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The third match of the T20I series between <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> and the <keyword id="41288" type="General" weightage="100" keywordseo="west-indies" source="Orion">West Indies</keyword> at Warner Park later on Tuesday will also have a delayed start in order to give adequate rest and recovery time to players for the back-to-back matches, according to <keyword id="3420719" type="General" weightage="50" keywordseo="cricket-west-indies" source="Orion">Cricket West Indies</keyword> (<keyword id="271773" type="General" weightage="80" keywordseo="cwi" source="Orion">CWI</keyword>).<br /><br />The third T20I of the engrossing five-match series at <keyword id="1285712" type="General" weightage="80" keywordseo="st-kitts" source="Orion">St Kitts</keyword> will start at 9:30pm India time on Tuesday after the second match of the series on Monday began a 11 p.m. IST (earlier scheduled at 8 p.m. IST) due to team luggage arriving into St. Kitts from Trinidad late.<br /><br />On Tuesday, CWI issued a statement saying, "A revised start time of 12pm local time (9:30pm India) for the third match between West Indies and India in the T20I Cup to be played at Warner Park in St Kitts on Tuesday 2nd August.<br /><br />"Following the delayed start on Monday, the teams have agreed to start the third T20 Cup match at a later time to ensure that the players receive adequate rest and recover time for the back-to-back matches in St. Kitts and in consideration of the back-to-back matches to come in Florida," the statement added.<br /><br />The five-match series is level 1-1 after West Indies bounced back to win the second T20I by five wickets. Left-arm pacer Obed McCoy delivered the best-ever bowling figures by a West Indies bowler in T20I matches with his six wickets for just 17 runs. India won the first contest by 68 runs last Friday at the <keyword id="13053629" type="General" weightage="50" keywordseo="brian-lara-cricket-academy" source="Orion">Brian Lara Cricket Academy</keyword> in Trinidad.<br /><br />Earlier on Monday, CWI had cited significant delays in crucial team luggage arriving into St Kitts from Trinidad as reason behind the match timing being postponed. "Due to circumstances beyond CWI's control, there have been significant delays in crucial team luggage arriving into St Kitts from Trinidad."<br /><br />"As a result, today's (Monday's) 2nd T20 Cup match is due to start at 10 p.m. India. CWI regrets any inconvenience caused to our valued fans, sponsors, broadcast partners and all other stakeholders," CWI had said. The match had got delayed by another hour after the announcement.<br /><br /><br /><strong>SEE ALSO :<br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/upgrad-acquires-noida-based-test-prep-provider-exampur/articleshow/93291933.cms">upGrad acquires Noida-based test prep provider Exampur</a><br /><br /></strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/apple-is-finally-working-on-an-always-on-display-feature-for-iphones/articleshow/93293293.cms"><strong>iPhone may finally get the highly anticipated always on display feature</strong></a><br />

India vs West Indies 3rd T20I to also have delayed start to give players time to recover

<keyword id="3420719" type="General" weightage="50" keywordseo="cricket-west-indies" source="Orion">Cricket West Indies</keyword> (<keyword id="271773" type="General" weightage="80" keywordseo="cwi" source="Orion">CWI</keyword>) have said that the start of Monday's second T20I between <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> and <keyword id="41288" type="General" weightage="100" keywordseo="west-indies" source="Orion">West Indies</keyword> is shifted to 10pm Indian Standard Time (IST), which is 12pm local time and 11:30am Jamaica time due to significant delays in crucial team luggage arriving into St Kitts from <keyword id="126039" type="General" weightage="50" keywordseo="trinidad" source="Orion">Trinidad</keyword>.<br /><br />As per the previous schedule, the match at Warner Park was to begin at 8pm IST and 10:30am local time. "Due to circumstances beyond CWI's control, there have been significant delays in crucial team luggage arriving into St Kitts from Trinidad."<br /><br />"As a result, today's match 2nd Goldmedal T20 Cup match is due to start at 12:30 pm (11:30am Jamaica/10pm India). CWI regrets any inconvenience caused to our valued fans, sponsors, broadcast partners and all other stakeholders. Stadium gates now open at 10.00am," said an official statement by CWI.<br /><br />India are currently leading the five-match T20I series against the West Indies 1-0 following their victory by 68 runs on Friday at the Brian Lara Stadium in Tarouba, Trinidad. The visitors, under the captaincy of stand-in skipper <keyword id="17805" type="General" weightage="80" keywordseo="shikhar-dhawan" source="Orion">Shikhar Dhawan</keyword>, had earlier won the ODI series 3-0 with all matches played at Queen's Park Oval in Port of Spain, Trinidad.<br /><br /><strong>SEE ALSO :<br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/james-webb-telescope-likely-spots-first-supernova/articleshow/93276222.cms">James Webb telescope likely spots first supernova</a><br /><br /></strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/salman-khan-gets-gun-licence-after-he-and-his-father-salim-khan-get-death-threats/articleshow/93276382.cms"><strong>Salman Khan gets gun licence after he and his father, Salim Khan get death threats</strong></a><br />

India's second T20I against West Indies to start at 10pm IST due to delay in significant luggage arrival

London, May 20 () Fast bowling great Michael Holding has alleged misuse of half a million US dollars that BCCI donated to Cricket West Indies besides raising serious questions on the financial management of the game's governing body in the island nations. <p>On a YouTube show, Holding displayed the audit report of Pannell Kerr Foster (PKF) on cricket governance in the Caribbean and raised several red flags. He also touched upon the donation CWI received from the Indian cricket board (BCCI) for the benefit of its former players. </p><p> "Way back in 2013-2014, the BCCI donated half a million US dollars specifically to go to past players. I am a past player, not that I want any of it but I know a lot of past players, I have never heard that not even one cent out of that half a million going to any past player. </p><p> "I am absolute sure if they (CWI) had done that, they would have made a big hullabaloo about it. Where is that half a million dollars? I will tell the viewers very soon," said said the 66-year-old. </p><p> With the audit report in his hands, the legendary Jamaican questioned why it has not gone public. He said the more he reads the report, the more angry he gets. </p><p> "Former President to Prime Ministers (of various islands) have been calling for forensic report over the governance of cricket in the Caribbean. The current regime did not do a forensic audit, but they did an audit. They had the report in January but never released it. </p><p> "The 60-page report does not look good. It is a damning and harsh report. I want to delve into it," said Holding. </p><p> Holding said CWI should make the audit report public. </p> "They can claim confidentiality if they are a private company. You cannot claim to be a private company if you have public share-holders. The share-holders of CWI are six regional boards. They are hiding behind a clause to not release the report," he added. KHS BS KHS KHS

BCCI's half a million dollar donation to Cricket West Indies misused, alleges Holding

The Indian men's cricket team will take on <keyword id="41288" type="General" weightage="100" keywordseo="west-indies" source="Orion">West Indies</keyword> in three ODIs and five T20Is between July 22 and August 07 this year.<br /><br />The <keyword id="40478" type="General" weightage="50" keywordseo="odi" source="Orion">ODI</keyword> series, which will be played first, and three T20Is will be hosted across Trinidad and Tobago and St Kitts &amp; Nevis, with the final two T20Is scheduled for Lauderhill, Florida in the USA.<br /><br />The three ODIs will be played on July 22, 24 and 27 respectively at the Queen's Park Oval in Port of Spain, Trinidad &amp; Tobago, the broadcaster of the series announced on behalf of Cricket West Indies (CWI) and the Board of Control for Cricket in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> (BCCI) late on Wednesday.<br /><br />The teams will then move to the Brian Lara Stadium in Port of Spain for the first T20 on July 29, followed by two games at St Kitt's Warner Park on August 1 and 2 respectively. The final two games will be held at the Broward County Stadium in Lauderhill, Florida on August 6 and 7 to cater to the Indian diaspora's craze for the game in the United States.<br /><br />The entire series will be live-streamed exclusively on <keyword id="7567203" type="General" weightage="80" keywordseo="fancode" source="Orion">FanCode</keyword> and fans can watch the action live across the FanCode app (<keyword id="6355645" type="General" weightage="50" keywordseo="android" source="Orion">Android</keyword>, iOS, TV).<br /><br />The series will be played during India's Prime-Time with ODIs starting at 7 pm and T20Is starting at 8 pm IST.<br /><br />"We have a young team that is eager to restore the brand of cricket the West Indies team is known for playing. As I take charge of this team, our ambition is to always be competitive, as we look to use this series to fine-tune our preparations for the upcoming T20 and 50 Over World Cups," West Indies captain, Nicholas Pooran was quoted as saying about the upcoming series.<br /><br />Talking about the tour and the broadcast deal, Johnny Grave, CEO of Cricket West Indies said: "Our four-year deal with FanCode has brought Indian cricket fans closer to CWI's live properties across multiple formats that have featured the top cricketing nations like South Africa, Pakistan, Australia and England. FanCode has become the go-to platform for Indian fans to consume cricket in a digital-first manner which has redefined the sports viewing experience."<br /><br />Besides India, <keyword id="6354759" type="General" weightage="50" keywordseo="bangladesh" source="Orion">Bangladesh</keyword> and New Zealand are also scheduled to tour the West Indies in the coming months. While Bangladesh will be playing two Tests, three T20Is and three ODIs between June 16 and July 16, New Zealand will take on the home team in white-ball series comprising three T20Is and as many ODIs from August 10-21, 2022.

India to tour West Indies for 3 ODIs and 5 T20Is in July-August 2022; two games in Florida

Cricket <keyword id="41288" type="General" weightage="20" keywordseo="West-Indies" source="Orion">West Indies</keyword> (CWI) on Monday recalled star batter <keyword id="3237385" type="General" weightage="80" keywordseo="shimron-hetmyer" source="Orion">Shimron Hetmyer</keyword> for their upcoming three-match ODI series against <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> at home, starting Thursday at Kensington Oval. <br /><br /><keyword id="4484238" type="General" weightage="100" keywordseo="hetmyer" source="Orion">Hetmyer</keyword> hasn't featured for the West Indies side in almost a year but earns a recall on the back of a solid season in the Indian Premier League with the Rajasthan Royals that netted a total of 299 runs from 13 innings.<br /><br />The left-hander hasn't played an ODI for the Caribbean side in two years, with Hetmyer's last appearance in a 50-over match coming against Australia in July 2021.<br /><br />The 15-member squad was named following a four-day camp at Kensington Oval held to prepare the white-ball players for the upcoming ODI Series, as well as the five-match T20I Series that follows.<br /><br />The selectors also recalled left-handed batter <keyword id="4747807" type="General" weightage="80" keywordseo="shimron" source="Orion">Shimron</keyword> Hetmyer and fast bowler <keyword id="6975266" type="General" weightage="80" keywordseo="oshane-thomas" source="Orion">Oshane Thomas</keyword>. Fast bowler Jayden Seales and leg-spinner <keyword id="5872777" type="General" weightage="50" keywordseo="yannic-cariah" source="Orion">Yannic Cariah</keyword> have been included following their rehabilitation from surgery while left-arm spinner Gudakesh Motie has also been included, following his recovery from injury.<br /><br />The Kensington Oval hosts the first two matches in the three-match ODI Series on Thursday and Saturday. The teams then will move to Trinidad for the third and final ODI at the Brian Lara Cricket Academy on August 1.<br /><br />Chief selector and West Indies great Desmond Haynes said he was looking forward to the ODI series against India and is confident that Hetmyer and Thomas will perform well.<br /><br />"We welcome Oshane and Shimron back into the group. Both have played at the international level before, with some success, and we believe they will fit well into the set-up. Oshane brings pace and is a potential wicket-taker with the new ball. Shimron's style of batting will offer a lot, especially in the middle stage of the innings and he is also a potential 'finisher', Haynes said in an official statement released by CWI. <br /><br />Regulars Nicholas Pooran and Jason Holder are unavailable for the series while wicket-keeper batter <keyword id="3484029" type="General" weightage="50" keywordseo="shai-hope" source="Orion">Shai Hope</keyword> has once again been named captain for the three matches.<br /><br />West Indies failed to qualify for the ODI World Cup this year, finishing outside the top two in the recently concluded ICC Men's Cricket World Cup Qualifier tournament in Zimbabwe.<br /><br />West Indies squad: Shai Hope (c), Rovman Powell (vc), Alick Athanaze, Yannic Cariah, Keacy Carty, Dominic Drakes, Shimron Hetmyer, Alzarri Joseph, Brandon King, Kyle Mayers, Gudakesh Motie, Jayden Seales, Romario Shepherd, Kevin Sinclair and Oshane Thomas.<br /><br /><b>SEE ALSO:<a href="https://www.businessinsider.in/tech/gadgets/news/after-smartwatches-the-next-wave-of-wearables-may-be-led-by-smart-rings/articleshow/102081592.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/tech/gadgets/news/after-smartwatches-the-next-wave-of-wearables-may-be-led-by-smart-rings/articleshow/102081592.cms" target="_blank">After smartwatches, the next wave of wearables may be led by smart rings</a></b><br /><br /> <a href="https://www.businessinsider.in/business/news/netflix-india-ends-password-sharing-outside-households/articleshow/101976844.cms"><b>Netflix India ends password sharing outside households – Here’s how it will work</b></a><br /><br /> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-5-z-flip-5-galaxy-watch-series-6-and-more-set-to-launch-july-end/articleshow/101538049.cms"><b>Samsung Galaxy Z Fold 5, Z Flip 5, Galaxy Watch Series 6 and more set to launch July-end</b></a><br />

West Indies strengthen squad with Shimron Hetmyer, Oshane Thomas for India ODIs

<p>Donald Trump has had a terrible month.</p><p>Multiple <a href="http://www.businessinsider.com/two-women-new-york-times-donald-trump-2016-10" target="_blank">allegations of unwanted sexual advances</a> toward women, <a href="http://www.businessinsider.com/cnn-poll-clinton-trump-who-won-debate-2016-10" target="_blank">poor debate performances</a>, and the release&#xa0;of <a href="http://www.businessinsider.com/trump-leaked-recording-women-audio-billy-bush-2016-10" target="_blank">a 2005 tape</a> in which he boasts about kissing and groping women <a href="http://www.businessinsider.com/clinton-trump-poll-crash-2016-10" target="_blank">have&#xa0;damaged</a>&#xa0;the Republican nominee's standing in the polls.</p><p>In response, Time Magazine updated its August cover to depict Trump in "total meltdown" in October.</p><h2>Here's the August cover:</h2><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><h2>And here's the updated October cover:</h2><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><h2>Time also released a video on Thursday morning showing the transition:</h2><p><div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/donald-trump-names-one-thing-hillary-clinton-debate-2016-10">Trump had a great response when he was asked to name one thing he liked about Clinton</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="BybmVpNjE6_IlJk3lCv8I3Fa13dr3onn" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

TIME magazine updates former cover to depict Trump in 'Total Meltdown'

Kingston, May 16 () Cricket West Indies (CWI) chief Ricky Skerritt has said that the COVID-19 pandemic has put the region's already ailing cricket body into "Intensive Care Unit" and it will have to go for cost cutting measures to ride out the financial crisis.<p> The coronavirus outbreak, which has infected over 45 lakh people globally, has forced a global sporting shutdown, including cricket.</p><p>"This crisis has put our already poor financial state into ICU. It is like going to the doctor with an illness, and as he is about to prescribe the medication, you get a stroke," Skerritt said in an interview with Guardian Media Sports.</p><p> West Indies was scheduled to tour England in June but it has been postponed now due to the COVID-19 outbreak. South Africa's tour of West Indies in July-August for five T20Is and two Tests is also in doubt.</p><p> New Zealand was also scheduled to tour West Indies in July to play three ODIs and three T20Is but that series too is under threat.</p><p>Skerritt said a committee was set up after accounting and financial management consulting firm PKF had presented a 63-page review report last December. </p><p>This committee, which has been entrusted with the task of assessing the financial implications for future international tours and rescheduling or cancellation of events among other things, is expected to present its report at the board's next quarterly meeting on May 27.</p><p>"What this committee will do is to look at that and also look at the emergency situation that this COVID-19 pandemic has thrown us into and recommend what can be done," Skerritt said.</p><p>"This committee may expect to be looking to not massage on the body but make deep surgical incisions, as far as the cutting-back process goes. What we have been doing all the while is cost saving, but I think the time has come for cost cutting. </p>"We have about 100 cricketers on retainers, and the board has had to fund this professional league. This has come at great expense to us, and all these things will be looked at," he added. ATK BSBS

West Indies cricket in 'ICU' due to COVID-19 pandemic, says its chief

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div>On Sunday night, "Shark Week" viewers <a href="http://www.businessinsider.com/michael-phelps-fake-shark-race-lost-2017-7">were disappointed</a> to find out that swimmer Michael Phelps, <a href="http://www.businessinsider.com/most-impressive-olympic-feats-of-all-time-2016-8">sometimes called the</a>&#xa0;greatest Olympian of all time, did not <em>actually</em>&#xa0;race against a great white shark.<p>Instead, Phelps&#xa0;raced against a simulation of a shark, using a special swimsuit with a large fin to help him move through the water at superhuman speeds.</p><p>Even with the help of that monofin, though, Phelps&#xa0;lost to the shark by two seconds.</p><p>That's because great whites are&#xa0;really, really fast. They&#xa0;<a href="http://www.elasmo-research.org/education/topics/p_shark_speed.htm">can speed&#xa0;through the water</a> at 25 miles per hour (mph), potentially achieving 35 mph for the short bursts. That allows them to propel their entire bodies out of the water.</p><p>Even top Olympians like Phelps are <a href="https://www.wired.com/2012/08/olympics-physics-swimming/">unlikely to surpass 6 mph</a> while swimming in the conventional way.</p><p>For the "race," Phelps swam 100 meters alone in chilly open water off the coast of South Africa. Viewers watched a simulation of a shark swim alongside him. Discovery producers calculated that shark's speed by towing a seal-shaped decoy in front of a real white shark for 100 meters, and measuring the shark's time. The ocean swimmer came in at 36.1 seconds, just over 6 mph.&#xa0;</p><p>Great white sharks&#xa0;often go much faster than that, of course, but the&#xa0;producers of Discovery Channel's "Shark Week" pointed out that&#xa0;<a href="https://www.nytimes.com/2017/07/24/sports/shark-week-michael-phelps.html?_r=0">the sharks&#xa0;don't usually&#xa0;keep their speeds up</a> for distances as long as 100 meters.</p><p>Under the&#xa0;conditions&#xa0;set for the race, Phelps did pretty well: He beat the world record for the 100m freestyle (set without special gear) by about 10 seconds. Of course, his&#xa0;monofin made a big difference.&#xa0;</p><p>Phelps says he's down to race again.</p><p>Although many fans were disappointed that they didn't get to watch Phelps race a real shark, none of us should really want to watch&#xa0;him attempt that. Such a race&#xa0;might end badly, as evidenced by this <a href="https://www.youtube.com/watch?v=x6Zjv1RiIWk">Discovery video</a>&#xa0;showing a determined shark chasing down a decoy.</p><p>Of course, if Phelps&#xa0;really wanted a challenge,&#xa0;marine biologist <a href="https://twitter.com/AndrewNosal/status/889273933303644160">Andrew Nosal suggested</a>&#xa0;he take on the fastest shark out there, the mako,&#xa0;which&#xa0;can leave great whites behind in its&#xa0;wake.&#xa0;</p><div><div style="width:100%;height:0;padding-bottom:53%;position:relative;"></div></div><div></div><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/extreme-close-up-sharks-feeding-florida-diver-camera-usa-2017-3">A diver in Florida filmed this extreme close-up of sharks feeding</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Zob21sYTE6q3_hHPL-oyypMOTB5iL1B5" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Michael Phelps never stood a chance in a race against a great white shark - here's why

The <keyword id="19921630" type="General" weightage="20" keywordseo="T20-World-Cup" source="keywords">T20 World Cup</keyword> in the Americas has received a <keyword id="21180971" type="General" weightage="20" keywordseo="terror-threat" source="keywords">terror threat</keyword>, Trinidad's Prime Minister Dr Keith Rowley has revealed even as the <keyword id="19901177" type="General" weightage="20" keywordseo="ICC" source="keywords" meta.keywordsubtype="org" meta.entityname="ICC" meta.hostid="261" meta.entityid="ICC">ICC</keyword> asserted that a "comprehensive and robust security plan" is in place to "mitigate any risks" to the showpiece beginning June 1. The tournament -- featuring 20 teams, including India -- is scattered across nine venues, six of them in the <keyword id="19921633" type="General" weightage="20" keywordseo="West-Indies" source="keywords">West Indies</keyword>. <br /><br /> As of now, the threat, according to media reports, is specific to the West Indies, which aside from some preliminary matches, will be hosting the entire Super 8 stage along with the semifinals and the final on June 29. <br /><br /> "Unfortunately, the threat of terrorism in its many and varied expressions is an ever-present danger in the world of the 21st century," Rowley was quoted as saying by 'Trinidad Daily Express' here. <br /><br /> Rowley did not name any organisation but reports here stated that the Islamic State made the threat through its propaganda channel. <br /><br /> The ICC responded to the development with a statement assuring preparedness. <br /><br /> "Safety and security of everyone at the event is our number one priority and we have a comprehensive and robust security plan in place," a spokesperson of the global body said in a statement issued to PTI. <br /><br /> "We work closely with authorities in our host countries and continually monitor and evaluate the global landscape to ensure appropriate plans are in place to mitigate any risks identified to our event." <br /><br /> Rowley said "extra effort in national security preparations and response readiness" will be put in to neutralise the danger. <br /><br /> "Given the fact that bad actors can choose to misbehave in any way possible, it makes it virtually impossible to completely seal off all opportunities," he said. <br /><br /> "However, in order to ameliorate these dangers, we at the local and regional levels have remained alert to many threats and singularly or together have our intelligence and other security agencies working to protect the population in countries and at venues throughout the tournament," he added. <br /><br /> The World Cup matches in the West Indies will be held in Antigua and Barbuda, Barbados, Guyana, Saint Lucia, St Vincent and the Grenada, Trinidad and Tobago. The US leg will feature games in Florida, New York and Texas. <br /><br /> New York will host the marquee India-Pakistan clash on June 9. <br /><br /> Cricket West Indies said everything is being done to ensure foolproof security at the mega-event. <br /><br /> "We work closely with authorities in the host countries and cities, and continually monitor and evaluate the global landscape to ensure appropriate plans are in place to mitigate any risks identified to our event," CWI CEO Jonny Graves told 'Cricbuzz'. <br /><br /> "We want to assure all stakeholders that safety and security of everyone at the ICC Men's T20 World Cup is our number one priority and we have a comprehensive and robust security plan in place," he added.<br /><br /><b>SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-by-6-in-q1-2024-samsung-retakes-the-top-spot/articleshow/109817280.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-by-6-in-q1-2024-samsung-retakes-the-top-spot/articleshow/109817280.cms" target="_blank">Global smartphone shipments grow by 6% in Q1 2024, Samsung retakes the top spot</a><a href="https://www.businessinsider.in/business/auto/webstories/bajaj-pulsar-ns400z-launched-at-1-85-lakh-becomes-cheapest-400cc-bike-in-the-country/slidelist/109810458.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/business/auto/webstories/bajaj-pulsar-ns400z-launched-at-1-85-lakh-becomes-cheapest-400cc-bike-in-the-country/slidelist/109810458.cms" target="_blank">Bajaj Pulsar NS400Z launched at ₹1.85 lakh, becomes cheapest 400cc bike in the country</a></b><b><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank">Worldwide tablet shipments grow in Q1 2024 after two years of decline</a></b><br />

There's terror threat to T20 World Cup, reveals Trinidad PM; ICC says robust security plan in place

At the turn of the century, warehouses were like the bonds of the commercial-real-estate world: safe, predictable, and a little boring. But since the end of the Great Recession, they've become one of the hottest sectors in real estate — and two major investors are duking it out to become the dominant warehouse player.<br /><br />In one corner: <keyword id="376508" type="General" weightage="100" keywordseo="prologis" source="Orion">Prologis</keyword>, a public real-estate investment trust with a market cap of $100 billion, a long history of investing in warehouses, 570 million square feet of warehouse space under management in the US, and over 1 billion square feet globally.<br /><br />In the other: Blackstone, a giant alternative-investment firm with a market cap of $131 billion, which used its capital-deployment skills over the past 12 years to bet big on warehouses, jumping from 70 million square feet in the US to 370 million square feet.<br /><br />Together, the two firms have partnered on deals, competed over them, and, in less than 10 years, become the leading landlords of one of the hottest real-estate assets.<br /><br />As warehousing spreads across the US landscape — and warehouse work becomes the one of the dominant forms of blue-collar employment — these two companies increasingly control how America gets its stuff.<br /><br /><h2 style="text-align: left;">Warehouses on top</h2>Logistics properties and residential real estate "are probably two of the best sectors in the entire economy around the world," Blackstone's president and chief operating officer, Jon Gray, said on a July earnings call.<br /><br />Last year, nearly $172 billion was spent on warehouse acquisitions, according to the global real-estate-services firm Savills — more than a fourfold increase from a decade ago.<br /><br />The sector has come a long way from the aftermath of the Great Recession: Average US warehouse rents have climbed almost 75% since the beginning of 2010, according to data provided by CBRE, to $8.18 a square foot from $4.72 a square foot.<br /><br />As a result of the boom, warehouse ownership has shifted from a mishmash of small businesses and manufacturing companies to a shortlist of blue-chip money managers and companies that spotted the rising demand for the properties.<br /><br />Over each of the past 12 years, institutional investors have purchased more warehouse space than they've sold, while private owners and owner-operators have sold more than they've purchased, according to CBRE's data.<br /><br />In other words, big money is buying up warehouse space as fast as smaller owners can sell.<br /><br />The coronavirus pandemic accelerated this change, with warehouse investment outpacing office investment in 2020 and 2021, <a href="https://www.cbre.com/insights/briefs/2021-global-investment-volume-hits-record-level">according to CBRE</a>.<br /><br /><h2 style="text-align: left;">The big bang of the warehouse boom</h2>The warehouse boom traces back to the dark days of 2008, when market distress created an opportunity for some of the industry's largest players to regroup and grow.<br /><br />Prologis almost didn't survive the Great Recession: In 2010, <a href="https://www.wsj.com/articles/SB10001424052748703435104575421710514742010">The Wall Street Journal</a> said the company "had been on life support" during the financial crisis, when warehouse rents and demand dropped. But once back on its feet, it made big moves.<br /><br />          <div type="image" title="A Prologis sign on the side of a green warehouse." height="4000" width="6000" msid="94969278" hostid="261"></div>By 2011, Prologis was predicting rip-roaring rent growth in the logistics sector. It became the world's largest industrial-real-estate company through an $8.7 billion merger with AMB Property Corp. AMB was early to jump on e-commerce, investing in an <a href="https://www.wsj.com/articles/SB975447218582115724">early e-commerce company called Webvan</a> in 2000.<br /><br />"The idea was that we were going to capitalize on this e-commerce revolution," said Dan Letter, Prologis' global head of capital deployment who had worked in deployment at AMB pre-merger. "We were maybe a bit early, but it was definitely visionary."<br /><br />After trading at as low as $9 in 2008, Prologis now has about 1 billion square feet of space around the globe and a share price hovering at about $130. That has gone as high as $170 this year.<br /><br />Prologis wasn't the only one that saw the ways that e-commerce could transform the world.<br /><br />In 2010, Blackstone began aggressively buying cheap warehouse assets, including a $1 billion purchase of 180 properties from Prologis.<br /><br />"We identified early on that the e-commerce growth we were starting to see was significant," said David Levine, the cohead of Americas acquisitions at Blackstone.<br /><br />The long-term vision, combined with the short-term distress of operators who couldn't pay off their debts, led to a buying spree that built a portfolio rivaling that of Prologis.<br /><br />In about 2015, Blackstone paused warehouse acquisitions for a year, Levine said.<br /><br />"We were trying to do what we did in 2010 again and to get a feel for how we wanted to invest, how the world had changed, and how the market had changed," he added.<br /><br />          <div type="image" title="A large stone Blackstone sign on a city street." height="2063" width="3100" msid="94969361" hostid="261"></div>Blackstone's new strategy, dubbed "Warehouse 2.0" by Levine, was born out of consumers' increasing demand for faster shipping. It saw the firm pivot from investing in warehouses that served metro areas from dozens of miles away to those in urban areas focused on so-called last-mile logistics.<br /><br />It was a well-timed bet. The price per square foot for urban logistics transactions increased 17.2% from the second quarter of 2017 to the second quarter of 2022, according to <a href="https://www.avisonyoung.us/sightline/-/article/2022/06/03/the-search-for-strong-yield-in-last-mile-facilities">Avison Young</a>.<br /><br />One of the biggest challenges for last-mile logistics is that the sprawling single-story warehouses are expensive to build in dense urban areas. That's why Prologis has been building multistory warehouses in Tokyo for decades.<br /><br />As American cities become denser and more expensive, it's doing the same here. Four years ago in Seattle, it opened the <a href="https://www.freightwaves.com/news/smart-capacity/prologis-builds-first-multilevel-dc">US's first multistory warehouse</a>.<br /><br /><h2 style="text-align: left;">Prologis, Blackstone, and the rest of big money duke it out</h2>Other big-money investors have increasingly invested in warehouses. The private-equity giant KKR, the insurer Prudential, and the real-estate firm Rexford have each poured money into the sector for its promises of high rents and property values.<br /><br />Bridge Industrial, a Chicago real-estate investment firm, has had a surge of interest from pension funds eager to invest in warehouses.<br /><br />"Almost every large financial institution has capital in real estate," Tony Pricco, Bridge's chief investment officer, said. "Do they really want to be in office or retail? Probably not."<br /><br />The real-estate investment arm of the $95 billion Ontario Municipal Employees Retirement System, one of Canada's largest pensions, now invests 35% of its $63 billion real-estate portfolio in warehouses, its president, <keyword id="87305" type="General" weightage="50" keywordseo="michael-turner" source="Orion">Michael Turner</keyword>, told Insider in May. Four years ago, that number was 9%.<br /><br />Institutional investors are enjoying double-digit returns in the sector. In the first quarter of 2022, total returns for the US industrial sector were 52.8% year over year, according to the National Council of Real Estate Investment Fiduciaries, which tracks commercial-real-estate performance data.<br /><br />But Prologis and Blackstone remain the biggest investors by far.<br /><br />          <div type="image" title="A blue cherry pocker with workers on it against a large white warehouse wall." height="3187" width="5395" msid="94969362" hostid="261"></div>In 2019, a year with a record of more than $40 billion in warehouse mergers and acquisitions, Blackstone completed the largest private financial transaction ever at the time, doubling its warehouse space by beating out <a href="https://www.wsj.com/articles/blackstone-prologis-separately-bid-for-u-s-arm-of-warehouse-owner-glp-11558635639?mod=mhp">Prologis to purchase the US assets of GLP for $18.7 billion</a>.<br /><br />The industry may set another record for warehouse M&amp;A in 2022. <a href="https://www.prnewswire.com/news-releases/prologis-closes-acquisition-of-duke-realty-301638890.html">Prologis acquired Duke Realty for $23 billion this year</a>, the largest commercial-real-estate sale of the pandemic. Blackstone has recapitalized Mileway, its European last-mile warehouse company, for $24 billion after <keyword id="29740" type="General" weightage="50" keywordseo="bloomberg" source="Orion">Bloomberg</keyword> reported that <a href="https://www.bloomberg.com/news/articles/2022-03-21/prologis-is-said-to-bid-on-blackstone-s-european-warehouses">Prologis had bid $23 billion</a> to acquire Mileway.<br /><br />Prologis has gone beyond buying warehouses: It's building its own in areas where there's not enough. Its development arm oversees a $5 billion land bank, a collection of land that Prologis could develop properties on, and started almost $3 billion worth of development during <a href="https://www.prologis.com/news-research/press-releases/prologis-announces-250-billion-investment-activity-2020">2020 alone</a>.<br /><br />It's also helping its tenants get around a national labor shortage by investing millions in logistics- and transportation-worker training programs.<br /><br />In 2018, Prologis launched its Community Workforce Initiative in a Miami-Dade County high school and a program placing interns from Los Angeles and Long Beach high-school students.<br /><br />So far, Prologis' CWI program has trained more than 13,000 people and is on track to train 25,000 for jobs in transportation, distribution, and logistics by the end of 2025, according to <keyword id="15357590" type="General" weightage="50" keywordseo="steven-hussain" source="Orion">Steven Hussain</keyword>, the vice president of workforce programs and community relations at Prologis.<br /><br /><h2 style="text-align: left;">New competitors waiting in the wings</h2>Even with the threat of a recession hanging over the warehouse sector and players like <a href="https://www.businessinsider.com/amazon-closes-2-facilities-scraps-plans-42-new-buildings-report-2022-9">Amazon slowing their plans for warehouse growth</a>, Prologis and Blackstone expect retailers to grab even more space to prevent supply-chain disruptions when crises inevitably emerge.<br /><br />Other firms are grabbing warehouse space themselves.<br /><br />Rexford Industrial Realty <a href="https://commercialobserver.com/2022/08/add-another-91m-to-rexfords-running-industrial-tally/">is aggressively buying up warehousing space in California's Inland Empire</a>. Clarion Partners has netted 27 million square feet of warehousing space since 2010, according to Savills. The UK's <a href="https://www.shdlogistics.com/news/segro-sells-2m-sq-ft-warehouse-space-blackstone-%C2%A3150m-deal">Segro once sold warehouse space to Blackstone</a> — now it's acquiring its own warehouses for last-mile delivery that Blackstone might have otherwise picked up for itself.<br /><br />But Prologis and Blackstone are unlikely to be unseated in the near future, a senior real-estate analyst who spoke on the condition of anonymity to talk candidly said. They compared Blackstone and Prologis' dominance to Amazon's hold on e-commerce.<br /><br />Prospective competitors face an uphill climb "because Prologis and Blackstone are so big," the analyst said.<br /><br />"There's groups like Brookfield, Starwood, KKR — all of those private-equity firms that are trying to compete with Blackstone," the analyst said.<br /><br />The person added that the market was big enough to accommodate more large acquirers but noted the challenges.<br /><br />"It's tough," the analyst said, "because they're so far ahead."<br /><br />

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