South Fremont volleyball leads All-4A Mountain Rivers Conference team with nine selections
The FDA is expected to advise the PDUFA[4] goal date following the 60-day administrative review of the application. Kevin Richardson , Chief Executive Officer, Precision Medicine at Telix, stated, "We are pleased to be progressing the BLA for TLX250-CDx, which has been granted Breakthrough designation, and may therefore be eligible for priority review. Telix continues to target a full U.S. commercial launch in 2025 addressing a major unmet medical need for patients with suspected ccRCC." About TLX250-CDx TLX250-CDx (Zircaix® 1 ) is an investigational PET agent that is under development for the diagnosis and characterisation of ccRCC. Telix's pivotal Phase III ZIRCON trial (ClinicalTrials.gov ID: NCT03849118 ) evaluating TLX250-CDx in 300 patients, of whom 284 were evaluable, met all primary and secondary endpoints, including showing 86% sensitivity and 87% specificity and a 93% positive-predictive value for ccRCC across three independent radiology readers[5]. Telix believes this demonstrated the ability of TLX250-CDx to reliably detect the clear cell phenotype and provide an accurate, non-invasive method for diagnosing and characterising ccRCC. Confidence intervals exceeded expectations amongst all three readers, showing evidence of high accuracy and consistency of interpretation. About Telix Pharmaceuticals Limited Telix is a biopharmaceutical company focused on the development and commercialisation of diagnostic and therapeutic radiopharmaceuticals and associated medical technologies. Telix is headquartered in Melbourne, Australia , with international operations in the United States , Europe ( Belgium and Switzerland ), and Japan . Telix is developing a portfolio of clinical and commercial stage products that aims to address significant unmet medical needs in oncology and rare diseases. Telix is listed on the Australian Securities Exchange (ASX: TLX) and the Nasdaq Global Select Market (Nasdaq: TLX). Telix's lead imaging product, gallium-68 ( 68 Ga) gozetotide injection (also known as 68 Ga PSMA-11 and marketed under the brand name Illuccix®), has been approved by the U.S. Food and Drug Administration (FDA)[6], by the Australian Therapeutic Goods Administration (TGA) [7], and by Health Canada [8] . No other Telix product has received a marketing authorisation in any jurisdiction. Visit www.telixpharma.com for further information about Telix, including details of the latest share price, announcements made to the ASX, investor and analyst presentations, news releases, event details and other publications that may be of interest. You can also follow Telix on X and LinkedIn . Telix Investor Relations Ms. Kyahn Williamson Telix Pharmaceuticals Limited SVP Investor Relations and Corporate Communications Email: [email protected] This announcement has been authorised for release by the Telix Pharmaceuticals Limited Disclosure Committee on behalf of the Board. Legal Notices You should read this announcement together with our risk factors, as disclosed in our most recently filed reports with the Australian Securities Exchange (ASX), U.S. Securities and Exchange Commission (SEC), including our registration statement on Form 20-F filed with the SEC, or on our website. The information contained in this announcement is not intended to be an offer for subscription, invitation or recommendation with respect to securities of Telix Pharmaceuticals Limited (Telix) in any jurisdiction, including the United States . The information and opinions contained in this announcement are subject to change without notification. To the maximum extent permitted by law, Telix disclaims any obligation or undertaking to update or revise any information or opinions contained in this announcement, including any forward-looking statements (as referred to below), whether as a result of new information, future developments, a change in expectations or assumptions, or otherwise. No representation or warranty, express or implied, is made in relation to the accuracy or completeness of the information contained or opinions expressed in the course of this announcement. This announcement may contain forward-looking statements, including within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, that relate to anticipated future events, financial performance, plans, strategies or business developments. Forward-looking statements can generally be identified by the use of words such as "may", "expect", "intend", "plan", "estimate", "anticipate", "believe", "outlook", "forecast" and "guidance", or the negative of these words or other similar terms or expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements are based on Telix's good-faith assumptions as to the financial, market, regulatory and other risks and considerations that exist and affect Telix's business and operations in the future and there can be no assurance that any of the assumptions will prove to be correct. In the context of Telix's business, forward-looking statements may include, but are not limited to, statements about: the initiation, timing, progress and results of Telix's preclinical and clinical trials, and Telix's research and development programs; Telix's ability to advance product candidates into, enrol and successfully complete, clinical studies, including multi-national clinical trials; the timing or likelihood of regulatory filings and approvals for Telix's product candidates, manufacturing activities and product marketing activities; Telix's sales, marketing and distribution and manufacturing capabilities and strategies; the commercialisation of Telix's product candidates, if or when they have been approved; Telix's ability to obtain an adequate supply of raw materials at reasonable costs for its products and product candidates; estimates of Telix's expenses, future revenues and capital requirements; Telix's financial performance; developments relating to Telix's competitors and industry; and the pricing and reimbursement of Telix's product candidates, if and after they have been approved. Telix's actual results, performance or achievements may be materially different from those which may be expressed or implied by such statements, and the differences may be adverse. Accordingly, you should not place undue reliance on these forward-looking statements. ©2024 Telix Pharmaceuticals Limited. The Telix Pharmaceuticals®, Illuccix® and Zircaix® 1 names and logos are trademarks of Telix Pharmaceuticals Limited and its affiliates - all rights reserved.Credo shares surge after 64% jump in revenue, narrowed quarterly lossST. SIMONS ISLAND, Ga. (AP) — PGA Tour rookie Patrick Fishburn played bogey-free for an 8-under 64 for his first lead after any round. Joel Dahmen was 10 shots behind and had a bigger cause for celebration Friday in the RSM Classic. Dahmen made a 5-foot par putt on his final hole for a 2-under 68 in tough conditions brought on by the wind and cold, allowing him to make the cut on the number and get two more days to secure his PGA Tour card for next year. He is No. 124 in the FedEx Cup. “I still got more to write this weekend for sure,” said Dahmen, who recently had said his story is not yet over. “But without having the opportunity to play this weekend, my story would be a lot shorter this year.” Fishburn took advantage of being on the easier Plantation course, with trees blocking the brunt of the wind and two additional par 5s. He also was helped by Maverick McNealy, who opened with a 62 on the tougher Seaside course, making two bogeys late in his round and having to settle for a 70. Fishburn, who already has locked up his card for next year, was at 11-under 131 and led McNealy and Lee Hodges (63) going into the weekend. Michael Thorbjornsen had a 69 and was the only player who had to face Seaside on Friday who was among the top five. What mattered on this day, however, was far down the leaderboard. The RSM Classic is the final tournament of the PGA Tour season, and only the top 125 in the FedEx Cup have full status in 2025. That's more critical than ever with the tour only taking the top 100 for full cards after next season. Players like Dahmen will need full status to get as many playing opportunities as they can. That explains why he felt so much pressure on a Friday. He didn't make a bogey after his opening hole and was battling temperatures in the low 50s that felt even colder with the wind ripping off the Atlantic waters of St. Simons Sound. He made a key birdie on the 14th, hitting a 4-iron for his second shot on the 424-yard hole. Dahmen also hit wedge to 2 feet on the 16th that put him on the cut line, and from the 18th fairway, he was safely on the green some 40 feet away. But he lagged woefully short, leaving himself a testy 5-footer with his job on the line. “It was a great putt. I was very nervous,” Dahmen said. “But there's still work to do. It wasn't the game-winner, it was like the half-court shot to get us to halftime. But without that, and the way I played today, I wouldn't have anything this weekend.” His playing partners weren't so fortunate. The tour put three in danger of losing their cards in the same group — Zac Blair (No. 123), Dahmen and Wesley Bryan (No. 125). The cut was at 1-under 141. Blair and Bryan came to the 18th hole needing birdie to be assured of making the cut and both narrowly missed. Now they have to wait to see if anyone passes them, which is typically the case. Thorbjornsen in a tie for fourth and Daniel Berger (66 at Plantation) in a tie for 17th both were projected to move into the top 125. Dahmen, indeed, still has work to do. Fishburn gets a weekend to see if he can end his rookie year with a win. “I've had a lot of experience playing in cold growing up in Utah, playing this time of year, kind of get used to playing when the body’s not moving very well and you’ve got to move your hands,” said Fishburn, who played college golf at BYU. “Just pretty happy with how I played.” Ludvig Aberg, the defending champion and No. 5 player in the world competing for the first time in more than two months because of knee surgery, bounced back with a 64 on Plantation and was back in the mix. Aberg played with Luke Clanton, the Florida State sophomore who looks like he belongs each week. Clanton, the No. 1 player in the world amateur ranking who received a sponsor exemption, had a 65 at Plantation and was two shots off the lead. Clanton already has a runner-up and two other top 10s since June. “Playing with him, it's pretty awesome to watch,” Clanton said. “We were kind of fanboying a little it. I know he's a really good dude but to be playing with him and to see what he's done over the last couple years, it's pretty inspirational.” AP golf: https://apnews.com/hub/golf
Chess grandmaster Magnus Carlsen returns to a tournament after a dispute over jeans is resolved NEW YORK (AP) — Top ranked chess player Magnus Carlsen is headed back to the World Blitz Championship on Monday. That's after its governing body agreed to loosen a dress code that got him fined and denied a late-round game in another tournament for refusing to change out of jeans. The International Chess Federation president said in a statement Sunday that he’d let World Blitz Championship tournament officials consider allowing “appropriate jeans” with a jacket, as well as other "minor deviations” from the dress code. Carlsen quit the World Rapid and Blitz Chess Championships on Friday. He said Sunday he would play — and wear jeans — in the World Blitz Championship. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.None
GHIX stock touches 52-week low at $10.42 amid market fluctuations
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Missing Tennessee teenage girl found in Louisiana, authorities saidOne lucky winner could take home game's seventh billion-dollar prize during Christmas Eve drawing New Jackpot.com customers can claim a free Mega Millions ticket on their first play with promo code XMAS SAN FRANCISCO , Dec. 24, 2024 /PRNewswire/ -- With Christmas Day just hours away, lottery players across the country are preparing for an extraordinary opportunity to take home Mega Millions' seventh-largest Jackpot as a winner has not won the grand prize in the last 29 drawings, dating back to September 10th when a Texas resident took home $810 million . 2024 has already been a record-breaking year for the lottery as it hit the ground running with a massive $842.4 million Powerball win on New Year's Day. Shortly after, a second lucky winner took home a staggering $1.13 billion Mega Millions prize in March, followed by a $1.326 billion Powerball jackpot in April, all of which signify some of the largest prizes ever awarded. 2025 represents a significant year for Mega Millions players, as the game as they know it will undergo a variety of changes come April. The game will feature larger starting jackpots, expedited rollover growth, and better odds. Lottery courier services like Jackpot.com eagerly await these welcome changes, which will not only enhance gameplay, but also elevate player experience(s). "There's a lot to like about the upcoming changes to Mega Millions," said CEO and co-founder of Jackpot.com , Akshay Khanna . "Whether you're a casual player or avid lottery user, the faster-growing jackpots, improved odds, and built-in multipliers will offer an entirely new feel to the game - hopefully one that encourages new players to get in on the action. That said, we have a one billion-dollar prize just before Christmas and potentially the ultimate present for one lucky winner, a life-changing gift at that." While tonight's drawing occurs on Christmas Eve, the Mega Millions jackpot has been won just once on the "Eve." Back in 2002, a $68 million jackpot was won in New York , unfortunately going unclaimed. Currently available in Colorado , Massachusetts , Arkansas , New Jersey , New York , Ohio , Texas , and Arizona , New Jackpot.com customers can get in on the fun this holiday by scoring a free Mega Millions ticket on their first play by using promo code XMAS. Amid the Mega Millions frenzy, Jackpot.com remains committed to upholding responsible gaming protocols through the integration of modern conveniences and safety guardrails, one of the standout features of digital lottery platforms. Through responsible gaming protections including spend limits, default limits on daily deposits, access to local and national responsible gambling resources, self-exclusion, self-suspension and automated notifications that offer help should problematic behavior arise, Jackpot.com ensures safe and secure transactions and play. The platform is also the only lottery courier service to launch with iCap certification from the National Council on Problem Gambling . To get started, download the Jackpot.com Lottery App on the iOS or Android App Stores, or visit www.jackpot.com to learn more. About Jackpot.com Jackpot.com allows customers to order official state lottery tickets from their mobile phone, tablet, or computer. Currently available in Colorado , Massachusetts , Arkansas , New Jersey , New York , Ohio and Texas , Jackpot.com is expanding its safe and secure lottery courier service to additional markets across the US. An Associate Member of the North American Association of State and Provincial Lotteries (NASPL), Jackpot.com has invested significantly in responsible gaming safeguards, with default spending limits and other features built in throughout the experience, earning it iCap certification from the National Council on Problem Gaming. To learn more, visit www.jackpot.com or download the iOS or Android app. Jason Heller Senior Vice President 212.584.4278| 5WPR.com 3 Park Avenue, Floor 19 New York, NY 10016 View original content to download multimedia: https://www.prnewswire.com/news-releases/tickets-to-the-1-billion-mega-millions-draw-available-this-christmas-eve-on-jackpotcom-302339022.html SOURCE Jackpot.com
AP Sports SummaryBrief at 6:18 p.m. ESTA TikToker who went viral teaching science videos predicts short-form video will make its way into the national curriculum after 2024 saw him publish a new book and win a TikTok award. Emanuel Wallace, 27, from east London, is better known as Big Manny by his 1.9 million followers on TikTok, where he shares videos explaining various science experiments from his back garden while using Jamaican Patois phrases and London slang. In early December, Mr Wallace won the Education Creator of the Year award at the TikTok Awards ceremony, which he said is a “symbol that anything that you put your mind to you can achieve”. The content creator began making videos during the coronavirus pandemic when schools turned to online learning but has since expanded his teaching from videos to paper after releasing his debut book Science Is Lit in August. He believes his “unconventional” teaching methods help to make his content relatable for younger audiences by using slang deriving from his Jamaican and British heritage. “The language that I use, it’s a combination between Jamaican Patois and London slang because I have Jamaican heritage,” the TikToker, who holds a bachelors and masters degree in biomedical science, told the PA news agency. “That’s why in my videos sometimes I might say things like ‘Wagwan’ or ‘you dun know’. I just want to connect with the young people more, so I speak in the same way that they speak. “The words that I use, the way that I deliver the lesson as well, I would say that my method of teaching is quite unconventional. I speak in a way that is quite conversational.” Examples of his videos include lithium batteries catching fire after being sandwiched inside a raw chicken breast, as well as mixing gold with gallium to create blue gold, earning millions of views. Mr Wallace hopes his content will help make the science industry more diverse, saying “the scientists that I was taught about, none of them look like me”. “Now me being a scientist is showing young people that they can become one as well, regardless of the background that they come from, the upbringing that they’ve had,” he said. “I just want to make it seem more attainable and possible for them because if I can do it, and I come from the same place as you, there’s no reason why you can’t do it as well.” The TikToker has seen a shift in more young people turning to the app as a learning resource and feels short-form videos will soon become a part of the national curriculum in schools. “I’m seeing (young people) using that a lot more – social media as a resource for education – and I feel like in the future, it’s going to become more and more popular as well,” he said. “I get a lot of comments from students saying that my teacher showed my video in the classroom as a resource, so I feel like these short form videos are going to be integrated within the national curriculum at some point in the near future.” He also uses his platform to raise awareness of different social issues, which he said is “extremely important”. One of his videos highlighted an anti-knife campaign backed by actor Idris Elba, which earned more than 39 million views, while his clip about the banning of disposable vapes was viewed more than 4.6 million times. He said there is some pressure being a teacher with a large following online but hopes he can be a role model for young people. “I’m aware that I am in the public eye and there’s a lot of young people watching me,” he said. “Young people can be impressionable, so I make sure that I conduct myself appropriately, so that I can be a role model. “I always have the same message for young people, specifically. I tell them to stay curious. Always ask questions and look a little bit deeper into things.” His plans for 2025 include publishing a second Science Is Lit book and expanding his teaching to television where he soon hopes to create his own science show.
Amazon reality show horrifies viewers who claim it promotes 'worst of human nature'Smoke rises following an Israeli airstrike on Dahiyeh, in Beirut, Lebanon, Nov. 26. AP-Yonhap Israel approved a ceasefire agreement with Lebanon's Hezbollah militants on Tuesday that would end nearly 14 months of fighting linked to the war in the Gaza Strip. The ceasefire, starting at 4 a.m. local time Wednesday, 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 , where Hamas is still holding dozens of hostages and the conflict is more intractable. Hours before the ceasefire with Hezbollah was to take effect, Israel carried out the most intense wave of strikes in Beirut and its southern suburbs since the start of the conflict and issued a record number of evacuation warnings. At least 42 people were killed in strikes across the country, according to local authorities. Another huge airstrike shook Beirut shortly after the ceasefire was announced. “The last stages have been the most scary,” said Ahmad Khateeb, who fled to the city’s seaside promenade with relatives. There appeared to be lingering disagreement over whether Israel would have the right to strike Hezbollah if it believed the militants had violated the agreement, something Prime Minister Benjamin Netanyahu insisted was part of the deal but which Lebanese and Hezbollah officials have rejected. Israel's security Cabinet approved the U.S.-France-brokered ceasefire agreement after Netanyahu presented it, his office said. U.S. President Joe Biden, speaking in Washington, called the agreement “good news” and said his administration would make a renewed push for a ceasefire in Gaza. The Biden administration spent much of this year trying to broker a ceasefire and hostage release in Gaza but the talks repeatedly sputtered to a halt . President-elect Donald Trump has vowed to bring peace to the Middle East without saying how. Still, any halt to the fighting in Lebanon is expected to reduce the likelihood of war between Israel and Iran, which backs both Hezbollah and Hamas and exchanged direct fire with Israel on two occasions earlier this year. Netanyahu presented the ceasefire proposal to Cabinet ministers after a televised address in which he listed accomplishments against Israel’s enemies across the region. He said a ceasefire with Hezbollah would further isolate Hamas in Gaza and allow Israel to focus on its main enemy, Iran. “If Hezbollah breaks the agreement and tries to rearm, we will attack,” he said. “For every violation, we will attack with might.” The ceasefire deal calls for a two-month initial halt in fighting and would require Hezbollah to end its armed presence in a broad swath of southern Lebanon, while Israeli troops would return to their side of the border. Thousands of additional Lebanese troops and U.N. peacekeepers would deploy in the south, and an international panel headed by the United States would monitor compliance. Biden said Israel reserved the right to quickly resume operations in Lebanon if Hezbollah breaks the terms of the truce, but that the deal "was designed to be a permanent cessation of hostilities.” Netanyahu’s office said Israel appreciated the U.S. efforts in securing the deal but “reserves the right to act against every threat to its security.” Smoke and flame rise after an Israeli strike, in the Chiyah district of Beirut's southern suburbs, Lebanon, Nov. 25. Reuters-Yonhap Lebanon’s caretaker Prime Minister Najib Mikati welcomed the ceasefire and described it as a crucial step toward stability and the return of displaced people. Hezbollah has said it accepts the proposal, but a senior official with the group said Tuesday 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," he said, referring to Israel's demand for freedom of action. “Any violation of sovereignty is refused.” Even as ceasefire efforts gained momentum in recent days, Israel continued to strike what it called Hezbollah targets across Lebanon while the militants fired rockets, missiles and drones across the border. An Israeli strike on Tuesday leveled a residential building in central Beirut — the second time in recent days warplanes have hit the crowded area near downtown. At least seven people were killed and 37 wounded, according to Lebanon's Health Ministry. Israel also struck a building in Beirut's bustling commercial district of Hamra for the first time, hitting a site around 400 meters (yards) from Lebanon’s Central Bank. There were no reports of casualties. The Israeli military said it struck targets linked to Hezbollah's financial arm. The evacuation warnings covered many areas, including parts of Beirut that previously were not targeted. Residents fled. Traffic was gridlocked, with mattresses tied to some cars. Dozens of people, some wearing pajamas, gathered in a central square, huddling under blankets or standing around fires as Israeli drones buzzed overhead. Israeli military spokesman Avichay Adraee issued evacuation warnings for 20 buildings in Beirut's southern suburbs, where Hezbollah has a major presence, as well as a warning for the southern town of Naqoura where the U.N. peacekeeping mission, UNIFIL, is headquartered. UNIFIL spokesperson Andrea Tenenti said peacekeepers will not evacuate. The Israeli military also said its ground troops clashed with Hezbollah forces and destroyed rocket launchers in the Slouqi area on the eastern end of the Litani River, a few kilometers (miles) from the Israeli border. Under the ceasefire deal, Hezbollah would be required to move its forces north of the Litani, which in some places is about 30 kilometers (20 miles) north of the border. Hezbollah began firing into northern Israel on Oct. 8, 2023, saying it was showing support for the Palestinians, a day after Hamas carried out its attack on southern Israel, triggering the Gaza war. Israel returned fire on Hezbollah, and the two sides have exchanged barrages ever since. Israel escalated its bombardment in mid-September and later sent troops into Lebanon, vowing to put an end to Hezbollah fire so tens of thousands of evacuated Israelis could return to their homes. More than 3,760 people have been killed by Israeli fire in Lebanon the past 13 months, many of them civilians, according to Lebanese health officials. The bombardment has driven 1.2 million people from their homes. Israel says it has killed more than 2,000 Hezbollah members. Hezbollah fire has forced some 50,000 Israelis to evacuate in the country’s north, and its rockets have reached as far south in Israel as Tel Aviv. At least 75 people have been killed, more than half of them civilians. More than 50 Israeli soldiers have died in the ground offensive in Lebanon. (AP)
It would be easy to argue against making New Year’s resolutions. They’re hard to keep and, often, too narrow in focus. In a rapidly changing world, why would we think that something we value in January will still hold true in June? Yet, despite those risks, my 2025 New Year’s resolution feels instinctive and solid. A little background is required. My parents supported their family through a small corner grocery store. As their children, we were the unpaid hired hands who would do odd jobs to help my parents and assist customers in whatever ways they asked. My parents were the kind of grocers one could only dream of having. Kind, generous, willing to let customers buy on credit, willing to hear them share way more information about their lives than my parents truthfully wanted to hear. The attitude at Utica Grocery was summed up in an edict my father frequently told us: “What goes around, comes around.” By this, he meant if we treated people with respect and dignity, we could expect the same back. Be kind, and people will be kind to us. Be charitable, and people will extend a helping hand. It was what my parents modeled daily, and we, as their children, learned. So why, in 2025, am I hearing my dad’s message so loudly? I fear it is because of what we’ve become. We seem very me-centered. We’ve grown cynical. Generosity of spirit — helping people in non-material ways — can be hard to spot. Our patience continues to dwindle. I realized I was having a “patience problem” when I recently began to learn the game of Mahjong. Picking up the game was my way of preparing for some eventual retirement. It’s intended to help me connect with others when I’m not at the dog park, attending synagogue, or at my desk writing. Many research studies have confirmed the value of social connections as we age. So I’m sitting at the Mahjong table, and one of the players is taking a very long time to choose which tiles to drop. In fairness to him, he was a chief financial officer and is preternaturally precise and strategic in thinking through his moves. But now, our Mahjong game has slowed to a crawl. I become antsy. While I could have engaged in self-talk and said, “Everyone is learning, and everyone’s pace is different. Cool your jets,” I didn’t do that. Instead, I said, “Jack, you know we learn by making mistakes, so don’t be afraid to make some. Plus, we have only 20 more minutes. At this rate, we might not finish the game.” The other two players at the table smiled when I said this. They were getting impatient, too, but they had more self-restraint. I parked this observation about my impatience until later when I thought back to my dad, who epitomized patience and kindness. Even better, on issues far more consequential than playing Mahjong, my dad had a habit of giving everyone the benefit of the doubt. Were he sitting at the Mahjong table, I can imagine my dad saying, “I bet Jack is going to teach us something really important. We’re lucky he’s so thoughtful.” Imagine that? Imagine having the instinct to give people the benefit of the doubt. It’s a far cry from our world today, where we brood about people gaming the system or feel despair about hypocritical leaders, or wonder whether scientists still offer objective truth. The list is endless, and the mental toll it takes to always be on the lookout for behavior we can call out is deflating. Maybe my dad was onto something. Changing our lens and viewing the world with a bigger heart and a more open mind can yield positive effects. We might find that when we give people the benefit of the doubt, they live up to our expectations. And giving really is more fun than receiving. Optimism might become a new norm, and along with it might come better mental health, more resilience and an overall improved quality of life. All I had to do was remind myself of my father’s words: “What goes around, comes around.” And just like that, my 2025 resolution is born. Lead with positivity and kindness, and it will help me believe in our future, in what may become a self-fulfilling prophecy. Jill Ebstein is the editor of the “At My Pace” series of books and the founder of Sized Right Marketing, a consulting firm. Get opinion pieces, letters and editorials sent directly to your inbox weekly!Dana Hull | (TNS) Bloomberg News Jared Birchall, Elon Musk’s money manager and the head of his family office, is listed as the chief executive officer. Jehn Balajadia, a longtime Musk aide who has worked at SpaceX and the Boring Co., is named as an official contact. Related Articles National Politics | Biden will decide on US Steel acquisition after influential panel fails to reach consensus National Politics | Biden vetoes once-bipartisan effort to add 66 federal judgeships, citing ‘hurried’ House action National Politics | A history of the Panama Canal — and why Trump can’t take it back on his own National Politics | President-elect Trump wants to again rename North America’s tallest peak National Politics | Inside the Gaetz ethics report, a trove of new details alleging payments for sex and drug use But they’re not connected to Musk’s new technology venture, or the political operation that’s endeared him to Donald Trump. Instead, they’re tied to the billionaire’s new Montessori school outside Bastrop, Texas, called Ad Astra, according to documents filed with state authorities and obtained via a Texas Public Information Act request. The world’s richest person oversees an overlapping empire of six companies — or seven, if you include his political action committee. Alongside rockets, electric cars, brain implants, social media and the next Trump administration, he is increasingly focused on education, spanning preschool to college. One part of his endeavor was revealed last year, when Bloomberg News reported that his foundation had set aside roughly $100 million to create a technology-focused primary and secondary school in Austin, with eventual plans for a university. An additional $137 million in cash and stock was allotted last year, according to the most recent tax filing for the Musk Foundation. Ad Astra is closer to fruition. The state documents show Texas authorities issued an initial permit last month, clearing the way for the center to operate with as many as 21 pupils. Ad Astra’s website says it’s “currently open to all children ages 3 to 9.” The school’s account on X includes job postings for an assistant teacher for preschool and kindergarten and an assistant teacher for students ages 6 to 9. To run the school, Ad Astra is partnering with a company that has experience with billionaires: Xplor Education, which developed Hala Kahiki Montessori school in Lanai, Hawaii, the island 98% owned by Oracle Corp. founder Larry Ellison. Ad Astra sits on a highway outside Bastrop, a bedroom community about 30 miles from Austin and part of a region that’s home to several of Musk’s businesses. On a visit during a recent weekday morning, there was a single Toyota Prius in the parking lot and no one answered the door at the white building with a gray metal roof. The school’s main entrance was blocked by a gate, and there was no sign of any children on the grounds. But what information there is about Ad Astra makes it sound like a fairly typical, if high-end, Montessori preschool. The proposed schedule includes “thematic, STEM-based activities and projects” as well as outdoor play and nap time. A sample snack calendar features carrots and hummus. While Birchall’s and Balajadia’s names appear in the application, it isn’t clear that they’ll have substantive roles at the school once it’s operational. Musk, Birchall and Balajadia didn’t respond to emailed questions. A phone call and email to the school went unanswered. Access to high quality, affordable childcare is a huge issue for working parents across the country, and tends to be an especially vexing problem in rural areas like Bastrop. Many families live in “childcare deserts” where there is either not a facility or there isn’t an available slot. Opening Ad Astra gives Musk a chance to showcase his vision for education, and his support for the hands-on learning and problem solving that are a hallmark of his industrial companies. His public comments about learning frequently overlap with cultural concerns popular among conservatives and the Make America Great Again crowd, often focusing on what he sees as young minds being indoctrinated by teachers spewing left-wing propaganda. He has railed against diversity, equity and inclusion efforts, and in August posted that “a lot of schools are teaching white boys to hate themselves.” Musk’s educational interests dovetail with his new role as Trump’s “first buddy.” The billionaire has pitched a role for himself that he — and now the incoming Trump administration — call “DOGE,” or the Department of Government Efficiency. Though it’s not an actual department, DOGE now posts on X, the social media platform that Musk owns. “The Department of Education spent over $1 billion promoting DEI in America’s schools,” the account posted Dec. 12. Back in Texas, Bastrop is quickly becoming a key Musk point of interest. The Boring Co., his tunneling venture, is based in an unincorporated area there. Across the road, SpaceX produces Starlink satellites at a 500,000-square-foot (46,000-square-meter) facility. Nearby, X is constructing a building for trust and safety workers. Musk employees, as well as the general public, can grab snacks at the Boring Bodega, a convenience store housed within Musk’s Hyperloop Plaza, which also contains a bar, candy shop and hair salon. Ad Astra is just a five-minute drive away. It seems to have been designed with the children of Musk’s employees — if not Musk’s own offspring — in mind. Musk has fathered at least 12 children, six of them in the last five years. “Ad Astra’s mission is to foster curiosity, creativity, and critical thinking in the next generation of problem solvers and builders,” reads the school’s website. A job posting on the website of the Montessori Institute of North Texas says “While their parents support the breakthroughs that expand the realm of human possibility, their children will grow into the next generation of innovators in a way that only authentic Montessori can provide.” The school has hired an executive director, according to documents Bloomberg obtained from Texas Health and Human Services. Ad Astra is located on 40 acres of land, according to the documents, which said a 4,000-square-foot house would be remodeled for the preschool. It isn’t uncommon for entrepreneurs to take an interest in education, according to Bill Gormley, a professor emeritus at the McCourt School of Public Policy at Georgetown University who studies early childhood education. Charles Butt, the chairman of the Texas-based H-E-B grocery chain, has made public education a focus of his philanthropy. Along with other business and community leaders, Butt founded “Raise Your Hand Texas,” which advocates on school funding, teacher workforce and retention issues and fully funding pre-kindergarten. “Musk is not the only entrepreneur to recognize the value of preschool for Texas workers,” Gormley said. “A lot of politicians and business people get enthusiastic about education in general — and preschool in particular — because they salivate at the prospect of a better workforce.” Political Moves Musk spent much of October actively campaigning for Trump’s presidential effort, becoming the most prolific donor of the election cycle. He poured at least $274 million into political groups in 2024, including $238 million to America PAC, the political action committee he founded. While the vast majority of money raised by America PAC came from Musk himself, it also had support from other donors. Betsy DeVos, who served as education secretary in Trump’s first term, donated $250,000, federal filings show. The Department of Education is already in the new administration’s cross hairs. Trump campaigned on the idea of disbanding the department and dismantling diversity initiatives, and he has also taken aim at transgender rights. “Rather than indoctrinating young people with inappropriate racial, sexual, and political material, which is what we’re doing now, our schools must be totally refocused to prepare our children to succeed in the world of work,” Trump wrote in Agenda 47, his campaign platform. Musk has three children with the musician Grimes and three with Shivon Zilis, who in the past was actively involved at Neuralink, his brain machine interface company. All are under the age of five. Musk took X, his son with Grimes, with him on a recent trip to Capitol Hill. After his visit, he shared a graphic that showed the growth of administrators in America’s public schools since 2000. Tuition Costs Musk is a fan of hands-on education. During a Tesla earnings call in 2018, he talked about the need for more electricians as the electric-car maker scaled up the energy side of its business. On the Joe Rogan podcast in 2020, Musk said that “too many smart people go into finance and law.” “I have a lot of respect for people who work with their hands and we need electricians and plumbers and carpenters,” Musk said while campaigning for Trump in Pennsylvania in October. “That’s a lot more important than having incremental political science majors.” Ad Astra’s website says the cost of tuition will be initially subsidized, but in future years “tuition will be in line with local private schools that include an extended day program.” “I do think we need significant reform in education,” Musk said at a separate Trump campaign event. “The priority should be to teach kids skills that they will find useful later in life, and to leave any sort of social propaganda out of the classroom.” With assistance from Sophie Alexander and Kara Carlson. ©2024 Bloomberg News. Visit at bloomberg.com. Distributed by Tribune Content Agency, LLC.None
NoneSebastian Mack made up for a pair of missed late free throws by converting a three-point play with 33 seconds remaining as No. 22 UCLA earned a 65-62 victory over No. 14 Gonzaga on Saturday in the West Coast Hoops Showdown at Inglewood, Calif. Eric Dailey Jr. led UCLA with 18 points and shot 4 of 5 from 3-point range. Kobe Johnson scored all 12 of his points on 4-of-6 shooting from beyond the arc for the Bruins and added eight rebounds. Skyy Clark scored 11 points for UCLA (11-2) with a game-high nine rebounds, while dishing out seven assists. Graham Ike led all scorers with 24 points on 11-of-16 shooting from the floor for Gonzaga (9-4) and snared eight rebounds. Ryan Nembhard finished with 16 points and eight assists for the Bulldogs. Tied 58-58 with 1:18 remaining, Mack drew a shooting foul on Gonzaga's Ike but missed both free throws. Ike's rebound led to Nembhard's go-ahead, pull-up jumper with 56 seconds to go as Gonzaga led 60-58. Mack earned a chance at redemption when he scored on a floater with contact from Emmanuel Innocenti. Mack's bonus foul shot put the Bruins ahead 61-60 to help make up for a rough 1-of-7 shooting afternoon. Clark made a pair of free throws after Dusty Stormer's missed 3-point attempt as UCLA grabbed a 63-60 lead with 13 seconds remaining. The Bruins needed the cushion, as Gonzaga executed a length-of-the-court play that sprung Nembhard for a streaking layup while he was fouled by Mack. But Nembhard missed the free throw that would have tied the game. Down by three in the closing seconds, Nembhard inexplicably took a shot from well beyond half court with four seconds still remaining that was off target. The victory was the Bruins' first over the Bulldogs since 2015, and the fourth game between the teams since the 2020-21 season that was decided by four points or fewer. Gonzaga lost guard Khalif Battle early in the first half when he was ejected for a flagrant foul call on a blocked-shot attempt against Dailey. Battle's ejection contributed to a rough opening for Gonzaga, which trailed by 11 before pulling within two points by halftime. Neither team led by more than six points over the final 17:12. --Field Level Media
These are the four up-and-coming British companies I recommend investing in for real rewards next year and beyond, by shares guru JOANNE HART By JOANNE HART Updated: 16:55, 29 December 2024 e-mail 2 View comments Stock markets are intended to help companies grow. However, that theory has been sorely tested this year, with many firms hit by a cruel combination of economic uncertainty and investor apathy. Rachel Reeves's Budget made matters worse but this is no time for investors to turn their backs on Britain. Many UK stocks have huge potential. Often undervalued by the stock market, they have proved their resilience in recent years and shown they can move forward, even when conditions are tough. Midas top picks for 2025 include four such businesses, drawn from very different markets but all expected to deliver real rewards for shareholders next year and beyond. Assura The NHS is in a mess. More than six million people are waiting for treatment and half of them have been on waiting lists for four months or more. Cancer targets are continually missed, A&E waiting times are a national disgrace, and GPs are stretched to breaking point. To cap it all, the nation is becoming less healthy, with obesity levels rising, heart disease increasing, and life expectancy falling in the poorest parts of Britain. Change is needed – and Assura is helping to provide this. It designs, builds and manages healthcare facilities, from GP surgeries and NHS training centres to mental health units and private hospitals. Today, Assura has about 620 properties, two-thirds of which are GP surgeries, while private hospitals account for a quarter of the group. Many households regard private hospitals as greedy, price-gouging businesses. However, these are not just used by wealthy clients but also the NHS, helping to shorten waiting times and offering specialist services that the state simply cannot afford. Nuffield Health for example, Assura's largest customer on the private side, is a charity focused on community wellbeing. Assura designs, builds and manages healthcare facilities, from GP surgeries and NHS training centres to mental health units and private hospitals (picture posed by models) On the GP front, Assura surgeries are often modern and purpose-built, designed in consultation with doctors to create an environment that works for patients and medics alike. Chief executive Jonathan Murphy joined the group as finance director in 2013, rising to the top job four years later. Well regarded, Murphy is determined to build a business that improves Britain's health and delivers rewards for investors. Earnings and dividends have risen steadily over the past decade and last summer, Murphy spent £500 million on a portfolio of 14 hospitals, which are expected to drive growth for 2025 and beyond. Even after splashing out on the new assets, Assura is still forecast to increase dividends by 3 per cent to 3.3 p in the year to March 2025, putting the shares on a generous 8.5 per cent yield. Midas verdict: Property firms have been savaged recently and Assura is no exception, with its shares almost halving in value since 2022. This seems excessive. Health Secretary Wes Streeting is determined to make his mark and Assura is well positioned to benefit, as the government strives to ease pressure on the Health Service by encouraging greater use of GP surgeries and private hospitals. At 38p, the shares offer long-term growth and highly attractive dividends. Buy. Traded on: Main market Ticker: AGR Contact: assuraplc.com Telecom Plus American statesman Benjamin Franklin is credited with coining the phrase that nothing in this world is certain except death and taxes. But its first recorded mention was actually in a work by British playwright Christopher Bullock. For most of us today, though, another certainty is monthly bills. Never welcome, their number seems to increase on a regular basis – gas, electricity, broadband, mobile, insurance, plus numerous subscriptions to everything from TV to toilet paper. Telecom Plus aims to simplify customers' lives, with one bill covering energy, internet use, mobile phones and home insurance. Starting out from a pub in Henley-on-Thames in 1996, the company has more than a million customers and is valued on the stock market at almost £1.4 billion. Operating under the brand name Utility Warehouse, the group is focused on delivering top-tier service, ease of use and consistently competitive pricing. Accolades and awards suggest that the business is true to its word, as it has just been ranked number one for energy by Citizens Advice. Not only does Telecom Plus differ from peers in the range of services on offer, but it also acquires customers primarily by recommendations from existing users. Ordinary people – teachers, nurses, firefighters, police – tell friends, family or neighbours about Utility Warehouse and are rewarded for every person that they convert. Payment comes as a percentage of the new customer's bill – generally about 2.5 per cent – and for serial recommenders, known as agents, the rewards can be substantial, stretching to hundreds of pounds a year. The system is highly unusual but it works, with customer numbers – and profits – growing by more than 10 per cent a year for the past three years and set to continue. Chief executive Stuart Burnett is keen to double customer numbers to two million over the next five to seven years and add more services to his roster, with motor and pet insurance high on his list. Customers receive a loyalty card too, which takes money off their bill when they buy goods at chains such as Sainsbury's and Boots. Savings can run into hundreds of pounds for committed customers. The more customers join the group, the more profitable it becomes and the more dividends can be paid to shareholders. Shares guru Joanne Hart recommends that you buy and hold shares in Telecom Plus Brokers forecast a dividend of 94p for the year to March 2025, rising to £1.07 the following year and £1.18 in 2027. With the shares at £17.28, that puts Telecom Plus on a yield of almost 5.5 per cent. Midas verdict: Telecom Plus shares peaked at more than £25 two years ago, when energy prices were soaring and inflation was rampant. They have fallen 30 per cent since then to £17.28, with investors worried that new customers will be harder to find in today's environment. Evidence to date would suggest otherwise and the shares should bounce back in 2025 and beyond. Buy and hold. Traded on: Main market Ticker: TEP Contact: telecomplus.co.uk Distribution Finance Capital Staycations came into their own after the Covid pandemic and many holidaymakers decided they preferred them. More than 500,000 caravans trundle round the UK each year, demand for campervans and motorhomes has been soaring, and sales of new vehicles top 25,000 annually. Manchester-based Distribution Finance (DF) Capital oils the wheels of this market and its prospects are bright. The company provides finance to hundreds of dealers nationwide, via loans that are repaid as soon as vehicles are sold. Loans are subsidised by manufacturers so DF works with these firms as well, ensuring processes run smoothly from start to finish. Founded in 2016 by a trio of financial specialists who cut their teeth at US giant GE Capital, DF aims to stand out from larger competitors through a combination of top-tier technology and old-fashioned, personal service. Read More Where you should invest your money to set yourself up for a prosperous 2025, by JEFF PRESTRIDGE Rivals tend to be large banks, saddled with legacy IT. DF has built its own systems, which are easy to use by makers and dealers. Motorhomes and caravans account for about a quarter of DF's business. However, the group operates in several other areas too, from boats and motorbikes to pre-fabricated holiday homes and lodges for retirement communities. The latter are increasingly popular for older couples looking to downsize, release some funds and have fun in their senior years. Trading is brisk across the group. Working with almost 100 manufacturers and about 1,200 dealers, DF is growing fast. Chief executive Carl D'Ammassa revealed earlier this month that results for 2024 would be significantly ahead of expectations with profits of more than £18.5 million, a fourfold increase over 2023. There are high hopes for 2025 as well, with D'Ammassa planning to offer loans not just to dealers but to their customers too. The motor finance market has become enmeshed in scandal, with dealers and lenders accused of hiding commissions and overcharging customers. DF Capital will focus on specialist vehicles rather than cars, but should benefit as lenders across the industry struggle with past problems. D'Ammassa intends to start small as well, so he can be choosy in his choice of customers and keep credit quality high. DF runs a fully licensed savings bank too, financing its lending activity by offering consumers attractive rates, simple online processes and, again, friendly personal service for those who need it. Midas verdicT: Distribution Finance shares topped £1.30 in 2019. Today, they are 36p, hit by concerns about Covid, high interest rates and the collapse of a troublesome manufacturer, Royale Life, in 2023. That issue has been resolved, important lessons have been learned and DF shares have come off earlier lows. However, they are still too cheap at 36p and should deliver strong growth in 2025 and beyond. Buy. Traded on: Aim Ticker: DFCH Contact: dfcapital-investors.com IIG Gambling in China dates back at least 3,000 years, starting with an ancient precursor to chess, known as liubo. Today, however, most forms of gambling are illegal in the People's Republic, with two notable exceptions: the Welfare Lottery and the Sports Lottery, both of which are state-owned. Here too, there are restrictions, with lottery tickets historically available at just 200,000 designated shops, scattered across a country almost 40 times larger than Britain. Chinese New Year lottery tickets. About 100 million Chinese play the lottery today, out of a population of 1.4 billion Ten years ago, Englishman Daniel Levine and his Chinese colleague Frank Li Tong decided this presented a once-in-a-lifetime opportunity to drag Chinese lottery systems into the modern era and allow consumers to buy tickets online. The duo founded Hui10 to bring their idea to fruition and in 2023, UK-listed Intuitive Investments Group (IIG) acquired the business via a $365 million all-share deal. Aim-listed IIG boasts an impressive team. Chief executive Robert Naylor and chief investment officer Giles Willits have made serious money for shareholders in recent roles and hope to do the same again. Chairman Sir Nigel Rudd has a 40-year history of backing winners and believes Hui10 will turn IIG into a FTSE 100 business, so much so that he has persuaded top financiers to invest in the company. At the coalface, Levine and Tong have spent the past decade working with Chinese government bodies and local businesses. Now they are on the cusp of delivery. Systems have been approved and steps are under way to make China's lottery digital, including trial runs in certain parts of the country and promotional schemes with giants such as AliBaba, the Chinese equivalent of Amazon. A full roll-out is expected next year and the stakes are high. About 100 million Chinese play the lottery today, out of a population of 1.4 billion. If China were to follow the UK and America, those numbers could rise to at least 300 million over the next five years, sending IIG revenues from virtually nothing today to more than £1.5 billion, with profits running into hundreds of millions of pounds. Midas verdict: IIG shares are £1.10 today. If all goes according to plan, the stock could soar. Like any early-stage business, IIG is not without risk. But the board is top drawer, backers are savvy and Hui10 is determined to succeed. An appealing punt for the adventurous investor. Traded on: Aim Ticker: IIG Contact: iigplc.com Share or comment on this article: These are the four up-and-coming British companies I recommend investing in for real rewards next year and beyond, by shares guru JOANNE HART e-mail Add comment Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.The push towards electrification and modernisation of electrical grids has been amongst the forefront of government initiatives post Covid-19. By manufacturing key components that go into electric vehicles (EVs), battery management systems (BMS), smart meters and switchgears, amidst others, Shivalik Bimetal Controls (SBCL) has been quietly making its presence felt with a 130 per cent return for its investors, in the last three years. Broadly operating under three revenue verticals – thermostatic bimetals, shunt resistors and electrical contacts – all critical components and consumables in above-mentioned sunrise sectors, SBCL’s revenue/ EBITDA/ PAT has grown at a strong CAGR of 21 per cent/ 24 per cent/ 28 per cent in the last five years. The company also has a net cash position as of H1 FY25. One of the very few vendors with the niche capability of manufacturing specialised shunts using electron beam welding (EBW) process, the company has no peers in India with similar comparable manufacturing prowess. The temporary slowdown from the US markets is expected to pick up pace from Q4 of FY25, based on positive enquiries from its largest customer. Nevertheless, the growth in other geographies has outshone the degrowth in the US in H1 FY25, indicating resilience in demand for its products. Trading at a TTM PE of around 41 times, the share price of the company has largely stayed flat in the last 12 months. And with the stock having corrected around 25 per cent from its peak in July 2023, investors could consider accumulating the stock on dips considering the above factors. SBCL, incorporated in 1984, set up the first plant in Asia to manufacture thermostatic bimetals in 1986. The company launched cathode ray tubes (CRT) in the 1990s, which found applications in CRT TVs. With the same being superseded by flat LCD, LED type TVs, this product became gradually obsolete since FY11 resulting in stagnation in revenue upto FY14. But with the launch of shunt resistors and renewed focus on thermostatic bimetals, SBCL revived its business, building capabilities in advanced and complex manufacturing technologies like EBW and diffusion bonding. Currently, shunts and bimetals contribute to around 45 per cent each to the topline, while electrical contacts bring in the rest. Thermostatic bimetals, used as part of overload protection devices, find application in switchgears, electrical appliances, medical devices and EVs. It helps the end-use machineries turn on or off when it gets too hot or too cold. The company manufactures around 75-plus grades in this space. Shunt resistors help measure and sense the flow of electricity in a circuit. These find critical applications in automobiles, smart meters, power modules and BMS. Currently, SBCL operates the world’s largest capacity and production of electronic beam welding, by which the company manufactures shunts. Shunts are relatively higher margin products and enjoy a 3-5 per cent delta over bimetals, EBITDA-wise. Electrical contacts are connecting points joined to copper wires, which are the contact points when we turn on and off switches, used across electrical appliances, smart meters, switchgears and wires, and accessories. This is lower on the margin profile when compared with the other two products. H1 FY25 saw revenue decline of 0.9 per cent year on year to ₹252.6 crore, despite a nominal volume growth of around 3 per cent. A similar trend was observed in FY24 as compared with FY23, where despite around 9 per cent volume growth, revenue growth came in at a lower 8 per cent. This trend is on the back of commodity prices – primarily, copper and nickel which account for around 50 per cent of total costs – softening from January 2023. Price of copper and nickel have corrected around 5 per cent and 48 per cent since January 2023. While copper prices have been volatile during this period, nickel has been largely on a downward slope. EBITDA margins too dropped year on year owing to fall in export volumes from around 60 per cent in H1 FY24 (and entire FY24) to 55 per cent in H1 FY25, an unfavourable product mix with volumes of shunt dropping as a percentage of the overall volumes, and electrical contacts coincidentally growing in volume. Recovery on this front is expected from rebound in shunts business and export volumes. Bimetals sales to Europe and the Rest of Asia de-grew 24 per cent and 31 per cent year on year in H1 FY25, while India and the US showed a bit of resilience but still dropped 3 per cent and 5 per cent year on year respectively, resulting in a net 11 per cent decline. India continues to be the biggest market for this segment. Shunt segment, however, saw Europe, India and the Rest of Asia grow around 40 per cent each year on year, while US de-grew 33 per cent, still reeling from inventory destocking. Despite the US traditionally being the largest market in this segment, growth in other markets helped the shunts business grow 3 per cent year on year in H1 of FY25. Smart meter as an end-use segment contributed to around 30 per cent of the shunt sales in H1 FY25, and automotive sector added another 60 per cent. In case of bimetals, switchgear segment contributed to around 80 per cent of the sales, while spiral coils, snap-action disks brought in the rest. The company incurred a capex of ₹75 crore over FY21-23. And with another ₹20-30 crore that will be spent over FY24-26 for brownfield expansion, the peak revenue potential, according to the management, is ₹1,600 crore, which is more than three times its FY24 revenue. Thus, no investments are required over the short-to-medium term in the ordinary course of business. SBCL also boasts of machine building capability of critical processes at a cost which is a fraction of global alternatives. Considering the critical applications of its products, customers often have detailed and lengthy approval cycles (around three-five years). And as SBCL also works closely with its customers, and its offerings are significantly customised (around 75 per cent of its total offering), the switching costs for a customer is high and at most times, tedious. Vishay Intertechnology (tier-3 player in the automotive sector), a leading American semiconductor and electronic components manufacturer is SBCL’s largest customer. About 40 per cent of its shunt business and 30 per cent of its bimetal business came from the top 5 customers in each segment in FY23 (latest data available). The ratio of costs of shunt resistors to cost of end-use machineries into which they are consumed such as EVs and smart meters is immaterial (around 1 per cent) and hence, customers prefer to outsource it than backward integrate. And the critical applications of these components also result in emphasis on quality than tiny cost differentials, which also bodes well for SBCL over the long term. Demand from the automotive segment, though currently impacted by slowdown in the US markets, is expected to be strong considering EVs touted to need around 8-16 times more shunt resistors than ICE vehicles. And shunt resistors find various use-cases in BMS and EMS too, signalling bright prospects. Smart meter segment continues to grow rapidly for the company, with both shunt resistors and electrical contacts in demand with the government of India’s Smart Meter National Programme aiming to replace 250 million conventional meters by 2027. The switchgear segment, on the other hand, is expected to remain robust with sustained efforts to modernise grids and again electrification. SBCL, thus offering a proxy play to three sunrise sectors, seems to be well placed to ride the tailwinds. On September 27, the Sandhu family – co-promoters – exited the company. This exit has resulted in the remaining promoter (and also, the managing promoters) – the Ghumman family – raising its stake from 25.5 per cent to 33.15 per cent and the entry of institutional investors in a big way (from around 2 per cent prior, to 20 per cent now). The exiting promoter had been selling minor stakes since June 2023 and this complete exit clears the cloud around such promoter stake-selling. The company had entered a MoU with Metalor Technologies, a leading Swiss electrical contacts manufacturer, in FY24, to explore the development of high-performance electrical contacts. But the arrangement has not worked out, and SBCL is considering alternates or to drop out from the same, quoting that significant investments might be required to work the arrangement, which seemed unattractive. CommentsHONEYWELL AND BOMBARDIER SIGN LANDMARK AGREEMENT TO DELIVER THE NEXT GENERATION OF AVIATION TECHNOLOGY; HONEYWELL UPDATES 2024 OUTLOOK