Latest news with #EOT
Daily Express
7 days ago
- Automotive
- Daily Express
No more extension for Pan Borneo contractors
Published on: Thursday, July 17, 2025 Published on: Thu, Jul 17, 2025 By: Azmie Lim Text Size: Package 1A saw repeated extensions and substantial project delays. LAHAD DATU: Deputy Minister of Works, Datuk Seri Ahmad Maslan, has issued a firm reminder to contractors involved in the Pan Borneo Highway project, stressing that no further extension of time (EOT) should be granted for current and future phases of construction of the Package 1B. He said he had received a briefing about the Package 1A and 1B of the project, where work on 1A had been awarded some time ago, while contracts for 1B were only finalised at the end of last year. Advertisement Despite the differing timelines, he emphasised that no additional EOT should be considered, regardless of the reasons provided by the contractors. The minister said that approving an EOT for one company could set a precedent, potentially leading to a domino effect where other contractors also request delays. He explained that such a situation had occurred during the execution of Package 1A, which saw repeated extensions and substantial project delays. 'Delays in Package 1B would ultimately disadvantage the people, the government, and the contractors themselves,' he said. According to Ahmad Maslan projects that are carried out ahead of time (AOT) will provide benefit all parties especially the contractors. The AOT will also enable the people to enjoy the infrastructure and ends their misery. He said previously the road maintenance was handled by specific concessionaires, but areas under Pan Borneo are now the responsibility of appointed contractors. Failure to maintain these roads, he stressed, leads to damage that causes long-term hardship for road users. The Deputy Minister pointed out that several components under Package 1A had received as many as four or five EOT approvals, leading to delays of up to three years. He said that under his tenure—and that of Minister Datuk Seri Alexander Nanta Linggi—the ministry would no longer tolerate excessive or frivolous EOT applications. He also warned against contractors inventing or exaggerating reasons for delay. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Time of India
16-07-2025
- Time of India
Hackers can use just a radio to cause train accidents in US, CISA explains how
Representative Image The Cybersecurity and Infrastructure Security Agency (CISA) has issued a warning about a key train system in the US. The warning specifically concerns the End-of-Train and Head-of-Train protocol, which the agency claims could be hacked using only a radio. This vulnerability stems from the system's lack of encryption and authentication protocols. The flaw involves the communication between a Flashing Rear End Device (FRED), or End-of-Train (EOT) device, attached to the back of a train, and a corresponding Head-of-Train (HOT) device in the locomotive. Installed in the 1980s to replace caboose cars, these devices can transmit data via radio signals, where commands can also be sent to the FRED to apply brakes at the rear of the train. The current system is dependent on data packets with a simple BCH checksum for error detection. However, CISA is now warning that a person using a software-defined radio could potentially send fake data packets, which would allow them to interfere with train operations. What CISA said about this train system vulnerability In its advisory, CISA wrote: 'Successful exploitation of this vulnerability could allow an attacker to send their own brake control commands to the end-of-train device, causing a sudden stoppage of the train, which may lead to a disruption of operations, or induce brake failure,' the CISA wrote in its advisory.' What researchers said about this train system's vulnerability CISA credited researchers Neil Smith and Eric Reuter for reporting this vulnerability. Moreover, in a post shared on the social media platform X (earlier Twitter) that he had first alerted the agency's predecessor, ICS-CERT, back in 2012 and no action was taken at the time. In his X post, Smith wrote: 'So how bad is this? You could remotely take control over a Train's brake controller from a very long distance away, using hardware that costs sub $500. You could induce brake failure leading to derailments or you could shutdown the entire national railway system.' However, Smith noted that efforts to address a cybersecurity flaw stalled due to a disagreement between ICS-CERT and the Association of American Railroads (AAR) between 2012 and 2016, as the latter considered the risk too theoretical without real-world proof. When Smith raised the issue again in 2024, AAR still downplayed its importance, though it later announced plans to upgrade the outdated system in 2026. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
South Wales Argus
06-07-2025
- Business
- South Wales Argus
Number of employee-owned businesses in Wales nears 100
As of now, 95 businesses in the country are employee-owned, surpassing the Welsh Government's target of reaching 74 by 2026. The announcement comes on Employee Ownership Day, celebrated for highlighting the advantages of businesses owned by their employees. Research indicates that such businesses are particularly successful, with employees showing increased engagement and commitment. The commercial benefits of this model are proving increasingly appealing to entrepreneurs, who see it as a way to attract and reward talented employees, while also fuelling business growth. One business that has transitioned to employee ownership is Cambrian Training Group. The Welshpool company, a leading provider of apprenticeship and vocational training across the country, celebrated 30 years in business by becoming employee owned earlier this year. The company was established in 1995 as a subsidiary of Mid Wales Tourism to deliver vocational and hospitality skills as part of the development of the region's tourism sector. It now employs 65 staff and has expanded its work-based learning, skills and apprenticeship programmes into a range of other sectors, including manufacturing, retail, and financial services. Arwyn Watkins OBE, of Cambrian Training Group, said: "Securing Employee Ownership Trust (EOT) status is a significant step in our journey. "Our employees are at the heart of everything we do, and this move ensures that they have a direct stake in our continued success. "The decision to move towards an EOT rather than opting for a trade sale was motivated by the desire to sustain the company's culture, values, and commitment to quality over the long term." Welsh Government's Business Wales and Social Business Wales service offers specialist advice to support such employee buy outs. The services offer fully funded and bespoke help to business owners contemplating employee ownership and share schemes. Rebecca Evans, cabinet secretary for economy, energy and planning, said: "By improving employee well-being and job satisfaction, the employee-ownership model plays a key part in strengthening the foundations on which every successful business is built. "I urge more businesses to explore the benefits on offer via Business Wales and Social Business Wales, to ensure Wales-based companies remain in Welsh hands."
Business News Wales
20-06-2025
- Business
- Business News Wales
Number of Employee-Owned Businesses in Wales Nears 100
The number of employee-owned businesses in Wales is now approaching 100 – exceeding a Welsh Government pledge to get to 74 by 2026. The Welsh Government's Business Wales and Social Business Wales service offers specialist advice to support employee buy outs, with fully funded and bespoke help available to help business owners decide if employee ownership and share schemes are the right solution for their business. The number of employee-owned businesses in Wales now stands at 95, exceeding the Programme for Government commitment to double the number in Wales and reach 74 by 2026. Research shows that employee-owned businesses perform particularly strongly, with employees demonstrating greater engagement and commitment. The commercial benefits are also becoming increasingly popular with entrepreneurs creating new businesses to help attract and reward talented employees and drive business growth. One company to receive support is Cambrian Training Group, a leading provider of apprenticeship and vocational training across Wales. The Welshpool company, which marked 30 years of business by becoming employee owned earlier this year, was established in 1995 as a subsidiary of Mid Wales Tourism to deliver vocational and hospitality skills as part of the development of the region's tourism sector. It now employs 65 staff and has expanded its work-based learning, skills and apprenticeship programmes into a range of other sectors, including manufacturing, retail, and financial services. Arwyn Watkins OBE, of Cambrian Training Group, said: 'Securing Employee Ownership Trust (EOT) status is a significant step in our journey. Our employees are at the heart of everything we do, and this move ensures that they have a direct stake in our continued success. 'The decision to move towards an EOT rather than opting for a trade sale was motivated by the desire to sustain the company's culture, values, and commitment to quality over the long term.' The Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said: 'By improving employee well-being and job satisfaction, the employee-ownership model plays a key part in strengthening the foundations on which every successful business is built. 'It's proven benefits include giving employees more control over their own destiny, and providing business owners with the peace of mind that that the future of their business is in safe hands, and that the future of their highly valued employees has been safeguarded in the community the business was fostered in. 'I urge more businesses to explore the benefits on offer via Business Wales and Social Business Wales, to ensure Wales-based companies remain in Welsh hands.'
The Herald Scotland
20-06-2025
- Business
- The Herald Scotland
'For us, this is about building a legacy for our team'
Following a period of rapid growth over recent years, there are now nearly 300 employee-owned firms in Scotland. These concerns employ more than 7,500 people and turn over in excess of £1.5 billion collectively. And the number of Scottish firms where staff hold majority stakes, chiefly through employee ownership trusts (EOTs), is expected to continue to increase, despite recent changes to the tax regime, as the Scottish Government targets having 500 employee-owned businesses operating in the country to 500 by 2030. Nicholas Howie, partner in the corporate law team at Lindsays, which has advised on 25 employee ownership deals in recent years, said: 'An exit strategy can be one of the biggest issues facing owners of SMEs (small and medium-sized enterprises) in Scotland. Employee ownership is an increasingly effective - and empowering - way of managing that. It's transformational for many businesses. 'It allows sellers - often founders or families who have run businesses for generations - to continue to play a role in their future, while putting the legal and financial frameworks in place which create a long-term legacy for their employees. 'Owners who sell their shares to an EOT gain an exemption on capital gains tax. But, on top of that, EOTs are really starting to demonstrate their economic worth. Read more: 'The feedback that we've had is that businesses which make the change become more productive and profitable because the whole staff team has a stake in its success, with the ability to award employees annually with bonuses of up to £3,600 per year per employee.' Among the newest to make the change in Scotland is Wetrooms International Group, the Rutherglen-based bathrooms supplies business, which cited ambitious growth plans among the reasons for transferring the majority of its equity to its 80 employees. Founders Brian and Bill Crombie have retained a 26% shareholding following the transition to an EOT. Brian Crombie said: 'For us, this is about building a legacy for our team, recognising the loyalty of our staff. Becoming an EOT was the logical step for us to take. It makes sense for everyone. 'I'm 73 and Bill is 71. We've got ambitious plans for the business while naturally also considering what work looks like for us longer term. We've had approaches, but didn't like the idea of a trade sale, putting the business in the hands of someone who might not understand our unique ethos. Our team deserves better.' Bill Crombie added: 'The business is in a real period of growth with huge potential to expand significantly over the next five years.' Employee ownership is continuing to grow in popularity despite recent changes to the capital gains tax regime for EOTs in the Autumn Budget. The changes will aim, among other things, to 'restrict former owners or persons connected with former owners from retaining control of companies post-sale to an employee ownership trust by virtue of control (direct or indirect) of the employee ownership trust'. They also aim to 'require that the trustees must take reasonable steps to ensure that the consideration paid to acquire the company shares does not exceed market value' and will extend the capital gains tax clawback period from one complete tax year following the tax year of the sale to four complete tax years. Specialist advisor Carole Leslie, director of Ownership Associates, who has helped more than 150 firms make the transition in the last year, said: 'The interest in the EOT structure is continuing to accelerate at pace across all business sectors. As awareness grows, more companies are seeking out a succession option that allows the owners to realise their value in the company tax effectively and allows them to control their own exit from the company. 'It's great news for employees. They can be as reassured as possible that their employment will continue for as long as the company continues to be successful, whereas any other succession option would likely lead to disruption and possible relocation or downsizing.' The benefits that can be achieved from staff having a greater stake and say in how they work are being highlighted today, as Employee Ownership Day takes place.
