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Business Standard
a day ago
- Business
- Business Standard
CAPE fear: History suggests rich valuations precede sharp pullbacks
Valuations at current levels have historically corresponded single-digit returns premium Sachin P Mampatta Mumbai Listen to This Article Notwithstanding indices being lower than the all-time high levels touched nine months ago, the stock market has rarely been as expensive as it is now on one particular metric. The 10-year cyclically adjusted price-to-earnings (CAPE) ratio for the BSE Sensex is at 35.2x, according to data based on a study, Forecast or Fallacy? Shiller's CAPE: Market and Style Factor Forward Returns in Indian Equities, authored originally in July 2024 by Joshy Jacob, professor at the Indian Institute of Management, Ahmedabad, and Rajan Raju, director at Singapore-based family office Invespar. The numbers are updated monthly. The latest valuations for May 2025
Daily Maverick
11-06-2025
- Politics
- Daily Maverick
North West officials evade responsibility for Madikwe elephant crisis, say MPs
More than 1,000 starving elephants may have to be culled. Parliamentarians demand answers by tomorrow (Friday). In a scathing parliamentary session on Tuesday, 10 June members of the Portfolio Committee on Forestry, Fisheries and the Environment accused North West officials of gross mismanagement and evasion of responsibility for the ongoing elephant crisis in the Madikwe Game Reserve. The crisis, years in the making, has led to mass starvation and death among elephants, extensive environmental degradation and a controversial proposal to cull as many as 1,200 of them. The most damning testimony came from Douglas Wolhurter, manager of the Wildlife Protection Unit at the National Council of Societies for the Prevention of Cruelty to Animals (NSPCA), whose presentation laid bare a catalogue of failings by the North West Parks and Tourism Board (NWPTB) and the provincial Department of Economic Development, Environment, Conservation and Tourism. 'This is not a sudden crisis,' Wolhurter told the committee. 'It is the result of decades of inaction. The elephant population did not explode overnight – these animals breed slowly. Every warning sign was ignored.' According to the NSPCA, Madikwe Game Reserve now holds more than 1,600 elephants – more than triple the reserve's original carrying capacity of 500, and more than six times the 250-elephant maximum suggested by early management plans. The consequence has been catastrophic: at least 70 elephants have died of starvation since August 2024, with many more in advanced stages of malnutrition. The NSPCA documented suffering animals and dead elephants whose tusks had not been removed or logged in accordance with the law – a breach of the Animals Protection Act and TOPS (Threatened or Protected Species) regulations. Wolhurter's presentation triggered a sharp reaction from members of the committee. 'This is probably one of the most shocking presentations I've seen,' said DA MP Andrew de Blocq. 'It's absolute neglect. What concrete actions have been taken to hold the board and management accountable for what they themselves admit is severe mismanagement?' Questions by a number of parliamentarians cut to the heart of the crisis: why were long-term preventative measures like immunocontraception denied by NWPTB even though they were offered repeatedly for free by the Humane World for Animals – in 1998, 2020 and 2023? Why were the NSPCA, despite their legal mandate under the Animals Protection Act, excluded from the second and subsequent meetings of the provincial task team overseeing the crisis response? Why has no independent investigation been launched? The North West response was weak at best. Jonathan Denga, acting CEO of the NWPTB, confirmed that the province had known about the issue for years but offered no justification for the failure to act. 'Yes, the elephant population is a serious problem,' Denga said. 'But many of the management options have been exhausted. We are trying to bring balance.' Pressed by a number of MPs, Denga and NWPTB chairperson Khorommbi Matibe admitted that the NSPCA had not been invited to the task team as promised and gave no timeline for actual action. 'Unfortunately, we were not privy to the NSPCA's presentation beforehand,' said Matibe. 'We need time to study it before responding in detail.' That response drew a sharp rebuke from committee chairperson Nqabisa Gantsho, who issued a stern directive: 'You have three days to respond. We expect answers by Friday, June 13.' Wolhurter had previously noted that even though a draft culling plan was shared with the NSPCA in December 2024, the organisation had received no formal updates or invitations to task team meetings since then. 'We were told we'd be included as key stakeholders,' he said, 'but that never happened.' Meanwhile, public scrutiny is intensifying. A tender issued in May by the NWPTB proposes the trophy hunting of 25 elephants, two black rhinos and 10 buffalo in Madikwe – a move widely condemned by conservationists and tourism operators, who say it risks damaging the reserve's reputation and undermining non-lethal wildlife management strategies. The North West Parks tender to buy hunting and culling 'packages' for Madikwe game reduction. Although sold as a 'game reduction' strategy, critics argue that the tender was rushed, non-transparent and economically motivated. 'This is a reputational nightmare,' one lodge operator said anonymously. 'Tourism partners were not even consulted before this tender was issued.' Scientific assessments presented by the NWPTB and echoed by Wolhurter confirm that the elephant density in Madikwe – at 2.7 animals per square kilometre – is likely to be the highest of any enclosed reserve in South Africa. In contrast, the average for state-run reserves is just 0.79 elephants per square kilometre. While all sides agree that the current population is unsustainable, the divergence lies in how to respond. The NSPCA has called for immediate inclusion in the task team, independent oversight of any culling process and long-term ecological restoration – beginning with invasive species removal and veld recovery. But even the basics are missing. 'We're still waiting for a detailed ecological restoration plan,' De Blocq pointed out. 'There is nothing measurable in place to rehabilitate the veld or ensure that the reserve can sustain its intended population.' In closing, Gantsho didn't mince her words: 'This is a matter of urgency. We have seen suffering animals. We have seen death. We have seen degradation. The time for delays is over.' This week will reveal whether North West can rise to the occasion – or continue evading accountability. DM
Yahoo
10-06-2025
- Lifestyle
- Yahoo
ONE Doubles Down on Chocolate with New Hershey's Collaboration
ONE Brand teams up with pro golfer Bryson DeChambeau to power the Double or ONEthing challenge - driven by performance, fueled by protein HERSHEY, Pa., June 10, 2025 /PRNewswire/ -- Award-winning protein brand ONE is reuniting with Hershey's to shake up the protein aisle with the new ONE x Hershey's Double Chocolate flavored protein bar. With 18g of protein and 1g of sugar, it's an easy way to enjoy indulgent chocolate flavor while deliciously fueling your busy day. From lunchboxes, s'mores by campfires and holiday celebrations, the Hershey's Milk Chocolate bar has long been part of American culture – and with chocolate ranking as the #1 snack category and most preferred protein bar flavor, ONE bar has doubled down on satisfying the demand with America's most loved chocolate brand. Made with real Hershey's cocoa and chocolate chips, the ONE x Hershey's Double Chocolate flavored protein bar delivers double the rich, chocolate experience to power every on-the-go lifestyle without compromise. "The ONE x Hershey's Double Chocolate flavored protein bar isn't just another convenient and nutritious snack – it unlocks a sweet, satisfying and unforgettable flavor experience that only ONE can offer," said Deanna Lyons, Brand Manager at ONE Brands. "Our fans are always on-the-move, and with ONE, they can stay deliciously fueled with double the iconic Hershey's flavor." Strength Meets Sweetness: Bryson DeChambeau and ONE Protein Power-UpTo celebrate the launch of the ONE x Hershey's Double Chocolate flavored protein bar, ONE is teaming up with pro golfer, Bryson DeChambeau. As someone who incorporates protein-packed snacks to power his performance on the green, DeChambeau is an avid fan of all ONE bar varieties. From training and tournaments to day-to-day life, the new ONE x Hershey's Double Chocolate flavored protein bar is his go-to snack that keeps him energized and ready to play. "When I'm out on the course, I want something that's tasty, fast, and keeps me going," said Bryson DeChambeau. "The ONE x Hershey's Double Chocolate flavored protein bar nails it! It's loaded with protein and has that classic Hershey's chocolate taste—so I get the best of both worlds and the fuel I need to stay locked in." To rally fans around DeChambeau as he takes on one of the biggest championships of the season, the brand is teeing up the Double or ONEthing Challenge. After he went viral for sinking a hole-in-one over his house, ONE Brands is doubling down on his next single ace. From June 12-15, 2025, cheer on DeChambeau alongside his favorite protein bar brand, ONE. If he doubles his record by fulfilling another hole-in-one this June, fans can sign up here on Monday, June 16 at 12pm ET to receive a ONE x Hershey's Double Chocolate flavored protein bar, while supplies last. "I'm always up for a challenge, especially one that brings some extra flavor to the game. ONE Brands' Double or ONEthing challenge is all about raising the stakes, and I'm ready to take my shot," added DeChambeau. "Let's see if we can turn one ace into two, and get some ONE x Hershey's Double Chocolate flavored protein bars in fans' hands while we're at it." For fans wanting even more, follow @BrysonDeChambeau in action through his Course Record series on YouTube, where he takes on some of golf's toughest challenges and deliciously fuels up with ONE x Hershey's along the way – with new episodes dropping through August. Ready to double down on chocolate to deliciously fuel your day? The new ONE x Hershey's Double Chocolate flavored protein bar is currently available in select markets. Nationwide availability coming soon. For more information on availability near you, visit Pricing is at the sole discretion of the retailer. Follow: About The Hershey Company The Hershey Company (NYSE: HSY) is an industry-leading snacks company with a purpose to make more moments of goodness through its iconic brands. With more than 20,000 remarkable employees worldwide, Hershey delivers delicious, high-quality products across approximately 70 countries, generating over $11.2 billion in annual revenues. The company's portfolio includes beloved chocolate and confectionery brands such as HERSHEY'S, Reese's, Kisses, Kit Kat®, Jolly Rancher, Ice Breakers, Shaq-a-licious alongside popular salty snacks including SkinnyPop and Dot's Homestyle Pretzels. For more than 130 years, Hershey has been committed to operating responsibly and supporting its people and communities. The candy and snack maker's founder, Milton Hershey, created Milton Hershey School in 1909, and since then, the company has focused on helping children succeed through access to education. To learn more visit Follow: View original content to download multimedia: SOURCE The Hershey Company Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-05-2025
- Yahoo
Onslow County Sheriff's Office reminds drivers of ‘Click it or Ticket' initiative
ONSLOW COUNTY, N.C. (WNCT) — The Onslow County Sheriff's Office announced that their 'Click it or Ticket' initiative will be in full swing this weekend. The sheriff's office said that their deputies will be out 'in force' to help drivers and pedestrians remain safe throughout the busy holiday weekend. They listed a few things that drivers can do to remain safe on the roads like making sure to buckle up, never drive under the influence and obey the speed limits posted. Stay safe! Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
03-05-2025
- Business
- Yahoo
In U.S. retreat from global media, Arab language network is latest casualty
The message was contrite but direct. 'I'm heartbroken. If you're receiving this letter, I'm letting you go — effective immediately.' The email came from Jeffrey Gedmin, head of Middle East Broadcasting Networks,or MBN, the nonprofit overseeing the U.S.-government-funded, Arab-language news channel Alhurra. It was April 12, and the email in the inbox of 500 of Alhurra's employees was another move by the Trump administration and its Elon Musk-led Department of Government Efficiency to shut down U.S.-funded media initiatives abroad. Alhurra, which received around $112 million in 2024 from Congress, joined other state-supported outlets, including Voice of America and Radio Free Europe/Radio Liberty, which had their funding frozen. Done in DOGE's chainsaw-signature style, the cuts have disrupted the lives of journalists both in Alhurra's Middle Eastern bureaus and its Virginia headquarters, leaving them with no severance or compensation. Dozens who had permits to work in the U.S. are unsure if they can remain in America. When news about Alhurra filtered out — along with talk that even MBN might shut down — many observers saw it as an own goal, a misguided rollback of U.S. soft power in the Middle East. The Committee to Protect Journalists, which is helping MBN with legal representation to restore its funding, called the cutbacks "a betrayal of the U.S.'s historical commitment to press freedom." In a statement, Gedmin said, 'Media in the Middle East thrive on a diet of anti-Americanism. It makes no sense to kill MBN as a sensible alternative and open the field to American adversaries and Islamic extremists.' But interviews with critics — including many from Alhurra and MBN's own ranks — reveal a more complicated story. Though many insist they believe in MBN's mission to bring a pro-American perspective to the region, few mourn it in its current form. Others say Alhurra withered under an unclear mandate that never allowed the channel to find its identity and therefore audiences. Some even agreed with Kari Lake, the pugnacious advisor Trump appointed to oversee the Agency for Global Media, which provides funding for news programming abroad. Lake recently described her new workplace as 'irretrievably broken,' where 'waste, fraud and abuse run rampant.' 'It was a relief to me when the grant was canceled because I didn't want my taxes, as little as they are, contributing to somebody's six-figure income that sucks in their work,' said a former employee who was involved in reviewing MBN's finances and who left last May. 'We didn't have to scratch very deep. We were finding things that were very disturbing." Like many interviewed for this article, the former employee refused to have his name used to avoid reprisals. He accused MBN management of entering into needless, multimillion-dollar expansions of bureaus that went wildly over budget, all amid a culture of cronyism that often left the wrong people in place for too long. The April firings continued a downsizing that began in September, when Congress mandated a $20-million cut to MBN's budget, forcing management to fire 160 employees and merge Alhurra with its Iraq-focused satellite news channel, Alhurra Iraq. In March, though Congress had approved MBN's budget through the end of the 2025 fiscal year, Lake blocked the disbursement to MBN a few hours later. 'I'm left to conclude that she is deliberately starving us of the money we need to pay you, our dedicated and hard-working staff,' he said in the email. Along with Alhurra, MBN supports other news outlets. Rather than shut down and declare bankruptcy, Gedmin decided to keep Alhurra on-air with a truncated schedule — mostly broadcasting evergreen content and reruns — and a skeleton staff of 30 to 50 people. It was a gamble, Gedmin said in an interview this week, that would 'buy time for the courts.' 'If we win this in court and eventually have funding, we would pay some severance and restore some staff,' Gedmin said. Read more: Trump signs executive order directing federal funding cuts to PBS and NPR Susan Baumel, a former interview producer at MBN, said in an article published on the National Press Club website last month she and her colleagues were fired before the courts decided if the Trump administration acted legally, unlike staff at other U.S.-funded outlets which were put on leave. (On Tuesday, a federal judge ordered the administration to release $12 million it had cut from Radio Free Europe/Radio Liberty. The administration, he ruled, could not unilaterally revoke funding approved by Congress.) An email sent in March from a former employee in the finance department to top management which was reviewed by The Times said MBN had $8 million in its accounts, including $4.7 million that could have been used to cover unused annual leave and partial severance. The employee also wonders why some bureaus continued to operate despite loss of funding. By April, according to a WhatsApp conservation between former employees reviewed by The Times, the balance had fallen to $4.2 million. MBN leadership, including Gedmin and the MBN board chair, former Ambassador Ryan Crocker, insist the networks will pay annual leave and end-of-service to all employees terminated last month. Many of those laid off resent the decision to continue broadcasting, saying Gedmin knew Lake was unwilling to deal with current management, and that he and his colleagues should have stepped down weeks earlier. 'I consider that the money they used to continue [operating] was supposed to be for us, and we were neglected and our professional life destroyed so they could keep on broadcasting,' said one correspondent who worked in the Beirut bureau for six years. 'We weren't given a safe exit, to have one or two months to search for a new job. We were thrown out on the street — that's how I see it.' Another correspondent who worked with Alhurra Iraq since 2008 characterized the firings differently. MBN managers "basically took us as hostages so they could face the Trump administration,' he said. Meanwhile, around 40 Alhurra employees in the U.S. on work visas must leave the country before May 12. All U.S.-based staff lost healthcare benefits at the end of April. When President George W. Bush began Alhurra in 2004, he said it would "cut through the barriers of hateful propaganda" and act as a counterweight to what U.S. officials considered the pernicious coverage of Al Jazeera. But launched one year after the disastrous invasion of Iraq, it faced an uphill battle. "It was tainted, in the first place, as the mouthpiece of the American administration, placed before audiences that are already skeptical of political affiliations of any media,' said Zahera Harb, an expert on Arab media at City University in London. 'The idea you can win hearts and minds through propaganda and information by telling people how good the U.S. is — it was never going to work,' said Shibley Telhami, a University of Maryland professor and an Arab polling data expert. 'It was not a main source of news," said Telhami, who served on a Bush-era commission evaluating Alhurra's performance. "Our research showed that less than 2% of people watched it. And that's probably charitable.' MBN claims Alhurra and its other outlets reach a combined 33.5 million people per week, but a 2023 study from the University of San Diego's Center for Public Diplomacy found that it never exceeded 27 million weekly views for the last decade. The same study found Alhurra's share of adult Arab audiences shrank by half, from 17% in 2005 to 8.8% in 2022. At the same time, complaints of corruption have long dogged the network. A 2009 ProPublica investigation found much of the hiring based on cronyism and office politics rather than on qualifications — a scenario all former employees interviewed for this article say still persists. Alhurra is subject to the same forces afflicting all TV networks, with audiences increasingly finding their news on TikTok and YouTube. But even during big news events, including the war in Gaza, Alhurra live broadcasts never managed more than 167 viewers, said one former employee in the Dubai bureau. 'And 100 of those screens are people inside our studios. So who is really watching you, 20, 25 people?' she said. 'And that's probably the censors.' Read more: Between censorship and chaos: Syrian artists wary of new regime Gedmin, who became interim head of MBN last April and took the reins in October, acknowledges MBN's defects, but said he believed the networks were on the path to a turnaround before Lake's intervention. None of the former employees interviewed had faith MBN's current leadership could improve. Others question the very premise of a government-funded channel being independent. James O'Shea, who served as chairman of MBN's board between 2022 until 2024, said, "One of the things I walked away with is I don't know if you can do this with government.' O'Shea, a former editor of The Times, remembered how at one news meeting, Alhurra journalists were chastised for talking to Hamas representatives, because such interviews drew the ire of congressional officials. 'You can't ignore a major part of the story. Alhurra was set up to be independent, but it wasn't,' he said. He added that the 'tragedy' of Alhurra was that 'an Arabic-language news operation, with an objective, journalistic voice is really needed in the region.' "The best thing you can do is promote the American kind of journalism: Not controlled by any government, and which adheres to the principles of the 1st Amendment." Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week. This story originally appeared in Los Angeles Times.
