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Kuwait Times
a day ago
- Business
- Kuwait Times
TEF Kuwait hosts its 5th technical seminar
The Tamilnadu Engineers Forum (TEF) Kuwait successfully hosted its 5th Technical Seminar at Park Inn Hotel, Mahboula on July 22, 2025, with an evening packed with innovation, knowledge sharing and key announcements. A key highlight of the evening was the launch of the InnoEX 2025 flyer, officially announcing TEF Kuwait's flagship science and technology fair in association with Indians in Kuwait (IIK). The event flyer was jointly released by President Eng Raja and past presidents Eng AN Natrarajan and Eng Krishna Jegan. Also revealed that the esteemed Nigar Shaji, Project Director of Aditya-L1, India's pioneering solar mission under ISRO, will be the Chief Guest at the upcoming InnoEX 2025, scheduled for November 7, 2025 at Al-Zumerida Hall, Salwa. Highlights of the 5th technical seminar The evening commenced at 6 pm with the reverent rendition of Tamil Thai Vaazhthu, followed by a Safety Moment presented by Eng Vadivelan and a Thirukkural recitation by Eng Subbu. The event was gracefully anchored by Eng Suresh Anand and Eng Middleton, who guided the proceedings with professionalism and enthusiasm. In his welcome address, Eng Gem Prasanna greeted attendees and set a vibrant tone for the evening. The seminar then proceeded with three highly engaging technical sessions: The seminar featured three distinguished technical sessions: 1 'How Acoustic Emission and AI Can Reduce Seat Leakage in Valves' Delivered by Michael Hetteger, CEO of Senseven GmbH, this session highlighted how AI-driven acoustic analysis can revolutionize valve monitoring and predictive maintenance. 2 'Smart Strategies for Mutual Fund Investment in Turbulent Times' Financial expert Lalitha Thamaraipandi, Managing Director of Panaimaram Fintech Pvt Ltd, shared valuable insights into navigating investment strategies during economic uncertainties. 3. 'Ensuring Valve Reliability Through Precision Actuation – The Kinetrol Advantage' Jointly presented by Akshay Anand, GM, and Gopiram Krishnaraj, Area Manager of Kinetrol Middle East, this session focused on the importance of actuation precision in enhancing industrial valve reliability. Each session speakers were introduced by TEF members Eng Middleton, Eng Maniyarasu, and Eng Reckston, respectively. Each session was followed by an interactive Q&A segment, enabling participants to engage directly with the speakers and deepen their understanding. The event concluded on a high note with a heartfelt vote of thanks by Vice President Eng Subramanian, followed by a delicious dinner, fostering networking and camaraderie among attendees. TEF Kuwait continues to be a vibrant platform for engineering professionals, students, and innovators - promoting technical excellence, knowledge sharing, and community development. The upcoming InnoEX 2025 promises to be a landmark event that will further TEF's mission of inspiring the next generation of tech leaders.
Irish Independent
14-07-2025
- Business
- Irish Independent
Spanish firm sued for €7.4m over glazing in Exo Building
Bennett (Construction) Ltd, with a registered address in Mullingar, Co Westmeath, has brought proceedings against Spanish firm Tvitec System Glass SL and its Irish subsidiary sub contractor, Technical Envelope Facades (TEF) Ltd, formerly Tvitec System Ireland Ltd,, with a registered address in Mountainview Park, Tallaght, Dublin. It is claimed there was very bad leaking arising out of the works completed by TEF, and that the glazing supplied was defective. The workmanship of the installation of the glazing was of sub-standard quality, it is also alleged. The defendants deny the claims. An application was made by Thomas Hogan SC, for Bennett, to have the case admitted to the fast track Commercial Court. This was opposed by Michael Cush SC, for Tvitec, on grounds of delay in bringing the proceedings. Mr Justice Mark Sanfey refused to admit the case as he considered there had been culpable delay by Bennett in bringing the proceedings. It means the case will now be dealt with through the normal High Court list. In an affidavit Paul Bruton, managing director of Bennett, said his firm and TEF entered into an agreement in March 2018 for the supply and installation of glazing. TEF also entered into a collateral warranty with The Platform ICAV (formerly Davy Platform ICAV) which was the beneficiary of the project. The Spanish firm also executed a parent-company guarantee with The Platform whereby it guaranteed the obligations and liabilities of the Irish sub contractor, Mr Burton said. The benefit of the collateral warranty and guarantee was assigned to Bennett in August 2024. Mr Bruton said TEF began works in January 2018 and various issues arose, including cash-flow issues that TEF appeared to have on a regular basis, he said. In January 2022, following the Christmas break, TEF failed to return to site even though works were already significantly delayed, he claimed. A meeting between the parties followed and TEF advised that it had financial difficulties and that the works were not profitable. TEF said it would only return to site if a further €850,000 was paid. Bennett says it has paid €10.1m to TEF and another €625,000 "under duress" to get them back on site, Mr Bruton said. The company returned but failed to complete the works and once again left the site, he alleged. Under the terms of the collateral warranty, the dispute could be referred to a conciliator but TEF refused to nominate a conciliator and refused to accept one nominated by Bennett who, as a result, had to resign in December 2024. Bennett says it has embarked on extensive remedial works with different sub-contractors. Mr Bruton said the total sum being claimed against the defendants for the cost of remediating the works is €7.4m.
IOL News
12-07-2025
- Business
- IOL News
Millions spent, jobs lost as Tourism Equity Fund scandal exposed
The meeting, led by Minister Patricia de Lille, exposed a web of implementation challenges, transparency failures, and accountability concerns that have plagued the fund since its inception. Image: Ayanda Ndamane/Independent Media IN a tense and revealing session recently, the Select Committee on Economic Development and Trade convened to hear testimony from the Department of Tourism regarding the beleaguered Tourism Equity Fund (TEF). The meeting, led by Minister Patricia de Lille, exposed a web of implementation challenges, transparency failures, and accountability concerns that have plagued the fund since its inception. The TEF, launched in 2021 with the aim of driving transformation and inclusive growth in South Africa's tourism sector, has been mired in legal battles, administrative delays, and allegations of mismanagement. A court challenge brought by AfriForum and Solidarity initially halted the fund, which was only revived after an out-of-court settlement in mid-2023. Despite this, the fund's rollout has continued to face serious hurdles — most notably, the refusal of the Small Enterprise Finance Agency (Sefa), now known as Sedfa, to release critical beneficiary information to the Department of Tourism. De Lille opened the meeting by acknowledging the complexity of the situation: 'We appreciate the opportunity to present on the TEF, and we request the Committee's support in helping us move the process forward.' 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 ✕ She explained how her predecessor had initially set the fund's black economic empowerment threshold at 51%, exceeding the legislated 30% requirement under the Broad-Based Black Economic Empowerment (B-BBEE) codes. This decision was challenged in court by AfriForum and Solidarity, and the government lost the case on jurisdictional grounds. Following her appointment in 2023, de Lille engaged directly with the litigants and brokered a settlement to unblock the R2.1 billion fund. She described the decision-making process in candid terms: 'I made a deliberate decision to set aside political pride to serve the interests of the sector and the country… I proposed a settlement in the spirit of recovery and collaboration, given the urgency of economic reconstruction following the pandemic.' The revised framework, approved by Cabinet in August 2023, allocates 80% of funding to existing SMMEs and 20% to new entrants, a policy shift that drew sharp criticism from several committee members. The Department outlined how Sefa, appointed as the implementing agent for the TEF, had failed to meet expectations: 'Due to ongoing challenges with Sefa's performance, the Department informed them in early 2025 of our decision to terminate the agreement,' De Lille said. Despite terminating the service-level agreement, the Department is still awaiting a full close-out report from Sefa. More troublingly, Sefa has refused to disclose details of beneficiaries, citing the Protection of Personal Information Act (Popia). 'They refuse to disclose the names of applicants who benefited from the TEF,' the Minister said. 'We disagree with their position and have sought legal opinion confirming that the Department is entitled to receive this information.' Legal advice obtained by the Department supports this view, reinforcing that Parliament, as an oversight body, also has a right to access such data. The legal opinion, circulated during the meeting, recommended including confidentiality clauses in future agreements to ensure Popia compliance while maintaining transparency. 'Parliament must be able to exercise its oversight function,' said Mmaditonki Setwaba, the deputy director-general of Tourism Sector Support Services. Committee members raised urgent questions about the cost per job created through the TEF. The DA's Nicolaas Pienaar expressed alarm: 'Based on the figures presented, nearly R1 million has been spent per job created. In my view, R1m should result in at least four jobs.' His sentiment was echoed by the FF+'s Hendrik van den Berg, who pointed to staggering disparities: 'In the Northern Cape, two jobs were created at a cost of R4.4m each. In the North West, ten jobs came at a cost of over R8m per job.' Setwaba responded that while some projects were capital-intensive, particularly in the accommodation and travel sectors, the Department was aware of the need for better value-for-money outcomes. 'We are learning from the rollout and working on enhanced pre-investment support and streamlined compliance processes,' she said. The lack of detailed breakdowns on the nature of these jobs — whether part-time, seasonal, or permanent — further deepened scepticism among members. The PA's Bino Farmer questioned the regional distribution of funds and the effectiveness of outreach campaigns in rural areas: 'How many applications came from the Western Cape? How many were rejected and why? If the fund is meant to drive transformation, why allocate 80% to existing businesses when new entrants are the ones most in need?' He highlighted the case of Lamberts Bay, where tourism remains racially exclusive and ownership opportunities for black entrepreneurs are limited. 'Communities like mine want to know how people are informed about such funding opportunities. Tourism is spoken about in terms of job creation, but not ownership.' The ANC's Patrick Mabilo lamented the minimal investment in his province despite its rich natural and cultural assets: 'Only one project received funding in the Northern Cape, valued at R8.8 million. Given the scenic richness of the province, including Unesco sites, why hasn't there been more meaningful participation?' He called for clarity on outreach efforts and asked whether the Department could quantify results in rural townships. The chairperson, Sonja Boshoff, from the DA, acknowledged the severity of the situation: 'This is not just about administration, it affects the lives of ordinary South Africans. We cannot allow SEFA to hold the Department or Parliament to ransom.' The Committee resolved to summon Sefa before Parliament, even if it required convening outside normal hours. It also agreed to send a letter to the Minister of Small Business Development, Stella Ndabeni-Abrahams, requesting her urgent engagement with Sefa ahead of their scheduled meeting the following week. 'We expect feedback from her then so that we can determine how best to support the Department going forward,' said the chairperson. The ANC's Mpho Modise supported the idea of a joint session involving both Ministers and Sefa: 'All relevant stakeholders need to be in the same room so we can ask direct questions and get comprehensive answers.' The Minister welcomed the suggestion: 'I welcome the Committee's oversight and support any parliamentary investigation into the administration and outcomes of the Fund.' De Lille did not shy away from the legal and reputational risks involved: 'As the accounting authority, I am fully aware of the possibility of personal liability. But I remain committed to preserving my integrity and resolving this matter as quickly as possible.' Director-general Victor Vele confirmed that no fruitless or wasteful expenditure had yet been recorded, though he admitted that the full financial picture would only emerge once SEFA released its complete records. 'From the perspective of an accounting officer, there is currently no record of fruitless or wasteful expenditure associated with the Fund,' he said. Meanwhile, the Department has identified the Public Investment Corporation (PIC) as the new implementing agent, aligning with the TEF's objective of promoting transformation in the tourism sector. 'We are working on a formal handover process to a new implementing agency, which will be announced following legal and operational finalisation,' said Setwaba. The TEF was conceived as a vehicle for economic transformation and inclusion. Yet five years after its launch, it stands as a cautionary tale of poor governance, legal entanglements, and institutional dysfunction. With Sefa refusing to share basic information, the Department hamstrung by outdated contracts, and Parliament demanding accountability, the TEF has become emblematic of the broader crisis in public administration. Unless swift and decisive action is taken — including full disclosure of beneficiaries, independent auditing, and reform of implementation frameworks — the TEF may well go down as another failed attempt at redress in post-apartheid South Africa. For now, all eyes are on the upcoming joint meeting between the Departments of Tourism and Small Business Development, and on whether SEFA will finally answer the call for transparency. Get the real story on the go: Follow the Sunday Independent on WhatsApp.
Yahoo
11-07-2025
- Business
- Yahoo
TEF or TU: Which Is the Better Value Stock Right Now?
Investors looking for stocks in the Diversified Communication Services sector might want to consider either Telefonica (TEF) or Telus (TU). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look. We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits. Telefonica and Telus are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. Investors should feel comfortable knowing that TEF likely has seen a stronger improvement to its earnings outlook than TU has recently. However, value investors will care about much more than just this. Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels. The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value. TEF currently has a forward P/E ratio of 14.05, while TU has a forward P/E of 21.87. We also note that TEF has a PEG ratio of 0.82. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. TU currently has a PEG ratio of 5.02. Another notable valuation metric for TEF is its P/B ratio of 1.18. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, TU has a P/B of 2.14. Based on these metrics and many more, TEF holds a Value grade of A, while TU has a Value grade of C. TEF sticks out from TU in both our Zacks Rank and Style Scores models, so value investors will likely feel that TEF is the better option right now. 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 Telefonica SA (TEF) : Free Stock Analysis Report TELUS Corporation (TU) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Yahoo
25-06-2025
- Business
- Yahoo
TEF vs. TU: Which Stock Is the Better Value Option?
Investors interested in stocks from the Diversified Communication Services sector have probably already heard of Telefonica (TEF) and Telus (TU). But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out. There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits. Telefonica and Telus are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. Investors should feel comfortable knowing that TEF likely has seen a stronger improvement to its earnings outlook than TU has recently. But this is just one piece of the puzzle for value investors. Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels. The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors. TEF currently has a forward P/E ratio of 14.22, while TU has a forward P/E of 21.25. We also note that TEF has a PEG ratio of 0.83. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. TU currently has a PEG ratio of 5.05. Another notable valuation metric for TEF is its P/B ratio of 1.2. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, TU has a P/B of 2.08. Based on these metrics and many more, TEF holds a Value grade of A, while TU has a Value grade of C. TEF is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that TEF is likely the superior value option right now. 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 Telefonica SA (TEF) : Free Stock Analysis Report TELUS Corporation (TU) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
