Dom’s Take: Achche Din?

Japan Q1 corporate capex down 7.8% year/year

TOKYO, June 1 (Reuters) – Japanese companies cut spending on factories and equipment by 7.8% in January-March from the same period a year earlier, Ministry of Finance data showed on Tuesday.

On a seasonally adjusted basis, capital expenditure fell 0.4% quarter-on-quarter.

The data will be used to calculate revised gross domestic product figures due on June 8 after a preliminary estimate showed that Japan’s economy contracted an annualised 5.1% in the first quarter.

For the full tables, go to the MOF website:

here

Pride Month, Biden to visit Tulsa, UFO report: 5 things to know Tuesday

Celebrations planned nationwide throughout Pride Month 🏳️‍🌈

Pride Month is officially here. The month of June marks a time of celebration and reflection for the LGBTQ+ community and allies. But first, some history: Pride dates back to riots at Stonewall Inn in June 1969, led by Black transgender women. New York City police had raided the landmark bar in Manhattan’s Greenwich Village, enforcing a law against selling alcohol to gay patrons. Thirteen people were arrested. Now more than 50 years later, Pride is celebrated with street festivals, events and parties. While last year’s festivities were moved largely online due to the COVID-19 pandemic, many 2021 celebrations will host a blend of virtual and in-person events as more Americans become vaccinated. Looking to celebrate Pride in your area? USA TODAY compiled some of this year’s biggest events.

  • Is coming out as a member of the community over? No, but it could be someday
  • It’s never too early to learn about LGBTQ+ history: 8 wonderful kids’ books about Pride
  • ‘Everyone is Awesome’:Lego announces first LGBTQ set ahead of Pride Month

Generac Holdings Buys Controller Manufacturer Deep Sea Electronics – Quick Facts

Generac Holdings Inc. (GNRC) announced the acquisition of Hunmanby, United Kingdom-based Deep Sea Electronics Limited. Generac closed the acquisition today, June 1, 2021.

Deep Sea Electronics, a manufacturer of generator controllers, automatic transfer switch controllers, battery chargers and vehicle & off-highway controllers, employs over 160 people across four continents and sells products to over 150 countries.

Generac expects addition of Deep Sea Electronics’ expertise to enhance its focus on natural gas power generation and to help drive entry into microgrid applications.

Patrick Forsythe, Chief Technical Officer of Genera, said, “The integration of Deep Sea Electronics will augment our internal capacity in the field of Controls & Automation, helping to drive innovation and speed-to-market across our product development cycles,”

Saint-Gobain Announces Sale Of Glassolutions Objekt-Center To AEQUITA – Quick Facts

Saint-Gobain (CODGF.PK) announced the sale of its Glassolutions Objekt-Center to privately-owned AEQUITA group based in Munich. Saint-Gobain noted that this sale is as part of its continued portfolio optimization strategy.

Saint-Gobain Glassolutions Objekt-Center specializes in glass processing operations as part of the Glassolutions network in Germany. This sale concerns two sites, Döring Berlin and Radeburg, which employ a total of almost 200 people and generated EUR 20 million in sales in 2020.

AEQUITA already purchased the operations of Glassolutions in the Netherlands in 2019.

Caledonia Private Capital Sells Deep Sea Electronics To Generac Holdings

Caledonia Investments Plc (CLDN.L) announced Tuesday that Caledonia Private Capital has sold its portfolio company Deep Sea Electronics or DSE, a provider of backup power control systems, to Generac Holdings Inc.(GNRC), a manufacturer of energy technology solutions.

In the deal, Caledonia will receive net proceeds of about 242.2 million pounds in cash, net of fees, for the sale of its 84.2% fully diluted stake. The cash proceeds will be held on deposit for future investment. Caledonia said DSE was held in its audited accounts as at March 31, 2021 at 193.0m.

Caledonia acquired DSE in October 2018. DSE has been led by Chief Executive David Thomson who will retain overall responsibility for DSE following the sale, under the direction of Patrick Forsythe, Generac’s Chief Technical Officer.

David Thomson, Chief Executive of DSE, said, “Caledonia has been a fantastic partner both for me and for DSE, providing board level support, long-term thinking and constructive challenge over the past two and a half years. Caledonia has helped me to lay the foundations for DSE’s future growth by strengthening my team, supporting investments in new products and channels to market, and positioning DSE strategically for emerging opportunities in renewable/ distributed power and microgrid generation.”

Centrica To Sell Its Peterborough Site To Whitetower Holdings UK – Quick Facts

Centrica plc (CNA.L) announced an agreement to sell its Peterborough site to Whitetower Holdings UK Limited, an affiliate of Rockland Capital, LP for consideration of £20 million, subject to customary working capital and other completion adjustments.

Centrica’s Peterborough site comprises freehold land, the 245MW Peterborough open cycle gas turbine and the 49MW reciprocating gas engine.

Centrica expects this transaction to complete before the end of September 2021 and plans to continue to provide optimisation services to the Peterborough site after the sale.

Dom’s Take: Achche Din?

Dominic Xavier offers his take on the economy.

  • Dom’s Take

Dom’s Take: Achche Din?

Dominic Xavier offers his take on the economy.

  • Dom’s Take