Latest news with #MCV
Malay Mail
3 days ago
- Business
- Malay Mail
Riuh Merdeka 2025: 30-hour marketplace, star-studded performances, and exciting new initiatives for Malaysia's creative economy
KUALA LUMPUR, Aug 14 — Local curators market Riuh will be hosting a 30 hour non-stop marketplace in conjunction with the 68th Merdeka celebration this year. The Riuh Merdeka 2025 which will take place at the carpark area in front of the Millineum Monument (Monumen Alaf Baru) in Putrajaya is set to run for 30 hours straight, starting from August 30 until August 31. Communication Minister Datuk Fahmi Fadzil said that the two-day event which is in collaboration with MyCreative Ventures (MCV), is expecting a crowd of over 30,000. He also said the turnout might be higher especially on August 31 as it will coincide with the Merdeka Day parade which is happening in Putrajaya as well. 'Throughout the 30 hours, attendees will be served with a wide array of vendors including fashion, accessories, beauty products as well as food and beverages (F&B). 'There will also be a slew of live performances by local artists such as Yuna, Misha Omar, Pop Shuvit, Alif Satar & The Locos, IAmNeeta and many more,' Fahmi said. There will be over 82 F&B vendors along with a Merdeka firework display. Fahmi added that for Riuh Merdeka 2025, he has instructed the Riuh team to offer more 'Menu Rahmah' at the event. Aside from that, Fahmi, who is set to present his answers on the Malaysia's creative economy in Parliament on August 20 has also hinted at a few new initiatives for the local animation industry. He said that he has instructed both MCV and the Malaysian Film Development Corporation (Finas) to also focus on the animation production aspect, specifically on securing funders for animation projects. Fahmi revealed that the corporate banking sector are beginning to understand the potential of local animation, which can generate income. He urged for more synergy between the corporate banking industry and the local creative players while also pointing out that Finas and MCV are open to facilitating their collaboration. Fahmi also said that Finas is also working hard to establish a network that could help ease the process of bringing local Intellectual Property (IP) to international markets, starting with bringing local IP to Asean countries. He added that local IP such as Upin & Ipin is proof that Malaysian IPs has the capability to penetrate these markets. Previously during the 13th Malaysia Plan (RMK13) press conference, Fahmi said that the government is focusing on strengthening the creative economy to boost Malaysia's competitiveness and produce high-value content for both the local and international markets.
Yahoo
29-05-2025
- Climate
- Yahoo
Why did storms hit Austin so hard and fast? A clash of systems from Mexico to Colorado
The intense storms that swept through Austin on Wednesday came together quickly and packed a serious punch. Meteorologists say the sudden severity was the result of several weather systems colliding at once. As a result, a massive supercell storm struck the area. Large hail shattered glass near the top of the Capitol rotunda and at doorways of Austin-Bergstrom International Airport. It also caused significant damage at UFCU Disch-Falk Field, home to the Texas Longhorns baseball team, which is scheduled to host the NCAA Tournament's Austin Regional on Friday. Additionally, the roof over the pumps at a Shell gas station on the 7500 block of North MoPac Expressway collapsed while people were still inside their vehicles. More: 30K+ customers without power in Austin, could last 'multiple days.' What we know Thursday. While storms were expected, the severity and timing were never clear, according to discussions from the National Weather Service office in Austin, which noted that high-resolution models, known as CAMs, even struggled to predict how the various systems would interact. "CAMs don't have a good handle on this, and there is uncertainty with how much this fills in between the [mesoscale convective vortex] to the south, which could cut off richer inflow, and storms in the far northern Hill Country," the report noted around 12:30 p.m. Wednesday. The storms are part of a broader pattern of severe weather expected across the region this week and mark the third consecutive day of heavy rainfall, with continued chances for isolated to scattered storms through the weekend. Here's what we know. A swirl of energy from storms over Mexico — known as a mesoscale convective vortex, or MCV — moved into South Texas on Wednesday, while a weak front had stalled over Central Texas. That stalled front acted like a roadblock in the atmosphere, setting the stage for a collision between the two systems, according to the National Weather Service. An MCV is essentially a pocket of mid-level atmospheric energy left behind by a weakening thunderstorm complex. As this system pivoted into South Texas, it helped lift air in the atmosphere — a key ingredient for storm formation — while also drawing in moisture and instability, which fueled stronger storms. When the spinning MCV interacted with the stalled front and a very humid, unstable air mass, it triggered powerful thunderstorms over the Austin area. Because the front wasn't moving, it anchored the collision in place, resulting in intense rainfall and severe weather within a short period. "Convective chances through the overnight and during the day on Wednesday will be highly driven by mesoscale features," an early Wednesday report stated. "Thunderstorms currently moving through the southern Edwards Plateau and far northern Hill Country are riding along a stalled frontal boundary. Farther south, a complex of storms coming out of Mexico into southern Maverick and Webb counties has generated a MCV. The MCV is in the process of pivoting into far southern Maverick and Dimmit counties and could result in damaging wind gusts and large hail, along with heavy rainfall." The National Weather Service noted that these types of weather setups can be difficult to predict precisely. However, they often lead to rapidly developing, high-impact storms like those seen on Wednesday, with heavy rain, damaging winds, and large hail possible within a short time. In a later update, the National Weather Service added that satellite water vapor imagery also showed a shortwave over northwest Texas — a ripple of energy in the upper atmosphere that was expected to move south and east. This shortwave helped lift the air, allowing storms to intensify quickly. This disturbance differs from an MCV because it's part of the broader jet stream pattern and occurs higher in the atmosphere, around 18,000 feet, where it helps lift air and promote storm development over a wide area. In contrast, an MCV is a smaller, mid-level swirl of energy left behind by earlier storms, typically forming lower in the atmosphere. While an MCV can spin up new storms, it only does so if the surrounding environment has enough moisture and instability. "With recent rounds of convection overachieving in recent days, we have to believe that we'll probably see more activity than the latest CAMs are letting on," the agency wrote with a better understanding of the systems around 2 p.m. Wednesday. The storms that impacted Austin on Wednesday are not influenced by Tropical Storm Alvin, which formed as the first named storm in 2025. That system is developing in the eastern Pacific Ocean, several hundred miles southwest of Mexico's Pacific coast. In contrast, the severe weather in Austin originated much farther north, from a complex of thunderstorms moving out of northern Mexico, specifically the state of Coahuila, into South Texas. Severe weather is expected to return around midnight and continue into early Friday, bringing the risk of large hail, damaging winds, and heavy rainfall capable of causing localized flooding, according to the National Weather Service in Austin. Clear skies are forecast to return Sunday, just in time for a Saharan dust plume to drift over the eastern half of Texas, affecting areas from Houston to Dallas, including Austin and San Antonio. The dust is expected to bring hazy skies and reduced air quality. This article originally appeared on Austin American-Statesman: Why did Austin's storms hit so hard and fast? NWS forecasts explain
Yahoo
06-05-2025
- Business
- Yahoo
Hexagon Purus ASA: Results for the first quarter 2025
Key developments in Q1 2025 and after balance sheet date: Quarterly revenue of NOK 230 million in the first quarter of 2025, 44% lower compared to same quarter last year; EBITDA of NOK -242 million in the first quarter of 2025, compared to NOK -97 million in the same period last year. EBITDA in the quarter was negatively affected by approximately NOK 65 million of restructuring costs and other non-recurring items; Received first orders from Egyptian company MCV for delivery of hydrogen fuel storage systems for FCEV buses targeted for the European public transportation market; Signed multi-year agreement with Stadler for delivery of hydrogen fuel storage systems for hydrogen rail applications in California; CIMC-Hexagon, the Company's joint venture in China, produced its first commercial hydrogen cylinders in its facility in Shijiazhuang intended for the European market; Exited the quarter with order backlog consisting of firm purchase orders of NOK 792 million. 'The start of 2025 has been challenging for Hexagon Purus, for the renewables sector and for zero-emission mobility. We entered the quarter with an uncertain demand outlook and a market sentiment that had weakened significantly following the US presidential election. The subsequent announcement of a shift in policy from the new US administration has added new challenges into the mix, both on the geopolitical front and on the global trade arena.', says Morten Holum, CEO of Hexagon Purus. 'With continued demand uncertainty, we are taking additional measures to reduce our cost base to enable profitability at lower volume and to extend the cash runway towards EBITDA and cash flow break even'. Hexagon Purus Q1 2025 consolidated financials In the first quarter of 2025, Hexagon Purus ('the Company' or 'the Group') generated revenue of NOK 230 million, down 44% compared to the corresponding period in 2024. The main reason for the revenue decline was significantly lower activity in the hydrogen infrastructure and hydrogen heavy-duty mobility application areas, partly offset by higher revenue from hydrogen transit bus and for the Battery Systems and Vehicle Integration (BVI) business unit. Total operating expenses in the first quarter of 2025 ended at NOK 472 (504) million, leading to an operating profit before depreciation (EBITDA) of NOK -242 (-97) million, equivalent to an EBITDA margin of -105% (-24%). In total, restructuring costs and other non-recurring items amounted to approximately NOK 65 million in the quarter. Adjusting for these non-recurring items, EBITDA was NOK -177 million, equivalent to -77% margin. Total assets at the end of the first quarter of 2025 amounted to NOK 4,503 (4,832) million. Compared to year-end 2024 and the same quarter last year, the NOK strengthened against the USD and EUR by 7% and 3% respectively, translating to lower balance sheet values in NOK terms. Inventory amounted to NOK 658 (577) million as of the end of the first quarter of 2025, and the majority of inventory consists of raw materials and items in work-in-progress. Trade receivables decreased sequentially in the first quarter of 2025 to NOK 275 (359) million. Total equity was NOK 1,676 (2,085) million as per the first quarter of 2025, equal to an equity ratio of 37% (43%). The increase in non-current liabilities to NOK 2,174 (1,989) million is mainly driven by non-cash interest added to the principal of the two outstanding convertible bonds. Total current liabilities stood at 653 (758) million at the end of the first quarter of 2025, of which trade payables made up NOK 188 (243) million and which was sequentially down compared to the fourth quarter of 2024. Net cash flow from operating activities in the first quarter of 2025 was NOK -183 (-211) million. Release of working capital amounted to NOK 45 (-109) million in the quarter, driven by a reduction in inventory and accounts receivables, which was partly offset by a reduction in trade payables. Net cash flow from investing activities was NOK -35 (-132) million in the first quarter of 2025, of which NOK 28 (130) million relates to investments in production equipment and facilities and is mainly spill-over items from 2024 related to the Company's capacity expansion program. Capitalized product development was NOK 13 (4) million in the first quarter of 2025, and capital injections to CIMC Hexagon Hydrogen Energy Systems Ltd., was NOK 2 (0) million. Interest received on bank deposits in the first quarter of 2025 was NOK 8 (6) million. Cash and cash equivalents ended at NOK 794 (965) million as of the first quarter of 2025. Hydrogen Mobility and Infrastructure (HMI) Revenue for the HMI segment in the first quarter of 2025 was NOK 204 million, down 47% compared to the corresponding period last year. The decline in revenue is primarily owed to lower activity in hydrogen infrastructure and heavy-duty hydrogen mobility, which is only partially offset by higher year-over-year revenue from the hydrogen transit bus segment. Revenue-mix wise, 21% (57%) of the HMI segment revenue in the first quarter of 2025 stemmed from hydrogen infrastructure solutions and amounted to NOK 42 (220) million, down 81% year-over-year. Within hydrogen infrastructure solutions, hydrogen distribution solutions made up most of the revenue in the quarter. EBITDA for the HMI segment in the first quarter of 2025 ended at NOK -143 (-16) million, equivalent to an EBITDA margin of -70% (-4%) as the sharp decline in revenue reduced the segment's ability to absorb its fixed costs combined with a less profitable product mix. Restructuring costs related to the cost cutting program announced in February amounted to approximately NOK 38 million, and bad debt expense of approximately NOK 16 million related to two insolvent customers was also recognized during the quarter. Historical segment financials are made available on together with Q1 2025 report and presentation. Battery Systems and Vehicle Integration (BVI) Revenue for the BVI segment in the first quarter of 2025 was NOK 25 (19) million. The 35% year-over-year revenue growth was mainly driven by vehicle deliveries of the Tern RC8 to Hino as well as deliveries of battery systems to Toyota Motors North America. In the same quarter last year revenue was mainly made up of an extraordinary payment from an OEM customer for design and engineering services without any corresponding costs in the quarter. BVI segment EBITDA ended at NOK -54 (-25) million in the first quarter of 2025. Restructuring costs related to the cost cutting program announced in February for the BVI segment amounted to approximately NOK 4 million. Additionally, an inventory write-down of NOK 6 million was made during the quarter. Historical segment financials are made available on together with Q1 2025 report and presentation. Outlook Hexagon Purus has for a while been operating in an environment with high uncertainty. The recent changes and volatility in US policy and the international trade environment has further negatively impacted the near-term outlook. The Company has a well-diversified customer base and core technologies that are applicable to a wide range of end-use applications at varying stages of maturity. As evidenced by recent contract announcements, commercial momentum for hydrogen transit bus in Europe remains strong combined with selective wins in other end-use applications such as rail and aerospace. Incoming order activity for the hydrogen infrastructure business picked up in the first quarter of 2025 compared to the end of 2024, and revenue from hydrogen infrastructure is expected to increase in the second half of the year. However, looking at full-year 2025, revenue from hydrogen infrastructure solutions is expected to be significantly down year-over-year. The US Hino dealer network continues to market the Tern branded truck towards its customers in the US, and initial customer feedback has been positive. Although the current political climate in the US has dampened the ramp-up curve for the Hino program, the Company is still expecting the BVI segment to grow its revenue significantly year-over-year for the full-year 2025. The Company remains focused on reducing costs to enable profitability at lower volumes and is at the same time continuing to review its business portfolio. These initiatives are aimed at making the current cash balance last until the Company reaches EBITDA and cash break-even. Presentation of the results Hexagon Purus will present the Q1 2025 results today, 6 May, at 08:30 CET and the presentation will be broadcast live via The presentation will be held in English and will be virtual. A recording of the presentation will be made available on For more information: Mathias Meidell, IR Director, Hexagon Purus ASA Telephone: +47 909 82 242 | Salman Alam, CFO, Hexagon Purus ASA Telephone: +47 476 12 713 | About Hexagon Purus ASA Hexagon Purus enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus' products are used in a variety of applications including light, medium and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail and aerospace. Learn more at and follow @HexagonPurus on X and LinkedIn. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act Attachments HPUR Q1 2025 Report HPUR Q1 2025 Presentation
The Guardian
02-04-2025
- Politics
- The Guardian
Major staff cuts on table at Victorian magistrates court, threatening Allan government's crime crackdown
The Victorian magistrates court is considering cutting more than a quarter of its backroom staff despite its workload likely increasing as the Allan government presses ahead with 'tough on crime' policies. Leaked documents show it is proposed that 24 out of 92 staff from the courts' corporate services department are made redundant, including those working in family violence and legal policy areas. 'The proposed changes come at a time when the Victorian public sector is facing fiscal challenges,' the documents dated 26 March state. 'The current financial environment in which all Victorian public sector entities are operating requires MCV [Magistrates' Court of Victoria] to find more efficient and effective ways of delivering court services, in addition to realising our strategic goals to be future ready and strengthen the financial sustainability of the Court.' Sign up for the Afternoon Update: Election 2025 email newsletter The magistrates court is the lowest tier of court in Victoria, meaning almost anyone charged with a criminal offence faces the jurisdiction in the early stages of their proceedings. It also handles the majority of court notices in the state, such as family violence intervention orders. One former senior courts employee, who was not authorised to speak publicly, said the changes would unwind progress made to reduce the backlog in cases since the Covid-19 pandemic. There will almost certainly be an influx in more cases given the Allan government has cracked down on bail, the former staffer said. 'That's where I go 'Oh oh, this is kinda crazy', given where we're at with a youth crime wave,' they said. 'I appreciate this is a difficult decision to make, given the budget situation in Victoria ... we're at a stage where it's like 'What is the best bad decision'.' But the former insider said the recent issue with family violence notices uncovered last month showed the importance of the work court staff were expected to do and the cost associated with getting it wrong. Documents regarding the redundancies show that five legal policy staff positions will be made redundant and that there will also be cuts to the Family Violence Detail Strategy, Evidence & Reporting team. 'As the implementation of the Family Violence reforms and most of the reporting driven by the Royal Commission have now concluded, there would be a reduction in resourcing for this team,' the document said. The cuts underline a fundamental challenge for the Victorian government: how to respond to constant clamouring about public safety while crippled by state debt. Sign up to Afternoon Update: Election 2025 Our Australian afternoon update breaks down the key election campaign stories of the day, telling you what's happening and why it matters after newsletter promotion Last month it was revealed that those working in crime prevention were concerned that programs addressing the root causes of youth offending were at risk from dwindling funding. In February, the treasurer, Jaclyn Symes, warned that thousands of public service jobs in Victoria would be slashed after a review ordered to bring the budget under control. A courts spokesperson said it remained focused on service delivery. 'The proposed changes are being considered to help us be a more agile and flexible organisation while maintaining our commitment to the needs of court users,' they said. 'Any workforce changes are proposals only at this stage. MCV encourages staff to participate in the consultation process and provide feedback. 'We are committed to open dialogue with our people while we work through this process.' A Victorian government spokesperson said the court operated independently of government and questions about those changes are a matter for them. 'We've been clear that we will never cut frontline workers and will resource the justice system appropriately following our new tough bail laws. 'We've delivered some of the highest levels of funding to the Magistrates Court in history, with its budget more than doubling in the last decade.'
Yahoo
04-03-2025
- Automotive
- Yahoo
Ballard announces fuel cell engine order totaling approximately 5 MW for bus market
VANCOUVER, BC, March 4, 2025 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced a multi-year supply agreement from Manufacturing Commercial Vehicles ('MCV', a leading commercial vehicle manufacturer based in Egypt, for fuel cell engines totaling approximately 5 MW. The supply agreement for 50 FCmove®-HD+ engines, and initial order of 35 units, represents the continued growth of the relationship with MCV which started in 2022 with fuel cell engine integration support and the first fuel cell engine order placed in 2023. Deliveries of the 50 engines are expected between 2025 and 2026 and will initially support projects in the EU. "We are delighted with this order and the continued engagement with MCV," said Oben Uluc, Vice President, Europe Sales & Marketing at Ballard. "In 2024 we took in 1,600 bus engines orders across 7 OEMs, and this agreement continues the momentum into 2025. As the fuel cell bus market continues to mature, we look forward to the use of Ballard fuel cell engines to decarbonize public transit across the globe." Today, Ballard powers more than 1,800 fuel cell buses worldwide, which have collectively logged over 200 million miles of operational service. Ballard's fuel cell engines have demonstrated a 99% availability rate and zero reported safety incidents and offer an alternative to diesel engines without compromising on routes, capacity, availability, or refueling times. About Ballard Power Systems Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power. To learn more about Ballard, please visit This release contains forward-looking statements concerning anticipated product deliveries, customer deployments, and customer benefits and market adoption of our products. These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such forward-looking statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. These statements involve risks and uncertainties that may cause Ballard's actual results to be materially different, including general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. Readers should not place undue reliance on Ballard's forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward-looking statements, other than as required under applicable legislation. Further Information Ballard Power Systems:Sumit Kundu – Manager, Investor Relations & Finance +1.604.453.3517 or investors@ View original content to download multimedia: SOURCE Ballard Power Systems Inc. Sign in to access your portfolio
