Wild first season in expanded Big 12 comes down to final weekend
Mining major Vedanta Ltd on Friday said the Mumbai bench of the NCLT has asked the company to call for a meeting of its secured and unsecured creditors and shareholders in the next 90 days to discuss the proposed demerger. The proposed demerger will create independent companies housing aluminium, oil and gas, power, steel and ferrous materials, and base metals businesses. The existing zinc and new incubated businesses will remain under Vedanta Ltd. "A meeting of the equity shareholders... be convened and held within 90 days from the date of receipt of the order," said a two-member bench of the National Company Law Tribunal (NCLT) comprising Technical Member Madhu Sinha and Judicial Member Reeta Kohli in its order dated November 21. Vedanta Chairman Anil Agarwal had earlier said the proposed demerger of the company's diverse verticals that represent more than 15 commodities will see it progress from being asset managers to asset owners. As the company passes through the transition phase, Vedanta is focusing on consolidating and strengthening its asset base to emerge as a world leader in each of its verticals, the chairman had said. The diversified natural resources company had moved the NCLT seeking a demerger after receiving a nod from lenders and had expressed hopes of completing the process by the end of this fiscal year. 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The demerger will help simplify the company's corporate structure by creating independent businesses. Moreover, it will offer global investors direct investment opportunities in pure-play companies linked to the country's impressive growth. The demerger will allow the individual units to pursue strategic agendas more freely and better align with customers, investment cycles, and end markets. From FY24 onwards, the company is investing USD 1.9 billion as growth capex across its businesses. The company reported a consolidated net profit of Rs 4,352 crore in the September quarter. It had posted a consolidated net loss of Rs 1,783 crore in the year-ago period. Nominations for ET MSME Awards are now open. The last day to apply is November 30, 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. (You can now subscribe to our Economic Times WhatsApp channel )
This is indeed not the best of times for Nigeria’s economic managers, as international rating agencies, rather than applaud their efforts, have continued to express loss of confidence in the state of the country’s economy. The latest vote of no confidence came from SBM Intelligence Africa Country Instability Risk Index which classified the country as vulnerable to instability in its 2024 report. This position is a downgrade from the stable status, it was classed in 2023, a sign that the economic reform programmes of the present administration, is strangulating rather than building the economy. Since May 29 last year, Nigeria has struggled with high inflation and unstable currency value, with the naira losing over 70 per cent of its value to the dollar. The high energy cost arising from the removal of fuel subsidy, and the fluctuation of the exchange rate, arising from the floatation of the naira, two major economic reform decisions of the Tinubu administration, have escalated the cost of doing business and made the cost of living extremely high and pushing more citizens into poverty. Nigeria dropped six points on the Risk Index this year, scoring 45 compared with 39 in 2023. According to SBM Intelligence, a higher score in the risk index means a higher level of political risk to business. The implication of this is that Nigeria stands the risk of financial market turmoil, delayed consumption and investment decisions by both businesses and the citizens, and prompt lenders to tighten credit supply, all of which can lead the people into deeper poverty. The report highlights Nigeria’s deteriorating economic environment, worsened by factors such as rising food inflation, insecurity, and rising poverty level as the drivers of instability in the country. According to the report, “Nigeria’s economy continues to worsen, with rising food inflation, persistent insecurity across all geopolitical zones, and many people falling into extreme poverty. “It is more polarised now than ever after the 2023 election and the unpopular reforms of the new government, such as the removal of petrol subsidies, which has worsened living conditions and led to the closure of businesses.” Other African nations sharing this risk status include Ethiopia, Comoros, Côte d’Ivoire, Benin, and Togo, reflecting broader economic and governance concerns across the continent. Analysis of the 2024 SBM Intelligence Africa Country Instability Risk Index, shows that Sub-Saharan Africa recorded an average of 45.4 per cent in 2024, an improvement from 47.7 per cent in the previous year. Out of 48 countries, 31 reported improved performance, while the rest deteriorated. Angola, Burundi, Chad, Togo, and Madagascar were the biggest gainers. A cutback on governance costs drove Angola’s performance, while Madagascar’s GDP growth improved to 4.4 per cent in 2023 from 4.3 per cent in 2022. Botswana, Seychelles, Nigeria, Namibia, and Zimbabwe were the biggest losers. Botswana experienced a GDP decline of nearly two per cent in the first quarter of 2024, and Zimbabwe experienced economic challenges such as debt and currency crises. On a regional count, Central African countries had the most representation, in the top ten, with about 40 per cent of the lot having countries such as Angola, Central African Republic, Chad, and Gabon. Following closely is West Africa at 30 per cent with Guinea, Sierra Leone, and Togo. The regions with the lowest representations are East Africa, with 20 per cent represented by Burundi and Madagascar, and Southern Africa, at 10 per cent, with Eswatini as its sole representative. “The worst-performing entities are shared by Eastern and Southern Africa, at 40 per cent each–represented by countries such as Seychelles, Kenya, Mauritius, and Comoros on the East side and Botswana, Namibia, Zimbabwe, and Zambia on the South,” SBM Intelligence stated. For the second year running, Southern Africa retained its spot as the most stable region, with a score change of -1.3.
TRUTH OR CONSEQUENCES — About a month after moving into the New Mexico State Veterans Home's Turtleback building, Lesha and Lorenzo Delgado's new place was starting to feel like home. Though there were a few boxes and suitcases left to unpack, the couple added little touches to make the studio-style space feel more comfortable. A green and purple patchwork quilt covered Lorenzo Delgado's twin-sized bed. Across the room, Lesha Delgado's bed is decorated with a blanket bearing the likeness of Frida Kahlo — a gift from her husband, who knows her fondness for the artist. Lorenzo Delgado said he's eager to find a place to display his wife's master's degree. And the Delgados installed a small Christmas tree to infuse their new home with holiday cheer. Lorenzo Delgado's status as a U.S. Army veteran entitled both members of the couple to live at the facility, allowing Lesha Delgado to receive the skilled nursing care she needs while living with multiple sclerosis. "The reason I can live here is because of him," she said. In the past five years, the New Mexico State Veterans Home has served as the site of dozens of deaths from COVID-19, the subject of scathing legislative reports and a repeated cause for concern for state lawmakers. But since 2022, it's also experienced a kind of rebirth. Thanks to $40 million in legislative funding and $20 million in bond funds, the veterans home constructed six brand-new buildings, each composed of 12 private rooms with individual bathrooms plus communal kitchens, dining rooms and living rooms. Now, as veterans, spouses and Gold Star parents are settling into those new homes — which opened to residents in August — the facility's outlook is growing sunnier. Though they provide the level of care customary for a skilled nursing the facility, the new homes mark a shift in ideology, said Kenneth Shull, a retired Army brigadier general and the facility's administrator. They were designed to feel like, well, homes. Staff keep residents company during meal times or while they watch television. Outdoor patios allow residents to soak up some sun or visit with family. The communal kitchen is stocked with easy-access lemonade and snacks. "We're taking care of the patients like we were but [with] a different methodology," Shull said. "The staff has been very well trained in the new model," he added. "We're still working and training and learning new techniques — how to make the program a better program." For years, news of the veterans home was mostly bad news. In 2020 and 2021, COVID-19 tore through the facility, resulting in nearly 40 deaths. Legislative reports published in the following years painted a damning portrait of life in the veterans home, attributing the deaths to chronic leadership issues and failure to adhere to pandemic safety protocols. At the time, Sen. Nancy Rodriguez, D-Santa Fe, called the situation at the veterans home “not only unacceptable but unconscionable.” The state has since settled wrongful death lawsuits brought by surviving family members of those who died of COVID at the veterans home. In 2022, lawmakers set aside funds for a facility overhaul, an initiative secured by Gov. Michelle Lujan Grisham. The site's Depression-era main building — originally designed as a children's hospital and now known as "Old Main" — wasn't sufficient anymore. Now, the facility includes the new homes; Old Main, which is currently being used as administrative space; and an annex, built in 2017 and housing veterans whose medical conditions necessitate secure units. On Dec. 17, 104 of the home's 131 beds were filled. Shull said an average of eight new residents join the facility each month. Though he has some gripes about the new facility, David McLaren, another resident of the Turtleback building, said he's glad he made the move to the veterans home. After graduating from boot camp in 1972, McLaren spent three years as a Seabee — a member of the U.S. Navy's Construction Battalion, responsible for building infrastructure in support of operating forces. Faced with a low draft number, McLaren said he opted to enlist, visiting various recruiters. The Navy offered him the best deal: a chance to continue the kind of construction work he'd been doing as a civilian. McLaren moved into the New Mexico State Veterans Home in February 2017, after reaching a point where he could no longer take good care of himself while living alone. He loved living in Old Main, from examining the military memorabilia fellow veterans left behind in the building to relaxing in the building's turtle-filled courtyard. "That was such a wonderful facility, such a great place to live," he said. "It just had so much feeling of history." The new buildings, McLaren said, upset him "a little bit" because they were built on what was once the veterans home's sprawling front yard, where he used to enjoy time outside. It would have been nice to preserve that space, he said. But on the whole, McLaren said, "I'm glad I'm here." John Smith moved into the veterans home in February with a specific goal in mind. Smith spent 13 years in the Army, completing tours in Germany and Korea, as well as more than three decades in military civil service. All of it adds up to 47 and a half years — "But who's counting?" he quipped. But repeated falls and infections left Smith, now in his 70s, unable to walk. At the veterans home, he's been working with physical therapists to improve his movement and ability to transfer out of bed or a wheelchair. "I've been working on that ever since," he said. "So that's what I do here: I work on it, see if I can get myself to function again." Smith lives by a motto: "You either lead, follow or get out the way." Between visits from his children, grandkids and wife of more than 50 years, Smith has recently been leading as the veterans home's resident movie buff. Combining the home's collection of DVDs with his own, Smith has been working to set up movie viewings in the facility's on-site theater. After moving into the Turtleback building a month or two ago, Smith said he likes his new home. "This is a fantastic facility," he said.