Latest Developments

Asia
The Hindu BusinessLine

ADB approves $230 million loan to modernise water supply and sanitation in Chennai

The Asian Development Bank (ADB) on Friday approved a $230 million loan to modernise and expand Chennai’s water supply and sanitation infrastructure, benefiting 4.5 million residents in the Greater Chennai area. The project will construct over 170 km of water supply pipes and sewer pipes, upgrade seven water pumping stations and 38 sewer pumping stations, and strengthen water utility assets and operations management through performance-based contracts, ADB said. Chennai will become the first Indian city to implement a comprehensive ring-main solution—a closed-loop system designed to maintain balanced water pressure and deliver water efficiently across service areas—improving reliability, equity, and resilience to natural hazards in its urban water supply system, the bank said. Despite being India’s fourth-largest city and a major industrial hub, Chennai’s water supply infrastructure has not kept pace with growth. ADB’s latest investment builds on earlier projects in the city to expand access to safe and equitable water and waste management services, in line with the Government of India’s flagship urban development interventions, such as the Atal Mission for Rejuvenation and Urban Transformation 2.0 and the Urban Challenge Fund, according to the bank. “ADB’s financing will improve access to safe and reliable water supply and better sanitation services across Chennai,” said ADB Country Director for India Mio Oka. “The project will also help strengthen the city’s resilience to climate change, improve public health and quality of life, and support a more efficient and financially sustainable urban water system.” ADB will help digitally transform water and sanitation services through real-time monitoring, data-driven decision-making, and improved customer responsiveness. The project will introduce advanced technologies to eliminate hazardous manual sewer inspections, make blockage detection faster and safer, enhance worker safety, and prepare distribution networks in at least two Greater Chennai zones for future investments, the bank said. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

ADB approves $230 million loan to modernise water supply and sanitation in Chennai
Europe
The Guardian

US residents angry at datacenters ‘being shoved down our throats’ are recalling officials

Advocacy groups and community members protest against datacenters outside the Texas capital in Austin in February. Photograph: Mikala Compton/Austin American-Statesman via Getty ImagesView image in fullscreenAdvocacy groups and community members protest against datacenters outside the Texas capital in Austin in February. Photograph: Mikala Compton/Austin American-Statesman via Getty ImagesDatacentersUS residents angry at datacenters ‘being shoved down our throats’ are recalling officialsPeople across the country are pushing for moratoriums, and electeds who approve projects are being punished Lenoxdatacenter.com went live in May, promoting what it called a “proposed advanced technology and data center campus” in Michigan. The site did not state who wanted to build the center. Lenox Township officials denied anyone had applied to build one. Emails obtained by residents through an open records request showed, however, that developers had contacted the township supervisor and deputy supervisor asking for their support to build a datacenter. The perceived secrecy surrounding the proposed datacenter prompted residents to pack public meetings that sometimes lasted more than four hours. They expressed outrage at officials in the Republican-led rural municipality 40 miles (64km) north of Detroit and submitted a petition seeking to recall four members of the Lenox board of trustees, which oversees township administration, zoning and municipal ordinances. “The community still has questions that aren’t being answered and the public deserves to have transparency,” a resident said at a June board meeting after the trustees did not extend a four-month moratorium on datacenter development. Like Lenox residents, people across the United States are increasingly pushing for moratoriums on new datacenters and trying to oust elected officials approving such projects. Supporters say the movement is encouraging, not only because it could slow an industry they argue will diminish their property values, strain water and energy resources and cause greater unemployment, but also because it features a phenomenon that is nearing extinction in American politics: unity among Republicans and Democrats. “It reflects the growing anxiety about AI writ large,” said Evan Sutton, a Seattle resident who works in strategic communications and has voluntarily helped datacenter opponents in 10 states, including California, Montana and Ohio. “People feel like this technology is being shoved down our throats.” The US has more than 4,400 datacenters, according to Data Center Map, and one center can consume as much electricity as 2,000 homes, according to a University of Michigan report. They also require water for cooling, and a typical datacenter uses 300,000 gallons of water each day (equivalent to the demands of about 1,000 households), but large datacenters can use an estimated 5m gallons of water each day, equivalent to the daily usage of a town with about 10,000 to 50,000 residents, according to the Environmental and Energy Study Institute. That consumption can strain a local water supply – particularly in arid areas – and electric grid capacity, which means utilities then must invest in infrastructure upgrades and charge consumers more. The effects of datacenters are especially acute for people who live close to them. Neighbors often complain about constant humming from the facilities’ cooling systems, and air pollution. When companies try to build new ones, industry analysts say they frequently do so clandestinely without revealing which tech firm would use the facilities. Researchers found that among 31 Virginia localities with existing, approved or proposed datacenters, 80% had non-disclosure agreements with the companies behind the projects, the Virginia Mercury reported.

US residents angry at datacenters ‘being shoved down our throats’ are recalling officials
Asia
The Hindu BusinessLine

Farmer protests force Gujarat to switch to market-value for transmission projects

Facing mounting protests from farmers over land used for electricity transmission infrastructure, the Gujarat government on Friday overhauled its compensation policy by linking payouts for land occupied by transmission towers and power lines to the prevailing market value instead of government-notified benchmark rates. Until now, compensation was calculated at 200 per cent of the “Jantri” value—the Gujarat government’s notified minimum valuation of land used for property registration and stamp duty purposes—which farmers argued was significantly lower than actual market prices in many parts of the state. Under the revised policy, compensation for land occupied by transmission towers will instead be calculated at 200 per cent of the prevailing market value, a move expected to substantially increase payouts in several districts. The decision comes after months of protests by farmers in districts including Banaskantha, Patan, Mehsana, Sabarkantha, Aravalli and parts of Saurashtra, where landowners opposed the erection of high-voltage transmission towers, alleging inadequate compensation and damage to agricultural land. In a significant relief for farmers, the state has extended the revised compensation policy to ongoing transmission projects where compensation was assessed under the earlier framework but the projects are still under execution, allowing eligible landowners to avail of the enhanced compensation. The government has also expanded the area eligible for compensation. Earlier, payments were restricted to the actual footprint of the tower foundation. Going forward, an additional one metre on each side of the tower base will be included while calculating the compensable area. For instance, for a 765-kV transmission tower, the eligible area will increase from 625 square metres to 729 square metres. Another major change is the payment mechanism. Instead of disbursing compensation in three stages—40 per cent during foundation work, 40 per cent during tower erection and the remaining 20 per cent after stringing of transmission lines—the government will now pay the entire compensation upfront before work begins. To determine land values, the state will constitute a Market Rate Committee (MRC) comprising the district collector, representatives of affected farmers, authorised valuers nominated by landowners and representatives of transmission companies. The committee will determine the prevailing market value of land in a transparent manner. For the Right of Way (RoW) corridor under transmission lines, compensation will also be linked to the market value determined by the MRC. Farmers will receive compensation equivalent to 30% of the market value in rural areas, 45 per cent in municipal areas and 60% in metropolitan areas, replacing the earlier Jantri-linked formula. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

Farmer protests force Gujarat to switch to market-value for transmission projects
Asia
The Hindu BusinessLine

Capgemini clarifies Bengaluru daycare was operated by external provider amid abuse probe

The alleged abuse took place in a creche for children of employees working at IT firm Capgemini in Bengaluru. File photo Capgemini on Friday clarified that the day-care facility at the centre of child abuse allegations at its Bengaluru campus was operated by external provider Little Scholars. In an updated statement, the company said, “The situation reported at the daycare facility in Bengaluru, operated by the external provider Little Scholars, is being treated with the utmost seriousness. Our first thoughts are with the children and their families. We are extending all our support to them.” The IT services company said it had temporarily closed the daycare facility on July 1 pending a review following media reports alleging abuse of children at the centre. It added that it was extending full cooperation to the authorities to clarify the facts. Capgemini also said it is providing support to affected families, including access to a helpline facility, dedicated counselling through its Employee Assistance Program, and flexible work-from-home options. The company highlighted that its daycare providers undergo rigorous due diligence and compliance checks. “These facilities support our employees, who entrust their children to these centres. This is an important part of our commitment to our team members.” The updated statement comes as Bengaluru Police continue to investigate the allegations. According to a media report by The Hindu, Bengaluru City Police Commissioner Seemant Kumar Singh announced a review of all daycare centres, including those run by companies, to check for compliance with norms. He also said a special team led by a Deputy Commissioner of Police (DCP) had been formed to probe the case. The FIR was registered following a call to the Child Helpline, and police have collected CCTV footage from the campus for analysis. The Hindu reported that HAL police have issued notices to five staff members of the daycare facility for questioning and sent video clips allegedly showing the abuse to the Forensic Science Laboratory for verification. According to media reports, an FIR was registered on June 29 against five caregivers under the provisions of the Bharatiya Nyaya Sanhita and the Juvenile Justice Act. The complaint alleges that children at the daycare facility inside Capgemini’s Brookefield campus were subjected to physical and mental abuse. The allegations came to light after videos purportedly showing the incidents were circulated on WhatsApp and reported to the Child Helpline.

Capgemini clarifies Bengaluru daycare was operated by external provider amid abuse probe
Europe
BBC Business

'Start work at 11' - but will other bosses be as flexible over England's 1am match?

As World Cup fever builds ahead of Monday's middle-of-the-night match, businesses are scrambling to work out how they handle the day after. Employees who are hoping to stay up late for England's clash with Mexico - which is due to kick off at 01:00 BST - will want to know what their options are. While some industries such as manufacturing and retail will be less able to provide flexibility, others are offering bleary-eyed fans later starts so they can catch up on sleep. Joshua Elash, who runs London-based firm MT Finance Group, is allowing his staff to start work at 11:00. "It wasn't a dilemma at all. This was as close to a no-brainer as a business can get," he says. "Everybody at this company works in the office. We don't actually have a work from home policy here. "We're a finance company, so we think it's important and critical that everybody is in and communicating and working together in real time. "So yeah, under normal circumstances, all 125 of them would be here in the office at 08:45 or 09:00 Monday morning. But that certainly won't be the case this Monday." Joshua says he and other senior managers will be staying up to watch the game, and says if he fancies a lie-in it's only fair to extend that to the rest of the team. "It's good for morale," he says, adding it will be worth it even if Monday isn't a particularly productive day overall. On Thursday the government said pubs would be able to stay open until 05:00 on Monday. Employers are being urged to use their "common sense and understanding" and allow flexible working requests where they can.

'Start work at 11' - but will other bosses be as flexible over England's 1am match?
Europe
BBC Business

Tackle workplace sickness to unlock hidden growth, former John Lewis boss says

Image source, Getty ImagesByMitchell LabiakBusiness reporterPublished2 hours agoTackling unemployment linked to long-term illness will unlock economic growth that's "hiding in plain sight", former John Lewis chair Sir Charlie Mayfield has said. More than 250 of the UK's biggest employers, including British Airways, Tesco, Royal Mail, and several government departments, have signed up to his Get Britain Working taskforce. The group aims to prevent people dropping out of work due to ill-health and encourage those signed off to come back, with official figures showing the issue costs the UK £212bn a year. However, some employers have said previously that tax rises mean many firms cannot afford to invest, while others have warned against pushing ill people into work. The companies signed up will track sickness absence, return-to-work outcomes, and disability participation, which the government said would make workplace health performance visible for the first time. Many big UK businesses, including Sainsbury's, EDF Energy, and Currys, as well as 10 mayoral authorities, including London and Manchester, have agreed to take part. Sir Charlie told the BBC: "I can't tell you how many people I've met who said: 'I was signed off work for three months, or six months, and I never had any contact with my employer at all.' "That's not because the employer is a bad person. It's because we've got a situation at the minute where people don't talk to each other when they really need to." Sir Charlie's comments come as pressure grows on Andy Burnham, who is widely expected to take over as prime minister later this month, to reduce the UK's welfare bill to free up money elsewhere. According to government figures, total welfare spending in Great Britain is forecast to be 23.6% of the total amount the government spends in the 2025 to 2026 financial year. "Fixing these problems at the fundamental level, could make a really big contribution to getting this economy working better — for employers, for employees, for the taxpayer, for all of us." He added: "This is not a zero-sum game. It's not a question of employers win and employees lose and vice versa. Everybody can win."

Tackle workplace sickness to unlock hidden growth, former John Lewis boss says
Europe
The Guardian

US treasury secretary warns oil and gas companies to lower prices: ‘We’re watching’

Scott Bessent, the US secretary of the treasury, speaks during a panel at a conference at the Washington Hilton in Washington DC on 26 June. Photograph: Nathan Posner/ShutterstockView image in fullscreenScott Bessent, the US secretary of the treasury, speaks during a panel at a conference at the Washington Hilton in Washington DC on 26 June. Photograph: Nathan Posner/ShutterstockUS newsUS treasury secretary warns oil and gas companies to lower prices: ‘We’re watching’Scott Bessent says he ‘encourages them to be good actors’ after Trump ranted about prices not dropping fast enough Scott Bessent, the US treasury secretary, issued a veiled warning to oil and gas companies to lower their prices on Tuesday, a day after Donald Trump berated those retailers on social media for not dropping their prices fast enough and demanded they target $2.50 a gallon. “I would encourage them to be good actors, especially in the 250th anniversary, because we’re watching,” Bessent said in an interview with Fox News on Tuesday morning, addressing big oil, independent and international retailers. Bessent also said that oil companies were probably making “record profits”, and said it was “time to do something for the American people”. Trump shared these sentiments in a Truth Social post on Monday, writing that if retailers don’t drop their prices, “big problems lie ahead”. Oil prices have fallen sharply this month, after the US and Iran signed a memorandum of understanding to end the conflict. Though recent clashes between the two countries have threatened the collapse of the peace deal, the price of Brent crude is only $1 more expensive than before the conflict began, and the index is heading for its biggest quarterly loss since 2020, when the Covid-19 pandemic hit. Still, the current national average price for a gallon of gas is $3.85 – cheaper than prices a month ago but still higher than levels during last year’s Fourth of July holiday. Both Bessent and Trump’s invoked the upcoming 250th anniversary of the country’s founding and the Fourth of July holiday, another example of how the administration is trying to prepare for the nation’s birthday. Trump has ordered several renovations in Washington in particular in preparation for this year’s celebrations. A record-high 72 million people are expected to travel during the holiday, despite higher gas prices compared with last year, according to AAA. The number of people driving or flying over the holiday weekend has remained relatively flat since last year, the group found, while other modes of transportation such as cruises have gained popularity. Domestic car rentals are 10% more expensive than last year, and domestic round-trip flight tickets overall are averaging at $830 a ticket, AAA found.

US treasury secretary warns oil and gas companies to lower prices: ‘We’re watching’
North America
CNBC Economy

Job seekers giving up: Labor force participation rate falls to lowest in 50 years, outside of Covid era

On the surface, a June drop in the unemployment rate helped provide some upside to what was an otherwise downbeat jobs report — but it was for all the wrong reasons. That's because the decline in the jobless level to 4.2%, the lowest in a year, came largely from an exodus of workers from the labor force, according to the Bureau of Labor Statistics data Thursday. In fact, the measure of the working-age population either employed or looking for a job slid to 61.5%, the lowest since March 2021. Excluding the Covid-era jobs market, it was the lowest labor force participation rate in exactly 50 years. The decline in the labor force marks a "massive exodus" driven by multiple factors, said Mike Reid, head of U.S. economics at RBC. "The unemployment rate fell to 4.2% as both the number of unemployed workers and the size of the labor force pulled back," Reid wrote in a post-report commentary. "This may well be a story of retirements but could also be a story of prior job seekers dropping out of the labor force." Within the bureau's household survey, where the participation numbers are drawn, is a story of a consistently contracting labor force potentially driven by unemployed workers simply giving up. In June alone, the labor force, a measure of those either employed or not employed and looking for work, plummeted by 720,000. Similarly, the rolls of those counted as not in the labor force, a group that includes the unemployed and those not looking for work, jumped by 832,000. And while the establishment survey, which counts jobs filled, showed growth for the month of 57,000, the survey of households, which counts the actual level of those working, tumbled by 507,000. On a year-over-year basis, the labor force is down by just over 1 million, while the level of the employed also has fallen by 1.06 million and the ranks of the unemployed have risen by 40,000. The employment-to-population ratio slipped to 59% in June, the lowest since October 2021. All that has happened while the unemployment rate has risen by just one-tenth of a percentage point to 4.2%. "What really affects me is not so much the unemployment rate," said Dan North, senior economist for North America at Allianz. "What's an important development is the participation rate, and this is a big leg down in one month, and over the past year it's a pretty big leg down. I think this is a more important number." The drop in participation is sometimes attributed to a shrinking immigrant population and retiring baby boomers and Gen Xers. However, in June the biggest plunge came from what is defined as "prime age" workers, or those between the ages of 25 and 54. That rate fell 0.6 percentage point to 83.3%, its lowest since December 2023.

Job seekers giving up: Labor force participation rate falls to lowest in 50 years, outside of Covid era
North America
CNBC Finance

Premier Lacrosse League plans to bring in team owners by 2028 'or soon thereafter,' co-founder says

The Premier Lacrosse League wants to begin selling its teams to individual owners or groups by 2028 "or soon thereafter," league co-founder Paul Rabil told CNBC. In the next decade, Rabil said, he wants the league to expand from eight teams to as many as 16, with each franchise owned independently, similar to other U.S. professional leagues. The PLL is in its eighth season, and currently the league, itself, owns the teams. Rabil, 40, is perhaps the most famous American lacrosse player in history, playing Major League Lacrosse from 2008 to 2018 before co-founding the PLL with his brother, Mike. The PLL merged with MLL in 2020. The PLL is one of a number of emerging sports leagues, along with League One Volleyball, the Professional Women's Hockey League and the Basketball Africa League, that have begun with a single-entity ownership model. League One Volleyball has recently begun selling off teams to interested owners who pay expansion fees to take control of franchises. The BAL is beginning that process now, NBA Deputy Commissioner Mark Tatum told CNBC Sport last month. The demand to own sports teams has skyrocketed in recent years as valuations for the biggest sports — the NFL, NBA, MLB and NHL — have soared. The spike in team valuations for the so-called Big Four U.S. sports leagues has pushed a class of investors toward more affordable teams in Major League Soccer, the National Women's Soccer League and the WNBA. Emerging sports leagues like the PLL are seeking to prove they can join this mezzanine class of leagues that can garner team valuations in the hundreds of millions or even close to a billion dollars. Earlier this week, the PLL raised $100 million in a Series E funding round to grow the league. Rabil is banking on the 2028 Los Angeles Summer Olympics to give exposure to the league and the sport. Lacrosse hasn't been a medal sport in the Summer Games for about 120 years but is returning in 2028. "The first allotment of tickets sold out in 48 hours for lacrosse, so there's good hype building," Rabil said. However, Rabil said, if a large private equity fund or a strategic company such as TKO Group, which owns World Wrestling Entertainment, Ultimate Fighting Championship and Professional Bull Riders, would like to acquire the league, "we would absolutely have those discussions." Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Premier Lacrosse League plans to bring in team owners by 2028 'or soon thereafter,' co-founder says