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New Delhi, The BJP, the biggest beneficiary of electoral bonds with donations worth over Rs 6,000 crore in the last four years of the scheme, got funds from several corporates and individuals, including Megha Engineering, Future Gaming, and Reliance-linked <keyword id="21044437" type="General" weightage="20" keywordseo="qwik-supply" source="keywords">Qwik Supply</keyword>. Hyderabad-based Megha Engineering, which won several contracts for infrastructure projects, donated Rs 584 crore to the BJP, <keyword id="21047704" type="General" weightage="20" keywordseo="qwik-supply-rs" source="keywords">Qwik Supply Rs</keyword> 395 crore, and Future Gaming Rs 100 crore, according to data released by the Election Commission on Thursday. The BJP also got Rs 346 crore from Keventers Food Park, MKJ Enterprises and Madanlal Ltd -- three firms with the same <keyword id="19896626" type="General" weightage="20" keywordseo="kolkata" source="keywords">Kolkata</keyword> address, Vedanata contributed Rs 226 crore, and Haldia Energy Rs 81 crore. <keyword id="19919721" type="General" weightage="20" keywordseo="vedanta" source="keywords">Vedanta</keyword> was also a key contributor to the Congress with donations worth Rs 125 crore. The opposition party also received funds from <keyword id="21047706" type="General" weightage="20" keywordseo="western-up-power-and-transmission" source="keywords">Western UP Power and Transmission</keyword>, MKJ Enterprises and Yashoda Super Speciality Hospitals. The BJP also got donations worth Rs 80 crore from <keyword id="21047705" type="General" weightage="20" keywordseo="western-up-power-and-transmission-company" source="keywords">Western UP Power and Transmission Company</keyword>, and Rs 42 crore from Welspun. Industrialist Lakshmi Mittal donated Rs 35 crore to the BJP in individual capacity, while several other individuals donated funds in the range of Rs 10-25 crore to the ruling party. The Election Commission made public a fresh data set of electoral bonds, including their alpha-numeric numbers that can help match their purchasers with the political parties that received the funds. Two separate lists of the donors and the recipients were published by the poll panel on its website after the details were submitted to it by the State Bank of India earlier in the day as per a Supreme Court order.

Electoral bonds: Megha Engineering, Qwik Supply big donors for BJP

<keyword id="19923700" type="General" weightage="20" keywordseo="Tata-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Power" meta.hostid="261" meta.entityid="Tata Power">Tata Power</keyword> on Tuesday said it has logged 31 per cent rise in consolidated net profit at Rs 1,189 crore, compared to the year-ago period, on back of operational efficiency. "At Rs 1,189 crore, growing 31 per cent YoY (year-on-year), the company reported its highest ever and 19th consecutive quarter of PAT growth on the back of strong operational performance and execution excellence across all its businesses of generation, transmission &amp; distribution, and renewables," Tata Power said in a statement. According to the statement, these businesses contributed 84 per cent of the PAT (net profit) in Q1FY25, compared to 72 per cent in the same period in FY24. The statement showed that the consolidated net profit before exceptional items was Rs 906 crore in the quarter ended June 30, 2023. The company's revenue rose 12 per cent YoY to a record high of Rs 16,810 crore (from Rs 15,003 crore in Q1 FY24), and EBITDA grew 11 per cent to Rs 3,350 crore in the reported quarter (from Rs 3,005 crore in Q1 FY24). EBITDA refers to earnings before interest, taxes, depreciation, and amortization. "All our businesses have grown profitably on the back of operational efficiency, execution excellence, and sustained business momentum," said Praveer Sinha, CEO and Managing Director, Tata Power. He informed that the planned capex for this financial year is Rs 20,000 crore and the company is committed to adopting and leading the new and emerging clean energy technologies, including pumped hydro projects, hydropower projects in Bhutan, and opportunities to develop small modular nuclear reactors as the government policy evolves. The company has recorded a capex investment of Rs 4,000 crore in Q1FY25. It has a clean and green installed capacity of 6.1 GW as of Q1FY25, accounting for 41 per cent of the capacity, with another 5.3 GW under execution. The combined order pipeline for utility-scale EPC and solar rooftop, including group captive, is Rs 15,500 crore. Tata Power is poised to garner 20 per cent market share in the residential rooftop segment on the back of its new solar manufacturing facility and strong pan-India channel partner network, it said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank">Unicommerce eSolutions IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank">Electric two-wheeler sales cross the 1 lakh mark after four months, Ola Electric leads the market</a> <a href="https://www.businessinsider.in/sports/news/neeraj-chopras-paris-olympics-journey-to-begin-with-qualification-round-today-top-rivals-to-look-out-for/articleshow/112311760.cms">Neeraj Chopra qualifies for finals with a first throw of 89.34m – top rivals to look out for</a>

Tata Power net profit up 31% to ₹1,189 crore in June quarter

State-owned <keyword id="77463" type="General" weightage="20" keywordseo="power-finance-corporation" source="Orion">Power Finance Corporation</keyword> has inked an initial pact with the <keyword id="6354766" type="General" weightage="20" keywordseo="gujarat" source="Orion">Gujarat</keyword> government to provide comprehensive financial backing for the state's <keyword id="6380509" type="General" weightage="20" keywordseo="generation" source="Orion">generation</keyword>, <keyword id="67884" type="General" weightage="20" keywordseo="transmission" source="Orion">transmission</keyword>, and distribution projects. Power Finance Corporation (PFC) signed an <keyword id="6368586" type="General" weightage="20" keywordseo="mou" source="Orion">MoU</keyword> with the government of Gujarat on January 3, 2024, according to a company statement issued on Wednesday. The MoU was signed by Parminder Chopra, CMD PFC and Jai Prakash Shivhare, MD (GUVNL) in the presence of Bhupendra Patel, Chief Minister of Gujarat. The chief objective of this MoU is to provide comprehensive financial backing for the state's generation, transmission, and distribution projects. The MoU, signed in Gandhinagar, marks a significant step towards bolstering various projects undertaken by the Gujarat Urja Vikas Nigam Limited (GUVNL), Gujarat State Electricity Corporation Limited (GSECL), Gujarat Energy Transmission Corporation Ltd (GETCO), Dakshin Gujarat Vij Company Ltd (DGVCL), Madhya Gujarat Vij Company Ltd (MGVCL), Paschim Gujarat Vij Company Ltd (PGVCL), and Uttar Gujarat Vij Company Ltd (UGVCL). The collaboration is set to facilitate long-term debt and other critical funding necessities vital for executing these diverse projects. Under the terms of the MoU, the envisaged financial assistance stands at an impressive Rs 25,000 crore, dedicated to powering up various projects across Gujarat, it stated. This substantial financial commitment underscores PFC's steadfast commitment to bolstering the power infrastructure in the region and supporting the state's ambitious initiatives in the power sector. Apart from facilitating the expansion of power infrastructure, the MoU shall also help create employment generation of up to 10,000 in Gujarat.

Power Finance Corp commits Rs 25,000 cr for power sector projects in Gujarat

<ul class="summary-list"><li>Russian automaker Sollers is under fire over reports that its cars are breaking down along the war front.</li><li>One former top official complained of a gearshift lever falling off, constant leaks, and engine problems.</li></ul>A Russian contractor providing SUVs and pick-up trucks to Moscow's troops blamed Western sanctions on Thursday amid criticism that its vehicles were arriving in poor condition.Sollers, the Russian company that owns the auto firm Ulyanovsk Automobile Plant, or UAZ, told local outlet <a target="_blank" class="" href="https://www.gazeta.ru/auto/news/2024/10/17/24167389.shtml?updated">Gazeta.RU</a> that its subsidiary had lost key suppliers in 2022 due to the "conditions of sanctions restrictions."To maintain its production lines, UAZ had switched component suppliers in the "shortest possible time," Sollers' press service added, per the outlet.The company's statement comes as Dmitry Rogozin, a once-prominent official now based in the Donbas, has repeatedly slammed the quality of UAZ vehicles delivered to Russian troops for months.Rogozin was head of the Russian space agency Roscosmos before he was <a target="_blank" class="" href="https://www.businessinsider.com/putin-fires-russias-space-chief-dmitry-rogozin-who-trolled-elon-musk-2022-7">fired in July 2022</a><a target="_blank" href="https://www.businessinsider.com/putin-fires-russias-space-chief-dmitry-rogozin-who-trolled-elon-musk-2022-7">.</a> In the absence of a new posting from Moscow, he's rekindled his public image as a volunteer leader on the front lines in Ukraine. Before working at Roscosmos, he was also Russia's ambassador to NATO and a deputy prime minister overseeing defense production.He's been complaining about UAZ vehicles since July, when he wrote on his <a target="_blank" class="" href="https://t.me/rogozin_do/6060">public Telegram channel </a>that they arrived in seemingly brand-new condition but suffered from constant oil leaks, "flimsy" transfer cases, and engines that seized up after about 3,000 miles of use.Rogozin recounted seeing a UAZ-made "Patriot" SUV stalling about two miles from battle lines at night, forcing three Russian soldiers inside to flee into a nearby forest and return with a repair kit as Ukrainian recon drones watched."All this speaks of the disgusting quality of assembly and the unworthy quality of the parts and components themselves," Rogozin wrote.In September, he wrote that his UAZ vehicle had broken down due to a power steering fluid leak, forcing him to call for a second pick-up truck. However, Rogozin said that the gearshift lever of the second vehicle, also made by UAZ, fell off while on the road.Posting a photo of the broken lever on his Telegram channel, Rogozin blasted the quality of the cars as so poor that their production might as well be an act of sabotage."The war is going on, and you're sending defective products to the front. Shame and disgrace!" he wrote.Sollers did not respond to a request for comment sent outside regular business hours by Business Insider.On Thursday, Rogozin said BARS-Sarmat, a volunteer military organization that he formed under the Russian reserve, <a target="_blank" class="" href="https://t.me/rogozin_do/6426">would sign a cooperative agreement</a> with UAZ's management to ensure "control of the required quality" of vehicles sent to the front.Sollers also told Gazeta.RU that it was in talks with Rogozin and BARS-Sarmat, including a discussion on producing custom vehicles tailored for specific combat missions.The Moscow-based firm is one of Russia's biggest auto manufacturers. Its UAZ brand specializes in off-road vehicles, including the military transport car UAZ-469 and commercial SUVs frequently used by Russian troops.Sollers shared a factory in Moscow with the Michigan-based Ford Motor Company until October 2022, when the <a target="_blank" class="" href="https://media.ford.com/content/fordmedia/fna/us/en/news/2022/10/26/-ford-exits-sollers-ford-joint-venture-in-russia-following-seven.html">US company pulled out</a> amid pressure for Western firms to leave Russia.In November of that year, Mazda also <a target="_blank" class="" href="https://www.reuters.com/markets/deals/russian-carmaker-sollers-buy-out-mazdas-stake-vladivostok-joint-venture-2022-11-10/">withdrew from its joint venture plant in Vladivostok with Sollers</a>. The Japanese carmaker sold its stake for one euro and maintained the right to buy it back for the same price in three years.The Russian automaker's recent blaming of <a target="_blank" class="" href="https://www.businessinsider.com/kadyrov-tesla-cybertruck-questions-us-eu-export-bans-sanctions-holes-2024-8">Western sanctions</a> is a reversal of its statements in September 2023, when it dismissed being <a target="_blank" class="" href="https://ofac.treasury.gov/recent-actions/20230914">blacklisted by the US Treasury Department.</a>Sollers had told Russian media it did not foresee a significant impact as it already restructured its supply chain to prepare for the restrictions.UAZ was also <a target="_blank" class="" href="https://data.europa.eu/apps/eusanctionstracker/subjects/140578">sanctioned by the European Union</a> in June 2023.In August this year, it said it earned <a target="_blank" class="" href="https://sollers-auto.com/en/press-center/news-and-events/sollers-announces-ifrs-financial-results-for-1h2024/">revenues of $452.7 million</a> in the first half of 2023, up 27.3% from $335.7 million in the same period of 2022, due to "a significant increase in production and sales of Sollers vehicles."The company's net profit was $16.4 million, per its statement.

One of Rusisa's biggest automakers said it's struggling under Western sanctions after frontline complaints that its vehicles are falling apart

<ul class="summary-list"><li>Oil prices ended down 7% last week and are lower this year-to-date, despite Middle East tensions.</li><li>China's economic downturn, the US shale boom, and clean energy are contributing to current oil price trends.</li></ul>The oil markets aren't what they used to be, and two of the world's biggest producers of the commodity are feeling the pressure.Oil prices have been depressed this year because <a target="_blank" class="" href="https://www.businessinsider.com/oil-price-today-middle-east-israel-hezbollah-conflict-china-economy-2024-10">China</a> — the world's largest oil importer — is in a prolonged economic downturn. The US' massive boom in oil production over the last 15 years has also kept prices low.Now, Saudi Arabia and Russia are both trying to diversify their economies away from energy, which makes up about 40% and 20% of their GDP, respectively.With the shift, Saudi Arabia and Russia are trying to create new economic engines that can sustain the country for decades, Abishur Prakash, the founder of The Geopolitical Business, a strategy advisory firm in Toronto, told Business Insider.The existential reorientation comes amid what Prakash terms a "geopolitical misalignment," even in the face of a potential supply disruption."The reality is that Middle Eastern oil supplies are in the bull's-eye of geopolitics. A potential back-and-forth between Israel and Iran, which is increasingly likely, will draw in the region's energy ecosystem," he said.But this year, markets have largely shrugged off supply concerns stemming from the Middle East conflict — a break from history, when regional problems sent prices higher.<h2 id="45bcbf13-524d-48a5-aa00-144efa7dd75c">Moving away from oil</h2><a target="_blank" href="https://www.eia.gov/tools/faqs/faq.php?id=709&amp;t=6.">Saudi Arabia and Russia</a> tied for the world's second-largest oil producer after the US. Last year, they each accounted for 11% of the world's oil supply.While Saudi Arabia and Russia are still the world's top oil exporters, the <a target="_blank" class="" href="https://www.eia.gov/todayinenergy/detail.php?id=61584">US — which posted record oil shipments in 2023 — is fast becoming a competitor</a> for market share.In 2016, Saudi Arabia launched a grand <a target="_blank" href="https://www.businessinsider.com/vision-2030-saudi-arabia-plan-future-proof-oil-economy-2023-8">Vision 2030</a> plan to transform its oil-dependent economy into a more diversified one that includes tourism and sports as key growth pillars.Recently, the kingdom has been indicating that it's frustrated with low oil prices. It's giving up its $100 per barrel price target and is ready to increase oil output, the <a target="_blank" rel=" nofollow" class="" href="https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd">Financial Times</a> reported in late September.This means that Saudi Arabia is looking to corner a larger market share instead of targeting higher profit margins by restricting output.Russia has also expressed a desire to stop over-relying on oil exports."We are moving towards reducing the share of volatile income and reducing Russia's dependence on oil and gas in favor of boosting our domestic economy," Anton Siluanov, Russia's finance minister, told <a target="_blank" href="https://russian.rt.com/business/article/1379636-minfin-anton-siluanov-intervyu">RT Television's Arabic</a> service earlier this month.He said that Russia would instead aim to boost its domestic economy but did not specify how.Russia is already moving its trade eastward to address Western sanctions. <a target="_blank" class="" href="https://www.energyintel.com/00000192-ae46-dc01-adba-efff87000000">Saudi Arabia,</a> too, is looking to sell more oil to developing countries, whose electric vehicle adoption lags behind China and the West.Asia's emerging economies are expected to drive <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/global-oil-demand-prices-supply-opec-us-crude-producers-iea-2024-6">global oil demand</a> over the rest of the decade, as the world's consumption rises from 101.7 million barrels a day in 2023 to 105.6 million barrels per day by 2030, according to a June report from the <a target="_blank" class="" href="https://www.iea.org/news/slowing-demand-growth-and-surging-supply-put-global-oil-markets-on-course-for-major-surplus-this-decade">International Energy Agency</a>.<h2 id="6ae61431-8898-4c52-9abf-24b4a2055996">Prices, renewable energy, and the US all play a role</h2>Despite geopolitical tensions in the Middle East over fears of a widening war, oil prices haven't been on the climb.To be sure, <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-price-prediction-brent-crude-israel-iran-opec-demand-citi-2024-10">oil prices could still</a> soar if the issues in the Middle East worsen.And there were several price spikes — such as in early October over concerns that Iranian oil facilities could be hit and in August over tensions in the Middle East — but they were shortlived. Oil prices dropped about 7% last week after the concerns subsided.International benchmark <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent</a> crude futures are down about 4% this year to date to around $74 a barrel, and US <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate</a> futures are down 1.3% so far this year to around $70 a barrel.A key contributor to the price trend comes from the US, which has witnessed a significant rise in oil production over the last 15 years following the shale oil boom.Matthew Huber, a Syracuse University professor who specializes in energy, climate politics, and resource geography, said the US has nudged Saudi Arabia out of its role as a swing producer."I think the US has now overtaken this role and because we're not in the Middle East, geopolitical conflict there is less impactful," Huber added.Then there's renewable energy."The explosion of electric vehicle adoption in China (and presumably or eventually in the US and Europe) means the writing is on the wall and we're going to reach 'peak demand' for oil sometime soon," said Huber. "It was always a good idea to diversify one's economy away from just oil but now more than ever."<h2 id="f0b0eb00-b6b7-4f2f-9acd-d2d555ca6010">The role of OPEC</h2>The changing dynamics of oil also sharpens the long-standing question of OPEC's influence and relevance. The oil producer group led by Saudi Arabia accounts for about 30% of global crude production."It goes in cycles. They were obviously relevant in the 1970s when they were able to increase prices almost single-handedly," said Huber."But the problem is when oil prices spike, it sends oil companies searching for temporarily profitable oil," he added, referring to the US shale boom as the most recent example.OPEC also faces rifts within its members, who have competing priorities."The big question now is whether OPEC members are all aligned in terms of oil targets," said The Geopolitical Business's Prakash, who added that not all OPEC members may be on board with Saudi Arabia's plan to boost production.A potential Trump presidency in the US could drive <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-election-impact-trump-win-election-financials-energy-rbc-2024-10">domestic oil and gas production.</a>"If OPEC can't bring everybody together, and members go their separate ways, it will lead to a further polarization of the Middle East," said Prakash."Instead of energy bringing the region together, like it did in the past, energy coupled with geopolitics could fragment the Middle East," he said.

2 of the world's biggest oil producers are looking for new ways to power their economies

As many as seven <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-group" source="keywords">Adani group</keyword> stocks ended lower on Friday as the Swiss authorities froze USD 311 million (Rs 2,610 crore) held by a Taiwanese resident in multiple Swiss bank accounts as part of a money laundering probe, suspecting he may be a frontman from the group -- a charge the conglomerate vehemently denied. Shares of <keyword id="19934911" type="General" weightage="20" keywordseo="Adani-Power" source="keywords">Adani Power</keyword> dropped 2.73 per cent, Adani Energy Solutions declined 2.42 per cent, Adani Ports slipped 1.37 per cent, Adani Green Energy went lower by 1.17 per cent, Adani Enterprises dipped 0.76 per cent, Adani Total Gas (0.55 per cent) and Adani Wilmar (0.37 per cent) on the BSE. However, three group firms managed to settle in the green. The stock of <keyword id="19963163" type="General" weightage="20" keywordseo="ACC" source="keywords" meta.keywordsubtype="org" meta.entityname="ACC" meta.hostid="261" meta.entityid="ACC">ACC</keyword> jumped 1.94 per cent, NDTV climbed 1.01 per cent and <keyword id="20057393" type="General" weightage="20" keywordseo="Ambuja-Cements" source="keywords" meta.keywordsubtype="org" meta.entityname="Ambuja Cements" meta.hostid="261" meta.entityid="Ambuja Cements">Ambuja Cements</keyword> (0.01 per cent). During the day, shares of Adani Power tumbled 3.20 per cent, Adani Energy dived 2.75 per cent, Adani Green declined 1.53 per cent, Adani Ports went down by 1.51 per cent, Adani Enterprises fell 1.18 per cent, Adani Wilmar (1.07 per cent), Adani Total (0.89 per cent), NDTV (0.57 per cent), Ambuja Cements (0.54 per cent) and ACC (0.46 per cent). Swiss authorities have frozen USD 311 million (Rs 2,610 crore) held by a Taiwanese resident in multiple Swiss bank accounts as part of money laundering probe, suspecting he may be a frontman from the Adani group -- a charge the conglomerate vehemently denied saying it was neither involved in any Swiss court proceedings nor any of its accounts are subject to sequestration. US-based short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg Research</keyword>, which had last year targeted the Adani group in a damning report that led to wiping away of USD 150 billion in market value of listed firms of the conglomerate in the following weeks, in a post on X cited "newly released Swiss criminal records reported by Swiss media outlet" to state that "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021." "Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius &amp; Bermuda funds that almost exclusively owned <keyword id="20372802" type="General" weightage="20" keywordseo="Adani-stocks" source="keywords">Adani stocks</keyword>," it said citing the report. Adani group rejected the allegations as baseless, saying it had no involvement in any Swiss court proceedings. "We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority," it said. The Swiss media outlet Gotham City in its report stated that a ruling by the Federal Criminal Court (FCC) reveals that the Geneva Public Prosecutor's Office was investigating alleged wrongdoing and more than USD 310 million belonging to an alleged frontman for billionaire <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> have been sequestered in five Swiss banks over the last three years. The Swiss investigators suspect that the associate, Chang Chung-Ling, is not the ultimate beneficial owner (UBO) of the company under investigation, but a mere front. The Adani Group, however, said that the court order was not linked to them and they have not been mentioned in it. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/western-carriers-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113312196.cms">Western Carriers IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/stock-market/news/pn-gadgil-jewellers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113302533.cms">PN Gadgil Jewellers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-is-already-cheaper-than-the-iphone-15-pro-in-india-but-you-can-get-it-for-up-to-30000-cheaper/articleshow/113220789.cms">iPhone 16 Pro is already cheaper than the iPhone 15 Pro in India, but you can get it for up to ₹30,000 cheaper</a>

Majority of Adani group stocks settle lower; Adani Power drops nearly 3%

<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani Group</keyword> released the composite result and Credit Compendium of Adani Group of <keyword id="20027214" type="General" weightage="20" keywordseo="companies" source="keywords">companies</keyword> for Q1 FY25. The Results Compendium provides a comprehensive overview of the <keyword id="20088085" type="General" weightage="20" keywordseo="financial-performance" source="keywords">financial performance</keyword> of the Adani Portfolio, while the Credit Compendium offers in-depth insights into the portfolio's robust credit strength. According to the results, the strong performance for the quarter was led by <keyword id="20113873" type="General" weightage="20" keywordseo="Adani-Enterprises" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Enterprises" meta.hostid="261" meta.entityid="Adani Enterprises">Adani Enterprises</keyword>' emerging businesses, including solar and wind manufacturing. In a press release, the company stated that it has emerged as India's largest player in the fully integrated <keyword id="19990484" type="General" weightage="20" keywordseo="green-hydrogen" source="keywords">green hydrogen</keyword> chain, as well as in the airports and roads sectors. The company added that AEL's infrastructure businesses' steadily rising contribution is playing a significant role in this growth, with <keyword id="19957744" type="General" weightage="20" keywordseo="EBITDA" source="keywords">EBITDA</keyword> expanding by 69.98 per cent YoY. These fast-growing businesses now contribute 13.3 per cent to the portfolio-level EBITDA, up from 7.2 per cent a year ago. The overall EBITDA of Adani Group companies surged by 32.87 per cent year-on-year (YoY) to reach Rs 22,570 crore, resulting in a trailing twelve-month (TTM) EBITDA of Rs 79,180 crore, marking a 45.13 per cent increase over the corresponding TTM of the previous year. The Adani Group highlighted that its 'Core Infrastructure' platform comprises AEL's (Adani Enterprises) Infrastructure businesses, Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas), and Transport (Adani Ports &amp; SEZ) businesses. The Solar module manufacturing business of the group saw module sales rise by 125 per cent YoY in the quarter. Furthermore, the operationalization of photovoltaic cell lines lowered costs, resulting in higher profitability. The airport business also continues to see strong growth from rising passenger movement, increasing consumer offerings, and the addition of routes, airlines, and flights across seven operational airports. Adani Enterprises' performance indicates that in airports, the annual passenger movement across 7 airports crossed 90 million for the first time. During the quarter, eight new routes, six new airlines, and 13 new flights were added across all seven airports. Additionally, 25 new brands were introduced at Lucknow airport after the inauguration of Terminal 3. The road business achieved its highest-ever 730 lane-km construction during this quarter. In the Adani Green Energy segment, construction work for a 500 MW hydro pump storage has commenced, with a 31 per cent YoY capacity addition during the quarter. Another 250 MW wind capacity was operationalized in July at Khavda, bringing the total capacity to 11.2 GW. Adani Energy Solutions stated that the Khavda-Bhuj Transmission Line (KBTL) is fully commissioned, enabling 3 GW green power evacuation from Khavda. The 1,765 ckm Warora Kurnool Transmission Line (WKTL) was also fully commissioned, strengthening the national grid by ensuring seamless power flow between the western and southern regions. Adani Ports &amp; SEZ reported that Vizhinjam port, India's first transhipment port equipped with South Asia's most advanced container-handling technology, was formally commissioned in July and will become operational in November. In the Cements segment, the promoters infused Rs 15,000 crore in two tranches in Ambuja Cements in March and April, fully subscribing to the warrant program and infusing a total of Rs 20,000 crore since the acquisition in September 2022. The company also acquired Penna Cement, increasing the total capacity to 89 MTPA. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-launched-in-india-at-172999-but-you-cant-get-your-hands-on-it-right-now/articleshow/112517193.cms">Google Pixel 9 Pro Fold launched in India at ₹1,72,999, but you can’t get your hands on it right now</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-scam-two-victims-from-hyderabad-lose-over-11crore-in-fake-ipo-scams/articleshow/112488051.cms">IPO scam – Two victims from Hyderabad lose over ₹11 crore in fake IPO scams</a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms">India’s wearables market decline for the first time as smartwatch shipments fall</a>

EBITDA of Adani Group companies surged by 32.87% year-on-year to ₹22,570 crore

<ul class="summary-list"><li>Baiju Bhatt, the cofounder of trading app Robinhood, has a new space startup.</li><li>Aetherflux aims to launch a constellation of satellites to transmit solar power to Earth using infrared lasers.</li></ul>When Baiju Bhatt co-founded the stock trading app <a target="_blank" class="" href="https://www.businessinsider.com/robinhood-collapse-what-happened-retail-investing-meme-stocks-future-finance-2022-2">Robinhood</a> in 2013 with his college best friend, Vlad Tenev, the aim was to "democratize finance for all."Robinhood's no-fee, gamified approach to investing made capital markets more accessible than ever before, leading to an IPO in 2021.After over a decade at the company, Bhatt stood down as Robinhood's chief creative officer in March to pursue what was described at the time as "other entrepreneurial interests."In October, Bhatt announced he was launching Aetherflux, a Silicon Valley-based space startup.Aetherflux aims to create a constellation of satellites in low Earth orbit (LEO) that will collect solar power and beam it down to receptors on Earth using infrared lasers.Just as <a target="_blank" class="" href="https://www.businessinsider.com/inside-starlink-spacex-satellite-internet-business-constellation-fleet-elon-musk-mars">Elon Musk's Starlink</a> constellation has transformed communications, Bhatt hopes Aetherflux will revolutionize energy, he told Business Insider in an interview.The receptors will be just 10 meters in diameter, Bhatt said, meaning they can be placed virtually anywhere and theoretically provide power to remote locations that would otherwise be too expensive or dangerous to reach."If we succeed, we unlock a renewable energy source for humanity that can be delivered virtually anywhere," he wrote in a <a target="_blank" class="" href="https://www.linkedin.com/pulse/allow-me-re-introduce-myself-baiju-bhatt-nu1ic/?trackingId=xecx1MNjQxGa6fapJvT2fA%3D%3D">LinkedIn post</a> announcing Aetherflux.If it works, far more solar power can be captured in orbit than through the atmosphere at ground level, and there would be no nighttime or weather disruptions to the power source. It would also free up land used for solar farms on Earth.Aetherflux plans to start by powering military operations in remote locations or remote mining operations, Bhatt said.<div type="image" title="A profile of Baiju Bhatt smiling in a black t-shirt in front of a beige background." height="3553" width="5324" msid="114432481" hostid="261" sizebytes="611312"></div>Bhatt hopes that a single receptor will one day be able to capture enough power for a small neighborhood of homes. He added that they'd need around 100 satellites to provide continuous power to one location.The idea of space-based solar power has existed for decades, but theories have generally rested on large constructions being sent into orbit and using microwaves to transmit energy.In January 2023, the California Institute of Technology launched a solar space-power demonstrator satellite into orbit for a yearlong mission to test out a range of potential approaches.Caltech's president, Thomas F. Rosenbaum, <a target="_blank" class="" href="https://www.caltech.edu/about/news/space-solar-power-project-ends-first-in-space-mission-with-successes-and-lessons">said the project</a> had shown them that solar power beamed from space "is still a future prospect" but that it "should be an achievable future."Aetherflux wants to do things differently by using infrared lasers and a modular approach.The science has already been demonstrated; it's just going to be an engineering and economic feat to prove it can be done from space, Bhatt said.To begin with, Aetherflux plans to send a single satellite into orbit by the first quarter of 2026 to demonstrate that solar energy transmission is possible.<h2 id="f76e6857-d783-49d8-94bf-ab950b9759df">The right time to be in space</h2>Though the career jump from finance to the space industry may seem unusual, Bhatt said space has been his "lifelong calling."NASA was a part of Bhatt's childhood. His father moved to the US from India to pursue physics and got a job at NASA's Langley Research Center in the 1990s studying atmospheric sciences.With a bachelor's in physics and a master's in mathematics, both from Stanford, Bhatt thought he'd be a physicist too. So, Robinhood was a "bit of a detour," he told BI.He is still a board member but has stepped back from day-to-day operations.One lesson Bhatt said he learned from running the trading app was how powerful capitalism could be in accelerating innovation."If you can take a problem that's been stagnating and you can create a capitalist system around it where people can make money doing something, you'll see the rate of progress really speed up," he said.<div type="image" title="Baiju Bhatt (right) and Vlad Tenev, founders of the online brokerage Robinhood." height="4160" width="6240" msid="114432476" hostid="261" sizebytes="601100"></div>After meeting with people working on power for DARPA at the beginning of this year and seeing the <a target="_blank" class="" href="https://www.businessinsider.com/why-spacex-starship-launch-five-huge-deal-space-travel-2024-10">timeline Starship is on</a>, Bhatt decided that the best opportunities were now in space.Since 2009, the sum of private investments in space startups has soared from essentially nothing to $327.3 billion, according to the latest "<a target="_blank" href="https://spacecapital.docsend.com/view/9d69zpfz4ddms3ry">Space Investment Quarterly</a>" report published by venture capital and angel-investment firm Space Angels.The industry's value is expected to continue booming. <a target="_blank" class="" href="https://www.mckinsey.com/industries/aerospace-and-defense/our-insights/space-the-1-point-8-trillion-dollar-opportunity-for-global-economic-growth">McKinsey</a> estimates that the global space economy will be worth $1.8 trillion by 2035, accounting for inflation, up from $630 billion in 2023."It's hard to find something more exciting and impactful than space," said Matthew Weinzierl, a professor of the economics of space at Harvard Business School and coauthor of the upcoming book "Space to Grow.""This really is a new frontier, one where technological innovation can create new markets and solve real problems, often in ways we haven't thought of before," he said.Weinzierl said that in the past two decades, the US government has created pathways for commercial players, enabling market forces to take hold."Prices to orbit have dropped, launch availability has soared, and a wave of entrepreneurs are finding new ways to create value," he said.<div type="image" title="SpaceX's Super Heavy booster as it returned to its launch site, with the sun rising in the background." height="1031" width="1920" msid="114432482" hostid="261" sizebytes="52022"></div>With so many more commercially available products, space has <a target="_blank" class="" href="https://www.businessinsider.com/starship-launch-success-elon-musk-vision-cheap-space-travel-closer-2024-3#:~:text=%22With%20Starship%2C%20SpaceX%20is%20poised,in%20an%20email%20on%20Thursday.">never been cheaper</a>.Aetherflux is an example of how companies are using off-the-shelf solutions to speed up development. Its satellites are purchased readymade from satellite bus provider <a target="_blank" href="https://www.businessinsider.com/palmer-luckey-anduril-apex-defense-tech-space-satellite-surveillance-2024-10">Apex</a>, the high-powered lasers it plans to use are commercially available, and it'll be using <a target="_blank" href="https://www.businessinsider.com/spacex-launch">SpaceX</a> as a launch partner for its 2026 mission."The part that we're building is the actual optical design, the control systems, and the power transmission link, as well as the ground station," said Bhatt.<h2 id="5dda5318-030a-431a-91ff-f205b537a068">The future of Aetherflux</h2>When he spoke with BI, Bhatt had just moved into a lab facility in the Bay Area. With a team of 10 employees, he will begin iterating ground tests, developing the system design, and working with regulators.He's self-funding the project "completely," he told BI. As one of Robinhood's cofounders, Bhatt's net worth spiked after its IPO in 2021. He is worth around $1.7 billion, <a target="_blank" class="" href="https://www.forbes.com/profile/baiju-bhatt/">Forbes reports.</a>Although access to space has become more routine and affordable, Weinzierl said there is still a lot of uncertainty around the industry. Some of the ideas and businesses being developed today won't survive, but they'll be "the foundation that tomorrow's entrepreneurs will learn from and build on," he said.A self-proclaimed science nerd, Bhatt named his startup after a 19th-century theory about a pervasive medium called the aether, which physicists believed light traveled through."Einstein came along in 1905 and was basically like, nah, that stuff's all wrong. Light is the same in every reference frame," said Bhatt.So Aetherflux is named after a disproven scientific theory? Yes, Bhatt agreed with amusement. But he's "laser-focused" on the first mission and adamant that Aetherflux won't fall into the same bracket as its namesake."Space is hard," he admitted, "but we're committed to demonstrating this and making it happen."

Robinhood's cofounder has joined the rapidly growing commercial space race, and wants to beam solar power from satellites to earth

Sri Lanka's Board of Investment has approved the two wind power plants of AdGreen Energy to be built in <keyword id="248936" type="General" weightage="80" keywordseo="mannar" source="Orion">Mannar</keyword> and Pooneryn at a total investment of USD 442 million. According to the statement released by the Board of Investment of Sri Lanka on Friday, it has issued a letter of approval to <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Green Energy Limited, for the two wind power plants. Also, the new project will generate 1,500-2,000 new employment opportunities. The wind power plant in Mannar will operate at a capacity of 250 megawatt (MW) while the wind power plant in Pooneryn will operate at a capacity of 100 MW. The two wind power plants of 350 MW are scheduled to be commissioned in two years and accordingly, will be added to the national grid by 2025. <keyword id="82981" type="General" weightage="50" keywordseo="fitch" source="Orion">Fitch</keyword> Ratings on Thursday affirmed the 'BBB-' ratings on the USD 400 million senior secured notes issued by the restricted group of India-based Adani Transmission Ltd (ATL, BBB-/Stable). The outlook is stable, the statement from Fitch said. The restricted group includes six co-issuers -- Barmer Power Transmission Service Limited, Chhattisgarh-WR Transmission Limited, Hadoti Power Transmission Service Limited, Raipur-Rajnandgaon-Warora Transmission Limited, Sipat Transmission Limited and <keyword id="16465511" type="General" weightage="50" keywordseo="thar-power-transmission-service-limited" source="Orion">Thar Power Transmission Service Limited</keyword> and one non-issuing Special purpose vehicle (<keyword id="6366358" type="General" weightage="50" keywordseo="spv" source="Orion">SPV</keyword>), Adani Transmission (Rajasthan) Ltd (ATRL). The Dhaka Tribune in a report on Thursday said the Adani Group will supply electricity to Bangladesh for the next 25 years. According to the agreement the company signed with the Bangladesh government, Adani is setting up a power plant in the Godda district of Jharkhand and once the plant starts to produce power, it will supply electricity to Bangladesh. The report added that Bangladesh signed the deal with Adani Power back in 2017. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/googles-impressive-magic-eraser-can-now-be-used-on-apple-iphone-and-samsung-galaxy-devicesheres-how/articleshow/98202224.cms">Google's impressive magic eraser can now be used on Apple iPhone and Samsung Galaxy devices—here’s how</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/what-to-expect-at-this-years-mobile-world-congress-2023/articleshow/98205888.cms">MWC 2023: Here's what to expect at this year’s Mobile World Congress</a>

Sri Lanka okays Adani's USD 442-millon wind power plants in Mannar and Pooneryn

<ul class="summary-list"><li>The artificial intelligence boom is straining America's power grid. </li><li>AI queries can use 30 times more energy than traditional searches, massively escalating power demand.</li></ul>First <a target="_blank" href="https://www.businessinsider.com/electric-car-wont-overload-electrical-grid-california-evs-2022-10">it was electric vehicles.</a> Then <a target="_blank" href="https://www.businessinsider.com/bitcoin-mining-electricity-usage-more-than-google-2021-9">it was bitcoin.</a> Now its AI.All three trends have sparked ongoing concerns about the power-hungry nature of new technologies as they push America's shaky power grid to the limit.It appears that the AI boom, which is still in its early days, might be the biggest stressor on the country's electric grid.That's because mega-cap tech companies are spending hundreds of billions of dollars on power-hungry AI-enabled GPU chips, which are housed in massive data centers <a target="_blank" href="https://markets.businessinsider.com/news/stocks/ai-stocks-to-invest-artificial-intelligence-data-center-energy-companies-2024-6">that require state-of-the-art cooling technologies to dissipate the heat generated from the computers.</a>AI research company Hugging Face has estimated that generative AI search queries <a target="_blank" href="https://www.scientificamerican.com/article/what-do-googles-ai-answers-cost-the-environment/">can use 30 times as much energy</a> as a traditional Google search.And with hundreds of millions of users already interacting with AI tools like ChatGPT, the power demand for AI technologies is only set to rise.<a target="_blank" href="https://markets.businessinsider.com/stocks/bac-stock">Bank of America</a> put into perspective the challenges faced by the power grid as it grapples with surging demand from AI data centers."Manufacturing, data centers, artificial intelligence, and the push for electrification are expected to add massive demand to an already-tight electrical grid. Intermittent wind and solar cannot provide the needed power and tight supplies could lead to higher prices, bottlenecks, and outages," Bank of America said in a recent note.Some eye-opening stats about the US power grid cited by Bank of America include: <ol><li>"The US grid produces 1,250 gigawatts (GW) of electricity from 9,200 generating units. Sometimes called 'the world's largest machine,' the American power grid has 600,000 miles of transmission lines, enough to wrap around the Earth 24 times. The average age of transformers, transmission lines, and other grid equipment is 40-50 years old."</li><li>"Demand is rising for the first time in a decade. Over the past ten years, power demand rose just 0.4% per year. Over the next decade, the growth rate is expected to be 2.1% to 2.8%. Expected future demand of 70 GW by 2030 is like adding another state of Michigan to the grid every year."</li><li>"Supply is tight and hard to add. No major utility projects are expected before 2026, and 160GW of fossil fuel supply has been shut in the past decade. Regulatory, permitting, and political obstacles often thwart new energy and mining efforts. Our colleagues expect only 55-60GW of capacity to be added in the near future."</li><li>"Wind and solar struggle to make up the difference. They run only 24-40% of the time, producing much less than 'nameplate' capacity figures would suggest. Adding batteries brings extra strain: battery storage is 141 times more expensive than liquefied natural gas, and every KWh of battery storage required 50KWh of energy to create it."</li></ol>Baird managing director and tech strategist Ted Mortonson <a target="_blank" href="https://markets.businessinsider.com/news/stocks/ai-stocks-hardware-vs-softare-tech-performace-nvidia-tsmc-broadcom-2024-6">told Business Insider last month</a> just how big of a problem the power demand of AI is."The cost of that Gen AI architecture is freaking out of control. Oracle on their conference call basically said they are now constructing 70 megawatt data centers, going to 200 megawatts. That's the size of a city. So, they're so power hungry," Mortonson said. Oracle announced in its earnings call in March that it would invest $10 billion to expand data center capacity in order to service the huge demand for generative AI. <a target="_blank" href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a> woke up to this realization earlier this year, evidenced by its decision to <a target="_blank" href="https://www.businessinsider.com/data-centers-amazon-ai-nuclear-power-grid-2024-5">buy a nuclear power plant in Pennsylvania for $650 million.</a>A recent report from The Wall Street Journal said that Amazon's cloud unit is nearing a deal with Constellation Energy for electricity that would be directly supplied from a nuclear power plant on the East Coast.This demand boom has led to a renaissance in utility stocks, with the sector surging 8% so far this year, and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/ai-stocks-to-buy-electricity-demand-benefit-utilities-data-centers-2024-5">Goldman Sachs believes the gains can continue.</a>"While investor interest in the AI revolution theme is not new, we believe downstream investment opportunities in utilities, renewable generation and industrials whose investment and products will be needed to support this growth are underappreciated," Goldman Sachs said in a note earlier this year.The bank <a target="_blank" href="https://markets.businessinsider.com/news/stocks/ai-stocks-to-buy-electricity-demand-benefit-utilities-data-centers-2024-5">highlighted four top utility stocks to buy,</a> including Xcel Energy, NextEra Energy, Southern Co., and Sempra."US power demand likely to experience growth not seen in a generation. Not since the start of the century has US electricity demand grown 2.4% over an eight-year period, with US annual power generation over the last 20 years averaging less than 0.5% growth," Goldman Sachs said.

The AI boom will push America's shaky power grid to its limit

<ul class="summary-list"><li>France announced this week it would send Ukraine Mirage 2000-5 fighter jets.</li><li>It's the second warplane that NATO has promised Kyiv, after American-made F-16s.</li></ul>Ukraine is slated to receive Mirage 2000-5 fighter jets from France in the coming months, adding another aircraft to Kyiv's coming arsenal of Western combat planes.French President Emmanuel Macron announced Thursday that France will provide Kyiv with the Mirage fighter aircraft after training pilots how to fly the warplanes through a program that will begin this summer. He added that Paris will build a coalition with other countries to supply the jets and that Ukraine could even be flying them by the end of the year.Macron's announcement comes as Ukraine eagerly awaits the seemingly imminent arrival of <a target="_blank" href="https://www.businessinsider.com/f-16-to-ukraine-most-dangerous-battlefield-2024-4">American-made F-16s</a>, which will be Kyiv's first Western fighter jet. Four NATO countries promised to send these fighters.The Mirage 2000-5, like its F-16 counterpart, is a good fourth-generation fighter jet that will bring some additional capabilities to Ukraine's fleet of aging Soviet-era warplanes. But neither aircraft is necessarily the best fit for Kyiv given the current battlefield conditions.With next-gen systems not even up for discussion, the plane that is most suitable for Ukraine remains Sweden's JAS 39 Gripen. But it is also out of reach, at least for the time being.<h2 id="d3d88b84-bb0a-49ae-87d8-a80c76cf54f1">Limited air-to-air reach</h2>The Mirage is a multi-role, delta-winged fourth-gen fighter jet manufactured by French company Dassault Aviation. Around 600 of these aircraft have been produced since it was designed in the late 1970s, and they are currently operated by a small number of militaries, including Greece and Taiwan.<div type="image" title="Mirage 2000-5F jet fighters prepare to take off from Luxeuil-Saint Sauveur air-base 116, in Saint-Sauveur, eastern France, on March 13, 2022." height="683" width="1024" msid="110821897" hostid="261" sizebytes="26854"></div>Like the F-16, the Mirage 2000s are combat-proven aircraft, having flown sorties in conflicts across the Middle East and in the Balkans.The 2000-5 variant, which is what France has promised to send Ukraine, first flew in 1990 and, compared to previous versions of the aircraft, features an upgraded radar system. The jet can be equipped with air-to-surface and air-to-air missiles, as well as laser-guided bombs.Macron <a target="_blank" href="https://www.defensenews.com/air/2024/06/07/france-to-supply-mirage-2000-5-jets-to-ukraine-train-pilots/?utm_source=sailthru&amp;utm_medium=email&amp;utm_campaign=mil-ebb">told French broadcasters</a> on Thursday that the pilot training will begin this summer and take place in France. The program typically lasts around five to six months, he said, and an undisclosed number of Mirage jets will be transferred to Ukraine following the completion of that training.Under normal conditions, the French Mirage 2000-5 would be perfectly suitable for a country like Ukraine, but that's just not the situation right now, Justin Bronk, an airpower and technology expert at the UK-based Royal United Services Institute think tank, told Business Insider.The effectiveness of the Mirage 2000-5 is primarily limited by the MICA beyond-visual-range air-to-air missile, which has a much shorter range than the <a target="_blank" href="https://www.businessinsider.com/ukraine-f-16s-getting-capable-missiles-variety-missions-russian-jets-2023-9">AIM-120 AMRAAM variants</a> that Kyiv could use with its F-16s, Bronk said.<div type="image" title="A Mirage 2000 of the Hellenic Air Force HAF of Greece as seen on a flying demonstration during the Athens Flying Week Air Show 2019" height="3333" width="5000" msid="110821895" hostid="261" sizebytes="957556"></div>And the AMRAAM is already an unsatisfactory tool to address Russian air threats near the front lines because Moscow's formidable ground-based <a target="_blank" href="https://www.businessinsider.com/russia-prized-s400-launchers-blasted-crimea-strike-ukraine-says-2024-4">surface-to-air missile systems</a> force Ukrainian fighters to fly at relatively low altitudes, putting limitations on the effectiveness of their missiles, Bronk said.Investing resources to get Ukraine another Western fighter that has an even shorter air-to-air reach won't necessarily improve this dilemma.The Mirage can carry powerful long-range cruise missiles like the French-made SCALP-EG, but those can also be launched from Ukraine's existing fighter fleet and have already <a target="_blank" href="https://www.businessinsider.com/ukraine-missile-attack-naval-base-helps-make-crimea-untenable-russia-2023-9">been used to great effect</a>.Additionally, Bronk said, Ukrainian pilots who are able to be trained quickly on operating and maintaining a system as complex as a fighter jet are also in extremely limited supply. Many of these individuals <a target="_blank" href="https://www.businessinsider.com/ukrainian-f-16-pilots-simulator-training-real-thing-yuriy-ihnat-2023-10">are already training on the F-16</a> at sites in Europe and the US.Doug Birkey, the executive director of the Mitchell Institute for Aerospace Studies, told BI that the Mirage is an "older capability" on par with what Ukraine is getting out of the F-16. Rather than split the focus between aircraft, creating new supply lines, maintenance processes and diverting resources, some NATO partners have argued it might make more sense to simply stick to the F-16.<div type="image" title="A F-16 aircraft is pictured after the first delivery of Norway's old F-16 fighter aircraft to Romania at Rygge Air Force Base, Norway on Nov. 28, 2023." height="4160" width="6240" msid="110821898" hostid="261" sizebytes="798276"></div>Like the F-16, the French fighter jet's effectiveness, he said, will ultimately come down to how it's used and whether Kyiv can strike inside Russian territory. Last month, Macron said <a target="_blank" href="https://apnews.com/article/russia-ukraine-war-macron-weapons-e308755a31716ee0123b441bb9b548b0">Ukraine should be allowed</a> to use Western weapons to do so, a stance more NATO countries are taking."It's very difficult to try to win and succeed in the campaign when you're largely stuck to defense," Birkey said.<h2 id="b79cff92-2285-4024-8277-f31bf9926825">A fighter designed for the Ukraine war</h2>Air warfare experts like Bronk have argued throughout the conflict in Ukraine that the most suitable Western combat aircraft for Ukrainian forces would be <a target="_blank" href="https://www.businessinsider.com/swedens-jas39-gripen-may-be-worlds-best-nonstealth-fighter-jet-2021-11">Sweden's JAS 39 Gripen</a>.Built by Swedish defense and aerospace firm Saab, the Gripen is a <a target="_blank" href="https://www.businessinsider.com/ukraine-asking-for-f16s-but-also-looking-at-swedish-gripens-2023-7">4.5-generation multi-role fighter</a> aircraft that has been in production since the 1980s.The Swedish fighter jet was designed with the idea of a dispersed fighter force taking on Russia without having the benefits of being in NATO and facing a very dangerous surface-to-air missile threat. Essentially, it was designed for the exact conditions in which Ukraine is fighting.Sweden's Gripen is considered by experts to be a <a target="_blank" href="https://www.businessinsider.com/swedish-gripen-fighter-jet-best-option-for-ukraine-against-russia-2022-11">highly capable, effective, and efficient fighter</a>. It is relatively inexpensive to operate, easy to maintain, and requires less runway space than some other aircraft for taking off and landing.The jet also features advanced electronic-warfare capabilities that were specifically <a target="_blank" href="https://www.businessinsider.com/sweden-exploring-giving-ukraine-formidable-gripen-fighter-jets-russia-report-2023-9">designed to be able to counter the radars</a> on Russian aircraft and ground-based air-defense systems.<div type="image" title="Swedish Saab JAS 39 Gripen" height="1095" width="2000" msid="110821900" hostid="261" sizebytes="59376"></div>Furthermore, the Gripen can be equipped with various air-to-surface missiles and bombs, as well as longer-range air-to-air missiles. Among the latter is the Meteor air-to-air missile, which, with a range of up to 80 miles, delivers a much longer reach than the French MICA and even some Russian weaponry.Compared to the F-16 and Mirage, <a target="_blank" href="https://www.businessinsider.com/ukraine-gripen-fighter-jets-battle-russia-aircraft-sweden-join-nato-2023-10">the Gripen is far more flexible</a> in terms of operational requirements — especially when it comes to cost and maintenance — and is more resource-efficient.The downsides of the Swedish aircraft are that it has yet to see combat and is rather limited in availability, unlike the F-16 and its support systems, which are available across Europe.Sweden previously explored sending Gripens to Ukraine, but those considerations were recently <a target="_blank" href="https://www.reuters.com/world/europe/sweden-halts-plan-gripen-jets-ukraine-news-agency-tt-reports-2024-05-28/">put on hold</a> to allow Kyiv to focus on the F-16. But France has announced its intention to send the Mirage, seemingly contradicting this rationale."Why you would then have another non-F-16 fighter being supplied that is less effective for Ukraine's requirements and less well-suited in every way than the Gripen seems slightly odd," Bronk said.Ukrainian officials have long pushed for the West <a target="_blank" href="https://www.businessinsider.com/ukraine-wants-f-16s-soviet-fighter-jets-dont-cut-it-2023-8">to provide fighter aircraft</a>, and regardless of any drawbacks, they have expressed their delight publicly over both the F-16 and Mirage pledges.<div type="image" title="Saab JAS 39C Gripen Sweden Air Force" height="1067" width="1600" msid="110821893" hostid="261" sizebytes="47290"></div>"French combat aircraft — brilliant fighter jets that, under the control of Ukrainian pilots, will prove that Europe is stronger," Ukrainian President Volodymyr Zelenskyy said during a <a target="_blank" href="https://www.president.gov.ua/en/news/cej-rosijskij-rezhim-ne-viznaye-mezh-jomu-nedostatno-navit-y-91365">Friday speech</a> to France's National Assembly, referring to the Mirages.Until these aircraft arrive, though, Ukraine will have to continue making do with its <a target="_blank" href="https://www.politico.eu/article/ukraine-f-16-fighter-jets-war-russia-base-runway/#:~:text=At%20the%20beginning%20of%202022,International%20Institute%20for%20Strategic%20Studies.&amp;text=The%202024%20report%20says%20Ukraine%20has%2078%20combat%20capable%20aircraft.">Soviet-era fleet</a>. For Kyiv, any Western deliveries may prove valuable — regardless of the type of aircraft."The best fighter they can get are the ones they can get," Birkey argued. "It still remains that."France's announcement on its plans to send Mirage fighters comes as Kyiv's partners step up their support for the country in the wake of Russia's new offensive in the northeastern Kharkiv region.Macron on Thursday also revealed plans to <a target="_blank" href="https://www.ft.com/content/dbaa7ee1-f2a9-411a-9f46-a362577f931b?shareType=nongift">train and equip a brigade</a> of 4,500 Ukrainian soldiers, which will be a significant development and a notable break from some previous training schemes."One of the biggest problems that Ukraine is currently facing is a lack of training capacity, particularly the capacity to train at a larger unit level, so battalions and brigades, rather than companies and smaller," Bronk said.<div type="image" title="French President Emmanuel Macron meets Ukrainian President Volodymyr Zelenskyy at the Elysee Palace in Paris on June 7, 2024." height="2416" width="3616" msid="110821894" hostid="261" sizebytes="165762"></div>Instead of offering lots of short courses for smaller numbers of troops — a strategy that showed its limitations during <a target="_blank" href="https://www.businessinsider.com/how-the-ukrainian-counteroffensive-ran-into-trouble-2023-11#:~:text=Ukraine's%20counteroffensive%20has%20failed%20to,same%20situation%2C%20one%20expert%20said.">Kyiv's failed counteroffensive</a> last summer because it didn't generate officers — the French plan offers a way for Ukrainian troops to train as a unified formation with standardized equipment, Bronk said.That, he added, "is an incredibly useful and an incredibly well-thought-out way of increasing and stabilizing long-term support. That's really potentially impactful."

Like the F-16, French Mirage 2000-5 fighters are good planes, but they aren't the best Western jets for Ukraine

<ul class="summary-list"><li>China has been recruiting current and former Western military personnel to train its aviators. </li><li>Beijing has been targeting them for recruitment in an effort to overcome shortcomings.</li></ul>China is "aggressively recruiting" Western military personnel to train its air force pilots and naval aviators, attempting to lure them in with "lucrative" contracts and promises of opportunities to fly "exotic aircraft," the US and its allies are warning.The Five Eyes intelligence-sharing alliance — which consists of the US, UK, Canada, Australia, and New Zealand — posted a <a target="_blank" href="https://www.dni.gov/files/NCSC/documents/products/Safeguarding_Our_Military_Expertise.pdf">bulletin</a> Wednesday detailing China's ongoing efforts to recruit current and former military personnel from NATO and Western countries to "bolster" the capabilities of the People's Liberation Army.In recent years, China has taken significant steps to build up its <a target="_blank" href="https://www.businessinsider.com/chinas-air-force-far-from-ready-for-mission-taiwan-2024-1">air force and navy</a>, much to the <a target="_blank" href="https://www.businessinsider.com/china-building-military-scale-not-seen-wwii-invade-taiwan-aquilino-2024-3">alarm of US officials</a>. However, Beijing still has some critical capability gaps as it looks to modernize its forces and strengthen its aviation programs.Those weak points have led it to <a target="_blank" href="https://www.businessinsider.com/china-looks-for-western-pilots-to-aid-its-military-aviation-2023-6">seek technology and assistance</a> from the West through malign actions."To overcome their shortcomings," the Chinese military "has been aggressively recruiting Western military talent to train their aviators, using private firms around the globe that conceal their PLA ties and offer recruits exorbitant salaries," said Michael Casey, the director of the US National Counterintelligence and Security Center.<div type="image" title="China J-20 fighter jet" height="1333" width="2000" msid="110744954" hostid="261" sizebytes="44972"></div>"Recent actions by Western governments have impacted these operations," Casey said in a <a target="_blank" href="https://www.dni.gov/index.php/ncsc-newsroom/3832-fvey-partners-warn-of-evolving-efforts-to-recruit-current-and-former-western-service-members-to-bolster-the-prc-s-military">statement</a>, "but PLA recruitment efforts continue to evolve in response."Chinese schemes target Western pilots, flight engineers, air operations center personnel, and technical experts knowledgeable about military tactics, techniques, and procedures.The Chinese military "wants the skills and expertise of these individuals to make its own military air operations more capable while gaining insight into Western air tactics, techniques, and procedures," the newly released bulletin said."The insight the PLA gains from Western military talent threatens the safety of the targeted recruits, their fellow service members, and US and allied security," it added.Insight into Western tactics, techniques, and procedures could prove valuable for China were it to <a target="_blank" href="https://www.businessinsider.com/huge-air-battles-show-us-needs-most-missile-war-china-2024-5">clash with US forces</a>, a very real possibility as US military and political leaders in Washington look across the Pacific with concern over Beijing's growing military power.<div type="image" title="China J-20 stealth fighter jet" height="1333" width="2000" msid="110744956" hostid="261" sizebytes="105900"></div>The bulletin said the Western service members are targeted through "nefarious recruitment attempts" that may not be overtly obvious; for instance, these individuals may be sought out directly by the PLA or indirectly through online networking sites.Job offers, meanwhile, could come from private companies with hidden ties to the PLA. And opportunities may be located in China or elsewhere in other parts of the world, the bulletin said, "with lucrative contracts and the opportunity to fly exotic aircraft, with vague details on the ultimate customers."Countries like the US and UK have previously expressed their concerns over the PLA recruitment efforts, warning of the <a target="_blank" href="https://www.af.mil/Portals/1/documents/2023SAF/PolicyUpdates/PLA_Recruitment_Efforts_Memo.pdf">potential national security risks</a> and taking steps to <a target="_blank" href="https://www.bbc.com/news/uk-63293582">try to curb and control the threat</a>. There have been arrests related to these activities already, such as the 2022 arrest of a former US Marine Corps pilot.Despite efforts from Western governments to warn its veterans and military personnel about the Chinese poaching efforts, the recruitment continues to evolve, the bulletin noted. Casey said the latest warning is meant to highlight this "persistent threat" and deter current and former service members from participating in the scheme.

China is trying to overcome weaknesses in its military by 'aggressively recruiting' Western pilots to train its aviators, Five Eyes intel allies warn

<ul class="summary-list"><li>Saudi Arabia is getting serious about its plans to be a world leader in AI.</li><li>Last week, it hosted an AI summit with execs from top Western firms and unveiled a data center deal.</li></ul>When <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-ruler-mbs-leveraging-chaos-us-weapon-contracts-salman-2024-9">Mohammed bin Salman</a> presided over Saudi Arabia's inaugural artificial intelligence summit at the start of the decade, his message was bold: as crown prince, he had <a target="_blank" href="https://www.spa.gov.sa/w1433658">"a clear ambition to position the Kingdom as a model nation in AI."</a>Four years on, it has become increasingly evident that those weren't just empty words from the 39-year-old royal, who is next-in-line to the throne.In recent months, Saudi Arabia has hosted a flurry of high-profile events, leaders, and dealmaking from the AI world. It's a sign that the country is serious about stepping up its plans to make its desert kingdom a top destination for AI companies in search of capital and opportunities.Last week, for instance, the country held the third edition of the <a target="_blank" href="https://globalaisummit.org/en/Pages/Speakers.aspx">Global AI Summit</a>, which debuted in 2020. This year's showcase featured speakers from top AI companies in the West, such as Nvidia, Qualcomm, Google, Microsoft, and OpenAI rival Cohere.The summit also spotlighted a new tie-up announced last week between Mountain View-based chip firm <a target="_blank" class="" href="https://groq.com/unleashing-the-power-of-fast-ai-inference-groq-and-aramco-digital-partner-to-establish-world-leading-data-center/">Groq and a subsidiary of the $1.7 trillion state oil firm Saudi Aramco</a> — a deal aimed at building "the largest AI inference data center."<div type="image" title="Saudi Aramco" height="501" width="800" msid="113400247" hostid="261" sizebytes="17726"></div>Groq, founded in 2016 by former Google engineers, has established itself as one of the more serious competitors to <a target="_blank" class="" href="https://www.businessinsider.com/meta-zuckerberg-wealth-nvidia-huang-tech-stock-ai-wealth-billionaires-2024-9">chip giant Nvidia</a> since the start of the AI boom. It specializes in chips dedicated to running AI models once they have been trained for a process known as inference, which is when AI draws conclusions based on data it has never seen before. Last month, Groq announced that it had <a target="_blank" class="" href="https://groq.com/news_press/groq-raises-640m-to-meet-soaring-demand-for-fast-ai-inference/">raised $640 million</a> from the likes of BlackRock and Cisco in a funding round valued at $2.8 billion. Its CEO, Jonathan Ross, suggested that inference would be a key focus for the sector as "training AI models" is a solved problem.For Saudi Arabia, AI doesn't just present the chance to bet big on tech's latest hype train. The kingdom, built on oil riches since the 1930s, is scrambling to diversify its economy at a time when world nations are weighing plans to reduce fossil fuel use.In particular, this need to diversify forms a critical part of Vision 2030 — a grand economic plan to bring in new revenue streams. The plan is supported by the country's sovereign wealth fund, <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-global-investment-spree-2024-8">the Public Investment Fund, or PIF.</a>Saudi Arabia generated a similar amount of hype around its AI ambitions in March when it held its LEAP conference. During the conference, Amazon Web Services CEO Adam Selipsky and IBM CEO Arvind Krishna spoke on the main stage with government minister Abdullah Alswaha.<div type="image" title="Amazon Web Services CEO Adam Selipsky" height="532" width="800" msid="113400245" hostid="261" sizebytes="14138"></div>AWS coupled the appearance with a <a target="_blank" href="https://press.aboutamazon.com/2024/3/aws-to-launch-an-infrastructure-region-in-the-kingdom-of-saudi-arabia">commitment to invest over $5.3 billion in Saudi Arabia</a> in the next few years to build data centers that provide the computing power required to run AI models behind generative AI applications.That same month, The New York Times <a target="_blank" class="" href="https://www.nytimes.com/2024/03/19/business/saudi-arabia-investment-artificial-intelligence.html">reported</a> that the Kingdom had set aside $40 billion for a new fund dedicated to AI investments — a move that would create the world's largest fund dedicated to the technology.As part of the fund's creation, key figures from PIF held talks with venture capital firm A16z to explore a strategic partnership. The US fund, led by Silicon Valley veterans Marc Andreessen and Ben Horowitz, has doubled down on its commitment to AI by planning to use a portion of the <a target="_blank" href="https://a16z.com/new-funds-new-era/">$7.2 billion it raised earlier this year</a> to bet on companies at the industry's vanguard.For Saudi Arabia, having access to a heavyweight investment firm like A16z could give it an efficient way of identifying AI startups and founders making the most buzz in the Bay Area, the epicenter of the generative AI boom.It's clear then that Saudi Arabia means business on AI. It is ready to shore up as much capital as it needs to build vital infrastructure for AI while courting leading companies overseas with its deep pockets.The stakes couldn't be higher. AI looks set to be one of a handful of major industries — such as tourism and sports — it is betting on to move it successfully away from oil.AI will need to be worth it for the kingdom in the long run.

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