Latest news with #Fiddler
Yahoo
2 days ago
- Business
- Yahoo
SDRS investments tick up amid volatile markets
PIERRE, S.D. (KELO) — The South Dakota Retirement System's investments have rebounded a bit. The estimated return, covering the 11 months through May 31, was 3.2 to 3.7%, senior portfolio manager Darci Haug told SDRS trustees on Wednesday. Man identified in fatal Monday I-90 crash The annual target, however, is 6.5%. Whether that can be reached by June 30 isn't known. 'We aren't keeping up with the markets because of our conservative positioning,' portfolio manager Danielle Mourer explained. The South Dakota Investment Council oversees the SDRS portfolio. The council over the long term has taken a contrarian approach, holding larger amounts of cash at times when the market is, in the council's estimation, overpriced. That's how the council currently sees the markets. Nonetheless, being back in the black was an improvement over the April 9 report to the SDRS trustees. On that date, SDRS investments as a whole were down between 3 and 3.5%. The very next day, they had regained some of that lost value and were down 0.5 to 1%. Jarrod Edelen, another of the portfolio's managers, said earnings by different sectors have been volatile of late and varied widely. Technology investments such as computer chips were recently up 27% while energy investments overall were down 7%, he said. The fair market value of SDRS investments was $15 billion as of May 31, Haug said. How the SDRS investments fare year to year largely determines the size of the annual cost of living adjustment paid the following year to the system's retirees and other beneficiaries. SDRS senior actuary Doug Fiddler told the board that the COLA taking effect on July 1, 2025, will be 1.71%. That was calculated using the third quarter 2024 inflation rate of 2.49%. Fiddler estimated that a 3.5% annual return for fiscal 2025 would result in a COLA of approximately 1.4% taking effect on July 1, 2026. He said benefit payments to approximately 80% of SDRS retirees have been falling short of keeping up inflation by about 10%. Fiddler presented a chart showing the S&P 500 has been in a volatile stretch lately, dropping about 20% in April and gradually rebounding since then. Fiddler said that he had planned to brief the trustees on corrective actions that might be necessary when the SDRS investments were in the red for the year. But he changed his mind after seeing the number get back into the black. SDRS executive director Travis Almond spoke about market volatility to the board after Fiddler's presentation. 'So who knows how the end of this fiscal year lands,' Almond said. He suggested that the trustees keep themselves familiar with the corrections plan. 'I have no doubt we're going to have that conversation. It's a question of when,' Almond said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
&w=3840&q=100)
Business Standard
3 days ago
- Business
- Business Standard
Bessemer names Pankaj Mitra as partner to bolster India investments
Private equity firm Bessemer Venture Partners on Wednesday named Pankaj Mitra as a partner in its India division who will concentrate on investments in enterprise technology, artificial intelligence (AI) and cybersecurity. 'I am thrilled to join Bessemer at this pivotal time. The ongoing AI platform shift offers a once-in-a-generation opportunity for builders to usher in the next wave of tech evolution across industries,' said Mitra. 'With its stellar track record, Bessemer is poised to partner with this new generation of ambitious, world-class founders in India addressing pain points domestically and globally.' Mitra, who has more than 25 years of experience in technology, joins Bessemer from Cisco's corporate development team, where for seven years he led investments and mergers and acquisitions activity for the global customer experiences portfolio as well as for India. Some of his investments include Fiddler (AI observability), Uniphore (contact center AI), and Whatfix (digital adoption). Mitra worked at Infosys in a similar capacity and was part of the founding team for its $500 million innovation fund. His investments at Infosys included Ideaforge and Whoop. Earlier in his career, Mitra helped launch VMware's first cloud services as a product manager and was also a management consultant at Deloitte. Mitra is an Indian Institute of Technology Kharagpur alumnus and holds an MBA from UC Berkeley Haas School of Business. 'Pankaj brings a breadth of experience which is a unique blend of investing prowess as well as deep industry knowledge,' said Vishal Gupta, Partner at Bessemer. 'This will be invaluable as we look to deepen our commitments in AI, enterprise-tech, and cybersecurity in India.' Bessemer has been in India for two decades and its legacy investments include Mediassist, Perfios, Swiggy and Urban Company. Some of its more recent partnerships have been with Boldfit, Easebuzz, Protectt, Shopdeck and more. Bessemer announced its second India fund with $350 million of capital in March this year with a focus on AI, fintech, enterprise-tech, digital health, consumer, and cybersecurity.
Entrepreneur
3 days ago
- Business
- Entrepreneur
Bessemer Appoints Pankaj Mitra as Partner to Lead India Investments in AI, Enterprise Tech
The tech industry veteran brings over 25 years of experience to Bessemer, where he will focus on AI, enterprise-tech and cybersecurity investments in India. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Global venture capital firm Bessemer Venture Partners has announced the appointment of tech industry veteran Pankaj Mitra as a Partner in its India practice, underscoring its continued commitment to backing the next generation of technology leaders in the region. Mitra will focus primarily on enterprise tech, artificial intelligence (AI), and cybersecurity. Mitra brings over 25 years of industry experience to Bessemer, having previously led investments and M&A efforts at Cisco's corporate development team, particularly for its global Customer Experiences portfolio and Indian operations. His impressive investment track record includes stakes in companies such as Fiddler (AI observability), Uniphore (contact center AI), and Whatfix (digital adoption). "I am thrilled to join Bessemer at this pivotal time," said Mitra. "The ongoing AI platform shift offers a once-in-a-generation opportunity for builders to usher in the next wave of tech evolution across industries. With its stellar track record, Bessemer is poised to partner with this new generation of ambitious, world-class founders in India addressing pain points domestically and globally, and I'm excited to be part of this journey." Prior to Cisco, Mitra was part of Infosys's USD 500 million innovation fund, where he invested in firms like Ideaforge and Whoop. His early career includes roles at VMware, where he helped launch its first cloud services, and at Deloitte as a management consultant. Mitra holds a degree from IIT Kharagpur and an MBA from the UC Berkeley Haas School of Business. Vishal Gupta, Partner at Bessemer, said, "We are delighted to welcome Pankaj to the Bessemer family. He brings a breadth of experience which is a unique blend of investing prowess as well as deep industry knowledge. This will be invaluable as we look to deepen our commitments in AI, enterprise-tech, and cybersecurity in India." Bessemer Venture Partners, with over USD 18 billion in assets under management, has backed iconic global companies including LinkedIn, Shopify, Twilio, DocuSign, and Toast. In India, the firm has been active for over two decades, with past and current investments in Swiggy, Urban Company, Boldfit, Easebuzz, and others. In March 2025, Bessemer announced its second India-focused fund of USD 350 million, targeting areas such as AI, fintech, enterprise-tech, digital health, and cybersecurity—sectors directly aligned with Mitra's expertise.
Canada Standard
30-05-2025
- Politics
- Canada Standard
Last-Minute Changes to Ontario Mining Bill Are Not Good Enough, First Nations Say
Last-minute changes to a controversial Ontario mining bill are not good enough and ignore a central plea to work together on drafting legislation, First Nations said Thursday. Grand Chief Alvin Fiddler of Nishnawbe Aski Nation, which represents 49 First Nations in northern Ontario, said the province should scrap Bill 5 and write a new law alongside Indigenous leaders that would allow for shared prosperity, The Canadian Press reports. "It's just way too late in the process. It's an insult to our leadershipfor the government to now come back to us with some proposed amendments," Fiddler said. "It's just not acceptable." The proposed law seeks to speed up the development of large projects such as mines, and while First Nations are not necessarily opposed to such moves, they want a seat at the decision-making table. Related: First Nations Angered at Being Elbowed Out as Provinces Fast-Track Projects The legislation proposes to create so-called "special economic zones" that would suspend provincial and municipal laws for certain projects. The province intends to name the Ring of Fire as the first such zone, but ministers leading the file have promised that affected First Nations will be consulted first. The legislation has sparked furor among First Nations who say it tramples their rights and ignores their concerns. Ontario Regional Chief Abram Benedict of the Chiefs of Ontario, which represents all 133 First Nations in the province, echoed Fiddler's sentiments. "We've heard clear from our communities they're not happy with the process," he said. "They really feel like it's undermining their rights and their jurisdiction and authority to their land, territory and resources. The government needs to rethink the process." The province is making amendments that would include explicit duty-to-consult provisions throughout the bill. It is also amending the bill to include Indigenous-led special economic zones at the request of some First Nations, though details about how that would work are sparse. The bill has also angered environmentalists as it would strip protections for endangered and threatened species and give more power to cabinet to determine which animals and plants can be placed on protected lists. Indigenous Affairs Minister Greg Rickford and Energy and Mines Minister Stephen Lecce promised to consult heavily this summer with First Nations, especially the ones in the Ring of Fire region, which is 450 kilometres north of Thunder Bay, Ont., and said to be replete with critical minerals. "We're fully committed to getting this right," Lecce said Thursday. The province has shown no sign of killing the bill. Three First Nations have signed shared prosperity agreements with the province as part of the process to build out the roads and infrastructure needed to get to and from the Eagle's Nest mine in the Ring of Fire. The roads will also connect two First Nations, Marten Falls and Webequie, to the provincial highway system. Both First Nation leaders say their member nations are not only disappointed, but furious at how the government went about crafting this bill. Fiddler reiterated a pledge many First Nations people have told him in recent days: that they will take the fight to the land if the bill becomes law. "There will be fierce resistance from our side," he said. He said he is at a loss to explain why the government wouldn't work with Indigenous leadership in advance on this legislation, since First Nations and the province have shared goals. He pointed to recent work with the solicitor general on legislation and regulations to designate the Nishnawbe Aski Police Service as an essential service and bring it under the Community Safety and Policing Act. That historic agreement will double the northern First Nation police force in size to more than 500 officers, and includes a $514-million funding agreement to modernize the force. "We were there with them right from day one," Fiddler said. Benedict and his leadership council are set to meet with Ford, Rickford and Lecce within the week, he said. He stressed that First Nations are not against development or mining and want to be partners. But they need a partner they can trust and that doesn't exist at the moment, he said. "Everybody wants to be part of the Canadian economy, part of the Ontario economy, wants to ensure that we are a safe, secure community," he said. "In order to achieve that, everybody has to be sitting at the table to have these conversations about how we can get there together." A filibuster by New Democrats and Liberals forced a delay in the committee process to adopt the bill, but the province still hopes to pass the bill into law next week. This report by The Canadian Press was first published May 29, 2025. Source: The Energy Mix
Toronto Star
29-05-2025
- Politics
- Toronto Star
First Nations chief warns of ‘fierce resistance' to Premier Doug Ford's mining bill
A prominent First Nations leader is warning Premier Doug Ford to expect 'fierce resistance' to his Bill 5 fast-tracking mines and infrastructure projects in response to U.S. President Donald Trump's tariffs. Amid concerns the Protect Ontario By Unleashing Our Economy Act threatens treaty rights and environmental protections, Grand Chief Alvin Fiddler of the Nishnawbe Aski Nation issued his strongest warning yet. 'There will be fierce resistance from our side,' he said in an online news conference Thursday on the legislation expected to pass next week before the legislature rises for its summer break. ARTICLE CONTINUES BELOW 'We're looking at Idle No More 2.0,' Fiddler added in a reference to the grassroots protest movement that began in 2012 and fuelled a national conversation on treaty rights, youth unemployment, resource extraction, inadequate housing and education. Fiddler said last-minute government amendments aimed at easing Indigenous concerns about the bill, including a provision to eventually allow Indigenous-led 'special economic zones' for mining and other projects to benefit their communities are not enough because no details have been provided. 'We don't even know what that means,' a frustrated Fiddler told reporters, accusing the Progressive Conservatives of 'doing things on the fly.' 'It's not working,' he said of the government's approach. 'It's making things worse. It's raising more questions about what this could look like.' While Ford's office said the concept has been discussed with Indigenous leaders, Fiddler retorted 'I don't know what he's talking about' and repeated calls for the bill to be withdrawn. 'We need to keep pushing.' As originally introduced, the bill paves the way for 'special economic zones' where environmental assessments would be limited and be exempt from many municipal and provincial rules — a main point of contention with First Nations worried that would override treaty rights and environmental protections. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Energy and Mines Minister Stephen Lecce said the new proposal for Indigenous-led zones was meant to assuage concerns that First Nations were not consulted before the legislation was introduced. 'We're fully committed to getting this right,' he said Thursday in Vaughan. The bill is intended to speed approvals for new mines and infrastructure projects. Ford wants to use cobalt, nickel and other critical minerals from the northwestern Ontario Ring of Fire deposits and get them to market, particularly for the electric vehicle and defence industries. 'We're protecting our economy so we can keep people working,' Finance Minister Peter Bethlenfalvy said at a news conference with Lecce. Opposition parties have sharply criticized the legislation, saying an amendment promising to fix First Nations concerns with the bill in regulations after it is passed is a flawed strategy. 'The government says 'trust us' on a bill that they've actually broken trust with First Nations,' noted Green Leader Mike Schreiner. Politics Headlines Newsletter Get the latest news and unmatched insights in your inbox every evening Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. Please enter a valid email address. Sign Up Yes, I'd also like to receive customized content suggestions and promotional messages from the Star. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy. This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Politics Headlines Newsletter You're signed up! You'll start getting Politics Headlines in your inbox soon. Want more of the latest from us? Sign up for more at our newsletter page.
