Toyo Tire Lifts Outlook, Boosts US Output to Cushion Tariff Blow
The tiremaker will accelerate production of high-margin products such as its WLTR tire used in both SUVs and pickup trucks at its plant in Georgia, with operations set to begin in 2027. 'As our most important market, we are committed to expanding our presence in North America,' Chief Executive Officer Takashi Shimizu said during an earnings briefing on Friday. North America accounted for 66% of the company's total revenue last fiscal year.
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Ex-Jefferies Fund Manager Accused in Water-Vend Scam
(Bloomberg) -- A former Jefferies Financial Group Inc. hedge fund manager was charged with fraud by federal prosecutors in New York for allegedly directing the purchase of nearly $100 million in bonds tied to a water-vending machine business. The US-Canadian Road Safety Gap Is Getting Wider Festivals and Parades Are Canceled Amid US Immigration Anxiety Sunseeking Germans Face Swiss Backlash Over Alpine Holiday Congestion To Head Off Severe Storm Surges, Nova Scotia Invests in 'Living Shorelines' Five Years After Black Lives Matter, Brussels' Colonial Statues Remain Jordan Chirico is accused of directing the Jefferies fund, 352 Capital, to purchase bonds funding a Washington state business that purported to operate a network of water vending machines, according to an indictment unsealed Thursday in New York federal court. But in many cases, the machines didn't exist, prosecutors allege. The owner of the business, Ryan Wear, was also charged with fraud. Prosecutors said he helped raise more than $200 million from investors by selling them the machines. 'Ryan Wear raised hundreds of millions of dollars through false promises of a water-vending machine business that became nothing more than a scam that victimized retail investors, including military veterans,' interim Manhattan US Attorney Jay Clayton said. 'Jordan Chirico made matters worse by putting his own financial interests before his professional duties.' The US Securities and Exchange Commission filed a parallel civil case against Wear and his businesses and also made separate allegations that Chirico violated his fiduciary duty by investing the private fund in the alleged scheme. Chirico was aware of red flags and didn't disclose his conflicts of interest, the SEC said. Chirico's lawyer Robert Gage called his client a 'victim,' not 'the villain.' 'A federal court already dismissed a nearly identical civil case earlier this year in which Leucadia/Jefferies tried to scapegoat our client for an alleged scheme that deceived him along with hundreds of other investors and major institutions,' Gage said. 'We look forward to clearing Jordan's name in court.' Wear, 49, of Everett, Washington, didn't respond to a voicemail seeking comment. Missing Machines The indictment comes after Jefferies sued Chirico, Wear and others tied to the alleged scheme. The vending business, WaterStation Management, was forced into bankruptcy and has spawned a rash of civil lawsuits from investors who purchased machines. In actuality, most of the machines either didn't exist or had been sold to more than one investor, according to bankruptcy records. Bloomberg News reported in September that federal prosecutors in Manhattan were investigating Chirico. 352 Capital was part of Jefferies's Leucadia Asset Management. Chirico, 41, of Carmel, Indiana, is charged with investment adviser fraud, which carries a maximum sentence of five years in prison, and securities fraud, which has a top punishment of 20 years behind bars. Wear is charged with wire fraud and securities fraud, both of which carry 20-year sentences. Prosecutors allege that Chirico had personally invested more than $7 million in WaterStation, but never disclosed his stake while investing millions of the fund's assets in the company. The government said he also failed to reveal more than $90,000 in monthly payments he received or the $1.6 million he earned for referring friends and relatives to invest. According to the indictment, Chirico sold his interests back to WaterStation without revealing he was being paid by proceeds of the bond offering originating from the Jefferies fund and deliberately omitted that Wear owed him millions in loans and note repayments. Chirico had learned of issues at the company by the summer of 2023, and the following year, Wear admitted to him that thousands of the water machines collateralizing the bonds didn't exist and that he had misappropriated tens of millions of dollars in bond proceeds, prosecutors said. But instead of revealing the issues, Chirico directed the fund to buy another $19 million of additional bonds, the proceeds of which were partially used to repay Chirico, according to the government. 352 hasn't received any principal payments on nearly $107 million worth of WaterStation bonds, prosecutors said. The cases are US v Chirico, 25-cr-365, SEC v Chirico, 25-cv-6715, and SEC v Wear, 25-cv-6713, US District Court, Southern District of New York. --With assistance from Nicola M White and Ava Benny-Morrison. (Corrects spelling of Chirico in 14th paragrpah. Updates with details of charges and allegations by prosecutors.) 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AI Build-Out to Propel Data Center Physical Infrastructure Market to $63.1 Billion by 2029, According to Dell'Oro Group
Thermal Management and Cabinet PDU & Busway Lead Growth; Liquid Cooling Set to Quintuple by 2029 REDWOOD CITY, Calif., Aug. 15, 2025 /PRNewswire/ -- According to a recently published report from Dell'Oro Group, the trusted source for market information about the telecommunications, security, networks, and data center industries, the worldwide Data Center Physical Infrastructure (DCPI) market is projected to grow at a 15 percent CAGR from 2024 to 2029, reaching $63.1 billion by 2029 as AI-ready capacity accelerates through the mid-decade. This outlook reflects stronger-than-expected deployments to support accelerated computing workloads. "AI is reshaping facility design from the rack up—densities are climbing, power is getting smarter, and liquid is moving from niche to necessary," said Alex Cordovil, Research Director at Dell'Oro Group. "Our latest forecast shows the market scaling faster and more broadly than earlier expected, with vendors and operators adapting quickly to new thermal and electrical realities while navigating power constraints pragmatically." Additional highlights from the Data Center Physical Infrastructure 5-Year July 2025 Forecast Report: Thermal Management is projected to grow at a 19 percent CAGR by 2029; within it, Direct Liquid Cooling (DLC) is set to surge from $1.1B in 2024 to $5.8B in 2029 as rack densities rise with accelerated computing and DLC asserts itself as the dominant heat technology to dissipate heat out of the rack. Cabinet PDU & Busway will expand at a 21 percent CAGR; overhead busbars—now the de facto choice for AI halls—are forecast to grow 25 percent CAGR, while RPPs lag at 5 percent CAGR. Service Providers (cloud & colocation) are set to grow at a 20 percent CAGR through 2029, while Enterprise increases 6 percent CAGR as enterprise leaders favor colocation partners to host AI infrastructure. Growth is broad-based, with North America leading and EMEA/China peaking around 2026 before moderating; AI sovereignty and export-policy shifts support momentum. Operators increasingly combine utility ties with on-site generation and other tactics; overall, we expect only a modest impact on capacity expansion from power constraints. About the Report Dell'Oro Group's Data Center Physical Infrastructure 5-Year Forecast report provides a complete overview of the Data Center Physical Infrastructure market. This covers market sizes and forecasts for uninterruptible power supplies (UPS), thermal management, cabinet power distribution and busway, rack power distribution, IT racks and containment, and software and services. Allocation of manufacturing revenues by cloud service providers, telco, colocation, and enterprise customer segments is also provided. For more information about the report, please contact us at dgsales@ About Dell'Oro GroupDell'Oro Group is a market research firm that specializes in strategic competitive analysis in the telecommunications, security, enterprise networks, and data center infrastructure markets. Our firm provides in-depth quantitative data and qualitative analysis to facilitate critical, fact-based business decisions. For more information, visit View original content to download multimedia: SOURCE Dell'Oro Group Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
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Historic day as Wiltshire town twins with American counterpart
Amesbury in Wiltshire has officially twinned with Amesbury in Massachusetts. On Tuesday, August 5, 2025, a historic event took place at the Amesbury History Centre. The Amesbury Town Council in Wiltshire and the City Council of Amesbury, Massachusetts, signed a Twinning Oath. This marks the start of a transatlantic partnership based on shared heritage and civic friendship. Mayor Kassandra Gove, representing Amesbury, Massachusetts and Cllr Dr Monica Devendran, Mayor of Amesbury, Wiltshire (Image: Bertie Coy & Tyler Penny) Read more Residents get more time to apply to solar panel scheme Costa Coffee 'thrilled' to be returning to Salisbury District Hospital Stolen motorbike leads to police identity appeal The agreement was signed by Councillor Dr Monica Devendran, Mayor of Amesbury, Wiltshire, and Mayor Kassandra Gove of Amesbury, Massachusetts, in the presence of councillors, civic dignitaries, and members of the community. The partnership, years in the making, celebrates the historical links between the two towns. It aims to initiate joint ventures in tourism, education, cultural exchange, and economic development. Councillor Dr Monica Devendran said: "This is more than a ceremonial gesture, it's a commitment to building meaningful relationships that span continents." "We are two towns with one name, now united in purpose and promise." Mayor Kassandra Gove added: "I'm absolutely delighted about this transatlantic partnership. "This partnership will promote tourism, strengthen civic ties, and put Amesbury on the map." The signed and sealed parchment declares a commitment to "strengthening bonds across our communities, encouraging cultural exchange, and promoting goodwill for generations to come." The day of the signing also included visits to Stonehenge, Amesbury Abbey, St Mary and St Melor Church, Antrobus House, and the town centre. Read more UK to enjoy another heatwave with 'strong sunshine' and over 30C predicted Lanterns lit up the river in a powerful tribute to Hiroshima and Nagasaki victims The day began with the opening of the new Pavilion Extension and the Amesbury Men's Shed, a community-led project supporting wellbeing, inclusion, and local engagement. The building was officially opened by both mayors. As part of the civic reception, four longstanding Amesbury Town Councillors were honoured for their continued service and dedication. They were Councillors Richard Crook, Margaret Strange, John Swindlehurst, and Ian Mitchell. The day was described as a success, with a thank you extended to all the volunteers, partners, and supporters who helped make it possible.
