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Indian Express
2 days ago
- Automotive
- Indian Express
JSW Paints to buy Akzo Nobel India for $1 billion
JSW Paints Ltd, which is a part of the Sajjan Jindal group, has signed definitive agreements to acquire up to 74.76 per cent stake in Akzo Nobel India Ltd (ANIL) from Dutch-based Akzo Nobel N.V. and its affiliates, for a maximum consideration under the share purchase agreement of up to Rs 8,986 crore (around $1.04 billion). The transaction is based on a total enterprise value of approximately €1.4 billion, representing earnings multiple (EV-EBITDA) of 22 times, and includes Akzo Nobel's liquid paints and coatings business in India, Akzo Nobel said. However, the India powder coatings business and International Research Centre, both currently part of ANIL, will be retained by Akzo Nobel under full ownership. 'This divestment is a first step in the strategic portfolio review announced in October 2024, aimed at focusing the company's capital and capabilities on leading positions in key global coatings markets,' Akzo Nobel said. The company, which owns the Dulux brand, has five plants located in various states. Product Range In India, the company offers a wide range of products across various segments, including decorative paints, automotive and specialty coatings, powder coatings, industrial coatings, and marine and protective coatings 'The net cash proceeds are expected to be approximately €900 million of which around €500 million will be used for deleveraging. Following closing, AkzoNobel intends to launch a €400 million share buyback programme. Akzo Nobel India has been present in India for over 70 years and currently operates in Paints and Coatings Segment. In 2008, the Indian unit became a member of the Akzo Nobel Group. Headquartered in Amsterdam, the parent firm has activities in more than 150 countries. Greg Poux-Guillaume, CEO of Akzo Nobel, said: 'This transaction is a significant milestone in the execution of our strategy. AkzoNobel India has been a consistently strong performer, and we are proud of the brand and talent that have made it a success. With JSW, we are confident the business is in the hands of a long-term partner with deep local expertise and strong ambitions in the sector.'
NBC News
3 days ago
- Politics
- NBC News
Reza Pahlavi, son of king overthrown by Iran's clerical rulers, sees a chance at regime change
This rallying cry is alluring for many of the 4 million Iranian exiles and expats worldwide, just under a third of whom live in the U.S., according to Iranian Foreign Ministry statistics from 2021. 'If change does come, the only path that offers both stability and a sense of national continuity is through Pahlavi,' said Amin, 38, an Iranian now living in Canada who declined to give his second name or exact location because of fear of speaking out against the regime even from abroad. There is a disagreement among experts about Pahlavi's popularity inside Iran itself. A 2022 study by Gamaan, a Dutch-based research group, gauged Pahlavi's domestic popularity at 39%, far more than then-Prime Minister Ebrahim Raisi, in second with 17%, and imprisoned Nobel Peace laureate Narges Mohammadi on 15%. 'He is the only national figure inside Iran with cross-generational, cross-class, and cross-ethnic legitimacy,' one prominent Iranian diaspora account on X, @upuouo, said last week. Other contenders abroad include the dissident group Mujahedeen e-Khalq, more commonly known as the MEK, which has gained high-profile supporters including the former New York mayor and Trump ally Rudy Giuliani. But MEK, widely seen by Western experts as a cult, has negligible support inside Iran thanks to its backing for Saddam Hussein during the Iran-Iraq war of 1980-88. Critics of Pahlavi see him as the pro-Western figurehead of a dynasty that took power in the 1920s aided by the British, cemented its grip with help from the CIA, and is only poised for a return following airstrikes by Israel and the U.S. Amin Aghdasi, 30, from Tehran, described him as 'a coward who betrays his nation' and someone waiting 'for power to be handed to him.' Pahlavi 'thinks a war criminal like Bibi can help bring back his monarchy,' Aghdasi added, referring to Israeli Prime Minister Benjamin Netanyahu. NBC News has requested comment from Pahlavi's media team, both on concerns about his familial ties to his father's legacy, and the decision to use preselected questions at his news conference. Some analysts are also skeptical of polling inside Iran, where some opinions can lead to jail or worse. 'There's been a real push to get Pahlavi to be seen as a credible opposition figure in Iran, but my sense is he's not,' said Dina Esfandiary, the Middle East geoeconomics lead for Bloomberg Economics, Bloomberg's internal research division. 'He's got a following outside of the country,' but 'honestly, inside Iran, not that much. He hasn't been inside the country in over 40 years' and many 'people believe his family is the reason why Iran is where it is today.' She agrees there are few good options. 'That's one of the reasons why the Iranian people, while they want change, are afraid of it, because they have nobody to coalesce around,' she said. Any lasting solution, she thinks, would 'need Iranians to work together and to present a viable opposition.' One reason that's not been possible domestically is Iran's crushing of successive protest movements with deadly force. Most notably the Green Movement of 2009, in which marchers railed against that year's rigged election, and the mass outcry over the death of Mahsa Amini following her detention for not following female headscarf laws in 2022. In Paris, Pahlavi sought to portray himself as a model of openness and selflessness who would help birth a new peaceful and democratic era in Iran, perhaps along the lines of Spain's King Juan Carlos I who helped dismantle the authoritarian regime of Francisco Franco and establish a parliamentary monarchy. Though he was reluctant to give a formal name to the transitional role he might play — saying 'I don't believe I need a title' — he was unequivocal about his message to the ayatollah. 'Step down,' he said down the barrel of the camera. 'If you do, you will receive a fair trial and due process of law — which is more than you have ever given any Iranian.'
Chicago Tribune
16-06-2025
- Entertainment
- Chicago Tribune
Today in History: Abraham Lincoln accepts Illinois Republican Party's nomination for Senate
Today is Monday, June 16, the 167th day of 2025. There are 198 days left in the year. Today in history: On June 16, 1858, accepting the Illinois Republican Party's nomination for the U.S. Senate, Abraham Lincoln said the issue of slavery in the United States had to be resolved, declaring, 'a house divided against itself cannot stand.' Also on this date: In 1903, the Ford Motor Company was incorporated in Detroit, Michigan. In 1963, the world's first female space traveler, Valentina Tereshkova, 26, was launched into orbit by the Soviet Union aboard Vostok 6. Tereshkova spent 71 hours in flight, circling the Earth 48 times before returning safely. In 1976, thousands of Black students in Johannesburg's Soweto township demonstrated against the imposition of the Dutch-based Afrikaans language in schools; police opened fire on the students, killing at least 176 and as many as 700. In 1978, President Jimmy Carter and Panamanian leader Omar Torrijos signed the instruments of ratification for the Panama Canal treaties during a ceremony in Panama City. In 2015, real estate mogul Donald Trump launched his successful campaign for the presidency of the United States with a speech at Trump Tower in Manhattan. In 2016, Walt Disney Co. opened Shanghai Disneyland, its first theme park in mainland China. In 2022, witnesses testified to the Jan. 6 committee that Donald Trump's closest advisers viewed his last-ditch efforts to pressure Vice President Mike Pence to reject the tally of state electors and overturn the 2020 election as 'nuts,' 'crazy' and even likely to incite riots. Today's Birthdays: Author Joyce Carol Oates is 87. Country singer Billy 'Crash' Craddock is 86. R&B singer Eddie Levert is 83. Boxing Hall of Famer Roberto Durán is 74. Pop singer Gino Vannelli is 73. Actor Laurie Metcalf is 70. Rapper MC Ren is 56. Golfer Phil Mickelson is 55. Actor John Cho is 53. Actor Daniel Brühl is 47. Actor Missy Peregrym is 43. Singer Diana DeGarmo (TV: 'American Idol') is 38. NFL wide receiver Justin Jefferson is 26. Tennis player Bianca Andreescu is 25.
Boston Globe
16-06-2025
- Politics
- Boston Globe
Today in History: June 16, Valentina Tereshkova becomes first woman in space
Advertisement In 1903, the Ford Motor Company was incorporated in Detroit, Mich. In 1963, the world's first female space traveler, Valentina Tereshkova, 26, was launched into orbit by the Soviet Union aboard Vostok 6. Tereshkova spent 71 hours in flight, circling the Earth 48 times before returning safely. In 1976, thousands of Black students in Johannesburg's Soweto township demonstrated against the imposition of the Dutch-based Afrikaans language in schools; police opened fire on the students, killing at least 176 and as many as 700. In 1978, President Jimmy Carter and Panamanian leader Omar Torrijos signed the instruments of ratification for the Panama Canal treaties during a ceremony in Panama City. In 2015, real estate mogul President Trump launched his successful campaign for the presidency of the United States with a speech at Trump Tower in Manhattan, N.Y. Advertisement In 2016, Walt Disney Co. opened Shanghai Disneyland, its first theme park in mainland China. In 2022, witnesses testified to the Jan. 6 committee that President Trump's closest advisers viewed his last-ditch efforts to pressure Vice President Mike Pence to reject the tally of state electors and overturn the 2020 election as 'nuts,' 'crazy,' and even likely to incite riots.
Morocco World
13-06-2025
- Automotive
- Morocco World
Tesla Officially Enters Moroccan Market with New Local Subsidiary
Rabat – Tesla officially entered the Moroccan market with the opening of a local subsidiary based in Casablanca. Tesla Archive on X, specialized in Tesla news, announced that Tesla will be in Morocco, and will manage the import, sale, and maintenance of electric vehicles, along with vehicle replacement services. The move is Tesla's first direct presence in North Africa, signaling Morocco's growing role in the global shift toward clean energy and electric mobility. Tesla created the local subsidiary on May 27, registering it as a limited liability company. With a starting capital of MAD 27.5 million ($2.75 million), Tesla's Moroccan subsidiary is based in the Crystal Tower at Casablanca Marina, one of the largest business hubs in the city. The subsidiary was set up by two Dutch-based entities, Tesla International B.V., which oversees operations across several continents, and Tesla Motors Netherlands B.V. The company also plans to roll out energy solutions, such as solar production systems, energy storage technology, and eventually explore electricity distribution. According to the same announcement, Morocco is set to become a strategic point in Tesla's broader vision for Africa and sustainable innovation. Rafael Arqueza Martin will manage the new subsidiary alongside Shahin Oliver Khorshidpanah. The two will lead Tesla's Moroccan subsidiary operations, which combine automotive services with energy solutions tailored to local needs. Tesla's choice to formalize its presence in Morocco comes after its earlier decision to install Supercharger stations in the country in 2021, first in Tangier, then in Casablanca. Supercharger stations now operate across Morocco, including in Fez, Agadir, Marrakech, Rabat, and several other cities. Those installations were Tesla's first on the African continent, stressing Morocco's role as a testing ground for broader ambitions. Tesla is expected to introduce a full range of services, from solar panels and battery systems to technical support, engineering, and training. With Tesla now formally operating in the country, Morocco joins a select list of markets that host the company's full range of services. Tags: elon muskMoroccoTeslaTesla Morocco
