption rose 0.5%, but this was driven more by spending on essentials rather than discretionary items. A cold winter, reduced government rebates and a harsh flu season lifted demand for utilities and for health services.

Public investment grew 3.0%, after three quarterly declines. State and local public corporations led the rise through renewable-energy and water-infrastructure projects.

Coal exports are up

External conditions weakened this quarter as imports grew faster than exports.

Goods exports rose 1.3%, helped by a rebound in coal shipments and strong overseas demand for beef and citrus. Services exports were flat, as a fall in spending by overseas students offset a modest recovery in short-term tourism from China, Japan and South Korea.

Goods imports rose 2.1%, driven by demand for intermediate goods — especially diesel — and capital goods, mainly the data-centre-related equipment.

Companies drew down on inventories during the quarter, which acts as a drag on growth.

Households are saving more

Households remain central to the outlook. They are on firmer financial footing but still spending cautiously. The household saving ratio rose from 6.0% to 6.4%, helped by higher compensation of employees.

Economic growth per person (known as GDP per capita) was flat this quarter, but up 0.4% over the year. After several negative quarters, living standards appear to have stopped falling, though improvements remain modest.

Overall, households are in better shape financially but remain hesitant — a pattern that supports stability, not a consumption-led surge.

A steady result, but not enough to shift the rate outlook

Some parts of this quarter’s outcome — including the lift in machinery and aviation-related spending — are unlikely to be repeated.

For the interest rate outlook, however, the key issue remains inflation. Price pressures are still above the Reserve Bank’s target band, and services inflation has been slower to ease than anticipated. The Reserve Bank now expects a more gradual return to the 2–3% target band.

After three rate cuts earlier this year — the most recent in August — markets were expecting at least one more rate cut. That view has shifted. Sticky services inflation and a slower forecast decline mean expectations of further cuts have faded.

A steadier footing, but risks remain

The September quarter shows an economy on a steady, though still moderate, footing. Domestic demand is broad-based, investment is strong, and households have more income support — even if they remain cautious.

But this is not yet a turning point. Inflation is still above target. As Australia enters 2026, the Reserve Bank remains firmly on hold — but alert to the possibility that, if inflation stays above 3%, the next adjustment may need to be upward rather than downward.

Stella Huangfu, Associate Professor, School of Economics, University of Sydney

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Read More........ → December 04, 2025

Macquarie Technology explores JV, capital recycling for $3bn data centre

Posted by Harry Baldock : The Australian technology giant is considering “a range of potential funding alternatives” to support the project

Earlier this week, Macquarie Technology Group revealed to investors that it was exploring funding options for a new 150MW data centre campus project, aiming to meet the expected boom in demand for AI and cloud computing.

The new campus would require between $2.5 billion and $3 billion in capital, excluding land value.

Speaking to investors on Tuesday, CEO David Tudehope said that the company was currently exploring its options for financing the data centre build out at the optioned location. One possibility would be to recycle capital by selling off a stake in the company’s more mature data centre assets. Alternatively, Macquarie could also partner with a third-party to create a joint venture.

“Funding for the new campus […] will come from recycled capital from the existing data centres and/or a development partnership,” said Tudehope, as reported in the Financial Review. “Both of those ideas are quite common overseas but are less common in Australia.”

The tech company has already struck a deal for the required land in Sydney for $240 million earlier this year, to be funded through cash reserves and debt.

Macquarie has been investing in data centres since 2018, with its flagship project taking place at the Macquarie Park Data Centre Campus in Sydney. Phase 1 of the site’s development, known as Sydney IC3 East, was completed in 2020, providing over 12MW of capacity. Phase 2, will see the site scaled further with the construction of the IC3 Super West data centre, bringing total capacity to 65MW.

Construction on C3 Super West began last year and is expected to be complete by Q3 2026. Macquarie extended its loan facilities to $450 million last year to facilitate this expansion.Combining these existing assets with the planned 150MW would make Macquarie one of the largest data centre providers in Australia. Macquarie Technology explores JV, capital recycling for $3bn data centre

Read More........ → December 04, 2025

Rupee crashes to record low beyond 90 per dollar

(AI Image/IANS)

New Delhi, (IANS) The Indian rupee fell sharply on Wednesday, slipping past the crucial 90-per-dollar level for the first time ever.

The currency dropped to a new record low of 90.13 against the US dollar, breaking its previous all-time low of 89.9475 touched just a day earlier.

The decline in the rupee came amid weak trade and portfolio flows, along with growing uncertainty over the India-US trade deal.

These factors kept the currency under continuous pressure throughout the session.

The sharp fall in the rupee also weighed on domestic equity markets. The Nifty index slipped below the 26,000 mark -- reflecting cautious sentiment among investors.

The Sensex also dropped nearly 200 points in early trade as the weakening currency raised concerns about inflation and foreign investor activity.

Analysts said that the market mood remained tense as traders watched for signs of stability in the rupee and clarity on trade negotiations between India and the United States.

“The rupee depreciation will halt and even reverse when the India-US trade deal materialises. This is likely this month. A lot, however, will depend on the details of the tariffs to be imposed on India as part of the deal,” analysts stated.

Meanwhile, the Indian stock market opened on a quiet note on Wednesday, with both benchmark indices showing minimal movement in early trade.

The Sensex inched up by just 12 points to 85,151, while the Nifty slipped 18 points to 26,014.

At the opening bell, shares of HUL, Titan, Tata Motors PV, NTPC, BEL, Trent, Bajaj Finserv, Kotak Bank, Ultratech Cement, Maruti Suzuki, L&T, Power Grid, and ITC were among the top losers in the morning session.

“A real concern now, which has contributed to the slow drifting down of the market, is the continued depreciation in the rupee and fears of further depreciation since the RBI is not intervening to support the rupee,” analysts stated.“This concern is forcing the FIIs to sell despite the improving fundamentals of rising corporate earnings and strong rebound in GDP growth,” they added. Rupee crashes to record low beyond 90 per dollar | MorungExpress | morungexpress.com

Read More........ → December 03, 2025

The High-End Fashion Industry’s Reaction to Economic Turmoil

Illustration by Ruhi Bishnoi

While inflation has pinched the wallets of many, it’s ironically fueling the growth of luxury fashion. As most consumers scale back on spending due to rising costs, iconic brands like Chanel, Rolex, and Hermès are boldly raising their prices, sometimes surpassing inflation itself. For some, it's a response to economic pressures; for others, it’s a strategic move to preserve their elite status.

Luxury brands excuse their price inflation by claiming inflation pressures and rising material costs, but their figures do not hold up. Consider, for instance, Chanel in 2019, the average price for a Classic Flap bag stood at $5,800. At present, it has reached about $10,200, a phenomenal increase of about 76% in price. Chanel justified this by claiming a commitment to quality and exclusivity. This argument was pushed by the CEO, Leena Nair for the price hike, she said "We use exquisite raw materials and our production is very rigorous, laborious, handmade-so we raise our prices according to the inflation that we see." But is there more to it? Many consumers and analysts suspect otherwise, wondering whether such price bounds are truly to do with keeping up with cost or simply to maintain their ultra-high-end status.

The watch market is no different. Patek Philippe and Rolex rank among the world's most desirable brands, but to purchase them at retail is effectively impossible for someone who lacks any insider affiliation. On the secondary market, though, such timepieces tend to fetch two to three times their retail price. Are these brands genuinely facing supply chain restrictions, or do they limit production on purpose to keep demand strong? Most industry professionals believe the latter.

Beyond the realm of economics, luxury brands have learned a thing or two about price psychology. Economists call it the Veblen Effect; as the price for some luxury items rises, so does their demand. In contrast to mass-market items, a client does not buy Chanel handbags or Rolex watches just for their fine craftsmanship; he or she buys them for their prestige. Price hikes aren’t just about inflation; they create an aura of exclusivity around such goods. In short, the higher the price, the more desirable they become.

Hermès exemplifies this strategy. The brand, synonymous with scarcity and strict pricing, increased the price of an average Birkin bag by nearly 10% in 2023, exceeding inflation rates. A close examination of the discourse further reveals the possible truth that these bags do not just serve as accessories but genuine investments, worth holding and appreciating. Louis Vuitton had equally to trade from a playbook wherein multiple price raises go within a year despite the depressing foreign retail markets. These luxury goods stack up nowadays according to Business of Fashion on an average basis for around fifty-four percent more than they did during 2019. Yet, sales remain booming-some even argue more than ever. Why? Because these have successfully groomed the idea that affordability in hand and wrist should become a tag as status hallmark for completion in being successful. However, it too ends up being an ethical debate. Should luxury companies literally be allowed to raise prices this steeply while others are still cash-strapped? Some would just say that this is merely a business concept as the saying goes"If you find someone willing to pay, why not charge him more?" while some see it as a deliberate ploy to keep out regular buyers, thus making it all the more desired by ultra-high-net-worth individuals.

So, what’s next in the future? Will brands continue to push prices higher, or are we approaching a breaking point? History suggests that as long as affluent consumers remain eager to buy into exclusivity, luxury brands will continue raising prices, regardless of economic conditions. But there’s always the risk of alienating aspirational buyers, the ones who save up for a dream luxury purchase, if prices keep climbing.

Indeed, changes in behavior control the portion of this high drama. The industry remains high-class and entry-level as long as there is pursuit by people to be status seekers, this profit will always be there for these brands, be it a recession or not.Ruhi Bishnoi is a Data Science, Economics, and Business student at Plaksha University, set to graduate in 2027. She is passionate about leveraging data-driven insights to drive strategic business decisions and create meaningful impact. The High-End Fashion Industry’s Reaction to Economic Turmoil | MorungExpress | morungexpress.com

Read More........ → November 17, 2025

UK’s Sizewell C achieves financing landmark

How the new plant could look (Image: Sizewell C)

The Sizewell C project to build two of EDF’s EPR reactors on England’s east coast has reached Financial Close, including GBP5 billion (USD6.5 billion) in export credit financing by BpifranceAE as well as debt financing from the UK’s National Wealth Fund.

France's EDF, announcing the financial closing of the project, said it would invest a maximum of GBP1.1 billion during the construction period and would have a stake of 12.5%, with the UK government having 44.9%, La Caisse 20%, Centrica 15% and Amber Infrastructure 7.6%.

It added: "EDF will not invest new cash at financial close due to the reimbursement of the development costs incurred since 2015 and a payment in return for the Hinkley Point C project expertise that Sizewell C benefits from, as well as the series effect."

Thirteen banks have supported the GBP5 billion debt raise: ABN Amro Bank; Banco Bilbao Vizcaya Argentaria; Santander CIB; BNP Paribas; Crédit Agricole Corporate and Investment Bank; CaixaBank; Citibank; Crédit Industriel et Commercial; HSBC Bank; Lloyds Bank; National Westminster Bank; Natixis and Societe Generale.

Sizewell C said "this landmark moment sees funding for the project beginning to flow, unlocking full-scale construction of the Suffolk-based plant".

The plan is for the estimated GBP38 billion Sizewell C plant to feature two EPR reactors producing 3.2 GW of electricity, enough to power the equivalent of around six million homes for at least 60 years. It would be a similar design to the two-unit plant being built at Hinkley Point C in Somerset, with the aim of building it more quickly and at lower cost as a result of the experience gained from what is the first new nuclear construction project in the UK for about three decades. A final investment decision for the Sizewell C project was taken in July this year.

Sizewell C has used the Regulated Asset Base (RAB) funding model, which will see consumers contributing towards the cost of new nuclear power plants during the construction phase. Under the previous Contracts for Difference system developers finance the construction of a nuclear project and only begin receiving revenue when the power plant starts generating electricity.

Sizewell C said the "financing model attracts private investment that would not otherwise be possible. Government estimates that using the RAB can save consumers GBP30 billion, compared with other models, as a result of lower financing costs".

UK Energy Secretary Ed Miliband said: "By backing nuclear we are creating thousands of high-quality jobs across the country, supporting British supply chains and keeping the lights on with homegrown energy for generations to come."

Tom Greatrex, Chief Executive of the Nuclear Industry Association, the trade association for the UK’s civil nuclear industry, said: "Reaching financial close for Sizewell C is a landmark moment for the UK's clean energy future. It proves that new nuclear can attract significant investment - a vital step towards energy security, skilled jobs, and achieving net zero. The financing model used for Sizewell C is crucial to unlocking further private investment in new nuclear projects, cutting our reliance on fossil fuels, and driving an industrial revival across Britain."

EDF also noted the wider benefits for the French state-owned group: "The EDF group will contribute to the project as a supplier of engineering studies (EDF/Edvance), the main primary circuit including the nuclear boiler, steam generators and safety control system (Framatome) and, for the conventional island, the turbo-alternator unit (Arabelle Solutions). For the French nuclear industry more broadly with some 40 French suppliers, it will help to perpetuate skills, capitalise on experience and generate economies of scale for the EPR2 programme in France."Sizewell C said that Clifford Chance acted as legal adviser, Rothschild & Co acted as lead financial adviser across equity, debt and credit ratings, and BNP Paribas acted as joint debt financial adviser to Sizewell C on the capital raise. HSBC acted as French Authorities and Green Loan Coordinator, alongside Santander CIB as Documentation Coordinator on the GBP5 billion export credit backed facility. UK’s Sizewell C achieves financing landmark

Read More........ → November 13, 2025

Chinese company monopolises printing of Nepal’s banknotes for nearly three years

Chinese company monopolises printing of Nepal’s banknotes for nearly three years (Photo: @yicaichina/X/IANS)

Kathmandu, (IANS) China Banknote Printing and Minting Corporation appears to be monopolising the printing of Nepal’s banknotes, with the Chinese state-owned company winning bids seven times consecutively over the past three years.

On Friday, Nepal Rastra Bank (NRB), the central bank of the country, issued a letter of intent to award a contract to the Chinese company for the design, printing, supply, and delivery of 430 million pieces of NPR 1,000 denomination banknotes worth US$16.985 million.

According to the NRB’s notice, the Chinese company was selected as the substantially responsive, lowest evaluated bidder.

In nearly past three years, NRB has issued seven separate tenders for the design, printing, supply, and delivery of various denominations of banknotes. In each case, the Beijing-based company, located in the Xicheng District, emerged as the winning bidder.

Based on the contracts awarded during this period, the Chinese company is expected to earn around US$63 million from Nepal for printing approximately 2.38 billion pieces of banknotes.

The Chinese company does not have a long history of printing Nepal’s currency notes. In 2016, the Chinese company had secured the contract to print Nepal’s banknotes for the first time, according to the NRB.

On October 15 this year, NRB issued a letter of intent to print and supply 420 million pieces of NPR 50 denomination banknotes and related services. Its bid price of US$10.422 million was accepted as the lowest evaluated bid, according to the central bank’s notice.

Earlier, on June 22 this year, the same company was awarded a contract for the design, printing, supply, and delivery of 230 million pieces of NPR 500 denomination banknotes and related services. Its bid price of US$9.66 million was accepted as the substantially responsive, lowest evaluated bid.

On October 27 last year, the Chinese company won another bid to print Nepal’s banknotes. It was awarded the contract for printing and supplying 300 million pieces of NPR 100 denomination notes for US$8.996 million.

Similarly, on October 8 last year, the company won the bid to design, print, and supply 340 million pieces of NPR 10 denomination banknotes. It was awarded the contract for US$7.117 million as the lowest evaluated bidder.

Earlier, on July 10 last year, the company secured the contract for the design, printing, supply, and delivery of 350 million pieces of NPR 5 denomination banknotes at a bid price of US$5.158 million, which was also accepted as the lowest evaluated bid.

Likewise, on February 12, 2023, NRB issued a letter of intent to award the company a contract for the design, printing, supply, and delivery of 310 million pieces of NPR 20 denomination banknotes for US$4.698 million.

The last time an Indian company received a similar contract was on January 10, 2023, when NRB issued a letter of intent to award the Security Printing and Minting Corporation of India Limited a contract for the design, printing, supply, and delivery of 300 million pieces of NPR 50 denomination banknotes for US$5.048 million.

Earlier, on November 30, 2022, the same Indian company had been awarded a contract to print and supply 430 million pieces of NPR 1,000 denomination circulation banknotes for US$11.134 million.

--IANSscor/dan Chinese company monopolises printing of Nepal’s banknotes for nearly three years | MorungExpress | morungexpress.com

Read More........ → November 11, 2025