Latest news with #BIP
Zawya
a day ago
- Business
- Zawya
NSDC removing impediments to sugar production in Nigeria — Bakrin
The Executive Secretary/CEO of the National Sugar Development Council (NSDC), Mr. Kamar Bakrin, has briefed critical stakeholders on the progress made by the council in addressing impediments to improved local sugar production in Nigeria. Speaking at a tripartite meeting of the agency, the Ministry of Industry, Trade and investment and the major BIP operators, the NSDC boss said the Council has elevated performance monitoring and oversight of the Backward Integration Programme (BIP) operators beyond what the Sugar Industry Monitoring Group (SIMOG) used to do. According to him, NSDC under his watch has emphasised robust, one-on-one, physical and virtual engagement with the operators, giving them targets and following up on deliverables. Bakrin said 'the operators have complained about the existing loopholes in the free trade zone regime, which they believe certain participants in the NSMP have exploited. 'They also cited delays in the clearing of equipment at the ports, smuggling of sugar into the country, host community resistance to the expansion of their BIP programmes as the primary causes of the delays in their BIP execution.' 'The loopholes in the FTZ regime are being addressed by the ongoing amendment of the NSDC Act by the National Assembly.' He explained that the amendment process involves engagement with the relevant National Assembly Committee, and key stakeholders among other objectives to address the concern of the BIP operators and also make the industry more attractive to other investors. 'The delays in the clearing of equipment at the ports is something that is also being addressed with the Nigeria Customs Service. On the issue of smuggling, the volumes do not significantly alter the economics of sugar production and the market dynamics. But regardless, we have engaged the relevant security agencies on the matter. 'In terms of host community resistance, the council consistently intervenes and has actually driven the resolution of these grievances, especially the more significant ones that have been experienced in places like Numan in Adamawa State, and this has been resolved. 'At the moment, there is currently no backward integration programme in which the host community has restricted access to a significant proportion of land in the country,' he added. The Executive Secretary also informed the gathering that as a Council, the NSDC is working on getting comprehensive financing support to aid the development of the industry and in addition to help the existing operators lower the cost of irrigation. 'One of the things we need to do is aggressive pushing of a sugar sector development fund, as well as securing the kind of guarantees that will allow the cost of borrowing to come down. 'Also, to possibly extend whatever support we can provide around the issues of irrigation facilities, not necessarily as grants, but just to lower the overall cost of irrigation infrastructure.' Emphasising the need for severe sanctions for underperformance, Mr. Bakrin said: 'We believe that the two critical things that must happen is that the operators must act immediately to stop the deterioration in the output of their current operations, especially around the issues of agronomic and factory practices, which are clearly below global norms and standards. 'They must also actively expand their existing brownfield operations. In addition, we believe that without going into the specifics of individual companies for confidential reasons, the operators need to, as a matter of urgency, take a much more aggressive approach to expanding their BIP programmes to ensure that they are able to deliver on the NSMP targets. 'We believe that basic improvements in agronomics and factory practices can take annual raw sugar production to 200,000 metric tonnes in the short term even from the current land planted with sugarcane,' he noted. The NSDC boss argued that while the business of importation of raw sugar and refining at the existing facilities owned by the major operators may seem profitable on the surface, the more challenging work of actually growing sugar cane and processing it in Nigeria is ultimately more sustainable and rewarding for the operators and the country at large. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Wall Street Journal
13-06-2025
- Business
- Wall Street Journal
Brookfield Strikes Deal to Buy Internet Provider Hotwire
Brookfield Infrastructure Partners BIP -0.56%decrease; red down pointing triangle has struck a deal for internet-service provider Hotwire Communications, making a multibillion-dollar bet on the growing industry for next-generation broadband infrastructure, according to people familiar with the matter. The deal is expected to value Hotwire at around $7 billion, including debt, the people said. An announcement is anticipated soon, they added.
The Herald Scotland
11-06-2025
- Entertainment
- The Herald Scotland
'Bachelor in Paradise' cast reveal: Ex-villains, surprising additions
The popular spinoff of the network's flagship reality dating show "The Bachelor" (and its sister program "The Bachelorette"), "BIP" follows the rejected contestants from seasons past as they drink heavily and inevitably entangle themselves in love triangles, squares and sometimes even pentagons. Season 10 kicks off with several notable members of Bachelor Nation, including Dale Moss, "Bachelorette" Clare Crawley's onetime final pick, and two of "Bachelorette" Jen Tran's final four - Jeremy Simon and Jonathon Johnson. New episodes promise the same signature drama but with a few twists: the season will be shot in Costa Rica, not Mexico, fan favorite Hannah Brown will join Well Adams as bartender, and some "Golden" Bachelor constestants, including Gary Levingston, will make their way to the sandy shores to prove you're never too old for vacation fun. Here's a rundown on the cast that has been announced so far, with more to come. 'The Bachelor's' surprising revelation about the science of finding a soulmate Alexe-Anne 'Alexe' Godin Godin appeared on Season 29 of "The Bachelor." Bailey Brown Brown appeared on Season 29 of "The Bachelor." Brian Autz Autz appeared on Season 21 of "The Bachelorette." Dale Moss Moss appeared on Season 16 of "The Bachelorette." Hakeem Moulton Moutlon appeared on Season 21 of "The Bachelorette." Jeremy Simon Simon was a member of the Season 21 cast of "The Bachelorette." Jessica 'Jess' Edwards Edwards appeared on Season 28 of "The Bachelor." Jonathon Johnson Johnson appeared on Season 21 of "The Bachelorette." Justin Glaze Glaze appeared on Season 17 of "The Bachelorette" and Season 8 of "Bachelor in Paradise." Katherine 'Kat' Izzo Izzo appeared on Season 27 of "The Bachelor" and Season 9 of "Bachelor in Paradise." Kyle Howard Howard appeared on Season 17 of "The Bachelorette." Lexi Young Young appeared on Season 28 of "The Bachelor." Riquerdy 'Ricky' Marinez Marinez appeared on Season 21 of "The Bachelorette." Sam McKinney McKinney appeared on Season 21 of "The Bachelorette." Spencer Conley Coley appeared on Season 21 of "The Bachelorette." Zoe McGrady McGrady appeared on Season 29 of "The Bachelor."
Yahoo
10-06-2025
- Entertainment
- Yahoo
'Bachelor in Paradise' cast reveal: Find out who's looking for love on the beaches
"Bachelor in Paradise" is back. The sandy beaches of Costa Rica are set, and a new crop of eligible singles, announced June 10 by ABC, are ready to mingle. The popular spinoff of the network's flagship reality dating show "The Bachelor" (and its sister program "The Bachelorette"), "BIP" follows the rejected contestants from seasons past as they drink heavily and inevitably entangle themselves in love triangles, squares and sometimes even pentagons. Season 10 kicks off with several notable members of Bachelor Nation, including Dale Moss, "Bachelorette" Clare Crawley's onetime final pick, and two of "Bachelorette" Jen Tran's final four – Jeremy Simon and Jonathon Johnson. New episodes promise the same signature drama but with a few twists: the season will be shot in Costa Rica, not Mexico, fan favorite Hannah Brown will join Well Adams as bartender, and some "Golden" Bachelor constestants, including Gary Levingston, will make their way to the sandy shores to prove you're never too old for vacation fun. Here's a rundown on the cast that has been announced so far, with more to come. 'The Bachelor's' surprising revelation about the science of finding a soulmate Godin appeared on Season 29 of "The Bachelor." Brown appeared on Season 29 of "The Bachelor." Autz appeared on Season 21 of "The Bachelorette." Moss appeared on Season 16 of "The Bachelorette." Moutlon appeared on Season 21 of "The Bachelorette." Simon was a member of the Season 21 cast of "The Bachelorette." Edwards appeared on Season 28 of "The Bachelor." Johnson appeared on Season 21 of "The Bachelorette." Glaze appeared on Season 17 of "The Bachelorette" and Season 8 of "Bachelor in Paradise." Izzo appeared on Season 27 of "The Bachelor" and Season 9 of "Bachelor in Paradise." Howard appeared on Season 17 of "The Bachelorette." Young appeared on Season 28 of "The Bachelor." Marinez appeared on Season 21 of "The Bachelorette." McKinney appeared on Season 21 of "The Bachelorette." Coley appeared on Season 21 of "The Bachelorette." McGrady appeared on Season 29 of "The Bachelor." This article originally appeared on USA TODAY: 'Bachelor in Paradise' cast reveal: Ex-villains, surprising additions
Business Wire
29-05-2025
- Business
- Business Wire
GATX Corporation and Brookfield Infrastructure to Acquire Wells Fargo's Rail Assets
CHICAGO--(BUSINESS WIRE)--GATX Corporation (NYSE: GATX) announced today a definitive agreement to acquire approximately 105,000 railcars from Wells Fargo for $4.4 billion through a newly formed joint venture with Brookfield Infrastructure Partners L.P. ('BIP') (NYSE: BIP; TSX: and its institutional partners (collectively, 'Brookfield Infrastructure'). Initial joint venture equity ownership will be GATX (30%) and Brookfield Infrastructure (70%), with GATX having the option to acquire 100% of the joint venture equity over time. GATX's global portfolio of assets includes tank and freight railcars, commercial aircraft spare engines, and tank containers. BIP is the flagship listed infrastructure company of Brookfield Asset Management, a leading global alternative asset manager, with over $1 trillion of assets under management. 'This is an outstanding opportunity to build on GATX's leading North American platform,' said Robert C. Lyons, president and chief executive officer of GATX. 'Throughout our 125-plus-year history, we have developed unique asset, commercial and operational expertise that positions us to acquire and integrate this fleet. Importantly, by acquiring the assets in this manner, we will maintain the financial flexibility and capacity to continue growing all of our businesses while capitalizing on the value creation opportunities inherent in the assets acquired.' Mr. Lyons added, 'We will work closely with customers to ensure an efficient transition to GATX's commercial and operational platform. The acquisition will enhance GATX's fleet diversification, providing additional opportunities to serve our customers. In the first full year after closing, we expect the impact of the transaction to be modestly accretive to earnings per share, with more material contributions thereafter.' The transaction is subject to customary closing conditions, including required regulatory approvals and clearances, and it is expected to close in the first quarter of 2026 or sooner. Advisors BofA Securities acted as the sole financial advisor to GATX and Brookfield Infrastructure. Mayer Brown is serving as legal counsel to GATX. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to Brookfield Infrastructure. Transaction Details The following information relates to the newly formed joint venture between GATX and Brookfield Infrastructure and the agreement to acquire the rail operating lease portfolio, composed of approximately 105,000 railcars: Joint Venture Structure Initial equity ownership in the joint venture will be shared between GATX (30%) and Brookfield Infrastructure (70%). GATX will have commercial and operational control of the joint venture assets and will manage all assets on behalf of the partners. GATX will hold a series of annual call options that, if exercised, will enable GATX to acquire up to 100% of Brookfield Infrastructure's equity interest over time. If each annual call option is exercised, GATX would acquire Brookfield Infrastructure's equity interest in 10 years or less. GATX's initial equity contribution will be approximately $400 million and will be funded through general operating cash flow and financing activity. Future call options, if exercised, also will be funded through general operating cash flow and financing activity and will fit manageably within GATX's ordinary capital investment plan. It is expected that the joint venture will be a static pool of assets. GATX's current and future investment and growth initiatives across its businesses are expected to be unaffected by this acquisition. Joint Venture Financing In addition to the partner equity contributions, Wells Fargo Securities, LLC, BofA Securities, MUFG Bank Ltd., and Sumitomo Mitsui Banking Corporation (SMBC) are providing the joint venture with a fully underwritten $3.2 billion 5-year unsecured term loan and a $250 million unsecured revolving credit facility. Financial Statement Impact Given GATX's commercial and operational control of the joint venture assets, it is expected that the joint venture will be consolidated on GATX's financial statements. It is expected that Brookfield Infrastructure's initial joint venture equity contribution, a Non-Controlling Interest ('NCI'), will be presented on GATX's balance sheet as common equity. GATX's post-acquisition credit and return metrics are expected to be generally in line with current metrics. The Wells Fargo Rail Assets Acquired The 105,000 railcar operating lease portfolio consists primarily of freight cars (95%), spread across a diverse mix of specific car types. Current fleet utilization is approximately 97%. GATX Corporation will hold an investor call on the morning of May 30, 2025 to discuss the transaction. Call details are as follows: Replay: 1-800-770-2030 (or 1-609-800-9909 International) / Access Code: 8822283 Call-in details, a copy of this press release, related presentation materials and real-time audio access are available at Please access the call 15 minutes prior to the start time. A replay will be available on the same site starting at 2 p.m. (Eastern Time), May 30, 2025. Statements contained in this press release that are not based on historical facts are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that are difficult to predict and could cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Forward-looking statements include, but are not limited to, statements regarding our future expectations, beliefs, plans, strategies, objectives, events, conditions, financial performance, prospects, or future events. In some cases, forward-looking statements can be identified by words such as 'may,' 'could,' 'expect,' 'intend,' 'plan,' 'seek,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'potential,' 'outlook,' 'continue,' 'likely,' 'will,' 'would,' and similar expressions. Forward-looking statements are based on estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Actual results may differ materially from those anticipated in these statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. A variety of factors could cause actual results to differ materially from current expectations expressed in forward-looking statements, including, but not limited to, those discussed under 'Risk Factors' and elsewhere in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024. These factors include, among others: a significant decline in customer demand for our transportation assets or services (including as a result of prolonged inflation or deflation, high interest rates, weak macroeconomic conditions and the impact of global trade disruptions, weak market conditions in our customers' businesses, adverse changes in the price of or demand for commodities, changes in railroad operations, efficiency, pricing and service offerings, labor strikes or shortages, changes in or disruptions to supply chains, availability of alternative modes of transportation, changes affecting the aviation industry, customers' decisions to purchase rather than lease transportation assets, or other operational or commercial decisions by our customers); inability to maintain our transportation assets on lease at satisfactory rates and terms due to reduced demand, oversupply, or other market changes; competitive factors in our primary markets, including competitors with greater financial resources, higher credit ratings, or lower costs of capital; higher costs associated with increased assignments of transportation assets following non-renewal of leases, customer defaults, or maintenance programs; events adversely impacting assets, customers, or regions where we have concentrated investment exposure; financial and operational risks associated with long-term purchase commitments for transportation assets; reduced opportunities to generate asset remarketing income; inability to successfully complete and manage ongoing acquisition and divestiture activities; reliance on key suppliers or partners, such as Rolls-Royce in our aircraft spare engine leasing business, and risks associated with their performance; potential obsolescence of our assets; risks related to international operations and expansion, including changes in laws, regulations, tariffs, taxes, treaties, or trade barriers; failure to successfully negotiate collective bargaining agreements with unions representing our employees; inability to attract, retain, and motivate qualified personnel, including key management; inability to maintain and secure our information technology infrastructure from cybersecurity threats and related disruptions; exposure to damages, fines, penalties, and reputational harm from litigation, including claims arising from accidents involving transportation assets; changes in, or failure to comply with, laws, rules, and regulations; environmental liabilities and remediation costs; operational, functional, and regulatory risks associated with climate matters, severe weather events, and natural disasters; U.S. and global political conditions, including increased geopolitical tensions and wars, and their impact on economic conditions and supply chains; fluctuations in foreign exchange rates; deterioration of capital market conditions, reductions in our credit ratings, or increases in financing costs; inability to obtain cost-effective insurance; changes in assumptions, increased funding requirements, or investment losses in our pension and post-retirement plans; inadequate allowances for credit losses in our portfolio; asset impairment charges; inability to maintain effective internal control over financial reporting and disclosure controls and procedures; and the occurrence of a widespread health crisis and the impact of related measures. These and other risks and uncertainties could cause actual results to differ materially from those projected or implied in forward-looking statements. For a more complete discussion of these and other risks, please refer to our filings with the U.S. Securities and Exchange Commission. COMPANY DESCRIPTION At GATX Corporation (NYSE: GATX), we empower our customers to propel the world forward. GATX leases transportation assets including railcars, aircraft spare engines and tank containers to customers worldwide. Our mission is to provide innovative, unparalleled service that enables our customers to transport what matters safely and sustainably while championing the well-being of our employees and communities. Headquartered in Chicago, Illinois since its founding in 1898, GATX has paid a quarterly dividend, uninterrupted, since 1919. Investors and others should note that GATX routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the GATX Investor Relations website. While not all of the information that the Company posts to the GATX Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in GATX to review the information that it shares on under the 'Investors' tab.
