Reversing a model that Enron tested unsuccessfully during the 1990s tech boom,
MasTec
, the US telecommunications firm, is betting on the energy infrastructure business to drive profits.
The Florida company, which had US$1.6bn (Dh5.87bn) of revenue last year, has spent about
$330 million in the past two years acquiring wind-farm and gas-pipeline construction businesses.
"A lot of the businesses we have entered in the last few years have historically had better margin profiles than the businesses that we have been involved with for a long time," Jose Mas, the chief executive of MasTec,
told Reuters
.
"We suspect somewhere between 8,000 to 10,000 megawatts of wind [infrastructure] construction will get done in 2010 and our target is to do somewhere between 1,300mw to 1,400mw of that," he said.
"We are seeing a lot of pipelines that will be constructed in 2010 and 2011," Mr Mas added.
Mr Mas had better hope that the winds of change are kinder to MasTec than the hi-tech revolution was to Enron, the defunct Houston energy company that went bankrupt in 2001 amid disclosures that it had cooked its books
Enron started out in the 1930s as a builder and operator of gas pipelines. At the time, that was a stable, low-margin business in the US, where natural gas prices and tariffs for transporting gas were regulated until the mid-1990s.
Seeking higher profit margins during that decade, Enron branched into new businesses including energy trading and broadband communications. It launched Enron Online in 1999.
Only time will tell if the widely forecast clean energy boom will help MasTec succeed in marrying energy and communications businesses where Enron conspicuously failed. At present, Mas Tec still derives more than half its revenue from communications customers, including wireless and cable television firms.
The company made its debut in pipeline construction last November with the $132m purchase of
Precision Pipeline
. It
acquired Wanze
k, a wind-farm construction company, for $200m in 2008.
MasTec is betting that the $6bn allocation for clean energy technologies in the 2011 US budget will boost renewable energy businesses such as wind and solar, as well as stimulating demand for gas-fueled power generation to complement intermittent electricity sources.
$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
UAE currency: the story behind the money in your pockets
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Full Party in the Park line-up
2pm – Andreah
3pm – Supernovas
4.30pm – The Boxtones
5.30pm – Lighthouse Family
7pm – Step On DJs
8pm – Richard Ashcroft
9.30pm – Chris Wright
10pm – Fatboy Slim
11pm – Hollaphonic
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
