CEO killing and rage over insurance plunges UnitedHealth into crisisBall Corp. stock rises Thursday, outperforms market

Worried about paying for those Christmas gifts? Try the lottery for lootGov. Kathy Hochul is gearing up for a high-stakes year in Albany, with plans to tackle affordability, public safety and mental health as she builds on recent political victories, including a housing deal and the restart of congestion pricing. Sources tell NY1 that Hochul’s proposals—set to be unveiled in her State of the State address on Jan. 14—will test her ability to navigate a Legislature that has proven both an ally and a roadblock. Her push begins Jan. 8, with the start of the legislative session. “New York State is a very strong executive state... and nothing illustrates that more than the power of the governor through the state budget. That's her maximum leverage to deal with the Legislature,” said Anthony Piscitelli, counselor and senior adviser with Manhattan-based CMW Strategies. Hochul’s State of the State address is expected to outline her legislative priorities, including affordability measures, mental health reforms and updates to cell phone policies in schools. She has already previewed a $3 billion proposal to distribute checks to New Yorkers, supported by a surplus in sales tax revenue. Sources suggest a tax relief package may also be on the table. “In the coming weeks, Gov. Hochul will unveil her 2025 State of the State with scores of new proposals that will make New York an even more affordable, livable place to raise a family,” a spokesperson for the governor said in a statement. Hochul has also hinted at stronger laws to address violence and disorder in the subway system, aiming to remove dangerous individuals and provide them with treatment. “These are all hot button items that I think the public wants to deal with. It's a matter of: can the governor wield the support from the Legislature to get the things that she wants done, especially since this is going to be a non-legislative election year?” said Shontell Smith, head of New York practice for Tusk Strategies. Despite a Democratic majority in the Legislature, Hochul has faced resistance from lawmakers on several issues, including housing reform. “On the question of housing, the progressives were and remain pretty disappointed with the outcome. And I think that probably real estate has got more out of it than they perhaps initially assumed,” said Timothy Weaver, associate professor at the University of Albany. Hochul’s decision to restart congestion pricing, paused earlier this year, has also sparked mixed reactions. “I think she may end up being sort of remembered for this big issue of the congestion charge, which ended up really satisfying nobody, and also creating a great deal of disruption,” Weaver added.

The world’s leading democracies are struggling to govern

With grid connectivity and efficient power transmission as integral to the energy targets set as the power generation, the transmission and distribution (T&D) sector has been in the spotlight for somewhile now. With tenders bid and orders won at a more frequent pace, KEC International, a diversified yet prominent EPC player in this space, has been riding this structural trend. The shares of the company have risen around 93 per cent in the last one year and 338 per cent in the last five years, while BSE Power has returned a lower 33 per cent and 311 per cent during the same periods respectively. At bl.portfolio , we had recommended investors to HOLD on to KEC International on June 3, 2023, when the company was trading at a one-year forward PE of 21 times, considering the strong business prospects and margins bottoming out, even though supply chain challenges persisted. Since then, margins have gradually recovered and structural tailwinds aiding the overall sector continue to provide a long runway for growth. But supply chain challenges have continued, and more importantly, the valuations have run up far ahead before the thesis fully played out, resulting in one-year forward PE and trailing twelve-month (TTM) PE currently at an elevated 45 times and 74 times respectively. For comparison, Kalpataru Projects International, the closest listed peer, is currently trading at one-year forward PE and TTM PE of 27 times and 40 times respectively. Investors could consider locking in on the gains partially and take some chips off the table, considering the sharp rally of 58 per cent in the last six months. This is a valuation call. KEC International, part of the RP Goenka Group, is a diversified EPC player, executing projects across 30+ geographies, in segments such as transmission and distribution (T&D), civil, railways, cables, oil and gas, and solar. T&D is the company’s mainstay, contributing to around 50 per cent of its topline. KEC offers comprehensive solutions in this space, encompassing the design, manufacturing, supply, installation and commissioning of transmission lines, substations and underground cabling in both domestic and international markets. It is one of the recognised contractors of Power Grid Corporation, India’s leading power transmission player. Civil projects undertaken by KEC is diversified across water infrastructure, water treatment and it is also a construction partner for building warehouses, factories, buildings, data centres, while railways include various signalling, station construction, amongst others. The company is also involved in the implementation of KAVACH via a joint venture. Laying of pipelines for the oil and gas sector is another segment, while the company is also into EPC of solar power projects. The non-T&D businesses account for the remaining 50 per cent. EBITDA margins for T&D is around low double-digits, while for Non-T&D projects, it has been around 5 per cent. SAE Tower Holdings LLC, an acquisition made in 2011, to geographically expand in the US (now present in Brazil and Mexico too), which dropped into losses from FY21, was back in the black in FY24. This was a causal factor behind the dip in EBITDA margins, from around 11 per cent between FY17 and FY20 to 4.8 per cent in FY23, before recovering to around 6.6 per cent in FY24. Revenue growth and EBITDA margins were guided at 15 per cent and 7.5 per cent respectively for FY25. Order intake, on the other hand, was guided for ₹25,000 crore, which, if met, would be the highest ever for the company. As of H1 FY25, the company’s revenue stood at ₹9,625 crore growing 10 per cent year on year – tepid, but impacted due to external factors. If not for manpower shortage (sustained from previous FY), delays due to heavy rainfalls in Gujarat and Rajasthan, where bulk of the T&D projects are under execution, and deliberate slowdown of water EPC projects due to payments issues with customer, H1 FY25 would have been stronger. Manpower shortage has been a widespread concern noted by most of the EPC players. EBITDA margin was at 6.4 per cent for H1 – 50-basis point year-on-year improvement. H2 FY25 is expected to be better on account of higher margin projects getting executed. EBITDA margins have been recovering steadily and this is the sixth consecutive quarter with year-on-year improvement. With old orders with lower margins expected to be executed and closed out this year and contribution from T&D segment continuing to rise, EBITDA margins are expected to inch up towards 9-10 per cent for FY26. Revenue contribution from T&D has been consistently on the rise with the same improving from 50 per cent in FY22 and FY23 to 53 per cent in FY24 to 55 per cent in H1 FY25. Order intake YTD as of October 2024 stood at around ₹13,482 crore – growth of 50 per cent year on year and this is apart from L1-s (lowest bidder, meaning the company is the lowest bidder in the tender process, but the order is yet to be awarded) of ₹8,500 crore, providing good revenue visibility. It is largely in line with the guidance and with H2 generally better than H1 in this industry, the management is confident of walking the talk. Orderbook is also at a high of ₹34,088 crore. T&D segment’s contribution to the orderbook, similar to the trend in revenue, has increased from 47 per cent in FY23 to 55 per cent in H1 FY24, in line with the increased frequency of tendering in this space. The management has said that they are reasonably hedged against commodity price hikes and that any volatility shouldn’t affect them materially. KEC is selective in its new projects, with emphasis on margin profile, working capital cycle, counterparty risk, execution risk and projects with front-ended cash flows and shorter execution timeframe. So, order intake in the railways, civil, oil and gas, and solar segment is expected to be constrained. In September this year, KEC concluded a fund raiser by way of QIP to the tune of ₹870 crore, issuing shares at a price of ₹955. The funds raised via the QIP will be used by KEC to repay debt, strengthening its balance sheet. This will help reduce interest costs, which has been hovering at 3-3.5 per cent of revenue since FY23 to 2.5 per cent for FY25. KEC has also planned for business realignment by transferring its cable business on slump sale to a newly-incorporated subsidiary for this purpose, to focus on that segment of the business. The management expects to grow at a brisk pace with recent investments in electron beam (e-beam) and elastomeric technology for high performance and specialty cables like green cables (eco-friendly) and EV charging cables. This realignment takes effect from January 1, 2025. The commissioning of its aluminium conductor manufacturing plant in Vadodara, which was scheduled for Q2, has been pushed to Q3 FY25. The aluminium conductors are used in power transmission and are efficient in it with lower transmission losses. This investment will help in backward integration. CommentsNonePV Sindhu shares magical wedding moments

Police hunt for UnitedHealthcare CEO's masked killer after 'brazen, targeted' attack on NYC street NEW YORK (AP) — A gunman killed UnitedHealthcare’s CEO on Wednesday in a “brazen, targeted attack” outside a Manhattan hotel where the health insurer was holding its investor conference, police said, setting off a massive search for the fleeing assailant hours before the annual Rockefeller Center Christmas tree lighting nearby. Brian Thompson, 50, was shot around 6:45 a.m. as he walked alone to the New York Hilton Midtown from a nearby hotel, police said. The shooter appeared to be “lying in wait for several minutes” before approaching Thompson from behind and opening fire, New York City Police Commissioner Jessica Tisch said. Police had not yet established a motive. “Many people passed the suspect, but he appeared to wait for his intended target,” Tisch said, adding that the shooting "does not appear to be a random act of violence.” Surveillance video reviewed by investigators shows someone emerging from behind a parked car, pointing a gun at Thompson’s back, then firing multiple times from several feet away. The gunman continues firing, interrupted by a brief gun jam, as Thompson stumbles forward and falls to the sidewalk. He then walks past Thompson and out of the frame. “From watching the video, it does seem that he’s proficient in the use of firearms as he was able to clear the malfunctions pretty quickly,” NYPD Chief of Detectives Joseph Kenny said. UnitedHealthcare CEO kept a low public profile. Then he was shot to death in New York NEW YORK (AP) — Brian Thompson led one of the biggest health insurers in the U.S. but was unknown to millions of people his decisions affected. Then Wednesday's targeted fatal shooting of the UnitedHealthcare CEO on a midtown Manhattan sidewalk thrust the executive and his business into the national spotlight. Thompson, who was 50, had worked at the giant UnitedHealth Group Inc for 20 years and run the insurance arm since 2021 after running its Medicare and retirement business. As CEO, Thompson led a firm that provides health coverage to more than 49 million Americans — more than the population of Spain. United is the largest provider of Medicare Advantage plans, the privately run versions of the U.S. government’s Medicare program for people age 65 and older. The company also sells individual insurance and administers health-insurance coverage for thousands of employers and state-and federally funded Medicaid programs. The business run by Thompson brought in $281 billion in revenue last year, making it the largest subsidiary of the Minnetonka, Minnesota-based UnitedHealth Group. His $10.2 million annual pay package, including salary, bonus and stock options awards, made him one of the company's highest-paid executives. Hegseth fights to save Pentagon nomination as sources say Trump considers DeSantis WASHINGTON (AP) — A defiant Pete Hegseth fought to save his nomination to be Donald Trump's defense secretary Wednesday as the president-elect considered possible replacements in the face of growing questions about the former Fox News host's personal conduct and ability to win Senate confirmation. Hegseth met with legislators on Capitol Hill, conducted a radio interview and released an opinion article denying allegations of sexual assault and excessive drinking. He insisted he was “not backing down one bit," that Trump was still supporting him and he planned to return Thursday for more meetings with lawmakers. But the president-elect's team was looking at alternatives including Florida Gov. Ron DeSantis. Trump himself remained quiet about Hegseth while issuing a flurry of statements on social media Wednesday about other nominees and his news coverage. Hegeth, asked if he'd meet with Trump on Thursday, said he'd meet with him “anytime he'd like." Hegseth is the latest nominee-designate to be imperiled by personal baggage after the recent withdrawal of Trump’s initial pick for attorney general, former Rep. Matt Gaetz, whose vulnerabilities were well-documented. But Hegseth’s past, including the revelation that he made a settlement payment after being accused of a sexual assault that he denies, was not widely known. Supreme Court seems likely to uphold Tennessee's ban on medical treatments for transgender minors WASHINGTON (AP) — Hearing a high-profile culture-war clash, the Supreme Court on Wednesday seemed likely to uphold Tennessee's ban on gender-affirming care for minors. The justices’ decision, not expected for several months, could affect similar laws enacted by another 25 states and a range of other efforts to regulate the lives of transgender people, including which sports competitions they can join and which bathrooms they can use. The case is being weighed by a conservative-dominated court after a presidential election in which Donald Trump and his allies promised to roll back protections for transgender people, showcasing the uneasy intersection between law, politics and individual rights. The Biden administration's top Supreme Court lawyer warned a decision favorable to Tennessee also could be used to justify nationwide restrictions on transgender healthcare for minors. In arguments that lasted more than two hours, five of the six conservative justices voiced varying degrees of skepticism of arguments made by the administration and Chase Strangio, the ACLU lawyer for Tennessee families challenging the ban. Peter Navarro served prison time related to Jan. 6. Now Trump is bringing him back as an adviser WASHINGTON (AP) — Former White House adviser Peter Navarro, who served prison time related to the Jan. 6 attack on the U.S. Capitol, will return to serve in Donald Trump’s second administration, the president-elect announced Wednesday. Navarro, a trade adviser during Trump’s first term, will be a senior counselor for trade and manufacturing, Trump said on Truth Social. The position, Trump wrote, “leverages Peter’s broad range of White House experience, while harnessing his extensive Policy analytic and Media skills.” The appointment was only the first in a flurry of announcements that Trump made on Wednesday as his presidential transition faced controversy over Pete Hegseth, Trump’s choice for Pentagon chief. Hegseth faces allegations of sexual misconduct, excessive drinking and financial mismanagement, and Trump has considered replacing him with another potential nominee. As he works to fill out his team, Trump said he wanted Paul Atkins, a financial industry veteran and an advocate for cryptocurrency, to serve as the next chairman of the Securities and Exchange Commission. He wrote on Truth Social that Atkins “recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.” Trump also said he was changing course on his choice for White House counsel. He said his original pick, William McGinley, will work with the Department of Government Efficiency, which will be run by Elon Musk and Vivek Ramaswamy with the goal of cutting federal spending. Now David Warrington, who has worked as Trump’s personal lawyer and a lawyer for his campaign, will serve as White House counsel. Israeli strikes on a Gaza tent camp kill at least 21 people, hospital says KHAN YOUNIS, Gaza Strip (AP) — Israeli airstrikes tore through a tent camp for displaced Palestinians in southern Gaza on Wednesday, sparking fires and killing at least 21 people, according to the head of a nearby hospital, in the latest assault on a sprawling tent city that Israel designated a humanitarian safe zone but has repeatedly targeted. The Israeli military said it struck senior Hamas militants “involved in terrorist activities” in the area, without providing additional details, and said it took precautions to minimize harm to civilians. The strike on the Muwasi tent camp was one of several deadly assaults across the Gaza Strip on Wednesday. An Israeli attack in central Gaza killed at least 10 more people, including four children, according to Palestinian medics. Israel’s devastating war in Gaza, launched after Hamas’ October 2023 attack, shows no signs of ending after nearly 14 months. Hamas is still holding dozens of Israeli hostages, and most of Gaza’s population has been displaced and is reliant on international food aid to survive. Israel is also pressing a major offensive in the isolated north, where experts say Palestinians might be experiencing famine. The Biden administration has pledged to make a new push for a Gaza ceasefire now that there's a truce in Lebanon between Israel and the militant group Hezbollah, ending more than a year of cross-border fighting. Meanwhile, President-elect Donald Trump demanded this week the release of hostages held by Hamas before he is sworn into office in January. South Korean President Yoon's martial law declaration raises questions over his political future SEOUL, South Korea (AP) — President Yoon Suk Yeol’s stunning martial law declaration lasted just hours, but experts say it raised serious questions about his ability to govern for the remaining 2 1/2 years of his term and whether he will abide by democratic principles. The opposition-controlled parliament overturned the edict, and his rivals on Wednesday took steps to impeach him. One analyst called his action “political suicide.” Yoon’s political fate may depend on whether a large number of people in coming days take to the streets to push for his ouster. Here's a look at the political firestorm caused by the martial law declaration, the first of its kind in more than 40 years. Yoon's declaration of emergency martial law on Tuesday night was accompanied by a pledge to eliminate “shameless North Korea followers and anti-state forces at a single stroke.” He vowed to protect the country from “falling into the depths of national ruin.” Yoon, a conservative, cited repeated attempts by his liberal rivals in control of parliament to impeach his top officials and curtail key parts of his budget bill for next year. French lawmakers vote to oust prime minister in the first successful no-confidence vote since 1962 PARIS (AP) — France’s far-right and left-wing lawmakers joined together Wednesday in a historic no-confidence vote prompted by budget disputes that forces Prime Minister Michel Barnier and his Cabinet members to resign, a first since 1962. The National Assembly approved the motion by 331 votes. A minimum of 288 were needed. President Emmanuel Macron insisted he will serve the rest of his term until 2027. However, he will need to appoint a new prime minister for the second time after July’s legislative elections led to a deeply divided parliament. Macron will address the French on Thursday evening, his office said, without providing details. Barnier is expected to formally resign by then. A conservative appointed in September, Barnier becomes the shortest-serving prime minister in France’s modern Republic. White House says at least 8 US telecom firms, dozens of nations impacted by China hacking campaign WASHINGTON (AP) — A top White House official on Wednesday said at least eight U.S. telecom firms and dozens of nations have been impacted by a Chinese hacking campaign. Deputy national security adviser Anne Neuberger offered new details about the breadth of the sprawling Chinese hacking campaign that gave officials in Beijing access to private texts and phone conversations of an unknown number of Americans. Neuberger divulged the scope of the hack a day after the FBI and the Cybersecurity and Infrastructure Security Agency issued guidance intended to help root out the hackers and prevent similar cyberespionage in the future. White House officials cautioned that the number of telecommunication firms and countries impacted could still grow. The U.S. believes that the hackers were able to gain access to communications of senior U.S. government officials and prominent political figures through the hack, Neuberger said. “We don’t believe any classified communications has been compromised,” Neuberger added during a call with reporters. Harris found success with women who have cats, but Trump got the dog owner vote: AP VoteCast WASHINGTON (AP) — The lead-up to the 2024 election was all about cat owners. But in the end, the dogs had their day. President-elect Donald Trump won slightly more than half of voters who own either cats or dogs, with a big assist from dog owners, according to AP VoteCast, a survey of more than 120,000 voters. Dog owners were much more likely to support the Republican over Democratic Vice President Kamala Harris. Cat owners were split between the two candidates. About two-thirds of voters said they own a dog or cat, but pet owners don't usually get much attention from politicians. This year, however, past comments by Trump's running mate, Ohio Sen. JD Vance, about “childless cat ladies” briefly became a campaign issue — and Taylor Swift signed her Instagram endorsement of Harris in September as “Taylor Swift Childless Cat Lady.” Harris did end up decisively winning support from women who owned a cat but not a dog. Still, those voters were a relatively small slice of the electorate, and pet owners as a whole did not seem to hold Vance's remarks against the GOP ticket. Childless or not, women who only owned a cat were more likely to support Harris than were dog owners, or voters who had a cat and a dog. About 6 in 10 women who owned a cat but not a dog supported Harris, according to AP VoteCast. She did similarly well among women who did not own either kind of pet.

Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info Radio star Melvin Odoom confessed his crush on Carol Vorderman while in the I'm A Celebrity... Get Me Out of Here! jungle and now, former I'm A Celeb star Nicola McLean has suggested they should go on a date. Melvin, 44, spilled the beans about his crush on the maths genius during his stint in the jungle, revealing his affection to the other contestants after receiving a pillow with her image as his luxury item. After braving the Australian wilds and being the fourth celebrity to exit after 18 days, Melvin opened up about his desire to take Carol, 63, on a date, especially since he'd been too shy to approach her at the previous Pride of Britain Awards in October. Nicola, who competed in the 2008 series, believes Carol "owes" him a date. She said: "Imagine being that spoken about on I'm A Celebrity and you weren't even in the camp so I think she owes him for the air time. She should definitely go on a date with him. He's so cute as well. They'd be lovely together." This comes on the heels of news that Carol messaged Melvin with congratulations upon his show exit. Fresh out of the jungle, Melvin couldn't contain his excitement as he jumped onto his Twitter and Instagram with a lively video, declaring, "Carol is in the DMs! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !" The TV star was buzzing to dive into his messages after being unplugged from his phone while in the camp, revealing on the video: "I'm about to check my DMs. I've spotted a message from Vorders herself. Let's see what it says", reports the Mirror . Over breakfast at their hotel, Melvin’s fellow celeb Jane Moore teased him by predicting Carol's message might say "Get lost, loser," prompting a gleeful reply from Melvin: "No, no, no." He went on to share Carol’s actual words sent to his account handler: "Please give him my best. He's done so well", followed by a heart emoji. Fans who've been following I’m a Celeb were thrilled with the revelation, causing a stir on social media. Comments like "Sort a date out", "Awww, so happy for you!", "Go get your girl," and "I have been living for this day! ! ! !" started flooding in. Carol didn't miss a beat when it came to engaging in some playful banter on ITV's I'm A Celebrity Unpacked. Host Joel Dommett shared a cheeky voice note from Carol, where she flirted : "Melvin... or should I say jungle man, Melvin Vorderman. Right, question, have you been spying on me? Because only last night I had little Thai food..." She continued to encourage him: "Jungle man, keep doing what you are doing, you're doing a brilliant job. see you on other side."

The Bharatiya Janata Party (BJP) seemed to face strong socio-political headwinds on Christmas Eve on Tuesday. The Vishwa Hindu Parishad’s (VHP) alleged disruption of a Christmas carol taken out by Nallepilly Government Upper Primary School students appeared to imperil the Bharatiya Janata Party’s (BJP) expanding outreach to the Christian community in Kerala. It also did not help the BJP that the Palakkad district police were investigating Sangh Parivar workers suspected of vandalising a crib depicting the nativity of Jesus Christ assembled by students of GBUP School, Thattamangalam. For one, Yuhanon Meletius, Metropolitan bishop of the Malankara Orthodox Syrian Church’s Thrissur Diocese, sparked a condemnatory public debate by noting in a social media post that cribs were revered in some places and vandalised in other regions. Notably, the Bishop’s post came a day after Prime Minister Narendra Modi participated in the Christmas celebration hosted by the Catholic Bishop’s Conference of India (CBCI) in New Delhi. Soon, Baselios Marthoma Mathews III, the Catholicos of the East and Metropolitan of the Malankara Church, denounced the incidents as “disturbing”. The Communist Party of India (Marxist) [CPI(M)] and the Congress, smarting from BJP candidate Suresh Gopi’s thumping victory in the Thrissur Lok Sabha constituency, where Christians form a sizeable electoral bloc, seized on the incident to derail the BJP’s “Christmas outreach” to the minority community. CPI(M) and Congress workers protested in Palakkad, singing Christmas carols and dressing up as Santa Claus. At the same time, the BJP’s rank and file fanned out across Kerala, knocking on the doors of parishioners and Church leaders to convey Mr. Modi’s festival greetings. In his Christmas message, Chief Minister Pinarayi Vijayan said the Sangh Parivar’s attack on Christmas celebrations had brought ignominy to Kerala. He called for social unity to isolate such “divisive and uncivilised forces”. Leader of the Opposition V.D. Satheesan spotlighted the “sharply contrasting aspects” of the BJP’s attempt to court the Christian community in Kerala. He equated BJP’s “overtures” “to Christians to a “wolf in the sheep’s clothing”. The BJP scrambled to hit the reset button, facing stiff public opposition. Union Minister of State George Kurian quickly denounced the incidents. BJP State president K. Surendran told The Hindu that the BJP expelled its Wayanad district secretary for anti-Christian remarks. “The Congress welcomed him to its fold,” he noted. VHP State secretary Viji Thampi said Bajrang Dal and VHP workers had gently pointed out to school authorities that sending schoolchildren to perform Christmas carols at nearby homes violated juvenile justice rules. “The police arrested them on trumped-up charges, he claimed. Published - December 24, 2024 09:25 pm IST Copy link Email Facebook Twitter Telegram LinkedIn WhatsApp Reddit