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Yahoo
28-05-2025
- Business
- Yahoo
Strauss Group Reports First Quarter 2025 Results: Revenues up 15.5%, reaching NIS 3 billion Operating profit amounted to NIS 181 million[1]
First Quarter 2025 Highlights: Sales growth across all business segments in Israel and globally, driven primarily by Brazil Continued investment in infrastructure in Israel, including a new production facility for plant-based milk alternatives in Northern Israel (expected to be completed by the end of 2025), and new logistics centers in Bror Hayil and Yotvata Growth in Israel across all segments, driven by innovation and a customer-centric approach The international coffee business achieved record revenues and operating profit in the quarter In Brazil, the group continues to maintain its leading competitive position in coffee and presented an improvement in its operating profit. Strauss Water launched a new brand in the UK, in collaboration with Culligan S&P Maalot affirmed the Group's ilAA+ rating with stable outlook PETAH TIKVA, Israel, May 28, 2025 /PRNewswire/ -- Strauss Group Ltd. (TASE: STRS) reported its financial statements for the first quarter of 2025, highlighting significant revenue growth despite ongoing inflationary pressures in raw material costs, particularly coffee and cocoa. Strauss Group President & CEO Shai Babad commented: "In the first quarter. Strauss Group achieved significant growth in all activities, while improving market share in main categories. This growth was driven across the board by strengthening our position as the leading coffee company in Brazil and leaning into consumer centric trends in Israel, introducing product innovation that powers our popular brands. Likewise, we have continued our commitment to Israeli industry, investing in manufacturing facilities and logistics centers in the North and South of the country. We recently laid the cornerstone for a new logistics center in Bror Hayil, and later this year we intend to launch a new production facility for plant-based milk alternatives in the North. "The Group remains focused on the consistent execution of our strategic plan, while facing the ongoing pressure of high raw material costs and are committed to delivering sustainable growth and value to our consumers." Key financial indicators: NIS millions Q1 2025 Q1 2024 % Change Sales 2,990 2,589 +15.5 % Operating profit 181 204 -11.2 % Operating margin % 6.0 % 7.8 %Net profit 73 159 -54.8 % Net margin % 2.4 % 6.2 % Strauss Group released its financial statements for the first quarter of 2025, reporting sales of approximately NIS 3 billion, representing 15.5% growth compared to the same quarter last year. Growth was primarily driven by the international coffee business, with Brazil in particular, in addition to ongoing growth in Israel and Strauss Water, with volume growth achieved in some of the business segments. The Group's operating profit reached NIS 181 million, 6.0% of sales, compared to NIS 204 million, 7.8% of sales in the first quarter last year. Operating profit was impacted by rising raw material costs, particularly green coffee and cocoa. Net profit amounted to NIS 73 million, 2.4% of the sales. In parallel, and as part of its strategic plan, the Group delivered operational efficiencies through the implementation of productivity initiatives. Excluding a non-recurring loss on cocoa derivatives of NIS 49m, the gross profit would have reached NIS 830m, reflecting a 27.7% margin. Quarterly summary by operating segment: Strauss Israel – 6.6% growth in Q1 2025 Strauss Israel concluded the quarter with revenue of NIS 1.4 billion, an increase of 6.6%, yoy. Strauss Israel's operating profit was NIS 113 million, reflecting a decline of 25.7%, yoy. The decline in profitability was mainly due to rising coffee and cocoa prices and realization of a non-recurring loss of NIS 49m on cocoa derivatives. Health & Wellness segment sales reached NIS 742 million, up 1.5%, yoy, while the segment's operating profit reached NIS 88 million, an increase of 18.2%. Fun & Indulgence (Snacks and Confectionery) segment sales reached NIS 394 million, up 9.2%, yoy. The segment reported an operating loss of NIS 16 million, of which NIS 49 million is attributable to the realization of non-recurring loss on cocoa derivatives. Fun & Indulgence (Israel Coffee) segment sales reached NIS 260 million, up 19.4%, yoy, with the segment's operating profit reaching NIS 41 million, an increase of 15.5%, yoy. Strauss International Coffee – 45.4% growth in Q1 2025 In Q1 2025, Strauss Coffee's sales reached NIS 1.4 billion, representing an increase of 45.4%, yoy. Operating profit reached NIS 55 million, an increase of 43.9%, yoy, with an operating margin of 3.9%. The Group's coffee activity in Central Eastern Europe – Poland, Romania, Russia and Ukraine – delivered sales growth during the quarter moderated by the impact of exchange rates. Sales of the coffee company in Brazil, Três Corações (50% owned) reached NIS 1,008 million, up 56.4%, yoy, while operating profit reached NIS 30 million, an increase of 133.1%, yoy. Strauss Water – 6.9% growth in Q1 2025 Strauss Water continued to grow in the first quarter of 2025, reaching revenues of NIS 206 million, an increase of 6.9%, yoy. Operating profit reached NIS 26 million, up 8.7%, yoy, with an operating margin of 12.5%. The Group's water business in China (in partnership with Haier) concluded the quarter with sales of NIS 227 million, an increase of 5.2%, yoy, and reached net profit of NIS 31 million, representing an increase of 16.5%, yoy, (based on 100% ownership). Following are key sales figures, by business segment, based on the company's management (non-GAAP) reports(1) (in NIS m):First Quarter2025 2024 % Change % Change excluding FX Sales Strauss Israel Health & Wellness 742 731 1.5 % 1.5 % Fun & Indulgence (Snacks and sweets) (2) 394 361 9.2 % 9.2 % Fun & Indulgence (Coffee Israel) (2) 260 217 19.4 % 19.4 % Total Strauss Israel 1,396 1,309 6.6 % 6.6 % Total International Coffee(2) 1,388 954 45.4 % 65.0 % Strauss Water(2) 206 193 6.9 % 7.0 % Other (3) - 133 -100.0 % -100.0 % Total Group 2,990 2,589 15.5 % 20.9 % (1) The data presented in this document are based on the company's non-GAAP figures, which include the proportionate consolidation of jointly controlled entities and exclude the following: share-based payments; end-of-period mark-to-market valuations of open financial derivative positions used for commodity hedging; timing adjustments for gains and losses from commodity derivatives, which are deferred until the related inventory is sold to third parties and/or the derivative is exercised; other net income and expenses; and the related tax effects, unless stated otherwise. All changes are in comparison with the corresponding period last year, unless stated otherwise. (2) Fun & Indulgence (Snacks and Confectionery) figures include Strauss's 50% interest in the salty snacks business. International Coffee figures include Strauss's 50% interest in the Três Corações joint venture (3C) in Brazil (a company jointly held by the Group (50%) and by the local São Miguel Group (50%)). Strauss Water EBIT figures include Strauss's interest in Haier Strauss Water (HSW) in China (49%). (3) Comparative figures include the data for Sabra and Obela (based on 50%), which were sold during 2024. Note: Financial data were rounded to the nearest NIS million. Percentages changes were calculated based on the exact figures in NIS thousands. The figures for total International Dips & Spreads were derived from the exact figures for Sabra and Obela, in NIS thousands. Following are key operating profit figures, by business segment, based on the company's management (non-GAAP) reports(1) (in NIS m):First Quarter2025 2024 % Change Strauss Israel:Health & Wellness 88 74 18.2 % Operating Margin (%) 11.9 % 10.2 %Fun & Indulgence (Snacks and Sweets)(2)(4) -16 42 -139.5 % Operating Margin (%) -4.2 % 11.5 %Fun & Indulgence (Coffee Israel) (2) 41 35 15.5 % Operating Margin (%) 15.7 % 16.3 %Total Strauss Israel 113 151 -25.7 % Operating Margin (%) 8.1 % 11.6 %Total International Coffee (2) 55 38 43.9 % Operating Margin (%) 3.9 % 4.0 %Strauss Water (2) 26 24 8.7 % Operating Margin (%) 12.5 % 12.3 %Other (3) -13 -9 25.8 % Total Group 181 204 -11.2 % Operating Margin (%) 6.0 % 7.8 %(1) The data presented in this document are based on the company's non-GAAP figures, which include the proportionate consolidation of jointly controlled entities and exclude the following: share-based payments; end-of-period mark-to-market valuations of open financial derivative positions used for commodity hedging; timing adjustments for gains and losses from commodity derivatives, which are deferred until the related inventory is sold to third parties and/or the derivative is exercised; other net income and expenses; and the related tax effects, unless stated otherwise. All changes are in comparison with the corresponding period last year, unless stated otherwise. (2) Fun & Indulgence (Snacks and Confectionery) figures include Strauss's 50% interest in the salty snacks business. International Coffee figures include Strauss's 50% interest in the Três Corações joint venture (3C) in Brazil (a company jointly held by the Group (50%) and by the local São Miguel Group (50%)). Strauss Water EBIT figures include Strauss's interest in Haier Strauss Water (HSW) in China (49%). (3) Comparative figures include the data for Sabra and Obela (based on 50%), which were sold during 2024. (4) The decrease to a loss of approximately 16 million shekels in the Fun & Indulgence (Snacks and sweets) is mainly due to a one-time loss in derivative activities. Following are key financial data, based on the company's management (non-GAAP) reports(1) (in NIS m): First Quarter2025 2024 % Change Total Group Sales 2,990 2,589 15.5 % Organic Sales Growth excluding FX 20.9 % -0.7 %Gross Profit 781 874 -10.6 % Gross Margins (%) 26.1 % 33.7 % -760 bps EBIT 181 204 -11.2 % EBIT Margins (%) 6.0 % 7.8 % -180 bps Net Income Attributable to the Company's Shareholders 73 159 -54.8 % Net Income Margin Attributable to the Company's Shareholders (%) 2.4 % 6.2 % -380 bps EPS (NIS) 0.62 1.37 -54.8 % EBITDA 282 318 -11.1 % EBITDA Margins (%) 9.4 % 12.3 % -290 bps Operating Cash Flow -347 -115 201.7 % Capex (2) -148 -163 -9.2 % Net debt 2,652 2,789 -4.9 % Net debt / EBITDA 2.3x 2.3x 0.0x Sales The company's sales in Q1-2025 reached NIS 2,990 million, an increase of 15.5% compared to the first quarter of 2024. Excluding the impact of exchange rates, sales increased by 20.9%. During 2024, the company completed several divestments, including the sale of the coffee business in Serbia, the fresh vegetables business in Bror Hayil, and the international dips and spreads business (Sabra & Obela). Excluding these discontinued operations, sales increased by 23.3%. Sales growth was largely driven by price increases across several categories and geographies, implemented in response to rising raw material costs. In addition, the Fun & Indulgence (Snacks and Confectionery) and the Fun & Indulgence (Israel Coffee) segments recorded growth due to higher sales volumes, the timing of Passover, and recovery from the war. Growth was also achieved in the International Coffee segment following price increases, which was moderated by the negative impact of exchange rates with the strengthening of the shekel against all currencies, particularly the Brazilian Real. Gross profit Gross profit in Q1 2025 declined by 10.6% reaching NIS 781 million, 26.1% of sales, compared to gross profit in Q1-24 of NIS 874 million, 33.7% of sales. The decline in gross profit and gross margin was primarily driven by higher raw material costs (particularly cocoa and green coffee), the sale of the dips and spreads business and realization of a non-recurring loss of NIS 49m on cocoa derivatives. These effects were partially offset by the growth in sales. Operating profit Operating profit in Q1-2025 declined by 11.2% to NIS 181 million, representing 6.0% of sales, compared to operating profit Q1-2024 of NIS 204 million, 7.8% of sales. The decline in operating profit and the operating margin was due to the lower gross profit, moderated by productivity initiatives implemented by the company, lower selling and marketing expenses in the Israel and International Coffee segments, reduced IT and payroll expenses, and the divestment of the dips and spreads business. Income attributable to shareholders of the company In Q1-2025, income attributable to shareholders of the company amounted to NIS 73 million, representing 2.4% of the sales, in comparison to NIS 159 million, 6.2% of sales in Q1-2024. The decline was primarily the result of lower operating profit and timing differences in tax expenses. Following are key financial data, based on the company's GAAP reports (in NIS m): First Quarter2025 2024 % Change Sales 1,887 1,726 9.3 % Cost of sales excluding impact of commodity hedges 1,299 1,090 19.1 % Adjustments for commodity hedges -24 71Cost of sales 1,275 1,161 9.8 % Gross profit 612 565 8.3 % % of sales 32.4 % 32.7 %Selling and marketing expenses 340 353 -3.7 % General and administrative expenses 121 129 -6.3 % Total expenses 461 482 -4.4 % Share of profit of equity-accounted investees 47 36 30.8 % Share of loss of equity-accounted incubator investees -8 -2 300.0 % Operating profit before other expenses 190 117 62.6 % % of sales 10.1 % 6.8 %Other expenses, net -9 -50Operating profit after other expenses 181 67 168.6 % Financing expenses, net -13 -17 -26.3 % Income before taxes on income 168 50 235.9 % Taxes on income -57 21Effective tax rate 34.2 % -41.4 %Income for the period 111 71 56.3 % Attributable to the Company's shareholders 86 51 67.8 % Attributable to non-controlling interests 25 20 26.4 % Webinar Earnings Call On Wednesday, May 28th, 2025, at 14:00 Israel time/12:00 UK time/7:00 a.m. ET, Strauss Group will host a webinar earnings call in Hebrew to review the financial statements of the company. The webinar will be hosted by the company's management. To participate in the webinar please use the following link: Webinar ID: 812 7646 3271 In addition, on Wednesday, May 28th, 2025, at 15:30 Israel time/13:30 UK time/8:30 a.m. ET, Strauss Group will host a webinar earnings call in English to review the financial statements of the company. The webinar will be hosted by the company's management. To participate in the webinar please use the following link: Webinar ID: 871 1664 0032 Questions for the questions and answers session may be submitted in advance to: ir@ Management's review will be accompanied by a presentation which will be available on the Investor Relations section of our website on Wednesday, May 28th, 2025: / Strauss Group's Q1 2025 earnings press release and financial statements will be available on the Company's website: / A recording of the webinar will be available on the company's website shortly following the webinar. For further information, please contact:Telem Yahav Director of External Communications 972-52-257-9939 972-3-675-6713 Rivka Neufeld Investor Relations Manager +972-54-4224146 Ben Yaakov Director of Communications and PR 972-54-609-1600 972-3-675-2584 Forward Looking Statement Disclaimer This press release does not constitute an offering to purchase or sell securities of Strauss Group Ltd. (the "Company") or an offer for the receipt of such offerings. The press release's sole purpose is to provide information. The Information provided in the press release concerning the analysis of the Company's activity is only an extract, and in order to receive a complete picture of the Company's activity and the risks it faces, one should review the Company's reports to the Israel Securities Authority and the Tel Aviv Stock Exchange. The press release may contain forward-looking statements as defined in the Israeli Securities Law, 5728-1968. All forward-looking statements in this press release are made based on the Company's current expectations, evaluations and forecasts, and actual results may differ materially from those anticipated, in whole or in part, as a result of different factors including, but not limited to, changes in market conditions and in the competitive and business environment, regulatory changes, currency fluctuations or the occurrence of one or more of the Company's risk factors. In addition, forward-looking forecasts and evaluations are based on information in the Company's possession while preparing the press release. The Company does not undertake any obligation to update forward-looking forecasts and evaluations made herein to reflect events and/or circumstances that may occur after this press release was prepared. GAAP to Non-GAAP Reconciliations In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company provides non-GAAP operating results which include the results of jointly controlled entities as if they were proportionately consolidated. Strauss Group has a number of jointly controlled companies: the Três Corações joint venture (3C) - Brazil (a company jointly held by Strauss Group (50%) and by the São Miguel Group (50%) in Brazil), Strauss Frito-Lay Ltd. (a 50%/50% JV with PepsiCo Frito-Lay in Israel) and until the completion of the sale in December 2024, Sabra Dipping Company (a 50%/50% JV with PepsiCo in the U.S. and Canada)("Sabra"), and PepsiCo Strauss Fresh Dips & Spreads International(1) (a 50%/50% JV with PepsiCo outside the U.S. and Canada) ("Obela"). For more information on this sale, please refer to the Description of the Company's Business Report for 2024, section 11.1. In addition, non-GAAP figures exclude any share-based payments, mark to market of commodity hedging transactions as at end-of-period, other expenses or income and taxes referring to these adjustments. Company Management believes that these measures provide investors with transparency by helping to illustrate the underlying financial and business trends relating to the Company's results of operations and financial position and comparability between current and prior periods. Management uses these measures to establish and monitor budgets and operational goals and to evaluate the performance of the Company. Please see the GAAP to non-GAAP reconciliation tables in the Company's MD&A Report for a full reconciliation of the Company's GAAP to non-GAAP results. [1] The data presented in this document are based on the company's non-GAAP figures, which include the proportionate consolidation of jointly controlled entities and exclude the following: share-based payments; end-of-period mark-to-market valuations of open financial derivative positions used for commodity hedging; timing adjustments for gains and losses from commodity derivatives, which are deferred until the related inventory is sold to third parties; other net income and expenses; and the related tax effects, unless stated otherwise. All changes are in comparison with the corresponding period last year, unless stated otherwise. View original content: SOURCE Strauss Group Ltd. Sign in to access your portfolio
Yahoo
07-05-2025
- Business
- Yahoo
Park-Ohio (NASDAQ:PKOH) Reports Sales Below Analyst Estimates In Q1 Earnings
Diversified manufacturing and supply chain services provider Park-Ohio (NASDAQ:PKOH) missed Wall Street's revenue expectations in Q1 CY2025, with sales falling 2.9% year on year to $405.4 million. The company's full-year revenue guidance of $1.65 billion at the midpoint came in 1.5% below analysts' estimates. Its non-GAAP profit of $0.66 per share was 21% below analysts' consensus estimates. Is now the time to buy Park-Ohio? Find out in our full research report. Park-Ohio (PKOH) Q1 CY2025 Highlights: Revenue: $405.4 million vs analyst estimates of $425.5 million (2.9% year-on-year decline, 4.7% miss) Adjusted EPS: $0.66 vs analyst expectations of $0.84 (21% miss) Adjusted EBITDA: $33.9 million vs analyst estimates of $36.75 million (8.4% margin, 7.8% miss) Adjusted EPS guidance for the full year is $3.25 at the midpoint, roughly in line with what analysts were expecting Operating Margin: 4.7%, down from 6.1% in the same quarter last year Free Cash Flow was -$19.5 million compared to -$7.1 million in the same quarter last year Market Capitalization: $289.7 million Company Overview Based in Cleveland, Park-Ohio (NASDAQ:PKOH) provides supply chain management services, capital equipment, and manufactured components. Sales Growth A company's long-term sales performance is one signal of its overall quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. Unfortunately, Park-Ohio struggled to consistently increase demand as its $1.64 billion of sales for the trailing 12 months was close to its revenue five years ago. This wasn't a great result and is a sign of poor business quality. Park-Ohio Quarterly Revenue We at StockStory place the most emphasis on long-term growth, but within industrials, a half-decade historical view may miss cycles, industry trends, or a company capitalizing on catalysts such as a new contract win or a successful product line. Park-Ohio's annualized revenue growth of 2.7% over the last two years is above its five-year trend, but we were still disappointed by the results. Park-Ohio Year-On-Year Revenue Growth This quarter, Park-Ohio missed Wall Street's estimates and reported a rather uninspiring 2.9% year-on-year revenue decline, generating $405.4 million of revenue. Looking ahead, sell-side analysts expect revenue to grow 4.5% over the next 12 months. Although this projection indicates its newer products and services will spur better top-line performance, it is still below the sector average. Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) stock benefiting from the rise of AI. Click here to access our free report one of our favorites growth stories.
Scoop
27-04-2025
- Politics
- Scoop
Global Military Spending Threatens A Liveable Future; Militarism Will Cost Us The Earth
Despite the multiple escalating threats to humanity and life on earth that urgently require cooperative global action, military spending increased to its highest ever recorded level last year - 'an unprecedented rise' according to new figures released by the Stockholm International Peace Research Institute (SIPRI) today, the Global Day of Action on Military Spending. SIPRI has estimated global military expenditure last year was at least $2,718 billion (USD, ±$4,500 billion NZD), an increase of 9.4% in real terms from 2022 and the steepest year-on-year increase since the end of the cold war. [1] On average, this is equivalent to more than $7.4 billion (USD, ±$12.3 billion NZD) squandered every day on incessant preparations for war. While the horrific impacts of this are obvious in Gaza, Ukraine, Myanmar, Sudan and far too many other places over the past year, the devastation of armed conflict is not the only casualty of military spending - it has wider consequences that threaten us all. By way of comparison, for example, global funding for official development (ODA) and humanitarian assistance last year dropped by 7.1% in real terms to only 7.8% of the amount of military spending [2], while on average more than 13,150 children under the age of five died every day from mainly preventable causes [3] - lack of access to adequate food, clean water and basic medicines: that is more than nine tragically senseless deaths every minute. Advertisement - scroll to continue reading This is one of the prices paid, the collateral damage that is seldom talked about, for maintaining armed forces in a state of combat readiness around the world; an appalling situation that will worsen this year as some states, including Britain, have announced their ODA contribution will be diverted to increased military spending. As another comparison, at COP 29 last year, pledges for loss and damage funding for vulnerable countries most susceptible to the devastating impacts of climate change amounted to less than three hours of global military spending; while the total amount of funding committed by the global Green Climate Fund is equivalent to 0.61% of last year's military expenditure. [4] It is inexcusable that many states - including New Zealand - continue to prioritise spending on combat-ready armed forces over human health and wellbeing, and care for the planet. The opportunity cost of military spending is multiple opportunities lost. Every dollar of military expenditure is a dollar taken away from socially useful spending - a dollar that could be used to take real action on climate change, to ensure a decent standard of living for all, and to ensure health and social welfare systems can function well in national, regional or global emergencies: it is a dollar that could be used to save lives, to promote climate justice, flourishing communities and care for the planet, rather than being spent on endless preparations for war. The multiple threats to humanity and the planet - the rapidly escalating climate catastrophe, rising sea levels, intensifying extreme weather events, humanitarian disasters, horrific armed conflicts, environmental degradation, collapsing ecosystems, loss of biodiversity, species extinction, and increasing levels of social inequity - are devastating lives and livelihoods around the world; while highlighting and exacerbating systemic social, economic and political inequities, and exposing multiple flaws in government spending and other priorities, including the folly of maintaining armed forces in a constant state of combat readiness when there are so many other more pressing needs. It is obvious that none of these threats can be addressed by increasing military spending and militarisation, and that all are compounded by the deadly priorities of those governments that continue to cling to outdated narrow notions of military security. Armed forces cannot turn the tide on rising sea levels, and increased combat capability cannot provide shelter from cataclysmic storms: instead, militarisation is exacerbating the climate emergency and other catastrophes facing humanity. Now more than ever, with the future of life on earth at stake, states must work together cooperatively to find sustainable solutions, instead of continuing to pour public money into wasteful destructive military activity - the ultimate in unsustainability, with military emissions estimated to be at least 5.5% of the global total. The five biggest military spenders in 2024 were the United States (37%), China (12%), Russia (5.5%), Germany (3.3%)and India (3.2), which together accounted for 60 per cent of world military spending; while expenditure by the 32 NATO member states was 55% of the global figure. Overall, average military expenditure as a share of government expenditure in 2024 was 7.1%, and the global military burden (military spending as a share of gross domestic product) was 2.5%. [1] New Zealand's military spending While New Zealand does not feature in the SIPRI rankings of the highest increases in military spending this year as it did in 2023, that is simply because other states increased their spending by more, not because New Zealand's military spending has decreased. Despite the urgent need for action on climate mitigation and adaptation, as well as the desperate need for increased funding for essential public services including health, housing, education, and support for persons with disabilities, successive New Zealand governments continue to prioritise military spending. In last year's Budget, $$5,790,195,000 (NZD) was allocated for military spending, on average than $111.3 million every week. [5] New Zealand's enthusiasm for being an integral part of the global cycle of violence has led to the shameful spectre of military spending being at least doubled over the next eight years, announced earlier this month as New Zealand seeks to be a combat capable 'force multiplier' with 'enhanced lethality and deterrent effect' - a further threat to the possibility of substantive action on human health and wellbeing, and on climate justice both here in Aotearoa and in the region. [6] Pacific communities and leaders have repeatedly stated that climate change is the existential security threat to the region, but New Zealand's focus is on more militarisation rather than climate action. The Pacific is already one of the most highly militarised regions in the world, although only four Pacific island nations have armed forces. The overwhelming majority of militarisation in the Pacific comes from outside the region - military bases, military live training exercises, military alliances including AUKUS (specifically named in the SIPRI Factsheet), military involvement in extractive industries, and military occupation by the armed forces of Indonesia, France and the United States, in particular, along with Australia, Britain, China, Russia and New Zealand. Clearly there are better things New Zealand could be doing in the Pacific based on a dedicated focus on demilitarisation so that existing threats can be properly addressed and resourced, rather than fabricating more. The ongoing prioritising of military spending - whether here in Aotearoa or around the world - is a reflection of the deadly ideology of militarism, a destructive mindset focused on obsolete concepts of military security that continue to harm the future of humanity and the planet, rather than real human security that meets the needs of all. It is totally reprehensible that military spending continues to rise in the midst of the rapidly worsening climate catastrophe, humanitarian crises, and ongoing social inequities that are often caused, and always made worse, by militarisation: a transition from combat-ready armed forces to civilian agencies to meet the needs of all peoples and the planet is long overdue. [6] The IPCC warned two years ago that if we want to have a liveable future, taking the right action now is needed for the transformational change essential for a sustainable, equitable world [8] - clearly it is time to invest in the future for peoples and planet, and budget for peace, not war. Unless there is an immediate and meaningful change in the priorities of New Zealand and other states, militarism will cost us the earth. Resources and references: Aotearoa New Zealand Campaign on Military Spending, SIPRI, [1] 'Unprecedented rise in global military expenditure as European and Middle East spending surges', SIPRI, 28 April 2025, and 'Trends in world military expenditure 2024', SIPRI Fact Sheet, April 2025, both are available at [2] 'International aid falls in 2024 for first time in six years', OECD, 16 April 2025 [3] 'Levels and trends in child mortality: 2024 Report', UN Inter-agency Group for Child Mortality Estimation, 24 March 2025 [4] See, for example, 'COP of Peace?', and Green Climate Fund dashboard, 26 April 2025 [5] 'Budget 2024: Missed opportunity to slash wasteful military spending', Peace Movement Aotearoa, 30 May 2024, [6] 'Defence Capability Plan 2025', NZ Government, released 7 April 2025 [7] As outlined, for example, in 'Budget 2024: Missed opportunity to slash wasteful military spending', note above. [8] See, for example, 'Urgent climate action can secure a liveable future for all', IPCC, 20 March 2023,
New Indian Express
24-04-2025
- New Indian Express
When Kerala police went on a Gujarat road trip to pick up cyber fraudster
This one began with a hush-hush of easy money and ended with a high-stakes manhunt across blistering highways and the bustling alleys of Surat. When a resident of Kizhakkambalam in Ernakulam recently reported the loss of Rs 7.8 lakh in an online trading scam, it appeared to be just another cybercrime. But what followed was a covert operation straight out of a crime thriller. A special investigation team (SIT), guided by Ernakulam Rural Police Chief Vaibhav Saxena, swung into action. What followed were false identities, undercover disguises, and a stakeout that culminated in the dramatic arrest of a seasoned fraudster – 34-year-old Gujarat native Reeten Hakkani. Thadiyittaparambu Station House Officer P J Kuriakose recalls the case:'The victim came into contact with the accused through social media and was lured with promises of high returns from online trading. After gaining his trust, the accused asked him to invest through an app.' Between February 17 and 7 March, the victim transferred Rs 7.8 lakh to multiple bank accounts. 'However, when he attempted to withdraw the displayed 'profits', the accused demanded a commission. This prompted the victim to file a complaint,' Kuriakose says. The SIT traced the money trail to banks in Aurangabad and Surat. Senior Civil Police Officer K K Shibu, who was part of the team, notes that the funds were eventually withdrawn using a cheque in Surat. After freezing the bank accounts involved, the team quickly left for Gujarat. 'We chose to travel in our own vehicle. It was essential for the operation, as we needed the vehicle for local travel in Surat and to bring the accused back,' says Shibu. 'Driving such a long distance in the scorching heat, with temperatures touching nearly 42 degrees in some places, was quite exhausting. Once in Surat, we also had to conceal the Kerala state registration number of our vehicle to avoid alerting the accused. We would park the vehicle in discreet locations, or cover the number plates with cloth or dry leaves to maintain our cover.' Officers visited the bank concerned to collect Reteen's address. But the documents used to open the account turned out to be fake, including a counterfeit Aadhaar. 'Further investigation revealed that the accused had opened multiple accounts in Surat using fake documents, which posed the first major challenge,' says Shibu. The breakthrough came when a bank manager, familiar with the locality, offered to help. 'He provided us with bank ID cards and suggested we pose as audit officers,' says Shibu. 'That's how we located the suspect's luxury flat. Disguised as bank staff conducting KYC verifications, we visited the flat. But there, we found only his mother, who refused to provide any contact details.' Then came a filmy twist when Reeten himself contacted Shibu via WhatsApp, having found the latter's mobile number on a notice regarding the freezing of his and his mother's bank accounts. 'I told him I could help reactivate his mother's account – at a 'cost'. To earn his trust, I demanded a bribe,' Shibu smiles. 'He offered Rs 1 lakh. I told him I wanted a heftier sum. He then claimed only Rs 2.54 lakh was left in the account, and offered the whole amount. I pretended as if I didn't trust him and asked for a bank statement to verify his claim. He agreed to visit the bank and get the necessary document.' Officers were split to positions in and around the bank for surveillance. Reeten did arrive at the bank, but he hesitated to enter the bank. Like an ace criminal, he suspected a trap. As if he could smell police presence in the area. Reteen attempted to flee on a motorcyle as a plainclothes officer approached him. 'We intercepted after a brief chase and took him into custody,' says Shibu. During the return journey to Kerala, Reeten refused to cooperate or eat. He even offered a bribe of up to Rs 15 lakh. 'He promised that the money would be arranged by a 'bhai' in Mumbai,' says Shibu. Grilling revealed that Reeten's younger brother was the mastermind behind the scam, operating through a fraudulent trading app called 'Alice Blue' from Ludhiana, Punjab. The police are now tracking three more individuals linked to this cyber fraud network. Time for another road trip.
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Business Standard
21-04-2025
- Business
- Business Standard
Core sector growth rises slightly to 3.8% in March, shows govt data
India's core sector growth rose by 3.8 per cent year-on-year (Y-o-Y) in March from an upwardly revised figure of 3.4 per cent in February, according to data released by the Ministry of Commerce and Industry on Monday. The growth was kept in check by a high base effect. In March 2024, core sector growth had stood at 6.3 per cent. The growth in March was led by the electricity sector (6.2 per cent), followed by steel (7.1 per cent), and cement (11.6 per cent). The core sector represents an index of eight main industries that measures the combined and individual performance of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity. These industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). In March, output decelerated in coal (1.6 per cent), refinery products (0.2 per cent) and fertilisers (8.8 per cent). Meanwhile, the output in crude oil (-1.9 per cent) remained in contraction for the third successive month. Output in natural gas (-12.7 per cent) remained in contraction for the ninth successive month. Overall, for 2024-25 (FY25), growth in the output of core industries stood at 4.4 per cent — its lowest level in the past five years. In FY21, the core sector had recorded a growth of -7.8 per cent. In FY22, FY23 and FY24, it stood at 10.4 per cent, 7.8 per cent and 7.6 per cent, respectively. Aditi Nayar, chief economist, ICRA Ratings, said that the Y-o-Y rise in the core sector was led primarily by the higher growth in electricity generation amid rising temperatures. 'In disaggregated terms, the sequential trend was quite mixed, with fertilisers, coal, natural gas, and refinery products reporting a moderation in their Y-o-Y growth in March relative to the previous month,' she added. Madan Sabnavis, chief economist, Bank of Baroda said that the oil complex was subdued due to lower production of crude and natural gas due to low international price of crude. 'In the case of natural gas, higher imports substituted domestic production. Refinery products growth was flat at 0.2 per cent with lower prices and demand from exports affecting overall offtake,' he added. Data released earlier this month had shown that growth in industrial production slowed to a six-month low of 2.9 per cent in February from 5.2 per cent in January as a high base and lacklustre demand pulled it down. 'Based on the expansion in the core sector, ICRA expects IIP growth to print at 3-3.5 per cent in March 2025,' said Nayar.
