Latest news with #PSC
New Indian Express
20 hours ago
- Politics
- New Indian Express
Kerala government firm on zumba sessions in schools, says Minister Sivankutty
KOZHIKODE: Expressing the state government's resolve not to be cowed down by opposition from various Muslim organisations to the introduction of zumba sessions in schools, General Education Minister V Sivankutty said controversy over the initiative will only help grow of communalism and sectarianism. Addressing a press conference in Kozhikode on Saturday, the minister said the exercise was introduced to combat drug menace among the youth. The stand of those opposing it will spread poison in society that is more dangerous than drugs, he said. Reacting to the criticism that immodest dresses are made mandatory for zumba in schools, Sivankutty said students practise it in school uniforms. 'It is mandatory for students to participate in the study exercises that are stipulated under the Right to Education Act. Parents have no choice in that and teachers are duty-bound to follow those things under conduct rules,' he said. There were veiled comments from some corners that the government may make a climbdown on the issue in the face of objections raised by some Muslim organisations as it happened in the case of PSC appointments in the Waqf Board and in the issue of gender-neutral uniform. The Kanthapuram factions of Sunnis have also come up against the government's decision. But CPM leaders have intensified their attacks against the organisations which oppose mzumba sessions in schools. DYFI state secretary V K Sanoj extended all support to the government to go ahead with the decision.
Yahoo
2 days ago
- Business
- Yahoo
Repsol Sells Indonesia Gas Stake to Medco for $425 Million
Repsol, S.A. REPYY has taken another decisive step in realigning its upstream portfolio with the sale of a 24% non-operated interest in Indonesia's Corridor Block. The $425 million transaction, finalized with Medco Energi, is part of a broader rotation strategy. The company will streamline the asset base to concentrate on core geographies where it holds a competitive advantage, including the United States and Brazil. This transaction highlights Repsol's continued push to strengthen its financial position and concentrate on more profitable assets. For Medco — a major force in Southeast Asia's energy sector — the acquisition aligns well with its regional growth strategy. The deal was executed via the divestment of Fortuna International (Barbados), Inc., and is expected to close by the third quarter of 2025, subject to standard regulatory approvals. Through this transaction, Repsol completes the exit from the Corridor Block, handing over full control of its interest to Medco. The Corridor Production Sharing Contract ('PSC') covers seven active gas fields and one oil field in South Sumatra, which is recognized as one of Indonesia's key upstream gas assets. While funding specifics have not been publicly shared, insiders suggest the purchase will be financed through a mix of internal cash flow and debt. After the divestment, Medco will hold a commanding 70% stake in the Corridor Block, with the remaining 30% owned by Indonesia's state-run PT Pertamina Hulu Energi Corridor. This deal supports Medco's commitment to acquire and manage high-value assets with strong cash flow potential. Medco's growing control of the Corridor Block, with 70% operating stake, can be seen as a bold and strategic step toward strengthening its position as a key gas supplier in Southeast Asia. The acquisition not only expands Medco's upstream portfolio but also enhances its financial resilience, thanks to the asset's proven production and established infrastructure. The Corridor Block, located onshore in South Sumatra, contributed roughly 19,000 barrels of oil equivalent per day (boepd) to Repsol in 2024 — 3% of its total production of 571,000 boepd. This asset underwent major changes in late 2021 when Medco acquired ConocoPhillips Indonesia Holding Ltd., which owned 100% of ConocoPhillips (Grissik) Ltd., the former operator and principal stakeholder holding a 46% participating interest prior to its exit. In December 2023, the PSC was renewed and extended until 2043, transitioning from a gross split model to a cost recovery scheme. This revised structure is said to offer more investor-friendly terms, enhancing the long-term sustainability of operations. By divesting this asset, Repsol expects to reduce net debt by approximately $350 million and see a positive $70 million impact on its 2025 income. These financial gains enhance its flexibility to reinvest in higher-margin opportunities and accelerate low-carbon energy ambitions. Repsol's exit from the Corridor Block is not a retreat but a recalibration. The company is actively pivoting toward cleaner energy and strengthening its upstream position in strategic regions. The reallocation of capital from non-core assets allows it to double down on projects that are future-focused, resilient and aligned with sustainability commitments. Repsol explores, develops and produces crude oil products and natural gas, transports petroleum products and liquefied petroleum gas, and refines petroleum. Currently, REPYY has a Zacks Rank #4 (Sell). Investors interested in the energy sector might look at some better-ranked stocks like BKV Corporation BKV, Subsea 7 S.A. SUBCY and Oceaneering International, Inc. OII. While BKV and Subsea 7 currently sport a Zacks Rank #1 (Strong Buy) each, Oceaneering carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here. BKV Corporation is an energy company that produces natural gas from its owned and operated upstream businesses. The Zacks Consensus Estimate for BKV's 2025 earnings indicates 338.18% year-over-year growth. Subsea 7 operates as an engineering, construction and services contractor to the offshore energy industry worldwide. The Zacks Consensus Estimate for SUBCY's 2025 earnings indicates 95.52% year-over-year growth. Houston, TX-based Oceaneering is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. The Zacks Consensus Estimate for OII's 2025 earnings indicates 57.02% year-over-year growth. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Oceaneering International, Inc. (OII) : Free Stock Analysis Report Repsol SA (REPYY) : Free Stock Analysis Report Subsea 7 SA (SUBCY) : Free Stock Analysis Report BKV Corporation (BKV) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
TimesLIVE
3 days ago
- Business
- TimesLIVE
Public Service Commission faces mounting grievances, soaring leave liability
The Public Service Commission (PSC) has raised alarm over a growing number of formal employee grievances within government departments and public institutions, and a ballooning capped-leave liability exceeding R16bn. At a media briefing in Pretoria, PSC commissioner Anele Gxoyiya revealed the commission registered 439 formal grievances by March 31, including 85 cases carried over from the previous financial year. 'Of the 439 grievances, 77% have been concluded and 23% remained pending at the end of March,' he said. Breaking down the 338 concluded cases, Gxoyiya said: only 18 were substantiated; while 84 were unsubstantiated; nine partially substantiated; 43 were internally resolved by departments after PSC intervention; and the remaining 184 were closed for different reasons, including duplication with other proceedings before bargaining councils, the Commission for Conciliation, Mediation and Arbitration or the courts.
News24
3 days ago
- Politics
- News24
Public servants owed R16.24bn for accrued leave days, says commission
Public Service Commissioner Anele Gxoyiya spoke during the release of the report in Pretoria on Tuesday. PSC
IOL News
6 days ago
- Business
- IOL News
Cape Union Mart hauls pro-Palestine activists to court
The retailer said it has never donated any funds to the army of Israel. Image: Supplied THE Palestine Solidarity Campaign (PSC) has described Cape Union Mart's court application against it as an attempt to gag activists engaged in peaceful protest The international retailer has turned to the Western Cape High Court for an interdict restraining PSC from labelling them as supporting genocide, saying ongoing protests and boycott campaign at its stores have led to financial losses and reputational damage. The application filed last week urges the five activists from the Palestine Solidarity Campaign to stop making claims that the retailer and its associated brands "fund genocide, killing children, or are complicit in the killing of children." A previous procession of more than 40 motor vehicles that held a motorcade demonstration, drove through Beach Road in Sea Point, with passengers waving Palestinian flags and shouting 'free free Palestine'. Image: Armand Hough / Independent Newspapers Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Respondents include Magmuda Ockards, Muhammad Shafiq Gamiet, Mohamed Zaid Jeenah, Sherazaad Rahima Sylvester, and Sayed Ridhwaan Mohamed. The sixth respondent is unidentified protesters, and the seventh respondent is the PSC. In response to IOL's inquiry, Cape Union Mart's legal advisor, Simone Sulcas said said the application was brought as a last resort after previous efforts to communicate the correct facts to protesters failed. 'This follows ongoing protest action that has been underway since November 2023, which falsely claims that Cape Union Mart is 'funding genocide', the Israeli army, the conflict in Gaza, and even advancing claims of complicity in the killing of children.' 'Cape Union Mart, together with its Executive Chairman, Philip Krawitz, categorically state that they have never donated funds to the Israeli army or Israeli government. More specifically, Cape Union Mart has never donated funds to any entities outside of South Africa, and its Executive Chairman has only donated funds for humanitarian purposes,' Sulcas said. Protesters calling for an end to genocide in Gaza. Image: File She said her client does not seek an order preventing the protestors from expressing themselves. 'Cape Union Mart fully respects and upholds the rule of law that governs all South Africans, which includes freedom of expression and the right to protest. However, this must be done without the continued spreading of defamatory falsehoods and with due regard to the rights of Cape Union Mart's customers and the general public not to be harassed. A hearing date is yet to be set,' Sulcas said. PSC member Usuf Chikte said the court action was an attempt was intended to intimidate and silence the campaign for justice, peace, freedom, and equality for Palestinians and represents a textbook SLAPP suit (a Strategic Lawsuit Against Public Participation) designed to suppress critical, peaceful voices through legal intimidation. 'PSC and other parties will be meeting urgently to discuss their response and pass a formal resolution on whether to defend against the application, which it views as a direct threat to constitutional rights, including our freedom of expression and freedom of association. "This case arises amid increased public scrutiny of corporations and Cape Union Mart's silence and alleged complicity in the ongoing genocide in Gaza and follows growing calls by human rights organisations for corporate accountability and economic boycott of companies seen to be enabling Israeli apartheid,' Chikte said. The Muslim Judicial Council (MJC) said it supported the constitutional and internationally recognised right to a peaceful protest.
