Middlesex Water: Q1 Earnings Snapshot
On a per-share basis, the Iselin, New Jersey-based company said it had profit of 53 cents.
The water utility posted revenue of $44.3 million in the period.
_____
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
San Francisco Chronicle
42 minutes ago
- San Francisco Chronicle
Somalia's camel milk revolution is improving nutrition and creating jobs
MOGADISHU, Somalia (AP) — Camels have long been the backbone of Somalia 's pastoralist culture, feeding families, transporting goods and standing tall in local folklore. But on the dusty outskirts of the capital, the camel now finds itself at the center of an agricultural revolution that could redefine Somali farming. On a breezy Wednesday morning in mid-June, The Associated Press visited Beder Camel Farm — one of a new generation of camel dairies springing up around Mogadishu. Dozens of camels sauntered around sandy paddocks while others nibbled on fresh fodder under the watchful eyes of herders. In a nearby shed, workers carefully milked the animals and collected the frothy yield in sanitized containers. Demand for camel milk is growing, buoyed by a wave of local entrepreneurs who see untapped potential in a traditional resource. Modernizing camel milk production Somalia is home to over 7 million camels — more than any other country on Earth — but only a fraction of that milk has ever reached urban grocery shelves, according to industry estimates. At the heart of the shift toward a modern approach to camel milk production is Dr. Abdirisak Mire Hashi, a veterinarian and the farm's manager. For Hashi, it's not only about profit — it's about preserving heritage while embracing progress. 'Somalis take pride in their heritage of raising camels. However, the way camels are raised has changed significantly over time," Hashi told The Associated Press as he inspected a milking herd. Each camel at Beder now produces up to 10 liters (2.6 gallons) of milk daily — double what traditional herders typically yield. The increase is attributed to new investments in veterinary care, better feed, and modern milking practices. The camels are routinely checked by vets, given nutritional supplements, and grazed on scientifically blended fodder, a far cry from the roaming nomadic herds of decades gone by. 'We were among the first to establish this kind of farm back in 2006, when very few people even knew about commercial camel milk production,' said Jama Omar, CEO of Beder Camel Farm. 'Other farms have entered the market since then, but we currently hold around 40% of the market share.' 'We employ nearly 200 full-time staff,' he added. 'In addition, we bring in seasonal workers during key periods such as planting and harvest.' Pioneering camel milk yogurt The farm's biggest leap may be its yogurt factory — the first in Somalia dedicated to processing camel milk into yogurt. Inside the factory, workers in white coats oversee stainless steel vats as fresh milk is cultured and packed. The final product is sold under the Beder brand which now retails in urban supermarkets across Mogadishu. Nelson Njoki Githu, a Kenyan-born food engineer overseeing the production line, says camel milk yogurt isn't just a novelty — it fills an important nutritional gap for local consumers. 'The number one benefit compared to cow milk is that camel milk has lower levels of lactose,' Githu explained. 'People with lactose intolerance can consume this milk without any issue. Again, the vitamin levels are higher, especially vitamin C, iron and zinc, compared to cow milk.' For nutritionist Dr. Yahye Sholle, camel milk yogurt is a public health boost in a country where malnutrition remains a challenge. 'It is rich in magnesium and calcium, which support bone health. Additionally, it contains vitamins B12, C, and D. It also includes friendly bacteria known as probiotics, which are beneficial for gut health,' he said. Such benefits have helped Beder's yogurt stand out in Mogadishu's increasingly competitive dairy market. Hashi said the next step is scaling up the business. He hopes to expand Beder's network of collection points beyond Mogadishu and plans to train pastoralists in remote areas on modern milking and hygiene practices so that more milk can be safely processed and sold. 'If we can modernize how we raise camels and handle the milk, we can create jobs, improve nutrition, and build pride in our own local products,' Hashi said. The Somali government is encouraging more investment in the industry. 'The benefits of camel milk are countless,' said Dr. Kasim Abdi Moalim, Director of Animal Health at Somalia's Ministry of Livestock. 'In countries like the UAE, camel milk is also used for cosmetics. Somalia must catch up and develop the full value chain.' He said that government support is growing, with the establishment of a Dairy Act and a strategy for livestock sector development. 'A master investment plan is also in progress,' he added. Back at the paddock, a line of camels stretches into the golden afternoon light, their steady, patient footsteps a reminder that progress in Somalia often moves at the pace of tradition — slow but unstoppable. From ancient caravans that crossed deserts to supermarket shelves stocked with yogurt, the Somali camel's journey continues, one cup at a time.
San Francisco Chronicle
2 hours ago
- San Francisco Chronicle
China pushes back at US demands to stop buying Russian and Iranian oil
WASHINGTON (AP) — U.S. and Chinese officials may be able to settle many of their differences to reach a trade deal and avert punishing tariffs, but they remain far apart on one issue: the U.S. demand that China stop purchasing oil from Iran and Russia. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. The response is notable at a time when both Beijing and Washington are signaling optimism and goodwill about reaching a deal to keep commercial ties between the world's two largest economies stable — after climbing down from sky-high tariffs and harsh trade restrictions. It underscores China's confidence in playing hardball when dealing with the Trump administration, especially when trade is linked to its energy and foreign policies. U.S. Treasury Secretary Scott Bessent, emerging from the talks, told reporters that when it comes to Russian oil purchases, the "Chinese take their sovereignty very seriously.' 'We don't want to impede on their sovereignty, so they would like to pay a 100% tariff," Bessent said. On Thursday, he called the Chinese 'tough' negotiators, but said China's pushback hasn't stalled the negotiations. 'I believe that we have the makings of a deal,' Bessent told CNBC. Gabriel Wildau, managing director of the consultancy Teneo, said he doubts President Donald Trump would actually deploy the 100% tariff. 'Realizing those threats would derail all the recent progress and probably kill any chance' for Trump and Chinese President Xi Jinping to announce a trade deal if they should meet this fall, Wildau said. In seeking to restrict oil sales by Russia and Iran, a major source of revenue for both countries, the U.S. wants to reduce the funding available for their militaries, as Moscow pursues its war against Ukraine and Tehran funds militant groups across the Middle East. China plays hardball When Trump unveiled a sweeping plan for tariffs on dozens of countries in April, China was the only country that retaliated. It refused to give in to U.S. pressure. 'If the U.S. is bent on imposing tariffs, China will fight to the end, and this is China's consistent official stance,' said Tu Xinquan, director of the China Institute for WTO Studies at the University of International Business and Economics in Beijing. WTO is the acronym for the World Trade Organization. Negotiating tactics aside, China may also suspect that the U.S. won't follow through on its threat, questioning the importance Trump places on countering Russia, Tu said. Scott Kennedy, senior adviser and trustee chair in Chinese Business and Economics at the Center for Strategic and International Studies in Washington, said Beijing is unlikely to change its posture when it sees inconsistencies in U.S. foreign policy goals toward Russia and Iran, whereas Beijing's policy support for Moscow is consistent and clear. It's also possible that Beijing may want to use it as another negotiating tool to extract more concessions from Trump, Kennedy said. Danny Russel, a distinguished fellow at the Asia Society Policy Institute, said Beijing now sees itself as 'the one holding the cards in its struggle with Washington." He said Trump has made it clear he wants a 'headline-grabbing deal' with Xi, 'so rejecting a U.S. demand to stop buying oil from Iran or Russia is probably not seen as a deal‑breaker, even if it generates friction and a delay." Continuing to buy oil from Russia preserves Xi's 'strategic solidarity' with Russian President Vladimir Putin and significantly reduces the economic costs for China, Russel said. 'Beijing simply can't afford to walk away from the oil from Russia and Iran," he said. 'It's too important a strategic energy supply, and Beijing is buying it at fire‑sale prices.' China depends on oil from Russia and Iran A 2024 report by the U.S. Energy Information Administration estimates that roughly 80% to 90% of the oil exported by Iran went to China. The Chinese economy benefits from the more than 1 million barrels of Iranian oil it imports per day. After the Iranian parliament floated a plan to shut down the Strait of Hormuz in June following U.S. strikes on Iran's nuclear facilities, China spoke out against closing the critical oil transit route. China also is an important customer for Russia, but is second to India in buying Russian seaborne crude oil exports. In April, Chinese imports of Russian oil rose 20% over the previous month to more than 1.3 million barrels per day, according to the KSE Institute, an analytical center at the Kyiv School of Economics. This past week, Trump said the U.S. will impose a 25% tariff on goods from India, plus an additional import tax because of India's purchasing of Russian oil. India's Foreign Ministry said Friday its relationship with Russia was 'steady and time-tested." Stephen Miller, White House deputy chief of staff and a top policy adviser, said Trump has been clear that it is 'not acceptable' for India to continue financing the Ukraine war by purchasing oil from Russia. 'People will be shocked to learn that India is basically tied with China in purchasing Russian oil,' Miller said on Fox News Channel's 'Sunday Morning Futures.' He said the U.S. needs 'to get real about dealing with the financing of this war.' Congress demands action Sen. Lindsey Graham, a Republican from South Carolina, is pushing for sanctions and tariffs on Russia and its financial backers. In April, he introduced a bill that would authorize the president to impose tariffs as high as 500% not only on Russia but on any country that 'knowingly' buys oil, uranium, natural gas, petroleum products or petrochemical products from Russia. "The purpose of this legislation is to break the cycle of China — a communist dictatorship — buying oil below market price from Putin's Russia, which empowers his war machine to kill innocent Ukrainian civilians,' Graham said in a June statement. The bill has 84 co-sponsors in the 100-seat Senate. A corresponding House version has been introduced, also with bipartisan support. Republicans say they stand ready to move on the sanctions legislation if Trump asks them to do so, but the bill is on hold for now.
Business Insider
2 hours ago
- Business Insider
I moved from Tokyo to Bengaluru to launch a VC office. I had to convince my wife, but now we love raising kids and working in India.
This as-told-to essay is based on a conversation with Shun Sagara, a venture capitalist who moved from Tokyo to Bengaluru with his family in 2023. It has been edited for length and clarity. I grew up in Japan and began my career at an enterprise software company in Tokyo. I spent five years at the company in various sales roles before I left in 2018. The following year, I joined my current venture capital firm, Genesia Ventures, and worked as an investment manager. In my second year at the firm, there was serious interest in international expansion. We had a presence in Southeast Asia, and there was a growing consensus that India was our next logical destination. It aligned perfectly with my ambition to work in a fast-paced market, and I was keen to make a move. My move to India wasn't driven by a fascination with curry or Bollywood or anything like that. I always felt like India and Japan shine on the sidelines but don't claim the center stage the way China or the US do. The trigger moment for me was when a Japanese founder told me I was the only VC among 20 to 30 meetings he had taken who truly understood enterprise businesses. It was flattering but rang alarm bells — if there was no competition around me, then maybe I was playing in the wrong league. Moving to India, where startups are not just building products, but are building the infrastructure of a rising economic power, felt like the next best step for me. Moving with family wasn't an easy decision. My wife was a flight attendant for Japanese Airlines and had been exposed to New Delhi, the capital, before — she didn't like the air quality, the spicy food, and how it wasn't safe for young single women. I had to convince her that Bengaluru was different from Delhi. Once she was on board, we moved to Bengaluru in the summer of 2023 so I could launch an India subsidiary for my VC firm. Being a VC in India I'm the company's only employee in the country, and I'm tasked with making India investments for our Japan-based fund. Our average first check size is around $500,000, and we top it up with $1 million to $1.5 million investments. My investment thesis is based on these three qualities rather than specific sectors: founders who understand the Indian context well; areas such as pharmaceuticals or precision manufacturing where Indian companies can become global market leaders; and areas where there is opportunity for India-Japan collaborations, like elder care or workforce shortage problems. Since launching our India office, I have invested in five companies. There are big differences in how business is done. For example, Japanese culture is built around risk mitigation, while the Indian startup ecosystem is not. In Japan, our startup pitch decks have 40-50 slides and address every single objection a VC may have. In India, founders walk into meetings with a napkin sketch and unshakeable conviction. Both approaches work from my experience. Another key difference is India's " jugaad" mentality, which is all about improvising with what you have, versus the Japanese " kaizen," which involves continuous optimization of existing processes. I've found that combining these mindsets in India-Japanese deals can produce extraordinary results. Raising a family in India Coming from Japan, cleanliness is one of the biggest differences about living in India, and it is also one thing my wife and children find challenging. But when it comes to raising children, India, and in particular Bengaluru, is one of the best cities in the world. People are warm and kind toward foreigners, and most people love children. My two little kids — a five-year-old daughter and a three-year-old son — are well-treated by local people. There are also great international schools in the city, and raising children has been a great experience for my wife and me. What surprised me most was the grassroots popularity of sports. I always knew that India was a cricket-loving country, but I was shocked to see how popular soccer is getting in the country. Two years into living here, I have a weekly soccer game with five friends. While I know lots of Japanese expats and other foreigners, 90% of my circle is local Indians. The people I work with are collaborative and open-minded, and they have always been helpful when I encounter daily operational challenges. My commitment to living in India is long term, and I don't plan to come back to Japan in the next five years at least. Even if I move back home after 10 years, I want to continue to be exposed to India and Indian businesses. Bridging India and Japan is the goal of my entire life and career.
