episode 2 digital circus
Captain William Pitt in the early 1860s. Photo: supplied Unto us a Church is Given , written by Rev Roger Barker with Stuart Strachan, tells the 150-year history of St Barnabas Anglican Church in Warrington. Mr Barker’s association with the small coastal church began in 2004 when he was appointed vicar of the parish of Port Chalmers-Warrington. He was officially the vicar there for six years but remained associated with the church for about a further eight years. Now retired and living in Otaki, Mr Barker said the book was his "love letter" to St Barnabas. "There was something very special not only about the beautiful church, but the people there." As well as highlighting key periods in the church’s history, his book reveals the sometimes chequered past of people associated with the church, and including poisoning and penury. The first chapters explore the history of the church’s founders, Captain William Pitt and wife Annie. Mrs Pitt was from a wealthy Australian family, the Gellibrands. Capt Pitt was from "minor aristocracy", Mr Barker said. In the only known picture of Capt Pitt, which was reproduced in the book, he looked like an escapee from George Bernard Shaw’s play Arms and the Man , trying to portray "gravitas" in an ill-fitting military uniform, despite looking somewhat awkward, he said. St Barnabas Anglican Church in 1909. Photo: Otago Witness Mr Barker wondered how on earth someone like that, even given he married very well, could uproot himself from an army career in Australia, land in an underdeveloped neck of the woods in New Zealand, and plant a seed that has now grown into a 150-year-old story. In 1866, the 400-acre (160ha) "Warrenton Park Farm" in Blueskin was advertised for sale in the Otago Daily Times , and Capt and Mrs Pitt bought it, moving in August 1866. Mrs Pitt’s brothers, the Gellibrands, purchased the property as trustees of her marriage settlement. A large set of stained glass windows inside St Barnabas Anglican Church once destined for a much larger church in Australia. Photo: Simon Henderson Despite receiving £1000 from a "Mrs Pitt" in England, probably his mother, he soon borrowed another £500 for farm stock and equipment. His farming efforts failed, and by 1870 he was bankrupt, again having to rely on family to help. Other tales in the book relate to James and Louisa Smith, Mrs Pitt’s sister and brother-in-law. The current day St Barnabas Anglican Church. Photo: Sam Henderson The couple moved to Dunedin in 1865 and were to become very involved in the early days of the church, Mrs Smith being given the honour of laying the foundation stone. These tales and many more relay the history of the church over 150 years, since its building in 1872. Stuart Strachan helped uncover some of these details, as well as providing photographs for the book, copy-editing and seeing the book through to production. sam.henderson@thestar.co.nzSEC Chair Gary Gensler, who led US crackdown on cryptocurrencies, to step downIsrael has agreed to a ceasefire with Hezbollah in Lebanon that will take effect at 4 a.m. Wednesday. Moments after U.S. President Joe Biden announced the ceasefire deal , which Israel's Cabinet approved late Tuesday, an Israeli airstrike slammed into the Lebanese capital. Residents of Beirut and its southern suburbs have endured the most intense day of Israeli strikes since the war began nearly 14 months ago, as Israel signaled it aims to keep pummeling Hezbollah before the ceasefire is set to take hold. At least 24 people have killed by Israeli strikes across Lebanon on Tuesday, according to local authorities. Hezbollah also fired rockets into Israel on Tuesday, triggering air raid sirens across the country’s north. An Israel-Hezbollah ceasefire would mark the first major step toward ending the regionwide unrest triggered by Hamas’ attack on Israel on Oct. 7, 2023. But it does not address the devastating war in Gaza. Hezbollah began attacking Israel a day after Hamas’ attack. The fighting in Lebanon escalated into all-out war in September with massive Israeli airstrikes across the country and an Israeli ground invasion of the south. In Gaza, more than 44,000 people have been killed and more than 104,000 wounded in the nearly 14-month war between Israel and Hamas, according to Gaza’s Health Ministry. Here's the Latest: WASHINGTON — President-elect Donald Trump’s senior national security team was briefed by the Biden administration as negotiations unfolded, according to the senior U.S. official. The official, who spoke to reporters on the condition of anonymity in a White House-organized call, added that the incoming Trump administration officials were not directly involved in the talks, but that it was important that the incoming administration knew “what we were negotiating and what the commitments were.” The official said “all fire will stop from all parties” at 4 a.m. local time. The next step would be what the official described as a “phased withdrawal” by the Israeli military. As the Israelis pull back, Lebanese national forces will occupy the territories. The process is slated to finish within 60 days. Lebanese forces is supposed to patrol the area and remove Hezbollah weaponry and infrastructure there. “Hezbollah is incredibly weak at this moment, both militarily and politically,” the official said. “And this is the opportunity for Lebanon to re-establish its sovereignty over its territory.” The official said the ceasefire agreement will strengthen what’s known as the “tripartite mechanism” by including the United States and France. The goal is to address violations of the ceasefire without a return to hostilities. UNITED NATIONS – The top U.N. envoy for Lebanon welcomed the ceasefire announcement and urged Israel and Hezbollah militants to take concrete actions to fully implement the 2006 agreement that ended their last war. U.N. Special Coordinator Jeanine Hennis-Plasschaert said the agreement “marks the starting point of a critical process” that must see both sides fully implement U.N. Security Council resolution 1701. It called for the deployment of Lebanese armed forces in the south bordering Israel and the disarmament of all armed groups including Hezbollah – neither of which has happened in the past 17 years. “Nothing less than the full and unwavering commitment of both parties is required,” Hennis-Plasschaert said. “Neither side can afford another period of disingenuous implementation under the guise of ostensible calm.” She commended the parties for “seizing the opportunity to close this devastating chapter,” stressing that “Now is the time to deliver, through concrete actions, to consolidate today’s achievement.” UNITED NATIONS — Palestinian President Mahmoud Abbas is calling for urgent international intervention to stop what he described as “an ongoing genocidal war” in Gaza. Abbas heads the Palestinian Authority which has limited self-rule in the Israeli-occupied West Bank, but not Gaza, which has been controlled by Hamas. The U.S. and others want a reinvigorated Palestinian Authority to run Gaza when the war ends. In a speech on the International Day of Solidarity with the Palestinian People, Abbas accused Israel of repeating what happened to the Palestinians in 1948 and 1967 – displacing them and seizing their land and resources. Abbas demanded to know how long the world will remain silent and refuse to compel Israel to abide by international law. The speech to U.N. member nations was read by Palestinian U.N. ambassador Riyad Mansour. “The only way to halt the halt the dangerous escalation we are witnessing in the region, and maintain regional and international stability, security and peace, is to resolve the question of Palestine,” Abbas' speech said. This must be done in accordance with U.N. Security Council resolutions which call for a two-state solution, he said. BEIRUT -- Lebanon’s Prime Minister Najib Mikati welcomed the U.S.-brokered ceasefire proposal between Israel and Hezbollah, describing it as a crucial step toward stability, the return of displaced people to their homes and regional calm. Mikati made these comments in a statement issued just after U.S. President Joe announced the truce deal. Mikati said he discussed the ceasefire agreement with Biden by phone earlier Tuesday. The prime minister reaffirmed Lebanon’s commitment to implementing U.N. resolution 1701, strengthening the Lebanese army’s presence in the south, and cooperating with the U.N. peacekeeping force. He also called on Israel to fully comply with the ceasefire and withdraw from southern Lebanon in accordance the U.N. resolution. JERUSALEM — Prime Minister Benjamin Netanyahu’s security Cabinet has approved a ceasefire deal with Hezbollah, clearing the way for the truce to take effect. Netanyahu’s office said the plan was approved by a 10-1 margin. The late-night vote came shortly before President Joe Biden was expected to announced details of the deal in Washington. Earlier, Netanyahu defended the ceasefire, saying Israel has inflicted heavy damage on Hezbollah and could now focus its efforts on Hamas militants in Gaza and his top security concern, Iran. Netanyahu vowed to strike Hezbollah hard if it violates the expected deal. WASHINGTON — Rep. Mike Waltz, President-elect Donald Trump’s designate to be national security adviser, credited Trump’s victory with helping bring the parties together toward a ceasefire in Lebanon. “Everyone is coming to the table because of President Trump,” he said in a post on X on Tuesday. “His resounding victory sent a clear message to the rest of the world that chaos won’t be tolerated. I’m glad to see concrete steps towards deescalation in the Middle East.” He added: “But let’s be clear: The Iran Regime is the root cause of the chaos & terror that has been unleashed across the region. We will not tolerate the status quo of their support for terrorism.” BEIRUT — Israeli jets targeted a building in a bustling commercial area of Beirut for the first time since the start of the 13-month war between Hezbollah and Israel. The strike on Hamra is around 400 meters (yards) from the country’s central bank. A separate strike hit the Mar Elias neighborhood in the country’s capital Tuesday. There was no immediate word on casualties from either strike, part of the biggest wave of attacks on the capital since the war started. Residents in central Beirut were seen fleeing after the Israeli army issued evacuation warnings for four targets in the city. Meanwhile, the Israeli army carried out airstrikes on at least 30 targets in Beirut’s southern suburbs Tuesday, including two strikes in the Jnah neighborhood near the Kuwaiti Embassy. Lebanon’s Health Ministry reported that 13 people were injured in the strikes on the southern suburbs. BEIRUT — Hezbollah has said it accepts the ceasefire proposal with Israel, but a senior official with the group said Tuesday that it had not seen the agreement in its final form. “After reviewing the agreement signed by the enemy government, we will see if there is a match between what we stated and what was agreed upon by the Lebanese officials,” Mahmoud Qamati, deputy chair of Hezbollah’s political council, told the Al Jazeera news network. “We want an end to the aggression, of course, but not at the expense of the sovereignty of the state.” of Lebanon, he said. “Any violation of sovereignty is refused.” Among the issues that may remain is an Israeli demand to reserve the right to act should Hezbollah violate its obligations under the emerging deal. The deal seeks to push Hezbollah and Israeli troops out of southern Lebanon. JERUSALEM — Israeli Prime Minister Benjamin Netanyahu said Tuesday that he would recommend his Cabinet adopt a United States-brokered ceasefire agreement with Lebanon’s Hezbollah, as Israeli warplanes struck across Lebanon, killing at least 23 people. The Israeli military also issued a flurry of evacuation warnings — a sign it was aiming to inflict punishment on Hezbollah down to the final moments before any ceasefire takes hold. For the first time in the conflict, Israeli ground troops reached parts of Lebanon’s Litani River, a focal point of the emerging deal. In a televised statement, Netanyahu said he would present the ceasefire to Cabinet ministers later on Tuesday, setting the stage for an end to nearly 14 months of fighting. Netanyahu said the vote was expected later Tuesday. It was not immediately clear when the ceasefire would go into effect, and the exact terms of the deal were not released. The deal does not affect Israel’s war against Hamas in Gaza, which shows no signs of ending. BEIRUT — Lebanon’s state media said Israeli strikes on Tuesday killed at least 10 people in Baalbek province the country’s east. At least three people were killed in the southern city of Tyre when Israel bombed a Palestinian refugee camp, said Mohammed Bikai, a representative of the Fatah group in the area. He said several more people were missing and at least three children were among the wounded. He said the sites struck inside the camp were “completely civilian places” and included a kitchen that was being used to cook food for displaced people. JERUSALEM — Dozens of Israeli protesters took to a major highway in Tel Aviv on Tuesday evening to call for the return of the hostages held by Hamas in Gaza, as the country awaited news of a potential ceasefire in Lebanon between Israel and Hezbollah. Protesters chanted “We are all hostages,” and “Deal now!” waving signs with faces of some of the roughly 100 hostages believed to be still held in Gaza, at least a third of whom are thought to be dead. Most of the other hostages Hamas captured in the Oct. 7, 2023 attack were released during a ceasefire last year. The prospect of a ceasefire deal in Lebanon has raised desperation among the relatives of captives still held in Gaza, who once hoped that the release of hostages from Gaza would be included. Instead of a comprehensive deal, the ceasefire on the table is instead narrowly confined to Lebanon. Dozens of Israelis were also demonstrating against the expected cease-fire, gathering outside Israel’s military headquarters in central Tel Aviv. One of the protesters, Yair Ansbacher, says the deal is merely a return to the failed 2006 U.N. resolution that was meant to uproot Hezbollah from the area. “Of course that didn’t happen,” he says. “This agreement is not worth the paper it is written on.” FIUGGI, Italy — Foreign ministers from the world’s industrialized countries said Tuesday they strongly supported an immediate ceasefire between Israel and Hezbollah and insisted that Israel comply with international law in its ongoing military operations in the region. At the end of their two-day summit, the ministers didn’t refer directly to the International Criminal Court and its recent arrest warrants for Israeli Prime Minister Benjamin Netanyahu and his former defense minister over crimes against humanity . Italy had put the ICC warrants on the official meeting agenda, even though the G7 was split on the issue. The U.S., Israel’s closest ally, isn’t a signatory to the court and has called the warrants “outrageous.” However, the EU’s chief diplomat Josep Borrell said all the other G7 countries were signatories and therefore obliged to respect the warrants. In the end, the final statement adopted by the ministers said Israel, in exercising its right to defend itself, “must fully comply with its obligations under international law in all circumstances, including international humanitarian law.” And it said all G7 members — Canada, France, Germany, Italy, Japan, the United Kingdom and the United States – “reiterate our commitment to international humanitarian law and will comply with our respective obligations.” It stressed that “there can be no equivalence between the terrorist group Hamas and the State of Israel.” The ICC warrants say there's reason to believe Netanyahu used “starvation as a method of warfare” by restricting humanitarian aid and intentionally targeted civilians in Israel’s campaign against Hamas in Gaza — charges Israeli officials deny. BEIRUT — An Israeli strike on Tuesday levelled a residential building in the central Beirut district of Basta — the second time in recent days warplanes have hit the crowded area near the city’s downtown. At least seven people were killed and 37 wounded in Beirut, according to Lebanon’s Health Ministry. It was not immediately clear if anyone in particular was targeted, though Israel says its airstrikes target Hezbollah officials and assets. The Israeli military spokesman issued a flurry of evacuation warnings for many areas, including areas in Beirut that have not been targeted throughout the war, like the capital’s commercial Hamra district, where many people displaced by the war have been staying. The warnings, coupled with fear that Israel was ratcheting up attacks in Lebanon during the final hours before a ceasefire is reached, sparked panic and sent residents fleeing in their cars to safer areas. In areas close to Hamra, families including women and children were seen running away toward the Mediterranean Sea’s beaches carrying their belongings. Traffic was completely gridlocked as people tried to get away, honking their car horns as Israeli drones buzzed loudly overhead. The Israeli military also issued warnings for 20 more buildings in Beirut’s suburbs to evacuate before they too were struck — a sign it was aiming to inflict punishment on Hezbollah in the final moments before any ceasefire takes hold. TEL AVIV, Israel — The independent civilian commission of inquiry into the October 2023 Hamas attack on Israel has found Prime Minister Benjamin Netanyahu directly responsible for the failures leading up to the attack, alongside former defense ministers, the army chief and the heads of the security services. The civil commission presented its findings today after a four-month probe in which it heard some 120 witnesses. It was set up by relatives of victims of the Hamas attack, in response to the absence of any state probe. The commission determined that the Israeli government, its army and security services “failed in their primary mission of protecting the citizens of Israel.” It said Netanyahu was responsible for ignoring “repeated warnings” ahead of Oct. 7, 2023 for what it described as his appeasing approach over the years toward Hamas, and for “undermining all decision-making centers, including the cabinet and the National Security Council, in a way that prevented any serious discussion” on security issues. The commission further determined that the military and defense leaders bear blame for ignoring warnings from within the army, and for reducing the army’s presence along the Gaza border while relying excessively on technological means. On the day of the Hamas attack, the report says, the army’s response was both slow and lacking. The civil commission called for the immediate establishment of a state commission of inquiry into the Oct. 7 attack. Netanyahu has opposed launching a state commission of inquiry, arguing that such an investigation should begin only once the war is over. JERUSALEM -- The Israeli military says its ground troops have reached parts of Lebanon’s Litani River — a focal point of the emerging ceasefire. In a statement Tuesday, the army said it had reached the Wadi Slouqi area in southern Lebanon and clashed with Hezbollah forces. Under a proposed ceasefire, Hezbollah would be required to move its forces north of the Litani, which in some places is some 30 kilometers (20 miles) north of the Israeli border. The military says the clashes with Hezbollah took place on the eastern end of the Litani, just a few kilometers (miles) from the border. It is one of the deepest places Israeli forces have reached in a nearly two-month ground operation. The military says soldiers destroyed rocket launchers and missiles and engaged in “close-quarters combat” with Hezbollah forces. The announcement came hours before Israel’s security Cabinet is expected to approve a ceasefire that would end nearly 14 months of fighting. BEIRUT — Israeli jets Tuesday struck at least six buildings in Beirut’s southern suburbs Tuesday, including one that slammed near the country’s only airport. Large plumes of smoke could be seen around the airport near the Mediterranean coast, which has continued to function despite its location beside the densely populated suburbs where many of Hezbollah’s operations are based. The strikes come hours before Israel’s cabinet was scheduled to meet to discuss a proposal to end the fighting between Israel and Hezbollah. The proposal calls for an initial two-month ceasefire during which Israeli forces would withdraw from Lebanon and Hezbollah would end its armed presence along the southern border south of the Litani River. There were no immediate reports of casualties from Tuesday’s airstrikes. FIUGGI, Italy — EU top diplomat Josep Borrell, whose term ends Dec. 1, said he proposed to the G7 and Arab ministers who joined in talks on Monday that the U.N. Security Council take up a resolution specifically demanding humanitarian assistance reach Palestinians in Gaza, saying deliveries have been completely impeded. “The two-state solution will come later. Everything will come later. But we are talking about weeks or days,” for desperate Palestinians, he said. “Hunger has been used as an arm against people who are completely abandoned.” It was a reference to the main accusation levelled by the International Criminal Court in its arrest warrants against Israeli Prime Minister Benjamin Netanyahu and his former defense minister. Borrell said the signatories to the court, including six of the seven G7 members, are obliged under international law to respect and implement the court’s decisions. Host Italy put the ICC warrants on the G7 agenda at the last minute, but there was no consensus on the wording of how the G7 would respond given the U.S., Israel’s closest ally, has called the warrants “outrageous.” Italy, too, has said it respects the court but expressed concern that the warrants were politically motivated and ill-advised given Netanyahu is necessary for any deal to end the conflicts in Gaza and Lebanon. “Like it or not, the International Criminal Court is a court as powerful as any national court,” Borrell said. “And if the Europeans don’t support International Criminal Court then there would not be any hope for justice,” he said. Borrell, whose term ends Dec. 1, said he proposed to the G7 and Arab ministers who joined in talks on Monday that the U.N. Security Council take up a resolution specifically demanding humanitarian assistance reach Palestinians in Gaza, saying deliveries have been completely impeded. “The two-state solution will come later. Everything will come later. But we are talking about weeks or days,” for desperate Palestinians, he said. “Hunger has been used as an arm against people who are completely abandoned.” It was a reference to the main accusation levelled by the International Criminal Court in its arrest warrants against Israeli Prime Minister Benjamin Netanyahu and his former defense minister. Borrell said the signatories to the court, including six of the seven G7 members, are obliged under international law to respect and implement the court’s decisions. Host Italy put the ICC warrants on the G7 agenda at the last minute, but there was no consensus on the wording of how the G7 would respond given the U.S., Israel’s closest ally, has called the warrants “outrageous.” Italy, too, has said it respects the court but expressed concern that the warrants were politically motivated and ill-advised given Netanyahu is necessary for any deal to end the conflicts in Gaza and Lebanon. “Like it or not, the International Criminal Court is a court as powerful as any national court,” Borrell said. “And if the Europeans don’t support International Criminal Court then there would not be any hope for justice,” he said. (edited)By COLLEEN SLEVIN DENVER (AP) — Amid renewed interest in the killing of JonBenet Ramsey triggered in part by a new Netflix documentary, police in Boulder, Colorado, refuted assertions this week that there is viable evidence and leads about the 1996 killing of the 6-year-old girl that they are not pursuing. JonBenet Ramsey, who competed in beauty pageants, was found dead in the basement of her family’s home in the college town of Boulder the day after Christmas in 1996. Her body was found several hours after her mother called 911 to say her daughter was missing and a ransom note had been left behind. The details of the crime and video footage of JonBenet competing in pageants propelled the case into one of the highest-profile mysteries in the United States. The police comments came as part of their annual update on the investigation, a month before the 28th anniversary of JonBenet’s killing. Police said they released it a little earlier due to the increased attention on the case, apparently referring to the three-part Netflix series “Cold Case: Who Killed JonBenet Ramsey.” In a video statement, Boulder Police Chief Steve Redfearn said the department welcomes news coverage and documentaries about the killing of JonBenet, who would have been 34 this year, as a way to generate possible new leads. He said the department is committed to solving the case but needs to be careful about what it shares about the investigation to protect a possible future prosecution. “What I can tell you though, is we have thoroughly investigated multiple people as suspects throughout the years and we continue to be open-minded about what occurred as we investigate the tips that come into detectives,” he said. The Netflix documentary focuses on the mistakes made by police and the “media circus” surrounding the case. JonBenet was bludgeoned and strangled. Her death was ruled a homicide, but nobody was ever prosecuted. Police were widely criticized for mishandling the early investigation into her death amid speculation that her family was responsible. However, a prosecutor cleared her parents, John and Patsy Ramsey, and brother Burke in 2008 based on new DNA evidence from JonBenet’s clothing that pointed to the involvement of an “unexplained third party” in her slaying. The announcement by former district attorney Mary Lacy came two years after Patsy Ramsey died of cancer. Lacy called the Ramseys “victims of this crime.” John Ramsey has continued to speak out for the case to be solved. In 2022, he supported an online petition asking Colorado’s governor to intervene in the investigation by putting an outside agency in charge of DNA testing in the case. In the Netflix documentary, he said he has been advocating for several items that have not been prepared for DNA testing to be tested and for other items to be retested. He said the results should be put through a genealogy database. In recent years, investigators have identified suspects in unsolved cases by comparing DNA profiles from crime scenes and to DNA testing results shared online by people researching their family trees. In 2021, police said in their annual update that DNA hadn’t been ruled out to help solve the case, and in 2022 noted that some evidence could be “consumed” if DNA testing is done on it. Last year, police said they convened a panel of outside experts to review the investigation to give recommendations and determine if updated technologies or forensic testing might produce new leads. In the latest update, Redfearn said that review had ended but that police continue to work through and evaluate a “lengthy list of recommendations” from the panel. Amy Beth Hanson contributed to this report from Helena, Montana.
Mercantile bank director Kaminski sells $12,400 in stockWith grid connectivity and efficient power transmission as integral to the energy targets set as the power generation, the transmission and distribution (T&D) sector has been in the spotlight for somewhile now. With tenders bid and orders won at a more frequent pace, KEC International, a diversified yet prominent EPC player in this space, has been riding this structural trend. The shares of the company have risen around 93 per cent in the last one year and 338 per cent in the last five years, while BSE Power has returned a lower 33 per cent and 311 per cent during the same periods respectively. At bl.portfolio , we had recommended investors to HOLD on to KEC International on June 3, 2023, when the company was trading at a one-year forward PE of 21 times, considering the strong business prospects and margins bottoming out, even though supply chain challenges persisted. Since then, margins have gradually recovered and structural tailwinds aiding the overall sector continue to provide a long runway for growth. But supply chain challenges have continued, and more importantly, the valuations have run up far ahead before the thesis fully played out, resulting in one-year forward PE and trailing twelve-month (TTM) PE currently at an elevated 45 times and 74 times respectively. For comparison, Kalpataru Projects International, the closest listed peer, is currently trading at one-year forward PE and TTM PE of 27 times and 40 times respectively. Investors could consider locking in on the gains partially and take some chips off the table, considering the sharp rally of 58 per cent in the last six months. This is a valuation call. KEC International, part of the RP Goenka Group, is a diversified EPC player, executing projects across 30+ geographies, in segments such as transmission and distribution (T&D), civil, railways, cables, oil and gas, and solar. T&D is the company’s mainstay, contributing to around 50 per cent of its topline. KEC offers comprehensive solutions in this space, encompassing the design, manufacturing, supply, installation and commissioning of transmission lines, substations and underground cabling in both domestic and international markets. It is one of the recognised contractors of Power Grid Corporation, India’s leading power transmission player. Civil projects undertaken by KEC is diversified across water infrastructure, water treatment and it is also a construction partner for building warehouses, factories, buildings, data centres, while railways include various signalling, station construction, amongst others. The company is also involved in the implementation of KAVACH via a joint venture. Laying of pipelines for the oil and gas sector is another segment, while the company is also into EPC of solar power projects. The non-T&D businesses account for the remaining 50 per cent. EBITDA margins for T&D is around low double-digits, while for Non-T&D projects, it has been around 5 per cent. SAE Tower Holdings LLC, an acquisition made in 2011, to geographically expand in the US (now present in Brazil and Mexico too), which dropped into losses from FY21, was back in the black in FY24. This was a causal factor behind the dip in EBITDA margins, from around 11 per cent between FY17 and FY20 to 4.8 per cent in FY23, before recovering to around 6.6 per cent in FY24. Revenue growth and EBITDA margins were guided at 15 per cent and 7.5 per cent respectively for FY25. Order intake, on the other hand, was guided for ₹25,000 crore, which, if met, would be the highest ever for the company. As of H1 FY25, the company’s revenue stood at ₹9,625 crore growing 10 per cent year on year – tepid, but impacted due to external factors. If not for manpower shortage (sustained from previous FY), delays due to heavy rainfalls in Gujarat and Rajasthan, where bulk of the T&D projects are under execution, and deliberate slowdown of water EPC projects due to payments issues with customer, H1 FY25 would have been stronger. Manpower shortage has been a widespread concern noted by most of the EPC players. EBITDA margin was at 6.4 per cent for H1 – 50-basis point year-on-year improvement. H2 FY25 is expected to be better on account of higher margin projects getting executed. EBITDA margins have been recovering steadily and this is the sixth consecutive quarter with year-on-year improvement. With old orders with lower margins expected to be executed and closed out this year and contribution from T&D segment continuing to rise, EBITDA margins are expected to inch up towards 9-10 per cent for FY26. Revenue contribution from T&D has been consistently on the rise with the same improving from 50 per cent in FY22 and FY23 to 53 per cent in FY24 to 55 per cent in H1 FY25. Order intake YTD as of October 2024 stood at around ₹13,482 crore – growth of 50 per cent year on year and this is apart from L1-s (lowest bidder, meaning the company is the lowest bidder in the tender process, but the order is yet to be awarded) of ₹8,500 crore, providing good revenue visibility. It is largely in line with the guidance and with H2 generally better than H1 in this industry, the management is confident of walking the talk. Orderbook is also at a high of ₹34,088 crore. T&D segment’s contribution to the orderbook, similar to the trend in revenue, has increased from 47 per cent in FY23 to 55 per cent in H1 FY24, in line with the increased frequency of tendering in this space. The management has said that they are reasonably hedged against commodity price hikes and that any volatility shouldn’t affect them materially. KEC is selective in its new projects, with emphasis on margin profile, working capital cycle, counterparty risk, execution risk and projects with front-ended cash flows and shorter execution timeframe. So, order intake in the railways, civil, oil and gas, and solar segment is expected to be constrained. In September this year, KEC concluded a fund raiser by way of QIP to the tune of ₹870 crore, issuing shares at a price of ₹955. The funds raised via the QIP will be used by KEC to repay debt, strengthening its balance sheet. This will help reduce interest costs, which has been hovering at 3-3.5 per cent of revenue since FY23 to 2.5 per cent for FY25. KEC has also planned for business realignment by transferring its cable business on slump sale to a newly-incorporated subsidiary for this purpose, to focus on that segment of the business. The management expects to grow at a brisk pace with recent investments in electron beam (e-beam) and elastomeric technology for high performance and specialty cables like green cables (eco-friendly) and EV charging cables. This realignment takes effect from January 1, 2025. The commissioning of its aluminium conductor manufacturing plant in Vadodara, which was scheduled for Q2, has been pushed to Q3 FY25. The aluminium conductors are used in power transmission and are efficient in it with lower transmission losses. This investment will help in backward integration. Comments
Won't Someone Think of the 54-Year-Old Child? The Atlantic's Weak Hunter Biden Pardon DefenseFor an entertainment conglomerate the size of The Walt Disney Co. — current market capitalization: just over $200 billion — $47 million usually doesn’t matter all that much to the bottom line. But in August, that exact figure took on outsize importance for the company because of what it represented: The first-ever quarterly profit by Disney’s streaming business. After racking up more than $10 billion of losses over the last half-decade, 2024 was the year Disney finally started making money from its digital platforms, turning the corner in what’s been an exceedingly difficult effort to reinvent itself for the Netflix era. Obviously, painful cost-cutting and staff reductions, along with multiple increases in subscription prices, played a big role in reversing the sea of red ink at Disney streaming. And while August’s $47 million profit was followed in November by an even more impressive quarterly gain of $321 million, the company still has a ways to go to make up for all the debt it took on launching Disney+. But even though there’s still plenty of room for improvement on the financial picture, more broadly speaking, Disney’s streaming business racked up notable victories on multiple fronts in 2024: ➽ On the programming side, multiple Disney TV brands had banner years, starting first and foremost with FX. Under John Landgraf, the network-turned-streaming-brand turned nearly universal critical praise for its big-budget Shogun into ratings success , while FX’s The Bear remained a pop culture phenom and Nielsen winner in season three. The two shows each set records for Emmy wins, and combined helped boost FX to dominate bigger rivals HBO and Netflix in the overall Emmy tally. Meanwhile, Hulu scored hits in unexpected places (reality smash The Secret Lives of Mormon Wives ) even as shows such as Futurama and Only Murders in the Building continued to be quiet streaming hits. Even ABC had notable triumphs in 2024: Fall drama High Potential was an immediate hit and is now broadcast TV’s No. 1 show in the key adults under 50 demo, while the network scored a major coup by stealing away rights to the Grammy Awards from longtime home CBS. ➽ Disney’s film unit bounced back from a couple of lackluster years with a trio of theatrical triumphs in 2024: Inside Out 2, Deadpool & Wolverine , and Moana 2. All of this is vitally important to Disney’s streaming business, since these box office blockbusters go on to become streaming staples. Inside Out 2 , for example, gave Disney+ its most-watched movie in three years, while viewing of the original surged in the lead-up to premiere of the new films. ➽ On the tech side, the integration of Hulu into Disney+ was pulled off with minimal controversy — not at all a given considering the introduction of adult-themed content on a Disney-branded platform could have gone wrong. The move has resulted in more usage of Disney+ and viewership of Hulu programming, while also giving Disney the chance to move more customers into its Disney Bundle. Ditto this month’s introduction of ESPN+ on Hulu, as well as a move to give non-bundle users the chance to sample a significant number of Hulu and ESPN programs. ➽ Finally, Disney survived a nearly two-week carriage battle with DirectTV this fall, in the process securing more potential subscribers for all of the Mouse’s streaming platforms. As with 2023’s deal with Charter , DirecTV will now be able to bundle Disney streaming services with its linear channel offering. That in theory could help slow down cord-cutting while also driving viewership of Disney’s streaming platforms. Yet the best metric to judge its success in 2024 — arguably even more important than its first quarterly profits — was how the company did in the battle for audience attention. Much has been written about YouTube’s dominance of Americans’ digital screen time, but if you combine streaming with broadcast and cable viewership on TV sets, Nielsen says Disney has snagged a bigger share of viewing than any other conglomerate, including YouTube, every month since September. And in November alone, Disney properties accounted for 11.1% of all TV viewing in the U.S. as measured by Nielsen, beating not only YouTube (10.8%) and significantly in front of Netflix (7.7%). Huge audiences for sports programming on linear networks ESPN and ABC, as well as news coverage from ABC, help put Disney ahead of its rivals. But 43 percent of Disney’s viewership came from streaming, Nielsen says, and that number will continue to increase. In a research report released last week, Wall Street analyst Robert Fishman of MoffettNathanson wrote that after several turbulent years marked by “management changes, proxy fights [and] euphoria- turned-skepticism” over streaming, Disney’s plan to remake itself as a streaming power “is finally moving from the realm of fantasy to tangible.” More importantly, “We believe Disney is on the road towards meaningful [streaming] profitability,” Fishman added. “It has taken years to build this business, and it will take yet another few years before returns become anything more meaningful, but the promised land is finally in sight.” Helping guide Disney toward that streaming promised land are two of Iger’s top lieutenants: Dana Walden and Alan Bergman, who as co-chairs of Disney Entertainment oversee all of the company’s content creation and platforms, including — especially — streaming. The duo were elevated to their current roles a little less than two years ago, in February 2023, not long after Iger returned to Disney and began the process of dismantling the Byzantine operational structure put in place by Iger’s successor/predecessor Bob Chapek. With Walden and Bergman in charge, the same Disney execs responsible for the production of Disney’s movies and TV shows also regained control of how their projects were distributed and marketed, both in the U.S. and around the world. More importantly, with the years of intramural corporate drama that marked the Chapek era behind them, Walden and Bergman, along with their direct reports—and ESPN chairman Jimmy Pitaro, who runs ESPN+— were able to focus on something much more important: Turning Disney into a successful streaming company. That mission is far from accomplished, of course. Netflix made just over $2 billion in profit during its most recent quarter, roughly seven times what Disney pulled in. And in the competition for everything from top Hollywood talent to sports rights, Disney also has to worry about tech giants Amazon and Apple. The challenges ahead are real, but if the Mouse House is able to successfully navigate them, 2024 will likely be remembered as the year the Disney streaming turnaround began. To get some insight into how the company was able to reverse its streaming fortunes and win the year, I spoke with Bergman and Walden last Friday — a rare joint interview of the two executives. During a roughly 40-minute phone conversation (and one brief follow-up email exchange), the duo discussed everything from the current state of Marvel and Star Wars (including why The Acolyte was cancelled) to whether FX will continue to take risky bets like Shōgun in an era of cost-cutting. They also weighed in on perhaps the most urgent question of the hour for any parent with young kids: Will there be new full-length episodes of Bluey ? (This interview was conducted prior to a couple of Disney-related news developments, including ABC’s decision to settle pending litigation with president-elect Donald Trump and the revelation that a trans-related storyline has been removed from an upcoming Disney+ kids’ series.) So thinking back on everything that happened with Disney streaming in 2024, one of the most important things was that the division finally turned a profit after years of losing money. Cutting costs was obviously a big factor, but can you explain what other moves you made to reverse the trend and put streaming on a path to profitability? And what are you doing now to ensure it becomes a sustainable business model for Disney? Dana Walden: It has been the coming together of the creative teams across the company, and of creative executives being given authority over decisions that are made throughout our streaming business so there’s accountability. But it has to start with the very best stories. Across the board, whether you’re looking at the popularity of the shows, the awards, the critical acclaim, we start from a place of, “Are we delivering the very best stories to our subscribers?” And I think the answer is “yes.” Then we’ve been steadily advancing our platforms. We hired a new head of technology, Adam Smith , from YouTube. He started three months ago and it’s been a bit of a game changer. You can see it in the number of tests that we have going on around the world that are enhancing the experience on our platforms. I think we have the best advertising team in the business led by Rita Ferro. In the fourth quarter, our global [streaming] ad revenue was a billion dollars, up 16% year-over-year. And we successfully executed Hulu on Disney+, Star and ESPN on Disney+ and Latin America, and ABC News Live on Disney+. We have a strategy, and the results are profitability early and tremendous growth potential. Alan Bergman: We were actually losing, as you well know, several billion dollars. And in a couple of years’ time, we’ve turned it around. In addition to the initiatives that Dana has outlined, we’ve increased our price. Our price was very low when we rolled out the service. We’ve also grown subscribers substantially as well, and we have higher engagement and reduced churn. So we’ve sort of turned the corner on profitability. We’ve actually got there one quarter earlier than was anticipated. And when we look at the content that we have and timproved personalization, we are aiming towards our target of double-digit growth, double-digit margins by ‘26. The big fear among many people in the entertainment industry, not to mention consumers, is that getting toward those double-digit margins will mean a lot fewer shows and much higher subscription costs. Can you tell me how much you’ve had to reduce the number of shows and movies and other programming you make in order to get to a profit? Is it substantially less? And what about going forward? Walden: Joe, you and I have had this conversation for a long time. We’ve never been the place that’s interested in making the most content; we want to make the best content. And we feel, ultimately, it’s about the right programming mix and not about volume. We also have programming coming from a number of different sources. We’re talking originals that are made specifically for our streaming platforms; we have films that are coming from Alan’s slate; and we have linear-first programs, which, when they hit Hulu, perform like originals. And so I really don’t see the cutting back in programming, to be honest with you. I think the original content strategy during the beginning of the streaming wars was not effective. Subscribers were overwhelmed. They really didn’t know how to discover the right content. And the way we are organized around brands I think has really helped our subscribers to find programming that they want that they might not have known about before. Additionally, there’s so much value in our bundle. We’ve just launched a sampling of Hulu content to standalone Disney subscribers, and those subscribers are already engaging meaningfully with that content. So we’re going to have the benefit of two opportunities: upselling those subscribers into the bundle and delivering more value to our subscribers. Bergman: I would just add that, as it relates to the branded content coming from our studios, there was a period of time where we were making more movies directly for the service. But what we have learned is that our big theatrical movies really perform incredibly well on the service, particularly the sequels and prequels. Once we started marketing Inside Out 2 , the number of streams and hours watched for [the first] Inside Out just went through the roof. And it was the same thing with Alien s, it was the same thing with Apes , same thing with Moana . So the marketing power of our big theatrical movies, across the entire world, makes everybody want to go into the library, re-watch these titles, and lifts the entire system. So we found that to be effective. We’re not, at this point, reducing our costs at all. But there has been an adjustment down in terms of content spending overall or the number of projects you make, right? Bergman: Well, on the studio side, as I mentioned, we were making a number of films that were going directly to the platform. But we realized, as we looked at their performance, they just weren’t performing as we needed them to perform. And we found that the pay one window titles were performing very, very well. So we readjusted how we looked at that. There has been less spending on original movies [for Disney+] coming from our side of the house, but we’ve gotten past that now, and where we’re going to be as we look at the volume going forward. What about programming for originals at Hulu, FX, ABC and whatever is left of cable production? So much of TV historically has been cyclical. Is it possible that we’ll see the spending there go up again? Walden: Well, one of the benefits of Alan and I working so closely together now is that we are programming our platforms holistically. So as we look out throughout the year, we’re programming general entertainment series around our big branded films when they hit the platform, and branded series as they hit the platform. And previously, I don’t want to say “siloed” — but the old structure of our company didn’t give us the opportunity to coordinate as carefully and as closely. It is fair that we have cut back on some of the volume. Some of it again was just getting into streaming and trying to understand the volume which is necessary to succeed and what is the right mix. And again, we’ve got programming which is coming from our linear channels, along with our originals, along with the local originals that are being produced by our international teams. So I would say across the platform, it does not feel like we have turned down the volume [of production]. We have shifted the mix. So Moana 2 was going to be a series, but you obviously decided to turn that into a theatrical release. And instead of making the next season of The Mandalorian , you opted to to The Mandalorian & Grogu for theaters. Were either of these tough calls? And what does it say about how you’ve evolved your thinking on your big franchises and streaming originals tied to them? Bergman: These are two particular situations. As we were looking at our Disney animation slate, I felt that Moana 2 would be better served as a movie. And with The Mandalorian , as we looked at our Star Wars slate, we made the same kind of consideration. So it’s really title by title. But for us, looking at our big franchises, there’s nothing like a theatrical release because of the marketing power you get across the world. And because we’re a global service, these titles play everywhere. Let’s turn to FX. It could have very much gone the way of TNT or USA, and basically no longer existed as a brand for high-budget original programming. You didn’t do that. When Disney absorbed Fox and FX, what convinced you and Bob Iger that FX had a place in this new streaming kingdom that you were building? And more broadly, what do you make of the success John Landgraf has had at FX this year? Walden: Well, I really have to credit Bob with the vision. John and I have worked together for the past almost 30 years, but it was really Bob who saw an opportunity to take this brand — I mean, for John and his team to have established FX as a brand that stands for really premium content on a basic cable tier was a pretty extraordinary accomplishment. And I think Bob was a fan, and he understood immediately what John could do if he had the resources. Remember, this was a pretty bleak time for basic cable. Subscribers had already been cutting the cord. Young viewers in particular were leaving the cable ecosystem, and that was making it harder and harder for John to manage a budget that enabled him to take those really big swings. So it was fortuitous that at that exact moment, Bob stepped in and said, “I have a vision for a streaming future, and there is a place for a premium general entertainment brand like FX.” And as soon as we walked onto the Disney lot, you could feel a shift in the creative community in the way they regarded an opportunity to work with FX, and what shows should be pitched there. And FX immediately saw the opportunity to protect this brand and fortify it going into the future and take swings on shows like Shōgun that, frankly, in its old version — FX at Fox — the economics would never have worked. So it has all come together to have created a brand that I believe will stand the test of time. It stands for quality, it stands for a certain type of programming, and subscribers know it when they see it. Does the success FX had with Shōgun , which cost more than anything else the network has ever done, make it easier to take chances with more big budget projects that are also riskier? Or is the plan to focus more on smaller bets with modest budgets but potentially big payoffs, like The Bear? Walden: Well, as you know, Shōgun season two is coming, so it’s a portfolio of projects. And that’s always been the strategy. That’s certainly what we’re trying to achieve on the general entertainment side overall, which is, we are producing shows like Shōgun or Nine Perfect Strangers or where Handmaid’s Tale is right now. And we’re also doing The Secret Lives of Mormon Wives, and a series of highly successful documentary series. And that’s our job, which is to fill a steady pipeline of content at a variety of different price points. Alien: Earth is a big shot for John, and I’ve actually seen the first three episodes. It’s excellent and it feels huge, and we’re grateful to Alan and his side for letting us engage with that IP. But if you are going to trust one person in one team with beloved IP, I would say John’s about as good a bet as any. So, we are going to continue taking shots at all levels. Alan, managing Marvel is a big part of your job. I wrote recently about Agatha All Along , which cost, I think by your own admission, less than any other Marvel show before. Both you and Bob have talked about capping Marvel shows at two a year, but if budgets can be kept in check without impacting quality, might you be open to revisiting that limit? Bergman: Well, Agatha was certainly a big win for us, and widened out the audience that watches the Marvel titles. The movies have primarily been more male than female, and Agatha gave us an opportunity to try to hit the female audience more as well. As it relates to the number of titles, I don’t think we’re going to go beyond — at least I don’t have any plans to go beyond — the two a year at this point. But, you know, you never know. It just depends on what creative comes up as we look at each of our development titles. In terms of costs, we’ve been looking at our costs very hard trying to make these titles as economical as possible. And some of them will have less visual effects than others, which can have a substantial impact on the cost. So clearly those with big visual effects cost significantly more. We have certain titles we’re looking at now that we’re testing that will have less visual effects and they’re more moderately priced. But the whole goal, in whatever we do, is quality. It’s the most important thing, and we won’t do anything that we don’t think is quality. So I think what you’re going to see is a mix of those series that have more visual effects and will certainly be more expensive. And then you’re going to see some titles that are less expensive because they have less visual effects. But what they’ll both have are great stories. Staying on the franchise front, let’s talk Star Wars. It feels like it’s had a bumpier road of late compared to Marvel. The Acolyte had many strong reviews and did well in the ratings its first week out, but you ultimately opted against a second season. Why didn’t you move forward? And can you offer any hint as to how Skeleton Crew is doing, or its future? Bergman: So as it relates to Acolyte , we were happy with our performance, but it wasn’t where we needed it to be given the cross-structure of that title, quite frankly, to go and make a season two. So that’s the reason why we didn’t do that. Skeleton Crew is in process now, so we’ll see. We’ve seen some growth on that. We’ll see how that goes. As you said, the reviews have been excellent on Skeleton Crew , so we’ll have to see how that all plays out as it moves forward. What about the broader franchise, both on streaming and in theatrical? Bergman: In terms of what’s coming up, we have Andor season two, which we’re really excited about. It is excellent. I’ve watched all the episodes, and it is a fantastic season. And then we have Ahsoka season two, which Dave Filoni is leading. And then we’re looking at a number of additional series that are in development. We’ll see what we decide to do. As I said earlier, they have to be great, and when we’re in the position where we think we have what we want, we’re going to move forward. In terms of the films, at this point we have Mandalorian , which is coming out Memorial Day of ‘26, and we’ve got a number of films that we are developing. When we’re ready, we’ll be making announcements as to what those are. Dana, kids programming is obviously in the Disney DNA, and when you launched Disney+, there was an expectation you’d do well – that the kids audience in streaming was yours to lose. You’ve definitely succeeded compared to some other platforms which launched around the same time as Disney+; Max has all but gotten out of the kids business. But YouTube remains a huge threat to your historic dominance. What’s your plan going forward? Walden: Well, I think we have a multi-pronged strategy. I would just point to Bluey : 800 million hours streamed last year, and they’re eight-minute long episodes. And we’ve really evolved our strategy in terms of where to find those youngest possible fans, and how to engage with kids where they are. And where they are is on Disney+, but we’re very well aware of the fact that they’re also majorly on YouTube. So we have a YouTube strategy with channels for Disney Junior, Disney Channel, Descendants . It’s all part of an ecosystem that continues to grow very important IP like Spidey and his Amazing Friends . We also recently launched our Streams , which are programmed channels – and our Playtime channel took off like a rocket. It is a benefit to a parent to not have to keep selecting another show when one ends. It’s a trusted stream of Disney kids programming. Let’s talk about Bluey . Are there going to be more full-length episodes? Would you ever consider just buying the IP from BBC Studios? Walden: Thanks, Joe. Could you put that strategy on paper and just send it over to me? [ Laughs. ] Of course! No, but what’s going on with Bluey ? Will there be more full-length episodes? Walden: I’m not in a position at this exact moment to tell you specifically what’s going on. What I will tell you is that we have a great relationship with the BBC and Joe Brumm. We just released another tranche of the mini-sodes this week. I believe in the future of Bluey. Specifically when something new will be launched, I can’t tell you in this call. But I’m pretty bullish about it. [ Ed. note: A few days after this interview, Disney and BBC Studios announced plans for a Bluey movie , and Brumm announced he was stepping away from writing new episodes of the show, but that this does not mean the end of the series.] So in addition to your programming for kids, Disney has carved out a strong niche with adult animation since the Fox merger. In addition to The Simpsons and Family Guy , Hulu has originals such as Solar Opposites and the reboot of Futurama . Can you talk about building up that business at a company like Disney? Walden: I’m glad you asked this question. Our adult animation series have created one of the most meaningful brands in entertainment, and they are exclusive in streaming to Disney+ and Hulu. We dominate in this unique form of storytelling. We’ve made almost 2,000 episodes of four series: The Simpsons, Family Guy, American Dad! , and Bob’s Burgers . They’ve earned over 150 Emmy nominations and 48 wins and are among the top 10 most-viewed titles on our streaming services, globally. And most importantly, subscribers who watch adult animation watch 10 more hours monthly and are less likely to churn. Last year, our adult animation drove 3.7 billion hours of engagement on our platforms. I’m curious about how long you think Simpsons , Family Guy , and Bob’s Burgers will continue to be shared with Fox. At some point, would shifting the shows exclusively to ABC or one of the Disney streaming platforms not make more sense? Or do you think it’s likely you’ll renew the current deal when it expires next year? Walden: So, just like all shows that air first on ABC go to Hulu hours later, we have a similar arrangement with Fox. And Fox is a great broadcast partner that uses programming like football to promote the shows’ second window on Hulu and Hulu on Disney+. While I can’t get into too much detail about our deals, I will say that this is a strategy that works very well for the both of us and we’re very happy to continue this relationship – it’s a win-win. Alan, Disney is once again licensing some of its Fox and Fox Searchlight films to outside streamers after they’ve premiered on your platforms. But you’re not doing this with new titles from Marvel, Star Wars and Pixar. Is there any chance that you’ll evolve that strategy, and once again license tentpoles to other streamers? I saw that Warner Bros. has already sold Barbie to Netflix, and that came out last year. Bergman: Well, when it comes to our big, important, branded films from Disney, Pixar, Marvel, and Lucasfilm, we think about it in a very strategic way. And we think it’s a competitive advantage that we offer these titles on Disney+, and that you have to come to our service [to watch them]. Some of our non-branded titles we have licensed, and we’ll continue to look at that as the business evolves. So that’s a “no” on Disney’s branded films being licensed outside Disney+? Bergman: Not at this time, no. I don’t think it makes sense. Similarly, Disney under Bob Iger has for years been focused on making tentpole franchises, many of which gross more than a billion dollars at the box office. When Hulu and Disney+ came into the mix, there was a thought that maybe we’d see you shift gears, and make more of those smaller, Fox Searchlight-style movies or non-franchise Disney movies. There have been a few, but not a lot. Any chance that changes as the Disney+ and Hulu ecosystems become more mature and more widely distributed? Bergman: We are focused on the tentpole movies. And that really is a strategy that we’ve had in place for a number of years, and it’s worked for us. Because those big theatrical movies, in addition to trying to get to a billion dollars [with] as many of them as we can, what they do, they work through the entire company. So a movie like Moana 2 will have a big theatrical release, and then people will say, “Let’s go watch Moana 1 again.” Then consumer products will sell a bunch of merchandise. Ultimately, we’re doing stuff in the theme parks. It will be on Disney+; it will be games. So it lifts the entire company, and I think that’s a more strategic way of spending our money. This is something that Bob and I have discussed for a number of years, and when you look at what it means to the company, it is critically important. We do have some of those movies that are sort of the smaller size titles where either we’ll go theatrically, like Freakier Friday, or we did Hocus Pocus 2 for Disney+ . And we do have other movies that we’re looking at that will go directly to [streaming]. But there’s not going to be that many of them. We’re more focused on theatrical. Because we believe that when it goes theatrical ... there will be a lot more awareness, given our ability to market it across the entire world. And it’s going to hit the service anyway. Let’s end this by looking ahead. What do you think 2025 will bring, both for the industry overall and for Disney streaming? Bergman: So we are incredibly focused on what we are doing. We’re certainly aware of what others are doing, but we don’t want to be followers. You’ve seen what we’re starting to do with sports . I think as we look forward, sports will become a more important part of the service. And I’ll just kind of leave it at that without getting into detail. Walden: It’s hard to let yourself be distracted by what’s going on in the industry without losing the focus on what your priorities are. But clearly it seems like a logical assumption that more consolidation is in [Hollywood’s] near future. We don’t think that’s going to impact us. We are already consolidated. We have 100 years of the Walt Disney Company, and almost 100 years of Fox. We took those steps already, and we’re sort of six years down the road from that. So we feel like we’ve got a head start on what’s happening in the industry right now.
Wolves, walleyes, moose and the Superior Hiking Trail attract funding in record package of Minnesota projects
Right Time Group Names Jason Moore as Chief Financial OfficerReviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page. Zoom is to get-togethers as e-gift cards are to meticulously wrapped presents beneath the tree. Just because we didn’t schlep through a mall or play it fast-and-loose with mail delivery services, doesn’t mean we don’t love. If you left your holiday shopping to the last minute, a digital gift is an easy way to save the day. Show your family, friends, co-workers, neighbours, hairdresser, mail-delivery person (though that could be seen as sarcastic), or anyone you have in your email contact list, some love this year with an e-gift card or digital gift. All stores below offer e-gift cards that only require your recipient’s email address. 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It’s never too late to send your loved ones some love this holiday season. Happy e-gifting! Shopping Essentials is a category written by research-obsessed shopping experts. Explore product reviews, recommendations and launches — plus behind-the-scenes info on your favourite brands and hidden gems — learn more here or sign up for our newsletter .Procure-To-Pay Solutions Market Analysis, Size, Growth, Competitive Strategies, and Worldwide Demand
Guwahati: On the occasion of Asom Diwas , Indian Army ’s Spear Corps celebrated Assam’s rich cultural heritage, history and contributions to India to instil a sense of pride and awareness among young minds. The event held on Dec 3 witnessed enthusiastic participation from students, who displayed keen interest and engagement throughout the programme. The function was held at Bhimbor Deori LP School at Jagun in Tinsukia district, which was attended by 100 students and eight teachers. According to an official statement, students participated in various activities. Through rhythm, movement and expression, they reflected the history, traditions and values of the society. An interactive session with the Indian Army was also organised during the event for the students. We also published the following articles recently Army celebrates Asom Diwas with students Indian Army's Spear Corps celebrated Asom Diwas at Bhimbor Deori LP School in Tinsukia district, highlighting Assam's cultural heritage and history. The event saw participation from 100 students and teachers who engaged in various activities. An interactive session with the army fostered curiosity and appreciation for India's military history among the students. Siu-Ka-Pha remembered on Asom Diwas Assam governor Lakshman Prasad Acharya emphasized Swagadeo Chao Lung Siu-Ka-Pha's impact on Assam's development on Asom Diwas. Highlighting advancements in technology and infrastructure, Acharya praised the state's heritage preservation efforts. Chief minister Himanta Biswa Sarma honored the Ahom dynasty founder's leadership and courage. Isro chairman interacts with students at science fest in Guwahati At the India International Science Festival in IIT-Guwahati, Isro chairperson S Somanath encouraged students to become future leaders in science and technology. Highlighting the importance of their involvement, he emphasized its role in making India a global powerhouse. The event, attended by over 20,000 students, featured interactions with prominent scientists and the signing of sustainability-focused technology transfer agreements.
Here’s a roundup of state college football games played on Saturday, Dec. 7: James Rinello threw for 296 yards and a touchdown and Geoff Schroeder rushed for 77 yards and a score to lead the Blue Jays over the Tigers (11-1) in the second round of the NCAA Tournament. Johns Hopkins (11-1) advances to the NCAA quarterfinals for the second straight season, where it will meet the Mary Hardin-Baylor vs. Linfield winner next Saturday at a time to be determined. Rinello completed 24 of 30 passes, including a 64-yard touchdown to EJ Talarico in the second quarter to give the Blue Jays a 14-0 lead. Talarico finished with six catches for a team-high 115 yards, while Cole Crotty had a team-high nine receptions for 114 yards. Carson Bourdo and Jack Schondelmayer each had an interception for the Hopkins defense, which recorded four sacks and held DePauw’s offense to 3-for-10 on third down. The Sea Gulls rushed for 308 yards and three touchdowns and SyRus McGowan threw a pair of touchdown passes to lead Salisbury to a dominant win over the Yellow Jackets in the second round of the NCAA Tournament. Ronald Clark (nine carries for 88 yards), Dario Belizaire (five for 52) and McGowan (nine for 52) each ran for a score for the Sea Gulls, who will play 13-time national champion Mount Union next Saturday at a time to be determined. The Purple Raiders beat Salisbury, 51-0, the last time the Sea Gulls reached the NCAA Tournament in 2022. Micah Brubaker and Alex Richards each caught touchdown passes from McGowan as Salisbury raced to a 28-0 lead late in the third quarter before Randolph-Macon rallied to cut the deficit to 28-14 with 2:47 remaining. McGowan then iced the game with a 44-yard touchdown run with 2:36 to play.Northwestern Mutual Appoints Dave Gordon to Chief Digital and Information Officer
“Y.M.C.A.” singer and co-writer Victor Willis of the band Village People revealed why he allowed President-elect Donald Trump to continue to use the song. He also dispelled the notion that it is a gay anthem. In a Monday , he noted that he wrote 100 percent of the lyrics for the popular 1978 disco song, while the late French music producer Jacques Morali wrote the music. “Since 2020, I’ve received over a thousand complaints about President Elect Trump’s use of Y.M.C.A. With that many complaints, I decided to ask the President Elect to stop using Y.M.C.A. because his use had become a nuisance to me,” Willis wrote. “However, the use continued because the Trump campaign knew they had obtained a political use license from BMI and absent that license being terminated, they had every right to continue using Y.M.C.A. And they did,” he continued. BMI enforces . When other artists began withdrawing Trump’s right to use their songs at his rallies, Willis recounted that he told his wife, who is the Village People’s manager, that Trump seemed to genuinely like “Y.M.C.A.” “As such, I simply didn’t have the heart to prevent his continued use of my song in the face of so many artists withdrawing his use of their material,” he explained. Victor Willis, the singer behind YMCA, has released a message thanking President Trump for dancing to his song. He said the song has “benefited greatly” from Trump’s use. Willis also reiterated that the song is not a gay anthem and may sue news outlets calling it gay. “Sadly,... — George (@BehizyTweets) “So I told my wife to inform BMI to not withdraw the Trump campaign political use license,” he wrote. Meanwhile, Willis’s French partners, who apparently own Morali’s rights to the song, also agreed not to get involved. And it’s been a financial windfall for all involved, according to Willis. “Y.M.C.A. has benefited greatly from use by the President Elect. For example, Y.M.C.A. was stuck at #2 on the Billboard chart prior to the President Elect’s use,” he pointed out. “Y.M.C.A.” on the chart in February 1979. “However, the song finally made it to #1 on a Billboard chart after over 45 years (and held on to #1 for two weeks) due to the President Elect’s use,” Willis wrote. reported “Y.M.C.A.” was climbing up the charts as Election Day approached last month and hit the No. 1 spot starting the week of Nov. 17. The Trump dance to the song became a social media phenomenon this fall. Trump’s YMCA dance becomes global phenomenon. 🪩🕺🏼 — Oli London (@OliLondonTV) “The financial benefits have been great as well as Y.M.C.A. is estimated to gross several million dollars since the President Elect’s continued use of the song. Therefore, I’m glad I allowed the President Elect’s continued use of Y.M.C.A. And I thank him for choosing to use my song,” Willis said. He also dispelled the notion that “Y.M.C.A.” is a “gay anthem.” “There’s been a lot of talk, especially of late, that Y.M.C.A. is somehow a gay anthem. As I’ve said numerous times in the past, that is a false assumption based on the fact that my writing partner was gay, and some (not all) of Village People were gay, and that the first Village People album was totally about gay life,” he wrote. “This assumption is also based on the fact that the was apparently being used as some sort of gay hangout...[therefore] the song must be a message to gay people,” Willis added. “To that I say once again, get your minds out of the gutter. It is not.” He pointed out that when he wrote the lyrics “hang out with all the boys” that was “simply 1970s black slang for black guys hanging-out together for sports, gambling or whatever. There’s nothing gay about that.” The Trump Dance has taken over social media and families everywhere are celebrating Trump’s victory this Thanksgiving 🇺🇸🔥 — TONYTM (@TONYxTWO) Willis argued calling “Y.M.C.A.” a gay anthem is “defamatory” and “damaging to the song.” He concluded, “The true anthem is Y.M.C.A.’s appeal to people of all [stripes] including President Elect Trump.” We are committed to truth and accuracy in all of our journalism. Advertise with The Western Journal and reach millions of highly engaged readers, while supporting our work. .Romania's far-right candidate Calin Georgescu on Saturday urged voters to go to polling stations despite the country's top court having scrapped the presidential elections over alleged irregularities amid claims of Russian interference. The court's shock ruling, coming just before the presidential run-off which had been due Sunday, opens the way for a new electoral process starting from scratch in the EU and NATO member state bordering war-torn Ukraine. The annulment follows a spate of intelligence documents declassified by the presidency this week detailing allegations against Georgescu and Russia, including claims of "massive" social media promotion and cyberattacks. Georgescu -- who unexpectedly topped last month's first round of voting -- called for voters on Sunday "to wait to be welcomed, to wait for democracy to win through their power", said a statement from his team. "Mr. Calin Georgescu believes that voting is an earned right," said the statement. "That is why he believes that Romanians have the right to be in front of the polling stations tomorrow." Georgescu himself would go to a polling station near Bucharest at 0600 GMT, said his team. Earlier Saturday, police raided three houses in Brasov city in central Romania as part of the investigation "in connection with crimes of voter corruption, money laundering, computer forgery". Among the houses searched was that of businessman Bogdan Peschir, a TikTok user who according to the declassified documents allegedly paid $381,000 to those involved in the promotion of Georgescu, Romanian media reported. Peschir has compared his support for Georgescu to the world's richest man Elon Musk's backing of US president-elect Donald Trump. Little-known outsider Georgescu, a 62-year-old former senior civil servant, was favourite to win the second round on Sunday against centrist pro-EU mayor Elena Lasconi, 52, according to several polls. But the constitutional court on Friday unanimously decided to annul the entire electoral process as it was "marred... by multiple irregularities and violations of electoral legislation". President Klaus Iohannis said on Saturday that he had discussed with European Commission chief Ursula von der Leyen, and they agreed on the "need to strengthen the security of social media". The European Commission announced earlier this week that it had stepped up monitoring TikTok after Romania's authorities alleged "preferential treatment" of Georgescu on the platform -- a claim the company has denied. Following the court's decision, the United States said it had faith in Romania's institutions and called for a "peaceful democratic process". Trump's eldest son, Donald Trump Jr., on X branded the vote's cancellation an "attempt at rigging the outcome" and "denying the will of the people". Georgescu called it "a formalised coup d'etat" and said democracy was "under attack". His team on Saturday declined to comment on the raids, saying they "will not comment or provide answers until we have exact data". Georgescu and another far-right party, the AUR, have said they plan to appeal the decision to stop the voting to the High Court of Cassation and Justice. A past admirer of Russian President Vladimir Putin, Georgescu, an EU and NATO sceptic, in recent days had reframed himself as "ultra pro-Trump," vowing to put Romania "on the world map" and cut aid for neighbouring Ukraine. In an interview with US broadcaster Sky News on Saturday, Georgescu said there were no links between him and Russia. Political scientist Costin Ciobanu told AFP that the annulment has "further polarised Romanian society". With trust in institutions and the ruling class already low, the vote's cancellation poses a "major danger that Romanians will think that it doesn't matter how they vote", Ciobanu added. Elsewhere in the EU, Austria annulled presidential elections in 2016 because of procedural irregularities. In Romania, a new government is expected to set another date for the presidential vote. In last weekend's legislative elections, the ruling Social Democrats came top. But far-right parties made big gains, securing an unprecedented third of the ballots on mounting anger over soaring inflation and fears over Russia's war in Ukraine. In a joint appeal on Wednesday, the Social Democrats and three other pro-EU parties -- together making up an absolute majority in parliament -- signed an agreement to form a coalition, promising "stability". bur-jza/jj
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De'Vondre Campbell's mid-game quitting overshadowed the 49ers' offensive woesA CEO was shot dead in cold blood. His alleged killer is being hailed as a folk hero. Why?
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