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Transit Advocates Call for PATH Expansion and Off-Peak Service ImprovementsBill Ackman, the chief executive officer at Pershing Square Capital Management shown speaking at a conference in 2017, says his believes Brookfield still flies under the radar in the U.S. RICHARD BRIAN/Reuters Billionaire investor Bill Ackman has built a $2.6-billion stake in asset management giant Brookfield Corp. BN-T that is now the second-largest position held by his hedge fund Pershing Square Capital Management. The fund started buying stock in Brookfield Corp. – the parent company of Brookfield Asset Management Ltd. BAM-T , which manages more than US$1-trillion of assets – in April this year. By the end of June, Pershing had acquired 6.8 million shares, and its stake then ballooned to 32.7 million shares – or nearly 2.2 per cent of the company – as of Sept. 30, according to public filings. The new investment for Pershing Square is a bet on Brookfield as a major owner and operator of assets that can be considered critical infrastructure – what Brookfield CEO Bruce Flatt likes to call “the backbone of the global economy,” which includes data centres powering artificial intelligence, renewable energy sources as well as the global shipping industry that underpins supply chains. The Brookfield stake accounts for 10.6 per cent of Pershing Square’s holdings, and is now larger than its investments in household names such as hotel owner Hilton Worldwide Holdings Inc., fast food chain Chipotle Mexican Grill Inc., Tim Hortons owner Restaurant Brands International Inc. and Google parent Alphabet Inc. A Brookfield spokesperson declined to comment. Mr. Ackman told investors on a Thursday conference call that his interest in Brookfield dates back more than a decade to work he did with the asset manager to restructure bankrupt shopping mall owner General Growth Properties, which was ultimately one of Pershing Square’s best investments. Mr. Ackman said he worked “very, very closely” with Brookfield CEO Bruce Flatt and the company’s long-time private equity head, Cyrus Madon. They didn’t always see eye to eye . “There were times where our interests were entirely aligned, and there are times where our interests, I would say, were disparate,” said on the call. “But it was one of the most satisfying and successful experiences I’ve had working with another management team of another investment firm,” he said. “And so that was really the beginning of, I would say, a relationship and respect for Brookfield.” Pershing Square is also banking on Brookfield being a beneficiary of Donald Trump’s second term as U.S. president, which is expected to feature reduced regulation and a friendlier approach to large corporations. And Mr. Ackman predicts that Brookfield Asset Management’s fee-related earnings will nearly double by 2028, funneling a steady stream of cash to parent Brookfield Corp., which he thinks is undervalued relative to large industry peers. Brookfield Corp.’s stock is up more than 40 per cent since Pershing Square started buying its stake in April – and rose 1.3 per cent to $81.40 by early afternoon Friday on the Toronto Stock Exchange. But Mr. Ackman is gambling that it still has plenty of room to rise. “We anticipate shares are poised to more than double over the coming years,” Pershing Square partner Charles Korn said Thursday, and the comparison to its peers “would imply very significant valuation upside.” Pershing Square estimates that Brookfield is trading at roughly 15 times earnings, while KKR & Co Inc. trades at 27 times and Apollo Global Management Inc. at 22 times. Pershing Square thinks Brookfield still flies below the radar with some U.S.-based institutional investors, in spite of its size, and “that this is an issue that Brookfield’s management team is taking steps to address,” Mr. Korn said. Brookfield recently moved the head office of Brookfield Asset Management to New York as part of a revamp of its corporate structure. The asset manager’s chief financial officer, Hadley Peer Marshall, told investors at a September presentation that the company was responding to feedback from a number of shareholders that urged it to focus on increasing the liquidity of BAM’s stock, and gaining inclusion in prominent U.S.-based and global stock indexes. Mr. Ackman said that at a time when index funds often own 25 per cent of large companies, inclusion in the S&P 500 index – one where Brookfield still isn’t a member – is “a critically important driver of valuation, for achieving sort of the upper band of valuation for U.S.-listed companies.” By being ineligible, “I would say you’re kind of missing the boat, so to speak,” he said. “And Brookfield is certainly aware of this issue.”
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A R Rahman sends legal notice to YouTube channels for sharing defamatory videoChris Paul passed Jason Kidd on Sunday for second on the NBA's all-time assists leaderboard, and the San Antonio Spurs rewarded him with a neat tribute Monday. Editor's Picks Paul passes Kidd for second in career assists 18h Michael C. Wright How Chris Paul and Victor Wembanyama are evolving together 18d Michael C. Wright These 85 NBA players become trade-eligible on Sunday 11h Bobby Marks Paul reached the 12,092-assist milestone with his third assist of the game -- a pass that resulted in a 3-pointer for Victor Wembanyama . The Spurs celebrated Paul in the locker room postgame, then gifted him a basketball and a plaque with the names of each player he has assisted. He was moved to tears when talking to the team afterward about the achievement. "I can't say nothing but thank you. Seriously, seriously man. I know I'm hard to deal with a lot of times. I swear man, I'm so grateful," he said . "To be away from my family, y'all became my family. And so I know I'm a lot to deal with on the court, man, but I just love to hoop. And I hope that y'all get this opportunity to play as long as I have, so thank y'all so much." San Antonio continued to show love Monday, posting a video of a select group of Paul's former teammates who offered their congratulations. To Chris, from ... pic.twitter.com/n5lPDuL9vG It spanned as far back as Peja Stojakovic, Bobby Jackson and Jannero Pargo with the then-New Orleans Hornets, to Blake Griffin and Deandre Jordan from the "Lob City" LA Clippers era. Recent teammates Stephen Curry and Shai Gilgeous-Alexander spoke too, as well as Wembanyama. Griffin leads the way for the most field goals made off Paul assists with 1,157, per Elias Sports Bureau. Former Hornets teammate David West is second at 1,120, and current Los Angeles Lakers head coach JJ Redick is third at 634. Paul has averaged double-digit assists in seven of 20 NBA seasons. He averaged fewer than seven assists per game only twice in his career -- when he had 6.7 during the 2019-20 season, and 6.8 last season with the Golden State Warriors .
The Supreme Court With NGOs and social activists trying to perpetuate Covid-time free ration to migrant labour, Centre on Monday told SC that it continued to provide foodgrain to the needy under Food Safety Act but strongly resisted what it called attempts by petitioners to run the country through PILs. Appearing for a PIL petitioner, activist-lawyer Prashant Bhushan said the govt may be giving free ration to 80 crore people but had illegally left out 2-3 crore poor people from the scheme by telling states that stock of foodgrain meant to be distributed under the scheme was exhausted. A bench of Justices Surya Kant and Manmohan said it may fall under the govt's policy domain to decide its food security scheme, but suggested to SG Tushar Mehta that if the financial status of 80 crore beneficiaries of free ration was re-evaluated and if a few crore people had crossed the below poverty line parameters, it could consider including those left out from the scheme. The bench said states were indiscriminately issuing ration cards for free foodgrain knowing full well that it was the Centre's liability to provide grains. "If states are asked to provide free ration, then most of them would run away citing financial crunch," it said. Mehta said these proceedings were initiated suo motu by SC in 2020 when the pandemic was at its peak to ensure that no one went hungry. "Bhushan is riding on that and trying to run the govt and frame policies," he said. "These NGOs and activists must file affidavits detailing what they did to help ameliorate the condition of the poor during the pandemic," the SG added. A hurt Bhushan said, "Mehta has a habit of making comments against me in every case he opposes me in SC as I had made public damaging emails featuring him." SG replied, "He cannot attempt to run govt. We have and will always oppose such attempts from him." Stay updated with the latest news on Times of India . Don't miss daily games like Crossword , Sudoku , and Mini Crossword .
Japan has offered a $108 million to help drive Nigeria’s emergency food security. Yuka Furutani, attache (development Cooperation and ECOWAS), Embassy of Japan in Nigeria, revealed this in her remarks at a demonstration workshop for digital extension service providers held in Abuja on Wednesday. The event, organised by the African Forum for Agricultural Advisory Services (AFAAS), in collaboration with Sasakawa Africa Association (SAA), AGRA, Sahel Consulting and Africa Practice, recently launched an initiative on digital extension and advisory services, tagged ‘A Consultative Engagement Exercise for a Product Profile Design for Nigeria’s Public-Private Partnership Digital Extension Delivery System.’ It was funded by the Bill and Melinda Gates Foundation. The Bell and Melinda Gates-funded activity is an engagement exercise and scoping study that will be conducted in Oyo, Gombe and Kaduna states to identify and profile a digital extension delivery solution that addresses the specific needs. According to Furutani, “The Government of Japan has consistently demonstrated its strong commitment to support food crisis response and sustainable agriculture production in Africa.” She said, “At a Tokyo international conference on agriculture development, Japan and Nigeria signed the food security emergency support loan in April this year for approximately $108 million. “Additionally, Japan extended the grant aid of approximately $4.2 million to enhance the rice seed production system in Nigeria in the same month. This demonstrates our unwavering commitment to Nigeria’s food security. We particularly recognize that these agriculture extension services play a crucial role in realizing food security and sustainable agriculture production,” She said. “One such example we initiated is Japan’s collaboration with the Sasakawa Africa Association, funded by the Government of Japan. This project utilises a digital agriculture expansion service tool called Acropronto, developed by a Japanese company. Acropronto utilizes Japan’s extensive experience in agriculture infrastructure and its advanced technology.” In his remarks, Godwin Atser, country director of SAA Nigeria, which is leading the project’s first workstream, said the Bill and Melinda Gates-funded activity is an engagement exercise and scoping study that will be conducted in Oyo, Gombe and Kaduna states to identify and profile a digital extension delivery solution that addresses the specific needs of SSPs, promotes gender equality, and enhances climate resilience in Nigeria’s agriculture sector, especially in the value chains of Maize, Cowpea, Cassava, Soya bean and livestock. “We have lots of digital apps being developed today, which if we strategically engage farmers and protect them, we will be able to address the issues around extension. And if we are able to do that, it means that farmers’ productivity will increase. And if farmers’ productivity increases, then it means that when we begin to move a lot of the population out of poverty, recognizing that at least 70 percent of people in rural areas rely on agriculture.” In his remarks, Deola-Tayo Lordbanjou, director of the Federal Department of Agricultural Extension Services, said some studies conducted found that extension practice in Nigeria is dead, less effective, less impactful, and no longer sustainable. He noted that in the early 80s, Nigeria recorded a higher number of extension service providers compared to now. The Department of Agriculture and Extension is responsible for climate extension service in Nigeria, in terms of policy coordination, state coalition agreement, giving trust and direction and trying to the extension of politics in Nigeria. he added that information is key in the agricultural sector. “And not just information, but advisory services. Someone needs to tell the farmer how better to grow his crops, when to plant them, how to plant them when to harvest, what the likelihood of a disease is, and what should be done.”Forces of deception, divisive politics, family dynasty have been defeated: PM
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