Terracon, a $1B engineering consulting firm, to open Richmond office
Kansas-headquartered Terracon, an engineering and scientific consulting firm, will open a Richmond office.
The Greater Richmond Partnership on Wednesday announced the company had signed on for office space at 3711 Saunders Ave. The GRP said the new office will create 25 new jobs in the region in the next year, including field technicians, engineering, project management and administrative support positions.
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Yahoo
3 hours ago
- Yahoo
Infrastructure is a solid bet: Ferrovial exec
This story was originally published on Construction Dive. To receive daily news and insights, subscribe to our free daily Construction Dive newsletter. Even as federal infrastructure dollars have become more uncertain in the U.S., the private sector can step in to help close the public funding gap. That's according to Silvia Ruiz, global head of investor relations at Amsterdam-headquartered civil engineering firm Ferrovial, who noted that urbanization and population growth are driving the need for transportation, data centers and energy projects, making infrastructure an attractive sector for investors. 'From express lanes to smart cities, infrastructure demand is soaring,' Ruiz told Construction Dive. Indeed, infrastructure is a hot item for the likes of New York City-headquartered investment manager BlackRock, according to Infrastructure Investor. In addition, last month, Barings, the Charlotte, North Carolina-based unit of Massachusetts Mutual Life Insurance, collected $950 million for its private equity and infrastructure fund for high-growth energy, digital infrastructure and transportation assets, The Wall Street Journal reported. Here, Ruiz talks with Construction Dive about private infrastructure funding, global trends and which sectors are set to be hot in the coming years. The following has been edited for brevity and clarity. SILVIA RUIZ: We believe infrastructure is an attractive sector from an investment point of view — stable, inflation-resistant and fueled by state spending. Through public-private partnerships, the private sector helps close the funding gap, ensuring industry stability. Consumers interact with major infrastructure daily by driving on highways, passing through airports and witnessing firsthand the surge in travel and tourism. By investing in what they know and use, investors can develop a deeper understanding of how the industry grows over time, like with population influxes to growing cities. Overall, as cities, communities and businesses grow across the U.S., the need for infrastructure projects and improvements increases. For example, we're seeing continued growth in highways and airports, driven by cities' needs to alleviate congestion and airport modernization efforts as populations grow. The necessity of infrastructure creates a steady demand for investments. We remain bullish on the infrastructure sector. The long-term need for modern, resilient infrastructure in the U.S. remains unchanged as the industry supports community growth in America's expanding cities. Ferrovial has a track record of financing, designing, building, operating and maintaining large-scale infrastructure across industries. We work proactively to maintain compliance, minimize risks and ensure that our projects contribute to shared objectives such as improving transportation, fostering economic growth and enhancing safety. Since we invest equity in developing these projects, public funds can be allocated to address other local needs. We expect to see strong growth in transportation, data centers and energy. Developing efficient highways and modernizing aging airports will continue to be essential. We're optimistic that public-private collaboration will continue to be a growing trend as demand increases and budgets are limited, and the private sector can help to close that gap. We've also seen energy demand rise exponentially to help power AI processing through data centers and expect continued growth to help power technology demand increase. Globally, infrastructure investments are increasing particularly in rail, energy and digital infrastructure sectors, driven by the trend of more people moving to fast-growing cities. Infrastructure, particularly for the highway and airport sectors, has rebounded significantly following COVID-19 with most nations reporting travel figures higher than pre-pandemic numbers in 2024, showing the industry's resilience. In the first quarter of this year, Ferrovial's highways division delivered 14.1% year-over-year revenue growth. Notably, 407 Express Toll Route in Canada delivered double-digit EBITDA growth despite adverse weather conditions. These mobility solutions are essential assets, indicating just how resilient infrastructure is as an investment due to its continuous operation. And the need for these projects only increases to meet growing community demands. First and foremost, population influxes to cities and increases in travel due to that movement continually drive infrastructure investment. Public-private partnerships continue to be a successful focus in delivering essential transportation needs, from efficient highways to modernizing airports. We're tracking the rise in energy demand alongside the growth of data centers and sustainable AI cloud solutions. While our current investment is modest, we've established new divisions to explore the opportunity. For now, our primary focus remains on U.S. express lanes. Ultimately, the future of infrastructure lies in how well we adapt to new technologies, to global challenges and to the evolving needs of the communities we serve. We see that as both a responsibility and an opportunity. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
4 hours ago
- CNBC
Shein seen boosting Indian manufacturing as U.S.-China trade war shakes up supply chains
Fast fashion giant Shein is reportedly set to boost its manufacturing in India with a view to bolstering its international supply chains amid the ongoing U.S.-China trade war. The Chinese-founded, Singapore-headquartered brand and Indian partner Reliance Retail are set to expand their supplier base in the South Asian country and begin international sales of India-made Shein clothes within the next six to 12 months, Reuters reported Monday, citing sources. The plans aim to increase Indian suppliers from 150 to 1,000 within a year, they added. Shein told CNBC the partnership was limited to the licensing of its brand to Reliance Retail for Indian domestic consumption only. Reliance did not immediately respond to a request for comment. According to the sources, discussions between the firms were underway ahead of fresh U.S. tariffs on China and the closure of the former's 'de minimis' trade loophole. Analysts nevertheless dubbed it a potentially savvy move given brewing trade tensions and increased scrutiny over Shein's supply chains ahead of its closely watched initial public offering. ''Shein's expansion of its production in India is on the face of it a shrewd move, given the trade headwinds facing the company," Susannah Streeter, head of money and markets at Hargreaves Lansdown, told CNBC via email. "It does look like using India as a manufacturing base is a long-term plan and the current tariff challenges could speed this up," Ed Sander, analyst at Tech Buzz China, added. Shein launched in India in 2018 but it was banned in 2020 as part of a government clampdown on Chinese firms. It returned to India in February, as part of a licensing deal with Reliance Industries, the conglomerate owned by Asia's richest person, Mukesh Ambani. The partnership is one of many Reliance has with global clothing brands including Brooks Brothers, Marks & Spencer and Diesel. Under the deal, Shein-branded clothes are produced domestically in India and sold on the website. This differs from most other Shein websites, which list products made in China. The firm nevertheless has existing manufacturing in Brazil and Turkey. An official from Reliance Retail said at the time that Shein would use India as "supply source for its global operations," according to the BBC. They added that the deal would simultaneously help Reliance in "building the network" and training Indian garment manufacturers as part of India's wider plans to promote its textile and garments export industry. "I doubt if the option of exporting elsewhere from India will be the main aim at the moment," Sander said, noting current limitations around India's factory capacity. "Having said that, this could change in the future if Reliance scales up." It comes as other companies have also been ramping up their production in India as they seek to avoid the most punitive tariffs on China. Tariffs on India are currently held at 10% while trade negotiations remain underway. "With the outcome of U.S. China trade talks still unclear, diversifying the manufacturing base to other parts of the world which could benefit from lower tariffs on exports to the U.S. looks sensible," Streeter said in emailed comments. U.S. tech giant Apple has also been boosting its production in India with a view to making around 25% of global iPhones in the country in the coming years. Those plans sparked backlash from U.S. President Donald Trump, who threatened to impose 25% tariffs on such goods. The timing is especially interesting for Shein, however, as it seeks to overcome scrutiny in its troubled pursuit of an IPO. The e-commerce behemoth reportedly recently shifted its listing from London to Hong Kong after failing to receive approval from Chinese regulators. Shein has long sought to shake allegations over the use of forced labor to produce its low-cost goods — claims it vehemently denies. Still, some raised concerns about whether India would provide the silver bullet. "India is not without risk in this respect. There have been reports of labor violations amounting to forced and child labor occurring on cotton farms supplying to three Indian textile suppliers to 60 multinational clothing brands," Streeter said. "Among responsible consumers and investors, there still may be significant skepticism about this move.'' A spokesperson for the Indian government did not immediately respond to CNBC's request for comment on the claims.
Yahoo
4 hours ago
- Yahoo
Pret targets small-town Britain with launch of slower-paced cafes
Pret A Manger is to serve freshly made food on porcelain plates at sit-down cafes as it expands into small-town Britain. The London-headquartered chain has announced plans to trial new cafes that feel more like restaurants than takeaway shops, with food prepared to order behind a counter. Clare Clough, the chain's UK boss, said Pret wanted to become more of 'a destination for customers in a bit less of a rush who want a comfortable space to enjoy delicious food and spend time with family and friends'. Though widely known for its prevalence in London and its popularity among commuters, Pret has in recent years been focusing on suburban and remote areas – forcing it to adapt its stores to appeal to older customers and families, instead of busy workers. This month, it will open two cafes in Dundee and Maidenhead featuring more comfortable seating, a new menu and fewer fridges. Instead of chilled baguettes, the new sites will sell more hot products such as meatball and red pepper tapenade subs and sourdough toasties. While customers will be served food on porcelain crockery, they will still have to collect their orders from the counter in a manner similar to rivals such as Costa Coffee and Gail's. The focus on suburbs and more remote areas comes after Pret's city centre stores struggled during the pandemic and, since then, with the rise of working from home. More than 80pc of the sites it has opened since 2023 have been outside of London. The strategy has paid off, with Pret's revenues topping a record £1bn in 2023. A push to grow the business internationally in Europe and the US has also borne fruit after New York became its second-highest-grossing city outside London. However, it has struggled to stay profitable and faced criticism for raising prices. The chain has also come under pressure from both cheaper rivals and more expensive competitors in its London heartlands following the pandemic, spurring it to consider how it can broaden its appeal. Simon Stenning, hospitality industry expert and director of Future Foodservice, said: 'The competition has expanded, providing Pret customers with more options and more choice. 'And they're being challenged at the value-end of the spectrum with Greggs increasing their presence in London. 'I think it is Pret realising that, given their predicament of becoming very expensive for products which are better than standard but still fall a little short of the alternatives that are available to consumers, they need to shift the dial. 'You're not comparing a baguette from a chilled Pret cabinet with a baguette from a Greggs or a Sainsbury's cabinet now. What you're doing is comparing it to a baguette made freshly for you in a nice cafe environment or a bakery.' In 2015, the chain trialled evening meals at its flagship site on London's Strand. Called 'Good Evening with Pret', it sold wine and beers alongside a menu of small plates. The idea was never rolled out more widely. Last week, it emerged that JAB Holding, Pret's Luxembourg-headquartered private-equity backer, had appointed advisers to explore options for the chain, including a potential stock market float or bringing in another investor to shore up its finances. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
